Virginia could see a 50% increase in electric bills by 2039, marking the largest demand surge since WWII
A Virginia energy company is responding to a surge in electricity demand, the largest seen since World War II, which will inevitably lead to higher electricity bills.
On October 15, Dominion Energy, located in Richmond, unveiled an extensive long-term strategy aimed at addressing this rising demand. The plan includes investing in new power generation facilities, upgrading and expanding the power grid, enhancing energy storage, and implementing energy-saving programs over the next 15 years.
According to Jeremy Slayton from Dominion Energy’s media relations, this plan forecasts an annual increase of 2.7% in residential electricity rates for Virginia residents, which Dominion Energy serves alongside customers in South Carolina and North Carolina. Currently, the average monthly electricity bill stands at approximately $142. By 2039, this is expected to rise to about $214 — translating to a 50% hike, as mentioned by Slayton.
“We are experiencing the largest surge in power demand since the post-World War II years,” commented Ed Baine, the president of Dominion Energy Virginia, in a news release. “No single source of energy, grid solution, or energy efficiency initiative can adequately fulfill our customers’ escalating needs. We require a comprehensive approach.”
What is driving the rising electricity demand in Virginia?
Several factors contribute to the increased power demand in Virginia, Slayton explained, including population growth and the extensive use of data centers, which help power the internet, electronic devices, and electric vehicles.
“In the late ’40s, ’50s, and ’60s, electricity became a staple in homes and businesses, especially for high-energy appliances such as dishwashers, washing machines, and dryers, and more recently, air conditioning,” Slayton told YSL News. “This illustrates the scale of what we are experiencing in Virginia.”
Dominion Energy’s comprehensive plan includes 80% carbon-free power generation, emphasizing a 130% increase in its offshore wind production and a more than 150% rise in new solar energy sources. Slayton noted that Dominion Energy operates the second-largest solar fleet in the nation.
Additionally, approximately 20% of the strategy will rely on power generated from natural gas.
