Dominion Energy: 2Q Preview: Merger Execution in Focus

Research evidence excerpt

Dominion Energy: 2Q Preview: Merger Execution in Focus

ity Sector M&A Price Performance Exchange-NYSE

Stand Coming Out of the Announced NEE/D Merger? 52 Week range USD 69.28-54.25

Focus Items & Catalyst Calendar: 1) M&A filings kicking off. We expect D / NEE to file merger

applications at all state and federal agencies needed for the merger to close on the ~16-month

timeline. Virginia will likely be the most closely watched state filing, followed by South Carolina.

We understand some investors have raised the question of whether Virginia State Corporate

Commission Chair Kelsey Bagot would recuse herself from the proceeding given prior

employment history at NEE (2+ years ago). We do acknowledge filing these cases could create

some noise for the transaction in the near term, as expected with typical rate reviews which Source: IDC Link to Barclays Live for interactive charting

could pressure D & NEE shares this summer; 2) DESC New Rates Effective July: Mgmt will likely

highlight further regulatory execution given the South Carolina Commission approved the

settlement earlier this quarter; 3) Millstone DEEP Update: We still expect the Connecticut Dept North America Power & Utilities

of Energy & Environmental Protection (DEEP) to release the results of the RFP by the end of this Nicholas Campanella

+1 212 526 6123month (June), which will likely affirm which power plants will enter into negotiations with EDCs

nicholas.campanella@barclays.com

ahead of Public Utilities Regulatory Authority (PURA) approval, expected sometime in late 2026. BCI, US

We do not expect any MWs or prices to be disclosed just yet; 4) OSW Update: We recently visited

the OSW Coastal Virginia Offshore Wind (CVOW) construction site on 6/16 and noted 20 turbines Michael Lonegan