Dominion Energy
36 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Data centers
earns from · 28% and 26% of Virginia Power's electricity salesnamed as a riskData centers represent 28% and 26% of Virginia Power’s electricity sales for the years ended December 31, 2025 and 2024, respectively.Business (Item 1)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more
Suppliers
Jones Act compliant offshore wind installation vessel
depends on · approximately $240 millionnamed as a riskIn addition, the timely installation of the turbines is dependent on the continued availability of a Jones Act compliant vessel currently under a 20-month lease agreement which commenced in September 2025 between Virginia Power and an affiliated entity.Risk factors (Item 1A)
Westinghouse
depends onWestinghouse is DESC’s exclusive provider of such fuel assemblies on a cost-plus basis.Business (Item 1)
Partners and platforms
Stonepeak
depends on · 50% noncontrolling interestnamed as a riskThe inability of Stonepeak to satisfy its share of funding requirements in a timely manner could have a negative effect on the Companies.Risk factors (Item 1A)
Valley Link
30% initial interestnamed as a riskUnder the terms of the joint venture agreement, Dominion Energy will hold a 30% initial interest in Valley Link.Business (Item 1)
Santee Cooper
approximately $5 billionIn December 2025, DESC, along with Santee Cooper, requested approval for the joint construction and operation of a combined cycle electric generating plant and associated facilities with a net capacity of approximately 2.2 GW.Business (Item 1)
PJM Interconnection
subject tonamed as a riskIn addition, determination of costs allocated by PJM to the project for network upgrades remains subject to change, even after the CVOW Commercial Project is placed in service, as such amounts are driven by the ultimate costs of development of the transmission lines and related facilities that PJM determines is necessary to support various generation facilities within PJM, including the CVOW Commercial Project.Risk factors (Item 1A)
Also named by AEP, CEG, DUK, ED, EXC, FE, NRG, PBF and 5 more
PJM capacity market
subject tonamed as a riskFor example, in April 2024, FERC issued an order that accepted proposed changes to the PJM wholesale capacity market that significantly changed how a generation resource’s capacity value is calculated and decreased the total amount of capacity recognized in the PJM region as eligible to meet reserve requirements.Risk factors (Item 1A)
ISO-NE
earns fromnamed as a riskChanges by FERC, PJM or ISO-NE to the design of the wholesale markets or its interpretation of market rules, the Companies’ authority to sell power at market-based rates, or changes to pricing rules or rules involving revenue calculations, could adversely impact the future results of the Companies’ generation business.Risk factors (Item 1A)
Other companies
CVOW Commercial Project
approximately $11.5 billionnamed as a riskThe CVOW Commercial Project is a large-scale, complex project.Risk factors (Item 1A)
Places
Millstone Power Station
operates in · Approximately half of Millstone's outputnamed as a riskVariability in earnings provided by Millstone relates to changes in market-based prices received for electricity and capacity as well as the timing, duration and costs of scheduled and unscheduled outages.Business (Item 1)
Virginia
earns from · Approximately 80% of revenueApproximately 80% of revenue comes from serving Virginia jurisdictional customers.Business (Item 1)
Also named by AUB, CNX, CSGP, ELV, PNFP, PPL, TFC, TREX and 1 more
Virginia, North Carolina and South Carolina state-regulated utility operations
earns from · approximately 95% of earningsDominion Energy currently expects approximately 95% of earnings to come from state-regulated utility operations in Virginia, North Carolina and South Carolina.Business (Item 1)
Loudoun County, Virginia
concentrated innamed as a riskThe concentration of data centers primarily in Loudoun County, Virginia represents a unique challenge and requires significant investments in electric transmission and generation facilities to meet the growing demand.Business (Item 1)
Hazards
Hurricanes
concentrated innamed as a riskDue to the location of the Companies’ electric utility service territories and a number of its other facilities in the eastern portions of the states of South Carolina, North Carolina and Virginia which are frequently in the path of hurricanes, the Companies experience the consequences of these weather events to a greater degree than many industry peers.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Commodities and inputs
Euro
exposed to its price · approximately €2.6 billionnamed as a riskThe contracts include services denominated in currencies other than the U.S. dollar for approximately €2.6 billion and 5.1 billion kr.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Steel
exposed to its price · approximately €0.7 billionnamed as a riskIn addition, certain of the fixed price contracts, approximately €0.7 billion, contain commodity indexing provisions linked to steel.Market risk (Item 7A)
Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more
Natural gas
exposed to its price · 39%named as a riskTherefore, changes in the price of natural gas generally affect the open market wholesale price of electricity.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Danish krone
exposed to its price · 5.1 billion kr.named as a riskCertain of the fixed price contracts for major offshore construction and equipment components are denominated in Euros and Danish kroner.Risk factors (Item 1A)
Coal
