Dominion Puts Coastal Virginia Offshore Wind Project at About 85% Complete

Dominion Energy said its Coastal Virginia Offshore Wind project was about 85% complete on Oct. 30, after progress rose from about 81% in its second-quarter update. Turbine installation slowed in September and October, but the company kept its budget and completion schedule unchanged.

Chief Financial Officer Steven Ridge said 44 turbines were installed, representing more than 640 megawatts of capacity, and work on the 45th turbine had started. He attributed the slower installation to weather and maintenance on the Charybdis vessel. Dominion's outlook for the project remained unchanged.

The budget remains $11.65 billion, including $123 million in unused contingency. Dominion's schedule calls for energizing its third and final offshore substation by year-end 2026, with project completion targeted by the end of 2027.

For the quarter ended Sept. 30, Dominion posted operating earnings of $1.28 per share and GAAP earnings of $1.30 per share. For 2026, the company expects operating earnings in the upper half of its initial forecast, which spans $3.45 to $3.69 per share.