Dominion Energy, Inc.

Second quarter operating earnings were $0.79 per share, including $0.03 of RNG 45Z credits, and second quarter GAAP earnings were $0.37 per share. Management said the company had a strong first half and is on track to deliver strong full-year results, while reaffirming all financial guidance from the fourth quarter call, including operating earnings, credit, dividend and long-term growth guidance. On financing, Dominion said it has completed its 2026 common equity program, and both full-year 2025 and Q2 LTM FFO-to-debt metrics are above 15%. For CVOW, management increased the project cost estimate by approximately 2% to $11.65 billion, and said the project remains expected to generate about $5 billion of fuel savings for customers during the first 10 years of operation. The company also said the final turbine installation date is moving out by 6 months.

Bob Blue emphasized that Dominion is still focused on three priorities: meeting financial commitments, advancing CVOW construction milestones, and securing constructive regulatory outcomes. His tone was confident and supportive of the company’s execution, repeatedly saying CVOW has been substantially derisked and is already delivering power to the grid. He also framed the NextEra combination as transformational and highlighted $2.25 billion in shareholder-funded bill credits for Dominion customers under the proposed terms.

Steven Ridge said second quarter operating EPS of $0.79 included $0.03 of RNG 45Z credits, with GAAP EPS at $0.37. He stressed that the company had a strong first half, completed its 2026 common equity program, and has both full-year 2025 and Q2 LTM FFO-to-debt above 15%, which he tied to Dominion’s credit targets. Ridge also said the company is reaffirming all previously provided financial guidance and described the financial plan as conservative but not overly so.

Analysts pressed on whether the updated CVOW schedule could slip further and what evidence supports confidence in the year-end 2027 timing; management said the revised plan is based on observed loadout times, weather and vessel maintenance contingency, and longer jacking durations at certain sites, and argued the project is already producing power and recovering investment. Questions also focused on the Virginia grid event involving data centers switching to backup power; management said the transmission fault was rare, the system responded well, and they do not see a need for major new investments beyond continued mitigation work and lessons learned. Another line of questioning covered the battery mandate and timing, where Dominion said it is ramping up, with a technical conference expected this fall and the IRP reflecting updated views on acceleration.