Dominion Energy raises CVOW cost estimate to $10.7B from $9.8B; on schedule for 2026

DOMINION ENERGY, INC

Total CVOW project cost (ex-financing) increased ~9% to $10.7B; on-time completion at end-2026 unchanged.
Cost increase driven by PJM network upgrade costs (~$900M); contingency now ~5% of remaining costs at $222M.
Stonepeak to fund 50% of cost increase up to $11.3B; Dominion expects ~$100M Q4 charge excluded from operating EPS.
Updated levelized cost of energy ~$62/MWh vs initial $80-90/MWh; typical residential bill impact +$0.43/month.
First 16 transition pieces installed; project ~50% complete; Charybdis vessel 96% complete, sea trials started.

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