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Virginia Electric and Power Company Acquires Kitty Hawk North Wind Lease

Author

Slice of Energy Team
July 11, 2024

Key Highlights:

  • Virginia Electric and Power Company to acquire Kitty Hawk North Wind offshore wind lease for $160 million.

  • CVOW-South project to have a capacity of 800 MW, serving 200,000 homes.

  • Regulatory approvals pending; detailed cost and in-service dates to be developed.

  • Dominion Energy’s CEO highlights demand and strategic alignment.

Source (PR Newswire)

Notable Quote:

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"With electric demand in our Virginia territory projected to double in the next 13 years, Dominion Energy is securing access to power generation resources that ensure we continue to provide the reliable, affordable, and increasingly clean energy that powers our customers every day."

Robert M. Blue, Chair, President, and CEO at Dominion Energy

Our Take:

The acquisition of the Kitty Hawk North Wind lease by Virginia Electric and Power Company represents a strategic expansion in Dominion Energy’s offshore wind capabilities. With electric demand in Virginia set to double in the next 13 years, this move aligns with the company's objectives to secure reliable and clean energy resources. The development of CVOW-South, in conjunction with the ongoing CVOW project, underscores Dominion Energy’s commitment to on-time and on-budget project execution. As regulatory approvals progress, the detailed cost and in-service date estimates will be crucial in evaluating the project's overall impact and timeline. The emphasis on community engagement, especially concerning the proposed landing site, reflects a balanced approach to development and stakeholder involvement.