Dominion Energy, Inc.

Dominion Energy, Inc. is an American regulated electric and gas utility holding company that generates, transmits, and distributes electricity to approximately 4.1 million customers in Virginia, North Carolina, and South Carolina, with a nonregulated generation portfolio anchored by the Millstone nuclear station in Connecticut. The company is the primary electric utility serving Northern Virginia's "Data Center Alley" — the largest concentration of data center capacity in the world — and is constructing the 2.6 GW Coastal Virginia Offshore Wind project, the largest offshore wind installation in the United States. In fiscal 2025, Dominion generated $16.5 billion in GAAP revenue and $3.0 billion in net income attributable to common shareholders.

This is a story about a utility that transformed itself. A comprehensive business review concluded in early 2024 led Dominion to sell its regulated gas distribution businesses — East Ohio, Questar Gas, and PSNC — to Enbridge for approximately $9.2 billion in combined proceeds, exit its remaining interest in the Cove Point LNG facility, and sell a 50% noncontrolling stake in CVOW to Stonepeak. What remained was a nearly pure-play regulated electric utility, with roughly 95% of earnings expected from state-regulated operations, sitting atop the most aggressive electric load-growth pocket in the United States. The file turns on a single question: whether Dominion can fund and execute a $64.7 billion five-year capital program without outrunning its balance sheet or its regulatory compact — and whether the proposed merger with NextEra Energy, announced in May 2026, changes the answer for better or worse.