Latest news with #BobBlue
Axios
08-05-2025
- Business
- Axios
Trump tariffs could drive up Dominion Energy bills in Virginia
President Trump's tariffs are making it more expensive for Dominion Energy to build its offshore wind farm in Virginia Beach, which could result in more expensive electric bills. Why it matters: This would be on top of a separate proposed hike that would raise a ratepayer's average monthly bill by over $20 in the next two years. State of play: In an investors call last week, Dominion CEO Bob Blue said if tariffs remain in effect, the utility company plans to add a 4-cent increase to monthly bills to offset the $120 million in additional tariff costs expected by the end of June. Since last year, Dominion customers have already seen about a $4 monthly jump to help pay for the offshore wind farm. And with Virginia's ongoing data center boom, the cost of keeping up with the electricity they demand will likely be passed on to locals, too, per a recent state report. Dominion has previously estimated that the average bill could go up by 50% in the next 15 years to keep up with that increased need. Between the lines: The proposed rate increases — which require approval from state regulators — are mostly due to inflation and rising costs of labor, materials, equipment and fuel, says Dominion Energy spokesperson Aaron Ruby. Ruby added the increases would help cover investments needed to meet growing customer demand. Meanwhile, Richmonders face a nearly $13 rise in monthly gas, water and wastewater bills starting this summer — and more expensive services and fees.
Business Journals
07-05-2025
- Business
- Business Journals
Dominion CEO: Trump tariffs could add $500M to cost of gigantic Va. offshore wind farm
Richmond-based Dominion Energy Inc. says the cost of its massive Coastal Virginia Offshore Wind project could balloon by as much as $500 million if the Trump administration's tariffs remain in place through the project's targeted late-2026 completion date. So far, the project — which is being billed as the country's largest offshore wind farm — has incurred $4 million in tariff-related expenses, Dominion CEO Bob Blue said last week on the company's first-quarter earnings call.
Yahoo
03-05-2025
- Business
- Yahoo
Tariffs could add $500M to offshore wind project cost, says Dominion CEO
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Dominion Energy's 2.6 GW Coastal Virginia Offshore Wind project has incurred $4 million in tariff costs so far. If the new U.S. tariff policy persists through the project's anticipated completion in late 2026, tariffs will add about $500 million to the project's cost, Dominion Chair, President and CEO Bob Blue said in a Thursday earnings call. The company expects to incur about $120 million in associated costs if the current policy extends through the end second quarter of the company's fiscal year, as Dominion expects the tariffs to last for around that long. 'We made our quarterly offshore wind construction update filing with the Virginia State Corporation Commission today in which we increased total project costs by about $120 million, which aligns with our estimate of actual incurred plus projected tariff costs through the end of the second quarter,' Blue said. As a result, the total estimated project cost through June 30 has increased from $10.7 billion to $10.8 billion. Blue and Dominion Chief Operating Officer Diane Leopold said that despite the tariffs, the company does not anticipate any delays from their suppliers. Siemens Gamesa, the project's wind turbine supplier, is 'hitting their marks,' Blue said. 'They started on time, they're producing at the pace that we expected. And so we feel very, very confident about our ability to get the materials, the components that we need … So really no change to anything in terms of delivery schedules or ability.' Leopold noted that 'all of the raw materials are already purchased. Everything is in fabrication right now.' The Siemens Gamesa components are 'actually a little bit ahead of schedule,' she said, 'and deliveries are going to proceed in the coming weeks.' While the tariffs will also impact other aspects of Dominion's business, such as solar and storage projects, Blue said the impacts the company is seeing so far are 'manageable.' Recommended Reading Equinor considers legal action over stop work order for Empire Wind project Sign in to access your portfolio
Bloomberg
01-05-2025
- Business
- Bloomberg
Dominion Says Tariffs May Add $500 Million to Wind Project Cost
President Donald Trump's tariffs threaten to increase the cost of a big offshore wind farm that Dominion Energy Inc. is building by as much as $500 million, the company said Thursday. The Coastal Virginia Offshore Wind project off the coast of Virginia has already seen tariff costs of $4 million, Chief Executive Officer Bob Blue said on an earnings call. The project's current budget is $10.7 billion.
Yahoo
13-02-2025
- Business
- Yahoo
Data Center Power Demand Almost Doubled in Virginia, Utility Says
(Bloomberg) -- The biggest utility in Virginia, home to the global hotspot Data Center Alley, saw demand from data centers in development almost double in the last half of 2024. Why American Mobility Ground to a Halt Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says The Forgotten French Architect Who Rebuilt Marseille Total data center power capacity under contract with Dominion Energy Inc. in Virginia, which includes projects from preliminary to advanced stages of development, increased to 40.2 gigawatts in December from 21.4 gigwatts in July, the company said on its earnings call Wednesday. Demand for power is surging with the development of data centers and artificial intelligence, along with manufacturing and the increasing electrification of the economy. Northern Virginia, which has the biggest concentration of the facilities in the world, has earned the nickname of Data Center Alley. Dominion still expects big demand growth even after Chinese AI company DeepSeek upended some of those expectations last month when it released a model that appeared to be much more energy efficient. 'What's undeniable is that data center growth in Virginia is not slowing down. In fact, it's accelerating,' Dominion Chief Executive Officer Bob Blue said on the call. Blue acknowledged the spike in requests was likely boosted by a system the company instituted in August to evaluate new requests for power in batches in the order they're received. Developers reimburse Dominion for costs. One gigawatt is roughly the output of a nuclear reactor and can power about 750,000 homes. The Game Changer: How Ely Callaway Remade Golf Elon Musk's DOGE Is a Force Americans Can't Afford to Ignore How Oura's Smart Ring Bridged the Gap From Tech Bros to Normies Why Fast Food Could Be MAHA's Next Target Trump's Tariffs Make Currency Trading Cool Again After Years of Decline ©2025 Bloomberg L.P.
