Dominion Energy, Inc.
Electric & Gas UtilitiesFounded 1983- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Dominion Energy, Inc.
Company History
Founded 1983 in Richmond, Virginia
Last reviewed: 2026-06-09 · By Swet Parvadiya
1925. Virginia Electric and Power Company — VEPCO — forms from the consolidation of earlier Virginia utility assets. The company's roots trace to 1900, when Dr. W. Gill Wylie founded Catawba Power Company in the Carolina Piedmont. James Buchanan Duke — of Duke University fame — invested $2 million in the successor Southern Power Company in 1905 and became the controlling shareholder. The early decades were defined by hydroelectric dam construction along Catawba River, building the water-powered generation infrastructure that established VEPCO's position in Virginia and the Carolinas.
Dominion Resources was created in 1983 as a holding company structure to manage the regulated utility assets. The 2000 acquisition of Consolidated Natural Gas added a gas distribution and transmission network to the existing electric utility footprint, creating the integrated electric and gas company that Dominion remains today. The CNG acquisition dramatically expanded geographic reach — extending Dominion's presence into Ohio, West Virginia, and Pennsylvania.
The 2017 planned SCANA merger collapsed in 2018 after SCANA's nuclear construction project — V.C. Summer in South Carolina — was abandoned after billions in cost overruns. The failure contaminated the regulatory environment for nuclear construction across the Southeast and exposed Dominion to significant legal and reputational risk from the proposed merger association.
The Atlantic Coast Pipeline, a 600-mile natural gas pipeline from West Virginia to North Carolina and Virginia, was cancelled in 2020 after $3.4 billion in construction costs and years of legal challenges from environmental groups. The cancellation was a major strategic setback that forced Dominion to rely on existing pipeline infrastructure and reconsider its approach to large capital projects in politically contested corridors.
Virginia Electric and Power Company (VEPCO) was established in 1925 as a consolidation of five early Virginia utilities, including the Richmond Light and Railroad Company, the Virginia Railway and Power Company, and the Old Dominion Power Company, creating a unified electric utility that served the growing industrial and residential customers in the Richmond and Norfolk regions. Operating during a period of rapid electrification and industrial expansion in the Commonwealth, VEPCO recognized the strategic importance of domestic power generation for Virginia's economic development and invested heavily in the construction of coal-fired power plants and a comprehensive transmission and distribution network. The company's decision to consolidate the fragmented utility landscape was a pivotal moment in Virginia's history, as it mobilized the capital necessary to build the infrastructure required to support the state's growing manufacturing and shipping industries, overriding the opposition from local municipal utilities and independent power producers. VEPCO's early expansion was fueled by its aggressive acquisition strategy, which included the purchase of small, independent utilities across the Commonwealth, and the establishment of a vertically integrated generation and distribution network that provided the company with a significant cost advantage and a dominant market position. However, VEPCO's later years were marked by the challenges of the 1970s energy crisis and the construction of the Surry and North Anna nuclear plants, which resulted in significant cost overruns and regulatory scrutiny, but the underlying generation and distribution assets remained intact, providing the foundation for the company's subsequent merger with North Carolina Natural Gas in 1983 to form Dominion Resources. VEPCO's legacy is the creation of a powerful, regulated utility that would become the engine of Virginia's economic development and the source of the state's reliable, affordable electricity, a legacy that continues to shape the company's strategic direction and its relationship with the Virginia SCC today.
North Carolina Natural Gas was a leading gas distribution utility that served the growing residential and commercial customers in the Carolinas during the mid-20th century. Operating during a period of rapid suburban expansion and the increasing adoption of natural gas for heating and cooking, the company recognized the strategic importance of pipeline infrastructure and invested heavily in the construction of distribution networks across the region. The company's decision to merge with VEPCO in 1983 was a bold move that created Dominion Resources, a diversified energy company with operations in both electric and gas utilities, providing the new entity with a balanced fuel mix and a broader geographic footprint that spanned the Mid-Atlantic and Southeast regions. Despite the challenges of integrating the two companies' operations and regulatory frameworks, the merger ultimately created a powerful utility powerhouse that was able to weather the energy crises of the 1970s and 1980s and establish a strong presence in the growing markets of the Carolinas and Virginia. The company's legacy is the diversification it brought to the VEPCO franchise, providing the foundation for the subsequent expansion of Dominion Resources into a major national utility through a series of strategic acquisitions in the 1990s and 2000s.
Virginia Electric and Power Company (VEPCO) is formed through the merger of five early Virginia utilities, establishing a foundational monopoly over the Commonwealth's electricity generation and distribution.
VEPCO merges with North Carolina Natural Gas to form Dominion Resources, diversifying the company's fuel mix and expanding its geographic footprint into the growing gas markets of the Southeast.
Dominion Resources acquires Consolidated Natural Gas for $4.2 billion, adding the Columbia Gas distribution systems in Ohio, West Virginia, and Pennsylvania to the company's portfolio and establishing a major presence in the Mid-Atlantic gas market.
Dominion's $14 billion acquisition of AGL Resources is blocked by FERC due to concerns over the company's market power in the interstate pipeline market, forcing the company to rethink its growth strategy and focus on its core regulated utility operations.
Dominion attempts to merge with SCANA, the parent company of South Carolina Electric & Gas, but the transaction collapses in 2018 following the revelation of a $2 billion nuclear construction scandal at the Virgil C. Summer plant.
