Richmond, VA, U.S.A. — (METERING.COM) — June 23, 2008 – Dominion Virginia Power has presented an aggressive energy conservation plan that will produce significant environmental benefits while providing customers with substantial cost savings.
"This plan will provide a jump-start toward meeting the 10 percent conservation goal enacted last year by the Virginia General Assembly and the governor, getting the Commonwealth more than one-third of the way there within five years," said David A. Heacock, president of Dominion Virginia Power. "It will provide significant environmental benefits in a cost-effective manner that translates into very real financial savings to customers."
A key component of the plan is the installation of smart grid technologies that will enhance the electric distribution system to meet the increasing needs and expectations of customers in the 21st Century. The smart grid will allow energy to be delivered more efficiently and will result in significant energy savings by allowing more precise control of the energy flow. Dominion expects to invest about $600 million and replace all of its existing electric meters with advanced metering infrastructure (AMI), capable of two-way communications, as well as additional equipment to monitor and control the electric distribution system.
The resulting fuel savings for customers will more than offset the cost of the new equipment. The technology also is expected to lead ultimately to improvements in service reliability and the ability of customers to monitor and control their electricity use.
Over the next 15 years the plan is expected to result in customer savings in excess of $1 billion through lower electricity use, avoiding the need for two future power stations and delaying the need for two others.
"This is a significant step toward meeting Virginia’s electricity conservation goal in a way that will deliver real and measurable benefits," Heacock said. "We plan to develop additional initiatives aimed at reaching the full 10 percent goal by the 2022 target in a cost-effective manner."