Dominion Energy is a Richmond, Virginia regulated utility that reported $16.5 billion of operating revenue and about $3.0 billion of net income in FY2025. Its roots run through a 1909 consolidation of Richmond streetcar and power companies that became Virginia Electric and Power Company (VEPCO) in 1925, and the Dominion Resources holding company formed in 1983.
How Dominion makes money
Dominion invests in power plants, transmission lines and distribution networks, and regulators such as the Virginia State Corporation Commission set rates that let it recover costs and earn an authorized return on that investment. Fuel costs are mostly passed through, so profit growth depends on growing the rate base.
Data center demand
Dominion is the utility for Northern Virginia, the largest data center market in the world. That demand drives new transmission, substations and generation, and it is also why bill affordability has become a central regulatory issue.
Coastal Virginia Offshore Wind
CVOW is a 2.6 GW, 176-turbine project about 27 miles off Virginia Beach, co-owned with Stonepeak. It delivered first power in March 2026, was about 81% complete at mid-2026, and had an estimated cost of about $11.7 billion, with completion expected in early 2027.
From diversification to regulated focus
After the 2020 cancellation of the Atlantic Coast Pipeline, Dominion sold its gas transmission business to Berkshire Hathaway Energy, reset its dividend, and in 2024 sold three gas utilities to Enbridge for about $14 billion. CEO Robert M. Blue has led the company since October 2020.
The NextEra combination
On May 18, 2026, NextEra Energy and Dominion agreed to an all-stock combination valued at about $66.8 billion. Dominion shareholders would receive 0.8138 NextEra shares per share and own about 25.5% of the combined company, which would keep the NextEra name. Shareholders approved the deal on September 3, 2026; regulatory approvals are pending.
