olivLaw · US equity research
Dominion Energy, Inc. D
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
Dominion Energy is a regulated electric utility serving customers in Virginia, North Carolina and South Carolina, with a focus on offshore wind, solar and grid expansion for rising data center demand. The company reaffirmed its 2026 operating earnings guidance, while the announced merger with NextEra Energy adds uncertainty for shareholders and investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Dominion Energy, Inc. (D) stock was 69.75 USD (+4.45% on the day), with market capitalisation 61.3 bn USD, P/E 20.6 on diluted EPS of 3.38 USD over the last 12 months, dividend yield 3.83%, beta 0.17, 52-week range 57.08–71.69 USD. Latest reported quarter (Q1 2026): revenue of 5.0 bn USD (+23.1% YoY), net income of 621.0 m USD (−6.6% YoY), diluted EPS 0.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 59.98 – 68.63
- above the upper band · %B 1.13 · band width 13.5%
- SMA 50 / 200
- 63.84 / 64.91
- mixed trend
- MACD (12, 26, 9)
- 1.24 / 0.62
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.3% | −1.1% | +15.4 pp | — |
| 3 months | +2.2% | −0.5% | +2.6 pp | — |
| 6 months | +13.2% | +4.4% | +8.8 pp | — |
| Year to date | +19.0% | +12.3% | +6.7 pp | — |
| 1 year | +17.6% | +13.5% | +4.0 pp | +2.2% |
| 3 years | +59.9% | +76.4% | −16.5 pp | +51.2% |
| 5 years | −8.9% | +63.7% | −72.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 3.9 bn | 3.4 bn | 4.1 bn | 3.8 bn | 4.5 bn | 4.1 bn | 5.0 bn |
| Operating income | 805.0 m | 1.2 bn | 391.0 m | 1.2 bn | 1.1 bn | 1.3 bn | 756.0 m | 1.4 bn |
| Depreciation & amortisation | 621.0 m | 549.0 m | 554.0 m | 582.0 m | 580.0 m | 609.0 m | 616.0 m | 631.0 m |
| Interest expense | 470.0 m | 404.0 m | 444.0 m | 481.0 m | 505.0 m | 527.0 m | 509.0 m | 561.0 m |
| Pre-tax income | 578.0 m | 1.2 bn | 74.0 m | 752.0 m | 1.0 bn | 1.2 bn | 582.0 m | 834.0 m |
| Income tax | 112.0 m | 213.0 m | -10.0 m | 40.0 m | 220.0 m | 216.0 m | 56.0 m | 48.0 m |
| Net income | 563.0 m | 934.0 m | 134.0 m | 665.0 m | 760.0 m | 1.0 bn | 567.0 m | 621.0 m |
| Diluted EPS | 0.64 | 1.09 | 0.14 | 0.77 | 0.88 | 1.16 | 0.65 | 0.69 |
| Operating cash flow | 856.0 m ≈ | 1.5 bn ≈ | 641.0 m | 1.2 bn | 1.2 bn ≈ | 1.9 bn ≈ | 987.0 m | 882.0 m |
| Dividends paid | 560.0 m ≈ | 559.0 m ≈ | 561.0 m | 569.0 m | 569.0 m ≈ | 570.0 m ≈ | 570.0 m | 587.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 30 percentile of its own 40-quarter history (min 14.6, median 22.6, max 156.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.2 bn | 14.4 bn | 14.2 bn | 11.4 bn | 13.9 bn | 14.4 bn | 14.5 bn | 16.5 bn |
| Revenue YoY | −11.0% | +28.6% | −1.6% | −19.4% | +22.1% | +3.3% | +0.5% | +14.2% |
| Net income | 2.4 bn | 1.4 bn | -401.0 m | 3.4 bn | 1.2 bn | 2.0 bn | 2.0 bn | 3.0 bn |
| Net income YoY | −18.4% | −44.5% | −129.5% | unavailable | −65.0% | +64.7% | +3.7% | +47.4% |
| Diluted EPS | 3.74 | 1.62 | -0.57 | 4.12 | 1.33 | 2.25 | 2.33 | 3.45 |
| Diluted EPS YoY | −20.8% | −56.7% | −135.2% | unavailable | −67.7% | +69.2% | +3.6% | +48.1% |
| net % | 21.9% | 9.4% | -2.8% | 29.8% | 8.5% | 13.6% | 14.1% | 18.2% |
| Free cash flow | 519.0 m | 224.0 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 250.0 m USD
- Financial debt
- 48.8 bn USD
- Net debt
- 48.5 bn USD
- Equity
- 33.4 bn USD
- Total assets
- 115.9 bn USD
- Debt / equity
- 1.46x
- Current ratio
- 0.77x
- ROE
- 9.5%
- ROA
- 2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 14.2 bn | 11.4 bn | 13.9 bn | 14.4 bn | 14.5 bn | 16.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 2.1 bn | 2.0 bn | 1.4 bn | 3.4 bn | 3.2 bn | 4.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 2.3 bn | 2.1 bn | 2.4 bn | 2.6 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | 4.4 bn ≈ | 4.1 bn ≈ | 3.9 bn ≈ | 6.0 bn ≈ | 5.6 bn ≈ | 6.8 bn ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Interest expense | 1.4 bn | 1.3 bn | 1.0 bn | 1.7 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 1.4 bn | 1.9 bn | 328.0 m | 2.7 bn | 2.2 bn | 3.6 bn | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 83.0 m | -181.0 m | 59.0 m | 644.0 m | 411.0 m | 532.