Energy · Profile from Energy Research Companion
Dominion Energy
The Richmond, Virginia utility holding company that grew from the Virginia Railway and Power Company (1909) into a sprawling gas-and-electric conglomerate — pipelines, storage, an LNG export plant at Cove Point, gas utilities from Ohio to Utah, merchant nuclear in New England — and then, in 2020–24, sold or cancelled most of it to become an electric utility in Virginia and the Carolinas. That utility, Dominion Energy Virginia, serves northern Virginia's "Data Center Alley", the world's largest data-centre market: by Q3 2026 Dominion reported ~54 GW of data-centre capacity "in various stages of contracting", ~12 GW of it under signed electric service agreements (company, Shared facts). It also bought SCANA after the V.C. Summer nuclear fiasco (2019), cancelled the Atlantic Coast Pipeline with Duke Energy (2020), is building the largest US offshore wind farm (CVOW, ~2.6 GW) inside its rate base, and in May 2026 agreed an all-stock merger with NextEra Energy. Its story is a utility learning that its scarcest asset is not gas or generation but wires and a regulator's consent in a growth region.
At a glance
- Founded
- Virginia Railway and Power Company 1909 (renamed Virginia Electric and Power Company, Vepco, 1925); Dominion Resources holding company 1983; renamed Dominion Energy 2017
- Headquarters
- Richmond, Virginia
- Ownership / structure
- Public (NYSE: D), widely held; agreed 18 May 2026 to combine with NextEra (0.8138 NEE shares + ~$0.41 cash per share; pending)
- Leadership (2026)
- Robert (Bob) Blue (chair, president and CEO since 2020–21, verify); Steven Ridge (CFO, verify); proposed president and CEO of regulated utilities in the combined company
- Segments
- Dominion Energy Virginia (electric, ~2.8m customers, verify); Dominion Energy South Carolina (electric and gas, ex-SCANA); Dominion Energy North Carolina; contracted energy (Millstone nuclear in Connecticut, renewables); CVOW (50% with Stonepeak)
- Scale
- Q3 2026: revenue ~$5.62bn, GAAP EPS $1.30, operating EPS $1.28, full-year results expected in the top half of guidance (company, 30 Oct 2026); ~54 GW data-centre pipeline, ~12 GW under ESAs; CVOW ~85% complete (company)
- Signature moves (incl. failures)
- Cove Point export conversion (2014–18); SCANA after V.C. Summer (2019); Atlantic Coast Pipeline cancelled (2020); gas transmission and Cove Point sold to Berkshire Hathaway Energy (2020–23); Virginia Clean Economy Act and the electric pivot (2020); business review and gas-utility sales to Enbridge (2023–24); CVOW and the Stonepeak stake (2024); northern Virginia data-centre load (2019–26); the NextEra merger (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2014
Cove Point Export Conversion
Construction (brownfield liquefaction) / offtake contract
2019
SCANA Acquisition
Acquisition (rescue of a distressed utility)
2020
Atlantic Coast Pipeline Cancelled
Project failure / write-off
2020
Gas Transmission Sale to Berkshire
Divestment
2020
Virginia Clean Economy Act and the Electric Pivot
Regulation / strategy pivot
2023
Business Review and Gas Utility Sales
Divestment / restructuring
2024
CVOW and the Stonepeak Stake
Construction / financing (minority partner)
2025
Northern Virginia Data Centre Load
Regulation / market shift (large-load tariff and grid build)
2026
NextEra Merger
Merger (all-stock sale to NextEra; pending)