Dominion’s offshore wind price tag rises to $11.5B

Dominion Energy‘s Coastal Virginia Offshore Wind (CVOW) project off Virginia Beach‘s coast just got more expensive, increasing by $300 million.

According to a Jan. 30 filing with the Securities and Exchange Commission, the increase is tied to additional estimated costs associated with tariffs and a December 2025 stop-work order by the Trump administration.

“Estimated total project costs for CVOW, inclusive of contingency and excluding financing costs, have increased from approximately $11.2 billion to approximately $11.5 billion,” the filing said.

The U.S. Department of the Interior in December 2025 issued stop-work orders on five East Coast offshore wind projects already underway, including CVOW. This action led the Richmond Fortune 500 utility to sue the federal government. A federal judge on Jan. 16 ruled that Dominion could continue work on CVOW while the utility pursues its legal challenge in the U.S. District Court for the Eastern District of Virginia.

Once operational, CVOW will consist of 176 wind turbines generating up to 9.5 million megawatt-hours per year, or enough energy to power up to 660,000 homes.

In the filing, Dominion said CVOW will begin delivering power to the grid during the first quarter of 2026, with the entire project expected to be completed in early 2027. That completion date is slightly later than the late 2026 estimate a Dominion spokesperson gave in fall 2025.

According to the filing, the offshore wind farm is now 71% complete. Dominion said that $9.3 billion has already been invested in the project as of Dec. 31, 2025, and estimates there are remaining costs of $2.2 billion, of which $1.2 billion will be funded by the Fortune 500 utility.

Last week, Dominion said that its crews installed the project’s first offshore wind tower. According to the filing, future steps for CVOW will include installing a third offshore substation, completing the installation of transition pieces, completing scour protection and cable installation, and installing and commissioning wind turbine generators.