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Dominion Energy’s $5 Billion CVOW Catalyst: Can Offshore Wind Reset Its Story? 

Dominion Energy reported first quarter 2026 operating earnings of $0.95 per share, ahead of GAAP earnings of $0.69 per share. The company reaffirmed its financial guidance, projecting annual earnings growth at a midpoint of 5% to 7%, with potential bias toward the upper half starting in 2028. Dominion’s strategic priorities remain consistent, focusing on delivering on financial commitments, advancing construction milestones for the Coastal Virginia Offshore Wind (CVOW) project, and achieving constructive regulatory outcomes to benefit customers and shareholders. The CVOW project is over 75% complete, having achieved a significant milestone with first power delivered in March. Installation progress has accelerated, with turbine installations improving to an average of two days per turbine in recent months, supported by favorable weather windows. The total project budget stands at $11.4 billion, roughly $100 million below prior estimates, with $123 million in unused contingency.