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1. The Duke Energy of Virginia and the Carolinas, supplying both electricity and natural gas.

2. Think of it as a large, integrated utility like Southern Company, but operating in the mid-Atlantic.

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• Electricity Generation, Transmission, and Distribution: Provides regulated electricity services to residential, commercial, industrial, and governmental customers in specific regions.
• Natural Gas Distribution and Sales: Delivers regulated natural gas services, including gathering, storage, transportation, and sales, to various customer segments.
• Renewable Natural Gas Distribution: Distributes non-regulated renewable natural gas to customers.
• Wholesale Electricity Sales: Sells electricity in bulk to rural electric cooperatives, municipalities, and into wholesale electricity markets.
• Energy Marketing and Risk Management: Engages in marketing energy and managing associated price risks for its assets.

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Dominion Energy (D) sells electricity and natural gas primarily to a wide range of end-users and organizations directly. With approximately 7 million customers, it does not sell primarily to a few major public companies. Instead, its major customer categories include:

• Residential customers: Individuals and households consuming electricity and natural gas for personal use.
• Commercial customers: Various businesses, small and large, using energy for their operations.
• Industrial customers: Large-scale manufacturing, processing, and other industrial facilities requiring significant energy for production.

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Dominion Energy Management Team

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

Robert M. Blue serves as the Chair, President, and Chief Executive Officer of Dominion Energy. He assumed the role of CEO and President in October 2020 and became Chair of the Board in April 2021. Blue joined Dominion Energy in 2005, and prior to his current role, he served as the company's executive vice president and co-chief operating officer, as well as president of Dominion Energy Virginia. His earlier roles at Dominion Energy include vice president-State and Federal Affairs; senior vice president–Public Policy and Corporate Communications; and senior vice president–Regulation, Law, Energy Solutions, & Policy. Before joining Dominion Energy, Blue was counselor to the Governor and director of policy for Virginia Governor Mark Warner and worked as an attorney at Hogan & Hartson.

Steven D. Ridge
Senior Vice President and Chief Financial Officer

Steven D. Ridge is the Senior Vice President and Chief Financial Officer of Dominion Energy, a position he assumed in November 2022. In this role, he is responsible for corporate and financial planning, investor relations, accounting, tax, treasury, mergers and acquisitions, and asset management. Before becoming CFO, Ridge was vice president and general manager–Western Distribution, overseeing the company's western gas distribution operations. He also held the position of vice president–Investor Relations. Prior to joining Dominion Energy in 2014, Ridge spent nearly a decade at J.P. Morgan in New York City, where he worked in the Energy Investment Banking Group, progressing from Analyst to Executive Director. During his time at J.P. Morgan, he advised public and private clients in the power and natural gas sectors on strategic and financing transactions.

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

Carlos M. Brown holds multiple leadership roles, including Executive Vice President, Chief Administrative and Projects Officer, and Corporate Secretary, as well as President of Dominion Energy Services. He also oversees the Project Construction group. Brown joined Dominion Energy in 2007 and has held various business, operational, and legal positions within the company.

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

Regina J. Elbert serves as Senior Vice President and Chief Legal and Human Resources Officer, overseeing both the company's law and human resources functions. Elbert joined Dominion Energy in 2011 and has led in HR, Governance, and the Law Department.

Edward H. Baine
President-Utility Operations

Edward H. Baine is the President of Utility Operations. In this role, he extends his oversight to include the company's utilities across Virginia, North Carolina, and South Carolina.

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Dominion Energy (D) faces several key risks inherent to its business, primarily stemming from the highly regulated nature of the energy sector, its substantial capital expenditure plans, and the evolving climate and environmental landscape.

1. Legal, Regulatory, and Climate Transition Risks: As a major energy producer and distributor, Dominion Energy operates under stringent environmental regulations and is significantly impacted by climate change policies. The company has committed to achieving Net Zero carbon and methane emissions by 2050, which necessitates substantial investments in clean energy technologies and infrastructure. This transition exposes the company to risks associated with increased regulatory scrutiny, potential changes in environmental standards, and the need for significant capital to comply with evolving regulations. Political shifts and regulatory decisions can directly affect project approvals, cost recovery mechanisms, and overall profitability.
2. Project Execution and Cost Overruns for Major Capital Projects: Dominion Energy is undertaking massive capital investment plans, most notably the Coastal Virginia Offshore Wind (CVOW) project. Such large-scale infrastructure projects carry inherent risks of cost overruns, construction delays, and unforeseen technical challenges. For instance, the CVOW project has already seen increased cost estimates, and the company faces risks if costs exceed certain thresholds. Delays or financial setbacks in these critical projects can significantly impact the company's financial performance, credit ratings, and ability to meet strategic growth targets.
3. High Debt Levels and Funding of Capital Expenditures: Dominion Energy's ambitious capital expenditure program, projected to be tens of billions over the next few years, requires significant external funding. This reliance on debt and other financing methods exposes the company to interest rate fluctuations and capital market risks. Concerns have been raised regarding its debt-to-EBITDA ratio and negative free cash flow, which can affect its financial flexibility and the sustainability of its dividend. The ability to access capital at attractive rates is crucial for funding its investments and maintaining financial health.