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -401.0 m | 3.4 bn | 1.2 bn | 2.0 bn | 2.0 bn | 3.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -0.57 | 4.12 | 1.33 | 2.25 | 2.33 | 3.45 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 831.0 m | 808.5 m | 824.8 m | 836.5 m | 839.4 m | 855.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividend per share | 3.45 | 2.52 | 2.67 | 2.67 | 2.67 | 2.67 | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 172.0 m | 283.0 m | 119.0 m | 184.0 m | 310.0 m | 250.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 2.3 bn | 2.2 bn | 2.2 bn | 2.3 bn | 2.2 bn | 2.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | 1.6 bn | 1.6 bn | 1.5 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 01 May 2026verified |
| Current assets | 6.9 bn | 7.3 bn | 9.9 bn | 25.4 bn | 6.6 bn | 8.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 57.8 bn | 59.8 bn | 52.3 bn | 58.8 bn | 68.9 bn | 79.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 7.4 bn | 4.3 bn | 4.1 bn | 4.1 bn | 4.1 bn | 4.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 765.0 m | 784.0 m | 813.0 m | 945.0 m | 1.1 bn | 1.7 bn | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 95.9 bn | 99.6 bn | 104.8 bn | 109.1 bn | 102.4 bn | 115.9 bn | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 944.0 m | 1.2 bn | 1.2 bn | 921.0 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 895.0 m | 2.3 bn | 3.4 bn | 4.0 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | — | — | 41.9 bn | 40.2 bn | 39.3 bn | 46.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 10.8 bn | 8.7 bn | 13.5 bn | 24.5 bn | 9.3 bn | 10.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 69.4 bn | 70.7 bn | 77.1 bn | 81.5 bn | 72.6 bn | 82.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 26.5 bn | 26.8 bn | 27.4 bn | 27.3 bn | 29.8 bn | 33.4 bn | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.2 bn | 4.0 bn | 3.7 bn | 6.6 bn | 5.0 bn | 5.4 bn | SEC (XBRL)· 23 Feb 2026verified |
| Investing cash flow | -2.9 bn | -6.2 bn | -6.7 bn | -7.2 bn | -3.2 bn | -13.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -2.3 bn | 2.4 bn | 3.0 bn | 595.0 m | -1.8 bn | 7.6 bn | SEC (XBRL)· 23 Feb 2026verified |
| Dividends paid | 2.9 bn | 2.0 bn | 2.2 bn | 2.2 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | 3.1 bn | — | — | — | — | — | SEC (XBRL)· 25 Feb 2021verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 71 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 61.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet51
- Growth91
- Quality81
- Returns74
- Valuation74
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.09 – 103.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Dividend discount (DDM)35.09 – 47.19 (Mid 40.25)
- Peers: EV/EBITDA78.04 – 103.77 (Mid 88.56)9 companies used · median multiple 11.5x · quartiles 10.2x – 13.4xAEP, CEG, CNP, EIX, ES, ETR, NRG, SO, VST
- Peers: P/E69.99 – 83.02 (Mid 75.98)11 companies used · median multiple 22.5x · quartiles 20.7x – 24.6xAEP, CEG, CNP, ES, ETR, FE, NEE, NRG, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 71/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.4% | 77 (vs peers) | 6% |
| Net margin · Quality | 16.9% | 85 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 5.8% | 78 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 37.4% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.4x | 91 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.2x | 19 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.8x | 10 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 20.6x | 67 (vs peers) | 13% |
| EV/EBITDA · Valuation | 9.1x | 82 (vs peers) | 11% |
| Dividend yield · Returns | 3.8% | 83 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 79.0% | 52 (on a fixed band) | 6% |
Score groups
- Balance sheet51/100 · 3/3 factors with a value
- Growth91/100 · 2/2 factors with a value
- Quality81/100 · 2/2 factors with a value
- Returns74/100 · 2/2 factors with a value
- Valuation74/100 · 2/2 factors with a value
Memo
DOMINION ENERGY, INC (D). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 16.5 bn USD in 2025; YoY growth 14.2%; net margin 16.9%; ROE 10.5%; net debt/EBITDA 0.4x.
