In order to serve you better, please select your Dominion Energy location services.
In order to serve you better, please select your Dominion Energy location services.
June 27, 2003
RICHMOND, Va. - Dominion (NYSE: D) filed an application Friday to join PJM Interconnection LLC to enhance transmission service reliability, improve resource adequacy and bring savings to customers while fostering a more efficient electricity wholesale market and enhancing customer choice in Virginia.
Under the terms of its agreements with PJM, Dominion would continue to protect its “native load” customers by not curtailing service to support capacity deficiencies elsewhere within PJM. Integration with PJM will open the doors to approximately 170,000 megawatts, ensuring that the reserve needs of customers are met into the future. Additionally, an independent consultant estimated that Dominion’s customers in Virginia would save nearly $500 million by the company joining PJM.
“Dominion’s participation in PJM ultimately will give our electric customers, both wholesale and retail, broader opportunities in selecting a supplier,” said Thos. E. Capps, president, chairman and chief executive officer. “This structure will foster wholesale and retail competition by providing public utilities, independent power producers, competitive retail suppliers, and electric cooperatives greater access to the transmission grid. At the same time, by combining to form a larger, independently operated grid with expanded resources, reliability will be improved throughout Dominion’s service area.”
Dominion made its filing with the Virginia State Corporation Commission in accordance with Virginia law. The law requires transmission-owning utilities in Virginia to join regional transmission organizations no later than Jan. 1, 2005, subject to approval by the Commission. Dominion anticipates integrating its transmission assets into PJM by Nov. 1, 2004.
Dominion will retain ownership of its 6,100-miles transmission system, which will be integrated with the bulk electric power system throughout major portions of five Mid-Atlantic States and the District of Columbia and operated by PJM. Dominion’s electric service area will be administered as a separate zone, PJM-South, much as transmission service to Allegheny Power’s customers in northwestern Virginia is provided by PJM-West.
PJM is a non-stock company with roots going back almost seven decades. It has operated an interstate wholesale electricity market since 1993.
“The PJM-South structure contains safeguards to ensure that Virginia’s electricity needs are met reliably,” Capps said.
Additionally, Dominion’s participation in PJM will:
For a copy of Dominion’s application and the accompanying cost benefit analysis, go to http://www.pjm-south.com/library/filings.jsp.
PJM Interconnection LLC (www.pjm.com), the country’s first fully functioning regional transmission organization, operates the world’s largest competitive wholesale electricity market and North America’s largest power grid. The company currently coordinates a pooled generating capacity of more than 71,600 megawatts and operates a wholesale electricity market with more than 200 market buyers, sellers and traders of electricity. PJM has administered more than $9 billion in energy and energy service trades since the regional markets opened in 1997. More than 70 nations have sent delegates to PJM to learn about its market model and the operation of the grid in a region including more than 25 million people in all or parts of PA, NJ, MD, DE, OH, VA, WV and the District of Columbia. With the April 1, 2002, addition of PJM West, for the first time nationally two separate control areas now operate under a single energy market and a single governance structure across multiple North American Electric Reliability Councils. Visit PJM at www.pjm.com.
Dominion is one of the nation's largest producers of energy, with a portfolio consisting of 24,000 megawatts of generation, 6.1 trillion cubic feet equivalent of natural gas reserves, 7,900 miles of natural gas transmission pipeline and more than 960 billion cubic feet of storage capacity. Dominion also serves 5 million natural gas and electric customers in nine states. Additional information about Dominion is available on the Internet at www.dom.com.
# # #
CONTACTS: | ||
Media: |
Irene Cimino, (804) 771-6115 |
|
Analyst: | Tom Wohlfarth, (804) 819-2150 |
Copyright © 2024 Dominion Energy