November 2011 1 Dominion In Virginia Headquartered in Virginia More than 9000 employees in the Commonwealth Annual Virginia payroll of more than 1 billion Recent Chmura study estimates Dominion generation ID: 313680
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Dominion UpdateNovember 2011
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Dominion: In Virginia
Headquartered
in Virginia
More than 9,000 employees in the Commonwealth Annual Virginia payroll of more than $1 billion Recent Chmura study estimates Dominion generation projects produce $3.3 billion in economic benefits for Virginia More than 73,000 Virginia shareholders Total non-income tax payments in Virginia in 2010: $406 million One of the largest taxpayers in Virginia
Major Generating Facilities in Virginia and West Virginia
Mt. Storm
Possum Point
Bath
Bremo
North
Anna
VA City
Chesterfield
Surry
Chesapeake
Yorktown
Clover
Bear Garden
Hopewell
Southampton
Altavista
Pittsylvania
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Coal
Natural Gas
Nuclear
Hydro
Oil-Gas Capacity
Biomass
Coal and Oil
Mt. Storm
Remington
Possum Point
GordonsvilleBath CountyNorth Anna
BremoPittsylvania CloverRoanoke RapidsChesterfieldSurryLadysmithYorktownElizabeth RiverChesapeakeMecklenburg
Rosemary
Gaston
PJM
Current ~
19,000
MW
Altavista
Southampton
Bellemeade
Hopewell
VA
City Hybrid Energy
Center
(Under Development)
Bear
Garden
Future
Warren County
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Potential future projects are subject
to VA State Corporation Commission
approval
Regulated Generation Profile
Virginia and North Carolina
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Upcoming Energy Gap
* Peak demand growth: PJM long-range forecast, January 2011
** New generation (1,165 MW total):
580 MW – Bear
Garden operational May 2011585 MW – VCHEC operational summer 2012Generating capacity (as of Jan. 1, 2011)Expected peak demand*
Virginia is the 2nd
largest importer of electricity
among the states: existing capacity is well below peak demand
“
Powering Virginia” strategy provides energy
roadmap for providing Virginia's energy needs New generation to meet growing demands for 4,500 additional MW* (1165 MW of generation newly operational or under construction) 4PJM Projected Demand Growth*4,500 MW by 2021New generation (1,165 MW**)Slide5
Provision
Re-Regulation
Traditional
Cost of Service
Gives SCC Authority to Set Rates
a
a
Ensures
Customer
Refunds for Prior Period Excess EarningsaXPromotes Jobs in VirginiaaXKeeps VA Utilities Competitive in Accessing Capital a
?Avoids Construction “Rate Shock”aXPromotes efficiency and customer service through incentives/penaltiesaXPromotes Renewable EnergyaXSets Conservation Goal
a
X
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Comparing Re-Regulation Act and
Traditional
Cost of Service Provisions
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Chmura Study: Additional Benefits of “Powering Virginia”
Construction phase (2007-2015) supports total of 14,220 jobs, produces $3.3 billion in economic benefits in Virginia*
Beginning in 2015: total annual economic impact of ongoing operations estimated to be $291.8 million, supporting an annual average of approximately 750 jobs in Virginia
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Construction Phase: Jobs by Year *Study does not include all projects in IRP.Slide7
2011 Integrated Resource Plan Investments
2 major combined cycle natural gas facilities – in addition to Bear Garden and Warren County
(
~1900 MW combined) recently built or announced
New gas-powered combustion turbines (peaking units)New renewable initiatives (3 biomass conversions, Halifax solar, distributed solar)Expanded energy efficiency/demand reduction programsPreservation of option to build NA3Additional environmental control equipment being evaluatedContinued transmission and distribution investment7Slide8
Project
2008
2009
2010
2011
2012
2013
2014
2015
2016
Ladysmith Units 3-5481 MWCompleted
Uprates*562 MW108 MW
Bear Garden (R)
580
MW
Completed
Virginia City Hybrid Energy Center (R)
90% Complete
585 MW
Warren (R)
~1,300 MW
COD Late 2014
Biomass Conversions (R)
153
MW
COD Late 2013
Retired Coal Replacement CC (R)
Additional ~1,300 MW
COD Late 2015
Future CC (R)
Potential
~1,300 MW
COD Late 2018
Generic CC /
North Anna 3** (R)
Expect COL - 2013
(R) - Project subject to VA State Corporation Commission rate rider approval under Virginia Re-regulation
Plan.
*Nuclear values based on guaranteed maximum output (winter conditions) for turbine
uprates
.**North Anna 3 Update: Slow development of the third reactor: continue to work on obtaining a combined operating license (COL), incorporating US-APWR, along with engineering and preliminary site development work; reassess a schedule for construction as approach issuance of the COL.
.
Regulated Generation
Infrastructure Investment
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IRP: Likely Unit Conversions/Closures/Retrofits
Coal-fired unit closures in the plan
Chesapeake units 1 and 2, scheduled by 2015
Chesapeake units 3 and 4, scheduled by 2016
Yorktown unit 1, scheduled by 2015 Coal-fired unit conversions in the planYorktown unit 2, gas conversion scheduled by 2015Bremo, 2 units, gas conversion scheduled in 2014 (previously announced)Altavista, Hopewell, Southampton, biomass conversion scheduled by end of 2013. (previously announced)Additional retrofits may be needed at other units9Slide10
2011 Integrated Resource Plan: Projected Resources
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2011 Capacity Mix
2026 Energy Mix
Coal
Hydro
Nuclear
Natural Gas
Oil
Renewable
2011 Energy Mix(Projected)(Projected)