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Friday, October 31, 2025 at 11 a.m. ET Call participants Chair, President, and Chief Executive Officer — Robert M. Blue Senior Vice President and Chief Financial Officer — Steven Ridge Need a quote from a Motley Fool analyst? Email [email protected] Operating Earnings per Share (EPS) -- $1.06 per share, including 3¢ from RNG45Z credits and a 6¢ negative impact from weaker-than-normal weather. Year-over-Year EPS Drivers -- 6¢ from regulated investment growth compared to the third quarter of 2024, 8¢ from increased sales compared to the third quarter of 2024, 5¢ from the DESC rate case settlement, and 3¢ from higher contracted energy margins; offset by negative weather, higher DD&A, and higher financing costs. GAAP EPS -- $1.06 per share for Q3 2025; reconciliation details are provided in the earnings release. Full-Year 2025 Guidance -- Narrowed full-year 2025 operating earnings guidance to $3.33-$3.48 per share, maintaining the previous midpoint of $3.40 and including RNG45Z earnings. Weather Impact Year-to-Date -- Now a headwind of approximately 2¢, reversing from a prior tailwind through the first ten months of 2025. CVOW Project Status -- Two-thirds complete, with 100% of monopile installation finished ahead of season; first turbine installation expected late next month and first power targeted for late first quarter 2026. Coastal Virginia Offshore Wind (CVOW) Project Cost -- Now $11.2 billion, including $206 million in unused contingency; $8.2 billion spent through September, with $1.5 billion of remaining Dominion-attributable cost as of September. CVOW LCOE (Levelized Cost of Energy) -- Updated to $84 per megawatt-hour, higher than last quarter mainly due to lower REC price forecasts. CVOW Revenue Requirement -- Rider filing projects a $665 million revenue requirement for the 2026 rate year, beginning in September 2026, expected to reduce residential bills as project energizes. Charybdis Vessel Update -- Arrived in Portsmouth in September; remediation of approximately 200 punch list items underway, with about 120 closed as of the Q3 2025 earnings call and full clearance to load/install turbines anticipated in November. Data Center Demand Growth -- ~47 GW in contracting stages as of September 2025, up 17% from 40 GW in December 2024; electrical service agreements (ESA) now cover nearly 10 GW as of September, a 12% increase from December 2024. PJM Open Window Transmission -- Dominion submitted proposals in the latest reliability open window, described as the company’s largest participation to date; last year, Dominion was awarded ~100 projects totaling nearly $3 billion. Virginia Electric Rates -- Current residential rates at DEV and DESC are 9% and 11% below the U.S. average, respectively. Capital Plan Update -- Comprehensive investment forecast through 2030 to be provided on next earnings call, with an expectation of increased regulated capital deployment weighted toward the plan’s latter years. Balance Sheet and Financing -- Maintaining conservative targets; 15% FFO-to-debt ratio starting in 2025, representing a 100 basis point cushion to Moody’s downgrade threshold as of 2025 and 200 basis points to S&P regarding downgrade thresholds. Stone Peak Cost-Sharing -- For CVOW project costs between $11.3 billion and $11.8 billion, capital is shared two-thirds by Dominion and one-third by Stone Peak as per the current agreement; this sharing applies to project costs through 12/31/26. SMR (Small Modular Reactor) Timing -- Update in IRP delays SMR new nuclear timeline by five years due to financing, technology, and risk considerations. Dominion Energy (D 0.74%) delivered EPS of $1.06 for Q3 2025, supported by robust commercial and residential sales, despite a year-to-date weather-driven headwind. Management reaffirmed full-year EPS guidance at a narrowed range and cited confidence in delivering results at or above midpoint, assuming normal weather for the balance of the year. The Coastal Virginia Offshore Wind project remains on schedule with critical installation milestones met, though project costs have increased to $11.2 billion, mainly from steel tariffs and not from underlying component overruns. Data center growth has driven a substantial increase in contracted electric load, which management highlighted as a significant driver of both current and future sales growth, and supported large-scale transmission and generation investment proposals. New capital deployment is expected to shift to the later years of the decade based on resource plan updates, with financing flexibility maintained through balance sheet discipline and previously de-risked equity needs. Bob Blue stated, "every statewide candidate running, regardless of party, supports CVOW," explicitly addressing bipartisan regulatory alignment for the offshore wind initiative. Contracted data center agreements currently represent over 25% of Dominion's Virginia sales, with firm delivery points stretching through 2031, indicating enduring demand visibility. PJM network upgrade cost estimates for CVOW have declined modestly at the most recent decision point, with management expecting finalization by March following regulator reviews. For the Charybdis vessel, management confirmed no governmental or political delays are impacting installation timing, which relies solely on addressing quality assurance punch list items. Quarterly CVOW project cost increases resulted in a $50 million after-tax charge for non-recoverable costs under the cost-sharing settlement and partnership agreements. Management anticipates "upward revisions to our capital plan across distribution, transmission, and generation," driven by IRP updates and new project authorizations, with financing sources to be clarified in the next call. Industry glossary CVOW: Coastal Virginia Offshore Wind project, Dominion’s