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Call sheet · Q2'26

Dominion Energy (D)

Q2'26 earnings call · held July 31, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
3 medium, 3 low flags
Financial quality
Bottom line
The sleeper story: Dominion has effectively split CVOW into 176 mini-projects to accelerate cost recovery while pushing completion risk into 2027. The market sees a 6-month delay; I see a clever regulatory strategy with half the investment entering service this year. The binding constraint isn't offshore installation, it's the Portsmouth Marine Terminal loadout bottleneck that management barely mentioned. Blue's quote reveals the strategy: 'We don't have to wait until the last turbine is installed.' My view changes if the NextEra merger fails in Virginia, removing the balance sheet backstop for CVOW overruns.

The 30-second version

  • CVOW's 6-month delay masks a massive de-risking: 450MW already online and half of project investment entering service by year-end
  • NextEra merger filing reveals Virginia's true negotiating leverage: fastest procedural schedule among three states
  • Data center pipeline hits 53GW but loadout bottlenecks at Portsmouth Marine Terminal reveal the binding constraint

What changed this quarter

MetricQ1'26Q2'26Change
Operating EPS$0.95 (Q1 2026)$0.79 (Q2 2026)-17% sequential decline
Data Center Pipeline50GW (Q1 2026)53GW (Q2 2026)+6% quarter-over-quarter
Contracted Data Centers10.4GW (Q1 2026)12GW (Q2 2026)+1.6GW new contracts
CVOW Completion75% (Q1 2026)81% (Q2 2026)+600bps progress
CVOW Project Cost$11.4B (Q1 2026)$11.65B (Q2 2026)+$250M or 2.2% increase
Turbines Installed9 (Q1 2026)31 (Q2 2026)+244% quarter-over-quarter
CVOW Unused Contingency$123M (Q1 2026)$123M (Q2 2026)Unchanged despite cost increase
FFO to Debt>15% (Q1 LTM)>15% (Q2 LTM)Maintained above target
Common Equity Issued YTD$1.2B (Q1 2026)Complete for 2026ATM program finished early
OSHA Recordable Rate0.42 (Q1 2026)0.36 (Q2 2026)-14% improvement

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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