NextEra CEO Positive About Dominion Offshore Wind Project

The chief executive of NextEra Energy said on Monday that his company felt good about Dominion's investment in offshore wind, a technology he has disparaged in the past.

CEO John Ketchum made the remarks on a call with investors to discuss NextEra's $66.8 billion bid for Dominion, which is building a more than $11 billion offshore wind project off the coast of Virginia.

"As we look at it, we feel very good about it," Ketchum said, noting that the facility is already sending power to the grid and recently reduced its projected cost by $100 million to $11.4 billion.

NextEra is the world's largest renewable energy generator but has conspicuously steered clear of offshore wind, largely due to its high cost.

In remarks in 2023, Ketchum said offshore wind was too costly and complicated due to risks from salt water corrosion, the threat of hurricanes, the need for specialized ships and the tricky installation of subsea transmission cables.

Dominion's Coastal Virginia Offshore Wind project will be the largest U.S. offshore wind project when it is completed