Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Additionally, other risks that may cause actual results to differ materially from predicted results are set forth in Part I. Item 1A. Risk Factors in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025 and Part II Item 1A. Risk Factors in this report.

The Companies' forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. The Companies caution the reader not to place undue reliance on their forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. The Companies undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

Accounting Matters

At September 30, 2026, there have been no significant changes with regard to the critical accounting policies and estimates disclosed in MD&A in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025. The policies disclosed included the accounting for regulated operations, AROs, income taxes, accounting for derivative contracts and financial instruments at fair value, use of estimates in goodwill impairment testing, use of estimates in

long-lived asset impairment testing, and employee benefit plans.

Results of Operations-Dominion Energy

Presented below is a summary of Dominion Energy's consolidated results:

Overview

Third Quarter 2026 vs. 2025

Net income attributable to Dominion Energy increased 15%, primarily due to higher rider equity returns reflecting capital investments at Virginia Power and the impacts of the 2025 Biennial Review at Virginia Power, partially offset by a decrease in net investment earnings on nuclear decommissioning trust funds.

Year-to-Date 2026 vs. 2025

Net income attributable to Dominion Energy decreased 13%, primarily due to impairment charges associated with nonregulated renewable natural gas facilities and certain nonregulated solar generation facilities, higher interest on long-term debt, increased unrealized losses on economic hedging activities and increased capacity expense. These decreases were partially offset by a benefit related to the revision of AROs for Millstone Unit 1, higher rider equity returns reflecting capital investments at Virginia Power and the impacts of the 2025 Biennial Review at Virginia Power.

Analysis of Consolidated Operations

Presented below are selected amounts related to Dominion Energy's results of operations:

An analysis of Dominion Energy's results of operations follows:

Third Quarter 2026 vs. 2025

Operating revenue increased 24%, primarily reflecting:

Electric fuel and other energy-related purchases increased 20%, primarily due to higher commodity costs for electric utilities ($363 million), partially offset by a decrease in the use of purchased renewable energy credits ($110 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain Virginia Power generation facilities subject to cost recovery through base rates ($60 million).

Purchased electric capacity increased $70 million, primarily due to an increase related to the net impact from the annual PJM capacity markets at Virginia Power ($97 million), partially offset by a decrease associated with supplemental capacity purchase agreements at Virginia Power ($22 million).

Other operations and maintenance increased 26%, primarily due to an increase in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($79 million), an increase in storm damage and restoration costs ($25 million), merger-related costs associated with the proposed NextEra Energy Merger ($23 million), renewable natural gas projects placed in service in late 2025 ($24 million) and an increase in outside services ($22 million).

Depreciation and amortization increased 19%, primarily due to various projects being placed into service ($67 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.

Other taxes increased 10%, primarily due to an increase in property taxes.

Impairment of assets and other charges decreased 85%, primarily due to the absence of a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project.

Other income decreased 37%, primarily due to a decrease in net investment gains on nuclear decommissioning trust funds.

Interest and related charges increased 18%, primarily due to net issuances of long-term debt ($95 million) and increased interest expense associated with rider deferrals ($17 million), which is offset in operating revenue and does not impact net income, partially offset by net unrealized gains in 2026 compared to net unrealized losses in 2025 associated with freestanding derivatives ($22 million).

Noncontrolling interests increased $92 million, due to an increase in earnings from the CVOW Commercial Project, including the absence of a share of a charge for costs not expected to be recovered from customers.

Year-to-Date 2026 vs. 2025

Operating revenue increased 22%, primarily reflecting:

These increases were partially offset by:

Electric fuel and other energy-related purchases increased 39%, primarily due to higher commodity costs for electric utilities ($1.2 billion) and an increase in the use of purchased renewable energy credits ($15 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain Virginia Power generation facilities subject to cost recovery through base rates ($60 million).

Purchased electric capacity increased $192 million, primarily due to an increase related to the net impact from the annual PJM capacity markets at Virginia Power ($162 million) and an increase due to clean energy rider costs ($20 million), which is offset in operating revenue and does not impact net income.

Other operations and maintenance increased 16%, primarily reflecting:

Depreciation and amortization increased 11%, primarily due to various projects being placed into service.

