Dominion Energy Secures Injunction to Resume Coastal Virginia Offshore Wind Project, Powering 660,000 Homes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Businesswire
- Project Resumption: The U.S. District Court for the Eastern District of Virginia granted Dominion Energy a preliminary injunction, allowing construction to resume on the Coastal Virginia Offshore Wind (CVOW) project, ensuring critical energy delivery begins in just weeks to meet regional demand.
- Energy Output: The CVOW project will consist of 176 offshore wind turbines with a total capacity of 2.6 gigawatts, enough to power up to 660,000 homes, significantly enhancing the company's market position in renewable energy.
- Legal Challenge: While the legal challenge proceeds, Dominion Energy will continue to seek a durable resolution through cooperation with the federal government, aiming to ensure smooth project advancement and mitigate potential legal risks.
- Strategic Importance: The CVOW project is a critical part of Dominion Energy's diverse energy supply strategy, demonstrating the company's commitment to driving the clean energy transition and meeting customer needs, further solidifying its leadership position in the New England region.
Analyst Views on D
Wall Street analysts forecast D stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for D is 65.00 USD with a low forecast of 62.00 USD and a high forecast of 70.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
2 Buy
7 Hold
1 Sell
Hold
Current: 60.340
Low
62.00
Averages
65.00
High
70.00
Current: 60.340
Low
62.00
Averages
65.00
High
70.00
About D
Dominion Energy, Inc. provides regulated electricity service to about 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina. It is a developer and operator of regulated offshore wind and solar power and the producer of carbon-free electricity in New England. Its Dominion Energy Virginia segment is composed of Virginia Power’s regulated electric transmission, distribution, and generation operations, which serve homes and businesses in Virginia and North Carolina. Its Dominion Energy South Carolina segment consists of DESC’s generation, transmission, and distribution of electricity to customers in the central, southern and southwestern portions of South Carolina and the distribution of natural gas to residential, commercial and industrial customers in South Carolina. Its Contracted Energy segment includes non-regulated electric generation fleet and renewable natural gas operations.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
