Dominion Resources, Inc.
Company Summary
Description
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers.Website
https://www.dom.com/Financial Data:
NYSE:D from Google FinanceTickers:
-
D - New York Stock Exchange
Related Entities
- Dominion Carolina Gas Transmission, LLC
- Dominion Cove Point LNG, LP
- Dominion East Ohio
- Dominion Energy Kewaunee Inc.
- Dominion Energy Marketing, Inc.
- Dominion Energy Transmission, Inc.
- Dominion Field Services, Inc
- Dominion Iroquois, Inc.
- Dominion LDC Gas Supply Group
- Dominion Resources Black Warrior Trust
- Dominion Retail, Inc.
- Dominion South Pipeline Company, LP
- Questar Corporation
Firm Transport Commitments
Project: Atlantic Coast Pipeline
Firm Commitment: 300,000 Dth/d
Recent news
- 9/18/2017 - GAIL India Charters... (subscriber access)
- 5/18/2017 - Panda Power Funds... (subscriber access)
- 4/11/2017 - Solar Frontier Americas... (subscriber access)
- 3/21/2017 - Dominion Announces 81-MW... (subscriber access)
- 2/1/2017 - Dominion Resources Reports Late 2017 In-Service Date for Cove Point LNG
Company Transactions
Date: 4/11/2017
Type: Acquisition
NOTES:
Solar Frontier Americas, a subsidiary of Solar Frontier sold the 40 MW (DC) Midway II solar power project to Dominion Resources Inc.
Solar Frontier Americas, a subsidiary of Solar Frontier sold the 40 MW (DC) Midway II solar power project to Dominion Resources Inc.
REGIONS:
West
Date: 12/1/2016
Type: Acquisition
BUYERS:
Dominion Midstream Partners, LP
DETAILS:
COST: 1.725 $B
NOTES:
Dominion Midstream paid Dominion Resources $823 million in cash, issued $167 million in common units and $300 million in convertible preferred units as well as assuming Questar's $435 million in indebtedness.
Dominion Midstream paid Dominion Resources $823 million in cash, issued $167 million in common units and $300 million in convertible preferred units as well as assuming Questar's $435 million in indebtedness.
Date: 9/19/2016
Type: Merger
NOTES:
Dominion Resources and Questar Corporation completed their proposed merger to form the largest electric and natgas energy companies.
Dominion Resources and Questar Corporation completed their proposed merger to form the largest electric and natgas energy companies.
REGIONS:
United States
News & Press Releases
Criterion News
- 9/18/2017 - GAIL India Charters... (subscriber access)
- 5/18/2017 - Panda Power Funds... (subscriber access)
- 4/11/2017 - Solar Frontier Americas... (subscriber access)
- 3/21/2017 - Dominion Announces 81-MW... (subscriber access)
- 2/1/2017 - Dominion Resources Reports Late 2017 In-Service Date for Cove Point LNG
- 2/1/2017 - Dominion Resources Reports Greensville County Power Station on Schedule for 2019 Completion
- 2/1/2017 - Dominion Resources... (subscriber access)
- 1/10/2017 - Dominion Cove Point... (subscriber access)
- 12/2/2016 - Dominion Closes on the... (subscriber access)
- 11/1/2016 - Dominion Prices &... (subscriber access)
- 10/31/2016 - Dominion Midstream Acquiring Questar Pipeline from Dominion Resources
- 10/31/2016 - Dominion Resources Reports Cove Point Liquefaction Project at 75% Completion
- 10/31/2016 - Dominion Resources... (subscriber access)
- 9/21/2016 - Atlantic Coast Pipeline... (subscriber access)
- 9/19/2016 - Dominion Resources Completes Merger with Questar Corporation
- 9/15/2016 - Dominion-Questar Merger... (subscriber access)
- 7/19/2016 - Dominion Cove Point LNG... (subscriber access)
- 7/6/2016 - Dominion Resources... (subscriber access)
- 5/24/2016 - Dominion's 1,358-MW Brunswick Power Station Completed; 1,600-MW Greensville Project to Begin Construction in 2016
- 5/19/2016 - Dominion Cove Point... (subscriber access)
- 5/12/2016 - Questar Shareholders... (subscriber access)
- 5/11/2016 - Questar Reported... (subscriber access)
- 5/11/2016 - Questar Reported Net... (subscriber access)
- 4/5/2016 - Dominion Resources Raises $750 Million from Equity Offering
- 3/22/2016 - Atlantic Coast Pipeline Files Major Route Change
- 2/4/2016 - Dominion Resources Q4... (subscriber access)
- 2/4/2016 - Dominion Resources Q4... (subscriber access)
- 2/4/2016 - Dominion Resources Q4... (subscriber access)
- 2/1/2016 - Dominion Resources Acquiring Nat Gas Distributor Questar
- 1/12/2016 - Dominion Virginia Power... (subscriber access)
Press Releases
- Arts for Learning – (Norfolk, Va.) for their Take 10 digital series which provided live and recorded arts programming for students learning from home. Take 10 featured 12 different art forms from a great diversity of cultures and traditions.
- Art for the Journey – (Richmond, Va.) for their "The Creative Corner" program. "The Creative Corner" provides a wide variety of arts education through public television and media. This innovative thinking allows Art for the Journey to reach students that do not have access to high speed internet.
- Fairfax Symphony Orchestra – (Fairfax, Va.) for their Link Up program and partnership with Fairfax County Public Schools. They have expanded to offer the program virtually and provide high-quality music instruction to their community.
- Halestone Foundation – (Lexington, Va.) for providing dance education for all ages that is inclusive and student-focused. These innovative virtual and outdoor classes continue to reach their community this year.
- The Origin Project – (Big Stone Gap, Va.) for their arts programming. The Origin Project works with schools to help students express their inner voices through the art of writing. Their curriculum highlights the value of diversity through a multitude of voices as they encourage students to discuss their origins, culture, and history of the region.
- The Audubon Society of Northern Virginia, Reston, Virginia, is receiving $15,000 to install native plants in demonstration sites in urban and suburban communities.
- Friends of the DPS Hub Farm, Durham, North Carolina, is receiving $25,000 for thousands of students to enjoy science programs about wetland ecosystems.
- Clear Dot Charter School, Columbia, South Carolina, is receiving $5,000 to create a large coral farm, complete with a new chemistry lab, to grow coral that will then be planted on offshore reefs.
- Keep Ohio Beautiful, Fairlawn, Ohio, is receiving $15,000 to provide community environmental clean-up kits to Cleveland's 29 Community Development Corporations.
- Utah State University, Logan, Utah, is receiving $25,000 toward an ongoing project to improve understanding of ozone-precursor emissions in the Uinta Basin.
- Projects must have been completed between July 2019 and November 2020.
- Projects must share what changes have been made during the COVID-19 pandemic to effectively reach/impact your community.
- Projects must have made a major contribution to the economic or social revitalization in our communities.
- Projects must have made a major contribution to support diversity, inclusion, and equity in our communities.
- Projects must be located within the Dominion Energy service area in Ohio.
- Organizations must be 501c (3).
- Arbor Day 2021 will mark the 15th time that thousands of students in communities served by Dominion Energy will plant redbud seedlings that they received from Project Plant It! It will be the first time that students will receive wildflower seed packets to plant a pollinator garden.
- The tree seedlings and the wildflower packets are shipped to participants in April by the Arbor Day Foundation, a longtime partner with Dominion Energy.
- Online enrollment is now open at projectplantit.com until all supplies of tree seedlings and wildflower seed packets have been taken.
- Project Plant It! is offered only in areas served by Dominion Energy. If the website does not accept the registration, educators can still join the Project Plant It! family by downloading the free resources about trees and pollinators from the website.
- From 2007-2020, approximately 630,000 tree seedlings have been distributed by Dominion Energy and Project Plant It!
- For more information, visit projectplantit.com.
- Dominion Energy will never threaten immediate service disconnection if payment information is not provided over the phone.
- The company will never ask for payment using money orders, prepaid debit or gift cards.
- Company employees will never request to enter a customer's home without proper identification, an appointment or a reported emergency. Additionally, employees do not ask for payment in person.
- Hang up. If a customer is unsure if a call is valid, even if Dominion Energy's number shows on the caller ID, they should immediately hang up and never provide personal information.
- Verify. Customers can verify their account status, balances or due dates by signing into the Dominion Energy app, checking their online account, or by calling the number located on their energy bill.
- Ignore. Customers should not respond to suspicious emails or text messages or click on links or attachments prompting energy bill payment.
- Report. Tell local authorities about suspicious calls, texts and emails.
- Access many payment options conveniently 24/7 by signing into the Dominion Energy app or online account.
- Call the number located on the energy bill for account questions. Company representatives will work with customers to determine the best payment option for their unique situation. Both short-term payment extensions and long-term payment plans are available.
- Learn about Dominion Energy's additional contributions to its energy assistance programs and support of various community partners to help customers facing financial hardship.
- $2.6 billion net loss from discontinued operations associated with the sale of the Gas Transmission & Storage segment as well as the cancellation of the Atlantic Coast Pipeline project.
- $812 million of charges primarily relating to the planned early retirement of electric generation facilities in Virginia and $200 million of charges for expected customer credit reinvestment offset for Virginia utility customers.
- $626 million for an impairment charge attributable to Dominion Energy's interests in certain merchant solar generation facilities and a contract termination charge in connection with the sale of Fowler Ridge.
- $2.4 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $383 million associated with a voluntary retirement program (which includes $111 million for employee benefit plan curtailment), and $641 million associated with litigation.
- $769 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.
- $612 million of net income from discontinued operations primarily associated with the sale of the Gas Transmission & Storage segment.
- $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.
- $553 million net gain related to our investments in nuclear decommissioning trust funds.
- Grassfield Solar in the City of Chesapeake was acquired from Solar Access Development Group, LLC and Blue Green Energy, LLC and would provide 20 MW at peak output.
- Norge Solar in James City County was acquired from Clearway Energy Group and would provide 20 MW at peak output.
- Sycamore Solar in Pittsylvania County was acquired from a joint venture between Open Road Renewables, LLC and MAP® Energy, LLC and would provide 42 MW at peak output.
- Significant investments in renewable energy, energy storage, and gas distribution line replacements.
- Owner of the third-largest solar portfolio among investor-owned utilities.
- Developer of the largest offshore wind farm in the Americas (2.6GW).
- Partner in the largest agricultural waste-to-energy initiative in the country.
- Committed to net zero carbon and methane emissions by 2050.
- 57 percent reduction in carbon emissions since 2005.
- 25 percent reduction in methane emissions from natural gas infrastructure since 2010.
- Significant waste reduction programs, reusing or recycling nearly 46 tons of IT equipment in 2019 and diverting more than 34 tons of food waste from landfills.
- Continued and expanded habitat and wildlife protection programs.
- Contributed $48.5 million to social betterment through energy assistance as well as grants to nonprofits serving human needs, education, the arts, cultural institutions (including $2.5 million for the International African American Museum in Charleston, S.C.), and more.
- Committed $35 million over the next six years in support of historically black colleges and universities, and scholarships for underrepresented minorities in post-secondary education.
- Increased spending with diverse suppliers by more than 90 percent since 2013.
- Donated 131,000 hours of volunteer time from employees in 2019.
- Ranked among America's best employers and best employers for diversity (Forbes), America's most responsible companies (Newsweek), and "Best for Vets" (Military Times), and has received a perfect score from the Human Rights Campaign's Corporate Equality Index.
- New commitment to increase diverse workforce representation by 1 percent each year.
- Increased diverse hiring rate from 27 percent to 45 percent from 2013-2019.
- Expanded Employee Resource Groups from six to eight to include Asian Pacific Islanders and persons with disabilities or those who care for them. Existing groups include resources for women, African-Americans, Latinx, LGBTQ+ employees, veterans, and young professionals.
- Record for safety performance in 2019.
- Alexandria Symphony Orchestra (Alexandria, Va.) for their Sympatico program at Title I Public Schools. Sympatico increases music opportunity for underrepresented minorities and at-risk youth at no cost to the school or their families.
- The Arts Depot (Abingdon, Va.) for their education programs that teach weaving, collage, innovative watercolor, acrylic, oil painting, quilting, carving and beading. The program also works directly with special-needs students in the community.
- Lime Kiln Theater (Lexington, Va.) for their music programs. Lime Kiln Theater offers a summer concert series and children's play at their outdoor amphitheater. The "Music in the Schools" program educates children on Appalachian music and dance.
- Sandler Center Foundation (Virginia Beach, Va.) for their educational matinee program highlighting Title I schools. More than 14,000 students will attend an educational matinee at the Sandler Center or at their school through a partnership with Richmond Ballet.
- Studio Two Three (Richmond, Va.) for their art education programs for youth and emerging artists of all ages. The program offers field trips for local schools, residency for low-wealth artists, and S23 To-Go – a mobile printmaking and photography studio on wheels.
- the entire past-due balance on your gas bill;
- the past-due payments if you are on a special payment plan;
- or $175.
- Budget Billing allows customers to pay a fixed budget amount each month, based on annual gas usage. Dominion Energy Ohio periodically reviews the budget amount and adjusts it, if necessary, so that the customer will not have a high balance or large credit at the end of the budget year. Customers should call the company for more information.
- Budget Plus: The company offers additional flexibility for customers who enroll in our Budget Plus payment plan. Under Budget Plus, we are now allowing customers to pay their budget payment, plus an amount against their past-due balance over a maximum of 12 months. Previously, the length was limited to 9 months. Please contact us to discuss whether additional payment options may be available.
- Current-Plus Plan: Customers with a past-due balance can pay their current monthly bill, plus an installment of the total account balance at the time they enroll in the plan that spreads the balance over multiple months.
- The One-Ninth Plan allows customers to pay one-ninth of their total account balance each month plus a calculated budget amount.
- Under the One-Third Winter Heating Plan, customers pay one-third of their total account balance each month for bills that include gas used from November 1, 2020, through April 15, 2021.
- Short-Term Extension grants up to five additional days to pay before the next bill date.
- Participants must be Dominion Energy Ohio residential customers.
- To qualify, a customer's yearly gross household income must be at or below 300 percent of the federal poverty guidelines. Those income levels are $38,280 for one person; $51,720 for two people; $65,160 for three; $78,600 for four; $92,040 for five; $105,480 for six; $118,920 for seven; and $132,360 for eight. Add $13,440 for each additional person.
- Customers may contact the Salvation Army for more information, or see if they qualify at: https://easternusa.salvationarmy.org/.
- Dominion Energy Ohio's Housewarming Program provides weatherization assistance to help income-eligible customers reduce their energy usage. For information, call CHN Housing Partners (formerly Cleveland Housing Network), at 216-325-1149, or go to https://chnhousingpartners.org/housing-and-community-services/home-energy-efficiency-services/.
- Dominion Energy Ohio's Home Performance with ENERGY STAR (HPwES) Program through CLEAResult has been designed to help our residential customers improve their homes' energy efficiency. It all starts with a home energy assessment, now available for $25, which is a 50 percent discount through October 31. Whether customers are making energy-efficient improvements to their current home or recently purchased a new home, they can benefit from having a home energy assessment. Rebates up to $1,250 are available for eligible improvements. Customers may call 1-877-287-3416 to schedule an assessment or visit www.deohpwes.com for program details and eligibility information.
- Percentage of Income Payment Plan Plus (PIPP Plus): To qualify for this special payment plan, developed by the Public Utilities Commission of Ohio, a customer's yearly gross household income can be up to 150 percent of federal poverty guidelines.
Under PIPP Plus, participating customers may maintain their natural gas service by paying 6 percent of their total gross monthly household income, or $10, whichever is greater.
PIPP Plus has special benefits for participating customers. Each time customers make their required PIPP Plus monthly payments in full by the due date, Dominion Energy Ohio will credit their accounts for the rest of that month's current charges, plus a one-twenty-fourth credit toward their prior account balances. After 24 months of on-time and in-full PIPP Plus payments, their accounts will become current.
The new PIPP Plus maximum yearly household gross income levels for the 2020-2021 program year are: $19,140 for one person; $25,860 for two people; $32,580 for three; $39,300 for four; $46,020 for five; $52,740 for six; $59,460 for seven; and $66,180 for eight. Add $6,720 for each additional person. - Home Energy Assistance Program (HEAP) provides a one-time heating bill credit during the winter heating season. HEAP is available to customers whose yearly gross household income is up to 175 percent of the federal poverty guidelines.
- The Winter Crisis Program (WCP), previously known as Emergency Home Energy Assistance Program (E-HEAP), provides a one-time grant to help avoid a shutoff or to restore service once between November 1, 2020, and March 31, 2021. E-HEAP and WCP are available to customers whose yearly gross income is up to 175 percent of the federal poverty guidelines. Local community action agencies can assist with emergency payments to help avoid disconnection. You can find available resources in your community -- dial 2-1-1 or visit http://ouw.org/211-map/.
- Home Weatherization Assistance Program (HWAP) is a federally funded program that provides grants for home weatherization projects to customers whose incomes are no more than 200 percent of federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $25,520 for one person; $34,480 for two people; $43,440 for three; $52,400 for four; $61,360 for five; $70,320 for six; $79,280 for seven; and $88,240 for eight. Add $8,960 for each additional person.
- Surry County: Dominion Energy proposes to install 43 miles of middle-mile fiber infrastructure. The company has entered into a partnership with Prince George Electric Cooperative (PGEC)'s Internet Service Provider subsidiary, RURALBAND, to provide high-speed internet access to unserved residents in rural areas of Surry County.
- Botetourt County: Dominion Energy proposes to install 34 miles of middle-mile fiber infrastructure, partnering with BARC Electric Cooperative and their BARC Connects Internet Service Provider to create access in unserved areas of Botetourt County.
- Northern Neck: Dominion Energy proposes to install approximately 217 miles of middle-mile fiber infrastructure. All Points Broadband, Dominion Energy Virginia, Northern Neck Electric Cooperative and the counties of King George, Northumberland, Richmond, and Westmoreland have entered into a Memorandum of Understanding to advance a regional broadband partnership providing access to unserved households and business in the Northern Neck.
- Securely access their account and pay their bill;
- Report and track power outages quickly and easily;
- View energy use to help make decisions about how to conserve energy and save money;
- Update email or text message notification preferences for updates related to billing or energy use;
- Choose to receive push notifications when a bill is due or when a payment has been received;
- Start, stop or transfer service.
- Helping electric vehicle owners save money when they charge at off-peak times. Beginning in early 2021, Virginia customers who have smart meters will be eligible to enroll in a newly approved time-varying rate that will give them more control over their electric bill. The rate will incentivize customers to do certain tasks – such as charge their electric vehicle – at times of the day when demand for electricity is low.
- Moving forward with the nation's largest electric school bus deployment. Beginning this fall, the first of 50 electric buses will safely carry Virginia students while also reducing emissions.
- Debuting an electric, self-driving shuttle that will make a loop between the Dunn Loring Metro Station and Mosaic District in Fairfax, Va. The project is the first state-funded test of autonomous public transportation in Virginia and is in partnership with Fairfax County.
- Helping public transportation go green. The first electric public buses in Virginia will be powered by Dominion Energy through a partnership with Hampton Roads Transit. The company is also working on electric public transportation outside Virginia with a strategic partnership with the Charleston Area Regional Transportation Authority to power electric buses in South Carolina.
- Installing public fast-charging stations. Over the next year, Dominion Energy Virginia will install four public fast-charging stations for customers that can charge an electric vehicle's battery to 80 percent in less than 30 minutes.
- Transitioning the company's fleet to electric vehicles. Dominion Energy Virginia has an ongoing initiative to transition a quarter of its light-duty fleet to electric vehicles. Additionally, the company is installing electric vehicle charging at its office locations and has incentives for employees who want to purchase an electric vehicle.
- Virginia Asian Chamber of Commerce and Virginia Asian Foundation
- Virginia Hispanic Chamber of Commerce
- Urban League of Hampton Roads
- Virginia Association of Chamber of Commerce Executives
- Northern Virginia Black Chamber of Commerce
- Asian American Chamber of Commerce
- Metropolitan Business League of Richmond
- Report an outage. The quickest and most efficient way to notify Dominion Energy of a power outage is to report it online using a mobile device. Bookmark our outage reporting website: https://www.dominionenergy.com/outage-center/report-and-check-outages
- Beware of downed powerlines and assume they are energized and dangerous. Please remain at least 30 feet away and ensure that others also avoid the downed line. Call Dominion Energy right away to report the downed wire. Virginia and North Carolina customers should call 1-866-DOM-HELP (1-866-366-4357).
- If you have a generator, ensure it is properly connected. Be sure it is fueled, tested and connected in a well-ventilated area outdoors. Improper use of a generator could be life-threatening for customers and crews working to restore power.
- $2.8 billion charge relating to the cancellation of the Atlantic Coast Pipeline project and related Supply Header project.
- $812 million of charges primarily relating to the planned early retirement of electric generation facilities in Virginia.
- $145 million net loss related to our investments in nuclear decommissioning trust funds.
- $2.4 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $427 million associated with a voluntary retirement program (which includes $112 million for employee benefit plan curtailment), and $641 million associated with litigation.
- $783 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.
- $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.
- $553 million net gain related to our investments in nuclear decommissioning trust funds.
- The impact of the COVID-19 pandemic;
- State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
- The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
- The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
- The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
- Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
- Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies;
- Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs;
- Advancements in technology;
- Additional competition in electric and natural gas markets and continued industry consolidation;
- The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
- The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;
- The ability to obtain the necessary permits and approvals and to complete necessary or desirable pipeline expansion or infrastructure projects in our natural gas business;
- Operational interruptions to our natural gas distribution and transmission activities;
- The availability of adequate interstate pipeline transportation capacity and natural gas supply;
- The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
- The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
- The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
- The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions and general market and economic conditions;
- Credit ratings of the Duke Energy Registrants may be different from what is expected;
- Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
- Construction and development risks associated with the completion of the Duke Energy Registrants' capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
- Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
- The ability to control operation and maintenance costs;
- The level of creditworthiness of counterparties to transactions;
- The ability to obtain adequate insurance at acceptable costs;
- Employee workforce factors, including the potential inability to attract and retain key personnel;
- The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
- The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;
- The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;
- The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
- The impacts from potential impairments of goodwill or equity method investment carrying values; and
- The ability to implement our business strategy, including enhancing existing technology systems.
- Save $100 on a new clothes dryer or $50 on fridges, freezers, dishwashers, humidifiers and washing machines. Find eligible models and submit rebates for ENERGY STAR® appliances. In addition to rebates, these appliances use up to 50 percent less energy, lowering your monthly energy costs for years to come.
- Dominion Energy will install an air-conditioner cycling switch on your outdoor unit for free. When demand for energy is high, Dominion Energy may cycle the air conditioner on and off for a defined interval. Customers can get a text message to be notified in advance and can opt-out of a specific date or unenroll at any time.
- Learn more by clicking here: https://dom.powerportal.com/dom/residential/#apply or by calling 1-888-366-8280. Visit the company's website for more information or with questions about meeting the eligibility requirements.
- Additional flexibility for customers who enroll in our Budget Plus payment plan. Under Budget Plus, we are now allowing customers to pay off past due amounts over 12 months. Previously, the maximum was 9 months. Please contact us to discuss whether additional payment options may be available.
- Waiver of deposit requirements for Budget Plus and all other repayment plans. We have also stopped late fees from accruing.
- Participants must be Dominion Energy Ohio residential customers.
- Applications for the 2019-2020 winter heating season will be accepted until Aug. 31, 2020, or until funds run out. The previous deadline was May 31, 2020.
- If customers qualify, they could be eligible for up to $500 in assistance. The previous maximum was $300.
- Household income eligibility has been in increased to include customers up to 200 percent of federal poverty guidelines. The previous limit was 150 percent.
- Customers may contact the Salvation Army for more information or see if they qualify at: http percentps://easternusa.salvationarmy.org/.
- Effective June 1, the maximum benefit is increased to $1,200 for this year, up from $900.
- Customers under the age of 60 are now eligible to receive funds without a disconnect notice, similar to customers 60 and over.
- We are preparing to increase EnergyShare funding to help meet the needs of our Virginia customers and intend to implement a temporary program to help small business customers. We will share details when they are available.
- To learn more about EnergyShare, please visit www.DominionEnergy.com/EnergyShare or call 2-1-1.
- Create an emergency kit with flashlights, batteries, cleaning supplies and face coverings.
- Prepare a first-aid kit with bandages, anti-bacterial wipes, over-the-counter medications, and prescription medications.
- Remember to carry your healthcare information with you and to prepare your medical devices, especially if you are disabled or elderly.
- Download the Dominion Energy App to track restoration efforts and report outages quickly and safely.
- Virginia and North Carolina customers can download our app here.
- South Carolina customers can download our app here.
- Prepare a supply of water and non-perishable food.
- Charge your phone and other electronic devices fully before the storm arrives.
- Make sure your contact information is updated in our system so that we have a way to get in touch with you.
- Beware of downed power lines. Assume they are energized and dangerous. Stay at least 30 feet away and call Dominion Energy immediately.
- Virginia and North Carolina customers please call 1-866-366-4357.
- South Carolina customers please call 1-888-333-4465.
- Connect your generator properly. Ensure it is fueled and tested before the severe weather arrives. Follow the manufacturer's instructions and always operate outdoors with good ventilation.
- More than 5,000 megawatts of offshore wind is planned by 2035, including the 2,600 MW Coastal Virginia Offshore Wind project already announced by Dominion Energy. This offshore wind deployment—the largest in North America—has a targeted in-service date of late 2026.
- Dominion Energy's solar fleet, already the 4th largest among US utility holding companies, is projected to grow significantly as the Dominion Energy Virginia long-term IRP calls for the development and procurement of approximately 16,000 megawatts in the state over the next fifteen years.
- Energy storage capacity is projected to expand to approximately 2,700 megawatts, meeting the most ambitious targets in the country set in the VCEA. This includes battery storage pilots already approved and scheduled to be online in Virginia next year.
- Local fishing vessels out of Rudee Inlet in Virginia Beach are engaged as scouts to help the survey vessels avoid any interactions between fisheries and survey operations.
- The survey vessels are based out of the Colonna's Shipyard in Norfolk.
- Barges from Cape Henry Launch Service in Virginia Beach have hauled equipment and materials for the pilot project.
- Crofton Industries in Portsmouth mobilized a vessel and divers to perform underwater work for the company's pilot project earlier this year.
- Pollinators: Get Pumped About Pollinators
- What are pollinators? Do you have any in your yard or in your neighborhood? What kinds of plants attract them? Try this scavenger hunt to learn all about bees, bats, birds, and more!
- Energy Conservation: Recycling Rocks
- Reusing and repurposing materials around the house is a great way to harness creative energy! Try a few of these eco-savvy Earth Day crafts.
- Solar Energy: DIY SOLAR Oven Smores
- Have you ever harnessed the power of the sun? Build your own solar oven to make one of the best snacks around!
- Wind Energy: Wind-Powered Sail Car
- Wind is power! Try to build your own wind-powered vehicle in these fun and easy experiments.
- Water Conservation: All About Water
- Where does water come from? What happens to water when it goes down the drain? How is water cleaned? Try these experiments at home!
- Educating K-12 students and the public about environmental stewardship
- Protecting and preserving natural habitats
- Improving open spaces and making nature accessible
- Two battery systems totaling 12 megawatts at the Scott Solar facility in Powhatan County will provide valuable information on the proficiency of battery technology to store energy generated from solar panels during periods of high production and release energy during periods when load is high or solar generation is low. It would also reveal how well a battery can optimize power production of the solar facility.
- A 2-megawatt battery at a substation in the Town of Ashland, Hanover County will bolster the existing grid capacity to serve customers during times of high energy demand without the need to engage in wholesale equipment upgrades.
- A 2-megawatt battery at a substation in New Kent County serving a 20-megawatt solar facility will demonstrate how batteries can help manage voltage and loading issues caused by reverse energy flow, to maintain stable power delivery to our customers.
- $2.3 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $427 million associated with a voluntary retirement program (which includes $112 million for employee benefit plan curtailment), and $516 million associated with litigation.
- $783 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.
- $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.
- $553 million net gain related to our investments in nuclear decommissioning trust funds.
- $759 million net benefit associated with the sales of our non-core assets, primarily reflecting the gains on sales of certain merchant generation assets and our investment in Blue Racer.
- $219 million impairment charge associated with gathering and processing assets.
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $170 million net loss related to our investments in nuclear decommissioning trust funds.
- $124 million charge associated with disallowance of FERC-regulated plant.
- $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.
- $74 million of restoration costs associated with major storms, primarily affecting our Virginia service territory.
- $37 million of transaction and transition costs associated with the Dominion Energy Questar combination and the acquisition of SCANA Corporation.
- Photos and biographies of this year's honorees are available at https://edu.lva.virginia.gov/changemakers/strong-mw-2020.
- Winning student essays http://www.lva.virginia.gov/public/smw are available at https://edu.lva.virginia.gov/strong-men-women-in-virginia-history/student-essay-contest/student-essay-contest-winners/.
- Photos of the event will be posted on the Dominion Energy media downloads page at https://www.dominionenergy.com/contact-us/media-downloads.
- Alexandria Symphony Orchestra (Alexandria, Va.) for their Sympatico program at Title I Public Schools. Sympatico increases music opportunity for underrepresented minorities and at-risk youth at no cost to the school or their families.
- The Arts Depot (Abingdon, Va.) for their education programs that teach weaving, collage, innovative watercolor, acrylic, oil painting, quilting, carving and beading. The program also works directly with special-needs students in the community.
- Lime Kiln Theater (Lexington, Va.) for their music programs. Lime Kiln Theater offers a summer concert series and children's play at their outdoor amphitheater. The "Music in the Schools" program educates children on Appalachian music and dance.
- Sandler Center for the Performing Arts (Virginia Beach, Va.) for their educational matinee program highlighting Title I schools. More than 14,000 students will attend an educational matinee at the Sandler Center or at their school through a partnership with Richmond Ballet.
- Studio Two Three (Richmond, Va.) for their art education programs for youth and emerging artists of all ages. The program offers field trips for local schools, residency for low-wealth artists, and S23 To-Go – a mobile printmaking and photography studio on wheels.
- STEM Lesson Plan Contest: Educators are invited to submit an original, creative STEM-based lesson plan about trees that will be judged for inclusion in the Project Plant It! Educator's Guide in 2021. To be eligible, lesson plans must focus on Science, Technology, Math or Engineering aspects of trees and their benefits to the environment. The deadline for entering the STEM Lesson Plan contest is Friday, March 27, 2020, and more details about rules, criteria and prizes for the contest can be found at projectplantit.com.
- Project Plant It! was established by Dominion Energy in 2007 to educate children, plant trees and improve the environment.
- Arbor Day 2020 will mark the 14th time that thousands of children in our local communities will celebrate trees and plant redbud seedlings that they received from Project Plant It!
- The tree seedlings are grown and shipped to participants in April by the Arbor Day Foundation, a longtime partner with Dominion Energy.
- From 2007 to 2020, more than 650,000 tree seedlings will have been distributed to children in states where Dominion Energy operates.
- According to the Virginia Department of Forestry, this equates to about 1,625 acres of new forest if all of the seedlings are planted and grow to maturity.
- For more information about Project Plant It!, visit projectplantit.com.
- Cleveland Hearing and Speech Center (Cleveland, Ohio) to offer support services, including access to health care, shelter and food to clients who are deaf.
- Community Kitchen (Bennettsville, S.C.) to serve nutritious lunches, 52 weeks a year, every Monday through Friday, to those less fortunate in the community.
- Community Nursing Services (Salt Lake City, Utah) to vaccinate uninsured or underinsured Utahans.
- Food for Thought (Kitty Hawk, N.C.) to distribute healthy meals for needy Dare County students.
- Homeless No More (Columbia, S.C.) for wraparound services for children living at their Family Emergency Shelter and St. Lawrence Place's transitional housing program.
- Neighborhood Health (Alexandria, Va.) to offer dental care to uninsured Alexandria City Public School students through the "WOW Bus," a mobile dental unit that visits the schools for onsite exams and care.
- Rx Drug Access Partnership (Richmond, Va.) to provide essential medication to uninsured Virginians living at or below 250% of the Federal Poverty Level.
- Thames Valley Council for Community Action (New London County, Conn.) to provide seniors with nutritious meals served daily at local senior centers or deliver to seniors who are homebound.
- Alexandria
- Arlington
- Charles City
- Chesapeake
- Chesterfield
- Fairfax
- Hampton
- Louisa
- Middlesex
- Norfolk
- Pittsylvania
- Powhatan
- Prince William
- Richmond City
- Virginia Beach
- Waynesboro
- Don't provide any identifying information such as your social security, bank account, credit or debit card numbers.
- Hang up.
- Report suspicious calls, texts and email to Dominion Energy and local authorities. Never dial the phone number the scammers provide.
- First year - approximately $5.80 per month
- Years two through six - approximately $3.15 per month
- Year seven and beyond - Residential customers will see a reduction of about $1.55 per month
- While robocall scams can be relatively easy to spot, effective scammers continue to make personal phone calls. Some scammers may employ scare tactics, while others will try to gain your trust by sounding friendly and sympathetic.
- Many utility scammers try to instill fear and a sense of urgency by threatening immediate service disconnection if you don't provide payment information over the phone or agree to pay your energy bill with a prepaid debit or gift card. Dominion Energy does not make calls requesting immediate payment or require customers to pay with prepaid cards of any kind.
- Some utility impostors may falsify their caller ID to appear they are using a local number or even Dominion Energy's customer service number. When in doubt, hang up and call the number located on your energy bill.
- Don't let anyone into your home unless you have a previously scheduled appointment or have called about an issue. Always check for proper identification before letting personnel in. Additionally, utility workers won't ask you to pay an energy bill in person.
- Don't provide any identifying information such as your social security, credit or debit card numbers.
- Hang up. Customers can always verify their account balance and payment due date by signing into their dominionenergy.com account or calling 1-866-DOM-HELP (1-866-366-4357).
- Report suspicious calls, texts and email to Dominion Energy and local authorities.
- Training current employees to access and inspect offshore wind turbines. They are learning everything from first aid to working at heights. Next, they will learn sea survival skills. Recent classes were conducted in partnership with Siemens Gamesa Renewable Energy, in advance of the Coastal Virginia Offshore Wind project. Two 6-megawatt turbines will be installed and begin generating clean energy next year.
- Partnering with Tidewater Community College since 2010 to help build a curriculum for clean-energy education. A leader in training clean-energy workers, the college created one of the first Career Studies Certificates in Renewable Energy Technologies. More than 50 students have gone through the program, and a dozen more are enrolled this fall.
- Supporting students at West Virginia colleges and universities to acquire career skills in energy. The company funded the Dominion Energy Natural Gas Measurement Laboratory at West Virginia University and provides financial support for qualifying students in their Petroleum and Natural Gas Engineering program. Dominion Energy supports similar programs at the state's Pierpont Community and Technical College, Bridge Valley Community and Technical College, and West Virginia Northern Community College. These programs are important because natural gas is a great partner for renewable sources of energy. It helps fill in the gaps when the sun isn't shining and the wind isn't blowing.
- Remaining a major employer of military veterans, with one in five new hires being a veteran. The company proudly supports Troops to Energy Jobs, which helps veterans successfully transition to a career in the energy industry. For 11 years running, G.I. Jobs has named Dominion Energy a Top Military-Friendly Employer (and the highest-ranking energy company on the list). The company also has received the Employer Support of the Guard and Reserves Freedom Award from the U.S. Department of Defense and the V3 Influencer Award from the Virginia Values Veterans program.
- Maintaining a robust internship program that opens doors to a range of clean-energy jobs. The company employs more than 320 interns each year, and recently hosted a diversity student conference to attract top talent from more than 70 universities and colleges across the country. Hear the students talk about the conference in their own words.
- Budget Billing allows customers to pay a fixed budget amount each month, based on annual gas usage. Dominion Energy Ohio periodically reviews the budget amount and adjusts it, if necessary, so that the customer will not have a high balance or large credit at the end of the budget year. Customers should call the company for more information.
- Current-Plus Plan: Customers with a past-due balance pay their current monthly bill, plus one-sixth of the total account balance at the time they enroll in the plan.
- The One-Ninth Plan allows customers to pay one-ninth of their total account balance each month plus a calculated budget amount.
- Under the One-Third Winter Heating Plan, customers pay one-third of their total account balance each month for bills that include gas used from November 1, 2019, through April 15, 2020.
- Short–Term Extension grants up to five additional days to pay before the next bill date.
- the entire past-due balance on your gas bill;
- the past-due payments if you are on a special payment plan;
- or $175.
- Percentage of Income Payment Plan Plus (PIPP Plus): To qualify for this special payment plan, developed by the Public Utilities Commission of Ohio, a customer's yearly gross household income can be up to 150 percent of federal poverty guidelines.
- Home Energy Assistance Program (HEAP) provides a one-time heating bill credit during the winter heating season. HEAP is available to customers whose yearly gross household income is up to 175 percent of the federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $21,857.50 for one person; $29,592.50 for two; $37,327.50 for three; $45,062.50 for four; $52,797.50 for five; $60,532.50 for six; $68,267.50 for seven; and $76,002.50 for eight. Add $7,735 for each additional person.
- The Winter Crisis Program (WCP), previously known as Emergency Home Energy Assistance Program (E-HEAP), provides a one-time grant to help avoid a shutoff or to restore service once between November 1, 2019, and March 31, 2020. HEAP and WCP are available to customers whose yearly gross income is up to 175 percent of the federal poverty guidelines. Local community action agencies can assist with emergency payments to help avoid disconnection. You can find available resources in your community -- dial 2-1-1 or visit http://ouw.org/211-map/.
- Home Weatherization Assistance Program (HWAP) is a federally funded program that provides grants for home weatherization projects to customers whose incomes are no more than 200 percent of federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $24,980 for one person; $33,820 for two; $42,660 three; $51,500 for four; $60,340 for five; $69,180 for six; $78,020 for seven; and $86,860 for eight. Add $8,840 for each additional person.
- Dominion EnergyShare is a last-resort program after all other state and federal assistance is exhausted. The Salvation Army administers the Dominion Energy-funded program. It is available to Dominion Energy Ohio customers with a shut-off notice or who have been disconnected. Applications can be made on or after December 1. Customers should contact their local Salvation Army Corps for more information or to schedule an appointment.
- Dominion Energy Ohio's Housewarming Program provides weatherization assistance to help income-eligible customers reduce their energy usage. For information, call CHN Housing Partners (formerly Cleveland Housing Network), at 1-888-377-3774, or go to https://chnhousingpartners.org/housing-and-community-services/weatherize-my-home-and-more/.
- Dominion Energy Ohio's Home Performance with ENERGY STAR (HPwES) Program through CLEAResult has been designed to help our residential customers improve their homes' energy efficiency. It all starts with a home energy assessment, now available at a price of $50.
- Hiring troops for civilian jobs. One in five new hires at Dominion Energy is a veteran. The company helped launch the Troops to Energy Jobs program, which helps veterans with the training and support they need to transition successfully to civilian life and creates pathways to success in a rewarding energy sector career. Dominion Energy also participates in Virginia's HIRE VETS NOW Fellowship Program which helps servicemen and women transition out of the military through 12 weeks of work experience and industry training.
- Supporting employees in the National Guard and Reserves. In recent weeks, Dominion Energy renewed its commitment to military personnel by re-signing a statement of support for the Employer Support of the Guard and Reserve (ESGR). The company pays 100 percent salary differential for up to five years for deployed military employees. It extends benefits for up to five years to cover deployed military employees and their dependents, and it provides three weeks of paid time off for Guard and Reserve duty on top of vacation and sick leave.
- Advocating for veterans' charities. Dominion Energy is the title sponsor of the Dominion Energy Charity Classic – a PGA TOUR Champions playoff tournament and the Richmond, Va., region's largest single fundraising event. During the tournament's first three years, more than $1.8 million was donated to area charities, with net proceeds directed towards veterans' organizations.
- Providing energy assistance to veterans. Nearly 5,000 veterans facing financial hardship or crisis have received bill assistance in the past four years through our EnergyShare program. In addition, Dominion Energy partnered with the Virginia Department of Veterans Services to launch 100 Homes 100 Vets, a year-long effort to provide qualified Virginia veterans with free energy efficiency upgrades that will lead to savings on their energy bills. The initiative is culminating with a weatherization and playground project at LZ Grace Warriors Retreat in Virginia Beach.
- Providing resilient energy service to military bases. Through the company's base privatization initiative, Dominion Energy is helping the U.S. Department of Defense achieve energy resiliency through our Base of Tomorrow concept, which reduced vulnerabilities by integrating and optimizing the way energy is generated, delivered and managed. Since 2004, we have privatized electric service at 10 military installations, including Fort Belvoir, Fort Lee and Fort Hood.
- Helping educate military-connected families. Dominion Energy is providing full tuition and other assistance to 13 military families attending community college across Virginia through a $300,000 grant from the Dominion Energy Charitable Foundation to the Virginia Foundation for Community College Education. The Dominion Energy Fellows Program is open to active-duty service members and veterans, as well as their spouses and dependents.
- Attracting, developing and retaining veteran employees. The Dominion Energy Veterans Resource Group builds on the company's efforts to attract and develop those who have served in the armed forces and provide support to the military, veterans and their families.
- $2.0 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $427 million associated with a voluntary retirement program (which includes $112 million for employee benefit plan curtailment), and $316 million associated with litigation.
- $805 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.
- $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.
- $364 million net gain related to our investments in nuclear decommissioning trust funds.
- $759 million net benefit associated with the sales of our non-core assets, primarily reflecting the gains on sales of certain merchant generation assets and our investment in Blue Racer.
- $219 million impairment charge associated with gathering and processing assets.
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $170 million net loss related to our investments in nuclear decommissioning trust funds.
- $124 million charge associated with disallowance of FERC-regulated plant.
- $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.
- $74 million of restoration costs associated with major storms, primarily affecting our Virginia service territory.
- $37 million of transaction and transition costs associated with the Dominion Energy Questar combination and the acquisition of SCANA Corporation.
- Blue Ridge Area Food Bank (Verona)
- Capital Area Food Bank (Lorton)
- Feeding SW Virginia (Salem)
- Feed More (Richmond)
- Foodbank of Southeastern Virginia & the Eastern Shore (Norfolk)
- Fredericksburg Regional Food Bank (Fredericksburg)
- Virginia Peninsula Foodbank (Hampton)
- Rocky Forge Wind is under development by Apex Clean Energy in Botetourt County and will be the first onshore wind project in Virginia.
- Belcher Solar, owned by Dominion Energy, in Louisa County was developed by a joint venture among Virginia Solar LLC and MAP Energy LLC and will provide 88 megawatts at peak output.
- Bedford Solar in the City of Chesapeake is under development by Lincoln Clean Energy and will provide 70 megawatts at peak output.
- Walnut Solar in King and Queen County is under development by Open Road Renewables and will provide at least 90 megawatts at peak output.
- A fourth solar project (to be named) will provide the remaining generation.
- Dominion Energy has built the fourth-largest solar portfolio among utility holding companies.
- The company is developing the largest offshore wind farm in the United States.
- It has joined with Smithfield Foods in the largest renewable natural gas program in history.
- It is extending the life of its Virginia nuclear power plants to guarantee carbon-free energy 24/7.
- Dominion Energy has cut carbon-dioxide emissions 52 percent since 2005 and prevented more than 250,000 metric tons of methane from entering the atmosphere in the past decade — the equivalent of planting more than 103 million trees.
- The company has committed to reduce carbon emissions from its power stations 55 percent by 2030 and 80 percent by 2050, and to cut methane emissions in half by 2030.
- The company also is using less water, composting organic waste, applying zero-landfill policies and finding innovative ways to protect wildlife and wildlife habitat.
- 2018 marked the company's safest year ever, beating the record set in 2017.
- Dominion Energy contributed nearly $35 million to social betterment in 2018, and employees volunteered more than 126,000 hours to community service projects.
- The company's gas and electric rates for both residential and industrial customers rank among the most competitive in the country.
- The company is modernizing workspaces to enhance employee satisfaction and meet LEED sustainable design standards.
- It was recognized by Forbes Magazine as one of the best places to work for women.
- It raised its diverse hiring rate from 27 percent to 42 percent from 2013 to 2018.
- One in five new hires is a veteran.
- It increased the reimbursement for continuing education from $5,250 to $7,500.
- Dominion Energy has built the fourth-largest solar portfolio among utility holding companies.
- The company is developing the largest offshore wind farm in the United States.
- It has joined with Smithfield Foods in the largest renewable natural gas program in history.
- It is extending the life of its Virginia nuclear power plants to guarantee carbon-free energy 24/7.
- Dominion Energy has cut carbon-dioxide emissions 52 percent since 2005 and prevented more than 250,000 metric tons of methane from entering the atmosphere in the past decade — the equivalent of planting more than 103 million trees.
- The company has committed to reduce carbon emissions from its power stations 55 percent by 2030 and 80 percent by 2050, and to cut methane emissions in half by 2030.
- The company also is using less water, composting organic waste, applying zero-landfill policies and finding innovative ways to protect wildlife and wildlife habitat.
- 2018 marked the company's safest year ever, beating the record set in 2017.
- Dominion Energy contributed nearly $35 million to social betterment in 2018, and employees volunteered more than 126,000 hours to community service projects.
- The company's gas and electric rates for both residential and industrial customers rank among the most competitive in the country.
- The company is modernizing workspaces to enhance employee satisfaction and meet LEED sustainable design standards.
- It was recognized by Forbes Magazine as one of the best places to work for women.
- It raised its diverse hiring rate from 27 percent to 42 percent from 2013 to 2018.
- One in five new hires is a veteran.
- It increased the reimbursement for continuing education from $5,250 to $7,500.
- Projects must have been completed between July 2018 and November 2019.
- Projects must have made a major contribution to the economic or social revitalization in our communities.
- Projects must be located within the Dominion Energy service area in Ohio.
- Organizations must be 501c (3).
- Corinna Carr of Newport News who attends John Tyler Community College. She is a military spouse pursuing a degree in Business with a long-term career goal to serve in hospital administration.
- Ryan Miller of Herndon attends Northern Virginia Community College and majors in Science. Miller is a U.S. Air Force veteran pursuing a career in electrical engineering.
- Katrina Duff of Bumpass attends Germanna Community College. She is a mother of four and the spouse of a disabled veteran. She is working on her Nursing degree and plans to transfer to complete her Bachelor of Science in Nursing.
- Corynne S. Arnett, vice president-Customer Service (Power Delivery Group), will be promoted to senior vice president (SVP)-Regulatory Affairs & Customer Experience, reporting to Farrell. Her responsibilities will include oversight of state and federal regulatory strategy, filings and proceedings, as well as designing and implementing corporate strategies and tools for enhancing the customer experience. She will retain responsibility for customer account management centers, customer revenue management and the customer information platform for Dominion Energy Virginia.
- Carlos M. Brown, SVP and general counsel, will add the role of chief compliance officer to his title, with the legal, environmental and compliance groups reporting to him. He will continue to report to Farrell.
- Edward H. Baine, SVP-Distribution (Power Delivery Group), will become SVP-Power Delivery (Dominion Energy Virginia), reporting to Blue. The new role adds oversight of the utility's 6,600-mile electric transmission system to his current responsibilities for the 57,600-mile distribution system.
- More Control and Convenience – Smart meters will give customers more information and tools to better manage their energy use and bills. Customers will be able to save money through new options like timely usage insights and energy efficiency programs.
The meters allow customers to receive alerts that warn of potential high bills, and notifications will let you know if power goes out and when it is restored. It will also be easier to start or stop service when customers move.
- More Reliable Service – Customers can expect fewer outages caused by weather and other events due to stronger, more secure and resilient infrastructure and new technology, such as digital intelligent devices and automated control systems that help manage the flow of energy more efficiently across the distribution system.
Installation of thousands of smart devices on the grid will prevent some customer outages and automatically report others. The devices will help isolate outages when they do occur and reroute power so that fewer customers are impacted. They also help crews pinpoint the source of outages, speeding restoration.
- More Adaptable to Clean Energy – A smart grid is designed to maximize the benefits of renewable energy generation, whether the energy is produced by offshore wind or from solar panels at customer homes. Proposed upgrades will accommodate two-way flow of power, allowing excess energy produced at customer homes to be delivered back to the wider grid.
- More Electric Vehicles – Proposed investments will accelerate development of more environment-friendly transportation. Among other things, new pilot programs would support rideshare electrification and electric vehicle (EV) charging at multi-family communities, workplaces, transit bus depots and fast-charging locations. Incentives and new programs will help customers make decisions on how and where to charge an EV and still save money.
- James River Outdoor Coalition, Richmond, Va., to make kayaking and canoeing the James River accessible for paddlers with special needs.
- Enrichmond Foundation, Richmond, Va., to restore gravesites and walkways at the Maggie Walker Hilltop where nationally known African Americans are honored.
- Virginia Association for Parks to plant hundreds of trees at Leesylvania State Park in Woodbridge, Va.
- Avian Conservation Center, Awendaw, S.C., to study and preserve local birds of prey.
- St. Mary's River Watershed Association, Saint Mary's, Md., to install reefs and spat as part of their ongoing oyster restoration efforts.
- Thanksgiving Point Institute, Lehi, Utah, to provide K-12 students with field trips to their butterfly biosphere.
- Always report your outage.
- North Carolina and Virginia customers can report outages by visiting www.dominionenergy.com/outage-center/report-and-check-outages or calling 1-866-DOM-HELP (1-866-366-4357).
- South Carolina customers can report outages at www.DominionEnergySC.com or by calling 1-888-333-4465.
- Turn off all appliances, except one light to prevent overload when power comes back on.
- Be careful to avoid downed power lines, which may be energized and deadly. Remember that downed wires can be hidden under fallen trees or branches or under flooded streets or yards. Stay at least 30 feet away and make sure your family, pets, and neighbors avoid downed wires. Please report downed power lines at the following numbers and stay on the line to speak with a customer service representative so we can help make the area safe:
- North Carolina and Virginia customers can report downed lines at 1-866-DOM-HELP (1-866-366-4357).
- South Carolina customers can report downed lines at 1-888-333-4465.
- Set up an online account to easily report and track power outages from any mobile device.
- Bookmark our website on your mobile device to quickly report outages.
- Assemble or "refresh" your emergency prep kit to include:
- Batteries and flashlights/lanterns
- Bottled water (1 gallon per person, per day)
- Cash (power outages could affect ATMs)
- Non-perishable food
- First-aid kit, medications and hygiene items
- If you have a generator, be sure it is fueled, tested and properly connected. Follow the manufacturer's instructions and always operate out of doors with good ventilation.
- The quickest and most efficient way to notify Dominion Energy of a power outage is to report it online using a mobile device. Bookmark our outage reporting website: https://www.dominionenergy.com/outage-center/report-and-check-outages
- Customers may also call 1-866-DOM-HELP (1-866-366-4357) to report an outage.
- Turn off all appliances except one light to prevent overload when power comes back on.
- Be careful to avoid downed power lines, which may be energized and deadly. Remember that downed wires can be hidden under fallen trees or branches or under flooded streets or yards. Stay at least 30 feet away and make sure your family, pets, and neighbors avoid downed wires. Call 1-866-DOM-HELP (1-866-366-4357) and stay on the line to speak with a customer service representative so we can make the area safe.
- Set up an online account to easily report and track power outages from any mobile device.
- Bookmark our website on your mobile device to quickly report outages:
- North Carolina and Virginia customers should report outages at www.dominionenergy.com/outage-center/report-and-check-outages.
- South Carolina customers should report outages at www.DominionEnergySC.com
- Assemble or "refresh" your emergency prep kit to include:
- Batteries and flashlights/lanterns
- Bottled water (1 gallon per person, per day)
- Cash (power outages could affect ATMs)
- Non-perishable food
- First-aid kit, medications and hygiene items
- If you have a generator, be sure it is fueled, tested and properly connected. Follow the manufacturer's instructions and always operate out of doors with good ventilation.
- Always report your outage.
- North Carolina and Virginia customers can report outages by visiting www.dominionenergy.com/outage-center/report-and-check-outages or calling 1-866-DOM-HELP (1-866-366-4357).
- South Carolina customers can report outages at www.DominionEnergySC.com or by calling 1-888-333-4465.
- Turn off all appliances, except one light to prevent overload when power comes back on.
- Be careful to avoid downed power lines, which may be energized and deadly. Remember that downed wires can be hidden under fallen trees or branches or under flooded streets or yards. Stay at least 30 feet away and make sure your family, pets, and neighbors avoid downed wires. Please report downed power lines at the following numbers and stay on the line to speak with a customer service representative so we can help make the area safe:
- North Carolina and Virginia customers can report downed lines at 1-866-DOM-HELP (1-866-366-4357).
- South Carolina customers can report downed lines at 1-888-333-4465.
- Two battery systems totaling 12 megawatts at the Scott Solar facility in Powhatan County will demonstrate how batteries can store energy generated from solar panels during periods of high production and release energy during periods when load is high or solar generation is low. It would also help optimize the power produced by the solar facility.
- A 2-megawatt battery at a substation in Ashland will explore how batteries can improve reliability and save money on equipment replacement by serving as an alternative to traditional grid management investments such as transformer upgrades, necessary to serve customers during times of high energy demand.
- A 2-megawatt battery at a substation in New Kent County serving a 20 megawatt solar facility will show how batteries can help manage voltage and loading issues caused by reverse energy flow, to maintain grid stability.
- $2.0 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $423 million associated with a voluntary retirement program (which includes $112 million for employee benefit plan curtailment), and $278 million associated with litigation.
- $758 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.
- $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.
- $336 million net gain related to our investments in nuclear decommissioning trust funds.
- $759 million net benefit associated with the sales of our non-core assets, primarily reflecting the gains on sales of certain merchant generation assets and our investment in Blue Racer.
- $219 million impairment charge associated with gathering and processing assets.
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $170 million net loss related to our investments in nuclear decommissioning trust funds.
- $124 million charge associated with disallowance of FERC-regulated plant.
- $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.
- $74 million of restoration costs associated with major storms, primarily affecting our Virginia service territory.
- $37 million of transaction and transition costs associated with the Dominion Energy Questar combination and the acquisition of SCANA Corporation.
- Create an emergency storm kit with water, non-perishable food, flashlights, batteries and cash.
- Sign up for text alerts to receive storm updates for your area.
- Bookmark Dominion Energy's outage map to stay up-to-date on restoration efforts during a storm.
- Fully charge your phone before the storm arrives.
- Beware of downed power lines. Assume they are energized and dangerous. Stay at least 30 feet away and call Dominion Energy immediately at 1-866-DOM-HELP (1-866-366-4357).
- Properly connect your generator. Ensure it is fueled and tested before the severe weather arrives. Follow the manufacturer's instructions and always operate outdoors with good ventilation.
- $1.4 billion of merger and integration-related costs associated with the SCANA Combination, including a $1 billion charge for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, a $105 million charge related to certain property plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery, and a $169 million charge related to a settlement agreement of a DESC ratepayer class action lawsuit.
- $547 million charge associated with Virginia utility asset retirements, primarily electric generation facilities in cold reserve and certain automated meters.
- $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March.
- $253 million net gain related to our investments in nuclear decommissioning trust funds.
- $759 million net benefit associated with the sales of our non-core assets, primarily reflecting the gains on sales of certain merchant generation assets and our investment in Blue Racer.
- $219 million impairment charge associated with gathering and processing assets.
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $170 million net loss related to our investments in nuclear decommissioning trust funds.
- $124 million charge associated with disallowance of FERC-regulated plant.
- $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.
- $74 million of restoration costs associated with major storms, primarily affecting our Virginia service territory.
- $37 million of transaction and transition costs associated with the Dominion Energy Questar combination and the acquisition of SCANA Corporation.
- A newly-refreshed website, projectplantit.com, highlights resources and lesson plans that educators can download at no charge.
- Three new educational games showcasing tree trivia are now on the website for grade levels K-4, 5-8, and 9-12.
- Tricia Conlon, a third-grade teacher at Greenwood Elementary School in Henrico County, Va., used the math lesson plan to help students estimate percentages of different tree species on the school grounds. "The Project Plant It! materials are very easy to use and very kid-friendly, with little instruction needed by me," she said.
- Kerry Richardson, a first-grade teacher in Richmond, Va., talks about trees, seeds and gardening during circle time each morning. "I want the students to love trees as much as I do," she stated.
- Rebecca Musso, a sixth-grade science teacher at T. Benton Gayle Middle School in Stafford County, Va., had her students plant the tree seedlings at the base of a hill by a pond on the school grounds. The trees will help reduce pollutants from washing into the pond, improving the sustainability of the area's natural habitat.
- Tonya Denise Byrd, Norfolk, Va., Howard University
- Dan Casey, Waterford, Conn., Haddam Volunteer Fire Company
- Russell Deane, Glen Allen, Va., James River Greyhounds
- Faith J. Hooper, Chester, Va., Henrico Education Foundation
- Brandon King, Richmond, Va., Save a Dog, Save a Cat
- Ruth Rachel Przybojewski, Cleveland, Ohio, Cleveland Modern Ballet
- 20 MW Montross Solar in Westmoreland County, Va. (completed)
- 20 MW Gloucester Solar in Gloucester, Va. (completed)
- 80 MW Grasshopper Solar in Mecklenburg, Va.
- 75 MW Chestnut Solar in Halifax County, N.C.
- 75 MW Pecan Solar in Northampton County, N.C. (completed)
- 80 MW Gutenberg Solar in Northampton County, N.C.
- Ashtabula Walmart – 3551 North Ridge Road E, Ashtabula, Ohio 44004
- Chief's Supermarket – 890 South Cable Road, Lima, Ohio 45805
- Eastwood Mall/Niles – 5555 Youngstown-Warren Rd., Niles, Ohio 44446
- Starwood Retail – Great Northern Mall – 4954 Great Northern Blvd., North Olmsted, Ohio 44070
- Starwood Retail – Belden Village/ Canton – 4230 Belden Village St. NW, Canton, Ohio 44718
- New Towne Mall/ New Philadelphia – 400 Mill Ave. SE, Suite C8, New Philadelphia, OH 44663
- Stow Walmart – 3520 Hudson Drive, Stow, OH 44224
- University Heights Target – 14070 Cedar Road, University Heights, Ohio 44118
- Walmart - 3883 Burbank Road, Wooster, Ohio 44691
- Alerian Midstream Energy Select Index (AMEI). EQM Midstream Partners (NYSE: EQM) will be added.
- Alerian MLP Infrastructure Index (AMZI). Noble Midstream Partners (NYSE: NBLX) will be added.
- Alerian Energy Infrastructure Capital Strength Select Index (AMCS). Energy Transfer (NYSE: ET) and Targa Resources Corp (NYSE: TRGP) will be added. Dominion Energy (NYSE: D) and Valero Energy Corporation (NYSE: VLO) will be removed.
- Educating K-12 students and the public about environmental stewardship
- Protecting and preserving natural habitats
- Improving open spaces and making nature accessible
- $297,127,000 aggregate principal amount of the 3.500% First Mortgage Bonds due 2021 were validly tendered and not validly withdrawn (the 2021 Tendered Bonds), which amount includes $100,000 aggregate principal amount of such bonds that remain subject to guaranteed delivery procedures;
- $375,151,000 aggregate principal amount of the 4.100% First Mortgage Bonds due 2046 were validly tendered and not validly withdrawn (the 2046 Tendered Bonds), which amount includes $75,000 aggregate principal amount of such bonds that remain subject to guaranteed delivery procedures; and
- $323,295,000 aggregate principal amount of the 4.500% First Mortgage Bonds due 2064 were validly tendered and not validly withdrawn (the 2064 Tendered Bonds, and, collectively with the 2021 Tendered Bonds and the 2046 Tendered Bonds, the Tendered Bonds), which amount includes $447,000 aggregate principal amount of such bonds that remain subject to guaranteed delivery procedures.
- SCE&G's offer to purchase for cash any and all of its outstanding 3.500% First Mortgage Bonds due 2021, 4.100% First Mortgage Bonds due 2046 and 4.500% First Mortgage Bonds due 2064 (the SCE&G Any and All Bonds) (such offer, the SCE&G Any and All Offer);
- SCE&G's offer to purchase for cash an amount of its 4.350% First Mortgage Bonds due 2042, 4.250% First Mortgage Bonds due 2028, 4.600% First Mortgage Bonds due 2043, 5.250% First Mortgage Bonds due 2035, 5.500% First Mortgage Bonds due 2039, 5.800% First Mortgage Bonds due 2033, 5.300% First Mortgage Bonds due 2033, 5.450% First Mortgage Bonds due 2041 and 5.100% First Mortgage Bonds due 2065 (the SCE&G Waterfall Bonds), having an aggregate purchase price of up to $1,200,000,000 less the aggregate purchase price payable with respect to the SCE&G Any and All Bonds purchased by SCE&G in the SCE&G Any and All Offer (the SCE&G Waterfall Cap) (such offer, the SCE&G Waterfall Offer); provided, that SCE&G Waterfall Bonds tendered in the SCE&G Waterfall Offer shall be subject to the SCE&G Waterfall Acceptance Priority Levels (defined below), the SCE&G Waterfall Early Tender Priority (defined below) and proration, as applicable.
- SCANA's offer to purchase for cash an amount of its 6.250% Medium Term Notes due 2020, 4.750% Medium Term Notes due 2021 and 4.125% Medium Term Notes due 2022 (the SCANA Notes, and, together with the SCE&G Any and All Bonds and the SCE&G Waterfall Bonds, the Debt Securities) having an aggregate purchase price of up to $300,000,000 (the SCANA Offer Cap) (such offer, the SCANA Offer, and together with the SCE&G Any and All Offer and the SCE&G Waterfall Offer, the Offers), subject to proration, as applicable.
- Reducing or eliminating gas venting during planned maintenance and inspections
- Replacing older equipment across its system with new, low-emission equipment
- Expanding leak detection and repair programs across its entire system
- Typical residential electric customers using 1,000 kilowatt-hours per month will see their bills drop from the current temporary level of $125.34 per month to $124.91 per month. This decrease places into effect bills that are now 15 percent below levels that were in effect in January 2018 prior to the temporary experimental reduction under Act 258 of the South Carolina General Assembly.
- Natural gas customers will receive $2.45 million in bill credits in total over three years, producing an average bill credit of $1.07 for a residential customer in 2019, with similar credits in 2020 and 2021. The annual credit for 2019 has been applied to February bills. The annual credits for 2020 and 2021 will be applied to customer bills for the January billing cycle in each of those years.
- The benefit of federal tax reform is being passed on to customers. This will include a one-time credit in February bills to pass on the benefits related to 2018. Ongoing savings are reflected in rates beginning in February and are included in the $124.91 bill level.
- $0.36 per month for a typical residential customer stemming from a Jan. 31 filing regarding Demand Side Management programs (DSM), which are energy-efficiency resources.
- $0.20 per month for a typical residential customer from a Feb. 8 fuel cost adjustment proposal filed with the Commission.
- A total of $0.56 per month for a typical residential customer when the fuel and DSM cost-recovery proposals are combined, which would lower such a customer's monthly bill from $124.91 to $124.35.
- Photos and biographies of this year's honorees are available at http://edu.lva.virginia.gov/changemakers/strong-mw-2019.
- Winning student essays are available at http://edu.lva.virginia.gov/strong-men-women-in-virginia-history/student-essay-contest/student-essay-contest-winners/.
- Videos/photos of the event will be posted on the Dominion Energy media downloads page at https://www.dominionenergy.com/about-us/contact-us/media-downloads.
- $759 million net benefit associated with the sales of our non-core assets, primarily reflecting the gains on sales of certain merchant generation assets and our investment in Blue Racer.
- $219 million impairment charge associated with gathering and processing assets.
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $170 million net loss related to our investments in nuclear decommissioning trust funds.
- $124 million charge associated with disallowance of FERC-regulated plant.
- $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.
- $74 million of restoration costs associated with major storms, primarily affecting our Virginia service territory.
- $37 million of transaction and transition costs associated with the Dominion Energy Questar combination and the acquisition of SCANA Corporation.
- $158 million of impairment charges associated with our equity method investments in wind-powered generation facilities.
- $72 million of transaction and transition costs, primarily associated with the Dominion Energy Questar combination.
- $46 million net gain related to our investments in nuclear decommissioning trust funds.
- Cleveland Municipal School District for its monthly fresh produce market for students and neighbors of Case Elementary School, which provides access to nutritious food, health screenings and other services.
- Conexus Vision, Midlothian, Va., for free in-school eye screenings ensuring that children have the best chance to learn and succeed in the classroom and in life.
- Foodbank of Southeastern Virginia, Norfolk, for its Healthy Mobile Pantry that delivers more than 900,000 healthy meals each year to food-insecure households in the region.
- United Way of Harrison County, Clarksburg, W.Va., to provide housing and social services to homeless veterans, and healthy meals to seniors and others in need.
- USO of South Carolina, West Columbia, S.C., for its Holidays for Heroes campaign supporting military personnel who cannot be home with their families during the holidays.
- Interfaith Community Outreach, Kill Devil Hills, N.C., to help uninsured and underinsured residents with medical or dental emergencies, including treatment, transportation, cancer support, prescriptions and counseling.
- Mountainlands Community Housing Association, Park City, Utah, to provide transitional housing and support services to people facing homelessness due to domestic violence, divorce, loss of employment or other factors.
- Armed Services Arts Partnership (ASAP) for providing improvisation, comedy, storytelling, writing and visual arts classes to veterans, service members and military families in several Virginia regions.
- Cadence Theatre Company of Richmond for offering creative writing, theatre performance and job-readiness training to at-risk high school students.
- Soundscapes of Newport News for helping underserved children develop transformative life skills through intensive music study and performances.
- Creative Cauldron of Falls Church for performance and visual-arts education programs serving multi-generational students.
- The Origin Project of Big Stone Gap for helping K-12 students find their voices and tell the rich stories of their Appalachian upbringing through writing, creative expression and exposure to the arts.
- Budget Billing: a convenient option to avoid seasonal fluctuations in bills. The amount you pay on your Dominion Energy natural gas bill will be the same every month, making budgeting easier.
- Flexible payment plans: help spread payments out and make them more manageable.
- For more information on these and other payment plans and energy assistance programs, view: https://www.dominionenergy.com/community/energy-assistance.
- Lowering your thermostat to 68 degrees. Learn more about your thermostat settings and energy savings by visiting the U.S. Department of Energy website.
- Sealing air leaks. Seal all holes from pipes and wires that enter/exit the living space, including entrances, pull-downs and attic stair openings, light fixtures, pipes and wires.
- Sealing duct work. Make sure that all duct work is sealed at joints and intersections with duct sealer or silicone caulk. Ducts can be sealed using foil-backed tape or silicon caulking.
- Changing your furnace filters monthly. This is the number one reason for furnace breakdowns. Inspect heating and cooling equipment annually, or as recommended by the manufacturer. Have a professional check and clean furnaces once a year.
- Weather-stripping doors, windows and attic entryways. Inspect windows and doors for air leaks. If you can see daylight around a door or window frame, then the door or window needs sealing. Air leaks can be sealed with caulking or weather-stripping. Insulate attic entryways.
- The expectation that, based on ACP construction recommencing by the second quarter of 2019, the near-term earnings contribution from ACP will be modestly lower than had been expected prior to late 2018 work stoppages due to lower near-term capital investment in the project
- The expectation that, given this ACP development and other modest headwinds including related to pension expense, the company will achieve at least the lower half of the 6% to 8% 2017-2020 compounded annual growth rate guidance range
- Lowering your thermostat to 68 degrees. Learn more about your thermostat settings and energy savings by visiting the U.S. Department of Energy website.
- Sealing air leaks. Seal all holes from pipes and wires that enter/exit the living space, including entrances, pull-downs and attic stair openings, light fixtures, pipes and wires.
- Sealing duct work. Make sure that all duct work is sealed at joints and intersections with duct sealer or silicone caulk. Ducts can be sealed using foil-backed tape or silicon caulking.
- Changing your furnace filters monthly. This is the number one reason for furnace breakdowns. Inspect heating and cooling equipment annually, or as recommended by the manufacturer. Have a professional check and clean furnaces once a year.
- Weather-stripping doors, windows and attic entryways. Inspect windows and doors for air leaks. If you can see daylight around a door or window frame, then the door or window needs sealing. Air leaks can be sealed with caulking or weather-stripping. Insulate attic entryways.
- Budget billing: a convenient option to avoid seasonal fluctuations in bills. The amount you pay on your electric bill will be the same every month, making budgeting easier.
- Flexible payment plans: help spread payments out and make them more manageable.
- Some customers may qualify for additional programs, including governmental assistance through Virginia 2-1-1 or the Virginia Department of Social Services.
- Save Money by Degrees: Customers can save from 10 to 15 percent on annual heating costs by setting the thermostat at 68 degrees during the day and down to 58 degrees at night, or when the resident is at work or away for an extended period. A programmable thermostat will automatically raise and lower the settings to a preset schedule and eliminate operating the heating system manually. It's not recommended to turn the system off, especially on very cold days, because the recovery time may negate any savings realized by the setback.
- Clean or Replace Furnace Filters: Check furnace air filters once a month during the heating season. If they become clogged, clean or replace with new filters.
- Annual Inspection: Dominion Energy Ohio reminds customers that an annual furnace inspection by a qualified, reputable heating contractor can ensure that they receive maximum winter heating safety, comfort and efficiency. Besides helping customers receive maximum value for their heating dollars, an annual appliance inspection can prevent any potential carbon monoxide problems. Carbon monoxide (CO) detectors provide a second line of defense, but they should not be used as a substitute for an annual furnace inspection. Combined with an annual inspection, however, a single CO detector, placed in the sleeping area of a home offers additional peace of mind.
- Energy Audit: Dominion Energy Ohio's Home Performance with ENERGY STAR (HPwES) Program through CLEAResult has been designed to help our residential customers improve their homes' energy efficiency. It all starts with a home energy assessment. Whether customers are making energy-efficient improvements to their current home or recently purchased a new home, they can benefit from having a home energy assessment. Rebates up to $1,250 are available for eligible improvements. Customers may call 1-877-287-3416 to schedule an assessment or visit www.deohpwes.com for program details and eligibility information.
- Caulk Around: Use inexpensive caulking around the fireplace mantle, inside windows and storm windows, electrical receptacle boxes, exhaust fan openings, pipes leading to bathroom fixtures, mortar cracks in chimneys, cracks in basement walls. Be sure to caulk around areas where the foundation meets the first floor plate and basement windows.
- Don't Build a Fire When the Furnace is On: A roaring blaze actually can waste energy by drawing heated air up the chimney. If you do use the fireplace, turn down the thermostat. Close the chimney damper after the ashes are cold. Always remember to open the damper before lighting a fire.
- Lower the Thermostat: Set your water heater to "warm," or 120 degrees F, which is high enough for normal household needs. The 120 degree F setting saves energy, slows lime buildup and reduces the risk of burns from hot tap water.
- Use Less Hot Water: Take shorter showers (three minutes) instead of baths. Switch to lower wash water temperatures for all your laundry and rinse in cold water.
- Preheat the Oven Only When Necessary: Preheat the oven at the temperature you intend to use for only 10 minutes. A higher setting only wastes natural gas and will not preheat any faster.
- Don't Peek: Every time you open the oven door, you pay a penalty of 25 degrees. You end up having to use more gas to replace that lost heat.
- Keep it Under Cover: Reduce cooking time and energy use by covering pots, pans and casserole dishes. Try cooking an entire meal in the oven. Bake pasta, rice or frozen vegetables with water in a covered casserole.
- Dry Full Loads: Save gas and money by combining your loads. Always wash and dry a full load of clothes to make the best use of your appliances and energy dollars.
- Keep the Lint Screen Clean: Clean the lint filter after every load. Unless the lint screen is cleaned, the dryer will not operate at top efficiency.
- A newly-refreshed website, at http://www.projectplantit.com/, offers an easy sign-up procedure for tree seedlings and highlights the educator resources and lesson plans that can be downloaded for free.
- Three new educational games are featured on the website for grades K-4, 5-8, and 9-12. These games are perfect for rainy day fun when kids can't play outside.
- W. Keller Kissam, who has become president-Electric Operations, Southeast Energy Group. He continues to be responsible for all non-nuclear generation and transmission and distribution operations at South Carolina Electric & Gas Company (SCE&G). Kissam has also been named president of electric operations for Dominion Energy's wholly owned subsidiary, SCE&G;
- D. Russell "Rusty" Harris, who has become vice president and general manager-Gas Operations, Southeast Energy Group. He continues to be responsible for gas utility operations at SCE&G and Public Service Company of North Carolina, Incorporated (PSNC Energy), and for SCANA Energy. Harris has been named president of Dominion Energy's wholly owned subsidiaries, PSNC Energy, and of gas operations for SCE&G;
- Iris N. Griffin, who has been named vice president-Financial Management & Integration, Southeast Energy Group, responsible for operating segment finances and the integration of the companies for the operating segment. Griffin has been named treasurer for Dominion Energy's wholly owned subsidiaries, PSNC Energy and SCE&G; and
- Daniel G. Stoddard – senior vice president and chief nuclear officer at Dominion Energy – who remains in that role and adds to that responsibility the role of chief nuclear officer-Southeast Energy Group, in which he will report to Blevins regarding V.C. Summer. He continues to report to Paul Koonce, president and chief executive officer-Power Generation Group, regarding Dominion Energy's six operating reactors in Virginia and Connecticut.
- George A. Lippard, has become site vice president-V.C. Summer Power Station, responsible for operating SCE&G's single-unit nuclear facility in Jenkinsville, S.C. He is reporting to Stoddard.
- Maintaining compensation levels for employees of SCANA and its subsidiaries until at least Jan. 1, 2020, and extending to at least July 1, 2020, base pay continuation or severance for all non-executive employees;
- Maintaining SCANA's excellent customer service levels at or above current levels;
- Increasing SCANA's corporate and charitable giving by $1 million per year for at least five years in SCANA's communities, including increasing PSNC Energy's charitable contributions by $150,000 in 2019;
- Implementing an EnergyShare-like program in South Carolina to assist low-income, elderly, disabled and veteran customers;
- Agreeing to a freeze in base rates for SCE&G's electric customers at current levels until Jan. 1, 2021;
- Agreeing to a freeze in base rates for PSNC Energy's customers at current levels until at least Nov. 1, 2021; and
- Appointing a member of the SCANA board of directors or its executive management team to Dominion Energy's board of directors.
- 3.3 million electric utility customer accounts in North Carolina, South Carolina and Virginia;
- 3.3 million natural gas utility customer accounts in Idaho, North Carolina, Ohio, South Carolina, Utah, West Virginia and Wyoming; and
- 800,000 competitive and regulated, last-resort natural gas customer accounts in states with competitive markets.
- 93,600 miles of electric transmission and distribution lines;
- 106,400 miles of natural gas gathering, storage, transmission and distribution pipeline;
- About 31,000 megawatts of diverse electric generation capacity in 10 states; and
- More than a trillion cubic feet of natural gas storage.
- 50 percent interest in the Blue Racer Midstream joint venture
- 100 percent interest in the Fairless Power Station
- 100 percent interest in the Manchester Street Power Station; and
- 25 percent interest in the Catalyst Old River Hydroelectric Limited Partnership
- At Dominion Energy, approximately one in five new hires is a veteran.
- Between 2015 and 2018, bill assistance has been provided to more than 3,500 veterans through the company's EnergyShare program.
- The Dominion Energy Charity Classic golf tournament has raised more than $600,000 primarily for veterans' charities.
- Dominion Energy spearheaded the development and national launch of the "Troops to Energy Jobs" program.
- 100 percent salary differential and benefits coverage for up to five years for deployed military employees.
- Surveying non-residential customers about their renewable energy needs
- Seeking bids for up to 500 megawatts of solar and onshore wind
- Requesting approval for 240 megawatts of solar generation in Virginia
- Receiving approval for a Community Solar Pilot for residential, commercial, and industrial customers
- Continuing plans to build two six-megawatt wind turbines off the coast of Virginia Beach
- Engaging with a broad array of stakeholders on future solar development
- Planning a Request for Proposals (RFP) for up to 50 megawatts of smaller scale solar projects in 2019
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $124 million charge associated with disallowance of FERC-regulated plant.
- $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.
- $31 million of restoration costs associated with Winter Storm Riley primarily affecting our Virginia service territory.
- $28 million of transaction and transition costs associated with the Dominion Energy Questar combination and the proposed acquisition of SCANA Corporation.
- $156 million net gain related to our investments in nuclear decommissioning trust funds.
- $70 million net benefit associated with the announced sales of certain merchant electric generation power stations, primarily reflecting a gain on the sale of our 25% interest in Catalyst Old River Hydroelectric.
- $31 million benefit associated with retroactive application of depreciation rates for regulated nuclear plants to comply with the Virginia Commission requirements.
- $158 million of impairment charges associated with our equity method investments in wind-powered generation facilities.
- $72 million of transaction and transition costs, primarily associated with the Dominion Energy Questar combination.
- $46 million net gain related to our investments in nuclear decommissioning trust funds.
- Budget Billing allows customers to pay a fixed budget amount each month, based on annual gas usage. Dominion Energy Ohio periodically reviews the budget amount and adjusts it, if necessary, so that the customer will not have a high balance or large credit at the end of the budget year. Customers should call the company for more information.
- Current-Plus Plan: Customers with a past-due balance pay their current monthly bill, plus one-sixth of the total account balance at the time they enroll in the plan.
- The One-Ninth Plan allows customers to pay one-ninth of their total account balance each month plus a calculated budget amount.
- Under the One-Third Winter Heating Plan, customers pay one-third of their total account balance each month for bills that include gas used from November 1, 2018, through April 15, 2019.
- Short–Term Extension grants up to five additional days to pay before the next bill date.
- the entire past-due balance on your gas bill;
- the past-due payments if you are on a special payment plan;
- or $175.
- Percentage of Income Payment Plan Plus (PIPP Plus): To qualify for this special payment plan, developed by the Public Utilities Commission of Ohio, a customer's yearly gross household income can be up to 150 percent of federal poverty guidelines.
- Home Energy Assistance Program (HEAP) provides a one-time heating bill credit during the winter heating season. HEAP is available to customers whose yearly gross household income is up to 175 percent of the federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $21,245 for one person; $28,805 for two; $36,365 for three; $43,925 for four; $51,485 for five; $59,045 for six; $66,605 for seven; and $74,165 for eight. Add $7,560 for each additional person.
- Home Weatherization Assistance Program (HWAP) is a federally funded program that provides grants for home weatherization projects to customers whose incomes are no more than 200 percent of federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $24,280 for one person; $32,920 for two; $41,560 three; $50,200 for four; $58,840 for five; $67,480 for six; $76,120 for seven; and $84,760 for eight. Add $8,640 for each additional person.
- Dominion EnergyShare is a last-resort program after all other state and federal assistance is exhausted. The Salvation Army administers the Dominion-funded program. It is available to Dominion Energy Ohio customers with a shut-off notice or who have been disconnected. Applications can be made on or after December 1. Customers should contact their local Salvation Army Corps for more information or to schedule an appointment.
- Dominion Energy Ohio's Housewarming Program provides weatherization assistance to help income-eligible customers reduce their energy usage. For information, call CHN Housing Partners (formerly Cleveland Housing Network, at 1-888-377-3774, or go to https://chnhousingpartners.org/housing-and-community-services/weatherize-my-home-and-more/.
- Dominion Energy Ohio's Home Performance with ENERGY STAR (HPwES) Program through CLEAResult has been designed to help our residential customers improve their homes' energy efficiency. It all starts with a home energy assessment, now available at a price of $50.
- Report outages: Don't assume we know you are without power. Use your mobile device and go to https://www.dominionenergy.com/outage-center/report-and-check-outages or call us at 1-866-DOM-HELP (1-866-366-4357).
- Stay away from downed power lines: Assume they are energized and dangerous. Keep family, neighbors and pets at least 30 feet away and call us at 1-866-366-4357. Choose the option to report a downed wire.
- Use caution when operating generators: Follow the manufacturer's instructions exactly and always operate outdoors with good ventilation.
- Lubricating the blower bearings and blower motor as recommended by the manufacturer;
- Visually inspecting all vents, the heat exchanger and filters;
- Checking the pilot light if the furnace has one;
- Cleaning and checking the flame sensor on higher-efficiency furnaces with electronic ignition;
- Cleaning the main burners, clearing the furnace area of any dust or combustible materials and cleaning dust from the blower compartment;
- Testing the thermostat to ensure the heating system works as it should;
- Checking the safety components on the heating equipment, such as limit controls and pilot safety and pressure switches.
- Insuring that appliance installations conform to current codes, such as: combustion and ventilation air; chimney and associated vents; and use of approved materials, such as gas piping and appurtenances.
- Always report your outage by visiting https://www.dominionenergy.com/outage-center/report-and-check-outages calling 1-866-DOM-HELP (1-866-366-4357).
- Avoid downed power lines, which may be energized and deadly. Stay at least 30 feet away and make sure your family, pets, and neighbors avoid downed wires. Call 1-866-DOM-HELP (1-866-366-4357) and stay on the line to speak with an agent so we can make the area safe.
- Use caution when operating generators. Follow the manufacturer's instructions exactly and always operate outdoors with good ventilation.
- Set up an online account to easily report and track power outages from any mobile device.
- Bookmark our website, DominionEnergy.com, on your mobile device to quickly report outages.
- Put together or "refresh" your emergency prep kit to include:
- Batteries and flashlights/lanterns
- Bottled water (1 gallon per person, per day)
- Cash (power outages could affect ATM machines)
- Non-perishable food
- First aid kit, medications and hygiene items
- If you have a generator, be sure it is fueled, tested and properly connected. Follow the manufacturer's instructions and always operate out of doors with good ventilation.
- Always report your outage by visiting https://www.dominionenergy.com/outage-center/report-and-check-outages or calling 1-866-DOM-HELP (1-866-366-4357).
- Turn off all appliances except one light to prevent overload when power comes back on.
- Be careful to avoid downed power lines, which may be energized and deadly. Remember that downed wires can be hidden under fallen trees or branches or under flooded streets or yards. Stay at least 30 feet away and make sure your family, pets, and neighbors avoid downed wires. Call 1-866-DOM-HELP (1-866-366-4357) and stay on the line to speak with an agent so we can make the area safe.
- 100 percent interest in the Fairless Power Station, a 1,240-megawatt combined-cycle gas turbine located in Pennsylvania;
- 100 percent interest in the Manchester Street Power Station, a 468-megawatt combined-cycle gas turbine located in Rhode Island; and
- 25 percent interest in the Catalyst Old River Hydroelectric Limited Partnership, which owns a 192-megawatt hydroelectric generating station in Louisiana.
- Set up an online account to easily report and track power outages from any mobile device.
- Update your contact information with Dominion Energy, including a mobile phone number.
- Bookmark our website, DominionEnergy.com, on your mobile device to quickly report outages.
- Put together an emergency prep kit that includes:
- Batteries and flashlights/lanterns
- Bottle water (1 gallon per person, per day)
- Cash (power outages could affect ATM machines)
- Non-perishable foods
- First aid kit, medications and hygiene items
- Vehicle phone charger
- Customers with portable generators should purchase adequate fuel, and review the product's safety instructions before operation.
- demonstrate the ability to serve communities through partnerships, and
- have a proven track record of meeting basic human needs and preventing future needs.
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $122 million charge associated with disallowance of FERC-regulated plant.
- $81 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April.
- $31 million of restoration costs associated with Winter Storm Riley primarily affecting our Virginia service territory.
- $25 million of transaction and transition costs associated with the Dominion Energy Questar combination and the proposed acquisition of SCANA Corporation.
- $31 million benefit associated with retroactive application of depreciation rates for regulated nuclear plants to comply with the Virginia Commission requirements.
- $7 million net gain related to our investments in nuclear decommissioning trust funds.
- $158 million of impairment charges associated with our equity method investments in wind-powered generation facilities.
- $72 million of transaction and transition costs, primarily associated with the Dominion Energy Questar combination.
- $46 million net gain related to our investments in nuclear decommissioning trust funds.
- Dyke Marsh (Alexandria, Va.) – Enjoy nature on a self-guided or guided walking tour with an experienced birder. The Dominion Energy Charitable Foundation provided the Friends of Dyke Marsh with $3,000 for educational brochures used by park visitors.
- Goochland Park (Goochland, Va.) – Take a leisurely stroll, picnic or paddle along the James River at Tucker Park at Maidens Crossing. Using a $10,500 Foundation grant, the Friends of Goochland Park plan to build an elevated pedestrian walkway to connect to portions of the park dissected by a public road.
- Henricus Historical Park (Chester, Va.) – Experience living history at a reconstructed English fort and Indian settlement along the James River. The Henricus Foundation was awarded $25,000 for Indian interpretive programs and environmental education.
- Huntley Meadows Park (Alexandria, Va.) – Explore a wetland wildlife sanctuary or join a birdwatching group. The Foundation provided the Friends of Huntley Park $5,000 to provide environmental education to At-Risk students.
- Lewis and Clark Exploratory Center of Virginia (Charlottesville, Va.) – Learn about the history of Lewis and Clark with hands-on activities, carpentry or hiking. The center received $17,500 to improve accessibility for individuals with special needs.
- Lewis Ginter Botanical Garden (Richmond, Va.) – Enjoy beautiful gardens, learn about pollinator plants and let your children cool off in the water play fountain. The botanical garden was provided $25,000 to restore Glen Stream, a small stream with serious erosion problems.
- Maymont (Richmond, Va.) – Tour a Victorian mansion, explore the gardens or watch river otters play. The park received $10,000 from the Foundation for educational outreach programs.
- Naturebridge (Prince William, Va.) – Enjoy a variety of naturalist-led hikes and nature programs for the entire family, as well as special summer programs for teens. The park received $10,000 for environmental science education.
- North Carolina Aquarium (Roanoke Island, N.C.) – Visit the new Dominion Energy-sponsored jellyfish exhibit and enjoy other cool aquatic animals.
- Occoquan (Woodbridge, Va.) – Try your hand at conservation art or join a rain barrel workshop. The Friends of the Occoquan received $5,000 for a rain barrel program to conserve water.
- Pocahontas State Park (Chesterfield, Va.) – Camp, boat, fish, swim, bike, hike or enjoy a cool summer concert. The Foundation granted the Friends of Pocahontas State Park $10,000 to expand its trail system.
- Sylvan Heights Bird Park (Scotland Neck, N.C.) – Take your family on a scavenger hunt or explore outdoor sensory stations and fossil digs near the playground. The Foundation provided $2,000 for the park to construct "sensory stations" to encourage outdoor nature play.
- The Children's Science Center (Fairfax, Va.) – Treat your family to a day of fun exploration and learning with a variety of hands-on activities. Dominion energy provided $10,000 for an urban bird educational project.
- The Elizabeth River Project (Portsmouth, Va.) – Enjoy kayaking, bird watching or riverside yoga at Paradise Creek Nature Park. The Foundation gave $25,000 to expand its programs for At-Risk-Youth.
- Virginia Aquarium and Marine Science Center (Virginia Beach, Va.) – Experience hands-on exhibits, nature paths, marshlands and a large variety of marine life and animals. The aquarium received $22,500 from Dominion Energy to rescue, rehabilitate and release sea turtles inadvertently hooked by anglers in the Hampton Roads area.
- Virginia Institute of Marine Science Foundation (Gloucester, Va.) – Sign up for a lecture, discovery lab, or wetland workshop. The institute was awarded $25,000 to provide Discovery Labs for the public. The labs are designed to increase the public's knowledge and understanding of the local environment.
- Virginia Living Museum (Newport News, Va.) – Learn about Virginia's vast array of birds, mammals and reptiles through hands-on activities or planetarium shows. The museum will use its $9,500 grant for "Pop-Up Discovery Stations," mobile displays that teach about conservation.
- Virginia Museum of Natural History Foundation (Martinsville, Va.) – The museum has partnered with Natural Bridge State Park (NBSP) to develop and install new exhibits and environmental education programs at NBSP that will enhance visitors' experience. The museum received $10,000 from the Foundation for the exhibits.
- At least 3 days of non-perishable food and a gallon of water per person, per day
- A first aid kit + blankets/extra clothes
- A battery-powered lantern, fan and radio and extra batteries
- Cash for emergency use
- Update your electric account phone number online or by calling the dedicated phone number update line 800-222-0401.
- Sign up for text alerts to receive storm updates for your area. Sign up here.
- Fully charge your phone(s) before the storm arrives.
- Report your outage online here or call us at 866-366-4357. Don't assume your neighbor called or that your outage is visible on our system.
- Utilize our outage map to stay up to date on current restoration efforts.
- Make sure to follow generator safety guidelines carefully. Do not hook the generator directly up to your house's electrical system as it can endanger you as well as our repair crews. For your own safety, make sure the generator is operated outdoors with plenty of ventilation.
- Stay back 30 feet from a downed power line if you see one, and keep children and pets out of the area altogether. A power line can be energized even if it doesn't appear to spark or move.
- Call us immediately to report downed wire at 866-366-4357.
- During active storms, seek shelter in a safe space.
- If you are in your car and a power line falls onto it, please stay in your car and call 911 immediately. The rubber wheels on your vehicle will keep you safe inside, but the metal exterior and ground around your car could be energized. Click here for a video with more advice.
- $215 million charge associated with Virginia legislation enacted in March that requires one-time rate credits of certain amounts to utility customers.
- $43 million net loss related to our investments in nuclear decommissioning trust.
- $31 million of restoration costs associated with Winter Storm Riley primarily affecting our Virginia service territory.
- $16 million of transaction and transition costs associated with the Dominion Energy Questar combination and the proposed acquisition of SCANA Corporation.
- $158 million of impairment charges associated with our equity method investments in wind-powered generation facilities.
- $72 million of transaction and transition costs, primarily associated with the Dominion Energy Questar combination.
- $46 million net gain related to our investments in nuclear decommissioning trust funds.
- Charlottesville-Albemarle Technical Education Center (Albemarle County)
- Children's Museum of Richmond (Richmond)
- Deer Park Elementary School (Newport News)
- Hampton High School (Hampton)
- Kenmore Middle School (Arlington)
- MathScience Innovation Center (Henrico)
- Grundy High School (Buchanan County)
- Honaker Elementary School (Russell County)
- John I. Burton High School (Norton City)
- Lee County Career & Tech Center (Lee County)
- Ridgeview High School (Dickenson County)
- Tazewell High School (Tazewell County)
- Twin Springs High School (Scott County)
- Union Elementary School (Wise County)
- 2018 operating earnings to be in the previously announced range of $3.80 to $4.25 per share, which, at the midpoint, represents a 10 percent increase from the midpoint of 2017 operating earnings guidance;
- First-quarter 2018 operating earnings to be in the previously communicated range of $0.95 to $1.15 per share; and
- 2017 to 2020 operating earnings per share to grow as previously announced at a compounded annual rate of 6 to 8 percent from 2017 to 2020.
- Tidewater – restoration complete by Sunday evening
- I-81 corridor - restoration complete by Sunday evening
- Southside Va. – restoration complete by Monday evening
- Charlottesville and Orange - restoration complete by Tuesday evening
- Metro Richmond - restoration complete by Tuesday evening
- Northern Virginia and Fredericksburg - restoration complete by Tuesday evening
- Gloucester/Northern Neck - restoration complete by Tuesday evening
- Save Money by Degrees: Customers can save from 10 to 15 percent on annual heating costs by setting the thermostat at 68 degrees during the day and down to 58 degrees at night, or when the resident is at work or away for an extended period.
- Clean or Replace Furnace Filters: Check furnace air filters once a month during the heating season. If they become clogged, clean or replace with new filters.
- Caulk Around: Use inexpensive caulking around the fireplace mantle, inside windows and storm windows, electrical receptacle boxes, exhaust fan openings, pipes leading to bathroom fixtures, mortar cracks in chimneys, cracks in basement walls. Be sure to caulk around areas where the foundation meets the first floor plate and basement windows.
- Seal Off Drafts around Windows: Tape thin sheets of plastic to inside window frames with masking tape.
- Draft Stoppers: Block off drafts at the bottom of doors with a rolled up rug or bath towel. You also can make a long, narrow beanbag to fit against the bottom of the door.
- Switch Off Drafts: To seal off drafts, apply self-adhesive foam strips to the back of wall plates for electrical outlets and switches.
- Here's a Card Trick: If a playing card fits in the crevice of an outside door, you need more weather stripping.
- Budget Billing allows customers to pay a fixed budget amount each month, based on annual gas usage. Dominion Energy Ohio periodically reviews the budget amount and adjusts it, if necessary, so that the customer will not have a high balance or large credit at the end of the budget year. Customers should call the company for more information.
- Current-Plus Plan: Customers with a past-due balance pay their current monthly bill, plus one-sixth of the total account balance at the time they enroll in the plan. (more)
- The One-Ninth Plan allows customers to pay one-ninth of their total account balance each month plus a calculated budget amount.
- Under the One-Third Winter Heating Plan, customers pay one-third of their total account balance each month for bills that include gas used from November 1, 2017, through April 13, 2018.
- Short–Term Extension grants up to five additional days to pay before the next bill date.
- Percentage of Income Payment Plan Plus (PIPP Plus): To qualify for this special payment plan, developed by the Public Utilities Commission of Ohio, a customer's yearly gross household income can be up to 150 percent of federal poverty guidelines. Under PIPP Plus, participating customers may maintain their natural gas service by paying 6 percent of their total gross monthly household income, or $10, whichever is greater.
The PIPP Plus maximum yearly household gross income levels for the 2017-2018 heating season are: $18,090 for one person; $24,360 for two people; $30,630 for three; $36,900 for four; $43,170 for five; $49,440 for six; $55,710 for seven; and $61,980 for eight. Add $6,270 for each additional person.
- Home Energy Assistance Program (HEAP) provides a one-time heating bill credit during the winter heating season. HEAP is available to customers whose yearly gross household income is up to 175 percent of the federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $21,105 for one person; $28,420 for two; $35,735 for three; $43,050 for four; $50,365 for five; $57,680 for six; $64,995 for seven; and $72,310 for eight. Add $7,315 for each additional person.
- The Winter Crisis Program (WCP), previously known as Emergency Home Energy Assistance Program (E-HEAP), provides a one-time grant to help avoid a shutoff or to restore service once through March 31, 2018. HEAP and WCP are available to customers whose yearly gross income is up to 175 percent of the federal poverty guidelines. Local community action agencies can assist with emergency payments to help avoid disconnection. You can find available resources in your community -- dial 2-1-1.
- Home Weatherization Assistance Program (HWAP) is a federally-funded program that provides grants for home weatherization projects to customers whose incomes are no more than 200 percent of federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $24,120 for one person; $32,480 for two; $40,840 for three; $49,200 for four; $57,560 for five; $65,920 for six; $74,280 for seven; and $82,640 for eight. Add $8,360 for each additional person.
- Dominion EnergyShare is a last-resort program after all other state and federal assistance is exhausted. The Salvation Army administers the Dominion-funded program. It is available to Dominion Energy Ohio customers with a shut-off notice or who have been disconnected. Applications can be made on or after December 1. Customers should contact their local Salvation Army Corps for more information or to schedule an appointment.
- Dominion Energy Ohio's Housewarming Program provides weatherization assistance to help income-eligible customers reduce their energy usage. For information, call CHN Housing Partners (formerly Cleveland Housing Network (CHN)), at 1-888-377-3774 or go to https://chnhousingpartners.org/housing-and-community-services/weatherize-my-home-and-more/.
- ART 180 provides free art programs to young people in challenging circumstances at partner organizations and its own teen center in the Jackson Ward neighborhood of Richmond. See how ART 180 is helping students gain confidence and find their creative voices.
- Light House Studio in Charlottesville, a nonprofit filmmaking center, hosts 134 workshops for students in the Shenandoah region to develop their vision and build their creative skills. See how Light House Studio is empowering youth to express themselves in positive ways.
- Sandler Center for the Performing Arts provides access for students in grades Pre-K through 8 to live performances throughout the academic year in Virginia Beach.
- Signature Theatre of Arlington uses theater to engage 2,000 high school students in the arts while strengthening key academic skills in literacy and critical thinking.
- Virginia's Heritage Music Trail in Abingdon incorporates traditional Appalachian music instruction in southwest Virginia schools.
- $158 million of impairment charges associated with our equity method investments in wind-powered generation facilities.
- $72 million of transaction and transition costs, primarily associated with the Dominion Energy Questar combination.
- $46 million net gain related to our investments in nuclear decommissioning trust funds.
- $197 million additional charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities to comply with the EPA coal combustion residuals rule.
- $74 million of transaction and transition costs associated with the Dominion Energy Questar combination, which was completed in September 2016.
- $65 million charge associated with an organizational design initiative and primarily comprised of employee severance benefits.
- $23 million of restoration costs associated with Hurricane Matthew affecting our electric utility service territories.
- Educating students and the public about environmental stewardship
- Protecting and preserving natural habitats
- Improving open spaces and making nature accessible
- There are 27 solar generating facilities on 4,683 acres, which equates to about 444 MW of solar capacity either in operation or under development in the Commonwealth.
- The construction of another 300 MW of solar is planned to support Facebook's eighth data center in the U.S., to be located in Henrico County.
- As part of its Solar Partnership Program, company-owned rooftop or ground-mounted solar arrays are installed on leased commercial properties, such as Philip Morris, Capital One, Prologis, Canon, Merck and various educational institutions.
- Large-scale solar facilities up to 100 MW in size are sprinkled across the state and are done in partnership with the Commonwealth of Virginia, the U.S. Navy, University of Virginia, Microsoft and Amazon.
- Residential customers are participating in a private solar program that allows them to offset their energy usage with their own rooftop solar generating system.
- There are 13 projects totaling 353 MW that Dominion Energy has brought or is bringing online in North Carolina by 2019. Additionally, there are 82 projects owned by third-party developers that are operating or being developed totaling 550 MW.
- ForKids Inc. of Norfolk, Va., for expanding educational services and supporting homeless children and families in the Hampton Roads region.
- Meals on Wheels of Chesapeake for delivering meals and helping keep seniors healthy, safe and independently living in their own homes.
- Mobile Hope Association of Loudoun for providing homeless youth with emergency housing, basic needs, financial assistance for schooling and life skills training.
- Neighborhood Resource Center of Greater Fulton in Richmond for serving neighborhood children and families with its garden, kitchen and food pantry.
- Green Urban Lunch Box of Salt Lake City, Utah, for its Back-Farms project connecting low-income, elderly homeowners with garden apprentices who help them convert surplus backyard space into productive urban farms.
- Operation Warm, Inc., for providing brand-new winter coats to West Virginia schoolchildren in need.
- St. Clair Superior Development Corporation of Cleveland, Ohio, for its efforts to reduce lead poisoning by educating residents on safe removal of toxic paint from their homes.
- A $1.3 billion cash payment within 90 days upon completion of the merger to all customers, worth $1,000 for the average residential electric customer. Payments would vary based on the amount of electricity used in the 12 months prior to the merger closing.
- An estimated additional 5 percent rate reduction from current levels, equal to more than $7 a month for a typical SCE&G residential customer, resulting from a $575 million refund of amounts previously collected from customers and savings of lower federal corporate taxes under recently enacted federal tax reform.
- A more than $1.7 billion write-off of existing V.C. Summer 2 and 3 capital and regulatory assets, which would never be collected from customers. This allows for the elimination of all related customer costs over 20 years instead of over the previously proposed 50-60 years.
- Completion of the $180 million purchase of natural-gas fired power station (Columbia Energy Center) at no cost to customers to fulfill generation needs.
- The laborers who install environmental control devices, perform ground clearing, coat and install the pipe and restore the right of way.
- The teamsters who transport personnel, materials and equipment.
- The operators who operate excavators, bull dozers, pipe bending and laying machines, cranes, forklifts and other construction equipment.
- The welders who weld and bend the pipe, install road bores and perform hydrostatic testing.
- Use aggressive threats to disconnect service (usually within an hour or less)
- Insist on immediate payment, over the phone
- Request a pre-paid card to be used for payment over the phone
- Never purchase a pre-paid card to avoid shut off— we will not insist on just one type of payment. You can pay in-person at a designated payment center (locations listed here) or through your online account. All payment options available are listed here.
- Verify what you're being told about your account. Hang up and call us at 866-DOM-HELP to confirm whether or not a payment is due, not any other number.
- Collect information from the scammer, such as phone numbers or names, to help us and law enforcement track and spread the word to customers.
- College of William and Mary, Marshall-Wythe School of Law, Williamsburg, Va., for assistance to veterans needing legal advice and counseling to access Department of Defense benefits;
- Cuyahoga Community College Foundation, Cleveland, Ohio, for its military community outreach series, including job fairs and workshops on accessing benefits;
- Easterseals Capital Region and Eastern Connecticut, Inc., Windsor, Conn., for financial management training and its emergency financial safety net for veterans and their families;
- Liberation Veteran Services, Richmond, Va., for support of chronically homeless veterans, including housing, financial training and workforce readiness;
- LZ-Grace Warrior Retreat Foundation, Virginia Beach, Va., for an accessible fitness trail and retreat space for special operations forces;
- National Ability Center, Park City, Utah, for adaptive sports and recreational programs for transitioning service members and their families;
- Operation Renewed Hope Foundation, Alexandria, Va., for safe and affordable housing for veterans and families facing homelessness;
- Operation Welcome Home, Inc., Morgantown, W.Va., for its year-long series of training programs and job fairs;
- Tech for Troops Project, Richmond, Va., for statewide computer training workshops for military personnel transitioning from active duty;
- United Service Organizations, West Columbia, S.C., for holiday activities at Fort Jackson and pre-deployment family lunches; and
- The Utica Center for Development, Inc., Utica, N.Y., for food pantry and transportation for veterans.
- $41 million net gain related to our investments in nuclear decommissioning trust funds.
- $39 million of transition and integration costs associated with the Dominion Energy Questar combination.
- $15 million charge to write-off the balance of a regulatory asset, originally established in a prior year, which is no longer considered probable of recovery.
- $197 million additional charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities to comply with the EPA coal combustion residuals rule.
- $74 million of transaction and transition costs associated with the Dominion Energy Questar combination, which was completed in September 2016.
- $65 million charge associated with an organizational design initiative and primarily comprised of employee severance benefits.
- $23 million of restoration costs associated with Hurricane Matthew affecting our electric utility service territories.
- Budget Billing allows customers to pay a fixed budget amount each month, based on annual gas usage. Dominion Energy Ohio periodically reviews the budget amount and adjusts it, if necessary, so that the customer will not have a high balance or large credit at the end of the budget year. Customers should call the company for more information.
- Current-Plus Plan: Customers with a past-due balance pay their current monthly bill, plus one-sixth of the total account balance at the time they enroll in the plan.
- The One-Ninth Plan allows customers to pay one-ninth of their total account balance each month plus a calculated budget amount.
- Under the One-Third Winter Heating Plan, customers pay one-third of their total account balance each month for bills that include gas used from November 1, 2017, through April 13, 2018.
- Short–Term Extension grants up to five additional days to pay before the next bill date.
- the entire past-due balance on your gas bill;
- the past-due payments if you are on a special payment plan;
- or $175.
- Percentage of Income Payment Plan Plus (PIPP Plus): To qualify for this special payment plan, developed by the Public Utilities Commission of Ohio, a customer's yearly gross household income can be up to 150 percent of federal poverty guidelines.
Under PIPP Plus, participating customers may maintain their natural gas service by paying 6 percent of their total gross monthly household income, or $10, whichever is greater.
PIPP Plus has special benefits for participating customers. Each time customers make their required PIPP Plus monthly payments in full by the due date, Dominion Energy Ohio will credit their accounts for the rest of that month's current charges, plus a one-twenty-fourth credit toward their prior account balances. After 24 months of on-time and in-full PIPP Plus payments, their accounts would become current.
The PIPP Plus maximum yearly household gross income levels for the 2017-2018 heating season are: $18,090 for one person; $24,360 for two people; $30,630 for three; $36,900 for four; $43,170 for five; $49,440 for six; $55,710 for seven; and $61,980 for eight. Add $6,270 for each additional person.
- The Winter Crisis Program (WCP), previously known as Emergency Home Energy Assistance Program (E-HEAP), provides a one-time grant to help avoid a shutoff or to restore service once between November 1, 2017, and March 31, 2018. HEAP and WCP are available to customers whose yearly gross income is up to 175 percent of the federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $21,105 for one person; $28,420 for two; $35,735 for three; $43,050 for four; $50,365 for five; $57,680 for six; $64,995 for seven; and $72,310 for eight. Add $7,315 for each additional person. Local community action agencies can assist with emergency payments to help avoid disconnection. You can find available resources in your community -- dial 2-1-1.
- Home Weatherization Assistance Program (HWAP) is a federally funded program that provides grants for home weatherization projects to customers whose incomes are no more than 200 percent of federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $24,120 for one person; $32,480 for two; $40,840 for three; $49,200 for four; $57,560 for five; $65,920 for six; $74,280 for seven; and $82,640 for eight. Add $8,360 for each additional person.
- Dominion EnergyShare is a last-resort program after all other state and federal assistance is exhausted. The Salvation Army administers the Dominion-funded program. It is available to Dominion Energy Ohio customers with a shut-off notice or who have been disconnected. Applications can be made on or after December 1. Customers should contact their local Salvation Army Corps for more information or to schedule an appointment.
- Dominion Energy Ohio's Housewarming Program provides weatherization assistance to help income-eligible customers reduce their energy usage. For information, call CHN Housing Partners (formerly Cleveland Housing Network (CHN)), at 1-888-377-3774 or go to https://chnhousingpartners.org/housing-and-community-services/weatherize-my-home-and-more/ .
- Dominion Energy Ohio's Home Performance with ENERGY STAR (HPwES) Program through CLEAResult has been designed to help our residential customers improve their homes' energy efficiency. It all starts with a home energy assessment, now available at a discounted price of $25.
Whether customers are making energy-efficient improvements to their current home or recently purchased a new home, they can benefit from having a home energy assessment. Rebates up to $1,250 are available for eligible improvements. Customers may call 1-877-287-3416 to schedule an assessment or visit www.deohpwes.com for program details and eligibility information. - Lubricating the blower bearings and blower motor as recommended by the manufacturer;
- Visually inspecting all vents, the heat exchanger and filters;
- Checking the pilot light if the furnace has one;
- Cleaning and checking the flame sensor on higher-efficiency furnaces with electronic ignition;
- Cleaning the main burners, clearing the furnace area of any dust or combustible materials and cleaning dust from the blower compartment;
- Testing the thermostat to ensure the heating system works as it should;
- Checking the safety components on the heating equipment, such as limit controls and pilot safety and pressure switches;
- Checking the venting system to ensure it is clean and open. Any fuel-burning appliance, including natural gas, that does not burn correctly, can create harmful levels of carbon monoxide (CO). The CO can collect in a home if a fuel-burning appliance is not working or venting properly.
