D · 10-Q · 2026Q3 · Full report

Renewable Generation Transition

DOMINION ENERGY, INC · 2026-10-30 · Importance 55 · Surprise 32

The CVOW Commercial Project is a 2.6 GW offshore wind project with estimated total cost of approximately $11.7 billion, excluding financing costs and including $0.1 billion of contingency; completion of final turbine installations is expected by the end of 2027. The estimate is unchanged from Virginia Power’s July 2026 construction update and is approximately $0.4 billion below its January 2026 estimate, reflecting revised onshore interconnection and PJM network-upgrade costs. Relative to the January estimate, updated turbine installation projections and other installation factors added approximately $0.4 billion, while the expected net tariff impact increased project cost by approximately $0.1 billion. Through October 2026, 143 of 176 interarray cable segments and 44 of 176 turbines had been installed, and the first turbines and associated infrastructure began operating in March 2026.

Key facts

• The estimated total cost of the CVOW Commercial Project is approximately $11.7 billion, excluding financing costs and including $0.1 billion of contingency.
• The CVOW Commercial Project’s expected total cost was unchanged from Virginia Power’s July 2026 construction update and decreased approximately $0.4 billion relative to its January 2026 construction update due to revised projected onshore interconnection and PJM network upgrade costs.
• The CVOW Commercial Project’s expected total cost included an approximately $0.4 billion increase relative to the January 2026 update; $0.3 billion was associated with updated turbine-installation projections reflecting weather and other conditions.
• The CVOW Commercial Project’s estimated remaining construction costs include contingency of approximately 8% of those remaining amounts.
• CVOW Commercial Project onshore construction activities supporting first power delivery were completed in December 2025, and remaining activities to support commercial operations were substantially completed in October 2026.
• CVOW Commercial Project turbine installation began in December 2025 before being delayed by a temporary suspension of work order; 44 of 176 turbines had been completed through October 2026.
• The first turbines and associated infrastructure of the CVOW Commercial Project began operations in March 2026.
• The CVOW Commercial Project is a 2.6 GW project, with installation of its final turbines expected to be completed by the end of 2027.