RICHMOND, Va. - Dominion Energy (NYSE:D) has achieved a significant step forward for the U.S. offshore wind industry with the successful launch of the Charybdis, the nation's first Jones Act-compliant offshore wind turbine installation vessel (WTIV), from the Seatrium AmFELS shipyard in Brownsville, Texas. The vessel's transition from land to water aligns with the construction schedule of the Coastal Virginia Offshore Wind (CVOW) project, which is set to begin installing monopiles offshore in May.
Bob Blue, Dominion Energy's chair, president, and CEO, emphasized the importance of Charybdis to the CVOW project and the broader growth of the offshore wind industry along the U.S. East Coast. The vessel is seen as crucial to the development of a domestic supply chain for offshore wind turbine installations.
Constructed using over 14,000 tons of domestically sourced steel, with significant contributions from Alabama, West Virginia, and North Carolina, the 472-foot vessel represents a collaborative effort to bolster the U.S. energy transition. At its peak, the project employed over 1,200 workers. Charybdis is designed to handle turbines of 12 megawatts or larger and has made history with the world's largest completed lift of 23,000 tons during its launch.
Chris Ong, CEO of Seatrium, highlighted the partnership with Dominion Energy as a landmark for the U.S. in securing energy independence and local job creation. The vessel will be homeported in Hampton Roads, Virginia, a hub for offshore wind installation activities, and will operate with an American crew.
In addition to the vessel's launch, Dominion Energy announced the receipt of the final federal construction air permit from the Environmental Protection Agency for the CVOW project, marking the completion of all 11 required federal permits.
Dominion Energy, serving about 6 million customers across 15 states, is headquartered in Richmond, Virginia. The company is focused on providing reliable, affordable, and clean energy, with a commitment to achieving Net Zero emissions by 2050.
The information regarding the construction and launch of Charybdis is based on a press release statement from Dominion Energy.
InvestingPro Insights
As Dominion Energy takes significant strides in the offshore wind industry with the launch of the Charybdis, it's worth noting the company's financial health and market performance for investors considering this energy giant. According to InvestingPro data, Dominion Energy has a market capitalization of $40.65 billion, showcasing its substantial presence in the energy sector.
InvestingPro Tips suggest that Dominion Energy operates with a significant debt burden, which investors should be mindful of when evaluating the company's long-term financial sustainability. However, the company also pays a significant dividend to shareholders, with a current dividend yield of 5.47%. This commitment to returning value to shareholders is further underscored by the fact that Dominion Energy has maintained dividend payments for an impressive 42 consecutive years.
From a valuation standpoint, Dominion Energy is trading at a P/E ratio of 21.24, which is considered low relative to its near-term earnings growth, as indicated by a PEG ratio of just 0.37 for the last twelve months as of Q4 2023. This could signal an attractive investment opportunity for those who believe in the company's growth prospects, especially in light of its latest project developments.
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