On Wednesday, Dominion Energy, Inc. (NYSE:D) issued a Request for Proposals to assess the feasibility of developing a smaller modular reactor (SMR) at its North Anna site in Virginia.

Notably, SMRs offer the same reliability and environmental advantages as traditional nuclear power but with a considerably smaller footprint and reduced upfront capital costs.

The RFP represents an initial step in evaluating SMR technology and the North Anna site's potential to meet Dominion Energy customers' future energy needs, aligning with the company's latest Integrated Resource Plan.

The company further stated its intention to file for rider recovery of SMR development expenses with the Virginia State Corporation Commission (SCC) in the upcoming fall.

Robert M. Blue, Chair, President, and CEO of Dominion Energy, said, "As Virginia's need for reliable and clean power grows, SMRs could play a pivotal role in an 'all-of-the-above' approach to our energy future. Along with offshore wind, solar and battery storage, SMRs have the potential to be an important part of Virginia's growing clean energy mix."

This week, Dominion Energy's subsidiary agreed to acquire the Kitty Hawk North Wind offshore wind lease and associated developments (known as CVOW-South) from Avangrid, Inc. (NYSE:AGR) for $160 million.

Investors can gain exposure to the stock via BNY Mellon ETF Trust BNY Mellon Global Infrastructure Income ETF (BATS:BKGI) and WBI Power Factor High Dividend ETF (NYSE:WBIY).

Price Action: D shares are up 1.81% at $50.65 at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.