With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

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F500-2021-193-Dominion Energy

The power and energy company operates in 16 states across the U.S., providing energy to nearly 7 million customers.

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The Virginia-based energy company supplies electricity and natural gas to customers in 20 states.

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This year's Fortune 500 marks the 65th running of the list.

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This year's Fortune 500 marks the 64th running of the list.

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This year's Fortune 500 marks the 63rd running of the list.

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Dominion Energy provides electricity to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, as well as natural gas services to half a million customers in South Carolina. The company also develops and operates offshore wind and solar power, with its Coastal Virginia Offshore Wind (CVOW) farm project currently in development. When completed (target end of 2026), CVOW is designed to produce 2.6 gigawatts of power. In 2024, Dominion Energy sold Utah, Ohio, and North Carolina natural gas distribution companies to major pipeline operator Enbridge. Dominion is currently focused on further power growth to service the ongoing data center boom, including Virginia's so-called Data Center Alley.

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Dominion Energy (D): Company Profile, Stock Price, News, Rankings

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Dominion Energy

dominion energy

At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given for the procedure to follow if you would like to ask a question at that time. I would now like to turn the call over to David McFarland, Vice President, Investor Relations and Treasurer.

Good morning, and thank you for joining Dominion Energy's first quarter twenty twenty five earnings call. Earnings materials, including today's prepared remarks, contain forward looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual report on Form 10 ks and our quarterly reports on Form 10 Q for a discussion of factors that may cause results to differ from management's estimates and expectations. This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non GAAP measures to the most directly comparable GAAP financial measures, which we can calculate, are contained in the earnings release kit.

I encourage you to visit our Investor Relations website to review webcast slides as well as the earnings release kit. Joining today's call are Bob Blue, Chair, President and Chief Executive Officer Stephen Ridge, Executive Vice President and Chief Financial Officer and Diane Leopold, Executive Vice President and Chief Operating Officer. I will now turn the call over to Stephen.

Thank you, David, and good morning, everyone. Since the conclusion of the business review, we've communicated three priorities: one, consistently achieving our financial commitments two, continued on time achievement of major construction milestones for the Coastal Virginia offshore wind project and three, achieving constructive regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders.

By fulfilling these goals, we empower our employees to deliver on our critical mission: to provide the reliable, affordable, and increasingly clean energy that powers our customers every day. On today's call, we'll address each of these areas, starting with achieving our financial commitments. As shown on slide three, we're off to a strong start to the year, with first quarter operating earnings of $0.93 per share, which includes $0.03 of better than normal weather, dollars $0.02 of RNG 45Z income, dollars $0.02 of better than expected sales, strong rider investment growth, and a combination of O and M and tax timing helps that we expect to normalize through the rest of the year. First quarter GAAP results were $0.75 per share. We are affirming all financial guidance provided on our fourth quarter earnings call, including 2025 operating earnings per share of $3.28 to $3.52 per share, inclusive of RNG 45Z income, with a midpoint of $3.4 As a reminder, a summary of all adjustments between operating and GAAP results is included in Schedule II of the Earnings Release Kit.

Additionally, a summary of all drivers for earnings relative to the prior year period is included in Schedule IV of the earnings release kit. Turning to our financing plan as shown on slide four. We've sold approximately $1,000,000,000 of forward settled common equity under our existing ATM program at a weighted average price of approximately $57 and expect to complete $200,000,000 of DRIP related equity issuance by year end. This is consistent with our 2025 common equity guidance. We view this level of steady equity issuance under existing programs in the context of our sizable growth capital spending program as appropriate to keep our consolidated credit metrics within the guidelines for our strong credit ratings category.

We remain focused on balance sheet conservatism, and there is no change to our previously communicated credit related targets. Turning briefly to data centers. As a reminder from our fourth quarter update, we have approximately 40 gigawatts of data center capacity in various stages of contracting, including what is now approximately 10 gigawatts of capacity contracted under electric service agreements. Since our last call, we have not observed any evidence of slowing demand from data center customers across our service area. In conclusion, I'll reiterate that I'm highly confident in our ability to deliver on our financial plan.

The financial guidance has been built to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may come our way. With that, I'll turn

the call over to Bob. Thank you, Steven. Turning to safety performance. Our Dominion Energy family experienced tragedy on March 31 when Ryan Barwick, a material fuel handler at Water East Station in Eastover, South Carolina, died after being severely injured while unloading a railcar. We are deeply saddened by the loss of our dedicated colleague, and our thoughts and prayers continue to be with his family, friends, coworkers, and community.

