DOMINION ENERGY Business Summary

Dominion Energy, Inc. operates as a premier rate-regulated utility provider, generating over 85% of its operating earnings through state-sanctioned monopolies in electricity and natural gas distribution. Following a strategic multi-year pivot to a 'pure-play' regulated model—finalized through the divestiture of its gas distribution businesses to Enbridge and its stake in Cove Point LNG to Berkshire Hathaway—the company’s operations are organized into three core segments: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. The firm is currently executing a $65 billion capital investment plan for 2026–2030, prioritized toward grid hardening and the 2.6 GW Coastal Virginia Offshore Wind project to support the unprecedented power demand from Northern Virginia’s data center hub, which now accounts for over 25% of its electric load. Dominion Energy maintains a dominant market position in the Mid-Atlantic and Southeast, competing for infrastructure capital and regulatory approval against industry peers such as Duke Energy, Southern Company, NextEra Energy, and American Electric Power. Dominion Energy traces its modern corporate structure to its 1983 incorporation as Dominion Resources, though its utility roots extend back to 1909. The current leadership is spearheaded by Robert M. Blue, who has served as Chair, President, and CEO since 2020, steering the company through its recent structural simplification and decarbonization strategy. The executive team includes Steven D. Ridge as EVP and Chief Financial Officer, and Edward H. Baine, who serves as EVP of Utility Operations and President of Dominion Energy Virginia. Following a 2025 management reshuffle, Carlos M. Brown serves as EVP and Chief Administrative and Projects Officer, while Eric S. Carr oversees the company’s seven-reactor nuclear fleet as Chief Nuclear Officer. The company is governed by an independent board led by Susan N. Story and is heavily backed by institutional giants, with The Vanguard Group, BlackRock, and State Street Corporation serving as the largest shareholders, collectively owning nearly 30% of the outstanding common stock.