Dominion Energy, Inc. (D): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la transformation de l'énergie, l'énergie de Dominion apparaît comme un joueur pivot naviguant des terrains politiques, économiques et technologiques complexes. Cette analyse complète du pilon désempe les défis et les opportunités à multiples facettes auxquelles sont confrontés ce géant de l'énergie, révélant comment les adaptations stratégiques de la conformité réglementaire, des infrastructures renouvelables et des pratiques durables rehausent sa trajectoire d'entreprise. Des interactions utilitaires au niveau de l'État aux innovations technologiques de pointe, le parcours de Dominion Energy reflète la danse complexe de la responsabilité environnementale, de la résilience économique et de la progression technologique de l'écosystème énergétique moderne.

Dominion Energy, Inc. (D) - Analyse du pilon: facteurs politiques

Support réglementaire pour la transition d'énergie propre

En 2024, Dominion Energy a investi 8,3 milliards de dollars dans des infrastructures d'énergie propre dans plusieurs juridictions d'État. La Loi sur l'économie propre de Virginia impose à 100% d'électricité sans carbone d'ici 2045, ce qui concerne directement la planification stratégique de Dominion.

État	Cible d'énergie renouvelable	Investissement de la domination
Virginie	100% sans carbone d'ici 2045	3,7 milliards de dollars
Caroline du Nord	70% de réduction du carbone d'ici 2030	2,6 milliards de dollars

Interactions de la Commission des services publics

Dominion Energy a des cas de réglementation en attente avec environ 1,2 milliard de dollars d'ajustements potentiels des taux à travers les commissions de services publics de Virginie et de Caroline du Nord.

• La Commission de Virginia State Corporation a approuvé 672 millions de dollars en investissements de modernisation de grille
• Commission des services publics de Caroline du Nord examinant la proposition d'infrastructure d'énergie renouvelable de 530 millions de dollars

Impacts fédéraux sur la politique énergétique

La loi sur la réduction de l'inflation fournit à Dominion Energy avec des crédits d'impôt potentiels estimés à 425 millions de dollars pour les investissements en énergie renouvelable jusqu'en 2026.

Incitation fédérale	Valeur estimée	Focus d'investissement
Crédit d'impôt de production	245 millions de dollars	Énergie éolienne
Crédit d'impôt sur l'investissement	180 millions de dollars	Infrastructure solaire

Potentiel de régulation des émissions de carbone

Les objectifs fédéraux de réduction du carbone actuels exigent que Dominion réduit les émissions de 52% d'ici 2030, ce qui représente un investissement de conformité de 3,4 milliards de dollars.

• Compliance de la réglementation des gaz à effet de serre de l'EPA estimée à 1,9 milliard de dollars
• Des mandats de réduction du carbone au niveau de l'État nécessitant 1,5 milliard de dollars de mises à niveau d'infrastructure

Dominion Energy, Inc. (D) - Analyse du pilon: facteurs économiques

Des investissements d'infrastructure importants dans des projets d'énergie renouvelable

Dominion Energy a engagé 35,5 milliards de dollars d'investissements en énergie renouvelable entre 2020-2035. Les investissements des projets solaires et éoliens ont totalisé 10,2 milliards de dollars en 2023, avec une expansion prévue de 16 000 MW de capacité renouvelable d'ici 2035.

Catégorie d'investissement en énergies renouvelables	Montant d'investissement ($)	Capacité projetée (MW)
Projets solaires	6,700,000,000	8,500
Vent offshore	3,500,000,000	5,200
Vent à terre	2,300,000,000	2,300

Stracments de revenus stables des marchés des services publics réglementés

Dominion Energy a généré 18,3 milliards de dollars de revenus réglementés des services publics en 2023, avec 87% des revenus totaux dérivé de marchés réglementés stables à travers la Virginie, la Caroline du Nord et la Caroline du Sud.

