Dominion Energy

Earnings visibility is supported by regulated rate structures, defined allowed returns, and multi-year capital plans. Load growth from data centers provides additional tailwind, with nearly 10 GW under executed electric service agreements and more in pre-construction stages. The CVOW rider and long-term IRPs point to sustained rate base expansion.

Offsetting factors include policy shocks such as the December 2025 Department of the Interior suspension of offshore wind work (subsequently enjoined by a federal court in January 2026) and the usual regulatory cadence that can alter timing or magnitude of cost recovery.

On balance, cash flows and earnings are relatively predictable for a utility, albeit temporarily depressed free cash flow due to investment cycle.