Dominion Energy is a major regulated electric and natural gas utility headquartered in Richmond, Virginia, trading on the New York Stock Exchange under the ticker symbol D. The company provides electricity to roughly 3.6 million homes and businesses across Virginia, North Carolina, and South Carolina, and delivers natural gas to about 500,000 customers in South Carolina.
Where Dominion Energy Operates
Dominion Energy’s core business is delivering regulated electricity and natural gas, meaning its rates and operations are overseen by state utility commissions rather than set by the open market. Its electric service territory spans three states along the mid-Atlantic and southeastern U.S.: Virginia, North Carolina, and South Carolina. Its regulated natural gas distribution is concentrated in South Carolina.
The company’s footprint has been shrinking deliberately in recent years. In 2024, Dominion sold The East Ohio Gas Company, a Cleveland-based gas utility serving 1.2 million homes and businesses, to Enbridge Inc. for approximately $6.6 billion. It also moved to sell gas distribution operations based in Utah and North Carolina as part of a broader strategy to narrow its focus toward regulated electric utilities. These divestitures reflect an industry trend where large utilities shed non-core assets to concentrate capital on their biggest growth opportunities, particularly in electricity.
How Dominion Generates Power
Dominion Energy operates a diverse fleet of power stations. Natural gas is the backbone of its generation portfolio, fueling numerous plants across Virginia and North Carolina. Many of these stations use combined-cycle technology, which captures waste heat from burning gas to generate additional electricity, boosting efficiency. Some plants keep oil or ultralow-sulfur diesel on hand as backup fuel.
Coal still plays a role, though a diminishing one. Dominion runs coal-fired stations in Virginia and West Virginia, including the Virginia City Hybrid Energy Center, which burns a mix of coal and biomass (organic material like wood waste). The company also operates solar facilities and is pursuing what would be one of the largest offshore wind projects in the United States.
The Coastal Virginia Offshore Wind Project
Dominion’s most prominent clean energy initiative is the Coastal Virginia Offshore Wind project, approved by the Bureau of Ocean Energy Management with an estimated capacity of about 2,600 megawatts. For context, that is enough to power hundreds of thousands of homes. The project sits off the coast of Virginia Beach and represents one of the largest offshore wind developments in the country. It is a cornerstone of Dominion’s long-term shift toward lower-carbon electricity generation.
What It Means to Be a Regulated Utility
If you’re a Dominion Energy customer, you likely didn’t choose the company the way you’d pick a cell phone carrier. In most of its service territory, Dominion is the sole provider of electricity, which is common for regulated utilities. In exchange for that monopoly, state regulators control what the company can charge. When Dominion wants to raise rates or build a new power plant, it has to go through a formal approval process with the relevant state utility commission.
This structure makes Dominion’s revenue relatively stable and predictable compared to companies in competitive markets. It also means customers have limited options if they’re unhappy with pricing. Rate cases, where the company proposes changes and regulators decide whether to approve them, are a regular part of business and can directly affect your monthly bill.
Dominion Energy as an Investment
Dominion Energy is one of the larger utility stocks on the market, and utilities in general attract investors looking for steady dividends rather than rapid growth. The company’s stock (NYSE: D) is a staple of income-focused portfolios. Its regulated business model provides consistent cash flow, which supports regular dividend payments.
The divestitures of gas distribution assets reshaped the company’s financial profile. Selling billions of dollars in gas operations freed up capital and reduced debt, but it also meant giving up the revenue those businesses generated. Investors watch Dominion’s capital spending closely, particularly on large projects like the offshore wind development, because the costs are enormous and the returns depend heavily on regulatory approval of the rates needed to recoup them.
Paying Your Dominion Energy Bill
For customers in Virginia, North Carolina, or South Carolina, Dominion Energy handles billing through its website and mobile app, where you can set up autopay, view usage history, and manage your account. The company also offers budget billing, which averages your annual energy costs into equal monthly payments so you avoid seasonal spikes in winter and summer. If you’re having trouble paying, Dominion provides payment plans and connects customers with energy assistance programs run by state and local agencies.
Your bill includes charges for the electricity you use (measured in kilowatt-hours), a base customer charge that covers the cost of maintaining the grid connection to your home, and various rider charges that fund specific infrastructure projects or programs approved by regulators. Understanding these line items can help you figure out whether reducing your usage will meaningfully lower your total bill or whether most of the cost is in fixed charges.