Dominion Energy, Inc. · NYSE:D
Dominion Energy — Merger or Acquisition (May 2026)
52 slides from Dominion Energy's merger presentation, May 18, 2026
Slide 1: Forming America's leading utility business and energy infrastructure company
Forming America’s leading utility business and energy infrastructure company To reliably and affordably meet America’s historic power demand May 18, 2026 + Jupiter, FL Richmond, VA Outer Banks, NC Charleston, SC Miami, FL
Slide 2: Cautionary Information
Cautionary Information This communication includes “forward - looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included or incorporated by reference in this communicat
Slide 3: Today's Participants
3 Today’s Participants NextEra Energy + Dominion Energy John Ketchum Chairman, President and CEO NextEra Energy Robert Blue Chair, President and CEO Dominion Energy Mike Dunne Chief Financial Officer NextEra Energy Steven Ridge Chief Financial Officer Dominion Energy
Slide 4: Agenda
4 NextEra Energy + Dominion Energy Agenda Forming the Industry Leader Good for Our Customers Good for Our Team and the Communities We Serve Good for Shareholders Path to Close Key Takeaways 1 2 3 4 5 4 6
Slide 5: Forming the Industry Leader
5 1 Forming the Industry Leader NextEra Energy + Dominion Energy
Slide 6: Power demand is expected to grow six times faster over the next 20 years
6 Power demand is expected to grow six times faster over the next 20 years NextEra Energy + Dominion Energy U.S. Electricity Demand 1,2,3 Thousand TWh 3.9 4.0 4.0 3.9 4.3 5.1 5.8 6.4 6.9 2005A 2010A 2015A 2020A 2025E 2030E 2035E 2040E 2045E Historical electricity demand Incremental demand to 2025 +
Slide 7: Combining NextEra Energy and Dominion Energy would create America's leading utility business
7 NextEra Energy + Dominion Energy Combi nin g NextEra Energy and Dominion Energy would create America’s leading utility business and energy infrastructure company 1. Represents the new combined company which would operate under the NextEra Energy name and trade under the ticker symbol NEE 2. Combin
Slide 8: The combination would create the number one utility company in nearly every category
8 NextEra Energy + Dominion Energy The combination would create the number one utility company in nearly every category Cayce, South Carolina Operational Headquarters Richmond, Virginia Dual Headquarters Juno Beach, Florida Dual Headquarters Regulated utilities in four high growth states No. 1 Gener
Slide 9: Combined company would maintain continuity in leadership, board representation and headquarters
Combined company would maintain continuity in leadership, board representation and headquarters 9 • Tax free, all - stock merger • Dominion Energy shareholders to receive 0.8138 shares of NextEra Energy for each outstanding share of Dominion Energy • NextEra Energy shareholders: 74.5% • Dominion Ene
Slide 10: The combined company would be committed to its customers, employees and communities
The combined company would be committed to its customers, employees and communities 1. Subject to customary closing conditions, approval from shareholders of NextEra Energy and Dominion Energy, federal and state reg ulatory approvals; see timeline to close section for additional details on regulator
Slide 11: The combined company would have one of the highest Adjusted EPS growth rate expectations
The combined company would have one of the highest Adjusted EPS growth rate expectations and one of the strongest balance sheets in the industry 1. 2025 adjusted EPS of $3.71 2. Through 2032, off a 2025 pro forma base of $17.9 B 3. 6% per year growth from NextEra Energy standalone year - end 2026 ex
Slide 12: The combined company would have unmatched scale, capabilities and opportunities
The combined company would have unmatched scale, capabilities and opportunities 12 Scale Diversification Power demand growth Innovation Total shareholder return NextEra Energy + Dominion Energy 1. Market data as of May 15, 2026 2. Based on business mix methodology used by the credit rating agencies
Slide 13: Largest power company and third largest in the energy sector in the United States
The combined company would be the largest power company and third largest company in the energy sector in the United States 1. Source: FactSet, data as of May 15, 2026 13 NextEra Energy + Dominion Energy S&P 500 Energy and Utilities Sector Enterprise Value 1 $ B 709 425 420 309 297 188 183 167 127 1
