Dominion Power (NYSE:D) mentioned on Friday that Virginia regulators permitted its utility to construct the two.6 GW Coastal Virginia Offshore Wind undertaking and get better the price from ratepayers.
Dominion (D) mentioned the Coastal Wind undertaking will generate sufficient clear power to energy as many as 660K properties and represents a ~$9.8B clear power funding and because the largest undertaking of its sort within the U.S.
The Virginia State Company Fee order consists of approval for 17 miles of latest transmission strains and different onshore infrastructure; the undertaking will likely be constructed 27 miles off the coast of Virginia Seaside.
The corporate expects the undertaking will save Virginia ratepayers greater than $3B throughout its first 10 years in operation, with financial savings probably doubling to almost $6B if present commodity market strain developments proceed.
Dominion (D) is happy with the approval however is “reviewing the specifics of the order, notably the efficiency requirement.”
Dominion Power (D) is a “regular performer however encompasses a very excessive P/E ratio with destructive free money circulate,” Mike Zaccardi wrote in a bearish evaluation revealed earlier this summer season on Searching for Alpha.