Dominion Energy, which posted a net loss of US$401m in 2020, plans to invest US$32bn in growth capital over the 2021-2025 period, including 52% in zero carbon generation and energy storage, 20% in electric transformation (power transmission, grid transformation and strategic undergrounding), 10% in gas distribution modernisation and renewable natural gas (RNG) systems and 18% in customer growth and others. Capital expenditures will ramp up from US$5bn/year in 2021 and 2022 to US$6bn in 2023 and US$8bn/year in 2024 and 2025. Excluding the customer growth segment, Dominion will invest US$26bn in decarbonisation initiatives over the 2021-2025 period.
Overall, Dominion Energy plans to invest up to US$72bn in decarbonisation by 2035, including up to US$20bn in solar, up to US$17bn in offshore wind, up to US$15bn in power grid transformation, up to US$9bn in gas distribution modernisation and RNG, up to US$7bn in energy storage and up to US$4bn in extending the lifetime of its nuclear power plants.
The company aims at reducing the share of gas-fired and coal-fired generation in its power mix from 45% and 10%, respectively, in 2020, to 25% and 5%, respectively, by 2035, while boosting power from carbon-free resources such as nuclear, wind and solar from 45% in 2020 to 70% by 2035. Dominion Energy intends to commission in 2026 its 2.6 GW Coastal Virginia Offshore Wind (CVOW) project, which should cost US$8bn.