Q4 2020 earnings call

Q4 2020 earnings callFebruary 12, 2021

Important note for investors

2

This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the business and operations of Dominion Energy. We have used the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", “outlook”, "predict", "project", “should”, “strategy”, “target”, "will“, “potential” and similar terms and phrases to identify forward-looking statements in this presentation. Such forward-looking statements, including 2021 operating earnings guidance and projected dividends for the remainder of 2021 and beyond, are subject to various risks and uncertainties. As outlined in our SEC filings, factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to regulated rates collected by Dominion Energy; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; changes to federal, state and local environmental laws and regulations, including those related to climate change; cost of environmental compliance; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; changes in operating, maintenance and construction costs; additional competition in Dominion Energy’s industries; changes in demand for Dominion Energy’s services; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed sale of Dominion Energy Questar Pipeline to Berkshire Hathaway Energy, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; and capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

The information in this presentation was prepared as of February 12, 2021. Dominion Energy undertakes no obligation to update any forward-looking information statement to reflect developments after the statement is made. Projections or forecasts shown in this document are based on the assumptions listed in this document and are subject to change at any time.

This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers to sell or solicitations of offers to buy securities will be made in accordance with the requirements of the Securities Act of 1933, as amended. This presentation has been prepared primarily for security analysts and investors in the hope that it will serve as a convenient and useful reference document. The format of this document may change in the future as we continue to try to meet the needs of security analysts and investors. This document is not intended for use in connection with any sale, offer to sell or solicitation of any offer to buy securities. This presentation includes certain financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In providing its full-year operating earnings per share guidance (non-GAAP), the company notes that there could be differences between such non-GAAP financial measure and the GAAP equivalent of reported net income per share. Reconciliation of such non-GAAP measure to net income per share is not provided, because the company cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components, net of tax, include but are not limited to, acquisitions, divestitures, impairment charges, changes in accounting principles, extreme weather events and other natural disasters. Please continue to regularly check Dominion Energy’s website at www.dominionenergy.com/investors.

3

Tom FarrellExecutive Chairman

Compelling investment propositionComprehensive total shareholder return

44

6.5%EPS growth rate

through 2025

~3.5%dividend

yield

~10%shareholder

return

Five-year

$32Bgrowth capital

plan

6%annual dividend

growth

~65%payout target

Pure-playstate-regulated

utility operations

Industry-leading

ESGprofile

Industry’s largest

regulateddecarbonization

investment opportunity

Note: Dividends subject to Board approval

5¹ Based on 2021E operating earnings; Assumes prorated allocation of Corp & Other

Strategically repositionedPremier state-regulated utility operating segments

88% state-regulated

utility segments¹

12%¹

Contracted Assets(Zero-carbon generation)

OH

UT

VA

NC

SC

Utility operations in attractive states✓ Customer/economic growth✓ “Common sense” regulation

✓ Sustainability

Purpose-drivenComprehensive stakeholder approach

6

Employees

Customers & Communities

Investors

Safety, diversity & inclusion, engagement

Exceptional service, reliability, safety, affordability and value

Consistency, transparency, and execution

Dominion Energy is driven by our belief that the best companies seek to:

Core values: Safety, Ethics, Excellence, Embrace Change, and One Dominion Energy

✓ Consider the interests of all stakeholders as critical to success including employees, customers & communities and investors

✓ Adopt ambitious climate goals that drive emissions reductions

✓ Embrace transparencyand engagement

1.78

1.441.34 1.32

1.06 1.02 1.04 1.00 0.92 0.88 0.800.65 0.68 0.62

0.41

2.05

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2019Industry average²

Nu

mb

er o

f re

cord

able

s p

er

10

0 e

mp

loye

es

each

wo

rk y

ear

¹ Pro forma for SCANA and Questar² Average of Bureau of Labor Statistics 2019 industry data for electric power generation, transmission, and distribution (NAICS code 2211) and natural gas distribution (NAICS code 2212)

OSHA recordable incident rate¹

~35% improvement vs. 2019~80% safer than industry average

7

EmployeesSafety

12.212.7

13.4

Customers & CommunitiesEmbracing our role as a public-service company

8

11.7 11.7

13.4

18.4

Residential electric rates (cents per kWh)¹ Select 2020 community initiatives

DESC

DEV (Virginia) DESC (Electric)

SC USDEV VA US

▪ Customer disconnections avoided:Over 255,000

▪ Payment plan enrollments: Over 330,000

▪ Virginia arrears relief: $127M

▪ Energy assistance: $18M

▪ SC rate case pause agreement: 6 months²

RGGI

COVID relief

Social equity commitments

Community

▪ HBCU commitment: $25M

▪ Diversity scholarship program: $10M

▪ Social Justice Fund: $5M

▪ Support for local non-profits/community organizations: $32M

▪ Energy efficiency/DSM spending: $120M

¹ Source: EIA, table 5.6.A. as of November 2020 (https://www.eia.gov/electricity/monthly/current_month/january2021.pdf)² DESC had previously volunteered to an initial 60-day filing postponement (from June to August 2020)

9

EnvironmentInvesting in support of our clean-energy profile

Zero-carbon generation & energy storage▪ Offshore wind▪ Solar▪ Energy storage▪ Nuclear relicensing

~$32B

$17B / 52%

Electric grid transformation²

$6B / 18%

$6B / 20%

Customer growth & other

Gas distribution modernization / RNG$3B / 10%

~82%

Emissions reduction and enabling investments

$10B/43% vs. prior five-year (2019-2023)growth capex plan¹

Five-year growth capital(2021—2025)

¹ Please refer to page 63 of March 2019 Investor Day; Compared to ~$26B total growth capital less GT&S segment ($3.6B growth capital)² Inclusive of all electric transmission, grid transformation, and strategic undergrounding investment

10¹ Includes license extension investment for DEV’s regulated nuclear power stations; does not include capital associated with potential license extension of SC and CT nuclear units

~$72B

~$26B

Up to $9B

Up to $15B

Up to $4B¹

Up to $7B

Up to $20B

Up to $17B

Offshore wind

Solar

Energy storage

Nuclearlife

extension

Electric gridtransformation

Gas distribution

modernization/ RNG

2021 – 20252020 – 2035

Total opportunity

2020 – 2025 portion of total opportunity

2020 – 2035 total opportunity

EnvironmentDecarbonization initiatives extend beyond 5-year plan; benefits customers, communities, environment

11

Baseline 2019A 2035E 2050E

Enterprise-wide CO2e¹

EnvironmentMaterial emissions reductions as zero-carbon generation displaces emitting technologies

~55%↓~70%—80%↓ Net zero

(conforms to 1.5o

Paris Accord Goals)

Owned generation dispatch (MWh)by fuel type²

52%

10%

7%

45%

37% 45%

2005A³ 2020A 2035E

Coal Gas Zero-carbon

~95% zero &

low emitting

~70%

~25%

~5%

¹ Reflects Scope I carbon and methane emissions (millions of metric tons), inclusive of reductions related to asset divestures; 2005 baseline for electric generation; 2010 baseline for gas operations ² Historical data pro forma for SCANA merger. Excludes purchased power and pumped storage. Enterprise-wide generation (MWh) includes Contracted Assets, DESC and DEV; DEV forecasted generation mix assumes VA IRP Plan B filed in May 2020; DESC forecasted generation mix assumes DESC IRP Plan RP2 ³ Excludes 4% of “other”

Achieved all-time safety record

Robust customer-focused COVID response

Announced Net zero by 2050 target

Bipartisan passage of Virginia Clean Economy Act (VCEA) sets Virginia on cutting-edge path to decarbonization and green-economy growth

Advanced strategic repositioning via Gas Transmission, Storage assets sale

2020 year in reviewLooking to the future

12

StatusUpdate

Initiated enhanced growth rates: earnings and dividend

Extended quarterly results financial consistency track-record to 5 years

Seamless CEO transition & Board refreshment

Jim ChapmanChief Financial Officer

13

Operating earnings per shareActual versus guidance ($ per share)

14

Fourth quarter 2020 Full-year 2020

¹ See pages 7, 8, 19, 20, and 22 of the fourth quarter 2020 Earnings Release Kit for supporting information and a reconciliation to GAAP² See appendix for detailed weather impact

$0.73

Actual¹ Weathernormal²

Guidance¹

$0.81 $0.82$0.87

Unfavorable weather impact on utility earnings: ($0.01)

$3.37

Actual¹ Weathernormal²

Guidance

$3.54 $3.63 $3.63

Unfavorable weather impact on utility earnings: ($0.09)

Guidancemidpoint

Weather normalized operating EPS vs. guidance

Upper endguidance

Lower endguidance

15

GT&S sale announcement

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

5 years of delivering quarterly results that meet or exceed quarterly guidance midpoints

Operating earnings per shareTrack-record of successful execution

GuidanceOperating earnings per share

16¹ % increase measured to midpoint of 2021 guidance; inclusive of full-year impact of 2020 share repurchases

