Dominion Power (NYSE:D) stated on Friday that Virginia regulators authorized its utility to construct the two.6 GW Coastal Virginia Offshore Wind undertaking and get well the associated fee from ratepayers.
Dominion (D) stated the Coastal Wind undertaking will generate sufficient blank power to energy as many as 660K houses and represents a ~$9.8B blank power funding and because the greatest undertaking of its type within the U.S.
The Virginia State Company Fee order contains popularity of 17 miles of recent transmission strains and different onshore infrastructure; the undertaking will probably be built 27 miles off the coast of Virginia Seaside.
The corporate expects the undertaking will save Virginia ratepayers greater than $3B all the way through its first 10 years in operation, with financial savings doubtlessly doubling to almost $6B if present commodity marketplace force developments proceed.
Dominion (D) is happy with the approval however is “reviewing the specifics of the order, in particular the efficiency requirement.”
Dominion Power (D) is a “stable performer however includes a very prime P/E ratio with unfavorable loose money drift,” Mike Zaccardi wrote in a bearish research printed previous this summer time on Looking for Alpha.