Tariffs imposed by US president Donald Trump are going to add $443m to the cost of Dominion Energy’s 2600MW Coastal Virginia Offshore Wind array, according to the company.
The projected impact is up from the $193m that Dominion forecasted in August, when US tariffs sat at 25% on imports from Mexico and Canada, and 10% on European Union imports.
Those levies have since risen to 30% and 35% for imports from Mexico and Canada, respectively, and to 15% on EU imports.
The higher tariffs have increased the capital budget for the wind farm from $10.9bn to $11.2bn, Dominion stated in a quarterly earnings release.
It noted that there is still roughly $3bn of remaining project costs to be paid on the project, which will be funded equally between Dominion and CVOW equity partner Stonepeak.
Dominion said that, apart from the tariffs, there has been no significant project cost increases since its previous quarter update.