NextEra, Dominion unveil ‘transformational’ Virginia energy benefits package
Utility firms NextEra Energy and Dominion Energy have announced a new and enhanced electrical benefits package in Virginia, with an outsized focus on solar and storage projects.
The “transformational” project aims to turn the commonwealth into a global energy powerhouse through a variety of avenues, according to representatives from the two utilities. The firms say the benefits package will put residential customers first, doubling residential bill credits from two years to four years.
The package aims to protect the Old Dominion’s families and small businesses through accelerated buildouts of solar and energy storage projects, echoing a flurry of pro-solar legislation signed by Gov. Abigail Spanberger earlier this year. John Ketchum, the chairman, president and CEO of NextEra Energy says the benefits program is “Virginia-first,” and expects the program to generate 1,000 new direct jobs for the area.
“We are proposing to double residential bill relief from two years to four years, along with expanded low-income financial assistance and long-term affordability benefits,” he says. “We are also reaffirming our support for the State Corporation Commission, Governor and General Assembly’s efforts to protect residential and small business customers from costs associated with serving data centers. Just as important, this package would help Virginia build more of the clean energy and infrastructure it needs faster, so the Commonwealth can reduce its reliance on expensive imported power.”
The commonwealth’s new renewable energy projects aims to deliver long-term benefits in terms of utility bill affordability, which has become a severe issue in a number of states thanks to extended grid strain. The project financing and building model works off the track record of the Florida Power & Light Company, the firms say, which has helped make the Sunshine State’s utility bills 60% better than the national average.
“Virginia already leads in technology and defense,” Ketchum adds. “With this combination, Virginia can also lead in energy.”
Achieving global energy leadership
The new benefits package aims to position Virginia as an energy leader on a global scale, building worldwide energy dominance from the ground up. Both NextEra and Dominion Energy aim to maintain current employee headcount levels across the commonwealth for the next five years, adding 1,000 more jobs in the area, and building a new co-headquarters tower in state capital Richmond.
The two firms have pledged a $100 million investment in the workforce of the Old Dominion, as well as a $1 billion annual, five-year Virginia Supplier Program and a new annual global energy summit in the commonwealth. Dominion Energy chair, president, and CEO Robert Blue says the partnership with NextEra, and the benefits package as a whole, is all in service of using an electrical utility’s power to support the wider community.
“This package builds on that foundation by adding NextEra Energy’s scale, capital and capabilities to help support Virginia’s growth while keeping customers, reliability and affordability at the center of everything we do,” he says. “It brings new jobs, maintains our existing Virginia employee headcount levels for five years and positions the Commonwealth to become a global energy leader.”
The new solar and storage project package further leverages the combined assets of both companies throughout Virginia, officials say. The firms highlighted the 610 MW Virginia City Hybrid Energy Center, located in the small town of St. Paul, as a key to supporting reliability while the two companies build the next generation of energy infrastructure.
“Virginia should not have to choose between affordability, reliability and clean energy,” Blue said. “The answer is to build affordably, build faster and build in a way that protects customers.”
