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DATE
Friday, Oct. 30, 2026
CALL PARTICIPANTS
- Senior Vice President, Investor Relations and Treasurer – David McFarland
- Chair, President and Chief Executive Officer – Robert Blue
- Executive Vice President and Chief Financial Officer – Steven D. Ridge
TAKEAWAYS
- Operating EPS — $1.28 per share, including a $0.05 benefit from RNG 45Z credits and $0.05 from favorable weather.
- GAAP EPS — $1.30 per share for the third quarter, compared to $1.16 per share in the prior year period.
- Full-Year Operating EPS Guidance — $3.45 to $3.69 per share, with management expecting results to fall in the top half of this range.
- CVOW Project Completion — 85% complete, with the installation of 44 turbines representing over 640 megawatts of capacity.
- CVOW Capital Budget — $11.65 billion, which includes $123 million of unused contingency funds.
- Data Center Contracting Capacity — 54 gigawatts in various stages of contracting, representing a 13% increase since the end of last year.
- Electric Service Agreement Capacity — 12 gigawatts of data center capacity already contracted, according to management.
- Weather Normal Electric Sales Growth — 3.4% across DEV and DESC on a trailing 12-month basis.
- Virginia Fuel Securitization Financing — $900 million approved by the Virginia State Corporation Commission to mitigate fuel-related bill impacts.
- Millstone Customer Savings — $245 million expected in 2026, driven by the facility’s power purchase agreement.
- Integrated Resource Plan (IRP) Solar Update — 4 gigawatts of solar capacity added and accelerated compared to the prior year plan.
- IRP Battery Storage Update — 2 gigawatts of storage added to the plan, increasing projected battery capacity on the system fourfold through 2034.
- Battery Storage Capital Opportunity — $2.5 billion to $3 billion per gigawatt of storage installed.
- Residential Electric Bill Forecast — 2.3% average annual increase projected under the company’s preferred integrated resource plan.
- NextEra Energy Combination Benefits — $100 million in energy bill assistance and a $100 million workforce development fund proposed for Virginia.
- Virginia Supplier Program — $1 billion annual commitment over five years to support Virginia companies as part of the proposed merger.
- Employee OSHA Injury Recordable Rate — 0.41 through September, which management stated is well below the industry average.
- CVOW Fuel Savings Estimate — $5 billion for customers during the project’s first 10 years of operation.
- Operating Net Income — $1.1 billion for the three months ended Sept. 30, 2026, compared to $921 million in 2025.
- GAAP Net Income — $1.2 billion for the quarter, compared to $1.0 billion in the same period last year.
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RISKS
- Blue stated, “September and October were below due to a combination of weather and Charybdis maintenance activities,” regarding the cadence of turbine installations at the Coastal Virginia Offshore Wind project.
- Ridge noted the company remains subject to “unforeseen challenges that may occur” despite building a plan with appropriate conservatism for weather and financial performance.
SUMMARY
Dominion Energy, Inc. (D +2.30%) reported third-quarter results and reaffirmed its long-term financial guidance while raising the expected full-year outcome to the top half of its original range. Management reported significant progress on its Coastal Virginia Offshore Wind project and emphasized the durable demand from data center customers in Virginia. The company is actively navigating the regulatory approval process for its proposed combination with NextEra Energy, with evidentiary hearings scheduled to begin in late 2026 and early 2027. The company continues to execute its financing plan, which includes the approval of a fuel securitization petition to manage customer bill impacts.
- The proposed merger with NextEra Energy is expected to close in the second half of 2027, according to Blue.
- Turbine installation efficiency at CVOW has improved, with the most recent nine turbines averaging 38 hours per installation compared to 69 hours for the first 10.
- Management reported that 10 of the Dom Zone’s summer peak demand days occurred in 2026, with DESC setting a new all-time electric peak in August.
- The company utilized a portion of its schedule contingency for CVOW due to weather and maintenance but continues to target project completion by the end of 2027.
- Ridge stated, “We now have over 54 gigawatts of data center capacity in various stages of contracting,” highlighting a 13% increase in contracts since the previous year.
- A final order regarding the NextEra combination in Virginia is expected from the State Corporation Commission by Jan. 11, 2027.
INDUSTRY GLOSSARY
- 45Z Credits: Federal tax credits for the production of clean transportation fuels, including renewable natural gas.
- CVOW: Coastal Virginia Offshore Wind, a 2.6-gigawatt offshore wind project being developed by Dominion Energy.
- DESC: Dominion Energy South Carolina.
- DEV: Dominion Energy Virginia.
- IRP: Integrated Resource Plan, a document outlining how a utility plans to meet projected customer demand over a multiyear period.
- LCOE: Levelized Cost of Energy, the average net present cost of electricity generation for a generating plant over its lifetime.
- PPA: Power Purchase Agreement, a long-term contract between an electricity generator and a customer.
- REC: Renewable Energy Certificate, a market-based instrument that represents the property rights to the environmental attributes of renewable electricity generation.
Full Conference Call Transcript
Operator: Thank you for your continued patience. Your meeting will be in short. If you need assistance at any time, please press 0. A member of our team will be happy you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0. A member of our team will be happy to help you. Please standby, your meeting is about to begin. Welcome to the Dominion Energy Third Quarter 2026 Earnings Conference Call. At this time, each of your lines is in a listen-only mode. 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. I would now like to turn the call over to David McFarland, Senior Vice President, Investor Relations and Treasurer.
David McFarland: Good morning, and thank you for joining Dominion Energy’s third-quarter 2026 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-K and our qu
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