The estimated value range is 69.99–83.02 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 75.98 USD, the price of 69.75 USD leaves a potential of 8.9% (value / price − 1) and a margin of safety of 8.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 71/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.4%
- Net margin: 16.9%
- Revenue CAGR 3Y: 5.8%
- EPS CAGR 3Y: 37.4%
- Net debt / EBITDA: 0.4x
- EV/EBITDA: 9.1x
- Dividend yield: 3.8%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 2.2x
- Current ratio: 0.8x
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 13 companies
Only companies with a capitalisation between 7.2 bn and 460.1 bn (within 8× of the company's); 39 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 184.4 bn | 22.5 | 15.6% | 31.5% | +9.8% | +3% / +51% |
| SOSouthern Co | 105.0 bn | 23.9 | 11.3% | 14.5% | +10.6% | +2% / +31% |
| CEGConstellation Energy Corporation | 87.1 bn | 24.0 | 15.3% | 11.1% | +8.3% | −33% / +103% |
| AEPAmerican Electric Power Company, Inc. | 70.3 bn | 19.0 | 12.8% | 16.9% | +10.9% | +4% / +62% |
| DDominion Energy, Inc | 61.3 bn | 20.6 | 10.5% | 16.9% | +14.2% | +18% / +60% |
| ETREntergy Corp | 51.2 bn | 28.4 | 11.1% | 13.6% | +9.0% | +15% / +121% |
| VSTVistra Operations Company LLC | 40.4 bn | 19.9 | 43.1% | 11.6% | +3.0% | −33% / +240% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| CNPCenterpoint Energy Inc | 26.8 bn | 25.2 | 9.6% | 11.4% | +8.3% | +3% / +45% |
| ESEversource Energy | 26.5 bn | 18.2 | 9.1% | 10.4% | +13.8% | +5% / +19% |
| EIXEdison International | 23.7 bn | 6.5 | 20.8% | 19.6% | +9.8% | +4% / −8% |
| NRGNRG Energy, Inc | 17.5 bn | 21.6 | 23.8% | 2.6% | +9.2% | −51% / +74% |
| TLNTalen Energy Corporation | 14.2 bn | — | -16.7% | -6.4% | +22.0% | −17% / +470% |
1- and 3-year price returns: for D from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 41.51 Total return -37% · Per year -37% | 73.33 Total return 9% · Per year 9% | 110.40 Total return 63% · Per year 63% |
| 3 years | 41.34 Total return -32% · Per year -12% | 82.09 Total return 30% · Per year 9% | 135.53 Total return 110% · Per year 28% |
| 5 years | 41.18 Total return -26% · Per year -6% | 91.88 Total return 54% · Per year 9% | 166.38 Total return 169% · Per year 22% |
- Exit P/E± 20.52
- Net margin± 14.36
- Annual revenue growth± 11.65
- Annual dilution± 1.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
In brief
Dominion Energy is a regulated electric utility serving customers in Virginia, North Carolina and South Carolina, with a focus on offshore wind, solar and grid expansion for rising data center demand. The company reaffirmed its 2026 operating earnings guidance, while the announced merger with NextEra Energy adds uncertainty for shareholders and investors.
