Virginia Wind Farm Could Leave Consumers on the Hook for Billions

Virginia Wind Farm Could Leave Consumers on the Hook for Billions

August 25, 2022

Recently, state regulators in Virginia approved a massive wind farm project off the coast of Virginia Beach. While environmental activists who support the project say it will be transformational, the reality is only if the wind blows will it help Virginians. But if the project doesn’t pan out or the project isn’t completed, it could cost them billions.

The Wall Street Journal editorial board writes: “Dominion Energy plans to build 176 wind turbines 27 miles off the coast of Virginia Beach. That’s enough to power about 660,000 homes. The capital cost is $9.8 billion. The state Corporation Commission assented to a related rate increase, but it noted that the downside risk is on consumers.”

They go on to highlight how the specifics of this project are not yet final and the forced transition to renewable energy may just be moving too fast – leaving consumers with the massive tab to pay.

The editorial board continues: “Because offshore wind at this scale is new to the U.S., ‘there is no developed supply chain,’ which ‘could lead to construction delays and cost overruns.’ What if it falls through for some reason? ‘Even if the Project is abandoned at the end of 2023,’ the order says, ‘Dominion still estimates it would have prudently incurred approximately $3.7 billion of costs to be recovered from customers.’”

The reason this project is being forced through approvals is because the Virginia state legislature mandated it be built. It is very similar to how Democrats in Congress and the Biden administration are forcing green energy projects on the nation. There is nothing wrong with renewable energy, but it is nowhere near ready to be scaled to this level, and it will be the American people left to foot the bill when it underachieves. 

As the editorial board closes: “In any other industry, if a billion-dollar company were pushing risks on consumers like this, the screams from Democrats in Washington would move enough air to power a wind turbine or two off Virginia Beach. Maybe they’re hypnotized by the spinning blades, but bill payers won’t be.”