Dominion Energy Virginia, the Virginia Office of the Attorney General, Walmart, Sierra Club and Appalachian Voices have filed a settlement agreement over the development of the 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project, to be constructed 27 miles off the coast of Virginia Beach.
The proposed agreement balances stakeholder interests and keeps the project on schedule and on budget. The CVOW project represents a clean energy investment of $9.8 billion.
If approved by the State Corporation Commission of Virginia (SCC), the agreement would resolve the pending petition by Dominion Energy asking the SCC to reconsider the performance guarantee included in the final order approving the development of the CVOW project. It would also result in significant customer benefits, such as protection from unforeseen increases in construction costs above the project's budget and enhanced SCC review of performance in lieu of a performance guarantee.
Bob Blue, cha