Dominion Energy Inc Stock Price, News & Analysis

On Sept. 19, 2022, Dominion Energy Utah announced that its CarbonRight program has enrolled its 1,000th customer in under six months. For just $5 monthly, customers can offset 100% of their carbon emissions from natural gas usage. Each 1,000 participants equate to removing roughly 900 cars from the road or planting 7,000 trees. The program is voluntary and supports sustainability by sourcing verified carbon offsets from local landfill and reforestation projects. Dominion Energy ensures no profit from this initiative, aiming to help customers reduce their carbon footprint.

Dominion Energy (NYSE: D) announced the closure of its sale of Hope Gas, Inc., its West Virginia natural gas utility, to a subsidiary of Hearthstone Holdings, Inc. for $690 million. The sale, which has been adjusted for customary closing items, was initially announced on Feb. 11, 2022. Hope Gas serves 111,000 customers and operates over 5,200 miles of pipelines in West Virginia. The transaction received all necessary regulatory approvals and allows Dominion to focus on its remaining assets, including the Mt. Storm Power Station.

Hearthstone Holdings, Inc. has successfully acquired 100% of Hope Gas, Inc., a regulated gas distribution company in West Virginia, from Dominion Energy. As part of this strategic move, Hearthstone plans to relocate its headquarters to Morgantown and hire approximately 100 additional employees. The acquisition aims to enhance local energy services and collaborate with local natural gas producers. Hope Gas serves over 111,000 customers across 35 counties in West Virginia, boasting a significant pipeline infrastructure of 3,200 miles of main and 2,000 miles of gathering pipes.

Dominion Energy has announced a total of $1 million in environmental grants available to nonprofit and educational organizations. The deadline for applications is September 30 at 5 p.m. EST. Since 2003, Dominion has contributed nearly $39 million to environmental initiatives. Grants of up to $50,000 are available for specific projects that yield measurable environmental improvements, while K-12 schools can apply for $5,000 classroom grants. The foundation aims to educate communities and enhance environmental stewardship across its service areas.

On August 11, Dominion Energy highlights National 811 Day, urging homeowners to contact 811 before any digging projects. This free, legally required service helps prevent accidents by marking underground utility lines. A recent study indicates that nearly half of U.S. homeowners planning to dig may do so without contacting 811, risking outages and safety issues. State law mandates contacting 811 three business days prior to a project. Dominion Energy emphasizes the importance of this service to protect public safety and utility reliability.

Dominion Energy (NYSE: D) reported a second-quarter 2022 net loss of $0.58 per share, totaling $453 million, contrasting with a net income of $285 million or $0.33 per share in Q2 2021. However, the company's operating earnings rose to $0.77 per share ($658 million), up from $0.76 per share ($628 million) year-on-year. For Q3 2022, Dominion anticipates operating earnings between $0.98 and $1.13 per share, affirming its full-year guidance of $3.95 to $4.25 per share. The firm emphasizes operating earnings as a key performance measure, accounting for certain adjustments.

Dominion Energy has received approval from the Virginia State Corporation Commission for the 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project, positioned 27 miles off Virginia Beach. This project is expected to generate enough renewable energy to power up to 660,000 homes and save Virginia customers more than $3 billion during its first decade, potentially reaching $6 billion if current commodity price trends continue. With an investment of approximately $9.8 billion, CVOW aims to support energy diversity and create hundreds of jobs in the region.

The board of directors of Dominion Energy has declared a quarterly dividend of 66.75 cents per share. This dividend is payable on September 20, 2022, to shareholders of record as of September 2, 2022. This marks the 378th consecutive dividend paid by Dominion Energy or its predecessor company. The prior dividend was declared on May 11, 2022.