2020guidance midpoint

2021guidance

Through2025

▪ 2021 guidance-implied annual growth rate (10%) consistent with July 5 guidance range

▪ Long-term growth rate (6.5%) extended through 2025

▪ Q1 2021 guidance: $1.00—$1.15

$3.50

$4.00

+10%¹

$3.70

GuidanceDividends per share¹

17¹ All dividends subject to Board approval

2021guidance

Through2025

▪ Target payout-ratio of ~65%

▪ Long-term growth rate (6%) extended through 2025

$2.52

Consolidated financial outlookFive-year growth capital summary

18

2021—2025growth capex

($B)

Primarydrivers

% rider eligible

Dominion EnergyVirginia

ContractedAssets

Gas Distribution

Dominion Energy

South Carolina

$23.8 $4.5 $1.7 $2.2

▪ Zero-carbon generation / storage

▪ Grid transformation▪ Customer growth

▪ Customer growth▪ Grid transformation▪ Electric generation

▪ Long-term contracted solar

▪ Infrastructure modernization

▪ RNG▪ Customer growth

~87% ~55% ~28%³ —

Total

$32.2

~73%

5-year utility rate base CAGR¹

~13% ~10% ~7%² ~4% ~9%

¹ For DEV segment, CAGR includes ringfenced solar net PP&E. For Contracted Assets segment, CAGR represents growth in net PP&E² Excludes the impact of the 20-year amortization of rate base associated with the Capital Cost Rider (CCR); please see appendix for additional disclosure. Inclusive of CCR, DESC rate base CAGR equals ~4% which is factored into the total rate base CAGR on this page; ³ Represents growth capital under the Natural Gas Rate Stabilization Act

2020E 2025E2020E 2025E 2020E 2025E

Dominion Energy VirginiaTwo primary components of rate base, two very different regulatory constructs

19

Rates established by SCC under “triennial review” framework

Note: Projected rate base balances do not include any assumption with regard to CCRO usage during the 2024 triennial review¹ Rate base for Dominion Energy North Carolina (rates established by NCUC) and other non-jurisdictional customers² Includes similar contractual tracking mechanisms for non-jurisdictional customers

VA base VA riders Total

~$45B

~$25B~$28B

~$13B~$12B~$9B

Rates incl. true-up established annually by SCC²(Electric transmission rates established by

FERC)

27%

63%

37%

50%

18%CAGR

13%

10%

13%CAGR

6%CAGR

VA base VA riders DENC/Other¹

Consolidated financial outlookIllustrative sources and uses

20

Operatingcash flow

(+) equity¹ (+) fixed income, net(incl. STD)

(-) dividends² Investingcash flow

Annual average: 2021—2023

~$6.6B~$7.6B

~$0.4B

~$2.4B~$3.1B

¹ DRIP & ATM² Includes average common dividends of $2.2B plus dividends on preferred stock and contract adjustment payments/dividends related to 2019 Equity Units

Growth~65%

Maintenance

Sources Uses

Dividend reinvestment (“DRIP”)

At-the-market(“ATM”)

Total

2021E $300M $0M $300M

2022E 300M 0—200M 300—500M

2023E 300M 100—300M 400—600M

2024E 300M 300—500M 600—800M

2025E 300M 300—500M 600—800M

Total $1.5B $0.7—$1.5B $2.2—$3.0B

21

Consolidated financial outlookEquity capital raising activities¹

Note: Existing 2019 Equity Units will convert in June 2022¹ Excludes potential opportunistic financings

No change to previous guidance (through 2024) Roll-forward into 2025

Annual issuance ($M)

85%89%

92%94%

97%100%

Balance sheetContinued improvement in 2020

22

CFO pre-WC / debt¹ Pension + OPEB funding

2016A 2017A 2018A 2019A 2020A

11.0%

14.2%

12.0%

13.8%

~15%²

¹ Source: Moody’s Credit Opinion, Dominion Energy, Inc., July 14, 2020, page 2² Company estimate; includes adjustments for one-time charges including related to sale of Gas Transmission, Storage assets

2018A 2019A 2020A 2018A 2019A 2020A

Pension Pension + OPEB

No change to existing ratings targets▪ DEI: High BBB range▪ OpCos: A range

CFO summaryFocus on execution

23

▪ Weather-normal quarterly (20th consecutive quarter) and full-year operating EPS above the midpoint of guidance

▪ Initiated 2021 full-year operating EPS guidance that represents (guidance midpoint to guidance midpoint) a 10% annual increase

▪ Affirmed 6.5% operating EPS annual growth from 2021 through 2025

▪ $32B five-year growth capex plan drives ~9% rate base CAGR

▪ Significant rider-recovery regulated capex across segments

▪ Strong & healthy balance sheet

24

Bob BlueChief Executive Officer

Virginia Clean Economy Act of 2020 (VCEA)Transforming Virginia’s economy and environment

25¹ https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1194+pdf, pages 20-23² Nuclear generation is credited against the load formula

14%

26%

41%

59%

79%

100%

2021 2025 2030 2035 2040 2045

Renewable portfolio standard¹

% of DEV’s VA retail load² generated by renewable sources

The VCEA calls for a multi-faceted approachto achieving renewable portfolio requirements

▪ 100% zero-carbon generation by 2046 with critical protections for reliability and low-income customers

▪ Significant development of zero-carbon resources (24GW by 2036)

▪ 5.2GW offshore wind▪ 16.1GW solar/onshore wind▪ 2.7GW energy storage

▪ Expansion of energy efficiency & demand-side management

▪ Procurement of Renewable Energy Credits (RECs)

▪ Joining Regional Greenhouse Gas Initiative (RGGI)

▪ Virginia fossil-unit retirements

▪ Coal: By 2025³▪ All fossil: By 20464

³ Except jointly-owned by cooperative utility or located in coalfield region & co-firing biomass4 DEV may petition the SCC for relief from retirement requirements on the basis that the retirement would threaten the reliability or security of electric service to customers

Offshore wind: Virginia 2.6GW initial deploymentProviding significant economic and environmental benefits

26¹ https://hamptonroadsalliance.com/wp-content/uploads/2020/09/Offshore-Wind-Economic-Impact-Report-092820.pdf² https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1194+pdf, page 19 Paragraph C-1. ³ https://www.eia.gov/outlooks/archive/aeo19/pdf/electricity_generation.pdf, page 8, 1.4x Conventional CT Total LCOE of $89.30/MWh

Test project installed turbine (6MW)

Economic benefits¹ ▪ 2,000 construction & permanent clean-energy jobs in VA▪ ~$300M economic output & pay/benefits per year▪ ~$11M state and local tax revenue per year

Sole owner Dominion Energy Virginia

Capacity 2.6GW

Offshore lease ~113K acres located 27 miles off Virginia coast

Turbines ~188 Siemens-Gamesa 14MW turbines

Est. installed cost ~$8B (~$3,000/kW inclusive of transmission)

Est. capacity factor 41%+

Tax credit eligibility Yes: ITC or PTC (passed through to customers)

Est. LCOE ~$80—$90/MWh

Recovery Regulated cost-of-service rider (subject to approval)

Prudency presumption criteria²

▪ Competitive procurement of goods/services▪ Projected LCOE less than ~$125/MWh³▪ Commence construction by 20244 or in-service by 2028

4 “Construction commencement” is defined in terms of tax rules

2H 2022 Final Environmental Impact Statement issued (BOEM)

Offshore wind: Virginia 2.6GW initial deploymentProviding significant economic and environmental benefits

27

Nov. 2013 113,000-acre leasehold acquired via auction for $1.6M

Sep. 2019 Final approval issued by BOEM for test project – first and only

Sep. 2019 2.6GW full-scale deployment announced

Jun. 2020 Test project construction complete

Dec. 2020 Construction & Operation Plan submitted to BOEM for 2.6GW

Mid 2021 Notice of Intent issued (BOEM)

Late 2021 Virginia rider/CPCN filing submitted

1H 2022 Draft Environmental Impact Statement issued (BOEM)

2H 2022 Virginia rider/CPCN proceeding completed (VA SCC)

Mid-2023 Record of Decision issued (BOEM)

End of 2026 2.6GW full-scale deployment construction completed

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

Attractive leasehold location▪ Minimal overlap with shipping▪ No proximal OSW leaseholds▪ Limited fishing industry activity▪ Sea floor depth of <125 feet

2.6GW OSW lease

SolarVirginia (cost-of-service investment)

28¹ https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1194+pdf, pages 23-24² Law specifies 65% utility-ownership

TimeframeCumulative gross

(incl. 3rd party-owned projects)

DEV (utility) owned portion²

VCEA capacity targets (GW)¹

By 2025 3.0 2.0

By 2028 6.0 3.9

By 2030 10.0 6.5

By 2036 16.1 10.5

Filing Annual

Recovery Regulated cost-of-service rider (subject to approval)