regulated offshore wind energy development off Virginia’s coast. RNG45Z: Renewable Natural Gas 45Z credits, relating to U.S. federal tax incentives for renewable gas production. DD&A: Depreciation, depletion, and amortization — a non-cash expense on income statements recognizing asset value reduction. PJM Open Window: The period when transmission project proposals can be submitted for regional competitive selection in the PJM Interconnection market. REC: Renewable Energy Credit, tradable certificates representing the environmental attributes of renewable electricity generation. LCOE: Levelized Cost of Energy, the average cost per unit of electricity generated over a project’s life. ESA: Electric Service Agreement, a contract for the delivery of electric power to a specific customer or facility. SMR: Small Modular Reactor, a newer class of nuclear reactors designed for modular, scalable electric generation. ATM Equity: At-the-market equity offering, allowing a company to raise capital by selling shares directly into the market as needed. FFO to Debt: Funds from operations to total debt ratio, a key credit metric used by rating agencies to assess leverage and balance sheet health. Full Conference Call Transcript Steven Ridge: Thank you, David, and good morning, everyone. Since the conclusion of the business review last year, we have focused on three principal priorities. First, consistent achievement of our financial commitments. Second, continued on-time achievement of major construction milestones for the Coastal Virginia offshore wind project. And third, constructive achievement of regulatory outcomes that demonstrate our ability to cooperate with regulators and stakeholders to deliver results that benefit both customers and shareholders. As we successfully execute against these priorities, we empower our employees to provide the reliable, affordable, and increasingly clean energy that powers our customers every day. And we position ourselves to deliver on the commitments we made to our investors at the conclusion of the business review. We believe that continued execution against these commitments will deliver compelling value for our shareholders. I will address our financial results, and then Bob will address CVOW and regulatory progress. As shown on Slide 3, third quarter operating earnings were $1.06 per share, which includes 3¢ of RNG45Z credits and 6¢ of worse-than-normal weather. Relative to the third quarter of 2024, positive factors for the quarter included 6¢ from regulated investment growth, 8¢ from increased sales, 5¢ from our DESC rate case settlement in 2024, and 3¢ from higher margins at contracted energy. Third quarter results also included worse weather, higher DD&A, and higher financing. A summary of all drivers for earnings relative to the prior year period is included in Schedule 4 of the earnings release kit. Third quarter GAAP results were $1.06 per share. A summary of all adjustments between operating and GAAP results is included in Schedule 2 of the earnings release kit. Turning now to guidance. With nine months of 2025 financial results reported, we are narrowing our full-year guidance range to $3.33 to $3.48 per share inclusive of RNG45Z earnings, while preserving the original guidance midpoint of $3.40. On last quarter's call, I highlighted sales and weather as noteworthy tailwinds through six months of the year. Over the last four months, we have seen weather reverse and through ten months of the year, now represents a small headwind of approximately 2¢. Continued strength from commercial and residential sales combined with other initiatives gives us confidence in our ability to deliver full-year results at or above the midpoint of our guidance assuming normal weather for the last two months of the year. We have provided year-over-year drivers for the fourth quarter in the appendix of today's materials for your reference. Finally, we are reaffirming all other existing financial guidance. Turning to Slide 4. We have completed our 2025 financing plan and, as mentioned on prior calls, taken steps to further de-risk future ATM equity. We remain focused on balance sheet conservatism and there is no change to our previously communicated credit-related targets. Finally, we will provide a comprehensive capital investment forecast update through 2030 on our fourth quarter earnings call, which will take place in early 2026. We expect incremental opportunities to deploy regulated capital on behalf of our customers with a timing bias towards the back end of the plan. As always, we will look at incremental capital through the lenses of customer affordability, system reliability, balance sheet conservatism, and our low-risk profile. In conclusion, I am highly confident in our ability to deliver on our financial plan. We have built our plan to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may occur. And with that, I will turn the call over to Bob. Bob Blue: Thank you, Steve, and good morning, everyone. I will begin with safety on Slide 5. Through September, our OSHA recordable rate was 0.28, continuing the positive trend from the last three years. Continuing to reduce work injuries is one way we can honor the memory of our colleague, Brian Barwick, whom we lost in an accident earlier this year. We must continue to focus relentlessly on improving our safety performance. I will turn to updates around the execution of our growth plan. I will start with the Coastal Virginia offshore wind project. Slide 6 highlights what makes CVOW such an important and unique generation resource. The project is now two-thirds complete, just a few months away from delivering much-needed electricity to our customers. Slide 7 shows our major equipment progress. We successfully completed 100% of monopile installation one month prior to the conclusion of the piling season. Very pleased