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Dominion Energy achieved a significant milestone in the development and construction of the 2.6-gigawatt Coastal Virginia Offshore Wind project. The Virginia State Corporation Commission approved the project for construction 27 miles offshore of Virginia Beach.
CVOW’s schedule requires that construction be completed by 2026. It can then generate enough clean electricity to power 660,000 homes. The SCC’s final order confirms that CVOW has met all Virginia statutory requirements regarding rider cost recovery as well as the issuance of a Certificate Of Public Convenience And Necessity (for the onshore infrastructure). Although the order includes a performance requirement it does not detail its details.
“Our customers demand reliable and affordable energy. Offshore wind is crucial for that mission. We are pleased that this project will be approved by the commission. We are currently reviewing the details of the order, especially the performance requirement,” stated Robert M. Blue (President and CEO, Dominion Energy Chair), President and CEO.
CVOW represents an investment in clean-energy of $9.8 billion. It is the largest of its kind in America. CVOW is good news for Virginia’s economy, energy diversification, and the environment.
Offshore wind turbines are a renewable energy resource and have no fuel cost. This is particularly important considering recent increases in fuel prices across the country. In Virginia, the project will save customers over $3 billion in its first ten years of operation. If these commodity market pressures continue, the savings could reach nearly $6 billion, almost twice the savings.
The economic development and job benefits of offshore wind are transformative for Hampton Roads, the Commonwealth, and diverse communities. CVOW could create hundreds and thousands of jobs during construction, and more than 1,000 during operation. It will also attract companies to invest to make Virginia an offshore wind hub.
The SCC approved approximately 17 miles worth of transmission lines and other infrastructure to transport clean, renewable energy offshore to Virginia homes and businesses.
Offshore wind, in addition to energy storage, nuclear and solar, is an important component of a diverse energy generation strategy that meets the Commonwealth’s clean-energy goals and Dominion Energy’s net zero goal. Because offshore wind and solar produce peak energy at different times during the day, it complements Dominion Energy’s expanding solar portfolio in Virginia.