NextEra CEO feels "very good" about Dominion off-shore wind project

NextEra Energy's chief executive said that on?Monday, his company was pleased with Dominion’s investment in offshore winds. He has previously disparaged this technology.

CEO John 'Ketchum' made the remarks during a conference call with investors about NextEra’s $66.8 Billion bid for Dominion. Dominion is building an offshore wind project worth more than $11 Billion off the coasts of Virginia.

Ketchum stated that "as we look at it, we feel incredibly good about it" and noted that the facility was already sending electricity to the grid.

NextEra, the largest renewable energy generator in the world, has largely avoided offshore wind because of its high costs.

Ketchum stated that offshore wind is too expensive and complex due to the risks of corrosion from sea water, hurricanes, and the need for specialized vessels.

Dominion’s Coastal Virginia Offshore Wind Project will be the biggest U.S. - offshore wind project by next year. It has incurred cost overruns of more than $1 billion and was told to stop construction late last year as part of a Trump administration pause on the offshore wind industry.

In January, a federal judge lifted the order.

Ketchum stated, "We feel that the project is online and given the investment made there, we think it's right to finish it." (Reporting and editing by Nicholagroom)

(source: Reuters)