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Dominion Energy’s 53 GW Data Center Pipeline — Can The Grid Keep Pace? – Major Drivers, Financial Forecasts, DCF & Comparable Valuation, ESG & Other Risks (9/26)

Dominion Energy reported second-quarter 2026 operating earnings of $0.79 per share, including $0.03 from RNG 45Z credits, while GAAP earnings were $0.37 per share. The company reaffirmed full-year guidance covering operating earnings, credit, dividends, and long-term growth. Funds from operations to debt remained above 15%, supporting credit objectives. Demand remains strong, particularly from economic growth and expanding Virginia data centers. Dominion currently contracts more than 53 gigawatts of data center capacity, including approximately 12 gigawatts under electric service agreements. Management emphasized integrating these customers without shifting costs to existing customers. The Coastal Virginia Offshore Wind project is approximately 81% complete, with 31 turbines installed and the 32nd underway. Final turbine installation is now expected by year-end 2027, six months later than previously planned. Delays reflect additional weather and vessel maintenance contingency, slower loadouts at Portsmouth Marine Terminal, and longer jacking operations at certain locations due to subsea geotechnical conditions.