Dominion Energy, Inc.

Overview

Dominion Energy is a diversified energy company with a focus on regulated electric utility operations and long-term contracted, nonregulated generation. The company operates through three primary segments plus Corporate and Other:

• Dominion Energy Virginia: regulated electric transmission, distribution and generation serving Virginia and parts of North Carolina
• Dominion Energy South Carolina: regulated electric and gas operations in South Carolina
• Contracted Energy: nonregulated generation including Millstone nuclear, long-term contracted renewables, and renewable natural gas investments
• Corporate and Other: corporate functions, unallocated debt and noncontrolling interests

Key metrics and scale (as of December 31, 2025)

• Customers
  • Electric utility customers: approximately 4.1 million across Virginia, North Carolina and South Carolina
• Workforce
  • Approximately 15,200 full-time employees
  • About 3,400 employees subject to collective bargaining
  • Dominion Energy Virginia: about 6,700 full-time employees, with about 2,700 subject to collective bargaining
• Assets and infrastructure
  • Generating capacity: approximately 30.7 GW
  • Transmission lines: about 10,800 miles
  • Distribution lines: about 80,400 miles
• Capital plan
  • Planned capital expenditures for 2026–2030: approximately $65 billion
  • Funding priorities: generation (including Coastal Virginia Offshore Wind), grid transformation, reliability, and transmission/distribution resiliency
• Earnings mix
  • Approximately 95% of earnings are expected to come from state-regulated utility operations in Virginia, North Carolina and South Carolina

Notable projects and transactions

• Coastal Virginia Offshore Wind (CVOW)
  • CVOW Commercial Project: roughly 2.6 GW capacity
  • Oct 2024: sold a 50% noncontrolling stake to Stonepeak (OSWP) with $2.6 billion cash received at closing (representing 50% of project costs incurred through closing)
  • Use of fixed-price contracts for major offshore construction and equipment components; contracts include multi-currency pricing and hedges
• Gas-distribution dispositions (2023–2024)
  • Completed several transactions with Enbridge (East Ohio, Questar Gas, PSNC), representing multi-billion-dollar cash proceeds and debt assumption (examples: $4.3B, $3.0B, $2.0B)
• Millstone and Contracted Energy
  • Millstone (Connecticut): planned ~2,013 MW nuclear capacity under Contracted Energy
  • Contracted Energy includes nonregulated solar, renewable natural gas and equity-method investment Align RNG (partnered with Smithfield Foods)
• Offshore vessel and leasing
  • Jones Act–compliant offshore wind installation vessel delivered in September 2025; five-year lease with an affiliated entity commenced upon delivery
• Solar, wind and storage investments
  • Continued growth in North American solar projects, including Virginia
  • Development of utility-scale battery storage
• Nuclear decommissioning
  • Decommissioning trusts and estimated costs are maintained for Surry, North Anna and Millstone

Operating segments

Dominion Energy Virginia

• Regulated electric transmission, distribution and generation operations in Virginia and parts of North Carolina
• Customer base: ~2.8 million residential, commercial, industrial and governmental customers
• Major projects: CVOW, dispatchable generation investments, grid upgrades, undergrounding and reliability initiatives
• Rate framework: Virginia Commission regulation with cost-of-service mechanics and riders for major projects
• Load drivers: data center demand in Loudoun County contributes materially to load growth
• Capacity mix (2025): natural gas 39%, nuclear 25%, purchased power 24%, coal 7%, renewable/hydro 5%
• Major planned projects: CVOW Commercial Project (~2.6 GW), storage initiatives, Chesterfield Energy Reliability Center

Dominion Energy South Carolina

• Regulated electric generation, transmission and distribution, plus regulated gas distribution
• Customer base: ~0.8 million electric customers; ~0.5 million gas customers
• Project highlights: a new ~200 MW gas-fired unit at Urquhart targeted by 2028; proposed joint 2.2 GW CCGT with Santee Cooper (as of December 2025)
• Rate framework: regulated by the South Carolina Commission; gas rates subject to fuel and DSM riders and potential state rate stabilization mechanisms
• Generation mix (2025): gas ~42%, coal ~23%, nuclear ~23%, hydro ~12%, other (wind/solar) ~0%

Contracted Energy

• Nonregulated generation assets and energy marketing activities
• Key assets: Millstone nuclear plant, nonregulated solar facilities, Align RNG
• Revenue tied to long-term power purchase agreements and market-based sales
• Growth focus: solar development, renewable natural gas investments and contracted generation and storage

Corporate and Other

• Corporate functions, unallocated debt and noncontrolling interests (including legacy privatization and pipeline interests)

Regulatory and operating context

• State commissions regulate electric distribution and generation in Virginia, North Carolina and South Carolina
• FERC regulates interstate transmission and wholesale markets; utility transmission often follows formula-rate mechanisms
• Wholesale market participation in PJM, ISO-NE and CAISO
• Environmental and safety oversight from EPA, NRC, PHMSA, U.S. Army Corps of Engineers, BOEM and other agencies

Environmental and climate strategy

• Net-zero target for Scope 1 and 2 emissions by 2050 with ongoing Scope 3 considerations
• Virginia policy targets 100% zero-carbon generation by 2045 under the Virginia Clean Economy Act, with multi-year transition plans
• Investments in offshore wind, solar, storage and carbon-beneficial renewable natural gas
• Ongoing grid modernization, undergrounding and resilience initiatives

Risks and uncertainties

• Construction and cost-overrun risk on large projects (for example, offshore wind)
• Contract and supplier risk, including foreign-exchange exposure in multi-currency contracts
• Regulatory and rate-case risk affecting cost recovery and earnings
• Cybersecurity and physical security exposures
• Weather and climate-related impacts on load and asset resilience
• Market and counterparty credit risk in wholesale markets
• Pension and decommissioning funding risk and market volatility affecting trust valuations