This summary of the contract is published on the VEPGA website. Contract documents are published on the VEPGA website at vepga.org/contract-materials. According to VEPGA, the new agreement is… compared to Dominion`s initial offer, approximately $32.55 million. It also provides up to $10 million in loans starting in 2022, depending on Dominion`s spending during the term of the contract for Grid Transformation activities, approved by state law through 2018 and approved by the Virginia Corporations Commission. The Virginia Energy Purchasing Governmental Association (VEPGA), an association with the common authorities of more than 170 local authorities (including 37 counties), has signed a new power purchase agreement with Dominion Energy for the period August 1, 2019 to June 30, 2022. While an agreement in principle was reached at the beginning of the year, the final language of the contract was exported at the end of October and is in effect on 1 August 2019. Unlike private and commercial customers, electricity prices for public bodies are not regulated by the State Corporation Commission (SCC). VEPGA, established in 2002 pursuant to the authority of the Virginia Code, negotiates, on behalf of its members, multi-year electricity contracts with Dominion Energy.
The VEPGA Advisors` Analysis estimates the savings achieved by VEPGA members (in total) in millions per year. VEPGA and Dominion Energy will hold regional meetings before the end of the year to provide members with additional details on the contract. VACo will provide information on meeting dates and locations when they become available.