May 18, 2022 — Acknowledging the risk of cost overruns but saying it doesn’t anticipate any, Dominion Energy made its case Tuesday to state regulators for approval of $9.65 billion from its Virginia customers to build the country’s largest offshore wind farm.
Dominion representatives touted the project’s job creation and reduction in carbon emissions. They promised in a hearing before the Virginia State Corporation Commission to promptly notify the commission if costs are expected to exceed current estimates.
The attorney general’s office, the advocacy group Clean Virginia and others told commissioners they’re concerned about the potential for even higher costs on such a large construction project and in an economy with supply chain disruption and inflation.
No party in the case, in which the SCC is considering approval of the 176-turbine project and its costs, asked the commission to reject the request. A 2020 state law essentially directs the commission to approve the project if Dominion meets certain parameters, which the company said it had.
Dominion’s $9.65 billion capital cost estimate was down from a previous $9.8 billion estimate, which itself was up from an earlier estimate of $7.8 billion.
Read the full story at the Richmond Times-Dispatch