Coastal Virginia Offshore Project Costs Increases to $11.5b

Dominion Energy said on Friday the total project costs for the Coastal Virginia Offshore Wind have increased to roughly $11.5 billion from $11.2 billion.

The changes in estimated costs reflect the impact of temporary suspension of work issued by the U.S. government in December as well costs associated with tariffs.

Earlier this month, a federal judge allowed Dominion to resume work at the Virginia offshore wind project, after it was initially suspended by the Trump administration over what it called national security concerns.

The project was originally slated to be completed by the end of 2026, but the company now expects to finish in early 2027, Dominion said in a regulatory filing.

The U.S. utility has already spent nearly $9 billion on the Coastal Virginia Offshore Wind project, which is expected to provide enough energy to power more than 600,000 homes.

(Reuters)