Slide 14: Serving four of America's fastest growing states with total annual GDP of ~$4.0T
The combined company would serve four of America’s fastest growing states with total annual GDP of ~$4.0 T 1 1. Source: Bureau of Economic Analysis 2. EIA 2021 – 2024 3. Cushman and Wakefield Americas Data Center Update H2 2025 4. CNBC’s “Top States for Business” 2021 – 2025 5. S&P Global as of Apri
Slide 15: Good for Our Customers
15 2 Good for Our Customers NextEra Energy + Dominion Energy
Slide 16: NextEra Energy and Dominion Energy put customers first
NextEra Energy and Dominion Energy put customers first Low rates Outstanding customer service Large load pays their fair share High reliability 16 + $2.25 billion total bill credits proposed for Dominion Energy customers 1 NextEra Energy + Dominion Energy 1. Paid over 24 months post close All forms
Slide 17: The combined company's shared common platform would benefit customers
Operating Scale Remote Operations The combined company’s shared common platform would benefit customers 17 Talent, Culture & Experience Artificial Intelligence Customer Relationships Technology Engineering & Construction Supply Chain NextEra Energy + Dominion Energy Balance Sheet Strength Data, Anal
Slide 18: U.S. power demand is coming from every sector, driving the need for more generation
63% 15% 22% U.S. power demand is coming from every sector, driving the need for more generation 18 53% 19% 28% Power Demand Growth By Sector 2026E – 2032E Combination would result in balanced growth across the four states U.S. 1 Florida, Virginia, North Carolina, South Carolina 1 Large load 2 Transp
Slide 19: Projects needed to serve new load demands are growing significantly in size and complexity
19 NextEra Energy + Dominion Energy Projects needed to serve new load demands are growing significantly in size and complexity ~ $0.5 ~ $15 Last 10 Years Today's Data Center Hubs Project Size MW, Illustrative Project CapEx $ B, Illustrative 200 5,000 Last 10 Years Today's Data Center Hubs 25x 30x 1.
Slide 20: The combined company's scale would enable significant buying power
20 The combined company’s scale would enable significant buying power NextEra Energy + Dominion Energy Buy More Efficiently Finance More Efficiently Build More Efficiently Operate More Efficiently Purchasing 3 2021 – 2025 Annual CapEx Forecast 1 $ B ~43 MM ~11 MM ~9 MM ~8 K ~2,500 Solar panels Fossi
Slide 21: Built more generation than the next 25 largest utilities combined
21 Since 2021, NextEra Energy and Dominion Energy have built more generation than the next 25 largest utilities combined 1. Includes utility - scale solar, gas, wind, storage, nuclear; public investor - owned utilities only 2. Source: WoodMac ; t he last bar represents the combined total of the rema
Slide 22: The combined company's strong balance sheet would benefit customers
22 The combined company’s strong balance sheet would benefit customers NextEra Energy + Dominion Energy Credit Benefits from the Merger Upgrade of Dominion Energy Virginia credit ratings 1 Upgrade of Dominion Energy HoldCo credit ratings 2 Improvements in proforma downgrade thresholds 3 Before S&P/M
Slide 23: The combined company would strive to be best in class in operating costs
23 The combined company would strive to be best in class in operating costs 1. FERC Form 1 non - fuel O&M; Industry 2024; excludes injuries and damages, pensions and benefits and other power supply expenses; F PL excludes one - time storm impacts; includes holding companies with >100k customers and
Slide 24: Our combined ability to buy, build, finance and operate more efficiently
Our combined ability to buy, build, finance and operate more efficiently is expected to drive customer benefits 1. NextEra Energy Resources development expectations 2. FPL 2026 TYSP through 2032 3. Dominion SC IRP of 0.2 GW, Dominion Energy VA/NC IRP of 4.8 GW + 5.8 GW of under construction/developm
Slide 25: Good for Our Team and the Communities We Serve
25 3 Good for Our Team and the Communities We Serve NextEra Energy + Dominion Energy
Slide 26: The combined company would be committed to its customers, communities and employees