Dépenses en capital en cours dans la modernisation du réseau

Les investissements de la modernisation du réseau ont atteint 2,7 milliards de dollars en 2023, en se concentrant sur les mises à niveau des infrastructures, les technologies de réseau intelligent et les améliorations du système de transmission.

Zone d'investissement de modernisation de la grille	Montant d'investissement ($)
Infrastructure de transmission	1,200,000,000
Technologies de grille intelligente	850,000,000
Mises à niveau du système de distribution	650,000,000

Défis économiques potentiels de la volatilité du marché énergétique

Les fluctuations des prix du gaz naturel ont eu un impact sur les coûts opérationnels, la volatilité du marché entraînant une augmentation de 12,4% des dépenses de production par rapport à l'année précédente.

Concentrez-vous continu sur les stratégies de production d'énergie rentables

Les initiatives de réduction des coûts mises en œuvre en 2023 ont entraîné des économies d'efficacité opérationnelle de 325 millions de dollars, avec des réductions de coûts opérationnelles annuelles de 3 à 5% ciblées jusqu'en 2026.

Stratégie de rentabilité	Économies annuelles projetées ($)
Rationalisation opérationnelle	175,000,000
Intégration technologique	95,000,000
Optimisation du processus	55,000,000

Dominion Energy, Inc. (D) - Analyse du pilon: facteurs sociaux

Demande croissante des consommateurs de solutions énergétiques durables

Dominion Energy a signalé 7,5 millions de clients électriques et de gaz naturel dans 16 États en 2023. La production d'énergie renouvelable est passée à 8 300 mégawatts. Les enquêtes sur les clients ont indiqué une préférence de 62% pour les options d'énergie propre.

Source d'énergie	Pourcentage de génération	Investissement annuel
Solaire	18%	1,2 milliard de dollars
Vent	12%	890 millions de dollars
Nucléaire	40%	450 millions de dollars

Accent croissant sur la responsabilité sociale des entreprises

Dominion Energy a engagé 12,5 milliards de dollars dans les initiatives de réduction du carbone d'ici 2035. Le rapport sur la durabilité des entreprises a mis en évidence:

• Réduction de 35% des émissions de carbone depuis 2005
• Investissement annuel de 500 millions de dollars dans les programmes communautaires
• 90% de participation des employés aux activités de bénévolat

Changements démographiques de la main-d'œuvre dans le secteur de l'énergie

La composition actuelle de la main-d'œuvre montre:

Groupe d'âge	Pourcentage	Tenure moyenne
Moins de 35 ans	22%	3,5 ans
35-50	45%	12 ans
Plus de 50	33%	22 ans

Engagement communautaire dans le développement des énergies renouvelables

Dominion Energy a investi 320 millions de dollars dans des projets locaux d'énergie renouvelable communautaire en 2023. Les programmes solaires communautaires ont atteint 45 000 participants à travers les territoires de service.

Perception du public de l'engagement environnemental de l'utilité

Les enquêtes de satisfaction des clients ont révélé:

• 68% de perception positive des initiatives environnementales
• Soutien de 55% à la stratégie de décarbonisation à long terme
• 780 millions de dollars alloués à la recherche sur les technologies environnementales

Dominion Energy, Inc. (D) - Analyse du pilon: facteurs technologiques

Modernisation avancée de la grille et technologies de grille intelligentes

Dominion Energy a investi 1,7 milliard de dollars dans les efforts de modernisation du réseau en 2023. La société a déployé 1,2 million de compteurs intelligents dans ses territoires de service, permettant une surveillance de l'énergie en temps réel et une amélioration de la fiabilité du réseau.

Investissement technologique de la grille	2023 Montant	Investissement projeté en 2024
Déploiement de compteur intelligent	1,2 million d'unités	1,5 million d'unités
Dépenses de modernisation de la grille	1,7 milliard de dollars	2,1 milliards de dollars

Investissements importants dans les infrastructures d'énergie solaire et éolienne

Dominion Energy engagée 10 milliards de dollars en investissements en énergie renouvelable Jusqu'à 2035. Le portefeuille actuel des énergies renouvelables comprend 4 500 MW de capacité solaire et éolienne.

