Dominion (NYSE: D) and BP Alternative Energy North America Inc. announced today they will jointly develop, own and operate wind energy projects in Virginia. Terms of the joint development agreement were not disclosed.
Thomas F. Farrell II, Dominion’s chairman, president and CEO, said, "We are committed to meeting Virginia’s goal of 12% of base-year electricity sales from renewable energy sources by 2022. We also plan to achieve North Carolina’s goal of 12.5% from renewable energy sources and energy efficiency by 2021.
In January, Dominion announced that it joined BP as a 50% partner in the Fowler Ridge Wind Farm in Benton County, Ind. The Fowler Ridge facility is expected to be built in two phases and generate a total of 750 MW. Dominion and BP are partners for 650 MW, with BP retaining sole ownership of 100 MW. The first phase of the project is currently under construction and is expected to be operational by the end of 2008.
About Dominion
Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of approximately 26,500 megawatts of generation, 1.1 trillion cubic feet equivalent of proved natural gas and oil reserves and 14,000 miles of natural gas transmission, gathering and storage pipeline. Dominion also owns the nation’s largest underground natural gas storage system and operates more than 975 billion cubic feet of storage capacity, and serves retail energy customers in 11 states.
Its renewable portfolio includes nearly 1,300 MW under development or in operation. This includes more than 750 MW of wind energy.
About BP Alternative Energy/BP America:
BP Alternative Energy, launched in November 2005, combines all of BP’s interests in low and zero-carbon energy including wind, solar, hydrogen power with carbon capture and storage, natural gas-fired power generation, biofuels for low carbon transport and distributed energy for emerging markets. BP Alternative Energy is one of the leading wind developers in the U.S. with a wind portfolio that includes the opportunity to develop almost 100 projects and a potential total generating capacity of 15,000 megawatts. The company currently has a total of five wind projects under construction in California, Indiana, Kansas and Texas. By the end of 2008, it’s expected that over 1,000 MW of wind projects developed by BP Alternative Energy North America will be in operation. For more information, visit the company’s Web sites at http://www.bpalternativenergy.com and http://www.bp.com/us.
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