Dominion Energy Reports Q3 Earnings, Updates $11.2B Offshore Wind Project

Dominion Energy reported Q3 2025 operating earnings of $1.06 per share, influenced by RNG 45Z credits and adverse weather impacts, and maintained its full-year earnings guidance with a narrowed range of $3.33 to $3.48 per share. The Coastal Virginia Offshore Wind (CVOW) project is two-thirds complete with full monopile installation finished ahead of schedule, first turbine installation expected soon, and first power targeted for late Q1 2026; project costs are updated to $11.2 billion with $1.5 billion remaining for Dominion. Despite a strong operating margin of nearly 30%, the company faces liquidity challenges indicated by a debt-to-equity ratio of 1.7 and low current and quick ratios. Revenue growth has been steady at 6.8% over three years, supported by regulated investment growth, increased sales, and rate case settlements, offset by weather and higher costs. The CVOW project's levelized cost of energy has risen to $84 per megawatt-hour due to lower renewable energy credit price forecasts, but rate filings suggest potential residential bill reductions starting in 2026 as the project energizes. Dominion Energy emphasizes ongoing risks including weather variability, regulatory changes, and construction challenges related to the offshore wind project, highlighting the complexity and financial commitments involved in its renewable energy expansion.