Type d'énergie renouvelable	Capacité actuelle (MW)	Capacité planifiée d'ici 2030
Énergie solaire	3 200 MW	7 500 MW
Énergie éolienne	1 300 MW	3 000 MW

Mise en œuvre de l'IA et de l'apprentissage automatique pour la gestion de l'énergie

Dominion Energy a alloué 125 millions de dollars au développement de l'IA et de la technologie d'apprentissage automatique en 2023, en se concentrant sur la maintenance prédictive et l'optimisation du réseau.

Développer des solutions de stockage d'énergie et des technologies de batterie

La société a investi 450 millions de dollars dans des projets de stockage de batteries, avec une capacité de stockage actuelle de 250 MW. L'expansion prévue cible 1 000 MW d'ici 2030.

Métrique de stockage d'énergie	État actuel	Cible 2030
Capacité de stockage de la batterie	250 MW	1 000 MW
Investissement dans la technologie de stockage	450 millions de dollars	1,2 milliard de dollars

Explorer les technologies d'hydrogène et d'énergie alternative

Dominion Energy a engagé 300 millions de dollars pour la recherche en hydrogène et le développement des infrastructures, avec des projets pilotes ciblant 100 MW de capacité de production d'hydrogène d'ici 2028.

Métrique de la technologie de l'hydrogène	État actuel	Cible 2028
Capacité de production d'hydrogène	10 MW	100 MW
Investissement dans la technologie d'hydrogène	300 millions de dollars	750 millions de dollars

Dominion Energy, Inc. (D) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations énergétiques fédérales et étatiques complexes

Dominion Energy fonctionne dans plusieurs cadres réglementaires dans 16 États. La société a dépensé 287 millions de dollars en conformité réglementaire en 2023.

Agence de réglementation	Dépenses de conformité	Focus de la conformité
Ferc	112 millions de dollars	Transmission d'énergie interétatique
Commissions des services publics publics	175 millions de dollars	Régulation de l'énergie intra-étatique

Défis environnementaux en cours et défis réglementaires

En 2023, Dominion Energy a dû faire face à 14 cas de litige environnemental actif avec une exposition financière potentielle de 423 millions de dollars.

Navigation de crédit d'énergie renouvelable et de cadres incitatifs

Dominion Energy a obtenu 216 millions de dollars en crédits d'impôt sur les énergies renouvelables en 2023, avec 94 millions de dollars provenant des crédits d'impôt fédéral d'investissement solaire.

Type de crédit renouvelable	Valeur totale	Source
ITC solaire fédéral	94 millions de dollars	Projets solaires
État des crédits renouvelables	122 millions de dollars	Installations éoliennes et solaires

Adhésion aux normes de protection de l'environnement

Dominion Energy a investi 612 millions de dollars dans les mises à niveau des infrastructures de protection de l'environnement en 2023.

• Conformité de l'EPA Clean Air Act: 247 millions de dollars
• Gestion de la qualité de l'eau: 189 millions de dollars
• Technologies de réduction des émissions: 176 millions de dollars

Gestion des risques réglementaires dans plusieurs juridictions d'État

Dominion Energy maintient les équipes de conformité dans 16 États, avec un budget total de gestion des risques de 342 millions de dollars en 2023.

Juridiction de l'État	Budget de risque réglementaire	Focus réglementaire primaire
Virginie	87 millions de dollars	Régulation des taux des services publics
Caroline du Nord	65 millions de dollars	Conformité environnementale
Caroline du Sud	54 millions de dollars	Portefeuille de génération

Dominion Energy, Inc. (D) - Analyse du pilon: facteurs environnementaux

Engagement envers la réduction du carbone et les objectifs d'émissions nettes-zéro

Dominion Energy vise à réduire les émissions de carbone par 80% d'ici 2030 par rapport aux niveaux de référence 2005. L'entreprise s'est engagée à réaliser Émissions de carbone et de méthane net-zéro d'ici 2050.

