Dominion Energy is one of the largest U.S. investor-owned utilities. Its main subsidiary, Virginia Electric and Power Company, does business as Dominion Energy Virginia and Dominion Energy North Carolina; Dominion Energy South Carolina came from the 2019 SCANA acquisition. Because it is a state-regulated monopoly in these areas, its results depend more on rate cases, project approvals and construction execution than on winning customers. The company is headquartered in Richmond, Virginia.
Dominion earns money as a cost-of-service regulated utility. It invests capital in power plants, transmission lines, substations and distribution networks; state regulators such as the Virginia State Corporation Commission (SCC) and the South Carolina Public Service Commission set customer rates that let it recover prudent operating costs and earn an authorized return on equity on that invested capital (its rate base). Fuel costs are largely passed through to customers without markup, so earnings growth comes mainly from growing the rate base. A smaller Contracted Energy segment, including the Millstone nuclear station in Connecticut, sells power under contracts.