The Trump administration’s shutdown of Dominion Energy’s 2600MW Coastal Virginia Offshore Wind project cost the developer $228m, according to the company’s quarterly earnings.
The administration’s tariffs could cost the project $580m, though it remains unclear what the impact of last week’s Supreme Court ruling will have on President Trump’s fast-moving tariff policy.
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The 176-turbine project is heading toward first power delivery in the first quarter of this year, and is expected to be fully completed by early 2027.
There is still $2.2bn to be spent on the project, with $1.2bn to be spent by Dominion.
The investment firm Stonepeak will cover the rest of the remaining spend.
Developers have spent $9.3b so far of the $11.5bn project.