The US Supreme Court rules that the US Forest Service did not have the authority to grant a right-of-way for the Atlantic Coast Pipeline to cross the Appalachian Trail, forcing Dominion to abandon the $8 billion project and take a $1.2 billion write-off.
The Virginia General Assembly passes the VCEA, mandating that VEPCO achieve net-zero carbon emissions by 2045 and 100 percent renewable energy by 2035, establishing the regulatory framework for the company's $10 billion grid modernization and renewable energy capital plan.
Robert M. Blue is appointed CEO of Dominion Energy, initiating a radical turnaround strategy characterized by the sale of unregulated assets and a strategic pivot toward pure-play regulated grid modernization.
Dominion completes the sale of 13,000 megawatts of unregulated wind, solar, and battery storage assets to Blackstone Infrastructure for $11.5 billion, eliminating commodity price risk and reducing gross debt to $28.1 billion.
Dominion reports $26.8 billion in FY2024 revenue, a 3 percent year-over-year increase driven by the 5 percent growth in the regulated electric segment and the continued expansion of data center load in Northern Virginia.
Dominion acquired Consolidated Natural Gas to add the Columbia Gas distribution systems in Ohio, West Virginia, and Pennsylvania to the company's portfolio, establishing a major presence in the Mid-Atlantic gas market and diversifying the company's geographic footprint.
Dominion acquired the Carolina Gas System from SCANA to expand the company's gas footprint into the growing markets of North and South Carolina, complementing the existing electric operations in the region and providing a balanced fuel mix.
Dominion Energy Inc. traces founding to 1909 when Virginia Railway and Power Company formed through merger of Virginia Passenger and Power Company plus various Richmond-area electric utility operations supporting various electric power generation and distribution across Virginia. The company evolved through multiple corporate transitions including 1925 Virginia Electric and Power Company (VEPCO) renaming, 1983 Dominion Resources holding company formation, continued electric utility expansion across Virginia and various southeastern US markets, 2017 Questar Corporation acquisition for $4.4 billion gaining natural gas operations supporting strategic diversification, 2020 strategic transformation including substantial natural gas transmission asset divestitures (Berkshire Hathaway Energy acquisition of Dominion Energy Transmission for $9.7 billion supporting strategic refocus on regulated electric utility operations), and various other strategic moves. Revenue evolved across 115+ years of strategic execution reaching $26.8 billion (2024) through continued electric utility operations focus plus selective natural gas operations supporting various customer requirements across Virginia, North Carolina, South Carolina, and various other operational areas.
Dominion Energy Inc. completed substantial strategic transformation in 2020 selling Dominion Energy Transmission and various natural gas transmission and storage assets to Berkshire Hathaway Energy for $9.7 billion (including $4.0 billion in cash plus $5.7 billion in assumed debt), supporting strategic refocus on regulated electric utility operations versus diversified energy infrastructure. Strategic rationale included continued regulated electric utility leverage supporting various stable financial performance, simplified business portfolio supporting clearer strategic positioning, capital structure improvement through debt reduction, and various other strategic priorities. The transaction supported subsequent dividend reduction (Dominion cut quarterly dividend from $0.94 to $0.63 supporting various capital structure considerations, with continued dividend evolution across subsequent years), continued strategic execution through various competitive dynamics, and various other operational improvements. Post-transaction Dominion focused on regulated electric utility operations across Virginia and South Carolina supporting various utility-focused strategic positioning. Strategic implications continue affecting various Dominion operations through ongoing energy infrastructure industry evolution.
Dominion Energy Inc. is developing Coastal Virginia Offshore Wind (CVOW) project as largest offshore wind project under construction in United States, with 176 wind turbine generators across 113,000+ acres located 27 miles off Virginia Beach coast supporting approximately 2.6 gigawatts of renewable power generation (sufficient for 660,000 homes). Strategic milestones include 2021 Virginia State Corporation Commission approval supporting project development, ongoing construction across 2024-2026 timeframe, expected completion late 2026 supporting commercial operation, and continued various federal and state regulatory approvals supporting various project execution. Strategic context includes substantial capital investment requirements ($10+ billion estimated total project costs supporting various development funding), regulatory complexity managing federal and state permitting requirements, supply chain challenges affecting various component sourcing, continued construction timeline considerations, and various other operational factors. CVOW represents major Dominion strategic priority supporting renewable energy transition while serving regulated Virginia electric customers. Future CVOW completion and operational performance critically affects continued strategic execution.
Dominion Energy Inc. acquired Questar Corporation in September 2016 (announced February 2016) for $4.4 billion gaining substantial natural gas distribution operations across Utah, Wyoming, Idaho plus various gas storage and transmission operations supporting strategic geographic expansion beyond traditional Virginia and southeastern US focus. Strategic rationale combined natural gas distribution capabilities supporting various energy services portfolio, geographic diversification supporting various commercial benefits, regulated utility expansion supporting various stable financial performance, and various other strategic priorities. However, post-acquisition strategic priorities evolved with continued Dominion strategic focus on regulated electric utility operations, with 2020 Questar Pipeline divestiture (separate transaction from broader Berkshire Hathaway gas transmission sale supporting various continued strategic refocus). Strategic legacy includes continued Questar gas distribution operations supporting various Western US customer base, with continued operational performance supporting consolidated business performance through ongoing operational dynamics affecting energy infrastructure industry across various jurisdictions.