Richmond, Va., Aug. 6, 2009 — Dominion Virginia Power applied to the U.S. Department of Energy for a $200 million stimulus grant to accelerate the installation of 2.4 million smart meters for its customers.
Dominion Virginia Power announced its smart meter initiative last month as part of a comprehensive energy conservation plan filed with the Virginia State Corporation Commission.
The plan is expected to save customers more than $1.2 billion over 15 years through energy savings and deferral or elimination of the need to construct some power stations. Environmental benefits include a reduction in carbon dioxide emissions equivalent to removing 165,000 cars from the road.
Among the benefits of the smart meters and other components of the advanced metering infrastructure (AMI) program are:
- An automatic off-peak energy usage reduction of about 4 percent or more annually for typical residential customers through more efficient management of energy delivery by Dominion.
- The option of time-based rates that give customers the opportunities to shift electricity use to off-peak times for additional savings.
- Proactive reporting of outages, allowing for quicker restoration of service.
- The future introduction of in-home energy displays, and AMI-enabled direct load control devices.
- The integration of plug-in hybrid electric vehicles.
- The effective integration of green distributed generation.
The Smart Grid Investment Grant Program was created by the U.S. Congress to gain the improvements in cost and performance that will come from the deployment of smart grid technology and expand economic opportunities.
The program will provide federal assistance to cover up to $200 million of investments by electric utilities and other entities for projects that promote the goal of deployment, including development of component technologies. The department has announced that it would notify grant recipients in October.
Dominion Virginia Power is a subsidiary of Dominion, which has a portfolio of more than 27,500 MW of generation. Dominion serves retail energy customers in 12 states.