Cible de réduction des émissions	Année de base	Année cible	Pourcentage de réduction
Émissions de carbone	2005	2030	80%
Net-zéro carbone et méthane	Actuel	2050	100%

Développements de projets d'énergie renouvelable à grande échelle

Dominion Energy a investi 10 milliards de dollars d'infrastructures d'énergie renouvelable. L'entreprise prévoit de développer 3 700 mégawatts de capacité solaire et de génération de vent d'ici 2026.

Type d'énergie renouvelable	Capacité planifiée (MW)	Année cible
Solaire	2,500	2026
Vent	1,200	2026

Investissement dans une infrastructure d'énergie propre

L'entreprise a alloué 72 milliards de dollars pour les investissements en énergie propre jusqu'en 2035, en se concentrant sur:

• Expansion de la génération solaire
• Développement du vent offshore
• Modernisation de la grille
• Technologies de stockage d'énergie

Atténuation de l'impact environnemental à partir de sources d'énergie traditionnelles

L'énergie de la domination prend sa retraite 6 300 mégawatts de capacité de production de charbon et le remplacer par des ressources de gaz renouvelables et naturelles.

Source d'énergie	Capacité à la retraite (MW)	Stratégie de remplacement
Génération au charbon	6,300	Gaz renouvelable et naturel

Pratiques durables dans la production et la distribution d'énergie

L'entreprise a mise en œuvre Technologies de contrôle des émissions avancées à travers sa flotte de production d'électricité, réduisant les émissions de gaz à effet de serre par 45% depuis 2005.

Métrique de réduction des émissions	Année de base	Réduction du courant
Émissions de gaz à effet de serre	2005	45%

Dominion Energy, Inc. (D) - PESTLE Analysis: Social factors

The social landscape for Dominion Energy, Inc. is defined by a sharp conflict between explosive commercial demand, primarily from data centers, and growing public concern over energy affordability and environmental justice.

Explosive demand from data centers drives projected 85% load growth over the next 15 years.

The massive concentration of data centers in Northern Virginia is the single biggest social and economic driver for Dominion Energy's planning. This demand is accelerating, not slowing down. The company now forecasts that power consumption will effectively double by 2039, which represents a 100% increase over 15 years, a growth rate not seen since the post-World War II era.

As of December 2024, data centers already account for roughly 26% of Dominion Energy Virginia's total electric load. The sheer scale of future demand is staggering; the company has a total of 40.2 GW of data center capacity in its development pipeline as of February 2025, an increase of 88% in just six months. This growth is forcing significant, expensive changes to the transmission system, including a planned $2.8 billion spend on transmission in 2027.

Metric (as of 2025)	Value/Projection	Implication
Total Data Center Capacity in Pipeline	40.2 GW	Massive, accelerating demand requiring significant capital investment.
Data Center Share of DEV Load (Dec 2024)	~26%	A quarter of the utility's sales are tied to a single, high-growth sector.
Forecasted Power Demand Growth (Next Decade)	5.5% annually	Highest sustained growth rate since WWII.
Proposed 2027 Transmission System Spend	$2.8 billion	Direct cost of infrastructure needed to serve this new load.

Public concern over rising customer energy bills and affordability is a key issue in rate cases.

The cost of this infrastructure and the volatility of fuel prices are directly hitting residential customers, making affordability a central social and political issue. In April 2025 filings with the Virginia State Corporation Commission (SCC), Dominion Energy Virginia proposed new base and fuel rates that would take effect starting July 1, 2025.

The immediate impact is a proposed $10.92 monthly fuel rate increase for a typical residential customer, effective July 1, 2025. The total proposed increase, including base rates and other charges, is estimated to raise the average homeowner's monthly bill by about $21, representing a 13% to 15% overall increase by 2027. This is a huge jump for fixed-income families.

