**FOR IMMEDIATE RELEASE**
FOR IMMEDIATE RELEASE
Dominion Energy Announces Major Grid Modernization Initiative: $12 Billion Investment Over Five Years
RICHMOND, VA – October 26, 2023 – Dominion Energy, one of the nation’s largest energy producers and transporters, has announced a comprehensive, five-year, $12 billion grid modernization program, marking what the company describes as the most significant infrastructure upgrade in its history.
What is the initiative? The plan, titled “Project Power Forward,” involves the deployment of 2,000 megawatts (MW) of new solar generation capacity, the installation of over 500,000 smart meters with enhanced cybersecurity, and the undergrounding of 1,000 miles of existing overhead power lines. The company also confirmed the early retirement of 1,500 MW of coal-fired generation, moving its timeline forward by two years.
Who is behind the announcement? Robert M. Blue, Chair, President, and CEO of Dominion Energy, delivered the announcement from the company’s headquarters. The strategic plan has been approved by the Dominion Energy Board of Directors and has been submitted for preliminary review to the Virginia State Corporation Commission (SCC) and the North Carolina Utilities Commission (NCUC), where Dominion operates extensive service territories.
Where will these changes occur? The physical work and impact are concentrated in Dominion’s primary service areas, including Virginia, North Carolina, and South Carolina. However, due to the interconnectivity of the regional transmission grid, analysts at the Energy Information Administration (EIA) note that the increased solar capacity will also improve energy stability for parts of the Mid-Atlantic and Southeastern United States.
When is the timeline? The implementation begins immediately with a pilot project in Hampton Roads, Virginia, starting November 1, 2023. The full program is scheduled for phased completion by the fourth quarter of 2028.
Why is this happening? Dominion cites two primary drivers: increasing reliability against