Dominion Energy Virginia

Dominion Energy South Carolina

Contracted Energy

Corporate and Other

Adjustments & Eliminations

Regulated Electric Sales

- Residential

- Commercial

- Industrial

- Government and Other Retail

- Wholesale

Nonregulated Electric Sales

Regulated Gas Sales

- Other

Regulated Gas Transportation and Storage

Other Regulated Revenue

Other Nonregulated Revenues

Total Operating Revenue from Contracts

Other Revenues

Total Operating Revenue

c146e3ff9bf1f6cb65a8ac3f049371fe0998f16b8a1b50c484743c40da20ed38

Current Assets (USD, millions)

Cash and Cash Equivalents (USD, millions)

Accounts Receivable (USD, millions)

Inventory (USD, millions)

Non-Current Assets (USD, millions)

Property, Plant, and Equipment (PP&E) (USD, millions)

Goodwill (USD, millions)

Intangible Assets (USD, millions)

Current Liabilities (USD, millions)

Accounts Payable (USD, millions)

Short-term Debt (USD, millions)

Accrued Expenses (USD, millions)

Non-Current Liabilities (USD, millions)

Long-term Debt (USD, millions)

Lease Liabilities (USD, millions)

Deferred Tax Liabilities (USD, millions)

Shareholders' Equity (USD, millions)

Retained Earnings (USD, millions)

Common Stock (USD, millions)

Additional Paid-in Capital (USD, millions)

362a794ba0db05d7744d31d7bb6ef81d4ab2ca05d03b5d70f583646a9829b61e

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 **[0001193125-24-075247_d608313ddef14a.htm:3]**. Dominion Energy's operations are organized into several segments, including Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy, among others **[0000950170-24-119871_d-20240930.htm:85]**. 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 **[0001193125-24-075247_d608313ddef14a.htm:115]** **[0001193125-24-075247_d608313ddef14a.htm:3]**.

1. **Dominion Energy Virginia** - Manages regulated electric distribution, transmission, and generation, significantly contributing to the company's revenue.
2. **Dominion Energy South Carolina** - Focuses on regulated electric and gas distribution and transmission, playing a crucial role in the company's operations.
3. **Contracted Energy** - Includes nonregulated electric generation, such as renewable natural gas operations, supporting the company's decarbonization efforts.

d0600d3265fe823be10df384b2182cbfd1092434cc0cbf013b2b5482aaf9f8e9

Generating capacity for Brunswick County (MW)

Generating capacity for Greensville County (MW)

Generating capacity for CVOW Pilot Project (MW)

Generating capacity for CVOW Commercial Project (GW)

Length of Atlantic Coast Pipeline Project (mile)

bf5631ff1d05ba5ba7c80d2953d5bf9cf356fbc2d0a00a874dde75a1d71752c4

1. 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?  **[D_3405480_3]** **[D_3405480_13]** 
2. 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?  **[D_3405480_7]** **[D_3405480_6]** 
3. 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?  **[D_3405480_9]** 
4. 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?  **[D_3405480_8]** 
5. 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?  **[D_3405480_18]** **[D_3405480_6]** 

14b5b38d79f5d261d280b8386c7ab1ebcdb3dfb9eee4aca28f848a886b335506

### Q3 2024 Earnings Call
- **Issued Period:** Q3 2024
- **Guided Period:** FY 2024 and FY 2025
- **Guidance:**
  1. **Full Year 2024 Earnings Guidance:** Narrowed to **$2.68 to $2.83 per share**, with a midpoint of **$2.75**  **[D_3405480_1]** .
  2. **2025 Operating Earnings Guidance:** Reaffirmed at **$3.25 to $3.54 per share**, including approximately **$0.10 of RNG 45Z credit income**, with a midpoint of **$3.40**  **[D_3405480_1]** .
  3. **Operating Earnings Annual Growth Rate:** Forecasted at **5% to 7%** through 2029, based on a 2025 midpoint of **$3.30**, excluding RNG 45Z credits  **[D_3405480_1]** .
  4. **Capital Investment Forecast Update:** Planned for the fourth-quarter earnings call in early 2025  **[D_3405480_1]** .

