Dominion Energy entered into agreements in September 2023 to sell all of its regulated gas distribution operations, except for DESC's, to Enbridge, which is expected to close in 2024.

Dominion Energy completed the sale of its remaining 50% noncontrolling partnership interest in Cove Point to BHE in September 2023 for approximately $3.3 billion in cash proceeds.

Dominion Energy continues to focus on expanding and improving its regulated electric utilities and long-term contracted businesses while transitioning to a cleaner energy future.

Dominion Energy experienced an OSHA Recordable Rate of 0.45 in 2023, compared to 0.52 in 2022 and 0.46 in 2021, reflecting a dedication to safety.

Dominion Energy increased diverse representation within its workforce from 37.0% to 37.7% in 2023, following an increase during 2022 from 35.5% to 37.0% and an increase during 2021 from 34.7% to 35.5%.

Electric operations continue to focus on improving service and experience levels while striving to reduce costs and link investments to operational results.

The rates of the Companies' principal electric transmission, distribution and generation operations and gas distribution operations are subject to regulatory review. If the regulatory commissions do not allow recovery of costs incurred in providing service on a timely basis, the Companies' future earnings could be negatively impacted.

Hostile cyber intrusions could severely impair the Companies' operations, lead to the disclosure of confidential information, damage the reputation of the Companies and otherwise have an adverse effect on the Companies' business.

The Companies' financial performance and condition can be affected by changes in the weather, including the effects of global climate change. Fluctuations in weather can affect demand for the Companies' services.

Ownership of certain transmission facilities in Virginia Power's service territory is permitted pursuant to Order 1000, subject to state and local siting and permitting approvals. This could result in additional competition to build and own transmission infrastructure in Virginia Power's service area in the future.

There is some competition for Virginia Power's generation operations for Virginia jurisdictional electric utility customers that meet certain size requirements or that currently are purchasing energy from competitive suppliers deemed to be 100% renewable by the Virginia Commission.

Competition in DESC's natural gas distribution operations is generally based on price and convenience. Large commercial and industrial customers often have the ability to switch from natural gas to an alternate fuel, such as propane or fuel oil.

Electric operations continue to focus on improving service and experience levels while striving to reduce costs and link investments to operational results.

SAIDI performance results, excluding major events, were 82 minutes for the three-year average ending 2023, consistent with the previous three-year average of 82 minutes for DESC.

SAIDI performance results, excluding major events, were 130 minutes for the three-year average ending 2023, down from the previous three-year average of 136 minutes. This decrease is primarily due to decreased storm activity.

Virginia Power plans to continue making progress on its ten-year plan through 2028 to transform its electric grid into a smarter, stronger and greener grid by leveraging technology to enhance the customer experience and improve the operation of the system.

DESC has completed the installation of approximately 976,000 of the planned 1.1 million smart meters as of December 31, 2023, with the project expected to be completed by the end of 2024.

Dominion Energy will pursue solutions, including pilot programs, of technologies such as large-scale battery storage, carbon capture and storage, small modular reactors and hydrogen if and when they become technologically and economically feasible.

Dominion Energy Virginia's capital plan for 2024 includes spending approximately $9 billion to construct new generation capacity, including the CVOW Commercial Project, and to upgrade or add new transmission lines, distribution lines, substations, and other facilities.

Capital expenditure plan for 2024 includes a focus on upgrading the electric system in Virginia through investments in additional renewable generation facilities, strategic undergrounding and energy conservation programs.

Virginia Power plans to invest approximately $1.1 billion in 2024 to acquire or construct several solar facilities to serve utility customers.

Dominion Energy has committed to achieving net zero carbon and methane Scope 1 emissions by 2050, and has expanded this commitment to cover Scope 2 and material categories of Scope 3 emissions.

Dominion Energy is committed to increasing its diverse workforce representation to 40% by year-end 2026, and sponsors nine employee resource groups to support and reinforce its culture of inclusiveness.

Dominion Energy seeks to build partnerships and engage with local communities, stakeholders and customers on environmental issues important to them, including environmental justice considerations.

Data centers, which represent 24% and 21% of Virginia Power's electricity sales for the years ended December 31, 2023 and 2022, respectively, have been a source of significant increase in demand which is expected to continue over the next decade.

The Regulation Act provides for a cost-of-service rate model and permits Virginia Power to seek recovery of costs for new generation projects, including pumped hydroelectricity generation and storage facilities as well as extensions of operating licenses of nuclear power generation facilities.

Competition from non-incumbent PJM transmission owners for development, construction and ownership of certain transmission facilities in Virginia Power's service territory is permitted pursuant to Order 1000.