HIGHBuilt-inRegulatory
95%
state-regulated utility operations
“10-K Item 1: 'approximately 95% of earnings to come from state-regulated utility operations in Virginia, North Carolina and South Carolina'”
D · Concentration risk · 10-K extracted
Dominion Energy (D) concentration risks
Updated
The most significant concentration Dominion Energy discloses is state-regulated utility operations at 95%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Dominion Energy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
80%
Virginia
“10-K Item 1: 'Approximately 80% of revenue comes from serving Virginia jurisdictional customers'”
MEDIUMBuilt-inCustomer
28%
data centers
“10-K Item 1: 'Data centers represent 28% and 26% of Virginia Power's electricity sales for the years ended December 31, 2025 and 2024, respectively'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is layered across three mutually reinforcing structural exposures. The most foundational is a regulatory concentration: approximately 95% of earnings are expected to come from state-regulated utility operations in Virginia, North Carolina, and South Carolina — a high share by disclosed size. This positions the earnings stream almost entirely within the constructive but rate-case-dependent world of state utility regulation, where allowed returns and cost recovery are set by public service commissions rather than market forces. Within that regulatory footprint, the geographic concentration is even more pronounced at the revenue level. Approximately 80% of revenue comes from serving Virginia jurisdictional customers — a high share. This means that rate outcomes at the Virginia utility are the dominant earnings driver and that the regulatory relationship with Virginia's commission carries disproportionate weight in the investment case. Layered on top is a customer-type concentration within Virginia: data centers represent 28% of Virginia Power's electricity sales for the year ended December 31, 2025, a moderate share by disclosed size. This is structural — the load growth from data center customers is a defining feature of Virginia's grid demand outlook rather than reliance on any single corporate account. Together, these three disclosures describe a business almost entirely anchored to mid-Atlantic regulated utilities, with a meaningful slice of Virginia load growth tied to the ongoing expansion of data center infrastructure. Investors should monitor Virginia commission rate cases and data center demand growth as the two primary variables in this profile.
For the engine’s reasoning on D’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Electric
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNP | CenterPoint Energy, Inc (Holdin | 2 | 2 | 0 | 4 |
| D● | Dominion Energy, Inc. | 2 | 1 | 0 | 3 |
| AEE | Ameren Corporation | 2 | 0 | 0 | 2 |
| DTE | DTE Energy Company | 2 | 0 | 0 | 2 |
| AEP | American Electric Power Company | 0 | 2 | 0 | 2 |
| CMS | CMS Energy Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.