with this tremendous milestone for the project. We have installed 63 transition pieces to date, with all 176 transition pieces now fabricated. Turbine fabrication remains on schedule. Earlier this week, we installed the second offshore substation jacket and will place the accompanying topside shortly. The third and final offshore substation is nearly complete and will be installed in the first quarter of next year. Turning to timing on Slide 10. We now expect the first turbine installation to occur late next month and continue to expect the first power to be delivered to our customers in late first quarter of next year, approximately five months from now. As a reminder, we will be energizing strings of turbines throughout 2026. No change to our current expectation of project completion by the end of 2026. But given delays with Charybdis, we have significantly reduced the schedule weather and maintenance vessel maintenance contingency, which could push a few of the final turbines into early 2027. We will continue to refine and update this assumption as we observe actual turbine installation cadence, similar to what occurred with monopiles, which went more quickly than expected. Project costs now stand at $11.2 billion, which includes unused contingency of $206 million, down about $15 million from last quarter. Excluding tariff impacts, costs for project components have remained in line with the prior update. The updated cost this quarter reflects the accelerated recognition of steel tariffs through 2026, whereas we were previously recognizing all tariff costs on a quarter-by-quarter basis. Through September, the project has invested approximately $8.2 billion. The remaining project costs attributable to Dominion are expected to be $1.5 billion. On Slide 11, we have continued to provide an update to our potential tariff exposure across discrete tariff categories and illustrative durations. We are showing the impact of country-specific tariffs through the project at 2026. Please note that changes to tariff policy could impact these estimates. Unfixed costs include project management costs, fuel for vessels, and changes to tariffs and network upgrades, if any. Estimated network upgrade costs assigned by PJM to CVOW in the most recent decision point came down modestly. We expect this inaugural process to conclude by year-end and do not expect a material change to network upgrade costs. We will then execute and submit our generator interconnection agreement at PJM and FERC under the very standard finalization protocol as is in place for all new generating sources. We expect the process to conclude in March, which will be the final step to First Power. As a result of this project cost increase, we recorded a modest charge this quarter, about $50 million after tax included on Schedule 2, for costs not expected to be recovered from customers in accordance with the cost-sharing settlement with Virginia regulators and our 50% cost-sharing partnership agreement with Stone Peak. These costs and risk-sharing arrangements continue to work as intended to protect customers and shareholders. Further on costs, we will file both our quarterly status report and our 2026 CVOW rider filing with the State Corporation Commission today. As shown on Slide 12, the project's LCOE has been updated to $84, up from last quarter, driven primarily by lower forecast REC price. Keep in mind that REC sales are credited against the levelized cost of energy as value delivered to customers. And the value of RECs will change year to year based on market dynamics at the time. However, importantly, the LCOE compares favorably to other generation resources and is well below the statutory amount. It is also in line with the LCOE range provided at the time of the original filing in November 2021. The project is now forecasted to represent an average residential customer monthly bill credit of 63¢ over the life of the project. Under the rider proposal filed today, we are forecasting a revenue requirement for the 2026 rate year, which begins in September 2026, of $665 million. This customer-beneficial real-time cash recovery provides important financial support for this regulated investment during construction. If approved, the rider proposal filed today would result in residential seeing a decline in their monthly bill in September as the project begins to generate electricity in early 2026. Progress on CVOW continues to go very well, and there is every reason for our customers and policymakers to be excited by the timely delivery of much-needed low-cost electricity from this critical generating resource. Let me pivot to discuss Charybdis, our American-made Jones Act compliant wind turbine and installation vessel, which has been a challenge. I am extremely disappointed that Charybdis has again not met expectations. I recognize the importance of executing consistently against any commitment, and we failed to deliver regarding Charybdis. We built to de-risk our installation process. We continue to believe that it will represent a strategic advantage providing enhanced schedule certainty, which ultimately translates into cost certainty. The vessel successfully completed sea trials, received sign-offs, and arrived in Portsmouth, Virginia in September. Upon arrival, Siemens Gamesa successfully completed all necessary modifications for turbine handling and installation. Simultaneously, punch list items were identified that required remediation prior to the vessel being cleared to begin turbine loadout and installation. While all major systems are operating well, there are a variety of quality assurance level items that require addressing. And those tasks are currently underway to ensure that the vessel can commence work as quickly as it is safely able to do so. It has become clear that while the ship's design and construction methods are