Dominion Energy, the Office of the Attorney General, and other stakeholders have announced a tentative settlement agreement over how the utility will pay for the Coastal Virginia Offshore Wind (CVOW) Project. The agreement, which still needs approval from the State Corporation Commission, would allow the utility to bill some cost overruns in the project to consumers, but sets a cap along with some protections for the utility’s shareholders who would otherwise bear the burden. Attorney General Jason Miyares said that’s a win for consumers, and the utility said the agreement balances financial impacts.
“I am pleased that we have achieved consumer protections never seen before in modern Virginia history,” Miyares said in a press release. “For the first time Dominion has significant skin in the game to ensure that the project is delivered on budget. Should the project run materially over budget, it will come out of Dominion’s pocket, not consumers’. If approved by the State Corporation Commission [SCC], this agreement provides first-of-its-kind protections for Virginia consumers. A wide range of stakeholders support this agreement. I especially want to thank the Sierra Club and Appalachian Voices for joining, as well as Virginia’s largest private employer, Walmart. This landmark agreement means that Virginia will be a national leader in offshore renewable energy for years to come and most importantly in a fiscally responsible way.”Read More