Tear Sheet: Dominion Energy Inc.'s Timely Offshore Wind Federal Approvals Are Supportive Of Credit Quality

Richmond, Va. based Dominion Energy Inc. (Dominion) announced it received the last two major federal approvals needed to begin construction of its Coastal Virginia Offshore Wind (CVOW) project, an approximate 2.6-gigawatt offshore wind generating facility. The federal approvals include authorization from The Bureau of Ocean Energy Management and The U.S. Army Corps of Engineers. CVOW is expected to be placed in service by the end of 2026 at an estimated cost of approximately $10 billion. We believe these timely Federal approvals are consistent with our expectations and are supportive of Dominion?s credit quality. Several other offshore wind development projects have experienced material setbacks, reflecting higher costs, supply chain issues, and rising interest rates. The timely Federal approvals increases the likelihood

...Foreign currency issuer credit rating ###+/Negative/A-2 Local currency issuer credit rating ###+/Negative/A-2 Business risk Excellent Country risk Very Low Industry risk Very Low Competitive position Strong Financial risk Significant Cash flow/leverage Significant Anchor a- Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Negative (-1 notch) Stand-alone credit profile ###+...

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