Dominion Energy Hits Milestone in Coastal Virginia Offshore Wind Construction With the Installation of the 50th Monopile Foundation
Dominion Energy (NYSE: D) has reached a significant milestone in the construction of its Coastal Virginia Offshore Wind (CVOW) project, installing the 50th monopile foundation. The company aims to install 70-100 monopiles by October's end, keeping the project on budget and on schedule for completion in late 2026. CVOW, the largest offshore wind project under construction in the U.S., will consist of 176 turbines generating 2.6 gigawatts, enough to power 660,000 homes. The project is expected to yield $3 billion in fuel savings for customers in its first decade of operation. Over 800 Virginia-based workers are currently engaged in the project, with more than 1,000 local jobs anticipated for ongoing operations and maintenance.
Dominion Energy (NYSE: D) ha raggiunto un traguardo significativo nella costruzione del suo progetto Costal Virginia Offshore Wind (CVOW), completando l'installazione della 50ª fondazione monopalo. L'azienda prevede di installare da 70 a 100 monopali entro la fine di ottobre, mantenendo il progetto nel budget e nei tempi previsti per il completamento alla fine del 2026. CVOW, il più grande progetto eolico offshore attualmente in costruzione negli Stati Uniti, consisterà in 176 turbine che genereranno 2,6 gigawatt, sufficiente a fornire energia a 660.000 abitazioni. Si prevede che il progetto genererà 3 miliardi di dollari di risparmi sui carburanti per i clienti nel suo primo decennio di attività. Oltre 800 lavoratori della Virginia sono attualmente coinvolti nel progetto, con l'aspettativa di più di 1.000 posti di lavoro locali per le operazioni e la manutenzione future.
Dominion Energy (NYSE: D) ha alcanzado un hito significativo en la construcción de su proyecto Costal Virginia Offshore Wind (CVOW), instalando la 50ª fundación monopie. La compañía busca instalar de 70 a 100 monopies para finales de octubre, manteniendo el proyecto dentro del presupuesto y en el cronograma para su finalización a finales de 2026. CVOW, el mayor proyecto de energía eólica marina en construcción en EE.UU., consistirá en 176 turbinas que generarán 2.6 gigavatios, suficiente para abastecer 660,000 hogares. Se espera que el proyecto genere 3 mil millones de dólares en ahorros en combustible para los clientes en su primera década de operación. Más de 800 trabajadores basados en Virginia están actualmente involucrados en el proyecto, y se anticipan más de 1,000 empleos locales para operaciones y mantenimiento en curso.
도미니온 에너지 (NYSE: D)는 코스탈 버지니아 해상 풍력 (CVOW) 프로젝트의 50번째 모노파일 기초를 설치하며 중요한 이정표에 도달했습니다. 회사는 10월 말까지 70~100개의 모노파일을 설치할 계획이며, 2026년 말까지 예산과 일정에 맞춰 프로젝트를 완공할 예정입니다. CVOW는 현재 미국에서 건설 중인 가장 큰 해상 풍력 프로젝트로, 176개의 터빈이 2.6 기가와트를 생성하여 660,000 가구에 전력을 공급합니다. 이 프로젝트는 첫 10년 운영 기간 동안 고객에게 30억 달러의 연료 비용 절감 효과를 가져올 것으로 예상됩니다. 현재 800명 이상의 버지니아 기반 근로자가 이 프로젝트에 참여하고 있으며, 향후 운영 및 유지 관리를 위해 1,000개 이상의 지역 일자리가 예상됩니다.
Dominion Energy (NYSE: D) a atteint un jalon important dans la construction de son projet Coastal Virginia Offshore Wind (CVOW), en installant le 50e fondement monopieu. L'entreprise vise à installer entre 70 et 100 monopieux d'ici la fin octobre, maintenant ainsi le projet dans le budget et dans les délais pour une achèvement prévue à la fin 2026. CVOW, le plus grand projet éolien offshore en construction aux États-Unis, comprendra 176 éoliennes produisant 2,6 gigawatts, soit suffisamment d'énergie pour alimenter 660 000 foyers. Ce projet devrait entraîner 3 milliards de dollars d'économies de carburant pour les clients au cours de sa première décennie d'exploitation. Plus de 800 travailleurs basés en Virginie sont actuellement impliqués dans le projet, avec plus de 1 000 emplois locaux attendus pour les opérations et l'entretien continus.
