Dominion Energy provides regulated electric and natural gas utility service and reports recurring developments tied to earnings, dividends, rate proceedings, generation projects, and customer operations. The company serves electric customers in Virginia, North Carolina, and South Carolina, provides regulated natural gas service in South Carolina, and develops and operates regulated offshore wind and solar power.
Company news commonly covers GAAP and operating earnings, guidance, board dividend actions, Public Service Commission matters involving Dominion Energy South Carolina, utility-safety programs such as 811 reminders, vegetation management agreements, and community initiatives in its service territories.
Dominion Energy (NYSE: D) has promoted Steven D. Ridge to the role of senior vice president and chief financial officer, succeeding James R. Chapman, who is leaving for a new finance position outside the utility sector. Ridge, with extensive experience in energy investment banking and prior roles in mergers and acquisitions, corporate strategy, and investor relations at Dominion, will commence his duties this month. Under Chapman's leadership, the company has transitioned towards state-regulated utility operations, aligning with decarbonization goals and a commitment to achieving Net Zero emissions by 2050.
Dominion Energy reported a third-quarter 2022 GAAP net income of $778 million ($0.91 per share) compared to $654 million ($0.79 per share) in Q3 2021. Operating earnings for the same period remained steady at $944 million ($1.11 per share). The company has narrowed its full-year 2022 operating earnings guidance to $4.03 to $4.18 per share and expects Q4 earnings between $0.98 and $1.13 per share. A comprehensive review is underway to enhance shareholder value and address economic challenges, including inflation and higher fuel prices.
Dominion Energy has declared a quarterly dividend of 66.75 cents per share, scheduled for payment on Dec. 20, 2022, to shareholders of record by Dec. 2, 2022.
This marks the 379th consecutive dividend payment by Dominion or its predecessor. The last quarterly dividend was announced on Aug. 3, 2022.
Dominion Energy Virginia, along with key stakeholders, has filed a settlement agreement regarding the 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project, aimed at balancing costs and stakeholder interests. If approved by the State Corporation Commission, the agreement would protect customers from unforeseen construction cost increases and enhance performance reviews. The project, with an estimated investment of $9.8 billion, is projected to generate clean energy for 660,000 homes by late 2026 and could save Virginia customers up to $6 billion over its first decade of operation.
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Dominion Energy Virginia has proposed nearly two dozen solar and energy storage projects in its annual clean energy filing, aiming to generate over 800 megawatts (MW) of power, enough for 200,000 homes. The initiative is expected to create approximately 4,800 jobs and generate over $920 million in economic benefits. The projects aim to enhance renewable energy use, leading to reduced fuel costs for Virginia customers. The projects require state and local approvals and are projected to be completed between 2023 and 2025, adding an estimated $0.38 to residential bills.
On October 11, 2022, Dominion Energy announced the distribution of $1.2 million in grants to 185 nonprofit organizations across eight states, with nearly $450,000 allocated to 68 organizations in Virginia. The focus of these grants is on crucial human services such as housing, health care, and food security. This marks the seventh consecutive year that Dominion has donated over $1 million to support community needs, demonstrating its ongoing commitment to social impact and community welfare.
The 39th Annual Dominion Energy Christmas Parade in Richmond, VA, celebrates 'A Very RVA Christmas' with Nutzy and Nutasha, the Flying Squirrels mascots, serving as Grand Marshals. The parade starts at 10 a.m. on December 3, 2022. Led by Parade Director Beth Karrer, the event features traditional Christmas elements, including colorful balloons, marching bands, and the Legendary Santa. Dominion Energy, serving around 7 million customers, is a major sponsor and contributed nearly $50 million to community causes in 2021.
Dominion Energy (NYSE: D) has announced its third-quarter 2022 earnings call scheduled for 10 a.m. ET on November 4, 2022. This call will cover recent financial results and matters of interest to stakeholders. Interested parties can access a live webcast on the investor information pages. For telephone participation, domestic callers should dial 1-800-343-1703, while international callers can reach 1-785-424-1601 with a passcode of 37551. A replay will be available by the end of the day.
Dominion Energy released its second annual Diversity, Equity, and Inclusion (DE&I) Report, highlighting significant progress in 2021. Diverse hiring rose from 50.7% to 57.5%, and workforce representation increased to 35.5%. The company aims to achieve 40% diverse workforce representation by 2026. In 2021, Dominion spent $1 billion with diverse suppliers, a 24.5% increase from 2020, and contributed $11.4 million to DE&I organizations. The firm has been recognized as one of the Best Employers for Diversity by Forbes and received accolades for supporting LGBTQ+ equality.