### Q2 2024 Earnings Call
- **Issued Period:** Q2 2024
- **Guided Period:** FY 2024 and FY 2025
- **Guidance:**
  1. **2024 Operating Earnings Per Share (EPS):** Expected between **$2.62 and $2.87**, with a midpoint of **$2.75**  **[D_3395675_1]** .
  2. **2025 Operating Earnings Per Share (EPS):** Expected between **$3.25 and $3.54**, including **$0.10 of RNG 45 credit income**, with a midpoint of **$3.40**  **[D_3395675_1]** .
  3. **Operating Earnings Annual Growth Rate:** Forecasted at **5% to 7%** through 2029, based on a midpoint of **$3.30**, excluding RNG 45 credits  **[D_3395675_1]** .
  4. **Debt Reduction Initiatives:** Announced transactions representing approximately **$21 billion** of debt reduction, with 72% of the target achieved  **[D_3395675_2]** .
  5. **Offshore Wind Project:** CVOW project on time and on budget  **[D_3395675_4]** .
  6. **Safety Performance:** OSHA injury recordable rate of **0.38** for the first half of the year  **[D_3395675_4]** .

### Q1 2024 Earnings Call
- **Issued Period:** Q1 2024
- **Guided Period:** FY 2024 and FY 2025
- **Guidance:**
  1. **2024 Operating Earnings Per Share (EPS):** Expected between **$2.62 and $2.87**, with a midpoint of **$2.75**  **[D_3382140_1]** .
  2. **2025 Operating Earnings Per Share (EPS):** Expected between **$3.25 and $3.54**, including RNG 45Z credits, with a midpoint of **$3.40**  **[D_3382140_1]** .
  3. **Operating Earnings Annual Growth Rate:** Forecasted at **5% to 7%** through 2029, based on a midpoint of **$3.30**, excluding RNG 45Z credits  **[D_3382140_1]** .
  4. **Debt Reduction:** Achieved 53% of the targeted debt reduction, representing over **$11 billion**  **[D_3382140_1]** .
  5. **Capital Plan and Investment:** Growth rate expectation of **4.5% to 5.5%** for 2024  **[D_3382140_6]** .
  6. **Offshore Wind Project:** On time and on budget, with an LCOE of **$73 per megawatt hour**  **[D_3382140_4]** .
  7. **Financing Plans for 2024:** Issuance of **$600 million to $800 million** of common equity and **$700 million to $1.5 billion** of hybrid securities  **[D_3382140_2]** .

### Q4 2023 Earnings Call
- **Issued Period:** Q4 2023
- **Guided Period:** FY 2025
- **Guidance:**
  - No specific guidance metrics for 2024 or beyond were provided. The company planned to provide a comprehensive strategic and financial update at their investor meeting scheduled for March 1, 2024  **[D_3374575_11]** **[D_3374575_7]** .

04deaeaf12aeb972993d2781b91ff6fb767b9afa8c64e8a5684f1aacfb8d65b0

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD, Units]

Earnings Per Share (EPS) - Diluted [USD, Units]

f3a086b3ee631b53e9ffa6becd0bbdf1bce0b152e29756b0b132da988d42dab5

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

c940dc88cfa6f273c3f1a893d82055f8505dde9acb7a06364b14d7765189e912

**Annual guidance for FY 2024:**
- **Operating Earnings Per Share**: $2.68–$2.83  **[D_3405480_1]**  (no change from $2.62–$2.87  **[D_3395675_1]** )

**Annual guidance for FY 2025:**
- **Operating Earnings Per Share**: $3.25–$3.54  **[D_3405480_1]**  (no change from $3.25–$3.54  **[D_3395675_1]** )  
- **Operating Earnings Annual Growth Rate**: 5%–7%  **[D_3405480_1]**  (no change from 5%–7%  **[D_3395675_1]** )

