Dominion Energy is a regulated electric utility serving approximately 4.1 million customers across Virginia, North Carolina, and South Carolina. Dominion generates, transmits, and distributes electricity to residential, commercial, industrial, and governmental customers, with roughly 95% of earnings coming from state-regulated utility operations. The core business operates as a legal monopoly in its service territories, earning returns by investing capital in infrastructure and recovering those costs — plus a regulator-approved return on equity — through customer rates set by state utility commissions and FERC. Dominion Energy Virginia, serving roughly 2.8 million customers, is the primary earnings driver, accounting for roughly 80% of regulated earnings. Dominion Energy South Carolina adds electric and gas distribution for another ~1.3 million customers. A smaller Contracted Energy segment includes Millstone, a nuclear plant in Connecticut that sells into competitive wholesale markets, and non-regulated solar assets under long-term power purchase agreements. The dominant growth driver is surging data center demand in Northern Virginia, which now accounts for 28% of Virginia Power's electricity sales. Dominion has approximately 47 GW of data center capacity in various stages of contracting. To meet this demand, Dominion has a $65B capital plan for 2026–2030 spanning offshore wind, solar and battery storage, new gas generation, and transmission and distribution upgrades, including the 2.6 GW Coastal Virginia Offshore Wind project. This capital investment grows Dominion's rate base, which is the primary driver of earnings growth, with management targeting 5%–7% annual EPS growth through 2029.