Dominion Energy (NYSE:D) on Wednesday announced a net loss for the fourth quarter of $42 million and net income of $994 million for the entire year of 2022.

Earnings were down according to GAAP, but operating earnings for the fourth quarter were $903 million, up from $752 million a year earlier. Differences between the two were from the impairment of some nonregulated solar generation facilities, the market-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds, regulated asset retirements and other adjustments.

The firm delivered earnings and dividend growth in line with its guidance, while providing safe, reliable and affordable energy to consumers, CEO Robert Blue said on an earnings call.

“We’re very focused on ensuring that our customers are not priced out of the significant long-term benefits that will result from our decarbonization and resiliency investment programs,” Blue said. “On that same theme, 2022 was a significant year in terms of advancing our regulated, decarbonization and resiliency strategy.”

The Virginia State Corporation Commission approved several investment programs eligible for rate riders, including the company’s offshore wind farm, new solar and storage facilities, grid upgrades, and license renewals for its four nuclear reactors in the state at North Anna Power Station and Surry Power Station.

Additional rider-eligible investments currently under SCC review include additional solar and storage projects in Dominion’s third annual clean energy filing, and high-voltage transmission needed to serve growing customer demand and data center load.

Dominion also owns nuclear plants in other states, including the Millstone Nuclear Power Plant in Connecticut that is under a long-term contract with the state that proved beneficial to customers, Blue said, saving them $300 million last year as power prices in New England were up. The plant is important to the entire region of New England, especially in terms meeting its states’ goals of decarbonization reliably, he said.

“We see the possibility of being able to take action with policymakers to give us the certainty we would need in order to extend the life of millstone and have that valuable resource for New England for some time to come,” Blue said. “We don’t have, as yet, a specific approach to that, but we’re certainly interested in engaging with policymakers on that.”

Dominion has been involved in discussions in Richmond, Va., over the future of how it will be regulated in the state, with multiple bills moving through the legislature this session, which runs until Feb. 25. The legislature is working on two bills that Blue highlighted on the earnings call: one with a series of changes to how the SCC sets its rates, and another that would allow Dominion to get a partner to help it build its 2.6-GW Coastal Virginia Offshore Wind project.

The Virginia Senate passed Dominion-backed legislation on the SCC’s ratemaking authority in a 27-13 vote on Tuesday, with all but two of the “no” votes coming from Democrats.

Senate Bill 1265 included language about recovering deferred fuel costs, requiring the SCC to set its rates at the average of a peer group of other large utilities in the South and removing $350 million from rate riders and putting them into base rates. Its companion bill in the House of Delegates, House Bill 1770, passed by a 52-47 vote on Tuesday as well, with the no votes coming from Democrats.

The legislature has to work out any differences between the two bills and others involving the SCC’s authority. The governor would then have until March 27 to sign, veto, or offer amendments to legislation, which could kick the process back to the legislature that meets on April 12 to deal with the governor’s actions. Gov. Glenn Youngkin then has until mid-May to act on any legislation passed or amended during that reconvened session a month prior.

Blue resisted offering any predictions on what would ultimately come out of the process on the earnings call. Dominion is working on a review of its overall business, but the direction that will take will be dependent on legislative outcomes in Virginia.

“Having a clear and definitive understanding of the future Virginia regulatory construct is a key input for the business review,” Blue said. “Therefore, legislation timing will influence the cadence at which we’re able to share more details about the business review in the future.”