Regulatory approval considerations¹

▪ “Public interest”▪ RPS and carbon dioxide reduction requirements▪ Promotion of new renewable generation & associated economic

development▪ Projected fuel savings

Utility-owned solar: Current status

▪ ~400MW approved across three successful rider filings▪ ~80MW pending approval▪ ~63,000 acres under purchase or lease option

SolarEnterprise-wide

29¹ Long-term contracted solar is owned by either DEV or Contracted Assets segment and sells power under long-term power purchase agreements

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Regulated cost-of-service (utility-owned) Long-term contracted¹

Enterprise-wide cumulative owned solar (GW)

2.2GW

13.4GW

0.0GW

CAGR 2020—25 2020—30 2020—35

Regulated cost-of-service 52% 35% 26%

Long-term contracted 16% 8% 5%

Total 24% 16% 13%

6.4GW

10.0GW

2025 2030 2035

3rd party-owned projects (PPAs with DEV) (35%)

DEV (utility) owned (65%)

Energy storageVirginia (cost-of-service investment)

30¹ https://scc.virginia.gov/docketsearch/DOCS/4q%25101!.PDF, page 25

VCEA energy storage targets (cumulative MW)¹

2,700MW

1,200MW

250MW

Existing pilot projects

Location: Powhatan CountyCapacity: 10MW AC/2MW DCbatteries (paired with solar)Application: Offset “duck curve” & increase efficiencyTechnology: Lithium iron phosphate (LFP)

Location: Hanover CountyCapacity: 2MW battery (paired with substation)Application: Grid optimization across existing infrastructureTechnology: Lithium iron phosphate (LFP)

Location: New KentCapacity: 2MW battery (paired with solar)Application: Integrate renewable energy—Mitigate challenges of reverse flowsTechnology: Nickel Manganese Cobalt (NMC)

(Rider-eligible)

Nuclear relicensingVirginia (cost-of-service investment)

31¹ Based on 2019 MWh generation² Illustrative: 3-year average nuclear generation multiplied by the PJM marginal CO2 intensity rate

Surry North Anna

# of units 2 2

Owned capacity (MW) 1,676 1,672

Regulated ✓ ✓

Current license expiration 2032/33 2038/40

% of VA generation¹ 15% 15%

% of VA zero-carbon generation¹ 45% 45%

Estimated avoided CO2/year² 8 million tons 8 million tons

Key milestones

NRC extension application ✓ Q4 2018 ✓ Q3 2020

Estimated NRC approval 1H 2021 1H 2022

Rider recovery filing 2H 2021 2H 2021

Estimated rider approval Mid-2022 Mid-2022North Anna

Surry

▪ 20-year license extensions

▪ Rider-recovery eligible(subject to approval)

▪ Significant customer & environmental value

2020A 2025E

Zero-carbon: Renewable² Zero-carbon: Nuclear Electric transmission/distribution Other Coal

Components of investment baseCoal-fired generation—, Zero-carbon—

Percentage of total investment base¹

32

Coal: 7% Coal: 4%

Renewable: 10%

¹ 2020 and 2025 total investment base reflects regulated rate base at DEV, DESC, and Gas Distribution plus net book value of Contracted Assets and non-rate base DEV ringfenced solar² Includes solar, wind, biomass, hydro (ex. pumped storage)

Renewable: 20%Nuclear

Nuclear

Electric transmission/distribution

Electric transmission/distribution

Other Other

Zero-carbon

19%

Zero-carbon

28%

Zero-carbon + “wires”

61%

Dominion Energy VirginiaTypical residential electric customer

33

Current rate (cents per kWh)2

11.7

18.4

13.4

DEV RGGI states US

Committed to safety, reliability, and affordability during the clean energy transition

Historic growth rate1

(2008—2020)

(13%)

0.7%

1.8%

Avg. annual DEVcustomer bill

growth

Avg. annualinflation

Projected bill CAGR1

(inclusive of VCEA investment)

2.1%

2.9%

2.2%

2008—2030E 2019—2030E 2021E CPIinflation

1 Growth rate based on 2008, 2020, and 2030E typical DEV residential bill per page 32 of 2020 Virginia IRP; annual inflation per US Bureau of Labor Statistics CPI inflation calculator2 Current DEV rate as of November 2020; current Virginia and US rate per EIA November 2020 estimates, table 5.6.A https://www.eia.gov/electricity/monthly/current_month/january2021.pdf

Dominion Energy VirginiaTriennial review process

34Note: See appendix for more detailed information¹ Per 2020 law, SCC has discretion on treatment of impairment expenses related to early-retirement of fossil generation units

First triennial (“T1”) Second triennial (“T2”)

Initial filing March 2021 March 2024

Final order ~November 2021 Late 2024

Years reviewed 2017—2020 (4 years) 2021—2023 (3 years)

Allowed return Base ROE + 70 bps collar = 9.9% Base ROE (to be set during T1) + 70 bps collar

Investment under review “Base” only—Rider investment outside scope

Review considerations Customer credit reinvestments (“CCRO”), impairment expenses¹, other adjustments

Subject to “available revenues” determination and review considerations, Commission may order:

Customer refund Customer refund

Forward revenue reduction up to $50M Forward revenue adjustment

Dominion Energy VirginiaSecond triennial review

35

▪ Initial filing in over three years

▪ Retains key review components

▪ Rider-eligible investment growth

▪ Past, present, & future—Multiple paths that converge on a single objective: serving customers, employees, communities, the environment, and investors

▪ Fundamental DEV opportunity:

✓ Customer benefits

✓ Decarbonization

✓ Visibility

✓ Scope/size

✓ Duration

Dominion Energy South CarolinaOperational excellence + meeting commitments

36¹ SAIDI, the System Average Interruption Duration Index, is the benchmark for measuring success in keeping the lights on from year to year. It is the number of minutes on average a customer on our system is without power per year

▪ DESC has met, and intends to continue to meet, 100% of merger commitments

▪ ~$3B of utility investment and 80,000 new customers since last rate proceeding

▪ Filed base electric case in August 2020 after voluntary 60-day postponement based on challenges posed by COVID on customers

▪ In January 2021, DESC agreed to a 6-month pause in the rate proceeding

▪ During pause, Commission ordered that parties report monthly on settlement progress

▪ Absent settlement, hearing will resume in July with an order due by August 16, 2021

Keeping the lights on: Average SAIDI¹ score

146

117

91 88

2002—2006 2007—2011 2012—2019 2020

40% reduction

Lower is

better

Commentary

Dominion Energy South CarolinaRevised Integrated Resource Plan (IRP) to focus on renewables and decarbonization

37¹ As filed in DESC IRP dated February 28, 2020² ~1,300MW coal retired in 2028; dual fuel capability at remaining coal-fired facility eliminated by 2030³ 50% peaking capacity

Plan comparison (2020—2034)¹Next steps

▪ DESC to refile 2020 IRP this month to incorporate Commission feedback

▪ Approach that balances cost and carbon to address the clean-energy transition

▪ Alternate low carbon resource plan (“Plan 8”) in original IRP is indicative of the incremental opportunities to accelerate decarbonization at DESC

Plan 8 Base case

Coal retirement (MW) 1,3002 —

New storage (MW) 300 —

New solar (MW) 700 —

New gas generation (MW) 1,000³ —

CO2 reduction (2005—2030)

59% 39%

Cost difference (NPV) +3% —

Gas DistributionDecarbonization and growth ➔ Sustainability

38

2.7% 2.6%

1.6%

NC UT¹ Segment²

Robust growth: 3-year customer growth CAGR

OH3 UT¹ NC WV

Residential & commercial decoupling ✓ ✓ ✓ —

Infrastructure modernization / integrity rider recovery ✓ ✓ ✓ ✓

Regulation prioritizes safety, reliability & energy efficiency

Enhancing sustainability: Moving beyond Scope I

Scope I

▪ ~5% of Dominion Energy CO2e emissions (current)

▪ Ambitious reduction targets:65% by 2030 / 80% by 2040 / Net Zero by 2050

▪ Modernize infrastructure, equipment, processes & enhance detection

Scope 3: Upstream

▪ Formal support for federal methane regulation

▪ Work towards preferencing suppliers that meet emissions disclosure and net zero commitment standards

Scope 3: Customer

▪ Request increased annual energy efficiency spend from ~$40M (2020) to ~$55M (2025) (+45%)

▪ Work towards mandatory RNG blend levels that offset end-use emissions

▪ Expand Hydrogen blending pilots

¹ Includes Utah, Wyoming, and Idaho² Includes OH/WV customer growth; in OH throughput (rather than customer growth) more indicative of margin growth³ Certain OH commercial customers have a volumetric component depending on volume levels

ESG highlightsSelect 2020 milestones

39¹ Until company achieves at least 40% diverse representation. To be adjusted as necessary based on position and market availability. Achieved goal in 2020. “Diverse” includes non-minority female, minority male, minority female, and undeclared female

