- Dominion Energy submits winning bid of $17.7 million for a second lease area off the
coast of Virginia Beach; equates
to $100 per acre
- Acquisition provides the option to deploy additional
regulated offshore wind generation to serve unprecedented electric
demand growth using all-of-the-above approach supportive of goals
of Virginia Clean Economy Act
- Company's focus remains on completing the 2.6-gigawatt
Coastal Virginia Offshore Wind project on time and on
budget
RICHMOND, Va., Aug. 14,
2024 /PRNewswire/ -- Virginia Electric and Power
Company, a wholly owned subsidiary of Dominion Energy, Inc. (NYSE:
D), today secured the rights for a 176,505-acre lease area off the
coast of Virginia Beach, adjacent
and to the East of where the company's 2.6-gigawatt Coastal
Virginia Offshore Wind is currently under construction.
Winning the lease provides Dominion Energy with the option to
pursue additional offshore wind development in the mid-Atlantic.
The Bureau of Ocean Energy Management indicates the lease area
could support between 2.1 gigawatts and 4.0 gigawatts of offshore
wind energy generation. The lease area is located approximately 35
nautical miles from the mouth of the Chesapeake Bay.
In early July, the company announced the acquisition from
Avangrid of the 40,000-acre Kitty Hawk Wind
North offshore wind lease area, to be renamed CVOW South. If
approved by regulators and constructed, CVOW South would have a
capacity of 800 MW, enough capacity to serve 200,000 homes.
At this time, the company does not have an estimated timeline or
cost for development of either CVOW South or the new
leasehold.
"Offshore wind is critical to our all-of-the-above approach to
meet the unprecedented growth of our customer electric demand over
the next decade," said Robert M.
Blue, chair, president and chief executive officer of
Dominion Energy. "Winning this lease area gives us another low-cost
option to meet that growing demand while providing our customers
with reliable, affordable and increasing clean energy."
CVOW continues to be on-time and on-budget with in-service
expected by the end of 2026. To date, 54 monopiles have been
installed since the installation campaign began on May 22, 2024, consistent with the company's
target of 70-100 monopiles during the first of two installation
seasons that run from May through the end of October.
About Dominion Energy
More than 4.5 million customers
in 13 states energize their homes and businesses with
electricity or natural gas from Dominion Energy (NYSE: D),
headquartered in Richmond, Va. The
company is committed to providing reliable, affordable, and
increasingly clean energy every day and to achieving Net Zero
emissions by 2050. Please visit DominionEnergy.com to learn
more.
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SOURCE Dominion Energy
