D Q2 Earnings Call Puts CVOW Schedule and Demand in Focus

D Reaffirms Its 2026 Financial Framework

CFO Steven Ridge said second-quarter operating earnings were $0.79 per share, including $0.03 of RNG 45Z credits. The result topped the $0.73 Zacks Consensus Estimate by 8.20%.

Revenues of $4.48 billion topped the Zacks Consensus Estimate by 10.30%. CFO Ridge called the first half strong.

Dominion reaffirmed 2026 operating earnings guidance of $3.45 to $3.69 per share, with a $3.57 midpoint, plus credit, dividend and long-term growth guidance. CFO Ridge said the 2026 equity program is complete and FFO-to-debt remained above 15%.

Dominion Resets CVOW Schedule and Cost

Chair, president and CEO Robert Blue said CVOW was 81% complete, with 31 turbines installed and a 32nd underway. More than 450 megawatts of capacity were already on the grid.

CEO Blue said the final turbine is now expected at year-end 2027, a six-month shift. The project cost estimate increased about 2% to $11.65 billion after adding $288 million for the extra two quarters.

A Barclays analyst asked about further slippage. CEO Blue said the revised plan reflects actual Portsmouth loadouts, added weather and vessel-maintenance contingency, and longer jacking at difficult sites. He remained confident in the updated date.

D Points to Durable Data Center Demand

CFO Ridge said Dominion has more than 53 gigawatts of data center capacity in contracting stages, including 12 gigawatts under electric service agreements. Contracts increased by more than five gigawatts since year-end.

CFO Ridge also said nine of the DOM Zone's 10 highest peak days occurred this year, including the eight highest summer peaks in the past two months. The large-load framework is designed to protect existing customers from cost shifts and stranded costs.

CEO Blue said air permits were filed for nearly five gigawatts of combined-cycle capacity at Canadys and Mount Storm. A Goldman Sachs analyst asked whether Mount Storm was incremental, and CFO Ridge said it is already in the current capital plan.

Dominion Advances NextEra Review

CEO Blue said state and federal applications were filed for the proposed NextEra Energy combination. The transaction includes $2.25 billion of shareholder-funded bill credits for Dominion customers.

CEO Blue said Virginia hearings begin Nov. 17. The proposed South Carolina schedule sets a Dec. 8 hearing and a final order by Jan. 29, 2027.

A Barclays analyst asked whether Virginia's review could be extended. CEO Blue said the current timeline is sufficient, citing the commission's experience with statutory deadlines and prior mergers.

D Addresses Grid Reliability and Storage

A Jefferies analyst asked about a transmission fault that prompted data centers to switch to backup power. Executive vice president and CEO of Utilities Edward Baine said the fault was rare and the centers had been expected to ride through the momentary event.

Utilities CEO Baine said no significant incremental grid investment is needed from the event, but customer collaboration and mitigation work will continue. CEO Blue said Dominion will keep investing in transmission and applying lessons learned.

CFO Ridge said the five-year forecast includes $2 billion for batteries, about 3% of the capital plan. He identified a fall technical conference and the next integrated resource plan as steps toward acceleration.

Dominion Keeps Execution at Center

CEO Blue returned to three priorities: meeting financial commitments, hitting major CVOW milestones and securing constructive regulatory outcomes. His closing message remained centered on execution.

CFO Ridge's demand commentary added system expansion for large loads while maintaining credit targets. Broader financial guidance stayed unchanged despite the CVOW schedule reset.

D's Zacks Rank and Style Score Signals

D currently carries a Zacks Rank #4 (Sell), with a Value Score of D, Growth Score of F, Momentum Score of B and VGM Score of F. Under Zacks methodology, better Style Scores are associated with better expected performance, making momentum the strongest style reading. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Style Scores complement the Zacks Rank, with the framework favoring Rank #1 or #2 stocks paired with A or B scores. D's profile combines a stronger Momentum grade with weaker Value, Growth and VGM readings and an unfavorable Rank. The Zacks Rank can change as estimates are revised after the just-reported results.

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