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Investor Spotlight: Dominion Energy

Written on September 21, 2021

 

Dominion Energy, the Virginia-based company that employs over 17,000 people across 16 states, is at the forefront of next generation technology.  In the past few years, despite the pandemic, Dominion Energy has made giant strides toward expanding clean energy. Dominion owns the third-largest solar fleet of any utility holding company in the country. Dominion Energy safely constructed and energized the Coastal Virginia Offshore Wind (CVOW) pilot project, the first operational wind farm in U.S. federal waters. Last fall, the CVOW pilot began generating enough wind energy to power up to 3,000 Virginia homes. The pilot project paves the way for the commercial project which will be the largest of its kind in the country, powering up to 660,000 homes and businesses when completed.

The Hampton Roads region is well-positioned to capitalize on the growing offshore wind industry. Dominion Energy is working around the clock to develop a U.S.-based supply chain anchored in the region, creating good-paying jobs and a new revenue stream for localities.

The Port of Virginia is the fastest growing port on the East coast with several beneficial characteristics to make the Hampton Roads region a central hub for the offshore wind supply chain, playing a key role in the development, construction, and operation of our Coastal Virginia Offshore Wind commercial project. Hampton Roads is a proactive economic development community and an excellent regional partner in support of Dominion Energy’s solar development efforts.  Dominion currently has more than 600 MW of large-scale solar facilities across 12 projects either operational or under development in Hampton Roads.

Another recent success includes Dominion Energy’s work to reduce the number of diesel school buses on Virginia’s roads by helping school districts replace them with cleaner, more efficient electric buses. The first 50 buses began rolling out in 2020, and in their first year, will prevent almost 3 million pounds of carbon emissions.

It has been beneficial to have the Dominion Energy business in an area with a high military presence. Late Dominion Energy Chief Executive Tom Farrell was instrumental in launching Troops to Energy Jobs, a veterans-oriented utility workforce development program.  One out of every 5 new hires at Dominion is a veteran. G.I. Jobs ranked Dominion Energy #8 in its 2020 list of the top military-friendly companies nationwide.

Hampton Roads’ diverse transportation systems of highways, air, rail, and sea services provide excellent access to markets across the nation and the world. Hampton Roads has a robust education system with strong K-12 schools, technical training institutes, community colleges, and universities. Virginia is recognized as one of the best states to do business for several reasons, including its talented workforce, education systems, economic development, and growing offshore wind industry. All of these allow for Hampton Roads to be a desirable place to do business

The Hampton Roads Alliance has been an excellent partner and supporter for the offshore wind industry with its close ties to Hampton Roads businesses, local governments, and economic development. The development of offshore wind has been a decade in the making and would not have been possible without the strong collaboration with local leaders and organizations, such as the Hampton Roads Alliance.

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