Impairment of assets and other charges increased $652 million, primarily due to a charge associated with nonregulated renewable natural gas facilities ($820 million), charges associated with certain nonregulated solar generation facilities ($79 million) and the disallowance of certain strategic undergrounding costs ($23 million), partially offset by a benefit related to the revision of AROs for Millstone Unit 1 ($195 million) and a decrease in net charges for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($95 million).

Other income increased 8%, primarily due to an increase in net investment gains on nuclear decommissioning trust funds ($32 million), an increase in AFUDC associated with rate-regulated projects ($27 million) and an increase related to offshore wind installation vessel operations ($18 million), partially offset by a decrease in non-service components of pension and other postretirement employee benefit plan credits ($25 million).

Interest and related charges increased 15%, primarily due to net issuances of long-term debt ($284 million) and an increase in interest on variable rate debt ($17 million), partially offset by net unrealized gains in 2026 compared to net unrealized losses in 2025 associated with freestanding derivatives ($80 million).

Income tax expense decreased 19%, primarily due to lower pre-tax income.

Noncontrolling interests increased $145 million, due to an increase in earnings associated with the CVOW Commercial Project, which includes the share of decreased charges for costs not expected to be recovered from customers.

Results of Operations-Virginia Power

Presented below is a summary of Virginia Power's consolidated results:

Overview

Third Quarter 2026 vs. 2025

Net income increased 32%, primarily due to higher rider equity returns reflecting capital investments and the impacts of the 2025 Biennial Review.

Year-to-Date 2026 vs. 2025

Net income increased 24%, primarily due to higher rider equity returns reflecting capital investments and the impacts of the 2025 Biennial Review, partially offset by higher interest on long-term debt and increased capacity expense.

Analysis of Consolidated Operations

Presented below are selected amounts related to Virginia Power's results of operations:

An analysis of Virginia Power's results of operations follows:

Third Quarter 2026 vs. 2025

Operating revenue increased 27%, primarily reflecting:

Electric fuel and other energy-related purchases increased 21%, primarily due to higher commodity costs for electric utilities ($329 million), partially offset by a decrease in the use of purchased renewable energy credits ($110 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain generation facilities subject to cost recovery through base rates ($60 million).

Purchased electric capacity increased $71 million, primarily due to an increase related to the net impact from the annual PJM capacity markets ($97 million), partially offset by a decrease associated with supplemental capacity purchase agreements ($22 million).

Other operations and maintenance increased 29%, primarily due to an increase in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($79 million), an increase in salaries, wages and benefits and administrative costs ($51 million), an increase in storm damage and restoration costs ($24 million) and an increase in outside services primarily attributable to a service contract with a government entity which commenced in late 2025 ($10 million).

Depreciation and amortization increased 22%, primarily due to various projects being placed into service ($53 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.

Other taxes increased 12%, primarily due to an increase in property taxes.

Impairment of assets and other charges decreased 98%, primarily due to the absence of a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project.

Other income decreased 21%, primarily due to a decrease in net investment gains on nuclear decommissioning trust funds.

Interest and related charges increased 33%, primarily due to an increase in long-term debt borrowings ($50 million) and increased interest expense associated with rider deferrals ($17 million), which is offset in operating revenue and does not impact net income.

Income tax expense increased 46%, primarily due to higher pre-tax income.

Noncontrolling interests increased $92 million, due to an increase in earnings from the CVOW Commercial Project, including the absence of a share of a charge for costs not expected to be recovered from customers.

Year-to-Date 2026 vs. 2025

Operating revenue increased 29%, primarily reflecting:

These increases were partially offset by:

Electric fuel and other energy-related purchases increased 46%, primarily due to higher commodity costs for electric utilities ($1.2 billion) and an increase in the use of purchased renewable energy credits ($15 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain generation facilities subject to cost recovery through base rates ($60 million).

Purchased electric capacity increased $190 million, primarily due to an increase related to the net impact from the annual PJM capacity markets ($162 million) and an increase due to clean energy rider costs ($20 million), which is offset in operating revenue and does not impact net income.

