Dominion Energy Secures $17.65 Million Offshore Wind Lease

Dominion Energy has secured a new offshore wind lease of 176,505 acres off Virginia Beach for $17.65 million, which could generate between 2.1 and 4.0 gigawatts of electricity, enough to power up to 1.4 million homes. This lease complements the ongoing $9.8 billion Coastal Virginia Offshore Wind (CVOW) project, which is expected to be completed by 2026 and produce 2.6 gigawatts. The acquisition supports Dominion's efforts to meet the Virginia Clean Economy Act's goal of 5.2 gigawatts of offshore wind energy by 2035, amidst growing electricity demands due to data centers and the retirement of fossil fuels. Robert M. Blue, CEO of Dominion Energy, emphasized the importance of offshore wind as a reliable, affordable clean energy source. This lease is part of a larger trend during the Biden administration to expand offshore wind capacity, targeting 30 gigawatts by 2030. The Bureau of Ocean Energy Management auctioned two leases, with Dominion being the sole bidder for the Virginia lease.