Dominion Energy, Inc. · NYSE:D

Dominion Energy — Corporate Update (February 2025)

17 slides from Dominion Energy's corporate update, Feb 3, 2025

  1. Slide 1: Coastal Virginia Offshore Wind Project Update

    Coastal Virginia Offshore Wind Project Update February 3, 2025

  2. Slide 2: Important note for investors

    Important note for investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the busine

  3. Slide 3: Coastal Virginia Offshore Wind (CVOW) Table of contents

    Coastal Virginia Offshore Wind (CVOW) Table of contents CVOW well-aligned with focus on American energy dominance Significant construction progress supports on-time completion at end of 2026 (no change) Project cost update Robust cost sharing mechanisms protect customers, preserve affordability Busi

  4. Slide 4: CVOW well-aligned with focus on American energy dominance

    Coastal Virginia Offshore Wind (CVOW) CVOW well-aligned with focus on American energy dominance The Coastal Virginia Offshore Wind project: Remains on-track for an on-time completion at the end of 2026 (no change) Continues to achieve major project milestones and is fully state and federally permitt

  5. Slide 5: ~50% complete: project remains on schedule for end of 2026

    ~50% complete (previously 43%) First 8 monopiles completed and shipped ROD published COP approved First monopile installed¹ First transition piece installed First turbine installed Last monopile installed¹ Last transition piece installed Final EIS issued by BOEM First cable laid First OSS installed

  6. Slide 6: Significant progress reduces project risk

    Note: Awaiting installation includes components that are completely fabricated and awaiting transport or en route presently to Virginia Coastal Virginia Offshore Wind (CVOW) Project remains on schedule, end of 2026 completion Significant progress reduces project risk: ~50% complete and on schedule,

  7. Slide 7: Achieving major construction milestones: Portsmouth Marine Terminal

    Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones Portsmouth Marine Terminal (January 2025) 2

  8. Slide 8: Achieving major construction milestones: Offshore Substation #1

    Offshore Substation #1 arriving in Virginia (January 2025) Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones 2

  9. Slide 9: Achieving major construction milestones: Transition piece installation

    Transition piece installation (January 2025) Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones 2

  10. Slide 10: Achieving major construction milestones: Charybdis

    Charybdis (January 2025) Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones 2

  11. Slide 11: Project cost update: updated total project costs $10.7B

    $9.8B +$0.6B¹ +$0.3B² Prior total project costs (+) PJM network upgrade + electrical interconnect costs (+) Offshore adjustments (=) Updated total project costs: $10.7B (includes $222M contingency) Starting point: Original budget (Nov 2021) $9.8B +$0.9B +$0.0B Starting point: Latest budget (Nov 2024

  12. Slide 12: Robust cost sharing mechanisms protect customers, preserve affordability

    ¹ In 2027 dollars 2 Over project estimated lifetime for a typical residential customer bill using 1,000 kWh per month Original filing (Nov 2021) Prior update (Nov 2024) Current (Feb 2025) LCOE excluding REC ($/MWh)¹ $97 $85 $91 REC ($/MWh) $10 $29 $29 LCOE including REC ($/MWh)¹ $80—$90 $56 $62 LCOE

  13. Slide 13: Business review significantly reduced project risk for shareholders

    Coastal Virginia Offshore Wind (CVOW) Business review significantly reduced project risk for shareholders Updated project cost $10.7B Updated project cost above $10.3B² $0.4B (x) % of prudently incurred project cost between $10.3B and $11.3B borne by project owners 50% (=) Cost shared by project own

  14. Slide 14: Appendix

    Appendix 14 at

  15. Slide 15: CVOW cost update

    Coastal Virginia Offshore Wind (CVOW) Cost update ¹ Remaining project costs (100%) expected to be ~$3.1B investment in 2025, ~$1.1B in 2026 and ~$0.5B in 2027+ Updated total project cost $10.7B Project-to-date investment as of 12/31/2024 ~$6.0B Remaining project costs¹ ~$4.7B % to be funded by Stone

  16. Slide 16: Cost-sharing thresholds

    Cost-sharing thresholds Customers Shareholders Capital budget of ~$9.8B 100% 0% Costs between $9.8B – $10.3B 100% 0% Costs between $10.3B – $11.3B 50% 50% Costs between $11.3B – $13.7B 0% 100% There is no cost-sharing agreement for any costs that exceed $13.7B Significant customer benefits Protectio

  17. Slide 17: Equity partnership pro rata cost and risk sharing

    Note: The ownership percentages within the ownership columns exclude the net initial withholding ¹ Existing cost-sharing thresholds per the settlement agreement in DEV’s 2022 petition to the SCC to reconsider the performance guarantee; approved by the SCC in December 2022 Construction budget Regulat

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