Regulated Utility · PJM/Dominion Zone

Dominion Energy.

Dominion sits at the epicenter of PJM's capacity crisis: 25+ GW of data center pipeline in its territory, transmission upgrades that trail load by 3–5 years, and an IRP that pulled forward gas capacity twice in 18 months.

Richmond, VA

Ticker

NYSE: D

Employees

17,000

Market Cap

$48B

Institutional Scoring

Grid, power, opportunity

Grid Risk — Elevated

82/ 100

Composite risk index

· Loudoun 500kV headroom < 5%
· Queue-driven upgrade slippage
· Summer capacity deficit 2027–2029

Power Availability — Constrained

38/ 100

Firm delivery readiness

Firm delivery in Loudoun/PW effectively unavailable pre-2028 without BTM or curtailment agreement.

Opportunity — High

74/ 100

Institutional thesis

Regulated capex trajectory ($40B+ five-year) with load-driven rate base expansion — asymmetric to authorized ROE.

Analyst AI Summary

Dominion is the single most systemically important utility to the U.S. AI buildout. Every hyperscaler siting decision in the mid-Atlantic passes through its interconnection queue. Near-term risk: transmission slip in Loudoun forces load curtailment or BTM gas. Long-term risk: rate design fight over who pays for DC-driven upgrades. Watch: 2026 SCC ruling on Rider T2 and the CVOW Phase II construction milestones.

Executive Hierarchy

Robert Blue

Since 2020

Chair, President & CEO

Regulatory strategy, capital allocation

Steven Ridge

Since 2023

EVP & CFO

Capex plan, rate case posture

Diane Leopold

Since 2020

EVP & COO

Grid ops, generation portfolio

Ed Baine

Since 2020

President, Dominion Energy Virginia

Data center interconnection queue

Carlos Brown

Since 2019

EVP, General Counsel

FERC, Virginia SCC filings

Infrastructure Projects

Project	Status	Capex	MW	State	Online
Chesterfield Energy Reliability Center (CT)	Permitting	$1.6B	1,000	VA	2029
Offshore Wind CVOW Phase II	Under Construction	$9.8B	2,600	VA	2027
Loudoun 500kV Ring Reinforcement	Permitting	$1.4B	—	VA	2028
North Anna 3 SMR (pre-app)	Announced	TBD	300	VA	2034+
Surry–Skiffes Creek 500kV Rebuild	Under Construction	$680M	—	VA	2027

Facilities

Facility	Type	Location	ISO	Utility	Load (MW)	Status
Ladysmith Substation Zone	Substation	Caroline County, VA	PJM	Dominion Virginia	2,400	Operational
North Anna Nuclear	Power Plant	Louisa County, VA	PJM	Dominion	1,892	Operational
Chesterfield Power Station	Power Plant	Chester, VA	PJM	Dominion	1,244	Operational
Greensville County CT	Power Plant	Greensville, VA	PJM	Dominion	1,588	Operational
Corporate HQ	Headquarters	Richmond, VA	PJM	Dominion	12	Operational

Utilities Serving Facilities

Dominion Energy Virginia
Dominion Energy Inc. · serves Loudoun DC Cluster (customer-served)
Schedule GS-4 · under review
Dominion Energy Virginia
Dominion Energy Inc. · serves Prince William Digital Gateway
Provisional interconnect
Dominion Energy Virginia
Dominion Energy Inc. · serves Surry Peninsula Load
Rider T1 approved

Substations Nearby

Brambleton 500/230kV
Dominion · serves Loudoun DC ring
500/230 kV
0.4 mi
Yardley Ridge 230kV
Dominion · serves Ashburn campus
230 kV
1.1 mi
Poland Road 500kV
Dominion · serves Digital Gateway (proposed)
500 kV
2.3 mi
Morrisville 500kV
Dominion · serves Manassas load pocket
500 kV
3.8 mi

Transmission Proximity

Mt. Storm–Doubs 500kV
500 kV · 22 mi
Dominion / FirstEnergy · headroom ≤ 4% summer peak
Cunningham–Elmont 500kV
500 kV · 14 mi
Dominion · headroom 8% shoulder
Surry–Skiffes Creek 500kV (rebuild)
500 kV · 8 mi
Dominion · headroom post-2027 uplift

