In 2018, we were commissioned by Dominion Energy Virginia to deliver a decommissioning cost estimate for the proposed Coastal Virginia Offshore Wind Initiative – a 12 MW offshore wind project on the US east coast.
An accurate decommissioning cost estimate was required by the client to ensure a robust financial model prior to the final investment decision (FID). The project – a pilot project – is part of a wider plan that could lead to the client construction of 2 GW of offshore wind in the US.
K2 Management worked for Dominion Energy back in 2015 when we were appointed to review and update multi-contracting RFPs, assessment of weather downtime contingency for installation, as well as interface and risk development and management on an offshore wind project, to drive down CapEx.
Lars Andersen, President, North America at K2 Management, said: “Having an accurate and robust financial model when heading towards the FID is hugely important in ensuring a bankable business case, particularly in the US offshore wind sector which is in its infancy."
"We were delighted to work with Dominion Energy Virginia for a second time and will look forward to supporting them with future projects.”