RICHMOND, Va., June 25 /PRNewswire-FirstCall/ -- Dominion Virginia Power's two electricity-generating stations under construction -- the Virginia City Hybrid Energy Center in Wise County and the Bear Garden Power Station in Buckingham County -- are on schedule and on budget.
The stations are two of the keys to Dominion's "Powering Virginia" plan to help meet the growing demand for electricity by customers. It is estimated that 5,600 megawatts of new electric generating capacity is needed in Dominion's service area by 2020 to keep up with demand growth and reduce Virginia's reliance on imported power.
In its annual update and rate adjustment requests filed Friday with the State Corporation Commission, the company said the $1.8 billion Virginia City project is 61 percent complete and the $619 million Bear Garden project is 55 percent complete, both as of March 31. Their combined electric output of 1,165 megawatts would power more than 291,000 homes at peak demand. Bear Garden is scheduled to begin operating in May 2011 and Virginia City in July 2012.
The SCC approved construction of the Virginia City power station in 2008 and the Bear Garden facility in 2009. The company is recovering financing costs as the stations are being built. The SCC adjusts these rates annually.
In applications for proposed rates for the projects for the period April 1, 2011- March 31, 2012, the company has requested an increase of $1.39 to the monthly bill of a typical 1,000 kilowatt-hour per month residential customer for both projects – 95 cents for Virginia City and 44 cents for Bear Garden. If the SCC approves both annual updates, the two projects would account for $5.36 of the typical 1,000-kilowatt-hour residential monthly bill as of April 1, 2011.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of more than 27,500 megawatts of generation, 12,000 miles of natural gas transmission, gathering and storage pipeline and 6,000 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage system with 942 billion cubic feet of storage capacity and serves retail energy customers in 12 states. For more information about Dominion, visit the company's Web site at www.dom.com.
SOURCE Dominion Virginia Power