“You need guts to operate as an entrepreneur in US power generation and distribution. The bosses of regulated utilities have lost their stomach for the fight. They have sold their risky and volatile projects to buyout groups or businesses backed by them”.
Whether Dominion’s motivation was to drive its stock price, reduce debt and interest expense, or to bet on electrification for the future, the utility playing field will require bold and riskier moves compared to the last several decades. Sticking to the status quo or a late response may, paradoxically, be the riskiest path. Given Dominion is my local utility, I will be keenly following how well the management team delivers on the Coastal Virginia Offshore Wind. The stakes? Immense.