Announced Net Zero carbon and methane emissions by 2050

Published annual Sustainability and Corporate Responsibility Report in conformance with GRI, SASB and UN Sustainable Development Goals

New commitment to increase total workforce diversity by 1% each year¹

Formal support for Task Force on Climate-Related Financial Disclosures (TCFD)

$40M in commitments to social justice and equity

Feb

Oct

Oct

Nov

Summer

ESG highlightsSelect 2021 initiatives

40

Formal public support of federal methane regulations for production sources

Path forward includes increased focus on scope 3 emissions2021

Updated Climate Report aligned with TCFD Recommendations

Jan

2Q

CDP—Climate CDP—Water MSCI CPA-Zicklin JUST

Dominion Energy Sector average

9177

ESG highlights

41Note: CDP sector average reflects Thermal Power Generation sector; MSCI sector average n=145; CPA Zicklin utility average n=28; JUST Capital sector average n=35

A-B

A-B

ABBB 55

69

CPA-Zicklin

2020 2020 2020 2020 2020Climate Water

Independent 3rd party scoring reflects Dominion Energy’s best-in-class ESG performance

“Trendsetter”

“Just 100”

“Leadership band”

“Leadership band”

42¹ Includes license extension investment for DEV’s regulated nuclear power stations; does not include capital associated with potential license extension of SC and CT nuclear units

~$72B

~$26B

Up to $9B

Up to $15B

Up to $4B¹

Up to $7B

Up to $20B

Up to $17B

Offshore wind

Solar

Energy storage

Nuclearlife

extension

Electric gridtransformation

Gas distribution

modernization/ RNG

2021 – 20252020 – 2035

Total opportunity

2020 – 2025 portion of total opportunity

2020 – 2035 total opportunity

EnvironmentDecarbonization initiatives extend beyond 5-year plan; benefits customers, communities, environment

Appendix

43

EnvironmentGeneration by fuel type

44

Electric generation by fuel type (Mwh)

Coal

Nuclear

Natural gas

Renewable

52%

36%

7%

4%

1%

10%

40%

45%

0%

5%

34%

26%

35%

<6%

Other 0%

~95% zero/low carbon

~70% zero carbon

Present:2020

Past:2005

Future:2035 (est)

Note: Historical data pro forma for SCANA merger. Excludes purchased power and pumped storage. Enterprise-wide generation (MWh) includes Contracted Assets, DESC and DEV; DEV forecasted generation mix assumes VA IRP Plan B filed in May 2020; DESC forecasted generation mix assumes DESC IRP Plan RP2

HydrogenEarly-steps to validate long-term use cases

45

Category Use case Initial phase Goal Status

Gas distribution

Distribution fuel mix blending

Introduce hydrogen into controlled environment (Safety Training Facility)

Validate feasibility of blending at least 5% hydrogen by 2030

Underway

Gas distribution

Fleet transportation applications

Small scale design/build of hydrogen generation &

transportation infrastructure

Develop scalable hydrogen capabilities to support

transportation applications

Underway

Power generation

(Co)-fire at new and/or existing generation

Technical testing in controlled environment

(existing equipment), permitting implications

Validate feasibility of hydrogen as power generation fuel

Early stage

Green hydrogen

production

Zero-carbonhydrogen production

Explore small-scale strategic partnerships &

potential on-system pilots

Develop expertise across a variety of green hydrogen generation

technologies and use cases

Early stage

2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020

ESGThird party assessments

46

Continued participation and strong results across assessments

CPA-Zicklin

Scoring methodology

changed in 2020

F

B

A- A-

B B

A

A-

BBB BBB

A A

4754

6169

8791 91 91

33

Climate Water

Operating segmentsSummary

47

~12%

UTStates of operation

2021 operatingearnings contribution

Description


ContractedAssets

Gas Distribution

VA

NC

OH

UT

WY

WV

NC

ID

~57% ~17%

CTUT

CA

Electric distribution,

transmission & generation

Gas distribution & Renewable

natural gas(RNG)

Long-term contracted zero-

carbon generation & Cove Point (50%)

Dominion EnergySouth Carolina

~13%

Electric distribution, transmission,

generation & gas distribution

SC Southeastern & Mid-

Atlantic U.S.

State-regulated utility operations

2020 operating EPSBridge

48

July 5th guidance midpoint(weather-normal)

(+) utility salesresurgence

(+) O&M &other

2020(weather-normal)

(-) unfavorable weather 2020(actual)

$3.50

$3.63

Second half drivers vs. guidance

offset full-year weather

$3.54

July 5 midpoint

(W/N)

(+) utility sales

(+) O&M &other

2020W/N

(-) unfavorable

weather

2020actual

W/N = weather-normal

Guidance midpoint

$0.04Share

repurchase impact $3.50

$0.04Share

repurchase impact

($0.09)

Guidance midpoint

Rate base and EPS growthIllustrative bridge

49

Five-year rate base growth

Long-term EPSgrowth guidance

~9%

6.5%

~1.25% ~1.25%

Parent financing:DRIP/ATM

equityParent

financing:Fixed

income

Other

Parent financing:Existing

mandatory conversion

(2022)

2021E: $3.70—$4.00

Segment-level disclosureOperating earnings per share guidance

50¹ Not shown: Corporate and Other & Eliminations; assumes pro-rata allocation to segments based on operating EPS contribution

Dominion Energy Virginia

Gas Distribution

Dominion Energy South Carolina

Contracted Assets

Corporate and Other & Elims

Consolidated total

$2.35 —$2.50

$0.73 —$0.75

$0.53—$0.59

$0.50 —$0.54

($0.42)—($0.37)

$3.70—$4.00

2021 guidance 2021E contribution by segment¹


57%Dominion Energy South

Carolina13%

Gas Distribution

17%

Contracted Assets

12%

2020 actual

$2.28

$0.67

$0.51

$0.48

($0.40)

$3.54


Contracted Assets

Gas Distribution

Dominion Energy

South Carolina

Corporate and Other

$13.3

$35.5

$3.4$3.4 $0.8

$14.6

Total

Tota

l deb

t ($

B)¹

Segm

ent

Fin

anci

ng

enti

ties

VEPCO DEO

Questar Gas

PSNC

DESC Solar entities DEI

Denotes SEC registrant

✓ ✓ ✓

✓

51

Segment-level disclosureCapital structure summary: Year-end 2020

Levered cash flow

Levered cash flow

Levered cash flow

Unlevered cash flows

incl. Millstone and Cove

Point

Corporate & Other debt supported by levered and unlevered segment cash flows

¹ Total long-term debt (inclusive of long-term debt due within a year) and DERI-demand notes. Excludes Gas Transmission & Storage / DEGH debt, cash, commercial paper (CP) outstanding, financing leases, fair value hedge valuation, unamortized discount, premium and debt issuance costs, and estimated prepayments. Preliminary and unaudited as of 12/31/2020

Consolidated financial outlookFive-year growth capital summary

52

Zero-carbon generation & energy storage

52%

~$32B2021—2025

growth capital

~$32B

Electric transformation¹

20%

Customer growth / other

18%

Gas dist. modernization /

RNG10%

¹ Inclusive of all electric transmission, grid transformation, and strategic undergrounding investment

Consolidated financial outlookFive-year capital summary¹

53

$B 2021E 2022E 2023E 2024E 2025E TotalDominion Energy Virginia $2.9 $3.3 $4.7 $6.6 $6.3 $23.8

Gas Distribution 1.2 0.9 0.8 0.7 0.9 4.5

Dominion Energy South Carolina 0.4 0.4 0.3 0.3 0.3 1.7

Contracted Assets 0.3 0.5 0.4 0.7 0.5 2.2

Total $4.7 $5.1 $6.1 $8.3 $8.0 $32.2

Maintenance capital

Growth capital

¹ Excludes corporate and other

$B 2021E 2022E 2023E 2024E 2025E Total

Dominion Energy Virginia $1.1 $1.2 $1.2 $1.1 $1.1 $5.6

Gas Distribution 0.3 0.4 0.5 0.4 0.4 2.1

Dominion Energy South Carolina 0.5 0.4 0.6 0.5 0.5 2.6

Contracted Assets 0.3 0.2 0.2 0.2 0.1 1.0

Total $2.2 $2.2 $2.4 $2.3 $2.2 $11.2

Dominion Energy VirginiaOverview

54

Electric Distribution Generation CustomersElectric

Transmission

▪ 6,700 miles of transmission lines in NC, VA and WV

▪ Electric grid transformation projects

▪ 58,900 miles of distribution lines

▪ Strategic Undergrounding and Grid transformation

▪ ~19 GW of capacity▪ Offshore wind, solar, energy

storage and nuclear relicensing

▪ ~440 MWs of non-jurisdictional solar generation in-service; 16-to-25-year contracts with high-quality counterparties

▪ 2.7 million residential, commercial, industrial and government customers in VA and NC