Other operations and maintenance increased 17%, primarily reflecting:

Presented below, on an after-tax basis, are the key factors impacting Dominion Energy Virginia's net income contribution:

Dominion Energy South Carolina

Presented below are selected operating statistics related to Dominion Energy South Carolina's operations:

Presented below, on an after-tax basis, are the key factors impacting Dominion Energy South Carolina's net income contribution:

Contracted Energy

Presented below are selected operating statistics related to Contracted Energy's operations:

Analysis of Cash Flows

Presented below are selected amounts related to Dominion Energy's cash flows:

Operating Cash Flows

Net cash provided by Dominion Energy's operating activities increased $314 million, primarily due to higher operating cash flows from electric utility operations driven by riders and impacts from the 2025 Biennial Review ($733 million) and lower net prepayments and deposits ($371 million), partially offset by an increase in interest payments primarily driven by higher borrowings ($430 million), a decrease from changes in working capital ($205 million) and lower settlements of interest rate swaps ($155 million).

Investing Cash Flows

Net cash used in Dominion Energy's investing activities decreased $752 million, primarily due to timing of payments for plant construction and other property additions.

Financing Cash Flows

Net cash from Dominion Energy's financing activities decreased $1.5 billion, primarily due to a decrease in net issuances of long-term debt ($1.7 billion) and a decrease in capital contributions from Stonepeak to OSWP, net of distributions from OSWP to Stonepeak ($714 million), partially offset by an increase in net issuances of short-term debt ($829 million) and the absence of impacts from the sale of a noncontrolling interest in OSWP ($88 million).

Credit Facilities and Short-Term Debt

As discussed in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy's use of credit facilities and/or short-term debt during the nine months ended September 30, 2026.

Revolving Credit Facilities

Dominion Energy's short-term financing is primarily supported by its $7.0 billion joint revolving credit facility. At September 30, 2026, Dominion Energy had $5.1 billion of unused capacity under its revolving credit facilities. In April 2026, Dominion Energy's $1.0 billion 364-day revolving credit facility matured. Subsequently, in April 2026, Dominion Energy entered into a $1.0 billion supplemental revolving credit facility which matures in April 2028. This credit facility can be used to support bank borrowings and the issuance of commercial paper. See Note 15 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding and for additional information on the revolving credit facilities.

Dominion Energy Reliability InvestmentSM Program

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor's option at any time. At September 30, 2026, Dominion Energy's Consolidated Balance Sheet included $369 million presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Other Facilities

In addition to the primary sources of short-term liquidity discussed above, from time to time Dominion Energy enters into separate supplementary credit facilities or term loans as discussed in Note 15 to the Consolidated Financial Statements in this report. In February 2026, Dominion Energy entered into an approximately $1.3 billion 364-day term loan facility as described in Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025. Prior to the termination of the facility in August 2026, Dominion Energy borrowed and repaid the full capacity of the facility with the proceeds used to repay existing debt and for general corporate purposes.

Long-Term Debt

Sustainability Revolving Credit Agreement

Dominion Energy maintains a Sustainability Revolving Credit Agreement which is described in Note 18 to the Companies' Annual Report on Form 10-K for the year ended December 31, 2025. At September 30, 2026, Dominion Energy had no borrowings outstanding under this facility. See Note 15 to the Consolidated Financial Statements in this report for borrowings and repayments made during the nine months ended September 30, 2026.

Financial Covenants

As discussed in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy is subject to various covenants present in the agreements underlying Dominion Energy's debt. At September 30, 2026, there have been no material changes to these covenants, nor any events of default under these covenants.

As discussed in Note 15 to the Consolidated Financial Statements of this report, in April 2026, Dominion Energy entered into a new $1.0 billion credit facility, which includes a maximum allowed total debt to total capital ratio that is consistent with the allowed ratio under its joint revolving credit facility.

Common Stock, Preferred Stock and Other Equity Securities

In the Companies' Annual Report on Form 10-K for the year ended December 31, 2025, there is a discussion of Dominion Energy's existing equity financing programs, including Dominion Energy Direct®. In May 2026, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans. During the nine months ended September 30, 2026, Dominion Energy issued $40 million of stock through these programs, net of fees and commissions.

During the third quarter of 2025, Dominion Energy entered into forward sale agreements under its May 2024 at-the-market program for approximately 2.4 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $59.91 per share.

In February 2025, Dominion Energy entered into a new at-the-market-program, and during the second quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 11.0 million shares of its common stock expected to be settled in the fourth quarter of 2026 at a weighted-average initial forward price of $55.83 per share. During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 9.6 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $61.11 per share. In December 2025, Dominion Energy provided notice to elect physical settlement of approximately 5.4 million shares under these forward sales agreements, and in December 2025 settled the agreements at a weighted-average final forward price of $60.44 per share.