- Building wheelchair accessible fishing platforms at Pocahontas State Park near Richmond.
- Installing raised flower beds and a vertical vegetable garden at the Virginia School for the Deaf and the Blind in Staunton, Va.
- Refurbishing floors, decking, roofing and a trail at Camp Manatoc, which serves Scouts in Ohio's Cuyahoga Valley region.
- Restoring a historic cemetery in Harrison County, W.Va.
- bottled water
- batteries
- a battery-powered weather radio
- flashlights or lanterns
- non-perishable foods
- medications
- hygiene items
- vehicle charger for your phone/tablet
- Check your online account or make a quick call to the automated system at (800) 222-0401 to make sure we have your current phone number so you can easily report your outage or receive updates.
- Sign up for text alerts and follow us on Facebook and Twitter.
- Make sure your house number is clearly visible from the street—it makes it easier for emergency responders and restoration crews to identify your home after a storm.
- Bookmark the outage map on your smartphone so you can report your outage—don't wait for a neighbor to report it. (You can also check the status of your outage and the estimated time of restoration once it's available.)
- Assist elderly relatives and neighbors in their preparations, too.
- Allow for the purchase of community-based solar generation for a portion of the customer's energy usage. The Community Solar Pilot Program will enable customers to purchase energy from new solar facilities installed in communities throughout the company's Virginia service area.
- Include a 100 percent renewable energy option for 100 percent of the time for residential and small commercial and industrial customers.
- Enable a business customer to purchase renewable generation equal to a specific portion of their energy usage.
- $37 million net gain related to our investments in nuclear decommissioning trust funds.
- $23 million of transition and integration costs associated with the Dominion Energy Questar combination, which was completed in September 2016.
- $15 million charge to write-off the balance of a regulatory asset, originally established in a prior year, which is no longer considered probable of recovery as of June 30, 2017.
- $197 million additional charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities to comply with the EPA coal combustion residuals rule.
- $74 million of transaction and transition costs associated with the Dominion Energy Questar combination, which was completed in September 2016.
- $65 million charge associated with an organizational design initiative and primarily comprised of employee severance benefits.
- $23 million of restoration costs associated with Hurricane Matthew affecting our electric utility service territories.
- Sarah Barnett, Fruit Heights, Utah, will attend Brigham Young University to study Elementary Education.
- Sarah Batt, Eldred, Pa., will attend Canisius College to double major in Biology and Psychology.
- Brandon Haynes, Fredericksburg, Va., will attend Virginia Commonwealth University to study Pre-Med.
- Dana Slayton, Mechanicsville, Va., will attend Cornell University to study Near Eastern Studies.
- Dalia Tabachnik, Highland Heights, Ohio, will attend Bowdoin College to study Earth and Oceanographic Science.
- Austin Wilson, Clarksburg, W.Va., will attend Villanova University to study Political Science.
- Check your online account or make a quick call to the automated system at (800) 222-0401 to make sure your current phone number is associated with your account so you can easily report your outage or receive updates.
- Sign up for text alerts and follow us on Facebook and Twitter.
- Make sure your house number is clearly visible from the street—it makes it easier for emergency responders and restoration crews to identify your home after a major storm.
- Bookmark the outage map on your smartphone so you can report your outage—don't wait for a neighbor to report it. (You can also check the status of your outage and the estimated time of restoration once it's available.)
- More than 43,000 acres of habitat suitable for pollinators has been created and maintained in electric transmission and distribution corridors. Going forward, the company plans to further enhance some of that land by planting pollinator-specific plants.
- At least 60 additional acres of new habitat will be created in open spaces at Dominion Energy's electric generation facilities.
- Dominion Energy is working with landowners who want to help create sanctuaries for pollinators in the right-of-way along the Atlantic Coast Pipeline route in Virginia and North Carolina.
- The Dominion Energy Charitable Foundation offers competitive grants for educational and environmental initiatives that non-profits and schools can apply for to fund, among other things, pollinator education and habitat creation. Over the past six months, the Dominion Energy Charitable Foundation has provided almost $50,000 in grants for seven pollinator projects.
- Charlottesville-Albemarle Technical Education Center (Albemarle County)
- Children's Museum of Richmond (Richmond)
- Deer Park Elementary School (Newport News)
- Hampton High School (Hampton)
- Kenmore Middle School (Arlington)
- MathScience Innovation Center (Henrico)
- Look up, down, and all around for power lines before using a ladder; they may be hidden behind tree branches.
- Keep all ladders and tools in the safe zone—at least 10 feet from power lines. Make sure that if your ladder or tool were to fall, it would not contact a power line or electrical equipment.
- Remember that tree branches near power lines can conduct electricity, especially when wet. Never lean against a tree or tree branch that is near or in contact with a power line.
- Don't count on a wooden ladder to protect you—wood can still conduct electricity, especially if it's wet.
- When you're on a ladder, your balance and control are limited. Be careful if you are handling or working near pipes, conduits, gutters, antennas or other long objects.
- Robert M. "Bob" Blue, who also is president and chief executive officer of the company's Power Delivery Group, the entity responsible for electric transmission, distribution and customer service operations that provide electricity to about 2.6 million homes and businesses in Virginia and northeastern North Carolina;
- Diane Leopold, who also is president and chief executive officer of the company's Gas Infrastructure Group, the entity responsible for natural gas service to 2.3 million homes and businesses in five states; 15,000 miles of natural gas transmission, storage and gathering pipeline; 1 trillion cubic feet of natural gas storage systems; and retail energy and related services for 1.3 million customer accounts in 13 states; and
- Carter M. Reid, who also is chief administrative & compliance officer and corporate secretary. Reid oversees the corporate services provided to Dominion Energy's operating companies, including information technology, human resources, environmental, facilities and supply chain management, as well as acting in her other roles.
- The emissions rate for carbon dioxide in the company's electric generating facilities – pounds of the pollutant emitted per unit of energy produced – has fallen 43 percent since 2000. In tons, carbon emissions are now 43 percent lower than in 2005 – the base year for the Clean Power Plan.
- The emissions rate for sulfur dioxide has dropped 95 percent since 2000. Emissions in terms of tons equated to a 94 percent decline.
- The emissions rate for nitrogen oxides fell 81 percent from 2000, with actual reduction in tons by 78 percent.
- The emissions rate for mercury was 96 percent below that of 2000. In pounds emitted, it was a 95 percent drop.
- In its natural gas facilities, 4.4 billion cubic feet of methane has been "saved" from the company's use of best management practices such as leak-reduction programs, equipment and pipeline replacements, and routine maintenance. These methane reductions have been reported to the U.S. EPA through the Natural Gas STAR program.
- The company has rooftop and ground-mount solar facilities in operation or under development in 20 Virginia counties and cities.
- By 2022, the addition of at least 990 megawatts of solar capacity owned by third-party generators in northeastern North Carolina and Virginia under long-term contracts;
- At least 3,200 megawatts of new solar capacity by 2032 (enough to power more than 800,000 homes at maximum output), and at least 5,200 megawatts by 2042 (enough to power 1.3 million homes at maximum output);
- Bringing Greensville County Power Station into service by 2019. Greensville will be one of the largest and most environmentally friendly power stations of its kind anywhere in the world, governed by the country's most stringent air permit limiting CO2 emissions, according to Virginia's Department of Environmental Quality. (Construction is expected to be complete in late 2018.);
- Addition of approximately 1,374 megawatts of new natural gas-powered combustion turbine units by 2032;
- Re-licensing of the four nuclear units that have provided Virginia reliable, carbon-free energy since the 1970s;
- Development of the 12-megawatt Virginia Offshore Wind Technology Advancement Project, testing two wind turbines off the coast of Virginia Beach, as early as 2021; and
- Implementation of "demand-side management" programs that are forecasted to reduce the annual energy consumption of Dominion Virginia Power customers by over 1,200 gigawatt-hours by 2032.
- Pamela Dumire, Akron, Ohio, Multiple Sclerosis Ohio Buckeye Chapter
- Barbara Gilliland, Woodbridge, Va., NOVA Pets Alive
- William Gwynn, New Canton, Va., Powhatan Volunteer Rescue Squad
- Jeff Heffelman, Dumfries, Va., SPARK
- Kewaunee Power Station employees, Carlton, Wis., Lakeshore Community Pantry
- John Marlow, Parkersburg, W.Va., Humane Society of Parkersburg
- Cathy Niedermayer, Richmond, Va., Friends United with the Richmond Shelter (FURS)
- Marty O'Baker, Alexandria, Va., Mt. Savage Volunteer Fire Company
- Shane Olson, Richmond, Va., National Multiple Sclerosis Society, MSRide 2017
- Anthony J. Perry, Cleveland, Ohio, Three Deuce Five Marine Foundation
- April N. Stephens, Cleveland, Ohio, Zane's Foundation
- Gary Venturini, Kittanning, Pa., Zachary's Mission
- Courtney Young, Norfolk, Va., Virginia State University Alumni Association
- Albemarle County Public Schools, Charlottesville Va., for its Operation Bee program.
- Alliance for the Chesapeake Bay, Annapolis, Md., for its Project Clean Stream program.
- Clemson University Foundation, Clemson, S.C., for its 4-H Junior Naturalist program.
- Jeannette's Pier, Nags Head, N.C., for use of drone explorations in environmental science.
- Malone University, Canton, Ohio, for its Hike It! ecosystem adventure.
- Parkersburg Area Community Foundation, Parkersburg, W.Va., for Star Gazing at Calhoun County Star Park
- Save Lucy Campaign, Mt. Solon, Va., for its Bat Friendly VA program.
- Riverfront Children's Center, Groton, Conn., for its Farm to School outdoor learning lab.
- The Nature Generation, Purcellville, Va., for an ADA accessible community bridge.
- VCU Foundation, Richmond, Va., for its Team Warbler: Building a SMARTer Birdhouse program.
- Budget Billing allows customers to pay a fixed budget amount each month, based on annual gas usage. Dominion East Ohio periodically reviews the budget amount and adjusts it, if necessary, so that the customer will not have a high balance or large credit at the end of the budget year. Customers should call Dominion East Ohio for more information.
- Current-Plus Plan: Customers with a past-due balance pay their current monthly bill, plus one-sixth of the total account balance at the time they enroll in the plan.
- The One-Ninth Plan allows customers to pay one-ninth of their total account balance each month plus a calculated budget amount.
- Short–Term Extension grants up to five additional days to pay before the next bill date.
- Percentage of Income Payment Plan Plus (PIPP Plus): To qualify for this special payment plan, developed by the Public Utilities Commission of Ohio, a customer's yearly gross household income can be up to 150 percent of federal poverty guidelines. Under PIPP Plus, participating customers may maintain their natural gas service by paying 6 percent of their total gross monthly household income, or $10, whichever is greater.
- Home Weatherization Assistance Program (HWAP) is a federally-funded program that provides grants for home weatherization projects to customers whose incomes are no more than 200 percent of federal poverty guidelines. To qualify, a customer's yearly gross household income can be up to $23,760 for one person; $32,040 for two; $40,320 for three; $48,600 for four; $56,880 for five; $65,160 for six; $73,460 for seven; and $81,780 for eight. Add $8,320 for each additional person.
- Dominion EnergyShare is a last-resort program after all other state and federal assistance is exhausted. The Salvation Army administers the Dominion-funded program. It is available to Dominion East Ohio customers with a shutoff off notice or who have been disconnected. Applications are still being accepted through May 31, or until funds are exhausted. Customers should contact their local Salvation Army Corps for more information or to schedule an appointment.
- Dominion's Housewarming Program also provides weatherization assistance to help eligible customers reduce their energy usage. For information, call the Cleveland Housing Network (CHN) at 1-888-377-3774.
- Dominion East Ohio's Home Performance with ENERGY STAR (HPwES) Program through CLEAResult has been designed to help our residential customers improve their homes' energy efficiency. It all starts with a home energy assessment. Whether customers are making energy-efficient improvements to their current home or recently purchased a new home, they can benefit from having a home energy assessment. Rebates up to $1,250 are available for eligible improvements. Visit www.deohpwes.com for more information.
- Ashtabula Wal Mart – 3551 Ridge Road E, Ashtabula, Ohio 44004
- Starwood Great Northern Mall – 4954 Great Northern Blvd., North Olmsted, Ohio 44070
- Eastwood Mall/Niles – 5555 Youngstown-Warren Rd., Niles, Ohio 4446
- Starwood Belden Village/ Canton – 4230 Belden Village St. NW, Canton, Ohio 44718
- New Towne Mall/ New Philadelphia – 400 Mill Ave. SE, Suite C8, New Philadelphia, OH 44663
- Wooster Wal Mart, 3883 Burbank Road, Wooster, OH 44691
- Stow Wal Mart – 3520 Hudson Drive, Stow, OH 44224
- Starwood SouthPark Mall – 500 SouthPark Center, Strongsville, OH 44136
- The Gordon Square Arts District of Cleveland received $12,500 for its support of Cleveland Hustles, a reality cable television show broadcast nationally on CNBC. The program featured local entrepreneurs competing to secure investment from area investors. As a result of the program, produced by Cleveland Cavaliers basketball star LeBron James and Maverick Carter's Springhill Entertainment, three businesses opened up storefronts in the neighborhood, generating $1 million in investment and creating 45 new jobs.
- The Hattie Larlham Foundation received $12,500 for its Hattie's Food Hub program in Akron's Cedar-Douglas neighborhood. The program, located on a 4,400-square-foot space built on a once vacant lot, provides a venue for local residents to purchase affordable produce and dairy products from the local farmers. Hattie's Hub employs 21 people with developmental disabilities, who receive training to wash, prepare, package and market produce and other healthy foods.
- Coleman Professional Services of Kent received a $10,000 Special Workforce Development Impact Award grant for its Coleman Data Solutions' Job Opportunities for People with Disabilities initiative. The program is a model for demonstrating that people with disabilities can become valuable assets in the workplace, if given the right support and training. Coleman Data Solution, founded as a non-profit organization in 1987, is dedicated to employing people with disabilities, as 75 percent of current workers are individuals with disabilities.
- Cleveland's St. Clair Superior Development Corporation received $10,000 for its Upcycle Parts Shop project, which collects and transforms donated materials, such as vinyl floor samples, leather, and rolls of canvas, yarn and fabric scraps and sells them as supplies for area artists. The program already has collected more than 12,700 pounds of supplies from more than 200 donors. Resulting projects, such as benches built from recycled pallets, are helping to revitalized one of the city's most historic and diverse neighborhoods.
- The Friends of Max Hayes of Cleveland received $10,000 for its program that helps provide high school students real-world work experience that can lead to full-time jobs after graduation. The program includes plant tours, job shadows and internships at member employers. Teachers also participate in externships with member companies, aligning with the school career pathways.
- Marietta's Hippodrome/Colony Historical Theatre Association received $10,000 for its Peoples Bank Theatre Restoration project, which transformed a vacant 1919-vintage entertainment center. The $7.5 million project, which opened in January 2016, regularly hosts touring theater productions, comedy shows and movie screenings, attracting new tourism and entertainment dollars to downtown Marietta. Peoples Bank Theatre also works closely with nearby Marietta College.
- The Up Side of Downs of Northeast Ohio received $10,000 for its new Artful 21 facility in Independence, which includes a retail store, featuring the work of local artisans with Down syndrome. The store, which showcases the work of 13 local artisans, employs two staff members with Down syndrome, who are trained in all aspects of retail, including sales, stocking and customer service.
- Youth Opportunities Unlimited of Cleveland received $10,000 for its Pathways program, which offers workforce training sills to youth, ages 14 to 24, living in economically distressed communities. For example, during the 2015-16 academic year, Pathways provided internships for 102 Cuyahoga County teens with 37 different employers.
- The Old Brooklyn Community Development Corporation received $7,500 for its Cleveland Summer Cinema program, which attracts thousands of summer visitors to the neighborhood. The weekly programs feature a movie screening on the lawn of a neighborhood Cleveland Metropolitan School District campus, along with local food truck vendors. The program, which began in 2015, has grown to include a local farmers' market and educational presentations.
- The Famicos Foundation of Cleveland received $7,500 for its Famicos Cares legal assistance program. Famicos' Community Access to Resolution and Expungement Services (CARES) helps those whose lives and livelihoods have been suspended because of correctible legal issues. The program helps area residents free legal assistance in matters of clemency, and record sealing, low-level criminal defense, license suspensions, drafting wills, housing and probate matters and defending civil or credit-related claims. In the past three years CARES has helped more than 500 people.
- The Summit County Historical Society of Akron received $5,000 for its Sheep Return to Historic Mutton Hill program. The Society contracted with an area sheep farmer to bring a herd of sheep to graze on the grounds of the Perkins Stone Farm, recreating the 1840s era when the property once housed a flock of up to 1,500 sheep. The helped increased Perkins Stone Mansion tour and property visits by 50 percent and more than 1,750 people attended such related free events as herding, fiber art, wool-spinning demonstrations and children's craft activities.
- The Allen Economic Development Group of Lima received $5,000 for MakerFest 2016 initiative, a three-day career expo for jobs in manufacturing, health care, skilled trades and service industries. The event attracted five colleges and universities, 75 employers and 1,300 high school students from 28 schools. The program also includes Science, Technology, Engineering and Mathematics (STEM) competitions and breakout sessions. For example, the four winners of a welding competition, all females, reportedly received job offers upon graduation, in a historically male-oriented career field.
- William E. Bailey – aviation pioneer and philanthropist, Accomac
- Charles Spurgeon Johnson* – sociologist, author and educator, Bristol
- The Honorable Benjamin J. Lambert III* – optometrist and legislator, Richmond
- The Honorable Mary Bennett Malveaux – judge –Virginia Court of Appeals, Henrico
- Leonard "Doc" Muse – pharmacist and community leader, Arlington
- Stephanie T. Rochon-Moten* – news anchor and cancer awareness advocate, Richmond
- Margaret Ellen Mayo Tolbert, Ph.D. – scientist, educator and author, Suffolk
*Posthumous honor - Meenakshi Balan – Thomas Jefferson HS for Science and Technology, Fairfax County
- Hunter Davis – Gate City High School, Scott County
- Indya Gipson – Nansemond River High School, Suffolk County
- Grace Lu – Douglas S. Freeman High School, Henrico County
- DO NOT remain in the house or building.
- DO NOT attempt to locate the gas leak.
- DO NOT open windows.
- DO NOT use telephones or cell phones.
- DO NOT turn any electrical switches, appliances or lights on or off, or unplug electrical appliances.
- DO NOT operate your garage door opener.
- DO NOT smoke or use lighters, matches or other open flames.
- Do not erect buildings or structures, or plant trees or other obstructions on pipeline rights of way.
- Do not excavate, change the grade or impound water within the rights of way without our permission.
- Do not move heavy equipment or logs across the rights of way.
- Avoid blasting within 1,000 feet of the pipeline without approval from Dominion.
- Customers should be sure to have a working smoke detector on each floor of their home to alert families to danger. Check the detectors monthly and change the batteries yearly.
- For an extra margin of safety, customers also should install a carbon monoxide detector, endorsed by the Consumer Product Safety Commission, in the sleeping area of their home.
- House numbers should be posted clearly on the home or mailbox. Obscured or missing house numbers can cause a delay in locating a home during an emergency.
- Dominion employees will not complete work assignments that expose them to hazardous conditions, such as unrestrained dogs, standing water in a basement or other circumstances.
- Make sure stairs -- whether indoors or outside -- are clear of clutter, are not slippery, are well lit, have a handrail and, most important, are structurally sound.
- $197 million additional charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities to comply with the EPA coal combustion residuals rule.
- $74 million of transaction and transition costs associated with the Dominion Questar combination, which was completed in September 2016.
- $65 million charge associated with an organizational design initiative and primarily comprised of employee severance benefits.
- $23 million of restoration costs associated with Hurricane Matthew affecting our electric utility service territories.
- $85 million charge associated with Virginia legislation enacted in February that required the write-off of Virginia Power prior-period deferred fuel costs during the first quarter of 2015.
- $99 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of EPA coal combustion residuals rules in the second quarter of 2015.
- $28 million net charge in connection with the Virginia Commission's final ruling associated with its biennial review of Virginia Power's base rates for 2013-2014 test years.
- Total assistance -- 32,728 families, including 20,079 with energy bill payment assistance and more than 12,600 homes weatherized at no cost to recipients
- Outreach effort – 178,222 people attended 315 energy and conservation informational events throughout the company service area
- Special focus – More than 2,450 veterans and individuals with disabilities assisted
- Volunteering – Dominion employees volunteered hundreds of hours to assist EnergyShare recipients with weatherization and energy information in 2016
- High efficiency LED light bulbs
- Attic insulation and air sealing
- High efficiency central furnace fan motors
- Heat pump/AC tune up
- Water heater pipe wrap
- Low- flow showerheads and faucet aerators
- Light House Studio, a Charlottesville-based studio that helps students develop their creativity and vision through filmmaking. The award will support workshops that teach technical film skills to underserved students across the Shenandoah region.
- The HARPS Foundation of Richmond, an organization that combines professional harp instruction with community outreach and education, for Sound Experiences, a program brings musical education to disadvantaged students across central Virginia.
- The McLean Project for the Arts in Fairfax County for its ArtReach program. The program offers underserved students a field trip to experience contemporary art exhibits and hands-on art projects exploring STEAM (Science, Technology, Engineering, Art and Mathematics) topics.
- The Pro-Art Association, which brings professional performance artists and art educators to geographically isolated communities in southwestern Virginia, for its WiseJAMS program. The program provides instrumental instruction and promotes the area's cultural heritage to 3rd-8th grade students.
- The Williamsburg Symphony Orchestra, for its Side-by-Side Concerts with Williamsburg Youth Orchestras. The program gives young musicians the opportunity to learn from and perform alongside professional musicians.
- Save Money by Degrees: Customers can save from 10 to 15 percent on annual heating costs by setting the thermostat at 68 degrees during the day and down to 58 degrees at night, or when the resident is at work or away for an extended period. A programmable thermostat will automatically raise and lower the settings to a preset schedule and eliminate operating the heating system manually. It's not recommended to turn the system off, especially on very cold days, because the recovery time may negate any savings realized by the setback. A common misconception is that the furnace works harder than normal to warm the space back to a comfortable level. Studies have shown that, to reheat a building, it takes about the same amount of fuel that is saved dropping to the lower temperature. The savings comes from the system stabilizing at the lower temperature. The longer the house remains at the lower temperature, the more energy is saved.
- Clean or Replace Furnace Filters: Check furnace air filters once a month during the heating season. If they become clogged, clean or replace with new filters.
- Annual Inspection: Dominion East Ohio reminds customers that an annual furnace inspection by a qualified, reputable heating contractor can ensure that they receive maximum winter heating safety, comfort and efficiency. Besides helping customers receive maximum value for their heating dollars, an annual appliance inspection can prevent any potential carbon monoxide problems. Carbon monoxide (CO) detectors provide a second line of defense, but they should not be used as a substitute for an annual appliance inspection. Combined with an annual inspection, however, a single CO detector, placed in the sleeping area of a home offers additional peace of mind.
- Caulk Around: Use inexpensive caulking around the fireplace mantle, inside windows and storm windows, electrical receptacle boxes, exhaust fan openings, pipes leading to bathroom fixtures, mortar cracks in chimneys or cracks in basement walls. Be sure to caulk around areas where the foundation meets the first floor plate and basement windows. Seal off drafts and reduce heat loss around windows. Fasten thin sheets of plastic to inside window frames with masking tape.
- Draft Stoppers: Block off drafts at the bottom of doors with a rolled up rug or bath towel. You also can make a long, narrow beanbag to fit against the bottom of the door.
- Switch Off Drafts: To seal off drafts, apply self-adhesive foam strips to the back of wall plates for electrical outlets and switches.
- Here's a Card Trick: If a playing card fits in the crevice of an outside door, you need more weather stripping.
- Clean Radiators, Ductwork and Vents: Dirt and dust can make your heating and cooling system less efficient.
- Don't Block Radiators and Vents: Move furniture and drapes away from vents, so heated air can do its job more efficiently.
- Install Roll-Out Attic Insulation: Inexpensive, do it yourself rolls of insulation, available at home improvement stores, can be rolled-out easily in an attic, the area of the largest heat loss in a home.
- You Need More Than Hot Air: Use a vaporizer to humidify bedrooms. You'd be surprised how much warmer a lower temperature setting can seem with a little moisture in the air.
- Don't Open and Close Outside Doors Needlessly: Limit traffic into and out of your home to keep it warmer and draft-free.
- Close Off Unused Space: It makes no sense spending energy dollars to heat or cool these areas.
- Use Nature's Energy: In cold weather, open shades facing the sun to let in nature's warming power, and then close shades after sundown. In warm weather, leave shades down when the sun is strongest; open windows on cooler days and nights.
- Don't Build a Fire When the Furnace is On: A roaring blaze actually can waste energy by drawing already heated air up the chimney. If you do use the fireplace, turn down the thermostat. Close the chimney damper after the ashes are cold. Always remember to open the damper before lighting a fire.
- Lower the Thermostat: Set your water heater to "warm," or 120 degrees F, which is high enough for normal household needs. The 120 degree F setting saves energy, slows lime buildup and reduces the risk of hot tap water burns.
- Use Less Hot Water: Take shorter showers (three minutes) instead of baths. Switch to lower wash water temperatures for all your laundry and rinse in cold water. When washing dishes, fill a basin with rinse water instead of letting the water run.
- Use "Vacation" Setting When Away from Home for Extended Periods: Water heaters have a Vacation setting to reduce natural gas use when customers leave home for extended periods, summer or winter. It reduces the water temperature to about 95 degrees F. Using this setting also means a shorter recovery time to bring the water back to normal temperature upon customers' homecoming.
- Preheat the Oven Only When Necessary: Preheat the oven at the temperature you intend to use for only 10 minutes. A higher setting only wastes natural gas and will not preheat any faster.
- Don't Peek: Every time you open the oven door, you pay a penalty of 25 degrees. You end up having to use more gas to replace that lost heat.
- Keep it Under Cover: Reduce cooking time and energy use by covering pots, pans and casserole dishes.
- Cook It All Together: Try cooking an entire meal in the oven. Bake pasta, rice or frozen vegetables with water in a covered casserole.
- Half Time: Cutting a roast or ham in half can cut cooking time in half.
- Dry Full Loads: Save gas and money by combining your loads. Always wash and dry a full load of clothes to make the best use of your appliances and energy dollars.
- Keep the Lint Screen Clean: Clean the lint filter after every load. Unless the lint screen is cleaned, the dryer will not operate at top efficiency.
- Educating students and the public about environmental stewardship
- Protecting and preserving natural habitats
- Improving open spaces and making nature accessible
- More than 550 jobs created during construction.
- $74.2 million cumulative economic impact from 2015-2017 for the state.
- Solar panel count:
- Powhatan – 71,820 panels (17MW)
- Isle of Wight – 79,572 panels (19MW)
- Louisa – 83,600 panels (20MW)
- Boys and Girls Clubs of Metro Richmond to support implementation of a "college-ready" program for youth in grades 8-12 to be housed at a new teen center to be built in the East End.
- Boy Scouts of America - Heart of Virginia Council to support its "Second Century" capital campaign, including STEM-related programming and Scouting programs in underserved urban and rural areas.
- Children's Museum of Richmond for "Halloween Hoopla," where 2,300 children enjoy trick-or-treating, STEM experiments and autumn-themed art programs in a safe, family-friendly environment.
- Latin Ballet of Virginia to support "Be Proud of Yourself to Broaden Your World," a bilingual program emphasizing the language, identity, history and culture of Hispanic countries, as well as English as a second language through dance.
- NextUp to provide free, coordinated after-school programs featuring art, science, sports, life skills and more at Lucille Brown, Henderson and Boushall Middle schools in Richmond.
- Peter Paul Development Center to support out-of-school educational programming.
- SPARC (School of the Performing Arts in the Richmond Community) to sponsor the STAGES and LIVE ART programs that advance performing arts education outreach to ensure that all children have access to arts education regardless of their socio-economic background or developmental ability.
- The Virginia Hispanic Chamber of Commerce Foundation to sponsor its "Passport to Education," a bilingual leadership training program for 100 Hispanic students in Richmond and Chesterfield public schools.
- Visual Arts Center of Richmond to support three youth outreach initiatives: Art After School, Engage, and Make Space. Each program uses hands-on arts education to foster self-confidence, curiosity and creative thinking.
- YWCA Richmond to support the expansion of its preschool program, the Sprout School, which includes five classrooms at the YWCA's downtown location and two classrooms in the Children's Museum of Richmond.
- The Arlington, Va., Free Clinic for its Community Bridge program, connecting patients to vital advanced medical diagnostic and treatment at no-/low-cost.
- The For Kids emergency shelter for homeless families in Norfolk.
- FeedMore, Inc., in Richmond, for distribution of healthy food in 34 Central Virginia localities.
- The Greater Cleveland (Ohio) Food Bank for its holiday food campaign.
- Calvert Hospice in Prince Frederick County, Md., for its Burnett Calvert Hospice House.
- Hang up the phone or close the door, and call your utility company's verified direct phone number, which is 1-800-362-7557, for Dominion East Ohio.
- Do not give the caller or visitor a prepaid card, such as a Green Dot card, a wire transfer, or any other form of payment, which may be difficult to trace.
- Ignore suspicious requests for personal information such as bank account numbers, user names and passwords, credit card numbers, or Social Security numbers.
- If you are shopping for an Energy Choice natural gas supplier, only share your Dominion account number after you have accepted a participating Energy Choice or governmental aggregation gas supplier's rate offer.
- Delete any emails from utilities that are not your service provider. Also delete all suspicious emails that require immediate action to verify or demand personal information.
- To learn more about scams that may be active in your area, or if you have questions about the authenticity of communications from persons claiming to be utility representatives, Contact your local police through the non-emergency telephone number, the Ohio Attorney General's office at 1-800-282-0515, and/or contact the Federal Trade Commission (FTC): https://www.ftccomplaintassistant.gov/ or 1-877-FTC-HELP (1-877-382-4357).
- Ask questions and verify what you are hearing by checking your online account or hanging up and then calling us at 866-DOM-HELP. If an account is overdue, we provide multiple communications in writing and offers a payment plan before disconnection occurs.
- Remember that we do not require payment over the phone and never demand immediate payment of cash, PayPal, any prepaid debit card such as 'MoneyPak/Green Dot', or any gift card to avoid disconnection. Payment by phone is available through BillMatrix at 1-800-573-1147. (Note: customers will never be contacted directly by BillMatrix requiring payment.)
- Collect information from the scammer including the caller's name, any phone numbers or other details before hanging up and reporting to local law enforcement.
- A community calendar where visitors can find events – everything from support groups, to employment fairs, to sports and social clubs;
- "Ask an Expert" that provides free, confidential, expert assistance – powered by professionals who volunteer their time and expertise to provide comfort and guidance;
- A live chat feature for extra help finding answers; and more.
- Applications will be accepted from high school seniors whose parents or grandparents are current, non-officer Dominion employees or retirees with at least one year of service as of Jan. 31, 2017 as certified by Dominion's Human Resources department.
- Criteria for acceptance includes: a minimum 2.5 GPA on a 4.0 scale, as well as a demonstrated history of volunteerism and outstanding service to the student's community.
- Eligible institutions include accredited nonprofit two- and four-year colleges and universities in the United States.
- Dominion Midstream's assumption of Questar Pipeline's $435 million of outstanding indebtedness;
- Equity offerings, including:
- An underwritten public offering of Dominion Midstream common units representing limited partner interests in the partnership,
- Commitments received from a group of institutional investors led by Stonepeak Infrastructure Partners for $137.5 million of common limited partner units and up to $600 million of convertible preferred units representing limited partner interests in the partnership that are to be issued privately, and
- Common units and preferred units that are to be issued to Dominion; and
- A $300 million term loan provided by a group of banks, allowing Dominion Midstream to repay an existing term loan currently provided by Dominion.
- $65 million charge associated with an organizational design initiative and primarily comprised of employee severance benefits.
- $60 million of transaction and transition costs associated with the Dominion Questar combination, which was completed in September 2016.
- $29 million net gain related to our investments in nuclear decommissioning trust funds.
- $85 million charge associated with Virginia legislation enacted in February that required the write-off of Virginia Power prior-period deferred fuel costs during the first quarter of 2015.
- $99 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of EPA coal combustion residuals rules in the second quarter of 2015.
- $28 million net charge in connection with the Virginia Commission's final ruling associated with its biennial review of Virginia Power's base rates for 2013-2014 test years.
- Morgans Corner Solar (Virginia Electric and Power Company); Pasquotank County, N.C.; 20 megawatts (AC); in-service: December 2015;
- Amazon Solar Farm U.S. East (Dominion Energy, Inc.); Accomack County, Va.; 80 megawatts (AC); expected in-service: 2016;
- Scott Solar (VEPCO); Powhatan County, Va.; 17 megawatts (AC); expected in-service: 2016;
- Whitehouse Solar (VEPCO); Louisa County, Va.; 20 megawatts (AC); expected in-service: 2016;
- Woodland Solar (VEPCO); Isle of Wight County, Va.; 19 megawatts (AC); expected in-service: 2016;
- Remington Solar (VEPCO); Fauquier County, Va.; 20 megawatts (AC); expected in-service: late 2017; and
- Oceana Solar (VEPCO); Virginia Beach, Va.; 18 megawatts (AC); expected in-service: late 2017.
- Budget Billing allows customers to pay a fixed budget amount each month, based on annual gas usage. Dominion East Ohio periodically reviews the budget amount and adjusts it, if necessary, so that the customer will not have a high balance or large credit at the end of the budget year. Customers should call Dominion East Ohio for more information.
- Current-Plus Plan: Customers with a past-due balance pay their current monthly bill, plus one-sixth of the total account balance at the time they enroll in the plan.
- The One-Ninth Plan allows customers to pay one-ninth of their total account balance each month plus a calculated budget amount.
- Under the One-Third Winter Heating Plan, customers pay one-third of their total account balance each month for bills that include gas used from November 1, 2016, through April 15, 2017.
- Short–Term Extension grants up to five additional days to pay before the next bill date.
- PIPP Plus: To qualify for this special payment plan, a residential customer's yearly gross household income can be up to 150 percent of federal poverty guidelines. Under PIPP Plus, participating customers may maintain their natural gas service by paying 6 percent of their total gross monthly household income, or $10, whichever is greater.
- the entire past-due balance on your gas bill;
- the past-due payments if you are on a special payment plan; or
- $175.
- Winter Crisis Program: This statewide program can provide income-eligible households a one-time payment to help avoid a shutoff or to restore service once between November 1, 2016, and March 31, 2017.
- Home Energy Assistance Program (HEAP) provides a one-time heating bill credit during the winter heating season.
- Home Weatherization Assistance Program (HWAP) is a federally funded program that provides grants for home weatherization repairs to income-eligible households.
- Dominion EnergyShare is a last-resort program after all other state and federal assistance is exhausted. The Salvation Army administers the Dominion-funded program. It is available to Dominion East Ohio customers with a shut-off notice or who have been disconnected. Applications can be made on or after December 1. Customers should contact their local Salvation Army Corps for more information or to schedule an appointment.
- Dominion's Housewarming Program provides weatherization assistance to help income-eligible customers reduce their energy usage. For information, call the Cleveland Housing Network (CHN) at 1-888-377-3774.
- Dominion East Ohio's Home Performance with ENERGY STAR (HPwES) Program through CLEAResult has been designed to help our residential customers improve their homes' energy efficiency. It all starts with a home energy assessment. Whether customers are making energy-efficient improvements to their current home or recently purchased a new home, they can benefit from having a home energy assessment. Rebates up to $1,250 are available for eligible improvements. Visit www.deohpwes.com for more information.
- 2.5 million electric utility customer accounts in Virginia and North Carolina;
- 2.3 million natural gas utility customer accounts in Idaho, Ohio, Utah, West Virginia and Wyoming;
- 1.3 million retail energy and related services customer accounts in 13 states;
- 14,400 miles of natural gas gathering, storage and transmission pipeline and nearly 51,000 miles of gas distribution pipeline;
- 6,500 miles of electric transmission lines and 57,300 miles of electric distribution lines;
- 25,700 megawatts of electric production in 11 states; and
- More than a trillion cubic feet of natural gas storage.
- A $75 million contribution to Questar employee retirement plans, at Dominion shareholder expense;
- Withdrawal of a $22 million rate increase request in Utah, thereby stabilizing base rates until 2020;
- An agreement in Wyoming to freeze base rates at current levels until at least Jan. 1, 2020;
- A commitment to maintain Questar Gas' excellent customer service levels, with frequent reporting to state public service commissions;
- A $1 million per year increase in charitable giving in Dominion Questar's service area for at least the next five years, at Dominion shareholder expense;
- Establishment of a new Western region operating headquarters in Salt Lake City; and
- Maintaining environmental monitoring and maintenance programs at Questar Gas at or above current levels.
- Lubricating the blower bearings and blower motor as recommended by the manufacturer;
- Visually inspecting all vents, the heat exchanger and filters;
- Checking the pilot light if the furnace has one;
- Cleaning and checking the flame sensor on higher-efficiency furnaces with electronic ignition;
- Cleaning the main burners;
- Clearing the furnace area of any dust or combustible materials;
- Cleaning dust from the blower compartment;
- Testing the thermostat to ensure the heating system works as it should;
- Checking the safety components on the heating equipment, such as limit controls and pilot safety and pressure switches;
- Checking the flue to ensure it is clean and open. Any fuel that does not burn completely can create harmful levels of carbon monoxide. The gas can collect in a home if a fuel-burning appliance is not working or venting properly;
- George Mason University in Fairfax, Va., will be awarded $20,000 for the study of the ecological benefits and maintenance requirements of a green roof. Students will use sensors to measure storm-water runoff from a campus parking deck designed and "landscaped" to serve as an experimental green roof.
- Kent State University in North Canton, Ohio, will be awarded $25,000 for its "Wired Wetland" program that will fund the real-time collection of environmental data from Kent State Stark Pond and Wetland Research area.
- Old Dominion University in Norfolk, Va., will receive $35,000 to develop an online interactive educational game giving students a platform to make strategic business and engineering planning decisions about energy needs and delivery using a model of the modern electricity infrastructure.
- University of Connecticut in Storrs, Conn., will be awarded $24,500 for its study and measurement of carbon dioxide in Long Island Sound. Students will learn about stresses on the ecosystem while establishing a potentially important historical database.
- $65 million charge associated with an organizational design initiative, and primarily comprised of employee severance benefits.
- $13 million net gain related to our investments in nuclear decommissioning trust funds.
- $85 million charge associated with Virginia legislation enacted in February that required the write-off of Virginia Power prior-period deferred fuel costs during the first quarter of 2015.
- $99 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of EPA coal combustion residuals rules in the second quarter of 2015.
- $28 million net charge in connection with the Virginia Commission's final ruling associated with its biennial review of Virginia Power's base rates for 2013-2014 test years.
- 2006 Series A Enhanced Junior Subordinated Notes due 2066 (the "Series A Notes"); and
- 2006 Series B Enhanced Junior Subordinated Notes due 2066 (the "Series B Notes" and, together with the Series A Notes, the "Notes").
- Partnerships with more than 140 agencies and weatherization providers
- More than 500 veterans and 940 individuals living with disabilities received assistance
- 140 weatherization and program outreach events
- 1,400 multi-family and 200 single-family residents were weatherized, with an annual savings between 5-15%
- free, same-day payments from your online account;
- email notification and a text alert when your bill is ready to view online and 3 days before a payment is due;
- 18 months of bill, payment and usage history; and
- enhanced security against identity theft
- www.dom.com/stormpreparation (tips and resources on prepping your home or business)
- www.outagemap.dom.com (interactive outage map to report and track your outage)
- www.dom.com/MYA (instant access to your online account to track outages and receive alerts)
- American Red Cross: multiple apps include first-aid how-tos, emergency plan templates, hurricane tips and more.
- FEMA (Federal Emergency Management Administration): weather alerts, prep tips, disaster resources.
- VDEM: Ready Virginia (Virginia Department of Emergency Management): disaster kit lists, preparation tips.
- Weather.com or National Oceanic Atmospheric and Administration: weather alerts.
- Check within your city or county for other text alert programs.
- $43 million charge associated with an organizational design initiative, primarily comprised of employee severance benefits.
- $5 million net expense related to other items.
- $52 million charge associated with Virginia legislation enacted in February that required the write-off of Virginia Power prior-period deferred fuel costs during the first quarter of 2015.
- $60 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of EPA coal combustion residuals rules in the second quarter of 2015.
- $17 million net charge in connection with the Virginia Commission's final ruling associated with its biennial review of Virginia Power's base rates for 2013-2014 test years.
- $12 million net expense related to other items.
- Plan ahead: always call 8-1-1 at least three business days before digging and allow time for marking, regardless of the depth of the dig or familiarity with the property.
- If a contractor has been hired, confirm that a call to 811 has been made.
- After you see paint markings or flags, but before you start to dig, confirm with the VA811 call center that all utilities have responded and marked their lines.
- Consider moving your project if it is near utility line markings.
- Enrichmond Foundation, Richmond, Va., for its urban tree farm that produces hardy native trees locally using methods that improve the longevity of trees used to beautify local parks and neighborhoods.
- Morgan State University, Baltimore, Md., for its Blue Crab population study near Calvert County and an interactive web-based tool that provides data about the crabs to waterman and the general public.
- Ohio and Erie Canalway Coalition, New Philadelphia, Ohio, for restoration work on the historic Ohio and Erie Canal tow path that offers bikers, walkers and history lovers a scenic and culturally-rich trail stretching 84 miles from New Philadelphia to Cleveland.
- Preston County Parks and Recreation Commission, Kingwood, W.Va., for development of an arboretum trail near two local schools that will allow students and the public to access, study and enjoy local ecosystems, including an orchard with 80 trees related to the American Chestnut.
- The Great Bridge Battlefield and Waterways History Foundation, Chesapeake, Va., for a new wetlands observation deck that will give visitors an enhanced view and better understanding of the important ecologies of maritime forests and wetlands.
- Virginia Association for Parks, Woodbridge, Va., for construction of a "living shoreline" of native plants and rock barriers that will stop tidal erosion, control flooding and protect nearby wetland habitats in Leesylvania State Park.
- 90 percent of building occupants have access to outside views from workspace.
- 82 percent of construction waste was recycled and diverted from landfill.
- 70 percent of two-year building electricity usage purchased with green power renewable energy credits.
- 36 percent designed reduction in water use by installing efficient water toilets, urinals, lavatory faucets, showers and kitchen sinks.
- 31 percent designed energy cost savings.
- 30 percent of cost used for recycled materials.
- Raised desk option allows employees to sit or stand while working.
- Reflective roof to reduce heat absorption.
- Low-emitting adhesives, sealants, paints and furniture.
- Green cleaning program.
- Slavic Village Development of Cleveland received $12,500 for its Slavic Village Recovery Project, which used public/private partnerships to improve the neighborhood which had nation's highest home foreclosure rate. The project rehabilitated 28 structurally sound vacant homes and sold them to new owner occupants. The program also conducted 155 strategic demolitions of structures that could not be rehabbed. The program also helped owner occupants of 25 other homes make necessary repairs.
- Campus District, Inc., and the St. Clair-Superior Development Corp., received $12,500 for their NightMarket Cleveland collaboration. NightMarket presented a series of open air market evenings that featured local artists, restaurateurs and other entrepreneurs. NightMarket Cleveland attracted thousands of shoppers and diners to an urban neighborhood and fostered growth among minority and/women-owned vendors.
- Lutheran Metropolitan Ministry of Cleveland received a $10,000 Special Workforce Development Impact Award grant for its Central Kitchen program. The project provides culinary industry training and on-the-job experience to homeless shelter residents and other participants, as they help prepare 400,000 meals annually for area homeless shelters.
- Trumbull Neighborhood Partnership received $8,000 for its Warren Enriched program, which combined targeted rehabilitation and sales of formerly vacant homes to new owner occupants with demolitions of other derelict buildings. The demolitions freed up space for construction of community parks, gardens, arts spaces and other public uses.
- Cleveland's Domestic Violence & Child Advocacy Center received $8,000 for its Safe & Sound Supervised Visitation Center. The facility, the only one of its kind in Cuyahoga County, provides a safe place for supervised visits for families in which domestic violence, substance abuse, and other challenges are an issue, putting the child at risk.
- Towards Employment of Cleveland received $8,000 for its program that provides low-income, under-employed and unemployed individuals with the necessary training, placement assistance and support to enter and advance in manufacturing and health care careers. In 2014, Toward Employment graduates earned an average wage of $10/12 per hour, compared with the Ohio minimum wage of $7.85 per hour.
- Western Reserve Historical Society of Cleveland received $8,000 for its Euclid Beach Park Grand Carousel restoration. The project restored the 1910 vintage carousel, which operated at the former Euclid Beach Park until the park closed in 1969, placing the renewed attraction in a new pavilion at the society's Cleveland History Center. The restored carousel, which was made handicapped accessible, is now entertaining a new generation of riders.
- Seeds of Literacy of Cleveland received $8,000 for its Adult Basic Education and GED Preparation program, which relies on one-to-one tutoring and individualized curricula to help students who did not succeed in traditional school settings. The program enlisted 200 volunteer tutors to serve nearly 1,000 students.
- EDWINS Second Chance Life Skills Center of Cleveland received $5,000 for its six-month residential program that prepares former prisoners for culinary and hospitality industry careers through classroom training and hands-on work experience at a fine dining French restaurant in Cleveland's Shaker Square district. The program also teaches participants budgeting and other necessary life skills to succeed.
- Cleveland's Care Alliance Health Center received $5,000 for its Central Neighborhood Clinic. The 30,000-square-foot facility provides medical, dental, optometry and behavioral health care and pharmacy service for some of the region's most medically underserved communities. At full capacity, the facility will increase health care access to more than 12,000 Clevelanders.
- Fairfax Renaissance Development Corporation received $5,000 for Griot Village, a 40-unit multi-family townhouse developed specifically for persons aged 55 and older with legal custody of grandchildren, nieces and nephews and other minor children. The $12.7 million project, built in partnership with the Cuyahoga Metropolitan Housing Authority is the first in Ohio to target this demographic.
- Youngstown Neighborhood Development Association received $5,000 for its Better Blocks program, an effort to revitalize underutilized sections of two of the city's primary neighborhood commercial corridors, Mahoning Avenue and Midlothian Boulevard. The project, involving neighborhood resident and property owners, and businesses and city officials, resulted in building improvements and cleanup of sidewalks and vacant lots.
- Beatitude House, which provided transitional housing to homeless families in Youngstown, Warren and Ashtabula, received $5,000 for its "Over the Edge for Beatitude House" urban rappelling fundraiser. The two-day event attracted 86 participants, who rappelled down Youngstown's 18-story Metropolitan Tower, generating more than $160,000 in sponsorship monies and donated services, netting $110,000 in cash donations.
- Canton's Stark Community Food Access and Renovation Corporation received $5,000 for its StarkFresh program. StarkFresh encourages local residents' consumption of fresh, locally-produced foods by operating a "Veggie Mobile" mobile produce market and expanding the number and capacity of urban garden sites. The program also made local produce more accessible through accepting SNAP benefits, WIC and Senior Farmers Market Nutrition Vouchers at all locations.
- Opportunity Parish Ecumenical Neighborhood Ministry (OPEN M) of Akron received $5,000 for its Community Works Connection (CWC) program. CWC helps low-income individuals reduce barriers to employment and job retention and advancement. Support services include temporary transportation and assistance with food, housing, clothing utilities, child care and health services, all designed to help participants retain and advance in their jobs.
- range from 10 to 32 cubic feet in capacity,
- be at least 10 years of age, and
- be operational and empty at the time of pickup.
- Schedule an appointment with Dominion's contractor, Appliance Recycling Centers of America (ARCA), either online at ARCA or by phone at 1-888-366-8280.
- ARCA will call the customer to schedule a pickup date and time.
- Following the pickup, a $50 check will be mailed to the customer.
- Customers are eligible to recycle two qualifying appliances per account over the life of the program.
- Isle of Wight County, 19MW Woodland Solar Center (subject to regulatory approval)
- Chesapeake, Western Branch High School, 1MW system on its rooftop
- Landstown High School in Virginia Beach, 1kW ground-mounted system
- Norfolk, Old Dominion University, 125kW system at student recreation center
- Melody C. Barnes – former domestic policy advisor, President Barack Obama administration, Richmond
- Thomas Cannon, Sr.* – humanitarian and philanthropist, Richmond
- Clarence M. Dunnaville, Jr. – attorney and civil rights activist, Roanoke
- The Honorable Leroy R. Hassell, Sr.* – first African-American chief justice, Virginia Supreme Court, Norfolk
- The Honorable Mamie E. Locke – first African-American mayor, Hampton, Virginia senator and educator, Hampton
- Claude G. Perkins, Ph.D. – president – Virginia Union University, Richmond
- Michael Robinson – retired professional football player and youth mentor, Henrico
- Anne Bethel Spencer* – American poet and civil rights leader, Lynchburg
*Posthumous honor - Samuel Adu-Gyamfi – Highland Springs High School, Henrico County
- Sohilia Elziny – Woodside High School, Newport News
- Savannah Frye – Westfield High School, Fairfax County
- Katy Richardson – Gate City High School, Scott County
- Protecting and preserving natural habitats
- Improving open spaces
- Making nature accessible
- Educating the public about environmental stewardship
- $52 million charge associated with Virginia legislation enacted in February that required the write-off of Virginia Power prior-period deferred fuel costs during the first quarter of 2015.
- $60 million charge associated with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of EPA coal combustion residuals rules in the second quarter of 2015.
- $17 million net charge in connection with the Virginia Commission's final ruling associated with its biennial review of Virginia Power's base rates for 2013-2014 test years.
- $12 million net expense related to other items.
- $248 million charge associated with Virginia legislation enacted in April that permits Virginia Power to recover 70% of the costs previously deferred or capitalized through Dec. 31, 2013 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities as part of the 2013 and 2014 base rates.
- $193 million net charge related to the repositioning of our Producer Services business, reflecting the termination of natural gas trading and certain energy marketing activities.
- $174 million charge associated with our liability management exercise, mainly reflecting the call premiums on our early debt redemptions in the fourth quarter.
- $74 million charge related to a settlement offer to incur future ash pond closure costs at certain utility generation facilities.
- $31 million goodwill write-off associated with the company exiting the unregulated electric retail energy marketing business.
- $27 million net benefit related to other items.
- Make sure you have a battery-operated radio, multiple flashlights, a battery-operated clock, and extra batteries.
- Turn off and unplug any non-essential electrical equipment in your home.
- Post a list of contents on your freezer door to minimize the number of times you open it.
- Make sure all prescription medications are filled.
- Have a full tank of gas in your car.
- If you have pets, please make sure you have provided for them as well.
- Providing $1 million in critical community needs grants to 119 non-profit organizations in 12 states that are providing essential community services in areas of housing, food security, medicine and medical services.
- Awarding $1.2 million in competitive Environmental Stewardship Grants to 52 organizations in eight states as part of its competitive program designed to support specific, short-term projects that improve the environment.
- Making $1.5 million in Educational Partnership Grants (K-12 and higher education) available for the 2015-16 academic year to more than 140 schools and educational institutions in 11 states and the District of Columbia. These supported the study of energy and the environment in K-12 schools; other grants at the post secondary and college level provided up to $50,000 each to fund projects in energy, environmental studies, engineering and workforce development.
- Participating in more than 200 events in the greater Richmond and surrounding areas in 2015 and invested more than $400,000 in sponsorships. Major events and programs sponsored by the company, including the UCI Road World Championship and Dominion Riverrock, reached more than 2 million people.
Dominion Energy Awards $50,000 to Regional Arts Nonprofits
Source: PR Newswire
Orignial Article: https://contentapi.cision...
RICHMOND, Va., Jan. 27, 2021 /PRNewswire/ -- Five nonprofit arts organizations recently were honored as 2021 Dominion Energy ArtStars for inspiring people of all ages in creative endeavors. The organizations represent five regions across Virginia with annual operating budgets under $1 million. Each received a $10,000 grant to support their winning arts or cultural education program.
"These organizations show ways the creative spirit continues to thrive – whether through outdoor, virtual or digital programming," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "Virginia is very fortunate to have these talented organizations committed to serving their local communities and youth."
The ArtStars winners were honored Jan. 26 at the Virginia Commission for the Arts' "Art Works" virtual conference:
Visit www.dominionenergy.com/artstars for more information.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed over $58 million in 2020 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-awards-50-000-to-regional-arts-nonprofits-301216457.html
SOURCE Dominion Energy
Article Date
1/27/2021Dominion Energy Declares Quarterly Dividend of 63 Cents
Source: PR Newswire
Orignial Article: https://contentapi.cision...
RICHMOND, Va., Jan. 22, 2021 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 63 cents per share of common stock.
Dividends are payable on March 20, 2021, to shareholders of record at the close of business March 5, 2021.
This is the 372nd consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Nov. 4, 2020.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-declares-quarterly-dividend-of-63-cents-301213314.html
SOURCE Dominion Energy
Article Date
1/22/2021Dominion Energy Receives Emergency Response Award for Hurricane Isaias Recovery Efforts
Source: PR Newswire
Orignial Article: https://contentapi.cision...
RICHMOND, Va., Jan. 22, 2021 /PRNewswire/ -- Dominion Energy received the Emergency Response Award from the Edison Electric Institute (EEI) for its outstanding recovery and assistance efforts in response to Hurricane Isaias.
The storm caused 508,000 customer outages across Dominion Energy Virginia's service territory, making it the 10th largest restoration effort in company history. Dominion Energy crews restored service to all customers within three days of peak impact. This marks the 10th time the company has received the Emergency Response Award from EEI.
"This award belongs to our dedicated colleagues who work tirelessly to restore power to our customers when disaster strikes," said Ed Baine, President - Dominion Energy Virginia. "We appreciate the sacrifice that our crews make to serve our customers, as we have seen time and again throughout the pandemic."
After making landfall along the North Carolina / South Carolina coastline as a category 1 hurricane, Tropical Storm Isaias entered Dominion Energy Virginia's service territory in the early morning hours of August 4. Sustained winds of 35-45 miles per hour and gusts running between 55-65 mph were common across our service territory, with a 76 mph gust recorded in southeastern, Virginia. Seven tornadoes, with winds as high as 140 mph, were spawned as Isaias moved through North Carolina and Virginia.
"In the midst of a global pandemic and often in the most hazardous of conditions, Dominion Energy and its frontline employees worked around-the-clock to restore service safely and quickly," said EEI President Tom Kuhn. "The dedication of Dominion Energy's crews to restore service throughout Virginia after Hurricane Isaias illustrates their commitment to customers. They are truly deserving of this award."
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-receives-emergency-response-award-for-hurricane-isaias-recovery-efforts-301213294.html
SOURCE Dominion Energy
Article Date
1/22/2021Dominion Energy Donates $1.3M to Environmental Education and Stewardship Initiatives
Source: PR Newswire
Orignial Article: https://contentapi.cision...
RICHMOND, Va., Jan. 22, 2021 /PRNewswire/ -- Whether it's enhancing STEM programs, building a rooftop garden or providing care for Virginia wildlife, this year's Dominion Energy environmental stewardship grants will support a variety of initiatives benefitting communities across eight states.
The Dominion Energy Charitable Foundation has awarded $1.3 million in grants to 118 organizations working to improve natural spaces or teach about the environment. Over the last 15 years, Dominion Energy has donated over $37 million to a wide variety of environmental projects across its footprint.
"These grants support programs and people dedicated to making our world a better, more livable place for future generations," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "It's a privilege to support these community efforts to improve the environment and provide environmental education opportunities."
The competitive grants support education and stewardship projects that preserve, enhance or make nature more accessible. Some of this year's grants include support for:
The full list of 2020 Environmental Stewardship Grants and additional program information are available at https://www.dominionenergy.com/envirogrants.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed over $58 million in 2020 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-donates-1-3m-to-environmental-education-and-stewardship-initiatives-301212904.html
SOURCE Dominion Energy
Article Date
1/22/2021Dominion Energy Acquires Solar Energy Project in Ohio from Invenergy
Source: PR Newswire
Orignial Article: https://contentapi.cision...
RICHMOND, Va., Jan. 19, 2021 /PRNewswire/ -- Dominion Energy (NYSE: D) announced today that one of its subsidiaries has acquired the 150-megawatt (AC) Hardin solar generating facility, which recently entered service in Hardin County, Ohio, from Chicago-based Invenergy.
Facebook will take the electricity generated at the facility as well as the renewable energy credits, under a long-term agreement signed prior to the project's construction.
"With this solar project, Dominion Energy is expanding our solar generating portfolio into Ohio, where we have a deep history of serving our customers and communities through our local distribution business," said Diane Leopold, executive vice president and chief operating officer. "We continue to acquire and/or develop clean energy projects for companies like Facebook that are looking to reduce their carbon footprints and to contribute to combating climate change. And we are proud to build on our Invenergy partnership that has already produced nearly 100 megawatts of solar generating capacity elsewhere."
This marks Dominion Energy's first solar energy investment in Ohio, where the company owns and operates a Cleveland-based natural gas local distribution company serving 1.2 million customer accounts in, principally, northeastern Ohio. Dominion owns solar arrays in nine other states, including in North Carolina, South Carolina and Utah, where the company also owns and operates gas utilities.
Dominion Energy closed on the acquisition in 2020, and construction activities were completed in December.
"Invenergy is proud to further our partnerships with both Dominion Energy and Facebook, which reflect our commitment to sustainability that carries across our work with utilities and corporate renewable energy purchasers alike," said Ted Romaine, senior vice president of Origination at Invenergy. "Invenergy Services will also bring our award-winning operations and maintenance expertise to the project."
"We are thrilled to partner with Dominion and Invenergy to bring an additional 150 megawatts of new solar energy to the grid," said Urvi Parekh, head of Renewable Energy at Facebook. "At Facebook, we are committed to not only supporting our operations with 100% renewable energy, but to helping accelerate the transition to renewable energy."
Dominion Energy has more than 2,200 megawatts of solar generating capacity in operation with nearly 3,500 megawatts of capacity in development. In 2020, S&P Global ranked Dominion Energy's solar portfolio third among utility holding companies in the U.S.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Invenergy
We are innovators building a sustainable world. Invenergy and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Colombia, Japan, Poland and Scotland. Invenergy has successfully developed more than 27,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation facilities as well as advanced energy storage projects. As a leading partner to commercial and industrial renewable energy customers, Invenergy has contracted more than 3,500 megawatts of wind and solar capacity to help more than 20 different corporate users across six U.S. markets and in Mexico to reach their sustainability and clean energy goals. For more information, please visit www.invenergy.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-acquires-solar-energy-project-in-ohio-from-invenergy-301211101.html
SOURCE Dominion Energy
Article Date
1/19/202112/21/2020 - Dominion Energy's "We Care Rebuild Project" Commits $200,000 to Three Northeast Ohio Organizations
Dominion Energy's "We Care Rebuild Project" Commits $200,000 to Three Northeast Ohio Organizations
Source: PR Newswire
CLEVELAND, Dec. 21, 2020 /PRNewswire/ -- Dominion Energy today announced three grants totaling $200,000 to the Urban League of Greater Cleveland, EDWINS Leadership Restaurant Institute and the Women of Color Foundation. The donations are part of the company's "We Care Rebuild Project," which has designated $5 million to social justice and community rebuilding efforts across its 16-state footprint.
"Dominion Energy is pleased to partner with these important community organizations, and we applaud and support the vital work that they conduct every day," said Jim Eck, vice president and general manager, Ohio & West Virginia Distribution. "This is an investment in rebuilding our communities and bringing a more just society, especially during this pivotal moment in our nation's history."
The Urban League of Greater Cleveland (ULGC) will receive a $100,000 grant to establish a Social Justice and Civil Rights Institute which will develop strategies to strengthen and empower civic leaders. ULGC is a community-based nonprofit organization established in 1917 in response to the needs of African American families migrating from the South to urban cities in the North. Its mission is to enable minority groups to develop and exercise their potential on par with all other Americans. Partnering with other established government and community organizations has enabled ULGC to respond effectively to the needs of those on the economic and social margins through education, research, advocacy and the provision of services
EDWINS Leadership & Restaurant Institute will receive a $50,000 grant to support its culinary arts education, life skills training and career placement services. The mission-driven nonprofit organization provides formerly incarcerated adults with six months of tuition-free instruction in culinary arts and hospitality management. Students learn in a classroom setting and obtain experiential training, alongside alumni and management Fellows, at the Cleveland based fine dining restaurants (EDWINS and edwins too), EDWINS Butcher Shop, and EDWINS Bakery & Diner, to re-enter society with a new skill set and employment expertise.
Women of Color Foundation will receive a $50,000 grant to establish the Black Women's Leadership Project: Developing Leaders, Building Communities. The program will focus specifically on Black women professionals and entrepreneurs to provide training and support to accelerate their rise to senior and executive level positions in their respective fields. The Women of Color Foundation provides opportunities for individuals who identify as women of color to participate in leadership workshops, symposiums, conferences and C-Suite mentoring activities to enhance their leadership skills to create a more inclusive culture of women in leadership.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energys-we-care-rebuild-project-commits-200-000-to-three-northeast-ohio-organizations-301196894.html
SOURCE Dominion Energy Ohio
Article Date
12/21/202012/18/2020 - Dominion Energy Files Construction and Operations Plan for Coastal Virginia Offshore Wind Project
Dominion Energy Files Construction and Operations Plan for Coastal Virginia Offshore Wind Project
Source: PR Newswire
RICHMOND, Va., Dec. 18, 2020 /PRNewswire/ -- Dominion Energy announced today the company has filed with the Bureau of Ocean Energy Management (BOEM) the required Construction and Operations Plan (COP) to build the 2,640-megawatt Coastal Virginia Offshore Wind (CVOW) commercial project, the largest planned offshore wind farm in the United States.
"This is an important step in the process toward bringing commercial-scale offshore wind to the Commonwealth and shows Dominion Energy is committed to delivering the clean, renewable and reliable energy our customers expect from us," said Joshua Bennett, Dominion Energy's vice president of offshore wind. "We look forward to working with the Bureau of Ocean Energy Management as the CVOW commercial project moves through the permitting process."
The COP includes information about the construction, operations and conceptual decommissioning plans for Dominion Energy's proposed offshore wind farm to be installed within a 112,800-acre Commercial Lease Area located 27 miles off the coast of Virginia Beach, which Dominion Energy obtained in 2013. Information about onshore and support facilities is included in the COP as well.
Through this filing, Dominion Energy shows, among other things, it designed and sited the CVOW commercial project in a manner that protects natural resources, the environment and human and wildlife health; uses the best available and safest technology; and does not unreasonably interfere with other uses of the Outer Continental Shelf, such as commercial and recreational fishing, commercial shipping lanes and military training maneuvers.
Data based on the results of the many surveys of the lease area – geophysical, geotechnical, biological, cultural, socioeconomic – are also included in the filing for BOEM's review, which will take approximately two years to complete.
Offshore wind generation is a major component of Dominion Energy's comprehensive clean energy strategy to meet standards mandated in the Virginia Clean Economy Act and to achieve the company's net zero carbon dioxide and methane emissions commitment by 2050.
The company earlier this year completed the construction of CVOW's first phase – the two turbine, 12-megawatt pilot project, which is located adjacent to the Commercial Lease Area. The two turbines are operational while the project undergoes BOEM's technical review before officially entering service.
The company applied the valuable permitting, design and installation experience from the CVOW pilot project to its proposed commercial project. Pending approval by the State Corporation Commission, the CVOW commercial project is on track to commence construction in 2024, and upon completion in 2026, will provide enough renewable electricity to power up to 660,000 homes.
According to an economic impact study performed by Glen Allen-based Mangum Economics and commissioned and published by the Hampton Roads Alliance, it is estimated that the CVOW commercial project could create approximately 900 jobs and $143 million in economic impact annually during construction and 1,100 jobs and almost $210 million in economic impact annually during operation of the turbines.
Similarly, during construction, the 2.6-gigawatt CVOW commercial project is estimated to generate nearly $5 million per year in local and state tax revenue which increases to almost $11 million annually once the project is commissioned and operational.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
12/18/202012/16/2020 - Dominion Energy Continues Development of First Jones Act Compliant Offshore Wind Turbine Installation Vessel
Dominion Energy Continues Development of First Jones Act Compliant Offshore Wind Turbine Installation Vessel
Source: PR Newswire
RICHMOND, Va., Dec. 16, 2020 /PRNewswire/ -- Dominion Energy announced today it has reached a major milestone – the keel laying – in the construction of the first Jones Act compliant offshore wind turbine installation vessel, currently being constructed by the global marine shipbuilding firm Keppel AmFELS at its Brownsville, Texas shipyard. With several gigawatts of offshore wind capacity to be installed along the U.S. East Coast in the next decade, access to Jones Act compliant offshore wind turbine installation vessels is of strategic importance to the U.S. offshore wind market.
The companies today celebrated the keel laying, when fabrications from the first steel, supplied domestically, were laid to form the first part of the keel – the bottom-most central steel structural beam on a vessel.
"This is a monumental step for the offshore wind industry in America," said Robert M. Blue, Dominion Energy's president and chief executive officer. "Dominion Energy is proud to be leading a consortium of respected industry participants in the construction of the first Jones Act compliant offshore wind turbine installation vessel, which will provide significant American jobs, and provide a reliable, home-grown installation solution with the capacity to handle the next generation of large-scale, highly-efficient turbine technologies. This will better enable the offshore wind industry to bring clean, renewable energy to customers in the U.S."
"Offshore wind is bringing clean energy and new jobs to America, and Virginia is leading the way," said Governor Ralph Northam. "This new vessel will help propel the offshore wind supply chain, drive economic development in Hampton Roads, and grow the offshore wind workforce in our Commonwealth. We are thrilled to celebrate great news like this in what has been a challenging year."
"Today marks a critical step forward in the development of the offshore wind industry in Virginia and across the East Coast," said U.S. Sen. Mark R. Warner. "The construction of the first Jones Act compliant offshore wind turbine installation vessel serves as another vital link in the growing domestic manufacturing supply chain to support offshore wind energy development here in the U.S. This vessel will enable the timely construction of planned offshore wind development projects throughout the East Coast, including the Coastal Virginia Offshore Wind commercial project."
This effort represents a significant step in developing a domestic manufacturing supply chain to support the multi-gigawatt opportunity for zero-carbon electricity generation in U.S. waters. Dominion Energy expects the vessel to be fully utilized in support of the installation of over 5 gigawatts of planned offshore wind generation off the East Coast of the U.S. through 2027 and beyond. The vessel is being built on the Gulf Coast and is expected to create nearly 700 direct construction jobs. Once complete, the vessel will be based out of Hampton Roads, Virginia with a U.S. crew.
The vessel's hull and infrastructure will utilize more than 14,000 tons of domestic steel, with nearly 10,000 tons sourced from Alabama and West Virginia suppliers. The vessel's hull has a length of 472 feet, a width of 184 feet and a depth of 38 feet, making it one of the biggest vessels of its kind in the world. It has accommodations for up to 119 people. The vessel is designed to handle current turbine technologies as well as next generation turbine sizes of 12 megawatt or larger and will also be capable of the installation of foundations for turbines and other heavy lifts.
The overall project cost, inclusive of construction and commissioning and excluding financing costs, is estimated to be around $500 million. Financing for the vessel has been arranged through a lease financing agreement with leading global banks. Construction and financing costs will not impact Dominion Energy Virginia's customers' bills.
Once constructed, the vessel will be available for charter hire, including by Dominion Energy Virginia, subject to the approval of the Virginia State Corporation Commission, in connection with the installation of its Coastal Virginia Offshore Wind commercial project.
In August 2020, Dominion Energy announced the selection of the global firm Huisman to fabricate the crane to be used on the offshore wind turbine installation vessel. The main crane has a boom length of 426 feet and an expected lifting capacity of 2,200 tons.
Dominion Energy contracted with Keppel AmFELS, a wholly-owned U.S. subsidiary of Keppel Offshore & Marine Ltd, for the engineering, procurement and construction of the offshore wind turbine installation vessel. The vessel is designed by GustoMSC, a business unit within NOV.
"We are pleased to be able to build the largest wind turbine installation vessel in the U.S. for Dominion Energy and support the growing offshore wind industry. Keppel AmFELS has a solid track record and capabilities in a wide range of offshore vessels and we are also able to leverage the experience of our parent company, Keppel O&M, in offshore renewables to provide a compelling construction solution for this milestone project," said Mohamed Sahlan, president of Keppel AmFELS. "Supported by our highly-skilled local workforce, state-of-the-art equipment and reliable suppliers across the U.S., we are confident of delivering a high-quality vessel to Dominion Energy safely, cost-effectively and on time."
"NOV is proud to be part of this historic effort to harness offshore wind to power the U.S. electrical grid," said Clay Williams, NOV chairman, president and chief executive officer. "We are pleased to be partnering with Dominion Energy, Seajacks, and Keppel AmFELS to develop the first jack-up vessel for the U.S. market purpose-built to install offshore wind turbines."
Seajacks, a leader in the operation of self-propelled jack-up vessels that provide safe and efficient offshore wind turbine installations, will assist Dominion Energy with construction and operations oversight. Dominion Energy expects the vessel to operate continuously for several years through contracts with offshore wind projects in the U.S.
"This next-generation turbine installation jack-up vessel is vital to the safe and cost-effective deployment of offshore wind energy in the United States," said Blair Ainslie, CEO of Seajacks. "Seajacks currently operates a fleet of offshore installation jack-ups in Europe and Asia and is looking forward to developing the offshore wind supply chain in the United States with our partners. Seajacks is proud to be working alongside Dominion Energy on this historic project."
The Jones Act is a federal law that regulates maritime commerce in the U.S. and requires goods shipped between U.S. ports to be transported on ships that are built, owned and operated by U.S. citizens or permanent residents.
Offshore wind generation is a vital part of Dominion Energy's comprehensive clean energy strategy to meet standards outlined in the Virginia Clean Economy Act and to achieve the company's net zero carbon dioxide and methane emissions commitment by 2050.
The two turbine, 12-megawatt Coastal Virginia Offshore Wind (CVOW) pilot project, located 27 miles off the coast of Virginia Beach, is currently energized and operational while awaiting the Bureau of Ocean Energy Management's (BOEM) final technical review. Ocean surveys and geotechnical work are also underway for the 2,640-megawatt full scale CVOW commercial project, which will be located in a lease area adjacent to the pilot project. These surveys will support the development of the project's Construction and Operations Plan to be submitted to BOEM this month.
A virtual press kit containing videos, photos, and fact sheets can be found here: https://news.dominionenergy.com/installation-vessel-virtual-press-kit.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
This news release includes certain "forward-looking information." Examples include information as to expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely. We have identified and will in the future identify in our SEC Reports on Forms 10-K and 10-Q a number of factors that could cause actual results to differ from those in the forward-looking statements. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
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SOURCE Dominion Energy
Article Date
12/16/2020Dominion Energy's Board of Directors Sets 2021 Dividend Rate
Source: PR Newswire
RICHMOND, Va., Dec. 11, 2020 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) today approved a 2021 dividend of $2.52 per share of common stock. Subject to board declaration in January, the first quarterly dividend of 63 cents per share will be payable in March 2021.
Beginning in 2022, the company expects annual dividend-per-share growth of 6 percent.
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
Payment of the 2021 dividend is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
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SOURCE Dominion Energy
Article Date
12/11/202012/11/2020 - Dominion Energy, BrightSuite Partner with Sun Tribe to Bring Solar to 21 Schools Across Virginia
Dominion Energy, BrightSuite Partner with Sun Tribe to Bring Solar to 21 Schools Across Virginia
Source: PR Newswire
RICHMOND, Va., Dec. 11, 2020 /PRNewswire/ -- Twenty-one schools across Virginia are reducing their carbon footprints by powering their operations with solar energy through a partnership between BrightSuite Solar, a subsidiary of Dominion Energy, and Sun Tribe. This partnership brings together two of Virginia's leading renewable energy companies and their expertise in financing and installation to help school divisions meet their clean energy goals.
The solar arrays at schools in Arlington, Fluvanna, Hanover, King William, Newport News, Powhatan and Virginia Beach are being installed in partnership with Sun Tribe, and in total will generate more than 11 megawatts of solar energy at peak output.
Solar panels are installed either atop school buildings or ground-mounted on school property and provide renewable energy to fulfill a portion of the energy supply needs of the schools while reducing their electric utility bills through the Commonwealth's net metering program using financing provided by BrightSuite. Under the power purchase agreements, the school divisions pay no upfront cost and receive long term energy cost certainty and savings. Students and educators will have access to educational programming that utilizes their solar systems – introducing the Commonwealth's youngest learners to foundational scientific concepts, broadening access to STEM, and raising awareness about renewable career pathways.
"We are very excited to be able to partner with these schools to help them meet their renewable energy goals by lowering their carbon footprint and providing long-term cost savings," said Todd Headlee, Director of Customer Energy Solutions, Dominion Energy. "We know schools, municipalities, and businesses are looking for renewable and sustainable energy options, and BrightSuite Solar is here to help customers find the solution that works best for them."
"It's clear why there's so much demand for solar: these projects prove that a brighter, cleaner future for every community in Virginia is possible when we work together," said Devin Welch, CEO of Sun Tribe Solar. "At a moment when educational leaders throughout the Commonwealth are grappling with significant budget challenges while also looking for creative ways to engage with their students, more and more school divisions are embracing this opportunity to save money while bringing real-life science into the classroom."
The schools with projects currently underway include:
School | City/County | Capacity (KW DC) | System |
Alice West Fleet Elementary School | Arlington | 582 | Rooftop |
Carysbrook Elementary School | Fluvanna | 582 | Ground-mount |
Central Elementary School | Fluvanna | 192 | Rooftop |
Fluvanna County High School | Fluvanna | 1090 | Rooftop |
Fluvanna Middle School | Fluvanna | 1063 | Ground-mount |
West Central Primary School | Fluvanna | 410 | Ground-mount |
Cool Spring Elementary School | Hanover | 267 | Rooftop |
Hanover High School | Hanover | 563 | Rooftop |
Laurel Meadow Elementary School | Hanover | 356 | Rooftop |
Oak Knoll Middle School | Hanover | 667 | Rooftop |
Acquinton Elementary School | King William | 848 | Ground-mount |
Cool Springs Primary School | King William | 665 | Ground-mount |
Gatewood P.E.E.P | Newport News | 214 | Rooftop |
Flat Rock Elementary School | Powhatan | 251 | Rooftop |
Pocahontas Elementary School | Powhatan | 401 | Rooftop |
Powhatan Elementary School | Powhatan | 450 | Rooftop |
Powhatan Middle School | Powhatan | 511 | Rooftop |
Ocean Lakes Elementary School | Virginia Beach | 412 | Rooftop |
Princess Anne Middle School | Virginia Beach | 701 | Rooftop |
Renaissance Academy | Virginia Beach | 892 | Rooftop |
Thoroughgood Elementary School | Virginia Beach | 166 | Rooftop |
Since 2019, BrightSuite Solar has helped businesses and governments achieve their sustainability goals by providing customers with low-cost renewable energy solutions. By pairing Dominion Energy's industry expertise and commitment to a cleaner energy future with a select network of leading Virginia based solar companies, BrightSuite Solar provides customers with turnkey solar solutions at no upfront cost.
BrightSuite Solar provides guidance throughout the process, including navigating Power Purchase Agreements (when applicable), design, financing, installation and interconnection. To learn more, visit www.brightsuite.com/solar.
With these 21 locations, Dominion Energy now has solar panels installed at 48 schools across the Commonwealth through both BrightSuite solar and its educational Solar for Students program.
About BrightSuite Solar
BrightSuite brings innovative technologies and services to customers to help them meet sustainability and renewable energy goals. BrightSuite is an unregulated affiliate of Virginia Electric and Power Company ("Virginia Power") but is not the same company nor part of the regulated services offered by Virginia Power. Participation in any BrightSuite offerings will not affect the price, availability, or terms of service from Virginia Power. For more information, visit www.brightsuite.com.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Sun Tribe
With nearly 80 employees, over 100 projects completed or under development, and an award-winning track record of innovation and implementation, Sun Tribe – an Inc. 500 company – is one of the fastest growing clean energy companies in the United States. Thanks to an experienced, in-house team of development, engineering, financial, regulatory, procurement, and construction experts, Sun Tribe serves as a comprehensive energy advisory and delivery company for our client-partners.
Whether building the first solar array to sit on an abandoned coal mine in Virginia's history, powering the first 100 percent on-site solar school district in the United States, installing solar on flagship state government buildings, or working with Fortune 200 companies to help meet their sustainability goals, Sun Tribe specializes in creating a brighter energy future through long-lasting, sustainable partnerships.
Sun Tribe is proudly headquartered in Charlottesville, Virginia.
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SOURCE Dominion Energy
Article Date
12/11/202012/9/2020 - Dominion Energy, Smithfield Foods complete first-of-its-kind renewable natural gas project in Utah
Dominion Energy, Smithfield Foods complete first-of-its-kind renewable natural gas project in Utah
Source: PR Newswire
RICHMOND, Va. and SMITHFIELD, Va., Dec. 9, 2020 /PRNewswire/ -- Dominion Energy (NYSE:D) and Smithfield Foods, Inc., announced today they have completed the first renewable natural gas (RNG) project through their joint venture, Align Renewable Natural Gas℠. Located in Milford in southwestern Utah, the project is now producing RNG from a network of 26 family farms that raise hogs under contract with Smithfield.
The project is the first large-scale effort in the state to capture methane from hog farming operations and convert it into clean energy for homes, businesses and transportation. Significantly more greenhouse gas emissions are captured from the farms than are released when consumers use the gas, which makes RNG a "carbon-beneficial" energy source.
At full capacity, the project will produce enough RNG to heat more than 3,000 homes and businesses and reduce annual emissions from participating farms by more than 100,000 metric tons. That is the same as taking 23,000 cars off the road or planting 1.8 million new trees each year. Additionally, the project benefits participating family farmers by simplifying the process of and reducing the cost associated with manure management.
"We're excited to witness the completion of our initial project in Utah, as we continue to scale and implement renewable energy projects across the country," said Kraig Westerbeek, senior director of Smithfield Renewables and hog production environmental affairs, Smithfield Foods. "Our Align RNG partnership with Dominion Energy is a key component of Smithfield's carbon reduction strategy, which promises to reduce greenhouse gas emissions across our domestic supply chain 25 percent by 2025 and become carbon negative in all U.S. company-owned operations by 2030."
"This is an exciting breakthrough for the future of clean energy and sustainable farming," said Ryan Childress, Dominion Energy's director of gas business development. "With this single technology, we can produce clean energy for consumers, reduce farm emissions and benefit family farmers. It's a powerful example of the environmental progress we can make through innovation. We're thrilled Utah is leading the way, and we're excited to keep the momentum going in other states across the country."
In the largest venture of its kind in the United States, Dominion and Smithfield are jointly investing $500 million over the next 10 years to develop RNG projects across the country. Once the partnership's planned projects are complete, they will reduce annual greenhouse gas emissions from U.S. hog farms by 2.5 million metric tons, the same amount as taking 500,000 cars off the road or planting 40 million new trees each year. With the Utah project in operation and additional projects under development in North Carolina and Virginia, the partnership plans to produce enough renewable natural gas over the next 10 years to heat more than 70,000 homes and businesses.
For more information, please visit www.AlignRNG.com. Photos of the Milford project are available for download on the media page.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Smithfield Foods
Headquartered in Smithfield, Va., since 1936, Smithfield Foods, Inc. is an American food company with agricultural roots and a global reach. Our 40,000 U.S. and 15,000 European employees are dedicated to producing "Good food. Responsibly.®" and have made us one of the world's leading vertically integrated protein companies. We have pioneered sustainability standards for more than two decades, including many industry firsts, such as our ambitious commitment to cut our carbon impact by 25 percent by 2025. We believe in the power of protein to end food insecurity and have donated hundreds of millions of food servings to our neighbors in need. Smithfield boasts a portfolio of high-quality iconic brands, such as Smithfield®, Eckrich®, and Nathan's Famous®, among many others. For more information, visit www.smithfieldfoods.com, and connect with us on Facebook, Twitter, LinkedIn and Instagram.
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SOURCE Smithfield Foods, Inc.
Article Date
12/9/202012/9/2020 - Dominion Energy, Smithfield Foods complete first-of-its-kind renewable natural gas project in Utah
Dominion Energy, Smithfield Foods complete first-of-its-kind renewable natural gas project in Utah
Source: PR Newswire
RICHMOND, Va. and SMITHFIELD, Va., Dec. 9, 2020 /PRNewswire/ -- Dominion Energy (NYSE:D) and Smithfield Foods, Inc., announced today they have completed the first renewable natural gas (RNG) project through their joint venture, Align Renewable Natural Gas℠. Located in Milford in southwestern Utah, the project is now producing RNG from a network of 26 family farms that raise hogs under contract with Smithfield.
The project is the first large-scale effort in the state to capture methane from hog farming operations and convert it into clean energy for homes, businesses and transportation. Significantly more greenhouse gas emissions are captured from the farms than are released when consumers use the gas, which makes RNG a "carbon-beneficial" energy source.
At full capacity, the project will produce enough RNG to heat more than 3,000 homes and businesses and reduce annual emissions from participating farms by more than 100,000 metric tons. That is the same as taking 23,000 cars off the road or planting 1.8 million new trees each year. Additionally, the project benefits participating family farmers by simplifying the process of and reducing the cost associated with manure management.
"We're excited to witness the completion of our initial project in Utah, as we continue to scale and implement renewable energy projects across the country," said Kraig Westerbeek, senior director of Smithfield Renewables and hog production environmental affairs, Smithfield Foods. "Our Align RNG partnership with Dominion Energy is a key component of Smithfield's carbon reduction strategy, which promises to reduce greenhouse gas emissions across our domestic supply chain 25 percent by 2025 and become carbon negative in all U.S. company-owned operations by 2030."
"This is an exciting breakthrough for the future of clean energy and sustainable farming," said Ryan Childress, Dominion Energy's director of gas business development. "With this single technology, we can produce clean energy for consumers, reduce farm emissions and benefit family farmers. It's a powerful example of the environmental progress we can make through innovation. We're thrilled Utah is leading the way, and we're excited to keep the momentum going in other states across the country."
In the largest venture of its kind in the United States, Dominion and Smithfield are jointly investing $500 million over the next 10 years to develop RNG projects across the country. Once the partnership's planned projects are complete, they will reduce annual greenhouse gas emissions from U.S. hog farms by 2.5 million metric tons, the same amount as taking 500,000 cars off the road or planting 40 million new trees each year. With the Utah project in operation and additional projects under development in North Carolina and Virginia, the partnership plans to produce enough renewable natural gas over the next 10 years to heat more than 70,000 homes and businesses.
For more information, please visit www.AlignRNG.com. Photos of the Milford project are available for download on the media page.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Smithfield Foods
Headquartered in Smithfield, Va., since 1936, Smithfield Foods, Inc. is an American food company with agricultural roots and a global reach. Our 40,000 U.S. and 15,000 European employees are dedicated to producing "Good food. Responsibly.®" and have made us one of the world's leading vertically integrated protein companies. We have pioneered sustainability standards for more than two decades, including many industry firsts, such as our ambitious commitment to cut our carbon impact by 25 percent by 2025. We believe in the power of protein to end food insecurity and have donated hundreds of millions of food servings to our neighbors in need. Smithfield boasts a portfolio of high-quality iconic brands, such as Smithfield®, Eckrich®, and Nathan's Famous®, among many others. For more information, visit www.smithfieldfoods.com, and connect with us on Facebook, Twitter, LinkedIn and Instagram.
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SOURCE Dominion Energy
Article Date
12/9/2020Central State University Receives Grant from Dominion Energy for IT Infrastructure, Scholarship Endowment, and Study-Internships
Source: PR Newswire
WILBERFORCE, Ohio, Dec. 9, 2020 /PRNewswire/ -- Students at Central State University will expand its summer institute internship programs, increase virtual learning accessibility, and grow their endowment scholarship funds thanks to a $500,000 grant from Dominion Energy.
Central State University is one of 11 historically black colleges and universities benefitting from Dominion Energy's six-year "HBCU Promise." The program will support endowments, capital projects, operating expenses, and educational programs in clean energy at HBCUs in Virginia, Ohio, North Carolina, and South Carolina.
"We are pleased to launch this partnership as it will expose our students to the vast energy industry career opportunities," said Dr. Jack Thomas, President of Central State University. "We are thankful for the investment and are excited to launch this new game-changing initiative that aligns with partnership growth and development," said Dr. Thomas. "The relationship with Dominion Energy is a great example of how higher education and industry can come together to strategically address workforce development and the diversification of the talent pipeline for the energy sector," said Dr. Zillah Fluker, Vice-President of Institutional Advancement at CSU.
The grant to Central State will offer expanded learning opportunities for students. Midwest's largest, public HBCU and 1890 Land-Grant Institution, Central State University will launch the Dominion Energy Summer Institute, a 12-week study-internship program, including a four-week classroom component followed by an eight-week internship at Dominion Energy. The intensive experiential work-learning program follows the successful career-development program for Ohio's banking industry through its rigorous Summer Banking Institute. Central State University has established the Center of Excellence for HBCU Corporate Engagement that will serve as a central hub for student talent development best practices and modeling, as well as a research think tank for the development of higher education strategic corporate programs.
The Dominion Energy grant will also seed the Dominion Energy Scholarship, an achievement-based scholarship endowment to help students continue their path to graduation. Underwriting upgrades to IT infrastructure and individual student and classroom technology access for virtual and in-class learning environments. Dominion Energy's grant will impact hundreds of students throughout their Central State University experience.
"Dominion Energy is proud to partner with Central State University in supporting scholarships for students and enhancing the institution's IT infrastructure to bridge the digital divide," said Leighton McCoy, Vice President, Gas Distribution Technical Services. "This grant will also provide real-world work experience through student internships as they explore their career options. We look forward to uplifting Central State University students and highlighting their achievements as they pursue excellence and success."
Dominion Energy also has committed $10 million in scholarships to assist African American and other underrepresented minority students who reside in the company's service area. Students can learn more and apply at DominionEnergy.com/EquityScholarships.
About Central State University:
Central State University, located in Wilberforce, Ohio, is a regionally accredited 1890 Land-Grant University with a 133-year tradition of preparing students from diverse backgrounds and experiences for leadership, research, and service. The University, which has been named HBCU of the Year by HBCU Digest, fosters academic excellence within a nurturing environment and provides a strong liberal arts foundation and STEM-Ag curriculum leading to professional careers and advanced studies globally.
About Dominion Energy:
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Central State University/Dominion Energy Ohio
Article Date
12/9/202012/9/2020 - Wilberforce University Receives Half Million Dollar Grant from Dominion Energy for Student Success
Wilberforce University Receives Half Million Dollar Grant from Dominion Energy for Student Success
Source: PR Newswire
WILBERFORCE, Ohio, Dec. 9, 2020 /PRNewswire/ -- Students who attend the nation's first, private historically black college (HBCU) will expand their knowledge of science, technology, engineering and mathematics, because of a $500,000 gift from Dominion Energy. The Virginia based power and energy company has included Wilberforce University as one of 11 HBCUs that will benefit from Dominion Energy's six-year "HBCU Promise." This 25 million dollar agenda supports endowments, capital projects, operating expenses and educational programs that support clean energy at HBCUs in Virginia, Ohio, South Carolina and North Carolina.
"We are so grateful to Dominion Energy for this generous donation! Never in our lifetime have students faced such hardships to attend school. Because of this meaningful gift, Wilberforce students will get the tech support they need to successfully attend classes in safe environments. We can't thank you enough!" -Natalie Coles, vice president, institutional advancement, Wilberforce University –
The half million dollar donation also finances STEM scholarships and the launch of the university's inaugural Bayard Rustin Lecture Series on Racial Equality, named in honor of the architect of the historic, 1963, civil rights March on Washington. Rustin was a student at Wilberforce. The university is also grateful the Dominion gift has purchased laptops for all enrolled students and faculty for the fall semester's remote learning and teaching expererience. The school's academic schedule was adjusted for off campus study because of concerns about the potential spread of COVID 19.
"Dominion Energy is proud to partner with Wilberforce University in supporting scholarships and other grant dollars to provide basic necessities for students to fully engage and succeed in their college experience," said Leighton McCoy, Vice President, Gas Distribution Technical Services. "We look forward to uplifting Wilberforce University students and highlighting their achievements as they pursue excellence and success."
Dominion Energy also has committed $10 million in scholarships to assist African-American and other underrepresented minority students who reside in the company's service areas. Students can learn more and apply at DominionEnergy.com/EquityScholarships.
About Wilberforce University:
Founded in 1856, Wilberforce University was the first, private college to be established by African Americans. Located in Greene County, Ohio, near Dayton, Wilberforce is a four year, accredited, liberal arts college that is a member of the United Negro College Fund (UNCF), the NAIA Athletic Conference and the Ohio LINK Library Consortium. According to HBCU.com, Wilberforce is one of the top five HBCUs in the Midwest.
About Dominion Energy:
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Wilberforce University/Dominion Energy
Article Date
12/9/2020Dominion Energy Offers $110,000 in Community Impact Awards
Source: PR Newswire
CLEVELAND, Dec. 1, 2020 /PRNewswire/ -- Dominion Energy, through the Dominion Energy Charitable Foundation, will award $110,000 in unrestricted grants to area non-profits that have made a difference in the communities the company serves. The grants are offered through the 26th annual Community Impact Awards competition, sponsored by Dominion Energy and Cleveland Magazine. Since 1996, the program has awarded more than $1.8 million in Community Impact Award grants.
The awards recognize community organizations that have made major contributions toward the economic and social revitalization of communities located in Dominion Energy's Ohio service area.
For example, one of the previous year's honorees, Burten, Bell Carr Development, received $10,000 for literally thinking "outside the box" for its BoxSpot program, which repurposed shipping containers into low-cost commercial space to house community-based microenterprises.
Application instructions are listed below. Entries will be judged by a group of community leaders from Dominion's service area. Winners will be recognized in the May 2021 issue of Cleveland Magazine. The entry deadline has been extended to December 31, 2020 at 5:00 p.m. To prepare their nominations, prospective applicants can refer to the award guidelines and entry information available at: www.DominionEnergy.com, search: impact.
The Guidelines:
About Dominion Energy: More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
12/1/2020Dominion Energy's Project Plant It! Celebrates 15 Years & Adds Bee Pollinator Program
Source: PR Newswire
RICHMOND, Va., Nov. 17, 2020 /PRNewswire/ -- Project Plant It!, the environmental education initiative created by Dominion Energy in 2007, is abuzz with a big announcement for 2021. A new bee pollinator program is joining the popular tree-planting program. In addition to the free redbud tree seedling that program participants typically receive in the spring, they also will get a free packet of wildflower seeds specifically designed to attract bees and other pollinators.
"It's so exciting that Project Plant It! is still growing as we prepare to celebrate the milestone 15th observance of the program in 2021," said Melanie Rapp Beale, community affairs manager at Dominion Energy and Project Plant It! coordinator. "We wanted to commemorate the occasion by creating an educational and fun feature that would complement our tree program and align with Project Plant It's mission to teach the next generation how to be good stewards of our environment."
Project Plant It! is available for students of all ages and grade levels. Schools, scout troops, civic and faith-based groups, environment clubs and other entities that work with youth are eligible to request redbud tree seedlings and wildflower seed packets online now at projectplantit.com while supplies last.
Pollinators, such as bees, butterflies, hummingbirds, moths and bats, play an essential role in supporting our nation's food system and the sustainability of our environment. Bees, in particular, are vital to the pollination of many fruits, nuts and vegetables that Americans enjoy on a daily basis. However, the number of bees is shrinking due to factors such as pesticides and loss of habitat.
Project Plant It! aims to increase bee populations by having students plant pollinator gardens at their homes, on school grounds, or in their communities. "Also, bees love redbud blossoms, so our tree program and our pollinator program work well together," added Beale.
The Educator Resources page of the Project Plant It! website has added a Pollinator Toolbox with a variety of hands-on instructional materials for the new pollinator program, including five science-focused lesson plans, a list of books and online resources, a participant certificate, and more. Most of the pollinator materials are available in English and Spanish.
In 2020, Project Plant It! distributed 60,000 Eastern Redbud tree seedlings despite impacts caused by the Coronavirus pandemic. Distribution was halted in the spring and the Arbor Day Foundation was able to refrigerate the seedlings to allow them to remain viable until new plans could be created to distribute them in the fall. In total, 53 organizations in six states were able to receive and distribute the seedlings under the revised plans.
The Project Plant It! website still has a toolbox of resources about the many benefits of trees to the ecosystem, including STEM-based lesson plans and interactive games, among other materials. The tree seedlings and the wildflower seed packets will be shipped to participants prior to Arbor Day (April 30, 2021). "National Wildflower Week is May 3-7 and June is National Pollinator Month, so there are lots of opportunities in 2021 to celebrate trees and pollinators by participating in Project Plant It!," Beale concluded.
Fast Facts about Project Plant It!
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/17/2020Dominion Energy Warns Customers About Expected Surge in Scams During Holidays
Source: PR Newswire
RICHMOND, Va., Nov. 16, 2020 /PRNewswire/ -- As the holiday season approaches, Dominion Energy is helping its customers prepare for an expected increase in scam activity. Throughout Utility Scam Awareness Week (Nov. 16 – 20), the company is providing its customers with helpful tips and resources so they can easily spot and protect themselves against the most common utility scams.
"We want our customers to have the information and resources they need to protect themselves against scams," said Corynne Arnett, Dominion Energy's senior vice president of regulatory affairs and customer experience. "Utility scammers are very sophisticated, and they use a variety of tactics to take advantage of you. Sometimes they will use scare tactics and a false sense of urgency to obtain your personal information, while other times they will sound friendly and sympathetic to gain your trust. The most important thing to remember is Dominion Energy will never demand payment information over the phone. If you suspect you're the target of a scam, hang up and you can always verify your account information on the Dominion Energy app."
Here are some easy tips to help customers spot a utility scam and the immediate steps they can take to protect themselves:
Spot a scam:
Outsmart a scammer:
Connect with the company:
For more scam prevention tips, visit dominionenergy.com/our-stories/scammers-and-personal-safety.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/16/202011/9/2020 - Dominion Energy Announces Support for Task Force on Climate-related Financial Disclosures
Dominion Energy Announces Support for Task Force on Climate-related Financial Disclosures
Source: PR Newswire
RICHMOND, Va., Nov. 9, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) has declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), which provides guidance to organizations on providing information to investors, lenders, insurers, and others on the business risks and opportunities presented by climate change.
"Greater transparency regarding climate-related risks and opportunities is a competitive advantage," said president and chief executive officer Robert M. Blue. "It enables shareholders, customers, and other stakeholders to see alignment among our strategy of building a clean and sustainable energy future, our goal of achieving net zero emissions by 2050, and the opportunities arising from a shift to a low-carbon world. These disclosures also demonstrate our efforts to provide investors with consistency when evaluating and quantifying the impact of climate change on our business."
Dominion Energy's support for the TCFD is consistent with its overall commitment to transparency. For three years in a row, the company has been named a "Trendsetter" for political disclosure and accountability by the Center for Political Accountability and the Zicklin Center for Business Ethics and Research at the University of Pennsylvania. In addition, its recently released Sustainability and Corporate Responsibility Report (www.sustainability.domionionenergy.com) — a comprehensive review of the company's 2019 activities related to safety, environmental stewardship, customer support, employee welfare, diversity, and more — maps sustainability disclosures to standards published by the Global Reporting Initiative, the Sustainability Accounting Standards Board, and the United Nations Sustainable Development Goals.
Dominion Energy expects to release a new climate report in 2021 that will detail its roadmap to net zero emissions, explore the risks and opportunities associated with climate change, and follow the disclosure recommendations of the TCFD.
Chaired by Michael R. Bloomberg, the TCFD is composed of more than 1,500 organizations around the globe. It makes recommendations whose adoption provides investors, lenders, and insurance underwriters with clear, consistent, and relevant information about climate-related risks and opportunities across economic sectors and geographic regions, making the financial system more resilient to the disruptive effects of climate change.
For more information about the TCFD, please visit www.fsb-tcfd.org.
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/9/202011/5/2020 - Dominion Energy Announces Third-Quarter Earnings
Dominion Energy Announces Third-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., Nov. 5, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Sept. 30, 2020, of $356 million ($0.41 per share) compared with a net income of $975 million ($1.17 per share) for the same period in 2019.
Operating earnings for the three months ended Sept. 30, 2020, were $916 million ($1.08 per share), compared to operating earnings of $946 million ($1.15 per share) for the same period in 2019. The company estimates that its third-quarter 2020 operating earnings were positively impacted by $0.04 per share due to better-than-normal weather in its utility service areas.
The difference between GAAP and operating earnings for the three months ended Sept. 30, 2020, was primarily attributable to the recognition of a customer credit reinvestment offset for the benefit of customers in Virginia, charges associated with long-term contracted renewable portfolio outside the company's core service areas and net gains on nuclear decommissioning trust funds.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Guidance
Dominion Energy expects fourth-quarter operating earnings in the range of $0.73 to $0.87 per share.
The company affirms its full-year 2020 operating earnings guidance range of $3.37 to $3.63 per share and expects weather-normal operating EPS for 2020 to be above the guidance range midpoint.
The company also affirms its long-term earnings and dividend growth guidance.
Webcast today
The company will host its third-quarter earnings conference call at 11 a.m. ET on Thursday, Nov. 5, 2020. Management will discuss third-quarter financial results and other matters of interest to the financial community.
A live webcast of the conference call, including accompanying slides and other financial information, will be available at investors.dominionenergy.com. A replay of the webcast will be available on the investor relations website by the end of the day Nov. 5.
To join telephonically, domestic callers should dial 1-800-341-6228. International callers should dial 1-334-777-6993. The passcode for the conference call is 63771662#. Participants should dial in 10 to 15 minutes prior to the scheduled start time. A replay of the conference call will be available beginning at about 3 p.m. ET Nov. 5 and lasting until 11 p.m. ET Nov. 12. Domestic callers may access the recording by dialing 1-877-919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 65141144.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings fourth-quarter and full-year 2020 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; the expected timing and likelihood of completion of the proposed transaction with Berkshire Hathaway Energy, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such regulatory approvals; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | |||||
Consolidated Statements of Income* | |||||
Unaudited (GAAP Based) | |||||
(millions, except per share amounts) | |||||
Three Months Ended | Nine Months Ended | ||||
September 30, | September 30, | ||||
2020 | 2019 | 2020 | 2019 | ||
Operating Revenue | $ 3,607 | $ 3,782 | $ 10,651 | $ 10,506 | |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | 594 | 769 | 1,758 | 2,250 | |
Purchased electric capacity | 23 | 11 | 36 | 74 | |
Purchased gas | 37 | 158 | 561 | 1,120 | |
Other operations and maintenance1 | 2,128 | 952 | 4,683 | 4,043 | |
Depreciation, depletion and amortization | 595 | 586 | 1,751 | 1,713 | |
Other taxes | 203 | 202 | 663 | 698 | |
Total operating expenses | 3,580 | 2,678 | 9,452 | 9,898 | |
Income from operations | 27 | 1,104 | 1,199 | 608 | |
Other income | 281 | 129 | 327 | 526 | |
Interest and related charges | 306 | 370 | 1,136 | 1,133 | |
Income from continuing operations including noncontrolling | |||||
interests before income tax expense (benefit) | 2 | 863 | 390 | 1 | |
Income tax expense (benefit) | (110) | (84) | (123) | 161 | |
Net Income (loss) from continuing operations including noncontrolling interests | 112 | 947 | 513 | (160) | |
Net Income (loss) from discontinued operations including noncontrolling interests | 19 | 38 | (1,753) | 526 | |
Net Income (loss) including noncontrolling interests | $ 131 | $ 985 | $ (1,240) | $ 366 | |
Noncontrolling interests | (225) | 10 | (157) | 17 | |
Net Income (loss) attributable to Dominion Energy | $ 356 | $ 975 | $ (1,083) | $ 349 | |
Reported Income (loss) per common share from continuing | $ 0.42 | $ 1.12 | $ 0.83 | $ (0.22) | |
Reported Income (loss) per common share from discontinued | (0.01) | 0.05 | (2.21) | 0.64 | |
Reported Income (loss) per common share - diluted | $ 0.41 | $ 1.17 | $ (1.38) | $ 0.42 | |
Average shares outstanding, diluted | 833.8 | 813.0 | 837.1 | 802.9 | |
1) Includes impairment of assets and other charges. | |||||
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are | |||||
an integral part of the Consolidated Financial Statements. | |||||
Schedule 1 - Segment Reported and Operating Earnings | ||||||||||
Unaudited | ||||||||||
(millions, except per share amounts) | Three months ended September 30, | |||||||||
2020 | 2019 | Change | ||||||||
REPORTED EARNINGS1 | $ 356 | $ 975 | $ (619) | |||||||
Pre-tax loss (income)2 | 859 | (21) | 880 | |||||||
Income tax2 | (299) | (8) | (291) | |||||||
Adjustments to reported earnings | 560 | (29) | 589 | |||||||
OPERATING EARNINGS | $ 916 | $ 946 | $ (30) | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 613 | 629 | (16) | |||||||
Gas Distribution | 64 | 43 | 21 | |||||||
Dominion Energy South Carolina | 157 | 166 | (9) | |||||||
Contracted Assets | 112 | 86 | 26 | |||||||
Corporate and Other | (30) | 22 | (52) | |||||||
$ 916 | $ 946 | $ (30) | ||||||||
Earnings Per Share (EPS):3 | ||||||||||
REPORTED EARNINGS 1 | $ 0.41 | $ 1.17 | $ (0.76) | |||||||
Adjustments to reported earnings (after tax) | 0.67 | (0.02) | 0.69 | |||||||
OPERATING EARNINGS | $ 1.08 | $ 1.15 | $ (0.07) | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 0.74 | 0.77 | (0.03) | |||||||
Gas Distribution | 0.08 | 0.05 | 0.03 | |||||||
Dominion Energy South Carolina | 0.19 | 0.20 | (0.01) | |||||||
Contracted Assets | 0.13 | 0.11 | 0.02 | |||||||
Corporate and Other | (0.06) | 0.02 | (0.08) | |||||||
$ 1.08 | $ 1.15 | $ (0.07) | ||||||||
Common Shares Outstanding (average, diluted) | 833.8 | 813.0 | ||||||||
(millions, except earnings per share) | Nine months ended September 30, | |||||||||
2020 | 2019 | Change | ||||||||
REPORTED EARNINGS1 | $ (1,083) | $ 349 | $ (1,432) | |||||||
Pre-tax loss (income)2 | 4,572 | 1,967 | 2,605 | |||||||
Income tax2 | (1,155) | (293) | (862) | |||||||
Adjustments to reported earnings | 3,417 | 1,674 | 1,743 | |||||||
OPERATING EARNINGS | $ 2,334 | $ 2,023 | $ 311 | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 1,479 | 1,383 | 96 | |||||||
Gas Distribution | 375 | 314 | 61 | |||||||
Dominion Energy South Carolina | 326 | 332 | (6) | |||||||
Contracted Assets | 295 | 296 | (1) | |||||||
Corporate and Other | (141) | (302) | 161 | |||||||
$ 2,334 | $ 2,023 | $ 311 | ||||||||
Earnings Per Share (EPS):3 | ||||||||||
REPORTED EARNINGS1 | $ (1.38) | $ 0.42 | $ (1.80) | |||||||
Adjustments to reported earnings (after tax) | 4.11 | 2.09 | 2.02 | |||||||
OPERATING EARNINGS | $ 2.73 | $ 2.51 | $ 0.22 | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 1.77 | 1.72 | 0.05 | |||||||
Gas Distribution | 0.45 | 0.39 | 0.06 | |||||||
Dominion Energy South Carolina | 0.39 | 0.41 | (0.02) | |||||||
Contracted Assets | 0.35 | 0.37 | (0.02) | |||||||
Corporate and Other | (0.23) | (0.38) | 0.15 | |||||||
$ 2.73 | $ 2.51 | $ 0.22 | ||||||||
Common Shares Outstanding (average, diluted) | 837.1 | 802.9 | ||||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). |
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. |
3) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for the three months ended September 30, 2020. For the nine months ended September 30, 2020, the fair value adjustment required for diluted reported earnings per share calculation was $28 million. For the three months ended September 30, 2019, the fair value adjustment required for diluted reported earnings per share calculation was $13 million. No adjustments were necessary for the nine months ended September 30, 2019. In each quarter of 2020, the calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June 2019 and $9 million associated with the Series B preferred stock equity units entered in December 2019. See Forms 10-Q and 10-K for additional information. |
Schedule 2 - Reconciliation of 2020 Reported Earnings to Operating Earnings
2020 Earnings (Nine months ended September 30, 2020)
The $4.6 billion pre-tax net effect of the adjustments included in 2020 reported earnings, but excluded from operating earnings, is primarily related to the following items:
(millions, except per share amounts) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | YTD 2020 | 3 | ||
Reported earnings (loss) | ($270) | ($1,169) | $356 | $0 | ($1,083) | |||
Adjustments to reported earnings 1: | ||||||||
Pre-tax loss (income) | 1,265 | 2,448 | 859 | 0 | 4,572 | |||
Income tax | (207) | (649) | (299) | 0 | (1,155) | |||
1,058 | 1,799 | 560 | 0 | 3,417 | ||||
Operating earnings | $788 | $630 | $916 | $0 | $2,334 | |||
Common shares outstanding (average, diluted) | 838.2 | 839.4 | 833.8 | 0.0 | 837.1 | |||
Reported earnings (loss) per share 2 | ($0.34) | ($1.52) | $0.41 | $0.00 | ($1.38) | |||
Adjustments to reported earnings per share 2 | 1.26 | 2.25 | 0.67 | 0.00 | 4.11 | |||
Operating earnings per share 2 | $0.92 | $0.73 | $1.08 | $0.00 | $2.73 | |||
1) Adjustments to reported earnings are reflected in the following table: | ||||||||
1Q20 | 2Q20 | 3Q20 | 4Q20 | YTD 2020 | ||||
Pre-tax loss (income): | ||||||||
Discontinued operations - Gas Transmission & Storage segment * | (161) | 2,691 | 90 | 0 | 2,620 | |||
Regulated asset retirements and other charges | 768 | 44 | 200 | 0 | 1,012 | |||
Charges associated with interests in merchant renewable generation facilities | 0 | 0 | 626 | 0 | 626 | |||
Merger and integration-related costs | 51 | 22 | 77 | 0 | 150 | |||
Net (gain) loss on NDT funds | 538 | (393) | (190) | 0 | (45) | |||
Liability management and financing | 31 | 18 | 13 | 0 | 62 | |||
Mark-to-market impact of economic hedging activities | 37 | 32 | (46) | 0 | 23 | |||
Other ** | 1 | 34 | 89 | 0 | 124 | |||
$1,265 | $2,448 | $859 | $0 | $4,572 | ||||
Income tax expense (benefit): | ||||||||
Tax effect of above adjustments to reported earnings *** | (224) | (649) | (230) | 0 | (1,103) | |||
Other | 17 | 0 | (69) | 0 | (52) | |||
($207) | ($649) | ($299) | $0 | ($1,155) | ||||
* Amount excludes the 50% interest in Cove Point retained by the Company. | ||||||||
** Includes social justice commitments, allowance for credit risk on customer accounts and Tropical Storm Isaias. | ||||||||
*** Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts | ||||||||
may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||||
2)The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities | ||||||||
entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary | ||||||||
for the three months ended March 31 or for the three months ended September 30. For the three months ended June 30, the fair value adjustment required for | ||||||||
diluted reported earnings per share calculation was $92 million. For the nine months ended September 30, the fair value adjustment required for diluted reported | ||||||||
earnings per share calculation was $28 million. In each quarter of 2020, the calculation of reported and operating earnings per share includes the impact of | ||||||||
preferred dividends of $7 million associated with the Series A preferred stock equity units entered in June 2019 and $9 million associated with the | ||||||||
Series B preferred stock equity units entered in December 2019. See Forms 10-Q and 10-K for additional information. | ||||||||
3)YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities. | ||||||||
Schedule 3 - Reconciliation of 2019 Reported Earnings to Operating Earnings
2019 Earnings (Twelve months ended December 31, 2019)
The $2.0 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:
Dominion Energy also recorded $194 million tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.