To be fair, the company is proposing a new rate class for high-energy users, like data centers, requiring them to make a 14-year commitment to pay for their requested power to protect other customers from stranded costs. Still, critics warn that without stronger cost allocation, data centers could drive up residential electric bills by more than $400 a year by 2040.

Environmental justice groups criticize the reliance on new gas plants over cheaper clean energy.

A significant social challenge is the strong opposition from environmental justice (EJ) and ratepayer advocacy groups regarding the company's resource planning. Groups like the Southern Environmental Law Center (SELC) and Mothers Out Front are actively fighting the proposal to build new fossil fuel facilities, such as the 944-megawatt Chesterfield Energy Reliability Center gas plant.

The core criticism is that the utility is relying on new gas plants-one of six planned-which would cost ratepayers over $8 billion over its lifetime, instead of prioritizing cheaper, cleaner alternatives like battery storage and expanded solar. This reliance is seen as a direct contradiction of the Virginia Clean Economy Act. The social dimension is acute because the proposed Chesterfield plant is located near an EJ community, with Dominion's own analysis showing that 22 of the 24 census block groups within a three-mile radius qualify as an environmental justice community. They feel they are bearing the brunt of pollution for the benefit of commercial growth.

• Opponents argue the new gas plant is not defintely necessary for reliability.
• The proposed facility would continue to pollute a community already impacted by decades of toxic coal emissions.
• Critics advocate for energy efficiency and battery storage as cost-effective, non-polluting alternatives.

Strong regional presence serving 3.6 million electricity customers in three states.

Dominion Energy's regional presence gives it significant social and economic influence. As of early 2025, the company serves approximately 3.6 million homes and businesses with regulated electricity across its core service area. The company's service territory spans three key states: Virginia, North Carolina, and South Carolina. This concentrated footprint means its decisions on rates, reliability, and environmental strategy have a direct, material impact on millions of households and businesses. The company also serves an additional 500,000 customers with regulated natural gas in South Carolina. This deep regional integration makes it a critical, quasi-public institution, magnifying the social impact of its operational and financial choices.

Dominion Energy, Inc. (D) - PESTLE Analysis: Technological factors

The technological landscape for Dominion Energy is defined by a massive, immediate demand for power from the data center industry and a long-term strategic pivot toward decarbonization technologies like Small Modular Reactors (SMRs) and hydrogen. Your core challenge is ensuring grid reliability while executing a $50.1 billion capital expenditure plan over the 2025-2029 period.

$500 million joint venture with Amazon for a 300 MW Small Modular Reactor (SMR) project

Nuclear technology is re-emerging as a critical baseload solution, especially for energy-intensive customers like data centers. Dominion Energy is leveraging this trend through a strategic partnership with Amazon Web Services (AWS) to explore the development of a Small Modular Reactor (SMR) at its North Anna site in Virginia. Amazon is committing over $500 million to advance SMR technology, a significant vote of confidence in the sector.

The planned SMR facility is expected to provide at least 300 megawatts (MW) of reliable, carbon-free power. This collaboration is a smart move because it externalizes some of the early-mover risk and secures a major customer for the eventual power output. To be fair, vendor selection was scheduled for late 2024 or early 2025, so the technology path is still being finalized. This project is defintely a key technological differentiator.

Significant investment in grid modernization, smart meters, and intelligent grid devices

The sheer scale of new load from data centers necessitates an accelerated, technology-driven overhaul of the transmission and distribution (T&D) infrastructure. Dominion Energy has increased its five-year capital expenditure plan for 2025-2029 to $50.1 billion (up from a previous $43.2 billion estimate), with a substantial portion dedicated to grid modernization.

This investment focuses on creating a smarter, more resilient grid capable of handling bidirectional power flow and integrating distributed energy resources (DERs). The technology deployment includes:

• Advanced Metering Infrastructure (AMI): Deploying smart meters to give customers real-time usage data and enable dynamic pricing.
• Intelligent Grid Devices: Installing fault location, isolation, and service restoration (FLISR) technology to enable a self-healing grid that minimizes outage duration.
• Transmission Upgrades: Building new high-voltage lines, such as the two recently completed 500-kV lines in Virginia, to increase available capacity for the data center corridor by 6 GW.

