Dominion Energy : Coastal Virginia Offshore Wind Project Update

Coastal Virginia Offshore Wind Project Update

November 1, 2024

Important note for investors

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 "path", "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 operating earnings per share information and guidance, projected dividends, projected debt and equity issuances, projected cash flow, capital expenditures, operating expenses and debt information, shareholder return, and long-term growth or value, 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: the direct and indirect impacts of implementing recommendations from the business review concluded in March 2024; 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 pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to regulated rates collected by Dominion Energy; risks associated with entities in which Dominion Energy shares ownership with third parties, such as a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) Commercial Project, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy and third party participants and difficulties in exiting these arrangements; 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; risks and uncertainties that may impact the ability to construct the CVOW Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers; risks and uncertainties associated with the timely receipt of future capital contributions, including optional capital contributions, if any, from the noncontrolling financing partner associated with the construction of the CVOW Commercial Project; changes to federal, state and local environmental laws and regulations, including those related to climate change; cost of environmental strategy and compliance, including cost related to climate change; 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; the availability of nuclear fuel, natural gas, purchased power or other materials utilized by Dominion Energy to provide electric generation, transmission and distribution and/or gas distribution services; additional competition in Dominion Energy's industries; changes in demand for Dominion Energy's services; risks and uncertainties associated with increased energy demand or significant accelerated growth in demand due to new data centers, including the concentration of data centers primarily in Loudoun County, Virginia and the ability to obtain regulatory approvals, environmental and other permits to construct new facilities in a timely manner; the technological and economic feasibility of large-scale battery storage, carbon capture and storage, small modular reactors, hydrogen and/or other clean energy technologies; 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; adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; the effectiveness to which existing economic hedging instruments mitigate fluctuations in currency exchange rates of the Euro and Danish Krone associated with certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project; 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 U.S. Securities and Exchange Commission.

The information in this presentation was prepared as of November 1, 2024. 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.

Please continue to regularly check Dominion Energy's website at http://investors.dominionenergy.com/.

Cover photo: DEME Livingstone cable lay vessel (top) loaded with OEC cable and DEME Orion heavy lift vessel (bottom) loaded with monopiles preparing for the next morning's construction activities

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Regulated offshore wind

Regulated construct substantially de-risks project

Virginia's differentiated approach and unique regulatory structure creates a best-in-class offshore

wind risk profile

• Thoughtful approach taken by Virginia legislators and regulators to develop a framework for our regulated offshore wind project delivers exceptional results for customers and local economies
• As a result, Dominion Energy took a differentiated approach to project development, securing agreements early with offshore wind suppliers for material and services while giving them confidence in our project's completion
• • (+) We've mitigated risk by using fixed price contracts, locking in manufacturing slots, hedging currency and commodity costs, and including schedule and budget contingency
  • (+) Our successful pilot project gave us valuable experience that has benefited CVOW, including permitting experience with our government partners
  • (+) Our Wind Turbine Installation Vessel materially de-risks schedule
  • (=) This framework + development approach allows vendors to maintain focus on delivering their equipment and services on time

CVOW is expected to deliver electricity at a levelized cost that competes very favorably with the nation's unregulated

offshore wind projects while creating hundreds of jobs and millions of dollars of local economic benefit

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Regulated offshore wind

Broad support across bipartisan coalition

Virginia Governor Glenn

Youngkin

U.S. Senator Mark Warner,

U.S. Senator Tim Kaine,

U.S. Congressman Bobby

Scott

U.S. Congresswoman Jen

Kiggans,

Virginia Delegate Terry

Kilgore

Virginia Senator L. Louise

Lucas

"It was such an honor to celebrate the highly anticipated delivery of the first foundations for the Coastal Virginia Offshore Wind project. Our 'All of the Above' energy approach is increasing the momentum of job opportunities at the Port and all of Hampton Roads."

"We're thrilled that the Administration approved the Coastal Virginia Offshore Wind commercial project… Today's announcement reaffirms Virginia as a leader in offshore wind…We look forward to continuing to work with regional leaders during the next phases of this project and seeing the positive impacts this will have for the region's economy."

"The CVOW project… has established Virginia as the nationwide offshore wind development leader. As the project continues, Virginia will become a new supply chain hub for the East Coast, bringing with it hundreds of clean energy jobs and additional economic benefits… We are proud to stand in support of the Coastal Virginia Offshore Wind pilot and commercial projects, as well as future clean energy projects that support Virginia's economy and environment. Offshore wind is a win-win for all Virginians…"

"Virginia is leading the way in offshore wind. I look forward to the finalization of this project which will help to diversify the grid, assist with the reduction of carbon emissions, and most importantly economic

development and jobs for the citizens here in Hampton Roads."Left to right: Virginia Governor Glenn Youngkin, Virginia

Secretary of Transportation Shep Miller

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Regulated offshore wind

Continues to meet project milestones

Attractive leasehold location

• Minimal overlap with shipping
• Limited fishing industry activity
• Sea floor depth of <125 feet

