Dominion Energy, Inc. (D) Earnings

Management highlights

### Top Priorities - Consistent achievement of financial commitments. - Continued achievement of major construction milestones for Coastal Virginia Offshore Wind Project. - Constructive achievement of regulatory outcomes. ### Coastal Virginia Offshore Wind Project - Over 75% complete, achieved first power in March. Installed all 176 transition pieces, all three substations, deepwater export cables are installed, inter-array cable installation on track. Over 86% of towers, ~69% of cells, and ~45% of blades fabricated. Wind turbine generator installation cadence improved, averaging ~two days per installation for last four turbines. Project budget at $11.4 billion, ~$100 million lower than last update. Monitoring potential reassessment of network upgrade costs and updated steel/aluminum tariffs. ### Customer Affordability - Have long record of maintaining competitive rates. Have programs like budget billing, energy savings, EnergyShare. Launched new online platform. Commission approved large load provisions. Plan to pursue fuel securitization in Virginia. Working to improve operations efficiency with technology initiatives like AI in contact center. ### Other Business Updates - In South Carolina, DESC's electric rate case progresses. Filed electric rate case application and testimony for Dominion Energy North Carolina. On Millstone, facility submitted bid in zero carbon energy RFP, solicitation decisions expected in second quarter, negotiations in third quarter, contracts to be submitted to regulator for approval. ### Safety - Employee OSHA injury recordable rate for first quarter was 0.42, well below industry average, continuing efforts to drive to zero workplace injuries

Guidance

### Financial Guidance - Affirming all financial guidance provided on fourth quarter earnings call, including operating earnings, credit, dividend, and long-term growth guidance. Guide to annual earnings growth at midpoint of 5% to 7% range with a bias starting in 2028 toward upper half of range. ### Capital Update - Will reflect new multi-year opportunity from Virginia legislation to expand grid scale energy storage targets in capital update early next year. Expect increasing clarity later this year around recontracting Millstone.

Segment performance

First quarter operating earnings were 95 cents per share. First quarter gap results were 69 cents per share. Data centers have over 50 gigawatts of capacity in various stages of contracting, including ~10.4 gigawatts contracted under electric service agreements. Coastal Virginia Offshore Wind Project is over 75% complete, project budget is $11.4 billion (approx $100 million lower than last update), employee OSHA injury recordable rate for first quarter was 0.42.

Risks & headwinds

### Project Risks - Potential reassessment of network upgrade costs for Coastal Virginia Offshore Wind Project. ### Tariff Risks - Uncertainty around 232 steel tariffs pending additional information from suppliers and guidance from applicable agencies. ### Regulatory Risks - Outcomes of rate cases in South Carolina and North Carolina are uncertain, could impact financials

Analyst Q&A

• Q: On HB896 regarding battery storage, talk about plan, recovery mechanisms, supply chain, labor, balance sheet capacity and gigawatt installation run rate.

  A: $65 billion five-year capital plan includes ~$2 billion related to battery storage subject to regulatory approval. Recent legislation means need to accelerate ramp of that capital. State Corporation Commission technical conference this year, update IRP in fall, update capital plan in fourth quarter. General rule of thumb ~$2.5 - $3 billion per gigawatt overnight installed.

• Q: On CVAO, PJM upgrade costs and 232 steel tariffs.

  A: Today's mark does not reflect potential reallocation of certain transmission costs. Awaiting interpretive guidance on 232 steel tariffs, estimate potential ~$200 million impact, potential offset by reallocation of transmission costs.

• Q: On Millstone, headroom to recontract at higher prices, alternative paths, interest from surrounding states.

  A: Would be willing to contract more than 55%. Other states don't have formal process like Connecticut, but have been talking to them.

• Q: On nuclear, participation in consortium for AP 1000, SMRs vs AP 1000s.

  A: Have early site permit at North Anna. Continue to be guided by principles of addressing first-of-a-kind risk, cost overrun risk, protecting balance sheet. Will continue to investigate and explore alternatives.

• Q: On PGM backstop procurement, auction feature, acceleration of generation.

  A: Support PJM's effort but as vertically integrated, existing process not expected to change. Have integrated resource plan to meet policy goals in Virginia.

• Q: On battery bill cadence, shaping of megawatt deployment.

  A: Will start accelerating spend and recover via rider mechanism in Virginia. Likely see higher run rate in 30s. Stay tuned for IRP.

• Q: On CVAO turbine installation cadence sustainability.

  A: Confident due to productivity progression, improving weather windows. Three things: fastest source of new power for customers, most affordable option, great confidence in financial plan.

• Q: On balance sheet and maintaining above 15% FFO to debt.

  A: Financing plan supportive of maintaining cushion, balance sheet in great shape with full year 2025 and Q1 LTM FFO to debt both above 15%.

• Q: On growth rate aggregation, structurally higher growth.

  A: Focused on building track record of successful execution, monitoring catalysts to enhance or extend long-term growth rate range.

• Q: On battery long duration component.

  A: Have a couple of pilots on longer-duration storage underway, but no specifics to identify today.

• Q: On CVAO turbine installation cadence target, getting to day-to-day and a half range.

  A: Always interested in getting number down, will continue to push, update on installation cadence on every call.

• Q: On data center pipeline cadence due to PJM constructs.

  A: No detectable change, continue to see incredibly strong demand for new data centers in Virginia