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Here are 1-2 brief analogies to describe Dominion Energy:

• Verizon for electricity and natural gas: Like Verizon provides essential communication services over a vast, regulated network, Dominion Energy delivers indispensable power and gas across several states.
• Comcast for your home's power and heating: Think of them as a major provider of critical household utilities, similar to how Comcast delivers internet and cable, but for electricity and natural gas.

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• Electricity Supply: Providing electricity to residential, commercial, and industrial customers through generation, transmission, and distribution networks.
• Natural Gas Supply: Delivering natural gas to residential, commercial, and industrial customers through transmission and distribution pipelines.

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Dominion Energy (Symbol: D) - Major Customers

• Residential Customers: Individual households and single-family or multi-family residences that use electricity and/or natural gas for personal consumption.
• Commercial Customers: Small to medium-sized businesses, offices, retail establishments, restaurants, and other non-industrial enterprises that consume electricity and/or natural gas for their operations.
• Industrial Customers: Large manufacturing facilities, factories, processing plants, data centers, and other industrial operations that require significant amounts of electricity and/or natural gas for their production and operational needs.

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Robert M. Blue, Chair, President and Chief Executive Officer

Robert M. Blue became CEO in October 2020 and Chair in April 2021. He joined Dominion Energy in 2005 and has held various leadership roles, including executive vice president and co-chief operating officer, and president of Dominion Energy Virginia. Prior to joining Dominion Energy, he served as counselor and director of policy for Virginia Governor Mark Warner and as an attorney at Hogan & Hartson. Blue holds a law degree from Yale Law School and an MBA from the University of Virginia's Darden School of Business.

Steven D. Ridge, Executive Vice President and Chief Financial Officer

Steven D. Ridge assumed the role of Chief Financial Officer in November 2022 and was promoted to Executive Vice President in January 2024. He joined Dominion Energy in 2014 and has held leadership positions in mergers and acquisitions, investor relations, corporate strategy, financial management, and operations. Before joining Dominion Energy, Ridge spent nearly a decade in the Energy Investment Banking Group at J.P. Morgan in New York City, where he worked with public and private clients on strategic and financing transactions in the power and natural gas sectors.

Corynne S. Arnett, Executive Vice President and Chief Regulatory and Customer Officer

Corynne S. Arnett joined Dominion Energy in 1997 as a tax professional. She has since held numerous financial management and leadership positions across accounting, tax, and investor relations. She was promoted to Executive Vice President and Chief Regulatory and Customer Officer in January 2024.

Carlos M. Brown, Executive Vice President, Chief Administrative and Projects Officer and Corporate Secretary, and President--Dominion Energy Services

Carlos M. Brown joined Dominion Energy in 2007. He has held various business, operational, legal, and executive roles within the company. Effective June 1, 2025, his role was updated to include oversight of the company's project construction group. He previously served as Executive Vice President, General Counsel and Chief Legal Officer.

Regina J. Elbert, Senior Vice President and Chief Legal and Human Resources Officer

Regina J. Elbert joined Dominion Energy in 2011. Effective June 1, 2025, she will become Senior Vice President and Chief Legal and Human Resources Officer, responsible for the company's law and human resources functions.

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The key risks to Dominion Energy (D) primarily revolve around its substantial capital investment plans, regulatory hurdles, and the evolving dynamics of energy demand and supply.

1. High Debt Burden and Capital Expenditure Challenges: Dominion Energy faces a significant risk due to its substantial debt burden, reported between $43 billion and $46.8 billion. This is exacerbated by its ambitious capital expenditure plans, which are projected to be $50.1 billion from 2025 to 2029. A major component of this includes the Coastal Virginia Offshore Wind (CVOW) project, whose costs have already risen to $10.7 billion, raising concerns about its impact on the company's financial performance. The reliance on debt financing for these large-scale infrastructure investments necessitates prudent debt management to avoid potential financial distress.
2. Regulatory and Legal Scrutiny: The company is subject to considerable regulatory and legal risks. Several law firms have initiated investigations into Dominion Energy concerning potential securities fraud violations related to the disclosures, progress, costs, or expected performance of the CVOW project. Furthermore, there's a risk that state commissions might not allow timely recovery of costs incurred for new projects, including expensive fossil fuel facilities, potentially shifting the financial burden from ratepayers to shareholders. Compliance with evolving environmental regulations, such as the Virginia Clean Economy Act (VCEA) which mandates 100% carbon-free electricity by 2045, also poses a challenge, as meeting this goal might not be viable given the company's current energy mix and surging demand from data centers.
3. Uncertainty in Data Center Demand and Infrastructure Overbuild: While the surge in data center demand, particularly in Northern Virginia, presents a significant revenue opportunity, it also introduces the risk of overbuilding infrastructure for potentially speculative or uncertain demand. Dominion Energy has contracted a substantial amount of power for data centers, but many of these requests are based on preliminary engineering paperwork and lack firm take-or-pay obligations, meaning customers could delay, downsize, or cancel projects with minimal consequences. If this forecasted demand does not materialize, residential ratepayers and/or shareholders could be burdened with the costs of underutilized or uneconomic infrastructure.

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The accelerating adoption of distributed energy resources (DERs) like rooftop solar and battery storage, often bundled and managed by third-party energy-as-a-service providers, poses a clear emerging threat. This trend directly erodes the demand for grid-supplied electricity from Dominion Energy's centralized generation and transmission infrastructure, impacting traditional revenue streams based on volumetric sales. Evidence includes the sustained decline in the cost of solar and battery technology, the increasing rate of residential and commercial installations in many markets, and the proliferation of companies offering comprehensive home energy solutions that bypass the traditional utility relationship.

