Dominion Energy, Inc. · NYSE:D
Dominion Energy — Q1 2025 Earnings Presentation
27 slides from Dominion Energy's earnings presentation, May 1, 2025
Slide 1: Q1 2025 earnings call
Q1 2025 earnings call May 1, 2025
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
Slide 3: Financial results and guidance
Financial results and guidance Operating earnings per share (non-GAAP) and long-term financial guidance Metric Amount Commentary Reflects $0.03 of favorable weather impact Q1 2025: Actual ($ per share)¹ $0.93 and $0.02 of RNG 45Z income 2025 guidance midpoint ($ per share) $3.40 No change $3.28—$3.5
Slide 4: 2025 capital raising activities (updated)
Dominion Energy 2025 capital raising activities (updated) Expected fixed income activities¹ ($B) Guidance (no change) Issued YTD (updated) Remaining Dominion Energy Virginia $2.0—$2.5 $1.3 $0.7—$1.2 Dominion Energy South Carolina 0.5 0.5 — Contracted Energy — — — DEI hybrid 1.0—2.0 — 1.0—2.0 DEI oth
Slide 5: Coastal Virginia Offshore Wind (CVOW)
Coastal Virginia Offshore Wind (CVOW) CVOW well-aligned with focus on American energy dominance ▪ The Coastal Virginia Offshore Wind project: ✓ Is ~55% complete, months away from first delivery of electricity to customers (early 2026) and remains on-schedule for full completion at the end of 2026 (n
Slide 6: CVOW: Project remains on schedule, end of 2026 completion
Coastal Virginia Offshore Wind (CVOW) Project remains on schedule, end of 2026 completion Significant progress reduces project risk: ~55% complete % complete Project scope: % installed or 176 WTG % installed awaiting installation Towers: 28 fabricated, ~98% % fabricated 45 in fabrication % fabricate
Slide 7: CVOW: Achieving major construction milestones
Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones Offshore substation installation (March 2025) 7
Slide 8: CVOW: Achieving major construction milestones
Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones Nacelles for loadout (April 2025) Painted blade for final inspection (April 2025) 8
Slide 9: CVOW: Project remains on schedule, end of 2026 completion
Coastal Virginia Offshore Wind (CVOW) Project remains on schedule, end of 2026 completion Last turbine First delivery installed / project COD 100% ~55% of electricity (early 2026) complete First turbine installed 75% First Last transition transition piece piece installed installed First monopile ROD
Slide 10: Charybdis (Jones Act compliant installation vessel)
Charybdis (Jones Act compliant installation vessel) Continues to achieve project milestones and approach completion Selected project updates Charybdis (April 2025) ▪ Completion status (update): ― 98% compared to Q4 2024 update of 96% ▪ Milestones/timeline: ― Initial sea trials completed (update) ― S
Slide 11: CVOW: Tariff impacts
Coastal Virginia Offshore Wind (CVOW) Tariff impacts Overview ▪ Current tariff rates (as of May 1, 2025) ― Steel: 25% ― Mexico and Canada: 25% (stacks on top of steel tariff) = Updated project cost ― European Union (non-steel): 10% (no stacking of tariff if already subject to steel tariff) included
Slide 12: CVOW: Project cost
Coastal Virginia Offshore Wind (CVOW) Project cost ▪ Current capital budget: $10.8B (includes $123M of est. tariffs) including contingency (updated) ▪ Project-to-date investment (as of 3/31/2025): ~$6.8B ▪ Remaining project costs: ~$4.0B ▪ % to be funded by Stonepeak via non-controlling equity finan
Slide 13: Dominion Energy Virginia: Biennial review filing
Dominion Energy Virginia Biennial review filing ▪ Dominion Energy Virginia provides reliable and affordable service under a vertically-integrated regulated model that prioritizes long-term planning and protects customers from service disruptions ▪ If approved, this would be the company’s first incre
Slide 14: Selected business updates
Dominion Energy Selected business updates ✓ Filed for VA SCC approval for Chesterfield Energy Reliability Center (CERC) DEV ▪ Gas-fired electric generating facility, part of “all of the above” approach to energy supply ▪ If approved, ~1 GW project expected to cost ~$1.5 billion and be placed in serv
