Dominion Energy has filed its Integrated Resource Plan, a long-term planning document of the next 15-20 years, with the State Corporation Commission, the regulatory agency in charge of the state's utilities.
Specifically, Dominion' maps out a forecast of demands and its plan to meet those demands. The 81-page document was filed with regulators Tuesday and includes chapters on building renewable resources, a five-year reliability plan for demand and environmental justice initiatives. The proposed IRP reports that demand is forecasted to increase 5.5% annually over the next decade and double by 2039.
"We are experiencing the largest growth in power demand since the years following World War II," said Ed Baine, president of Dominion Energy Virginia, in a news release. "No single energy source, grid solution or energy efficiency program will reliably serve the growing needs of our customers."
According to Dominion Energy, the utility giant plans to build about 3,400 megawatts of offshore wind in addition to the Coastal Virginia Offshore Wind Project, a large-scale offshore wind project that began construction off the coast of Virginia Beach earlier this year. The plan details plans for more solar power, about 12,000 megawatts, and "small modular nuclear reactors" in the 2030s. About 20% of the plan's incremental power generation will come from natural gas.
The plan also includes a projected bill analysis for customers. For a household using 1,000 kilowatt-hours per month, a Virginia resident paid about $143, the IRP states. When taking to account load growth over the next 15-20 years, the same household would pay $215.62 at the end of 2035 and $214.24 by the end of 2039. For North Carolina residents, bills would go from about $128 at the end of this year to $204 by 2039.
"We need an 'all-of-the-above' approach, and we are developing innovative solutions to ensure we deliver for our customers," Baine said. "I am proud of the affordability we deliver, with residential rates 14% below the national average, and as shown in the plan we intend to continue that focus. Our comprehensive plan ensures we can always deliver reliable, affordable and increasingly clean energy - day or night, rain or shine, winter or summer."