In October 2025, Dominion Energy increased the maximum amount of capacity available under its February 2025 at-the-market program by $1.8 billion.

During the first quarter of 2026, Dominion Energy entered into forward sale agreements under its February 2025 at-the-market program for approximately 3.2 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $62.96 per share. During the second quarter of 2026, Dominion Energy entered into forward sale agreements for approximately 7.9 million shares of its common stock expected to be settled by the fourth quarter of 2026 at a weighted-average initial forward price of $67.88 per share. See Note 15 to the Consolidated Financial Statements in this report for additional information.

Through September 30, 2026, Dominion Energy has not repurchased and does not plan to repurchase shares of common stock in 2026, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which does not impact the available capacity under its stock repurchase authorization. See Note 15 to the Consolidated Financial Statements in this report for additional information.

Capital Expenditures

At September 30, 2026, there have been no material changes to Dominion Energy's expectation for planned capital expenditures as disclosed in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025.

Dividends

Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares. See Notes 1 and 15 to the Consolidated Financial Statements in this report for additional information regarding certain dividend restrictions under the NextEra Energy Merger Agreement and Dominion Energy's outstanding preferred stock and associated dividend rate, respectively.

Subsidiary Dividend Restrictions

At September 30, 2026, there have been no material changes to the subsidiary dividend restrictions disclosed in the Subsidiary Dividend Restrictions section of MD&A in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025.

Collateral and Credit Risk

Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy's credit ratings and the credit quality of its counterparties. At September 30, 2026, there have been no material changes to the collateral requirements disclosed in the Collateral and Credit Risk section of MD&A in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025.

Dominion Energy's exposure to potential concentrations of credit risk results primarily from its energy marketing and price risk management activities. Presented below is a summary of Dominion Energy's credit exposure at September 30, 2026 for these activities. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights.

Fuel and Other Purchase Commitments

There have been no material changes outside of the ordinary course of business to Dominion Energy's fuel and other purchase commitments included in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025.

Other Material Cash Requirements

In addition to the financing arrangements discussed above, Dominion Energy is party to numerous contracts and arrangements obligating it to make cash payments in future years. Dominion Energy expects current liabilities to be paid within the next twelve months. In addition to the items already discussed, the following represent material expected cash requirements recorded on Dominion Energy's Consolidated Balance Sheet at September 30, 2026. Such obligations include:

In addition, Dominion Energy is party to contracts and arrangements which may require it to make material cash payments in future years that are not recorded on its Consolidated Balance Sheets. Such obligations include:

Future Issues and Other Matters

See Item 1. Business, Future Issues and Other Matters in MD&A and Notes 13 and 23 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025, Future Issues and Other Matters in the Companies' Quarterly Report on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and Notes 1, 12 and 16 to the Consolidated Financial Statements in this report for additional information on the proposed NextEra Energy Merger as well as various environmental, regulatory, legal and other matters that may impact future results of operations, financial condition and/or cash flows.

CVOW Commercial Project

In September 2019, Virginia Power filed applications with PJM for the CVOW Commercial Project and for certain approvals and rider recovery from the Virginia Commission in November 2021. Installation of the final turbines comprising the 2.6 GW project is expected to be completed by the end of 2027. The estimated total project cost is approximately $11.7 billion (excluding financing costs and including $0.1 billion of contingency) which continues to reflect revised network upgrade costs assigned by PJM to the CVOW Commercial Project, an estimated impact of certain tariffs which became effective in April 2026 and updated turbine installation projections as well as previously included estimated impacts of a temporary suspension of work order, certain tariffs including those which became effective during 2025, the impact of the U.S. Supreme Court's ruling in late February 2026 and tariffs which became effective in late February 2026. The Companies' projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs. Virginia Power's estimate for the project's projected levelized cost of energy, including renewable energy credits, is approximately $62/MWh, compared to the initial filing submission of $80-90/MWh.

