The company is planning to build a 1,600MW combined-cycle station, to generate electricity to serve 400,000 homes.
Upon SCC approval, the construction work on the project is planned to start in 2016. It is expected to create more than 1,000 jobs.
The facility will feature lower water usage and a wastewater discharge plan, and will have low carbon intensity.
Dominion Generation CEO David Christian said: "Our analysis shows that over the life of this station our customers should save more than $2bn versus the projected cost for purchasing the same amount of power for customers off the regional power grid.
"It will be highly efficient, low cost and very reliable. It will also have excellent environmental attributes and an extremely favorable location for fuel and transmission service."
Scheduled to go onstream in 2019, the project is expected to support the region with 45 full-time jobs and provide property taxes of around $8m to Greensville County in its first year of operation.
