Dominion Q1 earnings fall 7% as CVOW offshore wind costs climb $600M on tariffs

Filed May 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

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  Q1 2026 net income declined 7% to $621M ($0.69/share) vs. $665M ($0.77/share) in Q1 2025, driven by higher interest expense on debt issuances and unrealized hedging losses, partially offset by improved CVOW cost recovery.

  MD&A: Net Income verify on EDGAR →
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  Coastal Virginia Offshore Wind (CVOW) project cost estimate increased 6% from $10.8B to $11.4B, reflecting new tariffs from a February 2026 Supreme Court ruling, work suspension impacts, and revised PJM network costs. Additional April 2026 tariffs on steel, aluminum, and copper could add another $200M-$300M.

  MD&A: CVOW Cost Estimate verify on EDGAR →
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  CVOW levelized cost of energy jumped 35% from $62/MWh to $84/MWh year-over-year, reflecting higher capital costs and tariff impacts. This metric directly affects customer rates and project economics.

  MD&A: CVOW Levelized Cost verify on EDGAR →