
Dominion Energy’s 2.6 GW Coastal Virginia Offshore Wind project has incurred $4 million in tariff costs so far. If the new U.S. tariff policy persists through the project’s anticipated completion in late 2026, tariffs will add about $500 million to the project’s cost, Dominion Chair, President and CEO Bob Blue said in a Thursday earnings call.
The company expects to incur about $120 million in associated costs if the current policy extends through the end second quarter of the company’s fiscal year, as Dominion expects the tariffs to last for around that long.
“We made our quarterly offshore wind construction update filing with the Virginia State Corporation Commission today in which we increased total project costs by about $120 million, which aligns with our estimate of actual incurred plus projected tariff costs through the end of the second quarter,” Blue said.
As a result, the total estimated project cost through June 30 has increased from $10.7 billion to $10.8 billion.
Blue and Dominion Chief Operating Officer Diane Leopold said that despite the tariffs, the company does not anticipate any delays from their suppliers.
Siemens Gamesa, the project’s wind turbine supplier, is “hitting their marks,” Blue said. “They started on time, they’re producing at the pace that we expected. And so we feel very, very confident about our ability to get the materials, the components that we need … So really no change to anything in terms of delivery schedules or ability.”
Leopold noted that “all of the raw materials are already purchased. Everything is in fabrication right now.”
The Siemens Gamesa components are “actually a little bit ahead of schedule,” she said, “and deliveries are going to proceed in the coming weeks.”
While the tariffs will also impact other aspects of Dominion’s business, such as solar and storage projects, Blue said the impacts the company is seeing so far are “manageable.”