01—Abstract
Summary
Summary of the 8-K filed December 23, 2025. Cited figures are marked; the original filing is the authoritative source.
Dominion Energy (NYSE: D) disclosed in an 8-K filed December 23, 2025 that the U.S. Department of the Interior's Bureau of Ocean Energy Management (BOEM) issued a Director's Order, effective immediately on December 22, 2025, directing OSW Project LLC to suspend all ongoing activities on the Coastal Virginia Offshore Wind (CVOW) project for 90 days.
Virginia Electric and Power Company, a Dominion subsidiary, holds a 50%a membership interest in OSW Project LLC, so the suspension directly affects a joint-venture asset in which Dominion has a significant stake. The filing itself provides no quantified financial impact, cost estimate, schedule revision, or legal-basis detail, so the near-term financial consequences cannot be assessed from this document alone. In its accompanying press release (Exhibit 99.1), Dominion strongly opposed the suspension, arguing that CVOW is essential to national security and to meeting Virginia's rapidly growing electricity demand driven by data centers, military installations, and shipbuilding.
The company stated the project is within months of generating 2,600 megawatts, that customers are paying for it under a 2022 review by Virginia regulators, and that it stands ready to resume work quickly. Dominion also noted that stopping the project for any length of time would threaten grid reliability, raise energy costs, and put jobs at risk.
For investors, the key questions are the duration and outcome of the 90-day suspension, whether it leads to cost overruns, schedule delays, or contract issues, and how regulators in Virginia will respond to any cost recovery implications. The 90-day window creates a defined near-term checkpoint, but the filing gives no indication of the government's underlying rationale or of any litigation or remedy path Dominion may pursue.
02—Key points
Key Highlights
- BOEM issued a 90-day suspension order on December 22, 2025, halting all ongoing activities on the 2,600 MW Coastal Virginia Offshore Wind project, effective immediately.
- The order was directed to OSW Project LLC, in which Virginia Electric and Power Company (a Dominion subsidiary) holds a 50% membership interest, so the project is a material joint-venture exposure.
- Dominion characterized CVOW as essential to national security and Virginia's growing power needs, citing data centers, military installations, and naval shipbuilding as key load drivers.
- The company said the project is within months of generating its first 2,600 MW and that the two pilot turbines have operated for five years without national security impacts.
- Dominion warned that any work stoppage would threaten grid reliability, increase energy costs for customers, and put thousands of jobs at risk.
- The filing does not quantify financial impacts, including potential cost overruns, schedule delays, or effects on earnings or guidance, leaving significant uncertainty for investors.
- The 8-K was furnished under Regulation FD (Item 7.01) and the press release is not deemed filed under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
What exactly did the BOEM order require Dominion to do?
The BOEM Director's Order, issued December 22, 2025 and effective immediately, directs OSW Project LLC to suspend all ongoing activities related to the CVOW project for the next 90 days. The filing does not specify which specific activities are covered beyond 'all ongoing activities.'
How is Dominion Energy exposed to this suspension?
The order was issued to OSW Project LLC, of which Dominion's subsidiary Virginia Electric and Power Company holds 50% of the membership interests. Dominion therefore has a significant indirect stake in the affected project, and its share of any cost increases or delays would flow through this joint venture.
Does the 8-K disclose any financial impact from the suspension?
No. The filing contains no estimate of incremental costs, schedule impact, write-downs, or effects on earnings or guidance. Investors will need to look to subsequent disclosures, such as a quarterly report or further 8-K, for quantification.
What is Dominion's position on the suspension?
Dominion strongly disagrees with the action. Its press release argues that CVOW is essential for national security and Virginia's energy needs, that customers are already paying for the project after a 2022 Virginia regulatory review, and that the company is ready to resume work as quickly as possible.
What happens to the project after the 90-day period?
The filing does not describe the conditions for lifting the suspension, any appeal or legal options, or what happens if the order is extended. Dominion's statement indicates it is prepared to act to get the project 'flowing as quickly as possible,' but the path forward is not detailed in this document.
04—Continue