- Up to $6 billion in fuel
savings possible for customers during project's first decade of
operation, if ongoing commodity pressures continue
- Project will generate enough clean, renewable energy to
power up to 660,000 homes
- Company evaluating performance requirement
RICHMOND, Va., Aug. 5, 2022
/PRNewswire/ -- Dominion Energy reached a major milestone in the
development of the 2.6-gigawatt Coastal Virginia Offshore Wind
(CVOW) project by receiving approval from the Virginia State
Corporation Commission for the project to be constructed 27 miles
off the coast of Virginia
Beach.
CVOW's schedule calls for construction to be complete in 2026,
when it can generate enough clean energy to power up to 660,000
homes. The final order from the SCC affirms that CVOW meets all
Virginia statutory requirements
for rider cost recovery and the issuance of a Certificate of Public
Convenience and Necessity for the onshore infrastructure. The order
also includes a performance requirement, but does not outline the
details surrounding that requirement.
"Our customers expect reliable, affordable energy, and offshore
wind is key for delivering on that mission. We are very pleased
that the commission has approved this important project that will
benefit our customers. We are reviewing the specifics of the order,
particularly the performance requirement," said Robert M. Blue, Dominion Energy Chair, President
and CEO.
CVOW represents a clean-energy investment of approximately
$9.8 billion, and as the largest
project of its kind in the United
States, CVOW is good for energy diversity, the environment
and Virginia's economy.
As a renewable energy resource, offshore wind turbines have no
fuel costs, which is especially beneficial considering the recent
rise in fuel costs across the country. The project is expected to
save Virginia customers more than
$3 billion during its first 10 years
in operation. However, if these ongoing commodity market pressure
trends continue, those savings could total up to nearly
$6 billion – almost double the
savings.
Offshore wind's economic development and jobs benefits are
transformative for Hampton Roads
and the Commonwealth, including diverse communities. CVOW could
create hundreds of direct and indirect jobs during construction and
more than a thousand during operations, while attracting companies
to make investments to make Virginia a hub for offshore wind.
As part of its order, the SCC granted approval for approximately
17 miles of new transmission lines and other onshore infrastructure
needed to deliver the clean, renewable energy offshore to homes and
businesses across Virginia.
In addition to solar, energy storage and nuclear, offshore wind
is a key component to diverse energy generation strategy to meet
the Commonwealth's clean energy goals and Dominion Energy's own net
zero target. Offshore wind complements the company's growing solar
portfolio in Virginia, since
offshore wind and solar generate peak energy at different times
throughout the day and year.
About Dominion Energy
About 7 million customers in 14 states energize their homes
and businesses with electricity or natural gas from Dominion Energy
(NYSE: D), headquartered in Richmond,
Va. The company is committed to sustainable, reliable,
affordable and safe energy and to achieving net zero carbon
dioxide and methane emissions from its power generation and gas
infrastructure operations by 2050. Please visit
DominionEnergy.com to learn more.
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SOURCE Dominion Energy