consistent with global best practices, we did not properly account in our timing estimate for the risk inherent in being the first Jones Act compliant wind turbine installation vessel to be built and regulated in the United States. The vessel is expected to be cleared to load and install turbines in November. As a reminder, unlike monopile installations, there are no time of year or time of day restrictions on installing turbines. Finally, any modest delay beyond November will not impact first power timing in 2026. One final note on Charybdis. Project costs continue to be approximately $715 million. Moving now to data centers on Slide 14. We continue to see robust demand from data centers. We now have approximately 47 gigawatts in various stages of contracting as of September 2025, which compares to around 40 gigawatts as of December 2024, an increase of seven gigawatts or 17%. As a reminder, these contracts are broken into substation engineering letters of authorization, construction letters of authorization, and electrical service agreements. As customers move from the first to the last, the cost commitment and obligation by the customer increase. We are currently studying over 28 gigawatts of data center demand within the substation engineering letters of authorization stage, which means the customer has requested the company to begin the necessary engineering review for new infrastructure required for service. This compares to approximately 26 gigawatts as of December 2024 and represents a roughly 7% increase. There are also now about nine gigawatts of data center demand that have executed construction letters of authorization, which are contracts that enable construction of the required distribution and substation electric infrastructure to begin. This compares to just over five gigawatts in December 2024 and represents an approximately 73% increase. Should a customer in this stage elect to discontinue a project, they are obligated to reimburse the company for its investment to date. Finally, we now have nearly 10 gigawatts in electric service agreements or ESA, representing contracts for electric service between Dominion Energy and a customer. This has increased by nearly a gigawatt or 12% since December 2024 as well. By signing an ESA, the customer is committing to consume a certain level of electricity annually, often with ramp schedules where the contracted usage grows over time. We welcome these customers to our system and recognize the vital contribution data centers make to national, state, and community success. We are developing resources across distribution, transmission, and generation to ensure we meet this critical need on a timely basis. We are also taking active steps to safeguard all of our customers from the risk of paying more than their fair share for reliable and affordable electric service. Data center demand should and can be a win-win for our state, our customers, and our company. Turning to Slide 15. Let me share a few additional business updates. First, on the biennial review proceeding and the proposed large load tariff, post-hearing briefs were filed last week. We anticipate a final order by November. Next, on the transmission side, we submitted project proposals in the latest PJM open window process that closed in August. This year's reliability open window represents the largest proposed investment by Dominion Energy since PJM began its open window process. While final project selections by PJM will not be made until Q1 2026, there is a robust need for new transmission across the region, and we expect this open window to reflect that. Recall that in last year's open window, Dominion was awarded around 100 projects totaling nearly $3 billion. On the generation front, we have announced a number of updates in recent weeks. FCC hearings for the Chesterfield Energy Reliability Center, an approximately one-gigawatt natural gas-fired electric generating facility, concluded in September and post-hearing briefs were filed this week in line with previous testimony. We expect an order in December. On October 15, we filed our next set of utility-scale solar and storage projects with the SCC representing about $2.9 billion in new investment. The filing included approximately 845 megawatts of utility-scale solar and 155 megawatts of storage projects, which will further de-risk our growth program. Also on October 15, we filed our 2025 Virginia Integrated Resource Plan, which presented several possible generation build portfolios with additional resource capacity across both renewable and dispatchable generation technologies in response to continued robust load growth in our service territory. The IRP update demonstrates a continuation of our focus on an all-of-the-above approach to ensuring reliability, affordability, and increasingly clean generation. Our customer affordability, as shown on Slide 16, our current residential electric rates at DEV and DESC are 9% and 11% below the US average, respectively. Based on the build plans proposed in both states' latest IRPs, both will maintain customer bill growth rates through the forecast periods below current electricity inflation levels. In conclusion, we have summarized key highlights from today's call on Slide 17. We realize how important it is to meet the commitments we provided at the conclusion of the business review. We are 100% execution-focused. We will deliver for our customers, our employees, and our shareholders. With that, we are ready to take your questions. Operator: Thank you, Mr. Blue. Ladies and gentlemen, the floor is now open for your questions. If you would like to ask a question, please press the star key followed by the number one on your telephone at this time. If at any time you would like to remove yourself from the question queue, please press star 2. Again, that is star 1 to ask a question. We