A settlement has been reached on protections tied to an offshore wind project in Virginia, stakeholders wrote in a filing to state regulators.
Dominion Energy Virginia, the utility developing the 2.6 GW Coastal Virginia Offshore Wind project, said the settlement would protect ratepayers from unforeseen increases in construction costs above the project’s budget by instituting a cost-sharing policy.
The tentative agreement spells out a cost-share arrangement if the project exceeds its estimated $9.8 billion budget.
