May 7, 2025 — Dominion Energy expects to pay more to complete the Coastal Virginia Offshore Wind project because of the Trump administration’s new taxes on imported goods including monopile foundations and turbine towers.
The $10.8 billion offshore wind farm about 30 miles off the Virginia Beach coast will be the nation’s largest, consisting of 176 turbines that generate about 2.6 gigawatts of electricity, or enough to power up to 660,000 homes.
Dominion CEO Bob Blue told investors last week that if current tariffs continue through construction of the project late next year, the utility would expect about $500 million in added costs.
“Of course, changes to future tariff policy could affect these estimates,” he said. “It’s difficult to fully assess the impact tariffs may have to the project’s final cost, as actual costs incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component.”