Dominion Energy has announced plans to develop approximately 3,400 MW of new offshore wind capacity over the next 15 years.
This is in addition to the 2,600 MW Coastal Virginia Offshore Wind (CVOW) project, currently the largest offshore wind project under development in the United States, located off the coast of Virginia Beach. According to the company's 2024 Integrated Resource Plan (IRP), the CVOW project remains on schedule and within budget.
The IRP also highlights plans for significant investments in solar and battery storage. Dominion intends to add 12,000 MW of new solar capacity, marking a 150% increase from the 4,750 MW of solar currently in operation or under development. The company also plans to build 4,500 MW of new battery storage over the next 15 years.
Dominion's strategy calls for an “all-of-the-above” approach to meet growing power demand, which is projected to rise 5.5% annually over the next decade and double by 2039.
About 20% of the company's future power generation will come from natural gas to provide backup when renewable sources like wind and solar are not producing electricity.
Ed Baine, president of Dominion Energy Virginia, emphasized the need for a diversified energy mix, stating: “No single energy source, grid solution, or energy efficiency program will reliably serve the growing needs of our customers. We are developing innovative solutions to ensure we deliver for our customers.” He added that Dominion's rates are 14% below the national average, with a continued focus on affordability, reliability, and clean energy.