Safety is our first core value. It's at the heart of our corporate culture, and we will continue to improve until we achieve the only acceptable safety statistic, zero injuries. Next, on our Coastal Virginia offshore wind project, I'd like to start with a few project highlights on slide five. The project is 55% complete, months away from first delivery of electricity to customers in early twenty twenty six and on schedule for full completion at the end of next year. It represents the fastest and most economical way to deliver almost three gigawatts of electricity to Virginia's grid to support America's AI and cyber preeminence in the largest data center market in the world, to support US shipbuilding at customers like Huntington Ingalls, the largest military shipbuilding company in The United States and one of our largest customers, and support some of the country's largest and most important military and defense installations.

It has robust bipartisan support from Virginia government and congressional leaders, local communities, military and defense interests, the commercial marine industry, as well as civic, educational, environmental, labor, and community partners. It's created approximately 2,000 direct and indirect American jobs and generated $2,000,000,000 in American economic activity. And finally, it's supported by Virginia law and approved by the state corporation commission and federal agencies. In summary, this project is consistent with the goal of securing American energy dominance and is part of our comprehensive all of the above energy strategy to affordably meet growing energy needs. Since our last update, work has continued at pace.

As shown on slide 100% of the project's 176 transition pieces have been rolled, 86% have been successfully steel welded, and 50% are now complete, including the 59 that we have successfully installed since we began that work on December 31. We expect the final transition piece to be completed in October. More than 80% of the project's 176 monopiles have been completed and successfully delivered to Virginia, including the 78 that were installed during the last installation season. We expect deliveries of the final 32 monopiles to continue steadily in the coming weeks. The first offshore substation was installed on March 10, with the remaining two offshore substations on track to be delivered this summer and installed in the fall.

Siemens Gamesa is making excellent and on time progress in the fabrication of the project's 176 wind turbines. The sections for 28 full towers have been completed with 45 additional towers currently in production. In addition, 36 nacelles are complete or awaiting final testing, and 28 blades have been fully cast. Finally, as shown on Slide 10, Charybdis, our made in America Jones Act compliant installation vessel, is expected to enter service and begin making its way to Virginia in the next four to eight weeks, on schedule to support turbine installation this summer as planned. Before I turn to tariff exposure, I'd like to highlight that the costs for project components, excluding tariff impacts, have remained in line with the prior update.

The project's current unused contingency is unchanged from our last update at $222,000,000 which now represents about 6% of remaining project costs. Now let me address tariff exposure. It's difficult to fully assess the impact tariffs may have to the project's final cost as actual costs incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component. As a result of this ongoing uncertainty, we've provided potential tariff exposure across discrete tariff categories and illustrative durations on Slide 11. First, through the end of the first quarter, the project had incurred actual tariff costs of $4,000,000 Second, if current tariff policy were to continue through the end of the second quarter, that number would increase to about $120,000,000 Finally, if current tariff policy were to continue through the end of twenty twenty six when the project is expected to fully enter service, cumulative tariff impact would be expected to be approximately $500,000,000 For the avoidance of doubt, the corresponding amount borne by Dominion Energy would be about $130,000,000 Of course, changes to future tariff policy could affect these estimates.

We made our quarterly offshore wind construction update filing with the Virginia State Corporation Commission today in which we increased total project costs by about $120,000,000 which aligns with our estimate of actual incurred plus projected tariff costs through the end of the second quarter, as you see in the table in today's materials. As a result, we recorded a modest charge this quarter for costs not expected to be recovered from customers in accordance with the cost sharing settlement with Virginia regulators and our 50% cost sharing partnership agreement with Stone Peak. The cost sharing and risk sharing continues to work as intended to protect customers and shareholders. As a result of the cost sharing settlement approved by Virginia regulators, the updated project cost of $10,800,000,000 is expected to increase residential customer bills by an average of $04 a month over the life of the project. And the updated project LCOE of $62 per megawatt hour, inclusive of REX, continues to benchmark very favorably with new generation alternatives, including solar, battery and gas fired generation.

Let me be clear. CVOW remains one of the most affordable sources of energy for our customers. Turning to the regulatory landscape, let me provide a brief update on our Virginia biennial review filing, we submitted at the March. The filing highlights Dominion Energy Virginia's reliable and affordable service. If approved, this would be the company's first base rate increase since 1992.

Additionally, over the past decade, the company's residential rates have increased at a rate approximately 40% lower than the rate of inflation. Our filing also reflects a new proposed rate class for high energy users, including data centers, as well as new customer protections to ensure those customers continue to pay their full cost of service and that other customer classes are protected from stranded cost. Protections include a fourteen year contract commitment to pay for their requested power even if they use less than requested. This is consistent with the concerns and recommendations expressed in the JLARC report last year and in line with proposals in other jurisdictions nationwide. The Commission's procedural schedule is shown on slide 13.

