Dominion Energy Hits Record Profits from Virginia Beach Wind Milestone

RICHMOND, Va. -- Dominion Energy Inc. posted record 2025 profits with a 12% earnings increase, propelled by the Coastal Virginia Offshore Wind (CVOW) project's first commercial turbine delivering power to the grid on March 23. Located 27 miles off Virginia Beach in the Hampton Roads area, the 176-turbine, 2.6-gigawatt farm -- the largest in U.S. history -- began with a single 14.7-megawatt unit, with more coming online as installation progresses. CEO Robert Blue hailed the milestone as "right on schedule" despite hurdles, including a Trump administration stop-work order overturned by a federal judge on Jan. 16.

The project, a 50-50 partnership with Stonepeak since early 2024, stands at 66% complete with total costs at $11.2 billion, including a $206 million contingency -- up from an initial $9.8 billion due to tariffs adding $690 million through 2026. Dominion forecasts a levelized cost of electricity at $84 per megawatt-hour, within its 2021 range of $80-$90/MWh, yielding customers a net monthly bill savings of 63 cents. Spanning 112,800 acres, CVOW has engaged nearly 1,000 Virginia laborers, over 800 in Hampton Roads, with 1,000 more local jobs for operations and maintenance.

Hampton Roads communities stand to gain most, as the wind farm powers 660,000 homes once fully operational in early 2027. Dominion eyes expansion with CVOW-South (800 MW on a 40,000-acre plot bought for $117 million in October 2024) and potential CVOW-East (4 GW). The milestone underscores Virginia's offshore wind leadership, blending clean energy with economic boosts for the commonwealth.