D · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

DOMINION ENERGY, INC · 2026-10-30 · Importance 58 · Surprise 42

Dominion Energy, AEP and FirstEnergy formed Valley Link to develop, construct and operate transmission-line projects selected by PJM. Dominion Energy will hold a 30% initial interest in the joint venture. Dominion Energy expects to invest approximately $1.5 billion from 2026 through 2030 in connection with the arrangement. The companies’ initial proposals covered high-voltage transmission lines in Virginia, Maryland and West Virginia.

Key facts

• Dominion Energy reported that risks to completing the proposed NextEra Energy Merger include obtaining regulatory approvals, possible approval conditions, and circumstances that could allow either party to terminate the merger agreement.
• Dominion Energy stated that the proposed NextEra Energy Merger could disrupt its business and affect its ability to hire and retain employees and relationships with regulators, customers, suppliers, vendors and other third parties.
• Dominion Energy identified timely receipt of future capital contributions, including optional contributions, from Stonepeak for CVOW Commercial Project construction as a risk.
• Dominion Energy's year-to-date 2026 net cash from financing activities reflected a $714 million decrease in Stonepeak capital contributions to OSWP, net of OSWP distributions to Stonepeak.
• In February 2025, Dominion Energy, AEP, and FirstEnergy agreed to operate Valley Link to pursue a multi-year process to develop, construct, and operate transmission line projects selected by PJM.
• Dominion Energy will hold a 30% initial interest in Valley Link.
• In October 2024, Dominion Energy announced a joint planning initiative with AEP and FirstEnergy to develop high-voltage transmission proposals in Virginia, Maryland, and West Virginia for PJM.