Dominion Energy has knocked $100m on the estimated cost of its 2600MW Costal Virginia Offshore Wind thanks to changes in the US tariff regime, and revisions in grid upgrade costs.
The 176-turbine project is now estimated to cost $11.4b, $9.4b of which has already been spent.
Dominion CEO Robert Blue told financial analysts on a quarterly earnings call that revisions to expected grid upgrade costs by operator PJM have reduced the costs owed by all projects in the grid connection queue, including CVOW.
Costs for the array have also come down following on from recently updated steel and aluminium tariffs, and new information from suppliers to the project.
The project now has nine of its 14MW Siemens Gamesa turbines installed, and is targeted for completion in June 2027.