The combined company would be committed to its customers, communities and employees 26 Providing exceptional service to our customers • Continued commitment to safe, reliable and affordable service • Our combined scale and platform is expected to benefit customers • Top - tier customer service score
Slide 27: NextEra Energy and Dominion Energy share a culture focused on customer value
27 NextEra Energy and Dominion Energy share a culture focused on delivering exceptional customer value Culture and Core Values Do the Right Thing Committed to Excellence Safety First Culture and Core Values Ethics Excellence Safety Embrace Change One Dominion Energy NextEra Energy + Dominion Energy
Slide 28: Dual headquarters, strong local leadership and enhanced career opportunities
The combined company would have dual headquarters, maintain strong local leadership and provide enhanced career opportunities Juno Beach, Florida Dual Headquarters 28 Cross - enterprise opportunities NextEra Energy + Dominion Energy Growing company Dual Headquarters Career Opportunities Award - Winn
Slide 29: Good for Shareholders
29 4 Good for Shareholders NextEra Energy + Dominion Energy
Slide 30: Combined company will deliver a long-term shareholder value proposition
30 We expect the combined company will deliver a compelling long - term shareholder value proposition NextEra Energy + Dominion Energy NextEra Energy NextEra Energy + Dominion 9%+ Long - Term Adj. EPS CAGR Target 1 11% Rate Base Growth 2 >80% Estimated Regulated Business Mix 3 9%+ Operating Cash Flo
Slide 31: Leader across key industry metrics and well positioned for attractive growth
The combined company is expected to be a leader across key industry metrics and well positioned for attractive growth 31 $138 B 2025A Rate Base 2 110 GW Generation Capacity ~$249 B Market Capitalization 1 $59 B Avg. Annual CapEx 4 Large Load Pipeline 6 130+ GW Target TSR 3 11.6+% NextEra Energy + Do
Slide 32: More than 15 ways to grow balanced across regulated and contracted businesses
The combined company would be positioned for strong growth, with more than 15 ways to grow balanced across regulated & long - term contracted businesses Key Growth Drivers 2025 2030 2035+ Florida Power & Light FPL Large Load Electric Transmission Gas Transmission Renewables Storage Gas Generation Nu
Slide 33: One of the industry's highest regulatory capital employed growth rates
Combined company expects one of the industry’s highest regulatory capital employed growth rates by making smart investments that benefit customers 33 1. Includes NextEra Energy electric and gas transmission regulatory capital employed and invested capital $90 – $100 B $160 – $175 B $270 – $295 B Nex
Slide 34: Unmatched large load opportunities across the United States
Combined, NextEra Energy and Dominion Energy have unmatched large load opportunities across the United States 1. Dominion VA includes 10.4 GW under Electric Service Agreements, 11.1 GW under Construction Letter of Authorization and 29.5 G W u nder Substation Engineering Letter of Authorization; incl
Slide 35: Opportunity to more than double the U.S.'s largest generation fleet
The combined company has an opportunity to more than double the U.S.’s largest generation fleet Source: Company filings, FactSet 1. Reflects 2025 net owned regulated and non - regulated generation capacity unless otherwise noted 2. Pro forma to include peer’s acquisition of a 5.5 GW generation portf
Slide 36: Business mix: 90-95% regulated and long-term contracted
36 Business mix of the combined company is expected to be 90 – 95% regulated and long - term contracted NextEra Energy + Dominion Energy Combined Business Mix 1 10 – 15% 5 – 10% Composition of Pro forma Regulated Business Mix 1 50 – 55% FPL 35 – 40% Dominion VA/NC 5 – 8% Dominion SC 2 – 5% NextEra E
Slide 37: Balance sheet expected to be one of the strongest in the industry
0% 10% 20% 30% 40% 50% 60% A or higher A- BBB+ BBB BBB- Non-IG The combined company’s balance sheet is expected to be one of the strongest in the industry 37 NextEra Energy + Dominion Energy YE 2001 19% A - or better 42% A - or better YE 2025 On average, utility peers have lower credit ratings today
Slide 38: Diversified cash flows would enhance balance sheet strength while minimizing equity needs
