Posted on November 10, 2025
PORTSMOUTH, Va. — The United States’ largest offshore wind energy project to date is two-thirds complete, however developer Dominion Energy said tariffs and issues with its new ship are challenging their “on-time and on-budget” mission statement.
In an earnings call with the publicly traded utilities investors on Halloween, Bob Blue, Dominion’s chairman, president and CEO, explained that steel tariffs have led to another increase to the overall cost of the Coastal Virginia Offshore Wind project.
It’s now estimated the cost to install the 176-turbine wind farm 27 miles off the coast of Virginia Beach will be $11.9 billion, a more than 21% increase from the initial budget.
The on-time delivery of the new power source is also now in jeopardy, with Blue revealing the new $715 million turbine installation vessel the company purchased, Charybdis,, is still not ready to go to work.
Blue remains hopeful the 2.6 gigawatts of energy the farm is to produce will be flowing the grid by late next year. But he is frustrated.