(millions, except per share amounts) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | 3 | |
Reported earnings (loss) | ($680) | $54 | $975 | $1,009 | $1,358 | ||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 1,484 | 504 | (21) | (24) | 1,943 | ||
Income tax | (111) | (174) | (8) | (133) | (426) | ||
1,373 | 330 | (29) | (157) | 1,517 | |||
Operating earnings | $693 | $384 | $946 | $852 | $2,875 | ||
Common shares outstanding (average, diluted) | 793.1 | 802.5 | 813.0 | 826.3 | 808.9 | ||
Reported earnings (loss) per share 2 | ($0.86) | $0.07 | $1.17 | $1.21 | $1.62 | ||
Adjustments to reported earnings per share 2 | 1.73 | 0.41 | (0.02) | (0.19) | 1.91 | ||
Operating earnings per share 2 | $0.87 | $0.48 | $1.15 | $1.02 | $3.53 | ||
1)Adjustments to reported earnings are reflected in the following table: | |||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | |||
Pre-tax loss (income): | |||||||
Merger and integration-related costs | 1,428 | 497 | 59 | 376 | 2,360 | ||
Regulated asset and contract retirements/terminations | 547 | 197 | 47 | (22) | 769 | ||
Discontinued operations - Gas Transmission & Storage segment * | (154) | (117) | (125) | (216) | (612) | ||
Revision to ash pond and landfill closure costs | (113) | 0 | 0 | 0 | (113) | ||
Net gain on NDT funds | (253) | (83) | (28) | (189) | (553) | ||
Other | 29 | 10 | 26 | 27 | 92 | ||
$1,484 | $504 | ($21) | ($24) | $1,943 | |||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings ** | (279) | (174) | (8) | (145) | (606) | ||
Write-off EDIT regulatory assets (SCANA) | 198 | 0 | 0 | (4) | 194 | ||
Other | (30) | 0 | 0 | 16 | (14) | ||
($111) | ($174) | ($8) | ($133) | ($426) | |||
* Amount excludes the 50% interest in Cove Point retained by the Company. | |||||||
** Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such | |||||||
amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
2)The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities | |||||||
entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were | |||||||
necessary for the three months ended June 30. For the three months ended September 30, the fair value adjustment required for diluted reported earnings | |||||||
per share calculation was $13 million. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings | |||||||
per share calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of | |||||||
preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with | |||||||
the Series B preferred stock equity units entered in December of 2019. See Forms 10-Q and 10-K for additional information. | |||||||
3) YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities. | |||||||
Schedule 4 - Reconciliation of 3Q20 Earnings to 3Q19 | |||||||
Preliminary, Unaudited | Three Months Ended | Nine Months Ended | |||||
(millions, except EPS) | September 30, | September 30, | |||||
2020 vs. 2019 | 2020 vs. 2019 | ||||||
Increase / (Decrease) | Increase / (Decrease) | ||||||
Reconciling Items | Amount | EPS | Amount | EPS | |||
Change in reported earnings (GAAP) | ($619) | ($0.76) | ($1,432) | ($1.80) | |||
Change in Pre-tax loss (income) 1 | 880 | 2,605 | |||||
Change in Income tax 1 | (291) | (862) | |||||
Adjustments to reported earnings | $589 | $0.69 | $1,743 | $2.02 | |||
Change in consolidated operating earnings | ($30) | ($0.07) | $311 | $0.22 | |||
Dominion Energy Virginia | |||||||
Regulated electric sales: | |||||||
Weather | ($2) | $0.00 | ($50) | ($0.06) | |||
Other | (7) | (0.01) | (18) | (0.02) | |||
Rate adjustment clause equity return | 21 | 0.03 | 76 | 0.09 | |||
Electric capacity | (6) | (0.01) | 27 | 0.04 | |||
Select operations and maintenance expense2 | (1) | 0.00 | 47 | 0.06 | |||
Depreciation & amortization | 12 | 0.02 | 33 | 0.04 | |||
Renewable energy investment tax credits | (29) | (0.04) | (10) | (0.01) | |||
Other | (4) | 0.00 | (9) | (0.01) | |||
Share dilution | (0.02) | (0.08) | |||||
Change in contribution to operating earnings | ($16) | ($0.03) | $96 | $0.05 | |||
Gas Distribution | |||||||
Regulated gas sales: | |||||||
Weather | $0 | 0.00 | ($2) | ($0.00) | |||
Other | (2) | (0.00) | 10 | 0.01 | |||
Select operations and maintenance expense2 | 0 | 0.00 | 12 | 0.02 | |||
Interest expense, net | 14 | 0.02 | 25 | 0.03 | |||
Other | 9 | 0.01 | 16 | 0.02 | |||
Share dilution | 0.00 | (0.02) | |||||
Change in contribution to operating earnings | $21 | $0.03 | $61 | $0.06 | |||
Dominion Energy South Carolina | |||||||
Regulated electric sales: | |||||||
Weather | ($9) | ($0.01) | ($23) | ($0.03) | |||
Other | 15 | 0.02 | 16 | 0.02 | |||
Regulated gas sales | 2 | 0.00 | 8 | 0.01 | |||
Interest expense, net | 11 | 0.01 | 21 | 0.03 | |||
Other | (28) | (0.03) | (28) | (0.03) | |||
Share dilution | 0.00 | (0.02) | |||||
Change in contribution to operating earnings | ($9) | ($0.01) | ($6) | ($0.02) | |||
Contracted Assets | |||||||
Margin | $32 | $0.03 | ($11) | ($0.02) | |||
Select operations and maintenance expense2 | (7) | (0.01) | 1 | 0.00 | |||
Renewable energy investment tax credits | 0 | 0.00 | 7 | 0.01 | |||
Interest expense, net | 3 | 0.00 | 10 | 0.01 | |||
Other | (2) | 0.00 | (8) | (0.01) | |||
Share dilution | 0.00 | (0.01) | |||||
Change in contribution to operating earnings | $26 | $0.02 | ($1) | ($0.02) | |||
Corporate and Other | |||||||
Share dilution and other | ($52) | ($0.08) | $161 | $0.15 | |||
Change in contribution to operating earnings | ($52) | ($0.08) | $161 | $0.15 | |||
Change in consolidated operating earnings | ($30) | ($0.07) | $311 | $0.22 | |||
Change in adjustments included in reported earnings1 | ($589) | ($0.69) | ($1,743) | ($2.02) | |||
Change in consolidated reported earnings | ($619) | ($0.76) | ($1,432) | ($1.80) | |||
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||||||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | |||||||
2) | Includes salaries, wages, and benefits and outage expenses. | ||||||
Note: Figures may not sum due to rounding | |||||||
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SOURCE Dominion Energy
Article Date
11/5/2020Dominion Energy Declares Quarterly Dividend of 63 Cents
Source: PR Newswire
RICHMOND, Va., Nov. 4, 2020 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 63 cents per share of common stock.
Dividends are payable on Dec. 20, 2020, to shareholders of record at the close of business Dec. 4, 2020.
This is the 371st consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared July 30, 2020.
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SOURCE Dominion Energy
Article Date
11/4/2020Dominion Energy Proposes Largest Slate of New Solar Facilities for Virginia Customers
Source: PR Newswire
RICHMOND, Va., Nov. 2, 2020 /PRNewswire/ -- Dominion Energy Virginia proposed its largest slate yet of new solar projects as the company moves forward to provide customers with more clean energy. The nine solar facilities would bring nearly 500 megawatts (MW) of new renewable energy to customers, enough to power around 125,000 homes at peak output. The proposal comes just months after enactment of the Virginia Clean Economy Act (VCEA) and builds on what is already the third-largest solar portfolio among utility holding companies in the United States.
"This filing is another concrete step toward our commitment to bring more renewable energy to Virginia and build a clean, sustainable future for our customers and our Commonwealth," said Ed Baine, president - Dominion Energy Virginia. "We are focused on adding significant renewable energy resources, such as solar and wind, over the next 15 years while maintaining our commitment to excellent reliability and delivering an excellent value to our customers."
Six of the nine new solar projects totaling 416 of the 498 megawatts of energy at peak output are power purchase agreements selected following a competitive solicitation process. This collaborative approach with solar developers contributes to building a clean energy economy in the Commonwealth and helps fulfill the VCEA requirement to have approximately a third of new solar and onshore wind through 2035 be procured through power purchase agreements.
The three utility-owned solar projects are expected to provide over $100 million in direct and indirect economic benefits in Virginia and will support approximately 750 jobs:
Each of the facilities is under development and subject to approval by the State Corporation Commission before construction begins.
The solar projects proposed today, if approved, will add less than 20-cents to the typical residential customer's bill and will be offset in part by fuel savings. These resources will aid Dominion Energy in meeting its obligations under the VCEA's mandatory renewable portfolio standard (RPS), which generally requires that 100% of its electricity sales in the Commonwealth be sourced from clean energy sources by 2045.
Today's filing includes Dominion Energy's RPS Development Plan detailing a strategy for RPS compliance through 2035 and achievement of certain VCEA targets for solar/onshore wind and energy storage development in the same timeframe. The filing also provides projections of long-term cost, together with ways expenses can be reduced, including savings in fuel as traditional energy generation is displaced by renewable energy.
Dominion Energy's rates are well below the national and east coast averages. In its ongoing 2020 integrated resource plan (IRP), Dominion Energy Virginia has projected that over the next decade, the typical residential customer's monthly bill will increase by about 3 percent on a compound annual basis, using year-end 2019 as the starting point. The company stands by this assessment; of that amount, approximately half is attributable to RPS-related projects and initiatives. The premise of the 2020 RPS Development Plan's projection differs in that it represents the incremental bill impact of projects related to the RPS Program rather than total customer bills.
On October 9, Dominion Energy Virginia issued a new RFP soliciting bids for small-scale solar projects up to 3 MW in size. Another RFP for large-scale solar, onshore wind and energy storage projects is currently underway and a request for information (RFI) to purchase or lease land suitable for large-scale solar development was released in August. These initiatives will help inform the Company's future renewable energy filings and help meet renewable energy goals.
Solar generation is a vital part of Dominion Energy's comprehensive clean energy strategy to meet standards outlined in the VCEA and to achieve the companywide commitment to net zero carbon dioxide and methane emissions by 2050. The company recently completed construction of the first offshore wind turbines in federal waters and is making progress on development of the largest offshore wind project in the Americas. This expansion of renewable energy development will give Virginians significant access to more renewable energy and create thousands of clean energy jobs.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy Virginia
Article Date
11/2/2020Dominion Energy Releases Sustainability and Corporate Responsibility Report
Source: PR Newswire
RICHMOND, Va., Oct. 27, 2020 /PRNewswire/ -- From developing the largest offshore wind project in the Americas to committing tens of millions of dollars to promote higher education equity, Dominion Energy (NYSE: D) is transforming how the company serves customers and communities for the greater good. The details are outlined in the company's newly released Sustainability and Corporate Responsibility Report, which can be accessed online at sustainability.dominionenergy.com
"We live in a period of remarkable industrial, environmental, and social change," said Thomas F. Farrell, II, executive chairman. "Our company is not only accepting that change, we are embracing it and leading the way."
The report covers Dominion Energy's initiatives across a range of areas, from safety and environmental management to diversity and employee benefits. Select highlights of the report include:
Clean Energy Investments
Protecting the Environment
Serving Customers & Communities
Empowering Our People
Additional sections of the report detail the company's response to the coronavirus pandemic and to the social unrest that followed the killing of George Floyd in Minneapolis in May 2020.
"This report demonstrates that we are not just a leader in providing clean, reliable, and affordable energy to our customers," said Robert M. Blue, president and chief executive officer. "We are leading the way in environmental and social responsibility as well."
The report covers a wide range of other topics, including cybersecurity programs, charitable activities, energy efficiency efforts, and extensive safety and employee development programs. It also delivers on Dominion Energy's commitment to openness and transparency, with sections on corporate governance and stakeholder engagement; environmental, natural gas, and social and workforce metrics; and indices that map to a Priority Sustainability Issue Assessment, as well as standards from the Global Reporting Initiative, the Sustainability Accounting Standards Board, and the United Nations' Sustainable Development Goals.
To learn more, you can view the full report online at sustainability.dominionenergy.com.
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/27/2020Arts Organizations Encouraged to Apply for Annual ArtStars Awards as Deadline Nears
Source: PR Newswire
RICHMOND, Va., Oct. 26, 2020 /PRNewswire/ -- Dominion Energy is inviting nonprofit arts organizations across Virginia to apply for a 2021 Dominion Energy ArtStars award. Shining Star Awards of $10,000 each will be granted to arts and cultural programs that engage students of all ages and enliven communities through theater, art, music and other creative outlets.
"We look forward to the ArtStars application period every year," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "We know many arts organizations have worked tirelessly to adapt their programming to continue serving communities during the pandemic. The ArtStars Awards are a great way to honor these talented organizations and their commitment to art education."
Last year, $10,000 Shining Star awards were given to:
To be eligible, organizations must have a qualifying arts and education program and an annual budget of less than $1 million. We also are asking organizations to share how they have adapted their programs to continue reaching the community throughout the COVID-19 pandemic. ArtStars recipients from the most recent year are not eligible.
For details on eligibility and to apply, visit www.dominionenergy.com/artstars. Applications are due by Oct. 31, 2020 at 5 p.m. Only online applications will be accepted.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed over $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/26/202010/15/2020 - Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Safe and Warm This Winter
Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Safe and Warm This Winter
Source: PR Newswire
CLEVELAND, Oct. 15, 2020 /PRNewswire/ -- As the winter heating season approaches, Dominion Energy Ohio is offering customers facing financial hardship more flexible payment options on past-due balances and increased financial support for EnergyShare, our program supporting families and individuals in need. The company remains committed to providing safe, economical and reliable energy, even as the coronavirus pandemic continues to impact communities across the country.
During the period ahead, the company strongly encourages customers to take advantage of the resources being made available, chief among them more flexible payment plans. Customers can learn more by calling 1-800-362-7557. Information is also available 24/7 online at DominionEnergy.com, search billing options & assistance.
1. Public Utilities Commission of Ohio Winter Reconnection Order: The company also reminds customers of the Public Utilities Commission of Ohio's annual Winter Reconnection Order, which took effect October 5, earlier than usual. All residential customers, regardless of income, may avoid a shutoff or restore gas service once during the heating season, between October 5 and through April 15, 2021 by paying the lesser of:
If service has been disconnected, a reconnect fee of $33, plus applicable taxes, will be billed to the account. Customers will be enrolled automatically in the One-Ninth Payment Plan when using the Winter Reconnection Order to help pay off any additional past-due balances. Customers may select a different plan by calling Dominion Energy Ohio.
2. Dominion Energy Payment Plans: If customers are having trouble paying their bills, the company offers both short-term payment extensions and long-term payment plans to help residential and commercial customers manage their balances and catch up over time. Customers may qualify for one of several Dominion Energy or State of Ohio programs. Dominion offerings include:
3. EnergyShare: Dominion Energy offers direct help through EnergyShare, our program for those facing financial hardships, who have exhausted all other forms of energy assistance. The Salvation Army administers the program. EnergyShare is funded with company contributions and supplemented with donations from customers and employees. To meet continuing customer needs during the pandemic and for the upcoming winter season, the company has added $750,000 to the program, on top of its usual $230,000 annual contribution and an additional donation of $150,000 made this year.
Customers who are not eligible to participate in Ohio's Percentage of Income Payment Plan Plus (PIPP Plus) program may apply for EnergyShare assistance between October 1, 2020, and May 31, 2021, or until funds run out, to receive a maximum payment of $800. To qualify, a customer's yearly gross household income must be at or below 300 percent of the federal poverty guidelines for eligibility or the head of household is unemployed, or the applicant is experiencing financial hardship.
PIPP Plus-eligible customers may apply for EnergyShare between December 1, 2020, and May 31, 2021, or until funds run out, for a maxim payment of $300. Note: PIPP Plus customers must wait to apply for HEAP November 1, to ensure this program is used as a last resort option to avoid disconnection.
Here are other important EnergyShare details:
4. Dominion Energy also offers multiple no-cost or low-cost energy conservation programs to help customers lower their bills:
5. Government Assistance Programs: The following programs are available for income-eligible customers. Customers can apply for all programs with one application at www.energyhelp.ohio.gov, which provides income guidelines as well. Applications also are available at libraries, some banks and your local home energy assistance provider, or by calling the Ohio Development Services Agency at 1-800-282-0880. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
10/15/202010/14/2020 - Dominion Energy's Coastal Virginia Offshore Wind Turbines Complete Final Step To Start Serving Virginia Customers
Dominion Energy's Coastal Virginia Offshore Wind Turbines Complete Final Step To Start Serving Virginia Customers
Source: PR Newswire
RICHMOND, Va., Oct. 14, 2020 /PRNewswire/ -- Dominion Energy announced today the two turbine, 12-megawatt Coastal Virginia Offshore Wind (CVOW) pilot project, located 27 miles off the coast of Virginia Beach, successfully completed reliability testing and is ready to enter commercial service to deliver clean, renewable energy to Virginia customers.
"This is a monumental day for the Commonwealth and the burgeoning offshore wind industry in America as CVOW is ready to deliver clean, renewable energy to our Virginia customers," said Joshua Bennett, Dominion Energy vice president of offshore wind. "Our team has worked diligently with key stakeholders and regulators while safely navigating through the coronavirus pandemic to complete this vitally important project that is a key step to reducing carbon emissions."
The next significant regulatory step for CVOW is to submit the final documentation for the Bureau of Ocean Energy Management (BOEM) to complete its technical review, which is expected to be complete by the end of the year. The turbines will remain in operation during this review process. CVOW is the only project currently permitted under the BOEM process and will be the first fully operational wind power generation facility in U.S. federal waters with the capability to generate enough electricity to power up to 3,000 Virginia homes.
Offshore wind generation is a major component of Dominion Energy's comprehensive clean energy strategy to meet standards mandated in the Virginia Clean Economy Act and to achieve the company's net zero carbon dioxide and methane emissions commitment by 2050.
The company will apply the valuable permitting, design, installation and operations experience from the pilot project to its proposed 2,600-megawatt commercial project. That project, which is the largest announced offshore wind project in North America, is on track to commence construction in 2024, and upon completion, will provide enough renewable electricity to power up to 660,000 homes.
According to an economic impact study performed by Glen Allen-based Mangum Economics and commissioned and published by the Hampton Roads Alliance, it is estimated that the CVOW commercial project could create approximately 900 jobs and $143 million in economic impact annually during construction and 1,100 jobs and almost $210 million in economic impact annually during operation of the turbines.
Similarly, during construction, the 2.6-gigawatt CVOW commercial project is estimated to generate nearly $5 million per year in local and state tax revenue which increases to almost $11 million annually once the project is commissioned and operational.
A variety of Virginia-based companies contributed to the CVOW pilot project and Dominion Energy remains committed to positioning Hampton Roads as a supply chain hub for U.S. offshore wind efforts, which can create thousands of clean energy jobs in the Commonwealth.
Customers will see no increase in rates for the pilot project under the provisions of the Grid Transformation and Security Act of 2018.
Installation of the two pilot turbines was completed in June. Ørsted served as the offshore engineering, procurement and construction lead for the pilot project. The L. E. Myers Company with members of the International Brotherhood of Electrical Workers, performed the onshore construction work.
Work continues on Dominion Energy's proposed 2.6-gigawatt commercial wind project and its Construction and Operations Plan is on schedule to be submitted to BOEM later this year.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/14/202010/9/2020 - Broadband Internet Pilot to Support Access to Healthcare, Jobs and Education for Thousands in Rural Virginia
Broadband Internet Pilot to Support Access to Healthcare, Jobs and Education for Thousands in Rural Virginia
Source: PR Newswire
RICHMOND, Va., Oct. 9, 2020 /PRNewswire/ -- Residents in rural parts of Virginia could gain access to broadband internet critical for jobs, healthcare and education under three pilot projects proposed Oct. 1 by Dominion Energy Virginia.
Thanks to support from the Virginia General Assembly and collaboration with electric cooperatives and Internet Service Providers, the proposed Rural Broadband Pilot projects would extend broadband internet to citizens in Surry County, Botetourt County and the Northern Neck, if approved by the State Corporation Commission. The proposal includes nearly 300 miles of middle-mile fiber and would cost approximately $29 million to construct.
"With so many Virginians working and learning from home due to COVID-19, access to reliable internet is an absolute necessity," said Ed Baine, president of Dominion Energy Virginia. "We hope these partnerships are the first of many, and we're optimistic about how much these efforts could help communities here in our home state."
More than 500,000 Virginians still live without easy access to high-speed internet. Extending broadband internet access would support economic development, social equity, public safety, educational opportunities, and healthcare services for citizens of the Commonwealth.
In rural areas, it's not cost effective for Internet Service Providers to lay the fiber necessary to reach less-populated communities with broadband internet. Dominion Energy is in a unique position to help bridge the digital gap. The company is installing new infrastructure as it moves forward with efforts to transform Virginia's energy grid. In the pilots, Dominion Energy Virginia is leveraging this pathway value and enabling Internet Service Providers to create broadband access for currently unserved rural communities in Virginia.
A recent State Council for Higher Education in Virginia (SCHEV) report showed nearly 20 percent of rural students lack broadband at home, compared to less than 10 percent of students living in urban areas. If approved, the pilot projects will help provide reliable internet for students learning virtually due to COVID-19. The pilots also will help enable access to telemedicine and other healthcare services for those in need.
"Access to high-speed broadband provides opportunities for our community to attract new businesses, create jobs, and increase the number of citizens with work-from-home capabilities," said Melissa Rollins, County Administrator – Surry County. "This initiative is critical to setting up future generations for success."
The three proposed pilot projects are the first the company has brought forward under the Grid Transformation & Security Act of 2018 and legislation patroned by Del. Israel O'Quinn in 2019. They also align with Governor Northam's $85 million proposal to expand access to broadband for unserved communities.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/9/2020Dominion Energy Schedules Third-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Oct. 6, 2020 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its third-quarter earnings conference call at 11 a.m. ET on Thursday, Nov. 5, 2020. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial 1-800-341-6228. International callers should dial 1-334-777-6993. The passcode for the conference call is 63771662#. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 3 p.m. ET Nov. 5 and lasting until 11 p.m. ET Nov. 12. Domestic callers may access the recording by dialing 1-877-919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 65141144. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 5.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-schedules-third-quarter-earnings-conference-call-301146890.html
SOURCE Dominion Energy
Article Date
10/6/20209/30/2020 - Virginia Customers Encouraged to Download New Dominion Energy App in Midst of Busy Hurricane Season
Virginia Customers Encouraged to Download New Dominion Energy App in Midst of Busy Hurricane Season
Source: PR Newswire
RICHMOND, Va., Sept. 30, 2020 /PRNewswire/ -- Dominion Energy customers can now report outages, pay their bills, and monitor their energy usage all in one place using a new app the company rolled out today.
The app provides a secure, quick and easy way for customers to manage their energy account on the go.
"We're excited to offer our customers a one-stop-shop where they can do everything from pay their bill to learn how to conserve energy and save money," said Corynne Arnett, senior vice president of Regulatory Affairs & Customer Experience. "The app will allow customers to quickly and easily report an outage and enable easier account access along with increased security features."
The app is available on iOS and Android for residential and small business customers across eight states. Search for "Dominion Energy" in the Apple App Store or Google Play Store to download the app for free. Customers will have the option to enable biometric authentication for secure access to their account.
Using the Dominion Energy app, Virginia customers will be able to:
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/30/2020Dominion Energy Programs Accelerate Electric Vehicle Adoption in Virginia
Source: PR Newswire
RICHMOND, Va., Sept. 29, 2020 /PRNewswire/ -- Dominion Energy Virginia today announced another step to drive electric vehicle adoption, save customers money and reduce emissions in Virginia. Rebates for charging stations for multi-family communities, workplaces, transit bus depots and fast-charging locations are now available. A rebate program for the company's residential customers will launch in Virginia in early 2021.
The rebates for infrastructure, chargers and network fees range from $2,000 to more than $50,000 per project. The new Smart Charging Infrastructure Pilot Program was approved by the State Corporation Commission as part of the company's Grid Transformation Plan – a 10-year plan to transform Virginia's energy grid and give customers more ways to save money, more reliable service, and more access to renewable energy.
"We believe electrification isn't just the future of transportation. We're powering it in Virginia right now," said Ed Baine, senior vice-president of Power Delivery. "Soon, parents in Fairfax will be able to send their children to school on an electric school bus, commute to the metro station on Virginia's first autonomous electric shuttle and charge their electric vehicle while running errands around town."
Those interested in learning more about the company's commitment to electric vehicles and the Smart Charging Infrastructure Pilot Program are invited to attend a webinar on October 1 at 11 a.m. EST. Visit the Smart Charging Infrastructure Pilot Program website to register for the webinar.
Dominion Energy is committed to reducing carbon emissions and helping customers do the same. Transportation is the largest source of carbon emissions in the United States and in Virginia, so transportation electrification plays a vital role in reducing emissions and improving air quality. In addition to rebates for electric vehicle charging, the company is supporting the adoption of electric vehicles in the following ways:
The announcement comes as electric vehicle enthusiasts across the U.S. are recognizing National Drive Electric Week, a celebration to raise awareness of the benefits of electric vehicles.
Electric vehicles are environmentally friendly and cost less to operate than gas-powered cars. Plus, they are easy to charge and fun to drive. According to Edison Electric Institute, electric vehicles emit 54 percent fewer carbon dioxide emissions and drivers spend 50 percent less on fuel when compared to gas-powered cars.
Visit Dominion Energy's website to learn more about the benefits of electric vehicles and access tools – such as a savings calculator and charger finder – to explore if an electric vehicle is right for you. Incentives and new programs will help customers make decisions on how and where to charge an electric vehicle and still save money.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/29/2020Dominion Energy Christmas Parade Moves to Televised-Only Broadcast Due to Pandemic
Source: PR Newswire
RICHMOND, Va., Sept. 24, 2020 /PRNewswire/ -- The Dominion Energy Christmas Parade has officially announced its decision to host a televised-only event due to the ongoing COVID-19 pandemic. Viewers can tune in to watch the 37th annual Christmas Parade exclusively on WTVR CBS6 on Saturday, Dec. 5 from 10 a.m. to noon or watch the rebroadcast on Christmas Day.
Organizers said the safety of parade goers and uncertainty of COVID-19 conditions at the time of the parade drove their final decision.
"Although the Dominion Energy Christmas Parade won't be live this year, we know that moving the event to a televised special is what's best for the Richmond community," said Parade Director Beth Karrer. "We can all celebrate this year's parade with family and friends in the comfort of our homes while bringing holiday cheer to Richmond in the safest way possible."
"We've spoken with Santa and he wanted all the children to know that COVID-19 can't keep him away!" Karrer continued. "In fact, he's excited to celebrate the season knowing we all need an extra dose of holiday cheer."
This year's broadcast will include all-new performances from favorite local and regional entertainment groups, community stories, and a special competition showcasing homemade float entries. The broadcast will also feature "best of" clips from over the years including floats, balloons, and marching bands. Photos of the Christmas Parade can be found here.
About the Dominion Energy Christmas Parade
Richmond Parade, Inc. is a non-profit organization that hosts the Dominion Energy Christmas Parade. This is the 11th year that the Dominion Energy Charitable Foundation has sponsored the parade. The beloved Christmas Parade showcases regional talent, including high school and college marching bands, high-stepping equestrian units, dance troupes, themed floats, super-sized helium balloons, Legendary Santa and tons of fun!
Tune in to the Christmas Parade exclusively on WTVR-CBS Channel 6 at 10 a.m. on Saturday, Dec. 5 or watch the rebroadcast on Christmas Day. For additional information, visit www.richmondparade.org or call (804) 788-6470.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed over $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/24/2020Dominion Energy Announces Nuclear License Renewal Application for North Anna Power Station; Supports Dominion Energy's Net Zero Commitment
Source: PR Newswire
RICHMOND, Va., Sept. 4, 2020 /PRNewswire/ -- Dominion Energy, (NYSE: D), has filed an application with the Nuclear Regulatory Commission (NRC) to renew North Anna Power Station's operating licenses for an additional 20-year term.
Dominion Energy's filing for the power station, located in Louisa County, Va., makes North Anna the second nuclear station in the Commonwealth to seek a second renewal of its licenses, beyond the original 40-year license terms that were granted in 1978 and 1980 and the extension granted in 2003. The power station operates two nuclear units capable of producing clean electricity for 473,000 homes in Virginia. Dominion Energy filed a similar application to renew the licenses of the two Surry Power Station units in Surry County in 2018. The NRC is currently reviewing that application. Both Surry and North Anna, combined, produce 31 percent of the electricity for the company's 2.5 million customers and 95 percent of the carbon-free electricity in the state.
"Our application to renew North Anna Power Station's licenses for another 20-year period is good news for our customers, the regional economy, and the environment," said Dan Stoddard, Dominion Energy's Chief Nuclear Officer. "Our customers will benefit from continuing to receive safe, reliable, affordable, and carbon-free electricity from the station through 2060.
"Renewing the licenses for both of our nuclear units in Virginia is critical to the company meeting the Virginia Clean Economy Act's requirements for zero-carbon electricity by 2045 as well as the company's net zero by 2050 commitment. It also positions Virginia for continued economic growth and will help the Commonwealth remain a leader in the production of clean energy among other states in the mid-Atlantic and South. It supports more than 900 high-paying jobs at the station and produces additional economic and tax benefits."
Like all U.S. nuclear units, the North Anna units were originally licensed to operate for 40 years. The units' licenses were renewed for 20 additional years of operation on March 20, 2003, following a stringent review process authorized under federal law. Under its current licenses, North Anna Units 1 and 2 can continue to provide safe, reliable and affordable electricity to customers through 2038 and 2040, respectively. With renewed licenses, the units may operate to 2058 and 2060, respectively. The comprehensive and stringent review process assures customers and local communities that the facilities are able to continue to operate in a safe and reliable manner.
The nuclear units at North Anna Power Station are both three-loop Westinghouse pressurized water reactors – capable of providing 1,892 net megawatts, or about 20 percent of the electricity our customers receive.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/4/2020"We Care Rebuild Project" to Help Small Businesses Manage Recovery and Address Social Justice Issues in Richmond, Hampton Roads
Source: PR Newswire
RICHMOND, Va., Aug. 27, 2020 /PRNewswire/ -- Dominion Energy is committing $600,000 toward the newly established We Care Rebuild Project, a community-led initiative providing support to small businesses in Richmond and Hampton Roads as they manage coronavirus impacts and engage in community rebuilding.
The We Care RVA Rebuild Project in Richmond will be led by the Metropolitan Business League (MBL) and include Venture Richmond, Local Initiatives Support Corporation Virginia (LISC), Virginia Community Capital (VCC), and Chamber RVA as partners. The We Care Hampton Roads Rebuild Project will be led by the Urban League and supported by Black BRAND, LISC Hampton Roads, and VCC.
Small businesses dealing with financial difficulties due to the coronavirus pandemic or disruptions in business continuity will be eligible to apply for grants, ranging from $2,500 to $10,000. Funds will support a range of emergency needs and crisis resources, including clean-up, such as graffiti removal and other beautification efforts, bill support, business coaching, and professional counseling, among other services.
"The We Care Rebuild Project is truly a community effort toward helping small and women- and minority-owned businesses," said Floyd Miller, President and CEO of the Metropolitan Business League. "With the unique challenges facing business owners today, we want to ensure they have the resources for success. Our goal is for funds to give a boost to more than 100 businesses in the Richmond and Hampton Roads areas this year."
Eligibility requirements can be found on the MBL's website for the Richmond area program, with an application period running from Sept. 21 to Oct. 5. A second application period is expected later this year. Following review, applicants will receive notice of the funding determination by Oct. 15, with disbursements immediately following. The Hampton Roads area application period will open on Oct. 1 and more information will be available soon at www.ulhr.org.
"In Hampton Roads, we've unfortunately seen a recent wave of businesses close permanently due to the coronavirus," said Gilbert Bland, President and CEO of the Urban League. "By establishing the We Care program to provide grants to businesses, we're hopeful that funds will bridge the financial gap so owners can weather this rocky period and continue on for years to come."
Sponsorship of the We Care Rebuild Project is part of Dominion Energy's $5 million commitment in June toward social justice and broad-based community reconciliation across the states where Dominion Energy operates. Other We Care Rebuild sponsors include Altria, CapitalOne, Community Foundation and the Robins Foundation. Dominion Energy plans additional support for small business initiatives in Ohio and South Carolina, with an announcement forthcoming.
"Dominion Energy is committed to providing support where we can, during what has been a very difficult year for our communities," said Ed Baine, Senior Vice-President of Power Delivery for Dominion Energy. "We're grateful to the Metropolitan Business League, the Urban League of Hampton Roads and all of the other partners for their dedicated efforts to reach small businesses during these unprecedented times and provide both the temporary and ongoing assistance needed to help our communities thrive."
Existing Small Business Assistance
This initiative bolsters the existing small business support Dominion Energy offers, including onsite energy efficiency assessments, rebates for energy efficiency measures and other incentives for business improvements: www.dominionenergy.com/virginia/save-energy/small-business-improvement.
In response to the coronavirus, the company is waiving late fees and has suspended disconnects for nonpayment through mid-October, subject to regulatory approval. On August 13, the company announced the expansion of its industry-leading EnergyShare program to reach small businesses, nonprofits and houses of worship with $500,000 in assistance toward their energy bills. Customers also can access long-term payment plans, allowing up to 12 months to pay past due amounts with no minimum down payment. To learn more about Dominion Energy's coronavirus relief efforts, visit www.dominionenergy.com/company/coronavirus.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Metropolitan Business League
The Metropolitan Business League (MBL) is a non-profit, membership-based business association that creates business connections in Central Virginia. For over 50 years it has fostered business development and expansion, as well as promoted economic prosperity in Virginia through leadership, education, training and advocacy for small, women- and minority-owned businesses. Visit thembl.org for more information.
About the Urban League
The Urban League of Hampton Roads, Inc. was founded in 1978 with a mission to assist African-Americans and others in the achievement of social and economic equality. Visit www.ulhr.org for more information.
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SOURCE Dominion Energy
Article Date
8/27/2020Dominion Energy Acquires Central Virginia Solar Project
Source: PR Newswire
RICHMOND, Va., Aug. 17, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) announced today that it has acquired the 62.5-megawatt (AC) Madison Solar generating facility in Orange County, Va., from Cypress Creek Renewables. The project, which will be owned by Dominion Energy's contracted assets arm and which has received all applicable state and local permits, is expected to enter service in the second quarter of 2022.
Falls Church, Va.-based Northrop Grumman Corporation will take the electricity generated at Madison Solar as well as the renewable energy credits, under long-term agreements. Northrop Grumman anticipates that the facility will provide enough renewable power to the grid to match 100 percent of its Virginia manufacturing and office operations' electricity use.
"If we can help our customers – both large and small – add more renewables and provide cleaner electricity," said Robert M. Blue, Dominion's executive vice president and co-chief operating officer, "that's a win for our customers and the Commonwealth of Virginia."
As part of the Virginia Clean Economy Act's requirement for zero-carbon electricity by 2045, over the next 15 years Dominion Energy plans to add about 16,000 megawatts of solar generating capacity through company-owned projects and power purchase agreements signed with third-party developers in Virginia. It has also met its stated 2018 goal of bringing online, beginning development on, or signing contracts for 3,000 megawatts of solar and wind generating capacity in Virginia by the beginning of 2022. The company's solar portfolio was recently ranked third by S&P Global Market Intelligence among utility holding companies in the U.S.
"Northrop Grumman has a long-standing commitment to environmental sustainability and greenhouse gas emissions reductions," said Sandra Evers-Manly, vice president of global corporate responsibility, Northrop Grumman. "As we look beyond our 2020 goals, this project will play an important role in the next generation of our climate-related commitments."
"Our mission of powering a sustainable future one project at a time drives us to create valuable partnerships and projects," said Cassidy DeLine, vice president of Project Finance, Cypress Creek Renewables. "Our collaboration with Dominion and Northrop Grumman on the Madison project reinforces our commitment to developing solar in the nation's largest wholesale electricity market, PJM, and delivering long-term benefits for Orange County, Va."
About 660 acres of land along State Route 20 in Locust Grove, Va., are being purchased to house the solar development.
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/17/20208/13/2020 - $1M EnergyShare Expansion Provides Bill Assistance Options for Small Businesses, Residential Customers
$1M EnergyShare Expansion Provides Bill Assistance Options for Small Businesses, Residential Customers
Source: PR Newswire
RICHMOND, Va., Aug. 13, 2020 /PRNewswire/ -- Small business and residential customers facing financial hardship can now receive support on their energy bills through Dominion Energy's industry-leading EnergyShare program. Dominion Energy is supplementing its $13 million annual program contribution in Virginia with $1 million this year to further help customers in need of bill assistance, due to coronavirus impacts. Small businesses, nonprofits, and houses of worship will be eligible for $500,000, while the remaining $500,000 will be reserved for residential customers.
For small businesses, a temporary Small Business Relief Program will offer one-time assistance of up to $1,000 toward unpaid Dominion Energy Virginia electric bills that may have accrued during the pandemic. To ensure the funds reach those organizations most in need, Dominion Energy is announcing a partnership with the Virginia Chamber of Commerce Foundation, which is establishing an advisory council, including representatives from:
The council will raise program awareness in the business community, review applications and award assistance to eligible businesses. The Virginia Chamber of Commerce Foundation will administer the program and United Way of Greater Richmond & Petersburg will manage distribution of funds, as they have done for EnergyShare since the program's inception in 1982. Support for nonprofits and houses of worship will also be administered through the Small Business Relief Program.
"While small businesses are focused on resuming their operations, bringing back their workforce, and prioritizing the health and safety of their customers and employees, the EnergyShare Small Business Relief Program lends a hand to those at the heart of our economy," said Barry DuVal, President and CEO of the Virginia Chamber of Commerce. "The landscape continues to change due to the ongoing pandemic and many small businesses are in vital need of additional support – that is why the Virginia Chamber Foundation is proud to partner with Dominion Energy on this relief program."
Energy Share is funded with company contributions, an expense not recovered through customer rates, along with donations from employees, retirees and the public.
Starting Sept. 1, small business applications for EnergyShare will be available on the Virginia Chamber of Commerce Foundation website: www.vachamber.com/foundation/small-business-relief-program. Applicants must submit their completed and e-signed application via e-mail to foundation@vachamber.com for review; they will receive an e-mail with the assistance decision within 14 business days. Applications will be reviewed on a first-come, first-served basis, with a rolling application period until program funds are exhausted. Additional small business support is available in the form of on-site energy efficiency assessments, rebates for energy efficiency measures and other incentives for business improvements: www.dominionenergy.com/virginia/save-energy/small-business-improvement.
For residential customers, Dominion Energy's $500,000 increase in funds complements a June announcement, which raised the maximum benefit for the summer cooling season from $300 to $600 per residential account for the year and expanded program eligibility. Additionally, the company removed the requirement of a disconnect notice to qualify for the program. Residential customers can learn more about EnergyShare or find their local EnergyShare agency at www.dominionenergy.com/energyshare or by calling 2-1-1.
"For decades, EnergyShare has helped many in crisis get the financial help they need, and this pandemic has made it an even more crucial resource," said Robert Blue, co-chief operating officer and executive vice president, Dominion Energy Virginia. "If you're having trouble paying your bill, we want you to know we're here to help you find the best solution for your unique situation."
In response to the coronavirus, the company has halted disconnects and is waiving late fees for all customers. Customers also can access long-term payment plans, allowing up to 12 months to pay past due amounts with no minimum down payment. To learn more about Dominion Energy's coronavirus relief efforts, visit www.dominionenergy.com/company/coronavirus.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About the Virginia Chamber Foundation
The Virginia Chamber Foundation tracks Virginia's economic competitiveness, conducts research and analysis, and hosts programs – connected to the priorities of Blueprint Virginia 2025. In December 2017, the Chamber released an update to its long-term strategic economic development plan, Blueprint Virginia 2025, which engaged over 6,000 business and community leaders to lay out a plan to getting Virginia back to the top of national business climate rankings. In the fall of 2020, the Virginia Chamber will begin to cultivate policy recommendations and foster key discussions for the next update, Blueprint Virginia 2030. Learn more at vachamber.com/foundation.
About United Way of Greater Richmond & Petersburg
United Way of Greater Richmond & Petersburg empowers individuals and addresses systemic problems to provide everyone with a clear path to success. We do this by conducting research, funding programs and organizations, driving systems-level change and engaging with individuals in 11 localities across the region. Learn more at YourUnitedWay.org.
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SOURCE Dominion Energy
Article Date
8/13/2020Dominion Energy Crews Continue Restoration Efforts Following Tropical Storm Isaias
Source: PR Newswire
RICHMOND, Va., Aug. 6, 2020 /PRNewswire/ -- Dominion Energy crews continued restoration efforts following Tropical Storm Isaias, working around the clock to return service to customers impacted by the storm. As of 10 am Thursday, service had been restored to more than 97% of 508,000 customers who lost power across Virginia and North Carolina. The company's focus Thursday is on restoration for all remaining customers without power, as the company continues to deploy additional crews to hardest hit areas, including Hampton Roads/Eastern Virginia and the Northern Neck.
This week, the company has dedicated more than 7,000 workers to restoration efforts, with crews from Dominion Energy in Virginia and the Carolinas and from utilities as far away as Oklahoma. The company expects service will be restored to most of those impacted by end-of-day Thursday, with remaining customers in the hardest hit areas expected to be restored Friday. Harder hit areas can sometimes take longer to address because of the extent of the damage and the complexity of required repairs.
"We know that high temperatures amplify the difficulty of power outages and we want to assure our customers that our crews remain steadfast in our focus to safely and swiftly restore power," said Ed Baine, senior vice-president of power delivery. "This was one of the 10 worst storms in our company's history. Our crews are working as quickly as possible to complete remaining necessary repairs, including downed power lines and replacing broken poles and crossarms."
Crews have made necessary repairs at more than 5,500 of the more than 7,000 locations where damage has been reported. Customers can view outage project status and estimated restoration times on Dominion Energy's outage map.
With these damages and ongoing repairs, Dominion Energy strongly urges customers to be safety conscious.
Stay away from downed power lines. Remain at least 30 feet away and ensure that others avoid the downed line. Call Dominion Energy right away to report the downed wire. Virginia and North Carolina customers should call 1-866-DOM-HELP (1-866-366-4357).
Report any outages. Dominion Energy relies on information from our customers to identify and pinpoint outage areas. The quickest way to report an outage is using a mobile device. Virginia and North Carolina customers can download the Dominion Energy Outage Center app from the Apple App Store or Google Play Store. Customers can also call 1-866-DOM-HELP (1-866-366-4357) to report an outage or use the outage reporting website: https://www.dominionenergy.com/outage-center/report-and-check-outages
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/6/2020Dominion Energy Restoration Efforts Progress Following Isaias
Source: PR Newswire
RICHMOND, Va., Aug. 5, 2020 /PRNewswire/ -- Dominion Energy crews have made progress in restoring power to customers following Tropical Storm Isaias, with more than 80% of customers who lost service in Virginia and North Carolina now back online. The company has more than 7,000 workers dedicated to restoration, including equipment and crews hard at work from Dominion Energy South Carolina offices, as well as from utilities as far away as Oklahoma. The vast majority of impacted customers should have power by end-of-day Thursday, with those impacted by more severe damage restored by end-of-day Friday.
The storm brought heavy rain, high winds, and at least 7 tornadoes, causing catastrophic damage and outages for 508,000 customers across the company's service territory. The hardest hit areas remain eastern North Carolina and pockets of Hampton Roads, the Northern Neck, and the Middle Peninsula in Virginia. In these areas, downed lines, broken power poles, tree and tornado damage and flooding have caused significant damage and obstructed roadways. Local and out-of-state crews continue to work in these areas to expedite restoration.
The company continues to assess damage and crews are working around-the-clock until service has been restored to all customers. Estimated restoration times on individual projects will be provided as assessments are completed and work locations are assigned.
As always, safety is the top priority for customers and crews. Customers are strongly encouraged to keep a safe distance from downed lines and trees, and to maintain proper social distancing from crew members.
Please continue to report outages. The company relies on information from customers to pinpoint outage areas. The quickest way to report an outage is on any mobile device. Virginia and North Carolina customers are encouraged to download the Dominion Energy Outage Center app from the Apple App Store or Google Play Store. Customers can call 1-866-DOM-HELP (1-866-366-4357) to report an outage or bookmark the outage reporting website: https://www.dominionenergy.com/outage-center/report-and-check-outages.
Stay away from downed power lines and always assume they are dangerous. Remain at least 30 feet away and ensure that others avoid downed lines. Call Dominion Energy right away to report downed wires. Virginia and North Carolina customers should call 1-866-DOM-HELP (1-866-366-4357).
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/5/2020Dominion Energy Crews Prepared for Multi-Day Restoration Effort Across Virginia and North Carolina Following Isaias' Impact
Source: PR Newswire
RICHMOND, Va., Aug. 4, 2020 /PRNewswire/ -- Dominion Energy crews have begun restoration efforts following heavy rain, winds with gusts up to 60 mph, and reported tornados from Tropical Storm Isaias in Virginia and northeastern North Carolina. In all, more than 500,000 customers experienced outages as a result of the fast-moving storm. In terms of number of customers impacted, it ranks as the 10th largest storm to date. Crews are already assessing damage and are working around-the-clock to restore power as safely and quickly as possible. As of midday Tuesday, power had been restored to more than 40% of those impacted. However, initial damage surveys indicate that it could take multiple days to restore service for affected customers, particularly in North Carolina, Hampton Roads, Northern Neck and the Middle Peninsula.
In preparation for the storm, Dominion Energy employees and contractors were staged and ready to support restoration efforts throughout the Carolinas and Virginia. With Dominion Energy South Carolina service territory experiencing few outages, available crews are being deployed to supplement North Carolina and Virginia restoration efforts, alongside other crews brought in prior to the storm's impact. Additionally, mutual assistance crews from as far away as Oklahoma are joining the restoration effort.
With the weather clearing, Dominion Energy patrol teams are out in force assessing damages. Mindful that many of our customers are working remotely, as a result of the pandemic, crews will work 24/7 with local public safety and emergency officials to restore power to essential services and facilities critical to public health and safety, such as hospitals, fire and police departments, and public water systems. Crews will then work to return service to the largest number of residential and business customers in the shortest amount of time. Once major repairs are completed, smaller groups of customers and individual homes and businesses will be restored.
We appreciate everyone's patience during restoration and will focus relentlessly on recovery efforts until service is restored all customers.
Be safe:
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/4/2020Dominion Energy Names New Executive Leadership Team
Source: PR Newswire
RICHMOND, Va., July 31, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that Thomas F. Farrell, II, chairman, president and chief executive officer, will become the company's executive chair, effective Oct. 1, 2020. In that role, Farrell will continue to serve as chair of the Board of Directors. Also, effective that date, Robert M. Blue, executive vice president and co-chief operating officer, will be promoted to president and chief executive officer, reporting to Farrell. Diane Leopold, executive vice president and co-chief operating officer, will be promoted to Dominion Energy's sole chief operating officer, responsible for all the company's operating segments, reporting to Blue. Edward H. "Ed" Baine will be promoted to president-Dominion Energy Virginia. He will report to Leopold.
Farrell joined Dominion Energy in 1995, was promoted to president and CEO in 2006 and added the role of chairman in 2007. "One of my goals as CEO was to build a strong leadership team and a long-term succession plan," said Farrell. "Today's announcement is the next step in that process."
"There is no established timeframe for my role as executive chair, and I look forward to continuing to serve the company on behalf of our shareholders, customers and communities," Farrell continued. "I will be particularly focused on continuing to develop our strategic plan and Dominion's leadership in the new clean energy economy."
Blue joined Dominion Energy in 2005 and has held a succession of services and operational executive roles since his promotion to officer in 2007, including vice president-State and Federal Affairs; senior vice president-Public Policy and Corporate Communications; senior vice president-Regulation, Law, Energy Solutions, & Policy; president-Dominion Virginia Power; and his current role as executive vice president and co-chief operating officer.
Prior to joining Dominion Energy, Blue served as counselor to the Governor and director of policy for Virginia Governor Mark Warner, as an attorney and partner at then-Hogan & Hartson, and as a law clerk for the U.S. District Court in the Eastern District of Virginia. Blue has been a board member of a wide range of community organizations and is currently a member of the Virginia Health Care Foundation and Communities in Schools of Virginia as well as the University of Virginia's Board of Visitors. Blue is a graduate of the University of Virginia, Yale Law School and the University of Virginia's Darden School of Business.
Leopold joined Dominion Energy in 1995 and became an officer in 2004. She held a wide range of executive roles in both the electric and natural gas businesses of the company prior to her current role as executive vice president and co-chief operating officer. These include senior vice president-Business Development & Generation Construction; senior vice president-Dominion Transmission; and executive vice president and CEO-Gas Infrastructure Group.
Leopold currently serves as chair of the American Gas Association. She is a member of the Board of Trustees of Virginia Union University and is on the board of directors of Markel Corporation and of the Growth and Opportunity Virginia Foundation. Leopold is a graduate of the University of Sussex in the United Kingdom and has a master's degree in engineering from George Washington University. She earned her MBA from Virginia Commonwealth University.
Baine joined the company in 1995 as an associate engineer after earning a bachelor's degree in electrical engineering from Virginia Tech, and since has held numerous engineering, operational and management positions. He was promoted to vice president-Shared Services in 2009, and became vice president–Power Generation System Operations in 2013 and senior vice president–Transmission & Customer Service in 2015. In 2016, he was named senior vice president-Distribution, Power Delivery Group, and assumed his current role as senior vice president-Power Delivery for Dominion Energy Virginia in 2019.
Baine is a member of Virginia Tech's Board of Visitors. He is active in the industry as a member of the Southeastern Electric Exchange Board of Directors and the Association of Edison Illuminating Companies' Power Delivery Executive committees. He is a board member of the Dominion Energy Credit Union, ChamberRVA, Venture Richmond, CJW Medical Center, the Valentine and MEGA Mentors.
Succeeding Baine as senior vice president-Power Delivery will be Charlene Whitfield, who, effective Oct. 1, 2020, is being promoted from her current role as vice president-Distribution Operations. Whitfield will oversee Dominion Energy Virginia's electric transmission, distribution and customer solutions business and will report to Baine. Whitfield joined Dominion in 1982 and has held a wide range of leadership roles within Dominion Energy Virginia. She has a bachelor's degree in accounting from Virginia Union University and is a board member of the Dominion Energy Credit Union and the Greater Richmond Partnership.
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
7/31/2020Dominion Energy Announces Second-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., July 31, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced an unaudited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2020 of $1.2 billion ($1.41 per share) compared with a net gain of $54 million ($0.05 per share) for the same period in 2019.
Operating earnings for the three months ended June 30, 2020, were $706 million ($0.82 per share), compared with operating earnings of $619 million ($0.77 per share) for the same period in 2019. The company estimates that its second-quarter 2020 operating earnings were negatively impacted by $0.03 per share due to worse than normal weather in its utility service territories.
The difference between GAAP and operating earnings for the three months ended June 30, 2020 was primarily attributable to impairment-related charges associated with the Atlantic Coast Pipeline and Supply Header projects and net gains on our nuclear decommissioning trust funds. The difference between GAAP and operating earnings for the three months ended June 30, 2019 was primarily attributable to charges related to SCANA merger commitments.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Operating earnings guidance
Dominion Energy expects third-quarter operating earnings in the range of $0.85 to $1.05 per share.
The company affirms its full-year 2020 operating earnings guidance range of $3.37 to $3.63 per share.
Webcast today
The company will host its second-quarter earnings webcast at 10 a.m. ET on Friday, July 31, 2020. Management will discuss second-quarter financial results and other matters of interest to the financial community.
The live webcast, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
For those wishing to join telephonically, domestic callers should dial 1-800-341-6228. International callers should dial 1-334-777-6993. The passcode for the conference call is 69931782#. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A replay of the webcast will be available on the investor information pages by the end of the day July 31. A telephonic replay will also be available beginning at about 2 p.m. ET July 31 and lasting until 11 p.m. ET Aug. 7. Domestic callers may access the recording by dialing 1-877-919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 10013356.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings third-quarter and full-year 2020 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; the expected timing and likelihood of completion of the proposed transaction with Berkshire Hathaway Energy, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such regulatory approvals; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | ||||||
Consolidated Statements of Income * | ||||||
Unaudited (GAAP Based) | ||||||
(millions, except per share amounts) | ||||||
Three Months Ended | Six Months Ended | |||||
June 30, | June 30, | |||||
2020 | 2019 | 2020 | 2019 | |||
Operating Revenue | $ 3,585 | $ 3,970 | $ 8,081 | $ 7,828 | ||
Operating Expenses | ` | |||||
Electric fuel and other energy-related purchases | 505 | 718 | 1,173 | 1,509 | ||
Purchased electric capacity | 11 | 24 | 13 | 63 | ||
Purchased gas | 74 | 227 | 501 | 957 | ||
Other operations and maintenance 1 | 1,526 | 1,595 | 3,337 | 3,432 | ||
Depreciation, depletion and amortization | 673 | 661 | 1,346 | 1,312 | ||
Other taxes | 256 | 284 | 540 | 576 | ||
Total operating expenses | 3,045 | 3,509 | 6,910 | 7,849 | ||
Income (loss) from operations | 540 | 461 | 1,171 | (21) | ||
Other income (expense)2 | (1,779) | 92 | (2,178) | 480 | ||
Interest and related charges | 449 | 452 | 939 | 921 | ||
Income (loss) from continuing operations including noncontrolling | ||||||
interests before income tax expense (benefit) | (1,688) | 101 | (1,946) | (462) | ||
Income tax expense (benefit) | (556) | 43 | (575) | 157 | ||
Net Income (loss) including noncontrolling interests | (1,132) | 58 | (1,371) | (619) | ||
Noncontrolling interests | 37 | 4 | 68 | 7 | ||
Net Income (loss) attributable to Dominion Energy | $ (1,169) | $ 54 | $ (1,439) | $ (626) | ||
Reported Income (loss) per common share - diluted | $ (1.41) | $ 0.05 | $ (1.75) | $ (0.78) | ||
Average shares outstanding, diluted | 839.4 | 802.6 | 838.8 | 797.8 | ||
1) Includes impairment of assets and other charges. | ||||||
2) Includes earnings (loss) from equity method investees. | ||||||
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are | ||||||
an integral part of the Consolidated Financial Statements. | ||||||
Schedule 1 - Segment Reported and Operating Earnings | ||||||||||
Unaudited | ||||||||||
(millions, except per share amounts) | Three months ended June 30, | |||||||||
2020 | 2019 | Change | ||||||||
REPORTED EARNINGS1 | $ (1,169) | $ 54 | $ (1,223) | |||||||
Pre-tax loss (income)2 | 2,568 | 656 | 1,912 | |||||||
Income tax2 | (693) | (91) | (602) | |||||||
Adjustments to reported earnings | 1,875 | 565 | 1,310 | |||||||
OPERATING EARNINGS | $ 706 | $ 619 | $ 87 | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 437 | 393 | 44 | |||||||
Gas Transmission & Storage | 184 | 177 | 7 | |||||||
Gas Distribution | 87 | 66 | 21 | |||||||
Dominion Energy South Carolina | 75 | 95 | (20) | |||||||
Contracted Generation | 21 | 13 | 8 | |||||||
Corporate and Other | (98) | (125) | 27 | |||||||
$ 706 | $ 619 | $ 87 | ||||||||
Earnings Per Share (EPS):3 | ||||||||||
REPORTED EARNINGS 1 | $ (1.41) | $ 0.05 | $ (1.46) | |||||||
Adjustments to reported earnings (after tax) | 2.23 | 0.72 | 1.51 | |||||||
OPERATING EARNINGS | $ 0.82 | $ 0.77 | $ 0.05 | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 0.52 | 0.49 | 0.03 | |||||||
Gas Transmission & Storage | 0.22 | 0.22 | - | |||||||
Gas Distribution | 0.10 | 0.08 | 0.02 | |||||||
Dominion Energy South Carolina | 0.09 | 0.12 | (0.03) | |||||||
Contracted Generation | 0.03 | 0.02 | 0.01 | |||||||
Corporate and Other | (0.14) | (0.16) | 0.02 | |||||||
$ 0.82 | $ 0.77 | $ 0.05 | ||||||||
Common Shares Outstanding (average, diluted) | 839.4 | 802.6 | ||||||||
(millions, except earnings per share) | Six months ended June 30, | |||||||||
2020 | 2019 | Change | ||||||||
REPORTED EARNINGS1 | $ (1,439) | $ (626) | $ (813) | |||||||
Pre-tax loss (income)2 | 3,990 | 2,296 | 1,694 | |||||||
Income tax2 | (914) | (178) | (736) | |||||||
Adjustments to reported earnings | 3,076 | 2,118 | 958 | |||||||
OPERATING EARNINGS | $ 1,637 | $ 1,492 | $ 145 | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 866 | 754 | 112 | |||||||
Gas Transmission & Storage | 405 | 399 | 6 | |||||||
Gas Distribution | 312 | 271 | 41 | |||||||
Dominion Energy South Carolina | 169 | 166 | 3 | |||||||
Contracted Generation | 80 | 115 | (35) | |||||||
Corporate and Other | (195) | (213) | 18 | |||||||
$ 1,637 | $ 1,492 | $ 145 | ||||||||
Earnings Per Share (EPS):3 | ||||||||||
REPORTED EARNINGS1 | $ (1.75) | $ (0.78) | $ (0.97) | |||||||
Adjustments to reported earnings (after tax) | 3.66 | 2.65 | 1.01 | |||||||
OPERATING EARNINGS | $ 1.91 | $ 1.87 | $ 0.04 | |||||||
By segment: | ||||||||||
Dominion Energy Virginia | 1.03 | 0.95 | 0.08 | |||||||
Gas Transmission & Storage | 0.48 | 0.50 | (0.02) | |||||||
Gas Distribution | 0.37 | 0.34 | 0.03 | |||||||
Dominion Energy South Carolina | 0.20 | 0.21 | (0.01) | |||||||
Contracted Generation | 0.10 | 0.14 | (0.04) | |||||||
Corporate and Other | (0.27) | (0.27) | - | |||||||
$ 1.91 | $ 1.87 | $ 0.04 | ||||||||
Common Shares Outstanding (average, diluted) | 838.8 | 797.8 | ||||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). | |||||||||
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" | |||||||||
in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | ||||||||||
3) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities entered in | |||||||||
June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for the three months | ||||||||||
ended June 30, 2020 and the six months ended June 30, 2020 and 2019. For the three months ended June 30, 2019, the fair value adjustment required for diluted reported | ||||||||||
earnings per share was $13 million. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter | ||||||||||
associated with the Series A preferred stock equity units entered in June 2019 and $9 million associated with the Series B preferred stock equity units entered in | ||||||||||
December 2019. See Forms 10-Q and 10-K for additional information. | ||||||||||
Schedule 2 - Reconciliation of 2020 Operating Earnings to Reported Earnings
2020 Earnings (Six months ended June 30, 2020)
The $4.0 billion pre-tax net effect of the adjustments included in 2020 reported earnings, but excluded from operating earnings, is primarily related to the following items:
(millions, except per share amounts) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | YTD 2020 | |
Reported earnings (loss) | ($270) | ($1,169) | $0 | $0 | ($1,439) | |
Adjustments to reported earnings 1: | ||||||
Pre-tax loss (income) | 1,422 | 2,568 | 0 | 0 | 3,990 | |
Income tax | (221) | (693) | 0 | 0 | (914) | |
1,201 | 1,875 | 0 | 0 | 3,076 | ||
Operating earnings | $931 | $706 | $0 | $0 | $1,637 | |
Common shares outstanding (average, diluted) | 838.2 | 839.4 | 0.0 | 0.0 | 838.8 | |
Reported earnings (loss) per share 2 | ($0.34) | ($1.41) | $0.00 | $0.00 | ($1.75) | |
Adjustments to reported earnings per share 2 | 1.43 | 2.23 | 0.00 | 0.00 | 3.66 | |
Operating earnings per share 2 | $1.09 | $0.82 | $0.00 | $0.00 | $1.91 | |
1)Adjustments to reported earnings are reflected in the following table: | ||||||
1Q20 | 2Q20 | 3Q20 | 4Q20 | YTD 2020 | ||
Pre-tax loss (income): | ||||||
Cancellation of Atlantic Coast Pipeline and Supply Header projects | 0 | 2,801 | 0 | 0 | 2,801 | |
Regulated asset retirements | 768 | 44 | 0 | 0 | 812 | |
Net (gain) loss on NDT funds | 538 | (393) | 0 | 0 | 145 | |
Merger and integration-related costs | 51 | 22 | 0 | 0 | 73 | |
Mark-to-market impact of economic hedging activities | 33 | 37 | 0 | 0 | 70 | |
Liability management and financing | 31 | 18 | 0 | 0 | 49 | |
Allowance for credit risk on customer accounts * | 0 | 22 | 0 | 0 | 22 | |
Other | 1 | 17 | 0 | 0 | 18 | |
$1,422 | $2,568 | $0 | $0 | $3,990 | ||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings ** | (238) | (693) | 0 | 0 | (931) | |
Other | 17 | 0 | 0 | 0 | 17 | |
($221) | ($693) | $0 | $0 | ($914) | ||
* Represents estimate of future unrecoverable amounts from customers driven by economic and other factors related to the effects of COVID-19, | ||||||
including suspension of disconnections. | ||||||
** Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, | ||||||
such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated | ||||||
annual effective tax rate. | ||||||
2) The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible | ||||||
preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per | ||||||
share. No adjustments were necessary for the three months ended March 31 and June 30. In each quarter of 2020, the calculation of reported | ||||||
and operating earnings per share includes the impact of preferred dividends of $7 million associated with the Series A preferred stock equity units | ||||||
entered in June 2019 and $9 million associated with the Series B preferred stock equity units entered in December 2019. See Forms 10-Q and 10-K | ||||||
for additional information. | ||||||
Schedule 3 - Reconciliation of 2019 Operating Earnings to Reported Earnings
2019 Earnings (Twelve months ended December 31, 2019)
The $2.6 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:
Dominion Energy also recorded $194 million tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.
(millions, except per share amounts) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | 3 | |
Reported earnings (loss) | ($680) | $54 | $975 | $1,009 | $1,358 | ||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 1,640 | 656 | 131 | 193 | 2,620 | ||
Income tax | (87) | (91) | (139) | (214) | (531) | ||
1,553 | 565 | (8) | (21) | 2,089 | |||
Operating earnings | $873 | $619 | $967 | $988 | $3,447 | ||
Common shares outstanding (average, diluted) | 793.1 | 802.6 | 813.0 | 826.3 | 808.9 | ||
Reported earnings (loss) per share 2 | ($0.86) | $0.05 | $1.17 | $1.21 | $1.62 | ||
Adjustments to reported earnings per share 2 | 1.96 | 0.72 | 0.01 | (0.03) | 2.62 | ||
Operating earnings per share 2 | $1.10 | $0.77 | $1.18 | $1.18 | $4.24 | ||
1) Adjustments to reported earnings are reflected in the following table: | |||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | |||
Pre-tax loss (income): | |||||||
Merger and integration-related costs | 1,429 | 542 | 60 | 378 | 2,409 | ||
Regulated asset and contract retirements/terminations | 547 | 211 | 47 | (22) | 783 | ||
Revision to ash pond and landfill closure costs | (113) | 0 | 0 | 0 | (113) | ||
Net gain on NDT funds | (253) | (83) | (28) | (189) | (553) | ||
Other | 30 | (14) | 52 | 26 | 94 | ||
$1,640 | $656 | $131 | $193 | $2,620 | |||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | (255) | (91) | (139) | (226) | (711) | ||
Write-off EDIT regulatory assets (SCANA) | 198 | 0 | 0 | (4) | 194 | ||
Other | (30) | 0 | 0 | 16 | (14) | ||
($87) | ($91) | ($139) | ($214) | ($531) | |||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts | |||||||
may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
2) The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities | |||||||
entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary | |||||||
for the three months ended June 30. For the three months ended September 30, the fair value adjustment required for diluted reported earnings per share | |||||||
calculation was $13 million. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share | |||||||
calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends | |||||||
of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B | |||||||
preferred stock equity units entered in December of 2019. See Forms 10-Q and 10-K for additional information. | |||||||
3) YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities. | |||||||
Schedule 4 - Reconciliation of 2Q20 Earnings to 2Q19 | ||||||
Preliminary, Unaudited | Three Months Ended | Six Months Ended | ||||
(millions, except EPS) | June 30, | June 30, | ||||
2020 vs. 2019 | 2020 vs. 2019 | |||||
Increase / (Decrease) | Increase / (Decrease) | |||||
Reconciling Items | Amount | EPS | Amount | EPS | ||
Change in reported earnings (GAAP) | ($1,223) | ($1.46) | ($813) | ($0.97) | ||
Change in Pre-tax loss (income) 1 | 1,912 | 1,694 | ||||
Change in Income tax 1 | (602) | (736) | ||||
Adjustments to reported earnings | $1,310 | $1.51 | $958 | $1.01 | ||
Change in consolidated operating earnings | $87 | $0.05 | $145 | $0.04 | ||
Dominion Energy Virginia | ||||||
Regulated electric sales: | ||||||
Weather | ($22) | ($0.03) | ($48) | ($0.06) | ||
Other | (15) | (0.02) | (11) | (0.01) | ||
Rate adjustment clause equity return | 32 | 0.04 | 55 | 0.07 | ||
Electric capacity | 9 | 0.01 | 33 | 0.04 | ||
Select operations and maintenance expense2 | 32 | 0.04 | 53 | 0.06 | ||
Depreciation & amortization | 9 | 0.01 | 21 | 0.02 | ||
Renewable energy investment tax credits | (10) | (0.01) | 19 | 0.02 | ||
Other | 9 | 0.01 | (10) | (0.01) | ||
Share dilution | (0.02) | (0.05) | ||||
Change in contribution to operating earnings | $44 | $0.03 | $112 | $0.08 | ||
Gas Transmission & Storage | ||||||
Noncontrolling interest | ($24) | (0.03) | ($44) | ($0.06) | ||
Select operations and maintenance expense2 | 6 | 0.01 | 9 | 0.01 | ||
Interest expense, net | 23 | 0.03 | 49 | 0.06 | ||
Other | 2 | 0.00 | (8) | 0.00 | ||
Share dilution | (0.01) | (0.03) | ||||
Change in contribution to operating earnings | $7 | $0.00 | $6 | ($0.02) | ||
Gas Distribution | ||||||
Regulated gas sales: | ||||||
Weather | $3 | 0.00 | ($2) | $0.00 | ||
Other | 1 | 0.00 | 12 | 0.01 | ||
Select operations and maintenance expense2 | 8 | 0.01 | 12 | 0.02 | ||
Interest expense, net | 5 | 0.01 | 11 | 0.01 | ||
Other | 4 | 0.00 | 8 | 0.01 | ||
Share dilution | 0.00 | (0.02) | ||||
Change in contribution to operating earnings | $21 | $0.02 | $41 | $0.03 | ||
Dominion Energy South Carolina | ||||||
Regulated electric sales: | ||||||
Weather | ($23) | ($0.03) | ($14) | ($0.02) | ||
Other | (4) | 0.00 | 1 | 0.00 | ||
Regulated gas sales | 2 | 0.00 | 6 | 0.01 | ||
Interest expense, net | 2 | 0.00 | 10 | 0.01 | ||
Other | 3 | 0.01 | 0 | 0.00 | ||
Share dilution | (0.01) | (0.01) | ||||
Change in contribution to operating earnings | ($20) | ($0.03) | $3 | ($0.01) | ||
Contracted Generation | ||||||
Margin | ($6) | ($0.01) | ($50) | ($0.06) | ||
Select operations and maintenance expense2 | 8 | 0.01 | 8 | 0.01 | ||
Renewable energy investment tax credits | 7 | 0.01 | 7 | 0.01 | ||
Other | (1) | 0.00 | 0 | 0.00 | ||
Share dilution | 0.00 | 0.00 | ||||
Change in contribution to operating earnings | $8 | $0.01 | ($35) | ($0.04) | ||
Corporate and Other | ||||||
Share dilution and other | $27 | $0.02 | $18 | $0.00 | ||
Change in contribution to operating earnings | $27 | $0.02 | $18 | $0.00 | ||
Change in consolidated operating earnings | $87 | $0.05 | $145 | $0.04 | ||
Change in adjustments included in reported earnings1 | ($1,310) | ($1.51) | ($958) | ($1.01) | ||
Change in consolidated reported earnings | ($1,223) | ($1.46) | ($813) | ($0.97) | ||
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's | ||||||
website at www.dominionenergy.com/investors. | ||||||
2) | Includes salaries, wages, and benefits and outage expenses (DEV and Contracted Generation segment). | |||||
Note: Figures may not sum due to rounding | ||||||
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SOURCE Dominion Energy
Article Date
7/31/2020Dominion Energy Declares Quarterly Dividend of 94 Cents
Source: PR Newswire
RICHMOND, Va., July 30, 2020 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 94 cents per share of common stock.
Dividends are payable on Sept. 20, 2020, to shareholders of record at the close of business Sept. 4, 2020.
This is the 370th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared May 6, 2020.
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SOURCE Dominion Energy
Article Date
7/30/20207/23/2020 - Dominion Energy Announces 11 Schools to Benefit from $35 Million Higher Education Equity Initiative
Dominion Energy Announces 11 Schools to Benefit from $35 Million Higher Education Equity Initiative
Source: PR Newswire
RICHMOND, Va., July 23, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that 11 historically black colleges and universities in Virginia, Ohio, North Carolina and South Carolina will receive support through a $35 million initiative aimed at promoting higher education equity. The six-year "HBCU Promise" program will provide $25 million in funding to select institutions. Additionally, a $10 million scholarship fund will support African American and underrepresented minority students across the company's service territory.
Said Thomas F. Farrell, II, the company's chairman, president and chief executive officer:
"We have all been witness to our country's evolving conversation on race and social justice. The country is changing, and we have been looking for ways that we can make a difference. Investing in these important institutions – which serve as a springboard for social and economic mobility for so many – is one way we can help. We have actually partnered with HBCUs for nearly 40 years, offering volunteer and financial support. As I have said before, we are humbled and honored to continue supporting them with this current initiative."
In selecting the institutions, the company looked at a range of factors, including locations with a significant customer presence, past partnerships and opportunities to make immediate impact. In structuring the partnerships, the company will focus on four general areas: operating needs, urgent capital needs, endowment and scholarships. Some details remain to be worked out. But Dominion Energy plans to tailor packages to the needs of each institution. The schools are:
Virginia
Hampton University, Hampton
Norfolk State University, Norfolk
Virginia Union University, Richmond
Virginia State University, Petersburg
South Carolina
Allen University, Columbia
Benedict College, Columbia
Claflin University, Orangeburg
South Carolina State University, Orangeburg
Ohio
Central State University, Wilberforce, OH
Wilberforce University, Wilberforce, OH
North Carolina
North Carolina A&T State University, Greensboro
Details about the Dominion Energy Educational Equity scholarship fund will be provided later.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
7/23/2020Dominion Energy Commits $35 Million to Initiative Supporting Historically Black Colleges and Universities, Minority Student Scholarships
Source: PR Newswire
RICHMOND, Va., July 16, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) is launching a $35 million initiative in support of African American and underrepresented minority students. This six-year program will support historically black colleges and universities in Virginia, Ohio, North Carolina and South Carolina. Additionally, as part of the initiative, a $10 million scholarship fund will be created to support African American and underrepresented minority students across the company's service territory.
Said Thomas F. Farrell, II, the company's chairman, president and chief executive officer:
"We all know there are no actions or words that will immediately heal the hurt caused by 400 years of institutional racism. But since early June, we have seen signs of change and growth. Our country is moving forward. We are moving forward, too. This initiative is a recognition of the important role played by these institutions in African American advancement and the importance of education as an equalizer in society. These institutions have been foundational in the struggle to improve the lives of African Americans and in the fight for social justice. We are pleased and humbled to build on our company's nearly 40-year history of supporting historically black colleges and universities."
Additional details about the institutions to be supported and the new Dominion Energy Educational Equity scholarship fund will be provided in the coming days.
The initiative builds on nearly four decades of support for higher education equity, including volunteer efforts and financial contributions provided to historically black colleges and universities in our service territory.
This new program is in addition to a recent $5 million commitment made by Dominion Energy and the company's charitable foundation to support social justice, community reconciliation and rebuilding.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
7/16/2020Dominion Energy Schedules Second-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., July 8, 2020 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its second-quarter earnings conference call at 10 a.m. ET on Friday, July 31, 2020. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial 1-800-341-6228. International callers should dial 1-334-777-6993. The passcode for the conference call is 69931782#. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 2 p.m. ET July 31 and lasting until 11 p.m. ET Aug. 7. Domestic callers may access the recording by dialing 1-877-919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 10013356. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day July 31.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
7/8/2020Dominion Energy and Duke Energy Cancel the Atlantic Coast Pipeline
Source: PR Newswire
RICHMOND, Va. and CHARLOTTE, N.C., July 5, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) and Duke Energy (NYSE: DUK) today announced the cancelation of the Atlantic Coast Pipeline ("ACP") due to ongoing delays and increasing cost uncertainty which threaten the economic viability of the project.
Despite last month's overwhelming 7-2 victory at the United States Supreme Court, which vindicated the project and decisions made by permitting agencies, recent developments have created an unacceptable layer of uncertainty and anticipated delays for ACP.
Specifically, the decision of the United States District Court for the District of Montana overturning long-standing federal permit authority for waterbody and wetland crossings (Nationwide Permit 12), followed by a Ninth Circuit ruling on May 28 indicating an appeal is not likely to be successful, are new and serious challenges. The potential for a Supreme Court stay of the district court's injunction would not ultimately change the judicial venue for appeal nor decrease the uncertainty associated with an eventual ruling. The Montana district court decision is also likely to prompt similar challenges in other Circuits related to permits issued under the nationwide program including for ACP.
This new information and litigation risk, among other continuing execution risks, make the project too uncertain to justify investing more shareholder capital. For example, a productive tree-felling season this winter is a key milestone to maintaining the project's cost and schedule. Unfortunately, the inability to predict with confidence the outcome of the project's permits and the potential for additional incremental delays associated with continued legal challenges, means that committing millions of dollars of additional investment for tree-felling and subsequent ramp up for full construction is no longer a prudent use of shareholder capital.
A series of legal challenges to the project's federal and state permits has caused significant project cost increases and timing delays. These lawsuits and decisions have sought to dramatically rewrite decades of permitting and legal precedent including as implemented by presidential administrations of both political parties. As a result, recent public guidance of project cost has increased to $8 billion from the original estimate of $4.5 to $5.0 billion. In addition, the most recent public estimate of commercial in-service in early 2022 represents a nearly three-and- a-half-year delay with uncertainty remaining.
Thomas F. Farrell, II, Dominion Energy chairman, president, and chief executive officer, and Lynn J. Good, Duke Energy chair, president, and chief executive officer, said:
"We regret that we will be unable to complete the Atlantic Coast Pipeline. For almost six years we have worked diligently and invested billions of dollars to complete the project and deliver the much-needed infrastructure to our customers and communities. Throughout we have engaged extensively with and incorporated feedback from local communities, labor and industrial leaders, government and permitting agencies, environmental interests and social justice organizations. We express sincere appreciation for the tireless efforts and important contributions made by all who were involved in this essential project. This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States. Until these issues are resolved, the ability to satisfy the country's energy needs will be significantly challenged."
The Atlantic Coast Pipeline was initially announced in 2014 in response to a lack of energy supply and delivery diversification for millions of families, businesses, schools, and national defense installations across North Carolina and Virginia. Robust demand for the project is driven by the regional retirement of coal-fired electric generation in favor of environmentally superior, lower cost natural gas-fired generation combined with widespread growing demand for residential, commercial, defense, and industrial applications of low-cost and low-emitting natural gas. Those needs are as real today as they were at project inception as evidenced by the recently renewed customer subscription of approximately 90 percent of the project's capacity. The project was also expected to create thousands of construction jobs and millions of dollars in tax revenue for local communities across West Virginia, Virginia and North Carolina.
The companies remain steadfast in the belief that fuel diversity, including renewables, nuclear, and natural gas, is critical for reliably and sustainably serving our customers and communities. Both will continue aggressively pursuing the development of renewables, storage, nuclear license renewals, electric vehicle infrastructure, energy delivery infrastructure, as well as energy efficiency and demand side management programs to meet their customers' needs while creating jobs and spurring new business growth in the aforementioned regions.
Dominion Energy and Duke Energy will separately provide additional information for their respective stakeholders and shareholders as relates to the company-specific financial, environmental, operational, and other impacts of this announcement.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,300 megawatts through its nonregulated Duke Energy Renewables unit.
Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve 7.8 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.
Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
DUKE ENERGY FORWARD LOOKING STATEMENT
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions and can often be identified by terms and phrases that include "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Dominion Energy
Article Date
7/5/20206/29/2020 - Dominion Energy Completes Construction of First Offshore Wind Project in U.S. Federal Waters
Dominion Energy Completes Construction of First Offshore Wind Project in U.S. Federal Waters
Source: PR Newswire
VIRGINIA BEACH, Va., June 29, 2020 /PRNewswire/ -- Dominion Energy announced today the successful installation of the two turbine, 12-megawatt Coastal Virginia Offshore Wind (CVOW) pilot project 27 miles off Virginia Beach. The first offshore wind farm to be approved by the Bureau of Ocean Energy Management (BOEM) and installed in federal waters, and second constructed in the United States, was built safely and on schedule despite the worldwide impact from the coronavirus pandemic. The turbines will now undergo acceptance testing before being energized later this summer and producing enough clean, renewable energy, at peak output, to power 3,000 Virginia homes.
Dominion Energy will apply the valuable permitting, design, installation and operations experience from the pilot project to its proposed 2,600-megawatt commercial project. That project, which is the largest announced offshore wind project in North America, is on track to commence construction in 2024, and upon completion, will provide enough renewable electricity to power up to 650,000 homes.
Several Virginia-based companies contributed to the CVOW pilot project and Dominion Energy remains committed to creating the expertise to position Hampton Roads to be a supply chain hub for U.S. offshore wind efforts and create thousands of clean energy jobs in Virginia.
"The construction of these two turbines is a major milestone not only for offshore wind in Virginia but also for offshore wind in the United States," Dominion Energy Chairman, President and CEO Thomas F. Farrell, II said. "Clean energy jobs have the potential to serve as a catalyst to re-ignite the economy following the impacts of the pandemic and continue driving down carbon emissions."
"This project propels Virginia to national leadership in America's transition to clean energy," said Governor Ralph Northam. "It's also shaping a new industry that will bring thousands of new clean energy jobs to Virginia. By working together, Virginia is shaping an investment that's good for workers, good for business, and good for the American economy."
Offshore wind generation is a vital part of Dominion Energy's comprehensive clean energy strategy to meet standards outlined in the Virginia Clean Economy Act and to achieve the company's net zero carbon dioxide and methane emissions commitment by 2050.
Ørsted, the largest offshore wind developer in the world, is serving as the offshore engineering, procurement and construction lead for the project. The Denmark-based company has invested in the Port of Virginia. The L. E. Myers Company with members of the International Brotherhood of Electrical Workers, performed the onshore construction work.
"We are immensely proud of the work our teams and suppliers were able to complete under unprecedented circumstances," said Thomas Brostrøm, CEO of Ørsted North America Offshore. "These two turbines are another monumental step for offshore wind in the U.S. The future remains bright for this new American industry."
The pilot project was first announced three years ago and received Virginia State Corporation Commission approval in November 2018. Onshore construction of the electrical interconnection facilities and the half-mile conduit which holds the final stretch of cable connecting the turbines 27 miles off the coast to a company substation near Camp Pendleton commenced last summer and was completed earlier this year.
Customers will see no increase in rates for the pilot project under the provisions of the Grid Transformation and Security Act of 2018.
Survey and geotechnical work continues on Dominion Energy's 2.6 gigawatt full-scale wind development. These surveys will support the development of the project's Construction and Operations Plan to be submitted to BOEM later this year. Dominion Energy named Siemens Gamesa Renewable Energy (SGRE) its preferred wind turbine supplier for the project earlier this year and SGRE announced the project will use its new SG 14-222 DD turbine for the project. In total, approximately 180 of the more than 800-foot-tall wind turbines are expected to be deployed in the project. SGRE is considering major investments in Hampton Roads as well as other states to support the US offshore wind industry.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
6/29/20206 Ways to Save Money with Energy Conservation, Rebates
Source: PR Newswire
RICHMOND, Va., June 22, 2020 /PRNewswire/ -- Dominion Energy has options available to help customers reduce energy consumption and save money as summer heat arrives and many are spending more time at home due to the coronavirus pandemic.
Here are a few ways customers can save money on their bill:
1. Purchase energy-efficient lighting and other products at a discount directly through the Dominion Energy Online Marketplace. Dominion Energy customers can save when they use high-quality energy-efficient products offered in the new marketplace. Free shipping on orders over $35.
2. Upgrade to energy-efficient appliances at a discount. Save up to $100 on a new ENERGY STAR® certified appliance and get instant savings on lighting.
3. Enroll in the Smart Cooling Rewards Program. Earn a $40 annual bill credit, help the environment, and reduce stress on the energy grid by enrolling in this program.
4. Turn the thermostat up. The number one way to conserve energy is to be conscious of the thermostat setting during the summer months. According to the Department of Energy, customers can save up to 3 percent on their bill for each degree they turn the thermostat up. Try increasing it to the EPA's recommended 78 degrees, especially when away from home.
5. Run large appliances at night. Consider doing dishes or laundry later in the evening to reduce the heat and humidity that are added to your home.
6. Close your blinds. Sunlight shining through windows can account for up to 40 percent of unwanted heat gain and can force air conditioners to work two to three times harder. Close blinds or curtains during the day and see bills go down.
Once conditions safely allow, Dominion Energy will resume additional energy-efficiency programs, including the appliance recycling program and home energy assessments. Even more energy conservation programs are on the way as part of the company's commitment to give customers more ways to save money and energy.
Within the past decade, Dominion Energy has helped save 760 gigawatt hours of energy in Virginia and North Carolina. Since 2008, Dominion Energy has implemented nearly 40 energy-efficiency and demand side management programs and pilots, enrolling more than 331,000 customer participants and issuing more than $177 million in rebates to customers for energy-efficiency upgrades. In that time, the company has also weatherized nearly 39,000 homes under the low-income weatherization programs.
Energy-efficiency programs help meet the objectives laid out in the Virginia Clean Economy Act and further Dominion Energy's commitment to helping customers, while meeting the company's goal of net-zero carbon and methane emissions across the 20 states it serves by 2050.
Dominion Energy recognizes the challenges customers may be facing at this time, and the company is here to help. In addition to energy conservation programs, Dominion Energy is expanding assistance to Virginia customers facing hardship. Subject to regulatory approval, the company is committed to extending its policy of not disconnecting customers for nonpayment until at least October 14, 2020. Dominion Energy will assess whether to further extend that date based on a range of factors, including customer needs and economic conditions. Plus, customers can now receive up to $1,200 in payment assistance through EnergyShare, up from $900. To learn more about the company's coronavirus relief efforts, visit https://www.dominionenergy.com/company/coronavirus.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
6/22/20206/18/2020 - Dominion Energy Expands Bill Payment, Assistance Options To Help Customers Facing Economic Hardship
Dominion Energy Expands Bill Payment, Assistance Options To Help Customers Facing Economic Hardship
Source: PR Newswire
CLEVELAND, June 18, 2020 /PRNewswire/ -- Dominion Energy Ohio is working to support customers facing financial hardship, offering more flexible payment options on past due balances and increased financial support for EnergyShare, our program supporting families and individuals in need. The company remains committed to providing reliable and safe energy, even as the pandemic continues to impact communities across the country.
"With the surge in unemployment claims due to COVID-19 we know more customers may qualify for utility assistance this year, and we want you to know we have programs and payment options to help you move forward," said Jim Eck, Vice President & General Manager, Ohio & West Virginia Distribution. "If you're having trouble paying your bill, we're here to help you find the best option for your unique situation."
On March 12, Dominion Energy voluntarily suspended disconnections for customers falling behind on their bills, while offering a range of assistance to help them. The decision was later affirmed by the Public Utilities Commission of Ohio (PUCO). Recognizing that this could not be sustained indefinitely, the PUCO has asked utilities to submit plans for resumption of normal credit procedures. As a result, the company today filed a plan with the PUCO to begin a gradual return to normal credit procedures over the coming months.
The plan, unless modified by the PUCO, sets forth the company's timeline for a resumption of normal credit operations, beginning after August 3. Moving forward, the company will continue to look at all options to provide assistance for customers, including waiving reconnection fees and late payment charges.
During the period ahead, the company strongly encourages customers to take advantage of the resources being made available, chief among them more flexible payment plans. Customers can learn more by calling 1-800-362-7557. Information is also available 24/7 online at DominionEnergy.com.
"We are taking additional customer assistance steps, such as waiving deposit requirements and stopping late fees from accruing," Eck said. "If you've fallen behind, please let us help."
Payment Plans. If customers are having trouble paying their bills, the company offers both short-term payment extensions and long-term payment plans to help residential and commercial customers manage their balances and catch up over time. Customers may qualify for one of several Dominion Energy or State of Ohio programs. Dominion offerings include:
EnergyShare. Direct assistance is offered through EnergyShare, our program for those facing financial hardships, which is administered by the Salvation Army. EnergyShare is funded with company contributions and supplemented with donations from customers and employees. To meet needs during the pandemic, we are adding $150,000 to the program, on top of a previous $250,000 annual contribution, while also expanding eligibility and assistance. Here are important details:
Percentage of Income Payment Plan Plus (PIPP Plus): This unique Ohio program allows eligible customers to maintain natural gas service by paying a monthly amount based on 6 percent of their total monthly household income or $10, whichever amount is greater. Households with a gross yearly household income at or below 150 percent of federal poverty guidelines are eligible to participate. To obtain an application, call The Ohio Development Services Agency at 1-800- 282-0880 or visit https://development.force.com/eap/s/login/?ec=302&startURL=%2Feap%2Fs%2F).
Save on Energy: For some, this additional time at home could result in increased bills. We've put together tips to help customers be mindful of their energy use. Visit www.DominionEnergy.com/WaysToSave to learn more.
Customers Need to Protect Themselves from Scams: Scams are on the rise. Dominion Energy will never call and demand immediate payment or ask for payment on a pre-paid debit or gift card. If customers are unsure if a call is valid, even if Dominion Energy's phone number shows on the caller ID, they should not provide any information. They should hang up and call Dominion Energy at 1-800-362-7557.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
6/18/2020Dominion Energy Commits $5 Million to Social Justice, Community Rebuilding Efforts
Source: PR Newswire
RICHMOND, Va., June 4, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) and its charitable foundation are committing $5 million to help community reconciliation and rebuilding across the company's 20-state footprint. The funds will support non-profit organizations advocating for social justice and equality. Grants will also be designated to help minority-owned and small businesses recover from recent disruptions to their businesses.
Said Thomas F. Farrell, II, the company's chairman, president and chief executive officer:
"At Dominion Energy, we have a saying that 'Actions Speak Louder.' We share the anger of our communities at the unjustified deaths of Breonna Taylor, Ahmaud Arbery and George Floyd. Our communities are grieving. Words can evoke empathy, compassion and understanding, but actions truly speak louder. So, we are investing in recovery and reconciliation, and in the vital work of overcoming years of debilitating actions, attitudes and abuses of authority that have traumatized our country."
Additional resources for community support are expected to come from the foundation's matching gifts program – which matches, dollar-for-dollar, personal donations employees make to qualifying nonprofit organizations – and the Dollars-for-Doers program, which encourages employees to volunteer by making grants to charities of their own choosing, based on the number of volunteer hours recorded.
For more information about the Dominion Energy Charitable Foundation, visit www.DominionEnergy.com/Foundation.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
6/4/2020Dominion Energy Boosts Support for Customers Struggling Financially During Pandemic
Source: PR Newswire
RICHMOND, Va., June 1, 2020 /PRNewswire/ -- Dominion Energy Virginia is expanding assistance to Virginia customers facing hardship, offering a more generous payment plan and new direct assistance, while asking permission from regulators for an additional four-month extension of the "no disconnection" policy. The efforts come as the pandemic continues to impact millions of Americans across the country.
"We recognize the challenges that many are facing and want customers to know we are here to help, as we continue to navigate this pandemic together," said Robert Blue, co-chief operating officer and executive vice president, Dominion Energy Virginia. "Our mission of supporting our customers and the communities they live in has never been more important."
On March 12, Dominion Energy voluntarily suspended disconnections for customers falling behind on their bills, while offering a range of assistance to help them.
Virginia's disconnection policy, implemented after the company's voluntary suspension, is due to expire June 15. The State Corporation Commission is accepting comments on next steps. To create certainty for customers, we are requesting the SCC allow the company a four-month extension of the disconnection policy, through October 14. We are also requesting to continue waiving late fees through that period.
During that time, we will encourage customers to work with us to develop payment plans for their unique circumstances. At the end of the proposed extension, we will re-evaluate next steps based on a range of factors, including the needs of our customers and economic conditions at that time.
Payment Plans: We have long offered both short-term payment extensions and long-term payment plans to help customers manage balances. Starting June 15, we will expand our long-term payment plans and offer customers up to 12 months to pay past due amounts, with no minimum down payment required. Customers are encouraged to contact us, so we can begin working toward solutions. They can access options through their online account at www.dominionenergy.com, which is available at any time, or by calling (866) 366-4357.
Payment Assistance: We're increasing the benefits made available through EnergyShare, our year-round assistance program for individuals and families facing financial hardship. The Virginia program, supported currently with $13 million in annual corporate contributions, is implemented in partnership with relief and community support agencies. Planned changes include:
Save on Energy: For some customers, additional time at home and higher energy usage could result in increased bills. We've put together a series of tips to help you be mindful of your energy use. Visit www.DominionEnergy.com/WaysToSave.
Protect Yourself from Scams: As the pandemic spread, we saw a spike in scams. Remember that Dominion Energy will never call and demand immediate payment or ask for payment on a pre-paid debit or gift card. If you are unsure if a call is valid, even if our number shows on the caller ID, don't provide information. Verify what you're being told. Sign into your online account to confirm payment status or call us at 1-866-DOM-HELP (1-866-366-4357).
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-boosts-support-for-customers-struggling-financially-during-pandemic-301068778.html
SOURCE Dominion Energy
Article Date
6/1/2020Dominion Energy Adapts to Ensure Safe, Quick Response to Hurricanes Across Virginia, Carolinas During Coronavirus Pandemic
Source: PR Newswire
RICHMOND, Va., June 1, 2020 /PRNewswire/ -- Tropical Storm Bertha signaled the start of hurricane season when it made landfall last week in South Carolina. Dominion Energy customers in Virginia and the Carolinas can continue to expect excellent response from crews this hurricane season as a result of measures taken to adapt to coronavirus impacts. Crews have access to resources necessary to respond safely and quickly to storm-related outages.
"Our team is prepared for a busy hurricane season and has spent the past three months incorporating new practices and health and safety guidelines that protect us, our colleagues and the public from spreading the coronavirus," said Ed Baine, senior vice president of Power Delivery. "Even with additional precautions necessary during these unprecedented times, our crews will continue to be responsive and prepared to restore power safely and quickly."
Employees are following the hygiene practices recommended by the Centers for Disease Control and Prevention, including the use of face coverings, frequent hand washing and the use of gloves. Workstations and vehicle interiors are wiped down each day. Additionally, employees check their temperature and answer health screening questions at least once every day.
Public safety remains extremely important. In addition to essential services, such as hospitals, fire and police departments, public water systems, and 911 call centers, coronavirus testing and treatment centers have also been added to the company's restoration strategy.
"As we saw with previous storms, including Hurricane Dorian, we have an experienced power restoration team, as well as a comprehensive plan to respond to the extensive damage that severe weather can cause," said Keller Kissam, Dominion Energy South Carolina president of Electric Operations. "We encourage our customers to be prepared at home to keep their families safe with emergency supplies, including face masks, hand sanitizer and wipes."
There are many ways to begin preparing early. Here's how you can prepare for severe weather:
Safety is always our first priority. Here's how you can stay safe during storms:
For more information, visit DominionEnergy.com/outages/outage-safety-and-preparation/hurricane-prep.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-adapts-to-ensure-safe-quick-response-to-hurricanes-across-virginia-carolinas-during-coronavirus-pandemic-301068527.html
SOURCE Dominion Energy
Article Date
6/1/2020Dominion Energy Declares Quarterly Dividend of 94 Cents
Source: PR Newswire
RICHMOND, Va., May 6, 2020 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 94 cents per share of common stock.
Dividends are payable on June 20, 2020, to shareholders of record at the close of business June 5, 2020.
This is the 369th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Jan. 24, 2020.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-declares-quarterly-dividend-of-94-cents-301054106.html
SOURCE Dominion Energy
Article Date
5/6/2020Dominion Energy Announces First-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., May 5, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced an unaudited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended March 31, 2020 of $270 million ($0.34 per share) compared with a net loss of $680 million ($0.86 per share) for the same period in 2019.
Operating earnings for the three months ended March 31, 2020, were $931 million ($1.09 per share), compared with operating earnings of $873 million ($1.10 per share) for the same period in 2019. The company estimates that its first-quarter 2020 operating earnings were negatively impacted by $0.09 per share due to milder than normal weather in its utility service territories.
The difference between GAAP and operating earnings for the three months ended March 31, 2020 was primarily attributable to a non-cash charge related to the planned early retirement of certain coal and oil-fired generating units in Virginia, consistent with the requirements of the recently enacted Virginia Clean Economy Act, and unrealized losses on our nuclear decommissioning trust funds. The difference between GAAP and operating earnings for the three months ended March 31, 2019 was primarily attributable to charges related to SCANA merger commitments and the early retirement of certain cold-reserve Virginia utility generating units.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Operating earnings guidance
Dominion Energy expects second-quarter operating earnings in the range of $0.75 to $0.85 per share, compared to second-quarter 2019 operating earnings of $0.77 per share.
The company affirms its full-year 2020 operating earnings guidance range of $4.25 to $4.60 per share.
Conference call today
The company will host its first-quarter earnings conference call at 10 a.m. ET on Tuesday, May 5, 2020. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial 1-800-341-6228. International callers should dial 1-334-777-6993. The passcode for the conference call is 47792145#. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 2 p.m. ET May 5 and lasting until 11 p.m. ET May 12. Domestic callers may access the recording by dialing 1-877-919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 64127851. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 5.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings second-quarter and full-year 2020 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | ||||
Consolidated Statements of Income* | ||||
Unaudited (GAAP Based) | ||||
(millions, except per share amounts) | ||||
Three Months Ended | ||||
March 31, | ||||
2020 | 2019 | |||
Operating Revenue | $ 4,496 | $ 3,858 | ||
Operating Expenses | ||||
Electric fuel and other energy-related purchases | 668 | 791 | ||
Purchased electric capacity | 2 | 39 | ||
Purchased gas | 427 | 730 | ||
Other operations and maintenance1 | 1,811 | 1,837 | ||
Depreciation, depletion and amortization | 673 | 651 | ||
Other taxes | 284 | 292 | ||
Total operating expenses | 3,865 | 4,340 | ||
Income from operations | 631 | (482) | ||
Other income (expense) | (399) | 388 | ||
Interest and related charges | 490 | 469 | ||
Income from continuing operations including noncontrolling | ||||
interests before income tax expense | (258) | (563) | ||
Income tax expense (benefit) | (19) | 114 | ||
Net loss including noncontrolling interests | (239) | (677) | ||
Noncontrolling interests | 31 | 3 | ||
Net loss attributable to Dominion Energy | $ (270) | $ (680) | ||
Reported loss per common share - diluted | $ (0.34) | $ (0.86) | ||
Average shares outstanding, diluted | 838.2 | 793.1 | ||
1)Includes impairment of assets and other charges. | ||||
*The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are | ||||
an integral part of the Consolidated Financial Statements. | ||||
Schedule 1 - Segment Reported and Operating Earnings | ||||||||
Unaudited | ||||||||
(millions, except per share amounts) | Three months ended March 31, | |||||||
2020 | 2019 | Change | ||||||
REPORTED EARNINGS1 | $ (270) | $ (680) | $ 410 | |||||
Pre-tax loss (income)2 | 1,422 | 1,640 | (218) | |||||
Income tax2 | (221) | (87) | (134) | |||||
Adjustments to reported earnings | 1,201 | 1,553 | (352) | |||||
OPERATING EARNINGS | $ 931 | $ 873 | $ 58 | |||||
By segment: | ||||||||
Dominion Energy Virginia | 429 | 361 | 68 | |||||
Gas Transmission & Storage | 221 | 222 | (1) | |||||
Gas Distribution | 225 | 205 | 20 | |||||
Dominion Energy South Carolina | 94 | 71 | 23 | |||||
Contracted Generation | 59 | 102 | (43) | |||||
Corporate and Other | (97) | (88) | (9) | |||||
$ 931 | $ 873 | $ 58 | ||||||
Earnings Per Share (EPS):3 | ||||||||
REPORTED EARNINGS 1 | $ (0.34) | $ (0.86) | $ 0.52 | |||||
Adjustments to reported earnings (after tax) | 1.43 | 1.96 | (0.53) | |||||
OPERATING EARNINGS | $ 1.09 | $ 1.10 | $ (0.01) | |||||
By segment: | ||||||||
Dominion Energy Virginia | 0.51 | 0.45 | 0.06 | |||||
Gas Transmission & Storage | 0.26 | 0.28 | (0.02) | |||||
Gas Distribution | 0.27 | 0.26 | 0.01 | |||||
Dominion Energy South Carolina | 0.11 | 0.09 | 0.02 | |||||
Contracted Generation | 0.07 | 0.13 | (0.06) | |||||
Corporate and Other | (0.13) | (0.11) | (0.02) | |||||
$ 1.09 | $ 1.10 | $ (0.01) | ||||||
Common Shares Outstanding (average, diluted) | 838.2 | 793.1 | ||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). | |||||||
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" | |||||||
in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | ||||||||
3) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities entered in | |||||||
June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for the three months | ||||||||
ended March 31. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the | ||||||||
Series A preferred stock equity units entered in June 2019 and $9 million associated with the Series B preferred stock equity units entered in December 2019. | ||||||||
See Forms 10-Q and 10-K for additional information. | ||||||||
Schedule 2 - Reconciliation of 2020 Reported Earnings to Operating Earnings | ||||||
2020 Earnings (Three months ended March 31, 2020) | ||||||
The $1.4 billion pre-tax net effect of the adjustments included in 2020 reported earnings, but excluded from operating earnings, is primarily related to the following items: | ||||||
· $768 million of charges primarily relating to the planned early retirement of electric generation facilities in Virginia. | ||||||
· $538 million net loss related to our investments in nuclear decommissioning trust funds. | ||||||
(millions, except per share amounts) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | YTD 2020 | |
Reported earnings (loss) | ($270) | $0 | $0 | $0 | ($270) | |
Adjustments to reported earnings1: | ||||||
Pre-tax loss (income) | 1,422 | 0 | 0 | 0 | 1,422 | |
Income tax | (221) | 0 | 0 | 0 | (221) | |
1,201 | 0 | 0 | 0 | 1,201 | ||
Operating earnings | $931 | $0 | $0 | $0 | $931 | |
Common shares outstanding (average, diluted) | 838.2 | 0.0 | 0.0 | 0.0 | 838.2 | |
Reported earnings (loss) per share2 | ($0.34) | $0.00 | $0.00 | $0.00 | ($0.34) | |
Adjustments to reported earnings per share2 | 1.43 | 0.00 | 0.00 | 0.00 | 1.43 | |
Operating earnings per share2 | $1.09 | $0.00 | $0.00 | $0.00 | $1.09 | |
1) Adjustments to reported earnings are reflected in the following table: | ||||||
1Q20 | 2Q20 | 3Q20 | 4Q20 | YTD 2020 | ||
Pre-tax loss (income): | ||||||
Regulated asset retirements | 768 | 0 | 0 | 0 | 768 | |
Net loss on NDT funds | 538 | 0 | 0 | 0 | 538 | |
Merger and integration-related costs | 51 | 0 | 0 | 0 | 51 | |
Mark-to-market impact of economic hedging activities | 33 | 0 | 0 | 0 | 33 | |
Liability management | 31 | 0 | 0 | 0 | 31 | |
Other | 1 | 0 | 0 | 0 | 1 | |
$1,422 | $0 | $0 | $0 | $1,422 | ||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings * | (238) | 0 | 0 | 0 | (238) | |
Other | 17 | 0 | 0 | 0 | 17 | |
($221) | $0 | $0 | $0 | ($221) | ||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, | ||||||
such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated | ||||||
annual effective tax rate. | ||||||
2)The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible | ||||||
preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per | ||||||
share. No adjustments were necessary for the three months ended March 31. The calculation of reported and operating earnings per share | ||||||
includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June | ||||||
2019 and $9 million associated with the Series B preferred stock equity units entered in December 2019. See Forms 10-Q and 10-K for | ||||||
additional information. | ||||||
Schedule 3 - Reconciliation of 2019 Reported Earnings to Operating Earnings | ||||||
2019 Earnings (Twelve months ended December 31, 2019) | ||||||
The $2.6 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items: | ||||||
· $2.4 billion of merger and integration-related costs associated with the SCANA Combination, primarily reflecting $1 billion for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project, $427 million associated with a voluntary retirement program (which includes $112 million for employee benefit plan curtailment), and $641 million associated with litigation. | ||||||
· $783 million of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination. | ||||||
· $113 million benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of Virginia legislation in March. | ||||||
· $553 million net gain related to our investments in nuclear decommissioning trust funds. | ||||||
Dominion Energy also recorded $194 million tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery. | ||||||
(millions, except per share amounts) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 3 | |
Reported earnings (loss) | ($680) | $54 | $975 | $1,009 | $1,358 | |
Adjustments to reported earnings 1: | ||||||
Pre-tax loss (income) | 1,640 | 656 | 131 | 193 | 2,620 | |
Income tax | (87) | (91) | (139) | (214) | (531) | |
1,553 | 565 | (8) | (21) | 2,089 | ||
Operating earnings | $873 | $619 | $967 | $988 | $3,447 | |
Common shares outstanding (average, diluted) | 793.1 | 802.6 | 813.0 | 826.3 | 808.9 | |
Reported earnings (loss) per share 2 | ($0.86) | $0.05 | $1.17 | $1.21 | $1.62 | |
Adjustments to reported earnings per share 2 | 1.96 | 0.72 | 0.01 | (0.03) | 2.62 | |
Operating earnings per share 2 | $1.10 | $0.77 | $1.18 | $1.18 | $4.24 | |
1)Adjustments to reported earnings are reflected in the following table: | ||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | ||
Pre-tax loss (income): | ||||||
Merger and integration-related costs | 1,429 | 542 | 60 | 378 | 2,409 | |
Regulated asset and contract retirements/terminations | 547 | 211 | 47 | (22) | 783 | |
Revision to ash pond and landfill closure costs | (113) | 0 | 0 | 0 | (113) | |
Net gain on NDT funds | (253) | (83) | (28) | (189) | (553) | |
Other | 30 | (14) | 52 | 26 | 94 | |
$1,640 | $656 | $131 | $193 | $2,620 | ||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings * | (255) | (91) | (139) | (226) | (711) | |
Write-off EDIT regulatory assets (SCANA) | 198 | 0 | 0 | (4) | 194 | |
Other | (30) | 0 | 0 | 16 | (14) | |
($87) | ($91) | ($139) | ($214) | ($531) | ||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts | ||||||
may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||
2)The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities | ||||||
entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary | ||||||
for the three months ended June 30. For the three months ended September 30, the fair value adjustment required for diluted reported earnings per share | ||||||
calculation was $13 million. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share | ||||||
calculation was $1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends | ||||||
of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B | ||||||
preferred stock equity units entered in December of 2019. See Forms 10-Q and 10-K for additional information. | ||||||
3) YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities. | ||||||
Schedule 4 - Reconciliation of 1Q20 Earnings to 1Q19 | |||
Preliminary, Unaudited | Three Months Ended | ||
(millions, except EPS) | March 31, | ||
2020 vs. 2019 | |||
Increase / (Decrease) | |||
Reconciling Items | Amount | EPS | |
Change in reported earnings (GAAP) | $410 | $0.52 | |
Change in Pre-tax loss (income) 1 | (218) | ||
Change in Income tax 1 | (134) | ||
Adjustments to reported earnings | ($352) | ($0.53) | |
Change in consolidated operating earnings | $58 | ($0.01) | |
Dominion Energy Virginia | |||
Regulated electric sales: | |||
Weather | ($26) | ($0.03) | |
Other | 4 | - | |
Rate adjustment clause equity return | 23 | 0.03 | |
Electric capacity | 24 | 0.03 | |
Depreciation & amortization | 12 | 0.02 | |
Renewable energy investment tax credits | 29 | 0.04 | |
Other | 2 | - | |
Share dilution | - | (0.03) | |
Change in contribution to operating earnings | $68 | $0.06 | |
Gas Transmission & Storage | |||
Noncontrolling interest | ($20) | (0.02) | |
Atlantic Coast Pipeline equity earnings | 8 | 0.01 | |
Interest expense, net | 26 | 0.03 | |
Other | (15) | (0.02) | |
Share dilution | - | (0.02) | |
Change in contribution to operating earnings | ($1) | ($0.02) | |
Gas Distribution | |||
Regulated gas sales: | |||
Weather | ($5) | - | |
Other | 11 | 0.01 | |
Rate adjustment clause equity return | 2 | - | |
Interest expense, net | 6 | 0.01 | |
Other | 6 | 0.01 | |
Share dilution | - | (0.02) | |
Change in contribution to operating earnings | $20 | $0.01 | |
Dominion Energy South Carolina | |||
Regulated electric sales: | |||
Weather | $9 | $0.01 | |
Other | 5 | - | |
Regulated gas sales | 4 | - | |
Interest expense, net | 8 | 0.01 | |
Other | (3) | - | |
Share dilution | - | - | |
Change in contribution to operating earnings | $23 | $0.02 | |
Contracted Generation | |||
Margin | ($44) | ($0.06) | |
Interest expense, net | 4 | - | |
Other | (3) | - | |
Share dilution | - | - | |
Change in contribution to operating earnings | ($43) | ($0.06) | |
Corporate and Other | |||
Share dilution and other | (9) | (0.02) | |
Change in contribution to operating earnings | ($9) | ($0.02) | |
Change in consolidated operating earnings | $58 | ($0.01) | |
Change in adjustments included in reported earnings1 | $352 | $0.53 | |
Change in consolidated reported earnings | $410 | $0.52 | |
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's | |||
website at www.dominionenergy.com/investors. | |||
Note: Figures may not sum due to rounding | |||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-announces-first-quarter-earnings-301052813.html
SOURCE Dominion Energy
Article Date
5/5/2020Dominion Energy Virginia Quadruples Renewable Energy and Energy Storage in Long-Term Integrated Resource Plan
Source: PR Newswire
RICHMOND, Va., May 1, 2020 /PRNewswire/ -- In just one year, Dominion Energy Virginia has quadrupled the amount of solar and wind generation in its 15-year, long-term integrated resource plan (IRP). The increase is driven, in part, by Governor Ralph Northam's executive order on climate change and the Virginia Clean Economy Act passed by the General Assembly.
