Apr 21, 2008
RICHMOND, Va., April 21 /PRNewswire-FirstCall/ -- 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.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,500 megawatts of generation, 1.1 trillion cubic feet equivalent of proved natural gas and oil reserves and 14,000 miles of natural gas transmission, gathering and storage pipeline. Dominion also owns the nation's largest underground natural gas storage system and operates more than 975 billion cubic feet of storage capacity, and serves retail energy customers in 11 states.
Its renewable portfolio includes nearly 1,300 megawatts under development or in operation. This includes more than 750 megawatts of wind energy: 325 megawatts from Fowler Ridge, 132 megawatts from a joint development with Shell WindEnergy in Grant County, W.Va., and 300 megawatts from Dominion's Prairie Fork Wind Farm in Central Illinois.
For more information about Dominion, visit the company's Web site at http://www.dom.com/.
About BP Alternative Energy/BP America:
BP Alternative Energy, launched in November 2005, combines all of BP's interests in low and zero-carbon energy including wind, solar, hydrogen power with carbon capture and storage, natural gas-fired power generation, biofuels for low carbon transport and distributed energy for emerging markets. BP Alternative Energy is one of the leading wind developers in the U.S. with a wind portfolio that includes the opportunity to develop almost 100 projects and a potential total generating capacity of 15,000 megawatts. The company currently has a total of five wind projects under construction in California, Indiana, Kansas and Texas. By the end of 2008, it's expected that over 1,000 megawatts of wind projects developed by BP Alternative Energy North America will be in operation.
BP America is the largest producer of oil and gas in the United States and one of the nation's largest energy investors. For more information, visit the company's Web sites at http://www.bpalternativenergy.com/ and http://www.bp.com/us.
CONTACT: Media, Ryan Frazier of Dominion, +1-804-819-2521,
C.Ryan.Frazier@dom.com; or Sarah Howell of BP, +1-202-457-6603; or Analysts,
Laura Kottkamp of Dominion, +1-804-819-2254, Laura.E.Kottkamp@dom.com