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Dominion Energy (symbol: D) operates primarily in regulated electric and natural gas utility services across various regions of the United States. Its main products and services include electric generation, transmission, and distribution, as well as natural gas transmission and distribution and storage.

The addressable markets for Dominion Energy's main products and services within the U.S. are as follows:

• Regulated Electric Services (Electric Generation, Transmission, and Distribution): The U.S. electric distribution utility market was valued at approximately $379.1 billion in 2023. This market is projected to grow to about $686.7 billion by 2032, with a compound annual growth rate (CAGR) of 6.7% from 2024 to 2032. Another estimate for the U.S. electricity transmission and distribution market indicated a value of $89.9 billion in 2024, with a projected increase to $110.4 billion by 2032 at a CAGR of 2.7% from 2025 to 2032. The entire U.S. electricity sector generated $491 billion in revenue in 2023. Dominion Energy provides regulated electricity service to approximately 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and is a significant producer of carbon-free electricity in New England.
• Regulated Natural Gas Services (Natural Gas Transmission and Distribution): The U.S. natural gas distribution market was valued at $170.0 billion in 2024 and is expected to reach $186.0 billion by 2032, exhibiting a CAGR of 1.0% between 2025 and 2032. Another report states the U.S. natural gas distribution market size was $174.7 billion in 2024 and is expected to reach $222.5 billion in 2025. The broader U.S. natural gas market is estimated at $458.9 million in 2024, projected to grow to $569.3 million by 2031 with a CAGR of 3.1%. Dominion Energy provides regulated natural gas service to approximately 500,000 customers in South Carolina, and also serves parts of Utah, Idaho, Wyoming, West Virginia, Ohio, Pennsylvania, North Carolina, and Georgia.

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Dominion Energy (D) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Growing Data Center Demand: The increasing demand for electricity from data centers, particularly in Virginia, North Carolina, and South Carolina, is a significant driver of revenue growth. Virginia data centers alone have seen their contribution to Dominion's electricity sales rise, and the company continues to expand its contracted capacity for these energy-intensive facilities.
2. Coastal Virginia Offshore Wind (CVOW) Project: This large-scale renewable energy project is a central component of Dominion's growth strategy. With the first electricity delivery expected in early 2026, the CVOW project is poised to expand the company's rate base and generate stable, regulated returns, positively impacting long-term earnings.
3. Regulated Capital Investments: Dominion Energy plans to invest approximately $50 billion in its system between 2025 and 2029. These substantial capital expenditures are focused on distribution, transmission, and generation infrastructure to meet growing demand and enhance reliability within its service areas. Such regulated investments typically allow the company to earn a return on its expanded asset base, contributing to revenue growth.
4. Customer Growth and Increased Sales: Beyond the specialized demand from data centers, Dominion Energy anticipates continued customer growth in its Virginia and South Carolina service areas, leading to increased electricity sales. This organic growth in its customer base contributes directly to higher revenue.
5. Favorable Rate Case Settlements and Adjustments: Positive outcomes from rate case settlements and regulatory approvals for rate adjustments are expected to contribute to revenue. These adjustments help the company recover costs and earn an authorized return on its investments, offsetting rising capital costs and supporting profitability.

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Share Repurchases

• Dominion Energy completed a buyback program announced in November 2020, repurchasing 2,476,657 shares for $191.75 million by September 30, 2025.
• In September 2020, the company anticipated total share repurchases of at least $3 billion, which included over $500 million in open market repurchases and a $1.5 billion accelerated share repurchase program to be completed by December 2020.
• Quarterly stock buybacks for June 30, 2025, were -$671.00 million, indicating net issuance or other cash flow impacts rather than repurchases for that specific period.

Share Issuance

• As of October 31, 2025, Dominion Energy increased its at-the-market (ATM) equity offering program, authorizing up to $1.8 billion in common stock for sale.
• The ATM program provides flexibility to issue and sell shares and allows for forward sale agreements.
• Over the last decade, Dominion Energy's share count increased by 44%, partly due to the SCANA acquisition, reflecting a strategy to issue shares to support growth and raise capital.

Inbound Investments

• In 2024, Dominion Energy sold a 50% noncontrolling equity interest in its Coastal Virginia Offshore Wind (CVOW) project to the infrastructure investment firm Stonepeak Partners, LLC.

Outbound Investments

• In March 2020, Dominion Energy acquired a 100% stake in Pivotal LNG, a provider of LNG production, delivery, and transportation services.
• In August 2020, the company acquired the Madison Solar generating facility in Orange County, Virginia, from Cypress Creek Renewables.
• Dominion Energy formed Align RNG in November 2018 as an equal partnership with Smithfield Foods, Inc., with three projects under construction and an estimated total cost of approximately $125 million, expected to be in service in 2025 and 2026.

Capital Expenditures

• Dominion Energy's capital expenditures averaged $8.562 billion annually from fiscal years 2020 to 2024, with specific expenditures of $6.331 billion in 2020, $6.061 billion in 2021, $7.758 billion in 2022, $10.235 billion in 2023, and $12.427 billion in 2024.
• The company's updated five-year capital expenditure plan for 2025 through 2029 projects spending of $50.1 billion, an increase from a prior estimate of $43.2 billion. Approximately $12.1 billion is earmarked for 2025.
• The primary focus of these capital expenditures is to upgrade the electric system in Virginia through investments in renewable generation facilities (including the $10.7 billion Coastal Virginia Offshore Wind project), smart meters, intelligent grid devices, and to meet accelerating electricity demand from data centers in Northern Virginia.