November 29, 2007
RICHMOND, Va. – Dominion (NYSE: D) is seeking proposals for renewable energy projects as part of the company’s commitment to meet ambitious renewable electricity sales goals established by Virginia and North Carolina.
"Dominion plans to significantly increase its production of electricity from renewable resources as we look to continue our long history of providing reliable service in an environmentally responsible manner," said Thomas F. Farrell II, chairman, president and chief executive officer. "In light of the strong growth in demand for electricity occurring in both states, meeting the renewable goals will be a challenge, but it is an opportunity we gladly welcome."
The company has issued a Request for Proposals for projects in development or early construction that will generate electricity using wind, sunlight, falling water, sustainable biomass, waste, wave motion, tides or geothermal energy. The projects must be located in Virginia, North Carolina or elsewhere in the PJM Interconnection area, which would allow the electricity to be transported to Virginia and North Carolina. Dominion is interested in project ownership interests or purchase of renewable energy credits. The company is encouraging project proposals from diverse businesses, including, but not limited to, small businesses and those led by minorities and women.
"I applaud Dominion for taking this step toward meeting the renewable energy goals we have set for Virginia," said Gov. Timothy M. Kaine. "As we strive to meet the growing energy needs of the Commonwealth in a sustainable, environmentally responsible way, this kind of leadership from our private-sector partners is crucial."
Dominion plans to achieve Virginia’s voluntary goal of 12 percent of base-year electricity energy sales coming from renewable energy sources by 2022 and North Carolina’s mandatory goal of 12.5 percent from renewable energy sources and energy efficiency by 2021.
In addition to renewable energy, Dominion’s strategy for meeting the growing energy needs of its customers in an environmentally responsible manner includes cost-effective energy conservation and peak-load management efforts, as well as construction of new generating facilities fueled by a balanced portfolio of energy sources.
Dominion has about 2.3 million electric distribution customers in Virginia and 120,000 electric distribution customers in North Carolina.
The company operates approximately 413 megawatts of renewable generation, which provides enough electricity to power more than 100,000 homes during times of peak demand. This includes the 80-megawatt Pittsylvania Power Station in Hurt, Va., which is one of the largest biomass-fueled generators on the East Coast. The company also has a 50 percent interest in a 264-megawatt wind farm under construction in Grant County, W.Va. In addition to its renewable portfolio, Dominion operates the nation’s largest hydroelectric pumped storage facility, the 2,100-megawatt Bath County Pumped Storage Station in west-central Virginia.
All proposals are due to Dominion by 5 p.m. Eastern time on Feb. 1, 2008. Proposals and requests for information should be directed to: Scott Francis, Business Development, Dominion Resources Services Inc., 120 Tredegar St., Richmond, VA 23219. He also can be contacted by e-mail at Scott.B.Francis@dom.com, by telephone at (804) 819-2672, or fax at (804) 819-2219.
A copy of the Request for Proposals and other information about Dominion’s renewable energy portfolio can be found on the company’s Web site at www.dom.com, keyword "renew."
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,500 megawatts of generation, 7,800 miles of natural gas transmission pipeline and 1 trillion cubic feet equivalent (Tcfe) of proved natural gas and oil reserves. Dominion also owns and operates the nation's largest underground natural gas storage system with about 960 billion cubic feet of storage capacity and serves retail energy customers in 11 states. For more information about Dominion, visit the company's Web site at http://www.dom.com.
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