Separately, on March 3, Dominion Energy Virginia filed with the State Corporation Commission for a certificate of public convenience and necessity to construct and operate the Chesterfield Energy Reliability Center, a gas fired electric generating facility as part of our all of the above approach to energy supply. The roughly one gigawatt project, if approved, is expected to cost approximately $1,500,000,000 and be placed into service in 2029. The capital for this project was included in our most recent capital update. Turning to South Carolina, where policymakers in the House and Senate continue to evaluate potential energy legislation that addresses future generation needs of the state, permitting reform, and regulated investment recovery. We're appreciative of the significant time spent to date by the legislature on this important topic.

We see these efforts as supportive of our stated aim to contribute to the success of South Carolina's robust and growing economy. Overall, we continue to achieve constructive outcomes in all of our regulated service areas. Next on Millstone. The facility continues to perform well and provide over 90% of Connecticut's carbon free electricity, and 55% of its output is under a fixed price contract through late twenty twenty nine. The remaining output continues to be significantly derisked by our hedging program.

As many of you are aware, there's been recent legislative activity in New England, Rhode Island specifically, aimed at authorizing future additional procurements of nuclear power. We've continued to engage with multiple parties there to find the best value for Millstone. In addition to state sponsored procurement, we continue to evaluate the prospect of supporting incremental data center activity as well. We feel strongly that any data center options need to be pursued in a collaborative fashion with stakeholders in Connecticut. We will provide updates as things develop.

Before I conclude my remarks, I'd like to take a moment to recognize Diane Leopold. As she announced late last year, Diane is retiring on June 1. Today will be her last earnings call. Diane is one of the brightest, most dedicated and most capable people in our company and in our industry. Over her thirty six years in the utility business, she's demonstrated best in class performance in virtually all areas of operations, business development, financial planning, and corporate strategy, as well as the construction of several multibillion dollar energy infrastructure projects.

Fortunately, Diane has trained a deep and talented bench to follow in her footsteps. It's been my honor and privilege to work with her for the last twenty years, and I know I speak for Steve and David and the entire Dominion Energy team in thanking her and wishing her well in retirement. With that, let me summarize our remarks on Slide 15 by reiterating where Stephen began the call with a focus on our three priorities: consistently achieving our financial commitments, continued on time achievement of major construction milestones for the Coast Al Virginia offshore wind project and achieving constructive regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders. We're 100% focused on execution. We remain committed to delivering reliable and affordable power for our customers.

And with that, we're ready to take your questions.

We'll take our first question from Nick Campanella with Barclays. Please go ahead. Your line is open.

Hey, morning. Thanks for taking my questions. Appreciate all the disclosures.

Good morning. So, hey, I appreciate all the disclosure you kind of given on the CVAL project, especially as it kind of relates to tariffs. As it relates to the turbines and your suppliers, can you is there anything that you can kind of shed light on in terms of your conversation with them that this tariff backdrop is not going to impact their ability to kind of deliver for whether it's in your own conversations or just the delivery dates. You know, I know that you kinda highlighted that Siemens is making a lot of progress, but maybe you can kinda just expand on your your overall confidence level there. Thanks.

I'll offer a couple of thoughts. And if Diane wants to add in, she should. She was over there just recently. And she promised she would actually answer all the questions today on our last earnings call. But our conversations with our suppliers are that they're all performing extremely well.

Who are most recently started, the one who has most recently started is Siemens Gamesa, and they are hitting their marks. They started on time. They're producing at the pace that we expected. And so we feel very, very confident about our ability to get the materials, the components that we need, and we've disclosed what the tariff impacts would be based on current tariff policy. So really no change to anything in terms of delivery schedules or ability.

The only thing that I would add, all of the raw materials are already purchased. Everything is in fabrication right now. And as Bob talked about, the Siemens Gamesa, which is the most recent equipment that's entering into fabrication, is actually a little bit ahead of schedule. The team, including myself, were in all of those facilities, the nacelles, the blades, all of them, two weeks ago, and everything is heading either on track or a little bit ahead of schedule, and deliveries are going to proceed in the coming weeks.

Okay. Great. That's helpful. And, know, just in terms of terms of the monopiles, my understanding is that the season starts today. So just any update on, whether you would be kind of kicking that off immediate immediately and what type of run rate you would expect through the next few months here for monopile installations?

