The shutdown of Dominion Energy’s 2,600MW Coastal Virginia Offshore Wind project cost the developer $228 million, according to the company’s latest quarterly earnings.
The company said tariffs introduced under the administration of Donald Trump could add a further $580 million in costs. Dominion noted, however, that the impact of last week’s Supreme Court of the United States ruling on the fast-evolving tariff policy remains unclear.
The 176-turbine offshore wind project is moving toward first power delivery in the first quarter of this year and is expected to be fully completed by early 2027.
Dominion said approximately $2.2 billion in project spending remains, of which the company will fund about $1.2 billion. Investment firm Stonepeak will cover the balance.
Developers have already spent $9.3 billion of the project’s total estimated $11.5 billion cost, the company added.