cc86bcd26f4fb1cf4cc623aa23c97eb0ee35ea1fead5504025dc6d49df2ebc83

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name             | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                 |
|------------------|--------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Robert M. Blue   | Chair, President, and Chief Executive Officer                            | October 2020        | Robert M. Blue has served as Chair of the Board since April 2021 and as President and CEO since October 2020. He joined Dominion Energy in 2005 and has held various senior roles  **[0001193125-24-075247_d608313ddef14a.htm:12]** **[0001308179-23-000385_d4088221-def14a.htm:13]** **[0001308179-23-000159_d4088221-prer14a.htm:13]** .              |
| Steven D. Ridge  | Executive Vice President and Chief Financial Officer                     | November 24, 2022   | Steven D. Ridge was appointed as Executive Vice President and CFO effective November 24, 2022. Previously, he was Vice President and General Manager of Western Distribution  **[0001308179-23-000385_d4088221-def14a.htm:46]** .                        |
| Diane Leopold    | Executive Vice President, Chief Operating Officer, and President – Contracted Energy | Until January 1, 2025 | Diane Leopold announced her intent to retire effective June 1, 2025, and will transition from her role on January 1, 2025. She will remain with the company to support the transition  **[0001193125-24-268909_d903816d8k.htm:1]** .                |
| Carlos M. Brown  | President – Dominion Energy Services and Executive Vice President, Chief Legal Officer and Corporate Secretary | January 1, 2024     | Carlos M. Brown was promoted to his current position effective January 1, 2024  **[0001193125-24-075247_d608313ddef14a.htm:41]** .                                                                                                                      |
| Edward H. Baine  | President – Dominion Energy Virginia                                     | N/A                 | Edward H. Baine serves as President – Dominion Energy Virginia. He has been with Dominion Energy for several years, but a specific start date is not provided  **[0001193125-24-132515_d768692dsctoi.htm:1]** **[0001193125-24-244184_d846068dex101.htm:114]** .                                      |
| Edward H. Baine  | President – Utility Operations and Dominion Energy Virginia               | January 1, 2025     | Edward H. Baine will assume the role of President – Utility Operations and Dominion Energy Virginia effective January 1, 2025  **[0001193125-24-268909_d903816d8k.htm:1]** .                                                                        |
| Eric S. Carr     | Chief Nuclear Officer and President – Nuclear Operations and Contracted Energy | January 1, 2025     | Eric S. Carr will assume his new role effective January 1, 2025. He previously served as Chief Nuclear Officer and President – Nuclear Operations  **[0001193125-24-268909_d903816d8k.htm:1]** .                                                    |
| Regina J. Elbert | Senior Vice President and Chief Human Resources Officer                  | N/A                 | Regina J. Elbert serves as Senior Vice President and Chief Human Resources Officer. She has signed various company documents, but her start date in this role is not specified  **[0001193125-24-268909_d903816d8k.htm:1]** **[0000950170-24-075532_domhrl_401k_2023.htm:14]** **[0000950170-24-075536_domsal_401k_2023.htm:12]** **[0000950170-24-075534_domeog_401k_2023.htm:13]** **[0000950170-24-075537_domtra_401k_2023.htm:12]** **[0000950170-23-028179_hourly_401k_2022.htm:15]** **[0000950170-23-028182_domsal_401k_2022.htm:14]** . |
| Daniel G. Stoddard| Former Senior Vice President, Chief Nuclear Officer, and President – Contracted Assets | Retired August 1, 2023 | Daniel G. Stoddard transitioned to Senior Vice President and President – Contracted Assets on July 1, 2023, and retired on August 1, 2023  **[0001193125-24-075247_d608313ddef14a.htm:41]** .                                                            |

bdb1d7e8a42c25514d71b7e0f992888c16d34d1957aa07580822cc0b7a320bb2

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | November 2020  **[0000950170-24-119871_d-20240930.htm:72]** **[0000950170-24-119871_d-20240930.htm:119]**  |
| End Date/Duration        | No expiration date  **[0000950170-24-119871_d-20240930.htm:72]** **[0000950170-24-119871_d-20240930.htm:119]**  |
| Total additional amount  | **$1.0 billion**  **[0000950170-24-119871_d-20240930.htm:72]** **[0000950170-24-119871_d-20240930.htm:119]**  |
| Remaining authorization amount | **$0.9 billion**  **[0000950170-24-119871_d-20240930.htm:72]** **[0000950170-24-119871_d-20240930.htm:119]**  |
| Details                  | No shares repurchased during the nine months ended September 30, 2024, except for shares tendered by employees for tax withholding on vested restricted stock  **[0000950170-24-119871_d-20240930.htm:72]** **[0000950170-24-119871_d-20240930.htm:119]**  |

9fa75aecc4e1d2e77a1451a09382b62fa80c0bbb5701535003b815694c457141

Total Revenue

414483d89f078cd8d4fcab7a4e84802e810a8957d2d39c519bf0ee6ace206920

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 1988  **[0000950170-24-019110_d-20231231.htm:132]**    | Present  | Current auditor   |

999e998949a76887680ebdc0d8e5e2697d19963f3667ab537c408dda0f7e0557

Current Assets [USD, Millions]

Cash and Cash Equivalents [USD, Millions]

Accounts Receivable [USD, Millions]

Inventory [USD, Millions]

Non-Current Assets [USD, Millions]

Property, Plant, and Equipment (PP&E) [USD, Millions]

Goodwill [USD, Millions]

Intangible Assets [USD, Millions]

Current Liabilities [USD, Millions]

Accounts Payable [USD, Millions]

Short-term Debt [USD, Millions]

Accrued Expenses [USD, Millions]

Non-Current Liabilities [USD, Millions]

Long-term Debt [USD, Millions]

Lease Liabilities [USD, Millions]

Deferred Tax Liabilities [USD, Millions]

