US utility Dominion Energy Inc (NYSE:D) said today it is in the advanced stages of the previously-announced process to scout for potential co-investors in its Coastal Virginia Offshore Wind (CVOW) project, which, it further noted, has “driven considerable interest.”
As reported in September, Dominion is looking to sell a non-controlling interest in the 2.6-GW project in order to de-risk it. This process is the final strategic step outstanding in the company’s ongoing business review, which is expected to wrap up by year-end 2023 or early 2024.
On Friday, Dominion reiterated that the development of CVOW continues on time and on budget. According to chairman, president and CEO Robert M. Blue, the project is estimated to save customers over USD 3 billion (EUR 2.8bn) in fuel costs over the first 10 years of operation.
“We are in the advanced stages of a process to identify a noncontrolling equity financing partner in the project. The process has driven considerable interest from attractive and high-quality potential counterparties. A properly structured partnership with the right counterparty is an attractive option, but only if the terms of a potential transaction make sense for our customers and shareholders,” Blue stated.
Dominion shared those updates as it reported a third-quarter 2023 GAAP net profit of USD 163 million, or USD 0.17 per share, down from USD 778 million, or USD 0.91 apiece, a year earlier. Non-GAAP operating earnings for July-September 2023 declined to USD 667 million, or USD 0.77 per share, from USD 847 million, or USD 0.99 a share, in the same period of 2022.
For the fourth quarter of the year, Dominion forecasts operating earnings of about USD 0.35 per share, based on normal weather in its utility service areas.
(USD 1.0 = EUR 0.934)
