CNBC | Monday, December 22, 2025 
Trump halts wind projects, including Coastal Virginia Offshore Wind, Dominion stock drops 5%

The Trump administration on Monday halted Coastal Virginia Offshore Wind, the largest project of its kind in the U.S., as well as four other projects under construction off the East Coast in a devastating blow to the wind industry. Shares of Dominion Energy, the utility developing the project, dropped more than 5% on the news. The administration also paused leases for Vineyard Wind 1 off Massachusetts, Revolution Wind off Rhode Island, Sunrise Wind off Long Island and New England, and Empire Wind 1 south of Long Island. Interior Secretary Doug Burgum said the administration paused leases for the projects due to national security concerns identified by the Pentagon. Shares of Denmark’s Orsted, the developer of the Revolution and Sunrise projects, tumbled 11%. Norway’s Equinor, the developer of Empire Wind 1, was down less than 1%. Coastal Virginia Offshore Wind is a 176 turbine project project that would provide enough power for more than 600,000 homes, according to Dominion. The project was expected to be complete next year. Dominion said the massive project is essential for U.S. national security and Virginia’s dramatically growing energy needs. Northern Virginia is the largest hub for data centers in the world. Growing demand from artificial intelligence is contributing to higher electricity prices in the state…Read more