Dominion Energy
About
A regulated US utility serving Virginia, North Carolina and South Carolina, whose offshore wind business centres on one project off the Virginia coast: the 2.6 GW Coastal Virginia Offshore Wind (CVOW) Commercial Project, beside a 12 MW pilot. Its utility subsidiary Virginia Power is building it for its own regulated customers, and since October 2024 has owned it jointly with the investor Stonepeak, which holds 50%. Costs are recovered from Virginia customers through a dedicated rate adjustment clause, Rider OSW, under a cost-sharing mechanism ordered by the Virginia regulator in December 2022, and costs not expected to be recovered are charged to Dominion's results. That shields the project from offtake price risk but not fully from cost overruns. In May 2026 Dominion agreed to become a wholly owned subsidiary of NextEra Energy, with closing expected in the second half of 2027 subject to regulatory approvals.
Outlook
as of 2026-10Dominion's offshore wind business is one regulated project: the 2.6 GW Coastal Virginia Offshore Wind farm of 176 turbines, built by its Virginia utility for its own customers, with costs recovered through a rate rider. It sold a 50% noncontrolling interest in the project, now held by Stonepeak, in October 2024. Offshore wind is under 2% of the roughly $65 billion 2026 to 2030 capital plan, which the company frames as an all-of-the-above supply strategy. A federal 90-day suspension order of December 2025 was blocked by a court injunction in January 2026, and the first turbines began operating in March 2026. In February the company expected full project completion in early 2027; in July 2026 it put installation of the final turbine at the end of 2027 and the cost at about $11.7 billion. In May 2026 Dominion agreed to combine with NextEra Energy, becoming its wholly owned subsidiary; the two companies currently expect to complete the mergers in the second half of 2027, with closing subject to conditions.
What they've said
5 statements 2025-12 – 2026-07
- Form 10-Q for the quarter ended 2026-06-30
“Installation of the final turbines comprising the 2.6 GW project is expected to be completed by the end of 2027. The estimated total project cost is approximately $ 11.7 billion (excluding financing costs and including $ 0.1 billion of contingency)”
Dominion Energy (company report) source → - Joint proxy statement/prospectus for the NextEra Energy merger
“NextEra Energy and Dominion Energy currently expect to complete the mergers in the second half of 2027. However, neither NextEra Energy nor Dominion Energy can predict the actual date on which the mergers will be completed”
NextEra Energy and Dominion Energy (joint proxy statement) source → - 4Q 2025 earnings call slides
Dominion's updated 2026 to 2030 capital plan is about $65 billion, of which offshore wind is under 2%, against 25% for electric transmission, 20% for distribution and 18% for new gas generation. The company presents the plan as supporting an all-of-the-above energy supply strategy.
Hafrok summary source → - Preliminary injunction allowing CVOW work to resume
“Our team will now focus on safely restarting work to ensure CVOW begins delivery of critical energy in just weeks. While our legal challenge proceeds, we will continue seeking a durable resolution of this matter through cooperation with the federal government.”
Dominion Energy (company statement) source → - Statement on the Department of the Interior suspension order for CVOW
“CVOW enjoys bipartisan support and is within months of generating a massive 2,600 megawatts to support the fastest growing part of America”
Dominion Energy (company statement) source →
Portfolio
3 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 3.41 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Coastal Virginia Offshore Wind Pilot (CVOW-P) | United States | Operational | 12 | 100% | 12 |
| Coastal Virginia Offshore Wind (CVOW) | United States | Under Construction | 2600 | 50% | 1300 |
| Kitty Hawk North | United States | Early Development | 800 | 100% | 800 |