DOMINION ENERGY, INC (D)

Dominion Energy, headquartered in Richmond, Virginia and incorporated in Virginia in 1983, is an energy company serving approximately 4.1 million primarily electric utility customers in Virginia, North Carolina and South Carolina. At December 31, 2025, its assets included approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines. It describes itself as 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 is focused on expanding its regulated electric utilities and long-term contracted businesses, and expects about 95% of earnings to come from state-regulated utility operations. Following a business review concluded in March 2024, it sold its regulated gas distribution operations other than those of DESC to Enbridge and sold its remaining 50% interest in Cove Point to BHE.

Dominion Energy manages its operations through three primary segments: Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy, plus a Corporate and Other segment. Dominion Energy Virginia comprises Virginia Power's regulated electric transmission, distribution and generation operations. Virginia Power is a wholly-owned subsidiary, incorporated in 1909, that does business as Dominion Energy Virginia and Dominion Energy North Carolina. Nonregulated operations consist primarily of long-term contracted electric generation. Planned capital expenditures are about $65 billion for 2026 through 2030, covering zero-carbon and renewable generation, utility-scale solar, the CVOW Commercial Project offshore wind, grid transformation, generation reliability and transmission and distribution resiliency. About $55 billion of that is in Dominion Energy Virginia. The company has received license extensions for its nuclear stations in Virginia and South Carolina and intends to seek extensions for Millstone.

Dominion Energy Virginia serves approximately 2.8 million residential, commercial, high load (including certain data centers), industrial and governmental customers in Virginia and North Carolina. Virginia Power also sells and transmits electricity at wholesale to rural electric cooperatives, municipalities and wholesale markets. Data centers, concentrated mainly in Loudoun County, Virginia, accounted for 28% of Virginia Power's electricity sales in 2025 and are driving demand growth. PJM projects 5.4% average annual peak load growth over ten years for its DOM Zone. About 80% of Virginia Power's revenue comes from Virginia jurisdictional customers.

Revenue from distribution and generation is based mainly on rates set by the Virginia and North Carolina Commissions, while transmission rates are approved by FERC. Virginia Power is a member of the PJM regional transmission organization. There is no competition for electric distribution in its territory. Non-incumbent transmission owners can compete to build certain transmission facilities under Order 1000, and there is limited competition for generation serving larger Virginia customers. Dominion Energy had approximately 15,200 full-time employees at year-end 2025, about 3,400 of them covered by collective bargaining agreements. DESC is a separate SEC registrant that files its own Form 10-K.