Dominion Energy Earnings Call Transcript - [Q3 FY 2026]

Operator

Thank you for your continued patience. Your meeting will be in short. If you need assistance at any time, please press 0.

A member of our team will be happy you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0.

A member of our team will be happy to help you. Please standby, your meeting is about to begin. Welcome to the Dominion Energy Third Quarter 2026 Earnings Conference Call.

At this time, each of your lines is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given for the procedure to follow if you would like to ask a question.

I would now like to turn the call over to David McFarland, Senior Vice President, Investor Relations and Treasurer.

David McFarland

Good morning, and thank you for joining Dominion Energy's third-quarter 2026 earnings call. Earnings materials, including today's prepared remarks, contain forward looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual report on Form 10-K and our quarterly reports on Form 10 Q for a discussion of factors that may cause results to differ from management's estimates and expectations.

This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures, which we can calculate, are contained in the earnings release kit. I encourage you to visit our Investor Relations website to review webcast slides as well as the earnings release kit.

Joining today's call are Bob Blue, Chair, President and Chief Executive Officer Steven D. Ridge, Executive Vice President and Chief Financial Officer, and other members of senior management. I will now turn the call over to Steven.

Steven D. Ridge

Thank you, David, and good morning, everyone. We continue to be focused on 3 top priorities, First, consistent achievement of our financial commitments. Second, continued achievement of major construction milestones for the Coastal Virginia wind project and third, constructive achievement of regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to benefit both customers and shareholders.

As we will discuss today, we continue to demonstrate success against these priorities, extending our track record of high quality and consistent execution. I will cover financial results in my remarks. Bob will provide updates on the NextEra Energy combination, CVOW, and other business items in his remarks.

Turning first to third quarter results as shown on Slide 3. Third-quarter operating earnings were $1.28 per share, including $0.05 from RNG 45Z credits and $0.05 from better than normal weather. Third-quarter GAAP results were $1.30 per share.

A summary of earnings drivers relative to the prior year period is included in Schedule 4 of the earnings release kit and a summary of all adjustments between operating and GAAP results is included in Schedule 2 of the earnings release kit. Turning now to guidance. Year to date operating EPS has benefited from better than budgeted sales, better than normal weather, and higher than expected 45Z credit income combined with strong overall financial and operational execution.

Inclusive of conservatism for balance of year weather, as well as potential opportunities to derisk future financial performance, we now expect full year results to be in the top half of our original guidance range. We have provided year over year drivers for the fourth quarter in the appendix of today's materials for your reference. Additionally, we are reaffirming all other existing financial guidance provided on our fourth quarter earnings call including credit, dividend, and long term growth guidance.

Turning to financing on Slide 4. We made significant progress on our financing plan during the quarter. Successfully executing several plan transactions while continuing to manage the balance sheet consistent with our robust credit guidance.

In September, Virginia State Corporation Commission approved our fuel securitization financing petition representing a balance of approximately $900 million helping mitigate near term fuel related impacts on customer bills. Turning briefly to sales. We are continuing to see strong sales in our service areas, with LTM weather normal electric sales growth of 3.4% across DEV and DESC.

In addition, all 10 of the Dom Zones summer peak demand days have occurred in 2026. And in August, DESC set a new all time electric peak. Turning to Slide 5.

Since our last update, we continue to see robust and durable demand from our differentiated high quality, low risk data center customers across multiple localities in Virginia. And we are bringing these customers onto our system in the right way, protecting existing customers from cost shifts, while mitigating stranded cost risk by utilizing a large load framework approved by the Virginia State Corporation Commission in our most recent biennial review, that ensures these customers continue to pay their fair share. Of the investments required to support their growth.

We now have over 54 gigawatts of data center capacity in various stages of contracting, including over 12 gigawatts of capacity contracted under electric service agreements. To put that in context, we have added over 6 gigawatts of contracts or 13% since the end of last year. In conclusion, I am highly confident in our ability to deliver on our financial plan We have built our plan to be appropriately but also not unreasonably conservative to weather unforeseen challenges that may occur.

And with that, I will turn the call over to Bob.

Robert Blue

Chair, President & CEO

Thank you, Steven. I will begin with safety on Slide 6. Through September, our employee OSHA injury recordable rate was 0.41.

Which remains well below industry average. Safety is our first core value. And we are always focused on driving workplace injuries to zero.

