Dominion Energy Raises Offshore Wind Cost to $11.7 Billion

Dominion Energy increased the estimated cost of its 2.6-GW Coastal Virginia Offshore Wind project to approximately $11.7 billion, an increase of nearly $300 million since April 2026. The company also pushed the project's completion date to the end of 2027.

Management attributed the budget surge to revised network upgrade costs from PJM Interconnection, turbine installation projections, and tariffs imposed by the Trump administration in April. These cost overruns contributed to a significant drop in the company's second-quarter net income, which fell to $340 million from $760 million the previous year.

Despite the financial setbacks, CEO Robert Blue noted that the project is 81% complete, with active turbines generating over 450 megawatts of electricity. Separately, the company announced plans to seek state and federal approvals next quarter for a proposed merger with NextEra Energy, which could be finalized by the end of 2027.