The expansion of renewable energy development will give Virginians significant access to more renewable energy and create thousands of clean energy jobs. Dominion Energy Virginia issued a request for proposals today soliciting bids for up to 1,000 megawatts (MW) of solar and onshore wind generation and up to 250 MW of energy storage in the Commonwealth. This is the largest solicitation in the Company's history for renewable energy in a calendar year and will promote its efforts toward a clean energy future.
Projected expansion of offshore wind, solar, and energy storage development amounts to approximately 24,000 new megawatts of renewable energy and storage capacity over the next 15 years.
The long-term IRP includes:
Renewable and Energy Storage Capacity in 15-year Integrated Resource Plans
Current In Operation or Under | Prior Forecast 2019 IRP Update (approximate) | Updated Forecast 2020 IRP (approximate) | |
Offshore Wind | 12 MW | 860 MW | 5,100 MW |
Solar | 396 MW | 4,400 MW | 15,900 MW |
Energy Storage | 1808 MW | 326 MW | 2,700 MW |
Total | 2,216 MW | 5,586 MW | 23,700 MW |
"We're focused on the health and safety of our employees and customers during this coronavirus pandemic and see these projects as a catalyst to restarting the economy when appropriate," said Robert M. Blue, president, Dominion Energy Virginia. "We are putting Virginians to work on renewable energy projects that will create thousands of jobs, transforming the environment and the economy of the Commonwealth."
While the company's generation fuel mix will change dramatically over the years to come, what will not change is our obligation to provide reliable, around-the-clock energy to our customers. All IRP plans assume the relicensure of the company's four nuclear units to continue producing 24/7 zero-carbon emissions electricity. Additionally, based on limitations, such as existing battery storage technology and the variable nature of renewables, natural-gas fired generation will continue to play a critical, low emission role in our system for decades to come. Also included in this year's filing is a significant increase in energy efficiency programs to meet the 5% energy sales reduction target by 2025 set by the VCEA.
The company is making essential upgrades to the transmission infrastructure in Virginia and is embarking on strategic investments on the distribution system through its Grid Transformation Plan. These investments will ensure continued grid stability, needed capacity, and improved resiliency, and will enable additional renewable resources to come online.
Dominion Energy Virginia's residential rates are 11.62 cents per kilowatt-hour — nearly 10 percent below the national average of 12.85, according to the U.S. Energy Information Administration. The rate is also the lowest of all states participating in the Regional Greenhouse Gas Initiative, which Virginia will join under the Virginia Clean Economy Act and companion legislation. The company is projecting that residential rates will keep pace with historic levels of annual inflation, with a compound annual growth rate of around 3% over the next 10 years.
Dominion Energy recently announced a new companywide goal of achieving net zero emissions, covering both carbon dioxide and methane in its power generation and natural gas operations across 20 states by 2050. This IRP and RFP align with Dominion Energy's net zero by 2050 commitment.
Bidders seeking more information on the competitive bidding process and the RFP submittal documents should visit: www.dominionenergy.com/2020SolarWindRFP. Customers and developers interested in learning more about Dominion Energy's renewable energy expansion plans may contact us via email: 2020SolarWindRFP@dominionenergy.com.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
5/1/20204/27/2020 - Dominion Energy Remains on Schedule to Build Largest Offshore Wind Project in United States
Dominion Energy Remains on Schedule to Build Largest Offshore Wind Project in United States
Source: PR Newswire
RICHMOND, Va., April 27, 2020 /PRNewswire/ -- Dominion Energy and its contractors remain on track to ensure the Coastal Virginia Offshore Wind (CVOW) project remains on schedule to become an economic driver in Hampton Roads. The project team and vessel crews have implemented processes to navigate the impact of the worldwide coronavirus pandemic.
Two vessels – the M/V Sarah Bordelon and M/V Marcelle Bordelon contracted through TerraSond – earlier this month started geophysical studies in the 112,800-acre project lease area, 27 miles off the coast of Virginia Beach where the 2,600-megawatt project will be built beginning in 2024. These surveys will provide the company with the geological, biological, and oceanographic data needed to support planning and construction in a manner that facilitates coexistence between the natural marine ecosystem and clean energy development. Ultimately, this data will support preparation of the project's Construction and Operations Plan to be submitted to the Bureau of Ocean Energy Management (BOEM) later this year.
The survey vessels will be equipped with hull mounted and towed equipment to collect geophysical data, while additional equipment will be deployed later this summer at specific locations to conduct seafloor sampling.
"Safety is our top priority and while the coronavirus pandemic has created unique challenges, our teams have safely worked through them to keep the development of the commercial offshore wind project on track," said Mark D. Mitchell, Dominion Energy vice president of generation construction. "At the same time, we are working diligently with our suppliers to develop a U.S.-based offshore wind supply chain anchored in Hampton Roads, which would establish Virginia as the leader in offshore wind in America."
Eyeing an offshore wind hub in Hampton Roads, Dominion Energy has tapped the region's fishing and maritime communities for support on the CVOW projects.
Dominion Energy is also working with wind turbine and other manufacturers to encourage them to bring the much-needed U.S.-based supply chain to Hampton Roads, spurring economic development and employment opportunities in the region, while lowering project costs.
Recognizing the importance of commercial and recreational fisheries in the region, Dominion Energy has engaged the fishing and maritime communities to coordinate CVOW's offshore operations, address questions, and obtain feedback from the fishing community.
Earlier this year, Dominion Energy and Fisheries Liaison Officers from Sea Risk Solutions, who are supporting both the pilot and commercial projects, conducted regional outreach meetings and in-person port visits to share project updates and listen to concerns from the region's fishermen. Recent coronavirus restrictions on travel and in-person meetings have been accommodated by the electronic distribution of updated project materials.
Construction nears on the pilot project as the components and foundations for the two, 6-megawatt turbines to be installed later this spring were safely transported across the Atlantic Ocean by the MC-Class Bigroll Beaufort.
Dominion Energy's offshore wind projects are part of the company's comprehensive clean energy strategy to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. To accomplish this goal, the company is rapidly expanding solar and wind energy across Virginia, in partnership with zero-carbon nuclear and low-carbon natural gas. Additionally, the company is investing in renewable natural gas, battery storage, pumped hydroelectric storage and other resources that can complement solar and wind energy.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/27/20204/21/2020 - Dominion Energy Nears Construction on First-Ever Offshore Wind Turbines in U.S. Federal Waters
Dominion Energy Nears Construction on First-Ever Offshore Wind Turbines in U.S. Federal Waters
Source: PR Newswire
RICHMOND, Va., April 21, 2020 /PRNewswire/ -- Dominion Energy and Ørsted announced today the turbine components and monopiles for the Coastal Virginia Offshore Wind (CVOW) pilot project have started their journey to North America. The project team and vessel crews have been successful in navigating the impact of the worldwide coronavirus pandemic to keep the team safe and the project on schedule.
The foundations, consisting of the turbines' monopiles, transition pieces and anode cages fabricated by EEW SPC, have been loaded onto the Bigroll Beaufort cargo ship in Rostock, Germany. The components for the two, 6-megawatt Siemens Gamesa turbines were loaded in Esbjerg, Denmark, before the vessel embarked in mid-April on the approximately two-week transatlantic journey to Halifax, Nova Scotia, Canada.
"This is a monumental step toward the installation of the first offshore wind turbines in federal waters, which will deliver clean, renewable energy to our customers," said Mark D. Mitchell, Dominion Energy vice president of generation construction. "The construction of these two turbines will help us reach our goal for net zero emissions and position Virginia as a leader in offshore wind."
"This announcement marks yet another milestone in the U.S. offshore wind industry and reinforces Ørsted's leadership in facilitating a robust U.S. market," said Thomas Brostrøm, CEO of Ørsted North America Offshore. "Ørsted's experience and the hard work of its colleagues have made it possible to keep the project on time and on budget in spite of the disruption of global commerce."
"Even though this project consists of two monopiles and transition pieces, it has profound importance for the development of the U.S. offshore wind market, as this is the first project that successfully has passed all phases of BOEM approval," said Christoph Schorge, CEO of the EEW Group. "This milestone will pave the way for the large-scale commercial projects to follow. Both Dominion Energy and Ørsted are key developers in the U.S and the collaboration on this project demonstrates the determination toward the rapid development of U.S. offshore wind."
Installation of the two turbines, located 27 miles offshore, is expected to begin later this spring and they are expected to enter service by the end of the year. Onshore construction for the pilot project began last year in June to facilitate the interconnection of the turbines at a company substation near Camp Pendleton. At peak production, the pilot project will power 3,000 homes.
The CVOW pilot project was first announced more than two years ago and received approval in November 2018 from the State Corporation Commission. The construction process is on a strict timetable, in order to minimize environmental impacts to the sea bottom and aquatic life.
Also this month, Dominion Energy is conducting ocean surveys to map the seabed of the 112,800-acre lease area where the company's 2,600-megawatt CVOW project will be built beginning in 2024. These surveys will help the company determine potential impacts to ocean and sea life and will support the development of the project's Construction and Operations Plan to be submitted to the Bureau of Ocean Energy Management (BOEM) later this year.
Dominion Energy's offshore wind projects are part of the company's comprehensive clean energy strategy to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. To accomplish this goal, the company is rapidly expanding solar and wind energy across Virginia, in partnership with zero-carbon nuclear and low-carbon natural gas. Additionally, the company is investing in renewable natural gas, battery storage, pumped hydroelectric storage and other resources that can support the intermittent nature of solar and wind.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/21/2020Online Earth Day Activities Help Teach Kids About the Environment
Source: PR Newswire
RICHMOND, Va., April 16, 2020 /PRNewswire/ -- Families can celebrate Earth Day's 50th anniversary with activities that highlight clean energy, sustainability and conservation.
With many families working and learning remotely, these activities allow families to celebrate Earth Day together from the safety of their own home. Focusing on topics such as water conservation, solar energy, and pollinators, kids will be able to participate in activities that teach them environmental stewardship and how to help create a more sustainable planet.
Links to the activities and more information can be found at: https://www.dominionenergy.com/earthday.
Families are encouraged to share their creations on Facebook, Instagram and Twitter by tagging @DominionEnergy to be featured in our activity highlights reel Friday!
Earth Day Activities:
Whether it's converting 43,000 acres of open space to pollinator habitat or investing in renewable energy, Dominion Energy is committed to protecting the environment. Dominion Energy continues working alongside customers to reduce emissions and reach our goal of net zero carbon and methane emissions companywide by 2050.
Dominion Energy is committed to continuing to deliver energy safely and reliably while supporting the national effort to manage the spread of the coronavirus. For more information, visit www.dominionenergy.com/coronavirus.
For more information about Dominion Energy's environmental stewardship, please visit https://www.dominionenergy.com/ourpromise/environment-social.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/16/2020Dominion Energy Schedules First-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., April 7, 2020 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its first-quarter earnings conference call at 10 a.m. ET on Tuesday, May 5, 2020. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial 1-800-341-6228. International callers should dial 1-334-777-6993. The passcode for the conference call is 47792145#. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 2 p.m. ET May 5 and lasting until 11 p.m. ET May 12. Domestic callers may access the recording by dialing 1-877-919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 64127851. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 5.
About Dominion Energy
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/7/2020Dominion Energy Will Hold Virtual Annual Meeting in 2020
Source: PR Newswire
RICHMOND, Va., March 25, 2020 /PRNewswire/ -- As previously disclosed, Dominion Energy, Inc. (NYSE: D), will hold its annual meeting of shareholders on Wednesday, May 6, 2020, at 9:30 a.m. ET.
In light of the ongoing coronavirus pandemic and taking into account the guidance and protocols issued by public health authorities and federal, state and local governments, this year's annual meeting will be held virtually at the same date and time, via the Internet, with no physical, in-person meeting.
Shareholders of record as of the close of business Feb. 28, 2020, may attend the meeting virtually by visiting www.virtualshareholdermeeting.com/D2020. Technical assistance will be available during registration and during the annual meeting for shareholders or their proxies at the following phone number: 1-800-586-1548 (U.S.) or 303-562-9288 (International).
Information regarding voting and accessing the virtual annual meeting, as well as how to ask questions at the meeting may be found in Dominion Energy's Proxy Statement that has been filed with the U.S. Securities and Exchange Commission.
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
3/25/2020Dominion Energy Commits $1 Million to Coronavirus Relief Efforts
Source: PR Newswire
RICHMOND, Va., March 16, 2020 /PRNewswire/ -- The Dominion Energy Charitable Foundation is committing $1 million to aid COVID-19 relief efforts across the United States. The funds will support national organizations, such as the American Red Cross, as well as address local needs.
"The health and well-being of customers and employees is Dominion Energy's top priority. We are helping customers and communities we serve during this difficult time by maintaining reliable service and providing support and relief to those affected," said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II. "Our contributions to these organizations will help provide the means to lessen the impact of this outbreak."
Dominion Energy is committing $750,000 to nonprofits to help assist the communities that are home to the more than 7 million customers Dominion Energy serves. Donations to local organizations will help address needs as dictated by response plans.
Dominion Energy is also committing $250,000 to the American Red Cross as it continues to mobilize efforts to respond to the outbreak of coronavirus in the United States.
"The Red Cross is proud to count Dominion Energy as a partner to help us deliver our lifesaving mission nationwide due to the coronavirus outbreak," said Don Herring, chief development officer at the American Red Cross. "As concerns about the coronavirus have grown here in the U.S., the number of cancelled blood drives has increased exponentially. The need for blood will continue as the outbreak grows, and we are grateful for the support from Dominion Energy to help those in need at this critical time."
The company is taking a number of measures to ensure it is able to continue providing energy to customers, while at the same time keeping employees safe and healthy.
Dominion Energy knows the communities it serves rely on the company to provide an essential service. It takes seriously the responsibility to provide energy safely and reliably, all day, every day. To do that requires a workforce that is able and ready to do the work necessary to keep the lights on and the natural gas flowing. The company's business continuity plans are in place and other steps are being taken to ensure reliable energy service 24-7. That includes securing supplies, reviewing staffing plans and coordinating with government health officials.
Customers should not have to worry about losing service during this critical time. The company has suspended all service disconnections for nonpayment. Residential customers previously disconnected due to non-payment may contact the company for assistance reconnecting service. In addition, the company is planning to waive late fees and reconnection fees and is seeking approval from utility commissions where required to do so.
Dominion Energy encourages customers to use its digital tools and other resources for routine self-service and 24-7 online account access as call wait times may be longer than usual. The company is here to help and encourages customers who may be facing financial difficulties to contact us.
For more information, visit https://www.dominionenergy.com/coronavirus.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
3/16/20203/2/2020 - Nonprofit, Educational Organizations: Don't Miss This Chance to Apply for Environmental Grants
Nonprofit, Educational Organizations: Don't Miss This Chance to Apply for Environmental Grants
Source: PR Newswire
RICHMOND, Va., March 2, 2020 /PRNewswire/ -- Dominion Energy announced today its Environmental Education and Stewardship Grants program, which will provide up to $1.5 million for environmental grants through the Dominion Energy Charitable Foundation. This competitive program is designed to support nonprofit organizations and schools working to improve the environment and provide educational experiences in communities served by Dominion Energy.
"We're grateful for the contributions these organizations and schools are making to advance environmental stewardship," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "Their efforts align with our commitments to protect natural resources and lift up the communities we serve."
One such organization is the James River Outdoor Coalition (JROC) in Richmond, Va., which was recognized with a grant in 2019 to support the construction of a universal access ramp to enable paddlers and water enthusiasts of all abilities to access to James River. Watch this video to learn about JROC's efforts.
"This grant is a key component to providing a new universally designed boat launch in the James River Park System," said Sally Wetzler, a James River Outdoor Coalition board member. "JROC is using the funding to ensure that there is access to the James River for anyone who wants to canoe or kayak, go fishing with family or just enjoy being at the river."
Other past grant recipients include the Avian Conservation Center in Awendaw, S.C., which used the money to study and preserve local birds of prey, and the Virginia Aquarium and Marine Science Center in Virginia Beach, which works to rescue and care for sea turtles mistakenly hooked by fishermen.
Nonprofit organizations are invited to apply for grants up to $25,000 each to support specific, short-term projects that promise measurable results to improve the environment. Also, public and private K-12 schools in eligible regions can apply for classroom grants up to $5,000 each for environmental education programs.
Eligible organizations in Connecticut, Maryland, New York, North Carolina, Ohio, South Carolina, Utah, Virginia, West Virginia, Wyoming and other areas in Dominion Energy's footprint can submit applications through March 23, 2020.
Dominion Energy will consider grant requests that focus on one or more of the following priorities:
For details and online application, please visit: https://www.dominionenergy.com/envirogrants.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
3/2/2020Dominion Energy Statement Regarding Securities and Exchange Commission Complaint Filed in Federal Court in South Carolina
Source: PR Newswire
RICHMOND, Va., Feb. 27, 2020 /PRNewswire/ -- The U.S. Securities and Exchange Commission (SEC) today filed a complaint in the U.S. District Court for the District of South Carolina against SCANA Corporation, South Carolina Electric & Gas Company (now known as Dominion Energy South Carolina, Inc.), and two former SCANA executives. The complaint alleges violations of federal securities laws that occurred between 2015 and 2017, before the Dominion Energy-SCANA Corporation combination was completed on Jan. 1, 2019.
The company said:
"This is a disappointing development related to a long-standing investigation by the SEC regarding pre-merger activities. Dominion Energy has been fully cooperating with the SEC in this investigation. That cooperation began prior to completion of our merger. We are taking this matter very seriously, and are reviewing the complaint to determine our next steps.
"In December 2019, we executed a settlement agreement with former SCANA shareholders for $192.5 million, which was preliminarily approved by the federal district court in South Carolina earlier this month.
"We believe that our cooperation and extensive remediation efforts to date will be a factor in the resolution of this matter."
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/28/20202/26/2020 - Dominion Energy Sets Annual Meeting
Dominion Energy Sets Annual Meeting
Source: PR Newswire
RICHMOND, Va., Feb. 26, 2020 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), will hold its annual meeting of shareholders on Wednesday, May 6, 2020, at 9:30 a.m. ET. Details of the annual meeting will be included in the proxy statement delivered to shareholders in late March.
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SOURCE Dominion Energy
Article Date
2/26/2020Dominion Energy's First Battery Storage Projects Approved
Source: PR Newswire
RICHMOND, Va., Feb. 25, 2020 /PRNewswire/ -- Dominion Energy Virginia received approval from the State Corporation Commission (SCC) to move forward with four battery storage pilot projects to pave the way for additional energy storage technology needed to support the company's commitment to achieve net zero carbon and methane emissions by 2050, increase in renewables and to improve grid reliability.
The four utility-scale battery storage pilot projects totaling 16 megawatts are the largest projects of their kind in Virginia. The company will utilize lithium-ion batteries, like those found in electric vehicles, to better understand how this emerging technology can be integrated into various applications to benefit our customers.
These projects are enabled by the Grid Transformation & Security Act of 2018, which allows Dominion Energy to invest in up to 30 megawatts of battery storage pilot projects. As the company continues to increase its solar fleet – currently the fourth-largest of any utility holding company in the nation – and build out its offshore wind development off the coast of Virginia Beach, the company is looking for new and innovative ways to store the renewable energy it produces to maintain reliable service to customers.
"Dominion Energy will pilot these 16 megawatts of battery storage to better understand how best to deploy batteries across our system to integrate renewables and provide grid reliability by filling gaps due to the inherent intermittency of solar and wind power," said Mark D. Mitchell, Dominion Energy's vice president of generation construction. "These pilot projects will also help us learn how to incorporate this emerging technology into our overall strategy to achieve net zero carbon dioxide and methane emissions."
"Energy storage is emerging as a critical component to meeting our customers' needs and providing continued grid stability," said Joe Woomer, Dominion Energy's vice president of grid and technical solutions. "Experience from these pilot projects will enable storage to complement or serve as an alternative to traditional grid enhancements needed to maintain reliable service for our customers as we work to integrate renewables and improve grid resiliency."
The four Central Virginia-based projects will cost approximately $33 million to construct and will provide key information on distinct use cases for batteries on the energy grid. The pilots will be evaluated over a five-year period once operational, currently expected to be in first quarter of 2021.
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/25/2020Dominion Energy Virginia Customers to Save $6 on Monthly Residential Bills Under Proposed Fuel Cost Reduction
Source: PR Newswire
RICHMOND, Va., Feb. 21, 2020 /PRNewswire/ -- Dominion Energy customers in Virginia can expect a nearly $6 decrease in their monthly residential electric bills later this year under a proposed fuel rate adjustment.
This fuel rate reduction is driven by the outstanding performance of our generation fleet in Virginia, particularly our combined cycle power stations which provided excellent reliability and affordability to our customers while also reducing carbon emissions by displacing coal. In addition, the company's rapidly increasing renewable portfolio in the Commonwealth reduces both fuel costs and carbon emissions.
"We remain focused on providing customers with reliable service, increasingly clean energy and a great value for their energy dollar," said Robert M. Blue, president, Dominion Energy Virginia. "This proposed fuel reduction shows we are running an efficient operation and providing excellent service to our customers."
Fuel Rate | Total Bill | |
Current | $23.25 | $122.07 |
Proposed | $17.26 | $116.18 |
Change | -$5.89 (25.3%) | -$5.89 (4.8%) |
Based on typical 1,000 kwh residential bill |
Industrial customers will see an overall rate reduction of around 10% under the proposal. The new rate will take effect May 1 if approved by the State Corporation Commission (SCC). No change can occur in company rates without approval from the SCC.
The fuel charge comprises about 20 percent of a typical residential bill. The company is not allowed to make any profit on the fuel charge, so customers only pay for the actual cost of power station fuels.
Base rates comprise about 60 percent of a typical residential bill. With the proposed fuel rate changes, the company's electric rates continue to be well below national, state and regional averages.
Dominion Energy recently committed to net-zero carbon emissions across its 18-state footprint by 2050. The company is developing the largest offshore wind project in America and is the 4th largest owner of solar energy in the country among utility holding companies.
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/21/2020Thousands of Rural Virginians Could Get Broadband Access through Dominion Energy, Prince George Electric Cooperative Partnership
Source: PR Newswire
RICHMOND, Va., Feb. 21, 2020 /PRNewswire/ -- Thousands of residents in rural parts of Surry County could receive access to high-speed internet under an agreement signed by Dominion Energy Virginia and Prince George Electric Cooperative (PGEC).
The partnership marks the first time a utility has joined with a cooperative to expand broadband access in the Commonwealth. The agreement would extend access to around 4,500 Dominion Energy customers and 2,200 PGEC customers in Surry County currently not offered broadband services.
"Dominion Energy is committed to the communities in which we serve and live and embraces the opportunity with PGEC to expand access to broadband in rural communities," said Ed Baine, senior vice president of power delivery for Dominion Energy Virginia. "Access will support economic development and social equity while simultaneously promoting numerous public benefits and educational opportunities for citizens of the Commonwealth."
As a regulated electric service provider, Dominion Energy's duty to provide electricity to all within its service territory puts it in a unique position to bridge the current broadband gap. Dominion Energy is installing fiber in rural areas as it moves forward with efforts to transform Virginia's energy grid. By utilizing fiber capacity for operational needs and broadband access, Dominion Energy can reduce broadband deployment costs for internet service providers.
In this case, Dominion Energy agrees to serve as the "middle mile" provider by allowing RURALBAND, a wholly-owned subsidiary of PGEC, to lease fiber and provide last-mile Fiber To The Home service. The Memorandum of Understanding (MOU) details how the parties would work together on the project, which would be filed with the State Corporation Commission (SCC) later this year for regulatory approval.
"We are excited to have Dominion Energy partner with PGEC on this exciting opportunity to bring high speed internet to a beautiful waterfront community in need of access for education and economic development growth," said Casey Logan, President of Prince George Electric Cooperative.
"This partnership brings rural Surry County into the modern communications age, bridging a vital utility gap through reliable high-speed broadband services to residents and businesses, essential to Surry's social and economic prosperity," said Melissa Rollins, Acting County Administrator – Surry County. "We appreciate the partnership and commitment by Dominion Energy and PGEC to bring broadband access to Surry and other rural Virginia communities."
The MOU is the result of a request for information by Dominion Energy Virginia in 2019. This is the first agreement created through the Grid Transformation & Security Act of 2018 and legislation patroned by Del. Israel O'Quinn in 2019. It will require around $16-$18 million in investment provided by the three parties, as well as federal and state grants.
For more information about the pilot program visit: http://www.dominionenergy.com/ruralbroadband
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Prince George Electric Cooperative
Headquartered in Waverly, Prince George Electric Cooperative is a not-for-profit member-owned energy provider that serves over 12,000 homes, farms and businesses in Dinwiddie, Prince George, Southampton, Surry, Sussex, and Isle of Wight counties. PGEC Fiber, a cooperative subsidiary, has begun offering broadband service within the cooperative's service territory. For more information, visit www.pgec.coop and www.RURALBAND.coop.
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SOURCE Dominion Energy
Article Date
2/21/2020Dominion Energy Announces Fourth-Quarter and Full-Year 2019 Earnings
Source: PR Newswire
RICHMOND, Va., Feb. 11, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2019, of $1.1 billion ($1.32 per share) compared with net income of $641 million ($0.97 per share) for the same period in 2018. Reported earnings for the twelve months ended Dec. 31, 2019, were $1.4 billion ($1.73 per share) compared with earnings of $2.4 billion ($3.74 per share) for the same period in 2018.
Operating earnings for the three months ended Dec. 31, 2019, were $988 million ($1.18 per share), compared with operating earnings of $592 million ($0.89 per share) for the same period in 2018. Operating earnings for the twelve months ended Dec. 31, 2019, were $3.4 billion ($4.24 per share) compared with operating earnings of $2.7 billion ($4.05 per share) for the same period in 2018.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Operating earnings guidance
Dominion Energy expects 2020 operating earnings in the range of $4.25 to $4.60 per share, compared to full-year 2019 operating earnings of $4.24 per share. Positive drivers include regulated investment growth across electric and gas businesses, lower financing costs due to lower average debt balances, the full-year impact of the Millstone nuclear facility zero-carbon procurement contract, and lower depreciation expense associated with an anticipated extension of the useful life assumption for our regulated nuclear plants in Virginia. The company expects negative drivers for the year to include increased minority interest expense associated with the equity recapitalization of Cove Point, share dilution, two planned refueling outages at Millstone and lower New England capacity prices.
First-quarter 2020 operating earnings are expected to be in the range of $1.05 to $1.25 per share.
Conference call today
The company will host its fourth-quarter earnings conference call at 11 a.m. ET on Tuesday, Feb. 11, 2020. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (866) 710-0179. International callers should dial (334) 323-0520. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 3 p.m. ET Feb. 11 and lasting until 11 p.m. ET Feb. 18. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 75733392. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 11.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings first-quarter and full-year 2020 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | ||||||||
Consolidated Statements of Income* | ||||||||
Unaudited (GAAP Based) | ||||||||
(millions, except per share amounts) | ||||||||
Three Months Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operating Revenue | $ 4,475 | $ 3,361 | $ 16,572 | $ 13,366 | ||||
Operating Expenses | ||||||||
Electric fuel and other energy-related purchases | 655 | 686 | 2,938 | 2,814 | ||||
Purchased electric capacity | 14 | 35 | 88 | 122 | ||||
Purchased gas | 426 | 236 | 1,536 | 645 | ||||
Other operations and maintenance1 | 1,154 | 896 | 5,681 | 3,481 | ||||
Depreciation, depletion and amortization | 664 | 513 | 2,655 | 2,000 | ||||
Other taxes | 221 | 161 | 1,040 | 703 | ||||
Total operating expenses | 3,134 | 2,527 | 13,938 | 9,765 | ||||
Income from operations | 1,341 | 834 | 2,634 | 3,601 | ||||
Other income | 333 | 363 | 986 | 1,021 | ||||
Interest and related charges | 401 | 440 | 1,773 | 1,493 | ||||
Income from continuing operations including noncontrolling | ||||||||
interests before income tax expense | 1,273 | 757 | 1,847 | 3,129 | ||||
Income tax expense | 173 | 95 | 381 | 580 | ||||
Net income including noncontrolling interests | 1,100 | 662 | 1,466 | 2,549 | ||||
Noncontrolling interests | 1 | 21 | 18 | 102 | ||||
Net Income attributable to Dominion Energy | $ 1,099 | $ 641 | $ 1,448 | $ 2,447 | ||||
Reported earnings per common share - diluted | $ 1.32 | $ 0.97 | $ 1.73 | $ 3.74 | ||||
Average shares outstanding, diluted | 826.3 | 660.9 | 808.9 | 654.9 | ||||
1) Includes impairment of assets and related charges and gains on sale of assets. | ||||||||
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are | ||||||||
an integral part of the Consolidated Financial Statements. | ||||||||
Schedule 1 - Segment Reported and Operating Earnings | ||||||||||||||
Unaudited | ||||||||||||||
(millions, except earnings per share) | Three months ended December 31, | |||||||||||||
2019 | 2018 | Change | ||||||||||||
REPORTED EARNINGS1 | $ | 1,099 | $ | 641 | $ | 458 | ||||||||
Pre-tax loss (income)2 | 73 | (50) | 123 | |||||||||||
Income tax2 | (184) | 1 | (185) | |||||||||||
Adjustments to reported earnings | (111) | (49) | (62) | |||||||||||
OPERATING EARNINGS | $ | 988 | $ | 592 | $ | 396 | ||||||||
By segment: | ||||||||||||||
Dominion Energy Virginia | 403 | 333 | 70 | |||||||||||
Gas Transmission & Storage | 360 | 257 | 103 | |||||||||||
Gas Distribution | 173 | 118 | 55 | |||||||||||
Dominion Energy South Carolina | 98 | - | 98 | |||||||||||
Contracted Generation | 114 | 5 | 109 | |||||||||||
Corporate and Other | (160) | (121) | (39) | |||||||||||
$ | 988 | $ | 592 | $ | 396 | |||||||||
Earnings Per Share (EPS):3 | ||||||||||||||
REPORTED EARNINGS 1 | $ | 1.32 | $ | 0.97 | $ | 0.35 | ||||||||
Adjustments to reported earnings (after tax) | (0.14) | (0.08) | (0.06) | |||||||||||
OPERATING EARNINGS | $ | 1.18 | $ | 0.89 | $ | 0.29 | ||||||||
By segment: | ||||||||||||||
Dominion Energy Virginia | 0.49 | 0.50 | (0.01) | |||||||||||
Gas Transmission & Storage | 0.43 | 0.39 | 0.04 | |||||||||||
Gas Distribution | 0.21 | 0.18 | 0.03 | |||||||||||
Dominion Energy South Carolina | 0.12 | - | 0.12 | |||||||||||
Contracted Generation | 0.14 | 0.01 | 0.13 | |||||||||||
Corporate and Other | (0.21) | (0.19) | (0.02) | |||||||||||
$ | 1.18 | $ | 0.89 | $ | 0.29 | |||||||||
Common Shares Outstanding (average, diluted) | 826.3 | 660.9 | ||||||||||||
(millions, except earnings per share) | Twelve months ended December 31, | |||||||||||||
2019 | 2018 | Change | ||||||||||||
REPORTED EARNINGS1 | $ | 1,448 | $ | 2,447 | $ | (999) | ||||||||
Pre-tax loss (income)2 | 2,500 | 201 | 2,299 | |||||||||||
Income tax2 | (501) | 3 | (504) | |||||||||||
Adjustments to reported earnings | 1,999 | 204 | 1,795 | |||||||||||
OPERATING EARNINGS | $ | 3,447 | $ | 2,651 | $ | 796 | ||||||||
By segment: | ||||||||||||||
Dominion Energy Virginia | 1,786 | 1,596 | 190 | |||||||||||
Gas Transmission & Storage | 934 | 844 | 90 | |||||||||||
Gas Distribution | 488 | 373 | 115 | |||||||||||
Dominion Energy South Carolina | 430 | - | 430 | |||||||||||
Contracted Generation | 276 | 245 | 31 | |||||||||||
Corporate and Other | (467) | (407) | (60) | |||||||||||
$ | 3,447 | $ | 2,651 | $ | 796 | |||||||||
Earnings Per Share (EPS):3 | ||||||||||||||
REPORTED EARNINGS1 | $ | 1.73 | $ | 3.74 | $ | (2.01) | ||||||||
Adjustments to reported earnings (after tax) | 2.51 | 0.31 | 2.20 | |||||||||||
OPERATING EARNINGS | $ | 4.24 | $ | 4.05 | $ | 0.19 | ||||||||
By segment: | ||||||||||||||
Dominion Energy Virginia | 2.21 | 2.44 | (0.23) | |||||||||||
Gas Transmission & Storage | 1.16 | 1.29 | (0.13) | |||||||||||
Gas Distribution | 0.60 | 0.57 | 0.03 | |||||||||||
Dominion Energy South Carolina | 0.53 | - | 0.53 | |||||||||||
Contracted Generation | 0.34 | 0.37 | (0.03) | |||||||||||
Corporate and Other | (0.60) | (0.62) | 0.02 | |||||||||||
$ | 4.24 | $ | 4.05 | $ | 0.19 | |||||||||
Common Shares Outstanding (average, diluted) | 808.9 | 654.9 | ||||||||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). | |
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" | |
in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | ||
3) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities entered in | |
June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. For the three and twelve months ended December 31, | ||
the fair value adjustment required for diluted reported earnings per share calculation was $1 million and $28 million, respectively. The calculation of reported and | ||
operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June of | ||
2019 and $2 million associated with the Series B preferred stock equity units entered in December of 2019. See Form 10-K for additional information. | ||
Schedule 2 - Reconciliation of 2019 Reported Earnings to Operating Earnings
2019 Earnings (Twelve months ended December 31, 2019)
The $2.5 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:
Dominion Energy also recorded $198 million tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.
(millions, except per share amounts) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | 3 | |
Reported earnings (loss) | ($680) | $54 | $975 | $1,099 | $1,448 | ||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 1,640 | 656 | 131 | 73 | 2,500 | ||
Income tax | (87) | (91) | (139) | (184) | (501) | ||
1,553 | 565 | (8) | (111) | 1,999 | |||
Operating earnings | $873 | $619 | $967 | $988 | $3,447 | ||
Common shares outstanding (average, diluted) | 793.1 | 802.6 | 813.0 | 826.3 | 808.9 | ||
Reported earnings (loss) per share 2 | ($0.86) | $0.05 | $1.17 | $1.32 | $1.73 | ||
Adjustments to reported earnings per share 2 | 1.96 | 0.72 | 0.01 | (0.14) | 2.51 | ||
Operating earnings per share 2 | $1.10 | $0.77 | $1.18 | $1.18 | $4.24 | ||
1)Adjustments to reported earnings are reflected in the following table: | |||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | |||
Pre-tax loss (income): | |||||||
Merger and integration-related costs | 1,429 | 542 | 60 | 258 | 2,289 | ||
Regulated asset and contract retirements/terminations | 547 | 211 | 47 | (22) | 783 | ||
Revision to ash pond and landfill closure costs | (113) | 0 | 0 | 0 | (113) | ||
Net gain on NDT funds | (253) | (83) | (28) | (189) | (553) | ||
Other | 30 | (14) | 52 | 26 | 94 | ||
$1,640 | $656 | $131 | $73 | $2,500 | |||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | (255) | (91) | (139) | (196) | (681) | ||
Write-off EDIT regulatory assets (SCANA) | 198 | 0 | 0 | (4) | 194 | ||
Other | (30) | 0 | 0 | 16 | (14) | ||
($87) | ($91) | ($139) | ($184) | ($501) | |||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts | |||||||
may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective rate. | |||||||
2)The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities | |||||||
entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for | |||||||
the three months ended June 30. For the three months ended September 30, the fair value adjustment required for diluted reported earnings per share calculation | |||||||
was $13 million. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings per share calculation was | |||||||
$1 million and $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per | |||||||
quarter associated with the Series A preferred stock equity units entered in June of 2019 and $2 million associated with the Series B preferred stock equity units | |||||||
entered in December of 2019. See Forms 10-Q and 10-K for additional information. | |||||||
3) YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities. |
Schedule 3 - Reconciliation of 2018 Reported Earnings to Operating Earnings
2018 Earnings (Twelve months ended December 31, 2018)
The $201 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:
(millions, except per share amounts) | 1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | 2 | |
Reported earnings | $503 | $449 | $854 | $641 | $2,447 | ||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 305 | 145 | (199) | (50) | 201 | ||
Income tax expense (benefit) | (67) | (34) | 103 | 1 | 3 | ||
238 | 111 | (96) | (49) | 204 | |||
Operating earnings | $741 | $560 | $758 | $592 | $2,651 | ||
Common shares outstanding (average, diluted) | 650.5 | 653.1 | 654.9 | 660.9 | 654.9 | ||
Reported earnings per share | $0.77 | $0.69 | $1.30 | $0.97 | $3.74 | ||
Adjustments to reported earnings (after-tax) | 0.37 | 0.17 | (0.15) | (0.08) | 0.31 | ||
Operating earnings per share | $1.14 | $0.86 | $1.15 | $0.89 | $4.05 | ||
1) Adjustments to reported earnings are reflected in the following table: | |||||||
1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | |||
Pre-tax loss (income): | |||||||
Sale of non-core assets | (70) | (689) | (759) | ||||
Impairment of gathering & processing assets | 219 | 219 | |||||
Impact of Virginia rate legislation | 215 | 215 | |||||
Net (gain) loss on NDT funds | 43 | (50) | (149) | 326 | 170 | ||
FERC-regulated plant disallowance | 122 | 2 | 124 | ||||
Future ash pond and landfill closure costs | 81 | 81 | |||||
Storm costs | 31 | 43 | 74 | ||||
Merger-related transaction and transition costs | 16 | 9 | 3 | 9 | 37 | ||
Other | (17) | 15 | 42 | 40 | |||
$305 | $145 | ($199) | ($50) | $201 | |||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | (67) | (34) | 38 | 11 | (52) | ||
Re-measurement of Deferred Tax balances ** | 47 | (1) | 46 | ||||
Valuation Allowance *** | 18 | (9) | 9 | ||||
($67) | ($34) | $103 | $1 | $3 | |||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, | |||||||
such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated | |||||||
annual effective tax rate. | |||||||
** During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and to revise estimates made at year-end 2017. | |||||||
*** In 3Q18, a valuation allowance was established against the portion of a deferred tax asset associated with the non-core assets that was no longer projected of being utilized to offset future taxable income. In 4Q18, the amount was adjusted based on management's assessment that it is more-likely-than-not that a portion of the deferred tax asset would be realized in 2018, to reduce tax expense associated with the sale. | |||||||
2) YTD EPS may not equal sum of quarters due to share count difference. |
Schedule 4 - Reconciliation of 2019 Earnings to 2018 | ||||||
Preliminary, Unaudited | Twelve Months Ended | |||||
(millions, except EPS) | December 31, | |||||
2019 vs. 2018 | ||||||
Increase / (Decrease) | ||||||
Reconciling Items | Amount | EPS | ||||
Change in reported earnings (GAAP) | ($999) | ($2.01) | ||||
Change in Pre-tax loss (income) 1 | 2,299 | |||||
Change in Income tax 1 | (504) | |||||
Adjustments to reported earnings | $1,795 | $2.20 | ||||
Change in consolidated operating earnings | $796 | $0.19 | ||||
Dominion Energy Virginia | ||||||
Regulated electric sales: | ||||||
Weather | ($14) | ($0.02) | ||||
Other | 9 | 0.01 | ||||
Rate adjustment clause equity return | 84 | 0.13 | ||||
Electric capacity | 54 | 0.08 | ||||
Renewable energy investment tax credits | (14) | (0.02) | ||||
Other | 71 | 0.11 | ||||
Share dilution | - | (0.52) | ||||
Change in contribution to operating earnings | $190 | ($0.23) | ||||
Gas Transmission & Storage | ||||||
Cove Point export contracts | $172 | $0.26 | ||||
Assignment of shale development rights | (83) | (0.12) | ||||
Atlantic Coast Pipeline equity earnings | 37 | 0.06 | ||||
Interest expense | (60) | (0.09) | ||||
Other | 24 | 0.03 | ||||
Share dilution | - | (0.27) | ||||
Change in contribution to operating earnings | $90 | ($0.13) | ||||
Gas Distribution | ||||||
Regulated gas sales: | ||||||
Weather | ($3) | $0.00 | ||||
Other | (2) | 0.00 | ||||
Rate adjustment clause equity return | 16 | 0.02 | ||||
SCANA combination | 87 | 0.13 | ||||
Other | 17 | 0.02 | ||||
Share dilution | - | (0.14) | ||||
Change in contribution to operating earnings | $115 | $0.03 | ||||
Dominion Energy South Carolina | ||||||
SCANA combination | $430 | $0.53 | ||||
Change in contribution to operating earnings | $430 | $0.53 | ||||
Contracted Generation | ||||||
Margin | $42 | $0.06 | ||||
Renewable energy investment tax credits | 50 | 0.08 | ||||
Sale of certain merchant generation facilitites | (95) | (0.14) | ||||
Other | 34 | 0.05 | ||||
Share dilution | - | (0.08) | ||||
Change in contribution to operating earnings | $31 | ($0.03) | ||||
Corporate and Other | ||||||
Share dilution and other | (60) | 0.02 | ||||
Change in contribution to operating earnings | ($60) | $0.02 | ||||
Change in consolidated operating earnings | $796 | $0.19 | ||||
Change in adjustments included in reported earnings1 | ($1,795) | ($2.20) | ||||
Change in consolidated reported earnings | ($999) | ($2.01) | ||||
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's | ||||||
website at www.dominionenergy.com/investors. | ||||||
Note: Figures may not sum due to rounding | ||||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-announces-fourth-quarter-and-full-year-2019-earnings-301002440.html
SOURCE Dominion Energy
Article Date
2/11/2020Five Trailblazers Named 2020 'Strong Men & Women in Virginia History'
Source: PR Newswire
RICHMOND, Va., Feb. 7, 2020 /PRNewswire/ -- Dominion Energy and the Library of Virginia celebrated the achievements of five African-American leaders during the eighth annual "Strong Men & Women in Virginia History" awards program held Thursday, Feb. 6, at the Richmond Marriott. The program honors prominent African Americans past and present who have made noteworthy and admirable contributions to the commonwealth, the nation and their professions.
"These honorees are leaders in their communities that have earned this recognition through their passion and hard work," said Maria Pia Tamburri, senior community engagement policy director at Dominion Energy. "They are exemplary individuals, paving the way forward for those who wish to serve their community. We are pleased to recognize them for their leadership and accomplishments."
This year marks the 30th anniversary of Dominion Energy's "Strong Men & Women" series.
"The Library of Virginia is pleased to partner with Dominion Energy again in 2020 to present the Strong Men & Women in Virginia History program," said Librarian of Virginia Sandra G. Treadway. "The experiences and accomplishments of the men and women honored this year are inspiring, and it is wonderful to have this opportunity to share their stories with a wide audience."
This year's honorees are:
- Kaci M. Easley | Government Official, Charles City County |
- Penny J. Franklin | Community Activist, Montgomery County |
- Joycelyn S. Harrison | Chemical Engineer and Mentor, Hampton |
- Torrey Smith | Super Bowl Champion and Philanthropist, Westmoreland County |
- Marcus D. Williams | Judge and Civic Leader, Fairfax |
Four high school student essay winners were also recognized during the ceremony. Each wrote essays, selected from over 200 entries, about the perseverance of African Americans and the importance of their contributions to American history and culture.
The winners of the 2020 Strong Men & Women in Virginia History student essay competition are:
- Rebekah Bautista | Massaponax High School/The Commonwealth Governor's |
- Jy'Mir Starks | Great Bridge High School, Chesapeake |
- Ilaria Cabell | Forest Park High School, Woodbridge |
- Ava Seagle | Gate City High School, Gate City |
Each student will receive an Apple MacBook Air laptop and $1,000 for their school.
NOTE TO EDITORS:
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
About the Library of Virginia
The Library of Virginia (www.lva.virginia.gov), located in historic downtown Richmond, holds the world's most extensive collection of material about the Old Dominion and has been a steward of the commonwealth's documentary and printed heritage since 1823. The story of Virginia and Virginians has been told in many ways since 1607. At the Library of Virginia it is told through more than 119 million manuscripts and nearly 2.5 million books, serials, bound periodicals, microfilm reels, newspapers and state and federal documents, each an individual tile in the vast and colorful mosaic of Virginia's experience.
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SOURCE Dominion Energy
Article Date
2/7/2020Dominion Energy Changes Time of Fourth-Quarter Earnings Conference Call to 11 AM ET
Source: PR Newswire
RICHMOND, Va., Feb. 5, 2020 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its fourth-quarter earnings conference call at 11 a.m. ET on Tuesday, Feb. 11, 2020. The new call time is one hour later than previously announced so as to avoid conflicting with the earnings call of a peer utility company. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (866) 710-0179. International callers should dial (334) 323-0520. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 3 p.m. ET Feb. 11 and lasting until 11 p.m. ET Feb. 18. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 75733392. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 11.
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/5/2020Dominion Energy Awards $50,000 to Regional Arts Nonprofits
Source: PR Newswire
RICHMOND, Va., Feb. 3, 2020 /PRNewswire/ -- Five nonprofit arts organizations recently were honored as 2020 Dominion Energy ArtStars for inspiring people of all ages in creative endeavors. The organizations represent five regions across Virginia with annual operating budgets under $1 million. Each received a $10,000 grant to support their winning arts or cultural education program.
"This year's winners prove everyday what a powerful impact art can have on a community's culture and history," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "Virginia is very fortunate to have these talented organizations committed to the vibrancy of local communities across our Commonwealth."
The ArtStars winners were honored Jan. 29 at the Virginia Commission for the Arts' "Art Works" conference:
Visit www.dominionenergy.com/artstars for more information.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/3/2020Dominion Energy Declares Quarterly Dividend of 94 Cents
Source: PR Newswire
RICHMOND, Va., Jan. 24, 2020 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 94 cents per share of common stock.
Dividends are payable on March 20, 2020, to shareholders of record at the close of business Feb. 28, 2020.
This is the 368th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Oct. 31, 2019.
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SOURCE Dominion Energy
Article Date
1/24/2020Dominion Energy's Project Plant It! Returns with New Educator Contest
Source: PR Newswire
RICHMOND, Va., Jan. 24, 2020 /PRNewswire/ -- Students in states served by Dominion Energy will receive free tree seedlings through Project Plant It!, the environmental education program created by Dominion Energy to teach students about the important role of trees in the ecosystem. Planting trees is a proven way to help reduce carbon dioxide and help the environment. The seedlings will be shipped to participants in time for Arbor Day plantings on April 24, 2020. The program is funded through the Dominion Energy Charitable Foundation.
For the first time, this year's program includes a STEM Lesson Plan Contest, designed to showcase educators who are developing creative STEM learning tools to teach students about the science of trees:
"Project Plant It! brings STEM subjects to life for students of all ages and we are excited about inviting educators to share their passion for STEM learning with our program," said Maria Pia Tamburri, senior community engagement director at Dominion Energy. "It is a privilege to support educators with free, high quality resources that promote environmental stewardship and real-world application of science skills."
The Educator Resources page of the Project Plant It! website provides an instructional toolbox that includes an Educator's Guide with 12 lesson plans, three educational online games created for grade levels K-4, 5-8, and 9-12, a Redbud Care Guide, a classroom poster, a participation certificate, a tree reading list, and lots of outdoor learning activities for students to enjoy with their classmates and families.
For more information, visit projectplantit.com.
Fast Facts about Project Plant It!:
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/24/20201/21/2020 - Dominion Energy Donates $1.6 Million to Nonprofit Partners Meeting Critical Community Needs
Dominion Energy Donates $1.6 Million to Nonprofit Partners Meeting Critical Community Needs
Source: PR Newswire
RICHMOND, Va., Jan. 21, 2020 /PRNewswire/ -- Dominion Energy through its charitable foundation today awarded grants to more than 200 nonprofit organizations in 13 states to help feed, house, and care for people in need. Totaling $1.6 million, the grants will support essential human services. This is the fifth year the company has awarded more than $1 million to meet critical community needs.
"We are pleased to support our nonprofit partners as they work to make positive impacts in our communities," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants are intended to support the most basic needs—food, shelter and medical care for our neighbors in need."
Applications were open to eligible organizations in targeted areas of Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Utah, Virginia, West Virginia, Wyoming, and other areas within Dominion Energy's footprint. A few examples of this year's grant-winning recipients include:
For more on charitable giving programs, visit Dominion Energy Charitable Foundation.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/21/2020Dominion Energy Moves Forward with Electric School Bus Program
Source: PR Newswire
RICHMOND, Va., Jan. 16, 2020 /PRNewswire/ -- Electric school buses will soon be on the roads in Virginia safely carrying children and reducing emissions as Dominion Energy moves forward with the nation's largest electric school bus deployment.
Phase one will bring 50 electric school buses to 16 localities within Dominion Energy's Virginia service area by the end of 2020. In December, the company selected Thomas Built Buses as the vendor for the 50 buses for phase one of the project.
The electric school buses will serve as a grid resource by creating additional energy storage technology to support the company's integration of distributed renewables such as solar and wind. The "vehicle-to-grid" technology leverages the bus batteries to store and inject energy onto the grid during periods of high demand when the buses are not needed for transport. The buses also provide environmental and health benefits through reduced emissions and reduce operation and maintenance costs for schools by up to 60 percent.
"We are excited to move forward with our commitment to bringing the benefits of electric school buses to the customers and communities we serve," said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II. "This is an innovative, sustainable solution that will help the environment, protect children's health, make the electric grid stronger, and free up money for our schools."
This initial deployment will bring electric school buses to each of the company's operating regions. Localities were selected based on the benefit the batteries would bring to the electric grid. School divisions selected for phase one of the program include:
This is just the first step in a larger initiative to replace diesel-powered buses with electric buses. Phase two of the project, with state approval, would expand the program to bring at least 1,000 additional electric school buses online by 2025. Once phase two is fully implemented, the buses' batteries could provide enough energy to power more than 10,000 homes. Phase three would set the goal to have 50 percent of all diesel bus replacements in Dominion Energy's footprint be electric by 2025 and 100 percent by 2030.
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/16/2020Dominion Energy Schedules Fourth-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Jan. 8, 2020 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its fourth-quarter earnings conference call at 10 a.m. ET on Tuesday, Feb. 11, 2020. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (866) 710-0179. International callers should dial (334) 323-0520. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 2 p.m. ET Feb. 11 and lasting until 11 p.m. ET Feb. 18. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 75733392. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 11.
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/8/2020Dominion Energy Selects Siemens Gamesa as Preferred Turbine Supplier for Largest Offshore Wind Power Project in United States
Source: PR Newswire
RICHMOND, Va., Jan. 7, 2020 /PRNewswire/ -- Dominion Energy reached another significant milestone in the development of the nation's largest offshore wind power project today with the selection of Siemens Gamesa Renewable Energy as the project's preferred turbine supplier. A competitive solicitation process identified Siemens Gamesa as the optimal supplier based on a combination of cost, performance, and proven track record as one of the world's leading suppliers. Once completed, the offshore wind project located 27 miles off the coast of Virginia Beach will produce enough zero-carbon electricity to power 650,000 Virginia homes at rated wind speed.
As part of the preferred supplier agreement, Siemens Gamesa will supply the latest state-of-the-art turbines from its proven Offshore Direct Drive platform with the final turbine numbers to be determined during a later phase of the early development period. The agreement will support the submission of the project's Construction and Operations Plan (COP) to the Bureau of Ocean Energy Management (BOEM) in late 2020. In addition, Siemens Gamesa and Dominion Energy will work together to evaluate offshore wind supply chain development opportunities in Virginia as part of an effort to reduce project costs for the benefit of customers.
"Siemens Gamesa is a global leader in offshore wind technology and has proven to be a great partner in our CVOW project," said Mark D. Mitchell, Dominion Energy's vice president of generation construction. "We look forward to continuing our relationship as we bring clean, renewable energy to our customers and support Governor Ralph Northam's commitment to have Virginia lead the way in offshore wind."
"Virginia aims to become a national leader in offshore wind, and we are encouraged to see progress toward that goal," said Governor Ralph S. Northam. "For Virginia, it's about two things: Jobs and a cleaner environment. Wind energy is one of our top economic priorities and a critical component of Virginia's clean energy strategy, and this is an important step forward."
The project will be located in 112,800 acres off the coast of Virginia Beach that Dominion Energy secured via lease from BOEM in 2013. Ocean survey work, required by BOEM, will begin this year and will be incorporated into the Construction and Operations Plan.
The company began construction in June on a pilot offshore wind power project, the initial step in designing and building the larger commercial offshore wind development. The two six-megawatt turbines manufactured by Siemens Gamesa will be installed this spring and are on schedule to come online later this year. Dominion Energy will leverage key learnings from the permitting, design and development of that project as it goes through a similar process for the commercial offshore wind development.
"Virginia state agencies have been tasked to develop a plan to produce 30 percent of its electricity from renewable sources by 2030. Offshore wind is a fast-growing and important contributor to meet this goal," says Steve Dayney, Head of Offshore North America at Siemens Gamesa Renewable Energy. "We have always believed that the demonstration project is a gateway to something bigger and now Virginia is poised to benefit from wide-ranging economic benefits this project will bring."
Dominion Energy's offshore wind projects are part of the company's comprehensive clean energy strategy, with a goal of reducing carbon emissions from its electric fleet by 55 percent by 2030 and 80 percent by 2050. To accomplish this goal, the company is rapidly expanding solar and wind energy across Virginia, in partnership with zero-carbon nuclear and low-carbon natural gas. Additionally, the company is investing in battery storage, pumped hydroelectric storage and other resources that can support the intermittent nature of solar and wind.
Dominion Energy is also partnering with the nation's largest hog and dairy farmers to turn agricultural waste into clean energy for U.S. consumers. The company's industry-leading partnership with Smithfield Foods and its recently announced strategic partnership with Vanguard Renewables will generate enough clean energy to heat nearly 100,000 American homes and will substantially reduce greenhouse gas emissions from U.S. farms.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/7/2020Dominion Energy Completes Equity Recapitalization of Cove Point
Source: PR Newswire
RICHMOND, Va., Dec. 20, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced that it has completed the transfer of a 25 percent non-controlling equity interest in Cove Point to Brookfield Super-Core Infrastructure Partners, an infrastructure fund managed by Brookfield Asset Management Inc., in exchange for cash consideration of approximately $2.1 billion – as previously announced on Oct. 21, 2019.
Dominion Energy Cove Point LNG, LP (Cove Point) owns a liquefied natural gas (LNG) import, export and storage facility located on the western shore of the Chesapeake Bay in Lusby, Md., including a 136-mile pipeline that interconnects the facility with the interstate pipeline system.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
12/20/2019Dominion Energy Board of Directors Increases Dividend by 2.5 Percent
Source: PR Newswire
RICHMOND, Va., Dec. 13, 2019 The board of directors of Dominion Energy (NYSE: D) today established a 2020 dividend of $3.76 per share of common stock, up from $3.67 per share in 2019, or a 2.5 percent increase. Subject to board declaration in January, the first quarterly dividend of 94 cents per share will be payable in March 2020. The expected 2020 dividend increase would mark the 17th consecutive year in which the annual dividend rate rose from the previous year's rate.
The growth rate approved by the board is consistent with dividend guidance provided to investors in March 2019.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
Payment of the 2020 dividend is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
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SOURCE Dominion Energy
Article Date
12/13/2019Dominion Energy and Vanguard Renewables Form Strategic Partnership to Develop First Nationwide Network of Dairy Waste-to-Energy Projects
Source: PR Newswire
RICHMOND, Va., Dec. 11, 2019 /PRNewswire/ -- Dominion Energy and Vanguard Renewables announced today a more than $200 million, nationwide strategic partnership to convert methane from U.S. dairy farms into clean, renewable natural gas (RNG) that can heat homes, power businesses and fuel vehicles. Multiple projects are under development in Georgia, Nevada, Colorado, New Mexico, and Utah with additional projects planned nationwide. Under the strategic partnership, Dominion Energy will own the projects and market the RNG, and Vanguard Renewables' subsidiary Clean Energy Investment USA dba Vanguard Renewables Ag will design, develop and operate the projects.
"Through our strategic partnership with Vanguard Renewables and our strategic alliance with Dairy Farmers of America, we're rapidly accelerating the development of these transformational projects and for the first time on a nationwide scale," said Diane Leopold, Dominion Energy's Co-Chief Operating Officer. "The environmental, consumer and agricultural benefits of these projects are truly groundbreaking," Leopold continued. "We're substantially reducing greenhouse gas emissions from U.S. dairy farms, delivering new sources of clean energy to U.S. consumers and providing a new source of long-term revenue for family farmers across the country."
Dominion Energy is a national leader in clean energy, with the fourth largest U.S. solar fleet and the largest offshore wind project in the U.S. under development along the coast of Virginia. The company has joined forces with Smithfield Foods to form the largest agricultural-based renewable natural gas partnership in the U.S., with $500 million committed over 10 years to convert methane from U.S. hog farms into clean energy for local consumers.
Methane is produced from a variety of natural sources, including dairy, hog and food waste. When released into the atmosphere, methane emits approximately 25 times more greenhouse gases than carbon dioxide. By capturing methane from U.S. dairy farms and converting it into RNG, Dominion Energy's and Vanguard Renewables' strategic partnership will reduce annual CO2 equivalent emissions by more than 450,000 metric tons, the same as taking nearly 100,000 cars off the road or planting 7.5 million new trees each year.
"Our multi-year alliance with Dairy Farmers of America demonstrates Vanguard Renewables' commitment to working with the dairy community to reduce greenhouse gas emissions and enhance long-term operational and economic benefits for family farmers. For the first time, dairies across the country have partners with substantial financial resources and a deep understanding of the dairy industry working alongside them to take action now to solve these challenges," said Kevin Chase, Co-Founder and Chief Investment Officer of Vanguard Renewables and Chief Executive Officer of Vanguard Renewables Ag. "This strategic partnership with Dominion Energy and DFA will have a meaningful impact on greenhouse gas sequestration and dairy waste-to-energy production that will significantly benefit the farm community and the environment."
Vanguard Renewables is the national leader in the development of food and dairy waste-to-energy projects. Vanguard Renewables Ag focuses on the development and operation of dairy waste-to-energy projects that improve manure and nutrient management and produce clean energy. Host farmers receive a new income stream and can remain focused on farm operations while Vanguard professionally develops and operates the on-farm facilities.
"As the leading dairy cooperative in the U.S., we have a long-standing commitment to help family farmer-owners solve challenges," said David Darr, Senior Vice President and Chief Strategy and Sustainability Officer of Dairy Farmers of America. "Our strategic alliance with Vanguard Renewables and Dominion Energy provides a meaningful solution to the greenhouse gas emissions challenge we face, supports stewardship of the land, and enhances the long-term economic viability for farms across the U.S.," Darr continued. "This is a win-win for the dairy farmers and for the environment."
A typical dairy waste-to-energy project consists of a cluster of multiple farms totaling 20,000 to 30,000 dairy cows. The methane produced from dairy manure is captured through a process known as Farm Powered® anaerobic digestion and is then transported through low-pressure gathering lines to a central conditioning facility. Once the gas is processed and cleaned of any impurities, it is then delivered to local consumers through the existing underground distribution network.
Photos are available for download at https://news.dominionenergy.com/renewable-energy-RNG.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
About Vanguard Renewables
Vanguard Renewables is the U.S. leader in farm-based anaerobic digestion. The Company has a multi-year strategic alliance with Dairy Farmers of America (DFA), the largest dairy cooperative in the U.S. with more than 14,000 dairy-farmer members across 48 states. The Company's subsidiary Clean Energy Investment USA dba Vanguard Renewables Ag focuses on the manure-only to RNG business. Through a new partnership with Dominion Energy and DFA, Vanguard Renewables Ag will develop and operate dairy-manure to RNG facilities across the U.S. These Farm Powered® manure-only anaerobic digesters (AD) improve manure and nutrient management, produce clean energy, and provide farms with a new, diversified income stream. Vanguard Renewables develops, owns, and operates farm-based co-digestion facilities that combine farm manure and unwanted food to produce Renewable Natural Gas (RNG) or Renewable Electricity (RE) and is the largest organics recycling destination in the Northeast. Vanguard Renewables won the 2019 American Biogas Council Up-and-Coming Project Award for its AD facility in Salisbury, Vt. and the 2019 American Biogas Council Longevity Award for its Rutland, Ma. AD facility. Vanguard's Hadley, Ma. digester project won 2016 ABC Project of the Year honors. Vanguard Renewables' leadership in on-farm co-digestion of food waste and farm waste to renewable energy won the company 2018 Organics Recycler of the Year honors from the National Waste & Recycling Association. Visit vanguardrenewables.com to learn more.
About Dairy Farmers of America
Dairy Farmers of America (DFA) is a national dairy marketing cooperative with more than 14,000 members on more than 8,000 farms in 48 states. DFA farmer-owners are committed to responsible farming and environmental sustainability. Alongside being one of the country's most diversified manufacturers of dairy products, food components and ingredients, DFA and its member farms are focused on developing innovative farming and manufacturing solutions that enhance food safety and support the communities in which they operate. For more information visit www.dfamilk.com.
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SOURCE Dominion Energy
Article Date
12/11/2019Dominion Energy Ohio Issues Scammer Alert to Customers
Source: PR Newswire
CLEVELAND, Dec. 8, 2019 /PRNewswire/ -- Dominion Energy Ohio warns customers not to provide banking or other personal information to scammers who claim such data is required to receive a new federal tax cut credit. The company reminds customers they will begin receiving those credits automatically, beginning in April 2020, in their monthly bills.
On December 4, the Public Utilities Commission of Ohio approved a settlement negotiated among Dominion Energy, the Commission and the Ohio Consumers' Counsel, which, among other elements, will pass through a $50.9 million credit to customers over a 12-month period.
Dominion Energy has received reports this week of people purporting to work for the company telephoning customers and demanding they provide banking account and other personal information in order to receive the credits. Neither state regulators nor utilities, such as Dominion Energy Ohio, will ever contact a customer by phone or ask for personal financial information to receive a bill credit of any type, regardless of the circumstances.
What to do if you think you have received a scam phone call:
For more information about how to recognize scams or what to do if you think you've been a victim of a scam, visit https://www.dominionenergy.com/scams.
New Rate Mechanism Incorporates Lower Federal Income Tax Rate: The PUCO- approved settlement provides a rate mechanism that will enable allow Dominion to pass along the benefits of Tax Cuts and Jobs Act of 2017 to customers. The major provision of that Act was the reduction of the federal income tax rate for corporations from 35% to 21% effective January 1, 2018.
Before the new rate mechanism was approved, Dominion had continued charging customers under the former Commission-authorized rate, which incorporated the former federal corporate income tax rate. There were no overcharges.
Under the settlement, Dominion Energy will credit customers the difference between rates calculated with former and current corporate income tax rates, plus interest, over a 12-month period.
In addition to the federal income tax credit there are additional dollars related to taxes on plant investments that will be passed back to the customer through rider reductions over a 38-year period and DEO has agreed to pass back an additional $24.5 million over a 6-year period.
The average residential customer will begin receiving monthly reductions to their bill beginning in April 2020:
About Dominion Energy: Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
12/8/2019Dominion Energy Offers Helpful Tips for Avoiding Utility Scams
Source: PR Newswire
RICHMOND, Va., Nov. 22, 2019 /PRNewswire/ -- Dominion Energy is offering tips during Utility Scam Awareness Week to help customers recognize the signs of utility imposters in time for the holiday season.
"The holidays can be stressful, and scammers often target customers during this busy time of year," said Corynne Arnett, vice president - Customer Service, Dominion Energy. "Dominion Energy will never make threatening phone calls, demand you pay over the phone or ask you to pay with prepaid cards."
Recognize the red flags of utility scamming activity:
What to do if you think you have received a scam phone call:
For more information about how to recognize scams or what to do if you think you've been a victim of a scam, visit https://www.dominionenergy.com/scams.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/22/2019Ameren Illinois Selects DVI For Transformative Voltage Optimization Project
Source: PR Newswire
RICHMOND, Va., Nov. 20, 2019 /PRNewswire/ -- Dominion Voltage, Inc. (DVI), a subsidiary of Dominion Energy (NYSE: D) and leader in Volt/VAR optimization, or "VO" solutions, announced that it will work with Ameren Illinois to deliver one of the most transformative VO programs in the nation — with a goal of achieving 422 GWhrs in energy savings annually when fully deployed by the end of 2025.
After 18 months of testing using DVI's EDGE VO software platform and several other solutions, Ameren Illinois determined that DVI's technology is best suited to help achieve its goal of safely reducing the average distribution voltage and realizing customer energy savings.
"Ameren Illinois is an industry leader recognized for its commitment to energy efficiency and environmental stewardship," said Todd Headlee, Director, DVI. "DVI is proud to be delivering our VO solution to Ameren Illinois as a grid automation application of the future, enabling it to achieve its energy-efficiency goals."
"DVI's approach to VO is the best choice for Ameren Illinois for energy efficiency through voltage optimization," said Ron Pate, Senior Vice President, Operations and Technical Services, Ameren Illinois. "We expect this program to provide many benefits for our customers and we look forward to continued collaboration with DVI to complete this important initiative."
Among the benefits of DVI's VO solution, end customers save on their electric bills because homes and businesses run more efficiently. Through VO, the voltage delivered by the utility is consistently several volts lower compared to traditional distribution-management system methods. The process achieves a more efficient grid operation by reducing the customer's energy consumption, and overall system losses. In contrast to some other energy-efficiency measures, VO requires no behavioral changes by the customer and has no impact on lifestyle while delivering energy savings across all customer classes.
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9354641, 9563218, 9582020, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
About Ameren Illinois
Ameren Illinois delivers energy to 1.2 million electric and 816,000 natural gas customers throughout central and southern Illinois. Our service territory covers more than 1,200 communities and 43,700 square miles and our mission is to power the quality of life. For more information, visit AmerenIllinois.com. Follow us on Twitter @AmerenIllinois and Facebook.
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SOURCE Dominion Voltage, Inc.
Article Date
11/20/2019Dominion Energy Cove Point LNG Terminal Loads 100th Commercial Ship
Source: PR Newswire
COVE POINT, Md., Nov. 15, 2019 /PRNewswire/ -- Dominion Energy's Cove Point LNG Terminal loaded its 100th commercial liquefied natural gas (LNG) ship on Monday, November 11, nineteen months after the facility entered commercial service for natural gas liquefaction and export.
Located in Lusby, Maryland, the Cove Point LNG Terminal became the second largest LNG export facility in the continental U.S. – and the first on the East Coast – when it entered commercial operation on April 9, 2018. Cove Point produces LNG under 20-year contracts for ST Cove Point, a joint venture of Sumitomo Corporation and Tokyo Gas, and for Gail Global (USA) LNG, the U.S. affiliate of GAIL (India) LTD.
"This is a major milestone for Dominion Energy and our country as a whole," said Paul Ruppert, Dominion Energy's President of Gas Transmission and Storage. "It reflects not only the world-class design and operational excellence of our facility, but also the environmental progress we are making by reducing global reliance on coal, oil and other carbon-intensive energy sources," Ruppert continued.
The Cove Point facility is unique among U.S. LNG terminals for its operational flexibility and demonstrated ability to perform all the functions of an LNG facility, including import, export, vaporization and send out, and liquefaction. Since entering commercial service in April 2018, the facility has operated reliably in all weather conditions, including ambient temperatures ranging from 9°F to 105°F. To date, the facility has produced more than 4 billion gallons of LNG, with export ships reaching more than 20 countries across the globe.
"The Cove Point facility showcases our company's commitment to environmental stewardship," Ruppert said. "The facility's waste heat recovery and zero liquid discharge system are truly best in class and show how we can responsibly develop infrastructure while at the same time protecting our air and water," Ruppert concluded.
The Cove Point facility is located along the largest freshwater marsh, a rare ecosystem, on the western shore of the Chesapeake Bay. Following a severe Nor'easter storm in 2010 that damaged the unique marsh environment, the company has dedicated more than 50,000 manhours to restore the marsh and the barrier beach that protects it from brackish water.
For more information on Cove Point, visit: https://www.dominionenergy.com/company/moving-energy/dominion-energy-transmission-inc/facilities-projects-and-programs/cove-point.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/15/2019Dominion Energy Invests in Clean-Energy Workforce of the Future
Source: PR Newswire
RICHMOND, Va., Nov. 13, 2019 /PRNewswire/ -- From solar panel installers to wind turbine inspectors, Dominion Energy is helping create a clean-energy workforce in Virginia.
Dominion Energy is one of 20 organizations that joined forces to launch SHINE – Solar Hands-On Instructional Network of Excellence – which trains solar installers at Southside Virginia Community College and maximizes local talent to meet the growing demand for clean-energy jobs. The inaugural class recently graduated, and the hands-on training program will link graduates with potential employers in the solar energy field. The next group of students began training this week.
The program is one of several ways Dominion Energy is investing in workforce development, as clean-energy jobs become a more and more important part of Virginia's economy. Solar jobs alone nearly doubled from 2015 to 2018, according to the Solar Energy Industries Association, which recently ranked the Commonwealth 7th in the nation for future solar growth. Offshore wind development could create up to 37,000 jobs in Virginia, according to the Hampton Roads Planning District Commission.
"We have a strong history of creating job opportunities across Virginia. Many of those jobs now support the Commonwealth's transition to a clean-energy future," said Matt Kellam, military and recruitment program coordinator at Dominion Energy. Kellam is a veteran of the United States Marine Corps Reserves and chairperson of the Virginia Energy Workforce Consortium. "As we continue to build wind and solar projects, we are also creating new opportunities for workers in Virginia."
Dominion Energy, which recently announced the largest commercial offshore wind project in the U.S., has committed to having 3,000 megawatts of solar and wind energy in operation or under development in Virginia by 2022. That's enough to power 750,000 homes. As energy sources evolve, so do the skills needed to support them. Among other things, Dominion Energy is helping to develop the future workforce by:
Dominion Energy also is developing initiatives to retrain existing employees, as it maps a balanced, reliable and cost-effective approach to a clean energy future. The company is evaluating existing skill sets, identifying new skill sets needed to support its clean energy investments, and determining if any training and development opportunities are needed for employees to be prepared for the jobs of the future.
To learn more about career opportunities at Dominion Energy visit: https://careers.dominionenergy.com/
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/13/201911/12/2019 - Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Warm This Winter
Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Warm This Winter
Source: PR Newswire
CLEVELAND, Nov. 12, 2019 /PRNewswire/ -- Dominion Energy Ohio reminds customers that various company payment plans and government energy assistance programs can help them stay warm this winter. Customers who may not be able to afford their heating bills are urged to contact Dominion Energy Ohio immediately to inquire about payment plans and energy assistance programs. For additional information, customers can call Dominion Energy Ohio at 1-800-362-7557. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Natural gas is a clean, affordable and reliable home heating source. For more information about Dominion Energy payment plans and government energy assistance programs, visit https://www.dominionenergy.com/community/energy-assistance and change the state to Ohio.
Company Payment Plans
Dominion Energy Ohio offers the following payment options to residential and small commercial customers (using less than 500 thousand cubic feet (MCF) a year):
Public Utilities Commission of Ohio Winter Reconnection Order
All residential customers, regardless of income, may avoid a shutoff or restore gas service once during the heating season through April 15, 2020, by paying the lesser of:
If service has been disconnected, a reconnect fee of $33, plus applicable taxes, will be billed to the account. Customers will be enrolled automatically in the One-Ninth Payment Plan when using the Winter Reconnection Order to help pay off any additional past-due balance. Customers may select a different plan by calling Dominion Energy Ohio.
Government Assistance Programs
The following programs are available for income-eligible customers. Customers can apply for all programs with one application at www.energyhelp.ohio.gov, which provides income guidelines as well. Applications also are available at libraries, some banks and your local home energy assistance provider, or by calling the Ohio Development Services Agency at 1-800-282-0880. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Under PIPP Plus, participating customers may maintain their natural gas service by paying 6 percent of their total gross monthly household income, or $10, whichever is greater.
PIPP Plus has special benefits for participating customers. Each time customers make their required PIPP Plus monthly payments in full by the due date, Dominion Energy Ohio will credit their accounts for the rest of that month's current charges, plus a one-twenty-fourth credit toward their prior account balances. After 24 months of on-time and in-full PIPP Plus payments, their accounts would become current.
The new PIPP Plus maximum yearly household gross income levels for the 2019-2020 program year are: $18,735 for one person; $25,365 for two people; $31,995 for three; $38,625 for four; $45,255 for five; $51,855 for six; $58,515 for seven; and $65,145 for eight. Add $6,630 for each additional person.
Dominion Energy Ohio Assistance/Conservation Programs
Whether customers are making energy-efficient improvements to their current home or recently purchased a new home, they can benefit from having a home energy assessment. Rebates up to $1,250 are available for eligible improvements. Customers may call 1-877-287-3416 to schedule an assessment or visit www.deohpwes.com for program details and eligibility information.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
11/12/2019Support for Veterans Makes Dominion Energy a Top Military-Friendly Employer
Source: PR Newswire
RICHMOND, Va., Nov. 8, 2019 /PRNewswire/ -- Dominion Energy's commitment to veterans and their families was recognized once again by G.I. Jobs. The company was named a "Top Military-Friendly Employer" for 2020 for the 11th consecutive year.
"This recognition wouldn't be possible without the hard work of our colleagues who are military veterans and service members, as well as their families," said Thomas F. Farrell II, chairman, president and chief executive officer of Dominion Energy. "We are committed to giving back to those who have sacrificed so much to protect us."
We take pride in our efforts to recruit, hire, train and support military service members, their spouses, and their families. Those efforts include:
Dominion Energy has a long history of supporting active-duty military and veterans. Beginning as early as World War I, when our employees sent care packages, we have focused on those who serve our country.
For more information about how Dominion Energy supports military veterans, please visit: dominionenergy.com/ourpromise/veterans-and-military.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/8/2019Dominion Energy Solar for Students Program Expanding to North Carolina, South Carolina and Seeking Additional Applications in Virginia
Source: PR Newswire
RICHMOND, Va., Nov. 4, 2019 /PRNewswire/ -- As Dominion Energy dramatically expands its renewable energy infrastructure, it is increasing the number of sites for its Solar for Students program in Virginia and expanding the initiative to North Carolina and South Carolina.
Sponsored by the Dominion Energy Charitable Foundation, the program offers K-12 students and educators a hands-on learning experience to generate electricity from a solar array installed on grounds accessible to students. Each participating organization will receive training sessions and curriculum on harnessing solar energy.
As owners of the nation's fourth largest solar fleet among utility holding companies, Dominion Energy continues to search for ways to capitalize on renewable energy sources. The expansion of Solar for Students occurs as Dominion Energy is leading the country's transition toward a clean energy future. Dominion Energy set a 2030 goal of reducing carbon emissions by 55 percent from 2005 levels and methane by 50 percent from 2010 levels.
The Dominion Energy Charitable Foundation is currently seeking applications from K-12 public schools or educational non-profit organizations with STEM programming in the regions of North Carolina, South Carolina and Virginia within Dominion Energy's electric service territory. The Foundation will select 20 sites to receive a 1.2 kilowatt photovoltaic system that converts sunlight into electric power. During the 2019-2020 school year, 18 sites participated in the program.
"We are very excited to expand our Solar for Students program to North and South Carolina," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "By expanding the program's reach, we are able to give more students and the public the opportunity for a hands-on learning experience with clean, renewable solar energy."
Dominion Energy will once again partner with the National Energy Education Development (NEED) Project. NEED supports Solar for Students by providing technical support, installing the panels, preparing educational materials for students, and training the teachers.
Each solar array will have a visual display that will show students and faculty real-time data on the amount of electricity generated. Each solar array will generate enough electricity to power 18 desktop computers, 40 ten-gallon aquariums, or 15 42-inch LED televisions.
The company will accept applications for the Dominion Energy Solar for Students program through December 6, 2019 and announce the recipients during the first quarter of 2020. Solar installations will take place during the 2020-2021 school year. Dominion Energy will sponsor a "Solarbration" at each location to kick off and showcase the project.
For more information or to apply, visit https://www.dominionenergy.com/company/community/dominion-energy-charitable-foundation/solar-for-students-program.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
11/4/201911/1/2019 - Dominion Energy Announces Third-Quarter Earnings
Dominion Energy Announces Third-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., Nov. 1, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Sept. 30, 2019, of $975 million ($1.17 per share) compared with net income of $854 million ($1.30 per share) for the same period in 2018.
Operating earnings for the three months ended Sept. 30, 2019, were $967 million ($1.18 per share), compared with operating earnings of $758 million ($1.15 per share) for the same period in 2018.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Strong performance across our business units, combined with favorable weather, resulted in operating earnings per share above the midpoint of our quarterly guidance range. Weather-normalized results were also above the midpoint of our guidance range.
"Year-to-date results and our fourth-quarter outlook are supportive of a narrowing of our existing 2019 operating earnings guidance range to $4.15 to $4.30 per share."
Fourth-quarter operating earnings guidance
Dominion Energy expects fourth quarter operating earnings in the range of $1.10 to $1.25 per share, compared to fourth-quarter 2018 operating earnings of $0.89 per share. Positive drivers include the absence of a Millstone refueling outage, growth from regulated investment across electric and gas utility programs, the contribution from the Southeast Energy Group, the commencement of the Millstone zero-carbon contract, net capacity expense improvement and the impact of O&M initiatives. The company expects negative drivers for the quarter to include the impact of 2018 asset sales, share issuances and a return to normal weather.
Conference call today
The company will host its third-quarter earnings conference call at 10 a.m. ET on Friday, Nov. 1, 2019. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (866) 710-0179. International callers should dial (334) 323-0520. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 2 p.m. ET Nov. 1 and lasting until 11 p.m. ET Nov. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 60280652. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 1.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings fourth-quarter and full-year 2019 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | ||||||||
Consolidated Statements of Income * | ||||||||
Unaudited (GAAP Based) | ||||||||
(millions, except per share amounts) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operating Revenue | $ 4,269 | $ 3,451 | $ 12,097 | $ 10,005 | ||||
Operating Expenses | ||||||||
Electric fuel and other energy-related purchases | 774 | 761 | 2,283 | 2,128 | ||||
Purchased electric capacity | 11 | 50 | 74 | 87 | ||||
Purchased gas | 153 | 5 | 1,110 | 409 | ||||
Other operations and maintenance1 | 1,095 | 782 | 4,527 | 2,585 | ||||
Depreciation, depletion and amortization | 679 | 526 | 1,991 | 1,487 | ||||
Other taxes | 243 | 177 | 819 | 542 | ||||
Total operating expenses | 2,955 | 2,301 | 10,804 | 7,238 | ||||
Income from operations | 1,314 | 1,150 | 1,293 | 2,767 | ||||
Other income | 173 | 373 | 653 | 658 | ||||
Interest and related charges | 451 | 378 | 1,372 | 1,053 | ||||
Income from operations including noncontrolling interests | 1,036 | 1,145 | 574 | 2,372 | ||||
Income tax expense | 51 | 262 | 208 | 485 | ||||
Net Income Including Noncontrolling Interests | 985 | 883 | 366 | 1,887 | ||||
Noncontrolling Interests | 10 | 29 | 17 | 81 | ||||
Net Income Attributable to Dominion Energy | $ 975 | $ 854 | $ 349 | $ 1,806 | ||||
Earnings Per Common Share | ||||||||
Net income attributable to Dominion Energy - Basic | $ 1.19 | $ 1.31 | $ 0.42 | $ 2.77 | ||||
Net income attributable to Dominion Energy - Diluted | 1.17 | 1.30 | 0.39 | 2.77 | ||||
1) Includes impairment of assets and other charges. |
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an |
integral part of the Consolidated Financial Statements. |
Schedule 1 - Segment Reported and Operating Earnings | |||||||||
Unaudited | |||||||||
(millions, except earnings per share) | Three months ended September 30, | ||||||||
2019 | 2018 | Change | |||||||
REPORTED EARNINGS1 | $ 975 | $ 854 | $ 121 | ||||||
Pre-tax loss (income)2 | 131 | (199) | 330 | ||||||
Income tax2 | (139) | 103 | (242) | ||||||
Adjustments to reported earnings | (8) | (96) | 88 | ||||||
OPERATING EARNINGS | $ 967 | $ 758 | $ 209 | ||||||
By segment: | |||||||||
Power Delivery | 185 | 163 | 22 | ||||||
Power Generation | 490 | 414 | 76 | ||||||
Gas Infrastructure | 232 | 264 | (32) | ||||||
Southeast Energy3 | 147 | - | 147 | ||||||
Corporate and Other | (87) | (83) | (4) | ||||||
$ 967 | $ 758 | $ 209 | |||||||
Earnings Per Share (EPS):4 | |||||||||
REPORTED EARNINGS 1 | $ 1.17 | $ 1.30 | $ (0.13) | ||||||
Adjustments to reported earnings (after tax) | 0.01 | (0.15) | 0.16 | ||||||
OPERATING EARNINGS | $ 1.18 | $ 1.15 | $ 0.03 | ||||||
By segment: | |||||||||
Power Delivery | 0.23 | 0.25 | (0.02) | ||||||
Power Generation | 0.60 | 0.63 | (0.03) | ||||||
Gas Infrastructure | 0.29 | 0.40 | (0.11) | ||||||
Southeast Energy3 | 0.18 | - | 0.18 | ||||||
Corporate and Other | (0.12) | (0.13) | 0.01 | ||||||
$ 1.18 | $ 1.15 | $ 0.03 | |||||||
Common Shares Outstanding (average, diluted) | 813.0 | 654.9 | |||||||
(millions, except earnings per share) | Nine months ended September 30, | ||||||||
2019 | 2018 | Change | |||||||
REPORTED EARNINGS1 | $ 349 | $ 1,806 | $ (1,457) | ||||||
Pre-tax loss (income)2 | 2,427 | 251 | 2,176 | ||||||
Income tax2 | (317) | 2 | (319) | ||||||
Adjustments to reported earnings | 2,110 | 253 | 1,857 | ||||||
OPERATING EARNINGS | $ 2,459 | $ 2,059 | $ 400 | ||||||
By segment: | |||||||||
Power Delivery | 496 | 464 | 32 | ||||||
Power Generation | 1,048 | 1,038 | 10 | ||||||
Gas Infrastructure | 838 | 840 | (2) | ||||||
Southeast Energy3 | 361 | - | 361 | ||||||
Corporate and Other | (284) | (283) | (1) | ||||||
$ 2,459 | $ 2,059 | $ 400 | |||||||
Earnings Per Share (EPS):4 | |||||||||
REPORTED EARNINGS1 | $ 0.39 | $ 2.77 | $ (2.38) | ||||||
Adjustments to reported earnings (after tax) | 2.66 | 0.39 | 2.27 | ||||||
OPERATING EARNINGS | $ 3.05 | $ 3.16 | $ (0.11) | ||||||
By segment: | |||||||||
Power Delivery | 0.62 | 0.71 | (0.09) | ||||||
Power Generation | 1.30 | 1.59 | (0.29) | ||||||
Gas Infrastructure | 1.04 | 1.29 | (0.25) | ||||||
Southeast Energy3 | 0.45 | - | 0.45 | ||||||
Corporate and Other | (0.36) | (0.43) | 0.07 | ||||||
$ 3.05 | $ 3.16 | $ (0.11) | |||||||
Common Shares Outstanding (average, diluted) | 803.0 | 652.8 | |||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). |
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" |
in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | |
3) | New operating segment established in January 2019, in connection with Dominion Energy's merger with SCANA. |
4) | The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities entered in |
June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for the three months | |
ended June 30. For the three and nine months ended September 30, the fair value adjustment required for diluted reported earnings per share calculation was $13 million | |
and $26 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million per quarter associated with | |
the Series A preferred stock equity units entered in June of 2019. See Form 10-Q for additional information. |
Schedule 2 - Reconciliation of 2019 Operating Earnings to Reported Earnings
2019 Earnings (Nine months ended September 30, 2019)
The $2.4 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:
Dominion Energy also recorded $198 million after-tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.
(millions, except per share amounts) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | 3 | |
Reported earnings (loss) | ($680) | $54 | $975 | $349 | |||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 1,640 | 656 | 131 | 2,427 | |||
Income tax | (87) | (91) | (139) | (317) | |||
1,553 | 565 | (8) | 2,110 | ||||
Operating earnings | $873 | $619 | $967 | $2,459 | |||
Common shares outstanding (average, diluted) | 793.1 | 802.6 | 813.0 | 803.0 | |||
Reported earnings (loss) per share 2 | ($0.86) | $0.05 | $1.17 | $0.39 | |||
Adjustments to reported earnings per share 2 | 1.96 | 0.72 | 0.01 | 2.66 | |||
Operating earnings per share 2 | $1.10 | $0.77 | $1.18 | $3.05 | |||
1) Adjustments to reported earnings are reflected in the following table: | |||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | |||
Pre-tax loss (income): | |||||||
Merger and integration-related costs | 1,429 | 542 | 60 | 2,031 | |||
Regulated asset and contract retirements/terminations | 547 | 211 | 47 | 805 | |||
Revision to ash pond and landfill closure costs | (113) | 0 | 0 | (113) | |||
Net gain on NDT funds | (253) | (83) | (28) | (364) | |||
Other | 30 | (14) | 52 | 68 | |||
$1,640 | $656 | $131 | $2,427 | ||||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | (255) | (91) | (139) | (485) | |||
Write-off EDIT regulatory assets (SCANA) | 198 | 0 | 0 | 198 | |||
Other | (30) | 0 | 0 | (30) | |||
($87) | ($91) | ($139) | ($317) | ||||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts | |||||||
may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
2) The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred securities | |||||||
entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary for | |||||||
the three months ended June 30. For the three and nine months ended September 30, the fair value adjustment required for diluted reported earnings per share | |||||||
calculation was $13 million and $26 million, respectively. The calculation of reported and operating earnings per share includes the impact of preferred dividends | |||||||
of $7 million per quarter associated with the Series A preferred stock equity units entered in June of 2019. See Form 10-Q for additional information. | |||||||
3) YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities. |
Schedule 3 - Reconciliation of 2018 Operating Earnings to Reported Earnings
2018 Earnings (Twelve months ended December 31, 2018)
The $201 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:
(millions, except per share amounts) | 1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 20182 | |
Reported earnings | $503 | $449 | $854 | $641 | $2,447 | |
Adjustments to reported earnings 1: | ||||||
Pre-tax loss (income) | 305 | 145 | (199) | (50) | 201 | |
Income tax expense (benefit) | (67) | (34) | 103 | 1 | 3 | |
238 | 111 | (96) | (49) | 204 | ||
Operating earnings | $741 | $560 | $758 | $592 | $2,651 | |
Common shares outstanding (average, diluted) | 650.5 | 653.1 | 654.9 | 660.9 | 654.9 | |
Reported earnings per share | $0.77 | $0.69 | $1.30 | $0.97 | $3.74 | |
Adjustments to reported earnings (after-tax) | 0.37 | 0.17 | (0.15) | (0.08) | 0.31 | |
Operating earnings per share | $1.14 | $0.86 | $1.15 | $0.89 | $4.05 | |
1) Adjustments to reported earnings are reflected in the following table: | ||||||
1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | ||
Pre-tax loss (income): | ||||||
Sale of non-core assets | (70) | (689) | (759) | |||
Impairment of gathering & processing assets | 219 | 219 | ||||
Impact of Virginia rate legislation | 215 | 215 | ||||
Net (gain) loss on NDT funds | 43 | (50) | (149) | 326 | 170 | |
FERC-regulated plant disallowance | 122 | 2 | 124 | |||
Future ash pond and landfill closure costs | 81 | 81 | ||||
Storm costs | 31 | 43 | 74 | |||
Merger-related transaction and transition costs | 16 | 9 | 3 | 9 | 37 | |
Other | (17) | 15 | 42 | 40 | ||
$305 | $145 | ($199) | ($50) | $201 | ||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings * | (67) | (34) | 38 | 11 | (52) | |
Re-measurement of Deferred Tax balances ** | 47 | (1) | 46 | |||
Valuation Allowance *** | 18 | (9) | 9 | |||
($67) | ($34) | $103 | $1 | $3 | ||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, | ||||||
such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated | ||||||
annual effective tax rate. | ||||||
** During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and to revise estimates made at year-end 2017. | ||||||
*** In 3Q18, a valuation allowance was established against the portion of a deferred tax asset associated with the non-core assets that was no longer projected of being utilized to offset future taxable income. In 4Q18, the amount was adjusted based on management's assessment that it is more-likely-than-not that a portion of the deferred tax asset would be realized in 2018, to reduce tax expense associated with the sale. | ||||||
2) YTD EPS may not equal sum of quarters due to share count difference. | ||||||
Schedule 4 - Reconciliation of 3Q19 Earnings to 3Q18 | ||||||
Preliminary, Unaudited | Three Months Ended | Nine Months Ended | ||||
(millions, except EPS) | September 30, | September 30, | ||||
2019 vs. 2018 | 2019 vs. 2018 | |||||
Increase / (Decrease) | Increase / (Decrease) | |||||
Reconciling Items | Amount | EPS | Amount | EPS | ||
Change in reported earnings (GAAP) | $121 | ($0.13) | ($1,457) | ($2.38) | ||
Change in Pre-tax loss (income) 1 | 330 | 2,176 | ||||
Change in Income tax 1 | (242) | (319) | ||||
Adjustments to reported earnings | $88 | $0.16 | $1,857 | $2.27 | ||
Change in consolidated operating earnings | $209 | $0.03 | $400 | ($0.11) | ||
Power Delivery | ||||||
Regulated electric sales: | ||||||
Weather | $7 | 0.01 | ($2) | $0.00 | ||
Other | 2 | — | 7 | 0.01 | ||
Rider investment | 17 | 0.02 | 40 | 0.06 | ||
Other | (4) | 0.00 | (13) | (0.02) | ||
Share dilution | — | (0.05) | — | (0.14) | ||
Change in contribution to operating earnings | $22 | ($0.02) | $32 | ($0.09) | ||
Power Generation | ||||||
Regulated electric sales: | ||||||
Weather | $16 | 0.02 | ($3) | — | ||
Other | (3) | — | (9) | (0.01) | ||
Electric capacity | 30 | 0.05 | 27 | 0.04 | ||
Planned outage costs | 3 | — | (32) | (0.05) | ||
Sale of merchant generation facilities | (36) | (0.05) | (69) | (0.11) | ||
Renewable energy investment tax credits | 22 | 0.03 | 30 | 0.04 | ||
Other | 44 | 0.07 | 66 | 0.10 | ||
Share dilution | — | (0.15) | — | (0.30) | ||
Change in contribution to operating earnings | $76 | ($0.03) | $10 | ($0.29) | ||
Gas Infrastructure | ||||||
Cove Point | $10 | $0.01 | $158 | $0.24 | ||
Farmout transactions | (47) | (0.07) | (83) | (0.13) | ||
Interest | (8) | (0.01) | (72) | (0.11) | ||
Other | 13 | 0.03 | (5) | (0.01) | ||
Share dilution | — | (0.07) | — | (0.24) | ||
Change in contribution to operating earnings | ($32) | ($0.11) | ($2) | ($0.25) | ||
Southeast Energy | $147 | $0.18 | $361 | $0.45 | ||
Corporate and Other | ||||||
Share dilution and other | ($4) | $0.01 | ($1) | $0.07 | ||
Change in contribution to operating earnings | ($4) | $0.01 | ($1) | $0.07 | ||
Change in consolidated operating earnings | $209 | $0.03 | $400 | ($0.11) | ||
Change in adjustments included in reported earnings1 | ($88) | ($0.16) | ($1,857) | ($2.27) | ||
Change in consolidated reported earnings | $121 | ($0.13) | ($1,457) | ($2.38) | ||
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's | ||||||
website at www.dominionenergy.com/investors. | ||||||
Note: Figures may not sum due to rounding | ||||||
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SOURCE Dominion Energy
Article Date
11/1/2019Dominion Energy Announces Largest Addition to Virginia Solar Fleet
Source: PR Newswire
RICHMOND, Va., Oct. 31, 2019 /PRNewswire/ -- Dominion Energy is adding a 150-megawatt solar facility in Prince George County, Va. The Fort Powhatan Solar facility is the largest in Dominion Energy's Virginia solar portfolio.
Fort Powhatan solar is expected to be operational in 2021. Under the agreement, Dominion Energy will own and operate the facility and provide the energy and renewable energy certificates to a data center under a long-term contract.
Dominion Energy intends to be one of the most sustainable companies in the United States, as detailed in our most recent Sustainability Report. Today, Dominion Energy has more than 40 solar facilities totaling more than 1,500 MW of solar generation operational or under development in Virginia.
The company has committed to having 3,000 MW of new solar and wind energy in operation or under development in Virginia by 2022. With today's announcement, Dominion Energy has fulfilled approximately 45% of this commitment.
Nationwide, Dominion Energy owns the fourth-largest solar fleet among utility holding companies. The company recently joined Smithfield Foods to announce an expansion of its Align Renewable Natural Gas joint venture. Dominion Energy also is currently working on the largest offshore wind and electric school bus projects in the country.
Dominion Energy is committed to helping customers meet their sustainability goals. The company has worked to create innovative partnerships with customers statewide to help them meet their energy requirements, including public-private solar partnerships and several special rate tariffs for large non-residential customers.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/31/2019Dominion Energy Declares Quarterly Dividend of 91.75 Cents
Source: PR Newswire
RICHMOND, Va., Oct. 31, 2019 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 91.75 cents per share of common stock.
Dividends are payable on Dec. 20, 2019, to shareholders of record at the close of business Dec. 6, 2019.
This is the 367th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared July 31, 2019.
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SOURCE Dominion Energy
Article Date
10/31/2019Dominion Energy Helps Food Reach People in Need with $100,000 Grant
Source: PR Newswire
RICHMOND, Va., Oct. 30, 2019 /PRNewswire/ -- The Dominion Energy Charitable Foundation awarded a $100,000 grant to the Federation of Virginia Food Banks to help ensure perishable food items get to those who need it most in the Commonwealth.
The grant will help Virginia's seven food banks with storage costs necessary to maintain and distribute fresh food statewide, including produce, milk, and other items which would otherwise go to waste.
The food banks regularly receive and distribute food through The Emergency Food Assistance Program (TEFAP). This food, also known as government commodities, can typically constitute up to 30% of a food bank's inventory and is made available at no cost to low-income households through eligible nonprofit outlets.
Beginning this year, the USDA has increased the volume of food available through TEFAP due to the trade mitigation purchase program. Virginia's food banks received over 6.3 million pounds of food from January to June of this year in conjunction with the new program. Unfortunately, the food banks had to decline a significant amount of product due to limited storage capacity that was not suited to meet the program's irregular schedules and exceptionally large-volume deliveries.
"We want to accept and distribute more of the food made available to us. We are still seeing high levels of need at our 1,500 partner agencies and food donations continue to decline as retailers and manufacturers get more efficient," said Eddie Oliver, executive director of the Federation of Virginia Food Banks. "This grant gives us the unique opportunity to get nutritious food to the 865,000 Virginians facing food insecurity."
"No one should go hungry while food is available. This money will help food banks in many of the communities we serve in Virginia ensure that healthy, nutritious food gets to those in need," said Hunter Applewhite, president of the Dominion Energy Charitable Foundation.
The Federation of Virginia Food Banks is the Commonwealth's largest hunger-relief network, comprising the seven regional Virginia/Washington DC food banks and supporting them in providing food, funding, education, and advocacy services throughout the state.
Dominion Energy has more than 2.5 million electric customers in Virginia and is leading the nation in environmental and social responsibility through initiatives ranging from electric school buses to coal-ash removal and recycling, as well as through its superior track record of improved safety, low rates, veteran hiring and more.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
About the Federation of Virginia Food Banks
The Federation of Virginia Food Banks is a 501(c)(3) nonprofit state association of food banks affiliated with Feeding America and is the largest hunger-relief network in the state. Composed of the seven regional Virginia/Washington DC food banks, the Federation supports the food banks in providing food, funding, and education throughout the Commonwealth.
The Federation's mission is to grow the collective capacity of Virginia's food banks and engage partners to end hunger in the Commonwealth. Last year, the Federation's network distributed almost 120 million pounds of food and grocery products through 1,500 member agencies that directly serve those in need. These agencies operate programs such as soup kitchens, after school programs, senior centers and elderly feeding programs, the Kids Cafe® Program, Head Start, transitional housing, mental health programs, homeless and domestic violence shelters, and individual household distribution.
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SOURCE Dominion Energy
Article Date
10/30/201910/25/2019 - Dominion Energy Acquires Solar Project That Will Provide Power to Dominion Energy South Carolina
Dominion Energy Acquires Solar Project That Will Provide Power to Dominion Energy South Carolina
Source: PR Newswire
RICHMOND, Va., Oct. 25, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), announced today that it has acquired a solar generating project from First Solar. The facility, owned by the company's contracted generation arm, is expected to enter service later this year and provide power and renewable energy attributes under a Dominion Energy South Carolina contract that was previously filed and accepted in South Carolina.
Construction on the 72-megawatt solar facility has already begun on about 630 acres of land in Beaufort County, S.C. When it is completed, Seabrook Solar will be one of the largest solar arrays in the Palmetto State. The company's contracted generation business also owns and operates two facilities powered by the sun in Jasper County, S.C.
"South Carolina, through the General Assembly and Governor McMaster, has expressed an interest in the benefits of renewable energy," said Keller Kissam, president-Electric Operations. "Dominion Energy South Carolina already has 500 megawatts of utility-scale solar projects that are operating in our service area. We are excited to add to our supply of low-cost, clean energy with this post-merger solar project in South Carolina. We look forward to continuing our work with developers to collaboratively and cost-effectively create a lower-carbon future for our state."
Cayce, S.C.-based Dominion Energy South Carolina, which serves 739,000 electric customer accounts primarily in the Midlands and Low Country, has signed contracts for more than 1,000 megawatts of solar capacity. About half of that capacity has entered service. The utility also serves 384,000 natural gas customer accounts primarily in the Midlands, Low Country and Pee Dee.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/25/2019Dominion Energy and Smithfield Foods Invest Half Billion Dollars to Become Largest Renewable Natural Gas Supplier in U.S.
Source: PR Newswire
RICHMOND, Va. and SMITHFIELD, Va., Oct. 23, 2019 /PRNewswire/ -- Dominion Energy (NYSE:D) and Smithfield Foods, Inc. announced today the companies are doubling their investment in renewable natural gas (RNG) projects across the U.S. to $500 million through 2028. This additional investment will expand their Align Renewable Natural GasSM joint venture beyond its initial projects in North Carolina, Virginia and Utah, to pursue new projects across the country, including in Arizona and California.
Dominion Energy and Smithfield Foods formed Align RNG in November 2018, committing $250 million over 10 years to capture methane from Smithfield's company-owned and contract hog farms and convert it into clean RNG. With the additional $250 million investment announced today, the companies will produce enough RNG to power more than 70,000 homes and businesses by 2029. Align RNG's first project in Milford, Utah, will be operational this year and will produce enough RNG to power more than 3,000 local homes and businesses at full capacity.
"After researching ways to transform manure into renewable energy for nearly two decades, Smithfield, together with our partners, has developed a proven business model that can be expanded at scale across the country. These efforts culminated in 2016 when Smithfield led the industry as the first major protein company to adopt a far-reaching GHG reduction goal throughout its entire supply chain. We followed this announcement in 2017 with the launch of Smithfield Renewables, a platform that unified our industry-leading carbon reduction and renewable energy initiatives," said Kenneth M. Sullivan, President and Chief Executive Officer of Smithfield Foods.
He continued, "Last year, we joined forces with Dominion Energy in a historic initiative to transform the future of sustainable energy and agriculture. This substantial extension of our 'manure-to-energy' efforts will help us achieve our ambitious goal to reduce greenhouse gas emissions 25% by 2025 across our entire supply chain, while creating additional value for local family farmers and providing communities with clean energy."
Methane is produced from a variety of natural sources, including hog manure, food waste and wastewater. When released into the atmosphere, methane emits approximately 25 times more greenhouse gases than carbon dioxide. By capturing methane from farms, the development of RNG significantly reduces greenhouse gas emissions from agricultural operations. When fully implemented, the expanded partnership announced today will prevent more than 2.5 million metric tons of greenhouse gases from entering the atmosphere, the same as taking more than 500,000 cars off the road or planting more than 40 million new trees.
"Our partnership is revolutionizing the future of sustainable energy and agriculture in this country, and we are thrilled to partner with Smithfield to grow this exciting new industry," said Diane Leopold, President & CEO of Dominion Energy's Gas Infrastructure Group. "We're not only reducing greenhouse gas emissions, we're also turning a waste product into a clean energy resource," Leopold continued. "We're capturing 25 times more greenhouse gas emissions from the farm than are ever released when the gas is used to heat homes or power businesses."
A typical RNG project consists of a cluster of 15 to 20 farms, where methane is captured from covered manure lagoons or digesters and then transported by a low-pressure biogas transmission line to a central conditioning facility. Once the gas is processed to meet pipeline-quality standards, it is then delivered to end users through existing underground pipelines.
"It's incredible how much environmental progress we can make through the power of innovation and partnerships," said Sullivan. "There are many synergies between our two companies that allow us to advance this technology on a wide scale," he added. "We share a strong commitment to innovation and sustainability, and together we have the technology and market expertise to make this work."
"From the customer's standpoint, RNG is the best of both worlds because it combines the environmental benefits of renewables with the reliability of natural gas," said Leopold. "We're making big investments in solar and offshore wind, but RNG is different," Leopold continued. "It works 24-hours-a-day so we can deliver clean energy to our customers when they need it."
For more information about Align RNG, visit https://www.alignrng.com.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
About Smithfield Foods
Smithfield Foods is a $15 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories. Popular brands include Smithfield®, Eckrich®, Nathan's Famous®, Farmland®, Armour®, Farmer John®, Kretschmar®, John Morrell®, Cook's®, Gwaltney®, Carando®, Margherita®, Curly's®, Healthy Ones®, Morliny®, Krakus®, and Berlinki®. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental and food safety and quality programs. For more information, visit www.smithfieldfoods.com, and connect with us on Facebook, Twitter, LinkedIn, and Instagram.
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SOURCE Dominion Energy
Article Date
10/23/2019Dominion Energy Announces Equity Recapitalization of Cove Point
Source: PR Newswire
RICHMOND, Va., Oct. 21, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced that it has entered into an agreement with Brookfield Super-Core Infrastructure Partners, an infrastructure fund managed by Brookfield Asset Management Inc. (Brookfield), in which the company will transfer a 25 percent non-controlling equity interest in Cove Point to Brookfield in exchange for cash consideration of just over $2 billion, excluding working capital. The announcement is part of Dominion Energy's previously communicated intention to establish a permanent capital structure for Cove Point.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"The agreement highlights the compelling intrinsic value of Cove Point and allows us to efficiently redeploy capital toward our robust regulated growth capital programs. We are very excited to have a highly respected infrastructure investor such as Brookfield as our partner in this world-class facility."
Dominion Energy Cove Point LNG, LP (Cove Point) owns a liquefied natural gas (LNG) import, export and storage facility located on the western shore of the Chesapeake Bay in Lusby, Md., including a 136-mile pipeline that interconnects the facility with the interstate pipeline system. These assets provide liquefaction, gasification, transportation, storage and peaking gas supply services to customers in the United States, India and Japan. In 2018, the company completed a $4.1 billion expansion to enable natural gas exports.
