Dominion Energy, Inc
Dominion Energy is a regulated electric utility and power generation company headquartered in Richmond, Virginia. It serves about 4.1 million customers mainly in Virginia, North Carolina and South Carolina, while also developing offshore wind and solar assets and operating contracted generation businesses.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueElectric transmission, distribution and generation services sold under regulated rates in Virginia and South Carolina.
Electricity and related fuel recovery billed to residential, commercial, industrial and governmental customers.
Wholesale electricity sales and transmission services to cooperatives, municipalities and market participants.
Contracted generation assets and long-term power arrangements that expose the company to market pricing and counterparty risk.
Offshore wind and solar development, construction and operation, including the CVOW Commercial Project.
Customers
Dominion Energy sells primarily to regulated utility customers, including households, businesses, industrial users and government entities in its service territories. A growing share of demand comes from large load customers, especially data centers in Virginia, which materially increases electricity usage and supports new infrastructure investment.
Households in Virginia, North Carolina and South Carolina buying regulated electricity for everyday use.
Businesses, factories and institutions buying power and grid access for reliable operations.
Large-load customers in Virginia that buy substantial electricity and drive load growth and grid investment.
Public-sector users and local entities purchasing electricity under utility service arrangements.
Rural electric cooperatives, municipalities and market participants buying wholesale power or transmission service.
Strategy
Dominion Energy is focused on regulated utility growth, especially new load, grid investment and recovery of capital through approved rates. It is also building out offshore wind and solar assets while managing contracted generation and market exposure through long-term agreements and hedges.
Approved rates and riders are the main mechanism for earning returns on large capital investments.
Large new loads support demand growth and justify transmission and distribution investment.
Renewable projects diversify the asset base and support the company’s clean-energy positioning.
Contracted generation depends on power prices, fuel costs and customer contract renewal.
Geography
Dominion Energy’s core business is concentrated in the U.S. Southeast, especially Virginia, North Carolina and South Carolina, where its regulated utility franchise serves most customers. The company also has meaningful exposure to wholesale power markets and New England through Millstone and carbon-free generation assets, while offshore wind construction adds project execution exposure in U.S. coastal waters.
Risks
Dominion Energy’s earnings depend heavily on regulatory outcomes, because most utility revenue is tied to approved rates and cost recovery. The company also faces execution risk on large capital projects, market-price volatility in contracted generation, and demand shifts from energy efficiency, distributed generation and changing customer load patterns.
- Regulatory rate riskImpact: HighLikelihood: Medium
Utility profitability depends on approved rates and timely cost recovery from regulators.
Exposure: FERC transmission rates and state utility rate cases
- Project execution riskImpact: HighLikelihood: Medium
Offshore wind and other growth projects require complex construction, permits and supply chains.
Exposure: CVOW Commercial Project and other capital projects
- Wholesale market and fuel price volatilityImpact: MediumLikelihood: Medium
Contracted energy results depend on power prices, fuel costs and hedging effectiveness.
Exposure: Millstone and active wholesale markets
- Operational and infrastructure riskImpact: MediumLikelihood: Medium
Aging assets, outages, labor issues and supply disruptions can affect reliability and costs.
Exposure - Demand and load uncertaintyImpact: MediumLikelihood: Low
Customer usage can shift with energy efficiency, distributed generation and price sensitivity.
Exposure: Virginia and North Carolina utility territories
Accounting
Judgemental itemsRevenue includes amounts recovered through non-fuel riders and fuel-related mechanisms, which can shift period-to-period results.
Impact: Affects operating revenue comparability and earnings timing
The company uses power, fuel and foreign currency hedges to manage market and project risk, creating fair value volatility.
Impact: Can materially affect other income, revenue and earnings
Management tests goodwill annually and records charges when fair value falls below carrying value.
Impact: Can create large noncash charges, especially in discontinued operations
Nonregulated solar and other assets may be impaired if expected cash flows weaken.
Impact: Can reduce reported earnings and asset values
Heating and cooling degree days affect retail electricity demand and quarterly revenue.
Impact: Makes quarterly results less comparable across periods
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Last updated: 24/09/2026