Here's the quick math: The $50.1 billion capex plan is a direct response to the demand acceleration, ensuring the company can connect new load and maintain reliability for existing customers.

Contracted data center capacity grew to 47.1 GW by September 2025, validating demand

The technological demand from the data center sector is the single most powerful driver of Dominion Energy's capital strategy. As of October 2025, the company reported that it was in some stage of contracting to provide data centers with a monumental 47.1 gigawatts (GW) of power. This enormous pipeline represents a 17% year-over-year growth in contracted capacity.

This validates the need for a rapid technological response, not just in generation (SMRs) but also in T&D capacity. For context, the total connected data center capacity is approximately 9 GW across roughly 450 data centers, meaning the future contracted load is more than five times the current connected capacity. This demand surge from artificial intelligence (AI) and cloud computing is pushing the U.S. electricity demand to record highs in 2025 and 2026.

Metric	Value (As of H2 2025)	Implication
Total Contracted Data Center Capacity	47.1 GW	Validates exponential technological demand from AI/Cloud.
5-Year Capital Expenditure (2025-2029)	$50.1 billion	Required investment for grid modernization and capacity expansion.
Amazon/SMR Project Capacity	300 MW	Securing a stable, carbon-free baseload power source.

Exploring pilot programs for advanced technologies like hydrogen blending and carbon capture

Beyond the immediate data center boom, Dominion Energy is actively investing in next-generation clean energy technologies to meet its long-term Net Zero goals. The strategy, which shifted dramatically in 2025, moved from isolated, small-scale tests to integrated, large-scale infrastructure development.

Key pilot programs and technology explorations include:

• Hydrogen Blending: Moving beyond the initial 5% blending pilots in existing natural gas systems, the company is now building new assets. The proposed Chesterfield Energy Reliability Center (CERC) is a major project, featuring turbines designed for a future hydrogen blend to support utility-scale power generation.
• Carbon Capture and Storage (CCS): Exploring the technological and economic feasibility of CCS as a solution for advanced emissions reduction, particularly for its natural gas fleet.
• Utility-Scale Battery Storage: Investing in projects like the 1.5 MW battery at Virginia State University to test long-duration storage and enhance grid flexibility.

These pilot programs are essential for translating R&D into commercially viable assets, which will be crucial for managing the grid once the large-scale Coastal Virginia Offshore Wind (CVOW) project, a 2.6 GW asset, is fully operational by the end of 2026.

Dominion Energy, Inc. (D) - PESTLE Analysis: Legal factors

The Virginia Clean Economy Act (VCEA) mandates 100% carbon-free electricity by 2045

The Virginia Clean Economy Act (VCEA), enacted in 2020, is the single most significant legal driver for Dominion Energy, codifying a roadmap for the utility to achieve a 100% carbon-free electricity grid by 2045. This is a binding legal requirement, not just a corporate goal, and it dictates the fundamental shift in the company's resource planning and capital allocation for the next two decades. The law also includes binding energy efficiency savings targets, mandating a 5% energy savings goal for Dominion Energy over a 2019 baseline by the end of 2025.

This mandate forces a hard look at the economics of all fossil fuel assets. The VCEA also requires Dominion to source 75% of all renewable energy from within the Commonwealth in 2025 and beyond. This creates a massive, legally-backed market for in-state solar, wind, and storage development, but it also elevates the regulatory risk for any new natural gas infrastructure. To be fair, the law does allow for narrow exceptions for fossil fuel plants to run past 2045 if the State Corporation Commission (SCC) determines they are absolutely critical for reliability.

