February 4, 2025 — The estimated cost of Dominion Energy’s 2.6-gigawatt Virginia Beach offshore wind farm has increased about 9%, which will mean a 43-cent increase on an average monthly residential power bill.
In a Monday announcement, Dominion said the total cost estimate of its wind farm had increased from $9.8 billion to $10.7 billion. The cost increase is due to higher network upgrade costs assigned by PJM, the regional electric grid operator, as well as higher onshore electrical interconnection costs, according to the statement.
“Higher network upgrade cost estimates by PJM reflect the significant increase in demand growth that require incremental generation and transmission resources across the system,” Dominion said in the statement.