Dominion Energy Updates CVOW Project Costs, Remains On Track for 2026 Completion

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issued a press release and presentation providing updates on the Coastal Virginia Offshore Wind (CVOW) project. The estimated total project cost increased from approximately $9.8 billion to $10.7 billion due to revised network upgrade costs assigned by PJM. Despite the cost increase, the project remains on track for completion at the end of 2026 with an expected average impact of 43 cents per month on the typical residential customer bill. Dominion Energy reaffirmed its existing guidance for 2025 operating EPS (non-GAAP), long-term operating EPS growth rate, and credit.

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About Dominion Energy Inc.

Dominion Energy Inc. is a leading energy utility company based in Richmond, Virginia. It primarily operates in the energy production, transmission, and distribution sectors, catering to millions of customers across different regions. The company's key focus is on generating and delivering reliable electricity and natural gas, with an emphasis on sustainable and clean energy solutions. As part of its commitment to environmental stewardship, Dominion Energy is heavily investing in renewable energy sources, such as wind and solar power, while also maintaining a robust infrastructure for traditional energy sources. Dominion Energy's strategic role in the financial market is underscored by its impact on the utilities sector, which is crucial for economic stability and growth. The company’s initiatives in reducing carbon emissions and enhancing grid efficiency are significant as sustainability becomes a priority worldwide. Beyond energy production and distribution, Dominion Energy also manages gas transmission and storage, contributing to energy security in the regions it serves. As a key player in the energy transition movement, Dominion Energy Inc. continues to influence the market dynamics with its comprehensive approach to energy management and sustainability.