Overview
Dominion Energy, headquartered in Richmond, Virginia, is a U.S. utility company whose core business is providing regulated electric generation, transmission and distribution services. It serves approximately 4.1 million primarily electric utility customers across Virginia, North Carolina and South Carolina, and as of December 31, 2024, its asset base included about 30.3 GW of electric generating capacity, 10,600 miles of electric transmission lines and 79,700 miles of electric distribution lines. The company describes its mission as providing reliable, affordable and increasingly clean energy to its customers each day.[1]
Dominion Energy’s business is defined mainly by state-regulated utility operations in Virginia, North Carolina and South Carolina, which it says are expected to account for about 90% of earnings, while its nonregulated activities consist primarily of long-term contracted electric generation. In addition to its core electric utility operations, it has regulated natural gas distribution service in South Carolina through DESC, and it identifies regulated offshore wind and solar as important parts of its portfolio. For scale, Dominion Energy reported $14.459 billion of operating revenue in 2024 and had approximately 14,700 full-time employees at year-end 2024.[2][3][1][4][5] [1][2][3][4][5]
Products & services
Dominion Energy’s products and services are primarily utility power and gas offerings. In Virginia, the company provides regulated electric generation, transmission and distribution service, supported by a utility generation fleet with 19,638 MW of net summer capacity in 2024, including gas, nuclear, coal, hydro, solar and biomass resources; its grid plans also incorporate utility-scale renewable generation and storage as well as customer-sited rooftop solar and battery storage. Named generation products under development include the Coastal Virginia Offshore Wind Commercial Project, a 2.6 GW offshore wind facility expected to enter service by the end of 2026, and the Chesterfield Energy Reliability Center, a planned 1.0 GW generating facility targeted for 2029.[6][7][8][9][10]
In South Carolina, Dominion Energy’s service offerings include regulated electric generation, transmission and distribution, along with regulated natural gas distribution. Its gas network includes about 19,500 miles of mains and roughly 400 miles of transmission pipeline, and it operates two LNG facilities with approximately 1.0 Bcf and 0.9 Bcf of storage capacity, which are part of its gas delivery and storage service platform.[11][12][13][14]
Outside its regulated utilities, Dominion Energy sells contracted power from a nonregulated generation portfolio centered on the Millstone nuclear station and solar facilities. This portfolio had 3,098 MW of net summer capacity in 2024, consisting of 2,013 MW of nuclear capacity at Millstone and 1,085 MW of solar capacity; the company states that its non-jurisdictional solar operations are largely sold under long-term power purchase agreements with terms generally ranging from 16 to 25 years.[15][16][17]
By revenue category, Dominion Energy’s 2024 customer-contract revenue was led by residential electric sales at $5.436 billion and commercial electric sales at $4.679 billion, followed by government and other retail electric sales at $1.081 billion, nonregulated electric sales at $0.933 billion, and industrial electric sales at $0.845 billion; regulated gas sales and regulated gas transportation and storage contributed additional revenue. Based on the reported total of $14.182 billion of revenue from contracts with customers, residential electric represented about 38% and commercial electric about 33% of that total.[18] [6][7][8][9][10][11][12][13][14][15][16][17][18]
Geographic presence
Dominion Energy is headquartered in Richmond, Virginia, and its core regulated utility footprint is concentrated in Virginia, North Carolina, and South Carolina. The company says it provides regulated electricity service to 3.6 million homes and businesses across those three states, and it expects approximately 90% of earnings to come from state-regulated utility operations in Virginia, North Carolina, and South Carolina.[1][19][2]
Within that footprint, Dominion Energy Virginia serves approximately 2.8 million customers in Virginia and North Carolina, while Dominion Energy South Carolina serves approximately 0.8 million electric customers in the central, southern, and southwestern portions of South Carolina and about 0.5 million natural gas customers in South Carolina. Outside its main Southeast utility territory, Dominion Energy’s contracted generation assets include Millstone in Waterford, Connecticut, Hardin I in Hardin County, Ohio, and Midway II in Calipatria, California, and the company states that it is the largest producer of carbon-free electricity in New England.[20][21][22][16][23][24][25][26] [1][19][2][20][21][22][16][23][24][25][26]
Business segments
Dominion Energy says it is organized primarily by the products and services it sells in the U.S. Its primary operating segments are Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy, and it also reports a separate Corporate and Other segment for corporate and service company functions, unallocated debt, noncontrolling interests, and certain items not used by management in evaluating segment performance.[27][28]
Dominion Energy Virginia includes regulated electric distribution, regulated electric transmission, and a regulated electric generation fleet, including Virginia Power’s non-jurisdictional solar generation operations.[29][30] Dominion Energy South Carolina includes regulated electric distribution, regulated electric transmission, a regulated electric generation fleet, and regulated gas distribution and storage.[29] Contracted Energy consists of a nonregulated electric generation fleet and includes renewable natural gas operations.[29][31]
Based on Dominion Energy’s 2024 segment table, approximate contribution by total operating revenue was 70.8% for Dominion Energy Virginia, 22.9% for Dominion Energy South Carolina, and 7.7% for Contracted Energy; Corporate and Other represented 5.8% before a -7.1% offset from Adjustments & Eliminations.[32] Using the company’s reported segment profit measure, net income attributable to Dominion Energy was concentrated in Dominion Energy Virginia at about 94.7% of the consolidated total, with Dominion Energy South Carolina at 18.7% and Contracted Energy at 16.9%, while Corporate and Other posted a loss equal to about 30.3% of the consolidated total.[32] [27][28][29][30][31][32]
Company history
Dominion Energy’s roots reach back to Virginia Electric and Power Company, which was incorporated in Virginia in 1909, while the current parent company, Dominion Energy, Inc., was incorporated in Virginia in 1983.[33][1] A major step in the company’s expansion came on January 31, 2000, when Dominion completed its acquisition of Consolidated Natural Gas Company, broadening its position in natural gas.[34]
In September 2016, Dominion Resources completed its merger with Questar Corporation, extending its gas utility and pipeline footprint into the western United States.[35] Effective May 10, 2017, Dominion Resources formally changed its name to Dominion Energy, Inc.[36] In January 2019, Dominion Energy completed its acquisition of SCANA Corporation, adding a significant regulated utility business in the Southeast.[37] [33][1][34][35][36][37]
Sources
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