DOMINION ENERGY, INC Q2 FY2025 earnings call

Priorities

• Focused on three principal priorities: consistent achievement of financial commitments, continued on-time achievement of major construction milestones for the Coastal Virginia Offshore Wind (CVOW) project, and constructive achievement of regulatory outcomes.

Safety Performance

• Employee OSHA injury recordable rate for the first half of the year was 0.28, with a continued positive trend, and a redoubling of efforts to drive to 0 workplace injuries.

Coastal Virginia Offshore Wind Project

• The project is 60% complete, on track for first electricity delivery to customers in early 2026 and full completion by the end of 2026. Installed 134 (76%) of 176 monopiles and 100% of penpiles. Commissioning of the first offshore substation complete, others on track. Turbine fabrication and installation progressing. Charybdis installation vessel testing near completion, with sea trials starting next week.

Regulatory Progress

• Chesterfield Energy Reliability Center in regulatory process. Virginia biennial review in testimony phase. South Carolina legislation passed, including authorization for new gas resource development, permitting reform, and regulated investment recovery. VC Summer Nuclear Station's operating license extended for 20 years through 2062.

Governance

• Paul Dabbar stepped off the Board, Jeff Lyash elected as new independent Director with over 4 decades of utility operations experience.

Second quarter operating earnings were $0.75 per share, which included $0.02 of RNG 45Z credits and $0.01 of better-than-normal weather. Relative to second quarter 2024, positive factors for the quarter included $0.07 from regulated investment growth, $0.07 from increased sales, and $0.05 from the DESC rate case settlement in 2024. There was also a $0.07 impact from the regular cadence refueling outage at Millstone Unit 3. Second quarter GAAP results were $0.88 per share. The company is reaffirming existing financial guidance, including 2025 operating earnings per share of between $3.28 and $3.52, inclusive of RNG 45Z income with a midpoint of $3.40.

Reaffirmed existing financial guidance, including 2025 operating earnings per share of between $3.28 and $3.52, inclusive of RNG 45Z income with a midpoint of $3.40. Biased to the top half of the range for 2025 based on strong start but will provide more definitive guidance in Q3.

1. Charybdis installation vessel delayed due to electric cable terminations taking longer than expected. 2. Potential tariff impacts on the CVOW project. 3. Delay in PJM's final decision on network upgrade costs for the CVOW project.

Q: Nicholas Campanella asked about CVOW ship delay and financial execution.

A: Robert M. Blue said Charybdis will start sea trials next week, expected to enter service and begin charter, with transit to Virginia taking about 10 days. Steven D. Ridge said they've had a strong start, biased to top half of 2025 EPS range but will see more definitive guidance in Q3.

Q: Carly Davenport asked about PJM delay and Virginia biennial review.

A: Robert M. Blue said PJM delay not unusual, no major change expected. On biennial review, nothing exotic, will move through issues.

Q: Diana asked about OBB impacts and safe harbor plans.

A: Steven D. Ridge said OBB has been positive, confident in preserving tax credits, no plan to pull forward in-service dates for safe harboring