38 The combined company’s expected strong, diversified cash flows would enhance its balance sheet strength while minimizing equity needs Forecasted Annual Equity As a % of market cap 1 ~$ 4 B $ 249 B 1. Market capitalization as of May 15, 2026 2. 2027E – 2032E 3. Annualized percent ADTV based on ave
Slide 39: Well positioned to drive strong adjusted earnings per share growth
We believe the combined company would remain well positioned to drive strong adjusted earnings per share growth 39 1. Subject to our caveats; reaffirming NextEra Energy stand - alone financial expectations; revised expectations assume transaction c losing in 12 - 18 months and exclusion of bill cred
Slide 40: Additional opportunities to drive upside growth to adjusted EPS expectations
40 ~11% regulatory capital employed CAGR through 2032 Execute against the development expectations, which includes 15 GW of large load hubs by 2035 1. 2025 – 2032E CAGR SaaS revenue enabled by AI partnership with Google Cloud Increased CapEx at Dominion Energy Virginia to meet storage goals and redu
Slide 41: Path to Close
41 5 Path to Close NextEra Energy + Dominion Energy
Slide 42: Merger expected to close in 12-18 months subject to regulatory approvals
42 Subject to regulatory approvals, we expect the merger to close in 12 - 18 months Federal regulatory applications / regulatory approval process 1 : FERC, NRC, HSR Transaction Announcement File Form S - 4/Joint Proxy Statement NEE and D Shareholder Meetings Receive required approvals Close merger Q
Slide 43: Key Takeaways
43 6 Key Takeaways NextEra Energy + Dominion Energy
Slide 44: Scale will create significant benefits for customers, employees, communities and shareholders
We expect the combined company’s scale will create significant benefits for customers, employees, the communities we serve and shareholders Strategic Drivers Creates largest regulated utility and power company in America, diversified across several jurisdictions One of the strongest balance sheets i
Slide 45: Appendix
45 Appendix
Slide 46: Pro Forma NextEra Energy Funding Plan 2027E-2032E
46 2027E – 2032E Cash From Operations Debt Maturities Corporate Debt Issuances Asset Level Financings Equity Issuance Asset Recycling Dividend 2027E – 2032E Total 2 Pro Forma NextEra Energy Funding Plan 1 $ B, 2027E – 2032E NextEra Energy has a diversified and balanced funding plan that is centered
Slide 47: Pro Forma NextEra Energy Invested Capital Walk 2027E-2032E
47 2027E – 2032E Total CapEx Asset Level Financings Asset Recycling CapEx for post 2032 CODs Net Corporate CapEx 2027E – 2032E Cash From Operations Pro Forma NextEra Energy Invested Capital Walk 2027E – 2032E 1 $ B, 2027E – 2032E Operating cash flow accounts for ~90% of forecasted invested capital n
Slide 48: Pro Forma Organizational Structure and Expected Post-Closing Issuer Credit Ratings
Prospective Pro Forma NextEra Energy Organizational Structure and Expected Post - Closing Issuer Credit Ratings 1. NextEra Energy, Inc. to put in place at closing a parent guarantee of Dominion Energy, Inc. holding company debt comparable t o i ts Guarantee dated October 14, 1998, by and between Nex
Slide 49: Reconciliation of GAAP Net Income to Adjusted Earnings
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Twelve Months Ended December 31, 2025) 49 NextEra Energy, Inc. Corporate & Other Energy Resources FPL (millions, except per share amounts) $ 6,835 $ (1,152) $ 2,975 $ 5,012 Net Income (Loss) Attributable to
Slide 50: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations (including subsidiaries as applicable) This presentation refers to adjusted earnings per share expectations. NextEra Energy does not provide a quantitative reconcil iat ion of forward - looking adjusted earnings per share t
Slide 51: Cautionary Information
Cautionary Information No offer or solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale, issuance or transfer of securi
Slide 52: Cautionary Information (continued)
Cautionary Information (continued) Participants in the Solicitation NextEra Energy, Dominion Energy and certain of their respective directors and executive officers may be deemed to be particip ant s in the solicitation of proxies in respect of the proposed transactions. Information about the direct