Dominion Energy is one of the largest energy producers and distributors in the United States, primarily operating as a state-regulated electric utility. The company serves approximately 6 million customers across 15 states, with a significant focus on Virginia, North Carolina, and South Carolina . Dominion Energy's operations are organized into several segments, including Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy, among others . The company is committed to providing reliable, affordable, and increasingly clean energy, with a strong emphasis on renewable energy sources like solar and offshore wind .
- Dominion Energy Virginia - Manages regulated electric distribution, transmission, and generation, significantly contributing to the company's revenue.
- Dominion Energy South Carolina - Focuses on regulated electric and gas distribution and transmission, playing a crucial role in the company's operations.
- Contracted Energy - Includes nonregulated electric generation, such as renewable natural gas operations, supporting the company's decarbonization efforts.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert M. Blue ExecutiveBoard | Chair, President, and CEO | Edison Electric Institute (Board), Institute of Nuclear Power Operations (Board), Federal Reserve Bank of Richmond (Board), Greater Washington Partnership (Board), Sports Backers (Board), Communities in Schools of Virginia (Board), University of Virginia’s Board of Visitors | Joined Dominion Energy in 2005; became CEO in October 2020; oversees sustainability-focused utilities and major projects like offshore wind. | View Report → |
Vanessa Allen Sutherland ExecutiveBoard | Director | Virginia Symphony Orchestra (Board), Former Board Member of The Woodruff Arts Center | Joined Dominion Energy's Board in December 2023; EVP at Phillips 66; expertise in governance, legal, and public policy. | |
Carlos M. Brown Executive | President of Dominion Energy Services and EVP, Chief Legal Officer, and Corporate Secretary | None | Joined Dominion Energy in 2007; oversees legal, compliance, and corporate governance functions; transitioned to current role in January 2024. | |
Diane Leopold Executive | EVP and COO | Nuclear Electric Insurance Limited (Board), Markel Group (Board), Jamestown-Yorktown Foundation (Board), GROW Capital Jobs Foundation (Board), World Pediatric Project (Board) | Joined Dominion Energy in 1995; oversees operations and major projects; announced retirement effective June 1, 2025, but remains in role until then. | |
Edward H. Baine Executive | President – Utility Operations | None | Joined Dominion Energy in 1995; oversees Dominion Energy Virginia and Dominion Energy South Carolina; effective January 1, 2025, expanded responsibilities include South Carolina operations. | |
Michele L. Cardiff Executive | Senior VP, Controller, and Chief Accounting Officer (CAO) | None | Joined Dominion Energy in 2014; oversees financial reporting and accounting operations; promoted to Senior VP in October 2020. | |
P. Rodney Blevins Executive | President – Gas Distribution | None | Joined Dominion Energy in 2014; previously served as President of Dominion Energy South Carolina; currently oversees gas distribution operations. | |
Steven D. Ridge Executive | EVP and CFO | None | Recently appointed as CFO; no additional details provided in the documents. | |
W. Keller Kissam Executive | President – Dominion Energy South Carolina | None | Joined Dominion Energy in 1997; oversees electric utility operations in South Carolina; previously held leadership roles in generation, transmission, and distribution. | |
Joseph M. Rigby Board | Director | South Jersey Industries (Non-Executive Chairman) | Joined Dominion Energy's Board in 2017; former CEO of Pepco Holdings; extensive utility industry expertise and corporate governance experience. | |
Kristin G. Lovejoy Board | Director | Radiant Logic (Director), Columbia University Center for Technology Management (Mentor) | Joined Dominion Energy's Board in 2022; cybersecurity expert with leadership roles at Kyndryl, Ernst & Young, and IBM. | |
Robert H. Spilman, Jr. Board | Independent Lead Director | Bassett Furniture Industries (Chairman, President, and CEO), Virginia Foundation for Independent Colleges (Board) | Joined Dominion Energy's Board in 2009; expertise in brand management, corporate governance, and consumer markets; Lead Director since 2020. | |
Susan N. Story Board | Director | Carrier Global Corporation (Board), Newmont Corporation (Board) | Joined Dominion Energy's Board in 2017; former CEO of American Water Works; expertise in sustainability and corporate governance; set to become Lead Independent Director in May 2024. |
- Given the preliminary estimate of storm restoration costs in South Carolina ranging from $100 million to $200 million, how confident are you in securing securitization for these deferred costs, and what impact could this have on your financials and customer rates?
