Dominion Energy, Inc. (D, NYSE)
Industry: Utilities - Regulated Electric
Annual report, fiscal year 2021







75% of the company’s passenger-vehicle fleet expected to be converted to electric power by 2030.



3.5M
natural gas utility customers
served by Dominion Energy.



## 660,000

customers who can get power from our offshore wind farm under development.

## CONTENTS

IFC Company Profile

5 CEO Letter

16 Consolidated Financial Highlights

17 Dominion Energy Performance Charts

18 Dominion Energy Operating and Service Areas

20 Dominion Energy Highlights

22 Dominion Energy Businesses

24 GAAP Reconciliations

25 Directors and Officers

26 Shareholder Information

About 7 million customers in 13 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2030. Please visit DominionEnergy.com to learn more.

Our statements about the future and our goals are subject to various risks and uncertainties. For factors that could cause actual results to differ from expected results, see Item IA. Risk Factors, Forward-Looking Statements in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended Dec. 31, 2021.
Shareholders receiving this Summary Annual Report in connection with our 2022 Annual Meeting of Shareholders should read it together with our Annual Report on Form 10-K for the year ended Dec. 31, 2021. This Summary Annual Report includes only financial and operating highlights and should not be considered a substitute for our full financial statements, inclusive of footnotes, and Management's Discussion and Analysis of Financial Condition and Results of Operations, included in our 2021 Annual Report on Form 10-K. A copy of our 2021 Annual Report on Form 10-K, including the full financial statements, accompanies this Summary Annual Report and may also be obtained free of charge through our website at investors.DominionEnergy.com or by writing to our Corporate Secretary at P.O. Box 26532, Richmond, Virginia 23261-6532.

Please note: Not all images in this report may reflect the company’s COVID-19-related requirements from March 2020 to March 2022, such as face coverings and social distancing.




~2.2 GW of solar generating capacity in service across the U.S. as of early 2022.



3.5M electric utility customers served by Dominion Energy.

# At Dominion Energy, we are turning opportunities into reality.

Whether through one of the nation’s largest solar and renewable gas portfolios, or the largest proposed offshore wind farm on this side of the Atlantic Ocean, Dominion Energy is committed to leading the clean-energy transition. We continue serving our roughly 7 million gas and electric customers safely, reliably, affordably, and sustainably.



## Safety

Safety — for our employees, our customers, and our communities — is not just first among our company’s core values, it is our foremost concern. We reinforce its importance relentlessly, and strive for continuous improvement to protect our employees, customers, friends, and neighbors.

reduction in our OSHA recordable injury rate since 2017.

24/7 ENERGY

## Reliability

When you flip the switch or turn the thermostat, Dominion Energy is there. With more than $3 billion in expected investments over the next five years in grid transformation and gas distribution modernization, we will be there for our customers in the future, too.

16.3%
reduction in third-party damage to our gas infrastructure in the past two years.

## Steady Progress

For more than 15 years, your company has made steady progress on its safety performance, cutting the OSHA recordable injury rate by about three-quarters over that time. In the past five years, we have seen additional improvement, with a reduction by nearly a third.

## Protecting
Communities

Through “Call Before You Dig” messaging and safety presentations to community organizations, we educate the public about how to take safety precautions around electric and natural gas infrastructure.

## Consistency

In 2021, our Dominion Energy Virginia and Dominion Energy South Carolina electric utility customers had power 99.9% of the time, excluding major storms.

## Natural Gas

Natural gas is crucial to our business plans. That is why our employees routinely maintain and inspect our infrastructure. A steady supply of gas means businesses can thrive and homes can stay warm in the winter.






SAVING MONEY ON ENERGY

## Affordability

Dominion Energy prides itself on providing safe and reliable service at rates below national and regional averages. We plan to spend up to $73 billion through 2035 to transform the way we produce and deliver energy, while remaining mindful of the impact of that spending and proposing at least $1 billion in energy-efficiency and conservation programs for our customers over the next decade.

$14.4M

for energy assistance in 2021 through our signature EnergyShare program.

CLEAN ENERGY

## Sustainability

To become the most sustainable energy company in the country, Dominion Energy is safely delivering reliable, affordable, sustainable and increasingly clean energy; protecting the environment; serving our customers and communities; empowering our people; and creating value for you, our shareholders.

176 14.7 MW turbines expected to be installed as part of the Coastal Virginia Offshore Wind commercial project.

## A Good Deal

Our unique business portfolio adds value for our customers. A cost-of-service natural gas production business we operate supplies fuel to our Western gas utility — saving our customers at least $100 million during a week-long cold snap in February 2021.

## Nuclear

Operators at our workhorse nuclear power facilities in three states ensure that we produce carbon-free electricity from those facilities more than 90% of the time, keeping rates affordable for our electric utility customers.



## Renewable Natural Gas

Dominion Energy has 10 renewable natural gas facilities under construction, with one in service in Utah. The projects — including soon-to-be-in-service Greeley in Colorado — remove the methane from animal waste to provide carbon-beneficial natural gas to a variety of end-users.

## Offshore Wind

We are developing the largest offshore wind farm on this side of the Atlantic Ocean, and expect to have the project fully online by the end of 2026. It is expected to avoid up to 5 million metric tons of carbon dioxide annually.







Robert M. Blue
CHAIR, PRESIDENT AND
CHIEF EXECUTIVE OFFICER



# Dear Fellow Investors:

Three years ago, my predecessor as CEO, Tom Farrell, wrote that Dominion Energy provides stability in a changing world — as it has done for more than a century, through a combination of flexibility and strength.

As our company and the energy industry evolve, our dedication to our mission remains as strong as ever. We are committed to serving you, our investors, by earning fair returns on and being good stewards of your investments. We are committed to serving our customers by safely delivering reliable, affordable, sustainable, and increasingly clean energy. We are committed to serving our communities through our energy-assistance programs and charitable giving, and through our focus on environmental justice. We are committed to serving our employees by helping them reach their full potential. And we are committed to protecting the environment by cutting emissions and preserving natural resources.

In 2021, the people of Dominion Energy continued to focus on operational excellence as we evolved our business and positioned the company for long-term, sustainable success. Our deep roots have enabled us to weather recent storms, and we are growing your company in new directions.

Among the storms we faced last year was Tom’s untimely death. Under his leadership, your company evolved from a diversified energy company into an increasingly pure-play, state-regulated utility holding company. Tom’s greatest legacy was building a company capable of thriving without him, by instilling the core corporate values that guide us every day. Dominion Energy’s continued success is a great testament to Tom, and I am humbled and honored to succeed him.

## YEAR IN REVIEW

Throughout 2021, we delivered on our primary mission: to supply our customers with reliable, affordable, sustainable, and clean energy — to keep the lights on and the gas flowing — and to do so safely. We continued our company’s growth and our pursuit of our vision: to become the most sustainable energy company in America.

We advanced our clean-energy strategy by:

• Reaching agreement on major contracts for the 2.6-GW Coastal Virginia Offshore Wind commercial project, or CVOW;

• Proposing new solar and energy storage projects in our second annual clean energy filing in Virginia — the largest such group ever proposed;

• Completing ThermH2, a pilot project in Utah to test blending hydrogen with natural gas. We have commenced a similar pilot in North Carolina and are in the early stages of doing so in Ohio;

• Increasing the number of renewable natural gas (RNG) projects under construction around the country to 10, as of this writing; and



• Continuing to hit milestones on important projects. For instance:

– We received a Notice of Intent from the Bureau of Ocean Energy Management for CVOW in July as planned, and filed for a Certificate of Public Convenience and Necessity with the State Corporation Commission of Virginia (SCC) on schedule in November; and

– Dominion Energy Virginia reached 1 million installed smart meters, and Dominion Energy South Carolina surpassed 550,000.