will go first this morning to Shar Pourreza of Wells Fargo. Shar Pourreza: Hey, guys. Good morning. Bob Blue: Morning. Welcome back. Shar Pourreza: Oh, thank you. Appreciate it. Good to be back. So, Bob, just on the elections, I mean, there seems any source you are looking at there's obviously a strong possibility that the gubernatorial process may flip parties. You know, Governor Youngkin has obviously been really supportive of CVOW, the biennial process. I guess, how do we price in any risk on the construct? Should we see this flip? I mean, are we going to wake up one day and the Trump administration now blocks this project? Just given the lack of connection with the Republican Party. Governor. Have you spoken to Spanberger? Any thoughts around the political backdrop would be great. Bob Blue: Yeah, Shar, thanks a lot for that question. You know, let's start with the fact that every statewide candidate running, regardless of party, supports CVOW. And that's consistent with the bipartisan support that this project has gotten at every level of federal, state, and local government, including congressional leadership. And if you think about it, there are really good reasons for that. It's the fastest way to get 2.6 gigawatts on the grid that's going to serve AI and technology companies, defense, and security installations. It's critical to important infrastructure upgrades at the Oceana Naval Air Station. And if you stop it now, it causes energy inflation. So it's not surprising that we are seeing bipartisan support at all levels of government. And we expect that to continue after the election. Shar Pourreza: Got it. Okay. Perfect. Then just lastly on Charybdis. Can you just give us a little bit of a sense if you can, on just the nature of the punch list for the project? And when do you kind of expect the quality assurance items that you obviously highlighted to be completed, which are underway? Thanks. Bob Blue: Yeah. Let me that's a great question. Let me give you a little context and walk you through where we are. As you know, this is the first Jones Act compliant wind turbine installation vessel to be built in the US and subject to US regulatory oversight. It's a big ship. It's 472 feet long. It's 184 feet wide. Weighs 27,000 tons. It's got some complex systems on it. It's got a 2,200-ton capacity crane. It's got a jacking system that's capable of creating a 40-meter air gap under the hull when the ship is jacked up. And those systems, the crane, the jacking system, the dynamic positioning system, they are all operating very well. So earlier this month, local regulators, when it arrived in Portsmouth, conducted a standard new-to-zone inspection. And that identified two primary areas of concern. The first was the material condition of certain components primarily within the ship's electrical systems. And then second, the need for documentation that confirmed that the systems we built as built met US-approved codes and standards. So that created this punch list of about 200 items that have to be addressed before we can begin loading turbines. So let me talk a little bit about what we are doing. Ships are divided into 63 zones. Our crews, qualified marine electricians, are doing detailed surveys, they're either documenting or immediately mitigating discrepancies. So to date, we've done over 4,000 inspections across 69 electrical systems, including 1,400 cable inspections. We've got 200 people working around the clock. Of that original 200 punch list items, we've closed out about 120. So it's important to know not all those items are created equal. Some punch list items are a little more complex and will take longer to resolve, but the progress has been really good. And so based on the pace of work, the commitment of the team we've got there, I am highly confident that we will work our way through all the punch list items and be ready to start operating in November. Shar Pourreza: Okay. That's perfect. Thanks again, Bob. Helpful color. See you guys in a couple of days. Appreciate it. Bob Blue: Thanks, Shar. Operator: Thank you. We will go next now to Nick Campanella at Barclays. Nick Campanella: Hey. Good morning. Thanks for taking my questions here. Bob Blue: Morning, Nick. Nick Campanella: Just one follow-up on the ship. Just after you get this punch list done, I just wanted to confirm there's no other approvals needed across the offshore wind supply chain, the boat, or with the federal government that would allow you to install turbines. It's just really getting past the punch list. Bob Blue: Yep. Once we get through the punch list, we are ready to go. Nick Campanella: Great. Can I just ask about the capital plan comments then? You are going to be updating things in the fourth quarter. I think you talked a little bit about the bias of that capital plan update being more back-end weighted if I heard you correctly. But on the funding, you did de-risk equity for 2026-2027 here. What's the balance sheet capacity to kind of absorb higher CapEx at this point? And should we still expect equity in 2026-2027 on a pro forma plan? Thanks. Steven Ridge: Hey, Nick. It's Steve. I'll take that. Yeah. We talked a little bit about the update we will provide on the fourth quarter call in probably February '26. And I fully expect that time we are going to see upward revisions to our capital plan across distribution, transmission, and generation, that effectively reflect what we filed in the IRP, which is some significant increases in the amount of generation. One example is the South Carolina CCGT that we are now authorized and seeking approval to build with our partner Santee Cooper. None of that capital, for instance, was included in the most recent capital update. And we have identified opportunities for additional generation in Virginia. And much of that's not been included. So talked about