Dominion Energy D

Dominion Energy provides regulated electric utility service to approximately 4.1 million customers in Virginia, North Carolina and South Carolina. The company also operates long-term contracted electric generation operations and maintains a portfolio of assets including 30.3 GW of electric generating capacity, 10,600 miles of electric transmission lines and 79,700 miles of electric distribution lines as of December 31, 2024. Dominion Energy focuses on expanding and improving its regulated electric utilities while advancing a cleaner energy future through investments in renewable generation, grid transformation and nuclear license extensions.

Dominion Energy generates revenue primarily through regulated electric utility operations in Virginia, North Carolina and South Carolina, which are expected to contribute approximately 90% of earnings. The company also earns revenue from nonregulated long-term contracted electric generation operations, including the Millstone nuclear power station and renewable energy projects. Revenue is derived from electricity sales to retail, commercial, industrial and governmental customers, as well as wholesale electricity markets and long-term power purchase agreements.

The company operates through the following segments: Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy.

• Dominion Energy Virginia: This segment is composed of Virginia Power’s regulated electric transmission, distribution and generation operations, serving approximately 2.8 million residential, commercial, industrial and governmental customers in Virginia and North Carolina. The segment’s capital plan for 2025 through 2029 includes approximately $41 billion in investments for new generation capacity, grid transformation and transmission and distribution resiliency. Key initiatives include the CVOW Commercial Project, which is expected to be placed in service by the end of 2026, and license extensions for nuclear facilities at Surry and North Anna.
• Dominion Energy South Carolina: This segment comprises DESC’s generation, transmission and distribution of electricity to approximately 0.8 million customers and natural gas distribution to approximately 0.5 million customers in South Carolina. The segment’s capital plan for 2025 through 2029 includes approximately $6 billion for infrastructure upgrades to meet growing energy needs and maintain reliability. DESC is developing projects such as a new natural gas-fired combustion turbine unit at Urquhart and a wastewater treatment facility at the Williams facility.
• Contracted Energy: This segment includes the operations of Millstone, associated energy marketing and price risk activities, and Dominion Energy’s nonregulated long-term contracted renewable electric generation fleet. The segment also includes nonregulated renewable natural gas projects under development, including the Align RNG investment. Contracted Energy’s capital plan for 2025 through 2029 includes approximately $2 billion to support Millstone operations and develop renewable natural gas projects.

Dominion Energy is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. The company competes in regulated markets where utilities typically operate as monopolies in their service territories, with competition limited to transmission development and wholesale generation. Competitive advantages include its scale, regulated rate recovery mechanisms and investments in zero-carbon generation and grid modernization.

Dominion Energy serves approximately 4.1 million primarily electric utility customers in Virginia, North Carolina and South Carolina. The company’s retail customers include residential, commercial, industrial and governmental entities. Virginia Power sells electricity at wholesale prices to rural electric cooperatives, municipalities and into wholesale electricity markets.