Dominion Energy Successfully Completes First Monopile Installation Season for On-Time and On-Budget Coastal Virginia Offshore Wind

Rhea-AI Summary

Dominion Energy has successfully completed its first monopile installation season for the Coastal Virginia Offshore Wind (CVOW) project, installing 78 monopile foundations and 4 offshore substation foundations. The 2.6-gigawatt project, located 27 miles off Virginia Beach, is 43% complete and remains on-budget and on schedule for completion in late 2026. The project will include 176 turbines capable of powering 660,000 homes and is expected to generate $3 billion in fuel savings over its first decade. The next installation season begins May 2025, with current focus on substation installation and cable laying. Nearly 1,000 Virginia-based workers are currently engaged in the project.

Positive

• Project remains on-budget and on schedule for 2026 completion
• Exceeded installation targets with 78 monopile foundations installed
• Project will power 660,000 homes when complete
• Expected to generate $3 billion in fuel savings over first 10 years
• Created nearly 1,000 local jobs with more expected for operations

Negative

• None.

Insights

Energy Infrastructure Analyst

The successful installation of 78 monopile foundations for the 2.6-gigawatt CVOW project marks significant progress in America's largest offshore wind development. The project's on-time, on-budget status at 43% completion demonstrates strong execution capabilities. Expected fuel savings of $3 billion over the first decade of operation represents substantial customer value. The scale of employment creation (800+ Hampton Roads workers) and the project's capacity to power 660,000 homes positions this as a transformative infrastructure development. The regulated utility model proves viable for large-scale offshore wind, potentially setting a precedent for future projects. The systematic approach to construction and clear timeline for completion in 2026 suggests well-managed project risk.

Market Research Analyst

This milestone reinforces Dominion Energy's strategic positioning in the renewable energy sector. The project's scale and execution demonstrate the company's ability to manage complex infrastructure projects while maintaining financial discipline. The regulated nature of the project provides revenue stability and predictable returns, important for investor confidence. The creation of long-term maintenance jobs and substantial fuel cost savings enhances the company's ESG profile while building sustainable competitive advantages in the growing offshore wind sector. This progress strengthens Dominion's market position as a leader in regulated clean energy infrastructure.

• Exceeded initial objectives with 78 monopile foundations and 4 offshore substation foundations safely installed since May 22
• Second installation season begins May 2025
• CVOW is fully permitted by state and federal authorities, remains on-budget and on schedule to complete construction in late 2026

RICHMOND, Va., Nov. 1, 2024 /PRNewswire/ -- Dominion Energy announced today that 78 monopile foundations and 4 offshore substation foundations were installed for the 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project during the first installation season, achieving the company's initial objectives of at least 70 monopiles set into the sea floor 27 miles off the coast of Virginia Beach.

CVOW, the largest offshore wind project under construction in the United States, will consist of 176 turbines that will generate enough clean, renewable energy to power up to 660,000 homes and is expected to generate fuel savings of $3 billion for customers during the first 10 years of operation.

CVOW construction remains on-budget and on schedule to be complete in late 2026. The project is now 43 percent complete. For the next few months, the company will focus on installation of the first offshore substation, continued export cable lays and onshore transmission construction, and placement of transition pieces on top of monopiles in preparation for turbine installation starting in 2025.

"Our Coastal Virginia Offshore Wind project shows that regulated offshore wind works in the United States," said Robert M. Blue, Dominion Energy's chair, president and chief executive officer. "As we face unprecedented customer demand, offshore wind is critical to our diverse, all-of-the-above generation mix to keep the lights on for our customers with affordable, reliable and increasingly clean energy."

The monopile foundations, which are being staged at Portsmouth Marine Terminal, are single vertical, steel cylinders manufactured by global leader EEW SPC and are being installed into the sea floor to support the wind turbine generators supplied by Siemens Gamesa Renewable Energy. Consistent with the project construction schedule, monopile installations will resume in May 2025. 

Offshore wind's economic development and jobs benefits are transformative for Hampton Roads and the Commonwealth. Nearly 1,000 Virginia-based workers – more than 800 in the Hampton Roads region – have been engaged on the CVOW project or with other businesses supporting CVOW. More than 1,000 local jobs will be needed to support ongoing operations and maintenance of this facility after the project begins commercial operation.

About Dominion Energy
Dominion Energy (NYSE: D), headquartered in Richmond, Va., provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina. The company is one of the nation's leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. The company's mission is to provide the reliable, affordable, and increasingly clean energy that powers its customers every day. Please visit DominionEnergy.com to learn more.

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to various risks and uncertainties. These factors are identified in Dominion Energy's Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. Dominion Energy refers readers to those reports for further information. Any forward-looking statement speaks only as of the date on which it is made, and Dominion Energy undertakes no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

 

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SOURCE Dominion Energy

FAQ

How many monopile foundations has Dominion Energy (D) installed in the CVOW project?

Dominion Energy has installed 78 monopile foundations and 4 offshore substation foundations during the first installation season.

When will Dominion Energy (D) complete the CVOW offshore wind project?

The CVOW project is scheduled to complete construction in late 2026 and is currently 43% complete.

How many homes will Dominion Energy's (D) CVOW project power?

The CVOW project will generate enough clean, renewable energy to power up to 660,000 homes.

When does the second installation season for Dominion Energy's (D) CVOW project begin?

The second monopile installation season will begin in May 2025.