These developments embody our core value of Embrace Change. By turning ideas and opportunities into reality, projects such as these create excitement around the company. At the same time, we continue to aim ever higher in the safe delivery of the reliable, affordable, and sustainable energy that our customers know they can count on. Our efforts to improve operational performance embody our core value of Excellence. For example, in 2021:

• We have made significant progress on safety since we made it the company’s top core value 15 years ago. We continue to achieve steady progress, cutting our OSHA recordable injury rate by nearly 30% over the past five years.

• Excluding major storms, Dominion Energy South Carolina’s customers went without power for less than 75 minutes – 13 fewer minutes than the year before. Our Virginia and North Carolina customers went without power for roughly 132 minutes – 8 minutes less than in 2020, and a 17-minute improvement over 2019.



## Expanding Our Net Zero Commitments

Two years ago, Dominion Energy pledged to achieve net zero carbon and methane emissions from our power generation and gas operations by 2050. These are typically called Scope 1 emissions. Earlier this year, your company expanded that commitment to include carbon and methane emissions from sources outside our direct operations.

Our goal now includes Scope 2 emissions (those from electricity the company consumes but does not generate) and key categories of Scope 3 emissions (those generated upstream by our suppliers and downstream by our customers).

Together, these commitments are among the boldest yet in the utility sector.

Our material Scope 3 emissions include electricity purchased to power the grid, fuel for our power stations and gas distribution systems, and consumption by natural gas customers. We will seek these reductions through supplier engagement, customer empowerment, constructive public policy, and technology innovation.

We know sustainability doesn’t happen in isolation. It takes concerted effort across communities, supply chains, economic sectors, and other domains. We encourage others to do their part, so that we can do ours better — and everyone can move forward together.



• We received approval from the Nuclear Regulatory Commission to extend the license for Surry Power Station — a two-reactor nuclear facility in southeastern Virginia — ensuring that it will continue to serve customers through mid-century, or eight decades after it went online, and twice as long as originally planned — a testament to our employees’ dedication to safety and high standards. Together, our nuclear fleet generated power more than 90% of the time in 2021, despite five planned outages to refuel the reactor cores.

• We secured the rights to more than 100,000 acres of land in Virginia to support our solar goals.

• We constructively resolved substantial rate cases in Virginia, South Carolina, North Carolina, and West Virginia.

• We invested more than $1 billion in electric transmission infrastructure in Virginia and North Carolina, where we rebuilt or added more than 164 miles of transmission lines, added 15 substations, and finished more than 300 substation-related projects at existing facilities. In South Carolina, we invested more than $175 million in electric transmission infrastructure, rebuilt or added more than 115 miles of transmission lines, and finished more than 40 substation-related projects at new or existing facilities.

• We earned recognition from Escalent Market Research, a behavior and analytics firm, as one of the most trusted business partner utilities, in part because of the environmental dedication of our North Carolina gas distribution company. The firm also recognized Dominion Energy Virginia as an Escalent Market Research Business Customer Champion Award winner for exemplary performance in engaging business customers.

• On average, we responded to emergency calls at our five gas distribution companies within half an hour, 30 minutes faster than most state requirements.

## FINANCIAL RESULTS

The company’s core values and its first-rate environmental, social, and governance (ESG) strategy continue to drive strong results. In 2021, we powered through the ongoing headwinds of the pandemic, supply chain disruptions, and inflationary pressures to meet our financial goals. The company reported $3.98 per share in



“Everything we do at Dominion Energy starts with a focus on safety. It is the only way to provide reliable and affordable service to our customers.”

Noel Young
ELECTRIC SERVICE MAN, 1st CLASS
NORFOLK, VA.

earnings in 2021, under Generally Accepted Accounting Principles (GAAP). Operating earnings came in at $3.86 per share, up 9% from $3.54 per share in 2020. \( ^{*} \)  Dominion Energy paid out $2.52 per share in dividends on common stock. And our total shareholder return in 2021 — your company’s share-price appreciation and its quarterly dividend payouts — amounted to 8.1%.

Looking ahead, we have projected up to $73 billion in climate-focused investments through the end of 2035 — which we believe is the largest regulated decarbonization investment opportunity for any U.S. public utility company. We expect to invest $37 billion in growth capital in the next five years. More than 85% of our five-year growth capital plan is focused on decarbonization. Importantly, about 75% of this is eligible for rider recovery.

Through 2026, we anticipate an annual operating earnings-per-share growth of 6.5% \( ^{**} \) , and a dividend growth rate on common stock of 6% annually, subject to quarterly declaration and determination by the Board of Directors.

Our growth plans are also reflected in recent financing activity. In 2021, the company entered into two sustainability-linked credit facilities totaling $6.9 billion: a $6 billion master credit facility that ties certain pricing parameters to the achievement of annual renewable electric generation and diversity and



inclusion milestones, and a separate $900 million credit facility, believed to be the first of its kind globally, that provides a reduced interest rate when our borrowings are used to fund clean-generation infrastructure or social investments such as supporting diverse-owned businesses, enhancing diversity within our workforce, or supporting marginalized populations within our communities. We also issued $1 billion in green bonds in 2021 to finance eligible clean-energy projects.

Notably, in February 2022 we announced plans to sell our Dominion Energy West Virginia gas distribution business to Ulico Inc.'s infrastructure fund. The transaction will support company efforts to focus on five primary states where we serve customers. We believe this change, together with our broader long-term growth plans, will benefit you, our investors.

## CUSTOMERS EXPECT OPERATIONAL EXCELLENCE

Dominion Energy demonstrates excellence when we meet or exceed expectations. Excellence begins with safety, the most important of our core values. In 2021, we turned in our second-best performance ever, owing to a slight bump in safety-related incidents as more people returned to the workplace. Our track record of improvement shows we can do better, and we will.

Our customers’ highest priority is reliability. They expect their power will come on when they need it — period. In the past year, our customers in our electric service areas in Virginia, South Carolina, and North Carolina had their power 99.9% of the time, excluding major storms.

Our grid improvement investments are reducing the number of minutes customers lack power, and we have



## Answering the Call

By the time dawn broke on Feb. 13, 2021, more than 220,000 customers in Central and Southern Virginia had lost power after the worst ice storm in two decades. Before it was over, 290,000 customers would lose power and 9,600 work sites would be affected.

Few realize that an ice storm can do more damage than a hurricane. Alan Bradshaw, then director of electric distribution operations for Dominion Energy Virginia, told T&D World: "A fast-moving hurricane rolls through and the damage is done; but when we have freezing rain for days, ice accumulation gradually builds up and outrages continue to occur even as crews make repairs." The extremely dangerous weather conditions require work crews to be even more vigilant about possible hazards. COVID-19 protocols during that time, including social distancing, increased these challenges.

More than 7,000 workers and more than 900 bucket trucks — including crews from 12 states, the District of Columbia, and Canada — worked around the clock to remove fallen trees from power lines, replace broken poles and crossarms, and repair downed lines. By Valentine's Day morning, they had restored power to more than three-quarters of affected customers. By the next day, they had restored power to more than 90% — without incurring a single injury.



received industry recognition for our mobile STATCOM, an innovative power electronic device that responds to electric transmission network anomalies within milliseconds.

Our gas distribution business maintains an 811 “Call Before You Dig” program to prevent third-party damage to our pipelines, which is the primary cause of incidents involving natural gas pipelines. We know our service is essential. Our efforts to reduce third-party damage to our gas infrastructure have paid off with a reduction of 16.3% in such damage over the past two years.

When major storms approach, we stage equipment and people to be ready so crews can swing into action as soon as it is safe to do so, as we did for the first winter storm of 2022 that dumped wet, heavy snow on most of Virginia. Depending on a storm’s severity, we often rely on help from other utilities. In return, we support other companies when they must combat severe weather. Thanks to these practices and preparations, the company has received several Emergency Response Awards for power restoration from the Edison Electric Institute, including one for recovery after the Valentine’s Day storm in February 2021, as described in “Answering the Call” on p. 8.

