Coastal Virginia Offshore Wind to Begin Turbine Installation as Tariffs Lift Cost to $11.2 Billion

Overview

• Dominion now estimates total capital costs at $11.2 billion, with about $8.2 billion invested to date, after incorporating roughly $443 million in actual and forecast tariff impacts.
• The tariff package includes 30% on imports from Mexico, 35% on Canada, 50% on steel material value, and 15% on goods from the EU and other countries, with an estimated $0.63 impact on customer bills and costs remaining within approved prudency thresholds.
• Turbine installation is slated to start in November once the WTIV Charybdis is cleared to load at Portsmouth, and Dominion reports no time-of-year or time-of-day restrictions on installation activities.
• Construction is about 66% complete, with all 176 monopiles installed, 63 transition pieces set, and the jacket for the second of three offshore substations in place.
• First power is targeted for the first quarter of 2026 with full commissioning by year-end 2026, and Stonepeak holds a 50% noncontrolling stake while Dominion retains operational control.