Dominion advances offshore wind, data center growth
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- Dominion Energy is advancing the 2.6-GW Coastal Virginia Offshore Wind (CVOW) project toward a June 2027 completion, with 75% of construction complete and nine of 176 turbines installed by April 2026
- Dominion Energy reported a slight decline in CVOW’s capital budget to $11.4 billion, maintaining a levelized energy cost of $84/MWh and affirming no impact on customer bills
- Robert Blue, Dominion’s CEO, stated CVOW will deliver approximately $5 billion in fuel savings for customers over its first decade of operation
- Dominion Energy saw its contracted data center capacity rise to about 51 GW, up 5% since December 2025, fueling an 8.4% year-over-year commercial electricity sales increase in Virginia during Q1 2026
- Steven Ridge, Dominion’s CFO, projected 5% to 7% annual earnings growth through 2030, citing transmission and distribution investments driven by data center load growth
- Dominion Energy will petition for 20 GW of energy storage by 2040 under a new Virginia law, up from 3 GW by 2035, with a capital update expected in early 2027
Why it matters: Dominion’s stable offshore wind cost outlook and surging data center demand lock in $65 billion of regulated investment, ensuring utility earnings growth while shielding existing customers from cost shifts — a rare win-win in large-scale energy infrastructure development.
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