Dominion Energy Advances Coastal Virginia Offshore Wind Project Amid Strong Demand Growth
Dominion Energy's Coastal Virginia Offshore Wind (CVOW) project is 75% complete and on track for a June 2027 finish. The project is expected to deliver $5 billion in fuel savings for customers while driving significant investment in energy infrastructure.
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Dominion Energy's Coastal Virginia Offshore Wind project, the largest offshore wind farm in the U.S., is approximately 75% complete and aims for completion in June 2027. The project, with a capital budget of $11.4 billion, began producing power in March 2026 and is expected to save customers around $5 billion in fuel costs over the first decade.
The company reported a 5% increase in contracted data center capacity, now at 51 GW, and a 4% increase in electricity sales year-over-year in Virginia. Dominion's five-year capital spending projection remains at $65 billion, primarily for transmission and distribution infrastructure. The recent Virginia law mandates a combined 20 GW of energy storage projects by 2040, enhancing growth prospects for Dominion in the energy sector.
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