Turning next to our announced combination with NextEra Energy. We detailed in May, this transaction represents a truly transformational opportunity to bring together 2 world class utilities with 238 years of collective industry experience to even better serve millions of regulated customers across 4 states. Looking ahead, we believe we can accomplish far more on behalf of our customers together than we can apart.

In mid September, NextEra and Dominion announced an enhanced Virginia benefits package that puts customers first and positions the Commonwealth as a global energy leader. That proposal doubled the duration of residential bill credits, expanded energy bill assistance by $100 million, included $100 million workforce development fund, committed to creating at least 1 thousand new jobs in the Commonwealth, building a new shareholder funded co headquarters tower in Richmond, and supporting Virginia companies through $1 billion annual 5 year Virginia supplier program. Over the longer term, customers and communities will benefit from a stronger company with the scale and capabilities to buy, build, finance, and operate critical energy infrastructure more efficiently.

Helping support reliability, affordability, and economic growth. In Virginia, we have received testimony from parties which we will address through rebuttal testimony due November 2. Evidentiary hearings begin on November 17.

And the final order is due by January 11th of next year. Ultimately, the State Corporation Commission will decide the case based on the record presented to it. And on the legal standard.

Whether adequate service to the public at just and reasonable rates will not be impaired or jeopardized by the proposed transaction. Another way of thinking about this is whether the transaction will do no harm to customers. We are confident that we have met that standard.

In fact, we have exceeded the standard by proposing significant benefits in terms of customer affordability jobs in our service area, and development of needed energy resources. In South Carolina, we have received testimony from parties which we will address through rebuttal testimony due November 18. Hearings begin on December 8.

With a final order by January 29, 2027. In North Carolina, hearings begin on February 23, 2027. The timelines for each of the proceedings are shown on Slide 7.

Required federal approvals have all been filed and continue to progress. We continue to expect the transaction to close in the second half of 2027. I could not be more excited about the combination of these 2 companies.

We will continue to share updates as we progress through the regulatory process. Turning next to offshore wind on Slide 8. CVOW continues to make significant progress.

With the project approximately 85% complete and the fabrication of all nacelles, towers, and blades now complete. We have installed 44 turbines representing more than 640 megawatts of generating capacity. With the installation of the 45th turbine happening now.

Installation continues to average approximately 2 days from jack up to jack down, consistent with our assumptions. July and August turbine installation cadence was in line with expectations. While September and October were below due to a combination of weather and Charybdis maintenance activities.

Which were completed earlier this month. Importantly, these impacts were within the types of risks contemplated when we added scheduled contingency last quarter. While we have utilized a portion of that contingency, our outlook has not changed.

We continue to expect project completion by the end of 2027, and energization of the third and final offshore substation by year-end 2026. From a cost perspective, our current budget remains $11.65 billion including $123 million of unused contingency. We also continue to see strong customer value, The project's LCOE remains well below the statutory threshold, as well as the range contemplated in our original filing and we estimate CVOW will generate approximately $5 billion in fuel savings for customers during its first 10 years of operation.

Our overall view of the project remains unchanged. CVOW installation has been significantly derisked and continues to make progress against its scheduling and cost objectives while delivering significant long term customer value. Now I will turn to other business updates as shown on Slide 10.

In mid October, we filed our Virginia integrated resource plan update. Which included several possible generation build portfolios, designed to meet robust customer demand growth. Relative to last year's company preferred plan, we have added and accelerated 4 gigawatts of solar and 2 gigawatts of battery storage.

Importantly, under the company's preferred plan, we are meeting our customer needs, protecting system reliability, maintaining affordability with monthly residential electric bills, forecasted to increase on average by about 2.3% annually. We continue to see a growing role for energy storage in Virginia. Our recently filed IRP is an update and represents a snapshot in time.

But it already reflects a meaningful increase in storage relative to our prior plan. Importantly, Virginia also enacted significant energy storage legislation this year. That establishes substantially higher targets for both short and long duration storage.

We expect storage to play an increasingly important role as use cases continue to broaden and the technology continues to advance. We are actively evaluating both short duration battery storage and emerging long duration technologies through the lens of reliability, affordability, and customer need. And looking longer term, the proposed combination with NextEra Energy would bring together significant capabilities and experience in energy storage.

