Research Update: Dominion Energy Inc. And Subsidiaries VEPCO, DESC Outlooks Revised To Stable Following Asset Sales; Ratings Affirmed

Richmond, Va – based Dominion Energy Inc. (Dominion) has closed on its previously announced sales of Questar Gas Co., and its cost-of-service gas supply company, Wexpro Co., to Enbridge Inc. (Enbridge). for approximately $4.3 billion, which includes assumed indebtedness. This follows the earlier 2024 close on the sale of The East Ohio Gas Co. (Dominion Energy Ohio) to Enbridge for approximately $6.6 billion, including indebtedness. Dominion also reached an agreement in early 2024 to sell a 50% noncontrolling interest in its Coastal Virginia Offshore Wind project (CVOW) to Stonepeak for about $3 billion. We expect the company to use all after-tax proceeds received from these transactions to reduce consolidated debt, which improves Dominion's credit measures. As such, we revised Dominion's

...- Richmond, Va ¡ based Dominion Energy Inc. (Dominion) has closed on its previously announced sales of Questar Gas Co., and its cost-of-service gas supply company, Wexpro Co., to Enbridge Inc. (Enbridge). for approximately $4.3 billion, which includes assumed indebtedness. - This follows the earlier 2024 close on the sale of The East Ohio Gas Co. (Dominion Energy Ohio) to Enbridge for approximately $6.6 billion, including indebtedness. Dominion also reached an agreement in early 2024 to sell a 50% noncontrolling interest in its Coastal Virginia Offshore Wind project (CVOW) to Stonepeak for about $3 billion. We expect the company to use all after-tax proceeds received from these transactions to reduce consolidated debt, which improves Dominion's credit measures. - As such, we revised Dominion's outlook to stable from negative. We also affirmed Dominion's ratings, including the '###+' issuer credit rating, the 'A-2' commercial paper rating, the '###' senior unsecured debt ratings, and the...

Research Update