US-based energy group Dominion Virginia Power is planning to invest about $9.5bn in several infrastructures and upgrade projects over the next five years.
As per of the proposed investment plan, Dominion will invest around $2bn annually till 2020.
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Under this particular plan, new energy generation plants such as solar energy will be added as well the electric grid in Virginia and northeastern North Carolina will be expanded, secured and upgraded.
Of the proposed total amount, $2.4bn is earmarked for the company’s distribution system, $3.6bn for transmission lines and substations, and $3.5bn for new generation and environmental improvement projects.
A sum of $700m is also included in the investment for new building solar generation projects and extra funds for undergrounding exposed distribution lines after receiving approval from the Virginia State Corporation Commission.
Dominion Virginia Power president Robert Blue said: "We know our customers expect high reliability, clean energy and reasonable rates.
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By GlobalData"We focus on that in everything we do, from building new infrastructure to day-to-day maintenance and fast storm response."
Additionally, Dominion had previously proposed to build Atlantic Coast Pipeline for natural gas, with an investment of $5bn. The pipeline will serve Dominion Virginia Power and other electric and natural gas utilities.
Last year, the company also invested $1.8bn in similar projects.
Since 2008, Dominion has made over $8bn investment in new electricity infrastructure, such as environmental control equipment that minimises fossil power station air emissions.
Blue added: "Over the same period, our reliability has improved 25%.
"Our reliability in 2015 was 99.98% – which translates into approximately 2 hours of outage time per customer over the whole year."
The company supplies power to 13 states and the District of Columbia through the Pennsylvania-New Jersey-Maryland (PJM) Interconnection.
Currently, Dominion Virginia supplies electricity to 2.5 million customers in Virginia and northeast North Carolina.
Over the five years, the company’s EnergyShare programme has been expanded with $57m and it specially assists needy veterans and specially abled peoples.
Last November, a study stated that Dominion’s investments would boost Virginia’s energy infrastructure over the next six years.
Apart from meeting environmental goals, the investment will help create thousands of jobs and add $10.1bn into the economy of the state.