We believe that positions the combined company exceptionally well. To deploy storage at scale as the technology matures and system needs evolve. Finally, on Millstone.

In September, the Connecticut Department of Energy and Environmental Protection provided an update on the zero carbon energy request for proposals indicating that it intends to announce a decision later this year. The facility's existing PPA has delivered tremendous value to customers. Lower costs, and significantly reduced volatility.

Despite being priced at the time in 2019 above prevailing price outlooks, the contract is expected to save customers over $245 million this year. Including $200 million year-to-date in addition to the over $200 million in savings to customers last year. Based on current forward curves, the contract is expected to save customers in Connecticut over $900 million over the 10-year life.

Driven by lower energy pricing. We remain focused on achieving a constructive outcome for the facility, which has delivered tremendous value and produced bill reductions for customers in Connecticut through its existing contract. We will continue to provide updates as things develop.

With that, let me summarize our remarks on Slide 11 by reiterating our focus on our 3 top priorities. Consistently achieving our financial commitments, continued achievement of major construction milestones for the Coastal Virginia wind project, and achieving constructive regulatory outcomes. That demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders.

We remain committed to delivering reliable, affordable, and increasingly clean power for our customers. With that, we are ready to take your questions.

Operator

Thank you. At this time, we will open the floor for questions. On your touch tone phone now.

If at any time you would like to remove yourself from the question queue, please press 2. Again, to ask a question at this time, please press 1. Now And we will take our first question from Shahriar Pourreza with Wells Fargo.

Please go ahead.

Shahriar Pourreza

Hey, guys. Good morning. Morning, Shahriar.

Morning, Bob. So, Bob, So, Bob, just as we are thinking about the deal and sort of the staff testimony. 57 conditions. I guess, can you highlight where you and the staff are kind of further apart?

Robert Blue

Chair, President & CEO

what is the deal breaker? Is it, like, the ring fencing? Is it the dividend restriction?

Can you close any of these gaps before the hearings next month? And then maybe just lastly, comment on the governor's intervention which kind of seems a little bit excessive to us.

Shahriar Pourreza

How's that dialogue going? Thanks.

Robert Blue

Chair, President & CEO

Yeah. Shahriar, great question. 57 conditions, a chunk of them are conditions that were ones that we had already voluntarily proposed. So I think it is important to keep that in mind.

But fundamentally, as you heard from John on NextEra's call a week or so ago, we are still focused on the statutory standard which is no harm. that is what the judges are gonna follow. We will file our rebuttal testimony on Monday, Look forward to the hearing beginning on November 17. And we remain confident that our position goes beyond the statutory standard and will deliver benefits not just no harm, to Virginia customers, to employees and communities. it is going to keep our company locally led.

Still regulated by the SCC, fully accountable to them. John said it on their call. The judges of the SCC are gonna follow the law. that is the best that we could possibly ask for.

And we look forward to presenting our rebuttal testimony on Monday.

Shahriar Pourreza

Got it. And then just the governor, how's that dialogue going just I guess, I do not wanna say behind closed doors, but is what we are seeing publicly different than what you. What conversations you are having privately?

Robert Blue

Chair, President & CEO

Well, you know, the governor is participating as an intervener in the case as she is obviously entitled to do, and we welcomed her intervention. We are participating in the case. Through the filings that we make in the case.

We obviously talk to parties as makes sense. But really, our focus right now is that testimony that we are filing on Monday making sure that we are all very focused on the no harm legal standard.

Shahriar Pourreza

Got it. Perfect. And then just lastly, just Bob, on CVOW.

I mean, obviously, we saw a little bit of a healthy drop in the LCOE to $62. Obviously, a lot of that was driven by REX going to 38. I guess, what are you seeing in the REX market to drive that is this sort of 38 kind of sustainable in your view?

Steven D. Ridge

Sure. it is Steven. it is hard to predict. it is hard to predict the price. We obviously reflect it quarterly when we update the filing and very transparent about it. What we are seeing is a tightening of supply and demand.

Sort of unsurprisingly. And remember that large portion of those recs need to be generated by Virginia Resources, and so that obviously acts as an additional constraint, which pushes prices up. And remember, the way that math works is that we credit the revenue from those generated sales by CVOW against the LCOE. that is why you see that price come down.

