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Dominion Energy's 2024 IRP: A Commitment to Clean and Reliable Power

Author

Slice of Energy Team
October 21, 2024

Key Highlights:

  • 3,400 MW of new offshore wind in addition to the Coastal Virginia Offshore Wind project.

  • 12,000 MW of new solar power, a significant 150% increase.

  • 4,500 MW of battery storage for energy resilience.

  • Ongoing grid modernization efforts to reduce storm-related outages.

  • Power demand in the region is expected to double by 2039.

Source: Direct

Notable Quote:

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"We are experiencing the largest growth in power demand since the years following World War II. Our comprehensive plan ensures we can always deliver reliable, affordable, and increasingly clean energy – day or night, rain or shine, winter or summer."

Ed Baine, President at Dominion Energy Virginia

Our Take:

Dominion Energy’s 2024 Integrated Resource Plan demonstrates a forward-thinking, multifaceted approach to meeting surging power demand, ensuring reliability while transitioning to cleaner energy sources. With significant investments in offshore wind, solar, and battery storage, Dominion Energy is positioned to lead in renewable energy development. Simultaneously, the company’s focus on grid modernization and natural gas as a backup power source highlights a pragmatic approach to balancing innovation with reliability. As demand is set to double by 2039, Dominion’s "all-of-the-above" strategy will be crucial in meeting these challenges.