Here we are, in the gorgeous town of Charlottesville, Virginia, to tell you about one of Dominion’s new conservation initiatives: SmartGrid Charlottesville. The chairman, president, and CEO of Dominion, Tom Farrell, with Virginia’s Governor, Tim Kaine, and other government officials are announcing the SmartGrid Charlottesville initiative.
SmartGrid Charlottesville is a program that will enable the city of Charlottesville to benefit from “smart grid” technology. We’re going to be installing new, “smart meters,” across the city of Charlottesville and surrounding Albemarle County. These “smart meters” are the foundation for the “smart grid,” which promotes energy conservation and environmental responsibility.
We’re testing out a number of new items (pending regulatory approval where required), including LED streetlights, remote electric service turn on and turn offs (this will be great for the University of Virginia students!), a really cool project with Positive Energy, the option of time-based rates, and some other demonstrations.
Pending regulatory approval, we plan to install smart meters and equipment throughout our entire Virginia service area over the next few years. The $600 million program is part of a plan the company announced in June 2008 that is expected to save customers more than $1 billion over the next 15 years through fuel savings and by potentially avoiding the need for two future power stations and delaying the need for two others.
We’re so excited to be part of this. I’ll be online for the next half hour to answer your questions regarding SmartGrid Charlottesville. I’ll do my best to get to everyone’s questions, but due to the anticipated high volume of traffic, I can’t guarantee I’ll get to it while I’m on site. I’ll send more when I get back to office.