▪ ~82% of revenue comes from VA jurisdictional customers

Dominion Energy VirginiaFive-year growth capital summary

55

Rider87%

~$24B2021—2025

growth capital

Base13%

Recovery method

~$24B

Dominion Energy VirginiaFive-year growth capital outlook

56

Solar

$4.0B2021—2025

growth capitalRecovery method:

Rider

Transmission

$4.2B2021—2025

growth capital

Recovery method:Rider

Customer growth

$2.1B2021—2025

growth capital

Recovery method:Base

Offshore wind

$6.5B2021—2025

growth capital


$1.0B2021—2025

growth capitalRecovery method:

PPA1

¹ Constructed, owned and operated by Dominion Energy Virginia


57

Energy storage

$1.8B2021—2025

growth capital


Nuclearrelicensing

$1.3B2021—2025

growth capital


Gridtransformation

$1.1B2021—2025

growth capital


Strategic undergrounding

$0.9B2021—2025

growth capital



58

Offshore wind27%

Renewable-enabling CTs

$0.7B2021—2025

growth capital


~$24B2021—2025

growth capital

Solar21%Transmission

18%

Customergrowth

9%

Energy storage8%

Nuclear relicensing

6%

Gridtransformation

5%

Strategicundergrounding

4%

CT3%

~$25B2020E

rate base

Dominion Energy VirginiaFive-year rate base outlook

59

VA base37%

Electrictransmission

26%

VA riders24%

Other8%

DENC5%

VA base27%

Electric transmission

20%

VA riders43%

DENC4%

Rider: ~63%Rider: ~50%

~$45B2025E

rate baseOther

6%

Note: Projected rate base balances do not make any assumption with regard to CCRO usage during the 2024 triennial review

Dominion Energy Virginia Regulatory summary

Rate base($B)

VA base

Common equity %

Allowed ROE

Electric Transmission

rider

Legacy A6 riders / other

riders

Dominion Energy

North Carolina

~$9.2¹

52.0% 52.0%52.4% 52.0%

9.2%(+/-) 70 bps

9.2% - 10.2%11.4%6 9.75%

~$6.0³~$6.5² ~$1.14

Notes:1 Estimated 2020 end of period rate base for Virginia jurisdictional customers2 Estimated 2020 end of period rate base for Virginia’s transmission rider inclusive of non-jurisdictional (wholesale/retail contracts)3 Estimated 2020 end of period rate base for Virginia’s legacy A6 riders: Bear Garden, VCHEC, Warren County, Biomass conversions, Brunswick County, Greensville County, Strategic Underground, US-2 solar and US-3 solar inclusive of non-jurisdictional (wholesale/retail contracts) and estimated 2020 end of period rate base for other solar, wind, nuclear, pumped storage and grid modernization riders inclusive of non-jurisdictional (wholesale/retail contracts)4 Estimated 2020 end of period rate base for DENC. This includes NC’s allocated portion of total system generation, transmission, and distribution rate base5 Various other non-jurisdictional base rates (wholesale/retail contracts)6 Includes 50 bps RTO adder7 Weighted-average reflecting base + collar for VA base

Authority VaSCC VaSCCFERC NCUC

Total

~$24.8

~52.1%

~10.3%7

—

Other

N/A

N/A

~$2.05

Wholesale/Retail Contracts

60

Dominion Energy VirginiaRate base reconciliation

61

Illustrative only Total

2020E Dominion Energy Virginia rate base $24.8

(+) capital expenditures 26.7

(-) DD&A (5.8)

(-) other (0.9)

2025E Dominion Energy Virginia rate base $44.8

Dominion Energy VirginiaIllustrative schematic: 2021 Triennial review of base rate base

62

Step 1: Determine earned return Step 2: Determine if refund Step 3: Determine if revenue reduction

▪ Calculate regulatory earned ROE during 2017—2020 time period

Aggregate regulatory net incomeover 4 years ¹

Aggregate of each year’sregulatory equity capitalization

▪ Compare earned ROE to 9.9%:(9.2% allowed ROE + 70 bps collar)

▪ Gross up earned return above allowed (if any) by statutory tax rate (~25%) to determine “available revenues”

Are there “available revenues”?

▪ No: No CCRO or refund

▪ Yes: See below

A Available revenues

B (-) 2020 COVID arrears relief ($127M)

C Subtotal (A – B)

D (x) 70% sharing with customers

E Subtotal (C x D)

F (-) Utilized CCRO investment²

G Refund to customers (E – F)

Are there “available revenues”?

▪ No: No revenue reduction

▪ Yes: See below

Is eligible CCRO² greater than “available revenues”?

▪ Yes: No revenue reduction

▪ No: Revenue reduction up to $50M; Full-year impact in 2022+

Procedural schedule: Initial filing—March 2021, Final order— November 2021

¹ Inclusive of impairment expenses related to early-retirement of fossil generation units -- Per 2020 law, SCC has discretion on treatment of impairment expenses related to early-retirement of fossil generation units ² Estimated 2017—2020 CCRO eligible capital investment: ~$300M—$325M; 70% of utilized CCRO is removed from rate base following utilization

Dominion Energy Virginia Triennial earnings review: ROE

63

Denominator(Aggregate of 2017 –

2020 individual periods)

Base revenue:

(-) Operating expenses

(-) Depreciation, inclusive of impairments

(-) Other

(-) Interest expense for rate making (based on authorized capital structure)

(-) Income tax expense (based on statutory rates)

Total

Gross plant investment:

(-) Accumulated depreciation

(-) Accumulated deferred income taxes

(-) Excess deferred income taxes

(+) Working capital and other

Total

(x) Equity %

Equity rate base

Numerator(Aggregate of 2017 –

2020 individual periods)

Dominion Energy VirginiaCustomer Credit Reinvestment Offset (“CCRO”) eligibility

▪ Allows DEV to deploy capital in support of Virginia policy priorities (renewable generation and grid transformation) without impacting customer bill

▪ In order to be eligible for use, capital investment must:▪ Be invested during the triennial period under review ▪ Be deemed prudent by the VA SCC▪ Be spent on solar or wind generation or grid

transformation projects▪ Not already be included in an approved rider

▪ Upon satisfying the eligibility criteria, DEV may elect to utilize some/all CCRO capital for purposes of the relevant triennial review calculations

▪ 30% of utilized reinvestment capital (CCRO) remains in rate base for future review periods

~$12B

Summary CCRO eligible capex by year¹ ($B)

¹ Subject to prudency determination by VA SCC; Approximately 82% of the amounts shown herein are VA jurisdictional and could be considered for CCRO eligibility

Second triennial (T2)review period

64

65Note: Represents owned capacity¹ Will be retired after it meets its capacity obligation in 2023² Will be retired no later than 2028

Dominion Energy VirginiaGeneration portfolio

Plant Location Type

Summer Cap.

(MW)Surry Surry, VA Nuclear 1,676North Anna Mineral, VA Nuclear 1,672Mt. Storm Mt. Storm, WV Coal 1,621Chesterfield¹ Chester, VA Coal 1,014VCHEC Wise County, VA Coal 610Clover Clover, VA Coal 439Greensville Emporia, VA Gas 1,629Brunswick Brunswick County, VA Gas 1,376Warren County Warren County, VA Gas 1,370Ladysmith CT Ladysmith, VA Gas 783Remington CT Remington, VA Gas 622Bear Garden CC Buckingham County, VA Gas 622Possum Point CC Dumfries, VA Gas 573Chesterfield CC Chester, VA Gas 392Elizabeth River CT Chesapeake, VA Gas 330Gordonsville Energy CC Gordonsville, VA Gas 218Gravel Neck CT Surry, VA Gas 170Darbytown CT Richmond, VA Gas 168Yorktown¹ Yorktown, VA Oil 790Gravel Neck CT Surry, VA Oil 198Darbytown CT Richmond, VA Oil 168Rosemary CC Roanoke Rapids, NC Oil 160Possum Point CT Dumfries, VA Oil 72Low Moor CT Covington, VA Oil 48Northern Neck CT Lively, VA Oil 47Chesapeake CT Chesapeake, VA Oil 39Bath County Warm Springs, VA Water 1,808

Plant Location Type

Summer Cap.

(MW)Gaston Roanoke Rapids, NC Water 220Roanoke Rapids Roanoke Rapids, NC Water 95North Anna Hydro Mineral, VA Water 1Altavista² Altavista, VA Biomass 51Polyester² Hopewell, VA Biomass 51Southampton² Southampton, VA Biomass 51Colonial Trail Surry, VA Solar 142Spring Grove Surry, VA Solar 98Whitehouse Solar Louisa, VA Solar 20Woodland Solar Smithfield, VA Solar 19Scott Solar I Powhatan, VA Solar 17Mt. Storm SC Mt. Storm, WV Other 11Total Utility Generation 19,391

Fuel Type Summer Cap. (MW) (%)Nuclear 3,348 17.3% Coal 3,684 19.0% Gas 8,253 42.6% Oil 1,522 7.8% Water 2,124 11.0% Biomass 153 0.8% Solar 296 1.5% Other 11 0.1% Total Utility Generation 19,391 100.0%

Plant Location Type

Summer Cap.

