Dominion Virginia Power plans to meet growing customer demand for electricity over the next 15 years by developing new cost-effective demand-side resources and supply-side sources of electricity generation while continuing forward with reasonable development of zero to low emission energy sources. This forward strategy positions Dominion to meet its customer demands reliably against a backdrop of considerable future uncertainty regarding fuel prices and environmental laws and regulations.
In its Integrated Resource Plan (IRP) filed Aug. 30, 2013, with the Virginia State Corporation Commission (SCC), Dominion said it expects annual increases in future peak demand and energy requirements of 1.6 percent and 1.7 percent, respectively, over the next 15 years. The company has identified a capacity need of 3,802 megawatts in 2028 for which it has the obligation to plan how to meet.
The 2013 Plan reflects Dominion’s longstanding belief that a balanced blend of cost-effective supply-side and demand-side resources are of critical importance in providing for the energy needs of its customers. A balanced approach reflects the mandates of Virginia law, which directs utilities to present IRPs that "reflect a diversity of electric generation supply and cost-effective demand reduction contracts."
To that end, the company evaluated a wide range of options for meeting customer needs in an environment that presents considerable uncertainty, including future federal regulation of greenhouse gases (GHG), other potential regulatory mandates, and fuel price considerations.
Based on these assessments, the company recommends a strategic path forward that continues to follow the resource expansion of the Base Plan, designed using least-cost planning methods, and concurrently continues forward with reasonable development efforts of the additional resources of a more fuel diverse plan (the "Fuel Diversity Plan"), which includes nuclear, wind, and increased amounts of solar technologies. Collectively, this recommended path forward is the 2013 Plan. Continued development of a broad array of low or zero emissions options helps to protect against future uncertainties should certain events develop such as federal laws or regulations limiting the emission of greenhouse gases. The company will continue evaluating these resources as it works to supply the energy demands of its customers.
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