Dominion CEO: Dominion expects to place more than $730m of new transmission assets into service by year-end

Noting that Dominion Resources (NYSE:D) has a number of electric transmission projects at various stages of regulatory approval and construction, Dominion Chairman, President and CEO Thomas Farrell II said on Oct. 31 that $580m worth of those facilities have been completed so far this year.

“We expect to place over $730m of new transmission assets into service by year-end,” he said during the company’s 3Q16 earnings call.

A company spokesperson told TransmissionHub on Nov. 1 that projects that have been completed so far this year include the:

  • Loudoun to Goose Creek 500-kV rebuild project
  • Mosby to Brambleton new 500-kV line
  • Burton to Oakwood 115-kV line
  • New 500-kV transformers at the Brambleton and Clover substations
  • Two of four Statcoms in Virginia Beach and Chesapeake area

According to Dominion’s website, the “Brambleton-Mosby” 500-kV line runs through Loudoun County, Va., and is a portion of the 350-mile, “500-kV loop” built in the mid-1960s. Dominion said its service territory continues to be one of the fastest growth areas in PJM Interconnection and Loudoun County is still experiencing above average electrical growth, primarily driven by data center development.

Of the “Oakwood Burton Line Upgrade and Little Creek Substation” project, the company said that the existing 115-kV transmission line was built in the early 1960s, and that by upgrading the line, the company is adding much-needed capacity to strengthen the electrical grid and better serve the Norfolk and Virginia Beach area, including the Joint Expeditionary Base Little Creek-Fort Story.

The spokesperson also noted that projects that are expected to be placed into service by the end of this year include the:

  • Lexington to Dooms 500-kV rebuild project
  • Lexington to Dooms 230-kV new line
  • One of four Statcoms in Virginia Beach and Chesapeake area

Of the “Dooms-Lexington Transmission Rebuild Project,” the company said on its website that the Dooms-Lexington 500-kV transmission line was put into service in 1966. Within the existing right of way corridor, Dominion said that it will replace the lattice-style towers with new, taller galvanized steel towers, which will support conductors with greater capacity, and, will include arms for a new 230-kV line to be installed underneath with minimal additional impact.

Earnings report

Dominion on Oct. 31 announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Sept. 30, of $690m, or $1.10 per share, compared with earnings of $593m, or $1 per share, for the same period in 2015. 

Operating earnings for the three months ended Sept. 30, amounted to $716m, or $1.14 per share, compared to operating earnings of $611m, or $1.03 per share, for the same period in 2015, the company said.

The principal difference between reported earnings and operating earnings for the quarter is related to transaction costs associated with the Dominion Questar combination and Dominion’s investments in nuclear decommissioning trust funds, the company said.

About Corina Rivera-Linares 3061 Articles
Corina Rivera-Linares, chief editor for TransmissionHub, has covered the U.S. power industry for the past 15 years. Before joining TransmissionHub, Corina covered renewable energy and environmental issues, as well as transmission, generation, regulation, legislation and ISO/RTO matters at SNL Financial. She has also covered such topics as health, politics, and education for weekly newspapers and national magazines. She can be reached at clinares@endeavorb2b.com.