But we have seen it kind of go up and down. It was a little higher. Now it is back down a little lower in terms of the LCOE.

I think the most important thing is we continue to believe CVOW will provide significant value to our customers. Got it.

Shahriar Pourreza

Fantastic. Thank you, guys. We will see you in about a week.

Appreciate it.

Operator

Thank you. Our next question comes from Nicholas Campanella with Barclays. Please go ahead.

Nicholas Campanella

Good morning.

Robert Blue

Chair, President & CEO

Good morning.

Nicholas Campanella

Maybe just keeping with the merger Hey. Maybe just keeping with the merger, a similar question just on South Carolina. Any reactions to testimony there that recently came in?

Is there a path forward to settle South Carolina? And any thoughts on just the bill credit for years, first 2 years? Thanks.

Robert Blue

Chair, President & CEO

Yeah. I would give a similar answer, Nick, to the question I gave on Virginia. We are in the process, in the regulatory process there.

We continue to work our way through. You all have the procedural timelines in front of you. Next step for us is for us to file our rebuttal testimony, and then go into the hearing.

We continue to believe that we have presented a very strong package in South Carolina the same way we did in Virginia. And we look forward to, to demonstrate that to the commission. Obviously, we work with parties in all the states and all the regulatory proceedings. that we are involved in to try to find a good outcome.

Nicholas Campanella

Okay. Thanks. And then maybe moving to Millstone.

I know you are saying there is a decision here potentially by year-end in the slides. Can you just remind folks of the general time line? Do you get term and price by then?

Is that just that Millstone could be. Could have been selected as part of this wider process? Maybe just a little mark-to-market on those discussions.

Thanks.

Steven D. Ridge

Hey, Nick, it is Steven. Yeah. We are encouraged and constructively engaged with the parties in that process.

A little difficult to say with certainty as to sort of what would be public at the end of the year. We certainly do not want to speak for or get ahead of the regulators in this case. But I do think we will feel like we have got a little bit better sense of where that process is going by the end of the year.

And then, of course, as we have announcements to make, we will be excited to make that public to folks.

Nicholas Campanella

Alright. Thank you.

Robert Blue

Chair, President & CEO

Thanks, Nick.

Operator

Thank you. Our next question is from Paul Zimbardo with Jefferies. Please go ahead.

Hey, Paul. Mr. Zimbardo, your line is now open. We will move to our next question from Anthony Crowdell with Mizuho.

Anthony, your line is now open.

Anthony Crowdell

How about now? Could you hear me? Sorry, is that working?

Robert Blue

Chair, President & CEO

Yes. Yeah. That works.

We were starting to get a little worried there.

Anthony Crowdell

I know. I think Paul's out trick or treating, so he is just probably getting his last candy. I apologize.

We are glad to know you waited until the call was over.

Robert Blue

Chair, President & CEO

I just have 1 quick question.

Anthony Crowdell

You guys give us great clarity on CVOW. You continue to derisk it. I think you are 85% complete.

I think maybe it is more of a sector wide question. The sector is now approaching some large generating project construction You guys have clearly plowed through this project, which is maybe 1 of the bigger ones going across the country. I guess, how should investors think about execution risk across the sector as we are starting to see utilities pursue like larger generating units?

You guys have plowed through it. You continue to derisk it. But I do not know if it is lessons learned or something, or what would you tell us we should focus on as you guys are successful with CVOW, and we are seeing now other utilities go down this path.

Robert Blue

Chair, President & CEO

Yeah. that is a great question, Anthony, and I would not limit our experience just to CVOW. It has not been that long since we finished some sizable combined cycles here in Virginia. And our focus is having an experienced project construction team that is working with contractors that we have familiarity with They know the risks to look at.

Our board has become quite comfortable asking us questions about the risks that we should be focused on Not surprisingly, those line up often around what are your potential labor constraints. How's the supply chain look? Having familiarity with all of that, is really valuable.

So at least in our case, we are comforted by the fact that we have an experienced team that has handled big projects, not just on the gen side, by the way, but on the transmission side. Of the house as well because we have done an awful lot of that work over the last few years to put that experienced team combined with strong counterparties where we have confidence in the supply chain, And then finally, familiarity with the permitting process. I mean, I think we all know that there can be challenges in these projects when permits get off track And so having the relationships necessary in order to work your way through the permitting process is critical as well.