The transaction represents an implied enterprise value of $8.22 billion, excluding working capital, and is supportive of the company's existing operating earnings per share and earnings growth guidance. Proceeds are expected to be used for general corporate purposes including significantly reducing the annual common equity financing described at the company's investor day in March 2019.
Upon transaction close, expected by the end of 2019, Dominion Energy will retain full operational control of the facility and its services, and existing customers and employees will be unaffected by this recapitalization agreement.
J.P. Morgan is acting in the role of financial adviser to Dominion Energy.
McGuireWoods LLP served as legal counsel to Dominion Energy and Kirkland & Ellis LLP served as legal counsel to Brookfield.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that Dominion Energy expects or anticipates will occur in the future are forward-looking statements, and Dominion Energy's ability to predict results or the actual effect of future events is inherently uncertain. Although Dominion Energy believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/21/201910/18/2019 - Commonwealth of Virginia, Dominion Energy Partner on Historic Renewable Energy Agreement
Commonwealth of Virginia, Dominion Energy Partner on Historic Renewable Energy Agreement
Source: PR Newswire
RICHMOND, Va., Oct. 18, 2019 /PRNewswire/ -- State-owned buildings and facilities in Virginia will soon be powered with solar and wind energy under a new agreement between the Commonwealth and Dominion Energy.
The agreement represents the largest procurement of renewable energy by a state to meet its own renewable energy needs, a significant step in accepting Governor Ralph Northam's challenge to power state government with clean energy sources.
Under the partnership, Dominion Energy will supply the Commonwealth with 420 megawatts of renewable energy. When combined with previously announced solar projects, the power produced is enough to meet the equivalent of 45 percent of the state government's annual energy use.
The clean energy package consists of a 75-megawatt wind project and four proposed solar projects totaling 345 megawatts slated to come online in stages over the next three years, pending local approvals. The projects will be dedicated to the Commonwealth of Virginia and will have no impact on customer rates.
"My administration is committed to combating climate change and advancing the clean energy economy," said Governor Ralph Northam. "It has been a historic month for renewable energy in the Commonwealth – with this landmark contract, we are continuing to lead by example in cutting emissions, investing in clean energy, and ensuring a healthy world for future generations."
"We share Governor Northam's goal for a cleaner energy future here in Virginia. Working to achieve this goal is the right thing to do for our customers, for communities we serve, for employees and for our business," said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II. "Partnerships like this one are vital to reducing carbon emissions, and we're proud to be able to work with the Commonwealth to provide clean energy for its operations across Virginia."
Dominion Energy intends to be one of the most sustainable companies in the United States, as detailed in our most recent Sustainability Report. Progress toward that goal includes announcing the nation's largest offshore wind project, the largest renewable natural gas partnership in the country with Smithfield Foods, and the largest electric school bus initiative in America. By 2030, Dominion Energy has committed to reducing power generating facility carbon emissions 55 percent from 2005 levels and reducing gas asset methane emissions 50 percent from 2010 levels.
The agreement with the Commonwealth of Virginia also represents major progress toward Dominion Energy's commitment to having 3,000 megawatts of solar and wind resources in operation or under development by 2022; with the addition of the associated projects, Dominion Energy will have fulfilled approximately 40 percent of this commitment.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/18/2019Dominion Energy is Leading the Transition to Clean Energy, CEO Says in New Report
Source: PR Newswire
RICHMOND, Va., Oct. 10, 2019 /PRNewswire/ -- Dominion Energy today released its annual Sustainability & Corporate Responsibility report, which reviews the company's progress on environmental and social responsibility and operational initiatives in 2018 and establishes new commitments for 2019 and beyond.
"The people of Dominion Energy are leading the country's transition to clean energy," said Dominion Energy chairman, president and chief executive officer Thomas F. Farrell, II. "We are transforming everything we do to build a more sustainable future for our customers, the planet and our company. As we look to the future, one important priority will be addressing Gov. Northam's executive order on clean energy. That will be a major focus of next year's report."
The Sustainability & Corporate Responsibility Report outlines Dominion Energy's performance in areas of interest to stakeholders, from cybersecurity and nuclear safety to environmental justice.
The report describes climate change as "one of the most challenging issues of our time" and discusses how the company is addressing it by deploying thousands of megawatts of solar and wind power, pursuing industrial-scale energy storage and sharply cutting carbon and methane emissions. Such efforts are part of a broader company strategy to lower greenhouse-gas emissions across the 18 states where Dominion Energy does business.
"We intend to be one of the most sustainable companies in the United States," Farrell said. "If anyone harbors any doubts on that score, this report should put such doubts to rest."
The report explores the many ways the company contributes to the common good in the following key areas:
Clean Energy
Environment
Serving Customers and Communities
Employee Experience
"This report shows how deeply committed Dominion Energy is to the welfare of our customers, the environment, our employees and the communities where we work," said Carter Reid, Dominion Energy Executive Vice President. "We take that commitment seriously, and our performance shows it. Actions speak louder."
Dominion Energy is leading the nation in environmental and social responsibility through initiatives ranging from electric school buses to coal-ash removal and recycling, as well as through its superior track record of improved safety, low rates, veteran hiring and more. Its latest Sustainability & Corporate Responsibility Report — the most comprehensive to date — delivers on the company's dedication to openness and transparency by including sections on corporate governance and stakeholder engagement; social and workforce metrics; and indices that map to standards from the Global Reporting Initiative and the Sustainability Accounting Standards Board, as well as the United Nations' Sustainable Development Goals.
To learn more, you can view the full report online at sustainability.dominionenergy.com.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/10/2019Dominion Energy is Leading the Transition to Clean Energy, CEO Says in New Report
Source: PR Newswire
RICHMOND, Va., Oct. 10, 2019 /PRNewswire/ -- Dominion Energy today released its annual Sustainability & Corporate Responsibility report, which reviews the company's progress on environmental and social responsibility and operational initiatives in 2018 and establishes new commitments for 2019 and beyond.
"The people of Dominion Energy are leading the country's transition to clean energy," said Dominion Energy chairman, president and chief executive officer Thomas F. Farrell, II. "We are transforming everything we do to build a more sustainable future for our customers, the planet and our company. As we look to the future, one important priority will be addressing Gov. Northam's executive order on clean energy. That will be a major focus of next year's report."
The Sustainability & Corporate Responsibility Report outlines Dominion Energy's performance in areas of interest to stakeholders, from cybersecurity and nuclear safety to environmental justice.
The report describes climate change as "one of the most challenging issues of our time" and discusses how the company is addressing it by deploying thousands of megawatts of solar and wind power, pursuing industrial-scale energy storage and sharply cutting carbon and methane emissions. Such efforts are part of a broader company strategy to lower greenhouse-gas emissions across the 18 states where Dominion Energy does business.
"We intend to be one of the most sustainable companies in the United States," Farrell said. "If anyone harbors any doubts on that score, this report should put such doubts to rest."
The report explores the many ways the company contributes to the common good in the following key areas:
Clean Energy
Environment
Serving Customers and Communities
Employee Experience
"This report shows how deeply committed Dominion Energy is to the welfare of our customers, the environment, our employees and the communities where we work," said Carter Reid, Dominion Energy Executive Vice President. "We take that commitment seriously, and our performance shows it. Actions speak louder."
Dominion Energy is leading the nation in environmental and social responsibility through initiatives ranging from electric school buses to coal-ash removal and recycling, as well as through its superior track record of improved safety, low rates, veteran hiring and more. Its latest Sustainability & Corporate Responsibility Report — the most comprehensive to date — delivers on the company's dedication to openness and transparency by including sections on corporate governance and stakeholder engagement; social and workforce metrics; and indices that map to standards from the Global Reporting Initiative and the Sustainability Accounting Standards Board, as well as the United Nations' Sustainable Development Goals.
To learn more, you can view the full report online at sustainability.dominionenergy.com.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/10/2019Dominion Energy Schedules Third-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Oct. 7, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its third-quarter earnings conference call at 10 a.m. ET on Friday, Nov. 1, 2019. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (866) 710-0179. International callers should dial (334) 323-0520. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 2 p.m. ET Nov. 1 and lasting until 11 p.m. ET Nov. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 60280652. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 1.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and 80 percent by 2050, and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/7/2019Dominion Energy Offers $110,000 in Community Impact Awards
Source: PR Newswire
CLEVELAND, Oct. 3, 2019 /PRNewswire/ -- Dominion Energy, through the Dominion Energy Charitable Foundation, will award $110,000 in unrestricted grants to area non-profits that have made a difference in the communities the company serves. The grants are offered through the 25th annual Community Impact Awards competition, sponsored by Dominion Energy and Cleveland Magazine. Since 1996, the program has awarded more than $1.7 million in Community Impact Awards grants.
In celebration of the program's 25th year, one winning organization will receive a $25,000 award. Additional Community Impact Awards honorees will receive awards of up to $10,000 each. The awards recognize community organizations that have made major contributions toward the economic and social revitalization of communities located in Dominion Energy's Ohio service area.
For example, one of the previous year's honorees, Edwin's Leadership & Restaurant Institute, Cleveland, received a $10,000 grant for its culinary industry training program, which teaches and prepares incarcerated adults for jobs with area restaurants upon their release.
Application instructions are listed below. Entries will be judged by a group of community leaders from Dominion's service area. Winners will be recognized in the March 2020 issue of Cleveland Magazine. The entry deadline is Nov. 30, 2019. To prepare their nominations, prospective applicants can refer to the award guidelines and entry information available at www.DominionEnergy.com, search: impact.
The Guidelines:
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/3/2019Dominion Energy Announces Inaugural Class of Fellows at Virginia's Community Colleges
Source: PR Newswire
RICHMOND, Va., Oct. 3, 2019 /PRNewswire/ -- Thirteen college students from military families across Virginia will receive full tuition and other assistance as Dominion Energy Fellows attending Virginia's Community Colleges. These thirteen students are the first to benefit from the Dominion Energy Charitable Foundation's grant to the Virginia Foundation for Community College Education (VFCCE).
The $300,000 two-year grant establishes the Dominion Energy Fellows Program to support military-connected students at Virginia's Community Colleges who are within one year of completing their studies. Active-duty service members, veterans, as well as their spouses and dependents are eligible to receive this fellowship.
The inaugural class of Dominion Energy Fellows completes a group of 43 total Fellows offered through the Virginia Foundation for Community College Education. Out of more than 280,000 people who attend Virginia's Community Colleges each year, only a handful of second-year students are selected for a Fellows program.
This Fellows program provides full tuition, book expenses, fees, and opportunities to participate in a unique curriculum of intellectual and cultural activities. A cornerstone of the program is a commitment to community engagement. Each Fellow will volunteer 80 hours of service during the academic year to strengthen their leadership skills and develop a strong foundation for future success.
The 2019-2020 Class of Dominion Energy Fellowship recipients are students throughout Virginia who have a wide variety of career goals and academic majors. They include:
The Dominion Energy grant will also provide Military Student Success Funds to support military-connected students with expenses outside of tuition and standard fees, such as specific program costs, books, needed materials, and technology. These supplements can also help with food, housing, and other emergency situations that may keep a student from attending class. The Veterans Resource Centers will allocate the funding at seven of Virginia's Community Colleges: Germanna in Fredericksburg; Reynolds and John Tyler in the Richmond area; Northern Virginia; Tidewater; Thomas Nelson on the Virginia Peninsula; and Virginia Western in Roanoke.
"Virginia's Community Colleges have a strong support system in place for our military-connected students, from our Credits2Careers initiative which translates military service into college credits to our Veteran Education Resource Initiative for Transition, Advising, and Success program at seven community colleges. This grant is a powerful recognition of the growing needs of this important population to the future of Virginia," said Glenn DuBois, chancellor of Virginia's Community Colleges. "We appreciate the continued partnership of Dominion Energy in fueling student success across Virginia."
The application for the 2020-2021 Dominion Energy Fellowship opens in March, 2020. For more information visit www.vfcce.org.
About the Virginia Foundation for Community College Education (VFCCE): The Virginia Foundation for Community College Education (VFCCE) is the supporting arm of Virginia's 23 community colleges. The VFCCE works to broaden educational access, support student success, and provide innovative solutions to workforce needs. Our mission is "providing access to education to all Virginians," with a focus on expanding access and programs for underserved populations. To ensure access to high quality, affordable education, the VFCCE provides statewide leadership in raising funds for community college education, supplementing and supporting the activities of the 23 individual colleges, and securing support for major system-wide initiatives that could not be undertaken by any single college. For more information, please visit www.vfcce.org.
About Virginia's Community Colleges: Since 1966, Virginia's Community Colleges have given everyone the opportunity to learn and develop the right skills so lives and communities are strengthened. By making higher education and workforce training available in every part of Virginia, we elevate all of Virginia. Together, Virginia's Community Colleges serve more than 241,000 students each year. For more information, please visit www.vccs.edu.
About the Dominion Energy Charitable Foundation: Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/3/2019Dominion Energy and Metropolitan Washington Airports Authority to Study the Development of First Large-scale Solar Project at Dulles International Airport
Source: PR Newswire
HERNDON, Va., Oct. 3, 2019 /PRNewswire/ -- Dominion Energy Virginia and the Metropolitan Washington Airports Authority announced Thursday they will jointly explore the development of a large-scale 100-megawatt solar energy project on approximately 1,200 acres at Washington Dulles International Airport.
Dominion Energy recently signed a sublease with the Airports Authority to begin feasibility studies for the project to move forward. Electricity generated from the solar project would connect to Dominion Energy's existing transmission line located on Dulles International Airport property, delivering clean energy for residential and commercial customers.
A solar project of this size could power 25,000 homes at peak output and would be one of the largest solar facilities in Northern Virginia, providing clean energy to the most populous region of the state.
"We are thrilled to partner with the Metropolitan Washington Airports Authority on this ambitious, renewable energy project. More than 24 million passengers flying through Dulles each year will witness the sun's energy being used to generate clean energy for Virginians," said Keith Windle, vice president business development & merchant operations, Dominion Energy.
"Partnering with Dominion Energy on this important project will give us the data and tools we need to determine the role that solar energy can play at a major international airport now and in the future," said Mike Stewart, airport manager, Dulles International Airport. "This project fits well with the Airports Authority's goal of enhancing the sustainability and environmental performance of our facilities."
On September 18, 2019, Dominion Energy filed an application with PJM, the regional transmission organization that coordinates the electrical grid in all or parts of 13 states and the District of Columbia, to interconnect the project to the transmission grid. The new facility could come on line as early as 2023 and is supportive of Dominion Energy solar capital investment plan.
This solar project would help meet Dominion Energy's goal to reduce carbon dioxide emissions 55 percent by 2030.
This new solar project brings the company one-fourth the way to its goal of having 3,000 megawatts of wind and solar in operation or under development by 2022.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 55 percent by 2030 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
About Metropolitan Washington Airports Authority
The Metropolitan Washington Airports Authority operates the U.S. Capital Region's gateways to the nation and the world, Ronald Reagan Washington National Airport and Washington Dulles International Airport, as well as the Dulles Airport Access Highway, the Dulles Toll Road and construction of the Silver Line project, a 23-mile extension of the Metrorail public transit system through northern Virginia. 47.5 million passengers transited through both airports in 2018.
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SOURCE Dominion Energy Virginia
Article Date
10/3/201910/2/2019 - Dominion Energy Announces Organizational Changes
Dominion Energy Announces Organizational Changes
Source: PR Newswire
RICHMOND, Va., Oct. 2, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced organizational changes tied to a new financial and operating reporting structure that will take effect on Dec. 1, 2019. The changes are aimed at improving the company's operating efficiency, customer experience and transparency of its financial disclosures.
The company named two executives to the new position of co-chief operating officer (co-COO).
Robert M. Blue, currently executive vice president (EVP) and president and chief executive officer-Power Delivery Group, and Diane Leopold, currently EVP and president and chief executive officer-Gas Infrastructure Group, were each named EVP and co-COO-Dominion Energy, effective as of December 1.
Two of the company's five new operating segments will report to Blue: Dominion Energy Virginia, the vertically integrated electric utility in Virginia and North Carolina; and Contracted Generation, which includes Millstone Power Station and more than 50 long-term contracted solar facilities.
Leopold will have responsibility for three operating segments – Gas Transmission & Storage, consisting of 14,800 miles of natural gas transmission, gathering and storage pipelines, gas storage operations and the Cove Point LNG facility; Gas Distribution, which has four gas local distribution companies in Idaho, North Carolina, Ohio, Utah, West Virginia and Wyoming; and Dominion Energy South Carolina, a natural gas and electric utility in the Palmetto State.
Also effective on December 1, Carter M. Reid, currently EVP and chief administrative and compliance officer, will become EVP and chief of staff for Dominion Energy, and president of Dominion Energy Services.
Blue, Leopold, Reid and James R. Chapman – EVP, chief financial officer and treasurer – will all continue to report to Thomas F. Farrell, II, chairman, president and chief executive officer.
Farrell said:
"Bob and Diane have led business units at Dominion Energy for a combined decade and bring to their new roles vast understanding of the energy sector and its relationship to customers, and superior leadership skills. Our five new operating segments will be in excellent hands."
The company also named two new segment heads for its realigned reporting structure, also effective December 1. In addition to his new role as co-COO, Blue will serve as president-Dominion Energy Virginia. Daniel G. Stoddard, SVP and chief nuclear officer, will add the role of president-Contracted Generation to his current responsibilities, and report to Blue in that role.
P. Rodney Blevins will continue in his role as president-Dominion Energy South Carolina and will report to Leopold. Donald R. Raikes, president-Gas Distribution, and Paul E. Ruppert, president-Gas Transmission & Storage, will also report to Leopold.
Each of the operating segment presidents will serve on Farrell's senior leadership team.
"We will rely on Bob, Rodney, Don, Paul and Dan to provide outstanding operations and customer service and be exceptional stewards of our shareholders' money," Farrell said.
The company also announced a promotion for one officer, and additional responsibilities for two senior officers.
On December 1:
For biographies of these executive officers, please click here.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
10/2/2019Virginia Customers to Benefit from Transformed Energy Grid, Improved Service
Source: PR Newswire
RICHMOND, Va., Sept. 30, 2019 /PRNewswire/ -- Dominion Energy's Virginia customers can expect more reliable service, new tools to manage energy usage, and greater access to clean energy sources under a new proposal filed with the State Corporation Commission (SCC) today. The proposal outlines expanded details of the first three years of implementation of the company's 10-year plan to transform the state's energy grid.
With SCC approval, the initiative will enhance service to customers through implementation of new technologies and a series of new programs developed with input from stakeholders and customers over the past several months. The initiative comes as the company continues its rapid progress toward a clean energy future and amid Governor Northam's call for Virginia's electric sector to fully decarbonize by 2050. Dominion Energy has embraced that challenge, continuing to expand its growing solar and offshore wind portfolio.
The proposal calls for approximately $594 million in investments through 2021. Those investments include a new customer information platform, which allows customers to digitally manage their energy usage, and installation of nearly one million smart meters, which would more than triple the number currently deployed. Pending subsequent SCC approvals, the company would achieve full smart meter deployment in its Virginia service area by 2024.
Customers will see no rate increase for costs associated with deployment of the new customer information platform and smart meters installed through 2021, which represents approximately half of the initial three-year investment package, because the company plans to reinvest funds under the provisions of the Grid Transformation and Security Act of 2018 (GTSA).
The SCC previously approved investments, under the GTSA, for improvements in cyber and physical security, and telecommunications.
"Our initiative is the next step in creating a clean energy future in Virginia," said Ed Baine, Senior Vice President – Electric Distribution. "This will help customers for years to come, with more resilient service, greater value and a partnership that helps to protect the environment for the next generation."
According to a cost-benefit analysis performed by West Monroe Partners, a business consulting firm, the investments will provide a range of customer benefits, including fewer power outages and flexible rate options to meet customer lifestyles. The analysis concluded that the planned investments deliver significant benefit to all customers across a wide range of areas, while also driving reductions in greenhouse gas emissions, increase in new jobs and economic growth in the Commonwealth, and savings to electric vehicle owners.
Customer benefits of the proposal include:
For more information, visit DominionEnergy.com/smartenergy.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/30/2019Dominion Energy Acquires Two Solar Projects in Virginia
Source: PR Newswire
RICHMOND, Va., Sept. 26, 2019 /PRNewswire/ -- Dominion Generation, Inc., a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), announced today that it has acquired two solar generating projects from Savion LLC, a subsidiary of Macquarie's Green Investment Group. The facilities are expected to be operational in 2020. Power generated at the two sites, as well as the renewable energy credits, will go to telecommunications company T-Mobile USA, Inc., under long-term contracts.
Since Dominion Energy said in 2018 that it would initiate a program to add 3,000 megawatts of solar and wind generation to the electric grid in Virginia by the end of 2022, the company has announced plans or power purchase agreements for about 675 megawatts of such energy – or 20 percent of its goal. Three-thousand megawatts of electric generating capacity can serve at least 750,000 customers when the facilities are producing energy.
The company has also announced a target to reduce carbon emissions from its power generating facilities 80 percent between 2005 and 2050. As of the end of 2018, Dominion Energy was already more than halfway to meeting that target.
"We are proud to partner with T-Mobile to provide clean energy for its operations across the company," said Paul D. Koonce, executive vice president and president and chief executive officer of Dominion Energy's Power Generation Group. "Cleaner energy on the grid benefits everyone, and we're looking to find similar customer solutions in the states where we do business."
"T-Mobile is all in on sustainability and has made a commitment through RE100 to source 100 percent renewable energy by 2021. This partnership with Dominion Energy and adding the Myrtle and Greensville solar projects to our portfolio is playing a big part in our progress, helping bring us to 95 percent of our goal!" said Mike Sievert, president and chief operating officer at T-Mobile. "We can't thank our partners enough for all their work and support in helping us reach this milestone for our company – and the planet!"
The 15-megawatt Myrtle Solar project, located on about 120 acres in the City of Suffolk, is expected to enter service in the second quarter of 2020. The 80-megawatt Greensville Solar facility, occupying more than 1,000 acres near Emporia, Va., in Greensville County, is targeted to come online in late 2020.
Since the General Assembly of Virginia passed the Grid Transformation and Security Act of 2018, the company has begun developing, signed offtake contracts for, or filed with the State Corporation Commission of Virginia for permission to build other solar facilities in the Virginia counties of Gloucester, Greensville, Halifax, Mecklenburg, Surry and Westmoreland.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/26/2019Dominion Energy Offers $1.2 Million in Critical Community Needs Grants
Source: PR Newswire
RICHMOND, Va., Sept. 25, 2019 /PRNewswire/ -- Dominion Energy is inviting nonprofit organizations across the company's footprint to apply for grants of up to $25,000 each to meet critical needs in communities. For the fifth consecutive year, the Dominion Energy Charitable Foundation has pledged $1.2 million to help meet critical needs for food, housing, medicine or medical services.
"We want to do our part to help care for our neighbors who are struggling," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants support organizations that provide a better life for those in need."
Last year's Critical Community Needs grants helped more than 200 nonprofits provide services such as free in-school eye screenings for children, housing for homeless veterans, and food for those in need. Watch a video about the impact one of last year's grants had on Meals on Wheels.
For this year's grants, eligible organizations in targeted areas of Colorado, Connecticut, Idaho, Maryland, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Utah, Virginia, West Virginia, Wyoming and other areas within Dominion Energy's footprint are encouraged to apply. Online applications will be accepted until Oct. 21, 2019.
For more complete details or to apply, go to www.dominionenergy.com/communityneedsgrants.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/25/2019Dominion Energy Donates $1.6M to Environmental Nonprofits, Education
Source: PR Newswire
RICHMOND, Va., Sept. 19, 2019 /PRNewswire/ -- Whether it's cleaning up waterways, developing a community garden, or educating disadvantaged students, this year's Dominion Energy environmental stewardship grants will support a variety of initiatives benefitting communities across 10 states.
Dominion Energy has awarded $1.6 million in grants through its philanthropic arm, the Dominion Energy Charitable Foundation, to 135 organizations working to improve natural spaces or teach about the environment.
"These grants will help schools and nonprofit organizations carry out their environmental stewardship missions," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "It's a privilege to support our communities in their efforts to protect natural resources and provide environmental education."
The competitive grants support education and stewardship projects that preserve, enhance or make nature more accessible. Some of this year's grants include support for:
The full list of 2019 Environmental Education and Stewardship Grants and additional program information are available at https://www.dominionenergy.com/envirogrants.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/19/2019Dominion Energy Announces Largest Offshore Wind Project in US
Source: PR Newswire
RICHMOND, Va., Sept. 19, 2019 /PRNewswire/ -- Dominion Energy is proposing the largest offshore wind development in the country to provide more renewable energy to its customers in the Commonwealth and provide a boost to the offshore wind industry on the East Coast.
The company filed an application with PJM, the regional transmission organization that coordinates the electrical grid in all or parts of 13 states and the District of Columbia, to interconnect the proposed turbines to the transmission grid.
Dominion Energy's filing is a vital first step to move forward in developing Virginia's full offshore wind potential. The company looks forward to working with the Northam Administration and other partners on next steps in public policy needed to realize both the clean energy and economic potential of offshore wind.
"Offshore wind is an excellent renewable energy source and this filing with PJM shows how serious we are about bringing commercial-scale offshore wind to Virginia, giving our customers what they have asked for – more renewable energy," said Mark D. Mitchell, vice president of generation construction. "Governor Ralph Northam has made it clear Virginia is committed to leading the way in offshore wind. We are rising to this challenge with this 2,600-megawatt commercial offshore wind development."
Dominion Energy is aggressively pursuing a clean energy future anchored by a 55 percent reduction in carbon emissions by 2030. To accomplish this goal, the company is investing in solar and wind energy partnered with zero-carbon nuclear and low-carbon natural gas. The company also has planned investments in battery storage, pumped hydroelectric storage and other resources that can support the intermittent nature of solar and wind.
If approved, the project would be located in the 112,800 acres Dominion Energy currently is leasing from the Bureau of Ocean Energy Management 27 miles off the coast of Virginia Beach. Following the key filing with PJM, ocean survey work is expected to begin in 2020 and a Construction and Operations Plan will be submitted in 2022.
Building on an expected successful deployment of the Coastal Virginia Offshore Wind (CVOW) project in 2020, Dominion Energy plans to move forward with its commercial offshore wind project in three phases, each totaling 880 megawatts. The first phase of the buildout will support initial generation of wind energy by 2024. Additional phases will come online in 2025 and 2026, totaling more than 2,600 megawatts of energy, enough to power 650,000 homes during peak wind.
The company began construction in June on the 12-megawatt CVOW project, which is the first fully permitted wind project in U.S. federal waters. Dominion Energy will leverage key learnings from the permitting, design and development of that project as it goes through a similar process for commercial offshore wind development.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/19/2019Dominion Energy South Carolina Announces Pricing of Tender Offer
Source: PR Newswire
RICHMOND, Va., Sept. 12, 2019 /PRNewswire/ -- Dominion Energy South Carolina, Inc. (DESC), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), today announced the pricing of its previously announced offer to purchase for cash up to $552,334,000 aggregate principal amount (the Offer Cap) of its 4.250% First Mortgage Bonds due 2028, 4.350% First Mortgage Bonds due 2042 and 4.600% First Mortgage Bonds due 2043 (collectively, the Bonds) (such offer, the Offer), subject to the acceptance priority levels set forth in the table below (the Acceptance Priority Levels), the Early Tender Priority and proration, as applicable.
The Offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase, dated Aug. 28, 2019 (the Offer to Purchase). Copies of the Offer to Purchase are available at www.dfking.com/dominion. Terms used and not defined in this press release have the meanings given to them in the Offer to Purchase.
The table below sets forth the Total Consideration for the Bonds that will be accepted for purchase.
Title of Security | CUSIP Number | Principal Amount Outstanding | Acceptance Priority Level | Reference U.S. Treasury Security | Bloomberg Reference Page | Early Tender Premium(1) | Fixed Spread (basis points)(2) | Total |
4.250% First Mortgage Bonds due 2028 | 837004CM0 | $400,000,000 | 1 | 1.625% due August 15, 2029 | FIT1 | $30 | 65 | $1,146.10 |
4.350% First Mortgage Bonds due 2042 | 837004CF5 | $324,433,000 | 2 | 2.875% due May 15, 2049 | FIT1 | $30 | 95 | $1,189.04 |
4.600% First Mortgage Bonds due 2043 | 837004CG3 | $400,000,000 | 3 | 2.875% due May 15, 2049 | FIT1 | $30 | 100 | —(3) |
_______________ |
(1) Per $1,000 principal amount. |
(2) Inclusive of Early Tender Premium |
(3) Bonds of such series will not be accepted for purchase due to the Offer Cap. |
The applicable Total Consideration for each $1,000 principal amount of Bonds as set forth above was determined in the manner described in the Offer to Purchase by reference to the applicable Fixed Spread set forth above plus the applicable yield to maturity of the applicable U.S. Treasury Reference Security based on the bid-side price of such reference security as measured as of 10:00 a.m., New York City time, on Sept. 12, 2019.
Holders of Bonds that were validly tendered and not properly withdrawn at or prior to 5:00 p.m., New York City time, on Sept. 11, 2019 (the Early Tender Deadline), and are accepted for purchase will receive the applicable Total Consideration, as defined in the Offer to Purchase, which includes the applicable Early Tender Premium specified in the table above.
In addition to the Total Consideration, holders of Bonds that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and are accepted for purchase will also receive accrued and unpaid interest from, and including, the last interest payment date for such Bonds to, but not including, the Early Settlement Date (defined below). The applicable Total Consideration and accrued interest will be payable on the Early Settlement Date.
The settlement date for Bonds validly tendered at or prior to the Early Tender Deadline and accepted for purchase is expected to be Sept. 13, 2019 (the Early Settlement Date). The obligation of DESC to accept for payment and pay for Bonds validly tendered and not properly withdrawn in the Offer is subject to the conditions set forth in the Offer to Purchase.
Although the Offer is scheduled to expire at 11:59 p.m., New York City time, on Sept. 25, 2019 (the Expiration Time), unless extended by DESC in its sole discretion, because the Offer was fully subscribed as of the Early Tender Deadline, DESC does not expect to accept for purchase any Bonds tendered after the Early Tender Deadline. As described in the Offer to Purchase, Bonds tendered and not accepted for purchase will be promptly returned or credited to the tendering holder's account.
BofA Merrill Lynch and U.S. Bancorp Investments, Inc. are acting as dealer managers for the Offer. For additional information regarding the terms of the Offer, please contact BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907 (collect) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offer, at (212) 269-5550 (for banks and brokers) or (866) 388-7535 (all others, toll-free) or email dominion@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE BONDS. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF THE OFFER THAT HOLDERS OF THE BONDS SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE BONDS IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
None of DESC, its affiliates or board of directors, the dealer managers, the tender and information agent or the trustee with respect to any series of Bonds made any recommendation as to whether Holders should tender any Bonds in response to the Offer, and neither DESC nor any other such person authorized any person to make any such recommendation.
About DESC
Based in Cayce, S.C., Dominion Energy South Carolina, Inc. is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that DESC expects or anticipates will occur in the future are forward-looking statements, and DESC's ability to predict results or the actual effect of future events is inherently uncertain. Although DESC believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. DESC undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
9/12/2019Dominion Energy South Carolina Announces Early Tender Results, Increase in Offer Cap
Source: PR Newswire
RICHMOND, Va., Sept. 12, 2019 /PRNewswire/ -- Dominion Energy South Carolina, Inc. (DESC), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), today announced the early results of its previously announced offer to purchase for cash up to $400,000,000 aggregate principal amount of its 4.250% First Mortgage Bonds due 2028, 4.350% First Mortgage Bonds due 2042 and 4.600% First Mortgage Bonds due 2043 (collectively, the Bonds) (such offer, the Offer), subject to the acceptance priority levels set forth in the table below (the Acceptance Priority Levels), the Early Tender Priority and proration, as applicable.
DESC also announced today an increase in the maximum aggregate principal amount of Bonds to be purchased pursuant to the Offer from $400,000,000 to $552,334,000 (as so increased, the Offer Cap), which will result in all Bonds in Acceptance Priority Levels 1 and 2 validly tendered and not properly withdrawn at or prior to 5:00 p.m., New York City time, on Sept. 11, 2019 (the Early Tender Deadline), being accepted for purchase and none of the Bonds in Acceptance Priority Level 3 validly tendered and not properly withdrawn at or prior to the Early Tender Deadline being accepted for purchase. Except for such increase of the Offer Cap, all other terms and conditions of the Offer remain unchanged.
The Offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase, dated Aug. 28, 2019 (the Offer to Purchase). Copies of the Offer to Purchase are available at www.dfking.com/dominion. Terms used and not defined in this press release have the meanings given to them in the Offer to Purchase.
The withdrawal deadline for the Offer of 5:00 p.m., New York City time on Sept. 11, 2019 has passed. Accordingly, Bonds validly tendered in the Offer may no longer be withdrawn except where additional withdrawal rights are required by law.
The following table sets forth certain information regarding the Offer, including the aggregate principal amount of each series of Bonds that were validly tendered and not properly withdrawn and the aggregate principal amount of such Bonds that are expected to be accepted for purchase, and paid for, on the Early Settlement Date (as defined below).
Title of Security | CUSIP | Principal | Acceptance | Reference U.S. | Bloomberg | Early Tender | Fixed | Principal | Principal |
4.250% First | 837004CM0 | $400,000,000 | 1 | 1.625% due | FIT1 | $30 | 65 | $346,749,000 | $346,749,000 |
4.350% First | 837004CF5 | $324,433,000 | 2 | 2.875% due May | FIT1 | $30 | 95 | $205,585,000 | $205,585,000 |
4.600% First | 837004CG3 | $400,000,000 | 3 | 2.875% due May | FIT1 | $30 | 100 | $262,462,000 | $0.00 |
(1) | Per $1,000 principal amount. | ||||
(2) | The Total Consideration for Bonds validly tendered prior to or at the Early Tender Deadline (as defined above) and accepted for purchase will be calculated using the applicable Fixed Spread (as set forth in the table above) and is inclusive of the applicable Early Tender Premium (as set forth in the table above). | ||||
(3) | As reported by D.F. King & Co., Inc., the tender agent for the Offer. | ||||
Holders of Bonds that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and are accepted for purchase will receive the applicable Total Consideration, as defined in the Offer to Purchase, which includes the applicable Early Tender Premium specified in the table above. DESC expects to issue a press release later today announcing the Total Consideration payable with respect to each series of Bonds for which DESC will accept Bonds for purchase.
In addition to the Total Consideration, holders of Bonds that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and are accepted for purchase will also receive accrued and unpaid interest from, and including, the last interest payment date for such Bonds to, but not including, the Early Settlement Date (defined below). The applicable Total Consideration and accrued interest will be payable on the Early Settlement Date.
The settlement date for Bonds validly tendered at or prior to the Early Tender Deadline and accepted for purchase is expected to be Sept. 13, 2019 (the Early Settlement Date). The obligation of DESC to accept for payment and pay for Bonds validly tendered and not properly withdrawn in the Offer is subject to the conditions set forth in the Offer to Purchase.
Although the Offer is scheduled to expire at 11:59 p.m., New York City time, on Sept. 25, 2019 (the Expiration Time), unless extended by DESC in its sole discretion, because the Offer was fully subscribed as of the Early Tender Deadline, DESC does not expect to accept for purchase any Bonds tendered after the Early Tender Deadline. As described in the Offer to Purchase, Bonds tendered and not accepted for purchase will be promptly returned or credited to the tendering holder's account.
BofA Merrill Lynch and U.S. Bancorp Investments, Inc. are acting as dealer managers for the Offer. For additional information regarding the terms of the Offer, please contact BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907 (collect) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offer, at (212) 269-5550 (for banks and brokers) or (866) 388-7535 (all others, toll-free) or email dominion@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE BONDS. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF THE OFFER THAT HOLDERS OF THE BONDS SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE BONDS IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
None of DESC, its affiliates or board of directors, the dealer managers, the tender and information agent or the trustee with respect to any series of Bonds made any recommendation as to whether Holders should tender any Bonds in response to the Offer, and neither DESC nor any other such person authorized any person to make any such recommendation.
About DESC
Based in Cayce, S.C., Dominion Energy South Carolina, Inc. is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that DESC expects or anticipates will occur in the future are forward-looking statements, and DESC's ability to predict results or the actual effect of future events is inherently uncertain. Although DESC believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. DESC undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
9/12/2019Dominion Energy Donates $250,000 to Hurricane Dorian Recovery
Source: PR Newswire
RICHMOND, Va., Sept. 9, 2019 /PRNewswire/ -- The Dominion Energy Charitable Foundation is donating $250,000 to the American Red Cross to aid in relief and recovery efforts for regions in South Carolina, North Carolina and Virginia that were impacted by Hurricane Dorian. The funds will support purchase of relief supplies and food, as well as shelter for those in need.
"The customers and communities we serve are resilient, but this was a powerful and deadly storm," said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II. "Dominion Energy has a long-standing and successful partnership with the Red Cross. For those who have lost homes, possessions and must deal with the aftermath of this storm, we hope that our contribution will provide some measure of relief."
In addition to the foundation grant, Dominion Energy also has a program that matches personal donations, dollar-for-dollar, from eligible employees and retirees who give a minimum of $50 to a qualified non-profit. Donations to the Red Cross, as well as other qualified relief organizations assisting in storm recovery, would be covered under the matching program. Dominion Energy encourages employees and retirees to take advantage of the program.
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
9/9/2019Dominion Energy Crews Moving Swiftly to Restore Power After Hurricane Dorian
Source: PR Newswire
RICHMOND, Va., Sept. 7, 2019 /PRNewswire/ -- Dominion Energy crews have restored power to 92 percent of the customers in South Carolina, North Carolina and Virginia impacted by Hurricane Dorian, as of mid-afternoon Saturday. Thousands of employees and contract crew members are working around the clock to restore power to the remaining 35,700 customers across all three states.
In South Carolina, crews are expected to restore power to nearly all customers by Sunday night. As of Saturday afternoon, 10,600 of 274,000 customers impacted in South Carolina remain without power.
"Our crews continue to work around the clock in very hazardous conditions in order to safely and reliably restore power to our customers so that their lives can return to normal as quickly as possible," said Keller Kissam, president of Electric Operations for Dominion Energy South Carolina.
In Virginia, crews are expected to have restored power to nearly all customers by Saturday night and nearly all northeastern North Carolina customers by Sunday night, except for certain high-impact coastal areas. As of Saturday afternoon, 25,100 of the 174,000 customers impacted in northeast North Carolina and Virginia remain without power.
Photos and b-roll available for download and media use: https://news.dominionenergy.com/hurricane-dorian
Patrol teams are assessing damage, with helicopters and drones supplementing on-ground efforts, in the hardest hit areas of Virginia Beach and northeastern North Carolina. Customers still awaiting restoration will be able to get individual estimated times for restoration as crews complete their assessment.
After a storm passes, weather conditions permitting, we work to ensure public safety and to restore power to essential services and facilities critical to public health and safety, such as hospitals, fire and police departments, and public water systems. Crews then work to return service to the largest number of customers in the shortest amount of time. Once major repairs are completed, smaller groups of customers and individual homes are restored.
"Excellent progress has been made so far to restore power, but our work is not done until every customer has electricity," said Ed Baine, Senior Vice President of Electric Distribution. "We're a mission-driven organization and we are here to serve our customers and communities."
If you do experience an outage:
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/7/20199/5/2019 - Dominion Energy Crews Set for Multi-day Restoration Effort as Hurricane Dorian Heads North
Dominion Energy Crews Set for Multi-day Restoration Effort as Hurricane Dorian Heads North
Source: PR Newswire
RICHMOND, Va., Sept. 5, 2019 /PRNewswire/ -- Dominion Energy customers in northeast North Carolina and Virginia could experience outages that last for multiple days because of Hurricane Dorian. Crews and resources are already activating in advance of the storm to ensure a safe, speedy response.
This powerful, slow-moving hurricane is expected to move through the Carolinas and parts of Virginia, bringing dangerous conditions and widespread outages, including high winds and flooding. Dominion Energy is coordinating preparation for and response to Hurricane Dorian across multiple states as the storm moves along the East Coast. Customers should be prepared for significant impacts, beginning in South Carolina and spreading into North Carolina and Virginia.
In advance of the storm, the company has relocated crews and has staged materials to be ready to assess damage and restore power as soon as weather conditions are safe. Crews and support staff have been relocated from our Northwest Region to areas where we expect the greatest impact from the storm.
In North Carolina and Virginia, more than 7,000 Dominion Energy employees and contract crew members are ready to support the restoration effort.
The peak threat in North Carolina and Virginia is forecasted between 10:00 AM – 7:00 PM Friday. Our ability to safely assess and restore power during this time will be limited due to weather conditions. We appreciate our customers' patience throughout the restoration process.
After the storm passes and it is safe to do so, our patrol teams will be out in force assessing damage and crews will begin working with local public safety and emergency officials to restore power to essential services and facilities critical to public health and safety, such as hospitals, fire and police departments, and public water systems. Crews will then work to return service to the largest number of residential and business customers in the shortest amount of time. Once major repairs are completed, smaller groups of customers and individual homes are restored.
Customers are urged to be prepared for a multi-day outage event. To prepare for the storm:
If you do experience an outage:
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/5/2019Dominion Energy Continues Preparing for Hurricane Dorian, Urges Customers to do the Same
Source: PR Newswire
RICHMOND, Va., Sept. 4, 2019 /PRNewswire/ -- Dominion Energy is prepared for significant impacts to customers from Hurricane Dorian, beginning in South Carolina and spreading into North Carolina and Virginia. Customers in all three states are urged to prepare now for a slow-moving hurricane that could bring dangerous conditions and widespread outages, including high winds and flooding. We are urging customers to be prepared for a multi-day outage event.
Crews and materials are staging ahead of the storm to be ready to assess damage and restore power as soon as weather conditions are safe. After the storm passes and it is safe to do so, our crews will begin assessing damage and restoring power beginning with facilities critical to public health and safety, such as hospitals, fire and police departments, and water treatment systems. Crews then work to return service to the largest number of residential and business customers in the shortest amount of time. Once major repairs are completed, individual homes and smaller groups of customers are restored.
To prepare for the storm:
If you do experience an outage:
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
9/4/2019Dominion Energy Proposes Largest Electric School Bus Initiative in the Country
Source: PR Newswire
RICHMOND, Va., Aug. 29, 2019 /PRNewswire/ -- Dominion Energy Virginia announced plans for the nation's largest electric school bus deployment to reduce emissions, provide cost savings to school districts and enhance grid reliability.
Dominion Energy is committed to reducing its carbon footprint and helping its customers do the same. As part of this commitment, the company plans to reduce carbon emissions by 80 percent by 2050 and plans to have 3000 megawatts of solar and wind in operation or under development by 2022.
In the coming weeks, bus manufacturers will be able to submit bids through an RFP process and school districts can express their interest in participating in this groundbreaking program to receive the buses as soon as next year.
The initial phase of the electric school bus deployment aims to have 50 buses fully operational within Dominion Energy's Virginia service territory by the end of 2020 – all without any change in prices paid by customers. Phase two of the project, with state approval, would expand the program to bring 1,000 electric school buses online by 2025. Once phase two is fully implemented, the buses' batteries could provide enough energy to power more than 10,000 homes. Phase three would set the goal to have 50 percent of all diesel bus replacements be electric by 2025 and 100 percent by 2030.
"We're committed to lowering our carbon emissions, but we can't do it alone. Transportation is the number one source of carbon emissions in the US, and by partnering with this industry, we can expedite the development of innovative, cleaner, more sustainable solutions," said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II. "We think that electric school buses will provide a wide range of benefits for the customers and communities we serve, including cleaner air, cost savings for school districts, and enhanced grid reliability."
Replacing diesel-powered school buses with electric school buses will have a positive impact on the environment and improve air quality. An electric school bus produces zero emissions. Replacing a diesel bus with an electric bus is the equivalent of taking 5.2 cars off the road. If fully implemented, by 2025, the program would be the equivalent of removing more than 5,000 cars from the road per year. That means lower carbon dioxide emissions and cleaner, healthier air for everyone, especially children.
"Once again, Virginia is leading the way in promoting electric vehicle technology and improving our environment," said Governor Ralph Northam. "This innovative electric school bus program is one of many steps we are taking to make electric vehicles accessible to all Virginians, and we look forward to working with Dominion as they bring electric school buses to communities in all corners of our Commonwealth."
Under the program, Dominion Energy will offset the additional costs of an electric school bus, including charging infrastructure, above the standard cost for a diesel bus. Operational and maintenance costs are also lower with electric school buses, providing a potential reduction of 60 percent per year for localities.
The electric school buses will also serve as a grid resource by creating additional energy storage technology to support the company's integration of distributed renewables such as solar and wind. The "vehicle-to-grid" technology leverages the bus batteries to store and inject energy onto the grid during periods of high demand when the buses are not needed for transport.
A tele-town hall meeting will be conducted on September 4, 2019 to provide school districts more information about the program.
For more information about the program, please visit www.DominionEnergy.com/electricschoolbuses or email ElectricSchoolBuses@DominionEnergy.com.
Photos and b-roll available for download here:
https://news.dominionenergy.com/multimedia
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/29/20198/28/2019 - Dominion Energy South Carolina Launches Cash Tender Offer For Certain Outstanding Debt Securities
Dominion Energy South Carolina Launches Cash Tender Offer For Certain Outstanding Debt Securities
Source: PR Newswire
RICHMOND, Va., Aug. 28, 2019 /PRNewswire/ -- Dominion Energy South Carolina, Inc. (DESC), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), today announced the commencement of an offer to purchase for cash up to $400,000,000 aggregate principal amount (the Offer Cap) of its 4.250% First Mortgage Bonds due 2028, 4.350% First Mortgage Bonds due 2042 and 4.600% First Mortgage Bonds due 2043 (collectively, the Bonds) (such offer, the Offer); provided, that the Bonds tendered in the Offer shall be subject to the Offer Cap, the Acceptance Priority Levels (defined below), the Early Tender Priority (defined below) and proration, as applicable.
The table below sets forth, among other things, the CUSIP numbers and principal amounts outstanding with respect to the Bonds in the Offer:
Title of Security | CUSIP Number | Principal Amount Outstanding | Acceptance Priority Level | Reference U.S. | Bloomberg Reference Page | Early Tender Premium | Fixed Spread (basis points) |
4.250% First Mortgage | 837004CM0 | $400,000,000 | 1 | 1.625% due August 15, | FIT1 | $30 | 65 |
4.350% First Mortgage | 837004CF5 | $324,433,000 | 2 | 2.875% due May 15, 2049 | FIT1 | $30 | 95 |
4.600% First Mortgage
| 837004CG3 | $400,000,000 | 3 | 2.875% due May 15, 2049 | FIT1 | $30 | 100 |
(1) The total consideration for the Bonds validly tendered prior to the Early Tender Deadline (defined below) and accepted for purchase will include the applicable Early Tender Premium. | |||||||
The terms and conditions of the Offer are described in the Offer to Purchase, dated Aug. 28, 2019 (the Offer to Purchase). Copies of the Offer to Purchase are available at www.dfking.com/dominion.
The Offer
The Offer will expire at 11:59 p.m., New York City time, on Sept. 25, 2019, unless extended or earlier terminated by DESC (such date and time, as the same may be extended, the Expiration Time). The consideration to be paid in the Offer for each $1,000 principal amount of Bonds that are validly tendered will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread specified in the table above, which is inclusive of the Early Tender Premium, plus the applicable yield based on the bid-side price of the applicable Reference U.S. Treasury Security specified in the table above (the Total Consideration), calculated as of 10:00 a.m., New York City time, on Sept. 12, 2019, the first business day following the Early Tender Deadline. Holders of Bonds (Holders) must validly tender and not properly withdraw their Bonds at or prior to 5:00 p.m., New York City time, on Sept. 11, 2019, unless extended by DESC (such date at time, as the same may be extended, the Early Tender Deadline), to be eligible to receive, subject to the Offer Cap, the Acceptance Priority Levels and proration, as applicable, the applicable Total Consideration, which includes the Early Tender Premium (as set forth in the table above), plus accrued interest. Any Bonds validly tendered after the Early Tender Deadline but prior to or at the Expiration Time will be eligible to receive only the applicable Late Tender Offer Consideration (as defined in the Offer to Purchase), plus accrued interest. Validly tendered Bonds may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on Sept. 11, 2019, unless extended by DESC (such date and time, as the same may be extended, the Withdrawal Deadline), but not thereafter.
Subject to the Offer Cap, Bonds will be accepted for purchase based on the acceptance priority levels set forth in the table above (such priority levels, the Acceptance Priority Levels). If the Offer is not fully subscribed as of the Early Tender Deadline, all Bonds validly tendered prior to or at the Early Tender Deadline will have priority over any Bonds validly tendered after the Early Tender Deadline, regardless of the Acceptance Priority Level of such bonds (such priority, the Early Tender Priority). Furthermore, if the Offer is fully subscribed as of the Early Tender Deadline, Holders who tender their Bonds following the Early Tender Deadline will not have any of their Bonds accepted for purchase. Bonds of a given series may be subject to proration if the aggregate principal amount of such Bonds validly tendered would cause the Offer Cap to be exceeded.
The Early Settlement Date is the date that DESC accepts for purchase Bonds validly tendered and not withdrawn at or prior to the Early Tender Deadline, and the Final Settlement Date is the date that DESC accepts for purchase Bonds validly tendered after the Early Tender Deadline but prior to or at the Expiration Time, if any; provided, in each case, that all applicable conditions have been satisfied or waived by DESC. DESC currently expects the Early Settlement Date and the Final Settlement Date to be the second business day following the Early Tender Deadline and Expiration Time, respectively.
Other Information with Respect to the Offer
Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.
BofA Merrill Lynch and U.S. Bancorp Investments, Inc. are acting as dealer managers for the Offer. For additional information regarding the terms of the Offer, please contact BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907 (collect) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offer, at (212) 269-5550 (for banks and brokers) or (866) 388-7535 (all others, toll-free) or email dominion@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE BONDS. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF THE OFFER THAT HOLDERS OF THE BONDS SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE BONDS IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
None of DESC, its affiliates or board of directors, the dealer managers, the tender and information agent or the trustee with respect to any series of Bonds is making any recommendation as to whether Holders should tender any Bonds in response to the Offer, and neither DESC nor any other such person has authorized any person to make any such recommendation. Holders are urged to evaluate all of the information set forth in the Offer to Purchase, consult their own advisors and make their own decision as to whether to tender any of their Bonds in the Offer, and, if so, the principal amount of Bonds to tender.
About DESC
Based in Cayce, S.C., Dominion Energy South Carolina, Inc. is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that DESC expects or anticipates will occur in the future are forward-looking statements, and DESC's ability to predict results or the actual effect of future events is inherently uncertain. Although DESC believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. DESC undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
8/28/20198/27/2019 - Paul Koonce to Retire From Dominion Energy
Paul Koonce to Retire From Dominion Energy
Source: PR Newswire
RICHMOND, Va., Aug. 27, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that Paul D. Koonce, executive vice president and president and chief executive officer-Power Generation Group, will retire on Feb. 1, 2020, after a 38-year career in the energy industry, the past 20 of which he has spent at Dominion Energy. Effective Dec. 1, 2019, Koonce will step down as head of the company's generation operating segment to become executive vice president and strategic advisor, reporting to Thomas F. Farrell, II, chairman, president and chief executive officer.
Farrell said:
"Paul Koonce has been a leader in the energy industry, in his community and at our company. We have turned to Paul for trusted leadership in a variety of areas since he joined the company two decades ago. Although he had always skillfully navigated the natural gas world, particularly in his stint at Consolidated Natural Gas and in his time leading our gas businesses, Paul has been equally adept on the electric side, overseeing safe, reliable and cost-effective electric operations throughout the past 10 years. Paul has been a tremendous asset to Dominion Energy, and he will be missed by all."
Koonce came to Dominion Energy in 1999 after a career spanning more than 15 years at other companies in the energy sector. In his time at Dominion Energy, Koonce has led three of the company's current operating segments. In 2004, he became chief executive officer of the Dominion Energy operating unit (now the Gas Infrastructure Group). He rotated to lead the Dominion Virginia Power operating unit (electric transmission and distribution, now known as the Power Delivery Group) in 2009, and joined the Power Generation Group as its head in 2016.
Highlights of his career include oversight of a storage expansion at Cove Point, a program that has rebuilt several high-voltage transmission lines that serve as the backbone for Virginia's electric grid, and a buildout of solar generation that has resulted in a tripling of the company's solar portfolio in the past three years.
Koonce's leadership in the energy sector includes the Nuclear Energy Institute, where he is vice chair and a member of the executive committee; and the Interstate Natural Gas Association of America and the Southern Gas Association, both of which he is a past chairman.
In the Commonwealth of Virginia, he serves on board of trustees of the Jamestown-Yorktown Foundation and its 2019 Commemoration, which recognizes the New World's first legislative body in the New World, and the Virginia Colony's arrival of Africans and its first Thanksgiving. Koonce serves on the board of visitors of Virginia State University, a historically black university near Richmond, and on the board of directors of the Virginia Business Higher Education Council. He also is a past chairman of the Virginia Chamber's Blueprint Virginia plan to improve the state's economy by tackling such issues as education, transportation and health care.
"I have gratitude and admiration for Tom, the board of directors and my colleagues," Koonce said. "I look forward to a very active next chapter, and hope to remain engaged in some way with this essential industry."
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/27/2019Dominion Energy Will Pay for Your Old Fridge and Recycle it For You
Source: PR Newswire
RICHMOND, Va., Aug. 22, 2019 /PRNewswire/ -- Dominion Energy is launching a refrigerator recycling program that offers a no-cost appliance removal service for Virginia customers. The program is the first of a set of new energy-efficiency and demand response programs being introduced to help customers lower their energy usage and save money on their electric bills.
The appliance recycling program pays customers $20 for old refrigerator or freezer units that are in working order, but use more electricity than newer, more efficient models.
"Many of us have an old refrigerator or freezer in the basement or garage, but don't realize just how much energy these older appliances require to run. We want to make it easy for our customers to help the environment, and their wallets, by picking up their old appliances for a $20 incentive," said Nathan Frost, Director of New Technology and Energy Conservation, Dominion Energy. "Dominion Energy is excited to be able to offer our customers more opportunities to reduce their energy usage."
Units picked up through the program are transported to an appliance recycling facility operated by Recleim, LLC. Recleim safely removes harmful materials from obsolete appliances, and captures 95 percent of the materials for reuse into a variety of products, such as laptops, cell phones, concrete mix and soda cans.
The refrigerator and freezer recycling program is available to Dominion Energy customers in Virginia. Certain size and age requirements exist for the program. Customers can call 877-785-6681 or visit dominionenergy.com/fridge to learn more and schedule a pickup. Customers will not receive a bill for the service and could see benefits on future energy bills – participants could save up to an average of $150 a year in energy costs by not operating an outdated refrigerator or freezer.
The other residential and non-residential energy efficiency programs will be available later this year and will include energy assessments and rebates on specific energy efficient appliances, among others. The programs are designed to help customers use energy more efficiently and maximize savings on their electric bills.
These programs are the first approved by the State Corporation Commission since the passage of the Grid Transformation & Security Act of 2018, under which Dominion Energy will propose at least $870 million in energy-efficiency programs over the next ten years.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/22/2019Dominion Energy Looks to Expand Broadband Access in Rural Virginia
Source: PR Newswire
RICHMOND, Va., Aug. 8, 2019 /PRNewswire/ -- Dominion Energy Virginia is asking localities and internet service providers (ISPs) for information to facilitate greater broadband internet access for parts of the Commonwealth currently unserved by this critical resource.
The responses will help Dominion Energy advance a pilot program to help reach Virginia homes and businesses who don't currently have access to broadband internet.
"We're excited about how much this pilot could help rural Virginia communities," said Ed Baine, senior vice president of Electric Distribution. "High-speed Internet access will support economic development and social equity while simultaneously promoting public health, public safety, and educational opportunities for our customers who currently don't have broadband."
Dominion Energy is looking into ways it can serve as a "middle mile" provider, filling a void that often exists between the largest data connections and homes and businesses. Dominion Energy's telecommunications network may be able to bridge the gap by making its broadband capacity available to internet service providers in unserved communities, as allowed by 2019 legislation patroned by Del. Israel O'Quinn. An explanation of possible options to increase access is provided in the company's Broadband Feasibility Report, which was a component of the Grid Transformation & Security Act of 2018.
VIDEO: Dominion Energy Chairman, President and CEO Thomas F.
Farrell, II remarks on rural broadband at National Governor's
Association 2019 Summer Meeting on July 26, 2019:
https://youtu.be/8mHybUwissA
For more information about the pilot program visit: http://www.dominionenergy.com/ruralbroadband
Responses to the Request for Information by localities and ISPs should be submitted no later than Monday, Sept. 9, 2019.
The information gathered through the RFI may be used to inform future Request for Proposals and requests for approval before the Virginia State Corporation Commission.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/8/2019Dominion Energy Ohio Reminds Public That State Law Requires Calling 811 Two Business Days before Digging
Source: PR Newswire
CLEVELAND, Aug. 8, 2019 /PRNewswire/ -- National 811 Day is Sunday, August 11, 2019, and Dominion Energy urges homeowners and professional excavators to put safety first by calling 811 to have underground utility lines marked before doing any digging project.
"The call to 811 is fast, FREE, and mandatory under Ohio law," said Jim Eck, Vice President and General Manager, Ohio & West Virginia Distribution. "Third-party disruption is the leading cause of damage to underground utilities, including more than 500 such incidents involving Dominion Energy lines in Ohio alone through July 31 of this year. Calling Ohio 811 before digging helps ensure safety and prevents accidental dig-ins and potential injuries, property damage and utility service interruptions."
Dominion Energy is using the calendar date August 11, or 8/11, as a natural reminder that state law requires property owners -- whether they are doing the work themselves or hiring a professional -- to call Ohio811, formerly known as the Ohio Utilities Protection Service, by dialing 811, to have underground utility lines marked, at least two business days, but no more than 10 business days, prior to ANY digging project. Ohio law mandates a call to 811 for every digging project, no matter how big or small. Installing a mailbox, putting in a fence, building a deck, or planting a tree, are all examples of digging projects that require a call to 811 before starting.
While promoting the call before digging message, Dominion Energy aims to dispel common misconceptions about 811, the process and its importance:
Myth 1 "Calling 811 takes time and money away from my project."
Fact: The call to 811 and the professional locate service is paid by utilities for your safety.
Myth 2 "I remember when the utilities were put in." or "I'm digging in a spot that was marked before."
Fact: Erosion and root system growth can change the depth and location of buried lines, or your utility companies may have completed work on their facilities since your last call.
Myth 3 "I've hired contractors or landscapers to do the digging project. They know what they're doing."
Fact: Contractors or landscapers do not know where underground utility lines are located. Always check with contractors to make sure they have contacted 811 and utilities have been marked before digging-related work begins.
Myth 4 "There's no need to call 811 if there's a pipeline marker. The marker shows me where the line is."
Fact: Dominion Energy pipeline markers indicate that there is a pipeline in the area. Calling 811 is still required to know the location of the pipeline.
Myth 5 "If I hit a gas line and nothing happens, it's not a big deal."
Fact: Even if the line doesn't appear to be damaged, call Dominion Energy at 1-877-542-2630. Protective coating damage or even a small dent in a gas line could cause an issue in the future.
Utility lines need to be marked accurately, because, even when digging only a few inches deep, the risk of striking an underground utility line still exists. Visit www.dominionenergy.com/dig for information about 811 and the call-before-you-dig process. For additional natural gas safety information, visit www.safegasohio.org.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
8/8/2019Dominion Energy Announces Battery Storage Pilot Projects
Source: PR Newswire
RICHMOND, Va., Aug. 6, 2019 /PRNewswire/ -- Dominion Energy Virginia announced four battery storage pilot projects to help pave the way for additional energy storage technology needed to support the company's increase in renewables and to improve grid reliability.
The four utility-scale battery storage pilot projects totaling 16 megawatts are the largest projects of their kind in Virginia. The projects were filed with the State Corporation Commission (SCC) for approval Friday and are enabled by the Grid Transformation & Security Act of 2018, which allows Dominion Energy to invest in up to 30 megawatts of battery storage pilot projects. As Dominion Energy continues to increase its solar fleet – currently the 4th largest of any utility holding company in the nation – the company is looking for new and innovative ways to store the renewable energy it produces and maintain reliable service to customers.
"Energy storage is critical to providing continued reliability for our customers as we expand our renewable portfolio," said Mark D. Mitchell, vice president – generation construction. "Battery storage has made significant strides in recent years, in both efficiency and cost. These pilot projects will enable Dominion Energy to better understand how best to deploy batteries to help overcome the inherent fluctuation of wind and solar generation sources."
"These pilot projects will allow us to analyze the use of energy storage for grid stability support as an alternative to traditional upgrades of grid equipment, such as transformers," noted Joe Woomer, vice president – grid & technical solutions. "Battery storage has the potential to serve a key role in maintaining reliable service for our customers as we work to integrate renewables and improve grid resiliency."
The four proposed Central Virginia-based lithium-ion projects will cost approximately $33 million to construct and will provide key information on distinct use cases for batteries on the energy grid. Pending SCC approval, the pilots would be evaluated over a five year period once operational as currently expected in December 2020.
Separately, the company issued a Request for Proposals (RFP) seeking bids for up to 500 megawatts of solar and onshore wind generation in the state. Bidders seeking more information on the competitive bidding process and the RFP submittal documents should visit: www.dominionenergy.com/2019solarwindrfp.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-announces-battery-storage-pilot-projects-300897231.html
SOURCE Dominion Energy
Article Date
8/6/2019Dominion Energy Declares Quarterly Dividend of 91.75 Cents
Source: PR Newswire
RICHMOND, Va., July 31, 2019 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 91.75 cents per share of common stock.
Dividends are payable on Sept. 20, 2019, to shareholders of record at the close of business Sept. 6, 2019.
This is the 366th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared May 7, 2019.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-declares-quarterly-dividend-of-91-75-cents-300894268.html
SOURCE Dominion Energy
Article Date
7/31/2019Dominion Energy Announces Second-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., July 31, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2019 of $54 million ($0.05 per share) compared with net income of $449 million ($0.69 per share) for the same period in 2018.
Operating earnings for the three months ended June 30, 2019, were $619 million ($0.77 per share), compared with operating earnings of $560 million ($0.86 per share) for the same period in 2018. The difference between GAAP and operating earnings was primarily attributable to charges related to SCANA merger integration and a voluntary retirement program.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, 3 and 4 of this release.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Strong performance across our business units combined with favorable weather resulted in operating earnings per share above the midpoint of our quarterly guidance range. Adjusted for normal weather, quarterly results were at the midpoint of our guidance representing solid execution for the quarter.
"Year-to-date results and our second half outlook are supportive of our existing 2019 operating earnings guidance range of $4.05 to $4.40 per share.
"During the quarter we continued to take steps to execute on our five-year growth capital plan of approximately $26 billion including commencing the construction of our $300 million offshore wind pilot project located off the coast of Virginia and narrowing the site-selection process for our proposed pumped storage facility in Southwest Virginia. These, and other similar regulated investment programs, will ensure that our customers enjoy affordable, reliable and increasingly low-carbon sources of energy for decades to come.
"We were also pleased, though not surprised, that many of our state regulated utility service areas were ranked in the top 10 of a prominent national survey of the top states for business, including Virginia, which was ranked No. 1. We continue to believe that our high-quality regulated operations offer investors a differentiated exposure to the very best environments for infrastructure growth."
Third-quarter operating earnings guidance
Dominion Energy expects third quarter operating earnings in the range of $1.00 to $1.20 per share, compared to third-quarter 2018 operating earnings of $1.15 per share. Positive drivers include growth from regulated investment across electric and gas utility programs, O&M control initiatives, and the contribution from the Southeast Energy Group. The company expects negative drivers for the quarter to include the impact of 2018 asset sales, share issuances, timing of farmouts, and a return to normal weather.
Conference call today
The company will host its second-quarter earnings conference call at 10 a.m. ET on Wednesday, July 31, 2019. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (866) 710-1079. International callers should dial (334) 323-0520. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/.
A replay of the conference call will be available beginning about 2 p.m. ET July 31 and lasting until 11 p.m. ET Aug. 7. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72677184. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day July 31.
Important note to investors regarding operating and reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings third-quarter and full-year 2019 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | ||||||||
Consolidated Statements of Income * | ||||||||
Unaudited (GAAP Based) | ||||||||
(millions, except per share amounts) | ||||||||
Three Months Ended | Six Months Ended | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operating Revenue | $ 3,970 | $ 3,088 | $ 7,828 | $ 6,554 | ||||
Operating Expenses | ||||||||
Electric fuel and other energy-related purchases | 718 | 623 | 1,509 | 1,367 | ||||
Purchased electric capacity | 24 | 23 | 63 | 37 | ||||
Purchased gas | 227 | 64 | 957 | 404 | ||||
Other operations and maintenance1 | 1,595 | 1,007 | 3,432 | 1,803 | ||||
Depreciation, depletion and amortization | 661 | 463 | 1,312 | 961 | ||||
Other taxes | 284 | 166 | 576 | 365 | ||||
Total operating expenses | 3,509 | 2,346 | 7,849 | 4,937 | ||||
Income (loss) from operations | 461 | 742 | (21) | 1,617 | ||||
Other income | 92 | 185 | 480 | 285 | ||||
Interest and related charges | 452 | 361 | 921 | 675 | ||||
Income (loss) from operations including noncontrolling interests | 101 | 566 | (462) | 1,227 | ||||
Income tax expense | 43 | 88 | 157 | 223 | ||||
Net Income (Loss) Including Noncontrolling Interests | 58 | 478 | (619) | 1,004 | ||||
Noncontrolling Interests | 4 | 29 | 7 | 52 | ||||
Net Income (Loss) Attributable to Dominion Energy | $ 54 | $ 449 | $ (626) | $ 952 | ||||
Earnings Per Common Share | ||||||||
Net income (loss) attributable to Dominion Energy - Basic | $ 0.07 | $ 0.69 | $ (0.78) | $ 1.46 | ||||
Net income (loss) attributable to Dominion Energy - Diluted | 0.05 | 0.69 | (0.78) | 1.46 | ||||
1)Includes impairment of assets and other charges. | ||||||||
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are | ||||||||
an integral part of the Consolidated Financial Statements. | ||||||||
Schedule 1 - Segment Reported and Operating Earnings | |||||||||||
Unaudited | |||||||||||
(millions, except earnings per share) | Three months ended June 30, | ||||||||||
2019 | 2018 | Change | |||||||||
REPORTED EARNINGS 1 | $ 54 | $ 449 | $ (395) | ||||||||
Pre-tax loss (income) 2 | 656 | 145 | 511 | ||||||||
Income tax 2 | (91) | (34) | (57) | ||||||||
Adjustments to reported earnings | 565 | 111 | 454 | ||||||||
OPERATING EARNINGS | $ 619 | $ 560 | $ 59 | ||||||||
By segment: | |||||||||||
Power Delivery | 156 | 145 | 11 | ||||||||
Power Generation | 250 | 276 | (26) | ||||||||
Gas Infrastructure | 247 | 249 | (2) | ||||||||
Southeast Energy 3 | 82 | - | 82 | ||||||||
Corporate and Other | (116) | (110) | (6) | ||||||||
$ 619 | $ 560 | $ 59 | |||||||||
Earnings Per Share (EPS): | |||||||||||
REPORTED EARNINGS 1 | $ 0.05 | $ 0.69 | $ (0.64) | ||||||||
Adjustments to reported earnings (after tax) | 0.72 | 0.17 | 0.55 | ||||||||
OPERATING EARNINGS | $ 0.77 | $ 0.86 | $ (0.09) | ||||||||
By segment: | |||||||||||
Power Delivery | 0.20 | 0.23 | (0.03) | ||||||||
Power Generation | 0.31 | 0.42 | (0.11) | ||||||||
Gas Infrastructure | 0.31 | 0.38 | (0.07) | ||||||||
Southeast Energy 3 | 0.10 | - | 0.10 | ||||||||
Corporate and Other | (0.15) | (0.17) | 0.02 | ||||||||
$ 0.77 | $ 0.86 | $ (0.09) | |||||||||
Common Shares Outstanding (average, diluted) | 802.6 | 653.1 | |||||||||
(millions, except earnings per share) | Six months ended June 30, | ||||||||||
2019 | 2018 | Change | |||||||||
REPORTED EARNINGS 1 | $ (626) | $ 952 | $ (1,578) | ||||||||
Pre-tax loss (income) 2 | 2,296 | 450 | 1,846 | ||||||||
Income tax 2 | (178) | (101) | (77) | ||||||||
Adjustments to reported earnings | 2,118 | 349 | 1,769 | ||||||||
OPERATING EARNINGS | $ 1,492 | $ 1,301 | $ 191 | ||||||||
By segment: | |||||||||||
Power Delivery | 311 | 301 | 10 | ||||||||
Power Generation | 558 | 624 | (66) | ||||||||
Gas Infrastructure | 606 | 576 | 30 | ||||||||
Southeast Energy 3 | 214 | - | 214 | ||||||||
Corporate and Other | (197) | (200) | 3 | ||||||||
$ 1,492 | $ 1,301 | $ 191 | |||||||||
Earnings Per Share (EPS): | |||||||||||
REPORTED EARNINGS 1 | $ (0.78) | $ 1.46 | $ (2.24) | ||||||||
Adjustments to reported earnings (after tax) | 2.65 | 0.54 | 2.11 | ||||||||
OPERATING EARNINGS | $ 1.87 | $ 2.00 | $ (0.13) | ||||||||
By segment: | |||||||||||
Power Delivery | 0.39 | 0.46 | (0.07) | ||||||||
Power Generation | 0.70 | 0.96 | (0.26) | ||||||||
Gas Infrastructure | 0.76 | 0.88 | (0.12) | ||||||||
Southeast Energy 3 | 0.27 | - | 0.27 | ||||||||
Corporate and Other | (0.25) | (0.30) | 0.05 | ||||||||
$ 1.87 | $ 2.00 | $ (0.13) | |||||||||
Common Shares Outstanding (average, diluted) | 797.8 | 651.8 | |||||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). | ||||||||||
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find | ||||||||||
"GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | |||||||||||
3) | New operating segment established in January 2019, in connection with Dominion Energy's merger with SCANA. |
Schedule 2 - Reconciliation of 2019 Reported Earnings to Operating Earnings
2019 Earnings (Six months ended June 30, 2019)
The $2.3 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:
Dominion also recorded $198 million after-tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.
(millions, except per share amounts) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 20193 | ||
Reported earnings (loss) | ($680) | $54 | ($626) | ||||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 1,640 | 656 | 2,296 | ||||
Income tax | (87) | (91) | (178) | ||||
1,553 | 565 | 2,118 | |||||
Operating earnings | $873 | $619 | $1,492 | ||||
Common shares outstanding (average, diluted) | 793.1 | 802.6 | 797.8 | ||||
Reported earnings (loss) per share 2 | ($0.86) | $0.05 | ($0.78) | ||||
Adjustments to reported earnings per share 2 | 1.96 | 0.72 | 2.65 | ||||
Operating earnings per share 2 | $1.10 | $0.77 | $1.87 | ||||
1) Adjustments to reported earnings are reflected in the following table: | |||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | |||
Pre-tax loss (income): | |||||||
Merger and integration-related costs | 1,429 | 542 | 1,971 | ||||
Regulated asset and contract retirements/terminations | 547 | 211 | 758 | ||||
Revision to ash pond and landfill closure costs | (113) | 0 | (113) | ||||
Net gain on NDT funds | (253) | (83) | (336) | ||||
Other | 30 | (14) | 16 | ||||
$1,640 | $656 | $2,296 | |||||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | (255) | (91) | (346) | ||||
Write-off EDIT regulatory assets (SCANA) | 198 | 0 | 198 | ||||
Other | (30) | 0 | (30) | ||||
($87) | ($91) | ($178) | |||||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting | |||||||
purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its | |||||||
estimated annual effective tax rate. | |||||||
2)The calculation of operating earnings per share excludes the impacts, if any, of fair value adjustments related to the Company's convertible | |||||||
preferred securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. | |||||||
No adjustments were necessary for the six months ended June 30. For the three months ended June 30, the fair value adjustment required for | |||||||
diluted reported earnings per share calculation was $13 million. See Form 10-Q for additional information. | |||||||
3) YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities. | |||||||
Schedule 3 - Reconciliation of 2018 Operating Earnings to Reported Earnings
2018 Earnings (Twelve months ended December 31, 2018)
The $201 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:
(millions, except per share amounts) | 1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 20182 | |
Reported earnings | $503 | $449 | $854 | $641 | $2,447 | |
Adjustments to reported earnings 1: | ||||||
Pre-tax loss (income) | 305 | 145 | (199) | (50) | 201 | |
Income tax expense (benefit) | (67) | (34) | 103 | 1 | 3 | |
238 | 111 | (96) | (49) | 204 | ||
Operating earnings | $741 | $560 | $758 | $592 | $2,651 | |
Common shares outstanding (average, diluted) | 650.5 | 653.1 | 654.9 | 660.9 | 654.9 | |
Reported earnings per share | $0.77 | $0.69 | $1.30 | $0.97 | $3.74 | |
Adjustments to reported earnings (after-tax) | 0.37 | 0.17 | (0.15) | (0.08) | 0.31 | |
Operating earnings per share | $1.14 | $0.86 | $1.15 | $0.89 | $4.05 | |
1) Adjustments to reported earnings are reflected in the following table: | ||||||
1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | ||
Pre-tax loss (income): | ||||||
Sale of non-core assets | (70) | (689) | (759) | |||
Impairment of gathering & processing assets | 219 | 219 | ||||
Impact of Virginia rate legislation | 215 | 215 | ||||
Net (gain) loss on NDT funds | 43 | (50) | (149) | 326 | 170 | |
FERC-regulated plant disallowance | 122 | 2 | 124 | |||
Future ash pond and landfill closure costs | 81 | 81 | ||||
Storm costs | 31 | 43 | 74 | |||
Merger-related transaction and transition costs | 16 | 9 | 3 | 9 | 37 | |
Other | (17) | 15 | 42 | 40 | ||
$305 | $145 | ($199) | ($50) | $201 | ||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings * | (67) | (34) | 38 | 11 | (52) | |
Re-measurement of Deferred Tax balances ** | 47 | (1) | 46 | |||
Valuation Allowance *** | 18 | (9) | 9 | |||
($67) | ($34) | $103 | $1 | $3 | ||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, | ||||||
** During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and to revise estimates made at year-end 2017. | ||||||
*** In 3Q18, a valuation allowance was established against the portion of a deferred tax asset associated with the non-core assets that was no longer projected of being utilized to offset future taxable income. In 4Q18, the amount was adjusted based on management's assessment that it is more-likely-than-not that a portion of the deferred tax asset would be realized in 2018, to reduce tax expense associated with the sale. | ||||||
2) YTD EPS may not equal sum of quarters due to share count difference. | ||||||
Schedule 4 - Reconciliation of 2Q19 Earnings to 2Q18 | ||||||
Preliminary, Unaudited | Three Months Ended | Six Months Ended | ||||
(millions, except EPS) | June 30, | June 30, | ||||
2019 vs. 2018 | 2019 vs. 2018 | |||||
Increase / (Decrease) | Increase / (Decrease) | |||||
Reconciling Items | Amount | EPS | Amount | EPS | ||
Change in reported earnings (GAAP) | ($395) | ($0.64) | ($1,578) | ($2.24) | ||
Change in Pre-tax loss (income) 1 | 511 | 1,846 | ||||
Change in Income tax 1 | (57) | (77) | ||||
Adjustments to reported earnings | $454 | $0.55 | $1,769 | $2.11 | ||
Change in consolidated operating earnings | $59 | ($0.09) | $191 | ($0.13) | ||
Power Delivery | ||||||
Regulated electric sales: | ||||||
Weather | ($1) | — | ($9) | ($0.01) | ||
Other | 2 | — | 5 | 0.01 | ||
Rider investment | 11 | 0.02 | 23 | 0.04 | ||
Other | (1) | (0.01) | (9) | (0.02) | ||
Share dilution | — | (0.04) | — | (0.09) | ||
Change in contribution to operating earnings | $11 | ($0.03) | $10 | ($0.07) | ||
Power Generation | ||||||
Regulated electric sales: | ||||||
Weather | ($3) | — | ($19) | ($0.03) | ||
Other | (2) | — | (6) | (0.01) | ||
Electric capacity | 8 | 0.01 | (3) | — | ||
Planned outage costs | (30) | (0.05) | (35) | (0.05) | ||
Sale of merchant generation facilities | (19) | (0.03) | (33) | (0.05) | ||
Other | 20 | 0.03 | 30 | 0.04 | ||
Share dilution | (0.07) | (0.16) | ||||
Change in contribution to operating earnings | ($26) | ($0.11) | ($66) | ($0.26) | ||
Gas Infrastructure | ||||||
Cove Point | $36 | $0.06 | $148 | $0.23 | ||
Farmout transactions | (4) | (0.01) | (36) | (0.05) | ||
Interest | (14) | (0.02) | (64) | (0.10) | ||
Other | (20) | (0.03) | (18) | (0.03) | ||
Share dilution | (0.07) | (0.17) | ||||
Change in contribution to operating earnings | ($2) | ($0.07) | $30 | ($0.12) | ||
Southeast Energy | $82 | $0.10 | $214 | $0.27 | ||
Corporate and Other | ||||||
Share dilution and other | ($6) | $0.02 | $3 | $0.05 | ||
Change in contribution to operating earnings | ($6) | $0.02 | $3 | $0.05 | ||
Change in consolidated operating earnings | $59 | ($0.09) | $191 | ($0.13) | ||
Change in adjustments included in reported earnings1 | ($454) | ($0.55) | ($1,769) | ($2.11) | ||
Change in consolidated reported earnings | ($395) | ($0.64) | ($1,578) | ($2.24) | ||
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's | ||||||
website at www.dominionenergy.com/investors. | ||||||
Note: Figures may not sum due to rounding | ||||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-announces-second-quarter-earnings-300893547.html
SOURCE Dominion Energy
Article Date
7/31/2019Dominion Energy Schedules Second-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., July 12, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its second-quarter earnings conference call at 10 a.m. ET on Wednesday, July 31, 2019. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (866) 710-1079. International callers should dial (334) 323-0520. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/.
A replay of the conference call will be available beginning about 2 p.m. ET July 31 and lasting until 11 p.m. ET Aug. 7. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72677184. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day July 31.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-schedules-second-quarter-earnings-conference-call-300884202.html
SOURCE Dominion Energy
Article Date
7/12/2019Construction Begins on Dominion Energy Offshore Wind Project
Source: PR Newswire
VIRGINIA BEACH, Va., July 1, 2019 /PRNewswire/ -- Dominion Energy is formally beginning construction on the Coastal Virginia Offshore Wind (CVOW) project, which will bring an important new source of renewable energy to Virginia customers. The company is breaking ground to install a half-mile conduit, which will hold the final stretch of cables connecting the turbines 27 miles off the coast of Virginia Beach to a company substation near Camp Pendleton. Governor Ralph Northam, other elected officials, stakeholders and media were invited to the groundbreaking on July 1, to mark the beginning of onshore construction activities for the CVOW project.
This activity marks the first work at the project site to facilitate interconnection of the two 6-megawatt wind turbines which will power 3,000 homes at peak. Wind is part of a broader effort to deliver renewable energy, including solar, as we honor our commitment to reduce carbon emissions. Commercial scale offshore wind development would have the potential to power 500,000 homes with more than 2,000 MW of zero-carbon, renewable energy. Dominion Energy anticipates $1.1 billion in offshore wind investments through 2023.
"These onshore construction activities are another major milestone in our plan to bring offshore wind to the Commonwealth and are a sign of our commitment to bring more renewable energy to our customers," said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II.
"The Virginia offshore wind demonstration project is another powerful example of the Commonwealth's position as a leader in renewable energy," said Gov. Northam. "As the first deployment of commercial-scale offshore wind turbines in federal waters, I am thrilled that Virginia's project will help determine best practices for future offshore wind construction along the East Coast."
The project was announced two years ago and is the only fully permitted offshore wind project in US federal waters. Last November, the State Corporation Commission approved the project and the majority of required permits and approvals have been received. The construction process is on a strict timetable, in order to minimize environmental impacts to the sea bottom and aquatic life. Observers will be present during the offshore construction activities to look for protected species in the area. If protected species are located within an exclusion zone, work will be stopped.
While onshore construction is underway, residents and visitors may notice a barge performing construction activities approximately half a mile off the Virginia Beach coast from July through September 2019. The turbines will not be noticeable from shore once construction is completed in 2020.
Ørsted, an experienced offshore wind developer headquartered in Denmark, has been contracted for the offshore portion of the project. The L. E. Myers Company will perform onshore construction work. Customers will see no increase in rates for the pilot project under the provisions of the Grid Transformation and Security Act of 2018, as the project will be recovered in existing base rates rather than a rider. The CVOW project is on-schedule and on-budget.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/construction-begins-on-dominion-energy-offshore-wind-project-300878626.html
SOURCE Dominion Energy
Article Date
7/1/2019Dominion Energy Seeks Projects to Expand Solar Development in Virginia
Source: PR Newswire
RICHMOND, Va., June 27, 2019 /PRNewswire/ -- Dominion Energy Virginia is continuing its support of solar development in the Commonwealth with a pair of requests for proposals (RFPs) for smaller-scale projects to help lower its customers' carbon footprint.
The Community Solar and Small Scale Solar RFPs will help the company meet its target of having 3,000 megawatts (MW) of new solar and wind energy in operation or under development by 2022 in Virginia. At peak output, that's enough energy to power 750,000 homes. The company has committed to cut carbon emissions by 55-percent by 2030 and 80-percent by 2050 across the 18 states it serves.
The first RFP continues the development of the company's Community Solar Pilot program. The voluntary program allows customers to purchase energy from new solar facilities located in communities throughout Dominion Energy Virginia's service territory.
The second RFP encourages the development of solar installations up to one megawatt in capacity, including rooftop installations with a capacity of at least 50 kilowatts (kw). Both RFPs seek third-party developers to build projects within Dominion Energy Virginia's transmission and distribution footprint.
The solar expansion is enabled by the Grid Transformation & Security Act of 2018. The landmark legislation supports a dramatic expansion of small and large-scale renewable energy projects. It calls for 500 MW of solar energy from projects of 1 MW or less, 50 MW of rooftop solar from projects of at least 50 kw, and for one-quarter of the projects to be owned by a third-party. The legislation also provides the framework to transform the energy grid to allow better integration of renewable energy resources while ensuring safe, reliable and affordable service to customers.
Dominion Energy is committed to expanding renewable energy generation as part of its strategy to reduce carbon emissions. The company's solar footprint in the Commonwealth has grown rapidly in the last four years, with 30 facilities totaling 884 MW of solar generation in operation or under construction. Additionally, the company is also working with stakeholders to develop $25 million in solar incentives for low-income, senior, and disabled customers as enabled by legislation from the 2019 General Assembly. Nationwide, Dominion Energy has invested $3.6 billion in solar generation since 2013, helping bring more than 1,800 MW of solar into operation in nine states. That's enough energy to power about 450,000 homes at peak output.
Developers seeking more information on the competitive bidding process and the RFP submittal documents for Community Solar should visit: www.dominionenergy.com/communitysolar.
Developers seeking more information on the competitive bidding process and the RFP submittal documents for Small Scale Solar should visit: www.dominionenergy.com/small-scale-solar-rfp.
In addition, the company also plans to issue another RFP in July for large scale solar projects as part of its commitment to have 3,000 MW in service or under development by the 2022.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
6/27/2019Dominion Energy Pledges $2.5 Million to International African American Museum
Source: PR Newswire
CHARLESTON, S.C., June 26, 2019 /PRNewswire/ -- Dominion Energy has pledged $2.5 million to support the International African American Museum's (IAAM) design and construction. As one of the largest single donations to a nonprofit cause in the company's history, it reflects Dominion Energy's commitment to the people of South Carolina.
In addition to the $2.5 million donation, Dominion Energy has pledged $25,000 to provide 1,000 charter memberships to the museum for individuals and families served by the Charleston Promise Neighborhood, which provides educational programming to underserved students. These charter memberships will ensure access to the museum for residents that have traditionally encountered barriers to educational opportunities.
"We are fortunate to have Dominion Energy as a leader here in Charleston and across South Carolina," said Joseph P. Riley, Jr., IAAM board member and former Charleston mayor. "Dominion Energy is holding true to its promise to expand meaningful corporate giving by providing substantial support to the museum and, in turn, broadening critical access to educational opportunities. Today, we thank Dominion Energy for helping to bring the longtime dream of the International African American Museum closer to reality."
Dominion Energy's leadership investment will be recognized in the South Carolina: Power of Place gallery. One of the museum's most hands-on, interactive galleries, the exhibit will feature a Heritage Map, which is an interactive multimedia table featuring a large-scale map of South Carolina. Visitors can use the touchscreen installation to engage with the state's history through highlighted people, events, sites, themes and landscapes – illustrating the power of place and of African American experiences.
Rodney Blevins, president and CEO of Dominion Energy's Cayce-based Southeast Energy Group, said, "Education is one of Dominion Energy's core focus areas, and we are excited that the International African American Museum will provide invaluable learning opportunities for people of all ages and backgrounds. We are pleased to support this uniquely rich learning and cultural environment that features technology-driven, engaging experiences that can be enjoyed by many here locally as well as visitors from across the country and around the world."
Michael Boulware Moore, IAAM president and CEO, said Dominion Energy's $2.5 million leadership investment will give museum visitors a chance to examine African American history and culture through the lens of South Carolina.
"The South Carolina: Power of Place gallery is a prime example of the way that we can make history more personal, relatable and accessible by using regional stories to represent national and international narratives," Moore said. "South Carolina featured a Black population majority by the early 1700s, and the influence of African Americans and their ancestors remains ubiquitous and robust in the state. That is what makes South Carolina's past so rich and representative of African American history."
Dominion Energy Chairman, President and CEO Thomas F. Farrell, II, said, "Our partnership with the International African American Museum illustrates Dominion Energy's continued commitment to invest in philanthropic programs that foster an appreciation of cultural diversity and contribute to the vitality of the communities we serve. We look forward to sustaining our support of South Carolina through charitable giving and economic development as we provide safe, reliable energy with excellent customer service for years to come."
About the IAAM
Nearly half of all enslaved Africans forced to America through the Transatlantic Slave Trade arrived in Charleston, and the vast majority disembarked at Gadsden's Wharf, the future home of the International African American Museum (IAAM) and one of the most significant and sacred sites of the African American experience in the Western hemisphere. The IAAM, a museum, memorial and site of conscience, will present unvarnished history and culture, commemorate and celebrate the foundational role that Africans and their descendants played in the making of America, and highlight their diasporic connections around the world. It will include immersive, interactive exhibits engaging to all ages and feature the Center for Family History, a leading genealogy archive that will help visitors identify their individual threads in the complex tapestry of history.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
6/26/2019Dominion Energy Announces Pricing of Equity Units
Source: PR Newswire
RICHMOND, Va., June 12, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that it has priced its offering of 14,000,000 2019 Series A Equity Units, initially consisting of 14,000,000 2019 Series A Corporate Units. Dominion Energy has granted to the underwriters an option to purchase up to an additional 2,100,000 Corporate Units to cover over-allotments. Dominion Energy increased the size of the offering to 14,000,000 Corporate Units from 12,500,000 Corporate Units.
Each Corporate Unit consists of a contract to purchase shares of Dominion Energy common stock (the Common Stock) in the future and a 1/10 undivided beneficial ownership interest in one share of Dominion Energy 1.75% Series A Cumulative Perpetual Convertible Preferred Stock with a liquidation preference of $1,000 per share (the Convertible Preferred Stock). Total annual distributions on the Corporate Units will be 7.25%, consisting of the contract adjustment payments and dividends described below.
The Common Stock purchase contracts are expected to settle on June 1, 2022 (subject to early settlement in certain circumstances) for a number of shares of Common Stock per purchase contract equal to $100 divided by the market value of the Common Stock determined during a period prior to settlement, but not to exceed 1.3529 shares (which is approximately equal to $100 divided by the closing price of the Common Stock on June 11, 2019). Quarterly contract adjustment payments equivalent to 5.50% per year will be made on the stated amount of $100 per Equity Unit, subject to Dominion Energy's right to defer such payments.
Dominion Energy initially will pay cumulative dividends on the Convertible Preferred Stock, when, as, and if declared by its board of directors, quarterly in arrears at a rate of 1.75% per year on the $1,000 liquidation preference per share of Convertible Preferred Stock.
Dominion Energy may pay the contract adjustment payments and dividend payments in cash, shares of Common Stock or a combination of cash and shares of Common Stock, at its election.
The Convertible Preferred Stock will have an initial conversion rate of 11.2750 shares of the Common Stock per share of the Convertible Preferred Stock, equivalent to an initial conversion price of approximately $88.69, subject to adjustment. The initial conversion price represents a premium of approximately 20% above the closing price of the Common Stock on June 11, 2019. Each share of Convertible Preferred Stock may be converted only after being separated from the Corporate Units and, prior to June 1, 2022, only upon the occurrence of certain fundamental change events. Upon any such conversion, Dominion Energy will, at its election, pay or deliver, as the case may be, cash, shares of Common Stock, or a combination of cash and shares of Common Stock.
The Convertible Preferred Stock is expected to be remarketed during either an optional remarketing period beginning on and including Feb. 25, 2022 and ending on and including May 13, 2022 or a final remarketing period beginning on and including May 23, 2022 and ending on and including May 27, 2022. Upon any successful remarketing, the conversion rate and/or the dividend rate of the Convertible Preferred Stock may be increased. If no successful remarketing has occurred on or prior to the last day of the final remarketing period, holders of Corporate Units will receive the above-described number of shares of Common Stock per purchase contract upon automatic delivery to Dominion Energy of their corresponding shares of Convertible Preferred Stock (unless a holder elects to settle the purchase contract with separate cash).
The Convertible Preferred Stock has no maturity or mandatory redemption date, but Dominion Energy has the right to redeem all of or any portion of the outstanding Convertible Preferred Stock from and after Sept. 1, 2022 at a redemption price equal to 100% of the liquidation preference thereof, plus any accumulated and unpaid dividends.
Dominion Energy intends to use the net proceeds from this offering, which are expected to be $1,374,800,000 in the aggregate, or $1,581,020,000 in the aggregate if the over-allotment option is exercised in full (in each case, after deducting underwriting discounts and commissions but before deducting other offering expenses), for general corporate purposes and to repay short-term debt.
Goldman Sachs & Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers for this offering.
The offering is being made pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by phone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; Barclays Capital Inc., Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com; BNP Paribas Securities Corp., Attn: Equity Syndicate, 787 Seventh Avenue, New York, NY 10019, by phone at 1-888-860-5378 or by email at dl.nyk_elo@us.bnpparibas.com; or Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, by phone at (800) 326-5897 or by email at cmclientsupport@wellsfargo.com.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, the prevailing conditions in the public capital markets, interest rates, economic, political and market factors affecting trading volumes, securities prices or demand for our equity and debt securities. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
6/12/20196/10/2019 - Dominion Energy Announces Equity Units Offering
Dominion Energy Announces Equity Units Offering
Source: PR Newswire
RICHMOND, Va., June 10, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) announced today its intention to offer to sell, subject to market and other conditions, 12,500,000 2019 Series A Equity Units, each with a stated amount of $100. Each Equity Unit will initially be in the form of a 2019 Series A Corporate Unit consisting of a contract to purchase shares of Dominion Energy common stock (the Common Stock) in the future and a 1/10 undivided beneficial ownership interest in one share of Dominion Energy cumulative perpetual convertible preferred stock with a liquidation preference of $1,000 per share (the Convertible Preferred Stock). Dominion Energy expects to grant the underwriters an option to purchase 1,875,000 additional Corporate Units to cover over-allotments.
The Common Stock purchase contracts are expected to settle on June 1, 2022 (subject to early settlement in certain circumstances).
Dominion Energy expects to pay, quarterly in arrears, contract adjustment payments on the stated amount of each Equity Unit and cumulative dividends, when, as and if declared by Dominion Energy's board of directors, on the liquidation preference per share of Convertible Preferred Stock, in each case at a rate to be determined in connection with the offering. Dominion Energy may pay such contract adjustment payments and dividends in cash, shares of Common Stock or a combination of cash and shares of Common Stock, at its election. Dominion Energy may also, in its discretion, defer contract adjustment payments.
Each share of Convertible Preferred Stock may be converted only after being separated from the Corporate Units and, prior to June 1, 2022, only upon the occurrence of certain fundamental change events. Upon any such conversion, Dominion Energy will, at its election, pay or deliver, as the case may be, cash, shares of Common Stock, or a combination of cash and shares of Common Stock.
Dominion Energy intends to use the net proceeds from the offering for general corporate purposes and to repay short-term debt.
Goldman Sachs & Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers for this offering.
The offering will be made pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by phone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; Barclays Capital Inc., Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com; BNP Paribas Securities Corp., Attn: Equity Syndicate, 787 Seventh Avenue, New York, NY 10019, by phone at 1-888-860-5378 or by email at dl.nyk_elo@us.bnpparibas.com; or Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, by phone at (800) 326-5897 or by email at cmclientsupport@wellsfargo.com.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, the prevailing conditions in the public capital markets, interest rates, economic, political and market factors affecting trading volumes, securities prices or demand for our equity and debt securities. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
6/10/2019Dominion Energy Encourages Customers to Prepare as Hurricane Season Begins
Source: PR Newswire
RICHMOND, Va., June 6, 2019 /PRNewswire/ -- Hurricane season is underway and Dominion Energy urges customers to plan ahead and assemble an emergency storm kit.
"We care about our customers' safety and want to help them prepare for the possibility of severe weather," said Ed Baine, senior vice president of Electric Distribution. "We're doing our part to get ready and encourage customers to do the same."
In addition to having staff ready and stocking up on supplies, Dominion Energy uses technology to assist with a quick restoration if customers lose power. For example, we use drones, helicopters, and electronic collection tools to support our damage assessment efforts. We also expect that our investments in grid modernization and strategic undergrounding of wires will help improve our ability to respond to outages caused by major storms.
For the first time this hurricane season, we'll also send our rapid response vehicle to assist with a more efficient restoration in neighborhoods with the most severe damage.
Here's how you can prepare for severe weather:
If your power goes out, please report it right away at dominionenergy.com to assist with a faster restoration. You can also call 1-866-DOM-HELP (1-866-366-4357).
Safety is always our first priority. Here's how you can stay safe during storms:
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
6/6/2019Discounted Dominion Energy Ohio Home Energy Efficiency Assessments Deliver Improved Year-Round Safety, Economy and Comfort
Source: PR Newswire
CLEVELAND, May 17, 2019 /PRNewswire/ -- Dominion Energy Ohio is offering home energy efficiency assessments for just $50 to eligible residential customers, providing them ways to save money year-round on home cooling and heating costs. The assessments are available through the company's Home Performance with ENERGY STAR® program, administered by CLEAResult, a leading energy efficiency services provider in North America.
The program includes a home energy efficiency assessment to help diagnose high utility usage and other home comfort issues, and then provides rebates of up to $1,250 for completion of recommended energy-efficiency improvements. Dominion Energy Ohio customers may call 1-877-287-3416 to schedule an assessment or visit deohpwes.com for program details and eligibility information.
The program also offers a NEST Thermostat E unit, a $169 retail value, for the discounted price of just $50, when purchased along with the regular Home Performance with ENERGY STAR® assessment. The Nest Thermostat E enables customers to adjust their thermostat from anywhere, via remote control, using their smart telephones, tablets or laptop computers. The unit allows customers to check their energy history, showing how much energy they are saving and how they can save more. Nest also can tell customers about their furnace, filters and more.
"This program has helped more than 28,000 homeowners since 2010 to find both quick steps to save energy and to identify larger projects that could save them considerable money," said Jim Eck, Dominion Energy vice president and general manager, Ohio & West Virginia Distribution.
The energy efficiency assessment is the first step in the program. An energy auditor visits customers' homes to help pinpoint energy losses through diagnostic testing and a professional evaluation. Following the energy assessment, customers receive a customized energy report with the results, plus recommendations and information on rebates available through the program.
Recommended improvements typically include air sealing and insulation, HVAC equipment upgrades, window and door replacements, plus much more. These improvements can help customers decrease utility bills, while increasing home comfort, safety, durability and resale value.
Residential customers also may receive such products as a carbon monoxide detector, a high-efficiency showerhead and water-saving faucet aerators and water heater pipe wrap at no cost (a $100 value).
Customers who could most benefit from an energy efficiency assessment are those who may be experiencing drafts and fluctuating room temperatures, moisture and mold issues or those who have inefficient cooling and heating equipment in an older or poorly built home.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
5/17/2019Dominion Energy Virginia Residential Customers to Receive $33 Credit
Source: PR Newswire
RICHMOND, Va., May 8, 2019 /PRNewswire/ -- Dominion Energy residential customers in Virginia can expect a one-time bill credit in June to return savings from federal corporate income tax reform.
The typical residential customer using 1,000 kilowatt-hours per month will see a credit of $33.27 next month, one of the largest in Dominion Energy Virginia's history. Individual credits will depend on each customer's historical energy usage.
This represents the third bill credit Dominion Energy customers have received over the past year. Along with the three credits totaling almost $71, the typical residential customer also saw more than $3.78 in rate cuts related to federal corporate income tax reform in the past year. The credits and rate reductions carry out the requirements of the Grid Transformation and Security Act of 2018, including its directive that the full savings of federal tax reform be passed along to customers.
Dominion Energy's typical Virginia residential bill of $116.79 is 17 percent below the national average and about 34 percent below the mid-Atlantic/northeastern states average, according to a new report from Edison Electric Institute.
Over the past 11 years, Dominion Energy has invested in new infrastructure, sustainability initiatives, and renewable energy, while residential bills have increased at an average rate of 0.9 percent annually, well below the rate of inflation.
"The June bill credit will help provide relief to our customers as we enter the hot summer months," said Corynne Arnett, vice president of customer service for Dominion Energy. "We have a long record of providing reliable and reasonably priced energy to Virginians even as we make significant new investments in renewable energy and critical infrastructure."
The company today asked for State Corporation Commission approval of two other rate changes later this summer.
The company proposed a reduction in its fuel rate, due to the past year's lower than estimated fuel costs and mild weather. If the request is approved, the typical residential monthly bill would drop by $2.84 beginning July 1. The company does not make any profit on the fuel charge. Customers only pay for the actual cost of fuel.
The company also requested SCC permission to revise its transmission rate, the portion of customer bills that supports the development and maintenance of the company's high-voltage transmission system. If the request is approved as filed, the typical residential bill would increase by $6.71 on September 1. The adjustment reflects the ongoing expansion of the company's transmission system, with investments of up to $1 billion annually in recent years to meet the growing needs of customers and ensure secure and reliable service. A significant portion of the proposed increase is also due to a retroactive change in the way the regional transmission operator, PJM, allocates regional transmission enhancement facility costs among its members.
More information about the company's electric rates can be found on the Dominion Energy website at www.dominionenergy.com/varates.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
5/8/2019Dominion Energy Declares Quarterly Dividend of 91.75 Cents
Source: PR Newswire
RICHMOND, Va., May 7, 2019 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 91.75 cents per share of common stock.
Dividends are payable on June 20, 2019, to shareholders of record at the close of business June 7, 2019.
This is the 365th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Jan. 25, 2019.
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SOURCE Dominion Energy
Article Date
5/7/2019Dominion Energy Announces First-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., May 3, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced an unaudited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended March 31, 2019 of $680 million ($0.86 per share) compared with net income of $503 million ($0.77 per share) for the same period in 2018.
Operating earnings for the three months ended March 31, 2019, were $873 million ($1.10 per share), compared with operating earnings of $741 million ($1.14 per share) for the same period in 2018. The difference between GAAP and operating earnings was primarily attributable to charges related to the SCANA merger commitments and the early retirement of certain cold-reserve Virginia utility generating units.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, 3 and 4 of this release.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Otherwise strong performance across our businesses was impacted by unusually mild weather in Virginia and South Carolina during the first quarter which reduced utility earnings by about six cents per share. Adjusted for normal weather, our quarterly results were above the midpoint of our quarterly guidance range.
"Utility fundamentals across our premier electric and gas operations continue to be strong in terms of sales volume and customer growth.
"In recent weeks we celebrated the one year commercial in-service anniversary of the Cove Point Liquefaction facility as well as the agreement in Connecticut that will allow our Millstone power station to continue to deliver critical, zero-carbon energy for many years to come.
"We are also taking important steps to realize our goal of having 3,000 megawatts of solar or wind generation in operation or under development in the state of Virginia by 2022. We recently announced a 350 megawatt solar agreement with Facebook, we received approval from the Virginia State Corporation Commission for our 240 megawatt US-3 cost-of-service solar projects, and in coming weeks we will begin construction on the Coastal Virginia Offshore Wind project.
"Finally, we are affirming our annual operating earnings guidance range of $4.05 to $4.40 per share for 2019."
Second-quarter operating earnings guidance
Dominion Energy expects second quarter operating earnings in the range of $0.70 to $0.80 per share, compared to second-quarter 2018 operating earnings of $0.86 per share. Positive drivers include growth from regulated investment across electric and gas utility programs as well as the contribution from the Southeast Energy Group. The company expects negative drivers for the quarter to include Millstone refueling outage timing, the impact of 2018 asset sales, share issuances, and a return to normal weather.
Conference call today
The company will host its first-quarter earnings conference call at 10 a.m. ET on Friday, May 3, 2019. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/.
A replay of the conference call will be available beginning about 2 p.m. ET May 3 and lasting until 11 p.m. ET May 12. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 75463500. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 3.
