Dominion Energy Inc Stock Price, News & Analysis

The Lion Electric Company (NYSE: LEV) announces that its all-electric school buses are now eligible for Dominion Energy's Electric School Bus Infrastructure program in Virginia. This program supports public school districts by providing fast-charging solutions to those receiving EPA Clean School Bus funding. Dominion Energy facilitates the coordination of utilities, network upgrades, and installation of charging infrastructure.

The initiative also enables electric school buses to serve as a grid resource through vehicle-to-grid (V2G) technology. This allows buses to be used as additional energy storage and discharge energy to the grid during high-demand periods. The program complements the EPA's Clean School Bus Program, which is expected to deploy $5 billion in funding over five years to accelerate electric school bus adoption across the United States.

Dominion Energy Virginia has received approval from the Nuclear Regulatory Commission (NRC) to extend the operating licenses of its North Anna Power Station for an additional 20 years. This extension allows the two nuclear reactors to operate until 2058 and 2060, respectively. The power station, located in Louisa County, Va., generates enough carbon-free electricity to power 500,000 homes.

North Anna, along with Surry Power Station, produces 40% of Virginia's electricity and accounts for about 90% of the state's carbon-free power. To ensure longevity, Dominion Energy is implementing numerous upgrades and enhancements at the station. The company plans to seek recovery of the costs associated with the license extension from the Virginia State Commission later this year.

Dominion Energy has secured a 176,505-acre lease area off the coast of Virginia Beach for potential offshore wind development. The company submitted a winning bid of $17.7 million, equating to $100 per acre. This acquisition provides Dominion Energy with the option to deploy additional regulated offshore wind generation to meet growing electric demand and support the goals of the Virginia Clean Economy Act.

The new lease area could support between 2.1 and 4.0 gigawatts of offshore wind energy generation. It is located approximately 35 nautical miles from the Chesapeake Bay. This acquisition follows the company's recent purchase of the Kitty Hawk Wind North lease area, now renamed CVOW South, with a potential capacity of 800 MW.

Dominion Energy's focus remains on completing its 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project, which is currently on time and on budget, with expected in-service by the end of 2026.

Dominion Energy (NYSE: D) has reached a significant milestone in the construction of its Coastal Virginia Offshore Wind (CVOW) project, installing the 50th monopile foundation. The company aims to install 70-100 monopiles by October's end, keeping the project on budget and on schedule for completion in late 2026. CVOW, the largest offshore wind project under construction in the U.S., will consist of 176 turbines generating 2.6 gigawatts, enough to power 660,000 homes. The project is expected to yield $3 billion in fuel savings for customers in its first decade of operation. Over 800 Virginia-based workers are currently engaged in the project, with more than 1,000 local jobs anticipated for ongoing operations and maintenance.

Dominion Energy (NYSE: D) reported second-quarter 2024 GAAP net income of $0.65 per share, compared to $0.67 per share in Q2 2023. Operating earnings (non-GAAP) were $0.65 per share, up from $0.35 per share in the same period last year. The company reaffirmed its full-year 2024 operating earnings guidance of $2.62 to $2.87 per share and its 2025 guidance of $3.25 to $3.54 per share.

Dominion Energy also confirmed all financial guidance provided at its March 1, 2024, investor meeting, including guidance related to earnings, credit, and dividends. The company will host its Q2 2024 earnings call on August 1, 2024, to discuss recent financial results and matters of interest to stakeholders.

Dominion Energy (NYSE: D) has announced a quarterly dividend of 66.75 cents per share of common stock. The dividend will be payable on September 20, 2024, to shareholders of record at the close of business on August 30, 2024. This marks the 386th consecutive dividend payment by Dominion Energy or its predecessor company, highlighting a long-standing commitment to shareholder returns. The company's previous quarterly dividend was declared on May 7, 2024, maintaining consistency in its dividend policy.

Dominion Energy South Carolina (DESC) has submitted a comprehensive settlement agreement for its pending general electric rate case to the Public Service Commission of South Carolina (PSC). If approved, the settlement would result in a net 1% increase in residential electric rates compared to rates at the time of the original request in March. The agreement includes a $7.5 million one-time bill credit and a $3 million increase in energy efficiency funds over five years. DESC has added about 40,000 new customers since 2019 and invested $1.6 billion in its electric system. The settlement supports an authorized return on equity of 9.94%, a regulatory capital structure of 52.51% equity and 47.49% debt, and a revenue increase of $219 million. DESC and intervening parties, including several regulatory and consumer groups, will present the settlement to the PSC at a hearing on July 15. The final decision is expected after a thorough review.

Dominion Energy Virginia announced a Request for Proposals (RFP) to evaluate the feasibility of developing a Small Modular Reactor (SMR) at North Anna Power Station in Louisa County, VA. This RFP is a preliminary step and not a commitment to build an SMR but aims to assess the technology's viability to meet future energy demands as outlined in the company's Integrated Resource Plan.

SMRs are touted for their reliability and environmental benefits, similar to traditional nuclear power but with lower upfront costs and a smaller footprint.

The announcement was made at North Anna, attended by company leaders and Virginia state officials, including Governor Glenn Youngkin.

Dominion Energy also plans to seek cost recovery for SMR development through a filing with the Virginia State Commission, with costs capped at $1.40 per month for a typical residential customer, though the initial request is expected to be lower.

Dominion Energy has announced an agreement to acquire the Kitty Hawk North Wind offshore wind lease from Avangrid for approximately $160 million. This 40,000-acre lease, to be renamed CVOW-South, could support 800 MW of offshore wind generation capacity in the 2030s, serving around 200,000 homes and businesses. The transaction includes a $117 million lease acquisition and $43 million for associated development cost reimbursement, expected to close in Q4 2024. Dominion plans to use this acquisition to meet growing electric demand, consistent with its business objectives and the Virginia Clean Economy Act goals. Detailed cost estimates and in-service dates will be developed in future phases. Dominion's existing 2.6-GW CVOW project remains on-time and on-budget, with completion expected by the end of 2026.