December 5, 2008
RICHMOND, Va. – Dominion Virginia Power, a subsidiary of Dominion (NYSE: D), has received approval from the Virginia State Corporation Commission to offer its customers two new options to purchase renewable energy.
Renewable energy can be derived from sunlight, wind, falling water, sustainable biomass, waste, wave motion, tides and geothermal power.
“We are very pleased with the commission’s decision to allow us to provide our customers with a convenient, low-cost way to voluntarily support renewable energy,” said David A. Heacock, president of Dominion Virginia Power. “The renewable energy supported through this program will be above and beyond what Dominion produces, so this will encourage development of additional generation of renewable power. Many of our customers have asked us to provide them with this option.”
The new program provides two convenient ways for residential and business customers to purchase renewable energy through their monthly bills beginning in January 2009.
Under both options, Dominion will purchase renewable energy certificates from producers of renewable energy in an amount equivalent to the customer participation level. This will provide customers a voluntary means of directly supporting the production of renewable energy.
The first option enables customers to specify that renewable energy certificates will be purchased in an amount equal to 100 percent of the electricity they use. Payment is calculated based on the customer’s monthly electrical usage and current market prices for renewable energy and is included in the monthly bill. For a residential customer using 1,200 kilowatt-hours of electricity a month, the additional cost to purchase renewable energy equivalent to their monthly usage is expected to be about $14 to $18 per month.
With the second option, customers can specify that a certain amount of renewable energy certificates (in $2 increments) be purchased, with the cost added to their monthly bills. The amount of renewable energy actually purchased depends on the dollar amount specified by the customer and on current market prices for renewable energy.
Dominion will announce the price of the renewable energy before the program’s launch and will hold the price constant for at least the program’s first year. Dominion will make periodic reports to customers on the type and total amount of renewable energy purchased through the program.
The energy sold through this program will be verified and tracked by independent organizations to ensure that it meets rigorous environmental and consumer protection standards. Customers may enroll in the program using secure online means through the company’s web site or by calling the Dominion Customer Service Center.
In addition to this exciting new renewable energy offer, Dominion is committed to achieving Virginia’s voluntary goal of 12 percent of base year electricity energy sales coming from renewable energy sources by 2022. The company has a growing portfolio of renewable energy generation, which now totals nearly 1,300 megawatts in operation, construction or under development in the Mid-Atlantic, Midwest and Southeast regions.
Renewable resources are an important part of an integrated strategy that Dominion is employing to meet the growing energy needs of its customers. The strategy, named “Powering Virginia,” is based on energy conservation, renewable generation, other new generation based on clean coal, emissions-free nuclear and natural gas, and improvements in transmission and distribution infrastructure.
Dominion is one of the nation's largest producers of energy, with a portfolio of approximately 27,000 megawatts of generation. Dominion serves retail energy customers in 12 states. For more information about Dominion, visit the company's Web site at http://www.dom.com.
Editors: For more information on Renewable Energy Certificates, see the U.S. Department of Energy’s Energy Efficiency and Renewable Energy Web site at: http://www.eere.energy.gov/consumer/your_home/electricity/index.cfm/mytopic=10430