Dominion Energy Inc

3Q’26 earnings & guidance raised (financial outlook improved): - Third-quarter operating EPS: $1.28/share, including $0.05 from RNG 45Z credits and $0.05 from better-than-normal weather. - Third-quarter GAAP EPS: $1.30/share. - Full-year outlook: Company now expects full-year results in the top half of the original guidance range, driven by better-than-budgeted sales, better-than-normal weather, and higher-than-expected 45Z credit income, alongside strong execution. - Stockholder-facing items reaffirmed: They said they are reaffirming other existing financial guidance on credit, dividend, and long-term growth (specific figures not stated in the transcript excerpt).

Data center demand remains strong; utility protecting customers while adding large loads (opportunity with execution/regulatory risk): - LTM weather-normal electric sales growth: +3.4% across DEV and DESC. - Peak demand: All 10 Dom Zones summer peak demand days occurred in 2026; DESC set an all-time electric peak in August. - Data center pipeline: 54+ GW capacity in contracting/various stages; 12+ GW under electric service agreements. - Since last year: 6+ GW added (~13% increase). - Risk management approach: They emphasize using a Virginia SCC-approved large load framework to protect existing customers from cost shifts and mitigate stranded-cost risk (investors should watch ongoing SCC oversight and any pushback on cost allocation).

NextEra Energy combination: progress, but still regulatory uncertainty (key risk is “no harm” legal standard): - The proposed deal is positioned as transformational and expected to close in 2H’27 (federal approvals filed; moving through state proceedings). - Virginia: testimony received; rebuttal testimony due Nov 2, evidentiary hearings begin Nov 17, final order due Jan 11 next year. SCC decides under the “just and reasonable rates” / “no harm to customers” standard. - Staff testimony: asked about ~57 conditions; management stressed many conditions were already voluntarily proposed and reiterated confidence they meet the legal “no harm” standard and that the package goes beyond it. - Surprising/potentially negative angle: a question flagged the governor’s intervention as “excessive”; management said they welcome her intervention but emphasized focus on rebuttal testimony.