Dominion Energy Expands Gas and Wind Capacity Across Mid-Atlantic
The holding company is balancing a massive offshore wind build-out with new combined-cycle natural gas stations to meet regional demand.
Dominion Energy (D) advanced a dual-track generation strategy across its two primary operating subsidiaries in 2025, pairing aggressive renewable expansion with new natural gas capacity. Virginia Electric and Power Company (VA/NC) and Dominion Energy South Carolina, Inc. (SC) continued to integrate large-scale generation projects to stabilize the grid across Virginia, North Carolina, and South Carolina.
In Virginia, the company focused on the CVOW Commercial Project, a proposed 2.6 GW wind generation facility. This renewable push coincided with the development of multiple combined-cycle natural gas stations at Bear Garden, Brunswick County, and Warren County. In South Carolina, the company proposed the 2.2 GW Canadys Station, an advanced class combined-cycle natural gas-fired power station in Colleton County, developed jointly with Santee Cooper.
Regulatory activity in Virginia centered on the Virginia Commission's 2023 Biennial Review, which examined Virginia Power's earned return and established the prospective rate base for the periods beginning January 1, 2024, and ending December 31, 2025. To recover costs for renewable generation, energy storage, and related transmission, the utility utilized the Rider CEA rate adjustment clause, while the Rider RPSA was employed to meet the mandatory renewable portfolio standard.
Financial activity for the report year showed Virginia Power reporting electric operating revenues of $10.96 billion, while Dominion Energy South Carolina reported $2.99 billion in electric operating revenues. Capital investment remained heavy, with Virginia Power recording $1.17 billion in accrued capital expenditures for the year ended December 31, 2025.
Operational focus also turned to legacy liabilities and fuel costs. In 2024, Virginia Power securitized $1.3 billion of under-recovered deferred fuel expenses through the issuance of bonds by VPFS. Meanwhile, Dominion Energy South Carolina managed the decommissioning of the Summer nuclear station; a 2025 study estimated the company's two-thirds share of site-specific decommissioning costs at $911 million.
Dominion Energy continues to navigate a complex transition as it manages the wind-build out in the PJM RTO market while addressing the long-term decommissioning costs of its nuclear fleet in the South.