Our customers also expect value for their money. Across our service areas, we are working to keep rates low and competitive with other energy alternatives. As of the end of 2021, residential and industrial electric rate averages at Dominion Energy Virginia and Dominion Energy South Carolina remained below national and regional averages. In fact, the typical Virginia residential customer’s bill has risen only 0.7% a year on average for the past couple of decades — well below the 1.8% average rate of inflation over that time.
$48.6M contributed to address human needs, support education and the environment, and more in 2021.



The substantial investments we are making in clean energy will entail costs, but we anticipate the typical Dominion Energy Virginia customer’s bill to rise an average of just 2.1% per year through 2035 — substantially below the current level of inflation.

In 2021 and early 2022, comprehensive rate settlements were approved in Virginia and both Carolinas that will support continued capital investment; ensure customers continue receiving reliable, affordable, and increasingly sustainable energy; and balance the interests of all our stakeholders.

In addition, pursuant to our successfully completed rate settlement in South Carolina, Dominion Energy forgave more than $11 million in past-due balances for electric customers and committed up to $15 million of funding for home energy-efficiency upgrades and critical health and safety repairs. All told in Virginia, working with state lawmakers, we forgave more than $200 million in 2020 and 2021.

As always, we found ways to manage expenses to help keep customer rates low, through systemic efforts such as our Buy Smart procurement program — which looks for efficiencies and cost savings. Also, in our Western states, our unique, cost-of-service gas production helps customers avoid price spikes. In fact, we estimate that our customers saved over $100 million in just a seven-day period during the winter storms experienced last February, thanks to this regulatory structure.

While reliability and value remain our customers' top concerns, some are looking for additional services. In 2021, we expanded our menu of green-energy programs. Now residential customers in Virginia can buy solar through BrightSuite's residential solar program. Customers in Utah and Idaho can buy RNG in small, affordable blocks through our GreenTherm program.

## SERVING COMMUNITIES

Our core value of Ethics calls us to consider the welfare of others. With COVID-19 lingering throughout 2021, we continued our pandemic relief efforts — including the suspension of service shutoffs due to nonpayment for the first nine months of the year. We also offer short-term bill extensions, and long-term payment plans. Our EnergyShare program, which began 40 years ago, helps qualified customers with energy bill payment. For 2020-2021, we increased our funding of EnergyShare 18%.



As the pandemic wore on, we continued to address human needs, support education, contribute to community vitality, and protect the environment through the work of the Dominion Energy Charitable Foundation. In 2021, the company contributed $48.6 million across our service areas through the Foundation, corporate direct-giving and energy-assistance programs, and more. As owner and operator of several public service companies that are part of the broader social fabric, we recognize that being a part of our communities means forming ties with businesses in those communities. We are working hard to increase the number of small, local, and diverse \( ^{*} \)  companies we rely on for goods and services. These efforts are paying off: We have increased spending with diverse suppliers 91% from 2015 through 2021, eclipsing a billion dollars in a year for the first time ever.

* Dominion Energy recognizes nine supplier diversity classifications: (1) minority-owned businesses; (2) woman-owned businesses; (3) veteran-owned businesses; (4) service-disabled-veteran-owned businesses; (5) HUBZone businesses (those located in Historically Underutilized Business Zones, which are designated by the U.S. Small Business Administration); (6) small businesses; (7) small, disadvantaged businesses; (8) disability-owned businesses; and (9) LGBT-owned businesses.



## Just Transition

The transition to a clean-energy economy will impose costs, and those costs should not be borne disproportionately by any one group, least of all the most vulnerable. The “just transition” is a framework that seeks to provide an equitable transition for workers and communities as we pivot from an extractive, carbon-intensive economy to a more sustainable future.

According to the Just Transition Alliance, the principle of just transition is that a healthy economy and a clean environment can and should co-exist.

The process for achieving this vision should not be borne solely by the most vulnerable in our community or the dedicated workers who have met the call to provide us with years of reliable, low-cost energy. We believe that we should work to involve those on the front lines of infrastructure development in the crafting of policy solutions that are both economically just and inclusive as we beat our path to this new future.

Dominion Energy’s core value of Ethics impels us to take into account how a low-carbon development strategy must consider the needs of our entire workforce. It is important that each colleague has the freedom, means, and training to fully participate in the new opportunities that our clean-energy transition will create as we retire some of our generating facilities.

We offer extensive learning and development resources so that employees can enhance their knowledge, skills, and abilities, or even explore new career paths. Those resources include internal career counseling services as well as self-directed, online learning platforms. Historically, the company provided displaced colleagues who supported retiring fossil-fuel generation consideration for other internal jobs for which they were qualified. We fully intend to continue treating such displaced employees equitably.

In addition, development of our Coastal Virginia Offshore Wind commercial project will create many hundreds of jobs, both direct and indirect. To ensure that the opportunities of the clean-energy transformation are spread as widely as possible, Dominion Energy maintains partnerships with community and technical colleges to train workers in renewable-energy occupations. The company also provides philanthropic support to coalfield communities.




## Charting Paths Forward

Climate change presents energy companies with a host of risks and opportunities. The risks include everything from catastrophic weather damage to laws and regulations that inhibit our strategic flexibility. Opportunities include investing in renewable energy and grid transformation, new electrification products and services, and technological advancements such as hydrogen and next-generation nuclear power.
In 2021, Dominion Energy released an updated Climate Report that details these risks and opportunities and explores potential pathways to achieving our net zero Scope 1 goal under different scenarios. The 1.5-degree scenario analysis, conducted by an external consultant, considers alternative approaches or strategies that the company may pursue to reach our decarbonization goals while
maintaining our focus on safety, reliability, and affordability.

The report followed the recommendations of the Task Force on Climate-related Financial Disclosures. Not only did it provide a snapshot of the potential benefits of the transition to a cleaner energy system, the scenarios presented illustrate the strong potential for the company to achieve its climate goals in a reasonable time frame, at a reasonable cost.

Four years ago, we adopted a formal environmental justice policy to ensure that we hear, fully consider, and respond to the concerns of all our stakeholders regardless of race, color, national origin, or income as we pursue our infrastructure-development initiatives. With the implementation of this policy, we have developed rigorous internal processes to ensure accountability and follow-through and have a dedicated staff for environmental justice that develops comprehensive training for employees. All major construction projects are reviewed for environmental justice considerations. In 2021, that meant more than 75 projects were reviewed.

## LOWER EMISSIONS, CLEANER ENERGY

A key component of Dominion Energy’s growth plan is our commitment to achieving net zero Scope 1 carbon dioxide and methane emissions from our power generation and gas infrastructure operations by 2050. We are well on our way. From 2005 through 2020, we cut carbon emissions from our power generating facilities 43%, and we cut methane emissions from our gas distribution operations 32% from 2010 to 2020. Moving forward, we expect to meet these intermediate targets: a 55% reduction in carbon and a 65% reduction in methane by 2030, and an 80% reduction in methane by 2040. (For more details, visit sustainability.dominionenergy.com.)

We are on course to hit each of these milestones. Moreover, our goal is to invest up to $8 billion in gas distribution modernization and carbon-beneficial RNG projects through 2035. Combined, these RNG projects should bring Dominion Energy’s natural gas businesses effectively to net zero 10 years before the company as a whole.

5M metric tons of carbon dioxide expected to be avoided each year with our offshore wind project.



Our most recent Climate Report, released in July 2021, was based on the framework developed by the Task Force on Climate-related Financial Disclosures. It provides a snapshot of possibilities for meeting our emissions goals under different scenarios. You can find that report, our Sustainability & Corporate Responsibility Report, and our 2021 Diversity, Equity, and Inclusion Report — along with other information about our ESG work — at esg.dominionenergy.com.

Since 2005, coal has declined from half our electricity production to approximately 10%. By the end of the decade, as part of our ongoing resource planning, we intend to (1) operate and maintain only a few of our remaining coal-fired stations for reliability and energy security considerations; (2) extend certain licenses for our carbon-free nuclear fleet; and (3) shift to natural gas, which not only lowers emissions



“We are excited to be a leader in transitioning to a clean-energy future. We are leaning into innovation to drive emissions down while ensuring we maintain the reliability and affordability our customers deserve.”

