RICHMOND, Va. (AP) - Dominion Resources (NYSE:D) may install offshore wind turbines that are less technologically advanced than originally envisioned as part of its plan to cut costs.
The Richmond Times-Dispatch reports the move comes after the bid for a test project off the Virginia coast came in at nearly double the company's $230 million estimate.
Dominion had planned to install two turbines in federal waters about 24 miles off Virginia Beach. But the newspaper reports that the only bid it received for the work had a $375 million to $400 million price tag.
On Friday, the company held the first of a series of summer meetings focused on bringing down the cost.
Dominion hopes to eventually install about 300 turbines across about 112,000 acres near the test site.
Subscribe to Power Engineering magazine