SWOT
Strengths
- The company has a broad base of regulated customers and predictable revenue from rates approved by regulators, which supports earnings stability.
- Dominion is a leading developer of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England 1.
- The company reaffirmed its 2026 operating earnings guidance, indicating financial discipline despite project uncertainties 3.
Weaknesses
- The CVOW project has produced unrecovered costs due to revised estimates and suspensions, highlighting execution risk in large projects 1.
- Second-quarter GAAP earnings were below operating earnings, showing the volatility of items excluded from adjusted reporting 3.
- Reliance on data center contracts makes future revenue depend on a few large customers with collateral and minimum demand terms 1.
Opportunities
- Data center demand could support long-term investment in transmission, generation and distribution if approvals are obtained on time 1.
- Decarbonization policies and nuclear license extensions could open new regulated revenue streams for carbon-free investment 1.
- The NextEra Energy merger, if completed, could bring operational synergies and access to a larger financial base 2.
Threats
- Changes to FERC and PJM capacity market rules could reduce nonregulated generation revenue and affect energy prices 1.
- Tariffs and supply delays could raise offshore wind project costs, and part of these costs could remain unrecovered 1.
- Regulatory risk, litigation and financing conditions could affect earnings and access to capital, especially during the merger transition 1.
Risks
- CVOW cost overrunshigh
The CVOW project could generate unrecovered costs if estimates rise above the caps set by the Virginia commission, and tariffs and delays could amplify this effect 1.
- Rate regulation riskmedium
Rates are reviewed by regulators, and a decision to reduce rates or require refunds of earnings above authorized levels could affect financial results 1.
- Merger uncertaintymedium
Completion of the NextEra merger depends on shareholder and regulatory approvals, and conditions imposed could change or terminate the agreement 2.
- Data center concentrationmedium
Data center demand is concentrated in one area, and changes in that segment could affect future investment plans and revenue 1.
- Operational and environmental risklow
Equipment failures, extreme weather and cybersecurity threats could generate unexpected costs and service interruptions 1.
Investment thesis
What would need to be true (bull case)
- If data center demand materializes and transmission and generation projects are completed on time, the regulated asset base could grow and support long-term earnings 1.
- Reaffirming 2026 operating earnings guidance could indicate that management sees costs and revenues under control, at least in the near term 3.
- A leading position in offshore wind and solar, combined with nuclear license extensions, could provide an advantage in the energy transition 1.
What would break the thesis
- If CVOW costs keep rising, unrecovered losses could reduce earnings and weaken confidence in execution of large projects 1.
- Second-quarter GAAP earnings were below operating earnings, and the volatility of excluded items could make results harder to anticipate 3.
- The NextEra merger could create uncertainty for employees, customers and regulators, and a failure could affect reputation and strategic plans 2.
What to watch
- Completion or failure of the NextEra Energy merger and the conditions of approvals2026-2027
- Quarterly results and whether 2026 operating earnings guidance is maintainedQ3 2026
- Regulatory decisions on rates and refunds in Virginia2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
The business
The company currently expects approximately 95% of earnings to come from state-regulated utility operations 1. Its nonregulated operations consist primarily of long-term contracted electric generation 1. After its 2023 and 2024 sales to Enbridge and BHE, Dominion has concentrated on expanding and improving its regulated electric utilities 1.
Market context
Electricity demand in the PJM region is growing rapidly, and PJM has projected a 5.4% average peak annual load growth over the next ten years for the PJM DOM Zone, where Dominion operates 1. The Virginia market is dominated by regulated utilities with rates approved by commissions, which makes revenue predictable but sensitive to political decisions 1. Competition is limited for distribution but exists for transmission construction 1.
In the PJM market, changes to capacity rules and pricing could affect nonregulated generation earnings, while transmission rates are set by FERC 1. The company is also active in offshore wind, where projects are capital intensive and exposed to delays and tariffs 1.
Trends
- Data center demand growthtailwind
Data centers concentrated mainly in Loudoun County, Virginia are driving higher electricity demand that requires investment in transmission and generation 1. If this demand persists, it could support growth in the regulated asset base, but it requires large investments and collateral-backed contracts.