Shareholders' Equity [USD, Millions]

Retained Earnings [USD, Millions]

Common Stock [USD, Millions]

Additional Paid-in Capital [USD, Millions]

acbe5ba5d8a8c7ff93e629a0fbe2939a062a6646c9bc84884b9eea40dc4e5109

| Year  | Amount Due (Millions) | Debt Type                              | Interest Rate (%) | % of Total Debt                     |
|-------|------------------------|----------------------------------------|-------------------|--------------------------------------|
| 2024  | 1,363                 | Various                                | N/A               | 3.4% = (1,363 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:108]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2029  | 439                   | Senior Secured Deferred Fuel Cost Bonds | 5.088            | 1.1% = (439 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2033  | 843                   | Senior Secured Deferred Fuel Cost Bonds | 4.877            | 2.1% = (843 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2034  | 500                   | Virginia Power Senior Notes            | 5.000            | 1.3% = (500 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2034  | 600                   | Virginia Power Senior Notes            | 5.050            | 1.5% = (600 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2034  | 150                   | PSNC Senior Notes                      | 5.650            | 0.4% = (150 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2054  | 500                   | Virginia Power Senior Notes            | 5.350            | 1.3% = (500 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2054  | 600                   | Virginia Power Senior Notes            | 5.550            | 1.5% = (600 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2054  | 150                   | PSNC Senior Notes                      | 6.040            | 0.4% = (150 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:10]** |
| 2055  | 1,000                 | Enhanced Junior Subordinated Notes (EJSNs) | 6.875         | 2.5% = (1,000 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:69]** **[0000950170-24-119871_d-20240930.htm:107]** |
| 2054  | 1,000                 | Enhanced Junior Subordinated Notes (EJSNs) | 7.000         | 2.5% = (1,000 / 40,000) * 100 **[0000950170-24-119871_d-20240930.htm:69]** **[0000950170-24-119871_d-20240930.htm:107]** |

730fe9ba335d3ad72a3e190f7e437d263b562fbdd32b1fd5b23cbeca0116d98a

- **Dominion Energy faces potential additional costs of $100 million to $200 million due to Hurricane Helene's damage in South Carolina, which may impact financials if not properly recovered.**  **[D_3405480_3]**
- **The company's Integrated Resource Plan (IRP) includes new gas-fired generation without accounting for potential costs of carbon capture and storage (CCS) technology, posing regulatory and financial risks if EPA regulations require CCS implementation.**  **[D_3405480_19]**
- **The favorable Levelized Cost of Energy (LCOE) for the Coastal Virginia Offshore Wind (CVOW) project relies on higher Renewable Energy Certificate (REC) prices, which are uncertain and may negatively impact project economics if REC prices decline.**  **[D_3405480_15]**

8c1716924ce6a94c3c4de34e4f3d1c7a32216c0952b626f66dd1739acdae1609

- **Regulatory uncertainties in South Carolina** could impact Dominion Energy's operations and financial plans. The company is awaiting legislative decisions that may affect their capital plans, with potential effects on growth and investments.  **[D_3382140_10]**
- The **rapid growth and increased demands from data centers** pose challenges, including the need for substantial capital investments in transmission and generation infrastructure. There is uncertainty around rate design, tariff changes, and whether data centers may consider self-generation, potentially impacting Dominion Energy's future revenues.  **[D_3382140_8]**
- The **offshore wind project faces legal challenges** that could delay the project and increase costs. Although the company believes the lawsuit has no merit, any delays could impact their schedule and budget.  **[D_3382140_3]**

bcd22b9102199cd475bbaaca8764d4fdf5704951c18314e1e5eda5afef92c2c2

1. **Final Asset Sale**
   
   **Q:** Is this the last asset sale, or are more expected?
   
   **A:** Yes, the offshore wind equity partnership is the final strategic step; no further asset sales are planned.  **[D_3374575_21]** 

2. **Dividend Commitment**
   
   **Q:** Any new messaging on the dividend outlook?
   
   **A:** No change; we're **100% committed** to the current dividend, and this remains consistent. You shouldn't expect any change next week.  **[D_3374575_14]** 

3. **Credit Metrics and Ratings**

   **Q:** How does the transaction impact credit metrics and ratings?
   
   **A:** The transaction is **unambiguously credit positive**; rating agencies view steps as supportive. We've engaged with them in detail, and they understand our plans.  **[D_3374575_13]** 

4. **Regulatory Approvals**

   **Q:** What are the expectations for regulatory approvals for the transaction?
   
   **A:** Confident approvals will be granted by year's end; the process requires state-level approvals in Virginia and North Carolina, and legislation supports the partnership structure. We're **highly confident** regulators will see the benefits and approve it.  **[D_3374575_15]** 

