Dominion Energy Bets Big on Solar & Storage in 2025 – Even as Critics Cry “Scam”

• Utility doubles down on renewables: Dominion Energy has launched a new request for proposals (RFP) seeking solar, wind, and battery projects in Virginia and North Carolina. Its subsidiaries are exclusively looking for power purchase agreements (PPAs) with new photovoltaic solar, onshore wind, and energy storage installations ^[1]. This move comes as the bulk of new U.S. power capacity in 2025 (about 90%) is from renewables ^[2], underscoring a broader clean energy boom.
• Five project categories targeted: The RFP invites bids for five types of projects: large utility-scale solar farms (>3 MW); smaller distributed solar (<3 MW); solar paired with storage; onshore wind (with or without storage); and stand-alone battery storage ^[3]. Dominion will consider facilities anywhere in VA or NC, but distributed projects under 3 MW must be within Dominion’s service territory to provide local grid benefits ^[4]. The utility even encourages proposals on brownfield sites like old landfills or industrial plots ^[5] – turning yesterday’s liabilities into tomorrow’s clean power assets.
• Timeline and requirements: Interested developers must register intent to bid by Jan. 20, 2026 and sign a confidentiality agreement ^[6]. Final proposals are due by Feb. 9, 2026 ^[7]. By openly courting third-party projects through PPAs (rather than building all projects itself), Dominion aims to tap market innovation and speed. The PPAs will support customers’ future energy needs as outlined in Dominion’s latest Integrated Resource Plan ^[8], while also creating local jobs, community investment, and new tax revenue in host localities ^[9].
• Driving forces – policy and economics: Dominion’s big solar-and-storage push aligns with Virginia’s Clean Economy Act (VCEA) mandates and the utility’s pledge of net-zero carbon emissions by 2050 ^[10]. State law deems 16,100 MW of new solar and onshore wind and 2,700 MW of storage to be in the public interest by 2035, pressuring Dominion to rapidly expand clean generation. At the same time, renewables make economic sense: they are now the fastest-to-build and often cheapest option for new power ^[11]. Even without federal subsidies, solar, wind, and batteries are favored to meet surging electricity demand (driven heavily by energy-hungry data centers) ^[12]. Simply put, why wait on a new gas plant when a solar+storage farm can come online in half the time?
• Utilities defy “green scam” rhetoric: Notably, this renewable RFP lands amid a political backdrop where the federal government has cast solar and wind as a “green scam.” The current administration in Washington has criticized clean energy as “unreliable” and “expensive”, seeking to roll back support ^[13]. Dominion’s actions tell a different story. The utility is forging ahead with carbon-free energy because it works – it’s cost-effective and essential to meet customer needs. As energy reporter Paul Gerke wryly noted, “when the rubber meets the road, electric utilities are still turning to carbon-free sources” ^[14]. In fact, over half the U.S. population now lives in states with clean energy laws driving renewables growth ^[15]. Dominion’s home state is one of them, and the company is obligated to deliver.
• Not alone in the green drive: Dominion is far from the only utility ramping up renewables in 2025. Georgia Power recently got approval for five new solar PPAs totaling over 1,000 MW – projects selected via its 2023 RFP as part of Georgia’s long-term plan ^[16]. Even in oil-and-gas country, Xcel Energy’s Texas/New Mexico subsidiary opted for over 5 GW of solar and wind in its latest portfolio to meet “rapidly rising” demand ^[17]. The trend is clear: across the nation, utility capital spending is pouring into clean energy. The U.S. Energy Information Administration forecasts record electricity usage in 2025–26, with renewables’ share of generation rising from ~23% to 25% ^[18]. Utilities plan to invest over $1 trillion by 2029 to upgrade grids and build carbon-free capacity ^[19]. Dominion’s big RFP is one puzzle piece in this massive energy transition.
• Stock on the rise: Investors have started to take note of Dominion Energy’s transition efforts and improving outlook. The company’s stock (NYSE: D) has climbed about 6% over the past month, handily beating the utility sector’s ~2.5% gain and even topping the S&P 500’s ~4% rise ^[20]. Shares recently closed around $60.87, down ~1% in a choppy market session ^[21]. (By comparison, the S&P 500 slipped 0.38% the same day ^[22].) This uptick suggests growing confidence after a prolonged slump. Dominion spent much of 2023–2024 under pressure – conducting a top-to-bottom business review and shoring up its balance sheet – but now appears to be turning a corner.
• Analysts bullish on earnings: Wall Street is cautiously optimistic. Dominion is scheduled to report Q3 2025 earnings on October 31 ^[23], and analysts expect solid growth despite higher interest rates and other headwinds. Consensus forecasts earnings of about $1.02 per share for the quarter (up ~4% year-over-year) on $4 billion in revenue ^[24]. For the full year 2025, Dominion is projected to earn roughly $3.39 per share with $15.2 billion revenue, which would mark a healthy +22% jump in profit and +5% revenue growth from last year ^[25]. These estimates have held steady in recent weeks, and no major analyst downgrades have surfaced – a good sign for the company’s near-term outlook ^[26].
• Valuation and forecast: Importantly for investors, Dominion’s stock trades at a discount relative to peers. Its forward price-to-earnings ratio is about 18.1, slightly below the electric utility industry average (~19.1) ^[27]. The stock’s PEG ratio (price/earnings-to-growth) sits around 1.33, well under the sector’s 2.8 average ^[28] – indicating the market may be underestimating Dominion’s growth prospects. Investment research firm Zacks currently rates Dominion a “Buy” (Rank #2), noting that positive earnings estimate revisions often precede stock price climbs ^[29]. In Zacks’ view, Dominion’s pivot to regulated renewable assets and the stable cash flows that come with long-term PPAs could make it a dependable growth story in the utility space. Some analysts peg the stock’s 12-month price target in the mid-$60s, implying modest upside. While not a shoot-the-lights-out tech stock, Dominion offers a blend of steady dividends and exposure to the clean energy boom, a profile that is regaining favor as the company executes on its plan.
• Forward-looking challenges: To be sure, Dominion Energy faces hurdles on its road to a greener grid. Interconnecting all these new solar farms and batteries will test the grid’s capacity, and navigating regulatory approvals (especially for any future rate increases to pay for projects) requires political finesse. Virginia’s regulators have at times pushed back – for instance, scrutinizing Dominion’s long-term resource plans to ensure reliability amid coal plant retirements. Additionally, the shifting political winds pose some uncertainty: state leaders supportive of the VCEA could change in future elections, potentially altering mandates. However, Dominion’s multi-pronged strategy may insulate it somewhat. The utility isn’t just banking on solar panels and lithium batteries; it’s also investing in offshore wind (developing a 2.6 GW wind farm off Virginia Beach) and even eyeing next-generation nuclear. In a futuristic twist, Dominion is partnering with tech companies on nuclear fusion research – collaborating on a planned pilot fusion power plant in Virginia that could one day supply Google’s data centers ^[30]. While fusion power remains speculative, the message is clear: Dominion wants all tools on the table to meet demand and decarbonization goals.
• The bottom line: Dominion Energy’s latest RFP underscores that, rhetoric aside, the energy transition is marching forward in the American South. A major utility in coal-and-gas country is committing to buy thousands of megawatts of solar, wind, and battery power – not due to charity or coercion, but because it’s practical. Clean energy is now often the lowest-cost, fastest-deployed option to serve customers ^[31], especially as electricity consumption soars in the digital age. Dominion’s embrace of renewables (and the investor support following it) highlights a broader reality: market forces and state policies are driving a utility transformation. As one industry expert put it, “Love ’em or hate ’em, renewables comprise the bulk of new power generation coming onto the grid” ^[32]. Even a presidential push to revive fossil fuels has not stopped this momentum at the utility level. For communities in Virginia and North Carolina, Dominion’s clean energy push promises economic benefits and a cleaner environment. For Dominion’s shareholders, it could translate to a more robust, future-proof business – one that turns the so-called “green scam” into greenbacks.

Sources

1. Kelsey Misbrener, “Dominion Energy seeks new solar and storage projects in Virginia and North Carolina,” Solar Power World – Oct. 8, 2025 ^{[33] [34]}.
2. Brad Kramer, “Dominion Energy seeking RFPs for renewable PPAs,” Solar Builder Magazine – Oct. 8, 2025 ^{[35] [36]}.
3. Paul Gerke, “Despite federal ‘green scam’ rhetoric, utilities still want renewables,” RenewableEnergyWorld – Oct. 8, 2025 ^{[37] [38]}.
4. Dominion Energy 2024 Renewable RFP announcement (VA) ^{[39] [40]}; Virginia Clean Economy Act summary ^[41].
5. Zacks Equity Research, “Dominion Energy (D) Registers a Bigger Fall Than the Market: Important Facts to Note,” Nasdaq/Zacks via Yahoo Finance – Oct. 7, 2025 ^{[42] [43]}.
6. Marcin Frąckiewicz, “AES Corp Stock Skyrockets as BlackRock Nears $38B Takeover – What Investors Need to Know,” Tech Space 2.0 (ts2.tech) – Oct. 1, 2025 ^{[44] [45]}.
7. Marcin Frąckiewicz, “US Utility’s Fusion Moonshot: Betting Billions on ‘Star Power’ to Fuel the AI Era,” Tech Space 2.0 (ts2.tech) – Sept. 20, 2025 ^[46].

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