- Renewable and nuclear investmentmixed
The company is investing in solar, offshore wind and license extensions for its nuclear stations, in line with carbon-free energy goals 1. If these projects are completed on schedule, regulatory pressure could ease, but delays could raise costs.
- CVOW project costs and delaysheadwind
The CVOW Commercial Project was affected by a temporary suspension of work and new tariffs, which led to a revised total cost estimate of approximately 11.5 billion dollars 1. If costs rise beyond the sharing thresholds, the company could bear unrecovered losses.
- Merger with NextEra Energymixed
The company has announced a merger agreement with NextEra Energy, and completion depends on shareholder and regulatory approvals 2. If completed, it could change governance and long-term strategy, but until then it remains a source of uncertainty.
Competitive position
In the PJM and ISO-NE generation markets, Dominion plants compete with other power sources, and self-generation and distributed generation technologies could reduce demand from large customers 1. The risk increases if market rule changes favor other participants.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- NextEra Agrees to More Safeguards for $67 Billion Dominion DealBloomberg Markets · 03 Nov 2026 · EN
- Virginia Wants 6-Year Rate Freeze in NextEra-Dominion DealBloomberg Markets · 21 Oct 2026 · EN
- Spanberger pushes for 6-year rate-hike freeze if Dominion-Next Era merger approvedThe Hill · 20 Oct 2026 · EN
- Canada’s Dominion Dynamics, Ukraine’s TENCORE Sign Deal to Build TerMIT Ground Vehicles in CanadaKyiv Post · 14 Oct 2026 · EN
- Virginia Lieutenant Governor Opposes NextEra-Dominion DealBloomberg Markets · 06 Oct 2026 · EN
- Old Dominion pulls forward 4.9% GRI as LTL carriers accelerate rate hikesYahoo Finance — News · 21 Sept 2026 · EN
- NextEra (NEE) and Dominion (D) Unveil a Bigger Pitch for VirginiaYahoo Finance — News · 20 Sept 2026 · EN
- Jim Cramer Suggests Against Holding Dominion (D) Through the NextEra (NEE) Share ConversionYahoo Finance — News · 19 Sept 2026 · EN
- Can NextEra (NEE) Preserve Its Earnings and Dividend Growth While Adding Dominion?Yahoo Finance — News · 19 Sept 2026 · EN
- NextEra and Dominion Sweeten Merger Deal With Bill Credits and New JobsYahoo Finance — News · 15 Sept 2026 · EN
- Dominion Energy vs. GE Vernova: Which Utilities Stock Is a Better Buy in 2026?Yahoo Finance — News · 14 Sept 2026 · EN
- NextEra Energy Reaffirms 2026 Guidance at Top End of Range as $67 Billion Dominion Merger ProgressesYahoo Finance — News · 14 Sept 2026 · EN
- Dominion, NextEra propose $1 billion-a-year Virginia supplier programYahoo Finance — News · 14 Sept 2026 · EN
- NextEra, Dominion Offer Virginia Aid to Smooth $67 Billion DealBloomberg Markets · 14 Sept 2026 · EN
- How Is Old Dominion Freight's Stock Performance Compared to Other Industrial StocksYahoo Finance — News · 10 Sept 2026 · EN
- Dominion Energy Stock: Is D Outperforming the Utility Sector?Yahoo Finance — News · 09 Sept 2026 · EN
- NextEra-Dominion Merger Wins Shareholder Backing: What’s Next?Yahoo Finance — News · 07 Sept 2026 · EN
- Old Dominion’s August: Some good, some OKYahoo Finance — News · 03 Sept 2026 · EN
- What Makes Dominion Energy (D) an Attractive Bet?Yahoo Finance — News · 31 Aug 2026 · EN
- NextEra (NEE) Wants Dominion (D) But States Push BackYahoo Finance — News · 29 Aug 2026 · EN
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report14 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report03 Sept 2026Shareholder vote
- Current report25 Aug 2026Other events
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report16 Jun 2026Other events · Financial statements and exhibits
- Current report05 Jun 2026Other events · Financial statements and exhibits
- Current report22 May 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Dominion Energy, Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Dominion Energy, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Dominion Energy, Inc. · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.