Oct 30, 2026 earnings call — Coastal Virginia wind and NextEra combination
Coastal Virginia wind project approximately 85% complete; installation of the 45th turbine happening now.
Revenue $5.6B (est $4.9B) · EPS $1.28 (est $1.21)
Key quotes
"With the project approximately 85% complete and the fabrication of all nacelles, towers, and blades now complete."
"We continue to expect the transaction to close in the second half of 2027."
"We now have over 54 gigawatts of data center capacity in various stages of contracting, including over 12 gigawatts of capacity contracted under electric service agreements."
Analyst Q&A 6
merger approval issues
Q (Shahriar Pourreza · Wells Fargo): Where are you and staff different on the 57 conditions and could any be a deal breaker? Also, how is dialogue with the governor going? And is the $38 REX price sustainable for CVOW LCOE?
A: They said many of the 57 conditions were ones Dominion had already proposed and they are focused on the legal standard of “no harm.” They will file rebuttal testimony on Monday and the hearing starts November 17. On REX, they said prices are hard to predict, supply/demand and Virginia resource constraints tighten the market, and credits from generated REC sales reduce CVOW's LCOE while prices have fluctuated.
"But fundamentally, as you heard from John on NextEra's call a week or so ago, we are still focused on the statutory standard which is no harm." — Robert Blue (CEO·CHAIR)
South Carolina merger and Millstone timing
Q (Nicholas Campanella · Barclays): Any reaction to recent South Carolina testimony and is there a path to settle there? Also, can you remind us of Millstone timing and whether terms/price or selection could be known by year-end?
A: They said the South Carolina process is similar to Virginia: they are in regulatory proceedings, will file rebuttal testimony, and then go to hearing. On Millstone, they said they are encouraged and constructively engaged with parties, it is hard to say what will be public by year-end, but they expect a clearer sense by then.
"We are encouraged and constructively engaged with the parties in that process." — Steven D. Ridge (CFO)
project execution risk and lessons
Q (Anthony Crowdell · Mizuho): As large generating projects increase across the sector, how should investors think about execution risk and what should they focus on given your CVOW experience?
A: They said their experience is broader than CVOW and includes recent large combined-cycle and transmission projects. The key is an experienced construction team working with familiar contractors, awareness of labor and supply-chain constraints, strong counterparties, and good permitting relationships to handle risks.
"Our focus is having an experienced project construction team that is working with contractors that we have familiarity with" — Robert Blue (CEO·CHAIR)
CVOW timing drivers and Q4 O&M
Q (Carly Davenport · Goldman Sachs): Beyond jack up to jack down timing, what other items affect overall CVOW timing and how should those trend toward year end? Also, why did Q4 O&M turn from a drag to a help and any read-through to 2027?
A: They said the main factors are weather, maintenance, transit, and load out, and the team has improved installation and port turn times so things get faster as they progress. They gave a days-based contingency analysis showing remaining schedule flexibility. On O&M, there was nothing specific to flag; they reevaluate drivers quarterly and are conservative in guidance to derisk performance.
"Beyond the jackup to jack down time, other factors that we think about that we have identified are weather, maintenance, transit, and load out time." — Robert Blue (CEO·CHAIR)
nuclear upgrades and Virginia batteries
Q (Paul Zimbardo · Jefferies): Can you describe nuclear upgrade opportunities for the regulated fleet and unregulated assets? And what does the IRP battery increase mean for capital and rate base growth?
A: They said limited opportunities exist at Millstone and the regulated fleet focus is on investments needed for subsequent license renewals to extend plant lives another 20 years, with uprates considered where safe. On the Virginia IRP, battery capacity rises roughly 4x (from 850 megawatts to 3.3 gigawatts), capital is spent in a roughly 2-year cycle before COD, and they framed every gigawatt as about a $2.5 to $3 billion opportunity, mostly self-build so it could increase rate base.
"Our focus at the regulated fleet is the investments necessary for a subsequent license renewal." — Robert Blue (CEO·CHAIR)
ring-fence structure and 2027 financing
Q (Evercore): What is the staff seeking on ring-fencing and a bankruptcy-remote vehicle, and how flexible is your 2027 funding if load accelerates or a closing delays?
A: They said they are working through the regulatory process and will present details in their rebuttal testimony on Monday, so they did not discuss ring-fence details now. On financing, they previously showed equity needs are back-end loaded and said 2027 and 2028 looked like relatively lighter equity years and they have not seen anything to change that view.
"I do not wanna get out ahead of our sort of update to the forecast, but generally speaking, we were seeing 2027, 2028 as relatively lighter equity years." — Steven D. Ridge (CFO)