FOR IMMEDIATE RELEASE: December 15, 2022
Media Contacts: Katharine Kollins, email@example.com
Richmond, VA – This afternoon, the State Corporation Commission of Virginia (SCC) approved a joint agreement filed by the Office of the Attorney General, Walmart, Sierra Club, Appalachian Voices, and Dominion Energy Virginia, the developer of the Commercial Virginia Offshore Wind Project (CVOW). This agreement replaces the performance guarantee previously mandated in the August 5 approval of the CVOW project and outlines new customer protections, including:
- A provision mandating that shareholders will take on 50% of costs if the project expenses reach between $10.3 billion and $11.3 billion
- A provision mandating that shareholders will take on 100% of costs in the project expenses reach between $11.3 billion and $13.7 billion
- Increased stringency in SCC oversight, with a focus on potential cost overruns and energy generation shortfalls
“We are absolutely thrilled to see a compromise that is customer-centered while providing Dominion Energy with the flexibility they need to complete the project on-time and on-budget,” said Katharine Kollins, President of the Southeastern Wind Coalition. “This is a win-win for ratepayers and Dominion alike. The CVOW project will provide the Hampton Roads region with clean energy, jobs, and newly-injected local revenue, so we’re pleased that the project can continue moving forward and bringing these benefits to the people of Virginia.”
The CVOW project is expected to produce 2.6 gigawatts of clean, fuel-free energy, which is enough to power 660,000 homes once operational in late 2026. It is predicted to save Virginia ratepayers at least $3 billion, and as much as $6 billion, within its first 10 years of operation while creating thousands of jobs and inducing millions of dollars in local economic benefits.
The Southeastern Wind Coalition is a 501(c)3 that works to advance the land-based and offshore wind industry in the Southeast. We focus on providing fact-based information on the economic and environmental opportunities of wind energy, and encourage solutions that result in net economic benefits to residents and ratepayers. For more information about the Southeastern Wind Coalition visit www.sewc.perksofbranding.com.