Dominion Energy, Inc.

Key catalysts

• Virginia load growth

  Data-center and broader economic growth in Virginia can support utility demand and grid investment.

• Offshore wind construction

  Successful completion of Coastal Virginia Offshore Wind can add a major regulated generation asset to Dominion's portfolio.

• More focused regulated profile

  A streamlined regulated utility portfolio can improve earnings visibility and focus capital allocation on core service territories.

Principal risks

• Offshore wind execution

  Construction, vessel, weather, supply-chain and regulatory issues could delay CVOW or increase its cost.

• Load forecast and infrastructure timing

  Grid investment based on rapid data-center growth may face utilization or recovery risk if demand arrives later than expected.

• Rate and affordability pressure

  Regulatory outcomes and customer affordability constraints could limit recovery of rising capital and operating costs.

Dominion Energy reported first-quarter 2026 results while emphasizing its regulated utility outlook, Virginia demand growth and continued construction of Coastal Virginia Offshore Wind.

Valuation interpretation

• A clearer regulated profile can improve visibility if Virginia growth and major projects translate into authorized returns on schedule.
• CVOW and data-center infrastructure offer growth, but their scale makes construction discipline, demand validation and affordability especially important.