Dominion Energy Inc

Earnings & guidance (good/confirmed): - Q1 2026 operating earnings: $0.95/share vs Q1 GAAP: $0.69/share. - Guidance unchanged / affirmed: operating earnings, credit, dividend, and long-term growth guidance from the Q4 call. - Long-term earnings growth target: ~5%–7% annual growth midpoint, with a bias toward the upper half starting in 2028. - Capital outlook: financing plan is on track—$1.2B common issued to date under the ATM, leaving $0.4B–$0.6B for the remainder of the year. - Credit strength: full-year 2025 and Q1 LTM FFO-to-debt > 15% (staying “above 15%” is a key investor confidence point).

CVOW offshore wind execution & key risk windows (good + watch items): - Project progress: >75% complete; major milestone—first power delivered in March. - Installed/near-complete elements: 176 transition pieces installed, 3 substations installed, commissioning ongoing; deepwater export cables installed; inter-array cabling on track; majority of remaining cabling landed in Virginia. - Turbine fabrication progress: 86%+ towers, ~69% nacelles, ~45% blades fabricated. - Timeline/pace: affirmed expectation that the majority of turbines are placed in service in 2026, remainder in early 2027 prior to June. - Surprising/positive operational improvement: installation cadence has improved materially—last four turbines averaging ~two days per turbine (after winter calibration/setup). - Cost/budget: budget now $11.4B (about $100M lower than prior update), with unused contingency $123M. - But investor “watch list” risks: - Potential reassessment downward of transmission/network upgrade costs allocated to CVOW (PJM transition/RTEP overlap). - Potential $~200M tariff-related impact risk (steel/aluminum tariff uncertainty), partially offset by transmission cost reallocation; precision unclear.

Customer affordability / rate design protections (good, includes negative pressure acknowledgment): - Company reiterates customer bills should grow at rates comparable to inflation long-term despite large regulated investment. - They acknowledge customers are feeling pressure from essentials (housing/groceries) including electricity bills, and emphasize mitigation programs (budget billing, EnergyShare, online platform consolidating assistance). - Large load provisions approved (to reduce risk that smaller customers subsidize large ones / avoid stranded cost transfers). - Plans to pursue fuel securitization in Virginia to minimize rate impact of unrecovered fuel costs.