Diane Leopold
EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER



## Growing Stronger Together

Companies are more than just mechanisms of the market; they have a wider role in society. As the owner and operator of several public service companies, Dominion Energy is part of the broader social fabric. While the work we do provides light and heat and innumerable economic benefits, it cannot end there. Our core value of Ethics instructs us to strive to ensure every segment of society can thrive.

We are best equipped to do that when our company thrives, which is one reason we have emphasized diversity, equity, and inclusion (DE&I) in recent years. An intentional focus on DE&I can create a competitive advantage by deepening our understanding of all customers' perspectives, allowing us to reflect the values and contributions of our communities, and making us more responsive and innovative. To succeed, we have to attract, develop, and retain the best talent. So we cast our nets as widely as possible and recruit the best candidates, wherever they can be found.
To hold ourselves accountable to that standard, we released our first public report on DE&I in 2021. It found that we have made progress in diverse hiring and retention, and that we still have room to grow. We intend to — and we are backing up that intention by expanding and refining our goals — e.g., by seeking to reach at least 40% diverse workforce representation by the end of 2026. We will document the results of those efforts in future DE&I reports, because we know Actions Speak Louder.



— compared with emissions from coal-fired power stations — but has the quick-start capacity to support renewable generation. Indeed, we would not be able to incorporate as much renewable energy as we have — and as we plan to — without it.

Renewable generation is central to our long-term strategy. At present, our most ambitious single renewable-energy effort is CVOW. When completed in 2026, its 2.6 GW are expected to power about 660,000 homes at peak output. We expect its 176 turbines to avoid up to 5 million metric tons of carbon dioxide each year — the equivalent of taking 1 million non-electric cars off the road.

While CVOW is the biggest offshore wind farm under development on this side of the Atlantic Ocean, it is only one piece of our clean-energy strategy. By the end of 2035, pursuant to the Virginia Clean Economy Act, we expect to build 5.2 GW of offshore wind, and to own, operate, or contract for 16.1 GW of solar generation, as well as 2.7 GW of storage. We are making good progress: Through December 2021, our Virginia solar assets, in operation or development, stood at 6.8 GW.

Just as we need natural gas to step in when demand for power exceeds what solar and wind can provide, we need to store excess power when solar and wind generation outpaces electricity demand. To that end, we continue to develop energy storage in the form of batteries. We are working to ensure natural gas is part of the solution to a clean-energy future, including through dramatic reductions in methane emissions, access to RNG, and exploration of the potential for





DEI.DominionEnergy.com



For workforce purposes, we define “diverse” as non-minority female, minority male, minority female, and undeclared female.



hydrogen-blending. Our nuclear fleet continues to provide baseload generation around the clock. Our Surry and North Anna Power Stations produce nearly a third of the electricity used by our Virginia customers — including 92% of current carbon-free energy. Our Millstone Power Station provides nearly half of Connecticut’s electricity and more than 90% of its carbon-free electricity. In South Carolina, our V.C. Summer Power Station provides nearly a third of the utility’s owned power production and 91% of its carbon-free generation.

We are upgrading the electric grid to make it smarter, stronger, more resilient, and more capable of handling the complexity of managing both traditional and intermittent renewable generation. Our generating fleet has grown from a couple dozen sites to nearly 100 renewable sites alone, and could exceed 400 sites by the end of the decade. Our Grid Transformation Plan in Virginia represents a comprehensive strategy to meet these challenges. In January 2022, the SCC approved the plan, subject to certain requirements. Through 2026, we expect to invest as much as



“A company that takes pride in and understands that protecting the environment and being an excellent steward of natural resources is a company that will sustain through good times and bad.”

Tin Myint
ENGINEER II
RICHMOND, VA.

## Going Above and Beyond

When Chase Carris and his wife, Lauren, installed a tankless water heater in their Barberton, Ohio, home last year, they didn’t realize they would need to upgrade their gas service, too. As fall progressed and colder weather moved in, they found themselves without hot water: “My water heater was choking itself out because it was not getting enough gas,” Carris said.

When Tami Bonheimer in our Akron offices learned of the Carris' predicament – and the fact that Lauren was pregnant – she expedited the service request from what normally takes a few weeks to just a day. "When the Carrises mentioned they had a baby due in just a few short weeks, I quickly pulled our teams together to find a solution so the family could celebrate their new baby without worrying about having hot water." From there, a field services team determined that a new, larger meter would solve the problem and installed it in half the usual time, according to Dominion Energy Ohio Gas Operations Supervisor Rod Volzer. "Once [the meter was] upgraded, it worked great," Carris said.

For a large company with millions of customers, it would be easy to treat an issue with a single water heater as a minor matter. At Dominion Energy, we know there is no such thing. Every customer counts — and every customer’s predicament is a pressing problem until it’s resolved.



Tami Bonheimer
CUSTOMER RELATIONS SPECIALIST
AKRON, OH



$7 billion — about a fifth of our total growth capital investment over five years — on enterprise-wide electric grid transformation.

At the same time, we are making our natural gas systems stronger, safer, and lower-emitting. We are modernizing the distribution system, implementing advanced leak detection and repair programs, and developing new procedures to drive methane emissions down within our operations. We are also working to allow customers to lower their emissions, with access to GreenTherm RNG, carbon-offset programs, and increased energy-efficiency programs. In Utah, we are rolling out our carbon offset program through which customers can offset their entire natural gas carbon footprint for about $60 per year. All told, we plan to spend in excess of $315 million a year modernizing our pipeline infrastructure. \( ^{*} \) 

## DIVERSITY, EQUITY, AND INCLUSION

Our workforce continues to benefit from growing diversity, equity, and inclusion (DE&I). In fact, all our stakeholders benefit, as diverse companies tend to be more innovative and productive. We know fostering DE&I is not only the right thing to do, it provides us with a competitive advantage and supports our long-term growth plan.

While our journey is a marathon, not a sprint, I am pleased with our progress. From 2016 through 2021, we increased our diverse hiring rate from 36.2% to 56.2%, and increased diverse workforce representation from 31.9% to 35.4%.** Two years ago we set a target of increasing diverse representation 1 percentage point a year to at least 40% by year-end 2026. Since then we have increased diverse representation 2.2 percentage points. This progress on diversity, along with our evolving culture of equity and inclusion, demonstrates our commitment to our core value of One Dominion Energy.

We are pursuing equity in other ways, too. Through the HBCU Promise \( ^{SM} $ , we have pledged 25 million to historically black colleges and universities, because we know education is one of the most effective ways to address historic inequities. We also committed 10 million to a Dominion Energy Educational Equity Scholarship Program to support students from underrepresented communities. And through our rural-broadband program, we are helping to bring high-speed internet — a necessity for commerce, schooling, medical care, and more — to help underserved communities prosper.

## BRINGING THE FUTURE FORWARD

Each year the company hosts an Innovation Expo, where employee ideas are judged by a panel of executives. In 2021, the Chair’s Excellence Award went to a team that proposed using solar panels for voltage support — a concept with the potential to save Dominion Energy millions of dollars. And we are putting to good use innovations from others — such as using drones to inspect above-ground pipes, remote distribution lines, and nuclear containment domes.

Expect us to continue to innovate daily and create new opportunities. In 2021, we joined with five other utilities to form the Electric Highway Coalition, which is creating a network of fast-charging stations to serve electric vehicles (EVs) and since has expanded into a broader national coalition. We continue to invest in EV charging options to deploy electric school buses in Virginia, and to invest in EV charging options for homes, workplaces, and public transit locations such as airports. At the same time, we are leading by example: We have committed to convert 75% of company passenger vehicles and half of all work vehicles to electric power by 2030.

