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HomeNewsFinanceDominion, Virginia AG reach proposed settlement in offshore wind project (NYSE:D)

Dominion, Virginia AG reach proposed settlement in offshore wind project (NYSE:D)

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Warren Buffett

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Dominion Energy (NYSE:D), the Virginia attorney general and other parties filed a settlement agreement Friday to implement several consumer protections related to the development of the company’s 2.6 GW Coastal Virginia Offshore Wind offshore wind project.

The proposed agreement, which includes performance reporting requirements and provisions specifying construction cost sharing, is still subject to final approval by the State Corporation Commission.

The Commission signed off on the project in August, but it included a performance guarantee that was strongly opposed by Dominion (D).

The proposed settlement calls for a cost-sharing arrangement for any overruns beyond the estimated $9.8B capital costs; the proposal would not require the company to guarantee certain energy production levels; instead, Dominion (D) must report average net capacity factors annually and “provide a detailed explanation of the factors contributing to any deficiency.”

“With shares offering a 4% yield and 6% dividend growth, Dominion is an attractive stock for dividend growth investors,” Seeking Profits writes in an analysis published recently on Seeking Alpha.



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