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    Deal reached on Virginia offshore wind cost-share.


    November 17, 2022 - Renewable Energy News (CBNB Abstracts)

     

      There has been a settlement regarding the cost-sharing policy for the 2.6 GW Coastal Virginia Offshore Wind project in the US. According to the project developer Dominion Energy Virginia, the cost-sharing policy would provide protection to ratepayers against unexpected spikes in construction costs beyond the project's budget. The tentative deal covers a cost-share deal if the project surpasses its estimated budget of $9.8 bn. Customers would cover 100% of the initial $500 M in overruns. The succeeding $1 bn to $11.3 bn in overruns would be divided by the developer on a 50-50 basis. For project cost that exceed $11.3 bn, the company would cover 100% of the total cost up to $13.7 bn. If the amount further exceeds the figure, state utility regulators in Virginia would be requested to assess the viability of the project. On 28 Oct 2022, the settlement was filed by Dominion with the Office of the Attorney General, Walmart, Sierra Club, and Appalachian Voices. The settlement must now undergo a review by the State Corporation Commission of Virginia (SCC). The wind project will feature 176 turbines and is anticipated to reach completion in late 2026. Original Source: Renewable Energy News, http://www.renewableenergyworld.com/.

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