DOMINION ENERGY, INC (D)

Dominion Energy, headquartered in Richmond, Virginia and incorporated in 1983, is a regulated electric utility holding company serving approximately 4.1 million customers in Virginia, North Carolina and South Carolina, with a portfolio of roughly 30.3 GW of generating capacity, 10,600 miles of transmission lines and 79,700 miles of distribution lines as of December 31, 2024. The company is a leading developer of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England, operating through three primary segments—Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy—plus a Corporate and Other segment. Following a comprehensive business review completed in March 2024, Dominion Energy exited its regulated gas distribution business (excluding DESC) through sales of East Ohio, Questar Gas and PSNC operations to Enbridge for combined cash proceeds of roughly $9.3 billion plus assumed debt, and previously sold its remaining Cove Point interest to BHE in September 2023 for about $3.3 billion.

The company is focused on expanding regulated electric utility and long-term contracted generation assets, supported by an approximately $50 billion capital expenditure plan for 2025–2029 covering zero-carbon and renewable generation (including utility-scale solar and the CVOW Commercial Project), grid transformation, and transmission/distribution resiliency; it expects about 90% of earnings to come from state-regulated utility operations. Key recent transactions include the October 2024 sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak for $2.6 billion, acquisitions of Virginia solar development projects (~537 MW, ~$1.1 billion), nonregulated solar projects in Virginia and Ohio, and an offshore wind lease acquisition off North Carolina for about $160 million. Its principal subsidiary, Virginia Power (incorporated in 1909, operating as Dominion Energy Virginia and Dominion Energy North Carolina), generates, transmits and distributes electricity to about 2.8 million customers, with growth increasingly driven by data center demand (26% of 2024 electric sales) concentrated in Loudoun County, Virginia, prompting significant transmission and grid modernization investment, including a ten-year grid transformation plan through 2028.

Revenues are largely rate-regulated by the Virginia and North Carolina Commissions and FERC, with limited competition in distribution and generation and some competition emerging in transmission development under FERC Order 1000. As of December 31, 2024, Dominion Energy employed approximately 14,700 full-time employees (6,600 at Virginia Power), emphasizing safety, diversity and employee development, with an OSHA Recordable Rate of 0.42 in 2024 versus a BLS industry average of 2.0.