transmission and the opportunity with the PJM Open Windows. So we are in a fortunate position to have a lot of really high-quality opportunities to deploy regulated capital to the benefit of our customers, which we will provide a sort of a full update next early next year. With regard to our balance sheet, I am really pleased with where our balance sheet is. When we came out of the business review, we talked about being at 15% FFO to debt starting in 2025. That's still where we are tracking. That's about a 100 basis point cushion relative to our downgrade threshold at Moody's, 200 basis points at S&P. We mentioned the time Moody's is going to be slightly lower than that 15% just given the methodology they deploy relative to sort of our more simplified metric, right? FFO to debt. But it is in a very good position, and we have taken steps, as you noted, to do a lot of de-risking for our planned ATM. When we update the capital plan come early next year, we will at the same time give you an updated perspective on our financing needs. We have been very effective at deploying ATM and hybrid equity very cost-competitive. And we will look at all the tools available to us. As we have always said, we will look at all the available tools available to us to source capital from the most attractive source. And so I do not want to get out in front of that, but you can assume we are going to finance the growth of our business in a way that maintains that balance sheet conservatism. But in so doing, it should also provide value to our shareholders. Nick Campanella: Great. Thank you very much. Steven Ridge: Thanks, Nick. Operator: We will go next now to Steve Fleishman of Wolfe Research. Steve Fleishman: Yeah. Hi. Good morning. Thanks. Just one other question on the Charybdis. Just want to confirm there's nothing related to the government shutdown or any political stuff that's affecting the timing. It's just this punch list. Bob Blue: That's it, Steve. There is nothing related to the government shutdown or anything else. Steve Fleishman: Okay. And then once we start seeing turbines come in, can you give us a sense of, like, cadence there? Recollection is maybe the first set a little slower, but then it gets into a cadence. So can you maybe talk a little bit about what we should be looking for on turbine cadence? Bob Blue: I think exactly what you just described. You think about monopiles, for example, we at the beginning were a little bit slower and then got into a rhythm. So we will update the installation cadence as we go along. But you should expect that the first few are going to be slower, and then we will pick up the pace as we move through. But we will be able to give you regular updates on how we are doing on turbine installation cadence. Steve Fleishman: Okay. And then off-topic, when we get these PJM open window wins or not, like, how should we think about how much of that might already be in your plan or additive? Is it all additive? How should we think about that? Steven Ridge: Steve, I'd say we have made reasonably conservative assumptions in our forward capital plan with regard to wins across PJM Open Window as well as opportunities to deploy capital that do not go through that PJM Open Window with sort of organic maintenance cap and growth capital within our and what we have seen historically and more recently is upside to what we have assumed. I cannot tell you sort of specifically what that will look like. But I'd say there's about, you know, we run rate in our forward projection 2.5 or so billion dollars a year by electric transmission, that's up pretty significantly from what it was just four or five years ago. To the extent we continue to see opportunities, there could be continued upside to that. Steve Fleishman: Yep. And then last quick one, just the IRP was interesting. On the nuclear where it looked like, at least for now, you actually delayed the SMR new nuclear by five years. Could you just, like, talk to what is driving that? Bob Blue: Yeah. Steve, I mean, it's a variety of circumstances. We are taking a look at financing and technology. We are also taking a look at how it fits within everything else that we are projecting to construct. So, I mean, you know, we are talking about pretty far out in the first place and now a little farther out with the update. I would not read too much into that. Steve Fleishman: Okay. Great. Thank you. Operator: We will go next now to Paul Zimbardo with Jefferies. Paul Zimbardo: Hi. Good morning, team. Thank you. Steven Ridge: Morning, Paul. Paul Zimbardo: Follow-up on CVOW a little bit, to the extent that some of those final turbines do slip into the following year, are there any supply chain labor or other kind of constraints to be mindful of? And is there any way to think about what a financial impact of that could be? Bob Blue: There are no supply chain or other issues. And as to financial impact, we are talking about a small number of turbines, so it's not a meaningful financial impact. Steven Ridge: I would just add, as you might suspect, years ago when we put this plan together, which had us completing all the turbines at the 2026, which is actually where we still intend to do. We obviously gave ourselves a little bit of latitude as it relates to what the ultimate timing would be. In fact, I think we are very pleased that here we are some years after that original timeline was produced and we are effectively on target for these dates. So we have made accommodations in advance that gave us some cushion to the extent that anything caused us to go anywhere beyond that '20 time frame. So I think we are very well buttoned up on that, quite frankly, with regard to suppliers and vendors and so forth. And as Bob mentioned, I think in the prepared remarks, I think one thing that's really important for our stakeholders to recognize is we will be