## THANK YOU

Thanks to the hard work and high standards of our 17,100 employees, from those on the front lines across the 13 states where we operate to those who perform essential services behind the scenes, in 2021, Dominion Energy kept the lights on and the gas flowing for our customers. And we lived our values. We are excited by the largest regulated decarbonization investment opportunity for a public utility company. This will support our vision of becoming the most sustainable energy company in the country. With your support, we expect to continue to meet your expectations and achieve our goals in 2022.

As always, thank you for your investment.



ROBERT M. BLUE
Chair, President and
Chief Executive Officer



## CONSOLIDATED FINANCIAL HIGHLIGHTS

<table><tr><td>Year ended December 31,</td><td>2021</td><td>2020</td><td>% Change</td></tr><tr><td>Financial Results (millions)</td><td></td><td></td><td></td></tr><tr><td>Operating revenue</td><td>$ 13,964</td><td>$ 14,172</td><td>(1.4%)</td></tr><tr><td>Operating expenses</td><td>10,945</td><td>12,117</td><td>(9.7%)</td></tr><tr><td>Amounts attributable to Dominion Energy:</td><td></td><td></td><td></td></tr><tr><td>Reported earnings (loss)</td><td>3,288</td><td>(401)</td><td>920.0%</td></tr><tr><td>Operating earnings (non-GAAP)*</td><td>3,191</td><td>3,006</td><td>6.2%</td></tr><tr><td>Data per common share</td><td></td><td></td><td></td></tr><tr><td>Reported earnings</td><td>$ 3.98</td><td>$ (0.57)</td><td>798.2%</td></tr><tr><td>Operating earnings (non-GAAP)*</td><td>3.86</td><td>3.54</td><td>9.0%</td></tr><tr><td>Dividends paid</td><td>2,520</td><td>3,450</td><td>(27.0%)</td></tr><tr><td>Market value (intraday high)</td><td>81.08</td><td>90.89</td><td>(10.8%)</td></tr><tr><td>Market value (intraday low)</td><td>67.85</td><td>57.79</td><td>17.4%</td></tr><tr><td>Market value (year-end)</td><td>78.56</td><td>75.20</td><td>4.5%</td></tr><tr><td>Book value (year-end)</td><td>33.70</td><td>32.42</td><td>3.9%</td></tr><tr><td>Market to book value (year-end)</td><td>2.33</td><td>2.32</td><td>0.9%</td></tr><tr><td>Financial position (millions)</td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$ 99,590</td><td>$ 95,905</td><td>3.8%</td></tr><tr><td>Total debt</td><td>40,581</td><td>37,014</td><td>9.6%</td></tr><tr><td>Common shareholders&#x27; equity</td><td>27,308</td><td>26,117</td><td>4.6%</td></tr><tr><td>Equity market capitalization</td><td>63,668</td><td>60,584</td><td>5.1%</td></tr><tr><td>Cash flows (millions)</td><td></td><td></td><td></td></tr><tr><td>Net cash provided by operating activities</td><td>$ 4,037</td><td>$ 5,227</td><td></td></tr><tr><td>Net cash used in investing activities</td><td>(6,247)</td><td>(2,916)</td><td></td></tr><tr><td>Net cash provided by (used in) financing activities</td><td>2,371</td><td>(2,333)</td><td></td></tr><tr><td>Other statistics (shares in millions)</td><td></td><td></td><td></td></tr><tr><td>Common shares outstanding-average, diluted</td><td>808.5</td><td>831.0</td><td></td></tr><tr><td>Common shares outstanding-year-end</td><td>810.4</td><td>805.6</td><td></td></tr><tr><td>Number of full-time employees</td><td>17,100</td><td>17,300</td><td></td></tr></table>

* Based on non-GAAP Financial Measures. See p. 24 for GAAP Reconciliations.

Operating Earnings (non-GAAP)*
Dollars per share



*Based on non-GAAP Financial Measures. See p. 24 for GAAP Reconciliations.

Year-End Stock Price
Dollars per share



Source: FactSet

Targeted Dividend Payout
Dollars per share



*Dividends on common stock are subject to quarterly declaration and determination by the Board of Directors.




## Dominion Energy Methane: EPA-Reported vs. Corporate Inventory for 2020

Thousand Metric Tons



Chart and data based on methane emissions from Dominion Energy’s Gas Operations.

EPA requires emissions from all assets owned at the end of a calendar year to be reported for the full year. Therefore, this chart includes full year emissions from assets sold in 2020 (DET1 & DECG), as well as assets not sold until 2021 (DEQP).

The full corporate inventory includes emissions based on time of ownership. Therefore this chart includes emissions from DEQP for the full year, and emissions from DET1 and DECG (not in 2020) as well as DEW V G&B and DEWexpDr Marathon (acquired in 2020).

 \( ^{*} \) See footnote at bottom of page for list of abbreviations referenced in p.17 charts.

## 2020 Dominion Energy Carbon Dioxide — Equivalent (CO₂e) Emissions



This chart includes CO₂e emissions from carbon dioxide and methane only for comparisons to baseline.

Therefore, this chart excludes divested gas transmission and storage assets sold in 2020 (DET1 and DECG) and 2021 (DEQP).

In 2020, 5.3% of Dominion Energy's CO \( _{2} \)  emissions were from natural gas operations (of that over 4.6% was from CH \( _{4} \)  and over 0.6% was from CO \( _{2} \) , rounding to 5.3% total).

“Other” refers to Cove Point, for which Dominion Energy has 50% ownership but no operational control.

## Dominion Energy Generation Carbon Emissions

CO \( _{2} \)  Emissions (MMT)



Baseline and current year are adjusted to exclude all divested assets to allow reduction calculation.

These values contain emissions from DEV, DESC, and contracted asset Millstone.

MMT: Million Metric Tons

This chart includes an axis break to indicate a gap in time to allow comparison of recent year emissions to the baseline year of 2005.

## Dominion Energy
NO \( _{x} \)  Emissions



These values have been adjusted to exclude all divested assets.

These values contain emissions from DEV, DESC, and contracted asset Millstone.

Each chart includes an axis break to indicate a gap presented to address very large baseline emissions and to allow comparison of recent year emissions.

*Abbreviations noted in charts are as follows. DECG: Dominion Energy Carolina Gas. DENC: Dominion Energy North Carolina. DEO: Dominion Energy Ohio. DEPQ: Dominion Energy Questar Pipeline. DESC: Dominion Energy South Carolina. DET1: Dominion Energy Transmission, Inc. DEUW1: Dominion Energy Utah, Wyoming, Idaho. DEV: Dominion Energy Virginia. DEWexpro: Dominion Energy Wexpro. DEW: Dominion Energy West Virginia. EPA: The Environmental Protection Agency. G&B: Gathering and Boosting. GHG: Greenhouse Gas. GHGRP: EPA's Greenhouse Gas Reporting Program.

## Dominion Energy
SO₂ Emissions



## Dominion Energy
Mercury (Hg) Emissions






## Our Operating & Service Areas

Dominion Energy
operates natural
gas and/or electric
systems and carbon-
free generating
facilities in 13 states.



As of Dec. 31, 2021.
□ Electric Distribution
— Electric Transmission Lines (Bulk Delivery)
Electric and Natural Gas Distribution (South Carolina)
▲ Cove Point LNG
— Facility and Related Pipelines*
Regulated Gas Distribution
Biomass
Coal
Hydro
Natural Gas
Nuclear
Oil/Gas
Oil

Renewable Natural Gas (RNG) in service
RNG under construction
Solar
Solar plus storage in operation
Coastal Virginia Offshore Wind
Electric and Gas Service/Base Privatization
★ Richmond, Va. Corporate Headquarters

*Dominion Energy owns a 50% non-controlling interest in Cove Point.

## Dominion
Energy Virginia

Consisting of 21,192 MW of generating capacity (nuclear, natural gas, solar, hydro, coal, biomass, oil, and wind) and 66,200 miles of electric transmission and distribution lines, this segment operates an electric utility serving 2.7 million customer accounts in Virginia and northeast North Carolina.




