$9.8 Billion Offshore Wind Project Approved by Virginia Officials

Published on: 09 August 2022
by KnowESG
1658429043181

The 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project has received approval from the Virginia State Corporation Commission for the project to be constructed 27 miles off the coast of Virginia Beach. The project is being developed by Dominion Energy.

CVOW’s schedule calls for construction to be completed in 2026. The final order from the SCC affirms that CVOW meets all Virginia statutory requirements for rider cost recovery and the issuance of a Certificate of Public Convenience and Necessity for the onshore infrastructure. The order also includes a performance requirement but does not outline the details surrounding that requirement.

According to Dominion Energy, CVOW represents a clean-energy investment of approximately $9.8 billion and, as the largest project of its kind in the United States, is good for energy diversity, the environment, and Virginia’s economy.

As a renewable energy resource, offshore wind turbines have no fuel costs, which is especially beneficial considering the recent rise in fuel costs across the country.

The project is expected to save Virginia customers more than $3 billion during its first 10 years of operation. However, if these ongoing commodity market pressure trends continue, those savings could total up to nearly $6 billion – almost double the savings.

As part of its order, the SCC approved approximately 17 miles of new transmission lines and other onshore infrastructure needed to deliver clean, renewable energy offshore to homes and businesses across Virginia.

In addition to solar, energy storage, and nuclear, offshore wind is a key component of diverse energy generation strategies to meet the Commonwealth’s clean energy goals.

Source: Environmental Leader

For more investor-related news

Share:
esg
esg
esg
esg