Anthony Crowdell

that is all I had. Thanks so much, guys. I will see you at the Thanks, Anthony.

Operator

Thank you. Our next question is from Carly Davenport with Goldman Sachs. Please go ahead.

Carly Davenport

Good morning. Thanks so much for taking the questions. Maybe just to go back to CVOW, the time from jack up to jack down is tracking in line with your expectations.

I guess, you just help us think about the other items that can impact the overall timing and how you expect those to trend as we look over the next few months just as we think about weather, etcetera, moving towards the end of the year?

Robert Blue

Chair, President & CEO

Yeah. I mean, beyond the jackup to jack down time, other factors that we think about that we have identified are weather, maintenance, transit, and load out time. We have made assumptions regarding weather We do not have the ability to control that, obviously.

And then on the other items, our loadout times continue to improve. Our transit times are defined by where we are going on the project. And I think the team has put together a very good schedule to minimize those transit times so that we are putting turbines up close to each other rather than criss crossing across the project.

And maintenance is a factor that we put in, and everything gets a little bit better, as we move along. So if you think about, Carly, when everything we have done on this project, we get quite a bit faster as we go along. Just to give you a few statistics on the installation time.

So our first 10 turbines took an average of 69 hours each to install. The next 25 took an average of 45 hours. that is a 35% improvement. And then the most recent 9 averaged 38 hours, which is a 45% improvement to the first 10.

So we are improving on the installations of turbines the same way we improved our timing on monopiles the same way we improved our timing on transition pieces As I mentioned, we continue to get faster on the turns at port. Obviously, we do not do as many of those because we are loading 4 turbines each time, but we are getting faster with that as well. I think our plan is good on transit time.

And any maintenance we have to do. If we have done it before, it will be faster than the next time we do it, as we found going along.

Steven D. Ridge

Carly, I think it is a really fair question. If I can put some numbers around what I think you are asking about in addition to the great answer Bob just provided, think about the last 3 months, we had about 91 days in that period. 14 were impacted by weather, and about 36 by the vessel maintenance we have described, which means we installed about 13 turbines over about 41 available days, which equates to about 3.2 calendar days per turbine, which again is a little higher than the 2 because that does not include transit. And looking forward, we have about 4 hundred and 25 calendar days left.

Through the end of 27 to install the remaining 132 turbines, which by coincidence, is also 3.2 days per turbine. And I think what is important to note, as Bob just mentioned, is the timing for the jack up and jack down, even though our base assumption is 2 days, As he just mentioned, our most recent 9 have been closer to a day and a half. If you were at a day and a half, you would be able to do the remaining turbine installation in about 200 days.

If you stayed at 2 days per turbine, you would be 265, and we expect about 33 of those load outs at the port. Each take about 4 days or a hundred and 30 days in total. So if you put all that together, 4 hundred and 27 days, 200 to 265 days for turbine installation, a hundred and 30 days for port turns.

That leaves somewhere between 30 and 95 days. For weather, maintenance, and if you need more time for some of the more difficult locate. Locations for turbine installation.

So I think that gives folks a little bit of a sense of how much contingency is in the plan from a timing perspective, and that is what gives us that confidence. In addition to what Bob described, which is as we go through the various iterations of construction, it gets faster every single time.

Carly Davenport

Great. that is incredibly helpful context. Thank you for that. And then the follow-up is just a housekeeping item.

It looks like just for the Q4 drivers, O&M has shifted from being a drag to a help. Anything in particular that you flag as driving that? And is there any read through on that into 2027 O&M trends with that in mind?

Steven D. Ridge

No, Carly. Nothing specific. We obviously reevaluate those drivers quarter by quarter to reflect the latest perspective on the forecast.

I would say we gave our guidance to be in the top half, and I think I put in my prepared remarks that includes some conservatism around November and December weather, as well as potential opportunities to derisk financial performance. So we are going to have that lever available to us as we go out to the last 2 months of the year to make sure we land solidly where our guidance is. Updated guidance, but also take steps necessary to derisk future years.

Carly Davenport

Very clear. Thank you so much for the time.

Operator

Thank you. Our next question comes from Paul Zimbardo with Jefferies. Your line is now open.

Paul Zimbardo

Hi, I am back. I think Anthony was ringing my doorbell trick-or-treating last week.

Robert Blue

Chair, President & CEO

Good to hear from you, Paul.

