Dominion Energy

From 1888, Dominion Energy’s predecessor consolidated hydroelectric stations and added a steam plant, mainly to power streetcars. In 1909 Frank Gould bought a successor company through his Virginia Railway and Power Co. In 1925 Stone & Webster acquired it under the holding company Engineers Public Service and renamed it Virginia Electric and Power Co. (VEPCO).⁠[1]

The company was organized in 1909 and initially operated electric street railways and streetlights in Richmond, Virginia.⁠[2]

In 1983 Dominion Resources, Inc. was created as a holding company, with Virginia Power (also known as VEPCO) as its electric subsidiary.⁠[2]

On January 28, 2000, Dominion Resources completed its merger with Pittsburgh-based Consolidated Natural Gas (CNG). CNG added nearly 2 million customers for a combined total of about 4 million, creating a fully integrated electric and natural gas utility in the Midwest-Northeast quadrant of the United States.⁠[3]

On December 16, 2005, Dominion announced that Thomas E. Capps, chief executive since 1990, would step down at the end of 2005 and remain non-executive chairman, and that Thomas F. Farrell II would become chief executive on January 1, 2006.⁠[4]

On September 16, 2016, Dominion Resources and Questar Corporation completed their merger. Questar shareholders received $25.00 per share in cash, or about $4.4 billion, and Dominion assumed about $1.5 billion of debt. Questar became Dominion Questar, a wholly owned subsidiary, and Questar Gas kept its headquarters in Salt Lake City.⁠[5]

On May 10, 2017, shareholders approved renaming Dominion Resources as Dominion Energy to unify its brands across the 18 states where it did business. Its utilities were to be renamed to match the parent, and the company adopted a new logo. Thomas Farrell II was chairman, president and CEO.⁠[6]

SCANA subsidiary SCE&G abandoned construction of two new nuclear units at V.C. Summer on July 31, 2017. On January 2, 2019, Dominion Energy announced that it had combined with SCANA, exchanging each SCANA share for 0.6690 Dominion Energy shares in a transaction valued at about $6.8 billion and assuming about $6.6 billion of net debt.⁠[7]

SCANA had spent about $5 billion on the abandoned expansion, and South Carolina regulators had given final approval about two weeks before completion was announced. Dominion cut rates for SCE&G electric customers by an average of $22 a month.⁠[8]

On July 5, 2020, Dominion Energy and Duke EnergyDuke EnergyDuke Energy is one of the largest American energy holding companies, headquartered in Charlotte, North Carolina. As of October 2026 its electric utilities served 8.7 million customers in six states and its natural gas utilities 1.6 million customers.Open the full entry canceled the Atlantic Coast Pipeline, pointing to increasing legal uncertainty over large-scale energy infrastructure development. The project’s estimated cost had risen from $4.5 billion to $5 billion to more than $8 billion.⁠[9]

The same day Dominion Energy agreed to sell substantially all of its gas transmission and storage assets to Berkshire HathawayBerkshire HathawayBerkshire Hathaway Inc. is a multinational conglomerate holding company headquartered in Omaha, Nebraska, United States (NYSE: BRK.A/BRK.B), with businesses spanning insurance, railroads, energy, manufacturing, and retail. Warren Buffett took control of the company in 1965 and ran it until 2025, and Greg Abel succeeded him as CEO at the start of 2026. The company long held stakes in several U.S. banks, including M&T (1991–2020), Bank of America, and Wells Fargo, which it successively reduced or exited between 2020 and 2024.Open the full entry Energy in a transaction valued at about $9.7 billion, including about $4.0 billion in cash and $5.7 billion of assumed debt, and its board authorized up to $3 billion of share repurchases.⁠[10]

On July 31, 2020, Dominion Energy announced that Robert Blue would become president and chief executive officer on October 1, 2020, and that Thomas Farrell would become executive chair while remaining chair of the board. Farrell said: “There is no established timeframe for my role as executive chair.”⁠[11]

In September 2023 Dominion Energy sold its 50% noncontrolling limited partnership interest in Cove Point to BHE for about $3.3 billion in cash. In May and September 2024 it completed the sales of Questar Gas and PSNC to Enbridge for $3.0 billion and $2.0 billion in cash. In October 2024 Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak.⁠[12]

On March 6, 2024, Dominion Energy completed the sale of the business holding East Ohio Gas to Enbridge for approximately $4.3 billion in cash, with about $2.3 billion of long-term debt assumed, for a total value of $6.6 billion. East Ohio served approximately 1.2 million residential customers in Ohio.⁠[13]

At December 31, 2025, Dominion Energy had about 30.7 GW of generating capacity and approximately 15,200 full-time employees.⁠[14]

In January 2026 a federal judge found the Trump administration’s stop-work order, issued over national security concerns tied to potential radar interference, overly broad and cleared CVOW to resume after roughly 25 days of disruption. Dominion raised the project’s price tag by $300 million to $11.5 billion.⁠[15]

In March 2026 CVOW began supplying electricity on schedule. The project uses 176 Siemens Gamesa 14-MW turbines, the first of which was installed earlier in 2026, and all monopiles had been installed.⁠[16]

In February 2026 Dominion Energy announced 2025 operating revenue of $16,506 million, net income of $3.0 billion ($3.45 per share) and non-GAAP operating earnings of $3.42 per share, and set 2026 operating earnings guidance of $3.45 to $3.69 per share.⁠[17]

On May 15, 2026, Dominion Energy agreed to merge with NextEra EnergyNextEra EnergyNextEra Energy, Inc. is one of the largest electric power and energy infrastructure companies in North America. Headquartered in Juno Beach, Florida, it owns Florida Power & Light (FPL), America’s largest electric utility, serving about 12 million people in Florida, and NextEra Energy Resources, one of the largest energy infrastructure developers in the U.S.Open the full entry, with each Dominion Energy common share to be converted into 0.8138 NextEra Energy shares plus a pro rata share of $360 million in cash. The deal required shareholder, federal and state regulatory approvals, with an outside date of November 15, 2027, extendable to August 15, 2028.⁠[18]

Announced on May 18, the deal was valued at $67 billion in stock and expected to close within 12 to 18 months. The companies planned dual headquarters, and Robert Blue was to become NextEra’s president and CEO of regulated utilities with a board seat. Dominion proposed $2.25 billion in bill credits for customers in its three states over two years after the merger.⁠[19]

On July 31, 2026, Dominion Energy announced second-quarter GAAP net income of $340 million ($0.37 per share), compared with $760 million a year earlier. Results included a charge for CVOW Commercial project costs not expected to be recovered from customers, and the company reaffirmed its 2026 operating earnings guidance.⁠[20]

As of July 31, 2026, CVOW was approximately 81 percent complete with 31 turbines in place. The final turbine was expected to be installed by the end of 2027, and the project cost was estimated at $11.65 billion including contingency.⁠[21]

At a special meeting on September 3, 2026, Dominion Energy shareholders approved the merger agreement with NextEra Energy by 671,317,253 votes for, 8,566,156 against and 2,185,104 abstentions.⁠[22]