The expected total project cost is unchanged from Virginia Power's July 2026 construction update filing and reflects a decrease of approximately $0.4 billion relative to Virginia Power's January 2026 construction update filing, associated with a revision to projected onshore electrical interconnection costs and network upgrade costs allocated by PJM to the CVOW Commercial Project. The expected total project cost also reflects an increase of approximately $0.4 billion, relative to Virginia Power's January 2026 construction update filing, $0.3 billion of which is associated with updated projections for turbine installations reflecting weather and other conditions with the remainder associated with other factors experienced, including increased fuel costs, during installations completed through July 2026. Relative to Virginia Power's January 2026 construction update filing, the expected impact of tariffs on the expected total project cost is a net increase of approximately $0.1 billion as the increase of approximately $0.2 billion associated with revised Section 232 tariffs enacted in April 2026 on equipment expected to be delivered from April 2026 through the end of 2027 that contains steel, aluminum and/or copper products, including the associated impact such revised tariffs had on tariffs enacted in late February 2026 on equipment expected to be delivered

from February 2026 through July 2026 that originates from Mexico, Canada, a European Union member or other applicable countries is partially offset by the reversal of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court's ruling in late February 2026, and the estimated impact of new tariffs subsequently enacted in late February 2026 on equipment expected to be delivered from February 2026 through July 2026 that originates from Mexico, Canada, a European Union member or other applicable countries. The actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component.

The estimated total project cost above reflects the Companies' best estimate of the remaining construction costs, including contingency of approximately 8% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies' control, including but not limited to fuel for transportation and installation, the impact of applicable tariffs including any potential impact of Section 232 investigations, costs to maintain necessary permits, approvals and authorizations, any additional suspension of work orders, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife, actual network upgrade costs allocated by PJM, adverse weather and/or any severe weather events.

Virginia Power commenced major onshore construction activities for the CVOW Commercial Project in November 2023 following the receipt of a record of decision from BOEM in October 2023 for construction. Onshore construction activities to support first power delivery were completed in December 2025 with remaining project activities to support commercial operations substantially completed in October 2026. Virginia Power commenced major offshore construction activities in May 2024 following the receipt of final approval from BOEM authorizing offshore construction and necessary permits from the U.S. Army Corps of Engineers for offshore construction in January 2024. Virginia Power completed the installation of all monopiles in October 2025 and of all transition pieces in April 2026. The first of three offshore substations was installed in March 2025, with the second installed in November 2025 and the third installed in February 2026. Deepwater cables commenced being laid in late 2024 with the last of nine completed in July 2025. Of the 176 segments of interarray cable, expected to total 260 miles, 143 have been installed through October 2026 with the remaining expected to be laid throughout 2026. Installation commenced on turbines in December 2025 prior to being delayed by the temporary suspension of work order, with 44 of 176 completed through October 2026. The first turbines and associated infrastructure of the CVOW Commercial Project commenced operations in March 2026.

Proposed and/or Recently Issued EPA Rules

In September 2026, the EPA finalized a rule repealing the majority of a package of rules the EPA finalized in May 2024 designed to reduce CO2 emissions from certain fossil fuel-fired electric generating units. The May 2024 final rule set standards of performance and emission guidelines for CO2 emissions from new and reconstructed gas-fired combustion turbines and modified coal-fired steam generating units. The May 2024 rulemaking package also included emission guidelines, including emission limits, for existing coal, oil and gas-fired steam generating units. Until the EPA ultimately takes final action on the proposed rulemakings included in the Companies' Annual Report on Form 10-K for the year ended December 31, 2025 within Future Issues and Other Matters in MD&A and publishes all final rules in the federal register, Dominion Energy is unable to predict whether or to what extent the new rules will ultimately require additional controls or other actions. The effects of these proposed rulemakings could have a material impact on Dominion Energy's financial condition and cash flows.

Investment in Valley Link

In October 2024, Dominion Energy announced a joint planning initiative with AEP and FirstEnergy. As part of the initiative, the companies jointly submitted initial project proposals for high-voltage transmission lines in Virginia, Maryland and West Virginia to PJM. In February 2025, Dominion Energy, AEP and FirstEnergy entered into an agreement for the operation of Valley Link to undertake a multi-year process to develop, construct and subsequently operate the new transmission line projects selected by PJM. Under the terms of the joint venture agreement, Dominion Energy will hold a 30% initial interest in Valley Link. Dominion Energy expects to invest approximately $1.5 billion from 2026 through 2030 in connection with this arrangement.