(MW)Grasshopper Mecklenburg County, VA Solar 80 Gutenberg Garysburg, NC Solar 80 Chestnut Enfield, NC Solar 75Pecan Seaboard, NC Solar 75Gloucester Gloucester, VA Solar 20Montross Montross, VA Solar 20Morgans Corner Elizabeth City, NC Solar 20Remington Solar Remington, VA Solar 20Oceana Solar Virginia Beach, VA Solar 18Hollyfield Solar Manquin, VA Solar 17Puller Toppings, VA Solar 15Ring-Fenced 440

Dominion Energy Gas DistributionFive-year growth capital summary

66

Base 31%

$4.5B

Contracted14%

~$4.5B

$4.5B

Business and recovery method 2021 – 2025 growth capital ($B)

OH35%

UT26%

NC17%

WV7%

RNG14%

Rider55%

Dominion Energy Gas DistributionFive-year growth capital outlook

67

UtahDecoupled

North CarolinaDecoupled

$0.8B2021—2025

growth capital

Customer growthIndustrial/power projects

System enhancements

OhioDecoupled

$1.6B2021—2025

growth capital

Pipeline replacementIndustrial/power projects

Customer growth

$1.2B2021—2025

growth capital

Pipeline replacementCustomer growth

Reliability (LNG storage)System expansion

Renewable natural gas

$0.6B2021—2025

growth capital

Dairy and swine projects

Dominion Energy Gas DistributionFive-year rate base outlook

68

~$14B2025E

rate base

Ohio51%

~$9B2020E

rate base

NC19%

Utah27%

WV4%

Ohio51%

WV5%

Utah27%

NC17%

Dominion Energy Gas DistributionRegulatory summary

Rate base($B)

Ohio

Common equity %

Allowed ROE

Utah andWyoming

North Carolina West Virginia

$4.4

51.3% 52.0%63.3%1 49.1%

10.4% 9.7%10.0%1 9.5%

$1.6$2.3 $0.3

Notes:1 Weighted average of UT, WY and Wexpro (which is 100% regulatory equity calculated). UT has 55% common equity % and 9.5% allowed ROE. WY has 55% common equity % and 9.4% allowed ROE.2 Rate base weighted average

Customers 1.2M 0.6M1.1M 0.1M

Total

$8.7

54.6%2

10.1%2

3.1M

69

Dominion Energy Gas DistributionRate base reconciliation

70

Illustrative only $B

2020E Dominion Energy Gas Distribution rate base $8.7


(-) DD&A (1.8)

(+) other 0.9

2025E Dominion Energy Gas Distribution rate base $13.8

Dominion Energy South CarolinaFive-year growth capital summary

71

$1.7B

$1.7B

Electric customer growth

24%

Gas28%

Electric grid transformation

14%Generation33%

Base 72%

$1.7B

Rider¹28%

¹ Represents growth capital under Natural Gas Rate Stabilization Act

Dominion Energy South CarolinaFive-year growth capital outlook

72

Generation Gas

$0.5B2021—2025

growth capital

Customer growthSystem enhancements

Electric customer growth

$0.4B2021—2025

growth capital

Customer growthSystem enhancements

$0.6B2021—2025

growth capital

Generation modernization

Electric grid transformation

$0.2B2021—2025

growth capital

AMITransmission

~$9B2020E

rate base

Dominion Energy South CarolinaFive-year rate base outlook

73

~$10B2025E

rate base

Electric69%

Gas9%

CCR22%

Electric76%

CCR11%

Gas13%

Dominion Energy South CarolinaSummary

Rate base($B)

DESC: Electric

Common equity %

Allowed ROE

DESC:Gas

DESC:CCR

$5.8

52.56%1 52.81%53.14%

10.25% 9.9%9.9%

$1.9$0.8

Notes:1 Actual common equity balance as of 12/31/19.2 Rate base weighted average

Customers 0.8M –0.4M

Total

$8.5

52.7%2

10.1%2

1.2M

74

Dominion Energy South CarolinaRate base reconciliation

75

Illustrative only $B

2020E Dominion Energy South Carolina rate base $8.5


(-) DD&A (1.8)

(-) other (0.7)

2025E Dominion Energy South Carolina rate base $10.2

Dominion Energy South CarolinaCapital Cost Rider (“CCR”)

76

The capital cost rider was approved under terms of the South Carolina PSC merger approval in late 2018

▪ Allows recovery of and return on ~$2.8B of New Nuclear Development costs

▪ Disallowed recovery/permanently impaired the other ~$2 billion of such costs

– (+) ~$2B Dominion-funded refunds & restitution over 20-year amortization period

Authorized equity capitalization 52.81%

Authorized return on equity 9.9%

Authorized recovery period 20 years (amortized by Feb 2039)

2020 year-end rate base $1.9B (accounting for net DTL and accumulated depreciation)

Annual depreciation ~$140M

Dominion Energy South CarolinaTypical residential electric customer

77

Pre and post merger rate (cents per kWh)

~14.8

~12.5

2017(Pre merger)

2019(Post merger)

Note: May 2017, February 2019, and May 2020 DESC rates as reported on https://ors.sc.gov/regulated-utilities/electric-natural-gas/electric/historical-electric-residential-bills; current South Carolina and US rates per EIA November 2020 estimates, table 5.6.A https://www.eia.gov/electricity/monthly/current_month/january2021.pdf; assumes 1,000kwh per month as typical usage

15% bill reduction relative to pre-merger levels

12.2

12.7

13.4

DESC South Carolina US

(4%)

(8%)

Current rate (cents per kWh)

Dominion Energy South CarolinaGeneration portfolio

78

Plant Location TypeSummer

Cap. (MW)Jasper (CC) Hardeeville, SC Gas 852Columbia Energy Center (CC) Gaston, SC Gas 519Urquhart (CC) Beech Island, SC Gas 458McMeekin Irmo, SC Gas 250Hagood (CT) Charleston, SC Gas 126Urquhart Unit 3 Beech Island, SC Gas 95Urquhart (CT) Beech Island, SC Gas 87Parr (CT) Jenkinsville, SC Gas 60Coit (CT) Columbia, SC Gas 26Williams (CT)¹ Goose Creek, SC Gas 40Williams Goose Creek, SC Coal 605Cope² Cope, SC Coal 415Wateree³ Eastover, SC Coal 684Fairfield Jenkinsville, SC Hydro 576Saluda Irmo, SC Hydro 190Other Various Hydro 18Summer Jenkinsville, SC Nuclear 650Power purchase agreements 876Total Utility Generation 6,527

Fuel Type Summer Cap. (MW) (%)Gas 2,513 38.5% Coal 1,704 26.1% Hydro 784 12.0% Nuclear 650 10.0% Power purchase agreements 876 13.4% Total Utility Generation 6,527 100.0%

Note: Represents owned capacity¹ Includes 20MW under repair

² Capable of burning natural gas as a secondary source ³ Includes 342MW under repair

Contracted assetsOverview¹

79

Millstone Cove PointSolar

15%▪ 15-to-20-year contracts

with high-quality counterparties

▪ ~1,400 MWs in-service ▪ $1B of non-recourse

financing

40%▪ 9 million MWh (~55% of

annual output) for 9 remaining years; fixed price of $49.99

▪ Residual output (~45%) hedged on rolling basis

▪ Capacity market revenue

45%▪ 50% non-operating

interest▪ 20 year take-or-pay

export (no exposure to price/volumes)

Segment operating income contribution

¹ Offshore wind vessel will be included in Contracted Assets

Contracted assetsFive-year growth capital outlook

80

$2.2B

$2.2B

Contracted solar100%

Millstone hedging as of February 2021

Contracted assets2021 Millstone energy position

16.2M MWh in

2021

54% long-term contracted8.7M MWh

$49.9945% hedged

7.3M MWh$34.51

1% open0.2M MWh

~99% of 2021 volumes de-risked at volume weighted average price of $42.47

81

Contract price recognizes

regional economic, tax & environmental

benefits

Contracted assetsGeneration portfolio

82


Cap. (MW)Millstone Waterford, CT Nuclear 2,001ASFV – Southampton Newsoms, VA Solar 100Hardin Solar Hardin County, OH Solar 97ASFV – Eastern Shore Oak Hall, VA Solar 80Greensville Solar Greensville, VA Solar 80Innovative Solar 37 Morven, NC Solar 79Wilkinson Solar Pantego, NC Solar 74Seabrook Solar Seabrook, SC Solar 73Moffett Solar 1 Ridgeland, SC Solar 71Summit Farms Solar Moyock, NC Solar 60Enterprise Iron County, UT Solar 40Escalante I Beaver County, UT Solar 40Escalante II Beaver County, UT Solar 40Escalante III Beaver County, UT Solar 40Granite Mtn. East Iron County, UT Solar 40Iron Springs Iron County, UT Solar 40Pavant Solar Holden, UT Solar 34Camelot Solar Mojave, CA Solar 30Midway II Calipatria, CA Solar 30Granite Mtn. West Iron County, UT Solar 25Buckingham Cumberland, VA Solar 20Correctional Barhamsville, VA Solar 20Hecate Cherrydale Cape Charles, VA Solar 20Indy Solar Indianapolis, IN Solar 20Sappony Stoney Creek, VA Solar 20Scott II Powhatan, VA Solar 20TWE Myrtle Solar Suffolk, VA Solar 15Adams East Solar Tranquility, CA Solar 13


