Strong Financial Performance
Second quarter operating earnings were $0.75 per share, with contributions from RNG 45Z credits and better-than-normal weather. GAAP results were $0.88 per share. The company reaffirmed existing financial guidance for 2025 operating earnings per share between $3.28 and $3.52, with a midpoint of $3.40.
Coastal Virginia Offshore Wind (CVOW) Project Progress
The CVOW project is now 60% complete, with significant milestones achieved, including the installation of 134 monopiles and completion of 100% of 12 penpiles. The first delivery of electricity is expected in early 2026, and the project remains on schedule for full completion by the end of 2026.
Data Center Expansion and Economic Growth
Strong sales in service areas driven by data center expansion and economic growth. Notably, 9 of the top 10 all-time peak days in Virginia occurred this year, including 6 in the last 6 weeks, and a new all-time peak in South Carolina was set recently.
Regulatory Progress
Meaningful progress in regulatory approvals, including support for the Chesterfield Energy Reliability Center project and a positive biennial review proceeding in Virginia. The Nuclear Regulatory Commission approved a 20-year extension for the VC Summer Nuclear Station.