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• The widespread adoption of decentralized and distributed energy resources (DERs) such as rooftop solar panels, battery storage systems, and community microgrids directly threatens Dominion Energy's traditional electricity sales volume by enabling customers to generate and store their own power, reducing reliance on the central grid.
• Accelerating governmental and societal pushes towards electrification and decarbonization, including policies to reduce or eliminate natural gas use in buildings (e.g., through mandates for electric heating and appliances), pose a significant threat to the demand for natural gas distributed by Dominion Energy's Gas Distribution and Dominion Energy South Carolina segments.

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Dominion Energy, Inc. operates in various energy markets, primarily focusing on regulated electricity and natural gas distribution. The addressable markets for its main products and services are sized as follows:

• Regulated Electricity Distribution, Transmission, and Generation (Virginia): The total retail electricity sales market in Virginia was approximately $14.66 billion in 2024. This figure is derived from the state's total retail electricity sales of 138,044,772 megawatt-hours (MWh) and an average retail price of 10.62 cents per kilowatt-hour (kWh) in 2024.
• Regulated Electricity Distribution, Transmission, and Generation (North Carolina): The total retail electricity sales market in North Carolina was approximately $15.95 billion in 2024. This is based on total retail sales of 136,904,526 MWh and an average retail price of 11.65 cents per kWh in the same year.
• Regulated Electricity Distribution, Transmission, and Generation (South Carolina): The total retail electricity sales market in South Carolina was approximately $9.15 billion in 2024. This calculation uses the state's total retail sales of 83,961,428 MWh and an average retail price of 10.90 cents per kWh in 2024.
• Regulated Natural Gas Distribution and Sales (South Carolina): The total natural gas sales market in South Carolina was approximately $1.96 billion in 2024. This market size is an aggregation of sales revenue across various sectors for 2024: residential ($564.31 million from 33,367 million cubic feet at $16.91/Mcf), commercial ($280.68 million from 26,402 million cubic feet at $10.63/Mcf), industrial ($464.75 million from 95,257 million cubic feet at $4.88/Mcf), and electric power ($651.98 million from 176,210 million cubic feet at $3.70/Mcf).
• Regulated Natural Gas Distribution and Sales (Virginia): null
• Non-regulated Renewable Natural Gas (North America): The addressable market for Renewable Natural Gas (RNG) in North America was approximately $6.56 billion in 2024. This represents 45% of the estimated global RNG market, which was between $14.0 billion and $15.17 billion in 2024.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Dominion Energy has not engaged in significant share repurchase programs, with reported quarterly buyback amounts being negligible, indicating this is not a primary capital allocation strategy.

Share Issuance

• The company issued approximately $1.0 billion in common equity in 2025, primarily through Dividend Reinvestment Plan (DRIP) and At-The-Market (ATM) programs.
• Share issuances are projected to be around $1.2 billion for 2026-2027, then decreasing to approximately $600 million per year.
• Shares outstanding have consistently increased, with 0.855 billion in 2025, a 1.89% increase from 2024, reflecting ongoing equity issuance to support growth.

Inbound Investments

• Dominion Energy closed a transaction in October 2024 to sell a 50% noncontrolling equity interest in its Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak Partners, LLC.
• This transaction provided Dominion Energy with proceeds of $2.6 billion, representing reimbursement for about 50% of project-to-date capital investment, with Stonepeak also funding 50% of the remaining project costs.

Outbound Investments

• In March and May 2024, Dominion Energy completed the sale of its regulated gas distribution operations (East Ohio Gas Company, Questar Gas Company, and Wexpro Company) to Enbridge.
• The East Ohio transaction generated $4.3 billion in cash and included the assumption of approximately $2.3 billion in related long-term debt by Enbridge.
• The company also sold its remaining 50% noncontrolling partnership interest in Cove Point to BHE (Berkshire Hathaway Energy) in September 2023.

Capital Expenditures

• Dominion Energy's capital expenditures averaged $9.827 billion annually from 2021 to 2025, reaching a peak of $12.653 billion in 2025.
• The company has a substantially increased five-year capital investment plan of approximately $65 billion for 2026-2030, a 30% increase from previous estimates.
• The primary focus of these expenditures is on meeting surging electricity demand from data centers in Virginia, alongside investments in zero-carbon and renewable generation (including the $11.5 billion Coastal Virginia Offshore Wind project), grid transformation, and transmission and distribution infrastructure.