## Gas
Distribution

Consisting of four natural gas utilities in Ohio, Utah, North Carolina, West Virginia, Wyoming, and Idaho, this operating segment has 82,100 miles of gas pipelines and serves 3.1 million customer accounts.

*In early 2022, Dominion Energy announced an agreement to sell Dominion Energy West Virginia to an infrastructure fund managed by Ulico Inc.

## Dominion
Energy South Carolina

Consisting of 6,182 MW of generating capacity (nuclear, natural gas, coal, and hydro), 22,500 miles of electric transmission and distribution lines, and 19,600 miles of gas pipelines, this segment operates a gas and electric utility serving a combined 1.2 million customer accounts.

## Contracted
Assets

Consisting of 3,003 MW of carbon-free nuclear and solar generating capacity in Connecticut, Virginia, North Carolina, South Carolina, Ohio, and California – and a non-controlling stake in the Cove Point liquefied natural gas facility in Maryland – this operating segment serves customers under long-term contracts.



Our goal is to become the most sustainable energy company in the country by focusing on safety, reliability, affordability, sustainability, and clean energy.

DOMINION ENERGY'S 2021 HIGHLIGHTS

## Safety

.46
OSHA recordable
injury rate, sec-
ond-best all-time.

Customer Growth

32,800
net new customers
connected at
Dominion Energy
Virginia — a
1.2% increase.

91.1%
capacity factor for
Dominion Energy's
seven-unit nuclear
fleet.

$1.05B
spent on Dominion
Energy Virginia's
transmission
projects, largest in
the utility's history.

.28
Lost time/restricted
duty rate, also
second-best
all-time.

28,000
net new customers
connected at Dominion
Energy Utah, Wyoming,
and Idaho — a
2.5% increase.

75
minutes out, excluding
major storms, for the
average Dominion
Energy South Carolina
electric customer.

362 MW
of solar generating
capacity that
entered service
from 15 projects.

.29
Best-ever OSHA
recordable rate for
Dominion Energy
North Carolina (gas),
beating previous best
of 0.82 in 2020.

26,500
net new customers
connected at
Dominion Energy
South Carolina —
a 2.3% increase.

20,406 MW
a new all-time
summer peak load
at Dominion Energy
Virginia, in
August 2021.

$2B
targeted for our
expanding renewable
natural gas program.

## 11

Recordable injuries at Dominion Energy South Carolina, beating the previous best of 12 in 2020.

14,000
net new customers
connected at
Dominion Energy
North Carolina (gas)
— a 2.3% increase.

$450M
invested in pipeline
replacement and
integrity management
programs at
Dominion Energy's
gas utilities.

440,000
smart meters
installed at
Dominion Energy
South Carolina.



Safety is Dominion Energy’s No. 1 priority. When our employees work safely, the service we provide is more reliable, affordable, and sustainable. In 2021, our safety performance was second-best ever in the company’s storied history.

DOMINION ENERGY
SAFETY PERFORMANCE \( ^{*} \) 



* Safety counts and rates have been recast for 2017 to include SCANA historical events before its merger with Dominion Energy in 2019. The historical amounts have not been recast for operations sold to Berkshire Hathaway Energy in November 2020.




Dominion
Energy Virginia



Gas
Distribution



Operates a vertically integrated
electric utility in Virginia and northeast
North Carolina.

## SELECT BUSINESSES / ASSETS

• Electric generation

• Electric transmission

• Electric distribution

## 2022 EXPECTATIONS

• Maintain a superior safety record.

• Continue plans to develop and contract for 24,000 MW of clean energy by the end of 2035.

• Make the grid more reliable and resilient through grid transformation (transmission and distribution) projects.

• Continue enhancing the utility’s customer experience.



Operates four local natural gas distribution companies serving Ohio, Utah, North Carolina, West Virginia*, Wyoming, and Idaho, and an expanding renewable natural gas business.

## SELECT BUSINESSES / ASSETS

• Gas distribution

• Renewable natural gas

## 2022 EXPECTATIONS

• Maintain a superior safety record.

• Invest in safety- and sustainability-focused replacement integrity programs and renewable natural gas for the benefit of our customers.

• Continue testing hydrogen-blending in North Carolina, and commence a similar pilot in Ohio.

• Continue enhancing the utilities’ customer experience.




Dominion
Energy South Carolina



Operates a vertically integrated electric and gas utility in South Carolina.

## SELECT BUSINESSES / ASSETS

• Electric generation

• Electric transmission

• Electric distribution

• Gas distribution

## 2022 EXPECTATIONS

• Maintain a superior safety record.

• Move toward a clean-energy future for South Carolina.

• Continue deployment of advanced metering infrastructure.

• Continue enhancing the utility’s customer experience.

Contracted
Assets



Operates more than 20 solar arrays under long-term contracts with utilities and large customers, and Millstone Power Station in Waterford, Conn. It also has a 50% non-controlling ownership interest in Cove Point in Lusby, Md., and a lease interest in a turbine installation vessel under construction in Texas.

## SELECT BUSINESSES / ASSETS

• Long-term contracted solar

• Millstone Power Station (nuclear)

• Non-controlling interest in Cove Point

• Turbine installation vessel (Charybdis)

## 2022 EXPECTATIONS

• Maintain a superior safety record.

• Produce reliable electricity for utilities and companies contracting offtake from Dominion Energy generating facilities.

• Pursue additional opportunities to build clean energy projects for offtakers seeking more renewable energy.

• Continue development of Charybdis, a turbine installation vessel under construction in Texas that would serve offshore wind projects along the East Coast, including the Coastal Virginia Offshore Wind commercial project.



## Reconciliation of Reported Earnings (GAAP) to Operating Earnings (non-GAAP)

<table><tr><td>(Millions, Except Per-Share Amounts)</td><td>2017²</td><td>2018²</td><td>2019²</td><td>2020</td><td>2021</td></tr><tr><td>Reported Earnings (loss) (GAAP)</td><td>$ 2,999</td><td>$ 2,447</td><td>$ 1,358</td><td>$ (401)</td><td>$ 3,288</td></tr><tr><td>Adjustments to reported earnings¹:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Pre-tax loss (income)</td><td>(266)</td><td>(453)</td><td>1,943</td><td>4,120</td><td>(26)</td></tr><tr><td>Income tax</td><td>(753)</td><td>131</td><td>(426)</td><td>(713)</td><td>(71)</td></tr><tr><td>Total Adjustments</td><td>(1,019)</td><td>(322)</td><td>1,517</td><td>3,407</td><td>(97)</td></tr><tr><td>OPERATING EARNINGS (non-GAAP)²</td><td>$ 1,980</td><td>$ 2,125</td><td>$ 2,875</td><td>$ 3,006</td><td>$ 3,191</td></tr><tr><td>EARNINGS PER COMMON SHARE—DILUTED:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>REPORTED EARNINGS (GAAP)²</td><td>$ 4.72</td><td>$ 3.74</td><td>$ 1.62</td><td>$ (0.57)</td><td>$ 3.98</td></tr><tr><td>Adjustments to reported earnings (after-tax)³</td><td>(1.61)</td><td>(0.49)</td><td>1.91</td><td>4.11</td><td>(0.12)</td></tr><tr><td>OPERATING EARNINGS (non-GAAP)³</td><td>$ 3.11</td><td>$ 3.25</td><td>$ 3.53</td><td>$ 3.54</td><td>$ 3.86</td></tr><tr><td>¹Adjustments to reported earnings are reflected in the following table:</td><td>2017²</td><td>2018²</td><td>2019²</td><td>2020</td><td>2021</td></tr><tr><td>PRE-TAX LOSS (INCOME):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discontinued operations — Gas Transmission &amp; Storage segment⁴</td><td>(457)</td><td>(272)</td><td>(612)</td><td>2,403</td><td>(829)</td></tr><tr><td>Regulated assets and contract retirements/terminations and other charges⁵</td><td>—</td><td>215</td><td>769</td><td>1,097</td><td>564</td></tr><tr><td>Charges associated with interests in nonregulated renewable generation facilities</td><td>158</td><td>—</td><td>—</td><td>626</td><td>235</td></tr><tr><td>Net (gain) loss on nuclear decommissioning trust funds</td><td>(46)</td><td>170</td><td>(553)</td><td>(335)</td><td>(568)</td></tr><tr><td>Merger litigation and integration charges</td><td>30</td><td>35</td><td>2,360</td><td>238</td><td>99</td></tr><tr><td>Mark-to-market impact of economic hedging activities</td><td>—</td><td>—</td><td>—</td><td>(117)</td><td>260</td></tr><tr><td>Ash pond and landfill closure costs</td><td>—</td><td>81</td><td>(113)</td><td>11</td><td>—</td></tr><tr><td>Sale of non-core assets</td><td>—</td><td>(759)</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other items</td><td>49</td><td>77</td><td>92</td><td>197</td><td>213</td></tr><tr><td></td><td>$ (266)</td><td>$ (453)</td><td>$ 1,943</td><td>$ 4,120</td><td>$ (26)</td></tr><tr><td>INCOME TAX EXPENSE (BENEFIT):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Tax effect of above adjustments to reported earnings**</td><td>98</td><td>76</td><td>(606)</td><td>(661)</td><td>(30)</td></tr><tr><td>Write-off EDIT regulatory assets (SCANA)</td><td>—</td><td>—</td><td>194</td><td>—</td><td>—</td></tr><tr><td>Remeasurement of deferred tax balances***</td><td>(851)</td><td>46</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other income tax adjustments</td><td>—</td><td>9</td><td>(14)</td><td>(52)</td><td>(41)</td></tr><tr><td></td><td>$ (753)</td><td>$ 131</td><td>$ (426)</td><td>$ (713)</td><td>$ (71)</td></tr></table>

