Dominion Wins 2,000 MW Offshore Wind Auction
Dominion 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.
The article Dominion Wins 2,000 MW Offshore Wind Auction originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned, but he does use electricity. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.The Motley Fool recommends Dominion Resources. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.