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Dominion Energy D announced that its subsidiary has acquired the 150-megawatt (MW) Hardin solar generating facility, which recently entered into commercial service, from Invenergy in Ohio. Facebook FB will take the entire clean energy produced from this site and the renewable energy credits, under a long-term agreement signed prior to the project's construction.
This deal is in line with Facebook’s goal of supporting operation through 100% renewable energy. Additionally, the long-term power purchase agreement will boost Dominion’s earnings.
Transition in Energy Space
A clear transition is evident in the U.S. utility space, with utilities chalking out plans to achieve net-zero greenhouse gas emissions across their electricity generation operations. The utilities are planning to achieve the target by investing in renewable energy, other alternate clean energy sources and natural gas; developing large battery storage units as well as taking an aggressive stance in shutting down coal-based power generation units.
Dominion, through systematic investment in clean power generation operation, has already reduced carbon emissions by more than 50% in the past 10-15 years and aims to achieve net-zero emissions by 2050. The company already has more than 2,200 MW solar units in operation in nine states and another 3,500 MW solar capacity in the development stage. Dominion is also developing the 2,640-MW offshore wind project in Virginia and plans to invest $3.5 billion in this project within the 2020-2024 time frame.
Other utilities like Xcel Energy XEL and DTE Energy DTE have already chalked out plans to achieve net-zero emissions by 2050.
Zacks Rank & Price Performance
Dominion has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past year, its shares have lost 15.6% compared with the industry’s 10% decline.
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Xcel Energy Inc. (XEL) : Free Stock Analysis Report
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DTE Energy Company (DTE) : Free Stock Analysis Report
Facebook, Inc. (FB) : Free Stock Analysis Report
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