5. **Commercial Load Growth**

   **Q:** Commercial load growth was up almost **9%** in 2023; will constraints limit 2024 growth?

   **A:** Data center growth continues strongly; we've addressed constraints in Northern Virginia, specifically in Loudoun County, by undertaking projects to relieve transmission constraints. We expect this growth to continue and are investing to serve future demand.  **[D_3374575_19]** 

6. **Locking in Fixed Costs**

   **Q:** What are the plans to lock in more fixed costs on the project?

   **A:** Remaining fixed costs will gradually be locked in over time, primarily related to onshore transmission and fuel for offshore construction vessels. Miscellaneous project management costs remain and will be addressed as we progress.  **[D_3374575_20]** 

7. **2025 Earnings Considerations**

   **Q:** Is the pension and ITC impact incremental to 2025 view?

   **A:** We haven't provided 2025 guidance; factors like pension expense and ITC need to be thoughtfully considered. We'll share comprehensive details in our upcoming strategic and financial plan next week.  **[D_3374575_11]** 

8. **Minimizing External Equity**

   **Q:** How does the announcement inform views on external equity needs?

   **A:** We'll share our comprehensive financial plan next week, but our aim is to **minimize external equity**. The transactions announced to date have been supportive of this objective, and we seek to meet and exceed our downgrade thresholds.  **[D_3374575_10]** 

43617f38ec6a256589460c24fcbfd210b4b30147be184791fe759bb5fbd1d567

- **Dominion Energy expects a temporary $0.04 per share headwind in 2025 due to increased capacity expenses from a short generation position, which could impact financial performance.**  **[D_3395675_10]**
- **The cost of the Caritas offshore installation vessel has increased by $90 million, raising concerns about potential cost overruns and financial impact on the offshore wind project.**  **[D_3395675_10]**
- **Potential weather-related delays in offshore wind monopile installation may prevent Dominion Energy from exceeding its target range of 70 to 100 installations this season, possibly affecting project timelines.**  **[D_3395675_8]**

f5b39c72e8206f9e5874e7ab0e745b088addef24767fadff776aabb54c453374

- Dominion Energy is experiencing strong commercial load growth, particularly from data centers, with an increase of nearly **9% in 2023**.  **[D_3374575_19]**  The company expects this growth to continue and is investing in transmission projects to support it.  **[D_3374575_19]**
- The company has secured approximately **$2.5 billion** in additional transmission projects from PJM, primarily supporting data center growth, which will contribute positively to future earnings.  **[D_3374575_16]**
- Dominion Energy has entered into a strategic partnership by adding a noncontrolling equity partner to the Coastal Virginia Offshore Wind project, which **reduces credit risk**, provides meaningful protection from unforeseen project cost increases, and strengthens the balance sheet.  **[D_3374575_4]**

7e78aa2b4bf84948513aae228aefa59698e8a03624c0d004293c1f52937b0688

- **Projected decrease in earnings per share**: The company anticipates that **earnings per share could be $0.20 lower** on average between 2025 and 2029 due to pension plan adjustments and changes in accounting for investment tax credits.  **[D_3374575_23]**
- **Potential risks to dividend sustainability**: Despite management stating they are "**100% committed to the current dividend**," they also acknowledge awareness of "**trends in the space around payout ratios**," which may suggest future dividend pressure.  **[D_3374575_14]**
- **Regulatory approval risk**: The company's recent offshore wind project transaction requires approvals from multiple regulatory bodies, and any delays or denials could impact their plans. While management

09f32e50f37d45d4b0d196e3d9c046b18f696a298c03bcce8ff9216a953c4faf

2a92a7af05fcfbad33d713c02f79eae86e51973910c37028d5774d7066fa92a8

1. **Capacity Shortfall Impact**  
   **Q:** Will the $0.04 generation shortfall impact persist into '26 and '27?  
   **A:** Management explained the **$0.04 impact** from being short **2,000–3,000 MW** in generation is temporary and expects it to be resolved by adding new capacity like offshore wind and Chesterfield CTs. The shortfall is due to timing between rate cases, and they anticipate recovering these costs from customers after 2025.  **[D_3395675_10]** 

2. **Caritas Ship Cost Increase**  
   **Q:** Why did Caritas ship costs rise by $90 million, and is this the final revision?  
   **A:** The cost increase is due to normal modifications needed after final turbine design completion, including hull reinforcement for towers and blade racks. Of the **$90 million** increase, **$55 million** is CapEx, and the rest is financing costs. Management is confident there will be no further increases.  **[D_3395675_10]** 

