Letter From the Chair

That dedication drives our commitment to achieving Net Zero carbon and methane emissions by 2050 and our approach to a sustainable clean-energy transition. It sharpens our focus on serving our customers and communities with passion and pride. And it provides the basis for how we treat all our stakeholders. We firmly believe in taking the right actions today to support the long-term success of our company, our customers, our colleagues, and our communities.

To that end, in November 2022 we announced a top-to-bottom business review, which we concluded with an investor meeting on March 1, 2024. During the review, we methodically and thoroughly examined every aspect of our business. Among other things, we:

• • Supported bipartisan utility regulation in Virginia that we expect will put our company on solid and durable footing;
• • Closed on the sale of our remaining interest in Cove Point LNG to Berkshire Hathaway;
• • Executed three separate definitive agreements to sell three natural gas distribution companies — The East Ohio Gas Company based in Cleveland, Ohio (which closed in March 2024); Questar Gas Company along with Wexpro Company, based in Salt Lake City, Utah (which closed in May 2024); and Public Service Company of North Carolina, Incorporated, based in Gastonia, North Carolina — to Enbridge;
• • Took collective steps to reduce parent-level debt; and
• • Secured an attractive non-controlling finance partner, subject to regulatory approval, to significantly de-risk the Coastal Virginia Offshore Wind (CVOW) commercial project, establishing robust cost-sharing that provides meaningful protection from unforeseen project cost increases, and improving our quantitative and qualitative business risk profile through the creation of a highly credit-positive partnership.

As a result of the review, I believe we are even more strongly positioned to create maximum value for our stakeholders.

Beyond the business review, we took additional steps to strengthen our business and the sustainability of our operations. In 2023, we:

• • Set a new safety record by reducing the number of employee injuries resulting in days away from work or restricted duty;
• • Maintained the superior reliability our customers count on, ensuring that electricity was available 99.98% of the time, excluding major storms;
• • Kept our rates well below both the national and regional averages;
• • Continued to reduce both carbon emissions from our electric generation fleet, which we have cut by 53% from 2005 through 2023, and methane emissions from our natural gas businesses, which we have cut by 50% from 2010 through 2023;
• • Continued to move forward on our CVOW commercial project — the largest offshore wind project under construction in the United States;
• • Expanded our solar portfolio, which we have grown from zero megawatts (MW) a little over a decade ago to one of the largest among investor-owned utilities in the country;
• • Proposed piloting new forms of battery storage to make the most of renewable resources; and
• • Continued to upgrade the grid to make it smarter, stronger, and greener.

In addition, this report, which incorporates our Diversity, Equity, and Inclusion (DE&I) Report, demonstrates our commitment to people and communities, including how we have:

• • Continued to emphasize DE&I through outreach, special events celebrating the diversity of our employees, a new employee resource group, and more;
• • Embraced new and better ways to carry out our business through our culture of innovation;
• • Supported our communities through the Dominion Energy Charitable Foundation, company giving, and employee volunteer efforts;
• • Engaged with our communities, customers, and stakeholders through sustained, inclusive outreach strategies;
• • Responded to the needs of vulnerable communities by expanding our industry-leading environmental justice program and our ongoing commitment to a just transition and the clean-energy future; and
• • Partnered with diverse suppliers throughout our service territories, not only to benefit from their competitive value proposition but also to ensure that our procurement strategy remains resilient, inclusive, and supportive of the communities where we live and work.

In every case, we relied on the talent, skills, and dedication of our outstanding employees — many of whom you can read about in the extended, digital version of this report. To ensure that we sustain our record of operational excellence, and to help our colleagues reach their fullest potential, we have invested thoughtfully in attracting and developing individuals with great potential, and then providing the training and development opportunities that will enable them to fulfill it.

Those employees come to work every day with a sharp awareness that our role in society is critical: If we don’t perform our mission, nobody else can carry out theirs. We know that families, businesses, government agencies, schools, emergency responders, hospitals, and many others are counting on us. The work we do sustains our customers’ daily lives.

We are energized by the opportunity to execute our mission and grow our business for the benefit of those we serve. Doing so sustainably, while meeting or exceeding their expectations, is how we define success.

Robert M. Blue

Chair, President, and Chief Executive Officer

September 24, 2024