energizing these turbines throughout 2026. And deploying that rate base effectively and beginning to collect depreciation and in our revenue requirement throughout the time period that we are installing through 2026. So the actual impact of a couple of turbines slipping into 2027 is pretty de minimis all things considered. Which makes it a little bit different, I think, from something that's a bit more chunky. You know, by doing it on a string, we have effectively de-chunkified that revenue stream. And so I think that acts as a fairly significant de-risker or mitigant to the type of risk you might see from a standard power plant where you cannot collect anything until everything's ready to go. This is 176 individual power plants that we will be able to collect on in real-time through 2026 as we deploy strings of turbines. Paul Zimbardo: Thank you for that. And I like that phrase, de-chunkified. One other I had, you called it out that you have had some weather and other headwinds year to date, but you still expect to be midpoint or better. Could you just go through what some of those are kind of the positive offsets? Looks like sales are coming in stronger. If you go through that, it would be helpful. Thank you. Steven Ridge: Sure, Paul. Yeah. I am really pleased with 2025 financial performance year to date. We have had we are now in a weather deficit, a 2¢ weather deficit. And really the biggest driver of that has been sales across two primary sources. One is faster and more ramping on our data center customers. That's been pretty consistent through the year. And then over the summer, we saw increased usage per customer on our residential class, which was something we are trying to understand better, but it was a departure from what we have seen in the past. So the two of those combined have been a tailwind as I have mentioned in the past. That's been the most positive driver that gives us that confidence. And we have seen, you know, some true-ups on our riders which allow us to deploy capital to the extent we deploy it faster. We get some true-ups there. That's been a little bit of a help as well. But primarily, it's been sales. Paul Zimbardo: Okay. Great. No. Thanks for taking the questions. Appreciate it. Steven Ridge: Thanks, Paul. Operator: We will go next now to Carly Davenport with Goldman Sachs. Carly Davenport: Hey. Good morning. Thanks for taking the question. On the data center update, just any color that you are able to share on the sort of timing to in-service for the 9.8 gigawatts of load that's now under ESA. And just to think about that cadence looking forward? Bob Blue: Yeah. Carly, it's our data center load just continues to grow, and the demand continues to grow. Which is something considering that we have connected 450 data centers already and we have got more than 25% of our sales going to data centers in Virginia. So we are not seeing any decrease. We are actually seeing the opposite. And that's, you know, the whole PJM dom zone is seeing quite a bit of new capacity requests. And you know, they continue to choose us because we have got really good fundamentals. We have got great connectivity to global fiber networks. We have got a very business-friendly environment in Virginia. We have got the largest data center workforce in the US. And then we have got reliable and affordable electricity. Thanks to us. So we have gotten 370 delivery point requests since 2020, which is over 58 gigawatts of capacity. 17 gigawatts of that just in 2025. That's across our service territory and also the co-ops that we serve from a transmission point of view. So we have now communicated firm dates for over 100 delivery point requests, which represents over 25 gigawatts of capacity in the dom zone. And those energization dates stretch through, what, 2031? So sort of match up with everything that we have been saying already. So typically, from the time of a delivery point request until we have got the customer hooked with a meter is about four to seven years. And then they ramp in over time from the date. So we have got sales growth off that 10 gigawatts of ESA there as they ramp in. You know, the current four gigs of meter demand just continues to increase steadily just off those ESAs over the coming years. Carly Davenport: Great. That's really helpful. Thank you. And then maybe just a clarification question on Slide 11. To the extent that costs through 2026 on CVOW do trend above that $11.3 billion level, and recognize that what you are outlining here is not materially above that level. Are you still assuming that Stone Peak will continue to contribute incremental capital there? And so, just what is your sort of confidence level there? Steven Ridge: So under the agreement we have with Stone Peak, capital between $11.3 billion and $11.8 billion is shared about two-thirds Dominion and a third with Stone Peak. And that agreement, without getting into too many details, provides incentives for them effectively to do that, to fund that. So that's what we have assumed. And as you mentioned, it's only a very small amount. I think in rounding terms, it's even less than the full $100 million that we are over through 12/31/26 on Slide 11. Carly Davenport: Thank you so much. Operator: Thank you. We will go next now to Jeremy Tonet at JPMorgan. Jeremy Tonet: Hi. Happy Halloween. Bob Blue: Thank you, Jeremy. Jeremy Tonet: Just one last one if I could on CVOW here. And recognize a lot of progress and a lot of fronts here. But just wanted to turn to the inter-array cable fabrication. Not as much progress on that side over the quarter. And just wondering if you could touch on that a little bit, the drivers. Bob Blue: It's not necessarily a linear production, Jeremy, but we are totally on track on inter-array cable manufacturing and installation. Jeremy Tonet: Got it. Thank you for that. And just want to