Cap. (MW)Alamo Solar Oro Grand, CA Solar 13CID Solar Corcoran, CA Solar 13Imperial Valley Solar Niland, CA Solar 13Kansas Solar Lenmore, CA Solar 13Kent South Solar Lenmore, CA Solar 13Maricopa West Taft, CA Solar 13Old River One Solar Bakersfield, CA Solar 13Richland Jeffersonville, GA Solar 13West Antelope Solar Lancaster, CA Solar 13Catalina Solar 2 Rosamond, CA Solar 12Mulberry Solar Selmer, TN Solar 11Selmer Solar Selmer, TN Solar 11Columbia Two Solar Mojave, CA Solar 10Hecate Energy Clarke County White Post, VA Solar 10Ridgeland Solar Farm I Ridgeland, SC Solar 10Cottonwood - Goose Lake Lost Hills, CA Solar 8Cottonwood - City of Corcoran Corcoran, CA Solar 7Blackville Solar Farm Barnwell County, SC Solar 7Denmark Solar Bamberg County, SC Solar 6Azalea Solar Davisboro, GA Solar 5Clipperton Clinton, NC Solar 5Fremont Solar Fremont, NC Solar 5Moorings 2 Lagrange, NC Solar 5Mustang Solar Robbins, NC Solar 5Pikeville Solar Pikeville, NC Solar 5Siler Solar Siler City, NC Solar 5Wakefield Zebulon, NC Solar 5Somers Solar Somers, CT Solar 3Cottonwood - Marin Car Port Novato, CA Solar 1Total Merchant Generation 3,475

Fuel TypeSummer Cap.

(MW) (%)Nuclear 2,001 58%

Solar 1,474 42% Total Merchant Generation 3,475 100%

Note: Represents owned capacity

DEVirginia2.7M39%

DESouth Carolina

1.2M17%

Gas Distribution3.1M44%

Twelve months ended December 31 ‘18-’20 CAGR

Customers 12/31/2020 (M)

DE Virginia 1.2% 2.7

DE South Carolina 2.4% 1.2

Electric 1.9% 0.8

Gas 3.3% 0.4

Gas Distribution 1.6% 3.1

UT/ID/WY 2.6% 1.1

NC 2.7% 0.6

OH 0.5% 1.2

WV 0.1% 0.1

Total utility customers 1.6% 6.9

State summarySegment summary as of 12/31/2020

6.9M state utility customers

CustomersState-regulated utilities

83

WeatherAfter-tax impacts ($M)

($58) ($16) $35 ($21) ($60)

(9) (9) (3) $11 (10)

(5) 2 0 (1) (4)

($72) ($23) $32 ($11) ($74)

($26) ($22) ($2) ($24) ($74)

9 (23) (9) $8 (15)

(5) 3 1 (1) (2)

($22) ($43) ($10) ($16) ($91)

Dominion Energy Virginia2

Dominion Energy South Carolina3

Gas Distribution4

1 The effects on earnings from differences in weather compared to normal and compared to prior periods are measured using base rate revenue. This schedule does not reflect the O&M expenditures for restoring service associated with outages caused by major storms. 2 Dominion Energy Virginia electric utility operations 3 Dominion Energy South Carolina electric and gas utility operations 4 Comprised of Dominion Energy Ohio, Dominion Energy WV, Dominion Energy UT/WY/ID (Questar Gas), and PSNC. Note: Dominion Energy UT/WY/ID, PSNC and DE SC (Gas) have decoupling mechanisms that minimize or eliminate weather impacts. Figures may not sum due to rounding.

Total

Q1

Ver

sus

no

rmal

¹V

ersu

s p

rio

r ye

ar¹ Dominion Energy Virginia2

Dominion Energy South Carolina3

Gas Distribution4

Total

Q2 Q3 Q4 2020 YTD

Q1 Q2 Q3 Q4 2020 YTD

84

WeatherDegree days

85

Quarter ended 12/31 Twelve months ended 12/31

2020 2019 2020 2019

Actual 1,062 1,217 2,970 3,259

Normal 1,267 1,251 3,557 3,527

Actual 51 83 1,759 2,031

Normal 53 56 1,651 1,682

Actual 464 481 1,074 1,179

Normal 490 495 1,317 1,337

Actual 21 39 794 951

Normal 15 11 854 818

Actual 464 481 1,074 1,179

Normal 490 495 1,317 1,337

Actual 2,040 2,211 4,973 5,501

Normal 2,108 2,189 5,431 5,569

Actual 1,812 1,909 5,148 5,355

Normal 1,873 1,908 5,520 5,513

Actual 1,055 1,131 2,734 2,942

Normal 1,233 1,224 3,264 3,197

Ele

ctri

cG

as

SC

UT / WY / ID

OH / WV

NC

Heating

Heating

Cooling


Dominion Energy South

Carolina

Heating

Cooling

86

Fixed income2021 long-term debt financing activities ($M)¹

¹ Excludes short-term debt activity as well as potential opportunistic financings including liability management


Gas Distribution

Dominion Energy South Carolina

Contracted Assets

DEI

Issuance range Scheduled debt maturities Net issuances

$700—$1,000 $0 $700—$1,000

$300—$500 $150 $150—$350

$400—$600 $33 $400—$600

$0 $0 $0

$3,000—$3,500 $1,650 $1,350—$1,850

$4,400—$5,600 $1,833 $2,567—$3,767Total

Fixed incomePreliminary and unaudited schedule of long-term debt as of December 31, 2020 ($M)

87

Segment Financing Entity Description Maturity Weighted Avg. Rate Short-term at 12/31/2020 Long-term at 12/31/2020

DE Virginia VEPCO Unsecured Senior Notes, fixed rates 2022-2050 4.14% -$ 12,689$

DE Virginia VEPCO Tax-Exempt Financings, fixed rates 2032-2041 1.14% - 625

Gas Dist QGC Unsecured Senior Notes, fixed rates 2024-2051 4.25% - 750

Gas Dist PSNC Senior Debentures and Notes, fixed rates 2021-2047 4.62% 150 650

Gas Dist EOG Senior Notes, fixed rates 2025-2050 2.25% - 1,800

DE SC DESC First Mortgage Bonds, fixed rates 2021-2065 5.42% 33 3,234

DE SC DESC Tax-Exempt Financing, variable rate 2038 0.13% - 35

DE SC DESC Tax-Exempt Financings, fixed rates 2028-2033 3.90% - 54

DE SC DESC Other Long-term Debt, fixed rates 2027-2069 3.67% - 1

DE SC GENCO Tax-Exempt Financing, variable rate 2038 0.13% - 33

CA DGI sub Secured Senior Notes, fixed rate 2042 4.82% 17 314

CA DGI sub Term Loans, variable rates 2023-2024 2.55% 35 441

CA DGI sub Tax-Exempt Financing, fixed rate 2033 1.70% - 27

Corp & Other DEI 364-Day Credit Facility, variable rate 2021 1.18% 225 -

Corp & Other DEI Unsecured Senior Notes, variable rate 2023 0.75% - 1,000

Corp & Other DEI Unsecured Senior Notes, fixed rates 1 2021-2049 3.98% 400 9,538

Corp & Other DEI Unsecured Junior Subordinated Notes:

Corp & Other DEI Fixed rates 2021-2024 3.23% 1,250 700

Corp & Other DEI Payable to Affil iated Trust, fixed rate 2031 8.40% - 10

Corp & Other DEI Enhanced Junior Subordinated Notes, fixed rates 2054-2076 5.48% - 1,485

Total Principal Amount 2 2,110$ 33,386$

Fair Value Hedge Valuation (1) 4

Unamortized Discount, Premium and Debt Issuance Costs, net (1) (292)

Finance Leases and Other Long-Term Debt 32 881

Estimated mandatory prepayments based on estimated cash flows in excess of debt service 22 (22)

Total Debt 2,162$ 33,957$

¹ Includes debt previously issued by CNG 2 Excludes Dominion Energy Questar Pipeline’s debt totaling $430M which is presented in held for sale in Dominion Energy’s Consolidated Balance Sheets

Fixed incomeSchedule of debt maturities as of December 31, 2020 ($M)

