Dominion Energy Achieves Another Major Milestone for Coastal Virginia Offshore Wind with Installation of the First Monopile Foundation
Dominion Energy announced the installation of the first monopile foundation for the Coastal Virginia Offshore Wind (CVOW) project. The 2.6-gigawatt wind farm, expected to be completed by late 2026, aims to provide clean energy to 660,000 homes and generate $3 billion in fuel savings over the first decade. The installation was carried out by DEME Group's Orion vessel, which employs advanced Vibro Hammer technology. The project has engaged over 800 Virginia-based workers and will create over 1,000 jobs for ongoing operations. Environmental precautions include seasonal installation pauses and bubble curtains to protect marine life.
- Installation of the first monopile foundation for the 2.6 GW CVOW project.
- Project on budget and on schedule with completion expected by late 2026.
- Expected to generate $3 billion in fuel savings over the first 10 years.
- Will provide clean energy to power up to 660,000 homes.
- Engaged over 800 Virginia-based workers in various capacities.
- More than 1,000 jobs will support ongoing operations and maintenance.
- Use of advanced Vibro Hammer technology for efficient installation.
- Environmental precautions include bubble curtains and seasonal pauses to protect marine life.
- Project completion is still more than two years away, with potential delays due to environmental or technical issues.
- Installation halts from November to April to protect migrating North Atlantic right whales could extend project timelines.
- Significant reliance on global suppliers for monopile manufacturing, potentially exposing the project to supply chain risks.
- High upfront costs and investment required before seeing returns.
Insights
The installation of the first monopile foundation for Dominion Energy's Coastal Virginia Offshore Wind (CVOW) project is a significant milestone. As the largest offshore wind farm under construction in the United States, CVOW reflects the growing trend towards renewable energy sources. For retail investors, this indicates Dominion Energy's commitment to long-term sustainability and its potential to be a leader in the renewable energy market.
The project's completion, scheduled for late 2026, promises substantial economic benefits including
Additionally, the project is expected to create over 1,000 local jobs for ongoing operations and maintenance, which is a strong indicator of the positive economic impact on the local community. This aligns well with growing investor interest in companies that demonstrate social responsibility and contribute to community development.
Overall, while the immediate financial impact may be limited, the long-term implications for Dominion Energy's market competitiveness and sustainability efforts are significant.
The environmental precautions taken for the CVOW project, such as the use of bubble curtains to reduce underwater soundwaves and other measures to protect the endangered North Atlantic right whale, highlight Dominion Energy's commitment to minimizing ecological impact. These efforts are critical for gaining regulatory approval and maintaining public support.
This project not only promotes clean energy but also upholds environmental stewardship, which can enhance Dominion Energy's reputation among environmentally conscious investors. The integration of advanced installation technology by DEME Group's Orion vessel further underscores the project's commitment to efficiency and ecological protection.
By successfully balancing development with environmental protection, Dominion Energy can attract investors who prioritize sustainable and responsible business practices. This dual focus on operational efficiency and environmental responsibility sets a positive example for the industry.
- Coastal Virginia Offshore Wind (CVOW) remains on budget and on schedule with construction expected to conclude in late 2026
- DEME Group's heavy lift vessel, the Orion, erects the first of 176 monopile foundations
Once complete in late 2026, CVOW will consist of 176 turbines that will generate enough clean, renewable energy to power up to 660,000 homes and is expected to generate fuel savings of
"This is a monumental day for the Coastal Virginia Offshore Wind team, who have worked tirelessly to keep this project on budget and on schedule to provide our customers with reliable, affordable and increasingly clean energy," said Robert M. Blue, Dominion Energy's chair, president and chief executive officer. "We are taking extensive precautions to ensure this project is fully protective of the environment and to protect marine species."
"We are proud to partner with Dominion Energy on this landmark project," said Bill White, President DEME Offshore US. "DEME's Orion vessel, equipped with industry-leading Vibro Hammer technology, is uniquely designed to efficiently install CVOW's massive monopiles, all weighing over 1,000 tons. Our talented project team will include skilled American union pile drivers, creating a robust and prepared workforce. We look forward to working with our consortium partner Prysmian to help deliver
The monopile foundations, which are being staged at Portsmouth Marine Terminal, are single vertical, steel cylinders manufactured by global leader EEW SPC and are being installed into the sea floor to support the wind turbine generators. Consistent with the project construction schedule, Dominion Energy will continue to install monopiles through the fall of 2024 and resume installations in May 2025.
To be protective of the endangered North Atlantic right whale, no monopiles will be installed between November 1 and April 30, the time that the whales are expected to be migrating past the project area. Additional measures to protect whales and other aquatic life include the use of bubble curtains – perforated hoses that have air pumped through them – to create a wall of bubbles around the monopiles during installation to reduce soundwaves underwater. Vessels will also be staffed by Protected Species Observers and will adhere to speed restrictions to avoid collisions with protected species.
Offshore wind's economic development and jobs benefits are transformative for Hampton Roads and the Commonwealth. More than 800 Virginia-based workers – nearly 670 in the Hampton Roads region – have been engaged on the CVOW project or with other businesses supporting CVOW. This work includes redevelopment activities at the Portsmouth Marine Terminal, construction of the offshore wind Monitoring and Coordination Center, maritime provisioning, ship upkeep, heavy lift and rigging, cyber security, food service and hospitality. More than 1,000 local jobs will be needed to support ongoing operations and maintenance of this facility after the project begins commercial operation.
View the Spanish version of this press release.
About Dominion Energy
About 6 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in
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SOURCE Dominion Energy
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