Dominion Energy’s (D) $10.9 Billion Offshore Wind Project on Track Despite Cost Pressures

We recently published 11 Most Profitable Utility Stocks to Buy According to Hedge Funds. Dominion Energy, Inc. (NYSE:D) is one of these profitable utility stocks.

Dominion Energy, Inc. (NYSE:D), a major regulated utility based in Richmond, Virginia, serves over 3.6 million electricity customers in Virginia, North Carolina, and South Carolina, and 500,000 natural gas customers in South Carolina. The company is heavily investing in clean energy, with a focus on offshore wind and grid modernization.

Its flagship Coastal Virginia Offshore Wind Project, one of the largest in the U.S., is about 60% complete and on track for operation by late 2026. Although minor delays occurred due to issues with the installation vessel Charybdis, turbine installation continues at pace. The project’s budget has risen to $10.9 billion, partly due to material tariffs, but a contingency reserve remains. This initiative is central to the company’s decarbonization strategy and grid resilience goals, making it one of the most profitable stocks in the regulated utility sector to watch.

Dominion Energy, Inc. (NYSE:D) posted strong Q2 2025 results, beating earnings expectations with operating EPS of $0.75, reaffirming its full-year guidance.

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