Dominion Energy Inc. filed SEC Form 8-K: Regulation FD Disclosure, Other Events, Financial Statements and Exhibits
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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Item 7.01 Regulation FD Disclosure.
On February 3, 2025, Dominion Energy, Inc. (Dominion Energy) issued a press release and posted a presentation to its investor relations website concerning certain updates on the Coastal Virginia Offshore Wind (CVOW) project. Copies of the press release and presentation are furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference.
The information in this Item 7.01 and Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On February 3, 2025, Dominion Energy provided an update for the Coastal Virginia Offshore Wind (CVOW) project including a change in total project cost that reflects a revised estimate of network upgrade costs assigned by PJM to CVOW. Estimated total project costs for CVOW, inclusive of contingency and excluding financing costs, have increased from approximately $9.8 billion to approximately $10.7 billion. After accounting for the cost sharing provisions approved by the Virginia State Corporation Commission, the expected average impact of this change on the typical residential customer bill using 1,000 kWh per month over the project’s lifetime is 43 cents per month. There is no change to the project’s expected on-time completion at the end of 2026.
The expected total project cost reflects increases in projections for onshore electrical interconnection costs and network upgrade costs assigned to the project by PJM, specifically incorporating consideration of PJM’s December 2024 publication of potential transmission network upgrades required for certain generation projects and related cost allocations, including those attributable to CVOW. The Company’s estimate for the 2.6 GW project’s projected levelized cost of energy, including renewable energy credits, is approximately $62/MWh, compared to the initial filing submission of $80-90/MWh. As discussed in Note 11 to the Consolidated Financial Statements in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2024, the Company closed on the sale of a 50% noncontrolling interest in CVOW to Stonepeak Partners, LLC (Stonepeak) pursuant to which Stonepeak will contribute 50% of the remaining capital necessary to fund construction of the CVOW provided the total project cost, excluding financing costs, is less than $11.3 billion.
Item 9.01 Financial Statements and Exhibits.
Exhibits |
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99.1 |
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99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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DOMINION ENERGY, INC. |
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Date: |
February 3, 2025 |
By: |
/s/ David M. McFarland |
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David M. McFarland |