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The energy industry is going through a “very substantial transition”

September 29, 2021 17:51 PM UTC
- Updated September 29, 2021 17:52 PM UTC

Dominion Energy CEO Richard Blue explains.

Transcript
I started At Dominion energy in 2005 and that year, uh, we generated more than half of the electricity for our customers from cold. Um, we were about 37% carbon free, almost exclusively nuclear little hydro in there, about 7% natural gas Fast forward. 15 years. Last year, we generated about 10% of the electricity for our customers from coal. Uh, about 45% from natural gas in about 45%. 0 carbon nuclear hydro and more renewables. Project forward. Another 15 years will be less than one person. And this is based on plans that we've submitted to regulators where State regulated company in a number of states that we seek approval from regulators, but based on plans that we have submitted, we would expect to be less than 1%, or about 1% from coal? Uh, about 70% carbon free. So again, nuclear renewables, uh, and then the balance from natural gas. So, we're going through a very substantial transition at our company and in our industry, uh, and how we generate electricity To the benefit of our customers really from coal to gas to renewables. But it's important to note that at least for our company, nuclear has been in that mix the entire time. And we expect it's going to have to be for us to meet our climate goals in our case, net zero by 2050 for our company. Right, right. How, how much is this shift going to cost you? Do you have an estimate? Uh, we project that just in the zero carbon or carbon reducing investment that we would make over the next 15 years. That capital is about $72 billion, um, that we see today, uh and again, that's uh, extend the life of our existing nuclear plants to construct large scale offshore wind that you mentioned in the introduction to add a substantial amount of solar and then to upgrade the grid, were operating this machine that has existed for more than a century, um, and it wasn't uh invented. It wasn't designed with renewable energy in mind, so that's going to require a substantial investment as well to make all this work for our customers.