Yes. Today is the beginning of monopile installation season, and we're starting today. Just to offer a little context, if you think about the last four months, we've installed 60 transition pieces, an offshore substation and a jacket that supports a deepwater export cable. So restarting monopile installation today is simply a continuation of the steady offshore progress we've been making since the project began. And in terms of run rate, I think we've talked before about the fact that we hit a pace once we sort of got the initial work done last monopile season, we hit a pace of about 25 a month.

That's a pace we ought to be able to continue. Everything's weather dependent, obviously. But that pace is quite achievable.

Okay. Great. And Diane, congrats on your retirement. Thanks so much.

We'll take our next question from James Kennedy with Guggenheim Partners. Please go ahead. Your line is open.

Maybe just kinda continuing with the CEVA. I just wanted to ask more specifically maybe on the the permitting backdrop. I guess, have you had any conversations or interactions at the the state or federal level that give you a little bit more incremental comfort following the Empire Wind Order? Just any more color on the permitting side. Thank you.

Yeah. I mean, James, our interactions with the agencies have continued the same way they have been for months. With a project of this we're fully permitted, as you know. But with a project of this size, we check-in regularly with agencies. We've continued those conversations with them.

And for the reasons that we outlined in our prepared remarks, we feel very comfortable that this project's gonna continue moving forward.

Okay. If if there were a stop work order, can you give

us, like, a general rule of thumb on, like, a daily standby or demobilization cost?

Yeah. I think that's a very important question. I appreciate you asking. We'd have to evaluate the specific facts and circumstances at the time, and I, you know, I can't speak to those because I don't know what they are. But if it happened, we would be very transparent in addressing them.

But we don't think it's gonna be paused for all the reasons I gave in the prepared remarks. It's the fastest way to get 2.6 gigawatts on the grid to serve tech companies, defense and security installations, important American industries like shipbuilding. It's employing 2,000 people. Stopping it would cause energy inflation. Specifically authorized by Virginia law, it has bipartisan support in Virginia, particularly the Hampton Roads congressional delegation.

So it really doesn't make sense to talk about numbers for a pause or delay. That said, these are prudently made investments. Utilities are entitled to recover prudently incurred costs, and that's certainly true here subject to the cost sharing SEC order, obviously.

on the tariff scheme itself, the plan has you know, some solar and storage spend as well. I guess just any kind of color as you're thinking about the tariff impacts there and, you know, spend profile, any changes? Thanks.

Yeah. I mean, as we think about tariffs across our business, the impacts we're seeing are manageable. We've worked on our supply chain for some time. We have most of our suppliers are the vast majority of the materials that we procure are directly from US suppliers. That is certainly true with diversify our supply chain and drive supply chain resilience.

A chunk of that would have come out of COVID as we started thinking about that. So we think about increasing inventory and ordering thresholds to address longer lead times, ensure that we have multiple sources of supply where it's appropriate. We have been placing some orders ahead of tariff effective dates to mitigate cost increases where it's possible. So those actions have enabled us to avoid some of the impacts. Obviously, our first objective is to avoid impact and keep costs for customers low.

So we find tariff costs generally across the business to be manageable.

Excellent. Thanks, guys, and congrats to Diane as well.

And we'll take our next question from Steve Fleishman with Wolfe Research. Please go ahead. Your line is open.

Yeah, sure. Thanks. And, I'll echo congrats to Diane. Job really well done. And, Tom, sorry, no more sneaking junk food during

So just on the I guess, first on the tariffs, the just so we know in case they change, the are you is the contracts basically shifting most of the tariff basically to you? So if they go higher or they go lower, we can kind of try to gauge the impact. Is that kind of how generally the contracts work?

Yeah. That's a fair characterization, Steve.

Okay. And then maybe just also I know it's kind of governor election year. Has any electric topics kind of, including CVOW, kind of been in the political spectrum at all from either side as part of that?

No. No. There has not been a, in the gubernatorial race thus far, a discussion of CVOW or wind generally. I will say that the lieutenant governor who is the Republican nominee was at our event, I don't know, a year and a half, two years ago when the first monopile arrived in Tidewater at the port. The Democratic nominee, former Congresswoman Abigail Spamburger, has been supportive of offshore wind as well.

But it hasn't been a topic in the conversation.

Okay. And then I noticed on Chesterfield, the approval of the gas plant, that's 1,000,000,005 for a gigawatt plant, which is starting to look quite cheap right now. Just wanna make sure that's a good number.

Okay. All right, that's it for me. Thank you.

We'll take our next question from David Arcario with Morgan Stanley. Please go ahead. Your line is open.

Wondering if you could just give maybe a little bit more color on what you're seeing in terms of data center demand. You mentioned that it, has kinda continued from last quarter, but just what is the, interest level, you know, from hyperscalers? Any sense of just the the scale and out and how far out, I guess, are these customers planning and looking to locate in your service territory?