3. **Millstone Plant Options**  
   **Q:** Any updates on Millstone's potential data center colocation?  
   **A:** Management is exploring the idea of a co-located data center at Millstone and is working with multiple parties to find the best value beyond the current PPA, which covers **55%** of output through late 2029. They remain open to long-term PPAs and legislative opportunities in New England.  **[D_3395675_11]** 

4. **Offshore Progress Targets**  
   **Q:** Can you exceed the 70–100 monopile target this year?  
   **A:** While they've hit **2 monopiles per day**, seasonal changes may limit exceeding the top end of the **70–100** range. They are focused on installing enough pin piles to set one offshore substation and are confident in meeting their target.  **[D_3395675_8]** 

5. **Capacity Plans and CapEx**  
   **Q:** Are you considering more gas projects given resource adequacy concerns?  
   **A:** Management sees potential opportunities to increase CapEx towards the end of the plan due to demand growth. They acknowledge the need for both renewable and dispatchable generation in Virginia and will update their capital plan and IRP based on PJM forecasts.  **[D_3395675_9]** 

6. **Customer Bill Impact**  
   **Q:** How will capacity expenses affect customer bills after the auction?  
   **A:** Capacity expenses are expected to remain a very small part of customer bills. Management is focused on providing customers with the best possible rates and does not anticipate a significant impact on bills.  **[D_3395675_13]** 

ed51f754d006232306f78c02f21464975d2b7d6aed344ee0b603cb8010e2159c

- Dominion Energy is experiencing accelerating demand from data centers, with new data centers ramping up to full capacity faster, now in **2-3 years** compared to the previous **4-5 years**, leading to faster revenue realization.  **[D_3382140_15]**
- The company is confident in securing future load growth from data centers, believing that most data centers will continue to rely on Dominion's grid rather than opting for self-generation solutions, due to the need for reliability and affordability.  **[D_3382140_8]**
- Dominion Energy anticipates potential upside in incremental capital investment opportunities towards the end of their plan, driven by substantial load growth from data centers requesting larger capacities and faster ramp-ups, which could enhance future earnings.  **[D_3382140_9]**

5bca68f93cfc7ee6bba8b1fe441fa503760046c7eaec366d534de24f61652e4b

1. **Amazon Partnership and SMRs**  
   **Q:** Can you provide more details on the Amazon deal and SMRs?  
   **A:** Dominion Energy is engaging with Amazon and other large customers regarding Small Modular Reactors (SMRs). They see SMRs as a vital part of meeting significant demand growth, providing around-the-clock carbon-free generation, and ensuring national security. They are exploring partnerships where customers like Amazon might participate in funding, potentially through structures like build-own-transfer, while ensuring that cost and development risks are mitigated for customers and investors. ( **[D_3405480_8]** )

2. **Integrated Resource Plan and Capacity Additions**  
   **Q:** Why not add more generation to the IRP given the capacity shortfall?  
   **A:** Dominion Energy's IRP already includes substantial additions across all generation types, including potentially doubling offshore wind capacity, adding more natural gas, solar, and large amounts of battery storage. They believe it's an aggressive plan that adequately addresses the significant load growth forecasted. ( **[D_3405480_9]** )

3. **Millstone Nuclear Plant Opportunities**  
   **Q:** Are there options to expand capacity at the Millstone plant?  
   **A:** The company is studying the possibility of uprates at Millstone, particularly Unit 2. There are potential options for contracted procurement in New England and exploring data center locations, but discussions are in early stages. ( **[D_3405480_10]** )

4. **South Carolina Regulatory Developments**  
   **Q:** What's the outlook on legislation and regulatory lag in South Carolina?  
   **A:** Dominion Energy is working with policymakers as the Senate Select Energy Committee continues to discuss authorization for partnering on a combined cycle plant, permitting reform, and addressing regulatory lag, which is a priority for the company and legislators in the upcoming session. ( **[D_3405480_11]** )

5. **Storm Recovery Costs and Impact**  
   **Q:** How will storm recovery costs be finalized and recovered?  
   **A:** In South Carolina, storm-related costs are deferred to the balance sheet, with a bias towards capital rather than O&M expenses. The company will pursue constructive recovery outcomes, potentially through securitization for costs exceeding **$100 million**, as agreed in the recent electric settlement. ( **[D_3405480_12]** ,  **[D_3405480_13]** )

6. **MOU with Amazon and Capital Structures**  
   **Q:** Can non-utilities invest capital in projects like SMRs under current rate structures?  
   **A:** While specific details are limited, Dominion acknowledges opportunities for special contract rates or tariffs with customers like Amazon. Any structure needs to address first-of-a-kind risks, cost overruns, and protect the company's balance sheet. ( **[D_3405480_13]** )

