Dominion Energy takes important step to determine feasibility of Small Modular Reactor (SMR) technology to support customers' needs
Rhea-AI Summary
Dominion Energy Virginia announced a Request for Proposals (RFP) to evaluate the feasibility of developing a Small Modular Reactor (SMR) at North Anna Power Station in Louisa County, VA. This RFP is a preliminary step and not a commitment to build an SMR but aims to assess the technology's viability to meet future energy demands as outlined in the company's Integrated Resource Plan.
SMRs are touted for their reliability and environmental benefits, similar to traditional nuclear power but with lower upfront costs and a smaller footprint.
The announcement was made at North Anna, attended by company leaders and Virginia state officials, including Governor Glenn Youngkin.
Dominion Energy also plans to seek cost recovery for SMR development through a filing with the Virginia State Commission, with costs capped at $1.40 per month for a typical residential customer, though the initial request is expected to be lower.
Positive
- Dominion Energy is taking proactive steps to evaluate advanced SMR technology which could enhance future energy reliability and environmental benefits.
- The feasibility study for SMR at North Anna aims to support Dominion Energy's Integrated Resource Plan aligned with future energy needs.
- Potential SMR development costs are capped, minimizing financial impact on residential customers.
Negative
- None.
News Market Reaction – D
In the trading session that priced this news, D gained 0.55%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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While the RFP is not a commitment to build an SMR at North Anna, it is an important first step in evaluating the technology and the North Anna site to support Dominion Energy customers' future energy needs consistent with the company's most recent Integrated Resource Plan.
For several years, utilities, state and federal agencies and leading technology firms have explored SMRs as the next generation of carbon-free nuclear power in the
The company announced the news at an event today at North Anna. Company leaders were joined at the event by
"For over 50 years nuclear power has been the most reliable workhorse of
"The Commonwealth's potential to unleash and foster a rich energy economy is limitless," said Governor Glenn Youngkin. "To meet the power demands of the future, it is imperative we continue to explore emerging technologies that will provide Virginians access to the reliable, affordable and clean energy they deserve. In alignment with our All-American, All-of-the-Above energy plan, small nuclear reactors will play a critical role in harnessing this potential and positioning
The company also announced that it intends to seek rider recovery of SMR development costs in a filing with the Virginia State Corporation Commission (SCC) expected in the fall. This important step was enabled by bipartisan legislation passed by the Virginia General Assembly earlier this year. Governor Youngkin ceremonially signed the legislation at today's event, where he was joined by its chief patron Senator Marsden.
The legislation contains cost caps limiting current SMR development cost recovery to no more than
Photo and video of today's event will be available for download here by 3 p.m.
About Dominion Energy
More than 4.5 million customers in 13 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to providing reliable, affordable, and increasingly clean energy every day and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy