Dominion Energy, Inc.

Dominion Energy, Inc. is an American regulated electric and gas utility headquartered in Richmond, Virginia, that generates, transmits, and distributes electricity to approximately 2.8 million customers in Virginia and North Carolina and delivers electricity and natural gas to roughly 1.3 million customers in South Carolina, while also operating the 2.1 GW Millstone nuclear power station in Connecticut under long-term contracts, generating $16.5 billion in GAAP revenue in fiscal 2025. The company employed approximately 15,200 people at year-end 2025.

This is a story about a utility company funding the largest infrastructure cycle in its history — one that turns on whether the regulated compact in Virginia can absorb an unprecedented level of capital spending without breaking. Dominion is simultaneously building America's largest offshore wind farm (the $11.4 billion Coastal Virginia Offshore Wind project), connecting more than 50 gigawatts of data center load in various stages of contracting, and executing a $65 billion five-year capital plan. The investment thesis is unusually simple for a utility: if the regulatory framework holds, the rate base compounds and earnings follow. If it doesn't, the balance sheet — already carrying $48.9 billion of total debt against $29.1 billion of stockholders' equity — becomes the binding constraint.

Since completing its business review in 2023, Dominion has operated with three stated priorities: consistently meet its financial commitments, complete the CVOW project on time and on budget, and achieve constructive regulatory outcomes. The company has delivered on all three. The file turns on a single question: whether Dominion's three-way bet on offshore wind execution, data center demand durability, and Virginia regulatory constructiveness pays off in the way management's 5–7% EPS growth guidance implies, or whether the sheer scale of the capital program — negative free cash flow of $7.3 billion in FY2025 alone — eventually forces a choice between the balance sheet and the growth plan.