Dominion Energy

A regulated US utility serving Virginia, North Carolina and South Carolina, whose offshore wind business centres on one project off the Virginia coast: the 2.6 GW Coastal Virginia Offshore Wind (CVOW) Commercial Project, beside a 12 MW pilot. Its utility subsidiary Virginia Power is building it for its own regulated customers, and since October 2024 has owned it jointly with the investor Stonepeak, which holds 50%. Costs are recovered from Virginia customers through a dedicated rate adjustment clause, Rider OSW, under a cost-sharing mechanism ordered by the Virginia regulator in December 2022, and costs not expected to be recovered are charged to Dominion's results. That shields the project from offtake price risk but not fully from cost overruns. In May 2026 Dominion agreed to become a wholly owned subsidiary of NextEra Energy, with closing expected in the second half of 2027 subject to regulatory approvals.

Capacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 3.41 GW.