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Dominion Energy proposes $594M grid modernization plan in Virginia

Dominion Energy Virginia plans to spend approximately $594 million over the next three years to modernize Virginia's power grid.

The proposal, submitted the State Corporation Commission of Virginia on Sept. 30, is part of the Dominion Energy Inc. subsidiary's 10-year grid transformation plan, according to a company news release.

Dominion Energy Virginia, known legally as Virginia Electric and Power Co., in July 2018 filed the first phase of its proposed 10-year initiative, most of which was rejected by Virginia regulators in January 2019.

The plan calls for investments in new customer information platform and installation of nearly 1 million smart meters, which would more than triple the number currently deployed, Dominion Energy said. It represents approximately half of the initial three-year investment package, because the company plans to reinvest funds under the provisions of the Grid Transformation and Security Act of 2018, the utility said.

The proposed program would increase self-service options and allow customers to better manage their energy use and bills, improve service reliability and reduce outages. It is also designed to maximize the benefits of renewable energy generation and accelerate development of more environment-friendly transportation, including rideshare electrification and electric vehicles.

Customers will see no rate increase for costs associated with the deployment of the new customer information platform and smart meters installed through 2021, according to the release. Pending approvals, the company would achieve full smart meter deployment in its Virginia service area by 2024.

"Our initiative is the next step in creating a clean energy future in Virginia," said Ed Baine, senior vice president of electric distribution. "This will help customers for years to come, with more resilient service, greater value and a partnership that helps to protect the environment for the next generation."