Yes. The demand remains very high, David. The I would say that really no change from what we talked about on the last call. We've got a real focus in our service territory on sort of traditional cloud and inference demand from data centers, and there's no let up in their interest. And I guess the way I would characterize the timing is, as has been the case really since we started working with data center customers over a decade ago, giving us the most experience with those customers of anybody in the industry.

They want to go fast. They always want to go fast. That's their business. It's always been their business. We've been effective at serving them thus far.

Don't see any reason why that's gonna change in the future.

Yep. Got it. And these are and they're, I guess, planning out into the well into the 2030s at this point too just in terms of the, you know, the the megawatts that they're planning and the expansions over time?

Yeah. Absolutely. I mean, if you look at just what they'd be ramping into from what they've already committed to, it it takes you to that time frame.

Yes, absolutely. And then separately, just was curious, is there any progress or any further clarity around Milestone and the potential contracting opportunities there?

Yes, no real news on Milestone, as we mentioned in the prepared remarks. Rhode Island, there's been legislative activity in Rhode Island. So there's interest, but we don't have an update on timing of when we might take some action with respect to Millstone. As you know, the current contract for 55% of the output goes through August of twenty twenty nine. So we'll continue to work through that, but no news to report today.

We'll take our next question from Carly Davenport with Goldman Sachs. Please go ahead. Your line is open.

Hey, good morning. Thanks for taking the questions. Maybe just a quick one on the biennial filing. You referenced before the special rate structure proposed for high energy users. Can you just talk a little bit about that structure and just sort of based on your conversations with data center customers over time on the terms of an agreement, if you feel like that sort of reflects customer appetite in terms of the term length and some of the other specifics.

Yeah. So you're talking about the fourteen year contract term?

Yeah. So just broadly, what the filing does is it creates a new rate class for customers with either measured or contracted demand of 25 megawatts or greater and either measured or expected load factor of at least 75%. That's about 100 and this is a contiguous site. That's about 139 customers, about 131 data centers within that. And the sort of focus of that class is on minimum demand charges.

So the higher of either contracted or actual usage, the minimum demand charge would be 80% for transmission distribution, 60% for generation. And then for new customers, that would be the fourteen year contract period. It's a four year ramp schedule into that. This is just to provide transparency and clarity around those customers, ensuring that sort of addressing the thoughts around ensuring that they're paying their fair share and to reduce the risks of stranded assets. We've already had provisions in place for a lot of that, but this enhances them.

We've talked with the data center customers. We talked with them in preparing this proposed new tariff. I'm sure there will be further conversations during the case, but I think I can say confidently they understand what we're looking to accomplish here and the conversations have been very constructive.

Great. Appreciate that color. And then maybe just a quick follow-up on the earlier question just on your conversations with data center customers. Are you seeing any change in tone or concern just around the broader economic uncertainty that we've seen and any sort of pause perhaps in some of the new projects that you're expecting to move forward?

The short answer to that question is no. We're seeing continued appetite for additional data center capacity in our service territory.

We'll take our next question from Anthony Crowdwell with Mizuho. Please go ahead. Your line is open.

Hey, good morning, team. Just two quick questions. One, I think Slide 20, residential sales. Looks soft this first quarter. Just wondering if you could provide some clarity around that.

Hey, Anthony. It's Steve. Yes. Overall, our LTM Q1 sales are actually have been very good for us. It's trending slightly higher than our annual guidance, largely driven by really strong sales across the commercial segment, which includes data centers but also other commercial customers.

We don't think that the slight weakness in residential is going to continue for the rest of the year. We'll watch that pretty carefully. But overall, I think we're actually really happy with the direction sales are going, and we'll provide additional information on that as we get through more quarters. But overall, I think the sales picture for our service territories continues to look really strong.

Great. And if I could follow-up on Carly's question on the biannual review, particularly with the requested the new tariff for the large load customers, You guys have clearly gone through multiple biannual reviews. Is this making approval of this maybe more complicated by introducing a new tariff or from all your meetings prior to filing and talking to the parties that may maybe even helping it out getting the tariff approved?

Yeah. I I think it'd be hard to say it's helping it out or making it more complicated. The focus on rate classes and cross subsidies among rate classes is something that has happened since the beginning of rate cases. So not a surprise. I don't think that it would be in this case.

So I wouldn't say that it really affects the nature of the ability to resolve this case one way or the other.

We'll take our next question from Durgesh Chopra with Evercore ISI. Please go ahead. Your line is open.

Dominion Energy (D) Q1 2025 Earnings Call Transcript

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