Management attributed 2025 outperformance to high-quality earnings and robust credit results, achieving the highest CFO pre-working-capital to debt metric since 2012.

The 30% increase in the five-year capital plan to $65 billion is driven primarily by Dominion Energy Virginia, home to the world's largest data center market.

Data center demand is characterized as 'high quality' and 'low risk' because forecasts are based on 20-plus gigawatts of signed Electrical Service Agreements (ESAs) rather than preliminary inquiries.

The company emphasized that existing signed contracts already cover forecasted data center demand through 2045, providing a highly realistic 20-year growth runway.

Operational efficiency remains a core strategic pillar, with management highlighting a proven track record of maintaining residential rates below the national average despite significant load growth.

The Coastal Virginia Offshore Wind (CVOW) project is over 70% complete, with management focusing on 'prudent construction management' by deliberately slowing initial turbine iterations to ensure long-term reliability.

Strategic positioning in South Carolina is focused on closing the earned ROE gap through a pending rate case and potential legislative shifts toward more frequent formulaic rate reviews.

Management expects to achieve the upper half of the 5% to 7% annual operating EPS growth range starting in 2028, driven by improved business fundamentals and increased regulated investment.

The 2026 guidance midpoint of $3.50 per share (excluding RNG credits) assumes a 6.1% increase over 2025, despite a double refueling outage year at the Millstone nuclear station.

Financing for the $65 billion capital plan will rely on approximately 60% internally generated cash flow and 10% programmatic common equity to maintain strong investment-grade credit ratings.

The company will revisit its dividend growth rate only after achieving a peer-aligned payout ratio, prioritizing balance sheet strength to fund the enlarged capital program.

Future earnings growth is expected to be biased toward the back half of the five-year plan as long-lead projects, such as gas generation, enter service and begin full cash flow conversion.

RNG 45Z credit guidance was lowered to reflect updated credit scoring and lower production assumptions, though management continues to await final federal regulations.

A human performance error during CVOW turbine installation caused a two-week delay; management characterized this as a non-repeating event and noted the budget includes contingency through July 2027.

Potential tariff exposure for CVOW is being monitored following a recent Supreme Court ruling, with the budget to be updated as the regulatory landscape for steel and country-specific tariffs clarifies.

Millstone's future trajectory depends on a pending Connecticut RFP for zero-carbon energy, with bids due in March and results expected to clarify the plant's post-2029 earnings profile.

Growth is supported by the full-year impact of the Virginia biennial rate increase and a half-year impact from the South Carolina rate case.

Management described 2026 as a 'catch-up year' for jurisdictions where the company had previously been under-earning relative to allowed returns.

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If turbine installation extends beyond July 2027, management estimates additional costs of $150 million to $200 million per quarter.

A portion of any cost overruns would be allocated to the project's financing partner, Stonepeak, per existing contractual provisions.

Forecasts assume data centers will ramp based on historical performance that typically exceeds minimum contract requirements.

Management emphasized that the primary driver of financial performance is the ability to deploy low-risk regulated capital to support this load, rather than just sales volume.

The company is in the final stages of evaluating Small Modular Reactor (SMR) technology but has not included SMR construction capital in the current five-year plan.

Current nuclear capital is focused on subsequent license renewals (SLR), maintenance, and fuel, keeping the balance sheet protected while supporting Virginia's pro-nuclear stance.

Management declined to predict legislative outcomes but reiterated that data centers provide significant economic benefits to state and local economies.

The company remains confident in the long-term growth trajectory of the sector regardless of ongoing General Assembly debates.

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