Dominion Energy Inc - Units - 2019 Series A

Earnings + guidance affirmed (good start; outlook intact) - Q1 2026 operating earnings: $0.95/share vs GAAP $0.69/share. - Full-year guidance affirmed (operating earnings, credit, dividend, long-term growth). - Long-term earnings growth: still 5–7% (midpoint) with a stated bias starting in 2028 toward the upper half if performance holds. - Management attributes confidence to disciplined financial management and a growing regulated investment profile.

Regulated capital growth opportunity expanded (big catalyst on batteries/storage) - Virginia law (HB895 + SB448) now requires utilities to petition for 20 GW of short- and long-term storage by 2045, versus the prior requirement of 3 GW by 2035. - Company already has ~$2B (~3%) of battery storage embedded in its prior $65B 5-year capital plan (subject to approvals). - Expect to accelerate deployment; update mechanisms include: - SCC technical conference later this year, - IRP update in fall, and - capital plan update with Q4 cadence. - Scale heuristic: ~1 GW “overnight installed” (incl. transmission/network upgrades) costs ~$2.5B–$3B.

CVOW offshore wind execution: milestone achieved; budget slightly down; key cost/risk watch items - Project >75% complete; achieved “first power” in March (on timeline). - Fabrication progress: 86%+ towers, ~69% nacelles, ~45% blades fabricated. - Turbine installs improving: now 9 turbines completed; latest cadence averaging ~2 days per installation for last four turbines; management expects this to continue improving with better weather windows. - Timeline: majority of turbines expected in-service by 2026, remainder early 2027 prior to June. - Budget: now $11.4B, about $100M lower than prior update; unused contingency $123M. - Headwinds/negative watch (but not yet confirmed impacts): - Potential reassessment/reduction of certain PJM network upgrade allocations tied to transition-cycle duplication. - Potential ~$200M impact from updated steel/aluminum tariffs, currently pending final supplier/agency guidance (management suggests offsets could exist but precision is uncertain).