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Dominion rises after guiding for cheaper wind power at Coastal Virginia project

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Warren Buffett

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Dominion Energy (NYSE:D) +3.8% in Friday’s trading after reporting in-line Q3 adjusted earnings while saying it expects to deliver power at a cheaper price than originally expected from its planned Coastal Virginia Offshore Wind project.

Dominion (D) said in an investor presentation that it expects to produce electricity at Coastal Virginia for $77/MWh, down from earlier forecasts of $80-$90/MWh, and the project’s capital budget remains at $9.8B.

The company said the project is now 77% complete and continues to expect the completion of construction by the end of 2026.

The 2.6 GW wind farm won final approval from federal regulators earlier this week and is progressing even as much of the U.S. wind industry is facing significant problems.

Dominion (D) is “in the advanced stages of a process to identify a non-controlling equity financing partner in the project,” CEO Bob Blue said. “The process has driven considerable interest from attractive and high-quality potential counterparties.”

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