Dominion Energy

What Dominion Energy does

Dominion Energy is a regulated electric and natural gas utility headquartered in Richmond, Virginia, serving approximately 3.6 million customers across Virginia, North Carolina, and South Carolina through three core operating subsidiaries: Dominion Energy Virginia, Dominion Energy North Carolina, and Dominion Energy South Carolina. The company operates a diversified generation portfolio spanning nuclear (Millstone, North Anna, Surry, V.C. Summer), natural gas, the Bath County Pumped Storage Station (3,003 MW), onshore and offshore wind (the Coastal Virginia Offshore Wind project, the largest in the U.S. at 176 turbines), solar, biomass, and hydroelectric assets, with more than 2,500 MW of renewable capacity contracted or owned. Its infrastructure footprint includes 6,800 miles of transmission lines, 77,510 miles of electric distribution lines, and over 10,330 miles of natural gas pipelines.

Dominion's revenue model is anchored in regulated rate-base utility economics, with rates set by the Virginia SCC, NCUC, and SCPSC. Revenue is generated through recurring monthly service charges and volumetric usage fees across residential, commercial, industrial, and governmental customer classes, with a specialized GS-5 rate class designed for hyperscale data center customers that requires large-load users to directly fund grid infrastructure upgrades. The company has contracted approximately 51 GW of data center capacity (roughly double its current peak system capacity) with Amazon, Microsoft, Alphabet, Meta, and CoreWeave, and has also expanded into community solar subscription programs, federal/Department of Defense utility privatization (10 military installations), and emerging products including long-duration energy storage pilots and virtual power plant aggregation. In May 2026, Dominion announced a $67 billion all-stock merger with NextEra Energy that would create the world's largest regulated electric utility by market capitalization (~$249B) with a combined 110 GW generation portfolio serving approximately 10 million customer accounts across four states, pending regulatory approvals expected in the second half of 2027.

Name

Dominion Energy

Legal name

Dominion Energy, Inc.

Website

https://dominionenergy.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Regulated electric and natural gas utility serving approximately 3.6 million customers across Virginia, North Carolina, and South Carolina. Operates a diversified generation portfolio spanning nuclear, natural gas, offshore wind, solar, and hydroelectric, and is the dominant power supplier to Northern Virginia's data center cluster.

Ownership category

akta.pro rank

Product category

Regulated Electric and Natural Gas Utility

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Natural Gas Distribution (2212), Electric Power Generation (22111)

SIC

Electric, Gas & Sanitary Services (4900), Electric Services (4911), Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Multi-Utility Distribution Companies (Electric + Gas/Water Distribution) (EUADABAJ)

akta.pro secondary industries

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA), Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA), Natural Gas Retail Supply (Residential & SMB) (EUAGAGAD), Residential Natural Gas Sales & Customer Growth (EUAAADAD)

Keywords

• Regulated electricity services
• Natural gas distribution
• Utility infrastructure
• Power generation
• Renewable energy programs

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Regulated Electric Utility Revenue: Dominion Energy generates the majority of its revenue through regulated electricity rates charged to approximately 2.7 million electric customers in Virginia and North Carolina and 821,000 customers in South Carolina. Rates are set through regulatory proceedings before state utility commissions and include recovery of capital investment, fuel costs, and approved returns on equity. Revenue is influenced by customer growth, usage patterns, and approved rate adjustments.
2. Regulated Natural Gas Revenue: Dominion Energy serves approximately 500,000 natural gas customers in South Carolina through regulated natural gas distribution rates. Revenue is generated through base rates and volumetric charges for natural gas delivery.
3. Data Center and Large Load Contract Revenue: Dominion Energy has contracted approximately 51 gigawatts of data center capacity—roughly double its current peak system capacity—with major tech companies including Alphabet, Amazon, Microsoft, Meta, and CoreWeave. Revenue from these large-load customers is generated through specialized rate classes requiring tech giants to directly fund grid infrastructure. Approximately 30 gigawatts of this demand remains speculative.
4. Community Solar and Renewable Energy Program Revenue: Dominion Energy develops and administers community solar programs, with Virginia legislation signed by Governor Abigail Spanberger requiring Dominion to add 525 megawatts of community solar capacity. Customers subscribe to community solar projects to receive bill credits, generating program fees for Dominion.
5. Government Solutions and Privatization Services: Dominion Energy provides energy solutions to federal facilities and the Department of Defense through its Privatization program, having privatized 10 military installations to date. Services include utility energy services contracts and energy resiliency solutions for government clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Dominion Energy is a regulated investor-owned utility that generates, transmits, and distributes electricity to approximately 3.6 million customer accounts across Virginia, North Carolina, and South Carolina, and distributes natural gas to 500,000 customers in South Carolina. The company operates a diversified generation portfolio (nuclear, natural gas, offshore wind, solar, hydro, biomass) and offers community solar programs, energy efficiency rebates, and federal government energy solutions including military installation privatization.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Strategic Underground Program has buried ~2,900 miles of power lines, reducing annual outage time from 8 hours to 2 minutes
• +8 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Seven partnerships are on record, tiered pilot, minor, core and major.