depends on · 23DESC primarily obtains coal through short-term and long-term contracts with suppliers located in eastern Kentucky, Tennessee, Virginia and West Virginia that will expire at various times through 2026.Business (Item 1)
Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more
Nuclear fuel
exposed to its pricenamed as a riskNuclear fuel prices can be volatile and the price that can be obtained for power produced may not change at the same rate as nuclear fuel costs, thus adversely impacting Dominion Energy’s financial results.Risk factors (Item 1A)
Regulators
Nuclear Regulatory Commission (NRC)
subject tonamed as a riskIn the event of noncompliance, the NRC has the authority to impose fines, set license conditions, shut down a nuclear unit, or take some combination of these actions, depending on its assessment of the severity of the situation, until compliance is achieved.Risk factors (Item 1A)
Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more
North Carolina Utilities Commission
subject tonamed as a riskIf retail electric earnings exceed the authorized ROE established by the North Carolina Commission, retail electric rates may be subject to review and possible reduction by the North Carolina Commission, which may decrease Virginia Power’s future earnings.Business (Item 1)
Virginia State Corporation Commission
subject tonamed as a riskIf the Virginia Commission does not allow recovery of costs incurred in providing service on a timely basis, Virginia Power’s future earnings could be negatively impacted.Business (Item 1)
Also named by PPL
Bureau of Ocean Energy Management (BOEM)
subject tonamed as a riskFor example, the estimated total project cost and expected placed in service date for the CVOW Commercial Project were negatively impacted by projected installation timeline changes arising from the temporary suspension of work from the BOEM Director’s Order issued in December 2025 until a preliminary injunction was granted by the U.S District Court for the Eastern District of Virginia in January 2026, which allowed work to resume.Risk factors (Item 1A)
Also named by MUR
FERC
subject tonamed as a riskA failure by the Companies to justify the appropriateness of these rates or a change in FERC policy or the application of FERC policy could result in rate decreases from current rate levels, which could adversely affect the Companies’ results of operations, cash flows and financial condition.Risk factors (Item 1A)
South Carolina Public Service Commission
subject tonamed as a riskAdditionally, if the South Carolina Commission does not allow recovery of costs incurred in providing service on a timely basis, DESC’s future earnings could be negatively impacted.Business (Item 1)
Laws and programs
EPA coal combustion residuals rule
subject to · up to 19 different locations, including 12 at Virginia Powernamed as a riskThese CCR regulations require the Companies to make additional capital expenditures and increase operating and maintenance expenses.Risk factors (Item 1A)
Also named by AES, ETR, LNT, MDU, NI, PEG, PNW, SO and 1 more
Rider OSW cost sharing settlement
subject to · 50% of such incremental costs which fall between $10.3 billion and $11.3 billionnamed as a riskIn accordance with the Virginia Commission’s December 2022 order, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion.Risk factors (Item 1A)
U.S. tariffs on imported equipment (incl. Section 232 steel)
subject to · $0.6 billion of tariffsnamed as a riskThe estimated total project costs also include $0.6 billion of tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries and on equipment expected to be delivered from March 2025 through early 2027 that contains steel.Business (Item 1)
Virginia Clean Economy Act (VCEA)
subject to · 100% of Virginia Power's electricity come from zero-carbon generation by the end of 2045named as a riskThe VCEA establishes renewable energy and CO2 reduction targets for Virginia Power’s generation fleet and grid operations, including the requirement that 100% of Virginia Power’s electricity come from zero-carbon generation by the end of 2045.Risk factors (Item 1A)
Virginia 2023 biennial review legislation
subject to · 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROEnamed as a riskThe legislation directed that, beginning with the 2025 Biennial Review, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE.Business (Item 1)
Millstone 2019 power purchase agreements
earns from · Approximately half of Millstone’s outputApproximately half of Millstone’s output is sold under the Millstone 2019 power purchase agreements, which commenced in October 2019.Business (Item 1)
Inflation Reduction Act (IRA)
subject tonamed as a riskThe ultimate impact of these tax laws is subject to pending guidance and interpretations that could adversely impact the Companies’ ability to qualify for and maintain tax credits, which could affect the Companies’ results of operations, financial condition and/or cash flows.Risk factors (Item 1A)
Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more
Virginia Retail Access Statutes
subject tonamed as a riskAs market conditions change, Virginia Power’s customers may further pursue exceptions and Virginia Power’s exclusive franchise may erode.Risk factors (Item 1A)
South Carolina Energy Security Act (SCESA)
subject toIn May 2025, the Governor of South Carolina signed into law the SCESA, which establishes a rate stabilization mechanism whereby an electric utility, including DESC, may elect to request South Carolina Commission approval to adjust its base rates up or down annually when changes in the utility’s investments, revenues and expenses cause its earned ROE to be more than 50 basis points below or above the ROE approved by the South Carolina Commission in the utility’s latest general rate case.Business (Item 1)