Since 2019, when Dominion Energy presented its initial plans for the 180-turbine Coastal Virginia Offshore Wind farm, the project’s estimated cost has risen from $8bn to $10bn.
“The cost increase can be attributed to, among other things, commodity and general cost pressures as seems to be the case across a number of industries right now,” Bob Blue, president and CEO of Dominion Energy, said on November 5.
A state-regulated utility company, Dominion Energy requires approval of its investments from the State Corporation Commission (SCC). The project will proceed only with SCC’s approval.
The Bureau of Ocean Energy Management began its environmental review of the project in July.
