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 signed a definitive agreement to sell Questar Pipelines to Southwest Gas Holdings Inc. for $1.975 billion, including $430 million in debt. This transaction focuses on its FERC-regulated assets in Utah, Wyoming, and Colorado, expected to close in Q4 2021, pending regulatory approvals. Proceeds will reduce parent-level debt and support Dominion's capital plan for major decarbonization efforts. The sale aligns with the company’s strategy to enhance its clean-energy portfolio and utility service capabilities.
Dominion Energy Virginia, along with NABTU and state affiliates, reaffirms its commitment to a unionized workforce for the Coastal Virginia Offshore Wind (CVOW) project. They aim to promote local hiring, veteran training, and inclusivity for disadvantaged communities. The CVOW project, the largest of its kind in the U.S., is set to produce 2.6 gigawatts of energy by 2026, powering up to 660,000 homes. This initiative could create 1,100 jobs and generate $210 million in annual economic benefits in Hampton Roads. Governor Northam highlights the project's role in enhancing clean energy jobs in Virginia.
Dominion Energy Virginia has proposed a transformative expansion of solar and energy storage projects in Virginia, filing with the State Corporation Commission. This initiative includes 11 utility-scale solar projects, two small-scale solar projects, and a combined solar and storage project, aiming to deliver over 1,000 MW of carbon-free electricity. With an estimated economic impact of $880 million and the potential to create 4,200 clean energy jobs, this move is positioned as a significant step toward the Virginia Clean Economy Act's goals. Residential customer bills are expected to increase by approximately $1.13 monthly.
Dominion Energy and The Nature Conservancy have joined forces to develop the Highlands Solar project on former coal mine sites in Southwest Virginia. This initiative will cover approximately 1,200 acres and produce around 50 megawatts of solar energy, enough to power 12,500 homes. The project aims to stimulate local economies, increase tax revenues, and create clean energy jobs. It aligns with Virginia's goals for a 100% clean energy economy by 2045. Construction is expected to begin in 2024 or 2025, pending approvals.
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Dominion Energy is offering $1.5 million in environmental grants through its Charitable Foundation, encouraging nonprofits and educational organizations to apply. Since 2003, the foundation has donated nearly $37 million to various environmental projects. Eligible organizations from states like Virginia and North Carolina can seek funding for short-term projects focused on environmental education and habitat preservation. This initiative aims to foster environmental stewardship and improve community resources.
Dominion Energy (NYSE: D) has announced the redemption of its 2016 Series A 5.25% Enhanced Junior Subordinated Notes due 2076, totaling $800 million in outstanding principal. The redemption is set for August 31, 2021, with a price of 100% of the principal plus accrued interest of $0.109375 per $25. The decision aligns with the company's strategy to optimize its fixed income obligations. The Paying Agent for this transaction is Deutsche Bank Trust Company Americas.
Dominion Energy Ohio emphasizes the importance of calling 811 before any digging project, in recognition of National 811 Day on August 11. This law mandates notifying Ohio811 to mark underground utility lines, significantly enhancing safety and preventing service interruptions. The service is free and should be used by both professionals and DIYers. Notably, striking utility lines can lead to hazardous situations and expensive repairs, underscoring the need for this precautionary step. Dominion Energy is committed to providing reliable and safe energy to its customers.
Dominion Energy (NYSE: D) announced significant carbon-reduction goals for its fleet of over 8,600 vehicles as part of its Green Fleet initiative. By 2030, the company aims for 75% of passenger vehicles and 50% of work vehicles to be powered by electricity or cleaner alternatives. All new vehicle purchases will be electric or alternative fuel after 2030. Additionally, Dominion Energy is expanding EV charging infrastructure, enhancing its commitment to sustainability and net zero emissions by 2050.