Dominion Energy is moving forward with a major renewable energy project: a $9 billion offshore wind farm off the coast of Virginia. However, the construction of this large-scale wind farm means some Virginia residents will initially have to pay more for their electricity.
Starting this fall, Dominion Energy customers in Virginia will see a slight increase in their electric bills. The rate hike, approximately an additional $4 per month, is intended to help cover the construction costs of the offshore wind farm. The increase will take effect in September and is expected to generate nearly $485.9 million for the project over the next year.
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Despite the initial cost to consumers, Dominion Energy assured that the investment will pay off in the long run. Once the wind farm is operational, the utility providers said customers can anticipate better financial savings.
Dominion Energy expects construction to be completed in 2026. The company estimates that the average residential consumer could see a reduction of more than $80 in their annual electricity costs.
The wind farm, when finished, is expected to provide enough electricity to power nearly 700,000 homes. Dominion Energy’s CEO has stated that the construction is progressing both on time and within budget.
[JACK AYLMER]
WIND ENERGY IS GOING TO COST SOME PEOPLE MORE MONEY.
AT LEAST, INITIALLY.
DOMINION ENERGY IS CURRENTLY BUILDING A NINE BILLION DOLLAR OFFSHORE WIND FARM OFF THE COAST VIRGINIA.
BUT TO GET IT DONE, THE UTILITY PROVIDER IS GOING TO NEED A LITTLE EXTRA FINANCIAL ASSISTANCE FROM ITS CUSTOMERS.
VIRGINIA RESIDENTS WHO USE DOMINION ENERGY WILL SEE THEIR ELECTRIC BILLS RISE THIS FALL TO HELP PAY FOR CONSTRUCTION COSTS.
COMING IN THE FORM OF ABOUT AN ADDITIONAL FOUR DOLLAR MONTHLY CHARGE.
THE RATE INCREASE WILL TAKE EFFECT IN SEPTEMBER-
AND IS EXPECTED TO GENERATE NEARLY 500 MILLION DOLLARS FOR THE PROJECT OVER THE NEXT YEAR.
ONCE THIS OFFSHORE WIND FARM IS DONE THOUGH, VIRGINIA CUSTOMERS CAN EXPECT TO SEE SOME SAVINGS.
DOMINION SAYS THEIR PROJECT WILL HELP CUT COSTS FOR THE AVERAGE RESIDENTIAL CONSUMER BY MORE THAN 80 DOLLARS A YEAR.
SCHEDULED TO BE COMPLETED IN 20-26, THE WIND FARM IS PROJECTED TO PROVIDE ENOUGH ELECTRICITY TO POWER ALMOST 700,000 HOMES.
THE COMPANY’S CEO SAID CONSTRUCTION IS GOING AHEAD BOTH ON TIME AND ON BUDGET.
FOR MORE STORIES ABOUT THE ECONOMICS BEHIND RENEWABLE ENERGY, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME – JACK AYLMER – TO GET THE LATEST.
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