Dominion Energy (NYSE: D) hat einen bedeutenden Meilenstein beim Bau seines Projekts Coastal Virginia Offshore Wind (CVOW) erreicht und das 50. Monopile-Grundstück installiert. Das Unternehmen plant, bis Ende Oktober 70 bis 100 Monopile zu installieren und das Projekt im Budget und im Zeitplan für die Fertigstellung Ende 2026 zu halten. CVOW wird das größte Offshore-Windprojekt in den USA sein, das aus 176 Turbinen besteht und 2,6 Gigawatt erzeugt, genug um 660.000 Haushalte mit Strom zu versorgen. Im ersten Jahrzehnt des Betriebs wird von dem Projekt eine Einsparung von 3 Milliarden Dollar an Kraftstoffkosten für die Kunden erwartet. Derzeit sind über 800 Arbeiter aus Virginia an dem Projekt beteiligt, und es werden mehr als 1.000 lokale Arbeitsplätze für die laufenden Betriebs- und Wartungsarbeiten erwartet.
- Installation of 50th monopile foundation keeps the project on schedule
- CVOW project remains on budget
- Expected to generate $3 billion in fuel savings for customers in first 10 years
- Creating over 800 jobs in Virginia, with 1,000+ local jobs expected for ongoing operations
- None.
Insights
The installation of the 50th monopile foundation for Dominion Energy's Coastal Virginia Offshore Wind (CVOW) project marks a significant milestone in the U.S. offshore wind industry. With a capacity of 2.6 gigawatts, CVOW is poised to become the largest offshore wind project in the country. This progress demonstrates the viability of regulated offshore wind in the U.S. market.
The project's ability to stay on schedule and on budget is important for investor confidence in the renewable energy sector. The projected
The CVOW project is not just an energy milestone; it's a significant economic driver for Virginia. With over 800 Virginia-based workers already engaged and projections of 1,000+ local jobs for ongoing operations, this project is creating substantial employment opportunities. This influx of jobs could lead to increased economic activity in the Hampton Roads region, potentially boosting local businesses and real estate markets.
Investors should note the long-term economic benefits of such large-scale infrastructure projects. The establishment of a robust offshore wind industry in Virginia could attract related businesses, fostering a renewable energy ecosystem that could provide sustained economic growth and diversification for the region. This could have positive implications for Dominion Energy's long-term value proposition and regional economic stability.
Dominion Energy's progress on the CVOW project aligns with the broader shift towards clean energy in the U.S. The project's capacity to power up to 660,000 homes with renewable energy represents a significant step towards reducing carbon emissions. This aligns with Dominion Energy's commitment to achieving Net Zero emissions by 2050, positioning the company favorably in an increasingly environmentally conscious market.
Investors should consider the regulatory landscape supporting offshore wind development. As states and the federal government push for increased renewable energy adoption, companies like Dominion Energy that are ahead in offshore wind development may benefit from favorable policies and incentives. This could translate to competitive advantages and potential market share growth in the evolving energy sector, potentially enhancing long-term shareholder value.
- Dominion Energy remains on target to install between 70-100 monopile foundations by end of October
- Coastal Virginia Offshore Wind remains on budget and on schedule to complete construction in late 2026
CVOW, the largest offshore wind project under construction in
"Our on-time, on-budget Coastal Virginia Offshore Wind project proves that regulated offshore wind works in
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.
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. More than 1,000 local jobs will be needed to support ongoing operations and maintenance of this facility after the project begins commercial operation.
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
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SOURCE Dominion Energy
FAQ
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