Dominion Wins 2,000 MW Offshore Wind Auction

Dominion (NYSE: D  ) announced today that its Virginia Power subsidiary is now the proud owner of 112,800 acres of prime real estate: a federal land lease 27 miles off the coast of Virginia.

The power company will use the land to build an offshore wind farm capable of generating a whopping 2,000 MW of potential electricity.

"Offshore wind has the potential to provide the largest, scalable renewable resource for Virginia if it can be achieved at reasonable cost to customers," said Dominion Senior Vice President of Alternative Energy Solutions Mary Doswell in a statement today.

Auctioned off for just $1.6 million, Dominion now has to undergo several regulatory approvals to push through with plans. With the help of a $4 million matching grant, Dominion already has the green light to develop a test facility with two 6 MW turbines. The company expects to install its first turbine in around 10 years.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2622526, ~/Articles/ArticleHandler.aspx, 12/22/2014 10:02:11 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement