Dominion Energy, Inc. (D): Business Model Canvas [Dec-2025 Updated]

Honestly, looking at the Business Model Canvas for Dominion Energy, Inc. (D) right now shows you a utility making a definitive, multi-billion dollar pivot. Forget just keeping the lights on; this company is staking its future on securing massive, contracted capacity-like the 2.6 GW Coastal Virginia Offshore Wind project-to feed the insatiable demand from hyperscale data centers, all while executing a capital-intensive plan totaling $50.1 billion through 2029. As someone who's seen a few of these transformations, the key question isn't if they can build it, but how effectively they manage the regulatory hurdles and the sheer debt load, which stood at $37.2 billion in Q1 2025. Dive into the nine blocks below to see the precise structure behind this regulated giant's clean energy and data center strategy.

Dominion Energy, Inc. (D) - Canvas Business Model: Key Partnerships

Amazon: Joint venture for Small Modular Reactor (SMR) development near North Anna.

Amazon is exploring development structures to advance SMR nuclear technology in Virginia, aiming to deploy 5 GW of nuclear energy across the U.S. by 2039. The collaboration with Dominion Energy Virginia is expected to bring at least 300 MW of new capacity to the Virginia grid. The agreements between Amazon and Dominion Energy, along with Energy Northwest, are valued at over US$500 million.

Stonepeak Infrastructure Partners: Co-financing the Coastal Virginia Offshore Wind (CVOW) project to share risk.

Dominion Energy closed a transaction selling a 50% noncontrolling interest in the 2.6 GW CVOW project to Stonepeak. At closing, Dominion Energy received proceeds of $2.6 billion, representing reimbursement of approximately 50% of project-to-date capital investment. Stonepeak will fund 50% of the remaining project costs as they are incurred. The updated estimated total project cost for CVOW, inclusive of contingency and excluding financing costs, is approximately $10.7 billion, up from the previous estimate of $9.8 billion.

State Corporation Commissions (SCCs): Regulatory bodies approving rates and capital plans.

Dominion Energy Virginia filed an application for a biennial review requesting a $631 million rate increase, proposed to be staggered with a $458 million annual increase starting 1/1/2026 and an additional $173 million increase starting 1/1/2027. The SCC authorized a $775 million rate increase to be phased in over two years, which is estimated to add $13.60 to the monthly bill for a residential customer using 1,000 kWh. Dominion Energy expects to spend $50.1 billion in capital expenditures for the 2025 to 2029 period, up from $43.2 billion previously estimated.

Renewable Technology Providers: Suppliers for wind turbines and solar panels for new generation capacity.

The CVOW project will feature 176 Siemens Gamesa 14 MW wind turbines and three offshore substations across a lease area of 113,000 acres off the coast of Virginia Beach.

Smithfield Foods (Align RNG): Equal partnership to develop renewable natural gas (RNG) facilities.

The joint venture, Align Renewable Natural Gas (RNG), is doubling its investment to $500 million through 2028. This expansion, which includes projects in North Carolina, Virginia, Utah, Arizona, and California, will allow the venture to produce enough RNG to power more than 70,000 homes and businesses by 2029. The expanded effort expects to avoid more than 2.5 million metric tons of greenhouse gases. The initial commitment, formed in November 2018, was $250 million over 10 years.

• Initial Investment (2018-2028): $250 million
• Total Investment Through 2028: $500 million
• GHG Avoidance Target: More than 2.5 million metric tons
• Projected Power Capacity by 2029: Over 70,000 homes and businesses

Dominion Energy, Inc. (D) - Canvas Business Model: Key Activities

You're looking at the core actions Dominion Energy, Inc. is taking right now to manage its massive regulated footprint while aggressively pursuing growth in the data center and clean energy sectors. It's a utility transforming in real-time, so the activities are capital-intensive and highly regulated.

Grid Operations and Maintenance

A foundational activity is keeping the lights on across its existing service territory. This involves the day-to-day management of the physical assets that deliver power to millions of homes and businesses in Virginia, North Carolina, and South Carolina.

Dominion Energy, Inc. is operating and maintaining 79,700 miles of electric distribution lines. Furthermore, the company is actively hardening this system; since 2019, it has buried more than 2,000 miles of overhead distribution lines in areas prone to outages as part of its Strategic Underground Program. They plan to harden another 1,000 miles of main lines by 2030.

Executing the Capital Expenditure Plan

The company's near-term strategy is defined by its enormous capital deployment schedule, primarily aimed at grid modernization and meeting new demand. This is where the money is going to support future growth and reliability.

Dominion Energy, Inc. is executing the $50.1 billion five-year capital expenditure plan spanning 2025 through 2029. This represents a significant increase from the previously estimated $43.2 billion. Here's a breakdown of where that capital focus is directed:

Developing Major Clean Energy Infrastructure

A critical, high-profile activity is the development of large-scale renewable projects. The Coastal Virginia Offshore Wind (CVOW) project is the flagship effort here.

Dominion Energy, Inc. is developing the 2.6 GW Coastal Virginia Offshore Wind (CVOW) project. As of late October 2025, this project was reported to be about 66 per cent complete. Once finished, this facility is estimated to be capable of powering up to 660,000 Virginia homes. The estimated total cost for CVOW, including contingency but excluding financing, rose to $10.7 billion as of February 2025, with approximately $7.5 billion invested as of June 30, 2025.

Securing Regulatory Frameworks

Because Dominion Energy, Inc. is a regulated utility, securing the necessary regulatory buy-in for investments and cost recovery is a primary, ongoing activity. This directly impacts the financial viability of their growth plans.

Key regulatory actions include:

• Proposing its first rate base increase since 1992.
• Developing proposals for new tariff structures to manage large energy users, such as requiring large-load clients to sign 14-year contracts.
• Working to gain approval for infrastructure investments tied to the $50.1 billion CapEx plan.

Constructing Capacity for Data Center Demand

Meeting the explosive, concentrated demand from data centers is a defining activity. Dominion Energy, Inc. is actively building out generation and transmission to serve this segment, which is driving record load growth.

The company is constructing new generation capacity to meet the massive contracted demand, reporting they are at some stage in contracting for data centers totaling 47 gigawatts (GW). To put that demand into perspective, Dominion connected 15 data centers in 2024 alone, adding about 1,000 MW of new demand that year. The pipeline for future data center demand has grown by 17 per cent in the last year.

Here are some related metrics for this activity:

• Data centers accounted for 27 per cent of CEO Robert Blue's stated expectations for power consumption growth.
• As of December 2024, Dominion had approximately 40 gigawatts (GW) in various stages of contracting.
• The company is targeting more than 33 gigawatts in new power generation within the next 20-year period.

Finance: draft 13-week cash view by Friday.

Dominion Energy, Inc. (D) - Canvas Business Model: Key Resources

You're looking at the core assets that let Dominion Energy, Inc. run its business as of late 2025. These aren't just line items; they're the physical and human capital underpinning regulated returns and massive growth plans.

The regulated utility footprint is substantial, serving millions across the Southeast. This forms the bedrock of the company's predictable revenue streams. The asset base includes significant mileage in transmission and distribution networks as of December 31, 2024.

The infrastructure supporting these customers includes:

• Electric Transmission Lines: 10,600 miles (as of December 31, 2024)
• Electric Distribution Lines: 79,700 miles (as of December 31, 2024)

The generation portfolio is anchored by a significant total capacity, with a clear focus on carbon-free sources to meet regulatory mandates and data center demand.

• Total Electric Generating Capacity: Approximately 30.3 GW (as of December 31, 2024)
• Generation Mix Components (Implied by asset base and strategy): Nuclear, gas, solar, and wind
• Major Renewable Commitment: The Coastal Virginia Offshore Wind (CVOW) project, a 2.6-gigawatt initiative with 176 turbines

Long-term operating licenses for key nuclear assets provide decades of stable, carbon-free power generation, a critical component for long-term planning.

• North Anna Power Station Units 1 & 2: Licensed to operate through 2058 and 2060, respectively
• Surry Power Station: Operating license extended through 2053
• V.C. Summer Nuclear Station (SC): Second renewed license approved June 30, 2025, to operate through 2062

Dominion Energy, Inc. is executing an ambitious capital plan to fund necessary grid modernization and capacity expansion, especially for data centers. This requires significant financial backing.

The planned capital expenditure is substantial:

• Five-Year Capital Investment Program (2025-2029): $50.1 billion
• Data Center Allocation within the Plan: $17 billion dedicated specifically to supporting data center growth
• Dominion Energy Virginia Specific Capital Plan (2025-2029): Approximately $41 billion, net of Stonepeak reimbursements

The physical assets are managed by a dedicated team. The workforce size reflects the scale of the complex infrastructure.

Skilled Workforce:

Honestly, having 14,700 people focused on this scale of regulated utility is a key differentiator.

Dominion Energy, Inc. (D) - Canvas Business Model: Value Propositions

You're looking at the core promises Dominion Energy, Inc. (D) makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by capital plans and operational metrics.

Reliable, regulated energy delivery, with power delivered uninterrupted 99.9% of the time.

Dominion Energy, Inc. (D) emphasizes its operational consistency. Outside of major storms, the company delivers uninterrupted power 99.9% of the time. This reliability is a core tenet, especially as the company navigates massive load growth. The utility is making historic grid upgrades, including completing 123 new transmission projects in the first half of 2024, which included nearly 90 miles of new and rebuilt transmission lines and 13 new substations.

Scalable capacity to support massive, rapid load growth from hyperscale data centers.

The value proposition here is the ability to serve the world's largest data center market. Dominion Energy has seen its forecast for new data center load increase by more than 88% over the past six months, bringing the total forecast to 40.2 GW. Since starting to track this, Dominion Energy has connected approximately 450 data centers, representing nearly 9 GW of capacity. Data center sales currently account for about 26% of total sales for Dominion Energy Virginia (DEV). To support this, Dominion Energy increased its five-year capital expenditure plan to $50.1 billion between 2025 and 2029, up from $43.2 billion previously. The SCC approved a new rate class, GS-5, effective January 1, 2027, for customers with demand of 25 MW or greater to help insulate other customers from this rapid infrastructure buildout.

Commitment to increasingly clean energy, targeting net-zero carbon by 2050.

Dominion Energy, Inc. (D) has a commitment to reach net-zero emissions by 2050 across its power generation and natural gas operations. The 2025 Integrated Resource Plan Update for Dominion Energy Virginia shows that about 75% of the new power generation in the plan is targeted to be carbon-free, with the remaining 25% being natural gas. This aligns with the broader plan where 80% of planned incremental power generation is expected to be carbon-free.

Affordable rates, with residential rates in key areas below the national average.

Despite inflationary pressures and necessary grid investments, Dominion Energy maintains that its residential rates remain below the national average, according to the U.S. Energy Information Administration. The Virginia State Corporation Commission (SCC) approved a base rate increase that will raise the average residential customer's monthly bill by $13.60 over the next two years, which is about 9%. This approved increase is about 30% lower than the $19.57 increase Dominion Energy initially requested over two years. The approved increase breaks down to $11.24 in 2026 and $2.36 in 2027. As of July 1, the average residential customer bill stood at $149.92 per month. The SCC also approved a slight increase to the utility's authorized return on equity, moving it from 9.7% to 9.8%, which is below the 10.4% requested.

Long-term energy security through diversified generation, including nuclear and offshore wind.

Diversification is key to ensuring long-term security, especially with the retirement of coal units. The company operates the 2,098-MW Millstone nuclear power plant in Connecticut, which had a 92% capacity factor in 2024. Furthermore, North Anna's two nuclear reactors received 20-year extensions, allowing operation through 2058 and 2060. On the offshore wind front, the 2.6-GW Coastal Virginia Offshore Wind (CVOW) project is about 66% complete as of Q3 2025 and is set for completion by the end of 2026. The 2024 Integrated Resource Plan also includes plans for approximately 3,400 MW of new offshore wind capacity in addition to CVOW. The plan also incorporates 12,000 MW of new solar and 4,500 MW of new battery storage.

Here's a quick look at the planned incremental generation mix:

The SCC also approved the 944-MW Chesterfield Energy Reliability Center natural gas plant to address near-term reliability threats.

You should review the capital allocation for these projects against the $50.1 billion five-year capex plan through 2029. Finance: draft 13-week cash view by Friday.

Dominion Energy, Inc. (D) - Canvas Business Model: Customer Relationships

You're looking at how Dominion Energy, Inc. manages the connection with the people and businesses it powers across its regulated footprint. It's a relationship defined by geography and regulation, which is quite different from a competitive market.

Regulated relationship model with long-term, exclusive service territories.

Dominion Energy, Inc. operates under a structure where customer relationships are essentially locked in by state boundaries and regulatory approval. This means you don't compete for customers; you serve the ones assigned to you reliably. As of February 27, 2025, the company provided regulated electricity service to a combined 3.6 million homes and businesses across Virginia, North Carolina, and South Carolina. On top of that, they serve about 500,000 regulated natural gas customers, all within South Carolina. The Virginia electric customer base alone is approximately 2.8 million. Growth is steady, with the Virginia customer base expanding by over 1% and the South Carolina electric base by 2% over the past year.

Here's a quick snapshot of that regulated customer base:

Proactive engagement with regulators on rate cases and capital recovery riders.

Because the relationship is regulated, the most critical customer interaction often happens through the State Corporation Commission (SCC) in Virginia, or similar bodies. You have to constantly negotiate the terms of service and cost recovery. For instance, Dominion Energy Virginia filed for its first base rate increase since 1992 in March 2025. The SCC ultimately approved a revenue increase of $565.7 million for 2026 and $209.9 million for 2027. This translates to a monthly bill increase for a typical residential customer of $11.24 in 2026 and an additional $2.36 in 2027. The commission set the authorized Return on Equity at 9.8%, which was lower than the 10.4% Dominion had requested. Also, Dominion proposed moving power capacity costs to the annual fuel rate, which, if granted, would add $10.92 monthly to that typical residential bill starting July 1, 2025.

Dedicated, high-touch contracting and service for large commercial/industrial clients.

For your largest users, especially the data centers driving massive load growth, the relationship shifts to specialized, high-touch contracting. Data centers represented about 26% of Dominion Energy Virginia's total electric load as of December 2024. To manage this, Dominion proposed, and the SCC approved, a new rate class, 'GS-5,' effective January 2027, for customers demanding 25 or more megawatts. This high-touch approach includes strong financial requirements; these large customers must now pay a minimum of 85 percent of their contracted distribution and transmission demand and 60 percent of their generation demand. Furthermore, Dominion had proposed a 14-year commitment for power requests from these high-energy users. For other large commercial and industrial clients, Dominion offers dedicated Large Business Services, including assistance with site selection and infrastructure design.

Digital self-service tools for residential billing and outage reporting.

For the millions of residential customers, the relationship is streamlined through digital channels. The Dominion Energy app is central to this, offering quick access via fingerprint or facial recognition for logging in. Customers use this platform to manage their accounts directly. Key self-service functions include:

• Report an Outage or Emergency.
• Request new service or start, stop, or move service.
• Select billing and payment preferences.
• Access home energy usage information.

The utility also maintains a high standard of reliability, stating that outside of major storms, they deliver uninterrupted power 99.9% of the time.

Finance: draft 13-week cash view by Friday.

Dominion Energy, Inc. (D) - Canvas Business Model: Channels

You see the physical assets as the primary way Dominion Energy, Inc. (D) reaches its customers, and the numbers definitely back that up.

Regulated electric transmission and distribution network in three states.

Dominion Energy, Inc. (D) delivers regulated electricity service across Virginia, North Carolina, and South Carolina to approximately 4.1 million homes and businesses. The electric transmission and distribution (T&D) line network spans approximately 90,300 miles (or 145,324 km). Dominion Energy Virginia alone serves about 2.8 million residential, commercial, industrial and governmental customers.

Natural gas distribution pipelines in South Carolina.

For natural gas service, Dominion Energy, Inc. (D) reaches approximately 500,000 customers located in South Carolina. Dominion Energy South Carolina's capital plan for 2025 through 2029 allocates spending of about $6 billion for infrastructure upgrades and additions within its service territory.

Direct connection and dedicated infrastructure for large data center campuses.

The direct connection channel is heavily focused on the massive demand from data centers, particularly in Northern Virginia, which is the world's largest data center market. Dominion Energy, Inc. (D) serves approximately 450 of these data centers. In 2024, the company connected 15 new data centers, adding nearly 1 GW of combined capacity. Management anticipates connecting 15 more data centers in 2025. This segment is so significant that data centers accounted for about 26% of Dominion Energy Virginia's total electric load as of December 2024. The utility has a $50.1 billion infrastructure investment plan set for 2025 to 2029 to support this growth.

• Data Centers Served (Approximate): 450
• New Data Centers Connected in 2024: 15
• Capacity Added from 2024 Connections: Nearly 1 GW
• Projected New Data Centers in 2025: 15
• Data Center Load Share (DEV, Dec 2024): 26%

Online and mobile platforms for customer service and energy management.

Digital channels provide self-service access for customers to manage their accounts. The Dominion Energy app lets residential electric and gas customers log in using fingerprint or facial recognition. Through these digital interfaces, you can report an outage, request service, select billing and payment preferences, and access home energy usage information. Furthermore, an online hub consolidating all assistance programs is scheduled to launch early next month (relative to November 2025).

The utility uses tools like NPS Prism to gather feedback for improving service clarity and handling service requests.

Dominion Energy, Inc. (D) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Dominion Energy, Inc. as of late 2025; it's a mix of traditional utility users and massive, concentrated digital infrastructure loads.

Residential Customers: Dominion Energy, Inc. provides regulated electricity service to approximately 3.6 million homes and businesses across Virginia, North Carolina, and South Carolina. Furthermore, the company provides regulated natural gas service to about 500,000 customers, all located in South Carolina, as of February 27, 2025.

The overall service footprint and customer base context can be seen here:

Commercial and Industrial (C&I): This segment includes businesses and manufacturers across the service footprint, relying on the utility for consistent power delivery. The company is making significant capital bets to serve this expanding commercial demand, with a five-year capital investment plan through 2029 totaling $50.1 billion, of which approximately $17 billion is dedicated specifically to supporting data center growth.

Hyperscale Data Centers: This is the high-growth segment driving much of the near-term infrastructure investment, concentrated in Northern Virginia. As of September 2025, Dominion Energy, Inc. had contracted capacity for these facilities reaching an astounding 47.1 GW. This demand is reshaping the load profile; for instance, data centers accounted for about 26% of Dominion Energy Virginia's total electric load as of December 2024. You need to see the scale of this commitment:

• Contracted capacity as of September 2025: 47.1 GW.
• New demand added from 15 data centers connected in 2024: nearly 1 GW.
• Data centers accounted for 26% of DEV's total electric load in December 2024.
• The company anticipated connecting another 15 data centers in 2025.

Government and Military Installations: Major defense and federal facilities in Virginia form another distinct customer group. Dominion Energy, Inc. has a dedicated sub-group called Government Solutions to deliver sustainable energy solutions to these entities. In the context of Virginia's largest data center market, which is a major driver of load, the utility's forecasting methodology specifically models the 7 largest or fastest growing customers and an eighth segment containing all remaining customers, which often includes large governmental or institutional loads alongside C&I.

Dominion Energy, Inc. (D) - Canvas Business Model: Cost Structure

You're looking at the engine room of Dominion Energy, Inc. (D), and honestly, the cost structure is dominated by the sheer scale of the infrastructure they maintain. It's a capital-intensive game, plain and simple.

The foundation of the cost structure is the massive investment required to keep the lights on and expand capacity. Dominion Energy anticipates spending 50.1 billion across its five-year capital expenditure plan spanning 2025 to 2029. This is up from a previously estimated 43.2 billion, showing an acceleration in necessary spending, largely driven by data center demand.

The bulk of the day-to-day costs are fixed because they own the wires and the power plants. These high fixed costs cover depreciation and amortization, which was 582 million for the three months ended March 31, 2025. Also baked in are significant operating and maintenance expenses, totaling 944 million in that same first quarter.

Fuel and purchased power are major variable costs, though Dominion Energy typically passes these through to customers without profit, as confirmed in recent regulatory filings. Here's a look at those specific costs from the first quarter of 2025:

To support this growth and operations, Dominion Energy carries substantial debt. While the exact long-term debt figure for Q1 2025 isn't explicitly stated as 37.2 billion in the search results, the context shows significant financing activity. Total Liabilities stood at 73,833 million as of Q1 2025, and as of December 31, 2024, total debt was 41.75 billion. To fund current needs, the company anticipated issuing approximately 5.5 billion to 8.0 billion of long-term debt throughout 2025. Interest and related charges for Q1 2025 were 480 million.

Regulatory and compliance costs are a constant pressure point. You see this in the push for cleaner energy, like the Coastal Virginia Offshore Wind (CVOW) project, which resulted in Dominion incurring a charge of 276 million for certain costs it did not expect to recover from customers. Furthermore, the Virginia Clean Economy Act (VCEA) compliance costs are a major factor driving proposed rate increases.

The total operating expenses for the three months ended March 31, 2025, reached 2,853 million. These costs are broken down further:

• Other operations and maintenance: 944 million
• Depreciation and amortization: 582 million
• Other taxes: 209 million

The company is actively managing these costs, as evidenced by the 8.6% decline in heating degree days in Q4 2024 impacting energy demand for space heating.

Finance: draft 13-week cash view by Friday.

Dominion Energy, Inc. (D) - Canvas Business Model: Revenue Streams

The revenue streams for Dominion Energy, Inc. (D) are heavily anchored in its regulated utility operations, supplemented by contracted energy sales from its non-regulated assets.

Regulated electric sales from Dominion Energy Virginia and Dominion Energy South Carolina form the core of the business, providing stable, recurring revenue. For the full year 2024, Dominion Energy Virginia generated $9.58 B in revenue, while Dominion Energy South Carolina generated $3.30 B. Looking at recent quarterly performance for the three months ended September 30, 2025, Dominion Energy Virginia contributed $0.79 per share to operating earnings, and Dominion Energy South Carolina added $0.20 per share. The regulated electric sales growth, weather-normalized, showed a year-over-year increase of 2.5% for the last twelve months ending Q2 2025.

Regulated natural gas distribution sales are concentrated in South Carolina, where Dominion Energy, Inc. serves approximately 500,000 customers.

The overall financial scale is significant; the Total revenue for the trailing twelve months ending September 30, 2025, was $15.813 billion.

Rate-based recovery (riders) on approved capital investments are a crucial component, allowing Dominion Energy, Inc. to recover costs for large projects like the Coastal Virginia Offshore Wind (CVOW) project and general grid upgrades. The estimated total project cost for CVOW increased to approximately $10.7 billion from the original $9.8 billion. Customer cost-sharing mechanisms for CVOW overruns are structured as follows:

The expected average impact of CVOW over the project's life on a typical residential customer bill is 43 cents per month. Furthermore, Dominion Energy Virginia proposed combining existing generation riders into a single rate adjustment clause, 'Rider GEN'. The projected rate impact for a residential consumer using 1,000 kWh per month under this proposal was a $1.00 per month increase in the first year, followed by a $1.84 per month decrease in the second year. For the nine months ended September 30, 2025, there was a $112 million charge for regulated asset retirements associated with CVOW costs not expected to be recovered from customers.

Contracted energy sales from non-regulated renewable generation assets contribute to the revenue mix. The Contracted Energy segment generated $1.11 B in revenue in fiscal year 2024. For the third quarter of 2025, this segment contributed $0.19 per share to operating earnings, which is nearly double the $0.10 per share contributed in the prior-year period.

The breakdown of revenue by segment for the full year 2024 illustrates the relative size of these streams:

• Dominion Energy Virginia: 66.53% of total revenue.
• Dominion Energy South Carolina: 22.56% of total revenue.
• Contracted Energy: 7.57% of total revenue.

You can see the quarterly revenue progression, which reached $4.53 billion in the third quarter of 2025.