Virginia utility Dominion Energy awarded five large construction contracts for its proposed 2.6-GW offshore wind energy project, set to be the largest in the U.S. when built, with its CEO reporting that project size limited the ability of a single EPC contractor to provide needed financial assurance.
In a quarterly earnings call with investors last week, President and CEO Robert Blue also reported the cost for the 176-turbine project now is $9.8 billion, up $2 billion from the original estimate in 2019 due to price hikes in steel and other key commodities, design refinement and offshore-to-onshore power transmission route changes.