• Form EnergypilotTechnology or Integration · 23 June 2026Dominion Energy Virginia has piloted iron-air batteries from Form Energy at its Darbytown Power Station, exploring long-duration energy storage technology as part of the company's technology diversification strategy. DEV issued an RFI on June 23, 2026 for additional LDES technologies for a 4,000+ MWh pilot program.
• Fairfax County, VirginiaminorStrategic or Co-development Partner · 28 May 2026Dominion Energy partnered with Fairfax County, Virginia to develop a first-of-its-kind solar farm at the Lorton landfill in Northern Virginia. The project converts previously unusable land into a renewable energy source, expected to save the county an estimated $12 million in energy costs over 30 years while producing approximately 5% of all electricity used in county government operations.
• McGuireWoodscoreImplementation/ SI/ Consulting Partner · 18 May 2026McGuireWoods served as legal counsel to Dominion Energy in its $67 billion all-stock merger agreement with NextEra Energy, announced May 18, 2026. The deal team, led by partner Joanne Katsantonis, was featured in Law360's 'Legal Lions of the Week' as the largest power acquisition in U.S. history.
• Elevate Infrastructure and ArcLight Capital PartnersmajorStrategic or Co-development Partner · 1 January 2026Elevate Infrastructure and ArcLight Capital Partners developed Prospect Power Storage, a 150 MW/600 MWh battery energy storage facility in Rockingham County, Virginia—the largest standalone battery storage asset in Virginia and the PJM Interconnection. The $250 million project is fully contracted under a 15-year power purchase agreement with Dominion Energy Virginia, increasing PJM's battery storage capacity by over 50%.
• Valley Link Transmission Company LLC (Joint Venture: Dominion Energy, FirstEnergy Transmission LLC, Transource Energy LLC)majorStrategic or Co-development PartnerValley Link Transmission Company LLC is a joint venture of Dominion Energy, FirstEnergy Transmission LLC, and Transource Energy LLC developing the Valley North Project—a major initiative to enhance the power grid across West Virginia, Virginia, and Maryland through approximately 260 miles of new high-voltage transmission lines and two substations. Community engagement and environmental assessments will guide route finalization.
• Eos Energy EnterprisespilotTechnology or IntegrationDominion Energy Virginia has piloted zinc hybrid cathode batteries from Eos Energy Enterprises at its Darbytown Power Station, testing alternative long-duration energy storage technologies as part of the company's grid modernization and storage technology evaluation program.
• Enbridge GasminorOthersEnbridge Gas serves as the natural gas provider for Dominion Energy customers in North Carolina, Ohio, and Utah, operating as a separate entity following previous corporate structures. Dominion Energy's privacy notice directs natural gas customers in these states to Enbridge Gas for service.

Scale indicators17 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Duke Energy: One of the largest US investor-owned utilities serving ~8.4 million customers across the Carolinas, Florida, and the Midwest. Directly comparable to Dominion in regulated electric and gas distribution, multi-state footprint, and large capital programs.
• Southern Company: Major Southeast-focused regulated utility with nuclear (Vogtle), gas, and renewable generation serving ~9 million customers across Georgia, Alabama, and Mississippi. Comparable in regulated monopoly structure, nuclear fleet exposure, and significant capex requirements.
• NextEra Energy: Currently Dominion's merger counterparty; world's largest renewable energy generator through NextEra Energy Resources and operator of Florida Power & Light. Most directly comparable on regulated utility + renewable development business model and is acquiring Dominion for $67B.
• American Electric Power: One of the largest US electric transmission owners serving ~5.6 million customers across 11 states. Comparable to Dominion in vertically integrated regulated electric model with large T&D infrastructure and grid-modernization capex.
• Exelon: Pure-play regulated T&D utility serving ~10 million customers across Illinois, Pennsylvania, New Jersey, Maryland, and DC. Comparable in regulated electric distribution focus, Mid-Atlantic footprint overlap, and major grid investment programs.
• FirstEnergy: Ohio-headquartered regulated electric utility serving ~6 million customers across the Mid-Atlantic and Midwest. Dominion's joint venture partner on the Valley Link Transmission project. Comparable in regulated distribution and transmission infrastructure investment programs.
• PPL Corporation: Regulated electric utility serving ~3.5 million customers across Kentucky, Pennsylvania, and Rhode Island. Comparable in regulated rate-base growth strategy, capital investment programs, and dividend-focused investor base.
• Entergy Corporation: Integrated regulated utility serving ~3 million customers across Louisiana, Arkansas, Mississippi, and Texas with significant nuclear generation (Arkansas Nuclear One, Waterford). Comparable in nuclear fleet operations and regulated rate-base growth model.
• Sempra: San Diego-based energy services holding company with regulated electric (SDG&E) and natural gas (SoCalGas) utilities serving California and Texas markets. Comparable in multi-utility regulated structure and large infrastructure capex programs.
• Xcel Energy: Multi-state regulated electric and natural gas utility serving ~3.7 million customers across eight Western and Midwestern states. Comparable in combined electric and gas distribution, renewable energy leadership, and large regulated capital programs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/dominionenergy
• YouTubeyoutube.com/user/DomCorpComm
• Facebookfacebook.com/DominionEnergyCareers
• LinkedInlinkedin.com/company/dominionenergy
• Instagraminstagram.com/DominionEnergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dominion Energy