In its latest Integrated Resource Plan (IRP), Dominion projected a more than 100 percent increase in energy usage over the next 15 years, driven primarily by data center growth. The IRP envisioned 80 percent of this generation to come from low-carbon sources, demonstrating the importance of large offshore wind in its approach.

Dominion Energy’s colossal offshore wind project will cost more than originally projected, and customers will help to pay for the increase. In a release to shareholders Monday, Dominion Energy announced the price of the Coastal Virginia Offshore Wind (CVOW) project has increased by $900 million,

Dominion Energy said Coastal Virginia Offshore Wind project is 50% complete and remains on track for on-time completion at year-end 2026. Estimated total project costs rose 9% to $10.7B.

Dominion Energy customers will help pay for the $900 million increase in cost to a wind farm going off the Virginia Beach coast.

Dominion Energy’s Virginia Beach wind farm cost estimate has increased about 9%, from $9.8 billion to $10.7 billion, the power company said Monday.

Coastal Virginia Offshore Wind project has increased by about 9% to $10.7 billion, up from a previous estimate of $9.8 billion. Dominion said it’s the first price increase for the project since its budget was submitted to state regulators in late 2021.