DOMINION ENERGY, INC

The 2.6 GW Coastal Virginia Offshore Wind project, a roughly $10 billion construction program involving 176 turbines roughly 27 miles off the coast of Virginia Beach (per the firm's investor communications, 2024). It is the largest offshore wind project currently under development in the United States. The project is being built inside the regulated utility's rate base under a cost-recovery agreement approved by the Virginia State Corporation Commission which caps recoverable construction costs at $10.3 billion.

Dominion underwent a multi-year portfolio rationalization that included the sale of its gas transmission and storage assets to Berkshire Hathaway Energy in 2020 for roughly $9.8 billion including assumed debt (per SEC filings, 2020). It also sold its merchant generation fleet and exited the midstream gas business to become a pure-play regulated utility. The proceeds were redirected into the regulated electric and gas utility operations and the offshore wind buildout.

Yes, Dominion is a fully regulated utility, meaning its authorized return on equity and the capital expenditures it can recover from ratepayers are determined by state public-utility commissions, primarily in Virginia. The Virginia State Corporation Commission sets the authorized ROE, which was most recently approved at 9.7 percent in 2024. Because its returns are set by regulatory compact rather than market pricing, cap-ex growth and regulatory relationships are the primary drivers of earnings growth, not asset appreciation or market margins.

Dominion owns and operates the Millstone Power Station in Connecticut, a two-unit nuclear facility generating roughly 2.1 GW of carbon-free electricity. It is the only operating nuclear plant in New England. Beyond Millstone, Dominion has publicly stated it is evaluating small modular reactor deployment at potential sites in Virginia but has not yet committed to a construction program.

Robert M. Blue serves as Chair, President, and CEO. Diane Leopold is Executive Vice President and COO, overseeing the day-to-day operations of the utilities. Steven D. Ridge is the Executive Vice President and CFO. Investment decisions and capital-allocation priorities are set by this executive team and approved by an independent board of directors whose composition and governance are disclosed in SEC filings.

In 2022, the Virginia State Corporation Commission approved a performance guarantee stipulating that Dominion shareholders would absorb any construction costs above $10.3 billion — with some narrow exclusions for extraordinary events — rather than passing them through to ratepayers (per SCC order, 2022). This shifts project execution risk from ratepayers to the equity. For investors, it makes Dominion's near-term equity value sensitive to construction milestones and cost management on the project.

Yes. The Dominion Energy Charitable Foundation is the philanthropic arm, donating roughly $40 million annually via corporate contributions and an employee matching-gift program concentrated on human needs, environmental stewardship, and education. The foundation is funded from corporate profits rather than ratepayer dollars and operates as a separate legal entity, disclosed in the firm's annual sustainability and corporate responsibility reports.