Slide 15: Summary
Dominion Energy Summary ✓ On-going emphasis on key priorities ✓ Consistently achieving our financial commitments; strong start to year and very confident in our plan for 2025 ✓ Continued on-time achievement of major construction milestones for the Coastal Virginia Offshore Wind project ✓ Achieving c
Slide 16: Appendix
Appendix 16
Slide 17: Consolidated guidance
Consolidated guidance 2025 operating earnings per share (excluding RNG 45Z) Q2 drivers (YoY) FY 2025 drivers (YoY) (no change) ▲ Regulated investment ▲ Regulated investment ▲ Electric rate cases¹ ▲ Contracted Energy margins ▲ Sales ▲ Electric rate cases¹ ▲ Nuclear PTC ▲ Sales ▼ Millstone planned out
Slide 18: CVOW: Robust cost sharing mechanisms preserve affordability
Coastal Virginia Offshore Wind (CVOW) Robust cost sharing mechanisms preserve affordability (updated) ▪ December 2022 comprehensive settlement, approved by State Corporation Commission, provides significant customer protections ✓ 50% of project costs between $10.3B and $11.3B are unrecoverable from
Slide 19: Employee safety
Dominion Energy Employee safety OSHA recordable incident rate¹ (84%) 1.70 0.96 0.52 0.45 0.42 0.27 2006-2021 average 2022 2023 2024 2025 YTD² Industry average³ ¹ Number of recordables per 100 employees each work year; data is pro forma for SCANA ² 2025 YTD through March ³ Average per Bureau of Labor
Slide 20: Regulated electric sales growth
Regulated electric sales growth DEV and DESC combined LTM¹ Q1 ’25 YoY weather normal sales growth² Regulated electric sales trends Residential Commercial Industrial Govt/Other Total ✓ Robust commercial load growth driven by Data Centers 4.1% ✓ Attractive customer growth across our Virginia and 0.9%
Slide 21: Customers
Customers State-regulated utilities Segment summary Q1 2025 State summary Three months ended Average customers March 31 Q1 2025 (M) DE ‘23-’25 CAGR South Carolina 1.3M DE Virginia 1.0% 2.8 31% DE South Carolina 2.1% 1.3 Electric 1.5% 0.8 4.1M State utility Gas 3.3% 0.5 customers Total utility custom
Slide 22: Weather: degree days
Weather Degree days Quarter ended 3/31 2025 2024 Actual 1,942 1,659 Heating Normal 1,895 1,940 Dominion Energy Virginia Actual 20 4 Cooling Electric Normal 5 4 Actual 850 620 Heating Dominion Energy South Normal 743 768 Carolina Actual 0 0 Cooling Normal 1 1 Dominion Energy South Actual 850 620 Gas
Slide 23: Weather: after-tax impacts
Weather After-tax impacts ($M) Q1 Q2 Q3 Q4 2025 YTD Dominion Energy Virginia2 $13 — — — $13 Versus normal¹ Dominion Energy South 15 — — — 15 Carolina3 Total $28 — — — $28 Q1 Q2 Q3 Q4 2025 YTD $54 — — — $54 Versus prior year¹ Dominion Energy Virginia2 Dominion Energy South 20 — — — 20 Carolina3 Total
Slide 24: Fixed income: credit ratings
Fixed income Credit ratings as of March 31, 2025 Dominion Energy, Inc. Moody’s S&P Fitch Corporate/Issuer Baa2 BBB+ BBB+ Senior Unsecured Debt Securities Baa2 BBB BBB+ Junior Subordinated Notes Baa3 BBB- BBB- Preferred Stock Ba1 BBB- BBB- Short-Term/Commercial Paper P-2 A-2 F2 Outlook Stable Stable
Slide 25: Fixed income: schedule of long-term debt
Fixed income Preliminary and unaudited schedule of long-term debt as of March 31, 2025 ($M) Segment Financing Entity Description Maturity Weighted Avg. Coupon Short-term at 3/31/2025 Long-term at 3/31/2025 DE Virginia VEPCO Unsecured Senior Notes, fixed rates 2025-2055 4.44% $1,100 $18,935 DE Virgin
Slide 26: Fixed income: schedule of debt maturities
Fixed income Schedule of debt maturities as of March 31, 2025 ($M) Financing Segment Due Date Entity DE Virginia DE SC Con Energy Corp & Other Total 2025 3.10% 2015 Series A Senior Notes 05/15/25 VEPCO 350 - - - 350 3.90% 2015 Series B Senior Notes 10/01/25 DEI - - - 750 750 5.088% Senior Secured De
Slide 27: Fixed income: schedule of debt maturities
Fixed income Schedule of debt maturities as of March 31, 2025 ($M) Financing Segment Due Date Entity DE Virginia DE SC Con Energy Corp & Other Total 2027 3.60% 2020 Series B Senior Notes 03/15/27 DEI - - - 350 350 3.50% 2017 Series A Senior Notes 03/15/27 VEPCO 750 - - - 750 5.088% Senior Secured De