Wind Power NAICS 221115

Nov 7, 2025 - US's Largest Offshore Wind Project to Come Online in 2026

• Dominion Energy’s 2.6-GW Coastal Virginia Offshore Wind project is 66% complete and on track for completion by late 2026, despite vessel delays, according to Utility Dive. The $11.2 billion project, a joint venture with Stonepeak, will be the largest US offshore wind farm. First power delivery is expected in early 2026. Tariffs may raise costs by $690 million, but Dominion projects a levelized cost of $84/MWh, still within its original range. Dominion’s electric sales rose 3.3% year over year, and data center demand continues to surge, with over 58 GW of requests since 2020. The company is pursuing a $50 billion capital plan across transmission, thermal and renewable projects, including solar, storage and a new gas plant. CEO Robert Blue emphasized bipartisan support and the project’s role in serving critical infrastructure.
• The Trump administration’s rollback of renewable energy support, including the One Big Beautiful Bill Act, has triggered consolidation among smaller US solar and wind firms, according to Reuters. The act eliminated key tax credits and shortened eligibility windows, while the rollback of the Inflation Reduction Act and cancellation of over $16 billion in federal green energy funding have intensified financial pressure. Clean energy deals surged to $34 billion in early 2025, up from $7 billion in late 2024, according to KPMG. Analysts expect more mergers, joint ventures, and asset sales. Private equity firms and utilities are acquiring undervalued assets, with CBRE buying ClearGen and Agilitas Energy expanding through solar and hydropower acquisitions. Despite widespread disruption, well-capitalized investors continue to find opportunity.

• President Trump’s push to dismantle the offshore wind industry has triggered major setbacks for U.S. shipbuilders and port operators, including $679 million in canceled federal funding and a collapse in vessel orders, according to Reuters. Projects once fueled by Biden-era green investments now face stop-work orders, permit delays, and uncertain futures. Maersk canceled a $475 million turbine installation ship, and companies like Seacor Marine and Blount Boats are selling or halting offshore wind vessel operations. Ports in Massachusetts, California, and Virginia lost critical grants, delaying infrastructure improvements. Despite the downturn, some projects like Equinor’s South Brooklyn Marine Terminal continue, while US Wind warns of bankruptcy if its Maryland project is revoked. Industry leaders argue offshore wind supports maritime jobs and steel manufacturing, hoping Trump will reconsider. The administration insists it can revive maritime dominance without offshore wind, focusing instead on cost-effective port and shipbuilding expansion.
• In late August, the US government – through the Bureau of Ocean Energy Management (BOEM) - ordered Danish firm Orsted to cease work on the Revolution Wind project off the coast of Maryland, according to The Wall Street Journal. The wind project began construction last year and was 80% complete at the time of the stoppage, with all foundations and 45 of 65 turbines installed. The BOEM said it needed more time to complete a review ordered by the Trump administration. Trump opposes wind power and suspended all new federal leases for wind projects soon after his inauguration. In early September, Orsted filed a lawsuit to challenge the stoppage. Later that month, a US District Court judge granted a preliminary injunction against the Trump administration's work stoppage and ordered work on Revolution Wind to resume while the lawsuit to challenge the stop-work order progresses. In mid-April 2025, the Trump administration made a similar move against Norway-based Equinor’s Empire Wind project off the New York Coast, but the order was lifted a month later.