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Released August 06, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Energy Incorporated's (Richmond, Virginia) 2.6-gigawatt (GW) Coastal Virginia Offshore Windfarm (CVOW) was a major topic of discussion during the company's second-quarter earnings discussion last week.
The project is now 60% complete with an estimated price tag of $10.9 billion, according to the company, and is "just months away from first delivery of electricity to customers in early 2026 and still on schedule for full completion at the end of 2026," Dominion Chief Executive Officer Robert Blue said during the company's earning conference call on Friday.
Located 27 miles off the Virginia coast, the project also was not impacted by changes to federal clean energy production tax credits contained in the One Big Beautiful Bill Act that was signed into law on July 4, according to company executives. For more on that, see July 2, 2025, article - Senate Bill Tightens Deadline on Renewable Energy Production Tax Credit, and July 9, 2025, article - White House Targets Final-Year Wind and Solar Safe Harbor Tax Credits.
On the other hand, the project is expected to incur $506 million in tariff-related costs, Blue said.
"This is slightly lower relative to our disclosure last quarter, despite a doubling of the steel tariff due to both working with vendors to identify cost mitigation strategies as well as completing our analysis of the final trade regulations and appendices," he added.
To date, Dominion said it has installed 76% of the project's 176 monopiles, as well as 100% of its 12 pen piles, which will provide the foundations for the offshore wind turbines.
Commissioning of the project's first offshore substation is complete, and the remaining two offshore substations are 99% and 70% complete, respectively, and on track to be delivered this fall, Blue said. Installation is to be completed by first-quarter 2026.
"With regard to turbines, Siemens Gamesa continues to make excellent and on-time progress in the fabrication of the project's turbines," Blue said.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can click here for the project report and click here for the plant profile.
Meanwhile, the newly-built vessel Charybdis, a U.S.-made ship designed for offshore wind turbine installation, is set to conclude commissioning this week and begin sea trials, Blue said. The 472-foot ship was constructed in Brownsville, Texas, with an estimated cost of $715 million.
"Upon successful completion of sea trials, the vessel will officially enter service and commence the charter with CVOW," he continued. "It then takes about 10 days to travel to Virginia. We will install our first turbine in September, which is in line with our original schedule. We had expected the vessel to complete sea trials last month, which would have enabled us to begin turbine installation ahead of schedule. However, the electric cable terminations that connect much of the ship's internal communication technology simply took longer to complete than expected. That work has now been complete for several days."
Dominion reported unaudited net income of $760 million for the second quarter, compared with net income of $563 million for the same period of 2024.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The project is now 60% complete with an estimated price tag of $10.9 billion, according to the company, and is "just months away from first delivery of electricity to customers in early 2026 and still on schedule for full completion at the end of 2026," Dominion Chief Executive Officer Robert Blue said during the company's earning conference call on Friday.
Located 27 miles off the Virginia coast, the project also was not impacted by changes to federal clean energy production tax credits contained in the One Big Beautiful Bill Act that was signed into law on July 4, according to company executives. For more on that, see July 2, 2025, article - Senate Bill Tightens Deadline on Renewable Energy Production Tax Credit, and July 9, 2025, article - White House Targets Final-Year Wind and Solar Safe Harbor Tax Credits.
On the other hand, the project is expected to incur $506 million in tariff-related costs, Blue said.
"This is slightly lower relative to our disclosure last quarter, despite a doubling of the steel tariff due to both working with vendors to identify cost mitigation strategies as well as completing our analysis of the final trade regulations and appendices," he added.
To date, Dominion said it has installed 76% of the project's 176 monopiles, as well as 100% of its 12 pen piles, which will provide the foundations for the offshore wind turbines.
Commissioning of the project's first offshore substation is complete, and the remaining two offshore substations are 99% and 70% complete, respectively, and on track to be delivered this fall, Blue said. Installation is to be completed by first-quarter 2026.
"With regard to turbines, Siemens Gamesa continues to make excellent and on-time progress in the fabrication of the project's turbines," Blue said.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can click here for the project report and click here for the plant profile.
Meanwhile, the newly-built vessel Charybdis, a U.S.-made ship designed for offshore wind turbine installation, is set to conclude commissioning this week and begin sea trials, Blue said. The 472-foot ship was constructed in Brownsville, Texas, with an estimated cost of $715 million.
"Upon successful completion of sea trials, the vessel will officially enter service and commence the charter with CVOW," he continued. "It then takes about 10 days to travel to Virginia. We will install our first turbine in September, which is in line with our original schedule. We had expected the vessel to complete sea trials last month, which would have enabled us to begin turbine installation ahead of schedule. However, the electric cable terminations that connect much of the ship's internal communication technology simply took longer to complete than expected. That work has now been complete for several days."
Dominion reported unaudited net income of $760 million for the second quarter, compared with net income of $563 million for the same period of 2024.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
