Dominion Energy to acquire offshore wind lease from Avangrid

If approved by regulators and constructed, CVOW-South would have a capacity of 800 MW, enough capacity to serve 200 000 homes and businesses, and the project would connect to the company's transmission grid. The company does not have detailed cost or in-service date estimates at this time. Such estimates would be developed during future development phases.

"With electric demand in our Virginia territory projected to double in the next 13 years, Dominion Energy is securing access to power generation resources that ensure we continue to provide the reliable, affordable, and increasingly clean energy that powers our customers every day. This transaction gives our company another potential option to meet that growing demand in a size and on a timeframe that is consistent with the regulated business mix, credit, and risk profile objectives of the recently concluded business review,” said Robert M. Blue, Chair, President and CEO of Dominion Energy.

Virginia Electric and Power Company is constructing the 2.6-GW CVOW, located about 25 miles north of the CVOW-South lease. CVOW continues to be on-time and on-budget with in-service expected by the end of 2026. To date, 25 monopiles have been installed since the installation campaign began on May 22, 2024, consistent with the company's target of 70-100 monopiles during the first of two installation seasons that run through the end of October.

The company is aware of the community concerns regarding the proposed landing site in Sandbridge, Va., and is committed to working closely with the community, the Commonwealth of Virginia, and the City of Virginia Beach as it considers this project.

After receipt of necessary approvals from the Bureau of Ocean Energy Management and the City of Virginia Beach, Dominion Energy, and Avangrid expect to close the transaction in the fourth quarter of 2024.

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