The firm plans to invest $2.4bn in its distribution system, $3.6bn on transmission lines and substations, and $3.5bn for new generation and environmental improvements.
The investments also include $700m for new solar generation and additional funds for undergrounding vulnerable distribution lines subject to approval by the Virginia State Corporation Commission.
In 2015, Dominion unveiled plans to construct 400MW of large-scale solar projects in Virginia, with an investment of $700m.
Dominion Virginia Power president Robert Blue said: "Our reliability in 2015 was 99.98%-which translates into approximately 2 hours of outage time per customer over the whole year."
The company also announced plans to upgrade the electric grid in Virginia and northeastern North Carolina.
Dominion Virginia said that the proposed investments are in addition to the planned $5bn Atlantic Coast Pipeline project, which is awaiting Federal Energy Regulatory Commission approval.
"We believe the additional supplies of clean-burning natural gas to be brought by the Atlantic Coast Pipeline are essential to the company’s plans to meet the goals laid out in the federal Clean Power Plan to substantially lower carbon emissions from power production."
The pipeline project is expected to create more than $1.4bn in new economic activity and 8,800 new jobs during the construction phase, which is scheduled to commence in late 2016.
Image: Dominion plans to invest $700m for solar projects in US. Photo: courtesy of Naypong/FreeDigitalPhotos.net.