- With the acquisition of an additional offshore wind lease from Avangrid for approximately 800 megawatts and no set time lines or cost estimates, how do you plan to manage potential capital expenditures and risks while maintaining your focus on balance sheet conservatism and a low-risk profile?
- Considering the significant projected load growth and power demand expected to double by 2039, why does your integrated resource plan rely on PJM imports instead of adding more generation capacity, and are there concerns about depending heavily on external sources given political sensitivities to new gas projects in the state?
- In your discussions with Amazon and other potential partners regarding small modular reactors, how will you mitigate first-of-a-kind risks and cost overruns to protect customers and shareholders, and can you provide more clarity on the proposed funding structures?
- Despite acknowledging tailwinds such as strong load growth and opportunities to deploy capital, why haven't you updated your earnings growth or rate base growth guidance, and how do you balance potential growth opportunities with your commitment to delivering consistent, predictable, low-risk earnings?
Research analysts who have asked questions during DOMINION ENERGY earnings calls.
Jeremy Tonet
JPMorgan Chase & Co.
4 questions for D
Nicholas Campanella
Barclays
4 questions for D
Anthony Crowdell
Mizuho Financial Group
3 questions for D
Carly Davenport
Goldman Sachs
3 questions for D
David Arcaro
Morgan Stanley
2 questions for D
Shahriar Pourreza
Guggenheim Partners
2 questions for D
David Paz
Wolfe Research, LLC
1 question for D
Durgesh Chopra
Evercore ISI
1 question for D
James Kennedy
Marathon Microfinder
1 question for D
Ross Fowler
Bank of America
1 question for D
Steven Fleishman
Wolfe Research
1 question for D
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Kitty Hawk North Wind Lease (CVOW-South) | 2024 | Deal Value: Acquired for approximately $160 million ($117M for the lease and $43M for development cost reimbursement). Strategic Rationale: Supports Dominion Energy’s goal to meet growing demand in Virginia, aligns with the Virginia Clean Economy Act, and leverages expertise from the CVOW project. Also, the lease covers 40,000 acres located 27 miles off North Carolina with an 800 MW potential. |
Foxhound Solar Development Project | 2024 | Deal Value: The project cost is $205 million including acquisition costs. Business Fit and Capabilities: Located in Virginia, this 83 MW solar project is set to begin commercial operations in April 2024, and Dominion Energy expects to benefit through production tax credits. |
Recent press releases and 8-K filings for D.
- On September 29, 2025, Dominion Energy entered into an underwriting agreement with BofA Securities, J.P. Morgan and Truist as representatives to sell $625 million of 2025 Series A and $625 million of 2025 Series B junior subordinated notes due 2056.
- The new Series A and Series B notes will form a single series with the company’s existing $825 million Series A and $700 million Series B junior subordinated notes issued August 6, 2025.
- The notes are registered under Rule 415 of the Securities Act via a Form S-3 effective February 21, 2023, and will be issued under the Nineteenth and Twentieth Supplemental Indentures to the June 1, 2006 Subordinated Indenture II.
- Dominion Energy filed two supplemental indentures to issue $825 million 2025 Series A and $700 million 2025 Series B junior subordinated notes due February 15, 2056.
- Series A pays 6.000% fixed interest until February 15, 2031; Series B pays 6.200% until February 15, 2036; thereafter both reset semi-annually to the 5-year U.S. Treasury rate plus a spread (floored at the original rate).
- Notes priced at 100% to the public, with underwriters purchasing at 99%, and settled on August 6, 2025.
- Redemption features include par calls beginning 90 days before the first reset date, tax-event calls at 100%, and rating-agency-event calls at 102% of principal.
- The 8-K includes the underwriting agreement, legal opinion from Troutman Pepper Locke LLP and federal tax opinion from McGuireWoods LLP.