Important note to investors regarding operating and reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings second-quarter and full-year 2019 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | ||||
Consolidated Statements of Income * | ||||
Unaudited (GAAP Based) | ||||
(millions, except per share amounts) | ||||
Three Months Ended | ||||
March 31, | ||||
2019 | 2018 | |||
Operating Revenue | $ 3,858 | $ 3,466 | ||
Operating Expenses | ||||
Electric fuel and other energy-related purchases | 791 | 744 | ||
Purchased electric capacity | 39 | 14 | ||
Purchased gas | 730 | 340 | ||
Other operations and maintenance 1 | 1,837 | 796 | ||
Depreciation, depletion and amortization | 651 | 498 | ||
Other taxes | 292 | 199 | ||
Total operating expenses | 4,340 | 2,591 | ||
Income (loss) from operations | (482) | 875 | ||
Other income | 388 | 100 | ||
Interest and related charges | 469 | 314 | ||
Income (loss) from operations including noncontrolling interests before | (563) | 661 | ||
Income tax expense | 114 | 135 | ||
Net Income (Loss) Including Noncontrolling Interests | (677) | 526 | ||
Noncontrolling Interests | 3 | 23 | ||
Net Income (Loss) Attributable to Dominion Energy | $ (680) | $ 503 | ||
Earnings Per Common Share | ||||
Net income (loss) attributable to Dominion Energy - Basic | $ (0.86) | $ 0.77 | ||
Net income (loss) attributable to Dominion Energy - Diluted | (0.86) | 0.77 | ||
1Includes impairment of assets and other charges. | ||||
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are | ||||
an integral part of the Consolidated Financial Statements. | ||||
Schedule 1 - Segment Reported and Operating Earnings | |||||||||
Unaudited | |||||||||
(millions, except earnings per share) | Three months ended March 31, | ||||||||
2019 | 2018 | Change | |||||||
REPORTED EARNINGS 1 | $ (680) | $ 503 | $ (1,183) | ||||||
Pre-tax loss (income) 2 | 1,640 | 305 | 1,335 | ||||||
Income tax 2 | (87) | (67) | (20) | ||||||
Adjustments to reported earnings | 1,553 | 238 | 1,315 | ||||||
OPERATING EARNINGS | $ 873 | $ 741 | $ 132 | ||||||
By segment: | |||||||||
Power Delivery | 155 | 156 | (1) | ||||||
Power Generation | 308 | 348 | (40) | ||||||
Gas Infrastructure | 359 | 327 | 32 | ||||||
Southeast Energy 3 | 132 | - | 132 | ||||||
Corporate and Other | (81) | (90) | 9 | ||||||
$ 873 | $ 741 | $ 132 | |||||||
Earnings Per Share (EPS): | |||||||||
REPORTED EARNINGS 1 | $ (0.86) | $ 0.77 | $ (1.63) | ||||||
Adjustments to reported earnings (after tax) | 1.96 | 0.37 | 1.59 | ||||||
OPERATING EARNINGS | $ 1.10 | $ 1.14 | $ (0.04) | ||||||
By segment: | |||||||||
Power Delivery | 0.19 | 0.24 | (0.05) | ||||||
Power Generation | 0.39 | 0.54 | (0.15) | ||||||
Gas Infrastructure | 0.45 | 0.50 | (0.05) | ||||||
Southeast Energy 3 | 0.17 | - | 0.17 | ||||||
Corporate and Other | (0.10) | (0.14) | 0.04 | ||||||
$ 1.10 | $ 1.14 | $ (0.04) | |||||||
Common Shares Outstanding (average, diluted) | 793.1 | 650.5 | |||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). | ||||||||
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | ||||||||
3) | New operating segment established in January 2019, in connection with Dominion Energy's merger with SCANA. | ||||||||
Schedule 2 - Reconciliation of 2019 Operating Earnings to Reported Earnings | ||||||
2019 Earnings (Three months ended March 31, 2019) | ||||||
The $1.6 billion pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items: | ||||||
Dominion also recorded $198 million after-tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery. | ||||||
(millions, except per share amounts) | 1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | |
Reported earnings | ($680) | ($680) | ||||
Adjustments to reported earnings 1: | ||||||
Pre-tax loss (income) | 1,640 | 1,640 | ||||
Income tax | (87) | (87) | ||||
1,553 | 1,553 | |||||
Operating earnings | $873 | $873 | ||||
Common shares outstanding (average, diluted) | 793.1 | 793.1 | ||||
Reported earnings per share | ($0.86) | ($0.86) | ||||
Adjustments to reported earnings (after-tax) | 1.96 | 1.96 | ||||
Operating earnings per share | $1.10 | $1.10 | ||||
1) Adjustments to reported earnings are reflected in the following table: | ||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 | YTD 2019 | ||
Pre-tax loss (income): | ||||||
Merger and integration-related costs | 1,429 | 1,429 | ||||
Virginia utility asset retirements | 547 | 547 | ||||
Revision to ash pond and landfill closure costs | (113) | (113) | ||||
Net gain on NDT funds | (253) | (253) | ||||
Other | 30 | 30 | ||||
$1,640 | $1,640 | |||||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings * | (255) | (255) | ||||
Write-off EDIT regulatory assets (SCANA) | 198 | 198 | ||||
Other | (30) | (30) | ||||
($87) | ($87) | |||||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective | ||||||
tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation | ||||||
of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||
Schedule 3 - Reconciliation of 2018 Operating Earnings to Reported Earnings | |||||||
2018 Earnings (Twelve months ended December 31, 2018) | |||||||
The $201 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items: | |||||||
| |||||||
(millions, except per share amounts) | 1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | 2 | |
Reported earnings | $503 | $449 | $854 | $641 | $2,447 | ||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 305 | 145 | (199) | (50) | 201 | ||
Income tax expense (benefit) | (67) | (34) | 103 | 1 | 3 | ||
238 | 111 | (96) | (49) | 204 | |||
Operating earnings | $741 | $560 | $758 | $592 | $2,651 | ||
Common shares outstanding (average, diluted) | 650.5 | 653.1 | 654.9 | 660.9 | 654.9 | ||
Reported earnings per share | $0.77 | $0.69 | $1.30 | $0.97 | $3.74 | ||
Adjustments to reported earnings (after-tax) | 0.37 | 0.17 | (0.15) | (0.08) | 0.31 | ||
Operating earnings per share | $1.14 | $0.86 | $1.15 | $0.89 | $4.05 | ||
1) Adjustments to reported earnings are reflected in the following table: | |||||||
1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | |||
Pre-tax loss (income): | |||||||
Sale of non-core assets | (70) | (689) | (759) | ||||
Impairment of gathering & processing assets | 219 | 219 | |||||
Impact of Virginia rate legislation | 215 | 215 | |||||
Net (gain) loss on NDT funds | 43 | (50) | (149) | 326 | 170 | ||
FERC-regulated plant disallowance | 122 | 2 | 124 | ||||
Future ash pond and landfill closure costs | 81 | 81 | |||||
Storm costs | 31 | 43 | 74 | ||||
Merger-related transaction and transition costs | 16 | 9 | 3 | 9 | 37 | ||
Other | (17) | 15 | 42 | 40 | |||
$305 | $145 | ($199) | ($50) | $201 | |||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | (67) | (34) | 38 | 11 | (52) | ||
Re-measurement of Deferred Tax balances ** | 47 | (1) | 46 | ||||
Valuation Allowance *** | 18 | (9) | 9 | ||||
($67) | ($34) | $103 | $1 | $3 | |||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
** During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and to revise estimates made at year-end 2017. | |||||||
*** In 3Q18, a valuation allowance was established against the portion of a deferred tax asset associated with the non-core assets that was no longer projected of being utilized to offset future taxable income. In 4Q18, the amount was adjusted based on management's assessment that it is more-likely-than-not that a portion of the deferred tax asset would be realized in 2018, to reduce tax expense associated with the sale. | |||||||
2) YTD EPS may not equal sum of quarters due to share count difference. | |||||||
Schedule 4 - Reconciliation of 1Q19 Earnings to 1Q18 | |||
Preliminary, Unaudited | Three Months Ended | ||
(millions, except EPS) | March 31, | ||
2019 vs. 2018 | |||
Increase / (Decrease) | |||
Reconciling Items | Amount | EPS | |
Change in reported earnings (GAAP) | ($1,183) | ($1.63) | |
Change in Pre-tax loss (income) 1 | 1,335 | ||
Change in Income tax 1 | (20) | ||
Adjustments to reported earnings | $1,315 | $1.59 | |
Change in consolidated operating earnings | $132 | ($0.04) | |
Power Delivery | |||
Regulated electric sales: | |||
Weather | ($8) | ($0.01) | |
Other | 3 | — | |
Rider investment | 12 | 0.02 | |
Other | (8) | (0.01) | |
Share dilution | (0.05) | ||
Change in contribution to operating earnings | ($1) | ($0.05) | |
Power Generation | |||
Regulated electric sales: | |||
Weather | ($16) | ($0.03) | |
Other | (4) | (0.01) | |
Electric capacity | (11) | (0.02) | |
Sale of merchant generation facilities | (14) | (0.02) | |
Other | 5 | 0.01 | |
Share dilution | (0.08) | ||
Change in contribution to operating earnings | ($40) | ($0.15) | |
Gas Infrastructure | |||
Cove Point | $112 | $0.17 | |
Farmout transactions | (32) | (0.05) | |
Interest | (50) | (0.07) | |
Other | 2 | — | |
Share dilution | (0.10) | ||
Change in contribution to operating earnings | $32 | ($0.05) | |
Southeast Energy | $132 | $0.17 | |
Corporate and Other | |||
Share dilution and other | $9 | $0.04 | |
Change in contribution to operating earnings | $9 | $0.04 | |
Change in consolidated operating earnings | $132 | ($0.04) | |
Change in adjustments included in reported earnings1 | ($1,315) | ($1.59) | |
Change in consolidated reported earnings | ($1,183) | ($1.63) | |
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | |||
Note: Figures may not add due to rounding | |||
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SOURCE Dominion Energy
Article Date
5/3/2019Dominion Energy's Project Plant It! Branches Out to New Locations
Source: PR Newswire
RICHMOND, Va., April 25, 2019 /PRNewswire/ -- This spring 70,000 students in 18 states will connect with the environment by planting a free redbud tree seedling provided by Dominion Energy's Project Plant It! program. The program recently expanded to parts of North and South Carolina now served by Dominion Energy.
"Arbor Day, April 26, marks the thirteenth observance of the company's environmental education program to teach children about the important role of trees in the ecosystem," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "It's a privilege to support educators with high-quality instructional tools for the classroom and a tree seedling for each participating student in the communities we serve."
"A tree can absorb as much as 48 pounds of carbon dioxide per year," said Dan Lambe, President-Arbor Day Foundation. "Through Project Plant It! Dominion Energy has measurably increased the number of trees in the United States. We are proud to partner with Dominion Energy on this important sustainability measure."
For the 2018-2019 academic year, the program includes new features to engage teachers, parents and youth in learning about the science of trees and their environmental benefits:
The website also includes an Educator's Guide with 12 STEM-based lesson plans. They support third-grade learning standards for math, science, language arts and social studies, but they can be adapted for any grade level.
Several teachers have shared the creative ways they have used Project Plant It! educational resources inside and outside the classroom.
Dominion Energy's team of foresters and volunteers will provide hands-on support at Arbor Day events and tree-planting celebrations around the country, including several regions in Virginia, South Carolina and Ohio.
Many organizations and agencies have served as longtime partners of Dominion Energy and Project Plant It!, including the Arbor Day Foundation, the Virginia Department of Forestry and hundreds of school systems throughout Dominion Energy's service area.
For more information, visit projectplantit.com or "Like" Project Plant It! on Facebook.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/25/2019Dominion Energy Donates $30,000 to Charities in Honor of Employee Volunteers
Source: PR Newswire
RICHMOND, Va., April 24, 2019 /PRNewswire/ -- Dominion Energy recognized six employees today for their volunteer efforts during 2018. As part of their recognition, employees pay it forward with a $5,000 donation from the company's Charitable Foundation to their non-profit of choice.
Now in its 35th year, the Benjamin J. Lambert, III, Volunteer of the Year program recognizes employees and retirees for their efforts to improve the communities in which they live. The program was named in honor of Lambert in 2014 in recognition of his decades of service to his community as a member of the Virginia General Assembly and a member of the Dominion Energy Board of Directors.
"Volunteerism is at the heart of Dominion Energy's community programs, and we're proud to honor our employees for their personal generosity and the time they dedicate to helping others," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "Their work lifts our cities, communities and neighborhoods."
The Dominion Energy Volunteers of the Year and their charities of choice are:
In 2018, employees gave more than 126,000 hours of their time to a variety of charitable activities. Volunteers in Cleveland handed out free food at a weekly market for the families of students at an inner city elementary school. Northern Virginia volunteers helped weatherize the home of a disabled veteran to reduce his energy consumption and bills. And our Connecticut employees planted a pollinator garden in New London to help promote food security.
Dominion Energy and the Dominion Energy Charitable Foundation also contributed nearly $35 million in 2018 to charitable organizations and energy assistance programs helping to improve the quality of life in communities across the company's footprint.
The 35th annual event paying tribute to the efforts of employee volunteers was held at the Science Museum of Virginia in Richmond, Va. today. For photographs and details about the winners, please visit www.dominionenergy.com/VOTY.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/24/20194/22/2019 - Dominion Energy, Facebook Recognize Earth Day with Announcement to Expand Solar Generation
Dominion Energy, Facebook Recognize Earth Day with Announcement to Expand Solar Generation
Source: PR Newswire
RICHMOND, Va., April 22, 2019 /PRNewswire/ -- Dominion Energy and Facebook continue their joint effort to substantially increase renewable energy generation by announcing today the addition of six new solar facilities that will be dedicated to Facebook. This partnership will support Dominion Energy's goal of having 3,000 megawatts (MW) of new solar and wind energy in operation or under development by 2022; and Facebook's goal of supporting their global operations with 100 percent renewable energy by the end of 2020.
The solar projects will be built in Dominion Energy's service area in Virginia and North Carolina and will gradually come operational by mid-2020. These six facilities are in addition to the two previously announced solar projects in Surry County, Va., – Colonial Trail West and Spring Grove 1 – which total 240 MW and were recently approved by the Virginia State Corporation Commission.
"Facebook has consistently supported the development of green energy around the world, and their corporate sustainability goals are a driving force in the expansion of renewable energy," said Keith Windle, Dominion Energy's vice president of Business Development. "We are proud to be a trusted energy partner as we actively grow the market for clean energy."
"We are thrilled to be able to partner with Dominion Energy to support our operations with new renewable energy resources and bring additional investment to the region," said Bobby Hollis, head of Global Energy and Site Selection at Facebook. "We look forward to continuing to partner together to further grow the clean energy market and encourage others to power their operations with renewable resources."
The new projects (totaling 350 MW) are:
Dominion Energy developed Montross Solar and the other projects have or will be acquired from EDF Renewables, Inc., BayWa r.e. Solar Projects LLC, and Strata Solar.
Dominion Energy is committed to seeking innovative solutions to meet the needs of small businesses and major corporations like Facebook. From the federal government to the private sector, Dominion Energy creates special programs and works with state regulators to develop tariffs to help its customers achieve their renewable energy objectives.
Today, Dominion Energy has more than 30 solar facilities totaling 884 MW of solar generation operational or under development in the Commonwealth – enough energy to power more than 220,000 homes at peak output. The company now owns the fourth-largest solar fleet among utility holding companies in the nation, and operates nuclear units that provide carbon-free generation to supplement solar when the sun is not shining.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/22/2019Dominion Energy supports significant expansions at three historic Virginia museums
Source: PR Newswire
RICHMOND, Va., April 16, 2019 /PRNewswire/ -- Dominion Energy has donated $1.7 million through its charitable foundation to support major renovations at three museums that focus on the early history of Virginia and the nation. In Williamsburg, the company is helping to fund a major renovation and expansion of two art museums to give visitors a fuller understanding of the lives of American colonists. In Richmond, the company will help unveil a new American Civil War Museum this spring located adjacent to company headquarters at Historic Tredegar.
"These renovated museums will offer a fresh perspective and compelling look at the early history of our nation for visitors and residents alike," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "They also support regional tourism and encourage community vitality and diversity."
In Williamsburg, Dominion Energy is the largest corporate donor for the expansion of the Art Museums of Colonial Williamsburg. Major renovations on a facility housing the DeWitt Wallace Decorative Arts Museum and the Abby Aldrich Rockefeller Folk Art Museum will continue this year, with a full public unveiling in 2020. The renovated museum space will feature eight new galleries, a dedicated street entrance, advanced climate-controls to protect collections, as well as a new café, auditorium and special events space. Collections will highlight the lives of colonists, African Americans and Native Americans.
Watch two videos showing construction and final design for the Art Museums of Colonial Williamsburg.
"The expansion of Colonial Williamsburg's two world-renowned art museums is essential to our mission of connecting guests with our shared American story," said Colonial Williamsburg President and CEO Mitchell B. Reiss. "The project is funded entirely with philanthropic support and would not be possible without the generosity of Dominion Energy. The museums remain open during construction and, once complete, will better showcase our outstanding collections as we aim to engage and inspire more guests than ever before."
In Richmond, the new American Civil War Museum at Historic Tredegar will house extensive collections in a 29,000 square-foot modern facility built around the historic ruins of Tredegar Iron Works.
The new museum will house combined collections of two former Richmond museums in a climate-controlled building designed to protect artifacts such as photographs, garments, maps and letters for future generations. The museum will broaden the narrative of the Civil War by presenting its legacies from multiple viewpoints and perspectives: Union and Confederate, enslaved and free African-American, soldier and civilian. The grand opening is set for May 4, 2019.
"From its design to its furnishing, the new building will reflect our mission and vision to be both welcoming and accessible to all," said Christy S. Coleman, CEO, American Civil War Museum. "Thanks to generous donors like Dominion Energy, we will use better design, technology and narrative to give visitors a fuller understanding of how the social, political and military impacts of this war were chaotic to millions."
Watch a Breaking Ground video about the American Civil War Museum at Historic Tredegar.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/16/2019Dominion Energy Schedules First-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., April 5, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host its first-quarter earnings conference call at 10 a.m. ET on Friday, May 3, 2019. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/.
A replay of the conference call will be available beginning about 2 p.m. ET May 3 and lasting until 11 p.m. ET May 12. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 75463500. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 3.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company expects to cut generating fleet carbon dioxide emissions 80 percent by 2050 and reduce methane emissions from its gas assets 50 percent by 2030. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
4/5/20194/3/2019 - Dominion Energy, American Red Cross Present April 6 Preparedness Day at Nine Ohio Locations
Dominion Energy, American Red Cross Present April 6 Preparedness Day at Nine Ohio Locations
Source: PR Newswire
CLEVELAND, April 3, 2019 /PRNewswire/ -- Dominion Energy Ohio, in partnership with the American Red Cross, is holding Preparedness Day on Saturday, April 6, 2019, at nine Ohio area premier malls and other retail locations. The goal is teaching participants the importance of being "Red Cross Ready" in the event of a disaster.
Red Cross and Dominion Energy volunteers will distribute first aid kits between 10 a.m. and 2 p.m., or until supplies are exhausted. Trained Red Cross and Dominion Energy volunteers will administer a five-minute pre-test and post-test to determine participants' safety and emergency preparedness knowledge. Participants will receive a free first aid kit, sponsored by Dominion Energy. The kits include such safety supplies as gauze, bandages, hand sanitizer, a cold pack and useful emergency information.
Media Opportunity: Volunteers from the Red Cross and Dominion Energy will be on site from 10 a.m. to 2 p.m., or until kit supplies are exhausted, at these locations:
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SOURCE Dominion Energy Ohio
Article Date
4/3/2019Dominion Energy Awards $110,000 in Ohio Community Impact Award Grants
Source: PR Newswire
CLEVELAND, March 26, 2019 /PRNewswire/ -- Dominion Energy has presented $110,000 in grants to 15 Ohio community organizations in its 24th annual Community Impact Award competition, co-sponsored with Cleveland Magazine.
A panel of community judges chose the winners from among more than 50 entries, submitted by organizations throughout the region. The awards recognize non-profit organizations that make Ohio communities better places to live, learn, work and play. The Dominion Energy Charitable Foundation, the company's philanthropic arm, funds the Community Impact Award grants. The Dominion Energy Charitable Foundation is dedicated to the economic, physical and social health of the communities the company serves.
"As we have come to expect, this year's Community Impact Award honorees devised, developed and delivered a wide range of ambitious, innovative and unique projects," said Jim Eck, vice president and general manager, Ohio and West Virginia Distribution. "These projects demonstrate the major role our region's non-profit and economic development agencies play in improving their local communities.
Since 1996, Dominion Energy and its predecessors have distributed more than $1.9 million in Community Impact Awards to Ohio organizations.
Towards Employment of Cleveland received a special $10,000 Workforce Development grant for its Bloom Bakery Baking the Change program. The program focuses on formerly incarcerated individuals, young adults aging out of foster care and residents of economically distressed Cleveland neighborhoods. The transitional job program helps participants develop baking skills, while receiving resume building and case management support. Over six years, Towards Employment expects the program to generate 100 transitional jobs, 120 work experiences and five permanent jobs, for a total community opportunity of at least $2.5 million in wages.
This year's Community Impact Award winners are:
ArtsinStark of Canton received $12,500 for its Canton Music Block program, a series of live music concerts. The performances, which have attracted tens of thousands of visitors, helped generate more than $835,000 in economic impact and enhanced redevelopment in downtown Canton.
The Children's Museum of Cleveland received $10,000 for its Museum for All program, which provides discounted tickets to lower-income families. The discounted tickets, available to families who show proof of receiving federal assistance, have helped increase attendance, while making the museum experience available to children who otherwise would not have been able to afford it.
United Way Services of Geauga County received $10,000 for its Bridges@Work program. The program connects working families with a variety of local programs and services, coordinating with several local partners, including the Geauga Growth Partnership, Catholic Charities Services and Geauga Credit Union.
Cleveland Leadership Center received $7,500 for its Accelerate: Citizens Make Change program. The annual civic competition provides prospective entrepreneurs incentives to develop ideas to make positive changes within the community.
JumpStart Inc., of Cleveland, received $7,500 for its Core City: Cleveland Impact program. This three-month program works to provide business advising and industry-specific mentoring to a diverse group of new entrepreneurs within the community.
Trumbull Neighborhood Partnership of Warren received $7,500 for its Building a Better Warren program, which provides training and on-the-job mentorship for residents while improving city neighborhoods.
Youngstown Neighborhood Development Corporation received $7,500 for its Clean Up Glenwood Avenue program. The program is working to revitalize the neighborhood surrounding one of the city's busiest thoroughfares. Accomplishments include rehabilitating apartment units and single family houses, planting 145 trees and adding LED spotlights to improve safety at Glenwood Community Park. The work also has generated such tangible economic benefits as generating six new permanent jobs, 25 construction jobs and the opening of three businesses.
Ronald McDonald House of Akron received $5,000 for its facility expansion. The 48,000-square-foot, 42-room facility offers housing, a meal service, laundry facilities, work and study spaces and play areas, tor families of seriously ill children receiving treatment at area hospitals.
The Cleveland Police Foundation received $5,000 for its Public Safety Career Pipeline program. The program provides high school students with mentorship and hands-on experience, with the goal of developing a pool of prospective candidates interested in becoming police officers and dispatchers, corrections officers, forensic laboratory technicians and cyber security analysts.
The Music Settlement of Cleveland received $5,000 for expanding its music and arts outreach and programming services at its new campus in the West Side Ohio City neighborhood. The Music Settlement offers its services to everyone, regardless of their skill level or ability to pay.
True Freedom Enterprises of Cleveland received $5,000 for its Workforce Training Experience externship program, which helps incarcerated, first-time, non-violent offenders, prepare for employment in the culinary field after their release. The program provides transportation, on-the-job supervision and job placement help. In its first year, members of the program's initial class of participants reported a 100-percent placement rate with full-time jobs with benefits in area restaurants.
Union Miles Development Corporation of Cleveland received $5,000 for its Building Futures program. The program fulfills a twofold purpose of helping citizens returning from incarceration receive construction skills training and finding work rehabilitating blighted, vacant houses within city neighborhoods.
United Way of Greater Stark County of Canton received $5,000 for its Financial Prosperity Center. The program offers employment assistance, financial education/budget coaching and access to income supports, benefits and tax credits. Pre- and post-assessments of some of the 3,500 people served last year shows financial goals being met, from increasing credit scores to securing full-time jobs with benefits.
Van Wert City Schools received $7,500 for its Career Education Opportunity internship program, which provides city high school students an opportunity to gain on-the-job experience with about 30 local businesses. The program enables participating students to begin thinking about potential future careers, encouraging them to consider necessary steps to prepare for them.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
3/26/20193/15/2019 - Statement from Dominion Energy
Statement from Dominion Energy
Source: PR Newswire
WATERFORD, Conn., March 15, 2019 /PRNewswire/ -- Dominion Energy welcomes today's agreement and appreciates Governor Lamont and his administration's leadership on an issue vital to Connecticut's economy and environment. The contract is for 10 years, 9 million megawatt hours per year, and ensures Millstone Power Station will provide round-the-clock, carbon-free electricity that helps the state fulfill carbon-reduction goals. It also represents significant savings for Connecticut residents and guarantees well-paying jobs and substantial state-and-local economic contributions.
"This is a huge win for Connecticut, the region, and our colleagues at Millstone," said Paul Koonce, President & CEO Power Generation Group. "Not only does this preserve the vast majority of Connecticut's carbon-free electricity, it preserves good jobs for the 1,500 women and men who work at Millstone and keeps 4,000 other residents employed."
This result marks another significant milestone in Dominion Energy's multi-year progression towards a more regulated and long-term contracted earnings profile and the resulting reduction in business risk. The contract represents a modest financial uplift, which results in expected operating EPS levels that are within our existing guidance for 2019 and beyond.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.dominionenergy.com to learn more.
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SOURCE Dominion Energy
Article Date
3/15/20193/8/2019 - Alerian Index Series March 2019 Index Review
Alerian Index Series March 2019 Index Review
Source: PR Newswire
DALLAS, March 8, 2019 /PRNewswire/ -- Alerian announced the results of the March quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, March 15, 2019.
There are no constituent changes to the Alerian Midstream Energy Index (AMNA), Alerian US Midstream Energy Index (AMUS), Alerian MLP Index (AMZ), Alerian MLP Equal Weight Index (AMZE), or the Alerian Natural Gas MLP Index (ANGI).
In addition, each index will be rebalanced in accordance with its existing methodology. Constituent additions to and deletions from an index do not reflect an opinion by Alerian on the investment merits of the respective securities.
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of February 28, 2019, over $13 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. Visit alerian.com to learn more.
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SOURCE Alerian
Article Date
3/8/2019DVI Voltage Optimization Technology Helps Choptank Electric Cooperative Reduce Energy Demand by 5% in 2018
Source: PR Newswire
RICHMOND, Va., March 6, 2019 /PRNewswire/ -- Dominion Voltage Inc. (DVI), a subsidiary of Dominion Energy, recently completed a systemwide Volt/VAR Optimization (VVO) implementation at Choptank Electric Cooperative resulting in a 5 percent demand reduction and lower energy costs for the cooperative in 2018.
"We are excited to see how VVO can make a positive impact on managing our peak demand," said Mike Wheatley, President and CEO, Choptank Electric Cooperative. "Not only did DVI's EDGE® VVO solution meet our expectations, it exceeded them. Once the system went into operation, the circuits under VVO control averaged a 3.1 percent voltage reduction, resulting in a 5 percent reduction in peak demand."
"VVO is an innovative and ideal non-wires alternative that public power utilities can use to manage their peak demand," said Todd Headlee, executive director-DVI. "DVI is proud to have worked with Choptank on this important project that will help reduce their system peak and maintain competitive electricity rates for its customers for many decades to come."
NRTC, DVI's reseller for cooperatives, teamed with DVI to propose a voltage management solution that specifically met Choptank Electric's needs for optimized delivery of low-cost energy to its 54,000 customers along Maryland's Eastern Shore.
"NRTC's members demand solutions that have a strong return on investment and bring immediate value to the cooperative and its members," said Tim Bryan, CEO, NRTC. "The business case for Choptank was very strong, and NRTC is pleased to have played a role in helping bring both DVI and Choptank together for this important project."
DVI will be demonstrating the EDGE® product offering in booth #1447 at TechAdvantage, the leading technology conference & exhibition event for electric cooperative professionals, from March 10 – 13, 2019 in Orlando, Florida. Representatives from Choptank Electric will also be in attendance to give a detailed presentation of their project. For more information on attending this presentation, please contact DVIinfo@dvigridolutions.com.
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9354641, 9563218, 9582020, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.dominionenergy.com to learn more.
About Choptank Electric Cooperative
Choptank Electric is an electric distribution cooperative serving approximately 54,000 members on Maryland's Eastern Shore. Founded in 1938, Choptank Electric is committed to providing safe, reliable, and cost effective electricity to its members. Read more about Choptank Electric at www.choptankelectric.coop
About NRTC
NRTC is member driven and technology focused. NRTC provides technology solutions that help our 1,500 electric and telephone members bring all of the advantages of today's evolving technology to rural America. NRTC's products and services are developed specifically to meet the needs of rural utilities and their customers, and include integrated smart grid and utility solutions, data analytics, advanced energy, broadband infrastructure and managed network services, wireless technologies and programming distribution capabilities for video providers. NRTC helps ensure our members' success by aggregating their individual buying power, negotiating national contracts, and helping members integrate technology solutions with existing infrastructure.
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SOURCE Dominion Voltage Inc.
Article Date
3/6/2019SCANA, SCE&G Announce Pricing of Tender Offers
Source: PR Newswire
RICHMOND, Va., March 5, 2019 /PRNewswire/ -- SCANA Corporation (SCANA) and South Carolina Electric & Gas Company (SCE&G), which are wholly owned subsidiaries of Dominion Energy, Inc. (NYSE: D), today announced the pricing of their previously announced offers to purchase for cash (i) an amount of SCE&G's first mortgage bonds listed in Table I below (the SCE&G Waterfall Bonds) having an aggregate purchase price of up to $1,200,000,000 less the aggregate purchase price payable with respect to SCE&G's previously settled offer to purchase for cash any and all of its 3.500% First Mortgage Bonds due 2021, 4.100% First Mortgage Bonds due 2046 and 4.500% First Mortgage Bonds due 2064 (such amount, the SCE&G Waterfall Cap), subject to the SCE&G Waterfall Acceptance Priority Levels and proration, as applicable (such offer, the SCE&G Waterfall Offer); and (ii) an amount of SCANA's medium term notes listed in Table II below (the SCANA Notes and, together with the SCE&G Waterfall Bonds, the Debt Securities) having an aggregate purchase price of up to $300,000,000, subject to proration, as applicable (such offer, the SCANA Offer and, together with the SCE&G Waterfall Offer, the Offers).
The Offers are being made upon and are subject to the terms and conditions set forth in the offer to purchase, dated Feb. 19, 2019 (the Offer to Purchase). Copies of the Offer to Purchase are available at www.dfking.com/dei. Terms used and not defined in this press release have the meanings given to them in the Offer to Purchase.
The tables below set forth the Total Consideration for the Debt Securities that will be accepted for purchase.
Table I | ||||||||||||
SCE&G Waterfall Offer | ||||||||||||
Title of Security | CUSIP Number | Acceptance Priority Level | Reference U.S. Treasury Security | Bloomberg Reference Page | Early Tender Premium(1) | Fixed Spread (basis points)(2) | Total Consideration(1) | |||||
4.350% First Mortgage Bonds due 2042 | 837004CF5 | 1 | 3.375% due 11/15/2048 | FIT1 | $30 | 100 | $1,037.12 | |||||
4.250% First Mortgage Bonds due 2028 | 837004CM0 | 2 | 2.625% due 02/15/2029 | FIT1 | $30 | 65 | —(3) | |||||
4.600% First Mortgage Bonds due 2043 | 837004CG3 | 3 | 3.375% due 11/15/2048 | FIT1 | $30 | 105 | —(3) | |||||
5.250% First Mortgage Bonds due 2035 | 837004BZ2 | 4 | 3.375% due 11/15/2048 | FIT1 | $30 | 135 | —(3) | |||||
5.500% First Mortgage Bonds due 2039 | 837004CD0 | 5 | 3.375% due 11/15/2048 | FIT1 | $30 | 135 | —(3) | |||||
5.800% First Mortgage Bonds due 2033 | 837004BW9 | 6 | 2.625% due 02/15/2029 | FIT1 | $30 | 125 | —(3) | |||||
5.300% First Mortgage Bonds due 2033 | 837004BX7 | 6 | 2.625% due 02/15/2029 | FIT1 | $30 | 110 | —(3) | |||||
5.450% First Mortgage Bonds due 2041 | 837004CE8 | 6 | 3.375% due 11/15/2048 | FIT1 | $30 | 110 | —(3) | |||||
5.100% First Mortgage Bonds due 2065 | 837004CJ7 | 6 | 3.375% due 11/15/2048 | FIT1 | $30 | 130 | —(3) | |||||
(1) Per $1,000 principal amount. (2) Inclusive of the Early Tender Premium. (3) SCE&G Waterfall Bonds of such series will not be accepted for purchase due to the SCE&G Waterfall Cap. | ||||||||||||
Table II | ||||||||||||
SCANA Offer | ||||||||||||
Title of Security | CUSIP Number | Reference U.S. Treasury Security | Bloomberg Reference Page | Early Tender Premium(1) | Fixed Spread (basis points)(2) | Total Consideration(1) | ||||||
6.250% Medium Term Notes due 2020 | 80589MAB8 | 2.500% due 01/31/2021 | FIT1 | $30 | 65 | $1,031.54 | ||||||
4.750% Medium Term Notes due 2021 | 80589MAD4 | 2.500% due 01/31/2021 | FIT1 | $30 | 70 | $1,027.57 | ||||||
4.125% Medium Term Notes due 2022 | 80589MAE2 | 2.500% due 02/15/2022 | FIT1 | $30 | 85 | $1,018.48 | ||||||
(1) Per $1,000 principal amount. (2) Inclusive of the Early Tender Premium. | ||||||||||||
The applicable Total Consideration for each $1,000 principal amount of SCE&G Waterfall Bonds and SCANA Notes as set forth above was determined in the manner described in the Offer to Purchase by reference to the applicable Fixed Spread set forth above plus the applicable yield to maturity of the applicable U.S. Treasury Reference Security based on the bid-side price of such reference security as measured as of 11:00 a.m., New York City time, on March 5, 2019.
Holders of Debt Securities that were validly tendered and not properly withdrawn at or prior to 5:00 p.m., New York City time, on March 4, 2019 (the Early Tender Deadline), and are accepted for purchase will receive the applicable Total Consideration, which includes the applicable Early Tender Premium specified in the tables above.
In addition to the Total Consideration, holders of Debt Securities that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and are accepted for purchase will also receive accrued and unpaid interest from, and including, the last interest payment date for such Debt Securities to, but not including, the Early Settlement Date (defined below). The applicable Total Consideration and accrued interest will be payable on the Early Settlement Date.
The settlement date for Debt Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase is expected to be March 6, 2019 (the Early Settlement Date). The obligation of SCANA and SCE&G, as applicable, to accept for payment and pay for Debt Securities validly tendered and not properly withdrawn in the applicable Offer is subject to the conditions set forth in the Offer to Purchase.
Although the Offers are scheduled to expire at 11:59 p.m., New York City time, on March 18, 2019, unless extended by either SCANA or SCE&G, as applicable, in its sole discretion, because each Offer was fully subscribed as of the Early Tender Deadline, SCANA and SCE&G will not accept for purchase any SCE&G Waterfall Bonds or SCANA Notes, as applicable, tendered after the Early Tender Deadline. As described in the Offer to Purchase, Debt Securities tendered and not accepted for purchase will be promptly returned or credited to the tendering holder's account.
RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. are acting as dealer managers for the Offers. For additional information regarding the terms of the Offers, please contact RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (U.S.) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offers, at (212) 269-5550 (for banks and brokers) or (866) 416-0576 (all others, toll-free) or email dei@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE DEBT SECURITIES. THE OFFERS ARE BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF EACH OFFER THAT HOLDERS OF DEBT SECURITIES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE DEBT SECURITIES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
Neither SCANA or SCE&G nor any of their respective affiliates, their respective board of directors, the dealer managers, the tender and information agent or the trustee with respect to the applicable series of Debt Securities made any recommendation as to whether Holders should tender any Debt Securities in response to the Offers, and neither SCANA or SCE&G nor any other such person authorized any person to make any such recommendation.
About SCANA
SCANA Corporation is a first-tier, wholly owned subsidiary of Dominion Energy that houses energy businesses in the Carolinas and Georgia.
About SCE&G
Based in Cayce, S.C., South Carolina Electric & Gas Company is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state. Please visit www.sceg.com to learn more.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that SCANA and SCE&G expect or anticipate will occur in the future are forward-looking statements, and SCANA's and SCE&G's ability to predict results or the actual effect of future events is inherently uncertain. Although SCANA and SCE&G believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, they can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. SCANA and SCE&G undertake no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
3/5/20193/5/2019 - SCANA, SCE&G Announce Early Tender Results
SCANA, SCE&G Announce Early Tender Results
Source: PR Newswire
RICHMOND, Va., March 5, 2019 /PRNewswire/ -- SCANA Corporation (SCANA) and South Carolina Electric & Gas Company (SCE&G), which are wholly owned subsidiaries of Dominion Energy, Inc. (NYSE: D), today announced the early results of their previously announced offers to purchase for cash (i) an amount of SCE&G's first mortgage bonds listed in Table I below (the SCE&G Waterfall Bonds) having an aggregate purchase price of up to $1,200,000,000 less the aggregate purchase price payable with respect to SCE&G's previously settled offer to purchase for cash any and all of its 3.500% First Mortgage Bonds due 2021, 4.100% First Mortgage Bonds due 2046 and 4.500% First Mortgage Bonds due 2064 (such amount, the SCE&G Waterfall Cap), subject to the SCE&G Waterfall Acceptance Priority Levels (defined below) and proration, as applicable (such offer, the SCE&G Waterfall Offer); and (ii) an amount of SCANA's medium term notes listed in Table II below (the SCANA Notes and, together with the SCE&G Waterfall Bonds, the Debt Securities) having an aggregate purchase price of up to $300,000,000 (the SCANA Offer Cap), subject to proration, as applicable (such offer, the SCANA Offer and, together with the SCE&G Waterfall Offer, the Offers).
The Offers are being made upon and are subject to the terms and conditions set forth in the offer to purchase, dated Feb. 19, 2019 (the Offer to Purchase). Copies of the Offer to Purchase are available at www.dfking.com/dei. Terms used and not defined in this press release have the meanings given to them in the Offer to Purchase.
As of 5:00 p.m., New York City time, on March 4, 2019 (the Early Tender Deadline), $1,744,456,000 aggregate principal amount of the SCE&G Waterfall Bonds and $522,083,000 aggregate principal amount of the SCANA Notes were validly tendered and not properly withdrawn in the Offers. The withdrawal deadline for the Offers of 5:00 p.m., New York City time, on March 4, 2019 has passed. Accordingly, Debt Securities validly tendered in the Offers may no longer be withdrawn except where additional withdrawal rights are required by law.
The following tables set forth certain information regarding the Offers, including the aggregate principal amount of each series of Debt Securities that were validly tendered and not properly withdrawn.
Table I | |||||||||
SCE&G Waterfall Offer | |||||||||
Title of Security | CUSIP Number | Principal | Acceptance | Reference U.S. | Bloomberg Reference Page | Early | Fixed Spread (basis points) | Principal | |
4.350% First Mortgage Bonds due 2042 | 837004CF5 | $500,000,000 | 1 | 3.375% due 11/15/2048 | FIT1 | $30 | 100 | $340,482,000 | |
4.250% First Mortgage Bonds due 2028 | 837004CM0 | $400,000,000 | 2 | 2.625% due 02/15/2029 | FIT1 | $30 | 65 | $352,288,000 | |
4.600% First Mortgage Bonds due 2043 | 837004CG3 | $400,000,000 | 3 | 3.375% due 11/15/2048 | FIT1 | $30 | 105 | $298,947,000 | |
5.250% First Mortgage Bonds due 2035 | 837004BZ2 | $100,000,000 | 4 | 3.375% due 11/15/2048 | FIT1 | $30 | 135 | $16,005,000 | |
5.500% First Mortgage Bonds due 2039 | 837004CD0 | $150,000,000 | 5 | 3.375% due 11/15/2048 | FIT1 | $30 | 135 | $34,292,000 | |
5.800% First Mortgage Bonds due 2033 | 837004BW9 | $200,000,000 | 6 | 2.625% due 02/15/2029 | FIT1 | $30 | 125 | $33,325,000 | |
5.300% First Mortgage Bonds due 2033 | 837004BX7 | $300,000,000 | 6 | 2.625% due 02/15/2029 | FIT1 | $30 | 110 | $150,879,000 | |
5.450% First Mortgage Bonds due 2041 | 837004CE8 | $350,000,000 | 6 | 3.375% due 11/15/2048 | FIT1 | $30 | 110 | $181,717,000 | |
5.100% First Mortgage Bonds due 2065 | 837004CJ7 | $500,000,000 | 6 | 3.375% due 11/15/2048 | FIT1 | $30 | 130 | $336,521,000 | |
(1) Per $1,000 principal amount. (2) As reported by D.F. King & Co., Inc., the tender agent for the Offers. | |||||||||
Table II | ||||||||
SCANA Offer | ||||||||
Title of Security | CUSIP Number | Principal | Reference U.S. | Bloomberg | Early | Fixed Spread (basis | Principal | |
6.250% Medium Term Notes due 2020 | 80589MAB8 | $250,000,000 | 2.500% due 01/31/2021 | FIT1 | $30 | 65 | $142,139,000 | |
4.750% Medium Term Notes due 2021 | 80589MAD4 | $300,000,000 | 2.500% due 01/31/2021 | FIT1 | $30 | 70 | $209,509,000 | |
4.125% Medium Term Notes due 2022 | 80589MAE2 | $250,000,000 | 2.500% due 02/15/2022 | FIT1 | $30 | 85 | $170,435,000 | |
(1) Per $1,000 principal amount. (2) As reported by D.F. King & Co., Inc., the tender agent for the Offers.
| ||||||||
Given that the aggregate purchase price of the SCE&G Waterfall Bonds validly tendered will exceed the SCE&G Waterfall Cap, the SCE&G Waterfall Bonds will, as reflected above, be purchased subject to the acceptance priority levels set forth in Table I above (the SCE&G Waterfall Acceptance Priority Levels) and proration as described in the Offer to Purchase. Similarly, because the aggregate purchase price of the SCANA Notes validly tendered will exceed the SCANA Cap, the SCANA Notes will, as reflected above, be purchased subject to proration as described in the Offer to Purchase.
Holders of Debt Securities that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and are accepted for purchase will receive the applicable Total Consideration, which includes the applicable Early Tender Premium specified in the tables above. SCANA and SCE&G expect to issue a press release later today announcing the Total Consideration payable with respect to each series for which the applicable company will accept tendered Debt Securities for purchase.
In addition to the Total Consideration, holders of Debt Securities that were validly tendered and not properly withdrawn at or prior to the Early Tender Deadline and are accepted for purchase will also receive accrued and unpaid interest from, and including, the last interest payment date for such Debt Securities to, but not including, the Early Settlement Date (defined below). The applicable Total Consideration and accrued interest will be payable on the Early Settlement Date.
The settlement date for Debt Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase is expected to be March 6, 2019 (the Early Settlement Date). The obligation of SCANA and SCE&G, as applicable, to accept for payment and pay for Debt Securities validly tendered and not properly withdrawn in the applicable Offer is subject to the conditions set forth in the Offer to Purchase.
Although the Offers are scheduled to expire at 11:59 p.m., New York City time, on March 18, 2019 (the Expiration Time), unless extended by either SCANA or SCE&G, as applicable, in its sole discretion, because each Offer was fully subscribed as of the Early Tender Deadline, SCANA and SCE&G do not expect to accept for purchase any SCE&G Waterfall Bonds or SCANA Notes, as applicable, tendered after the Early Tender Deadline. As described in the Offer to Purchase, Debt Securities tendered and not accepted for purchase will be promptly returned or credited to the tendering holder's account.
RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. are acting as dealer managers for the Offers. For additional information regarding the terms of the Offers, please contact RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (U.S.) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offers, at (212) 269-5550 (for banks and brokers) or (866) 416-0576 (all others, toll-free) or email dei@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE DEBT SECURITIES. THE OFFERS ARE BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF EACH OFFER THAT HOLDERS OF DEBT SECURITIES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE DEBT SECURITIES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
Neither SCANA or SCE&G nor any of their respective affiliates, their respective board of directors, the dealer managers, the tender and information agent or the trustee with respect to the applicable series of Debt Securities made any recommendation as to whether Holders should tender any Debt Securities in response to the Offers, and neither SCANA or SCE&G nor any other such person authorized any person to make any such recommendation.
About SCANA
SCANA Corporation is a first-tier, wholly owned subsidiary of Dominion Energy that houses energy businesses in the Carolinas and Georgia.
About SCE&G
Based in Cayce, S.C., South Carolina Electric & Gas Company is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state. Please visit www.sceg.com to learn more.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that SCANA and SCE&G expect or anticipate will occur in the future are forward-looking statements, and SCANA's and SCE&G's ability to predict results or the actual effect of future events is inherently uncertain. Although SCANA and SCE&G believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, they can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. SCANA and SCE&G undertake no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
3/5/2019Dominion Energy Statement on Skiffes Creek Transmission Line Ruling
Source: PR Newswire
RICHMOND, Va., March 1, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today provided the following statement in response to today's ruling from the D.C. Circuit Court of Appeals:
The Corps of Engineers spent four years on its environmental assessment of this project, going above and beyond what was required. We are disappointed this ruling dismisses that effort. The Skiffes Creek Transmission project remains a valid and vital line serving the 600,000 residents who live and work on the Peninsula.
We're committed to providing reliable, clean energy. Putting this line into service earlier this week is the culmination of years of regulatory, environmental and community engagement.
During the entirety of the construction process we worked to protect the environment in all of our operations. We will continue to keep reliability and environmental stewardship at the forefront as we evaluate the court's decision and determine our course of action.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.dominionenergy.com to learn more.
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SOURCE Dominion Energy
Article Date
3/1/20192/28/2019 - Nonprofit, Educational Organizations: Don't Miss This Chance to Apply for Environmental Grants
Nonprofit, Educational Organizations: Don't Miss This Chance to Apply for Environmental Grants
Source: PR Newswire
RICHMOND, Va., Feb. 28, 2019 /PRNewswire/ -- Dominion Energy announced today it will provide up to $1.5 million in environmental grants this year through the Dominion Energy Charitable Foundation. This competitive program, which has been expanded to regions in North and South Carolina previously served by SCANA gas and electric companies, is designed to support nonprofit organizations and schools working to improve the environment and provide educational experiences in communities served by Dominion Energy.
"Protecting and conserving the environment is an important focus of our company, and each year, our foundation supports many organizations that offer innovative and engaging environmental programs in our communities," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants support groups that truly make a difference to protect the natural resources in the places we call home."
One such organization is the Virginia Aquarium and Marine Science Center in Virginia Beach, Va., which was recognized with a grant in 2018 for the rescue and treatment of sea turtles hooked by recreational anglers. Watch this video to learn about the aquarium's efforts to rehab and care for turtles mistakenly hooked by fishermen on piers.
"It does take a lot of people to care for these animals at our Stranding Response Center, so support from the community and businesses, like Dominion Energy, is really appreciated," said Dr. Allyson McNaughton, veterinarian at the Virginia Aquarium & Marine Science Center.
Nonprofit organizations are invited to apply for grants up to $25,000 that focus on specific, short-term projects that promise measurable results to improve the environment. Also, public and private K-12 schools in eligible regions can apply for classroom grants up to $5,000 each for environmental education programs.
Eligible organizations in Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Utah, Virginia, West Virginia, Wyoming and other areas in Dominion Energy's footprint can submit applications through April 30, 2019.
Dominion Energy will consider grant requests that focus on one or more of the following priorities:
For details and online application, please visit: https://www.dominionenergy.com/envirogrants.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/28/20192/26/2019 - Dominion Energy Sets Annual Meeting
Dominion Energy Sets Annual Meeting
Source: PR Newswire
RICHMOND, Va., Feb. 26, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), will hold its annual meeting of shareholders on Tuesday, May 7, 2019, at 9:30 a.m. ET. Details of the annual meeting will be included in the proxy statement delivered to shareholders in late March.
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SOURCE Dominion Energy
Article Date
2/26/2019SCE&G Announces Expiration, Final Results of Its Any and All Tender Offer
Source: PR Newswire
RICHMOND, Va., Feb. 26, 2019 /PRNewswire/ -- South Carolina Electric & Gas Company (SCE&G), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), today announced the results of its previously announced cash tender offer for any and all of its outstanding 3.500% First Mortgage Bonds due 2021, 4.100% First Mortgage Bonds due 2046 and 4.500% First Mortgage Bonds due 2064 (the SCE&G Any and All Bonds) (such offer, the SCE&G Any and All Offer).
Holders of all SCE&G Any and All Bonds validly tendered (and not validly withdrawn) at or prior to the Expiration Time (defined below) and accepted for purchase were eligible to receive the applicable Total Consideration set forth in the table below.
Title of Security | CUSIP Number | Total Consideration(1) | |
3.500% First Mortgage Bonds due 2021 | 837004CL2 | $1,015.10 | |
4.100% First Mortgage Bonds due 2046 | 837004CK4 | $1,011.36 | |
4.500% First Mortgage Bonds due 2064 | 837004CH1 | $1,043.62 | |
(1) Per $1,000 principal amount. | |||
In addition to the applicable Total Consideration set forth above, holders of the SCE&G Any and All Bonds accepted for purchase were eligible to receive accrued and unpaid interest on the tendered SCE&G Any and All Bonds from, and including, the last interest payment date for such bonds to, but not including, the settlement date for the SCE&G Any and All Bonds.
The withdrawal deadline for the SCE&G Any and All Offer of 5:00 p.m., New York City time, on Feb. 25, 2019 passed and was not extended. As of 5:00 p.m., New York City time, on Feb. 25, 2019 (the Expiration Time):
SCE&G accepted for payment and purchased all of the Tendered Bonds on Feb. 26, 2019. The terms and conditions of the SCE&G Any and All Offer are described in the offer to purchase, dated Feb. 19, 2019 (the Offer to Purchase). A copy of the Offer to Purchase is available at www.dfking.com/dei. Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.
RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. acted as dealer managers for the SCE&G Any and All Offer. For additional information regarding the terms of the SCE&G Any and All Offer, please contact RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (U.S.) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which acted as the Tender Agent and Information Agent for the SCE&G Any and All Offer, at (212) 269-5550 (for banks and brokers) or (866) 416-0576 (all others, toll-free) or email dei@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE SCE&G ANY AND ALL BONDS. THE SCE&G ANY AND ALL OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF SUCH OFFER THAT HOLDERS OF SCE&G ANY AND ALL BONDS SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE SCE&G ANY AND ALL BONDS IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
Neither SCE&G nor any of its affiliates, its board of directors, the dealer managers, the tender and information agent or the trustee with respect to the SCE&G Any and All Bonds made any recommendation as to whether Holders should tender any SCE&G Any and All Bonds in response to the SCE&G Any and All Offer, and neither SCE&G nor any other such person authorized any person to make any such recommendation.
About SCE&G
Based in Cayce, S.C., South Carolina Electric & Gas Company is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state. Please visit www.sceg.com to learn more.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that SCE&G expects or anticipates will occur in the future are forward-looking statements, and SCE&G's ability to predict results or the actual effect of future events is inherently uncertain. Although SCE&G believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. SCE&G undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
2/26/2019Dominion Energy Releases Statement Regarding Atlantic Coast Pipeline
Source: PR Newswire
RICHMOND, Va., Feb. 26, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today provided the following statement:
"Yesterday afternoon, the U.S. Court of Appeals for the Fourth Circuit denied the Atlantic Coast Pipeline's (ACP) request for an en banc rehearing related to the Court's invalidation of the project's U.S. Forest Service Appalachian Trail crossing authorization. ACP's en banc petition was supported by the Department of Justice on behalf of the U.S. Forest Service, as well as several prominent industry, labor, and business groups.
"Dominion Energy expects an appeal to be filed to the Supreme Court of the United States in the next 90 days. The company is also pursuing legislative and administrative options as previously discussed on Dominion Energy's Feb. 1, 2019 earnings call. We are confident that the U.S. Departments of Interior and Agriculture have the authority to resolve the Appalachian Trail crossing issue administratively in a manner that satisfies the Court's stated objection and in a timeframe consistent with a restart of at least partial construction during the third quarter. We will continue to work to resolve the outstanding biological opinion issue as well as any impediments to the project's crossing of the Appalachian Trail, and believe, as a result, that at least partial construction will recommence in the third quarter of 2019.
"The project cost and timing guidance provided on the company's Feb. 1 earnings call fully contemplated the possibility of an unsuccessful en banc request. Therefore, yesterday's Fourth Circuit decision does not alter our operating EPS guidance as provided to the investment community on that call. Dominion Energy remains confident in the full completion of the Atlantic Coast Pipeline along the entire 600-mile route."
Dominion Energy is a 48% owner of the Atlantic Coast Pipeline.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/26/2019Dominion Energy to Host Investor Day Meetings on March 25, 2019
Source: PR Newswire
RICHMOND, Va., Feb. 25, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) will host investor day meetings on March 25, 2019. The first presentation will begin at 9:30 a.m. ET and include general financial updates. The second presentation will begin at 1:30 p.m. ET and include updates related to the company's sustainability and environmental, social, and governance ("ESG") initiatives.
Both presentations will be available live via online webcast accessible through the company's investor relations page at https://investors.dominionenergy.com/events-and-presentations/default.aspx. Participants will be given instructions during the presentations on how to submit questions electronically.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-to-host-investor-day-meetings-on-march-25-2019-300801268.html
SOURCE Dominion Energy
Article Date
2/25/2019SCE&G Announces Pricing of Its Any and All Tender Offer
Source: PR Newswire
RICHMOND, Va., Feb. 25, 2019 /PRNewswire/ -- South Carolina Electric & Gas Company (SCE&G), a wholly owned subsidiary of Dominion Energy, Inc. (NYSE: D), today announced the pricing of its previously announced cash tender offer for any and all of its outstanding 3.500% First Mortgage Bonds due 2021, 4.100% First Mortgage Bonds due 2046 and 4.500% First Mortgage Bonds due 2064 (the SCE&G Any and All Bonds) (such offer, the SCE&G Any and All Offer).
The terms and conditions of the SCE&G Any and All Offer are described in the offer to purchase, dated Feb. 19, 2019 (the Offer to Purchase). Copies of the Offer to Purchase and the form of notice of guaranteed delivery are available at www.dfking.com/dei. Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.
The Total Consideration (as defined in the Offer to Purchase) for each $1,000 principal amount of the SCE&G Any and All Bonds validly tendered and accepted for purchase pursuant to the SCE&G Any and All Offer was determined in the manner described in the Offer to Purchase by reference to the applicable Fixed Spread set forth in the table below plus the applicable yield to maturity of the applicable U.S. Treasury Reference Security set forth in the table below based on the bid-side price of such Reference Security as measured as of 2:00 p.m., New York City time, on Feb. 25, 2019 (the SCE&G Any and All Price Determination Date).
The table below sets forth, among other things, the CUSIP Numbers, Fixed Spread, U.S. Treasury Reference Security and Total Consideration for the SCE&G Any and All Bonds as determined on the SCE&G Any and All Price Determination Date.
Title of Security | CUSIP Number | Reference U.S. Treasury Security | Bloomberg Reference Page | Fixed Spread (basis points) | Total Consideration(1) | |
3.500% First Mortgage Bonds due 2021 | 837004CL2 | 2.500% due 01/31/2021 | FIT1 | 35 | $1,015.10 | |
4.100% First Mortgage Bonds due 2046 | 837004CK4 | 3.375% due 11/15/2048 | FIT1 | 100 | $1,011.36 | |
4.500% First Mortgage Bonds due 2064 | 837004CH1 | 3.375% due 11/15/2048 | FIT1 | 125 | $1,043.62 | |
(1) Per $1,000 principal amount. | ||||||
In addition to the Total Consideration, holders of the SCE&G Any and All Bonds whose SCE&G Any and All Bonds are accepted for purchase will also be paid accrued and unpaid interest with respect to their tendered SCE&G Any and All Bonds from, and including, the last interest payment date for such bonds to, but not including, the SCE&G Any and All Settlement Date (defined below), in each case rounded to the nearest cent. Accrued interest will be payable on the SCE&G Any and All Settlement Date.
The SCE&G Any and All Offer will expire at 5:00 p.m., New York City time, on Feb. 25, 2019, unless extended or earlier terminated (the SCE&G Any and All Expiration Time). SCE&G expressly reserves the right to extend the SCE&G Any and All Offer at any time and may amend or terminate such offer, if before such time as any SCE&G Any and All Bonds have been accepted for payment pursuant to the SCE&G Any and All Offer, any condition of such offer is not satisfied or, where applicable, waived by SCE&G.
SCE&G expects to settle the SCE&G Any and All Offer one business day following the SCE&G Any and All Expiration Time (the SCE&G Any and All Settlement Date). Assuming the SCE&G Any and All Offer is not extended and all conditions of such Offer have been satisfied or, where applicable, waived by SCE&G, SCE&G expects that the SCE&G Any and All Settlement Date will be Feb. 26, 2019.
Holders intending to utilize the notice of guaranteed delivery should refer to the discussion of the procedures for tendering through guaranteed delivery contained in the Offer to Purchase. SCE&G expects to settle with respect to any SCE&G Any and All Bonds validly tendered through guaranteed delivery and accepted for purchase on Feb. 28, 2019.
RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. are acting as dealer managers for the SCE&G Any and All Offer. For additional information regarding the terms of the SCE&G Any and All Offer, please contact RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (U.S.) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the SCE&G Any and All Offer, at (212) 269-5550 (for banks and brokers) or (866) 416-0576 (all others, toll-free) or email dei@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE SCE&G ANY AND ALL BONDS. THE SCE&G ANY AND ALL OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF SUCH OFFER THAT HOLDERS OF SCE&G ANY AND ALL BONDS SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE SCE&G ANY AND ALL BONDS IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
Neither SCE&G nor any of its affiliates, its board of directors, the dealer managers, the tender and information agent or the trustee with respect to the SCE&G Any and All Bonds is making any recommendation as to whether Holders should tender any SCE&G Any and All Bonds in response to the SCE&G Any and All Offer, and neither SCE&G nor any other such person has authorized any person to make any such recommendation. Holders are urged to evaluate all of the information set forth in the Offer to Purchase, consult their own advisors and make their own decision as to whether to tender any of their SCE&G Any and All Bonds in the SCE&G Any and All Offer, and, if so, the principal amount of such bonds to tender.
About SCE&G
Based in Cayce, S.C., South Carolina Electric & Gas Company is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state. Please visit www.sceg.com to learn more.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that SCE&G expects or anticipates will occur in the future are forward-looking statements, and SCE&G's ability to predict results or the actual effect of future events is inherently uncertain. Although SCE&G believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. SCE&G undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
2/25/2019SCANA, SCE&G Launch Cash Tender Offers for Certain Outstanding Debt Securities
Source: PR Newswire
RICHMOND, Va., Feb. 19, 2019 /PRNewswire/ -- SCANA Corporation (SCANA) and South Carolina Electric & Gas Company (SCE&G, and, together with SCANA, the Companies), which are wholly owned subsidiaries of Dominion Energy, Inc. (NYSE: D), today announced the commencement of cash tender offers for certain of each Company's outstanding debt securities. The Offers (defined below) are composed of:
The tables below set forth, among other things, the CUSIP numbers and principal amount outstanding with respect to the Debt Securities in the Offers.
SCE&G Any and All Bonds
Title of Security | CUSIP Number | Principal Amount | Reference | Bloomberg | Fixed Spread | |||||
3.500% First Mortgage Bonds due 2021 | 837004CL2 | $300,000,000 | 2.500% due 01/31/2021 | FIT 1 | 35 | |||||
4.100% First Mortgage Bonds due 2046 | 837004CK4 | $425,000,000 | 3.375% due 11/15/2048 | FIT 1 | 100 | |||||
4.500% First Mortgage Bonds due 2064 | 837004CH1 | $375,000,000 | 3.375% due 11/15/2048 | FIT 1 | 125 |
SCE&G Waterfall Bonds
Title of Security | CUSIP Number | Principal | Acceptance | Reference U.S. Treasury Security | Bloomberg | Early Tender | Fixed | |||||||
4.350% First Mortgage Bonds due 2042 | 837004CF5 | $500,000,000 | 1 | 3.375% due 11/15/2048 | FIT 1 | $30 | 100 | |||||||
4.250% First Mortgage Bonds due 2028 | 837004CM0 | $400,000,000 | 2 | 2.625% due 02/15/2029 | FIT 1 | $30 | 65 | |||||||
4.600% First Mortgage Bonds due 2043 | 837004CG3 | $400,000,000 | 3 | 3.375% due 11/15/2048 | FIT 1 | $30 | 105 | |||||||
5.250% First Mortgage Bonds due 2035 | 837004BZ2 | $100,000,000 | 4 | 3.375% due 11/15/2048 | FIT 1 | $30 | 135 | |||||||
5.500% First Mortgage Bonds due 2039 | 837004CD0 | $150,000,000 | 5 | 3.375% due 11/15/2048 | FIT 1 | $30 | 135 | |||||||
5.800% First Mortgage Bonds due 2033 | 837004BW9 | $200,000,000 | 6 | 2.625% due 02/15/2029 | FIT 1 | $30 | 125 | |||||||
5.300% First Mortgage Bonds due 2033 | 837004BX7 | $300,000,000 | 6 | 2.625% due 02/15/2029 | FIT 1 | $30 | 110 | |||||||
5.450% First Mortgage Bonds due 2041 | 837004CE8 | $350,000,000 | 6 | 3.375% due 11/15/2048 | FIT 1 | $30 | 110 | |||||||
5.100% First Mortgage Bonds due 2065 | 837004CJ7 | $500,000,000 | 6 | 3.375% due 11/15/2048 | FIT 1 | $30 | 130 |
SCANA Notes
Title of Security | CUSIP Number | Principal | Reference U.S. Treasury Security | Bloomberg | Early Tender | Fixed | ||||||
6.250% Medium Term Notes due 2020 | 80589MAB8 | $250,000,000 | 2.500% due 01/31/2021 | FIT 1 | $30 | 65 | ||||||
4.750% Medium Term Notes due 2021 | 80589MAD4 | $300,000,000 | 2.500% due 01/31/2021 | FIT 1 | $30 | 70 | ||||||
4.125% Medium Term Notes due 2022 | 80589MAE2 | $250,000,000 | 2.500% due 02/15/2022 | FIT 1 | $30 | 85 |
(1) | The Total Consideration for SCE&G Waterfall Bonds and SCANA Notes validly tendered prior to the SCE&G Waterfall Early Tender Deadline (defined below) or the SCANA Early Tender Deadline (defined below), as applicable, and accepted for purchase will include the applicable Early Tender Premium (defined below). |
The terms and conditions of the Offers are described in the Offer to Purchase, dated Feb. 19, 2019 (the Offer to Purchase). Copies of the Offer to Purchase and the form of notice of guaranteed delivery are available at www.dfking.com/dei.
The SCE&G Any and All Offer
The SCE&G Any and All Offer will expire at 5:00 p.m., New York City time, on Feb. 25, 2019, unless extended or earlier terminated by SCE&G (such date and time, as the same may be extended, the SCE&G Any and All Expiration Time). Holders of SCE&G Any and All Bonds must validly tender and not properly withdraw their SCE&G Any and All Bonds at or prior to the SCE&G Any and All Expiration Time to be eligible to receive the applicable Total Consideration, plus accrued interest. Validly tendered SCE&G Any and All Bonds may be withdrawn at any time (A) at or prior to the earlier of (i) 5:00 p.m., New York City Time, on Feb. 25, 2019, unless extended by SCE&G, and (ii) if the SCE&G Any and All Expiration Time is extended, the 10th business day after the date of the Offer to Purchase and (B) after the 60th business day after the date of the Offer to Purchase if the SCE&G Any and All Offer has not been consummated as of such date (such date and time, as applicable, the SCE&G Any and All Withdrawal Deadline).
The SCE&G Any and All Settlement Date is the date that SCE&G accepts for purchase SCE&G Any and All Bonds validly tendered and not withdrawn at or prior to the SCE&G Any and All Expiration Time, provided that all applicable conditions have been satisfied or waived by SCE&G. SCE&G expects such date to be the business day following the SCE&G Any and All Expiration Time.
The SCE&G Waterfall Offer
The SCE&G Waterfall Offer will expire at 11:59 p.m., New York City time, on March 18, 2019, unless extended or earlier terminated by SCE&G (such date and time, as the same may be extended, the SCE&G Waterfall Expiration Time). Holders of SCE&G Waterfall Bonds must validly tender and not properly withdraw their SCE&G Waterfall Bonds at or prior to 5:00 p.m., New York City time, on March 4, 2019, unless extended by SCE&G (such date at time, as the same may be extended, the SCE&G Waterfall Early Tender Deadline), to be eligible to receive, subject to the SCE&G Waterfall Cap, the SCE&G Waterfall Acceptance Priority Levels and proration, as applicable, the applicable Total Consideration, which includes the Early Tender Premium (as set forth in the table above), plus accrued interest. Any SCE&G Waterfall Bonds validly tendered after the SCE&G Waterfall Early Tender Deadline but prior to or at the SCE&G Waterfall Expiration Time will be eligible to receive only the applicable Late Tender Offer Consideration (as defined in the Offer to Purchase), plus accrued interest. Validly tendered SCE&G Waterfall Bonds may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on March 4, 2019, unless extended by SCE&G (such date and time, as the same may be extended, the SCE&G Waterfall Withdrawal Deadline), but not thereafter.
Subject to the SCE&G Waterfall Cap, SCE&G Waterfall Bonds will be accepted for purchase based on the acceptance priority levels set forth in the table above (such priority levels, the SCE&G Waterfall Acceptance Priority Levels). If the SCE&G Waterfall Offer is not fully subscribed as of the SCE&G Waterfall Early Tender Deadline, all SCE&G Waterfall Bonds validly tendered prior to or at the SCE&G Waterfall Early Tender Deadline will have priority over any SCE&G Waterfall Bonds validly tendered after the SCE&G Waterfall Early Tender Deadline, regardless of the SCE&G Waterfall Acceptance Priority Level of such bonds (such priority, the SCE&G Waterfall Early Tender Priority). Furthermore, if the SCE&G Waterfall Offer is fully subscribed as of the SCE&G Waterfall Early Tender Deadline, Holders who tender their SCE&G Waterfall Bonds following the SCE&G Waterfall Early Tender Deadline will not have any of their SCE&G Waterfall Bonds accepted for purchase. SCE&G Waterfall Bonds of a given series may be subject to proration if the aggregate principal amount of such SCE&G Waterfall Bonds validly tendered would cause the SCE&G Waterfall Cap to be exceeded. Series of SCE&G Waterfall Bonds that share the same SCE&G Waterfall Acceptance Priority Level will be treated equally (as though they constitute a single series of SCE&G Waterfall Bonds) for purposes of acceptance and proration, subject to the priority given to any such SCE&G& Waterfall Bonds validly tendered prior to or at the SCE&G Waterfall Early Tender Deadline.
The SCE&G Waterfall Early Settlement Date is the date that SCE&G accepts for purchase SCE&G Waterfall Bonds validly tendered and not withdrawn at or prior to the SCE&G Waterfall Early Tender Deadline and the SCE&G Waterfall Final Settlement Date is the date that SCE&G accepts for purchase SCE&G Waterfall Bonds validly tendered after the SCE&G Waterfall Early Tender Deadline but prior to or at the SCE&G Waterfall Expiration Time, if any, provided, in each case, that all applicable conditions have been satisfied or waived by SCE&G. SCE&G currently expects the SCE&G Waterfall Early Settlement Date and the SCE&G Waterfall Final Settlement Date to be the second business day following the SCE&G Waterfall Early Tender Deadline and SCE&G Waterfall Expiration Time, respectively.
The SCANA Offer
The SCANA Offer will expire at 11:59 p.m., New York City time, on March 18, 2019, unless extended or earlier terminated by SCANA (such date and time, as the same may be extended, the SCANA Expiration Time). Holders of SCANA Notes must validly tender and not properly withdraw their SCANA Notes at or prior to 5:00 p.m., New York City time, on March 4, 2019, unless extended by SCANA (such date and time, as the same may be extended, the SCANA Early Tender Deadline), to be eligible to receive, subject to the SCANA Offer Cap and proration, as applicable, the applicable Total Consideration, which includes the applicable Early Tender Premium (as set forth in the table above), plus accrued interest. SCANA Notes tendered after the SCANA Early Tender Deadline but prior to or at the SCANA Expiration Time will only be eligible to receive, subject to the SCANA Offer Cap and proration, as applicable, the applicable Late Tender Offer Consideration plus accrued interest. Validly tendered SCANA Notes may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on March 4, 2019, unless extended by SCANA (such date and time, as the same may be extended, the SCANA Withdrawal Deadline), but not thereafter.
SCANA will accept for purchase only SCANA Notes in an aggregate principal amount that will not result in an aggregate purchase price for such notes that exceeds the SCANA Offer Cap. SCANA reserves the right, but is under no obligation to, increase the SCANA Offer Cap in its sole and absolute discretion without extending the SCANA Offer Withdrawal Deadline or otherwise reinstating withdrawal rights, except as required by applicable law. Validly tendered SCANA Notes may be subject to proration if the aggregate principal amount of such SCANA Notes would cause the SCANA Offer Cap to be exceeded. If the SCANA Offer is fully subscribed as of the SCANA Early Tender Deadline, Holders who tender their SCANA Notes following the SCANA Early Tender Deadline will not have any of their SCANA Notes accepted for purchase. Each series of SCANA Notes will be treated equally (as though they constitute a single series of SCANA Notes) for purposes of acceptance and proration, subject to the priority given to any such SCANA Notes validly tendered prior to or at the SCANA Early Tender Deadline.
The SCANA Early Settlement Date is the date that SCANA accepts for purchase SCANA Notes validly tendered and not withdrawn at or prior to the SCANA Early Tender Deadline, and the SCANA Final Settlement Date is the date that SCANA accepts for purchase SCANA Notes validly tendered after the SCANA Early Tender Deadline but prior to or at the SCANA Expiration Time, if any, provided, in each case, that all applicable conditions have been satisfied or waived by SCANA. SCANA currently expects the SCANA Early Settlement Date and the SCANA Final Settlement Date to be the second business day following the SCANA Early Tender Deadline and the SCANA Expiration Time, respectively.
Other Information with Respect to the Offers
Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.
RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. are acting as dealer managers for the Offers. For additional information regarding the terms of the Offers, please contact RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (U.S.) or U.S. Bancorp Investments, Inc. at (877) 558-2607 (toll-free) or (612) 336-7604 (collect). Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offers, at (212) 269-5550 (for banks and brokers) or (866) 416-0576 (all others, toll-free) or email dei@dfking.com.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE DEBT SECURITIES. THE OFFERS ARE BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF THE OFFERS THAT HOLDERS OF THE DEBT SECURITIES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE DEBT SECURITIES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFERS TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFERS WILL BE DEEMED TO BE MADE ON BEHALF OF THE OFFEROR BY ANY OR ALL DEALER MANAGERS, IF ONE OR MORE OF THE DEALER MANAGERS ARE LICENSED BROKERS OR DEALERS UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKER DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.
None of the Companies, or their respective affiliates, their respective boards of directors, the dealer managers, the tender and information agent or the trustee with respect to any series of Debt Securities is making any recommendation as to whether Holders should tender any Debt Securities in response to any of the Offers, and neither the Companies nor any other such person has authorized any person to make any such recommendation. Holders are urged to evaluate all of the information set forth in the Offer to Purchase, consult their own advisors and make their own decision as to whether to tender any of their Debt Securities in the Offers, and, if so, the principal amount of Debt Securities to tender.
About SCANA
SCANA Corporation is a first-tier, wholly owned subsidiary of Dominion Energy that houses energy businesses in the Carolinas and Georgia.
About SCE&G
Based in Cayce, S.C., South Carolina Electric & Gas Company is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state. Please visit www.sceg.com to learn more.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that SCANA and SCE&G expect or anticipate will occur in the future are forward-looking statements, and SCANA's and SCE&G's abilities to predict results or the actual effect of future events is inherently uncertain. Although SCANA and SCE&G believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, they can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will be consummated.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. SCANA and SCE&G undertake no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
2/19/20192/14/2019 - Dominion Energy Adds Two New Directors
Dominion Energy Adds Two New Directors
Source: PR Newswire
RICHMOND, Va., Feb. 14, 2019 /PRNewswire/ -- The board of directors of Dominion Energy, Inc. (NYSE: D), has elected two new directors, James A. Bennett and D. Maybank Hagood, effective Feb. 15, 2019.
During the Dominion Energy-SCANA merger process, the company committed to appoint a member of SCANA's board or executive team to Dominion Energy's board of directors. Both previously served on SCANA's board of directors.
The company also announced the resignation from the board of William P. Barr, effective Feb. 12, 2019. Barr was nominated by President Donald Trump in December to be U.S. Attorney General, and he was confirmed today. Barr joined Dominion Energy's board in 2009 and chaired the Compensation, Governance and Nominating Committee at the time of his resignation.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"These two distinguished South Carolinians are business and banking leaders in the Palmetto State and bring to our board insights into the state and its energy needs, and hands-on familiarity with our operations there. They are terrific additions to our board, and we look forward to working with them to better serve our customers and be excellent stewards of our investors' money.
"The company will also miss Bill Barr. He served on our board with distinction and always provided wise and pragmatic counsel. We wish him well as our nation's 85th Attorney General."
Bennett has been South Carolina Mid-South Area executive for First-Citizens Bank & Trust in Columbia, S.C., since January 2015. He joined the bank in 1994 and, prior to his most recent promotion, was executive vice president, director of Public Affairs and chief diversity officer for 12 years.
Bennett served on the board of SCANA from 1997 until SCANA's merger with Dominion Energy. At the time of the merger, he served as chair of the Compensation Committee and as a member of the Audit and Executive Committees. He has been actively involved with the Columbia Urban League for more than 25 years, having previously served as League chairman, and is the former chairman of the board of Claflin University. Bennett currently serves as the vice chair of the South Carolina Bankers Association and is a member of the board of directors of Prisma Health.
Bennett earned a bachelor degree in political science from the University of South Carolina, and is a graduate of the South Carolina Bankers School.
Hagood has been chief executive officer of Charleston, S.C.-based Southern Diversified Distributors, Inc., since 2003, and has been chairman since 2012. He has also been chief executive officer of Southern Diversified subsidiary William M. Bird and Company, Inc., since 1993, having previously served as its president until June 2009.
He sat on SCANA's board from 1999 until SCANA's merger with Dominion Energy. In 2018, he served as chairman of the board, having previously served as the board's lead director and chair of the Audit Committee. Hagood has served as a board member and chair of a variety of businesses and civic and charitable organizations during the past 25 years.
Hagood received a bachelor's in English from the University of Virginia (UVA), and later earned his MBA from UVA's Darden School of Business.
The additions of Bennett and Hagood, and the resignation of Barr, will bring the board's membership to 13.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.dominionenergy.com to learn more.
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SOURCE Dominion Energy
Article Date
2/14/2019Dominion Energy to Reduce Methane Emissions from Natural Gas Infrastructure by 50 percent Over the Next Decade
Source: PR Newswire
RICHMOND, Va., Feb. 12, 2019 /PRNewswire/ -- Dominion Energy (NYSE:D) announced today an historic, industry-leading initiative to reduce methane emissions from its natural gas infrastructure by 50 percent over the next decade, based on 2010 levels. The initiative will prevent more than 430,000 metric tons of methane from entering the atmosphere, the equivalent of taking 2.3 million cars off the road for a year or planting nearly 180 million new trees.
This voluntary initiative builds on the significant progress Dominion Energy has made in reducing methane emissions over the last decade, which prevented more than 180,000 metric tons of methane from entering the atmosphere, equivalent to taking almost 1 million cars off the road for a year or planting 75 million new trees. The initiative also builds on the 50 percent reduction in carbon emissions Dominion Energy has achieved across its electric fleet since 2000, and the significant advances it is making with renewable energy.
"We recognize we need to do more to reduce greenhouse gas emissions to further combat climate change," said Diane Leopold, President and CEO of Dominion Energy's Gas Infrastructure Group. "We've made significant progress, but we're determined to go much further. With this initiative, we are transforming the way we do business to build a more sustainable future for the planet, our customers, and our industry."
Industry-Leading Initiative
Methane is the primary component of natural gas, which is used to heat 118 million American homes, generate one-third of the nation's electricity, and power manufacturing and other industries. Natural gas is transported to power plants, homes and businesses across the U.S. through a 2.5 million-mile national underground pipeline system.
Dominion Energy will achieve the historic emissions reductions announced today in three primary ways:
Over the last decade, the industry has made progress in reducing methane emissions from natural gas production and distribution systems. With the new initiative announced today, Dominion Energy is taking a leading role in the industry by reducing methane emissions across its entire system – from production and storage to transmission and distribution.
Reducing or eliminating venting during maintenance and inspection
Gas venting during planned maintenance and inspection is the largest source of methane emissions from Dominion Energy's transmission and distribution pipeline system. In order to perform maintenance or inspection on pipelines and compressor stations, natural gas sometimes has to be removed from the system, which was historically done by venting it into the atmosphere. A primary focus of the company's initiative will be dramatically reducing or even eliminating venting during maintenance activities.
One innovative example is the company's use of Zero Emissions Vacuum and Compression (ZEVAC®) technology to capture methane before maintenance or inspection so it can be recycled for use in other parts of the system. After piloting the technology on a limited scale, Dominion Energy recently purchased 16 ZEVAC® units from TPE Midstream for widespread use across its distribution and transmission pipeline systems.
"Instead of venting methane when we do maintenance or inspection, we're now capturing, recycling and reusing it so it stays in our system and out of the atmosphere," said Leopold.
"Thanks to advances in technology and innovations in our operating procedures, we can capture methane on a much larger scale than we could have ten years ago," said Mark Webb, Dominion Energy's Chief Innovation Officer. "We've tested and proven these technologies in some parts of our infrastructure, and now we're dramatically expanding them across the entire system."
Replacing older equipment with new, lower-emission equipment
While gas venting is the largest source of methane emissions, there are other minor sources that can add up to larger volumes. Dominion Energy is focused on reducing these sources by replacing older equipment with new low-emission equipment.
"A great example is our program to replace natural gas-powered pumps at our gas producing wells with solar-powered electric pumps, which reduces methane emissions at these facilities by more than 90 percent," said Leopold.
The company is also replacing other aging equipment across its system, including bare-steel pipe, cast-iron pipe, valves, fittings, joints and seals to reduce or even eliminate these emissions sources.
Expanding leak detection and repair programs across the entire system
Even after reducing emissions from gas venting and aging equipment, there is still more the company can do to reduce minor emissions that are often the hardest to detect because they are odorless and cannot be seen or heard.
Over the last decade, Dominion Energy has made significant progress finding even the smallest emissions using infrared cameras. This program will be dramatically expanded to detect and repair these minor emissions sources across every part of the company's natural gas system – from production and storage to transmission and distribution.
For more information about Dominion Energy's initiative to reduce methane emissions, visit www.DominionEnergy.com/methane-reduction.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dominion-energy-to-reduce-methane-emissions-from-natural-gas-infrastructure-by-50-percent-over-the-next-decade-300794129.html
SOURCE Dominion Energy
Article Date
2/12/20192/11/2019 - SCE&G Customers to See Benefits of Dominion Energy-SCANA Merger Beginning with February Bills
SCE&G Customers to See Benefits of Dominion Energy-SCANA Merger Beginning with February Bills
Source: PR Newswire
CAYCE, S.C., Feb. 11, 2019 /PRNewswire/ -- Beginning with the February billing cycle, customers of SCE&G, a wholly owned subsidiary of Dominion Energy, will begin seeing the benefits of the Dominion Energy-SCANA merger reflected in their monthly energy bills in the form of long-term lower electric bills.
"Dominion Energy committed to the Public Service Commission (Commission) of South Carolina that SCE&G customers will continue to experience savings on their electric bills as a result of Dominion Energy's levelized Customer Benefits Plan," said Rodney Blevins, president & chief executive officer of the Southeast Energy Group, which houses SCANA Corporation's operating and services companies, including SCE&G. "The new billing levels are part of the recent combination of Dominion Energy with SCANA after a three-week public hearing before the Commission."
Benefits to customers resulting from the merger include the following:
Additionally, customers will see the following reductions to their electric bills beginning in May, subject to regulatory approvals:
In addition to annual DSM and fuel-adjustment filings, the Company will file a general rate case in mid-2020 that will incorporate merger savings and changes in cost of service, among other things. Any changes to rates approved by the Commission affecting customers' monthly bills would take effect Jan. 1, 2021, in compliance with Dominion Energy's merger commitment to freeze base rates until then.
Company addresses customer questions about cash refunds
In recent weeks, the Company has received questions about the status of up-front cash refunds that were a key feature of the original merger proposal. The Customer Benefits Plan Dominion Energy originally proposed in conjunction with the merger included an offer to provide SCE&G electric customers a one-time cash payment totaling $1.3 billion, which would have been a $1,000 cash payment to the average residential customer.
Over the course of the regulatory proceedings, the Company became aware of significant support from policymakers and other key stakeholders for a plan that focused more on long-term bill relief instead of up-front cash refunds.
"After listening to policymakers and other key participants, we developed and offered a plan to lower bills as much as we could while still providing equivalent or greater value for customers," Blevins said. "While this option eliminated the one-time payment of $1,000 for an average residential customer as we originally proposed, it produced a significantly larger decrease to electric bills. We understand some customers will be disappointed that refund checks are not included in the final approved plan, but we believe customers and South Carolina will benefit from the lower payments. The lower electric bills will also help make South Carolina more competitive in attracting new business to the state by taking SCE&G's bills from among the highest in the region to levels near the regional average, and well below the national average."
About SCE&G
Based in Cayce, S.C., South Carolina Electric & Gas Company is a wholly owned subsidiary of Dominion Energy. The regulated public utility is engaged in the generation, transmission, distribution and sale of electricity to approximately 731,000 customers in the central, southern and southwestern portions of South Carolina. The company also provides natural gas service to approximately 379,000 customers throughout the state. Please visit www.sceg.com to learn more.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/sceg-customers-to-see-benefits-of-dominion-energy-scana-merger-beginning-with-february-bills-300792915.html
SOURCE Dominion Energy
Article Date
2/11/2019Seven Trailblazers Named 2019 'Strong Men & Women in Virginia History'
Source: PR Newswire
RICHMOND, Va., Feb. 8, 2019 /PRNewswire/ -- Dominion Energy and the Library of Virginia celebrated the achievements of seven African-American leaders during the seventh annual "Strong Men & Women in Virginia History" awards program held Thursday, Feb. 7, at the Richmond Marriott. The program honors prominent African Americans past and present who have made noteworthy and admirable contributions to the commonwealth, the nation and their professions.
"These honorees have persevered through struggles and challenges to become members of the armed forces, authors, community leaders, educators, judges and politicians," said Bill Murray, senior vice president – Corporate Affairs & Communications, Dominion Energy. "They are a strong example for people who wish to serve their communities, and we are pleased to recognize them for their leadership and accomplishments."
"The Library of Virginia is delighted to partner with Dominion Energy again in 2019 to make the Strong Men & Women in Virginia History program possible," said Librarian of Virginia Sandra G. Treadway. "The life stories and accomplishments of the men and women honored this year are powerful and inspirational, and it is wonderful to have this opportunity to share their contributions with a wide audience."
This year's honorees are:
- | Kwame Alexander | Writer and Youth Advocate, Fairfax County |
- | Lawrence A. Davies | Minister and Civic Leader, Fredericksburg |
- | Fannie W. Fitzgerald* | Educator & Elementary School Supervisor, Prince William County |
- | Deanna Reed | Mayor and Mentor, Harrisonburg |
- | William T. Stone* | Judge and Civic Leader, Williamsburg |
- | Gladys B. West | Mathematician and Educator, King George County |
- | Andrew J. White Sr. | Minister and Community Activist, Petersburg |
*Posthumous honor |
Four high school student essay winners were also recognized during the ceremony. Each wrote essays, selected from over 200 entries, about what equality means to them.
The winners of the 2019 Strong Men & Women in Virginia History student essay competition are:
- | Erika Garcia | Washington-Lee High School, Arlington |
- | Katherine Stenner | Clover Hill High School, Chesterfield |
- | Loren Vermillion | Gate City High School, Gate City |
- | William Lee Williams | Granby High School, Norfolk |
Each student will receive an Apple MacBook Air laptop and $1,000 for their school.
NOTE TO EDITORS:
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education, and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
About the Library of Virginia
The Library of Virginia (www.lva.virginia.gov), located in historic downtown Richmond, holds the world's most extensive collection of material about the Old Dominion and has been a steward of the commonwealth's documentary and printed heritage since 1823. The story of Virginia and Virginians has been told in many ways since 1607. At the Library of Virginia it is told through more than 119 million manuscripts and nearly 2.5 million books, serials, bound periodicals, microfilm reels, newspapers and state and federal documents, each an individual tile in the vast and colorful mosaic of Virginia's experience.
View original content to download multimedia:http://www.prnewswire.com/news-releases/seven-trailblazers-named-2019-strong-men--women-in-virginia-history-300792431.html
SOURCE Dominion Energy
Article Date
2/8/2019Dominion Energy Announces Fourth-Quarter and Full-Year 2018 Earnings, Provides Atlantic Coast Pipeline Update
Source: PR Newswire
RICHMOND, Va., Feb. 1, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2018 of $641 million ($0.97 per share) compared with earnings of $1.3 billion ($2.04 per share) for the same period in 2017. Reported earnings for the twelve months ended Dec. 31, 2018 were $2.4 billion ($3.74 per share) compared with earnings of $3.0 billion ($4.72 per share) for the same period in 2017.
Operating earnings for the three months ended Dec. 31, 2018, were $592 million ($0.89 per share), compared with operating earnings of $585 million ($0.91 per share) for the same period in 2017. The difference was primarily attributable to lower renewable energy investment tax credits, higher storm restoration expense and higher interest expense partially offset by the Cove Point liquefaction project and the benefit of tax reform.
Operating earnings for the twelve months ended Dec. 31, 2018 were $2.7 billion ($4.05 per share) compared with operating earnings of $2.3 billion ($3.60 per share) for the same period in 2017. The difference was primarily attributable to the Cove Point liquefaction project, the benefit of tax reform, favorable weather in our regulated service territory, growth projects, and one fewer refueling outage at Millstone Power Station, partially offset by lower renewable energy investment tax credits, higher storm restoration expense, higher electric capacity expense, higher interest expense and share dilution.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, 3 and 4 of this release.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Our full-year 2018 operating earnings per share grew 12.5% compared to 2017 and exceeded our guidance range midpoint. During 2018 we completed several important initiatives that position us for success in 2019 including the commercial in-service of both the Cove Point liquefaction project and the Greensville Power Station, the sale of non-core assets, the reduction of approximately $8 billion of parent-level debt, and the improvement of our credit metrics. We also set a company record for safety for the second straight year with a recordable injury rate that is roughly half that of our peers.
"In addition we obtained all regulatory approvals necessary to complete our merger with SCANA which occurred on Jan. 1, 2019. As a result, we added several high-quality businesses to our existing best-in-class portfolio of state regulated businesses. We have created a new operating segment, known as the Southeast Energy Group, that comprises all former SCANA operations. We will continue to build trust with customers, employees, regulators, and elected representatives by being a responsible corporate citizen.
"In less than a year since the Grid Transformation and Security Act became law in Virginia, we have received approval from the Virginia State Corporation Commission for over $1 billion of capital investment. This bipartisan law provides a path to a sustainable and reliable energy future in the Commonwealth.
"Finally, on Jan. 28, 2019, we completed the merger of Dominion Energy Midstream Partners into Dominion Energy."
Operating earnings guidance
Dominion Energy expects 2019 operating earnings in the range of $4.05 to $4.40 per share, compared to full-year 2018 operating earnings of $4.05 per share. Positive drivers include the Cove Point liquefaction project, the addition of the Southeast Energy Group operating segment, and growth from regulated investment. The company expects negative drivers for the year to include the loss of earnings from 2018 non-core asset sales, share dilution, higher pension expense, and a return to normal weather.
First-quarter 2019 operating earnings are expected to be in the range of $1.05 to $1.25 per share.
Atlantic Coast Pipeline update
Dominion Energy also provided cost and schedule updates on the Atlantic Coast Pipeline project. The company currently expects that construction could recommence on the full route during the third quarter of 2019 with partial in-service in late 2020 and full in-service in early 2021. Based on that schedule, the company now expects the project cost to be between $7.0 and $7.5 billion, excluding financing costs. Similarly, the company currently expects the Supply Header project to enter commercial service in late 2020 at a project cost of $650 to $700 million.
Said Farrell:
"We remain highly confident in the successful and timely resolution of all outstanding permit issues as well as the ultimate completion of the entire project. We are actively pursuing multiple paths to resolve all outstanding permit issues including judicial, legislative, and administrative avenues. We will continue to accrue AFUDC equity earnings and expect ACP to contribute to our operating earnings in 2019, 2020 and for decades to come."
Additional information regarding the Atlantic Coast Pipeline project will be provided on the fourth quarter 2018 earnings call today.
Conference call today
The company will host its fourth-quarter earnings conference call at 10 a.m. ET on Friday, Feb. 1, 2019. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/.
A replay of the conference call will be available beginning about 2 p.m. ET Feb. 1 and lasting until 11 p.m. ET Feb. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 66744657. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 1.
Important note to investors regarding operating and reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings first-quarter and full-year 2019 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | |||||||
Consolidated Statements of Income * | |||||||
Unaudited (GAAP Based) | |||||||
(millions, except per share amounts) | |||||||
Three Months Ended | Year Ended | ||||||
December 31, | December 31, | ||||||
2018 | 2017 | 2018 | 2017 | ||||
Operating Revenue | $ 3,361 | $ 3,210 | $ 13,366 | $ 12,586 | |||
Operating Expenses | |||||||
Electric fuel and other energy-related purchases | 686 | 590 | 2,814 | 2,301 | |||
Purchased electric capacity | 35 | 14 | 122 | 6 | |||
Purchased gas | 236 | 260 | 645 | 701 | |||
Other operations and maintenance1 | 896 | 760 | 3,481 | 3,068 | |||
Depreciation, depletion and amortization | 513 | 484 | 2,000 | 1,905 | |||
Other taxes | 161 | 149 | 703 | 668 | |||
Total operating expenses | 2,527 | 2,257 | 9,765 | 8,649 | |||
Income from operations | 834 | 953 | 3,601 | 3,937 | |||
Other income (loss) | 363 | (33) | 1,021 | 358 | |||
Interest and related charges | 440 | 300 | 1,493 | 1,205 | |||
Income from continuing operations including noncontrolling | |||||||
interests before income tax expense (benefit) | 757 | 620 | 3,129 | 3,090 | |||
Income tax expense (benefit) | 95 | (713) | 580 | (30) | |||
Income from continuing operations including | |||||||
noncontrolling interests | 662 | 1,333 | 2,549 | 3,120 | |||
Noncontrolling interests | 21 | 21 | 102 | 121 | |||
Net Income attributable to Dominion | $ 641 | $ 1,312 | $ 2,447 | $ 2,999 | |||
Reported earnings per common share - diluted | $ 0.97 | $ 2.04 | $ 3.74 | $ 4.72 | |||
Average shares outstanding, diluted | 660.9 | 643.9 | 654.9 | 636.0 | |||
1) Includes impairment of assets and related charges and gains on sales of assets. | |||||||
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||||
Schedule 1 - Segment Reported and Operating Earnings | ||||||||
Unaudited | ||||||||
(millions, except earnings per share) | Three months ended December 31, | |||||||
2018 | 2017 | Change | ||||||
REPORTED EARNINGS 1 | $ 641 | $ 1,312 | $ (671) | |||||
Pre-tax loss (income) 2 | (50) | 207 | (257) | |||||
Income tax 2 | 1 | (934) | 935 | |||||
Adjustments to reported earnings | (49) | (727) | 678 | |||||
OPERATING EARNINGS | $ 592 | $ 585 | $ 7 | |||||
By segment: | ||||||||
Power Delivery | 123 | 141 | (18) | |||||
Power Generation | 216 | 311 | (95) | |||||
Gas Infrastructure | 374 | 285 | 89 | |||||
Corporate and Other | (121) | (152) | 31 | |||||
$ 592 | $ 585 | $ 7 | ||||||
Earnings Per Share (EPS): | ||||||||
REPORTED EARNINGS 1 | $ 0.97 | $ 2.04 | $ (1.07) | |||||
Adjustments to reported earnings (after tax) | (0.08) | (1.13) | 1.05 | |||||
OPERATING EARNINGS | $ 0.89 | $ 0.91 | $ (0.02) | |||||
By segment: | ||||||||
Power Delivery | 0.19 | 0.22 | (0.03) | |||||
Power Generation | 0.32 | 0.48 | (0.16) | |||||
Gas Infrastructure | 0.57 | 0.44 | 0.13 | |||||
Corporate and Other | (0.19) | (0.23) | 0.04 | |||||
$ 0.89 | $ 0.91 | $ (0.02) | ||||||
Common Shares Outstanding (average, diluted) | 660.9 | 643.9 | ||||||
(millions, except earnings per share) | Twelve months ended December 31, | |||||||
2018 | 2017 | Change | ||||||
REPORTED EARNINGS 1 | $ 2,447 | $ 2,999 | $ (552) | |||||
Pre-tax loss (income) 2 | 201 | 235 | (34) | |||||
Income tax 2 | 3 | (945) | 948 | |||||
Adjustments to reported earnings | 204 | (710) | 914 | |||||
OPERATING EARNINGS | $ 2,651 | $ 2,289 | $ 362 | |||||
By segment: | ||||||||
Power Delivery | 587 | 531 | 56 | |||||
Power Generation | 1,254 | 1,181 | 73 | |||||
Gas Infrastructure | 1,214 | 898 | 316 | |||||
Corporate and Other | (404) | (321) | (83) | |||||
$ 2,651 | $ 2,289 | $ 362 | ||||||
Earnings Per Share (EPS): | ||||||||
REPORTED EARNINGS 1 | $ 3.74 | $ 4.72 | $ (0.98) | |||||
Adjustments to reported earnings (after tax) | 0.31 | (1.12) | 1.43 | |||||
OPERATING EARNINGS | $ 4.05 | $ 3.60 | $ 0.45 | |||||
By segment: | ||||||||
Power Delivery | 0.90 | 0.83 | 0.07 | |||||
Power Generation | 1.92 | 1.86 | 0.06 | |||||
Gas Infrastructure | 1.85 | 1.41 | 0.44 | |||||
Corporate and Other | (0.62) | (0.50) | (0.12) | |||||
$ 4.05 | $ 3.60 | $ 0.45 | ||||||
Common Shares Outstanding (average, diluted) | 654.9 | 636.0 | ||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). |
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. |
Schedule 2 - Reconciliation of 2018 Operating Earnings to Reported Earnings | ||||||
2018 Earnings (Twelve months ended December 31, 2018) | ||||||
The $201 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items: | ||||||
(millions, except per share amounts) | 1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 20182 | |
Reported earnings | $503 | $449 | $854 | $641 | $2,447 | |
Adjustments to reported earnings 1: | ||||||
Pre-tax loss (income) | 305 | 145 | (199) | (50) | 201 | |
Income tax expense (benefit) | (67) | (34) | 103 | 1 | 3 | |
238 | 111 | (96) | (49) | 204 | ||
Operating earnings | $741 | $560 | $758 | $592 | $2,651 | |
Common shares outstanding (average, diluted) | 650.5 | 653.1 | 654.9 | 660.9 | 654.9 | |
Reported earnings per share | $0.77 | $0.69 | $1.30 | $0.97 | $3.74 | |
Adjustments to reported earnings (after-tax) | 0.37 | 0.17 | (0.15) | (0.08) | 0.31 | |
Operating earnings per share | $1.14 | $0.86 | $1.15 | $0.89 | $4.05 | |
1) Adjustments to reported earnings are reflected in the following table: | ||||||
1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | ||
Pre-tax loss (income): | ||||||
Sale of non-core assets | (70) | (689) | (759) | |||
Impairment of gathering & processing assets | 219 | 219 | ||||
Impact of Virginia rate legislation | 215 | 215 | ||||
Net (gain) loss on NDT funds | 43 | (50) | (149) | 326 | 170 | |
FERC-regulated plant disallowance | 122 | 2 | 124 | |||
Future ash pond and landfill closure costs | 81 | 81 | ||||
Storm costs | 31 | 43 | 74 | |||
Merger-related transaction and transition costs | 16 | 9 | 3 | 9 | 37 | |
Other | (17) | 15 | 42 | 40 | ||
$305 | $145 | ($199) | ($50) | $201 | ||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings * | (67) | (34) | 38 | 11 | (52) | |
Re-measurement of Deferred Tax balances ** | 47 | (1) | 46 | |||
Valuation Allowance *** | 18 | (9) | 9 | |||
($67) | ($34) | $103 | $1 | $3 | ||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||
** During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and to revise estimates made at year-end 2017. | ||||||
*** In 3Q18, a valuation allowance was established against the portion of a deferred tax asset associated with the non-core assets that was no longer projected of being utilized to offset future taxable income. In 4Q18, the amount was adjusted based on management's assessment that it is more-likely-than-not that a portion of the deferred tax asset would be realized in 2018, to reduce tax expense associated with the sale. | ||||||
2) YTD EPS may not equal sum of quarters due to share count difference. | ||||||
Schedule 3 - Reconciliation of 2017 Operating Earnings to Reported Earnings | ||||||
2017 Earnings (Twelve months ended December 31, 2017) | ||||||
The $235 million pre-tax net effect of the adjustments included in 2017 reported earnings, but excluded from operating earnings, is primarily related to the following items: | ||||||
The 2017 Tax Reform Act reduced the corporate income tax rate from 35% to 21%. Dominion Energy recognized $851 million of tax benefits resulting from the re-measurement of deferred income taxes to the new corporate income tax rate. | ||||||
(millions, except per share amounts) | 1Q17 | 2Q17 | 3Q17 | 4Q17 | YTD 20172 | |
Reported earnings | $632 | $390 | $665 | $1,312 | $2,999 | |
Adjustments to reported earnings 1: | ||||||
Pre-tax loss (income) | (31) | 47 | 12 | 207 | 235 | |
Income tax | 10 | (16) | (5) | (934) | (945) | |
(21) | 31 | 7 | (727) | (710) | ||
Operating earnings | $611 | $421 | $672 | $585 | $2,289 | |
Common shares outstanding (average, diluted) | 628.1 | 629.2 | 642.5 | 643.9 | 636.0 | |
Reported earnings per share | $1.01 | $0.62 | $1.03 | $2.04 | $4.72 | |
Adjustments to reported earnings (after-tax) | (0.04) | 0.05 | 0.01 | (1.13) | (1.12) | |
Operating earnings per share | $0.97 | $0.67 | $1.04 | $0.91 | $3.60 | |
1)Adjustments to reported earnings are reflected in the following table: | ||||||
1Q17 | 2Q17 | 3Q17 | 4Q17 | YTD 2017 | ||
Pre-tax loss (income): | ||||||
Impairments of equity method investments | 158 | 158 | ||||
Merger-related transaction & transition costs | 3 | 20 | 16 | 33 | 72 | |
Net gain on NDT funds | (34) | (3) | (4) | (5) | (46) | |
Other | 30 | 21 | 51 | |||
($31) | $47 | $12 | $207 | $235 | ||
Income tax expense (benefit): | ||||||
Tax effect of above adjustments to reported earnings * | 10 | (16) | (5) | (83) | (94) | |
Re-measurement of Deferred Tax Balances ** | (851) | (851) | ||||
$10 | ($16) | ($5) | ($934) | ($945) | ||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||
** Federal tax reform, enacted in December 2017, reduced the corporate income tax rate from 35% to 21%, effective 1/1/2018. Deferred taxes are required to be measured at the enacted rate in effect when they are expected to reverse. As a result, deferred taxes were re-measured to the 21% rate. For regulated entities, where the reduction in deferred taxes is expected to be recovered or refunded in future rates, the adjustment was recorded to a regulatory asset or liability instead of income tax expense. | ||||||
2) YTD EPS may not equal sum of quarters due to share count differences | ||||||
Schedule 4 - Reconciliation of 4Q18 Earnings to 4Q17 | |||||||
Preliminary, Unaudited | Three Months Ended | Twelve Months Ended | |||||
(millions, except EPS) | December 31, | December 31, | |||||
2018 vs. 2017 | 2018 vs. 2017 | ||||||
Increase / (Decrease) | Increase / (Decrease) | ||||||
Reconciling Items | Amount | EPS | Amount | EPS | |||
Change in reported earnings (GAAP) | ($671) | ($1.07) | ($552) | ($0.98) | |||
Change in Pre-tax loss (income) 1 | (257) | (34) | |||||
Change in Income tax 1 | 935 | 948 | |||||
Adjustments to reported earnings | $678 | $1.05 | $914 | $1.43 | |||
Change in consolidated operating earnings | $7 | ($0.02) | $362 | $0.45 | |||
Power Delivery 2 | |||||||
Regulated electric sales: | |||||||
Weather | $1 | $0.00 | $29 | $0.05 | |||
Other | 11 | 0.02 | 48 | 0.08 | |||
Rider investment | 15 | 0.02 | 26 | 0.04 | |||
Tax reform impacts | 0 | - | 0 | - | |||
Other | (45) | (0.07) | (47) | (0.07) | |||
Share dilution | - | - | - | (0.03) | |||
Change in contribution to operating earnings | ($18) | ($0.03) | $56 | $0.07 | |||
Power Generation 2 | |||||||
Regulated electric sales: | |||||||
Weather | $1 | $0.00 | $57 | $0.09 | |||
Other | 8 | 0.01 | (5) | (0.01) | |||
Merchant generation margin | 1 | 0.00 | 110 | 0.17 | |||
Planned outage costs | 5 | 0.01 | 46 | 0.07 | |||
Electric capacity | (12) | (0.02) | (66) | (0.10) | |||
Renewable energy investment tax credits | (87) | (0.13) | (138) | (0.21) | |||
Tax reform impacts | 1 | 0.00 | 45 | 0.07 | |||
Other | (12) | (0.02) | 24 | 0.04 | |||
Share dilution | - | (0.01) | - | (0.06) | |||
Change in contribution to operating earnings | ($95) | ($0.16) | $73 | $0.06 | |||
Gas Infrastructure 2 | |||||||
Farmout transactions | ($6) | ($0.01) | $27 | $0.04 | |||
Transportation and storage growth projects | 3 | 0.00 | 30 | 0.05 | |||
Cove Point | 91 | 0.14 | 247 | 0.39 | |||
Tax reform impacts | 50 | 0.08 | 141 | 0.22 | |||
Interest | (27) | (0.04) | (86) | (0.14) | |||
Other | (22) | (0.03) | (43) | (0.07) | |||
Share dilution | - | (0.01) | - | (0.05) | |||
Change in contribution to operating earnings | $89 | $0.13 | $316 | $0.44 | |||
Corporate and Other 2 | |||||||
Renewable energy investment tax credits | $68 | $0.10 | $0 | $0.00 | |||
Tax reform impacts | (20) | (0.03) | (80) | (0.13) | |||
Interest expense | (18) | (0.03) | (25) | (0.04) | |||
Share dilution and other | 1 | 0.00 | 22 | 0.05 | |||
Change in contribution to operating earnings | $31 | $0.04 | ($83) | ($0.12) | |||
Change in consolidated operating earnings | $7 | ($0.02) | $362 | $0.45 | |||
Change in adjustments included in reported earnings1 | ($678) | ($1.05) | ($914) | ($1.43) | |||
Change in consolidated reported earnings | ($671) | ($1.07) | ($552) | ($0.98) | |||
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||||||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's | |||||||
website at www.dominionenergy.com/investors. | |||||||
2) | For period over period comparability reconciling items tax effected using a 35% federal tax rate. | ||||||
Segment specific tax reform impacts outlined as individual reconciling items. | |||||||
Note: Figures may not add due to rounding | |||||||
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SOURCE Dominion Energy
Article Date
2/1/2019Company Donates $1.6 Million to Charities Meeting Critical Community Needs
Source: PR Newswire
RICHMOND, Va., Jan. 31, 2019 /PRNewswire/ -- Dominion Energy is once again starting the year by awarding hundreds of critical community needs grants to help feed, shelter and care for people in need. This year, $1.6 million will be shared by more than 200 nonprofit organizations providing essential human services in 12 states. This is the fourth year the company has awarded more than $1 million to meet critical community needs.
"Each year we look at ways to support charitable organizations that work day-in and day-out to make a positive impact in our communities," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants will help provide the food, shelter and medical care needed by many for a better life."
In addition, SCANA companies that are now part of Dominion Energy awarded similar community needs grants of more than $186,000 in 2018 to 31 non-profit organizations in North and South Carolina for food, shelter and medical care.
Dominion Energy has pledged to maintain and expand charitable giving programs in regions of the Carolinas previously served by SCANA gas and electric companies. Dominion Energy and SCANA Corporation merged in early January.
A few examples of this year's grant-winning programs and videos showing their impact are:
For more on charitable giving programs, visit Dominion Energy Charitable Foundation.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/31/2019Dominion Energy Awards $50,000 to Organizations Inspiring Arts and Culture
Source: PR Newswire
RICHMOND, Va., Jan. 30, 2019 /PRNewswire/ -- Five nonprofit arts organizations were honored today as 2019 Dominion Energy ArtStars for inspiring people of all ages in creative endeavors. Each received a Shining Star award and a $10,000 grant to use towards their winning arts or cultural education program.
"This year we expanded ArtStars beyond K-12 students to include groups serving people of all ages," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "We had a strong response and are pleased to recognize five top-notch organizations that are enriching lives and communities through the arts."
The ArtStars winners were honored at the Virginia Commission for the Arts: Art Works conference:
Visit www.dominionenergy.com/artstars for more information. Photos of the 2019 ArtStars are posted on our Media Downloads page.
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/30/20191/29/2019 - As Temperatures Plunge, Dominion Energy Ohio Offers Important Winter Safety, Service, Conservation Tips
As Temperatures Plunge, Dominion Energy Ohio Offers Important Winter Safety, Service, Conservation Tips
Source: PR Newswire
CLEVELAND, Jan. 29, 2019 /PRNewswire/ -- As Dominion Energy Ohio's service area braces for potentially record-setting low temperatures, the company reminds customers of important safety and service information, along with conservation tips for use during extremely cold weather conditions.
"We are taking all the necessary steps to ensure both system reliability and the safety of our customers and employees," said Jim Eck, vice president and general manager, Dominion Energy Ohio & West Virginia Distribution.
"As always, we want all of our customers to be safe and careful during this extremely cold weather," Eck said. "Customer safety, as well as the safety of our employees, is our highest priority during this extreme cold weather. Dominion Energy Ohio asks all customers to voluntarily turn down their thermostats and to lower the setting on their water heaters, if they can do so safely, and for businesses to reduce the use of natural gas for manufacturing or processing, if practicable. Continuing these conservation efforts through this Friday will help keep natural gas supplies flowing to all our Ohio customers."
Safety/Emergency Service: Customers should know Dominion Energy Ohio provides 24-hour emergency service every day. The company considers it an emergency if customers smell an odor of gas or if none of their natural gas appliances are working. If customers smell a natural gas odor inside a house or building, they should leave the premises immediately and call Dominion Energy Ohio's 24-hour emergency service from a neighbor's house, toll-free, at 1-877-542-2630. Customers should also call the company if they experience any service interruptions.
Conservation: With extremely cold temperatures, Dominion Energy Ohio urges all customers to take prudent conservation measures, which could include temporarily reducing thermostat or water heating temperature settings. The company recommends that customers use simple conservation techniques to maintain comfort and safety, such as insulating homes and weather-stripping doors and windows. Customers also can block off drafts at the bottoms of doors with a rolled-up throw rug or towel. For additional conservation idea, visit https://www.dominionenergy.com/home-and-small-business/ways-to-save/energy-saving-tips .
Energy Assistance: Colder weather can lead to higher natural gas bills. Dominion Energy Ohio strongly urges customers who believe they will not be able to maintain regular payments or service to contact the company immediately, at 1-800-362-7557 between 7 a.m. and 7 p.m. weekdays, to inquire about energy assistance programs and payment options.
Sufficient, Reliable Energy Supplies: Dominion Energy Ohio is served by multiple interstate pipelines and has the benefit of Ohio natural gas production and underground gas storage that will play a key role in maintaining gas deliveries to customers over the upcoming period. As with any gas utility system, there may be isolated areas where the company may experience lower operating pressures, and we are preparing to address those situations if they arise.
About Dominion Energy: Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
1/29/2019Dominion Energy, Dominion Energy Midstream Complete Merger
Source: PR Newswire
RICHMOND, Va., Jan. 28, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), announced today that they have completed their proposed merger pursuant to the definitive merger agreement announced on Nov. 26, 2018. The merger resulted in Dominion Energy acquiring all the outstanding public common units of Dominion Energy Midstream Partners in exchange for Dominion Energy common shares and Dominion Energy Midstream Partners becoming an indirect, wholly owned subsidiary of Dominion Energy.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.dominionenergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/28/20191/25/2019 - Dominion Energy Announces Officer Promotions
Dominion Energy Announces Officer Promotions
Source: PR Newswire
RICHMOND, Va., Jan. 25, 2019 /PRNewswire/ -- In recognition of the importance of innovation at Dominion Energy (NYSE: D), the company today announced that Mark O. Webb, senior vice president-Corporate Affairs and chief innovation officer, will focus solely on his chief innovation officer role, effective Feb. 1, 2019, and continue to report to Thomas F. Farrell, II, chairman, president and chief executive officer. William L. Murray, vice president-State and Electric Public Policy, will become senior vice president-Corporate Affairs & Communications on February 1, reporting to Farrell.
"Late last year our board of directors approved a new core value – Embrace Change," Farrell said. "Part of this value is a commitment to increasing innovation in our industry, and I am pleased to have Mark focus his energies there. The company's external affairs, philanthropy and communications groups will continue to perform well under Bill's excellent stewardship."