Capital Spending

2024A
Transmission, offshore wind, DC interconnect
$5.1B
2025A
CVOW, Loudoun 500kV
$6.4B
2026E
Firm capacity, transmission rebuild
$7.9B
2027E
Chesterfield CT, DC substations
$8.6B
2028E
SMR pre-development, storage
$8.2B

Manufacturing Footprint

Norfolk, VA
CVOW monopile staging
Headcount 410 · Capacity 176 turbines

ESG Metrics

Scope 1 emissions
36.4 Mt CO₂e ▼
Renewable share
22% ▲
Methane intensity
0.11% ▼
Coal capacity
1.9 GW ▼

Energy Consumption Mix

Nuclear30%

Gas41%

Renewables22%

solar + CVOW ramp

Coal5%

retire by 2030

Purchased2%

Political Exposure

Virginia General Assembly
Elevated
Data center tax + rate design bills (HB 909, SB 522)
Loudoun County
High
Overhead line moratorium petitions
Prince William County
High
Digital Gateway litigation ongoing
FERC
Moderate
Order 1920 compliance filings due Q3 2026

Natural Disaster Exposure

Hurricane / coastal surge
Elevated
Hampton Roads, CVOW landfall
Ice storm
Moderate
Shenandoah, western VA
Wildfire
Low
n/a
Riverine flood
Moderate
James River basin plants

Forward Timeline

2026-Q3
SCC Rider T2 order
Regulatory
2026-Q4
CVOW Phase II monopile install season
Capex
2027-Q2
Surry–Skiffes rebuild in-service
Transmission
2027-Q4
CVOW first power
Generation
2028-Q3
Loudoun 500kV ring energized
Transmission
2029-Q4
Chesterfield CT COD
Generation

Relationship Mapping

Amazon Web Services Customer
Largest single load in Loudoun
Microsoft Customer
Prince William + Mecklenburg campuses
PJM Interconnection Regulator
Capacity + transmission planning
Virginia SCC
Regulator
Rate + IRP jurisdiction
Siemens Energy
Supplier
CT + transformer OEM
Ørsted / Eversource
Partner
Offshore wind reference

Recent SEC Filings

10-Q
2026-05-08
Q1 2026 — Virginia sales +14% YoY, capex plan reaffirmed $43B/5yr
8-K
2026-06-24
IRP 2026 update filed with VA SCC
S-3
2026-04-11
$4.5B mixed shelf registration
DEF 14A
2026-03-14
Proxy — executive comp, board refresh

Procurement Contacts

Procurement Operations
Supply Chain Center — Richmond
Transformers, switchgear, HV cable
Renewable Development Sourcing
CVOW + solar package awards
EPC, marshalling, marine
Data Center Interconnection Desk
Large-load intake
Substation build, service agreements

Recent Press Releases

Dominion Energy Files 2026 Integrated Resource Plan
2026-06-24
Regulatory
CVOW Monopile Installation Reaches 70 Turbines
2026-06-02
Operations
Dominion Reports First-Quarter 2026 Financial Results
2026-05-14
Earnings
Dominion Publishes 2025 Sustainability & Climate Report
2026-04-22
ESG

Connected Coverage

Other counterparties

Hyperscale · Data Center Owner-Operator

Amazon (AWS Infrastructure)

Hyperscale · Cloud & AI

Microsoft

Regulated Utility + IPP

NextEra Energy

Hyperscale · AI Infrastructure

Meta Platforms

Hyperscale · Cloud & AI

Google (Alphabet)

All companies

Dominion Energy.

Grid, power, opportunity

Grid Risk — Elevated

Power Availability — Constrained

Opportunity — High

Analyst AI Summary

Executive Hierarchy

Recent News

Infrastructure Projects

Facilities

Utilities Serving Facilities

Substations Nearby

Transmission Proximity

Capital Spending

Manufacturing Footprint

ESG Metrics

Energy Consumption Mix

Political Exposure

Natural Disaster Exposure

Forward Timeline

Relationship Mapping

Recent SEC Filings

Procurement Contacts

Recent Press Releases

Other counterparties