7. **REC Value and CVOW's LCOE Revision**  
   **Q:** What factors are driving the revision of CVOW's LCOE due to REC values?  
   **A:** The higher expected REC pricing is the main driver for the substantial move in CVOW's LCOE. The REC value reflects increased demand due to the Renewable Portfolio Standard requirements, including higher percentages of load to be met with RECs and procurement from Virginia-based resources, which enhances the project's value for customers. ( **[D_3405480_14]** )

8. **Transmission Projects with AEP and FirstEnergy**  
   **Q:** Can you expand on the transmission opportunities with AEP and FirstEnergy in PJM?  
   **A:** Dominion has submitted proposals in PJM's latest open window process, collaborating with AEP and FirstEnergy to develop innovative, cost-effective transmission solutions to support growing demand. These projects are under review, with selection anticipated in the first quarter of next year, potentially adding CapEx beyond the current plan. ( **[D_3405480_15]** )

9. **Impact of Load Growth on Fossil Retirements**  
   **Q:** How does load growth affect coal plant retirement timelines and EPA regulations on gas plants?  
   **A:** Due to significant load growth, the IRP shows **no fossil retirements within the next 15 years**. The company has modeled scenarios with and without new EPA regulations, finding minimal changes in their building plans. They do not currently plan to fit new plants with CCS technology but account for capacity factor limits within the regulations. ( **[D_3405480_16]** ,  **[D_3405480_19]** )

10. **Financial Plan and Earnings Growth**  
    **Q:** How do you evaluate potential revisions to your financial plan and growth targets?  
    **A:** Dominion is committed to delivering consistent, high-quality, predictable, low-risk earnings. While they acknowledge potential tailwinds and opportunities to improve rate base or earnings growth, any changes will be considered carefully to ensure they maintain their ability to deliver on their financial trajectory. ( **[D_3405480_17]** )

11. **SMR Commercialization Timing**  
    **Q:** What is the expected timeline for SMR commercialization?  
    **A:** The IRP reflects Dominion's view on SMR timing, targeting a potential start in **2034**. They intend to adhere to their outlined principles as they explore this technology. ( **[D_3405480_19]** )

1af4005563a7aa7f636b9362e9c55c97484a9e4768c783bd9dac30bcf1e5f6d1

- **Dominion Energy is actively engaging with Amazon and other large technology companies to develop Small Modular Reactors (SMRs)**, which could significantly address the growing energy demand and carbon-free generation goals. The company's strategic positioning in Virginia, with strong bipartisan support for nuclear initiatives, positions it favorably in advancing SMR technology.  **[D_3405480_8]**
- **The company is making significant progress on their Coastal Virginia Offshore Wind (CVOW) project**, which is proceeding **on time and on budget**. Additionally, **the Levelized Cost of Energy (LCOE) for CVOW has improved** due to higher expected Renewable Energy Credit (REC) pricing, enhancing the project's value proposition for customers.  **[D_3405480_15]**
- **Dominion Energy is focused on achieving consistently high-quality, predictable, low-risk earnings growth**. Management is committed to delivering on their financial plan and is open to evaluating opportunities to enhance rate base and earnings growth, while preserving a strong financial profile.  **[D_3405480_18]**

3e61a5538cecc09782233506c4380ef322210b0c999e093d8b7cbe31026ed35c

1. **Data Centers Impact**  
   **Q:** How will data centers affect load growth and rate design?  
   **A:** Dominion Energy anticipates significant load growth from data centers, as their requests are larger and ramping up faster than before  **[D_3382140_9]** **[D_3382140_9]** **[D_3382140_10]** .  **[D_3382140_15]**  The company is exploring alternative rate designs and potential structures with data centers, but any changes would need approval from the SEC **[D_3382140_11]** .  **[D_3382140_8]**  Dominion is confident in finding solutions that work for customers and shareholders due to their long-standing relationships with data center clients  **[D_3382140_12]** **[D_3382140_8]** **[D_3382140_13]** .  **[D_3382140_16]** 

2. **Incremental Generation Spend**  
   **Q:** Will increased load create new generation investment opportunities?  
   **A:** Dominion foresees potential additional capacity needs toward the end of their plan due to substantial load growth from data centers  **[D_3382140_14]** .  **[D_3382140_9]**  They are considering incremental generation spend, driven by policy and customer needs, while being thoughtful about their balance sheet and business risk profile  **[D_3382140_15]** .  **[D_3382140_9]** 

