Dominion Virginia Power announces $9.5bn to fund new projects and infrastructure upgrades

12 January 2016 (Last Updated January 12th, 2016 18:30)

Dominion Virginia Power, a subsidiary under US energy giant Dominion Resources, has allocated $9.5bn in total for capital investments in the energy sector through 2020, which also includes plans for green energy investments.

Dominion Virginia Power, a subsidiary under US energy giant Dominion Resources, has allocated $9.5bn in total for capital investments in the energy sector through 2020, which also includes plans for green energy investments.

The utility is to invest $700m for new solar power generation, with the rest mostly earmarked for infrastructure improvements.

The solar investments will be a part of Dominion’s slated $3.5bn for new generation and environmental improvements.

Another $2.4bn has been allotted for upgrades to the firm’s distribution system and $3.6bn for transmission lines and substations.

"Our reliability in 2015 was 99.98%, which translates into approximately two hours of outage time per customer over the whole year."

Last year, the firm had announced plans to set up 400MW of large-scale solar projects in Virginia, with an investment of $700m.

The proposed investments are expected to be in addition to the $5bn natural gas carrying Atlantic Coast Pipeline, the firm said.

Dominion Virginia Power president Robert Blue said: "Our reliability in 2015 was 99.98%, which translates into approximately two hours of outage time per customer over the whole year."

The firm also intends to upgrade power grids in Virginia and northeastern North Carolina.

Blue added: "We believe the additional supplies of clean-burning natural gas to be brought by the Atlantic Coast Pipeline are essential to the company’s plans to meet the goals laid out in the federal Clean Power Plan to substantially lower carbon emissions from power production."