Paul Zimbardo

Yeah. No. Thank you very much, and I appreciate there is there is a lot of math in that last answer.

So, hopefully, an easier 1. Just could you describe the nuclear upgrade opportunities, more so the regulated fleet, but also unregulated asset and just kind of where you are in exploring some of these potential expansions?

Robert Blue

Chair, President & CEO

Yeah. Paul, good question. We have got some limited opportunities, we think, at Millstone, as we have discussed before.

The regulated fleet, we have done a lot of uprate work over the years. Our focus at the regulated fleet is the investments necessary for a subsequent license renewal. We are extending the lives of those plants for another 20 years.

So that is really where the work is going on right now. We always look for opportunities for up rates where it makes sense. We can do it safely within the appropriate safety margin.

Paul Zimbardo

Okay. Understood on that. And then 1 last on kind of Virginia and the new IRP.

I think you mentioned the 4 gigawatts and 2 gigawatts of incremental pull forward. Just if you could frame, like, what could that do to the capital plan, the rate base growth, any kind of color you could provide there would be helpful. Thank you.

Steven D. Ridge

Absolutely, Paul. So if you look at 25's IRP relative to the latest IRP, it effectively, through 2034, increases the battery on the system by about 4x. So for instance, in the 2025 IRP, 2020-2030 battery was 850 megawatts.

In the 2026 update, it is 3.3 gigawatts. And think about the capital cycle around that is about a 2-year time frame where you are spending that capital leading up to the actual COD. So, obviously, as we roll forward, and pick up 2031 in our 5-year plan, we will be picking up, 1 additional year of not just what the existing battery capital opportunity was, but actually this enhanced battery opportunity.

And we framed that as every gigawatt being sort of $2.5 to $3 billion of opportunity. Now keep in mind, some of the IRP would be under a PPA structure. Obviously, we do not I would not include that in our rate base, but the majority of it is under self build.

Consistent with the Virginia Clean Economy Act. So I think as we think about roll forward there is a very meaningful opportunity for capital enhancement in order to comply with the legislative and policy intent of the state.

Paul Zimbardo

Okay. No. Thank you. that is very clear and comprehensive.

Thank you.

Operator

Thank you. We will check our next question from David Arcaro with Evercore ISI.

Analyst

Hey, good morning guys. Sorry. I did wanna just kinda revert back to the merger quickly, if I could.

There was 1 point of contention just within the SCC's staff testimony there? And I just wanted to kind of clarify and understand it, I guess. As we think about the ring fencing and the bankruptcy remote special purpose vehicle, Like, I guess, what are they really looking for there?

Like, I understand kind of the bank-- like, the protection for Dominion, but just. I guess, how would. How does that structure kind of like, what should.

How should we think about that structure?

Robert Blue

Chair, President & CEO

Yeah. Totally understand why you would asked that question. But as I mentioned, we are working our way through the regulatory process now.

Which involves filing rebuttal testimony on Monday, and then a hearing just a few weeks away So we are gonna continue to present what we think is a very strong package through that regulatory process. But I can hope you understand why I would not wanna be getting into the details of that on the Friday before we file our rebuttal testimony.

Analyst

Very, very fair. Very fair. And then just wanted to think through to just the funding requirement.

Like, as we think about that, as we move into 2027, just how much flexibility exists if we have some load kind of acceleration and, a potential, like, delay and any closing?

Steven D. Ridge

Are you asking, Nick, about our 2020. Sort of where 2027 financing needs might be and how that could be impacted? Yeah.

If we think about it specifically on the equity issuance side. Yeah. So when we did our call in the fourth quarter, we gave a 5-year look.

And we indicated that from an. At least from an equity perspective, it was very back end loaded in sort of the last couple of years of our plan. I do not wanna get out ahead of our sort of update to the forecast, but generally speaking, we were seeing 2027, 2028 as relatively lighter equity years.

And I have not seen anything that would suggest that would be, necessarily different. Great. Thanks.

You bet.

Operator

Thank you. Thank you. This concludes our question and answer session.

So I will turn it back to Bob Blue for closing remarks.

Robert Blue

Chair, President & CEO

Thanks, everybody, for taking the time to join the call today. Enjoy the rest of the day. Thanks.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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Dominion Energy Earnings Call Transcript - Q3 FY 2026

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