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15:00
Jul 31 ◎

D FY2026 Q2 Watch

Dominion Energy, Inc. (D) FY2026 Q2 Earnings Call

NEE D ▾

Bob Blue

Dominion Energy's offshore wind project completion timeline slipped by 6 months to end of 2027, with a $288M cost increase, but the extra quarterly cost is now below the prior 'rule of thumb' guidance. — This indicates the project was completed ~82% right before the end of Q2 and that installation efficiency is improving, reducing the risk of further slippage; with the merger, a delay here directly impacts the combined entity's cash flow profile.

"Turning next to our announced combination with NextEra Energy. As we detailed in May, this transaction represents a truly transformational opportunity"

NEE WATCH

Steven Ridge

Management is confident in its full-year guidance, citing strong first-half results, robust data center demand (53 GW), and a clear path to re-rate the offshore wind project.

"we are reaffirming all financial guidance provided on our fourth quarter earnings call, including operating earnings, credit, dividend, and long-term growth guidance"

D WATCH

HIGH

15:00
May 01 ◎

D FY2026 Q1 Watch

Dominion Energy, Inc. (D) FY2026 Q1 Earnings Call

PEG AMZN GOOG DLR XEL ▾

Steven Ridge

Dominion's mention of PJM transmission cost reallocation indicates sector-wide issues that could affect other utilities with generation interconnection projects.

"certain regional transmission projects were captured in both the PJM transition cycle, which resulted in network upgrade costs allocated to CVAO and the subsequent broader RTEP award package."

PEG WATCH

Bob Blue

Dominion's 10.4 GW of contracted data center load (likely including major hyperscalers like Amazon) reinforces strong, funded demand for power, underpinning the company's growth.

"Large load provisions ensure those customers will fund the infrastructure required for their growth, protecting existing customers from cost shifts and mitigating stranded cost risk."

AMZN WATCH

Bob Blue

Dominion's utility is a key provider for data center capacity, with contracts that shift infrastructure costs to the customer, benefiting large tech companies planning expansions in Virginia.

"We continue to see accelerating and durable demand from our differentiated, high-quality, low-risk data center customers."

GOOG WATCH

Bob Blue

Dominion's contract pipeline with data center operators (including Digital Realty) indicates strong demand for power in its service area.

"Over 10.4 gigawatts of capacity contracted under electric service agreements."

DLR WATCH

Bob Blue

Dominion is citing its project execution track record as a competitive differentiator within the broader utility sector.

"Building new energy generation is a core competency of ours. As demonstrated in recent years with our successful development of thousands of megawatts of renewable generation..."

XEL WATCH

Steven Ridge

Management's tone is confident, affirming overall financial guidance (5-7% EPS growth) and highlighting a bias toward the upper half of the range starting in 2028, driven by strong demand, a solid balance sheet, and a growing regulated asset base.

"We continue to guide to annual earnings growth at the midpoint of our 5% to 7% range with a bias starting in 2028 toward the upper half of the range."

D WATCH

Bob Blue

CVOW turbine installation pace has improved to roughly 2 days per turbine, with management seeing a similar productivity curve to monopiles and transition pieces, where pace accelerated dramatically after initial learning. — This operating performance read-through suggests the offshore wind supply chain is stabilizing and costs per megawatt could decline, supporting project economics.

"we're seeing materially positive improvements in the installation cadence as shown on slide seven."

SGRE WATCH D WATCH

Steven Ridge

Dominion flagged a risk of new steel & aluminum tariffs adding ~$200M to CVOW costs, but this may be offset by a reallocation of network upgrade costs away from the project, implying net-neutral cost impacts. — This net-neutral scenario reduces the risk of project cost overruns, potentially easing equity funding requirements for Dominion.

"We estimate that that has the potential to be in the $200-ish million range, which, as I mentioned, would have the potential of being offset by some of the reallocation of transmission costs."

X WATCH NUE WATCH

Bob Blue

Continued data center growth in Dominion's territory points to robust demand from hyperscalers, positioning the company to benefit from the AI infrastructure buildout.

"We continue to see accelerating and durable demand from our differentiated, high-quality, low-risk data center customers."

MSFT WATCH

HIGH

16:00
Feb 23 ◎

D FY2025 Q4 Watch

Dominion Energy, Inc. (D) FY2025 Q4 Earnings Call

LLY D ▾

Bob Blue

Dominion is serving a major new industrial customer, indicating non-data-center load growth and successful economic development.

"In September 2025, Eli Lilly and Company announced plans for a $5 billion state-of-the-art manufacturing facility that will generate 650 high-wage jobs and 1,800 construction jobs in Virginia."

LLY WATCH

Stephen Ridge

Management's tone is bullish, raising the five-year capex plan by 30% and guiding to the upper half of long-term EPS growth, driven by robust data center demand and regulated investment.

"we now expect to achieve the upper half of the 5% to 7% growth rate range starting in 2028."

D WATCH

HIGH

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