If approved by regulators and constructed, CVOW-South would have a capacity of 800 MW, enough capacity to serve 200,000 homes and businesses, and the project would connect to the company's transmission grid. The company does not have detailed cost or in-service date estimates at this time. Such estimates would be developed during future development phases.
Robert M. Blue, chair, president and chief executive officer of Dominion Energy, said, "With electric demand in our Virginia territory projected to double in the next 13 years, Dominion Energy is securing access to power generation resources that ensure we continue to provide the reliable, affordable, and increasingly clean energy that powers our customers every day.
"It also allows us to leverage the unique expertise we've gained during the very successful development and construction to date of the Coastal Virginia Offshore Wind commercial project, which reduces project risk to the benefit of customers and shareholders. The Virginia model for regulated offshore wind development is proving to be an enabler of on-time and on-budget wind generation at exceptional relative value for our customers and is the model we would intend to pursue for any future offshore wind development."
Virginia Electric and Power Company is constructing the 2.6-GW CVOW, located about 25 miles north of the CVOW-South lease. CVOW continues to be on-time and on-budget with in-service expected by the end of 2026. To date, 25 monopiles have been installed since the installation campaign began on May 22, 2024, consistent with the company's target of 70-100 monopiles during the first of two installation seasons that run through the end of October.
The company is aware of the community concerns regarding the proposed landing site in Sandbridge, Va., and is committed to working closely with the community, the Commonwealth of Virginia, and the City of Virginia Beach as it considers this project.
After receipt of necessary approvals from the Bureau of Ocean Energy Management and the City of Virginia Beach, Dominion Energy and Avangrid expect to close the transaction in the fourth quarter of 2024.
