Dominion & BP Announce Agreement to Jointly Develop Wind Farms in Virginia
Dominion (NYSE:D) and BP Alternative Energy North America Inc. announced today that they have entered into an agreement to 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 chief executive officer, said:
"Today’s announcement is another important step in continuing to grow Dominion’s portfolio of renewable energy projects – which include more than 750 megawatts of wind in operation or under development – to help provide for our customers’ growing electricity needs. We are committed to meeting Virginia’s goal of 12 percent of base-year electricity sales from renewable energy sources by 2022. We also plan to achieve North Carolina’s goal of 12.5 percent from renewable energy sources and energy efficiency by 2021.
“We look forward to our continued partnership with BP, a company that we greatly admire and one with which we already enjoy an excellent working relationship.”
Bob Malone, chairman and president of BP America, said:
“BP is rapidly growing its wind power portfolio in the U.S. and we’re happy to be working again with Dominion on additional wind power projects. Wind is one of America’s most abundant natural resources and we believe that turning wind into electricity should be a major part of the nation’s drive to increase the use of alternative energy and reduce carbon emissions. Through investments like these in alternative energy, and through continued investment in our core oil and gas business, we are working to diversify and expand U.S. energy supply.”
In January, Dominion announced that it joined BP as a 50 percent 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 megawatts. Dominion and BP are partners for 650 megawatts, with BP retaining sole ownership of 100 megawatts. The first phase of the project is currently under construction and is expected to be operational by the end of 2008.
Potential projects for development include sites that have excellent wind resources and would serve the electricity needs of Dominion’s utility customers in Virginia and northeast North Carolina.
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