Dominion Energy Q2 Earnings Call Highlights

Dominion reaffirmed its 2026 outlook after reporting second-quarter operating earnings of $0.79 per share, including $0.03 from renewable natural gas credits. The company also completed its planned common-equity program and maintained its credit, dividend and long-term growth guidance. Data-center demand continues to drive electricity growth, with more than 53 gigawatts of capacity in various contracting stages and roughly 12 GW under electric service agreements. Dominion has added more than 5 GW of data-center contracts since the end of 2025 and says its large-load framework will protect existing customers from related infrastructure costs. The Coastal Virginia Offshore Wind project is 81% complete, but final turbine installation was delayed six months to year-end 2027 and the cost estimate increased about 2% to $11.65 billion. Meanwhile, Dominion and NextEra have formally entered the regulatory review process for their proposed combination, which includes $2.25 billion in shareholder-funded customer bill credits.

Dominion Energy NYSE: D reported second-quarter 2026 operating earnings of $0.79 per share, including $0.03 per share from renewable natural gas 45Z credits, while GAAP earnings were $0.37 per share. The utility reaffirmed its full-year operating earnings, credit, dividend and long-term growth guidance, citing a strong first half and continued demand growth across its service territory. Chief Financial Officer Steven Ridge said the company completed its planned 2026 common-equity program and that its full-year 2025 and second-quarter last-12-month funds-from-operations-to-debt metrics were both above 15%.

Management said electricity demand has continued to rise, supported by regional economic growth and data-center expansion. Nine of the Dominion Zone's 10 highest all-time peak-demand days have occurred this year, including its eight highest summer peak days during the past two months.

Dominion said it now has more than 53 gigawatts of data-center capacity in various stages of contracting, including about 12 GW under electric service agreements. The company has added more than 5 GW of contracts since the end of 2025, an increase of roughly 11%. Ridge said large-load customers continue to cite Virginia's network density, connectivity and existing ecosystem as reasons to build and retain high-value data-center workloads in the state. Dominion said its large-load framework is intended to require those customers to pay for investments needed to support their growth while protecting existing customers from cost shifts and reducing stranded-cost risk. During the question-and-answer session, Executive Vice President of Utility Operations Ed Baine addressed a recent transmission-line fault that caused some data centers to shift to backup power. Baine said such events are rare and that data centers would typically ride through momentary disruptions. Dominion does not believe major incremental grid investments are needed as a result of the event, he said, but plans to work with customers on mitigation measures and lessons learned.

Chief Executive Officer Bob Blue said the Coastal Virginia Offshore Wind, or CVOW, project was 81% complete and had reached several fabrication and installation milestones. All nacelles have been fabricated, while 99% of towers and 85% of blades were complete. Tower fabrication was expected to finish in the coming days, with final blade production anticipated in October. The company had inst...