Ongoing regulatory proceedings with the SCC regarding rate increases and resource plans

The State Corporation Commission (SCC) is the primary regulatory body, and its ongoing proceedings create constant legal and financial risk. In 2025, the most crucial proceeding was the biennial review application, Case No. PUR-2025-00058, filed on March 31, 2025. Dominion requested a total base rate increase of $631 million, with $458 million starting January 1, 2026, and an additional $173 million starting January 1, 2027. This is a defintely big ask.

Also, the company is actively seeking an increase in its authorized rate of return on equity (ROE) from the current 9.7% to a requested 10.4%. The SCC's final decision on this case, expected by November 30, 2025, will directly impact Dominion's profitability and its ability to finance the estimated $40 billion in capital projects it plans over the next five years.

SCC Regulatory Proceeding (2025)	Filing Date	Key Financial Request	Impact
Biennial Review Application (PUR-2025-00058)	March 31, 2025	Base Rate Increase: $631 million (staggered)	Increases average 1,000 kWh residential bill by about $10.50/month.
Authorized Rate of Return Request	March 31, 2025	Increase ROE from 9.7% to 10.4%	Directly impacts shareholder earnings and cost of capital for future projects.

Risk of stranded assets for planned natural gas infrastructure due to climate change litigation

The legal and regulatory environment is creating a significant risk of stranded assets-infrastructure built that becomes economically useless before its cost is recovered from ratepayers. This is particularly acute for Dominion's planned natural gas infrastructure. In the 2025 Integrated Resource Plan (IRP) update filed in October, Dominion's company-preferred path still projects gas and steam making up 33% of its capacity mix in 2045. This is a direct conflict with the VCEA's 100% carbon-free mandate.

Shareholders are actively pushing on this risk. At the 2025 Annual Meeting, a resolution was voted on, requesting a report on how the company is responding to the liability risks associated with expanding natural gas infrastructure as courts increasingly respond to cases holding gas companies responsible for extreme weather catastrophes. This isn't theoretical; it's a real-world legal risk that could prevent cost recovery on projects like new gas plants, leaving the utility on the hook for billions.

SCC ordered Dominion to include a 20-year plan scenario for full fossil-fuel retirement

In a July 15, 2025, Final Order, the SCC formally accepted Dominion's 2024 IRP as 'legally sufficient' but directed substantial, legally-binding changes for future planning. This was a clear signal to the company that their long-term planning must align with the VCEA's 2045 deadline.

Specifically, the SCC ordered Dominion to:

• Use at least a 20-year planning horizon for its next IRP filing, ensuring the 2045 VCEA mandate is fully encompassed.
• Incorporate at least one scenario where the company's fossil fuel power plants retire in accordance with statutory requirements.

In response, the October 2025 IRP update included a 'forced retirements by 2045' plan, which Dominion stated was not viable, but it did provide a cost estimate: a massive construction cost of $270.4 billion. This number, while a high-end estimate, sets the legal benchmark for the scale of investment required to comply with the 100% carbon-free mandate by the 2045 deadline.

Finance: Track the SCC's final order on the rate case (PUR-2025-00058) by November 30, 2025, to model the new authorized ROE and base rate revenue. That's the immediate action item.

Dominion Energy, Inc. (D) - PESTLE Analysis: Environmental factors

You're watching Dominion Energy navigate a tough intersection: the push for deep decarbonization meets the reality of soaring customer demand, especially from data centers. The environmental factor isn't just about reducing pollution; it's a core strategic tension between massive capital investment in renewables and the immediate, reliability-driven need for flexible natural gas generation. This tension defines the company's near-term risk profile and capital allocation through 2026.

Corporate commitment to achieve Net Zero Scope 1 carbon and methane emissions by 2050.

Dominion Energy has a clear, public commitment to achieve Net Zero carbon and methane emissions for its Scope 1 (direct operations) and Scope 2 emissions, plus material categories of Scope 3 emissions, by 2050. This isn't just a distant goal, but a driver for current capital spending. The company has already made significant progress, reporting a 46% reduction in Scope 1 carbon emissions from electric operations since 2005. For its gas business, the focus is on methane, where the company is on track to achieve a 65% reduction by 2030 and an 80% reduction by 2040 from 2010 levels. That's real progress, but still requires a massive, sustained investment over the next two decades.