- Dominion supplies power to data centers in Loudoun County, Virginia, which handle 70% of global internet traffic, and Amazon invested $52 billion (2011–21) with $35 billion more to 2040 in the region.
- The company logged 9 of its 10 highest peak electricity-demand days this year in Virginia, underscoring surging data-center load.
- Recent earnings affirmed its dividend, full-year outlook, and creditworthiness, supporting the 4.5% yield.
- The stock is breaking above $60–61 resistance on a 50/200-day moving average golden cross, with a September rate-case decision as the next catalyst.
- A $50 pivot level is recommended for risk management, with below-pivot breaks signaling a reassessment.
- Recorded Q2 operating EPS of $0.75 and GAAP EPS of $0.88; reaffirmed 2025 operating EPS guidance of $3.28–3.52 (midpoint $3.40).
- Coastal Virginia Offshore Wind is 60% complete, with first power delivery targeted for early 2026 and full project completion later in 2026; 76% of monopiles and 84% of transition pieces fabricated or installed.
- De-risked installation operations via the Jones Act vessel Charybdis (sea trials in August) and set a monthly monopile installation record; total project budget unchanged at $10.9 billion with $222 million contingency.
- Advanced regulatory milestones: hearing for the 1 GW Chesterfield gas plant set for September 23, and NRC approved a 20-year license extension for VC Summer Nuclear Station through 2062.
- NRC approved a 20-year extension of the V.C. Summer operating license, allowing the 966-MW unit to run through 2062 (originally licensed 1982–2022, first renewed to 2042).
- The three-loop Westinghouse PWR supplies carbon-free power capable of powering approx. 242,000 homes, bolstering Dominion’s clean-energy strategy.
- Dominion has maintained a 43-year streak of consecutive dividend payments, supported in part by its nuclear fleet including V.C. Summer.
- This renewal follows similar approvals for the Surry and North Anna stations and precedes a planned renewal for Millstone in Connecticut, underscoring a broader nuclear extension strategy.
- At announcement, Dominion’s shares traded around $56.45–$56.47 with a market capitalization of $48.17 billion.
- Q1 Earnings: Dominion Energy reported unaudited Q1 2025 results with GAAP earnings of $0.75 per share and non-GAAP EPS of $0.93 per share, compared to Q1 2024 figures of $0.50 and $0.55 per share respectively .
- Operating Guidance & Dividend: The company reaffirmed its full-year operating EPS guidance range of $3.28–$3.52 per share (midpoint $3.40) and declared a $2.67 dividend per share .
- Coastal Virginia Offshore Wind: The CVOW project is 55% complete, on track to deliver first electricity in early 2026 and achieve full completion by the end of 2026, supporting nearly 3GW of grid capacity .
- Tariff Exposure: Q1 actual tariff costs were $4 million, with potential increases to $120 million in Q2 and an estimated cumulative impact of $500 million by 2026 under current policies .
- Operational Boost: Q1 results were bolstered by favorable weather and RNG income impacts .
- Strategic Investments: Announced a $50B capital investment plan with updates on fixed income and common equity capital raising activities .
- Regulatory & Filings: Dominion Energy Virginia filed for its first base rate increase since 1992, with detailed earnings tables available via the 8‑K filing on May 1, 2025 .
- Dominion Energy, Inc. and its subsidiaries entered into a $7,000,000,000 Sixth Amended and Restated Revolving Credit Agreement on April 8, 2025, involving multiple lenders such as JPMorgan Chase, Mizuho Bank, Bank of America, The Bank of Nova Scotia, and Wells Fargo.
- The company also executed a Third Amendment to its Sustainability Revolving Credit Agreement, extending its maturity to April 2028 and increasing the commitment to $1,000,000,000.
- Dominion Energy, Inc. filed an 8-K announcing a debt issuance transaction offering up to $800 million in Series A 5.00% Senior Notes due 2030 and $700 million in Series B 5.45% Senior Notes due 2035.
- The report details that the offering is structured under a Registration Statement on Form S-3, with comprehensive underwriting agreements and supplemental indentures outlining pricing, coupon rates, interest payment dates, and maturity terms.