Dominion Energy is in the process of constructing the largest offshore wind facility in the U.S. off the coast of Virginia, with a capacity of 2.6 gigawatts to power up to 660,000 homes. The project has been impacted by tariffs imposed under President Trump's administration, with projections indicating a potential cost increase of $500 million due to high tariffs on steel and other imports. Despite the increased costs, Dominion intends to absorb a portion of the expenses while highlighting that the wind project remains affordable for customers despite potential rises in residential bills by a few cents monthly over its lifespan.
If the tariffs continue through the second quarter, the company expects that number to increase to $120 million. If they continue through to the end of 2026, it could hit $500 million.
Dominion plans to bear some of those cost increases itself; of that projected $500 million increase, for example, Dominion will cover about $130 million.
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