 \( ^{2} \)  Certain amounts have been recast to adjust for balances presented as discontinued operations associated with gas transmission and storage operations sold to Berkshire Hathaway Energy and Southwest Gas as well as Dominion Energy’s investment in Atlantic Coast Pipeline.

 \( ^{3} \)  The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to Dominion Energy’s convertible preferred securities issued in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for the year ended Dec. 31, 2021. For the years ended Dec. 31, 2020 and 2019, the fair value adjustment required for diluted reported earnings per share were $11 million and $28 million, respectively. In 2021, 2020, and 2019, the calculation of reported and operating earnings per share includes the impact of preferred dividends of $68 million, $65 million, and $17 million, respectively. See Form 10-K for additional information.

 \( ^{4} \)  Amount excludes the 50% interest in Cove Point retained by the company.

 \( ^{5} \)  Includes the impact of Virginia rate legislation in 2018.

* Dominion Energy uses operating earnings as the primary performance measurement of its earnings outlook and results for public communications with analysts and investors. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.

** Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate.

*** Federal tax reform, enacted in December 2017, reduced the corporate income tax rate from 35% to 21%, effective Jan. 1, 2018. Deferred taxes are required to be measured at the enacted rate in effect when they are expected to reverse. As a result, deferred taxes were remeasured to the 21%. For regulated entities, where the reduction in deferred taxes is expected to be recovered or refunded in future rates, the adjustment was recorded to a regulatory asset or liability instead of income tax expense. During 2018, Dominion Energy recorded further adjustments to deferred taxes in accordance with tax reform guidance and to revise estimates made at year-end 2017.

## GAAP Reconciliation of Adjusted Earnings-Per-Share Growth Rate Guidance

In providing annual adjusted earnings-per-share growth rate guidance through 2026, the company notes that there could be differences between expected reported (GAAP) earnings per share and estimated adjusted earnings per share for matters such as, but not limited to, acquisitions, divestitures, impairment charges, or changes in accounting principles. At this time, Dominion Energy’s management is unable to estimate the aggregate impact, if any, of these items on reported earnings for the company through 2026. Accordingly, Dominion Energy is unable to provide a corresponding GAAP equivalent for its estimated annual adjusted earnings-per-share growth rate for the company.



## Board of Directors \( ^{*} \) 



## James A. Bennett

South Carolina
Mid-South Area Executive,
First-Citizens Bank & Trust Company



## Robert M. Blue

Chair, President and
Chief Executive Officer,
Dominion Energy, Inc.



## Helen E. Dragas

President and Chief Executive Officer,
The Dragas Companies
(real estate development firm)



## Adm. James O. Ellis, Jr.

Retired President and
Chief Executive Officer,
Institute of Nuclear Power Operations









## D. Maybank Hagood

Chairman & Chief Executive Officer,
Southern Diversified Distributors, Inc.
(floor covering distribution and supply)

## Ronald W. Jibson

Retired Chairman, President and
Chief Executive Officer,
Questar Corporation

## Mark J. Kington

Managing Director,
Kington Management, LP
(private investments)

## Joseph M. Rigby

Retired Chairman, President and
Chief Executive Officer,
Pepco Holdings, Inc.









## Pamela J. Royal, M.D.

President,
Royal Dermatology and
Aesthetic Skin Care, Inc.

## Robert H. Spilman, Jr. \( ^{**} \) 

Chairman, President and
Chief Executive Officer,
Bassett Furniture Industries, Incorporated

## Susan N. Story

Retired President and
Chief Executive Officer,
American Water Works Company, Inc.

## Michael E. Szymanczyk

Retired Chairman and
Chief Executive Officer,
Altria Group, Inc.

* As of March 1, 2022.
** Independent Lead Director

## Executive Leadership



## Robert M. Blue \( ^{*} \) 

Chair, President and
Chief Executive Officer



## James R. Chapman \( ^{*} \) 

Executive Vice President,
Chief Financial Officer
and Treasurer



## Diane Leopold \( ^{*} \) 

Executive Vice President and
Chief Operating Officer



## Carter M. Reid

Executive Vice President, Chief of Staff and Corporate Secretary and President-Dominion Energy Services



## Corynne S. Arnett

Senior Vice President,
Regulatory Affairs and
Customer Experience



## Carlos M. Brown \( ^{*} \) 

Senior Vice President,
General Counsel and
Chief Compliance Officer



## William L. Murray \( ^{*} \) 

Senior Vice President,
Corporate Affairs & Communications

* Executive Officers pursuant to U.S. Securities and Exchange Commission rules, as of March 1, 2022.
** As of April 1, 2022.

## Other Senior Leaders













## Edward H. Baine \( ^{*} \) 

President,
Dominion Energy Virginia

## Gerald T. Bischof

Senior Vice President,
Nuclear Operations &
Fleet Performance

## P. Rodney Blevins \( ^{*} \) 

President,
Gas Distribution

## Michele L. Cardiff \( ^{*} \) 

Senior Vice President,
Controller and
Chief Accounting Officer

## Katheryn B. Curtis

Senior Vice President,
Generation
(Dominion Energy Virginia)

## Regina J. Elbert

Senior Vice President,
Human Resources \( ^{**} \) 













## W. Keller Kissam \( ^{*} \) 

President,
Dominion Energy
South Carolina

## Mark D. Mitchell

Senior Vice President,
Project Construction

## Daniel G. Stoddard \( ^{*} \) 

Senior Vice President,
Chief Nuclear Officer and
President-Contracted Assets

## Mark O. Webb

Senior Vice President and
Chief Innovation Officer

## Charlene J. Whitfield

Senior Vice President,
Power Delivery
(Dominion Energy Virginia)

## W. Keith Windle

Senior Vice President,
Administrative Services



## Shareholder Information

Broadridge Corporate Issuer Solutions, Inc. (Broadridge), is the transfer agent, registrar, and dividend-paying agent for Dominion Energy's common stock and is the administrator for Dominion Energy Direct \( ^{®} \) , Dominion Energy's direct stock purchase and dividend reinvestment plan. Please contact Broadridge for a prospectus and enrollment form.