Webb, who joined Dominion Energy in 1997 as assistant general counsel, is and will continue to be responsible for overseeing all efforts to foster innovation, creativity and development in the company's people, processes and strategy. In his more than 20-year career at Dominion Energy, he has served as general counsel, chief legal officer and chief risk officer. He also worked in policy and business evaluation in the Alternative Energy Solutions group. He was named vice president in 2013 and senior vice president in 2016. Webb became chief innovation officer in July 2018. He earned a bachelor's degree from Texas Christian University and a J.D. from the University of Virginia School of Law. Webb is a veteran of the U.S. Air Force.
Murray will oversee Dominion Energy's federal, state and local government relations; corporate communications; advertising; public relations; creative services; philanthropy; and community affairs. He began working for Dominion Energy in 2007 after a long career in state and federal government and public policy. He came to the company as managing director-Corporate Public Policy. He was named senior policy director-Public Policy and Electric Policy in 2016 and was promoted to his current position as vice president-State and Electric Public Policy in May 2017. Murray received a bachelor's degree in history from the University of Virginia, a master's degree in public administration from Virginia Tech and a doctorate in public administration and public policy, also from Virginia Tech.
The company also announced that it has hired Gregory A. "Greg" Hitt as vice president-Corporate Communications. Hitt comes to Dominion Energy from Walmart Inc., where he has served as vice president-Global Corporate Communications since 2015. Between 2010 and 2015, he worked with Hill + Knowlton Strategies and Public Strategies Inc., providing communications counsel and strategy to a range of companies. Hitt also brings 25 years of experience as a reporter, including time with the Winston-Salem Journal, The Wall Street Journal and Dow Jones News Service. He received a bachelor's in journalism from the University of Missouri.
Hitt is expected to begin his role at the company on Feb. 18, 2019, and will report to Murray.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/25/2019Dominion Energy Declares Quarterly Dividend of 91.75 Cents
Source: PR Newswire
RICHMOND, Va., Jan. 25, 2019 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 91.75 cents per share of common stock.
Dividends are payable on March 20, 2019, to shareholders of record at the close of business March 1, 2019.
This is the 364th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Oct. 31, 2018.
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SOURCE Dominion Energy
Article Date
1/25/20191/23/2019 - Dominion Energy Assistance Programs, Conservation Tips Can Help Customers Save Energy, Money This Winter
Dominion Energy Assistance Programs, Conservation Tips Can Help Customers Save Energy, Money This Winter
Source: PR Newswire
CLEVELAND, Jan. 23, 2019 /PRNewswire/ -- Dominion Energy offers flexible winter bill payment options, energy assistance programs and energy-saving tips, to help ease financial stress for customers facing such economic disruptions as federal employee furloughs and plant closings and those on fixed incomes.
"No customer should have to be cold this winter because they can't afford to pay their heating bill," said Jim Eck, Dominion Energy vice president and general manager, Ohio & West Virginia Distribution. "We encourage those who may be facing financial hardship, including those impacted by the federal government shutdown, to learn more about special payment arrangements and take advantage of our energy assistance programs."
ENERGY ASSISTANCE
Dominion Energy offers a number of different options for customers who are experiencing high winter bills. Customers can make arrangements through their online account at www.dominionenergy.com or contact us at 1-800-362-7557. Contacting us early may provide more options. Some accommodations include:
ENERGYSHARE
EnergyShare is our energy assistance program available to qualified customers facing financial hardship. The program provides bill pay assistance when all other state and federal assistance programs have been exhausted. The Salvation Army administers EnergyShare in Ohio for Energy customers. For program and eligibility details or to apply, contact your local Salvation Army office.
ENERGY-SAVING TIPS
"Customers can take small steps toward reducing their energy use to help keep bills low," Eck said. Small adjustments can make a big difference in your energy bills. Help reduce energy waste and save money by:
More energy saving tips can be found here: https://www.dominionenergy.com/home-and-small-business/ways-to-save/energy-saving-tips .
HOUSEWARMING
Dominion Energy Ohio's Housewarming program offers free weatherization assistance to income-eligible customers. The program is administered by CHN Housing Partners (formerly Cleveland Housing Network) and provides free weather-stripping, attic and sidewall insulation, door sweeps and other energy efficiency improvements. Client education also is part of the program. Please contact CHN Housing Partners at 1-888-377-3774, or visit www.chnet.com .
HOME PERFORMANCE WITH ENERGY STAR
Dominion energy Ohio's Home Performance with Energy Star program is designed to help you improve your home's energy efficiency. A home assessment is conducted to evaluate how your home is using energy. The program is administered through CLEAResult and the customer may be eligible to receive rebates for recommended improvements. To be eligible, the customer must not be on Percentage of Income Payment Plan Plus (PIPP Plus) and/or be eligible for the Home Energy Assistance Program (HEAP). Contact CLEAResult at 1-877-287-3416 or visit http://deohpwes.com .
About Dominion Energy: Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $35 million in 2018 to community causes. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
1/23/2019Dominion Energy Recognized for Outstanding Storm Restoration Response
Source: PR Newswire
RICHMOND, Va., Jan. 16, 2019 /PRNewswire/ -- The Edison Electric Institute (EEI) has awarded Dominion Energy with the Association's "Emergency Recovery Award" for its outstanding power restoration efforts after Tropical Storm Michael caused more than 630,000 outages in the Dominion Energy service territory in October 2018.
Dominion Energy crews restored service to 100 percent of impacted customers within five days after the storm, dedicating some 290,000 man-hours to the recovery. Tropical Storm Michael was the sixth-largest storm event in Dominion Energy's history.
"It is an honor for us to accept this Emergency Recovery Award from EEI and we are grateful to be recognized for our efforts," said Ed Baine, senior vice president-Electric Distribution. "We earned this award through the valiant efforts of our dedicated employees and contractors, who worked safely and efficiently around the clock to restore power to our customers affected by Tropical Storm Michael."
The award is given to select EEI member companies to recognize their extraordinary efforts to restore power to customers after service outages caused by severe weather conditions or other natural events. The winners were chosen by a panel of judges following an international nomination process, and the award was presented during EEI's January 10 Winter Board and Chief Executives Meeting in Palm Beach, Fla. This marks Dominion Energy's 11th response award from the EEI.
Hurricane Michael, the strongest storm to make landfall during the 2018 hurricane season, was a Category 4 hurricane with peak winds of 155 mph. The storm hit Mexico Beach, Fla. on October 10, before being downgraded to a tropical storm and traveling northeast through Georgia and several Mid-Atlantic states, impacting Dominion Energy customers in Virginia and North Carolina.
"The dedication of Dominion Energy's crews to restore service throughout Virginia after Tropical Storm Michael illustrates our industry's commitment to customers," said EEI President Tom Kuhn. "Dominion Energy's crews worked tirelessly in hazardous conditions to quickly and safely restore power. They are truly deserving of this award."
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $34 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/16/2019Dominion Energy Statement on Fourth Circuit Interim Ruling in Atlantic Coast Pipeline Fish & Wildlife Service Appeal
Source: PR Newswire
RICHMOND, Va., Jan. 13, 2019 /PRNewswire/ -- The following statement was issued by Dominion Energy spokesperson Karl Neddenien in response to the U.S. Court of Appeals for the Fourth Circuit's order, issued on Friday, January 11, 2019, that denied Atlantic Coast Pipeline's motion for clarification on the court's stay of the U.S. Fish & Wildlife Service's Biological Opinion and Incidental Take Statement:
"We fully stand behind the Fish & Wildlife Service's authorization for this project. We believe the agency thoroughly addressed the issues in this case in the revised Biological Opinion and new Incidental Take Statement in September. In developing this project over the last four years, we have taken extraordinary care to protect the sensitive species at issue in this case. We will vigorously defend the agency's decisions and the measures we've taken to protect the species in oral arguments before the court in March.
"The issues in this case involve a narrow scope of the project – only four species that occupy roughly 100 miles in West Virginia and Virginia. We voluntarily suspended work on the project in early December after the Fourth Circuit temporarily stayed our revised Biological Opinion and new Incidental Take Statement so that we could get clarification on the impact of the stay order. The court's denial of our request to clarify the stay order is an interim order and not a decision on the overall merits of the case.
"Public utilities are depending on the ACP to generate cleaner electricity and provide more affordable, reliable energy to millions of consumers and businesses. Delaying the project will only force consumers and businesses to pay higher energy costs and slow down the transition to cleaner energy. Consumers are already paying higher energy costs than they should and major industries are having their natural gas service shut off during the winter months. We cannot solve these challenges without new infrastructure."
Dominion Energy remains confident in the full completion of the Atlantic Coast Pipeline given the critical customer need and a route that has been exhaustively studied and permitted.
In investor materials published on January 10, 2019, (available on the Dominion Energy investor relations website), Dominion Energy provided updates that included:
Additional information pertaining to the company's operating earnings guidance as provided in the January 10, 2019 investor materials can be found in the graphic herein which will also be available on the Dominion Energy Investor Relations website under the title "Investor materials --- January 2019 Supplement" at the following link: http://investors.dominionenergy.com/events-and-presentations.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings for full-year 2018 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
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SOURCE Dominion Energy
Article Date
1/13/2019Dominion Energy Schedules Fourth-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Jan. 10, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) will host their fourth-quarter earnings conference call at 10 a.m. ET on Friday, Feb. 1, 2019. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/.
A replay of the conference call will be available beginning about 2 p.m. ET Feb. 1 and lasting until 11 p.m. ET Feb. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 66744657. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 1.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/10/20191/8/2019 - Save Money, Energy this Winter with Credits, Tips, Assistance Programs from Dominion Energy
Save Money, Energy this Winter with Credits, Tips, Assistance Programs from Dominion Energy
Source: PR Newswire
RICHMOND, Va., Jan. 8, 2019 /PRNewswire/ -- Dominion Energy can help ease financial stress for customers this winter with energy-saving tips, flexible payment options, and energy assistance programs.
Customers will get help on their January bill through a one-time credit as a result of legislation passed by the General Assembly last year. The typical residential customer will see their bill reduced by $13 this billing cycle as a result of the Grid Transformation & Security Act of 2018 (GTSA). Dominion Energy also offers several other ways to curb usage and costs.
"No customer should have to be cold this winter because they can't afford to pay their electric bill," said Corynne Arnett, vice president of Customer Service. "The credits customers will see on their January bills from the Grid Transformation and Security Act will help ease the strain when many customers are feeling the stress of holiday spending and experiencing higher bills due to cold weather. Additionally, customers can take small steps toward reducing their energy use to help keep bills low. We also encourage those who may be facing financial hardship, including those impacted by the federal government shutdown, to learn more about special payment arrangements and take advantage of our energy assistance programs."
ENERGY-SAVING TIPS
Small adjustments can make a big difference in your energy bills. Help reduce energy waste and save money by:
More energy saving tips can be found here.
ENERGY ASSISTANCE
Dominion Energy offers a number of different options for customers who are experiencing high winter bills. Customers can make arrangements through their online account at www.dominionenergy.com or contact us at 866-366-4357. Contacting us early may provide more options. Some accommodations include:
ENERGYSHARE
EnergyShare is our energy assistance program available to qualified customers facing financial hardship. The program provides bill pay assistance and free weatherization and energy-saving upgrades to low-income and elderly residents, as well as individuals with disabilities and military veterans facing financial challenges.
EnergyShare has provided energy assistance to more than 825,000 families and individuals since 1982. The GTSA expanded EnergyShare with a $130 million commitment through 2028 to help more Virginians. These additional resources have broadened EnergyShare's reach, including the launch of the "100 Homes for 100 Veterans" initiative.
To apply for assistance, customers can call 2-1-1 any time of day for a referral to their local EnergyShare agency. For program and eligibility details, visit https://www.dominionenergy.com/energyshare.
ENERGY CONSERVATION PROGRAM
A special program helps low-income and elderly customers reduce their energy usage and save money. Energy experts will do a home visit and pinpoint ways to save energy. In addition to providing a customized assessment, they may also install selected energy-saving products. To learn more about the Income and Age-Qualifying Home Improvement program, click here.
More energy-efficiency programs are expected later this year. Dominion Energy has submitted 11 programs for approval, which would bring total proposed energy efficiency spending to more than $260 million. The GTSA requires Dominion Energy to propose at least $870 million in energy efficiency programs in the next ten years.
Dominion Energy takes pride in its record of low, stable rates. As of January 1, 2019, the typical residential customer's bill is 8.2 percent lower than the statewide average, 20.1 percent below the national average, and 23.1 percent below the East Coast average.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/8/2019Dominion Energy Ohio Conservation Tips Help You Save Money All Year Long
Source: PR Newswire
CLEVELAND, Jan. 7, 2019 /PRNewswire/ -- To help customers minimize energy costs, while maximizing safety and comfort, Dominion Energy Ohio offers a variety of simple, inexpensive conservation tips for natural gas heating, water heating, cooking and clothes drying.
Heating: Your furnace or boiler accounts for 65 percent of the natural gas used in your home. These low-cost, and even no-cost, tips can help keep out cold air and maximize comfort while reducing heating bills:
Water Heating: Your water heater accounts for 25 percent of every natural gas dollar spent. Use these common-sense tips to maximize the value of your natural gas water heater:
Cooking: Ranges, ovens, grills and other cooking appliances, account for about 6 percent of natural gas use in your home. These tips will help you prepare tasty meals with delicious energy savings:
Clothes Drying: Gas dryers account for 4 percent of total household natural gas use. The following tips can help you enjoy maximum energy value from your gas dryer:
Nearly 7.5 million in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy Ohio
Article Date
1/7/2019Dominion Energy's Project Plant It! Expands to Carolinas
Source: PR Newswire
RICHMOND, Va., Jan. 7, 2019 /PRNewswire/ -- Project Plant It! – the free environmental education program created by Dominion Energy to teach kids about the important role of trees in the ecosystem – has been expanded to 18 states, including the Carolinas. Online enrollment for the program is now being offered in regions of North and South Carolina previously served by SCANA gas and electric companies. Dominion Energy and SCANA merged in early January.
"Arbor Day 2019 will mark the thirteenth year for Project Plant It! and we are so pleased to extend this popular environmental program in communities that are now part of the Dominion Energy family," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "So far, thousands of children have been able to learn about and celebrate trees by planting seedlings received from Project Plant It!."
This year, Project Plant It! will ship 75,000 tree seedlings free-of-charge to participants in time for Arbor Day plantings on April 26. The program is open to groups serving children and teens of all ages and grade levels. Schools, scout troops, civic and church groups, environment clubs and other entities that work with youth are eligible to request tree seedlings at http://www.projectplantit.com/. The deadline to register is Feb. 15, 2019, or while supplies last.
The 2019 program includes several improved features to engage adults and youth in learning about the science and environmental benefits of trees:
The website also includes a number of instructional tools, including an Educator's Guide with 12 lesson plans that support third-grade learning standards for math, science, language arts and social studies.
"Project Plant It! promotes environmental sustainability, especially when the redbud seedlings are planted in areas to prevent soil erosion," said Rebecca Musso, a teacher at T. Benton Gayle Middle School in Stafford County, Va. "A pond on our school grounds is located downhill from our sports fields, so our students planted several redbud seedlings at the base of the hill to reduce pollutants entering the pond. Thanks to Dominion Energy and Project Plant It!, we're helping to restore the natural habitat of the pond and we're looking forward to doing another project like this in 2019."
Fast Facts about Project Plant It!
Project Plant It! was established by Dominion Energy in 2007 to educate children, plant trees and improve the environment. The tree seedlings are grown and shipped to participants in April by the Arbor Day Foundation, a longtime partner with Dominion Energy. From 2007-2019, more than 560,000 tree seedlings will have been distributed to children in states where Dominion Energy operates. According to the Virginia Department of Forestry, this equates to about 1,400 acres of new forest if all of the seedlings are planted and grow to maturity.
For more information, visit http://www.projectplantit.com/
About the Dominion Energy Charitable Foundation
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.
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SOURCE Dominion Energy
Article Date
1/7/2019Dominion Energy Announces Leadership Team for SCANA Operations
Source: PR Newswire
RICHMOND, Va., Jan. 2, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced the formation of a new operating segment that will contain SCANA Corporation's existing operating and services companies, and announced the members of its leadership team.
The leader of the operating segment, Southeast Energy Group, is P. Rodney Blevins, senior vice president and chief information officer at Dominion Energy, who became president and chief executive officer-Southeast Energy Group when the combination between Dominion Energy and SCANA Corporation was completed on Jan. 1, 2019. He reports directly to Thomas F. Farrell, II, the company's chairman, president and chief executive officer. Blevins' primary office will be in Cayce, S.C.
Members of Blevins' leadership team include:
Each officer assumed his or her role when the Dominion Energy-SCANA merger was completed.
"Dominion Energy looks forward to serving more than 2 million customer accounts at fast-growing energy companies, SCE&G, PSNC Energy and SCANA Energy," Farrell said. "This excellent team, under the dedicated leadership of Rodney Blevins, will continue to provide safe, reliable and efficient electric and gas service in the communities SCANA served, meeting both load growth and customer expectations."
Blevins joined Dominion Energy in 1987 as an engineer in electric distribution. His duties have included oversight of the Dominion Energy Virginia storm center, where he was involved in every major storm that affected the company's electric service area in North Carolina and Virginia between 1999 and 2013. He was named vice president-Distribution Operations in 2006 and assumed his post as senior vice president and chief information officer in 2014. Blevins earned a bachelor's degree in electrical engineering from Virginia Tech and completed the advanced management program at Duke University's Fuqua School of Business.
Kissam, a Citadel graduate, began his career at SCANA in 1988 and has worked in gas transmission and distribution operations and electric operations. He became an officer in the company in 1993, and began his current role as chief operating officer and president-Generation, Transmission & Distribution at SCE&G in 2017.
Harris, a 32-year veteran of SCANA, joined the company as a customer service engineer. He spent his first decade in the electric distribution business, rising to vice president in 1997, and transferring to gas operations in 2003. He was president and chief operating officer- PSNC Energy and president-SCE&G Gas Operations at the time of the merger. Harris is an electrical engineering graduate of Clemson University and earned his MBA from the University of South Carolina (USC).
Griffin came to SCANA in 2003 as an auditor and has held leadership roles in the company's audit, investor relations, compliance and regulatory functions. Before becoming senior vice president, CFO and treasurer, she was vice president-Finance. Griffin earned bachelor's and master's degrees from USC.
Stoddard has been Dominion Energy's chief nuclear officer since 2016. After serving in the U.S. Navy and working at H.B. Robinson nuclear station in Hartsville, S.C., Stoddard came to the company in 2006. He has served as site vice president-North Anna Power Station in Mineral, Va., and has been a vice president and senior vice president of Nuclear Operations. He has a bachelor's degree in marine engineering from the U.S. Naval Academy and a master's in nuclear engineering from the University of Virginia.
Lippard joined SCE&G in 1983, when he began working at the V.C. Summer nuclear station. He became vice president-Nuclear Operations in 2016. Lippard received a bachelor's in mechanical engineering from Clemson University and an MBA from USC.
The company also announced that SCANA CEO Jimmy Addison will serve in an advisory role to Blevins until he retires on Feb. 1, 2019. He has spent the past 12 years as chief executive officer or chief financial officer at SCANA Corporation.
"Jimmy Addison is well-respected throughout the energy and utilities sector," Farrell said. "I sincerely thank him for his leadership during the challenging times of the past 18 months. Jimmy has had an outstanding career at SCANA, and we wish him well in retirement."
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, to learn more.
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SOURCE Dominion Energy
Article Date
1/2/20191/2/2019 - Dominion Energy Promotes Three Officers
Dominion Energy Promotes Three Officers
Source: PR Newswire
RICHMOND, Va., Jan. 2, 2019 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced the promotions of James R. "Jim" Chapman, senior vice president, chief financial officer and treasurer; P. Rodney Blevins, senior vice president and chief information officer; and Carlos M. Brown, vice president and general counsel.
On Jan. 1, 2019, Chapman became executive vice president, chief financial officer and treasurer; and Brown assumed the role of senior vice president and general counsel. These promotions recognize their accomplishments as leaders and the increasing complexities of their roles, including the addition of a new operating segment resulting from Dominion Energy's combination with SCANA Corporation
Effective upon completion of the merger on Jan. 1, 2019, Blevins was promoted to president and chief executive officer of the Southeast Energy Group, an operating segment containing SCANA's operating and services companies.
The three officers report directly to Thomas F. Farrell, II, chairman president and chief executive officer.
"Jim, Rodney and Carlos have represented Dominion Energy well during their tenures with Dominion Energy," said Farrell. "They will continue to work toward a brighter future for our company's customers, communities, employees and shareholders."
Chapman came to Dominion Energy in 2013 after more than 20 years in investment banking and corporate finance, principally related to the utility and energy sector, and became Dominion Energy's senior vice president-Mergers & Acquisitions and treasurer in February 2016. He assumed his duties as senior vice president, chief financial officer and treasurer in November 2018. Chapman has been managing director and head of Asia Pacific Power & Utilities Investment Banking at Barclays plc, and held similar senior roles at Barclays and its predecessor firm, Lehman Brothers in New York and overseas. He earned a bachelor's degree in history and political science from Auburn University and an MBA from the University of Virginia's Darden School of Business.
Blevins joined Dominion Energy in 1987 as an engineer in electric distribution. His duties have included oversight of the Dominion Energy Virginia storm center, where he was involved in every major storm that affected the company's electric service area in North Carolina and Virginia between 1999 and 2013. He was named vice president-Distribution Operations in 2006 and assumed his post as senior vice president and chief information officer in 2014. Blevins earned a bachelor's degree in electrical engineering from Virginia Tech and completed the advanced management program at Duke University's Fuqua School of Business.
Brown joined the company in 2007 after years of private law practice. He has served in various capacities at Dominion Energy, including in the Law Department, Alternative Energy Solutions group and Power Generation unit – including senior counsel, director-Alternative Energy Solutions Business Development & Commercialization and director-Power Generation Station II at Power Generation. Immediately prior to being named vice president and general counsel in January 2017, Brown served as deputy general counsel-Litigation, Labor and Employment. He holds bachelor's and J.D. degrees from the University of Virginia.
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, to learn more.
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SOURCE Dominion Energy
Article Date
1/2/2019Dominion Energy Combines With SCANA Corporation
Source: PR Newswire
RICHMOND, Va., Jan. 2, 2019 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and SCANA Corporation announced today that they have completed their proposed merger, benefiting customers and communities in Georgia, North Carolina and South Carolina.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Dominion Energy is pleased to add SCANA's fast-growing, high-performing Southeastern businesses to our 18-state footprint. Together, we are committed to providing safe, dependable, affordable and clean energy to the communities served by SCANA and to maintaining its excellent record of reliability and customer service."
Today's combination expands Dominion Energy's operations in Georgia and the Carolinas, where the company had already operated an electric utility serving 120,000 customer accounts in northeastern North Carolina, a 1,500-mile interstate pipeline principally in South Carolina, and nearly 1,000 megawatts of gas, hydro and solar generating capacity in all three states.
"The addition of SCANA makes geographic sense and aligns well with our core, regulated energy businesses," Farrell added. "These are well-run regulated operations that we expect will help improve Dominion Energy's risk profile and growth outlook."
Jimmy Addison, chief executive officer of SCANA, said:
"Today marks a significant milestone in the history of Dominion Energy and SCANA. Employees at our respective companies have been working hard for months on integration planning, and I am confident that will lead to a smooth transition. These two companies share common values, and this combination provides SCANA's businesses with the scale and stability to meet customers' growing energy needs in the years to come. I am particularly proud that despite the intense efforts that went into planning for the integration and attaining approval of the combination of the companies over the past year, employees across our three-state region maintained their focus on providing energy to our customers safely and reliably. We will now hit the ground running with Dominion Energy and embrace change."
Southeast Energy Group
SCANA Corporation will be a first-tier, wholly owned subsidiary of Dominion Energy. Its operating companies – including South Carolina Electric & Gas Company (SCE&G), Public Service Company of North Carolina, Incorporated (PSNC Energy), and SCANA Energy Marketing, Inc. (SEMI) – and its services company will be managed by a new operating segment, the Southeast Energy Group. It is Dominion Energy's fourth operating segment, along with the Power Delivery, Power Generation and Gas Infrastructure Groups. The Southeast Energy Group will maintain a significant local presence with a local management structure. The president and chief executive officer will report directly to Farrell.
Benefits to customers
On July 31, 2017, SCE&G abandoned the construction of two new nuclear units at V.C. Summer. The typical monthly bill for an SCE&G electric customer using 1,000 kilowatt-hours had risen to more than $147 by the time the reactors' construction was halted. During the summer of 2018, South Carolina's legislature passed a law that the Public Service Commission of South Carolina (PSC) implemented, temporarily reducing those bills to $125.34 per month.
Under a new plan approved by the South Carolina PSC, the typical SCE&G residential electric customer will pay approximately $125 per month, putting into effect bills below the level requested by South Carolina's lawmakers. The new bill level was made possible by Dominion Energy's proposal – which was approved by the PSC – to provide customer refunds in the form of monthly bill relief of more than $2 billion, amortized over 20 years, and the write-downs and absorption of about $2.5 billion in financing obligations, regulatory assets and a natural gas-fired power station.
"Putting into effect bills below the temporary rates and keeping residential, commercial and industrial electric bills lower and competitive with neighboring states will aid South Carolina in its economic development efforts and ensure that the state has a reliable energy supply to fuel growth and power the state's homes and businesses," Farrell said.
Dominion Energy will also provide bill credits of $3.75 million over three years to PSNC Energy's 564,000 gas utility customers and $2.45 million over three years to SCE&G's 370,000 gas utility customers.
Other benefits, commitments
The company has also committed to the following:
Terms of transaction
At the merger's completion, each SCANA share was converted into 0.6690 shares of newly issued Dominion Energy common stock. The conversion resulted in a transaction value of approximately $6.8 billion, in addition to the assumption of approximately $6.6 billion in existing consolidated SCANA net debt.
SCANA's last declared dividend of 12.37 cents per share of common stock is being paid today to SCANA shareholders of record at the close of business on Dec. 10, 2018.
SCANA Corporation common stock has ceased trading on the New York Stock Exchange. Additional information for SCANA shareholders may be found at https://www.dominionenergy.com/investors/shareholder-services/merger-information.
Dominion Energy customers, operations
Dominion Energy now serves:
Its operations now include:
Forward-looking statements
This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, Dominion Energy's plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that we expect or anticipate will occur in the future are forward-looking statements, and Dominion Energy's ability to predict results or the actual effect of future events is inherently uncertain. Although Dominion Energy believes that the expectation reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will close.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
About Dominion Energy
Nearly 7.5 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with about $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 60 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, to learn more.
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SOURCE Dominion Energy
Article Date
1/2/2019Statement by Dominion Energy, SCANA Corporation on Public Service Commission of South Carolina Vote on Merger, Associated Customer Benefit Plan
Source: PR Newswire
RICHMOND, Va. and CAYCE, S.C., Dec. 14, 2018 /PRNewswire/ -- Today the Public Service Commission of South Carolina (SCPSC) voted to approve the merger between Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) with conditions to be outlined later as part of a written order that is to be issued by Dec. 21, 2018. The SCPSC also approved a customer benefits plan that reduces customer bills below current levels, consistent with the companies' proposal.
Said the companies:
"Dominion Energy and SCANA are pleased with today's action of the Public Service Commission of South Carolina after an open, thorough and inclusive public process. We look forward to reviewing an order when it's issued."
Said Thomas F. Farrell, II, chairman, president and chief executive officer of Dominion Energy:
"Dominion Energy is encouraged by the Commission's vote and awaits an order to review prior to making a final decision to close the merger with SCANA. We are pleased with the opportunity to increase our presence in communities served by SCANA, expand our involvement in charitable giving and implement an EnergyShare-like program in South Carolina to assist low-income, elderly, disabled and veteran customers."
Said SCANA CEO Jimmy Addison:
"We are pleased that today's decision brings us one step closer to a final resolution and the certainty that stakeholders have been hoping for. We look forward to reviewing the details of the Commission's final written order when it is issued."
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Read about Dominion Energy and visit us on Facebook or Twitter.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
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SOURCE Dominion Energy
Article Date
12/14/2018Dominion Energy Board of Directors Increases Dividend by 10 Percent
Source: PR Newswire
RICHMOND, Va., Dec. 14, 2018 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) today established a 2019 dividend of $3.67 per share of common stock, up from $3.34 per share in 2018, or a 10 percent increase. Subject to board declaration in January, the first quarterly dividend of 91.75 cents per share will be payable in March 2019. The expected 2019 dividend increase would mark the 16th consecutive year in which the annual dividend rate rose from the previous year's rate.
Nearly 6 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond.
Payment of the 2019 dividend is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
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SOURCE Dominion Energy
Article Date
12/14/2018Dominion Energy Completes Previously Announced Asset Sales
Source: PR Newswire
RICHMOND, Va., Dec. 14, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that it has completed the previously announced divestiture of the following non-core assets:
About Dominion Energy
Nearly 6 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond.
Forward-Looking Statements
This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, Dominion Energy's plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that we expect or anticipate will occur in the future are forward-looking statements, and Dominion Energy's ability to predict results or the actual effect of future events is inherently uncertain. Although Dominion Energy believes that the expectation reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will close.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
12/14/2018Dominion Energy Fires Up Greensville County Power Station
Source: PR Newswire
RICHMOND, Va., Dec. 10, 2018 /PRNewswire/ -- Greensville County Power Station has officially joined Dominion Energy Virginia's fleet of clean, safe and efficient natural gas-fueled electric generating units.
The station, located a few miles west of Emporia, completed testing and began generating electricity for the company's 2.6 million customers Saturday, Dec. 8. The station can generate 1,588 megawatts of electricity, producing enough power to light, heat and cool nearly 400,000 homes.
"Greensville is a much welcomed addition to our Virginia service area," said Paul Koonce, chief executive officer for Dominion Energy's Generation Group. "It will be a workhorse, running around the clock to provide our customers reliable, low-cost energy. It will also complement and support our growing solar fleet."
The station is the largest power block of its kind in the world. It uses three combustion turbines to produce electricity and steam, which is used to make even more electricity. Environmentally, especially in terms of carbon emissions, Greensville is one of the cleanest natural gas powered stations in the country. The station's air permit has the strictest CO2 limits in the nation.
Michael Ferguson, chairman of the Greensville County Board of Supervisors, said, "The Greensville plant will generate reliable energy for Virginia homes and businesses while bolstering job creation and revenue for Greensville County. We look forward to a continued long and successful partnership with Dominion Energy."
The $1.3 billion power station was completed on schedule and on budget. Construction began in June of 2016. The Greensville station represents Dominion Energy's second large investment in Southside. In 2016, the company opened its $1.1 billion, 1,360-megawatt Brunswick County Power Station located just a few miles away.
Both power stations are already served by a natural gas pipeline and to improve reliability and reduce customers' bill they will be connected to the Atlantic Coast Pipeline when it is completed.
Sen. Louise Lucas, representing the 18th District, which includes Greensville County, said, "The Power Station is a huge boost to Southside. And the fact we will soon have two major gas pipelines serving this area holds the promise for even more economic growth."
The power station will have a positive impact on the region's economy. In its first year of operation, it is expected to provide up to $7 million in property taxes for Greensville County. Post-construction economic benefits are projected to amount to about $36 million annually, and about 166 jobs will be supported, with roughly half of those in Greensville County.
Del. Roslyn Tyler, representing the 75th District, said, "We are proud to have the station here in Greensville and with the sister power station in Brunswick County, I think we can truly say Southside is open for business."
At the height of construction last fall, more than 1,800 workers were on site at Greensville. The station will have 49 full-time employees.
Over its expected life, the station will save Dominion Energy customers about $2.1 billion as a result of the company not having to purchase power from market sources.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
12/10/201812/6/2018 - Dominion Energy Recognized as National Leader In Management Practices, Military Friendly Policies
Dominion Energy Recognized as National Leader In Management Practices, Military Friendly Policies
Source: PR Newswire
RICHMOND, Va., Dec. 6, 2018 /PRNewswire/ -- Dominion Energy is being recognized as one of the most effectively managed companies in the U.S. and for its longstanding commitment to veterans and their families. The recognition comes from two separate independent sources.
This year's Management Top 250, published by The Wall Street Journal, ranks the best run U.S. companies based on customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength. Dominion Energy was ranked as the top electric and gas utility among the companies the Drucker Institute at Claremont assessed.
"In this ranking The Journal recognizes that Dominion Energy is committed to our customers and our employees while delivering value in every aspect of our business," said Thomas F. Farrell, II, chairman, president and chief executive officer. "We are guided every day by our core values as we work to deliver safe, reliable, affordable energy to our customers."
The Wall Street Journal produces the annual report and rankings based on data compiled by the Drucker Institute. Drucker believed companies should care for its employees, benefit society and look beyond profits.
Dominion Energy's commitment to veterans and their families has been recognized once again by G.I. Jobs, which named Dominion Energy a "Top 10 Military Friendly Company" for 2019. Dominion Energy ranks 5th nationwide and is the highest ranking energy company on this prestigious list. This is the 10th consecutive year Dominion Energy has been identified as a military-friendly company.
"Recruiting, hiring and training veterans continues to be a top priority at Dominion Energy," said Farrell. "Veterans possess many of the qualities we seek in our workforce. Our company's commitment to veterans started during World War I when our employees sent soldiers care packages. Today we are still focused on helping those who serve our country and their families."
For more information about the WSJ Management Top 250 recognition, please visit: https://www.wsj.com/
For more information about the G.I Jobs recognition please visit: http://militaryfriendly.com/
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
12/6/201811/28/2018 - Dominion Energy's Green Power Program 30,000 Strong
Dominion Energy's Green Power Program 30,000 Strong
Source: PR Newswire
RICHMOND, Va., Nov. 28, 2018 /PRNewswire/ -- When Denise Murdoch of Chesapeake, Va., found out about Dominion Energy's Green Power® Program she knew it was a natural fit for her, and she describes why in this video. She is one of more than 30,000 Virginians who support the production of renewable energy and protect the environment by participating in the program.
Since it began in 2009, the program has enrolled people from all walks of life – from homeowners and small businesses to large organizations who want to help reduce the need for traditional energy sources and create measureable environmental benefits. Locations of high participation levels – designated as Green Power Districts – are Ghent in Norfolk, and Scott's Addition, Riverside, Bellevue, Church Hill, and The Fan in the Richmond area.
"Our Green Power participants have made a thoughtful choice," said Brett Crable, director of New Technology and Energy Conservation. "They are doing their part in helping to reduce our dependence on fossil fuels and build a sustainable energy legacy for future generations."
How does the program work? When you enroll, Dominion Energy purchases Green-e Energy Certified® Renewable Energy Certificates (RECs) on your behalf. You can purchase RECs to match 100 percent of your electricity use each month for an additional cost of 1.3 cents per kilowatt-hour (kWh); or you can buy $2 fixed increments per month. A REC is like a receipt for the environmental benefits created when renewable energy is produced. It is a guarantee that one megawatt-hour of renewable energy was produced and delivered to the regional power grid. Your payment is used to support green energy from wind, solar and biomass facilities in our region.
Murdoch said she's doing small things to reduce her carbon footprint. "I drive a hybrid vehicle, have an organic garden, use rain barrels and my backyard is wildlife habitat certified, but I felt that wasn't enough," she said. "When I found out about the Green Power Program, I immediately felt empowered. I wish I had known about it sooner, so now I'm purchasing 100 percent."
In just one year, a customer choosing the 100 percent option and using 1,000 kWh of electricity per month will reduce carbon dioxide emissions by over seven metric tons – the same greenhouse gas reduction provided by 193 tree seedlings grown for 10 years, according to the Environmental Protection Agency.
Dominion Energy's Green Power Program is listed in the National Renewable Energy Laboratory's Top Ten Utility Green Pricing Programs, placing 6th in enrollments and 9th in megawatt sales.
The Grid Transformation & Security Act that became law in July set Virginia's energy policy on a course for a massive expansion in new wind and solar energy – 3,000 megawatts of which Dominion Energy is committed to having in operation or under development by the beginning of 2022. The projects will be a combination of assets developed and procured by the company.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
11/28/201811/27/2018 - Dominion Energy and Smithfield Foods Partner to Transform the Future of Sustainable Energy
Dominion Energy and Smithfield Foods Partner to Transform the Future of Sustainable Energy
Source: PR Newswire
RICHMOND, Va. and SMITHFIELD, Va., Nov. 27, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) and Smithfield Foods, Inc. are joining forces in an historic initiative to transform the future of sustainable energy and agriculture, announcing their first projects in North Carolina, Virginia and Utah. The companies are forming a joint venture called Align Renewable Natural Gas (RNG)℠ that will capture methane emissions from hog farms and convert them into clean renewable energy for residential home heating and power for local businesses.
"At Smithfield, we recognize true, enduring sustainability initiatives require collaboration with other proven innovators who share a similar vision," said Kenneth M. Sullivan, president and chief executive officer of Smithfield Foods. "Dominion Energy is one such proven innovator and we are proud to partner with them in our longstanding pursuit of renewable energy. Align RNG is part of our nationwide expansion of Smithfield Renewables, innovative projects designed to help meet our goal to reduce our greenhouse gas emissions 25 percent by 2025."
By capturing methane that would otherwise be released into the atmosphere, the use of RNG leads to a significant reduction in methane emissions from the agriculture and energy industries.
Reducing Greenhouse Gas Emissions
RNG is produced from the methane generated from hog or dairy farms, landfills, wastewater treatment plants and food processing facilities. Capturing the methane from hog farms reduces the use of traditionally-sourced natural gas and keeps greenhouse gas from entering the atmosphere. It can be stored and delivered to homes and businesses through existing natural gas infrastructure, making it a cost-effective, renewable option.
The new joint venture will leverage Smithfield's relationships with contract farmers, who raise and care for its hogs, and the decades the company has spent studying and perfecting the commercial viability of 'manure-to-energy' projects. Using a technology known as anaerobic digestion, the projects will capture and process methane from large clusters of Smithfield's company-owned and contract hog farms. Once collected at the farms, the natural gas will then be transported to a central conditioning facility where it will be converted into RNG.
"Our companies recognize the urgent need to reduce greenhouse gas emissions for the future of our planet. RNG is an innovative and proven way to dramatically reduce greenhouse gas emissions from the agriculture industry by converting it into clean renewable energy," said Thomas F. Farrell, II, chairman, president and chief executive officer of Dominion Energy. "RNG is considered carbon-negative because it captures significantly more greenhouse gas emissions than are released from its end use in homes and businesses."
Supporting Virginia and North Carolina's Greenhouse Gas Initiatives
Governor Ralph Northam and Governor Roy Cooper have recently announced historic initiatives to significantly lower greenhouse gas emissions in Virginia and North Carolina over the next decade. RNG will play an important role in supporting these initiatives and help both states achieve their ambitious greenhouse gas reduction targets. Because methane is at least 25 times more potent than CO2 as a greenhouse gas, reducing methane can have a more dramatic impact on the environment than other carbon reduction initiatives.
"Across our electric and natural gas fleets, Dominion Energy is becoming a national leader in sustainable energy," said Farrell. "On the electric side, we are one of only three utilities in the nation to reduce its carbon intensity by more than 40 percent in the last decade. On the natural gas side, as an industry leader on methane reduction programs, we have already saved more than 10 billion cubic feet of methane emissions. We have made tremendous progress, but we recognize we need to do more. RNG will build on the progress we've made and accelerate our momentum toward a sustainable energy future."
"This partnership with two leading Virginia based companies shows the power of Virginia's largest industry—agriculture—to promote cleaner energy, sustainable family farms, and a brighter future for rural communities here in the Commonwealth and nationwide," said Bettina K. Ring, Virginia Secretary of Agriculture and Forestry.
"I'm excited about the technological advances for capturing methane that escapes into the atmosphere from farms," said Utah Governor Gary R. Herbert. "That methane—which we call renewable natural gas—can be used to heat our homes, generate low-carbon electricity and drive industry. This bodes well for Utah's environmental health and economic development."
Global Industry Leaders Bring Resources, Expertise & Economies of Scale
As global leaders in the energy and agriculture industries, Dominion Energy and Smithfield have the resources, expertise and market access to expand this proven technology on a wide scale across the region. The companies are jointly investing at least $250 million in this initiative over the next decade with initial application on 90 percent of Smithfield's finishing spaces in North Carolina and Utah. In addition to these states, projects will be implemented in Virginia and have the potential for wider-scale application across the country.
"With a longstanding commitment to sustainability, and through considerable research and exploration of ways to transform manure into energy for many years, we are well-positioned to make unprecedented and revolutionary progress that will positively impact the future of the agriculture and energy industries," said Sullivan.
Building on the success of Smithfield's Optima KV pilot project, the new joint venture will immediately expand the program to two larger farm clusters in Duplin and Sampson Counties, North Carolina; Waverly, Virginia; and Milford, Utah. Construction of these facilities is expected to begin in late 2018 with the first projects scheduled to be in-service in late 2019.
Renewable Meets Reliable – Renewable Energy You Can Depend On
RNG provides energy 24/7, 365 days a year and can be used on-demand to meet the real-time needs of homes, businesses, utilities and manufacturers.
"With this transformational partnership, we are combining the environmental benefits of renewables with the reliability of natural gas to meet the around-the-clock clean energy needs of consumers and businesses," said Farrell.
New Revenue Stream for Family Farmers & Enhanced Protection from Storm Events
RNG will provide a new revenue stream for family farmers. In fact, the initiative will turn one of farmers' largest costs into a new revenue source. Farmers who participate in the program will be paid for the energy their farms produce through long-term contracts.
"This project is a true win-win for all involved and reflects Smithfield's innovative, value-driven approach to sustainability," said Sullivan.
RNG facilities will also help protect hog farm lagoons from storm-related damage. In addition to converting 'manure-to-energy,' the covered lagoon digesters mitigate potential issues associated with severe rain events such as hurricanes. Covered lagoon digesters prevent rain from entering the lagoon during severe weather events providing enhanced environmental protection.
For more information about Align RNG, visit alignrng.com.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About Smithfield Foods
Smithfield Foods is a $15 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield®, Eckrich®, Nathan's Famous®, Farmland®, Armour®, Farmer John®, Kretschmar®, John Morrell®, Cook's®, Gwaltney®, Carando®, Margherita®, Curly's®, Healthy Ones®, Morliny®, Krakus®, and Berlinki®. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental and food safety and quality programs. For more information, visit www.smithfieldfoods.com, and connect with us on Facebook, Twitter, and LinkedIn.
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SOURCE Dominion Energy
Article Date
11/27/201811/20/2018 - Dominion Energy Hires FBI's Richmond Division Chief, Adam Lee, as Chief Security Officer
Dominion Energy Hires FBI's Richmond Division Chief, Adam Lee, as Chief Security Officer
Source: PR Newswire
RICHMOND, Va., Nov. 20, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that Adam S. Lee, special agent in charge of the Federal Bureau of Investigation's Richmond Division since 2014, will join the company as vice president and chief security officer, effective Dec. 1, 2018.
In his post – which is the company's first – Lee will be responsible for physical and cyber security across Dominion Energy's footprint. He will be expected to direct the development and implementation of corporate security policies and procedures that protect physical and cyber assets and to comply with all applicable laws and regulations, including those dealing with privacy. He will liaise with all outside government and law enforcement officials on physical and cyber security matters for the company.
"Adam Lee brings unparalleled experience to Dominion Energy as we work to harden our physical and cyber assets and protect them from potential bad actors," said Thomas F. Farrell, II, chairman, president and chief executive officer. "He is well-respected in law enforcement both around Virginia and our nation, and I expect him to do a tremendous job at our company, just as he has done for more than 20 years in the FBI."
Lee – who has announced his retirement from the FBI after a career spanning 22 years in intelligence, white collar and cyber crimes, honest services fraud, among others – was previously chief of the FBI's Public Corruption and Civil Rights Section. In 2017, he was appointed by former FBI Director James Comey to lead a comprehensive study of the FBI's headquarters and organizational model. Lee's experience there also includes leading the Central Virginia Domestic Security Alliance Council (DSAC) – which is composed of selected Fortune 500 companies within Virginia – and providing investigative and technical support on complex cyber intrusions and managing the FBI's relationship with government and private sector in Virginia in the areas of organizational risk, insider threat and cyber intrusion detection.
Lee earned a bachelor's degree from San Francisco State University and a J.D. from John F. Kennedy University's School of Law.
He will report to Rodney Blevins, senior vice president and chief information officer.
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Read about Dominion Energy and visit us on Facebook or Twitter.
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SOURCE Dominion Energy
Article Date
11/20/2018North Carolina Utilities Commission Approves Dominion Energy-SCANA Combination
Source: PR Newswire
RICHMOND, Va. and CAYCE, S.C., Nov. 19, 2018 /PRNewswire/ -- The proposed combination of Dominion Energy, Inc. (NYSE : D) and SCANA Corporation (NYSE : SCG) has received the approval of the North Carolina Utilities Commission. It is the sixth of seven approvals necessary to close the merger.
The merger previously received approval from SCANA's shareholders, the Federal Energy Regulatory Commission, the Georgia Public Service Commission, the Nuclear Regulatory Commission and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger remains contingent upon approval from the Public Service Commission of South Carolina, which has been holding evidentiary hearings since Nov. 1, 2018. A decision is expected by Dec. 21, 2018.
If the combination is completed, as expected, around the end of the year, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 33,000 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Read about Dominion Energy and visit us on Facebook or Twitter.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
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SOURCE Dominion Energy
Article Date
11/19/201811/14/2018 - EnergyShare to weatherize 100 homes for 100 veterans
EnergyShare to weatherize 100 homes for 100 veterans
Source: PR Newswire
RICHMOND, Va., Nov. 14, 2018 /PRNewswire/ -- Dominion Energy is building on its partnership with the Department of Veterans Services to launch a new "100 Homes for 100 Veterans" EnergyShare initiative. At least 100 pre-selected veterans will receive free energy efficiency upgrades and learn how to reduce energy usage and save money on their energy bills. Projects may also include other home repairs and special needs to improve safety and comfort in the home.
"It's an honor to expand our EnergyShare program to help more Virginia veterans," said Corynne Arnett, vice president – Customer Service. "At Dominion Energy, we have a great deal of respect for veterans and are grateful for their service on our behalf. Helping to make their homes livable and affordable is a worthy and important mission."
The initiative was announced today during a weatherization project at the home of a Chesterfield County Navy veteran. Dominion Energy volunteers joined weatherization experts from project:HOMES to seal air leaks in the attic, ductwork, walls, windows and add insulation, new outlets, CO2 and smoke detectors and more. By changing energy habits and adding energy-efficiency measures, recent EnergyShare participants have reduced energy usage by 7.5 percent on average.
EnergyShare has provided energy assistance to more than 825,000 families and individuals since 1982. In 2015, the program got a significant boost when Dominion Energy pledged $57 million to expand its scope. Since then, bill assistance and weatherization services have been provided to more than 76,000 participants, including weatherizing more than 24,000 homes and providing bill assistance to more than 3,500 veterans and their families.
The Grid Transformation and Security Act of 2018 further expanded EnergyShare with a $130 million commitment through 2028 to reach and help more Virginians. The additional resources will broaden EnergyShare's reach to help more vulnerable communities with bill assistance, free weatherization and educational outreach.
By providing help when it's needed the most, EnergyShare can alleviate the pressure of mounting energy bills and help people better manage energy costs in the future. To apply for assistance, customers can call 2-1-1 any time of day for a referral to their local EnergyShare agency. For program and eligibility details, visit https://www.dominionenergy.com/energyshare.
Dominion Energy is active and well-recognized for its recruitment and support of veterans in its workforce, as well as in the community. The company is a founding partner in the national Troops to Energy Jobs program, which helps military members find rewarding careers in the energy industry. Currently, one in five new hires is a veteran. The company was recently named "Best for Vets" by Military Times and a "Top Military-Friendly" company by G.I. Jobs.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
11/14/2018Dominion Energy Moving Swiftly Toward Renewable Energy Goal
Source: PR Newswire
RICHMOND, Va., Nov. 2, 2018 /PRNewswire/ -- Dominion Energy Virginia is moving forward on clean energy projects, from sources such as solar and wind, to meet its commitment of 3,000 megawatts of renewable energy in operation or under development by 2022.
The company has already taken several steps in the three months since announcing the goal:
"We are wasting no time moving forward on our plans for clean energy investments, including solar, natural gas and nuclear as part of a generation portfolio that will lower emission rates while protecting reliability and customer rates," said Paul Koonce, CEO of Dominion Energy Power Generation Group. "Backed up by units using low-emitting natural gas, renewable resources will play an increasingly important role in the company's generation fleet serving customers in Virginia."
In the past four years, Dominion Energy's solar fleet in Virginia has flourished. At the beginning of 2015, the company's solar portfolio totaled just over 1 megawatt. At the time, the company set a goal of 400 megawatts under development in Virginia by 2020. It now has 824 megawatts in operation or under development in Virginia.
The Virginia expansion will add to the parent company's solar fleet, which is the fourth largest in the nation. With more than 3,300 megawatts of renewable energy resources either operational or under development across 10 states, Dominion Energy is an industry leader in renewable energy.
The company's solar fleet in Virginia will nearly quadruple in size under the company's commitment of 3,000 megawatts of renewable energy in operation or under development by 2022. A recent RFP for up to 500 megawatt of solar and onshore wind is the first of an anticipated annual procurement process each fall for larger scale projects of at least 5-megawatts. An initial RFP for smaller scale solar is planned for spring 2019 seeking 50 megawatts of projects, with the expectation that by 2022 the annual RFP will be issued in January for up to 150 megawatts.
As an industry leader in solar innovation, the company is also creating unique partnerships with large customers to meet their sustainability goals, exploring the potential of brownfield solar sites, such as closed landfills and abandoned mines, and transforming the energy grid to improve its ability to connect to renewable energy sources.
Additionally, Dominion Energy Virginia customers are one step closer today to getting power from a new, renewable form of energy. The State Corporation Commission ruled in favor of plans to build two six-megawatt wind turbines off the coast of Virginia Beach. The $300 million project will be funded through existing base rates, as enabled by the Grid Transformation & Security Act of 2018 (GTSA). Contingent on various regulatory approvals, onshore construction would start in 2019, followed by turbine installation and operation in 2020.
Dominion Energy is one of only three investor owned utilities to reduce our carbon intensity by more than 40 percent since 2000. The recent enactment of the GTSA allows further improvement on its environmental successes. In addition to helping modernize the energy grid to expand the use of renewables, it also calls for a battery storage pilot and increases in energy efficiency programs over the next ten years.
The company remains focused on keeping energy affordable while investing in renewables and innovative technology. The GTSA mandates a $130 million investment in EnergyShare over the next decade, providing weatherization and bill assistance to elderly, low-income, veterans and customers with disabilities. It also provided a $125 million cut to customer base rates due to federal tax reform and a $133 million bill credit this past July. In January, customers will see another $67 million bill credit due to the law. The GTSA also creates a reinvestment model to help the company continue delivering great value to our customers.
The law also required Dominion Energy to submit a report to the General Assembly on solar energy on Nov. 1. It can be found here: http://www.dominionenergy.com/next.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
11/2/201811/2/2018 - Dominion Energy Launches Green Bonds Program
Dominion Energy Launches Green Bonds Program
Source: PR Newswire
RICHMOND, Va., Nov. 2, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), has closed its inaugural offering of green bonds. The $362 million in privately placed bond proceeds will be used to reimburse Dominion Energy for previously deployed capital related to the acquisition, development and/or construction of 20 merchant solar projects with a total capacity of 574 megawatts of renewable energy.
The projects – located in California, North Carolina, South Carolina and Virginia – are supported by long-term power purchase agreements (PPAs) with high-quality, investment-grade utility, municipal and corporate counterparties.
"We are excited about the execution of our inaugural green bond transaction," said James R. Chapman, senior vice president, chief financial officer and treasurer. "The success of this offering signals alignment of our clean energy strategy with the fixed income investment community's growing interest in sustainability and corporate responsibility."
Dominion Energy ranks fourth in the U.S. among utility holding companies for owned solar capacity with about 1,250 megawatts in operation in nine states – enough to serve more than 300,000 homes and businesses during peak production.
Barclays served as exclusive private placement agent for this bond offering and McGuireWoods LLP served as issuer's counsel.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Read about Dominion Energy and visit us on Facebook or Twitter.
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SOURCE Dominion Energy
Article Date
11/2/201811/1/2018 - First Reserve Announces Agreement To Acquire Dominion Energy's 50% Interest In Blue Racer Midstream, LLC
First Reserve Announces Agreement To Acquire Dominion Energy's 50% Interest In Blue Racer Midstream, LLC
Source: PR Newswire
STAMFORD, Conn., HOUSTON, DALLAS and LONDON, Nov. 1, 2018 /PRNewswire/ -- First Reserve, a leading global private equity investment firm exclusively focused on energy, today announced an agreement to purchase Dominion Energy's (NYSE: D) 50% interest in Blue Racer Midstream, LLC ("Blue Racer" or "the Company), funded in part by equity from First Reserve Fund XIII and investment funds affiliated with First Reserve. The transaction is expected to close prior to year-end 2018, subject to regulatory approvals.
Blue Racer is a joint venture formed in December 2012 by Dominion and Caiman Energy II, LLC ("Caiman II") to own, operate, develop and acquire midstream assets in the Utica Shale and certain adjacent areas in the Marcellus Shale. Blue Racer provides natural gas gathering, compression, dehydrating, treating, processing, fractionation, and transportation services, forming an interconnected midstream business.
With more than 700 miles of gathering pipeline and 800 million cubic feet per day of cryogenic processing capacity, Blue Racer's business is underpinned by a high degree of operational reliability and significant contractual commitments from its customers. These commitments are comprised of multi-year contracts that include various types of commercial arrangements, including acreage dedications, well pad dedications, first flow commitments, minimum volume commitments, and demand payments. The Company believes its strategically located assets and contractual relationships with material customers will allow it to retain and grow its position as a leading midstream company serving customers in the Utica and Marcellus shale plays.
Gary Reaves, Managing Director at First Reserve, stated, "First Reserve has a deep history of investing behind some of North America's most significant midstream operators. In addition, we have a long history of investing in the Utica shale, most notably through our ownership of Ascent Resources which is currently the largest natural gas producer in the basin. This historical and current portfolio experience leads us to believe the Utica shale is one of the premier rich natural gas development areas in the U.S., and, in our view, Blue Racer is particularly well-positioned to capture this opportunity. We are excited to work with Blue Racer's existing owners and the Company's experienced management team to capitalize on a strong growth platform poised to create value for our investors."
Stephen L. Arata, Chief Executive Officer for Blue Racer, stated, "When we formed Blue Racer in 2012, Dominion contributed the initial gathering, processing and fractionation assets that allowed Blue Racer to establish a foothold in the region that we expanded into a growing business serving the leading producers in the Utica and Marcellus shale plays. Dominion is an outstanding company, and we are grateful for our successful six-year partnership. As we look forward, we are excited to welcome First Reserve as a partner that, along with Caiman II, will help us continue to drive growth and expand our regional footprint. First Reserve's deep understanding of the basin, financial strength, and network bring Blue Racer a partner that puts us in a strong position to advance our business plan into the coming decade."
Transaction terms were not disclosed.
About First Reserve
First Reserve is a leading global private equity investment firm exclusively focused on energy. With 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. First Reserve has completed over 650 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm's history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.
For First Reserve media inquiries, please contact:
Jonathan Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
Email: joakes@joelefrank.com
For Blue Racer media inquiries, please contact:
Casey Nikoloric
Managing Principal, TEN|10 Group
303.433.4397, x101 o, 303.507.0510 m
Email: casey.nikoloric@ten10group.com
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SOURCE First Reserve
Article Date
11/1/2018Dominion Energy Announces Third-Quarter 2018 Earnings, Additional Non-Core Asset Sale; Provides Atlantic Coast Pipeline & Supply Header Updates
Source: PR Newswire
RICHMOND, Va., Nov. 1, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Sept. 30, 2018 of $854 million ($1.30 per share) compared with earnings of $665 million ($1.03 per share) for the same period in 2017.
Operating earnings for the three months ended Sept. 30, 2018, were $758 million ($1.15 per share), compared with operating earnings of $672 million ($1.04 per share) for the same period in 2017. Operating earnings are defined as reported earnings adjusted for certain items. The principal difference between operating and reported earnings for the quarter was a gain on nuclear decommissioning trust funds.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Our third-quarter results were at the top end of our guidance range of $0.95 to $1.15 representing another quarter of very strong results. We are narrowing our 2018 full year operating earnings per share guidance range to $3.95 to $4.10 per share which preserves the same midpoint as our original guidance. Assuming normal weather, we continue to expect operating earnings per share for 2018 to be above the midpoint of this narrowed guidance range.
"We continue to achieve important milestones for growth investments in solar and offshore wind generation, strategic electric distribution undergrounding, electric grid modernization, electric transmission, nuclear generation relicensing, and gas distribution pipeline replacement. These programs will provide meaningful benefits to our customers and will support earnings growth well into the next decade."
Additional non-core asset sale
Dominion Energy also announced today that it has executed a definitive agreement to divest its 50% interest in the Blue Racer Midstream joint venture to First Reserve and affiliated investment funds for total consideration of up to $1.5 billion including $1.2 billion of cash consideration and up to $300 million in earn-out payments that would be payable from 2019 through 2021 based on Blue Racer Midstream's performance.
The transaction is expected to close by year-end 2018 and initial proceeds will be used to reduce parent-level debt. Goldman Sachs & Co acted as financial advisor to Dominion Energy and Troutman Sanders as legal counsel.
"Blue Racer Midstream is a high-quality business with an extremely capable management team. However, this investment has become non-core to Dominion Energy as we continue to focus on regulated energy infrastructure," said Farrell. "We have consistently indicated that a sale of Blue Racer would be opportunistic based on a compelling valuation and transaction structure. We are very pleased with the attractive valuation achieved through the competitive sale process which represents a multiple range of approximately 14 times to 16 times estimated 2018 EBITDA based on bookends of potential payments to be received under the earn-out structure," he added.
Farrell continued, "In concluding the credit improvement initiatives announced in March, we have sourced funds to reduce our parent-level debt by around $8 billion including equity issuance, non-core asset sales, and the Cove Point debt financing. As a result, we will achieve our target parent company credit objectives two years earlier than originally planned."
Atlantic Coast Pipeline, Supply Header project updates
Dominion Energy also provided cost and schedule updates on the Atlantic Coast Pipeline and Supply Header projects. The FERC stop work order and delays obtaining permits necessary for construction have impacted the cost and schedule for the project. As a result, project cost estimates have increased from a range of $6.0 to $6.5 billion to a range of $6.5 to $7.0 billion, excluding financing costs.
Atlantic Coast Pipeline is pursuing a phased in-service approach with its customers, whereby we maintain a late 2019 in-service for key segments of the project to meet peak winter demand in critically constrained regions served by the project. ACP will be pursuing a mid-2020 in-service date for the remaining segments of the project. Abnormal weather and/or work delays (including delays due to judicial or regulatory action) may result in cost or schedule modifications in the future.
The Supply Header project target in-service remains late 2019.
"We have been constructing ACP in West Virginia and North Carolina and on October 19 we received the final Virginia permit required to petition FERC to be underway with full mainline construction in all three states," Farrell said. "Following approval from FERC of our Notice to Proceed filing, we will begin mainline construction in Virginia."
"We continue to achieve key milestones toward the successful completion of this critical energy infrastructure project and look forward to delivering safe, reliable, and affordable energy to our customers in time to meet peak demand for the 2019/20 winter season," Farrell added.
Third-quarter 2018 reported and operating earnings compared to 2017
Reported earnings increased 27 cents per share as compared to third-quarter 2017. Business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, and 3 of this release.
Operating earnings increased 11 cents per share as compared to third-quarter 2017 per share operating earnings. The increase is primarily attributable to favorable weather in our regulated electric service territory, the commercial operation of Cove Point Liquefaction project and the impact of tax reform. Factors offsetting the increase include lower renewable energy investment tax credits and a higher share count.
Details of third-quarter operating earnings as compared to 2017 may be found on Schedule 4 of this release.
Fourth-quarter 2018 operating earnings guidance
Dominion Energy expects fourth-quarter 2018 operating earnings in the range of $0.80 to $0.95 per share, compared to fourth-quarter 2017 operating earnings of $0.91 per share. Positive drivers include the Cove Point Liquefaction project and the benefit of tax reform. The company expects negative drivers for the quarter to include lower renewable energy investment tax credits, higher financing costs and a higher share count.
Important note to investors regarding operating and reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
Conference call today
The company will host its third-quarter earnings conference call at 11 a.m. ET on Thursday, Nov. 1, 2018. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning about 2 p.m. ET Nov. 1 and lasting until 11 p.m. ET Nov. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89035328. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 1.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with nearly $80 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings for fourth-quarter and full-year 2018 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; and the ability of Dominion Energy Midstream Partners to negotiate, obtain necessary approvals and consummate acquisitions from Dominion Energy and third-parties, and the impacts of such acquisitions. Other risk factors are detailed from time to time in Dominion Energy's and Dominion Energy Midstream Partners' quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
Dominion Energy, Inc. | ||||||||
Consolidated Statements of Income* | ||||||||
Unaudited (GAAP Based) | ||||||||
(millions, except per share amounts) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2018 | 2017 | 2018 | 2017 | |||||
(millions, except per share amounts) | ||||||||
Operating Revenue | $ 3,451 | $ 3,179 | $ 10,005 | $ 9,376 | ||||
Operating Expenses | ||||||||
Electric fuel and other energy-related purchases | 761 | 638 | 2,128 | 1,711 | ||||
Purchased (excess) electric capacity | 50 | 21 | 87 | (8) | ||||
Purchased gas | 5 | 24 | 409 | 441 | ||||
Other operations and maintenance | 782 | 697 | 2,585 | 2,308 | ||||
Depreciation, depletion and amortization | 526 | 485 | 1,487 | 1,421 | ||||
Other taxes | 177 | 162 | 542 | 519 | ||||
Total operating expenses | 2,301 | 2,027 | 7,238 | 6,392 | ||||
Income from operations | 1,150 | 1,152 | 2,767 | 2,984 | ||||
Other income | 373 | 121 | 658 | 391 | ||||
Interest and related charges | 378 | 305 | 1,053 | 905 | ||||
Income from operations including noncontrolling interests | 1,145 | 968 | 2,372 | 2,470 | ||||
Income tax expense | 262 | 272 | 485 | 683 | ||||
Net Income Including Noncontrolling Interests | 883 | 696 | 1,887 | 1,787 | ||||
Noncontrolling Interests | 29 | 31 | 81 | 100 | ||||
Net Income Attributable to Dominion Energy | $ 854 | $ 665 | $ 1,806 | $ 1,687 | ||||
Earnings Per Common Share | ||||||||
Net income attributable to Dominion Energy - Basic | $ 1.31 | $ 1.03 | $ 2.77 | $ 2.66 | ||||
Net income attributable to Dominion Energy - Diluted | 1.30 | 1.03 | 2.77 | 2.66 | ||||
Dividends Declared Per Common Share | $ 0.8350 | $ 0.7700 | $ 2.505 | $ 2.280 | ||||
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K | ||||||||
are an integral part of the Consolidated Financial Statements. | ||||||||
Schedule 1 - Segment Reported and Operating Earnings | |||||||||
Unaudited | |||||||||
(millions, except earnings per share) | Three months ended September 30, | ||||||||
2018 | 2017 | Change | |||||||
REPORTED EARNINGS 1 | $ 854 | $ 665 | $ 189 | ||||||
Pre-tax loss (income) 2 | (199) | 12 | (211) | ||||||
Income tax 2 | 103 | (5) | 108 | ||||||
Adjustments to reported earnings | (96) | 7 | (103) | ||||||
OPERATING EARNINGS | $ 758 | $ 672 | $ 86 | ||||||
By segment: | |||||||||
Power Delivery | 163 | 138 | 25 | ||||||
Power Generation | 414 | 369 | 45 | ||||||
Gas Infrastructure | 264 | 187 | 77 | ||||||
Corporate and Other | (83) | (22) | (61) | ||||||
$ 758 | $ 672 | $ 86 | |||||||
Earnings Per Share (EPS): | |||||||||
REPORTED EARNINGS 1 | $ 1.30 | $ 1.03 | $ 0.27 | ||||||
Adjustments to reported earnings (after tax) | (0.15) | 0.01 | (0.16) | ||||||
OPERATING EARNINGS | $ 1.15 | $ 1.04 | $ 0.11 | ||||||
By segment: | |||||||||
Power Delivery | 0.25 | 0.21 | 0.04 | ||||||
Power Generation | 0.63 | 0.57 | 0.06 | ||||||
Gas Infrastructure | 0.40 | 0.29 | 0.11 | ||||||
Corporate and Other | (0.13) | (0.03) | (0.10) | ||||||
$ 1.15 | $ 1.04 | $ 0.11 | |||||||
Common Shares Outstanding (average, diluted) | 654.9 | 642.5 | |||||||
(millions, except earnings per share) | Nine months ended September 30, | ||||||||
2018 | 2017 | Change | |||||||
REPORTED EARNINGS 1 | $ 1,806 | $ 1,687 | $ 119 | ||||||
Pre-tax loss (income) 2 | 251 | 28 | 223 | ||||||
Income tax 2 | 2 | (11) | 13 | ||||||
Adjustments to reported earnings | 253 | 17 | 236 | ||||||
OPERATING EARNINGS | $ 2,059 | $ 1,704 | $ 355 | ||||||
By segment: | |||||||||
Power Delivery | 464 | 390 | 74 | ||||||
Power Generation | 1,038 | 870 | 168 | ||||||
Gas Infrastructure | 840 | 613 | 227 | ||||||
Corporate and Other | (283) | (169) | (114) | ||||||
$ 2,059 | $ 1,704 | $ 355 | |||||||
Earnings Per Share (EPS): | |||||||||
REPORTED EARNINGS 1 | $ 2.77 | $ 2.66 | $ 0.11 | ||||||
Adjustments to reported earnings (after tax) | 0.39 | 0.03 | 0.36 | ||||||
OPERATING EARNINGS | $ 3.16 | $ 2.69 | $ 0.47 | ||||||
By segment: | |||||||||
Power Delivery | 0.71 | 0.62 | 0.09 | ||||||
Power Generation | 1.59 | 1.37 | 0.22 | ||||||
Gas Infrastructure | 1.29 | 0.97 | 0.32 | ||||||
Corporate and Other | (0.43) | (0.27) | (0.16) | ||||||
$ 3.16 | $ 2.69 | $ 0.47 | |||||||
Common Shares Outstanding (average, diluted) | 652.8 | 633.4 | |||||||
1) | Determined in accordance with Generally Accepted Accounting Principles (GAAP). | ||||||||
2) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | ||||||||
Schedule 2 - Reconciliation of 2018 Reported Earnings to Operating Earnings
2018 Earnings (Nine months ended September 30, 2018)
The $251 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:
(millions, except per share amounts) | 1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | 2 | |
Reported earnings | $503 | $449 | $854 | $1,806 | |||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | 305 | 145 | (199) | 251 | |||
Income tax benefit | (67) | (34) | 103 | 2 | |||
238 | 111 | (96) | 253 | ||||
Operating earnings | $741 | $560 | $758 | $2,059 | |||
Common shares outstanding (average, diluted) | 650.5 | 653.1 | 654.9 | 652.8 | |||
Reported earnings per share | $0.77 | $0.69 | $1.30 | $2.77 | |||
Adjustments to reported earnings (after-tax) | 0.37 | 0.17 | (0.15) | 0.39 | |||
Operating earnings per share | $1.14 | $0.86 | $1.15 | $3.16 | |||
1) Adjustments to reported earnings are reflected in the following table: | |||||||
1Q18 | 2Q18 | 3Q18 | 4Q18 | YTD 2018 | |||
Pre-tax loss (income): | |||||||
Impact of Virginia rate legislation | 215 | 215 | |||||
FERC-regulated plant disallowance | 122 | 2 | 124 | ||||
Future ash pond and landfill closure costs | 81 | 81 | |||||
Storm costs | 31 | 31 | |||||
Merger-related transaction and transition costs | 16 | 9 | 3 | 28 | |||
Net (gain) loss on NDT funds | 43 | (50) | (149) | (156) | |||
Sale of non-core assets | (70) | (70) | |||||
VA depreciation revision | (31) | (31) | |||||
Other | 14 | 15 | 29 | ||||
$305 | $145 | ($199) | $251 | ||||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | (67) | (34) | 38 | (63) | |||
Re-measurement of Deferred Tax balances ** | 47 | 47 | |||||
Valuation Allowance *** | 18 | 18 | |||||
($67) | ($34) | $103 | $2 | ||||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting | |||||||
purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its | |||||||
estimated annual effective tax rate. | |||||||
** During 2018, the Companies recorded further adjustments to deferred taxes in accordance with recently released tax reform guidance and | |||||||
to revise estimates made at year-end 2017. | |||||||
*** A valuation allowance has been recognized against the portion of a deferred tax asset associated with a pending asset sale that is no | |||||||
longer projected of being utilized to offset future taxable income. | |||||||
2) YTD EPS may not equal sum of quarters due to share count difference. | |||||||
Schedule 3 - Reconciliation of 2017 Reported Earnings to Operating Earnings
2017 Earnings (Twelve months ended December 31, 2017)
The $235 million pre-tax net effect of the adjustments included in 2017 reported earnings, but excluded from operating earnings, is primarily related to the following items:
The 2017 Tax Reform Act reduced the corporate income tax rate from 35% to 21%. Dominion Energy recognized $851 million of tax benefits resulting from the re-measurement of deferred income taxes to the new corporate income tax rate.
(millions, except per share amounts) | 1Q17 | 2Q17 | 3Q17 | 4Q17 | YTD 2017 | 2 | |
Reported earnings | $632 | $390 | $665 | $1,312 | $2,999 | ||
Adjustments to reported earnings 1: | |||||||
Pre-tax loss (income) | (31) | 47 | 12 | 207 | 235 | ||
Income tax | 10 | (16) | (5) | (934) | (945) | ||
(21) | 31 | 7 | (727) | (710) | |||
Operating earnings | $611 | $421 | $672 | $585 | $2,289 | ||
Common shares outstanding (average, diluted) | 628.1 | 629.2 | 642.5 | 643.9 | 636.0 | ||
Reported earnings per share | $1.01 | $0.62 | $1.03 | $2.04 | $4.72 | ||
Adjustments to reported earnings (after-tax) | (0.04) | 0.05 | 0.01 | (1.13) | (1.12) | ||
Operating earnings per share | $0.97 | $0.67 | $1.04 | $0.91 | $3.60 | ||
1)Adjustments to reported earnings are reflected in the following table: | |||||||
1Q17 | 2Q17 | 3Q17 | 4Q17 | YTD 2017 | |||
Pre-tax loss (income): | |||||||
Impairments of equity method investments | 158 | 158 | |||||
Merger-related transaction & transition costs | 3 | 20 | 16 | 33 | 72 | ||
Net gain on NDT funds | (34) | (3) | (4) | (5) | (46) | ||
Other | 30 | 21 | 51 | ||||
($31) | $47 | $12 | $207 | $235 | |||
Income tax expense (benefit): | |||||||
Tax effect of above adjustments to reported earnings * | 10 | (16) | (5) | (83) | (94) | ||
Re-measurement of Deferred Tax Balances ** | (851) | (851) | |||||
$10 | ($16) | ($5) | ($934) | ($945) | |||
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For | |||||||
interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date | |||||||
income tax provision based on its estimated annual effective tax rate. | |||||||
** Federal tax reform, enacted in December 2017, reduced the corporate income tax rate from 35% to 21%, effective 1/1/2018. | |||||||
Deferred taxes are required to be measured at the enacted rate in effect when they are expected to reverse. As a result, | |||||||
deferred taxes were re-measured to the 21% rate. For regulated entities, where the reduction in deferred taxes is expected | |||||||
to be recovered or refunded in future rates, the adjustment was recorded to a regulatory asset or liability instead of income | |||||||
tax expense. | |||||||
2)YTD EPS may not equal sum of quarters due to share count differences | |||||||
Schedule 4 - Reconciliation of 3Q18 Earnings to 3Q17 | ||||||
Preliminary, Unaudited | Three Months Ended | Nine Months Ended | ||||
(millions, except EPS) | September 30, | September 30, | ||||
2018 vs. 2017 | 2018 vs. 2017 | |||||
Increase / (Decrease) | Increase / (Decrease) | |||||
Reconciling Items | Amount | EPS | Amount | EPS | ||
Change in reported earnings (GAAP) | $189 | $0.27 | $119 | $0.11 | ||
Change in Pre-tax loss (income) 1 | (211) | 223 | ||||
Change in Income tax 1 | 108 | 13 | ||||
Adjustments to reported earnings | ($103) | ($0.16) | $236 | $0.36 | ||
Change in consolidated operating earnings | $86 | $0.11 | $355 | $0.47 | ||
Power Delivery 2 | ||||||
Regulated electric sales: | ||||||
Weather | $6 | $0.01 | $28 | $0.04 | ||
Other | 21 | 0.03 | 37 | 0.06 | ||
Rider investment | 6 | 0.01 | 11 | 0.01 | ||
Tax reform impacts | 0 | - | 0 | - | ||
Other | (8) | (0.01) | (2) | - | ||
Share dilution | - | - | - | (0.02) | ||
Change in contribution to operating earnings | $25 | $0.04 | $74 | $0.09 | ||
Power Generation 2 | ||||||
Regulated electric sales: | ||||||
Weather | $15 | $0.02 | $56 | $0.09 | ||
Other | (6) | (0.01) | (13) | (0.02) | ||
Merchant generation margin | 15 | 0.02 | 109 | 0.17 | ||
Planned outage costs | 1 | - | 41 | 0.07 | ||
Electric capacity | (11) | (0.02) | (49) | (0.08) | ||
Renewable energy investment tax credits | 4 | 0.01 | (51) | (0.08) | ||
Tax reform impacts | 12 | 0.02 | 44 | 0.07 | ||
Other | 15 | 0.03 | 31 | 0.05 | ||
Share dilution | - | (0.01) | - | (0.05) | ||
Change in contribution to operating earnings | $45 | $0.06 | $168 | $0.22 | ||
Gas Infrastructure 2 | ||||||
Farmout transactions | $3 | $0.00 | $33 | $0.05 | ||
Transportation and storage growth projects | 9 | 0.02 | 27 | 0.04 | ||
Cove Point | 94 | 0.15 | 156 | 0.25 | ||
Tax reform impacts | 24 | 0.03 | 91 | 0.14 | ||
Interest | (31) | (0.05) | (59) | (0.09) | ||
Other | (22) | (0.03) | (21) | (0.03) | ||
Share dilution | - | (0.01) | - | (0.04) | ||
Change in contribution to operating earnings | $77 | $0.11 | $227 | $0.32 | ||
Corporate and Other 2 | ||||||
Renewable energy investment tax credits | ($53) | ($0.08) | ($68) | ($0.11) | ||
Tax reform impacts | (21) | (0.03) | (60) | (0.09) | ||
Interest expense | (8) | (0.01) | (7) | (0.01) | ||
Share dilution and other | 21 | 0.02 | 21 | 0.05 | ||
Change in contribution to operating earnings | ($61) | ($0.10) | ($114) | ($0.16) | ||
Change in consolidated operating earnings | $86 | $0.11 | $355 | $0.47 | ||
Change in adjustments included in reported earnings1 | $103 | $0.16 | ($236) | ($0.36) | ||
Change in consolidated reported earnings | $189 | $0.27 | $119 | $0.11 | ||
1) | Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's | ||||||
website at www.dominionenergy.com/investors. | ||||||
2) | For period over period comparability reconciling items tax effected using a 35% federal tax rate. | |||||
Segment specific tax reform impacts outlined as individual reconciling items. | ||||||
Note: Figures may not add due to rounding | ||||||
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SOURCE Dominion Energy
Article Date
11/1/201810/31/2018 - Statement From Dominion Energy Regarding Upcoming South Carolina Public Service Commission Hearings
Statement From Dominion Energy Regarding Upcoming South Carolina Public Service Commission Hearings
Source: PR Newswire
RICHMOND, Va., Oct. 31, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today issued the following statement regarding the South Carolina Public Service Commission (PSC) evidentiary hearings that will begin Nov. 1, 2018:
"Dominion Energy looks forward to the South Carolina PSC hearing process that begins tomorrow, and is pleased to put forth our proposals to stabilize and improve South Carolina's energy future.
"We continue to prefer and advocate for our original plan that would provide the average SCE&G electric customer cash payments and immediate and ongoing bill reductions and include Dominion Energy and its shareholders absorbing a large slice of the capital financing obligation associated with the now-abandoned nuclear project in Jenkinsville. There is no question that residential customer support for our refund plan is very strong.
"In response to requests from several stakeholders – including large customers and state officials – we produced an alternate plan that would double immediate and ongoing bill reductions in lieu of cash payments and increase what the company and its shareholders pay to reduce V.C. Summer's financing obligations.
"Both plans result in lower, stable electric rates and give the commissioners more flexibility and an additional choice to consider that will benefit SCE&G customers in the long-term without inflicting severe financial harm to the state's largest provider of essential energy services.
"We look forward to making our case in front of the Public Service Commission, and believe we offer the best path forward to provide a solution benefiting customers and the state's economic development efforts."
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/31/2018Public Service Commission of South Carolina to Live Stream Hearing
Source: PR Newswire
CAYCE, S.C., Oct. 31, 2018 /PRNewswire/ -- The Public Service Commission of South Carolina (SCPSC) will be live streaming the hearing in regards to the Joint Application and Petition of South Carolina Electric & Gas Company, principal subsidiary of SCANA Corporation (NYSE: SCG), and Dominion Energy, Inc. (NYSE: D) beginning November 1, 2018 until its conclusion. The link to the live stream can be found on the SCPSC's website at http://www.psc.sc.gov.
PROFILE
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Media Contact: | Analyst Contact: |
Eric Boomhower | Bryant Potter |
(800) 562-9308 | (803) 217-6916 |
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SOURCE SCANA Corporation
Article Date
10/31/2018Dominion Energy Declares Quarterly Dividend of 83.5 Cents
Source: PR Newswire
RICHMOND, Va., Oct. 31, 2018 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 83.5 cents per share of common stock.
Dividends are payable on Dec. 20, 2018, to shareholders of record at the close of business Dec. 7, 2018.
This is the 363rd consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared July 31, 2018.
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SOURCE Dominion Energy
Article Date
10/31/2018Dominion Energy Seeks Solar and Onshore Wind Generation Proposals
Source: PR Newswire
RICHMOND, Va., Oct. 24, 2018 /PRNewswire/ -- Dominion Energy is seeking bids for up to 500 megawatts of solar and onshore wind generation as part of a plan to develop 3,000 megawatts of additional solar and wind power under Virginia's new Grid Transformation & Security Act (GTSA).
The GTSA, which became law on July 1, 2018, paves the way for the largest increase of renewable energy resources in the state's history. The company has pledged to have 3,000 megawatts of new solar and wind energy – enough to power 750,000 homes – under development or in operation by early 2022. To meet this long-term commitment, the company intends to issue a Request for Proposals (RFP) each year, similar in timing and content to the solicitation released today, until the pledge has been met.
Today's announced Solar and Onshore Wind RFP is soliciting bids for energy, capacity and environmental attributes including Renewable Energy Certificates, for new solar and onshore wind facilities at least 5 megawatts (ac) in size. The facilities must be located in Virginia to be considered.
The proposals can be for power purchase agreements and/or the purchase of development projects. The RFP outlines the proposal requirements and power and asset purchase agreement terms requiring a commercial operations date in 2020, as well as the price and non-price evaluation criteria.
Notices of Intent to Bid and Confidentiality Agreements are due by November 2, 2018 with final asset purchase and power purchase proposals due December 13, 2018 and March 14, 2019 respectively.
Bidders seeking more information on the competitive bidding process and the RFP submittal documents should visit: www.dominionenergy.com/2018solarwindrfp
Customers and developers interested in learning more about the company's wind and solar expansion plans may contact us via email: renewableenergy@dominionenergy.com
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/24/201810/19/2018 - Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Warm This Winter
Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Warm This Winter
Source: PR Newswire
CLEVELAND, Oct. 19, 2018 /PRNewswire/ -- Dominion Energy Ohio reminds customers of the various company payment plans and government energy assistance programs that can help them stay warm this winter. Customers who may not be able to afford their heating bills are urged to contact Dominion Energy Ohio immediately to inquire about payment plans and energy assistance programs. For additional information, customers can call Dominion Energy Ohio at 1-800-362-7557. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
For more information about payment plans and government energy assistance programs, visit https://www.dominionenergy.com/community/energy-assistance and change the state to Ohio.
Dominion Energy Ohio offers the following payment options to residential and small commercial customers (using less than 500 thousand cubic feet (MCF) a year):
Public Utilities Commission of Ohio Winter Reconnection Order
All residential customers, regardless of income, may avoid a shutoff or restore gas service once during the heating season between now and April 15, 2019, by paying the lesser of:
If service has been disconnected, a reconnect fee of $33, plus applicable taxes, will be billed to the account. Customers will be enrolled automatically in the One-Ninth Payment Plan when using the Winter Reconnection Order to help pay off any additional past-due balance. Customers may select a different plan by calling Dominion Energy Ohio.
Government Assistance Programs
The following programs are available for income-eligible customers. Customers can apply for all programs with one application at www.energyhelp.ohio.gov, which provides income guidelines as well. Applications also are available at libraries, some banks and your local home energy assistance provider, or by calling the Ohio Development Services Agency at 1-800-282-0880. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Under PIPP Plus, participating customers may maintain their natural gas service by paying 6 percent of their total gross monthly household income, or $10, whichever is greater.
PIPP Plus has special benefits for participating customers. Each time customers make their required PIPP Plus monthly payments in full by the due date, Dominion Energy Ohio will credit their accounts for the rest of that month's current charges, plus a one-twenty-fourth credit toward their prior account balances. After 24 months of on-time and in-full PIPP Plus payments, their accounts would become current.
The new PIPP Plus maximum yearly household gross income levels for the 2018-2019 program year are: $18,210 for one person; $24,690 for two people; $31,170 for three; $37,650 for four; $44,130 for five; $50,610 for six; $57,090 for seven; and $63,570 for eight. Add $6,480 for each additional person.
The Winter Crisis Program (WCP), previously known as Emergency Home Energy Assistance Program (E-HEAP), provides a one-time grant to help avoid a shutoff or to restore service once between November 1, 2018, and March 31, 2019. HEAP and WCP are available to customers whose yearly gross income is up to 175 percent of the federal poverty guidelines. Local community action agencies can assist with emergency payments to help avoid disconnection. You can find available resources in your community -- dial 2-1-1 or visit http://ouw.org/211-map/ .
Dominion Energy Ohio Assistance/Conservation Programs
Whether customers are making energy-efficient improvements to their current home or recently purchased a new home, they can benefit from having a home energy assessment. Rebates up to $1,250 are available for eligible improvements. Customers may call 1-877-287-3416 to schedule an assessment or visit www.deohpwes.com for program details and eligibility information.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy Ohio
Article Date
10/19/201810/18/2018 - PGA TOUR Champions and Dominion Energy announce historic 10-year extension of Dominion Energy Charity Classic
PGA TOUR Champions and Dominion Energy announce historic 10-year extension of Dominion Energy Charity Classic
Source: PR Newswire
RICHMOND, Va., Oct. 18, 2018 /PRNewswire/ -- PGA TOUR Champions and Dominion Energy announced today a 10-year extension of the Dominion Energy Charity Classic through 2029. In addition to the title sponsor extension, The Country Club of Virginia, James River Course was also announced as host venue for 10 years. The joint agreements establish history as the longest simultaneous extensions announced between title sponsor and host venue in PGA TOUR Champions history.
"Dominion Energy has a long tradition of putting goodwill into action," said Chairman, President and CEO Thomas F. Farrell, II. "So it is incredibly gratifying to seal our already-strong partnership for the next decade. This agreement ensures that our three organizations, along with those who contribute so generously during the golf tournament, will continue jointly supporting the great work of groups that help veterans and other worthy causes. And it ensures that Dominion Energy will carry forward its tradition of goodwill for years to come through one of the most enjoyable sporting events in the country."
Since debuting in 2016, the tournament has become one of the most popular and successful Charles Schwab Cup Playoffs events. With an extended partnership, the Charity Classic will continue to generate financial contributions to support Richmond veterans' organizations and other local community causes. Since the tournament's inception, with support from sponsors and patrons, more than $600,000 has been contributed to Virginia Values Veterans, Richmond Fisher House and 60 other non-profit organizations in Central Virginia. Tournament organizers expect total charitable proceeds from the Charity Classic to surpass $1 million at the end of the 2018 event.
"Since joining the PGA TOUR Champions family a little more than two years ago, the Dominion Energy Charity Classic has quickly become one of the premier events on the schedule for our players, partners and fans, and we are excited to continue building on that strong foundation with today's announcement," said PGA TOUR Commissioner Jay Monahan. "Dominion Energy has been a tremendous partner, helping to rally the entire RVA community around a tournament that boasts world-class golf from the top names on PGA TOUR Champions."
Each of the last two years, the Dominion Energy Charity Classic has received the Players Award as voted by PGA TOUR Champions players. The award recognizes a tournament annually for going above and beyond in the experience provided to PGA TOUR Champions players. Notable efforts from the Dominion Energy Charity Classic include the engagement from Dominion Energy, the outstanding year-round community support in RVA, the hospitality from the members and staff of The Country Club of Virginia, as well as over 1,200 volunteers that donate their time to work at the event. Over 140 primarily-locally-based corporate partners also contribute to the tournament's success, including TowneBank, The Riverstone Group and VCU Health, the event's three Founding Partners.
"The partnership between PGA TOUR Champions, Dominion Energy and The Country Club of Virginia brings many of the world's best champions to Richmond to compete at the highest level," said Pierce Walmsley, president of The Country Club of Virginia. "We are proud to host this Playoffs event on our James River Course and look forward to continuing to support the sport of golf, the Richmond community and the veterans' organizations that benefit from this exciting tournament."
The James River Course – one of three courses that make up The Country Club of Virginia – was founded in 1928 and designed by famed architect William Flynn. The course underwent a full renovation by Rees Jones in 1991 and was restored in 2003 by Lester George. The Charity Classic has further added to an impressive list of prestigious tournaments hosted on the James River Course, including the 1955 and 1975 U.S. Amateur Championships.
In its inaugural year, the Charity Classic delivered one of the season's most exciting finishes with a playoff between Scott McCarron and Tom Byrum, and McCarron capturing victory with a birdie on the first extra hole. In similarly dramatic fashion, the 2017 event was won by World Golf Hall of Fame member Bernhard Langer after he converted an 18-foot eagle putt on the par-5 finishing hole to win his sixth title of the season. This year's event begins tomorrow morning at The Country Club of Virginia and features the top 72 players on the Charles Schwab Cup points list.
"Dominion Energy has provided a wonderful experience for both players and fans, and with their long-term support I'm excited to see the Dominion Energy Charity Classic continue to grow over the next 10 years," Langer said. "The Country Club of Virginia is a phenomenal venue and Richmond is a great community for the start of the Charles Schwab Cup Playoffs."
For more information on the Dominion Energy Charity Classic tournament, fans can visit the official tournament website at www.deccgolf.com or see our pages on Facebook, Twitter and Instagram (@DECCGolf).
ABOUT THE DOMINION ENERGY CHARITY CLASSIC
The Dominion Energy Charity Classic is the first of three PGA TOUR Champions season-ending playoff events to determine the annual Charles Schwab Cup Champion. The 2018 tournament is scheduled for October 18-21 at The Country Club of Virginia, James River Course. A field of 72 professionals will compete for a share of the $2 million purse and a spot in the 54-player field the following week. All three rounds of the event will be broadcast on Golf Channel and aired in more than 180 countries around the world (2:30 p.m. - 5:00 p.m. EDT Friday through Sunday). For information about corporate sponsorship opportunities, to become a volunteer or for ticket information, please visit the official tournament website at www.deccgolf.com, see our pages on Facebook, Twitter and Instagram (@DECCGolf) or call the Tournament Office at 804-234-8840.
ABOUT PGA TOUR CHAMPIONS
PGA TOUR Champions is a membership organization of professional golfers age 50 and older, including 35 members of the World Golf Hall of Fame. The Tour's mission is to provide financial opportunities for its players, entertain and inspire its fans, deliver substantial value to its partners, create outlets for volunteers to give back and generate significant charitable and economic impact in tournament communities. In 2018, the PGA TOUR Champions schedule includes 27 tournaments across the United States, Scotland and Canada, with purses totaling more than $56 million. The Charles Schwab Cup, which includes the Regular Season and the Charles Schwab Cup Playoffs, is used to determine the season-long champion. All events are televised in the United States, with most receiving complete coverage on Golf Channel, the exclusive cable-television partner of PGA TOUR Champions. Internationally, telecasts air in excess of 190 countries and territories, reaching more than 350 million potential households. Follow PGA TOUR Champions online at PGATOUR.com, at facebook.com/PGATOURChampions, on Twitter @ChampionsTour and on Instagram @pgatourchampions.
ABOUT DOMINION ENERGY
Headquartered in Richmond, Va., Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, and serves nearly 6 million utility and retail energy customers. Dominion Energy is consistently ranked among the top companies in the nation helping veterans and their families find and keep jobs in the civilian workforce. Currently, one in every five new employees hired is a veteran. For more information about Dominion Energy, visit the company's website at http://www.dominionenergy.com
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SOURCE Dominion Energy
Article Date
10/18/201810/17/2018 - Dominion Energy, Dominion Energy Midstream Revised Third-Quarter Earnings Conference Call Schedule
Dominion Energy, Dominion Energy Midstream Revised Third-Quarter Earnings Conference Call Schedule
Source: PR Newswire
RICHMOND, Va., Oct. 17, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 11 a.m. ET on Thursday, Nov. 1, 2018. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/ and dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 2 p.m. ET Nov. 1 and lasting until 11 p.m. ET Nov. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89035328. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 1.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About Dominion Energy Midstream
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
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SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
10/17/2018Dominion Energy Seeks Input on Renewable Energy Expansion
Source: PR Newswire
RICHMOND, Va., Oct. 17, 2018 /PRNewswire/ -- Dominion Energy is seeking information from non-residential customers about their interest in renewable energy. The input will help the company finalize plans to develop 3,000 megawatts of additional solar and wind power under Virginia's new Grid Transformation & Security Act (GTSA).
Dominion Energy is issuing a 'Request for Information' survey that seeks feedback from commercial, industrial and governmental customers in the state.
The survey can be accessed here.
"As many businesses and organizations in Virginia establish or expand clean energy and sustainability goals, Dominion Energy is proud to be a trusted energy partner," said Corynne Arnett, vice president-Customer Service. "We welcome the opportunity to learn more about the renewable energy targets and goals of business and governmental customers across the state. This information will help us adapt renewable programs to meet customer needs as we grow our renewable generation fleet in Virginia, which is currently the 4th largest solar fleet in the country among utility holding companies."
The GTSA, which became law on July 1, 2018, paves the way for the largest increase of renewable energy resources in the state's history. During the first phase of the grid transformation plan, the company pledges to have 3,000 megawatts of new solar and wind energy – enough to power 750,000 homes – under development or in operation by 2022.
More information on Dominion Energy's current renewable energy programs for non-residential customers can be found here.
Customers and developers interested in learning more about the company's wind and solar expansion plans may contact us via email: renewableenergy@dominionenergy.com.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/17/201810/16/2018 - Renewal Of Surry Lease Will Secure Clean Energy And Economic Prosperity In Hampton Roads
Renewal Of Surry Lease Will Secure Clean Energy And Economic Prosperity In Hampton Roads
Source: PR Newswire
RICHMOND, Va., Oct. 16, 2018 /PRNewswire/ -- Dominion Energy, (NYSE: D), today filed an application with the Nuclear Regulatory Commission (NRC) to renew Surry Power Station's operating licenses for an additional 20-year term.
The filing for the power station, located in Surry County, Va., makes it the first nuclear station in the Commonwealth to seek a second renewal of its licenses, beyond the original 40-year license terms that were granted in 1972 and 1973. The power station operates two nuclear units capable of producing clean electricity for 419,000 homes in Virginia. Dominion Energy Virginia announced earlier this year that it also will file a similar application to renew the licenses of the two North Anna Power Station units in Louisa County in 2020. Both Surry and North Anna, combined, produce 31 percent of the electricity for the company's 2.5 million customers.
"Our application to renew Surry Power Station's licenses for another 20-year period is good news for our customers, the regional economy and the environment," said Dan Stoddard, Dominion Energy's Chief Nuclear Officer. "Our customers will benefit from continuing to receive safe, reliable, affordable, and clean electricity from the station through 2053.
"Renewing the operation of Surry also positions Virginia for economic growth and will help the Commonwealth remain a leader in the production of clean energy among other states in the mid-Atlantic and South. It supports more than 900 high-paying jobs at the station and produces additional economic and tax benefits."
Under its current licenses, Surry Units 1 and 2 can continue to provide safe, reliable and affordable electricity to customers through 2032 and 2033, respectively. With renewed licenses, the units may operate to 2052 and 2053, respectively, ensuring customers continue to benefit from the always-on, 24/7 electricity the station produces.
The nuclear units at Surry Power Station are both three-loop Westinghouse pressurized water reactors – capable of providing 1,676 net megawatts, or about 15 percent of the electricity our customers receive.
Like all U.S. nuclear units, the Surry units were originally licensed to operate for 40 years. The units' licenses were renewed for 20 additional years of operation on March 20, 2003, following a stringent review process authorized under federal law. The company could spend as much as $4 billion over the next decade on the Surry-North Anna relicensing program, which has bipartisan support in Virginia.
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond.
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SOURCE Dominion Energy
Article Date
10/16/201810/13/2018 - 80 Percent of Customers Restored in Aftermath of Michael, the Sixth-Largest Storm in Company History
80 Percent of Customers Restored in Aftermath of Michael, the Sixth-Largest Storm in Company History
Source: PR Newswire
RICHMOND, Va., Oct. 13, 2018 /PRNewswire/ -- A workforce of more than 6,000 personnel, including Dominion Energy employees, contractors, and line workers on loan from neighboring utilities, is making substantial progress in restoring service in the aftermath of Tropical Storm Michael. As of 3 p.m. Saturday, we have restored service to nearly 80 percent of the 600,000 customers who lost power. Approximately 120,000 customers remain without service in hard-hit areas of central and southern Virginia, Hampton Roads, the Northern Neck and the Middle Peninsula.
Michael's tornadic winds and torrential rain caused the sixth-largest outage in Dominion Energy history. At least seven confirmed tornadoes ripped through our service area Thursday evening into Friday.
"Tropical Storm Michael caused severe damage across several regions in the state," said Ed Baine, senior vice president – Electric Distribution. "We're making good progress, but still have a lot of work to do in many locations. We are completely focused on restoring power to our customers as safely and quickly as possible. We have a full team working throughout the weekend and additional mutual aid crews arriving today."
In preparation for this storm, we moved teams and equipment to locations where we expected the greatest impact within our service territory and brought in additional line crews and contractors to help from neighboring utilities. In total, we have off-system assistance from 12 states and Canada, with states as far away as Maine, Arkansas and Indiana.
Dominion Energy expects to have the vast majority of customers restored by the end of the day on Monday and will focus on getting all schools back in service by early Monday. We expect to have individual restoration times for all customers on Sunday morning. Customers can call 1-866-366-4357 for an update or visit our online outage map at https://www.dominionenergy.com/outage-center/report-and-check-outages. As crews continue to uncover severe damage, restoration times may fluctuate. We continue to ask customers to be safe and exercise patience as we work through this multi-day outage.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/13/201810/12/2018 - Restoration Continues in Aftermath of Damaging Storm; Vast Majority of Customers to Have Service Restored Monday
Restoration Continues in Aftermath of Damaging Storm; Vast Majority of Customers to Have Service Restored Monday
Source: PR Newswire
RICHMOND, Va., Oct. 12, 2018 /PRNewswire/ -- Dominion Energy will continue to work around the clock and throughout the weekend to restore service to customers who lost power in the wake of Tropical Storm Michael. As of 3 p.m. today, more than 250,000 of the approximately 600,000 customers impacted have had service restored.
"We've dedicated more than 6,000 people to this restoration effort, including mutual aid crews from other states that are here to assist us," said Ed Baine, senior vice president – Electric Distribution. "Our focus will be to reach and restore all customers as soon as quickly and safely as possible. While some regions have had catastrophic damage that will hamper repairs, we expect to have the vast majority of customers restored by the end of the day Monday."
Early reports confirm significant damage in many regions of Virginia and North Carolina, with pockets of catastrophic damage in south-central portions of Virginia and Gloucester/Northern Neck. There was also significant damage in Central Virginia, the Tidewater area and northeastern North Carolina.
Patrol teams are out in force, assessing damage, gathering data and ensuring site-specific materials and equipment are ready for each restoration job. They are finding significant damage, including broken poles and cross-arms, downed wires, fallen trees, and blocked roads.
The focus today is on working with local public safety and emergency officials to restore power to essential services and facilities critical to public health and safety, such as hospitals, fire and police departments, and public water systems. As of 3 p.m., 215 of these facilities remain out of service and will be restored as soon as possible.
Once critical services are restored, crews will be assigned to work on returning service to the largest number of residential and business customers in the shortest amount of time. When major repairs are completed, the focus will shift to restoring smaller groups of customers and individual homes.
We appreciate the patience of all of our customers as we work through this multi-day restoration effort. Once we have a more complete assessment of all damage, we will be able to provide individual estimated restoration times for customers.
Today, the community can help with recovery by doing three important things:
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/12/201810/12/2018 - Annual Appliance Inspections, Home Assessments Help Provide Safe, Economical Year-round Comfort
Annual Appliance Inspections, Home Assessments Help Provide Safe, Economical Year-round Comfort
Source: PR Newswire
CLEVELAND, Oct. 12, 2018 /PRNewswire/ -- Dominion Energy Ohio reminds customers that an annual professional inspection of their furnace and other natural gas appliances can help ensure year-round safety, comfort and economy.
This fall Dominion Energy Ohio is offering home energy assessments for just $50 through its Home Performance with ENERGY STAR® program. This service, administered by CLEAResult, includes a free carbon monoxide (CO) detector, water heater pipe wrap, an energy-saving shower head and kitchen and bathroom faucet aerators. For an additional fee, customers may choose to have a smart, programmable thermostat installed at the discounted price of $50. More details are available at the deoenergysavers.com .
Besides helping customers receive maximum value for their energy dollars, an annual appliance inspection, by a qualified, reputable contractor, may prevent any potential carbon monoxide problems. CO detectors provide a second line of defense, but they should not be used as a substitute for an annual furnace inspection. Combined with an annual inspection, CO detectors, placed in each bedroom, can offer additional peace of mind.
While checking a furnace, the contractor should make a visual inspection of all vents, heat exchangers and motors. Dominion Energy Ohio notes that a thorough inspection should include:
Save Energy and Money with Discounted Home Energy Assessments: In addition, the Home Performance with ENERGY STAR® program can help customers save energy and money. The program includes a home energy assessment to help diagnose high utility usage and other home comfort issues, and then provides rebates of up to $1,250 for completion of recommended energy-efficiency improvements. Dominion Energy Ohio customers may call 1-877-287-3416 to schedule an assessment or visit deohpwes.com for program details and eligibility information.
The program is open to all eligible Dominion Energy Ohio residential customers, who use natural gas for their primary heat source, and who have an active account in an individually metered, single-family, or multi-family dwelling with no more than 4 individually metered units.
The assessment is the first step in the program. An energy auditor visits customers' homes to help pinpoint energy losses through diagnostic testing and a professional evaluation. Following the energy assessment, customers receive a customized energy report with the results, plus recommendations and rebates available through the program.
Recommended improvements typically include air sealing and insulation, HVAC equipment upgrades, window and door replacements, plus much more. These improvements can help customers decrease utility bills, while increasing home comfort, safety, durability and resale value.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy Ohio
Article Date
10/12/201810/12/2018 - Massive Restoration Underway to Restore 585,000 Customers Affected by Tropical Storm Michael
Massive Restoration Underway to Restore 585,000 Customers Affected by Tropical Storm Michael
Source: PR Newswire
RICHMOND, Va., Oct. 12, 2018 /PRNewswire/ -- Dominion Energy restoration crews are out in force this morning and will continue to make repairs and restore service to 585,000 customers in Virginia and North Carolina who lost power due to Tropical Storm Michael. The powerful storm, previously a hurricane, blew through the region with torrential rain and tornadic wind conditions that topped 75 miles per hour in some areas. The heavy rain and wind damaged electric infrastructure and brought down trees on power lines in several regions served by the company.
"As we begin this multi-day restoration effort, we appreciate the patience of our customers and urge them to stay safe and mindful of electric wires that may be hidden by downed trees or flooded streets," said Ed Baine, senior vice president - Electric Distribution. "We are dedicated to restoring power as safely and quickly as possible and will work around the clock until all of our customers are restored."
Early reports confirm significant damage in many Dominion Energy locations, with pockets of catastrophic damage in south-central portions of Virginia and significant damage in Central Virginia, Gloucester/Northern Neck, Tidewater and northeastern North Carolina. Storm damage began at about 3 p.m. Thursday, and 585,000 customers experienced a service disruption in the past 24 hours. As of 7 a.m. Friday, nearly 450,000 customers remain without power.
Today, the focus will be on working with local public safety and emergency officials to restore power to essential services and facilities critical to public health and safety, such as hospitals, fire and police departments, and public water systems.
Patrol teams will be out in force as well, assessing damage, gathering data and ensuring site-specific materials and equipment are ready for each restoration job. Crews will then work to return service to the largest number of residential and business customers in the shortest amount of time. Once major repairs are completed, smaller groups of customers and individual homes are restored.
Early reports of damage include broken poles, cross arms and downed wire in many locations, as well as transmission lines impacted due to tree damage. There were multiple reports of tornadoes within our service territory. In Northern Neck, a tornado touched down and damaged a Dominion Energy substation.
Please stay away from downed wires and trees making contact with wires. Stay at least 30 feet away and report downed wires to 1-866-366-4357 immediately. Please stay on the line to speak directly with an agent – it is very important for Dominion Energy to know the exact location of a downed wire.
Be sure to report your outage right away to help us with an efficient restoration. The quickest and easiest way is to report your outage on dominionenergy.com using your mobile device. You can also call us at 866-DOM-HELP (1-866-366-4357).
Please remember to:
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/12/2018Company Prepares for Possible Impact as Hurricane Michael Heads North
Source: PR Newswire
RICHMOND, Va., Oct. 11, 2018 /PRNewswire/ -- Dominion Energy is tracking and preparing for the potential that Hurricane Michael will cause power outages as it makes its way north. This powerful, fast-moving hurricane is expected to blow through the Carolinas and parts of Virginia Thursday evening into Friday morning, with tropical-force winds and torrential rain that can bring down trees and power lines.
"We are closely monitoring Hurricane Michael and positioning crews and supplies so we can respond as soon as it's safe to do so," said Ed Baine, senior vice president – Electric Distribution. "We urge our customers to be ready, have an emergency plan and use an abundance of caution in the aftermath of this potentially dangerous storm."
Customers are urged to prepare now for a strong storm that could bring dangerous conditions, flooding, and widespread outages. The company is staging crews and materials ahead of the storm so it can be ready to assess damage and restore power as soon as weather conditions are safe.
To prepare for the storm:
If you do experience an outage:
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/11/2018Mark McGettrick to Retire; Jim Chapman Named Successor as Chief Financial Officer
Source: PR Newswire
RICHMOND, Va., Oct. 9, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that Mark F. McGettrick, executive vice president and chief financial officer, will retire on Jan. 1, 2019, capping a 38-year career at the company. Effective Nov. 1, 2018, McGettrick will step down as chief financial officer. James R. "Jim" Chapman, senior vice president-Mergers & Acquisitions and treasurer, will succeed McGettrick as CFO. McGettrick will assist Chapman during the two-month transition.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Dominion Energy's shareholders, customers and employees have benefited greatly from Mark McGettrick's decades of exemplary service to the company. As chief of our generation unit, he led a buildout in Virginia that has helped improve the reliability of the electric service Dominion Energy provides to our utility customers in Virginia and North Carolina. As CFO, Mark has spearheaded and overseen tremendous capital growth across all of our businesses. In his time as CFO, our asset base has nearly doubled and our annual dividend rate has more than doubled. Mark has been outstanding in every way, and we will miss him.
"This year, Mark and Jim Chapman have worked together to complete our credit improvement initiatives – through a forward sale of equity, project debt at Cove Point and agreements to sell some non-core assets. They will continue their collaborative relationship through the end of the year to ensure a successful handoff of duties and to maintain cohesive and coordinated communications with our analysts and investors."
McGettrick joined the company in 1980. During his career, he held a variety of management positions in distribution design, accounting, financial planning, customer service and generation. He was named president of the services company in 2002 and chief executive officer of the generation operating unit in 2003. In June 2009, he was promoted to chief financial officer, where his responsibilities have included treasury, accounting, tax, investor relations, risk management, business planning and financial analysis.
"Jim Chapman comes in as CFO with a wealth and depth of experience in the finance industry," Farrell said. "Jim's unique skillset of knowledge and agility has been on full display in our recent acquisitions of Carolina Gas Transmission, Questar Corporation and a larger stake in Iroquois. His promotion is part of a longstanding succession plan to fill top jobs at Dominion Energy."
Chapman, 49, came to Dominion Energy in 2013 after more than 20 years in investment banking and corporate finance, principally related to the utility and energy sector. Among his roles, he was managing director and head of Asia Pacific Power & Utilities Investment Banking at Barclays plc, as well as holding similar senior roles at Barclays and its predecessor firm, Lehman Brothers in New York and overseas. Chapman earned a bachelor's degree in history and political science from Auburn University and an MBA from the University of Virginia's Darden School of Business.
Chapman assumed his current post in February 2016. Once he becomes the company's chief financial officer, he is expected to retain his role as treasurer.
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/9/201810/8/2018 - Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Oct. 8, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 10 a.m. ET on Monday, Nov. 5, 2018. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com/ and dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Nov. 5 and lasting until 11 p.m. ET Nov. 12. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89035328. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Nov. 5.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About Dominion Energy Midstream
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
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SOURCE Dominion Energy Midstream; Dominion Energy
Article Date
10/8/2018Statement From Dominion Energy, SCANA Regarding Stipulation Agreement With Public Staff of North Carolina Utilities Commission
Source: PR Newswire
RICHMOND, Va. and CAYCE, S.C., Oct. 5, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) and SCANA Corporation (NYSE: SCG) on Thursday filed a stipulation agreement with the Public Staff of the North Carolina Utilities Commission (NCUC) and an intervenor in the proposed merger between the two companies. SCANA's assets include PSNC Energy, a natural gas utility based in Gastonia, N.C. Remaining necessary approvals include those of the NCUC and of the South Carolina Public Service Commission.
