Dominion Vitality has submitted a submitting with Virginia’s State Company Fee (SCC) with an up to date levelised price of vitality (LCOE) calculation for the two.6 GW Coastal Virginia Offshore Wind (CVOW) mission. The up to date LCOE is USD 77/MWh (roughly EUR 72.20/MWh), reducing from the earlier vary of USD 80–90/MWh (approx. EUR 74.99–84.36/MWh).
The up to date LCOE of USD 77/MWh is in 2027 {dollars} and contains the 30 per cent manufacturing tax credit score. With out accounting for the worth of the Renewable Vitality Credit (RECs), the LCOE is USD 86/MWh (approx. EUR 80.63/MWh), in accordance with the submitting.
In September this yr, when Dominion introduced it bought three pure fuel distribution firms to Enbridge as a part of its enterprise assessment, the corporate’s CEO mentioned the industrial CVOW offshore wind farm was estimated to ship electrical energy at a levelised price “that competes very favourably with the nation’s unregulated offshore wind tasks whereas creating lots of of jobs and hundreds of thousands of {dollars} of native financial profit”.
Dominion additionally revealed in September that the corporate deliberate to herald a noncontrolling fairness financing associate on the two.6 GW offshore wind mission, which might de-risk the mission and is a part of Dominion Vitality’s ongoing enterprise assessment. In response to the most recent data from the corporate, Dominion is nearing a choice on this matter.
In its report for the third quarter of the yr, launched on 3 November, Dominion Vitality mentioned the corporate is in “superior phases of a sturdy course of to transact with a associate” and that there’s “appreciable curiosity from engaging and high-quality potential counterparties.”
The choice on a mission associate for the two.6 GW offshore wind farm is the ultimate strategic step of the corporate’s enterprise assessment and might be made by the tip of this yr or in early 2024.
“It’s within the long-term greatest curiosity of our clients and shareholders that we make the best, not simply the expedient, determination on a CVOW partnership,” Dominion Vitality mentioned.
The offshore wind farm has simply acquired the US Division of Inside’s approval of the development and operations plan (COP), with the Bureau of Ocean Vitality Administration (BOEM) issuing a File of Choice (ROD) that paperwork the choice to approve the development of 176 and three offshore substations inside the lease space.
The Coastal Virginia Offshore Wind (CVOW) mission will comprise 176 Siemens Gamesa 14 MW wind generators and three offshore substations within the 112,800-acre industrial lease space situated 27 miles (about 43 kilometres) off the Virginia Seashore coast.
Development and fabrication actions are already underway, with the monopile foundations arriving at the Portsmouth Marine Terminal in Virginia. The set up of foundations and wind generators is scheduled to start in 2024.
As soon as totally constructed in 2026, the two.6 GW offshore wind farm will be capable of generate sufficient electrical energy to energy as much as 660,000 households.
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