Personal assistance is available for any inquiries Monday through Friday from 8:00 a.m. to 6:00 p.m. (ET). In addition, automated information is available 24 hours a day through our voice-response system. Registered shareholders may view and manage their account online by visiting shareholder.broadridge.com/D.

Dominion Energy Shareholder Services
c/o Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, New York 11717
1 (800) 552-4034 (toll-free)
shareholder@broadridge.com

Major press releases and other company information may be obtained by visiting our website at www.DominionEnergy.com.

## Common Stock Listing

New York Stock Exchange trading symbol: D

## Performance Graph

The table and graph below show the five-year cumulative total returns based on an initial investment of $100.00 in Dominion Energy common stock with all dividends reinvested compared with the S&P 500 Index and the S&P 500 Utilities Index.

## Indexed Returns

Value of Investment as of Dec. 31 (includes reinvestment of dividends)

<table><tr><td></td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>2020</td><td>2021</td></tr><tr><td>Dominion Energy</td><td>$100</td><td>$109.91</td><td>$101.57</td><td>$123.40</td><td>$116.81</td><td>$126.29</td></tr><tr><td>S&amp;P 500</td><td>100</td><td>121.83</td><td>116.49</td><td>153.17</td><td>181.35</td><td>233.41</td></tr><tr><td>S&amp;P 500 Utilities</td><td>100</td><td>112.11</td><td>116.71</td><td>147.46</td><td>148.18</td><td>174.36</td></tr></table>

Comparison of Cumulative Five Year Total Return
2016–2021



Source: Standard & Poor's



## Photo Captions

Front Cover: Engineer Brooke Bates (right) and Renewable Energy Project Manager Dennis Craft (left), both based in Richmond, Va., examine arrays at our 150-MW Fort Powhatan solar facility in Disputanta, Va.

Inside Front Cover: (Top left) A motorist charges an electric vehicle at a ChargePoint EV Charging Station in South Carolina. Dominion Energy is part of a national coalition working to provide EV drivers seamless travel across major regions of the country. (Top right) Brandon Aycock, an engineering projects manager in Gastonia, N.C., stands next to a zero-emission vacuum and compression (ZEVAC) device that captures natural gas from our pipelines before maintenance or inspections, thus helping reduce methane emissions. (Center) Turbine blades are assembled for projects like Dominion Energy’s Coastal Virginia Offshore Wind commercial project (CVOW), which is expected to become fully operational in 2026.

Page 1: (Top) Sarah Marshall, an external affairs manager based in Richmond, Va., walks past solar arrays at our Scott solar facility in Powhatan, Va. (Lower left) Dominion Energy Virginia engineer Grecia Hayes, based in Norfolk, Va., supports regional grid planning. (Lower right) Dominion Energy Virginia has 6,900 miles of electric transmission lines to serve its 2.7 million customer accounts in Virginia and northeast North Carolina.

Page 2: (From top to bottom of page) A pre-work safety meeting for employees of Dominion Energy Virginia. Safety is the company’s first core value and our highest priority, in the workplace and in the community. Quentin McCorkle, a gas journeyman based in Cayce, S.C. Dominion Energy encourages use of the 811 “Call Before You Dig” system to protect the public and prevent third-party damage to our gas infrastructure. Brittani Edwards, a community affairs representative, supports community engagement from her home office in Richmond, Va. Locator and First Responder Rob Smith, based in Apex, N.C., supports Dominion Energy North Carolina, which serves customers in the northeastern part of the state.

Page 3: (Top to bottom of page) Dominion Energy is replacing natural gas-powered pumps at its cost-of-service gas-producing wells with solar-powered electric pumps. This equipment reduces methane emissions at these facilities by more than 90%. Andrew Petrarca, a senior nuclear simulator software engineer, at our V.C. Summer Power Station near Jenkinsville, S.C. Tanks for storing renewable natural gas — produced from the byproducts of animal waste — at dusk in Greeley, Colo. A turbine belonging to CVOW 27 miles off the coast of Virginia Beach, Va. When completed in 2026, the wind farm should be able to serve 660,000 homes at peak capacity.

Page 6: Mamadou Diong, based in Richmond, Va., is a consulting engineer who works with our Electric Distribution Grid Solutions team. Dominion Energy Virginia has received State Corporation Commission approval for roughly $670 million in capital investment for grid transformation through 2023.

Page 8: Dominion Energy Virginia crews worked in hard and dangerous circumstances to restore power after an ice storm in February 2021, affected more than 290,000 customers.

Page 10: (Right) Our 1.6-GW power station in Greensville County, Va. — one of the cleanest natural gas-fired power stations in the country — entered service in late 2018 and provides power to roughly 400,000 homes. (Left) Columbia, S.C., Gas Journeymen Troy Brown, Chris Roof, and Stuart Hope. Our gas utilities in North Carolina and South Carolina, which were part of our combination with SCANA, serve 1 million customer accounts.

Page 11: (Left) Hennessy Bas-Concepcion, an engineer from our North Anna Power Station in Mineral, Va., charges a company fleet vehicle. Dominion Energy is part of a national coalition working to ensure EV drivers have seamless travel access across major portions of the United States. (Right) By capturing methane from animal waste and converting it into renewable natural gas, Dominion Energy and its partners are reducing greenhouse gas emissions and contributing to the fight against climate change.
Page 12: (Left) Lloyd Eley, site construction manager for CVOW. By 2035, the company expects to have more than 5 GW of offshore wind generation. (Right) Diana Trammell, based in Richmond, Va., assists the electric distribution design team with obtaining rights-of-way. Dominion Energy Virginia has more than 59,000 miles of electric distribution lines.

Page 13: (Left) Neha Bhatnagar, a financial consultant based in Richmond, Va., leads professional development for our Innsbrook Women in Nuclear (WIN) group. (Right) Keith Marable, a pipeline construction inspector based in Durham, N.C.

Page 17: Two of CVOW’s wind turbines. When the project is complete in 2026, it is expected to avoid up to 5 million metric tons of carbon dioxide emissions annually.

Page 21: Solar energy works in concert with natural gas at our gas operations facility in McBee, S.C. Natural gas plays an integral role in Dominion Energy’s vision to become the most sustainable energy company in the country.

Page 22: (Left) Abby Pecor, a groundsman for Dominion Energy Virginia, is based in Chesapeake, Va. (Right) Nick White, lead gas operations representative for Dominion Energy’s gas utility serving Utah, Wyoming, and Idaho, is based in Logan, Utah.

Page 23: (Left) Cayce, S.C.-based energy conservation representative, Brandy Kent, conducts a conservation audit in a customer’s home. Dominion Energy offers an extensive suite of solutions to help customers increase energy efficiency and conservation. (Right) Environmental Compliance Coordinator Maria De Giovanni (left) and her colleagues work at our Millstone Power Station in Millstone, Conn. The power station supplies more than 90% of the state’s carbon-free electricity.

## Credits

© 2022 Dominion Energy, Inc., Richmond, Virginia

Design
Ideas On Purpose,
New York, New York
ideasonpurpose.com

Photography

Joe Mahoney, front cover, p. 4, and p. 11 (left). Dominion Energy, Inc., inside front cover; p. 1, top and lower left; p. 2; p. 3, top, upper middle, bottom; p. 6; p. 7; p. 8; p. 9; p. 12, center left and center right; p. 13, 14, 17, 21, 22, and 23. Cameron Davidson, p. 1, lower right. Photo courtesy of Vanguard Renewables, p. 3, lower center. Photo courtesy of Smithfield Foods, p. 11 (right). Photo courtesy of American Gas Association, p. 12, top.

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## DominionEnergy.com

Corporate Street Address
Dominion Energy, Inc.
120 Tredegar Street
Richmond, Virginia 23219

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Dominion Energy, Inc.
P.O. Box 26532
Richmond, Virginia
23261-6532

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Richmond, Virginia
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Copies of Dominion Energy's
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P.O. Box 26532
Richmond, Virginia
23261-6532