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Avangrid sells Kitty Hawk North offshore wind lease area to Dominion

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Avangrid has completed the sale of its 40,000-acre Kitty Hawk North offshore wind lease area to Dominion Energy for $160 million. The transaction includes a $117 million lease acquisition payment and reimbursement for associated development costs. The sale agreement was initially signed in July 2024. Avangrid, part of the Iberdrola Group, retains the rights to Kitty Hawk South, where it plans to develop up to 2.4 GW of offshore wind capacity, supplying power to Virginia,…

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Dominion finalises sale of 50% stake in CVOW project to Stonepeak

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Dominion Energy has completed the sale of a 50% non-controlling interest in its Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak, an alternative investment firm.  This transaction, first announced in February 2024, has provided Dominion Energy with $2.6 billion in proceeds, approximately half of the capital investment made in the project so far. Stonepeak will also finance half of the remaining project costs, following pre-disclosed conditions. Dominion Energy retains full operational control over the…

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Dominion Energy and Amazon sign MoU for SMR development in Virginia

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Dominion Energy Virginia has entered into a partnership with Amazon to explore the advancement of small modular reactor (SMR) nuclear technology within Virginia.  The two companies signed a memorandum of understanding (MoU) to develop innovative structures for SMR projects, aiming to bring new sources of carbon-free energy to the state. Kevin Miller, Amazon’s global data centers vice-president, emphasized that nuclear energy’s safety and reliability align with Amazon’s goal to achieve net zero carbon by 2040….

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Dominion Energy, AEP, FirstEnergy propose new transmission lines in PJM region

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Dominion Energy Virginia, American Electric Power (AEP), and FirstEnergy have announced a joint agreement to develop new regional transmission projects within the PJM footprint, which covers 13 states in the US. The initiative responds to the Federal Energy Regulatory Commission’s (FERC) call for cost-effective regional transmission development. The proposed projects, submitted through PJM’s Regional Transmission Expansion Plan (RTEP), include 765kV, 500kV, and 345kV transmission lines in Virginia, Ohio, and West Virginia. These are in the…