come back to the question on nuclear, if I could. And granted, said it's, you know, pretty far off at the step up with to support development here. And just wondering if there's anything out there that you would be looking for that would materially, I guess, change views on the potential for nuclear's role going forward? Bob Blue: Well, I mean, our view is we are in the most, in Virginia at least, the most nuclear-friendly state in the country. And the policy support here is very strong. The public and policymakers support whether it's the nuclear navy or the big parts of the supply chain or the reactors that we have been operating safely here in Virginia since the seventies. But I think as we have described before, as we think about new nuclear, cost overrun risk being borne by our customers and our shareholders is a concern. First of a kind costs, being borne by our customers is a concern. And the balance sheet that we have worked very hard to get in shape. And our business risk profile cannot change. So there are ways to work through that. That's, you know, the MOU that we entered into with Amazon. They have expressed some interest in helping finance an SMR at North Anna three. We continue to work our way through that. But fundamentally, as we think about new nuclear, which could be very beneficial for the state, we need to think about first of a kind cost, cost overrun risk, and our business risk profile. Jeremy Tonet: Got it. So it sounds like backstops on catastrophic risk and just cost overrun risk would be the key things to... Bob Blue: They would be incredibly valuable. Yes. Jeremy Tonet: Got it. That's very helpful. Thanks. The last one if I could. And as we think about, you know, data center development here and clearly, there's been a focus for you guys well ahead of others here, but equipment availability as it stands right now, transformers, transmission, you know, for CCT. Just wondering how long queues are at this point and how do you think about, I guess, lining that up with more data centers just given how, you know, timelines are on both sides. Bob Blue: If you think about the sort of timeline on components for generation, our IRP that we just filed with the dates that we have got for new gen lineup with what we expect on timelines for the supply chain. And then more broadly, I think everyone is experiencing there's more demand for transformers and other equipment. I think we are advantaged because of our size, because of the long relationships that we have with suppliers. We have been doing a lot of transmission work at this company for quite a while. And so I think that puts us in a good place as we try to connect the data center load that we have got. It's a big lift, but we are very much up to the task. Jeremy Tonet: Got it. And just one last one if I could. Speaking about timeline, if anything proceeds out, if anything into 2027 here, do you think that there would impact, I guess, the 2026 guidance? Steven Ridge: Jeremy, I feel very, very good about our financial plan. We have constructed it to be appropriately, though not unreasonably conservative. When things, if something like that were to occur, I feel very good about our ability to maintain our ability to hit the commitments we made to our investors at the conclusion of the business review. Jeremy Tonet: Got it. That's very helpful. Thank you. Operator: Thank you, Jeremy. We will go next now to Anthony Crowdell at Mizuho. Anthony Crowdell: Hey. Good morning. I want to ask, this is my last one three times. Just quickly, is there a cadence of generation needs that you guys look at when two to three years? Whether it's like a gig a year, how much generation will you be bringing on to the grid as we look out towards the back end of your plan? Bob Blue: Well, I mean, the best way to look at it, Jeremy, is we outline it in the IRP. So I am not going to walk through sort of what comes on each year. But I will say, we have got 2.6 gigawatts coming on in offshore wind by the end of next year. Chesterfield Energy Reliability Center is in front of the commission right now. That's a gig of natural gas peaking that would come on in '29. And then, you know, we have got a cadence roughly of a gig of solar a year. I mean, between us and PPAs, coming online plus, we have got another, I guess, half a gig-ish, 500 megawatts of upgrades on our existing gas fleet in Virginia. So it's all in IRP sort of by year, which is probably the best way to look at it. Anthony Crowdell: Great. No. That's perfect. And then just one follow-up. When Charybdis finally clears to, I guess, begin installation, will the company issue a press release or an 8-K? Just how best could we track that? Bob Blue: Well, we have noticed a lot of people track where Charybdis is on the web on, you know, one of these vessel finder sites. So you will see it. It will not be at the dock anymore. It will be out at a turbine. I would not anticipate us issuing an 8-K or a press release when it's done because it's another step in the project, a project that is going extremely well. We did not issue a press release when we started installing other components. We just moved through this efficiently and effectively as we have been doing throughout our offshore wind project. Anthony Crowdell: Great. Thanks again. See you in Florida. Operator: Thank you. And ladies and gentlemen, this will conclude our question and answer session for today. Mr. Blue, I'd like to turn the conference back to you, sir, for any closing comments. Bob Blue: Thanks, everybody, for taking the time to join the call today. I hope you enjoy the rest of the day and your Halloween. Operator: Thank you very much, Mr. Blue. Ladies and gentlemen, that will conclude today's Dominion Energy third quarter earnings call. Again, thanks so much for joining us, everyone. And we wish you all a great day. Goodbye.
