Settlement Reached in South Carolina

Research evidence excerpt

Settlement Reached in South Carolina

May 12, 2026 | 07:24 ET~

Dominion Energy Utilities, Power & Renewables

James M. Thalacker Analyst

james.thalacker@bmo.com (347) 668-8970

D-NYSE Rating Price: May-11 Target Total Rtn

Market Perform $62.56 $67.00 11% Edward M DeArias, CFA VP Associate

edward.dearias@bmo.com (347) 274-1556

Holly Rohlfs Senior Associate

holly.rohlfs@bmo.com (332) 274-9870

Senior AssociateSettlement Reached in South Carolina Ethan Corcoran

ethan.corcoran@bmo.com (347) 839-1752

Legal Entity: BMO Capital Markets Corp.

Bottom Line:

Dominion and key intervenors in SC reached a settlement in the DESC rate case. 70 2YR Price Volume Chart

The settlement if approved would support a $207mm revenue increase predicated

on a 9.99% ROE and a 53.52% equity ratio. Parties also agreed to a one-time $3mm

refund to residential customers via bill-credits. If approved as filed, we would 60 20

view the settlement favorably. Additionally, it would highlight the company's 55 15

strengthening regulatory relationship in the state. Maintain Market Perform. 50 10 5

45 0

Key Points LHS: Price ($) / RHS:Nov Volume (mm) May Nov Source: FactSetMay

Importantly, the comprehensive settlement includes several key intervenors such

as the South Carolina Office of Regulatory Staff, the South Carolina Department

of Consumer Affairs, and the South Carolina Energy Users Committee amongst

others.

As reminder, using an apples-to-apples comparison in the filed stipulation, which

reflects a ~$219mm base revenue increase, Dominion initially filed for a $334mm

revenue increase with a requested 53.52% equity ratio and a 10.50% ROE.

The above $207mm revenue increase is comparable to a $322mm request per the

press release (or 64%). In the beginning of April, the SC Office of Regulatory Staff