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) announced leadership changes effective October 1, 2020. Thomas F. Farrell, II will transition from CEO to executive chair, retaining Board chair responsibilities. Robert M. Blue will be promoted to president and CEO, while Diane Leopold becomes the sole COO. Edward H. Baine is promoted to president of Dominion Energy Virginia. This transition is part of a succession plan aimed at strengthening leadership as the company focuses on sustainable energy strategies. Farrell emphasizes the importance of this leadership team for future growth.
Dominion Energy (NYSE: D) reported a net loss of $1.2 billion ($1.41 per share) for Q2 2020, a significant decline from a net gain of $54 million ($0.05 per share) in Q2 2019. However, operating earnings rose to $706 million ($0.82 per share), up from $619 million ($0.77 per share) in the previous year. The company's results were negatively affected by weather conditions, impacting earnings by $0.03 per share. Dominion maintains its 2020 full-year operating earnings guidance of $3.37 to $3.63 per share and anticipates Q3 earnings between $0.85 and $1.05 per share.
Dominion Energy (NYSE: D) has announced a quarterly dividend of 94 cents per share, set to be paid on September 20, 2020. Shareholders must be on record by the market close on September 4, 2020. This marks the 370th consecutive dividend payment for the company, indicating a strong commitment to returning value to shareholders. The previous quarterly dividend was declared on May 6, 2020.
On July 23, 2020, Dominion Energy (NYSE: D) announced a significant $35 million initiative aimed at promoting higher education equity for 11 historically black colleges and universities across Virginia, Ohio, North Carolina, and South Carolina. The program includes $25 million in funding for selected institutions and a $10 million scholarship fund for African American and underrepresented minority students in the company's service area. The initiative focuses on operational needs, urgent capital support, endowments, and scholarships to enhance educational opportunities.
Dominion Energy (NYSE: D) has announced a $35 million initiative aimed at supporting African American and underrepresented minority students. This six-year program will focus on historically black colleges and universities in Virginia, Ohio, North Carolina, and South Carolina. Furthermore, a $10 million scholarship fund will be established to assist students across the company's service area. This initiative builds on nearly 40 years of support for educational equity and follows a recent $5 million commitment for social justice efforts.
Dominion Energy (NYSE: D) will hold its second-quarter earnings conference call on July 31, 2020, at 10 a.m. ET. During this call, management will discuss financial results and other key topics for investors. Callers can join by dialing 1-800-341-6228 for domestic or 1-334-777-6993 for international access, using the passcode 69931782#. A live webcast will also be available on the investor site. A replay of the call starts at 2 p.m. ET on the same day and will be accessible until August 7.
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Dominion Energy offers several programs to help customers save on energy bills as summer heat increases amid the pandemic. Customers can access discounts on energy-efficient products and appliances, potentially saving up to $100 on select items. The Smart Cooling Rewards Program allows participants to earn a $40 credit while reducing energy demand. Other tips include adjusting thermostats, running appliances at night, and closing blinds. Since 2008, the company has saved 760 gigawatt hours and provided over $177 million in rebates. Dominion Energy aims for net-zero carbon emissions by 2050.
Dominion Energy Ohio is enhancing support for customers experiencing financial hardship due to COVID-19. The company offers flexible payment options for past due balances and increased funding for the EnergyShare program, which aids those in need. Following a suspension of disconnections since March, Dominion Energy plans to gradually resume normal credit operations after August 3. Key initiatives include the Budget Plus payment plan, waiver of deposit requirements, and a $150,000 increase in EnergyShare funds. Customers are encouraged to utilize these resources during this challenging time.