Here's the quick math on methane: reducing emissions by 80% requires replacing or upgrading aging infrastructure and using technologies like Zero Emissions Vacuum and Compression (ZEVAC®) devices. The company purchased 20 new ZEVAC® units for widespread use, which helps prevent over 250,000 metric tons of methane from entering the atmosphere over a decade.

Building the nation's largest offshore wind farm, the 2.6 GW Coastal Virginia Offshore Wind.

The Coastal Virginia Offshore Wind (CVOW) project is a crucial component of Dominion Energy's clean energy strategy, positioning it as a leader in the nascent U.S. offshore wind market. This project, with a capacity of 2.6 gigawatts (GW), is currently the nation's largest. As of late 2025, the project is approximately 66% complete, with the first electricity delivery expected in Q1 2026. Full commercial operation is targeted for the end of 2026, powering up to 660,000 homes.

The project's estimated total cost has been updated to $11.2 billion as of October 2025, reflecting higher onshore electrical connection costs and network upgrades. This cost increase, including an expected increase of $690 million due to U.S. tariffs, shows the financial risks tied to large-scale, first-of-a-kind clean energy infrastructure. The expected average impact on a typical residential customer bill over the life of the project is a modest 43 cents per month.

CVOW Project Metric (2025)	Value
Capacity	2.6 GW
Project Completion (Nov 2025)	~66%
Estimated Total Project Cost	$11.2 billion
First Power Delivery Target	Q1 2026
Homes Powered (Up to)	660,000

Facing scrutiny for proposing new gas-fired power plants to meet surging demand.

Despite the Net Zero commitment, Dominion Energy is facing intense environmental and regulatory scrutiny for proposing new natural gas generation, primarily to meet the enormous, unanticipated load growth driven by data centers in Virginia. The company's proposal for the Chesterfield Energy Reliability Center (CERC), a new gas-fired power plant, is a flashpoint.

The CERC proposal includes four small gas turbines totaling 944-megawatts (MW) and is estimated to cost around $1.47 billion to build. Environmental groups like the Sierra Club argue this investment risks creating a stranded asset, as the Virginia Clean Economy Act (VCEA) requires carbon-emitting plants to retire by 2045. The Sierra Club's 2025 report gave Dominion Energy a 0% score (an 'F' grade) for its plans to avoid new gas plants through 2035, placing it at the bottom of observed large utilities. The debate hinges on whether the plant is truly necessary to solve a demonstrated 'threat to the reliability or security of electric service,' which is the only loophole in the VCEA.

• Proposed Gas Plant: Chesterfield Energy Reliability Center (CERC).
• Capacity: 944 MW (four turbines).
• Estimated Build Cost: Around $1.47 billion.
• Regulatory Challenge: Must prove necessity to bypass VCEA's 2045 retirement mandate.

Physical risks from climate change, like sea-level rise and severe storms, threaten infrastructure.

The physical risks of climate change-specifically sea-level rise, severe storms, and extreme weather events-pose a direct threat to Dominion Energy's extensive infrastructure, which spans coastal and inland regions. This isn't theoretical; it translates directly into higher operating costs and capital expenditure for grid hardening (making the grid more resilient).

The company maintains a comprehensive risk-management program that includes climate risk analysis, having engaged a third-party consultant to assess the vulnerability of its generation, natural gas, and electric transmission and distribution assets. Increased frequency of extreme weather events, such as hurricanes and high winds, can cause outages and property damage, directly impacting service reliability. The sheer scale of the required infrastructure investment to mitigate these risks is substantial and ongoing, a critical factor for long-term capital planning.

Finance: Track the CVOW project's regulatory milestones and the SMR joint venture's progress by the end of Q1 2026.