2.6GW

OSW lease

	Nov. 2013	~113k-acre leasehold acquired via auction for $1.6M
	Dec. 2020	Construction & Operation Plan submitted
	July 2021	Notice of Intent issued by BOEM
	Q4 2021	Major contracts executed with key suppliers
	Dec. 2022	SCC final order on CPCN for offshore + onshore
	July 2023	SCC approves Rider OSW for '23 - '24 rate year
	Oct. 2023	Record of Decision published by BOEM
	2023/2024	Commence onshore/offshore construction
	July 2024	SCC approves Rider OSW for '24 - '25 rate year
	Oct. 2024	Successful first piling season completed
	Oct. 2024	Noncontrolling equity financing transaction closed
	Nov. 2024	Filed Rider OSW for '25 - '26 rate year with SCC
	End of 2026	Construction completion

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Regulated offshore wind

On time and on budget (no change)

Timeline	 Commenced monopile installation: May 2024 (no change)
 Expected construction completion: End of 2026 (no change)
	 All federal permits received (no change)
Permitting
	 Received 96 monopiles from EEW at the Portsmouth Marine Terminal in Virginia (updated)
	 Installed 78 monopiles, achieving run-rate cadence of 25 monopiles per month (updated)
	 Laid the first two of nine marine deepwater export cables (updated)
	 First installation of scour protection on 42 monopiles (updated)
Materials	 All three offshore substations remain on track; first OSS in final commissioning and expected to be completed and
and	shipped to Virginia for installation before the next monopile season begins (updated)
equipment	 82 transition pieces have been fabricated and 33 have been delivered to the Portsmouth Marine Terminal (updated)
	 All onshore underground cable manufactured; more than 50% of the 600 miles of offshore cable produced (updated)
	 Fabrication of the turbine towers began in June; nacelle and blade production will begin in Q1 2025 (no change)
	 Onshore construction activities remain on track, including civil work, horizontal directional drills, and the bores where
	the export cables come ashore (no change)
Regulatory	 November: Submit 2024 rider filing, including annual revenue request of $640M (updated)
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Regulated offshore wind

On time and on budget (no change)

• LCOE (updated): $56/MWh¹ compared to initial filing submission of $80 to $90/MWh¹
• • Legislative prudency cap (no change): $125/MWh²

Original filing (Nov 2021)

Prior update (May 2024)

Current (Nov 2024)

		LCOE excluding REC ($/MWh)¹	$97	$84		$85
		REC ($/MWh)	$10	$11			$29
		LCOE including REC ($/MWh)¹	$80-$90	$73		$56
Costs	 Current capital budget (no change): $9.8B including contingency
		Project-to-date investment³: ~$5.3B (updated)

 Estimated total project investment by year-end 2024: ~$6B (no change)

 Current fixed costs (no change): ~94% of capital budget (excluding contingency)

 Current unfixed costs: ~$590M (incl. onshore electrical work/PJM network upgrades, fuel for transport/installation, certain project oversight costs) (no change)

 Current unused contingency (updated): $121M compared to $143M last quarter

 Cost-sharing settlement (no change): 100% of incurred project cost up to $10.3B deemed recoverable from customers (subject to prudency determination)

¹ In 2027 dollars ² In 2018 dollars 3 As of September 30, 2024

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Regulated offshore wind

Continues to meet project milestones

100%

75%

43% First turbine

complete installed (updated)

First

transition piece

First 4 pinpiles installed installed¹

Last turbine

installed /

project COD

Last transition piece installed

50%	First 8 monopiles	ROD
published
	completed and
	shipped
25%

First monopile

installed¹

COP approved First cable laid

First OSS installed

Last monopile

installed¹

Final EIS issued by BOEM

0%

Dec-22

Dec-23

Dec-24

Dec-25

Dec-26

¹ Construction schedule spans two monopile driving seasons

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Regulated offshore wind

Wind turbine generators: Tower fabrication in progress

	Wind turbine generators			Offshore substations
Monopiles	Cable
	Transition pieces		Onshore transmission

Wind turbine generators update

• Fabrication in progress
• • Fabrication of the turbine towers began in June 2024
  • Nacelles and blades to be performed at existing, mature facilities, fabrication beginning in Q1'25
  • • 14.7 MW with power boost
    • 835 ft turbine tip height from mean sea level (MSL)
    • 728 ft rotor diameter
    • 469 ft hub height from MSL
    • 354 ft blade length
    • 58-tonblade weight
    • 108 ft air gap
    • 6.7 mph cut in wind speed
    • 62.6 mph cut out wind speed

Note: Illustration not to scale

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Regulated offshore wind

Monopiles: Fabrication, transport, and installation in progress

	Wind turbine generators			Offshore substations
Monopiles	Cable
	Transition pieces		Onshore transmission

Installation status as of October 31stAchieved first piling season targets

Monopiles installed: 78 (updated)

Pinpiles installed: 4 (updated)

Achieved run-rate installation cadence

of 25 foundations per month

Construction schedule spans two

monopile driving seasons¹; 98 monopiles

and 8 pinpiles remaining for 2025

¹ Monopile driving season is May to October

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