88

Financing

Due Date Entity DE Virginia Gas Dist DE SC CA Corp & Other Total

2021

4.59% Private Placement Senior Notes 02/14/21 PSNC - 150 - - - 150

364-Day Revolving Credit Facility (variable) 03/18/21 DEI - - - - 225 225

4.104% Junior Subordinated Notes 04/01/21 DEI - - - - 550 550


2.0% 2016 Series C Senior Notes 08/15/21 DEI - - - - 400 400

3.5% First Mortgage Bonds 08/15/21 DESC - - 3 - - 3

3.22% Private Placement First Mortgage Bonds 10/18/21 DESC - - 30 - - 30

Sinks of various debt obligations multiple multiple - - - 52 - 52

2021 Total - 150 33 52 1,875 2,110

2022

2.75% 2017 Series B Senior Notes 01/15/22 DEI - - - - 400 400

2.95% 2012 Series A Senior Notes 01/15/22 VEPCO 450 - - - - 450




2022 Total 750 - - 53 750 1,553

2023

2.45% 2019 Series B Private Placement Senior Notes 01/15/23 DEI - - - - 1,000 1,000

2.75% 2013 Series C Senior Notes 03/15/23 VEPCO 700 - - - - 700

2020 Series D Senior Notes (variable) 09/15/23 DEI - - - - 1,000 1,000

2016 Term Loan (variable) (SBL Holdco) multiple DGI Sub - - - 235 - 235


2023 Total 700 - - 266 2,000 2,966

Segment

Fixed incomeSchedule of debt maturities as of December 31, 2020 ($M)

¹ Excludes finance leases, other long-term debt and Dominion Energy Questar Pipeline’s debt totaling $430M which is presented in held for sale in Dominion Energy’s Consolidated Balance Sheet

89

Financing

Due Date Entity DE Virginia Gas Dist DE SC CA Corp & Other Total

2024


3.496% 2017 Series C Senior Notes 03/15/24 DEI - - - - 300 300


2.98% Series A Private Placement Senior Notes 12/01/24 QGC - 40 - - - 40

2017 Term Loan (variable) (Dominion Solar Projects III) multiple DGI Sub - - - 157 - 157


2024 Total 350 40 - 174 1,000 1,564

2025

3.30% 2020 Series A Senior Notes 03/15/25 DEI - - - - 400 400


1.30% 2020 Series A Private Placement Senior Notes 06/15/25 DEO - 500 - - - 500



2025 Total 350 500 - 19 1,150 2,019

Total¹ 2,150$ 690$ 33$ 564$ 6,775$ 10,212$

Segment

Fixed incomeCredit Ratings

Dominion Energy, Inc. Moody’s S&P Fitch

Corporate/Issuer Baa2 BBB+ BBB+

Senior Unsecured Debt Securities Baa2 BBB BBB+

Junior Subordinated Notes Baa3 BBB BBB

Enhanced Junior Subordinated Notes Baa3 BBB- BBB-

Preferred Stock Ba1 BBB- BBB-

Short-Term/Commercial Paper P-2 A-2 F2

Outlook Stable Positive Stable

VEPCO Moody’s S&P Fitch

Corporate/Issuer A2 BBB+ A-

Senior Unsecured Debt Securities A2 BBB+ A



Questar Gas Moody’s S&P Fitch





90

Fixed incomeCredit Ratings (cont’d)

DESC Moody’s S&P Fitch


First Mortgage Bonds A3 A A



PSNC Moody’s S&P Fitch


Senior Unsecured Debt Securities Baa1 BBB+ A-


Dominion Energy Ohio Moody’s S&P Fitch




91

Fixed incomeCompany-modeled CFO pre-WC to debt

92

DenominatorSource: 10K

Consolidated Balance Sheetunless otherwise noted

Net cash provided by operating activities

(-) Changes in working capital

(-) Capitalized interest (Note 2. Property, Plant and Equipment)

(+) Depreciation component of operating leases (Note 15. Leases)

(+) Interest expense on junior subordinated notes x 25% (Note 18. Long Term Debt)

(-) Interest expense on preferred equity units treated as debt

(+) Other one-time adjustments

Total

Securities due within one year

(+) Credit facility borrowings

(+) Short-term debt

(+) Total long-term debt¹

(+) Unamortized discount, premium and issuance costs, net (Note 18. Long Term Debt)

(+) Operating lease adjustment (NPV of future lease payments)

(+) Pension liability

(+) Perpetual Preferred Stock x 50%

(-) Junior subordinated notes x 25%

Total

NumeratorSource: 10K

Consolidated Statements of Cash Flow

unless otherwise noted

2020 one-time adjustments:GT&S sale $650M—$700M

Fowler Ridge sale: $150M—$200MOther: ~$125M

¹ Includes ACP liability (Note 9. Investments)

Fixed incomeSchedule of liquidity position ($ billions, as of December 31, 2020)

93

Total committedbank lines

(-)Commercial paperoutstanding / LOC¹

(=)Total available

capacity

(+)Cash and short-term

investment onhand²

(+)Supplementary

revolver (unfunded)

(=)Total liquidity

available³

$0.7$6.0

($0.7)

$5.3

$6.1

$0.1

¹ CP $627M; LOC $100M2 Represents aggregate collected cash balances; not ledger balances per financial statements3 Does not include liquidity impacts from Dominion Energy Reliability Investment program (DERI)

Fixed incomeSchedule of change in capitalization

94

Change in Debt (Long-Term Debt plus Securities Due Within One Year)

Balance as of December 31, 2019 1 31,460$

Issuances:

DEI 2020 Series A 3.30% Senior Notes due 2025 400

DEI 2020 Series B 3.60% Senior Notes due 2027 350

DEI 2020 Series C 3.375% Senior Notes due 2030 1,500

DEI 2020 Series D Floating Rate Senior Notes due 2023 1,000

DEI 364-Day Term Loan (variable) due 2021 500

DEI 364-Day Term Loan (variable) due 2021 625

DEI 364-Day Revolving Credit Facility (variable) due 2021 225

VEPCO 2020 Series A 2.45% Senior Notes due 2050 900

EOG 2020 Series A 1.30% Senior Notes due 2025 500

EOG 2020 Series B 2.00% Senior Notes due 2030 500

EOG 2020 Series C 3.00% Senior Notes due 2050 800

PSNC 2020 4.05% Private Placement Senior Notes due 2030 200

7,500

Maturities:

DEI 2.579% Jr Subordinated Notes due 2020 2 (1,000)

DEI 364-Day Term Loan (variable) due 2021 2 (625)

DEI 364-Day Term Loan (variable) due 2021 2 (500)

DEI 2017 Series E Floating Rate Senior Notes due 2020 (300)

DEI 2006 Series A (variable) Enhanced Jr Subordinated Notes due 2066 2 (111)

DEI 2006 Series B (variable) Enhanced Jr Subordinated Notes due 2066 2 (286)

DSP III 2017 Term Loan (variable) due 2024 (23)

ESL 2018 4.82% Senior Secured Notes due 2042 (14)

SBL Holdco 2016 Term Loan (variable) due 2023 (28)

PSNC 6.54% Private Placement Senior Notes due 2020 (100)

SCANA 4.75% Medium Term Notes due 2021 2 (183)

SCANA 6.25% Medium Term Notes due 2020 (170)

SCANA 4.125% Medium Term Notes due 2022 2 (155)

SCANA 2007 Senior Notes (variable) due 2034 2 (66)

(3,561)

¹ Excludes debt assumed by BHE and debt presented in held for sale in Dominion Energy's Consolidated Balance Sheets2 Repaid, redeemed or purchased through tender offers, prior to stated maturity date

Change in Debt (Long-Term Debt plus Securities Due Within One Year)

Other:

Change in Finance Leases and Other Long-Term Debt 785

Change in Fair Value Hedges, Net Discount/Premium and Debt Issuance Costs (65)

720

Balance as of December 31, 2020 36,119$

Change in Shareholders' Equity


Net change in Preferred Stock -

Net change in Common Stock (2,566)

Net change in AOCI (231)

Retained Earnings (3,387)

Net change in Common Shareholder's Equity (6,184)

Noncontrolling Interests (1,695)

Net change in Equity (7,879)


PensionOverview

95

Total¹

Assets ($B)

Allocation targets2

EROPA4

Funded status (GAAP)

$11.0

8.35%

97%

17.7%

10.6%11.6%

9.6% 9.8%

1-year 3-year 5-year 7-year 10-year

2021 EROPA assumption:

8.35%

Asset returns

67%

33%

Equity+cash³

Fixedincome

1 Allocation targets, EROPA and funded status shown as weighted average of DEI and SCANA pension plans; 2 Based on 2020 expected allocation targets; 3 Includes public and private equities, real estate, hedge funds and cash; 4 2021 expected return on planned assets (EROPA)

Q4 2020 earnings call

Documents

Transcript of Q4 2020 earnings call