Dominion Energy Secures 176,505-acre Lease Area from the Bureau of Ocean Energy Management For Potential Regulated Offshore Wind Development

Core Insights - Dominion Energy has secured a winning bid of $17.7 million for a 176,505-acre lease area off the coast of Virginia Beach, which equates to $100 per acre, enabling further offshore wind development [1][2] - The new lease area has the potential to support between 2.1 gigawatts and 4.0 gigawatts of offshore wind energy generation, contributing to the company's strategy to meet increasing electric demand [2] - The company is focused on completing the 2.6-gigawatt Coastal Virginia Offshore Wind project on time and on budget, with in-service expected by the end of 2026 [4] Company Developments - The acquisition of the new lease area complements the recent acquisition of the 40,000-acre Kitty Hawk Wind North lease area, which will be renamed CVOW South, potentially adding 800 MW of capacity [3] - The company has installed 54 monopiles for the Coastal Virginia Offshore Wind project since May 22, 2024, with a target of 70-100 monopiles during the first installation season [4] - Dominion Energy aims to provide reliable, affordable, and increasingly clean energy while committing to achieving Net Zero emissions by 2050 [5]