Dominion Energy has reduced its levelized cost of electricity estimate for its 2,640-MW Coastal Virginia Offshore Wind project from $80 to $90/MWh to $77 MWh. This comes as other offshore wind developers are exiting or abandoning projects due to the upfront costs exceeding what they will make back in power purchase contracts. Analysts suggest that the reduced LCOE may be due to Dominion’s project being a regulated utility project, while other projects struggling financially are nonutility projects seeking to sell power to regulated utilities. Dominion’s CEO Bob Blue stated that the decrease resulted from refined estimates of production tax credit benefits, the cost of capital and Renewable Energy Certificate prices. The decision on a partner will be announced around the end of 2023 or early 2024.

Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating







