This document contains the report of the Virginia State Corporation Commission (“Commission") pursuant to §§ 56-596 B and 31-205 of the Code of Virginia (“Code"), which directs the Commission to provide an update by November 1 of each year on the status of the implementation of the Virginia Electric Utility Regulation Act, Code §§ 56-576 through 56-596.3 (“Regulation Act").(*1) The Regulation Act has expanded in recent years with new programs and requirements that fall within the Commission’s purview. This report summarizes the Commission’s efforts to implement the Regulation Act for investor-owned electric utilities(*2) as well as for the electric cooperatives. Key highlights from this report include:

Technical Conference - Nationwide Standards for Short-Duration Energy Storage

• During the 2026 legislative session, the Virginia General Assembly (“General Assembly") expressed the policy preference for furthering the evaluation and growth of existing and new energy storage technologies, including short-duration energy storage and long-duration energy storage, in bolstering reliability of the electric grid and resource adequacy needs. The General Assembly further directed the Commission to hold a technical conference to evaluate nationwide safety standards and practices around short-duration energy storage development, including the most updated version of the National Fire Protection Association 855, Standard for the Installation of Stationary Energy Storage Systems, and the reasonableness and prudence of the safety standards required by Virginia’s two largest investor-owned electric utilities – Appalachian Power Company (“APCo") and Virginia Electric and Power Company d/b/a Dominion Energy Virginia (“DEV").

On August 14, 2026, the Commission filed a Scheduling Order and Notice of Technical Conference on Short-Duration Energy Storage Standards.(*3) The order directed the Commission’s Division of Information Resources to promptly post a copy of the scheduling order on the Commission’s website and directed the Division of Public Utility Regulation to send a copy of the scheduling order to all persons likely to be interested in the matter and to promptly file with the Clerk of the Commission a certificate of transmission that lists the names and addresses of all persons and entities to whom the scheduling order was transmitted.

On September 1, 2026, the Commission convened the technical conference that was open to the public and included representatives from investor-owned utilities with engineering experience in battery energy storage systems, battery storage industry associations, fire safety professionals, and insurance professionals with specific experience in providing risk engineering services for conventional and renewable energy facilities. Panelists included representatives of APCo, DEV, CAC/the Baldwin Group, Energy Safety Response Group, and MAREC Action. At the conclusion of the technical conference, Commission Staff was directed to file a Staff Report on or before October 26, 2026, that includes a summary of the information presented at the technical conference and Staff’s findings thereon. Staff’s Report is pending filing.

On September 15, 2026, the Commission filed a Supplemental Order Scheduling Post-Technical Conference Comments that gave interested persons the opportunity to file comments on the technical conference. Twelve comments were filed.

This case is pending before the Commission.

Technical Conference - Electric Utilities and Load Growth

• On October 2, 2024, the Commission filed a Scheduling Order and Notice of Technical Conference(*4) to explore emerging issues surrounding projected large load growth in the Commonwealth as a result of data centers/retail large-use hyperscale customers. Specifically, this exploratory proceeding and technical conference sought information related to current and projected challenges presented by serving various types of large-use hyperscale customers from the perspective of electric cooperatives, investor-owned electric utilities, existing customers, and potential new load. This proceeding explored the identification of one or more potential frameworks that could be used by electric cooperatives and investor-owned electric utilities to serve potential new large-use customer load.

On December 16, 2024, the Commission convened the technical conference that was open to the public.

On December 20, 2024, the Commission filed a Supplemental Order Scheduling Post-Technical Conference Comments that gave interested persons the opportunity to file comments addressing some or all of the issues raised during the technical conference.

On October 23, 2025, the Commission issued its Scheduling Order and Notice of Technical Conference on Large Load Flexibility, scheduling a Commissioner-led technical conference for December 12, 2025, that would focus on data center load flexibility.

On November 25, 2025, the Commission issued its Supplemental Order and Notice of Agenda for Technical Conference that attached the agenda and directed panelists to submit one-page summaries of their positions as it related to their respective panels along with any other relevant materials they wished to provide.

On December 30, 2025, the Commission issued its Supplemental Order Scheduling Post-Technical Conference Comments and directed the Division of Public Utility Regulation to transmit copies of the supplemental order to all persons furnished copies of the notice order and to file a certificate of transmission that includes the names and addresses of all persons/entities to whom the supplemental order was transmitted. Thirty-nine comments were received.

This case is pending before the Commission.

• The Commission continues to implement the requirements of the Virginia Clean Economy Act (“VCEA").(*5) The VCEA includes provisions establishing a mandatory Renewable Energy Portfolio Standard (“RPS") and an Energy Efficiency Resource Standard. The relevant Commission dockets that implement or update these programs, as well as the dockets that continue to provide oversight of the utility’s existing operations, are summarized in Section IV, below.

• On March 31, 2026, DEV filed a petition for approval of Phase IV of DEV’s grid transformation plan (“GT Plan"), its most recent GT Plan petition.(*6) The proposed Phase IV investments include: (i) mainfeeder hardening; (ii) voltage island mitigation; (iii) voltage optimization enablement; (iv) telecommunications; and (v) targeted corridor improvement programs. The case is currently pending before the Commission.

• On April 15, 2026, the Commission issued a Final Order(*7) on DEV’s 2025 RPS petition,(*8) wherein it: (i) approved DEV’s 2025 RPS Plan as reasonable and prudent; (ii) granted certificates of public convenience and necessity (“CPCNs") and approved approximately 532 megawatts (“MW") of new solar generation capacity in the Commonwealth; (iii) granted a CPCN for and approved approximately 80 MW of storage capacity in the Commonwealth; (iv) found that approximately 438.97 MW of solar power purchase agreements (“PPA") and 13 MW of storage PPAs were prudent; and (iv) approved, to recover through Rider CE, the costs of the CE-6 Projects (and related interconnection facilities) and CE-6 PPAs, and the costs of solar and storage projects (and related interconnection facilities) and PPAs approved by the Commission in prior RPS filing proceedings.(*9) The Commission also established additional directives regarding DEV’s modeling in its subsequent RPS plans. DEV’s 2026 RPS plan is due to be filed on or before December 31, 2026. In the 2025 DEV RPS Petition, DEV included three modeling scenarios.(*10) Two of the pertinent plans are:

o A Preferred Plan, which is a least cost VCEA-compliant portfolio that meets all applicable requirements of the VCEA and then selects resources on a least-cost basis. This plan contemplates 33,448 MW of new resources. The Company’s long-term billing analysis shows that under the Preferred Plan, residential customers using 1,000 kilowatt-hours (“kWh") per month will be charged approximately $255.72 per month by 2035, a 60% increase, compared to the October 2025 customer bill of $159.57. By 2045, the residential bill is calculated to be $268.65, or 68% higher than October 2025.

o A Forced Retirement Plan, which forces retirements of the carbon-emitting fleet by 2045. This plan contemplates 48,347 MW of new resources, including two 2,200 MW nuclear power stations. The construction capital expenditure for the Forced Retirement Plan is approximately $270 billion, or $180 billion more than the Preferred Plan. The Company’s long-term billing analysis shows that under the Forced Retirement Plan, residential customers using 1,000 kWh per month will be charged approximately $289.26 per month by 2035, an 80% increase, compared to the October 2025 customer bill of $159.57. By 2045, the residential bill is calculated to be $375.58, or 135% higher than October 2025.

o The implementation of the proposed Rider CE on May 1, 2026, incrementally increased the typical residential customer’s monthly bill, based on 1,000 kWh per month, by $3.20 when compared to the current Rider CE. This represents a 51% increase and a total charge of $9.50.

• On May 15, 2026, APCo filed a petition for approval of its 2026 RPS plan to develop solar, wind, and energy storage resources as required by VCEA pursuant to Code § 56-585.5 D 4.(*11) APCo estimates that by 2045 it may have 1,480 MW (nameplate) of solar (including owned co-located solar), 375 MW (nameplate) of wind, 1,800 MW (nameplate) of small modular nuclear reactors, and 350 MW (nameplate) of energy storage, through a mix of company-owned resources and PPAs, to meet the requirements of the VCEA. The petition is currently pending before the Commission.

• On August 3, 2026, the Commission filed a Final Order(*12) in DEV’s annual Demand Side Management (“DSM") application that approved, among other things: (i) DEV’s proposed Phase XIV DSM Programs, including proposed enhancement and expansion of certain previously approved programs; and (ii) cost recovery through associated rate adjustment clauses (“RAC"). Further, the Commission directed DEV to prepare and file with its next DSM update, and each subsequent DSM update, a plan that details the specific steps the Company will take to meet the mandated energy savings targets in 2026-2028, including how these proposed steps will lead to achievement of the savings targets established by the Commission; how the Company will achieve the VCEA-mandated 15% budget proposal for Income and Age Qualifying (“IAQ") Programs; and a detailed project management plan and risk management strategy that demonstrates the Company has identified and planned for the deployment of resources required to implement the revised programs and meet its mandated savings targets. The Commission’s Final Order also approved DEV’s proposed Virtual Power Plant Pilot program required by Code § 56-585.1:16.

DEV Bill Impacts

• From July 1, 2007(*13) to July 1, 2026, DEV’s typical monthly residential bill(*14) has increased by $90.20, or 99.57%; i.e., from $90.59 to $180.79. Over the 12 months ended July 1, 2026, DEV’s typical monthly residential bill has increased by $30.87.

• On November 25, 2025, the Commission issued a Final Order in DEV’s 2025 biennial review.(*15) Among other things, the Commission approved a revenue increase of $565.7 million for 2026, followed by a $209.9 million increase for 2027. The Commission also approved a new rate class, GS-5, for certain high-load customers to be effective January 1, 2027.

• On December 23, 2025, the Commission issued a Final Order(*16) in DEV’s 2025 update to its 2024 Integrated Resource Plan.(*17) Based on DEV’s analysis, which incorporated the requirements of the VCEA and provided bill impact analysis through 2045, DEV projects the monthly bill of a typical Virginia residential customer using 1,000 kWh per month to be between $268.65 and $381.61 by 2045.(*18) This represents a monthly increase of between $152.47 and $265.43 relative to the same residential customer’s bill as of May 1, 2020, or an annual increase of between $1,829.64 and $3,185.16.

• On February 3, 2026, the Commission issued an Order Establishing 2025-2026 Fuel Factor.(*19) The Commission approved DEV’s approximate $8.95 increase in the monthly bill of a typical residential customer for usage on an after July 1, 2025.

• On September 29, 2026, the Commission issued an Order Establishing 2026-2027 Fuel Factor.(*20) Among other things, the Commission approved DEV’s proposed increase to its fuel factor, resulting in an approximate $7.97 increase in the monthly bill of a typical residential customer for usage on and after July 1, 2026.

• On September 29, 2026, the Commission issued its Financing Order(*21) in DEV’s deferred fuel cost under-recovery/up-front financing costs through securitization matter. Among other things, the Commission approved $931,851,010 in deferred fuel costs eligible for financing through securitization and recovery through Deferred Fuel Cost Charges. The Commission also found up-front financing costs of $9,790,780 to be reasonable and eligible for recovery through securitization.

• On February 23, 2026, Dominion Energy, Inc. (“DEI")(*22) presented a business update to investors. DEI identified approximately $54.8 billion in anticipated capital expenditures for DEV between 2026 and 2030, including investments in generation, transmission and distribution resiliency, and grid transformation. If sought for cost recovery, these investments potentially reflect a 78% increase in DEV’s rate base by 2030, with 69% potentially recoverable from customers through RACs.

APCo Bill Impacts

• APCo’s typical monthly residential bill has increased by $101.58, or 152.50%; i.e., from $66.61 to $168.19 between July 1, 2007 to July 1, 2026. During the 12 months ending July 1, 2026, APCo’s typical monthly residential bill has decreased by $5.44.

• On November 24, 2025, the Commission issued a Financing Order(*23) in APCo’s petition for issuance of securitized asset costs bonds that, among other things, authorized APCo to issue securitized asset cost bonds not exceeding an aggregate principal amount of approximately $1.376 billion to finance the securitizable balance described above; establish a securitized asset cost charges tariff to provide for the timely recovery of securitized asset cost charges; and establish a base rate rider to reflect the reduction of rate base associated with the securitization of utility plant balances until such time as the reduction is reflected in base rates established in APCo’s next base rate case. Securitization resulted in a net monthly bill reduction of approximately $2.30.

• On May 29, 2026, APCo filed its application for a biennial review pursuant to Code § 56-585.8.(*24) As filed, the application presented an earned return on common equity of 4.655% for the combined 2024 and 2025 test periods. APCo is requesting an incremental revenue requirement increase of $61.4 million, excluding the impacts of the base rate rider related to securitization of certain plant and storm costs that is set to retire with the onset of new base rates effective March 1, 2027. This case is currently pending before the Commission.

• Based on APCo’s billing analysis contained in its 2026 RPS Plan, showing projected monthly impacts of the VCEA to a residential bill through 2040, the monthly bill of a Virginia residential customer using 1,000 kWh per month is projected to be approximately $187.78, an increase of $17.15 per month over the typical 2025 residential bill over this period.(*25) In accordance with the provisions of Code § 56-599, as modified by HB 429, APCo will be required to file IRPs beginning in 2028.(*26)

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(*1) Chs. 753 and 793 of the 2023 Acts of Assembly modified § 30-205 to require the Commission provide this report to the Commission on Electric Utility Regulation by November 1 of each year beginning in 2023 and expiring in 2029, at which time the report due date would revert to September 1, as required by § 56-596 B. Pursuant to Ch. 949 of the 2026 Acts of Assembly, the Commission on Electric Utility Regulation is now named the Energy Commission of Virginia, modifying § 30 to § 31.

(*2) Code § 56-580 G generally suspends application of the Regulation Act to Kentucky Utilities, d/b/a Old Dominion Power Company (“KU/ODP"), which is an investor-owned electric utility whose service territory is located entirely within Dickenson, Lee, Russell, Scott, and Wise Counties. However, certain provisions of the Regulation Act, including Code §§ 56-585.5, 56-594, and 56-596.2 A, have been made applicable, at least in part, to KU/ODP.

(*3) Commonwealth of Virginia, ex rel., State Corporation Commission Ex Parte: Nationwide Standards for Short-Duration Energy Storage, Case No. PUR-2026-00125, Doc. Con. Cen. No. 260830020, Scheduling Order and Notice of Technical Conference on Short-Duration Energy Storage Standards (Aug. 14, 2026).

(*4) Commonwealth of Virginia, ex rel., State Corporation Commission Ex Parte: Electric Utilities and Load Growth, Case No. PUR-2024-00144, Doc. Con. Cen. No. 241020023, Scheduling Order and Notice of Technical Conference (Oct. 2, 2024).

(*5) 2020 Va. Acts chs. 1193, 1194.

(*6) Petition of Virginia Electric and Power Company, For approval of a plan for electric distribution grid transformation projects pursuant to § 56-585.1 A 6 of the Code of Virginia, Case No. PUR-2026-00041, Doc. Con. Cen. No. 260410048, Petition of Virginia Electric and Power Company and Request for Limited Waiver (Mar. 31, 2026) (“2026 DEV GT Plan").

(*7) Petition of Virginia Electric and Power Company, For approval of its 2025 RPS Development Plan under § 56-585.5 D 4 of the Code of Virginia and related requests, Case No. PUR-2025-00148, Doc. Con. Cen. No. 260960009, Final Order (Apr. 15, 2026) (“2025 DEV RPS Final Order").

(*8) Petition of Virginia Electric and Power Company, For approval of its 2025 RPS Development Plan under § 56-585.5 D 4 of the Code of Virginia and related requests, Case No. PUR-2025-00148, S.C.C. Doc. Con. Cen. No. 251040060, Petition (Oct. 15, 2025) at 11-15 (“2025 DEV RPS Petition").

(*9) The Commission previously approved 3,565 MW of new solar generation capacity and 544.7 of energy storage capacity for Dominion (approving 214 MW of new solar generation, 479 MW of new solar PPAs, and 377 MW of new storage PPAs) in Petition of Virginia Electric and Power Company, For approval of its 2024 RPS Development Plan under § 56-585.5 D 4 of the Code of Virginia and related requests, Case No. PUR-2024-00147, Doc. Con. Cen. No. 250420083, Final Order (Apr. 15, 2025) (“2024 DEV RPS Final Order"); Petition of Virginia Electric and Power Company, For approval of its 2023 RPS Development Plan under § 56-585.5 D 4 of the Code of Virginia and related requests, Case No. PUR-2023-00142, 2024 S.C.C. Ann. Rept. 188, Final Order (Mar. 29, 2024) (approving 329 MW of new solar generation capacity and 435 MW of solar PPAs) (“2023 DEV RPS Final Order"); Petition of Virginia Electric and Power Company, For approval of its 2022 RPS Development Plan under § 56-585.5 D 4 of the Code of Virginia and related requests, Case No. PUR-2022-00124, 2023 S.C.C. Ann. Rept. 217, Final Order (Apr. 14, 2023) (approving 480 MW of new solar generation capacity, 270 MW of solar PPAs,15.7 MW of energy storage capacity, and 49 MW of storage PPAs) (“2022 DEV RPS Final Order"); Petition of Virginia Electric and Power Company, For approval of the RPS Development Plan, approval and certification of the proposed CE-2 Solar Projects pursuant to §§ 56-580 D and 56-46.1 of the Code of Virginia, revision of rate adjustment clause, designated Rider CE, under § 56-585.1 A 6 of the Code of Virginia, and a prudence determination to enter into power purchase agreements pursuant to § 56-585.1:4 of the Code of Virginia, Case No. PUR-2021-00146, 2022 S.C.C. Ann. Rept. 309, Final Order (Mar. 15, 2022) (approving 664.6 MW of solar generation, 196 MW of solar PPAs, 70 MW of energy storage and 70 MW of energy storage PPAs) (“2021 DEV RPS Final Order"); and Commonwealth of Virginia ex rel. State Corporation Commission, Ex Parte: Establishing 2020 RPS Proceeding for Virginia Electric and Power Company, Case No. PUR-2020-00134, 2021 S.C.C. Ann. Rept. 242, 243, Final Order (Apr. 30, 2021) (approving 82 MW of new solar facilities and 415.5 MW of solar PPAs) (“2020 DEV RPS Final Order").

(*10) 2025 DEV RPS Petition at 11-15.

(*11) Petition of Appalachian Power Company, For approval of its 2026 RPS Plan under § 56-585.5 of the Code of Virginia and related requests, Case No. PUR-2026-00065, Doc. Con. Cen. No. 260540114, Petition and Requests for Waiver of Appalachian Power Company (May 15, 2026) (“2026 APCo RPS Plan").

(*12) Application of Virginia Electric and Power Company, For approval of its 2025 DSM Update pursuant to § 56-585.1 A 5 of the Code of Virginia, Case No. PUR-2025-00210, Doc. Con. Cen. No. 260810017, Final Order (Aug. 3, 2026).

(*13) Enactment Clause 7 of 2007 Va. Acts chs. 888 and 933 requires the Commission, in consultation with the Office of the Attorney General, to “submit a report to the Governor and General Assembly by November 1, 2012, and every five years thereafter, assessing the rates and terms and conditions of incumbent electric utilities in the Commonwealth." The first five-year window for this rate assessment was 2007-2012. The Commission begins its rate analysis with the year 2007 in this report to coincide with this window.

(*14) For purposes of this report, a typical monthly residential bill is based on usage of 1,000 kWh per month.

(*15) Application of Virginia Electric and Power Company, For a 2025 biennial review of the rates, terms and conditions for the provision of generation, distribution and transmission services pursuant to § 56-585.1 A of the Code of Virginia, Case No. PUR-2025-00058, Doc. Con. Cen. No. 251140150, Final Order (Nov. 25, 2025). (*16) Commonwealth of Virginia, ex rel. State Corporation Commission, In re: Virginia Electric and Power Company’s 2025 Update to the 2024 Integrated Resource Plan filing pursuant to Va. Code § 56-597 et seq., Case No. PUR-2025-00184, Doc. Con. Cen. No. 251230164, Final Order (Dec. 23, 2025).

(*17) Commonwealth of Virginia, ex rel. State Corporation Commission, In re: Virginia Electric and Power Company’s 2025 Update to the 2024 Integrated Resource Plan filing pursuant to Va. Code § 56-597 et seq., Case No. PUR-2025-00184, Doc. Con. Cen. No. 251040029, 2025 Update to the 2024 Integrated Resource Plan of Virginia Electric and Power Company (Oct. 15, 2025).

(*18) Id. at 46.

(*19) Application of Virginia Electric and Power Company, To revise its fuel factor pursuant to Va. Code § 56-249.6, Case No. PUR-2025-00059, Doc. Con. Cen. No. 260210041, Order Establishing 2025-2026 Fuel Factor (Feb. 3, 2026).

(*20) Application of Virginia Electric and Power Company, To revise its fuel factor pursuant to § 56-249.6 of the Code of Virginia, Case No. PUR-2026-00058, Doc. Con. Cen. No. 260960041, Order Establishing 2026-2027 Fuel Factor (Sept. 29, 2026).

(*21) Petition of Virginia Electric and Power Company, For a financing order authorizing the issuance of deferred fuel cost bonds pursuant to § 56-249.6:2 of the Code of Virginia, Case No. PUR-2026-00078, Doc. Con. Cen. No. 260960042, Financing Order (Sept. 29, 2026).

(*22) Dominion Energy, Inc. is the parent company of DEV.

(*23) Petition of Appalachian Power Company, For a financing order authorizing the issuance of securitized asset cost bonds pursuant to § 56-249.8 of the Code of Virginia, Case No. PUR-2025-00116, Doc. Con. Cen. No. 251140108, Financing Order (Nov. 24, 2025).

(*24) Application of Appalachian Power Company, For a 2026 biennial review of its base rates, terms and conditions pursuant to § 56-585.8 of the Code of Virgina, Case No. PUR-2026-00044, Doc. Con. Cen. No. 260610075, Application (May 29, 2026).

(*25) 2026 APCo RPS Plan, Attachment 1, at 68.

(*26) HB 429 (Ch. 607) of the 2026 Virginia Acts of Assembly.