Review of Dominion's Coastal Virginia Offshore Wind Proposal
Clean Virginia hired Synapse to review the costs and ownership mechanism of Dominion's Coastal Virginia Offshore Wind (CVOW) proposal. Synapse found that the project would be largest single capital project for Dominion and recommended in-depth monitoring of the company as the work begins. Synapse's testimony advises the Commission to enforce a capital cost cap for the project as outlined in Dominion's application, with the exclusion of the $500 million designated for financial hedges and contingency. If the project's capital costs exceed the forecasted cost by Dominion, the Commission should establish explicit guidelines indicating that Dominion would bear the responsibility for covering any additional costs.
The parties ultimately reached a settlement for development of the project that was then approved by the Virginia State Commerce Commission.