3. **ATM Issuance Status**  
   **Q:** Have any shares been issued under the ATM program?  
   **A:** Dominion has not issued any shares under the ATM program yet  **[D_3382140_16]** .  **[D_3382140_11]**  The ATM shelf registration expired during their business review, but they plan to implement it shortly to begin the program   .  **[D_3382140_11]** 

4. **South Carolina Legislation Impact**  
   **Q:** Will South Carolina legislation affect your capital plans?  
   **A:** While not commenting on pending legislation, Dominion is focused on achieving a constructive outcome in their electric base rate case in South Carolina   .  **[D_3382140_10]**  They have invested **$1.6 billion** on behalf of customers since the last case   .  **[D_3382140_10]**  The company aims to continue serving customers well and invest in growth capital as the state grows   .  **[D_3382140_10]** 

5. **PJM Capacity Auction Participation**  
   **Q:** Are you electing the FRR or participating in PJM auction?  
   **A:** Dominion plans to return to the PJM capacity auction starting with the **'25-'26** auction   .  **[D_3382140_9]**  Recent PJM capacity market reforms make this beneficial for customers   .  **[D_3382140_9]**  This move doesn't change guidance or operations and aligns with expectations of substantial load growth   .  **[D_3382140_9]** 

6. **Gas Storage Investment**  
   **Q:** Are you investing in gas storage for dispatchable generation?  
   **A:** Dominion is considering adding LNG storage near their combined cycle plants to enhance reliability   .  **[D_3382140_12]**  This complements their renewable investments and helps operate the system reliably   .  **[D_3382140_12]** 

7. **SMR Development**  
   **Q:** Thoughts on developing small modular reactors (SMRs)?  
   **A:** Dominion continues to explore deploying SMRs, as they are dispatchable and non-emitting   .  **[D_3382140_14]**  Recent legislation in Virginia supports nuclear power, reinforcing their investigation into SMRs while ensuring any investment fits customer needs and their risk profile   .  **[D_3382140_14]** 

8. **Millstone Data Center Plans**  
   **Q:** Updates on Millstone supplying power to data centers?  
   **A:** Dominion signed an MOU with NE Edge to potentially develop a data center on Millstone property   .  **[D_3382140_13]**  If permits are granted, Dominion is ready to support the project, including providing land and a long-term PPA for a few hundred megawatts from Millstone   .  **[D_3382140_13]** 

9. **Offshore Wind Vessel Schedule**  
   **Q:** Is the wind installation vessel ahead of schedule?  
   **A:** The vessel remains on schedule to complete sea trials in late **'24** or early **'25**   .  **[D_3382140_11]**  Termination of the initial charter allows Dominion to mitigate risks and stay on track, but doesn't change the overall project timeline   .  **[D_3382140_11]** 

10. **Data Center Ramp Times**  
    **Q:** How quickly will new data centers reach full capacity?  
    **A:** Data centers now expect to ramp up to capacity faster, in **2-3 years** compared to the historical **4-5 years**   .  **[D_3382140_15]**  Dominion doesn't have specifics on the 15 data centers connecting this year but notes the acceleration in ramp times   **[D_3382140_15]**  .  **[D_3382140_16]** 

 **[D_3382140_9]** :  **[D_3382140_8]** 
 **[D_3382140_10]** :  **[D_3382140_15]** 
 **[D_3382140_11]** :  **[D_3382140_8]** 
 **[D_3382140_12]** :  **[D_3382140_8]** 
 **[D_3382140_13]** :  **[D_3382140_16]** 
 **[D_3382140_14]** :  **[D_3382140_9]** 
 **[D_3382140_15]** :  **[D_3382140_9]** 
 **[D_3382140_16]** :  **[D_3382140_11]** 
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2c8a4c2dde16655bfc0daba73b9357dec3251a0d79eccc6a8a1d45935227ef18

- Dominion Energy is **actively exploring** options to enhance the value of the **Millstone** nuclear asset, including being **open to the idea of a co-located data center**, which could unlock new revenue streams.  **[D_3395675_11]**
- Despite a temporary **$0.04 EPS headwind in 2025** due to higher capacity prices, the company **fully expects to overcome** this challenge, reaffirming confidence in its **financial guidance** and **growth prospects**.  **[D_3395675_10]**
- The Coastal Virginia Offshore Wind (CVOW) project is making **excellent progress**, with confidence in achieving the installation of **70 to 100 monopiles** this season, reflecting strong execution on a key renewable energy initiative.  **[D_3395675_8]**

47a36fbfec813b2cdd37e8c399e889e6120704c5db09af77764fe46b9b98d16f

Dominion Energy Inc (D)

Financials