RICHMOND, VA: “With this ruling, Virginia is poised to take its place as a climate leader by ushering in more offshore wind than anywhere else in the country. On top of its central role in allowing us to meet our 100% clean energy goals, the Virginia Coastal Offshore Wind project will generate thousands of jobs across the state and bring in millions in tax revenue. I applaud the State Corporation Commission for including robust consumer protections and look forward to the project being completed in a least-cost, timely manner. Virginia’s clean energy future is on the horizon.”
Chesapeake Climate Action Network
The State Corporation Commission (SCC) has approved an application by Dominion Energy Virginia for cost recovery associated with its proposed Coastal Virginia Offshore Wind Project (CVOW). The project consists of 176 wind turbines, each designed to generate 14.7 megawatts, to be located approximately 27 miles off the coast of Virginia Beach.
The Commission further stated that significant concerns were raised throughout the proceeding regarding the affordability of the project and the financial risk to ratepayers. With a project of this magnitude, the SCC ordered the following consumer protections:
Dominion shall file a notice with the SCC within 30 calendar days if it determines that the total project costs are expected to exceed the current estimate, or if the final turbine installation is expected to be delayed beyond February 4, 2027.
Each annual Rider OSW update application filed by Dominion prior to the project’s commercial operation shall include any material changes to the project, the most recent biannual project update, and a written explanation as to the reason for any cost overruns above the most recent estimate provided by the company to include the reasonableness and prudence of the additional costs.
Beginning with the commercial operation and extending for the life of the project, customers shall be held harmless for any shortfall in energy production below an annual net capacity factor of 42 percent, as measured on a three-year rolling average.
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Chesapeake Climate Action Network is the first grassroots organization dedicated exclusively to raising awareness about the impacts and solutions associated with global warming in the Chesapeake Bay region. Founded in 2002, CCAN has been at the center of the fight for clean energy and wise climate policy in Maryland, Virginia, and Washington, DC. For more information, visit www.chesapeakeclimate.org