Dominion Energy is nearly halfway complete with the $9.8 billion Coastal Virginia Offshore Wind (CVOW) project, having wrapped up its first monopile installation season and lowered the project’s levelized cost of electricity (LOCE) estimates.
The 2.6-gigawatt (GW) CVOW—the largest U.S. offshore wind project being developed—remains on time and on budget for completion in late 2026, the company reported Nov. 1. Construction is 43% complete. So far, about $5.3 billion has been spent on the project and that is expected to reach about $6 billion by year’s end.
“We just completed a very successful first monopile installation season. ... We’ve installed 78 monopoles as well as four pin piles which support the first of three planned offshore substations,” Dominion Energy CEO Robert Blue said Nov. 1 on the company’s third-quarter 2024 earning call. “Additionally, we’ve laid the first two of nine marine deepwater export cables ahead of schedule. I’m very pleased with our progress during this first season. Not only did we achieve our installations target, we also gained invaluable experience and process expertise that will make the next installation season even more productive.”
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