Dominion Energy shares fell 2.7% Monday as the Trump administration escalated its crackdown on offshore wind projects, raising concerns over the future of the company’s multibillion-dollar Virginia development.

The decline came after the administration ordered Denmark’s Ørsted to halt construction on its Revolution Wind project off Rhode Island, which had been expected to begin operations next year. Shares of Dominion slid further late in the session following disclosures that the White House plans to revoke federal approval for the $6 billion Maryland Offshore Wind project, according to a filing in federal court in Delaware.

Dominion’s largest risk centers on its Coastal Virginia Offshore Wind project, a 2.6-gigawatt facility under construction off Virginia Beach. The $10.7 billion project, which will feature 176 turbines and is designed to power 660,000 homes, is scheduled to begin producing electricity in early 2026. The company in March lifted its cost estimate by 9%, citing higher expenses tied to grid connections and onshore electrical infrastructure.

The Maryland project is being developed by US Wind, a venture backed by Apollo Global Management and a unit of Italy’s Toto Holding. Both projects had been cleared under the Biden administration as part of its push for renewable energy expansion.

The administration’s actions cast fresh doubt on the outlook for U.S. offshore wind, an industry already facing cost pressures and supply-chain challenges.

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