Said the companies:
"We are pleased to have reached a settlement agreement with the Public Staff of the North Carolina Utilities Commission and an intervenor that ensures rate stability and service reliability for more than 500,000 PSNC Energy customers. This marks significant progress in our proposed merger."
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
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SOURCE Dominion Energy
Article Date
10/5/201810/3/2018 - Employees Explore, Invent and Innovate
Employees Explore, Invent and Innovate
Source: PR Newswire
RICHMOND, Va., Oct. 3, 2018 /PRNewswire/ -- A mobile app solution to enhance collaboration with customers won top recognition at Dominion Energy's inaugural Innovation Expo. The app uses augmented reality to communicate with customers one-on-one before overhead power lines are converted to underground power lines on their property.
An employee-led team from the Power Delivery business unit and the Information Technology group won the "Chairman's Excellence Award" at a ceremony held today at the Science Museum of Virginia. CEO Thomas F. Farrell presented the honors to that team, as well as 11 other finalists voted among the best by their colleagues across the company.
The awards, which recognize the most creative ideas to emerge from employees in the past year, make up just one part of the company's much broader innovation strategy that is moving forward.
"Our customers want choices and improvements in how to power their homes, businesses and vehicles," Farrell said. "They want their energy company to be a leader in modernizing electric and natural gas infrastructure, and developing clean energy solutions."
Innovation at Dominion Energy means using new technology and improving existing business processes to bring the future closer, and creating an environment in which employees are encouraged to experiment. Because new business models are being explored every day to anticipate the major shifts happening in the energy sector, the company has put in place a dedicated innovation team led by Chief Innovation Officer Mark Webb, to work across all business units to consistently apply an innovation strategy.
The mobile app that won the highest honor was developed by employees Andy Thomas, Alison Kaufmann, Adam Flowers, Annette Martin and Nathan Worcester. Currently being used in the company's Strategic Underground Program, the app enables an employee to use an iPad camera to add a virtual image of equipment that is overlaid on a customer's property configuration. The employee can review the layout with the customer and adjust it until the customer is satisfied with the placement. It is another way to partner and collaborate with customers when installing equipment on their property.
"We are not simply trying to react to customer expectations, we are creating new experiences," Farrell added. "The achievements of these colleagues and those to come will ensure our future success."
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/3/2018Dominion Energy Awarded Contract for Fort Jackson Utility System
Source: PR Newswire
RICHMOND, Va., Oct. 1, 2018 /PRNewswire/ -- A subsidiary of Dominion Energy (NYSE: D) has been awarded the contract to purchase and operate the electric utility system for the U.S. Army's Fort Jackson in Columbia, S.C.
"We have a long tradition of working with the military," said Robert M. Blue, executive vice president, Dominion Energy. "Our company is consistently ranked among the top companies in the nation in helping veterans and their families find and keep jobs in the civilian workforce. This new contract to provide electric service gives us another layer of support we can directly provide to the men and women in the armed services."
The subsidiary, Dominion Privatization South Carolina, LLC, will assume the ownership, operation and maintenance of the electric system serving Fort Jackson. The company has a 50-year contract to provide service.
Dominion Energy will acquire Fort Jackson's utility assets as part of the Army's move to upgrade on-base utility systems by selling them to companies that have expertise in owning, operating and maintaining electrical infrastructure. The Army awarded the contract to the unregulated subsidiary following a competitive bid process.
Dominion Energy will take over operation of the base's system in April 2019. The company will locate employees and equipment in an office there. Dominion Energy has invested more than $750 million in gas transmission and renewable energy growth projects in South Carolina since 2015 and it is in the process of receiving regulatory approvals in its proposed merger with Cayce, S.C.-based SCANA Corporation, which serves 1.1 million electric and gas customers in the Palmetto State.
The Army values the sale and service contract at $142 million.
Fort Jackson is the Army's largest and most active training center with more than 36,000 potential soldiers attending basic training annually. The fort has more than 52,000 acres of land or about 81 square miles, making it larger in size than Richmond, Va.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy, headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
10/1/2018Starwood Energy To Acquire Two Combined-Cycle Plants From Dominion Energy
Source: PR Newswire
GREENWICH, Conn., Sept. 24, 2018 /PRNewswire/ -- Starwood Energy Group Global, LLC, a leading private investment firm focused on energy infrastructure, announced today that it has signed an agreement to buy a 100 percent interest in two combined-cycle gas turbine ("CCGT") plants totaling 1,708 MW from Dominion Energy (NYSE: D) for approximately $1.23 billion. The two assets are comprised of the 1,240 MW Fairless Power Station ("Fairless") located in Pennsylvania, and the 468 MW Manchester Street Power Station ("Manchester") located in Rhode Island. The transaction is subject to customary regulatory approvals and is expected to close by the end of 2018.
Fairless, which was constructed in 2004, is a highly efficient natural gas fired power plant, located 25 miles outside of Philadelphia in Fairless Hills, PA, within the EMAAC zone of PJM. Manchester, located in Providence, RI, was repowered as a CCGT in 1995 and dispatches into the SENE zone of ISO-NE. Both plants are located in regional transmission organizations that provide a forward capacity market for electric generation assets.
"The acquisition of the Fairless and Manchester facilities is consistent with our strategy of buying or building core infrastructure assets in attractive locations close to customer demand. We welcome the plant employees and look forward to working with local communities as we own and operate these high quality assets," said Himanshu Saxena, CEO of Starwood Energy.
King & Spalding LLP served as legal counsel to Starwood.
About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds and other affiliated investment vehicles, Starwood Energy Group has raised equity commitments of approximately $3 billion and has executed transactions totaling more than $7 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.
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SOURCE Starwood Energy Group Global, LLC
Article Date
9/24/20189/24/2018 - Dominion Energy Announces Non-Core Asset Sales
Dominion Energy Announces Non-Core Asset Sales
Source: PR Newswire
RICHMOND, Va., Sept. 24, 2018 Dominion Energy (NYSE: D) today announced that it has executed definitive agreements to divest its interests in three merchant electric generation assets for total proceeds of $1.32 billion. The interests being sold in two separate transactions include:
Fairless and Manchester are being sold to an affiliate of Starwood Energy for cash consideration of approximately $1.23 billion, which includes no working capital. The sale will require the approval of the Federal Energy Regulatory Commission and Hart-Scott-Rodino antitrust clearance. The partial interest in Catalyst Old River Hydroelectric is being sold for cash consideration of approximately $90 million.
Both transactions are expected to close by year-end 2018.
Thomas F. Farrell, II, Dominion Energy chairman, president and chief executive officer, said:
"We are pleased with these results from our non-core asset sales. The total proceeds exceed the midpoint of our previously issued guidance range of $1.0 to $1.5 billion. These actions demonstrate our commitment to the company's credit profile and represent the successful completion of the credit improvement initiatives that we announced in March. We appreciate the opportunity to have worked with Starwood Energy and know that it will benefit greatly from the continued efforts of the plant employees who have delivered best-in-class performance at Fairless and Manchester Street."
Based on strong interest from third parties, Dominion Energy will continue to evaluate its 50 percent interest in the Blue Racer Midstream joint venture though additional non-core asset sale proceeds are not required to achieve Dominion Energy's credit objectives.
With regard to the transaction with Starwood Energy, Citi and J.P. Morgan are serving as financial advisers to Dominion Energy. McGuireWoods LLP is serving as the company's legal counsel for both transactions.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond.
Forward-Looking Statements
This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "assume," "estimate," "project," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "potential," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, and may include, but are not limited to, statements about proposed transactions, Dominion Energy's plans, objectives, expectations and intentions and the timing of future events. All statements relating to events or developments that we expect or anticipate will occur in the future are forward-looking statements, and Dominion Energy's ability to predict results or the actual effect of future events is inherently uncertain. Although Dominion Energy believes that the expectation reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that actual outcomes and results will not differ materially from what is expressed in such forward-looking statements. There can be no assurance that the transactions will close.
Forward-looking statements in this release are based on information available as of the date of this release, which such information is subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking statement to reflect developments after the statement is made.
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SOURCE Dominion Energy
Article Date
9/24/2018Dominion Energy Prepares for Hurricane Florence, Urges Customers to Prepare As Well
Source: PR Newswire
RICHMOND, Va., Sept. 10, 2018 /PRNewswire/ -- Dominion Energy is tracking Hurricane Florence's path closely as the major storm is forecast to hit the East Coast by late Thursday. The company is preparing for significant impacts, including high winds and flooding, across its service area in North Carolina and Virginia. Customers in both states are urged to prepare now for a multi-day storm that could bring dangerous conditions and widespread outages.
"We are closely monitoring Hurricane Florence and preparing for any effect it may have on our customers. While its exact track remains uncertain, confidence is increasing that Florence could have a substantial impact on Virginia and North Carolina," said Ed Baine, senior vice president – Electric Distribution. "We urge our customers to use this time to get ready as well."
The company encourages customers to:
More information can be found by visiting: www.dominionenergy.com/hurricaneprep
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
9/10/2018Dominion Energy/SCANA Merger Achieves Another Key Milestone
Source: PR Newswire
RICHMOND, Va. and CAYCE, S.C., Sept. 4, 2018 /PRNewswire/ -- The proposed combination of Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) has achieved another significant milestone. The U.S. Nuclear Regulatory Commission (NRC) has approved the indirect transfer of the Operating License for V.C. Summer Unit 1 and of the Combined Licenses (COLs) for V.C. Summer Units 2 and 3 from SCANA's wholly owned subsidiary, South Carolina Electric & Gas (SCE&G), to Dominion Energy. This constitutes one of several regulatory approvals required by the merger agreement between the two companies.
The NRC has not yet acted on SCE&G's request to terminate the COLs for Units 2 and 3, but such action is not required under the merger agreement. SCE&G abandoned the nuclear construction project in July 2017. Dominion Energy has no plans to complete the project if the merger closes.
The merger previously received approval from SCANA's shareholders, the Federal Energy Regulatory Commission, the Georgia Public Service Commission and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger remains contingent upon approvals from the public service commissions of South Carolina and North Carolina, among other conditions.
If the merger is completed, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About SCANA
SCANA Corporation (NYSE: SCG), headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
For further information:
DOMINION ENERGY CONTACTS: Media: Chet Wade, (804) 775-5697 or Chet.Wade@dominionenergy.com; Financial analysts: Steven Ridge, (804) 929-6865 or Steven.D.Ridge@dominionenergy.com.
SCANA CONTACTS: Media: Public Affairs, (800) 562-9308;
Financial analysts: Bryant Potter, (803) 217-6916
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SOURCE SCANA Corporation
Article Date
9/4/2018Dominion Energy Seeks Applicants for 2018 ArtStars Awards
Source: PR Newswire
RICHMOND, Va., Sept. 4, 2018 /PRNewswire/ -- Dominion Energy is inviting nonprofit arts organizations across Virginia to apply for a 2018 Dominion Energy ArtStars award. Shining Star Awards of $10,000 apiece will be awarded in each of five regions to arts and cultural programs that enliven communities through theater, art, music and other creative outlets.
"This year we're expanding Dominion Energy ArtStars Awards beyond K-12 schools to include organizations that inspire people of all ages to pursue creative endeavors," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation.
Last year, Shining Star awards were given to groups teaching filmmaking, art, theatre, dance and music. Videos of last year's ArtStars programs are at www.dominionenergy.com/artstars.
To be eligible, organizations must have a qualifying arts and education program and an annual budget of less than $1 million. ArtStars recipients from the most recent year are not eligible.
For details on eligibility and to apply, visit www.dominionenergy.com/artstars. Applications are due by Oct. 31, 2018, at 5 p.m. Only online applications will be accepted.
About the Dominion Energy Charitable Foundation
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, EnergyShare and other programs, the company plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. The foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
9/4/2018Dominion Energy Announces Commitments Secured for $3 billion Cove Point Term Loan
Source: PR Newswire
RICHMOND, Va., Sept. 4, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that it has successfully secured commitments totaling $3 billion from over 20 lenders for its three-year, non-amortizing, Cove Point term loan facility. The facility is expected to close and fund later this month. Initial drawn pricing for the term loan is set at Libor plus 1.375%.
Dominion Energy intends to use the proceeds from the financing to reduce parent-level debt. As a result, parent level debt as a percentage of total company debt will fall by approximately 8 percent, representing significant progress toward achieving Dominion Energy's credit objectives.
Mark F. McGettrick, executive vice president and chief financial officer, said:
"We have been very pleased with the strong interest among lenders to participate in this important financing which has resulted in very attractive terms. Today's announcement represents another milestone toward successfully completing the previously announced credit improvement initiatives which demonstrate our commitment to a strong credit profile."
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
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SOURCE Dominion Energy
Article Date
9/4/2018Dominion Energy Ohio Earns Top Safety Award for Fourth Time
Source: PR Newswire
CLEVELAND, Aug. 30, 2018 /PRNewswire/ -- For the fourth time in the past decade, Dominion Energy Ohio has received the American Gas Association (AGA) Safety Achievement Award for excellence in employee safety. The award recognized Dominion Energy Ohio's 2017 employee safety performance.
The award is natural gas utility industry trade group's highest employer safety honor. The company also won it in 2008, 2011 and 2013.
The AGA awards its Safety Achievement Award to member companies that experience the lowest incident rate for the number of days away from work, restricted or transferred (DART). Dominion Energy Ohio and its 1,700 employees recorded only six such incidents in 2017.
Jim Eck, Dominion Energy vice president and general manager, Ohio & West Virginia Distribution, described the accomplishment as the industrial safety equivalent of a professional sports team winning championships in multiple years.
"Working together on numerous safety initiatives with the members and leadership of Gas Workers Union Local G-555, Dominion Energy Ohio has worked hard to live up to our first and most-important core value, safety." Eck said.
To mark the accomplishment, company and union leaders unveiled four championship banners, similar to the Cleveland Cavaliers' National Basketball Association banner that hangs from the rafters of Quicken Loans Arena. "Our employees' commitments to their personal safety, the safety of their teammates and excellent customer service, have earned this recognition for our company," Eck added. "It is great to be recognized by the AGA," Eck says. "This affirms what we already recognize. Our collective diligence, in making sure all our colleagues work and return home safely every day, is core to our culture."
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy Ohio
Article Date
8/30/2018Dominion Energy Offers $1 Million in Critical Community Needs Grants
Source: PR Newswire
RICHMOND, Va., Aug. 16, 2018 /PRNewswire/ -- Dominion Energy is inviting nonprofit organizations across the company's footprint to apply for grants of up to $25,000 each to meet critical community needs in communities. For the fourth consecutive year, the Dominion Energy Charitable Foundation has pledged $1 million to help meet critical needs for food, housing, medicine or medical services.
"Whether it's food for homebound seniors, shelter for homeless families or free dental check-ups, the need for basic necessities is great in many communities," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants are designed to support organizations that provide greater stability and a better life for people in need."
Last year's Critical Community Needs grants helped 160 nonprofits provide an array of essential services. For instance, ForKids Inc. was awarded $25,000 for its after-school program that helps families struggling with homelessness. Watch a video to see how ForKids helps young people succeed in school and life.
For this year's grants, eligible organizations in targeted areas of Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Utah, Virginia, West Virginia, Wyoming and other areas within Dominion Energy's footprint are encouraged to apply. On-line applications will be accepted until Oct. 5, 2018.
Priority will be given to organizations that:
For more complete details or to apply, go to www.dominionenergy.com/communityneedsgrants.
About the Dominion Energy Charitable Foundation
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
8/16/2018Dominion Energy, Ørsted Advance Offshore Wind Development
Source: PR Newswire
NORFOLK, Va., Aug. 3, 2018 /PRNewswire/ - Dominion Energy Virginia and Denmark-based energy company Ørsted took significant steps forward today in the development of Virginia's first offshore wind facility. Dominion Energy filed with Virginia's State Corporation Commission (SCC) for approval to build the two 6-megawatt turbines and grid infrastructure needed to connect the facility to the coast.
Ørsted, hired by Dominion Energy to build the Coastal Virginia Offshore Wind Project (CVOW), announced that a research vessel will conduct the final ocean floor mapping needed before construction can begin.
"Today's announcement further affirms our commitment to a new era of clean, renewable energy for the Commonwealth," said Thomas F. Farrell, II, Dominion Energy's chairman, president and chief executive officer. "We are truly excited to bring offshore wind to Virginians for the first time."
Farrell made the announcement Friday while in Norfolk with Virginia Gov. Ralph Northam and Thomas Brostrøm, president of Ørsted North America. In addition to the announced filing, business and government leaders toured the ocean-mapping vessel, temporarily docked at the maritime museum Nauticus.
"The announcement today represents a significant step toward harnessing Virginia's offshore wind energy resource and the many important economic benefits that this industry will bring to our Commonwealth," said Governor Ralph Northam. "The offshore wind demonstration project will provide critical information to stakeholders and will position Virginia as a leader as we work to attract job opportunities in the offshore wind supply chain and service industries."
Ørsted is a premier offshore wind power developer with over 1,000 offshore wind turbines installed and operating around the world.
"Ørsted is the energy supplier in Europe that has come the farthest in the transition to renewable energy, and we are excited to bring our expertise to Virginia," said Thomas Brostrøm, Ørsted's North American President. "This project will provide us vital experience in constructing an offshore wind project in the United States and serve as a stepping stone to a larger commercial-scale partnership between our companies in the future. We see the tremendous potential in the Mid-Atlantic for emission-free, renewable wind generation and we are excited to help the Commonwealth in reaping the benefits of wind power."
The offshore wind project will be located about 27 miles off the coast of Virginia Beach on 2,135 acres of federal waters leased by the Virginia Department of Mines, Minerals and Energy. The two six-megawatt turbines will sit in about 80 feet of water and rise over 550 feet above the ocean's surface – but will not be visible from the Virginia Beach shoreline. The facility is expected to begin generating emissions-free energy for customers by December 2020.
While officially a demonstration project, it would be the first constructed in federal waters through the Bureau of Ocean Energy Management's (BOEM) approval process. It will be the nation's second commercial-scale offshore installation, following one off the coast of Block Island, RI, operational since 2015.
The project will provide critical permitting, construction and operational experience, and could pave the way for 2,000 more megawatts of carbon-free generation in the adjacent 112,000 acre wind energy lease area – enough energy to power about half a million homes. Dominion Energy currently leases the massive acreage that would be needed for this facility from BOEM.
The $300 million project will be funded through existing base rates, enabled by the Grid Transformation & Security Act. Contingent on various regulatory approvals, onshore construction would start in 2019, followed by turbine installation and operation in 2020.
In July 2018, the Grid Transformation & Security Act became law, declaring offshore wind to be in the public interest. Passed overwhelmingly by the Virginia General Assembly, the comprehensive energy reform legislation paves the way for a smarter, stronger and greener energy grid.
In conjunction with Dominion Energy's filing for regulatory approval of the first phase of its Grid Transformation Plan in Virginia, the company committed last month to have 3,000 megawatts of new solar and wind, enough to power 750,000 homes, under development or in operation in Virginia by the beginning of 2022.
Dominion Energy's solar fleet is the sixth largest in the nation. And with more than 3,300 megawatts of renewable energy resources either operational or under development across 10 states, the company is an industry leader in renewable energy.
For more information about today's filing with the SCC, please visit: www.dominionenergy.com/CVOW.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy plans to contribute more than $30 million in 2018 to community causes throughout its footprint and beyond. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore wind farms, bioenergy plants and innovative waste-to-energy solutions and provides smart energy products to its customers. Headquartered in Denmark, Ørsted employs 5,700 people. Ørsted's shares are listed on Nasdaq Copenhagen (Ørsted). In 2017, the group's revenue was DKK 59.5 billion (EUR 8.0 billion). For more information on Ørsted, visit www.orsted.com or follow us on Facebook, LinkedIn, Instagram and Twitter.
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SOURCE Dominion Energy Virginia
Article Date
8/3/2018Dominion Energy Announces Second-Quarter 2018 Earnings
Source: PR Newswire
RICHMOND, Va., Aug. 1, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2018, of $449 million ($0.69 per share) compared with earnings of $390 million ($0.62 per share) for the same period in 2017.
Operating earnings for the three months ended June 30, 2018, were $560 million ($0.86 per share), compared with operating earnings of $421 million ($0.67 per share) for the same period in 2017. Operating earnings are defined as reported earnings adjusted for certain items.
The principal differences between reported earnings and operating earnings for the quarter were an update of expected coal ash remediation costs related to Virginia legislation and the impact on prior years' results from a FERC capitalization review.
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Our second-quarter results were very strong and came in above the top end of our guidance range of $0.70 to $0.80. With two strong quarters of financial and operating results in 2018, we affirm our expectation to produce operating earnings that are in the top half of our annual guidance range of $3.80 and $4.25 per share.
"We are delighted that the Cove Point Liquefaction project achieved commercial in-service early during the second quarter and since then has delivered 19 commercial cargoes representing over 60 billion cubic feet of liquefied natural gas for our customers.
"Construction of the 1,588-megawatt Greensville County combined-cycle power station continues on time and on budget. The project is approximately 95 percent complete and is expected to begin commercial operations in late 2018.
"We have begun full construction in numerous portions of the Atlantic Coast Pipeline and the Supply Header Project, including construction of compressor stations and other facilities. Both projects remain on schedule for completion in late 2019."
Second-Quarter 2018 Reported and Operating Earnings Compared to 2017
Reported earnings increased seven cents per share as compared to second-quarter 2017. Business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, and 3 of this release.
Operating earnings increased 19 cents per share as compared to second-quarter 2017 per share operating earnings. The increase is primarily attributable to normal weather in our regulated service territory, the absence of a refueling outage at the Millstone Power Station, the commercial operation of the Cove Point Liquefaction project, and the impact of tax reform. Factors offsetting the increase include lower renewable energy investment tax credits, higher electric capacity expense, financing costs and share count.
Details of second-quarter operating earnings as compared to 2017 may be found on Schedule 4 of this release.
Third-Quarter 2018 Operating Earnings Guidance
Dominion Energy expects third-quarter 2018 operating earnings in the range of $0.95-$1.15 per share, compared to third-quarter 2017 operating earnings of $1.04 per share. Positive drivers include commercial operation of the Cove Point Liquefaction project and the benefit of tax reform. The company expects negative drivers for the quarter to include lower renewable energy investment tax credits, higher financing costs and share count.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
Conference Call Today
The company will host its second-quarter earnings conference call at 10 a.m. ET on Wednesday, Aug. 1, 2018. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 1 and lasting until 11 p.m. ET Aug. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 54257608. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 1.
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $78 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
This release contains certain forward-looking statements, including forecasted operating earnings for third-quarter and full-year 2018 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; the execution of Dominion Energy Midstream Partners' growth strategy; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; and the ability of Dominion Energy Midstream Partners to negotiate, obtain necessary approvals and consummate acquisitions from Dominion Energy and third-parties, and the impacts of such acquisitions. Other risk factors are detailed from time to time in Dominion Energy's and Dominion Energy Midstream Partners' quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
Dominion Energy, Inc. | ||||||||
|
Consolidated Statements of Income* | ||||||||
|
Unaudited (GAAP Based) | ||||||||
|
(millions, except per share amounts) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
2018 |
2017 |
2018 |
2017 | |||||
|
(millions, except per share amounts) |
||||||||
|
Operating Revenue |
$ 3,088 |
$ 2,813 |
$ 6,554 |
$ 6,197 | ||||
|
Operating Expenses |
||||||||
|
Electric fuel and other energy-related purchases |
623 |
498 |
1,367 |
1,073 | ||||
|
Purchased (excess) electric capacity |
23 |
(12) |
37 |
(29) | ||||
|
Purchased gas |
64 |
112 |
404 |
417 | ||||
|
Other operations and maintenance |
1,007 |
827 |
1,803 |
1,611 | ||||
|
Depreciation, depletion and amortization |
463 |
467 |
961 |
936 | ||||
|
Other taxes |
166 |
168 |
365 |
357 | ||||
|
Total operating expenses |
2,346 |
2,060 |
4,937 |
4,365 | ||||
|
Income from operations |
742 |
753 |
1,617 |
1,832 | ||||
|
Other income |
185 |
108 |
285 |
270 | ||||
|
Interest and related charges |
361 |
308 |
675 |
600 | ||||
|
Income from operations including noncontrolling interests before |
566 |
553 |
1,227 |
1,502 | ||||
|
Income tax expense |
88 |
136 |
223 |
411 | ||||
|
Net Income Including Noncontrolling Interests |
478 |
417 |
1,004 |
1,091 | ||||
|
Noncontrolling Interests |
29 |
27 |
52 |
69 | ||||
|
Net Income Attributable to Dominion Energy |
$ 449 |
$ 390 |
$ 952 |
$ 1,022 | ||||
|
Earnings Per Common Share |
||||||||
|
Net income attributable to Dominion Energy - Basic |
$ 0.69 |
$ 0.62 |
$ 1.46 |
$ 1.63 | ||||
|
Net income attributable to Dominion Energy - Diluted |
0.69 |
0.62 |
1.46 |
1.63 | ||||
|
Dividends Declared Per Common Share |
$ 0.8350 |
$ 0.7550 |
$ 1.670 |
$ 1.510 | ||||
|
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on | ||||||||
|
Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
Schedule 1 - Segment Reported and Operating Earnings |
||||||||
|
Unaudited |
||||||||
|
(millions, except earnings per share) |
Three months ended June 30, | |||||||
|
2018 |
2017 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 449 |
$ 390 |
$ 59 | |||||
|
Pre-tax loss (income) 2 |
145 |
47 |
98 | |||||
|
Income tax 2 |
(34) |
(16) |
(18) | |||||
|
Adjustments to reported earnings |
111 |
31 |
80 | |||||
|
OPERATING EARNINGS |
$ 560 |
$ 421 |
$ 139 | |||||
|
By segment: |
||||||||
|
Power Delivery |
145 |
127 |
18 | |||||
|
Power Generation |
276 |
240 |
36 | |||||
|
Gas Infrastructure |
249 |
163 |
86 | |||||
|
Corporate and Other |
(110) |
(109) |
(1) | |||||
|
$ 560 |
$ 421 |
$ 139 | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 0.69 |
$ 0.62 |
$ 0.07 | |||||
|
Adjustments to reported earnings (after tax) |
0.17 |
0.05 |
0.12 | |||||
|
OPERATING EARNINGS |
$ 0.86 |
$ 0.67 |
$ 0.19 | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.23 |
0.20 |
0.03 | |||||
|
Power Generation |
0.42 |
0.38 |
0.04 | |||||
|
Gas Infrastructure |
0.38 |
0.26 |
0.12 | |||||
|
Corporate and Other |
(0.17) |
(0.17) |
- | |||||
|
$ 0.86 |
$ 0.67 |
$ 0.19 | ||||||
|
Common Shares Outstanding (average, diluted) |
653.1 |
629.2 |
||||||
|
(millions, except earnings per share) |
Six months ended June 30, | |||||||
|
2018 |
2017 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 952 |
$ 1,022 |
$ (70) | |||||
|
Pre-tax loss (income) 2 |
450 |
16 |
434 | |||||
|
Income tax 2 |
(101) |
(6) |
(95) | |||||
|
Adjustments to reported earnings |
349 |
10 |
339 | |||||
|
OPERATING EARNINGS |
$ 1,301 |
$ 1,032 |
$ 269 | |||||
|
By segment: |
||||||||
|
Power Delivery |
301 |
252 |
49 | |||||
|
Power Generation |
624 |
501 |
123 | |||||
|
Gas Infrastructure |
576 |
426 |
150 | |||||
|
Corporate and Other |
(200) |
(147) |
(53) | |||||
|
$ 1,301 |
$ 1,032 |
$ 269 | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 1.46 |
$ 1.63 |
$ (0.17) | |||||
|
Adjustments to reported earnings (after tax) |
0.54 |
0.01 |
0.53 | |||||
|
OPERATING EARNINGS |
$ 2.00 |
$ 1.64 |
$ 0.36 | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.46 |
0.40 |
0.06 | |||||
|
Power Generation |
0.96 |
0.80 |
0.16 | |||||
|
Gas Infrastructure |
0.88 |
0.68 |
0.20 | |||||
|
Corporate and Other |
(0.30) |
(0.24) |
(0.06) | |||||
|
$ 2.00 |
$ 1.64 |
$ 0.36 | ||||||
|
Common Shares Outstanding (average, diluted) |
651.8 |
628.7 |
||||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). | |||||||
|
2) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | |||||||
Schedule 2 - Reconciliation of 2018 Operating Earnings to Reported Earnings
2018 Earnings (Six months ended June 30, 2018)
The $450 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q18 |
2Q18 |
3Q18 |
4Q18 |
YTD 2018 |
2 | |
|
Reported earnings |
$503 |
$449 |
$952 |
||||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
305 |
145 |
450 |
||||
|
Income tax benefit |
(67) |
(34) |
(101) |
||||
|
238 |
111 |
349 |
|||||
|
Operating earnings |
$741 |
$560 |
$1,301 |
||||
|
Common shares outstanding (average, diluted) |
650.5 |
653.1 |
651.8 |
||||
|
Reported earnings per share |
$0.77 |
$0.69 |
$1.46 |
||||
|
Adjustments to reported earnings (after-tax) |
0.37 |
0.17 |
0.54 |
||||
|
Operating earnings per share |
$1.14 |
$0.86 |
$2.00 |
||||
|
1) Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q18 |
2Q18 |
3Q18 |
4Q18 |
YTD 2018 |
|||
|
Pre-tax loss (income): |
|||||||
|
Impact of Virginia rate legislation |
215 |
215 |
|||||
|
FERC-regulated plant disallowance |
122 |
122 |
|||||
|
Future ash pond and landfill closure costs |
81 |
81 |
|||||
|
Storm costs |
31 |
31 |
|||||
|
Merger-related transaction and transition costs |
16 |
9 |
25 |
||||
|
VA depreciation revision |
(31) |
(31) |
|||||
|
Net (gain) loss on NDT funds |
43 |
(50) |
(7) |
||||
|
Other |
14 |
14 |
|||||
|
$305 |
$145 |
$450 |
|||||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
(67) |
(34) |
(101) |
||||
|
($67) |
($34) |
($101) |
|||||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective |
|||||||
|
tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of |
|||||||
|
the Company's year-to-date income tax provision based on its estimated annual effective tax rate. |
|||||||
|
2) YTD EPS may not equal sum of quarters due to share count difference. |
|||||||
Schedule 3 - Reconciliation of 2017 Operating Earnings to Reported Earnings
2017 Earnings (Twelve months ended December 31, 2017)
The $235 million pre-tax net effect of the adjustments included in 2017 reported earnings, but excluded from operating earnings, is primarily related to the following items:
The 2017 Tax Reform Act reduced the corporate income tax rate from 35% to 21%. Dominion Energy recognized $851 million of tax benefits resulting from the re-measurement of deferred income taxes to the new corporate income tax rate.
|
(millions, except per share amounts) |
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
2 | |
|
Reported earnings |
$632 |
$390 |
$665 |
$1,312 |
$2,999 |
||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
(31) |
47 |
12 |
207 |
235 |
||
|
Income tax |
10 |
(16) |
(5) |
(934) |
(945) |
||
|
(21) |
31 |
7 |
(727) |
(710) |
|||
|
Operating earnings |
$611 |
$421 |
$672 |
$585 |
$2,289 |
||
|
Common shares outstanding (average, diluted) |
628.1 |
629.2 |
642.5 |
643.9 |
636.0 |
||
|
Reported earnings per share |
$1.01 |
$0.62 |
$1.03 |
$2.04 |
$4.72 |
||
|
Adjustments to reported earnings (after-tax) |
(0.04) |
0.05 |
0.01 |
(1.13) |
(1.12) |
||
|
Operating earnings per share |
$0.97 |
$0.67 |
$1.04 |
$0.91 |
$3.60 |
||
|
1)Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
|||
|
Pre-tax loss (income): |
|||||||
|
Impairments of equity method investments |
158 |
158 |
|||||
|
Merger-related transaction & transition costs |
3 |
20 |
16 |
33 |
72 |
||
|
Net gain on NDT funds |
(34) |
(3) |
(4) |
(5) |
(46) |
||
|
Other |
30 |
21 |
51 |
||||
|
($31) |
$47 |
$12 |
$207 |
$235 |
|||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
10 |
(16) |
(5) |
(83) |
(94) |
||
|
Re-measurement of Deferred Tax Balances ** |
(851) |
(851) |
|||||
|
$10 |
($16) |
($5) |
($934) |
($945) |
|||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. |
|||||||
|
** Federal tax reform, enacted in December 2017, reduced the corporate income tax rate from 35% to 21%, effective 1/1/2018. Deferred taxes are required to be measured at the enacted rate in effect when they are expected to reverse. As a result, deferred taxes were re-measured to the 21% rate. For regulated entities, where the reduction in deferred taxes is expected to be recovered or refunded in future rates, the adjustment was recorded to a regulatory asset or liability instead of income tax expense. |
|||||||
|
2)YTD EPS may not equal sum of quarters due to share count differences |
|||||||
|
Schedule 4 - Reconciliation of 2Q18 Earnings to 2Q17 |
|||||||
|
Preliminary, Unaudited |
Three Months Ended |
Six Months Ended | |||||
|
(millions, except EPS) |
June 30, |
June 30, | |||||
|
2018 vs. 2017 |
2018 vs. 2017 | ||||||
|
Increase / (Decrease) |
Increase / (Decrease) | ||||||
|
Reconciling Items |
Amount |
EPS |
Amount |
EPS | |||
|
Change in reported earnings (GAAP) |
$59 |
$0.07 |
($70) |
($0.17) | |||
|
Change in Pre-tax loss (income) 1 |
98 |
434 |
|||||
|
Change in Income tax 1 |
(18) |
(95) |
|||||
|
Adjustments to reported earnings |
$80 |
$0.12 |
$339 |
$0.53 | |||
|
Change in consolidated operating earnings |
$139 |
$0.19 |
$269 |
$0.36 | |||
|
Power Delivery 2 |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$8 |
$0.01 |
$22 |
$0.03 | |||
|
Other |
12 |
0.02 |
16 |
0.03 | |||
|
FERC Transmission equity return |
1 |
- |
5 |
0.01 | |||
|
Tax reform impacts |
0 |
- |
0 |
- | |||
|
Other |
(3) |
- |
6 |
0.01 | |||
|
Share dilution |
- |
- |
- |
(0.02) | |||
|
Change in contribution to operating earnings |
$18 |
$0.03 |
$49 |
$0.06 | |||
|
Power Generation 2 |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$13 |
$0.02 |
$41 |
$0.06 | |||
|
Other |
2 |
- |
(7) |
(0.01) | |||
|
Merchant generation margin |
33 |
0.06 |
94 |
0.15 | |||
|
Planned outage costs |
36 |
0.06 |
40 |
0.06 | |||
|
Electric capacity |
(20) |
(0.03) |
(38) |
(0.06) | |||
|
Renewable energy investment tax credits |
(55) |
(0.09) |
(55) |
(0.09) | |||
|
Tax reform impacts |
9 |
0.01 |
32 |
0.05 | |||
|
Other |
18 |
0.03 |
16 |
0.03 | |||
|
Share dilution |
- |
(0.02) |
- |
(0.03) | |||
|
Change in contribution to operating earnings |
$36 |
$0.04 |
$123 |
$0.16 | |||
|
Gas Infrastructure 2 |
|||||||
|
Farmout transactions |
$4 |
$0.01 |
$36 |
$0.06 | |||
|
Transportation and storage growth projects |
10 |
0.02 |
18 |
0.03 | |||
|
Cove Point |
68 |
0.11 |
58 |
0.09 | |||
|
Tax reform impacts |
28 |
0.04 |
60 |
0.09 | |||
|
Interest |
(27) |
(0.04) |
(28) |
(0.05) | |||
|
Other |
3 |
- |
6 |
0.01 | |||
|
Share dilution |
- |
(0.02) |
- |
(0.03) | |||
|
Change in contribution to operating earnings |
$86 |
$0.12 |
$150 |
$0.20 | |||
|
Corporate and Other 2 |
|||||||
|
Renewable energy investment tax credits |
$20 |
$0.03 |
($15) |
($0.02) | |||
|
Tax reform impacts |
(20) |
(0.03) |
(39) |
(0.06) | |||
|
Interest expense, other, and share dilution |
(1) |
- |
1 |
0.02 | |||
|
Change in contribution to operating earnings |
($1) |
$0.00 |
($53) |
($0.06) | |||
|
Change in consolidated operating earnings |
$139 |
$0.19 |
$269 |
$0.36 | |||
|
Change in adjustments included in reported earnings1 |
($80) |
($0.12) |
($339) |
($0.53) | |||
|
Change in consolidated reported earnings |
$59 |
$0.07 |
($70) |
($0.17) | |||
|
1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | |||||||
|
2) |
For period over period comparability reconciling items tax effected using a 35% federal tax rate. | ||||||
|
Segment specific tax reform impacts outlined as individual reconciling items. | |||||||
|
Note: Figures may not add due to rounding | |||||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-announces-second-quarter-2018-earnings-300689704.html
SOURCE Dominion Energy
Article Date
8/1/2018Dominion Energy Declares Quarterly Dividend of 83.5 Cents
Source: PR Newswire
RICHMOND, Va., July 31, 2018 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 83.5 cents per share of common stock.
Dividends are payable on Sept. 20, 2018, to shareholders of record at the close of business Sept. 7, 2018.
This is the 362nd consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared May 9, 2018.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-declares-quarterly-dividend-of-83-5-cents-300689328.html
SOURCE Dominion Energy
Article Date
7/31/2018Dominion Energy/SCANA Merger Receives Approval Of SCANA Shareholders
Source: PR Newswire
RICHMOND, Va. and CAYCE, S.C., July 31, 2018 /PRNewswire/ -- The proposed combination of Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) has achieved another significant milestone with the approval of SCANA's shareholders. SCANA's special shareholder meeting was held today in Columbia, South Carolina, with Chairman of the Board of Directors, Maybank Hagood and Chief Executive Officer, Jimmy Addison presiding.
During the meeting, shareholders voted to approve the Merger Agreement, dated as of January 2, 2018 with Dominion Energy, meeting the requirement of receiving an affirmative vote from at least two-thirds of the outstanding shares of SCANA's common stock.
"We are pleased with the approval from our shareholders," said Maybank Hagood, SCANA's Chairman of the Board of Directors. "We believe the merger with Dominion Energy offers the most comprehensive solution for our customers and aligns SCANA with a company that mirrors our commitment to delivering safe and reliable energy."
The merger previously received approval of the Federal Energy Regulatory Commission, the Georgia Public Service Commission, and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger remains contingent upon approvals from the Public Service Commissions of South Carolina and North Carolina and authorization of the Nuclear Regulatory Commission, among other conditions.
If the merger is completed, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About SCANA
SCANA Corporation (NYSE: SCG), headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
For further information:
DOMINION ENERGY CONTACTS: Media: Chet Wade, (804) 775-5697 or Chet.Wade@dominionenergy.com;
Financial analysts: Steven Ridge, (804) 929-6865 or Steven.D.Ridge@dominionenergy.com.
SCANA CONTACTS: Media: Public Affairs, (800) 562-9308;
Financial analysts: Bryant Potter, (803) 217-6916
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energyscana-merger-receives-approval-of-scana-shareholders-300689276.html
SOURCE SCANA Corporation
Article Date
7/31/2018Dominion Energy/SCANA Merger Receives FERC Approval
Source: PR Newswire
RICHMOND, Va. and CAYCE, S.C., July 13, 2018 /PRNewswire/ -- The proposed merger of Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) has achieved another significant milestone with the approval of the Federal Energy Regulatory Commission (FERC).
In an order issued July 12, FERC found the combination of the two companies "is consistent with the public interest and is authorized."
"We are pleased by the FERC's considered and timely action," said Thomas F. Farrell, II, Dominion Energy chairman, president and CEO. "It brings us closer to providing a brighter energy future for customers, communities and others served by the SCANA companies. We will continue working toward achieving the other required regulatory approvals and completing our transaction by the end of this year."
The merger previously received approval of the Georgia Public Service Commission and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger is also contingent upon approval of SCANA's shareholders; review and approval from the public service commissions of South Carolina and North Carolina; and authorization of the Nuclear Regulatory Commission.
Under a merger agreement announced in January, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA, including the ability to obtain the requisite approval of SCANA's shareholders; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Important additional information
In connection with the proposed transaction between Dominion Energy, Inc., and SCANA Corporation, Dominion Energy has filed with the SEC a Registration Statement on Form S-4, which includes a document that serves as a Proxy Statement of SCANA and Prospectus of Dominion Energy (the proxy statement/prospectus), as well as other relevant documents concerning the proposed transaction. The proposed transaction involving Dominion Energy and SCANA will be submitted to SCANA's shareholders for their consideration. The proxy statement/prospectus was mailed to SCANA's shareholders beginning on June 15, 2018. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Shareholders of SCANA are urged to read the registration statement and the proxy statement/prospectus regarding the transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Shareholders are able to obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about Dominion Energy and SCANA, without charge, at the SEC's website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that are incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Dominion Energy, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention: Corporate Secretary, Corporate.Secretary@dominionenergy.com, or to SCANA Corporation, 220 Operation Way, Mail Code D133, Cayce, South Carolina 29033, Attention: Office of the Corporate Secretary, BoardInformation@scana.com.
Participants in the solicitation
Dominion Energy, SCANA and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Dominion Energy's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 23, 2018, Dominion Energy's Annual Report on Form 10-K, which was filed with the SEC on February 27, 2018 and certain of its Current Reports on Form 8-K. Information regarding SCANA's directors and executive officers is available in its Annual Report on Form 10-K, which was filed with the SEC on February 23, 2018, as amended by a Form 10-K/A dated April 27, 2018 and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
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SOURCE Dominion Energy
Article Date
7/13/2018SCANA Corporation to Announce Second Quarter 2018 Financial Results on August 2, 2018
Source: PR Newswire
CAYCE, S.C., July 12, 2018 /PRNewswire/ -- SCANA Corporation (NYSE:SCG) will release its second quarter 2018 earnings on Thursday, August 2, 2018, before the market opens. Due to the pending combination with Dominion Energy, Inc. (NYSE: D), SCANA will not be hosting a conference call. This practice is consistent with the Company's release of financial results since the announcement of the proposed combination at the beginning of 2018. Prepared materials summarizing quarterly activity will be available on the Company's website.
PROFILE
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Analyst Contact:
Bryant Potter
(803) 217-6916
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SOURCE SCANA Corporation
Article Date
7/12/20187/5/2018 - Dominion Energy Recognized for Innovation in Reliability and Renewable Energy Integration
Dominion Energy Recognized for Innovation in Reliability and Renewable Energy Integration
Source: PR Newswire
ORLANDO, Fla., July 5, 2018 /PRNewswire/ -- Dominion Energy was recently recognized by the Southeastern Electric Exchange (SEE) for an innovative project that addressed voltage control and reliability on its transmission system.
With the closure of the Chesapeake Energy Center and the influx of new renewable generation, the Dominion Energy team was faced with maintaining voltage quality and stability. Many solutions were considered, but the team settled on a proven technology that was installed in a creative, networked configuration.
"Maintaining a strong, reliable grid is the driving force behind what we do every day," said Scott Miller, vice president-electric transmission, Dominion Energy. "We knew it was critical to find a cost-effective solution that provides fast-response dynamic voltage support."
The team installed a network of static synchronous compensators (STATCOMs) at four substations in the Hampton Roads area. One of the STATCOMs is a spare, so any one of the devices can be taken out of service while the others continue to mitigate voltage issues. This unconventional approach is providing better voltage control and redundancy, supporting the integration of solar energy in Virginia.
This project marked a significant milestone for Dominion Energy and the energy industry—it is the first time that so many STATCOMs have been deployed in one area.
"I am so proud of the ingenuity of my colleagues. In the end, our customers will benefit and critical infrastructure in Hampton Roads will experience better reliability," Miller said.
The Chairman's Award is given to SEE member companies to recognize best-in-class projects in the substation category. The winners were chosen by a panel of judges following an international nomination process, and the awards were presented at SEE's Annual Conference and Trade Show in Orlando.
About SEE
SEE is a nonprofit trade association of investor-owned electric companies founded in 1933. SEE's mission is to promote the common interests of its member companies; enhance the human, operational and technical resources of its member companies; and provide the coordination of storm restoration services to impacted member companies. This mission is accomplished through the work of 25 member-driven working groups. The Industry Excellence Awards are distributed annually.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
7/5/2018Statement by Thomas F. Farrell, II Dominion Energy Chairman, President & CEO in response to South Carolina Conference Committee Action June 27, 2018
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., June 27, 2018 /PRNewswire/ -- "The South Carolina Legislature is playing a high-stakes game where they are gambling with the money of customers and taxpayers. Legislators are risking cash payments to SCE&G's electric customers of $1.3 billion – equal to $1,000 for the typical residential customer – and a permanent rate reduction of 7 percent. They are jeopardizing total customer benefits of more than $12 billion and another $19 billion in economic activity. And, they are promoting continued turmoil for South Carolina's energy and business future. All of this for a few headlines and a temporary rate reduction that has good odds of being overturned in court. It is a disappointing and short-sighted action that is counter to the best interests of South Carolina and its people."
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SOURCE Dominion Energy
Article Date
6/27/2018Dominion Energy Supports Eco-Friendly Places to Visit this Summer
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., June 27, 2018 /PRNewswire/ -- Whether your idea of summer fun is exploring museums or trails, star-gazing or watching river otters at play, environmental grants from Dominion Energy's charitable foundation support a variety of eco-friendly summer venues and activities in the region.
"In Virginia and North Carolina, we've awarded $255,000 to support local parks, gardens, museums and aquariums that can be enjoyed by people of all ages and walks of life," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These public venues add beauty and vitality to our community, and they provide great options for summertime learning and fun."
Here are some eco-friendly summer destinations to consider in Virginia and North Carolina:
The programs received Environmental and Education Stewardship grants awarded by the company's charitable arm, the Dominion Energy Charitable Foundation.
About Dominion Energy
Nearly 6 million customers in 19 states heat and cool their homes and power their businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company's record of reliable, safe and clean energy regularly places it among American's most-admired utilities. One of the nation's leading operators of solar energy, Dominion Energy is one of just three companies to have reduced carbon intensity by more than 40 percent since 2000. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the community, supports military veterans and their families, and practices responsible environmental stewardship everywhere it operates. To learn more, please visit www.dominionenergy.com, Facebook or Twitter.
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SOURCE Dominion Energy
Article Date
6/27/20186/8/2018 - Dominion Energy Receives Two Awards from Edison Electric Institute for Storm Restoration Work
Dominion Energy Receives Two Awards from Edison Electric Institute for Storm Restoration Work
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
SAN DIEGO, June 8, 2018 /PRNewswire/ -- Dominion Energy's vast experience in efficient and safe storm restoration work was recognized Tuesday as it was presented with two awards from Edison Electric Institute (EEI). It was honored with the 2018 Emergency Assistance Award for Puerto Rico Power Restoration for its contributions to the unprecedented emergency power restoration mission in Puerto Rico following Hurricane Maria, and the Emergency Recovery Award for its work on the March 1, 2018 Nor'easter wind storm.
"These awards go to the men and women at Dominion Energy who work tirelessly every day to keep energy flowing to homes and businesses," said Robert M. Blue, president and CEO, Power Delivery Group. "But the aftermath of damaging storms is when their skills and compassion for our customers are even more evident."
Hurricane Maria made landfall as a Category 4 in Puerto Rico on September 20, 2017, impacting all critical infrastructure, damaging at least 80 percent of the island's energy grid, and leaving all residents without power. Dominion Energy was one of many electric companies from the mainland that provided mutual assistance to the Puerto Rico Electric Power Authority (PREPA).
The company sent 80 lineworkers and 55 company vehicles to the island. Crews worked 14-hour days for four weeks restoring power to nearly 2,000 customers in some of the harshest conditions imaginable. They overcame rough terrain, high temperatures and intense humidity to set 226 new poles and replace more than 14 miles of wire.
"Helping in Puerto Rico was both a privilege and an honor," said Blue. "We sent our crews and equipment to assist in a monumental and historic restoration effort. But foremost for us was providing relief, support and comfort to the good people of Puerto Rico. Our crews went there to help and they came home humbled and grateful for the experience."
"The power restoration effort in Puerto Rico was a massive and unprecedented mission, and electric companies from across the country, including Dominion Energy, responded to the call for help," said EEI President Tom Kuhn. "The electric power industry pulled together with one goal in mind, to restore power to the people of Puerto Rico – it truly was one team, one mission. Dominion Energy is deserving of this recognition for providing tremendous support to PREPA and our fellow citizens in Puerto Rico."
Dominion Energy also was recognized for its work in the wake of the March 1, 2018 Nor'easter wind storm that disrupted service to 690,000 customers in Virginia. Because of peak wind gusts of 60-70 mph that caused severe damage in some areas, this restoration event became a rebuild effort rather than a repair event. More than 500 poles and 1,135 crossarms were replaced, as well as thousands of miles of downed wires and overhead conductors. Power was restored to all customers in five days.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company is committed to sustainable, reliable, affordable, and safe energy and is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports veterans and their families. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
About EEI
EEI is the association that represents all U.S. investor-owned electric companies. Its members provide electricity for 220 million Americans, and operate in all 50 states and the District of Columbia.
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SOURCE Dominion Energy
Article Date
6/8/20186/7/2018 - Hurricane Season Officially Underway; Dominion Energy Urges Customers to Prepare for Storms
Hurricane Season Officially Underway; Dominion Energy Urges Customers to Prepare for Storms
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., June 7, 2018 /PRNewswire/ -- While June 1 marked the official start of the 2018 hurricane season, Virginians have already experienced destructive wind storms and treacherous flooding conditions this spring.
"Summer storms can be unpredictable, so planning ahead and being ready is key," said David Vanderbloemen, director-Electric Distribution Operations Center. "Part of our preparation includes using new technologies to restore power faster if it does go out."
"We continue our day-to-day preparations for a busy storm season by conducting refresher training with employees, restocking supplies and standing ready when and where we are needed. We encourage our customers to collect the essentials needed to ride out a major storm," said Vanderbloemen.
First, give your old flashlight a few test clicks, then gather these items for an emergency storm kit:
To see how easy it is it prepare a kit, click here for a quick tutorial.
Also, plan ahead so you can send and receive storm-related updates:
If your power does go out:
About Dominion Energy
Nearly 6 million customers in 19 states heat and cool their homes and power their businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company's record of reliable, safe and clean energy regularly places it among American's most-admired utilities. One of the nation's leading operators of solar energy, Dominion Energy is one of just three companies to have reduced carbon intensity by more than 40 percent since 2000. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the community, supports military veterans and their families, and practices responsible environmental stewardship everywhere it operates. To learn more, please visit www.dominionenergy.com, Facebook or Twitter.
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SOURCE Dominion Energy
Article Date
6/7/2018SCANA Corporation Sets Date for a Special Shareholder Meeting for Vote on Merger Agreement with Dominion Energy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CAYCE, S.C., May 29, 2018 /PRNewswire/ -- SCANA Corporation (NYSE: SCG) announced today that it has established a record date of May 31, 2018, and a meeting date of July 31, 2018, for a special meeting of its shareholders to consider and vote on a proposal to approve the previously announced stock-for-stock merger with Dominion Energy, Inc. (NYSE: D).
SCANA's Special Shareholder Meeting is scheduled for 9 a.m. EDT on July 31, 2018, at the Columbia Conference Center, 169 Laurelhurst Avenue, Columbia, SC 29210.
Additionally, SCANA separately established a record date of July 25, 2018, and a meeting date of September 12, 2018, for its 2018 Annual Shareholder Meeting. The 2018 Annual Shareholder Meeting is scheduled for 9 a.m. EDT on September 12, 2018, at the Columbia Conference Center, 169 Laurelhurst Avenue, Columbia, SC 29210.
SCANA shareholders of record at the close of business on the respective record dates will be entitled to receive notice of and vote on matters presented at the applicable meetings.
PROFILE
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
SAFE HARBOR STATEMENT
Statements included in this press release which are not statements of historical fact are intended to be, and are hereby identified as, "forward-looking statements" for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements concerning the proposed merger with Dominion Energy, recovery of Nuclear Project abandonment costs, key earnings drivers, customer growth, environmental regulations and expenditures, leverage ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of new accounting rules and estimated capital and other expenditures. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expects," "forecasts," "plans," "targets," "anticipates," "believes," "estimates," "projects," "predicts," "potential" or "continue" or the negative of these terms or other similar terminology. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements due to the information being of a preliminary nature and subject to further and/or continuing review and adjustment. Other important factors that could cause such material differences include, but are not limited to, the following: (1) the occurrence of any event, change or other circumstances that could give rise to the failure by SCANA to consummate the proposed merger with Dominion Energy; (2) the ability of SCE&G to recover through rates the costs expended on Unit 2 and Unit 3, and a reasonable return on those costs, under the abandonment provisions of the BLRA or through other means; (3) uncertainties relating to the bankruptcy filing by WEC and WECTEC; (4) further changes in tax laws and realization of tax benefits and credits, and the ability or inability to realize credits and deductions, particularly in light of the abandonment of Unit 2 and Unit 3; (5) legislative and regulatory actions, particularly changes related to electric and gas services, rate regulation, regulations governing electric grid reliability and pipeline integrity, environmental regulations including any imposition of fees or taxes on carbon emitting generating facilities, the BLRA, and any actions affecting the abandonment of Unit 2 and Unit 3; (6) current and future litigation, including particularly litigation or government investigations or actions involving or arising from the construction or abandonment of Unit 2 and Unit 3 or arising from the proposed merger with Dominion Energy; (7) the impact of any decision by the Company to pay quarterly dividends to its shareholders or the reduction, suspension or elimination of the amount thereof; (8) the results of short- and long-term financing efforts, including prospects for obtaining access to capital markets and other sources of liquidity, and the effect of rating agency actions on the cost of and access to capital and sources of liquidity of SCANA and its subsidiaries (the Company); (9) the ability of suppliers, both domestic and international, to timely provide the labor, secure processes, components, parts, tools, equipment and other supplies needed which may be highly specialized or in short supply, at agreed upon quality and prices, for our construction program, operations and maintenance; (10) the results of efforts to ensure the physical and cyber security of key assets and processes; (11) changes in the economy, especially in areas served by subsidiaries of SCANA; (12) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial markets; (13) the impact of conservation and demand side management efforts and/or technological advances on customer usage; (14) the loss of electricity sales to distributed generation, such as solar photovoltaic systems or energy storage systems; (15) growth opportunities for SCANA's regulated and other subsidiaries; (16) the effects of weather, especially in areas where the generation and transmission facilities of the Company are located and in areas served by SCANA's subsidiaries; (17) changes in SCANA's or its subsidiaries' accounting rules and accounting policies; (18) payment and performance by counterparties and customers as contracted and when due; (19) the results of efforts to license, site, construct and finance facilities, and to receive related rate recovery, for generation and transmission; (20) the results of efforts to operate the Company's electric and gas systems and assets in accordance with acceptable performance standards, including the impact of additional distributed generation; (21) the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power; (22) the availability of skilled, licensed and experienced human resources to properly manage, operate, and grow the Company's businesses, particularly in light of uncertainties with respect to legislative and regulatory actions surrounding recovery of Nuclear Project costs and the announced potential merger; (23) labor disputes; (24) performance of SCANA's pension plan assets and the effect(s) of associated discount rates; (25) inflation or deflation; (26) changes in interest rates; (27) compliance with regulations; (28) natural disasters, man-made mishaps and acts of terrorism that directly affect our operations or the regulations governing them; and (29) the other risks and uncertainties described from time to time in the reports filed by SCANA with the SEC.
SCANA disclaims any obligation to update any forward-looking statements.
Capitalized terms not otherwise defined herein have the meanings as set forth in the Company's most recent periodic report filed with the Securities and Exchange Commission.
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SCANA Corporation Contacts: |
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Media Contact: |
Investor Contact: |
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Eric Boomhower |
Bryant Potter |
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(803) 217-7701 |
(803) 217-6916 |
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SOURCE SCANA Corporation
Article Date
5/29/20185/16/2018 - Dominion Energy Statement in Response to U.S. Fourth Circuit Court of Appeals Atlantic Coast Pipeline Order
Dominion Energy Statement in Response to U.S. Fourth Circuit Court of Appeals Atlantic Coast Pipeline Order
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., May 16, 2018 /PRNewswire/ -- Dominion Energy released the following statement in response to the U.S. Fourth Circuit Court of Appeals order vacating the U.S. Fish and Wildlife Service's Incidental Take Statement for the Atlantic Coast Pipeline:
"We remain confident in the project approvals and the Atlantic Coast Pipeline will continue to move forward with construction as scheduled. This decision only impacts activities directly covered by the Incidental Take Statement in certain defined areas along the route. We will fully comply as required while we continue to construct the project. Although we disagree with the outcome of the court's decision, and are evaluating our options, we are committed to working with the agency to address the concerns raised by the court's order."
Atlantic Coast Pipeline, LLC is composed of four major U.S. energy companies – Dominion Energy, Duke Energy, Piedmont Natural Gas and Southern Company Gas. The joint venture partners plan to build and own the Atlantic Coast Pipeline, a proposed 600-mile underground natural gas transmission pipeline that would help meet the growing energy needs of public utilities in Virginia and North Carolina to generate cleaner electricity, heat homes and power local businesses.
About Dominion Energy
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company ranks among America's most-admired energy companies, thanks to its commitment to sustainability and reliable, affordable, safe energy. Dominion Energy is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports military families and veterans. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
5/16/2018David Christian to Retire From Dominion Energy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., May 9, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced the planned retirement of David A. Christian. He will step down from his responsibilities as executive vice president and chief innovation officer effective July 1, 2018.
Dominion Energy also announced that on July 1, Mark O. Webb, senior vice president-Corporate Affairs and Chief Legal Officer, will become senior vice president-Corporate Affairs and Chief Innovation Officer, reporting to Thomas F. Farrell, II, chairman, president and chief executive officer. Carlos M. Brown, will continue to serve as vice president and general counsel, and lead the company's Law Department and legal function, reporting directly to Farrell.
Effective July 1, the company will promote Emil Avram, director-Engineering Services in the Gas Infrastructure Group, to vice president-Innovation. He will report to Webb.
Farrell said:
"For more than four decades, David Christian has provided a steady hand, dedicated leadership and wise counsel to his colleagues and company. On a day-to-day level, we at Dominion Energy will miss his intelligence and instincts. But we look forward to continuing our long-standing relationship with David as he enters a new phase in his incomparable career."
Upon graduation from Virginia Tech, where he received a bachelor's degree in mechanical engineering, Christian joined the company in 1976 as an engineer at Surry Power Station. Over the next 22 years – save for a two-year stint in which he worked at Chesapeake Energy Center in Virginia – he would hold 10 different job titles at Surry, rising through the ranks to become the nuclear plant's site vice president in March 1998.
Over the past 20 years – all as an officer at Dominion Energy – Christian has served as chief nuclear officer and chief executive officer at all three of the company's principal operating units, among other responsibilities. He assumed his current role on Jan. 1, 2017.
Christian is heavily involved in the industry and in his community. He is chairman of the National Nuclear Accrediting Board and serves on the management committee of the Institute for Electric Innovation at the Edison Electric Institute. He sits on the boards of the Foundation for Nuclear Studies and the Dominion Energy Charitable Foundation and on the executive board of the Boy Scouts of America, and is a board member emeritus of CultureWorks. Christian has served on the advisory board for the College of Engineering at his alma mater and currently serves on the advisory board for Virginia Commonwealth University's nuclear engineering department. He is the immediate past chair of the board of directors of the Virginia War Memorial.
Webb joined Dominion Energy in 1997 as assistant general counsel and served in several positions with the Law and Alternative Energy Solutions groups. He was named vice president and general counsel in January 2013 and assumed the responsibilities of chief risk officer in January 2014. He was named senior vice president, general counsel and Chief Risk Officer in May 2016 and assumed his current duties – in which he oversees the company's federal, state and local government relations; corporate communications, advertising, public relations, creative services, philanthropy and community affairs; and the Law Department – in January 2017.
A veteran of the U.S. Air Force, Webb received a bachelor's degree from Texas Christian University and a J.D. degree from the University of Virginia School of Law.
Brown came to the company in 2007 after years of private law practice. He has served in various capacities at Dominion Energy, including in the Law Department, Alternative Energy Solutions group and Power Generation unit – including senior counsel, director-Alternative Energy Solutions Business Development & Commercialization and director-Power Generation Station II at Power Generation. Immediately prior to being named vice president and general counsel in January 2017, Brown served as deputy general counsel-Litigation, Labor and Employment.
He holds bachelor's and J.D. degrees from the University of Virginia.
Avram joined Dominion Energy in 2001 as a project manager in the company's Power Generation business unit. He became manager-Power Generation Engineering in 2005 and senior business development manager in the generation unit in 2006. Avram was promoted to director-Business Development in 2008 and assumed his current role – in which he is responsible for the engineering, construction and land work in the Gas Infrastructure Group, leading the execution of large natural gas pipeline and compressor station projects – in 2017.
Avram earned a bachelor's in aeronautical engineering from Massachusetts Institute of Technology, a master's in mechanical engineering from Rensselaer Polytechnic Institute and an MBA from the University of Connecticut.
"Innovation and the creation of an innovative culture are critical for Dominion Energy," Farrell said. "Innovation will allow our company to transform ideas into value, and it will serve as a sustaining force against rapid, external change in the electric power and natural gas sectors. For years, David Christian has been a forceful advocate and leading voice for innovation in our industry. Mark Webb and Emil Avram will assume that mantle, and Dominion Energy cannot ask for better successors for what David has started."
Nearly 6 million customers in 19 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company ranks among America's most-admired energy companies, thanks to its commitment to sustainability and reliable, affordable, safe energy. Dominion Energy is one of the nation's largest producers and transporters of energy with over $75 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution, and import/export services. As one of the nation's leading solar operators, the company intends to reduce its carbon intensity 50 percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the communities it serves and actively supports military families and veterans. Please visit www.DominionEnergy.com, Facebook or Twitter to learn more.
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SOURCE Dominion Energy
Article Date
5/9/2018Dominion Energy Virginia Ranks Among Top 10 U.S. Utilities in Growth of Solar
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., May 2, 2018 /PRNewswire/ -- Dominion Energy Virginia has been named one of the nation's Top 10 Utility Solar companies by the Smart Electric Power Alliance (SEPA) based on its addition of 247 megawatts of solar generation during 2017.
Dominion Energy Virginia's development of solar has grown rapidly in the past few years. Since 2015, the company's solar capacity in Virginia has increased more than 630 percent – a factor that has boosted the state's solar ranking as well. Virginia was ranked 10th in the nation in solar capacity for 2017 by the Solar Energy Industries Association, largely due to Dominion Energy's solar projects.
The company has a total solar capacity of 746 megawatts under operation or development in the state. That's enough to power 186,000 homes at peak solar production and represents nearly enough solar panels to stretch across the country from Miami to Seattle.
In the next 15 years, Dominion Energy Virginia's solar fleet could expand by at least 4,720 megawatts of capacity, according to the company's Integrated Resource Plan filed yesterday with the Virginia State Corporation Commission. That's enough energy to power 1.18 million homes at peak sunlight and a nearly 50 percent increase over the forecast of 3,200 megawatts presented last year.
SEPA is a non-profit organization dedicated to working with electric power stakeholders. The organization provides a platform for education, research, standards and collaboration on solar, storage, demand response and other distributed energy resources.
About Dominion Energy
Nearly 6 million customers in 19 states heat and cool their homes and power their businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company's record of reliable, safe and clean energy regularly places it among American's most-admired utilities. One of the nation's leading operators of solar energy, Dominion Energy is one of just three companies to have reduced carbon intensity by more than 40 percent since 2000. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the community, supports military veterans and their families, and practices responsible environmental stewardship everywhere it operates. To learn more, please visit www.dominionenergy.com, Facebook or Twitter.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-virginia-ranks-among-top-10-us-utilities-in-growth-of-solar-300641129.html
SOURCE Dominion Energy Virginia
Article Date
5/2/2018Dominion Energy Foresees Even Greater Growth of Renewable Energy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., May 1, 2018 /PRNewswire/ -- Customers should expect even more renewable energy projects from Dominion Energy Virginia in the coming years under a long-range plan presented today. The plan also looks at options for further improvements in reliability, energy efficiency and grid modernization.
Dominion Energy Virginia's solar fleet could expand by at least 4,720 megawatts of capacity in the next 15 years, according to the Integrated Resource Plan (IRP) filed today with the Virginia State Corporation Commission (SCC). That's enough energy to power 1.18 million homes at peak sunlight and a nearly 50 percent increase over the forecast of 3,200 megawatts presented last year.
The plan calls for pairing additional renewable generation with new high-efficiency power stations fueled by natural gas, and extending the operating lives of Virginia's four nuclear units to ensure future reliability and lower greenhouse gas emission rates for years to come.
"Dominion Energy Virginia remains committed to its longstanding goal of responsible operations; a diverse, balanced generation fleet that avoids over-reliance on a single fuel type or technology; and providing reliable and affordable energy to its customers," said Paul Koonce, CEO of Dominion Energy Power Generation Group. "These goals guided development of the 2018 Plan and will guide the company in the future."
The IRP lays out how the company forecasts it will generate power to meet customer needs while complying with expected regulatory requirements in the next 15 years.
This year's plan offers five alternatives envisioning compliance with state or federal carbon regulations, including a proposed state cap on carbon dioxide (CO2) emissions and a potential link to the Regional Greenhouse Gas Initiative (RGGI) now being implemented in the Northeast.
Dominion Energy believes carbon emissions regulation is virtually assured in the future, either through new federal initiatives or through measures adopted at the state level. Although the final scope and form are uncertain, a proposed regulation from the Department of Environmental Quality is moving through the regulatory process. If not mitigated by other public policies, such as successful implementation of the renewable, energy efficiency, and other provisions of the Grid Transformation and Security Act of 2018, Virginia's proposed regulation linking to RGGI would encourage customers able to competitively shop to purchase higher-carbon intensive generation outside of the Commonwealth while also increasing the utility's need to purchase out-of-state power to meet its obligations to serve Virginia customers. While this would reduce carbon emissions in Virginia, the reductions would be more than offset by increased emissions elsewhere in the Eastern United States. Compliance with carbon regulation could, unless mitigated by other public policies, lead to an increase of between $2.23 and $5.81 in 2018 dollars in the typical residential customer's monthly electric bills by 2030.
The Grid Transformation & Security Act of 2018, approved by the Virginia General Assembly and signed into law by Gov. Ralph Northam, finds an additional 5,500 megawatts of solar and wind projects in the public interest, including 500 megawatts for smaller scale projects of one megawatt or less. It also encourages smart grid projects to enable the integration of those resources. Dominion Energy expects to address the full scope of new technology and energy efficiency projects envisioned in the Grid Transformation and Security Act in future filings with the SCC.
The options also include the construction of the 12-megawatt Coastal Virginia Offshore Wind demonstration project off the coast of Virginia Beach to explore the potential for greater zero-emission wind generation. The IRP calls for the project, the first of its kind off the Mid-Atlantic coast, to begin operations by 2021.
Zero-carbon nuclear generation remains the backbone of the Dominion Energy Virginia fuel mix. Virginia already is a low-carbon producer of electricity, due in large part to the fact that nearly one-third of the company's power generation came from nuclear generation last year. All of the alternative plans presented in the IRP include 20-year operating license extensions at the two reactors at Surry Power Station and two at North Anna Power Station.
The Surry and North Anna nuclear units continue to be the largest source of zero-emissions generation for the company by far, with their operation avoiding the release of approximately 22 million tons of CO2 per year. Through the license extensions, the units will continue to produce power into the second half of the 21st century. More than 100,000 acres of solar photovoltaic facilities would be needed to match the nuclear units' annual power output.
Clean-burning, low-emission natural gas also plays a critical role, both in meeting the energy needs of the company's customers and backing up units powered by renewable resources when they are unable to operate. All plans call for at least eight new power stations by 2033. The new stations, powered by combustion turbine technology, will be capable of producing up to 3,664 megawatts of electricity, enough to supply the needs of more than 900,000 homes.
All scenarios in the 2018 IRP include implementation of energy efficiency programs capable of reducing customers' peak demand for energy from the company's system by 304 megawatts by 2033 and overall annual energy usage by 805 gigawatt-hours of electricity. Since Virginia's Grid Transformation and Security Act of 2018 will become law on July 1 the plan does not yet reflect the emphasis placed on energy conservation. The company will directly address this significant expansion of energy conservation programming in future filings with the SCC and the reports and stakeholder processes required by the Grid Transformation and Security Act.
Following the announcement earlier this year to place several power stations in cold storage reserve by the end of the year, the IRP includes the potential retirement of older, less-efficient coal, oil and natural gas technology in the next three to four years. All generation retirements presented in the Alternative Plans should be considered tentative, with the company's final decision being made at a future date.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-foresees-even-greater-growth-of-renewable-energy-300640416.html
SOURCE Dominion Energy
Article Date
5/1/2018Dominion Energy Announces First-Quarter 2018 Earnings
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., April 27, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended March 31, 2018, of $503 million ($0.77 per share) compared with earnings of $632 million ($1.01 per share) for the same period in 2017.
Operating earnings for the three months ended March 31, 2018, were $741 million ($1.14 per share), compared to operating earnings of $611 million ($0.97 per share) for the same period in 2017. Operating earnings are defined as reported earnings adjusted for certain items.
The principal differences between reported earnings and operating earnings for the quarter were a charge associated with Virginia legislation enacted in March that requires one-time rate credits to utility customers and a market loss on our nuclear decommissioning trusts.
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"Our first quarter results were very strong and came in at the top end of our guidance range of $0.95 to $1.15. Given the strong results for the first quarter, we now expect to produce results that are above the midpoint of our guidance range for the year.
"We are pleased to report outstanding operational and record-setting safety results at each of our business segments.
"Construction of the 1,588-megawatt Greensville County combined cycle power station continues on time and on budget. The project is 84 percent complete and is expected to begin commercial operations in late 2018.
"We continue to make progress on the Atlantic Coast Pipeline and the Supply Header Project, including construction of compressor stations in West Virginia, Pennsylvania and North Carolina. Both projects remain on schedule for completion in late 2019.
"The Cove Point Liquefaction facility, with a capacity of 5.25 million tons per annum of LNG, was placed into commercial service earlier this month representing the successful completion of a $4 billion, multi-year construction project.
"Finally, we have reviewed our dividend growth rate assumptions with our Board and reconfirm our policy to increase the dividend 10% annually in 2018 and 2019. The growth rate in 2020 is expected to be between 6% and 10%, depending on the viability of Master Limited Partnership capital markets at that time."
First-Quarter 2018 Reported and Operating Earnings Compared to 2017
Reported earnings decreased 24 cents per share as compared to first-quarter 2017. Business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, and 3 of this release.
Operating earnings increased 17 cents per share as compared to first-quarter 2017 per share operating earnings. The increase is primarily attributable to the benefits of higher merchant generation margins, farmout transactions, normal weather in our regulated service territory and the impact of tax reform. Factors offsetting the increase include lower renewable energy investment tax credits and higher financing and share count.
Details of first-quarter operating earnings as compared to 2017 may be found on Schedule 4 of this release.
Second-Quarter 2018 Operating Earnings Guidance
Dominion Energy expects second-quarter 2018 operating earnings in the range of $0.70-$0.80 per share, compared to second-quarter 2017 operating earnings of $0.67 per share. Positive drivers include earnings contributions from Cove Point, a return to normal weather and the absence of a refueling outage at Millstone Power Station. The company expects negative drivers for the quarter to include lower investment tax credits, higher financing costs and a higher share count.
The company reaffirms its previously issued 2018 operating earnings guidance of $3.80-$4.25 per share.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
Conference Call Today
The company will host its first-quarter earnings conference call at 10 a.m. ET on Friday, April 27, 2018. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning about 1 p.m. ET April 27 and lasting until 11 p.m. ET May 4. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 67615976. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day April 27.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
This release contains certain forward-looking statements, including forecasted operating earnings for second-quarter and full-year 2018 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the ability to obtain the requisite approvals of SCANA's shareholders and timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; the execution of Dominion Energy Midstream Partners' growth strategy; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; and the ability of Dominion Energy Midstream Partners to negotiate, obtain necessary approvals and consummate acquisitions from Dominion Energy and third-parties, and the impacts of such acquisitions. Other risk factors are detailed from time to time in Dominion Energy's and Dominion Energy Midstream Partners' quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
Dominion Energy, Inc. | ||||
|
Consolidated Statements of Income* | ||||
|
Unaudited (GAAP Based) | ||||
|
(millions, except per share amounts) | ||||
|
Three Months Ended March 31, | ||||
|
2018 |
2017 | |||
|
Operating Revenue |
$ 3,466 |
$ 3,384 | ||
|
Operating Expenses |
||||
|
Electric fuel and other energy-related purchases |
744 |
575 | ||
|
Purchased (excess) electric capacity |
14 |
(17) | ||
|
Purchased gas |
340 |
305 | ||
|
Other operations and maintenance |
796 |
784 | ||
|
Depreciation, depletion and amortization |
498 |
469 | ||
|
Other taxes |
199 |
189 | ||
|
Total operating expenses |
2,591 |
2,305 | ||
|
Income from operations |
875 |
1,079 | ||
|
Other income |
100 |
162 | ||
|
Interest and related charges |
314 |
292 | ||
|
Income from operations including noncontrolling interests before income tax expense |
661 |
949 | ||
|
Income tax expense |
135 |
275 | ||
|
Net Income Including Noncontrolling Interests |
526 |
674 | ||
|
Noncontrolling Interests |
23 |
42 | ||
|
Net Income Attributable to Dominion Energy |
$ 503 |
$ 632 | ||
|
Earnings Per Common Share |
||||
|
Net income attributable to Dominion Energy - Basic |
$ 0.77 |
$ 1.01 | ||
|
Net income attributable to Dominion Energy - Diluted |
0.77 |
1.01 | ||
|
Dividends Declared Per Common Share |
$ 0.835 |
$ 0.7550 | ||
|
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||
|
Schedule 1 - Segment Reported and Operating Earnings |
||||||||
|
Unaudited |
||||||||
|
(millions, except earnings per share) |
Three months ended March 31, | |||||||
|
2018 |
2017 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 503 |
$ 632 |
$ (129) | |||||
|
Pre-tax loss (income) 2 |
305 |
(31) |
336 | |||||
|
Income tax 2 |
(67) |
10 |
(77) | |||||
|
Adjustments to reported earnings |
238 |
(21) |
259 | |||||
|
OPERATING EARNINGS |
$ 741 |
$ 611 |
$ 130 | |||||
|
By segment: |
||||||||
|
Power Delivery |
156 |
125 |
31 | |||||
|
Power Generation |
348 |
261 |
87 | |||||
|
Gas Infrastructure |
327 |
263 |
64 | |||||
|
Corporate and Other |
(90) |
(38) |
(52) | |||||
|
$ 741 |
$ 611 |
$ 130 | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 0.77 |
$ 1.01 |
$ (0.24) | |||||
|
Adjustments to reported earnings (after tax) |
0.37 |
(0.04) |
0.41 | |||||
|
OPERATING EARNINGS |
$ 1.14 |
$ 0.97 |
$ 0.17 | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.24 |
0.20 |
0.04 | |||||
|
Power Generation |
0.54 |
0.41 |
0.13 | |||||
|
Gas Infrastructure |
0.50 |
0.42 |
0.08 | |||||
|
Corporate and Other |
(0.14) |
(0.06) |
(0.08) | |||||
|
$ 1.14 |
$ 0.97 |
$ 0.17 | ||||||
|
Common Shares Outstanding (average, diluted) |
650.5 |
628.1 |
||||||
|
1) Determined in accordance with Generally Accepted Accounting Principles (GAAP). | ||||||||
|
2) Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||||||||
Schedule 2 - Reconciliation of 2018 Operating Earnings to Reported Earnings
2018 Earnings (Three months ended March 31, 2018)
The $305 million pre-tax net effect of the adjustments included in 2018 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q18 |
2Q18 |
3Q18 |
4Q18 |
YTD 2018 | |
|
Reported earnings |
$503 |
$503 | ||||
|
Adjustments to reported earnings 1: |
||||||
|
Pre-tax loss (income) |
305 |
305 | ||||
|
Income tax |
(67) |
(67) | ||||
|
238 |
238 | |||||
|
Operating earnings |
$741 |
$741 | ||||
|
Common shares outstanding (average, diluted) |
650.5 |
650.5 | ||||
|
Reported earnings per share |
$0.77 |
$0.77 | ||||
|
Adjustments to reported earnings (after-tax) |
0.37 |
0.37 | ||||
|
Operating earnings per share |
$1.14 |
$1.14 | ||||
|
1)Adjustments to reported earnings are reflected in the following table: |
||||||
|
1Q18 |
2Q18 |
3Q18 |
4Q18 |
YTD 2018 | ||
|
Pre-tax loss (income): |
||||||
|
Impact of Virginia rate legislation |
215 |
215 | ||||
|
Net loss on NDT funds |
43 |
43 | ||||
|
Storm costs |
31 |
31 | ||||
|
Merger-related transaction and transition costs |
16 |
16 | ||||
|
$305 |
$305 | |||||
|
Income tax expense (benefit): |
||||||
|
Tax effect of above adjustments to reported earnings * |
(67) |
(67) | ||||
|
($67) |
($67) | |||||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective | ||||||
|
tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the | ||||||
|
Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||
Schedule 3 - Reconciliation of 2017 Operating Earnings to Reported Earnings
2017 Earnings (Twelve months ended December 31, 2017)
The $235 million pre-tax net effect of the adjustments included in 2017 reported earnings, but excluded from operating earnings, is primarily related to the following items:
The 2017 Tax Reform Act reduced the corporate income tax rate from 35% to 21%. Dominion Energy recognized $851 million of tax benefits resulting from the re-measurement of deferred income taxes to the new corporate income tax rate.
|
(millions, except per share amounts) |
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
2 | |
|
Reported earnings |
$632 |
$390 |
$665 |
$1,312 |
$2,999 |
||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
(31) |
47 |
12 |
207 |
235 |
||
|
Income tax |
10 |
(16) |
(5) |
(934) |
(945) |
||
|
(21) |
31 |
7 |
(727) |
(710) |
|||
|
Operating earnings |
$611 |
$421 |
$672 |
$585 |
$2,289 |
||
|
Common shares outstanding (average, diluted) |
628.1 |
629.2 |
642.5 |
643.9 |
636.0 |
||
|
Reported earnings per share |
$1.01 |
$0.62 |
$1.03 |
$2.04 |
$4.72 |
||
|
Adjustments to reported earnings (after-tax) |
(0.04) |
0.05 |
0.01 |
(1.13) |
(1.12) |
||
|
Operating earnings per share |
$0.97 |
$0.67 |
$1.04 |
$0.91 |
$3.60 |
||
|
1)Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
|||
|
Pre-tax loss (income): |
|||||||
|
Impairments of equity method investments |
158 |
158 |
|||||
|
Merger-related transaction & transition costs |
3 |
20 |
16 |
33 |
72 |
||
|
Net gain on NDT funds |
(34) |
(3) |
(4) |
(5) |
(46) |
||
|
Other |
30 |
21 |
51 |
||||
|
($31) |
$47 |
$12 |
$207 |
$235 |
|||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
10 |
(16) |
(5) |
(83) |
(94) |
||
|
Re-measurement of Deferred Tax Balances ** |
(851) |
(851) |
|||||
|
$10 |
($16) |
($5) |
($934) |
($945) |
|||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||
|
** Federal tax reform, enacted in December 2017, reduced the corporate income tax rate from 35% to 21%, effective 1/1/2018. Deferred taxes are required to be measured at the enacted rate in effect when they are expected to reverse. As a result, deferred taxes were re-measured to the 21% rate. For regulated entities, where the reduction in deferred taxes is expected to be recovered or refunded in future rates, the adjustment was recorded to a regulatory asset or liability instead of income tax expense. | |||||
|
2) YTD EPS may not equal sum of quarters due to share count differences | |||||
|
Schedule 4 - Reconciliation of 1Q18 Earnings to 1Q17 |
||||||||
|
Preliminary, Unaudited |
Three Months Ended | |||||||
|
(millions, except EPS) |
March 31, | |||||||
|
2018 vs. 2017 | ||||||||
|
Increase / (Decrease) | ||||||||
|
Reconciling Items |
Amount |
EPS | ||||||
|
Change in reported earnings (GAAP) |
($129) |
($0.24) | ||||||
|
Change in Pre-tax loss (income) 1 |
336 |
|||||||
|
Change in Income tax 1 |
(77) |
|||||||
|
Adjustments to reported earnings |
$259 |
$0.41 | ||||||
|
Change in consolidated operating earnings |
$130 |
$0.17 | ||||||
|
Power Delivery 2 |
||||||||
|
Regulated electric sales: |
||||||||
|
Weather |
$14 |
$0.02 | ||||||
|
Other |
4 |
0.01 | ||||||
|
FERC Transmission equity return |
4 |
0.01 | ||||||
|
Tax reform impacts |
0 |
0.00 | ||||||
|
Other |
9 |
0.01 | ||||||
|
Share dilution |
- |
(0.01) | ||||||
|
Change in contribution to operating earnings |
$31 |
$0.04 | ||||||
|
Power Generation 2 |
||||||||
|
Regulated electric sales: |
||||||||
|
Weather |
$28 |
$0.04 | ||||||
|
Other |
(9) |
(0.01) | ||||||
|
Merchant generation margin |
61 |
0.10 | ||||||
|
Electric capacity |
(18) |
(0.03) | ||||||
|
Tax reform impacts |
23 |
0.04 | ||||||
|
Other |
2 |
0.01 | ||||||
|
Share dilution |
- |
(0.02) | ||||||
|
Change in contribution to operating earnings |
$87 |
$0.13 | ||||||
|
Gas Infrastructure 2 |
||||||||
|
Farmout transactions |
$32 |
$0.05 | ||||||
|
Transportation and storage growth projects |
8 |
0.01 | ||||||
|
Cove Point import contracts |
(9) |
(0.01) | ||||||
|
Tax reform impacts |
32 |
0.05 | ||||||
|
Other |
1 |
0.00 | ||||||
|
Share dilution |
- |
(0.02) | ||||||
|
Change in contribution to operating earnings |
$64 |
$0.08 | ||||||
|
Corporate and Other 2 |
||||||||
|
Renewable energy investment tax credits |
($35) |
($0.05) | ||||||
|
Tax reform impacts |
($19) |
(0.03) | ||||||
|
Interest expense and other |
2 |
0.00 | ||||||
|
Change in contribution to operating earnings |
($52) |
($0.08) | ||||||
|
Change in consolidated operating earnings |
$130 |
$0.17 | ||||||
|
Change in adjustments included in reported earnings1 |
($259) |
($0.41) | ||||||
|
Change in consolidated reported earnings |
($129) |
($0.24) | ||||||
|
1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | ||||||||
|
2) |
For period over period comparability reconciling items tax effected using a 35 percent federal tax rate. | |||||||
|
Segment specific tax reform impacts outlined as individual reconciling items. | ||||||||
|
Note: Figures may not add due to rounding | ||||||||
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SOURCE Dominion Energy
Article Date
4/27/2018Dominion Energy's Project Plant It!® Notches Half-Million Milestone in 2018
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., April 25, 2018 /PRNewswire/ -- Project Plant It!, the free environmental education program created by Dominion Energy to educate children and plant trees for Arbor Day, has achieved a major milestone this spring with the distribution of 500,000 tree seedlings since the program began in 2007.
"What makes this Project Plant It! milestone even more significant is the fact that a half-million children in areas served by Dominion Energy have learned about the benefits of trees to the ecosystem," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "It also shows the long-standing support Dominion Energy has for a more sustainable, greener world."
Through the program, educators receive STEM-based lesson plans and instructional tools that can be downloaded at no charge at www.projectplantit.com. This year, to further engage children about the many benefits that trees provide to the ecosystem, a new lesson plan about conservation of natural resources was added to the Educator's Guide on the website. Along with this manual of 12 lesson plans and helpful resources, the website features interactive games and videos about trees that children can enjoy with adults.
Many students in Richmond Public Schools have participated in Project Plant It! since the inaugural year of the program.
"Our school system supports this innovative program because the lesson plans include many educational activities that develop 21st century skills such as teamwork, collaborative research and critical thinking about real-world issues," said Helena Easter, Science Instructional Specialist for Richmond Public Schools.
"Students who are enrolled in the program love getting their own redbud trees to plant at home, which helps them make a personal connection with the environment," said Easter. "Project Plant It! is a great addition to any educator's spring curriculum."
To culminate the season with a hands-on outdoor activity, Dominion Energy's team of foresters will provide expertise and assistance at a number of Arbor Day events and tree-planting celebrations that are planned in Virginia's Goochland County, Richmond City, Eastern Virginia and Northern Virginia, among other localities.
Many organizations and agencies have served as longtime collaborative partners with Dominion Energy and Project Plant It!, including the Arbor Day Foundation, the Virginia Department of Forestry and hundreds of school systems throughout Dominion Energy's service area.
For more information, visit www.projectplantit.com or "Like" Project Plant It! on Facebook.
About Dominion Energy
Nearly 6 million customers in 19 states heat and cool their homes and power their businesses with electricity or natural gas from Dominion Energy (NYSE: D). The company's record of reliable, safe and clean energy regularly places it among America's most-admired utilities. One of the nation's leading operators of solar energy, Dominion Energy is one of just three companies to have reduced carbon intensity by more than 40 percent since 2000. Headquartered in Richmond, Va., Dominion Energy contributes more than $20 million annually to the community, supports military veterans and their families, and practices responsible environmental stewardship everywhere it operates. To learn more, please visit www.dominionenergy.com, Facebook or Twitter.
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SOURCE Dominion Energy
Article Date
4/25/2018Dominion Energy/SCANA Merger Could Boost South Carolina Economy by $18.7 Billion
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
COLUMBIA, S.C., April 17, 2018 /PRNewswire/ -- South Carolina could see more than $18.7 billion in increased economic output from the proposed merger of Dominion Energy, Inc. (NYSE:D), with SCE&G and its corporate parent, SCANA Corporation (NYSE: SCG), according to a new study done by one of the state's leading economists.
The benefits come from Dominion Energy's plan to provide direct cash payments and lower electric rates to SCE&G electric customers as well as the additional benefits created as the cash payments and customer savings work their way into the South Carolina economy.
The study was performed by Dr. Joseph C. "Joey" Von Nessen, a research economist in the Division of Research at the Darla Moore School of Business at the University of South Carolina.
"The benefits of the Dominion Energy proposal go well beyond the immediate value of the $1.3 billion in cash payments to SCE&G electric customers," said Thomas F. Farrell, II, Dominion Energy chairman, president and chief executive officer. "The payments and the extra money in customers' pockets from the lower rates will flow into the local economy in the form of billions of dollars in increased retail sales, new jobs, added wages and business investment."
In addition to the cash payments – equal to about $1,000 for the average SCE&G electric customer – Dominion Energy proposes to reduce electric rates by about 7 percent after the merger closing. It also would absorb $1.7 billion in costs for the abandoned V.C. Summer new nuclear project and purchase a natural gas-fired power station at no cost to customers.
Farrell noted that some businesses would receive cash payments into the millions of dollars, providing funds for new capital investments. Non-profit organizations, government agencies and other electric customers also would benefit from the cash payments and lower rates.
Labor income alone is expected to increase by approximately $4.6 billion for South Carolinians. This would be the result of customer savings being spent in the local economy, boosting overall demand, and creating "additional employment opportunities associated with new contract labor, an increase in the number of hours for existing workers, and both temporary and permanent hires," the study found.
Dominion Energy previously identified more than $12 billion in customer benefits resulting from the cash payments, lower rates and reduced time customers would pay toward the abandoned nuclear project. The study takes into account that customers would then put much of the new money into the economy.
"This $18.7 billion total economic output estimate represents an economic multiplier or ripple effect of approximately 1.49," Dr. Von Nessen said. "In other words, for every $100 that is provided to Dominion/SCANA customers in savings, it is estimated that a total of $149 in new economic activity will be generated across South Carolina."
Five South Carolina counties could see economic benefits totaling more than $1 billion each. Charleston would see the greatest benefit, $4.9 billion. It is followed by Richland, $4.2 billion; Aiken, nearly $2 billion; Dorchester, $1.2 billion; and Beaufort, $1 billion. In all, the benefits would be seen in 24 counties in the state where SCE&G provides electric service. Benefits are based on the amount of electric sales in each county.
|
Economic Impact by County | |||||
|
County |
Added Economic Output |
County |
Added Economic Output | ||
|
Abbeville |
$16,022,372 |
Fairfield |
$105,450,280 | ||
|
Aiken |
$1,966,540,844 |
Greenwood |
$1,307,387 | ||
|
Allendale |
$147,402,524 |
Hampton |
$166,372,956 | ||
|
Bamberg |
$63,546,375 |
Jasper |
$152,810,359 | ||
|
Barnwell |
$177,095,282 |
Kershaw |
$5,626,104 | ||
|
Beaufort |
$1,015,849,531 |
Lexington |
$2,553,974,972 | ||
|
Berkeley |
$699,123,634 |
McCormick |
$29,512,198 | ||
|
Calhoun |
$305,319,564 |
Newberry |
$58,677,217 | ||
|
Charleston |
$4,909,216,395 |
Orangeburg |
$240,550,253 | ||
|
Colleton |
$258,009,612 |
Richland |
$4,226,925,205 | ||
|
Dorchester |
$1,226,205,050 |
Saluda |
$147,332,205 | ||
|
Edgefield |
$214,637,699 |
Union |
$21,265,245 | ||
Dominion Energy and SCANA are in the process of obtaining regulatory approvals for the merger. Approval has been received from the Georgia Public Service Commission and the Federal Trade Commission granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger is also contingent upon approval of SCANA's shareholders; review and approval from the public service commissions of South Carolina and North Carolina; and authorization of the Nuclear Regulatory Commission and Federal Energy Regulatory Commission.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA, including the ability to obtain the requisite approval of SCANA's shareholders; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Important additional information
In connection with the proposed transaction between Dominion Energy, Inc. and SCANA Corporation, Dominion Energy has filed with the SEC a registration statement on Form S-4 that includes a combined preliminary proxy statement of SCANA and preliminary prospectus of Dominion Energy, as well as other relevant documents concerning the proposed transaction. The registration statement has not yet become effective and the proxy statement/prospectus included therein are in preliminary form. The proposed transaction involving Dominion Energy and SCANA will be submitted to SCANA's shareholders for their consideration. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Shareholders of SCANA are urged to read the registration statement and the preliminary proxy statement/prospectus regarding the transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Shareholders are able to obtain a free copy of the preliminary proxy statement/prospectus, as well as other filings containing information about Dominion Energy and SCANA, without charge, at the SEC's website (http://www.sec.gov). Copies of the preliminary proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the preliminary proxy statement/prospectus can also be obtained, without charge, by directing a request to Dominion Energy, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention: Corporate Secretary, Corporate.Secretary@dominionenergy.com or to SCANA Corporation, 220 Operation Way, Mail Code 0133, Cayce, South Carolina 29033, Attention: Office of the Corporate Secretary, BoardInformation@scana.com.
Participants in the solicitation
Dominion Energy, SCANA and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Dominion Energy's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 20, 2017, Dominion Energy's Annual Report on Form 10-K, which was filed with the SEC on February 27, 2018, and certain of its Current Reports on Form 8-K. Information regarding SCANA's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 24, 2017, SCANA's Annual Report on Form 10-K, which was filed with the SEC on February 23, 2018, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph
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SOURCE Dominion Energy
Article Date
4/17/20184/13/2018 - Dominion Energy Hosts Solarbrations, Announces Expansion of Its Solar for Students Program
Dominion Energy Hosts Solarbrations, Announces Expansion of Its Solar for Students Program
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., April 13, 2018 /PRNewswire/ -- Dominion Energy is expanding its Solar for Students program in Virginia to give more students the chance to observe and learn how power is generated by the sun. The hands-on learning program provides a permanent solar array right outside the classroom and the materials, training and curriculum needed to engage children in learning the science behind renewable energy.
Solar for Students was introduced as a pilot at four schools three years ago, and this year it is being introduced at five schools and a children's museum. Dominion Energy and its partners will host "Solarbration" events this spring to showcase the latest solar projects and give students, local officials and others the chance to learn more about this collaborative learning endeavor. In addition, the company just announced plans to expand the program to eight schools in Southwest Virginia.
"We are very pleased to widen the scope of Solar for Students to reach more students and more regions of Virginia," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "The program has proven to be popular and well-received by both educators and students. It offers the materials and means to engage and teach young people the science behind generating clean, renewable solar energy – an energy source that will play a big part in their futures." Funding for Solar for Students is provided through the Dominion Energy Charitable Foundation.
Solar energy is growing rapidly in Virginia. Dominion Energy has invested nearly $1 billion in solar projects since 2015 and currently has more than 27 projects operating or under development. The company has long-range plans to bring 5,000 megawatts of renewable solar and wind power online, or enough to power 1.25 million homes.
Solarbrations are being held this spring at:
These schools in Southwest Virginia will participate in Solar for Students during the 2018-19 schoolyear:
Each Solar for Students participant receives a 1.2-kilowatt photovoltaic system that converts sunlight into electric energy, as well as technical support, educational materials and training for educators. Each solar installation has a visual display in the classroom showing real-time data on the electricity being generated. Each array can generate enough electricity at maximum output to power 18 desktop computers, 40 ten-gallon aquariums or fifteen 42-inch LED televisions.
The NEED Project (National Energy Education Development) administers the program by providing technical support, coordinating the installation of solar panels, preparing educational materials for students, and training the teachers.
Students can track the generation of electric power by viewing their data online and can challenge other participating schools around the world to a solar power match. Students will learn how weather and temperature impact solar electricity production, and they'll learn more about Virginia's energy resources.
For more on this program, visit www.dominionenergy.com/solarforschools.
EDITORS: For photos/captions of recent Solarbration events, visit our Media Downloads page.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy
Article Date
4/13/2018SCANA Corporation to Announce First Quarter 2018 Financial Results on April 26, 2018
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CAYCE, S.C., April 12, 2018 /PRNewswire/ -- SCANA Corporation (NYSE:SCG) will release its first quarter 2018 earnings on Thursday, April 26, 2018, before the market opens. Due to the pending combination with Dominion Energy, Inc. (NYSE: D), SCANA will not be hosting a conference call.
PROFILE
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Analyst Contact:
Bryant Potter
(803) 217-6916
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SOURCE SCANA Corporation
Article Date
4/12/2018Dominion Energy Cove Point Enters Commercial Service for Liquefied Natural Gas Export
Source: PR Newswire
RICHMOND, Va., April 10, 2018 /PRNewswire/ -- The Dominion Energy Cove Point (DECP) liquefied natural gas (LNG) terminal has entered commercial service for natural gas liquefaction and export. After completing a planned maintenance outage, the facility has been ramping up to full production of LNG from natural gas provided by its export customers since late March. DECP will produce LNG for ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for Gail Global (USA) LNG, the U.S. affiliate of GAIL (India) LTD, under 20-year take-or-pay contracts.
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
4/10/20184/5/2018 - Dominion Energy, Dominion Energy Midstream Schedule First-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule First-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., April 5, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their first-quarter earnings conference call at 10 a.m. ET on Friday, April 27, 2018. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET April 27 and lasting until 11 p.m. ET May 4. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 67615976. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day April 27.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Dominion Energy Midstream
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
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SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
4/5/2018Dominion Energy Announces Pricing of Common Stock Offering Via Forward Sale
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., March 27, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced the pricing of a public offering of 20 million shares of its common stock at a price per share of $67.85 in connection with the forward sale agreements described below. Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Citigroup and J.P. Morgan are acting as joint book-running managers of the offering. The underwriters may offer shares of Dominion Energy's common stock in transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at either market prices or at negotiated prices.
In connection with the offering, Dominion Energy entered into forward sale agreements with Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC or affiliates thereof ("forward counterparties"), under which Dominion Energy agreed to issue and sell to the forward counterparties – subject to Dominion Energy's right to cash settle or net share settle the forward sale agreements – 20 million shares of its common stock. The underwriters of the offering have been granted a 30-day option to purchase up to an additional 3 million shares of Dominion Energy's common stock upon the same terms. The offering is expected to close on April 2, 2018, subject to customary closing conditions. If the underwriters exercise their option to purchase additional shares, Dominion Energy expects to enter into additional forward sale agreements with the forward counterparties with respect to, in the aggregate, the additional shares.
Settlement of the forward sale agreements is expected to occur on or prior to Dec. 31, 2018. Dominion Energy may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights and/or obligations under the forward sale agreements.
The expected net proceeds from the settlement of the forward sale agreements, assuming physical settlement, are to be used for general corporate purposes, including the reduction of Dominion Energy-level short- and long-term debt and support for Dominion Energy's regulated growth capital investments.
The offering is being made pursuant to Dominion Energy's effective shelf registration statement filed with the Securities and Exchange Commission (SEC). The preliminary prospectus supplement and the accompanying base prospectus related to the offering will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from the joint book-running managers for the offering as follows:
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: (866) 471-2526
Email: prospectus-ny@ny.email.gs.com
Credit Suisse Securities (USA) LLC
Attention: Credit Suisse Prospectus Department
One Madison Avenue
New York, NY 10010
Telephone: (800) 221-1037
Email: newyork.prospectus@credit-suisse.com
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Email: Barclaysprospectus@broadridge.com
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (800) 831-9146
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (866) 803-9204
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or country in which the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any state or country. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers.
This release contains certain forward-looking statements which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the ability to obtain the requisite approvals of SCANA's shareholders and timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; the execution of Dominion Energy Midstream Partners' growth strategy; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; and the ability of Dominion Energy Midstream Partners to negotiate, obtain necessary approvals and consummate acquisitions from Dominion Energy and third-parties, and the impacts of such acquisitions. Other risk factors are detailed from time to time in Dominion Energy's and Dominion Energy Midstream Partners' quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
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SOURCE Dominion Energy
Article Date
3/28/2018Dominion Energy Announces Public Offering of Common Stock Via Forward Sale
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., March 27, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced that it has commenced a registered public offering of 20 million shares of its common stock in connection with forward sale agreements, as discussed below. Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Citigroup and J.P. Morgan are acting as joint book-running managers of this offering. The underwriters may offer shares of Dominion Energy's common stock in transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at either market prices or at negotiated prices.
In connection with the offering, Dominion Energy expects to enter into forward sale agreements with Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC or affiliates thereof ("forward counterparties") under which Dominion Energy will agree to issue and sell to the forward counterparties – subject to Dominion Energy's right to cash settle or net share settle the forward sale agreements – 20 million shares of its common stock. In addition, Dominion Energy expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 3 million shares of Dominion Energy's common stock upon the same terms. If the underwriters exercise their option to purchase additional shares, Dominion Energy expects to enter into additional forward sale agreements with the forward counterparties with respect to, in the aggregate, the additional shares.
Settlement of the forward sale agreements is expected to occur on or prior to Dec. 31, 2018. Dominion Energy may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights and/or obligations under the forward sale agreements.
The expected net proceeds from the settlement of the forward sale agreements, assuming physical settlement, are to be used for general corporate purposes, including the reduction of Dominion Energy-level short- and long-term debt and support for Dominion Energy's regulated growth capital investments.
The offering is being made pursuant to Dominion Energy's effective shelf registration statement filed with the Securities and Exchange Commission (SEC). The preliminary prospectus supplement and the accompanying base prospectus related to the offering will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the offering may be obtained from the joint book-running managers for the offering as follows:
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: (866) 471-2526
Email: prospectus-ny@ny.email.gs.com
Credit Suisse Securities (USA) LLC
Attention: Credit Suisse Prospectus Department
One Madison Avenue
New York, NY 10010
Telephone: (800) 221-1037
Email: newyork.prospectus@credit-suisse.com
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Email: Barclaysprospectus@broadridge.com
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (800) 831-9146
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (866) 803-9204
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or country in which the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any state or country. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers.
This release contains certain forward-looking statements which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the ability to obtain the requisite approvals of SCANA's shareholders and timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; the execution of Dominion Energy Midstream Partners' growth strategy; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; and the ability of Dominion Energy Midstream Partners to negotiate, obtain necessary approvals and consummate acquisitions from Dominion Energy and third-parties, and the impacts of such acquisitions. Other risk factors are detailed from time to time in Dominion Energy's and Dominion Energy Midstream Partners' quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
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SOURCE Dominion Energy
Article Date
3/27/20183/27/2018 - Dominion Energy Announces Credit Improvement Initiatives; Reaffirms Earnings and Dividend Guidance
Dominion Energy Announces Credit Improvement Initiatives; Reaffirms Earnings and Dividend Guidance
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., March 27, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced several initiatives that would materially improve its near-term credit profile.
Dominion Energy will pursue a debt financing of the Cove Point liquefied natural gas facility this year and utilize the proceeds to reduce parent-level debt.
Dominion Energy will also pursue the divestiture of non-core assets that could include the company's interest in Blue Racer Midstream, an unregulated natural gas gathering and processing joint venture focused on the Utica natural gas basin.
In combination with the capital investment reductions previously announced and new equity, these actions would allow Dominion Energy to achieve its target parent leverage ratio two years ahead of plan and complete its planned equity issuance for 2018 and 2019 (other than issuance under the existing dividend reinvestment program and common shares issued directly to SCANA shareholders under terms of the companies' proposed merger).
Reaffirmed best-in-class earnings and dividend growth guidance
After including results of these credit initiatives, Dominion Energy continues to expect:
In addition, Dominion Energy continues to expect operating earnings per share to grow 5-plus percent per year beyond 2020 supported by a diverse set of regulated growth capital programs across each of its three main business units.
Dominion Energy has also reaffirmed its intent to increase its dividend by 10 percent per share annually through 2020, noting that all dividend declarations are subject to the approval of the Board of Directors.
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Operating earnings is a non-GAAP measure defined as reported earnings adjusted for certain items. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power. In providing its full-year 2018 and first-quarter operating earnings guidance, the company notes that there could be differences between expected reported (GAAP) earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy's management is unable to estimate the aggregate impact, if any, of these items on reported earnings. Accordingly, Dominion Energy is unable to provide a corresponding GAAP equivalent for its operating earnings guidance.
Dominion Energy Midstream Partners
On March 15, 2018, the Federal Energy Regulatory Commission (FERC) issued a policy revision indicating that it no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost-of-service rates. Dominion Energy expects that any future impacts to revenues of FERC-regulated interstate gas transmission assets held at Dominion Energy Midstream Partners (NYSE: DM) as a result of this policy revision will be applied prospectively and only after a multi-year rate proceeding process. Further, any potential future application of the revised policy on the partnership's assets is not expected to have a material impact on Dominion Energy's financial performance.
Thomas F. Farrell, II, chairman, president and chief executive officer, said:
"The reaction of MLP equity capital markets to the FERC policy revision may have a materially negative impact on the amount and price at which DM can raise public equity. Dominion Energy is presently engaged in a review of options for DM and, in the interim, intends to recommend to the DM Board of Directors that the limited partner distribution per unit be increased for the first quarter of 2018 by 5 percent quarter over quarter, consistent with the 22 percent annual distribution growth we have maintained since the initial public offering of DM. DM will utilize existing excess distributable cash flow coverage to support this increase."
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
This release contains certain forward-looking statements, including forecasted operating earnings for first-quarter and full-year 2018 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the ability to obtain the requisite approvals of SCANA's shareholders and timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; the execution of Dominion Energy Midstream Partners' growth strategy; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; and the ability of Dominion Energy Midstream Partners to negotiate, obtain necessary approvals and consummate acquisitions from Dominion Energy and third-parties, and the impacts of such acquisitions. Other risk factors are detailed from time to time in Dominion Energy's and Dominion Energy Midstream Partners' quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
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SOURCE Dominion Energy
Article Date
3/27/2018Georgia Public Service Commission Approves Dominion Energy-SCANA Combination
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va. and CAYCE, S.C., March 21, 2018 /PRNewswire/ -- The Georgia Public Service Commission has unanimously approved the merger of Dominion Energy, Inc. (NYSE: D), and SCANA Corporation (NYSE: SCG). In doing so, the Georgia PSC became the first state regulatory agency to act on the proposed combination.
"We greatly appreciate the prompt action by Chairman McDonald and the other commissioners in moving forward with our proposal," said Thomas F. Farrell, II, Dominion Energy chairman, president and chief executive officer. "This is an important step in bringing a brighter energy future to customers, communities and others served by the SCANA companies. We look forward to receiving the additional required regulatory approvals and completing our transaction by the end of this year."
The Federal Trade Commission previously granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger is also contingent upon approval of SCANA's shareholders; review and approval from the public service commissions of South Carolina and North Carolina; and authorization of the Nuclear Regulatory Commission and Federal Energy Regulatory Commission.
Under a merger agreement announced in January, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA, including the ability to obtain the requisite approval of SCANA's shareholders; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Important additional information
In connection with the proposed transaction between Dominion Energy, Inc. and SCANA Corporation, Dominion Energy has filed with the SEC a registration statement on Form S-4 that includes a combined preliminary proxy statement of SCANA and preliminary prospectus of Dominion Energy, as well as other relevant documents concerning the proposed transaction. The registration statement has not yet become effective and the proxy statement/prospectus included therein are in preliminary form. The proposed transaction involving Dominion Energy and SCANA will be submitted to SCANA's shareholders for their consideration. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Shareholders of SCANA are urged to read the registration statement and the preliminary proxy statement/prospectus regarding the transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Shareholders are able to obtain a free copy of the preliminary proxy statement/prospectus, as well as other filings containing information about Dominion Energy and SCANA, without charge, at the SEC's website (http://www.sec.gov). Copies of the preliminary proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the preliminary proxy statement/prospectus can also be obtained, without charge, by directing a request to Dominion Energy, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention: Corporate Secretary, Corporate.Secretary@dominionenergy.com or to SCANA Corporation, 220 Operation Way, Mail Code 0133, Cayce, South Carolina 29033, Attention: Office of the Corporate Secretary, BoardInformation@scana.com.
Participants in the solicitation
Dominion Energy, SCANA and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Dominion Energy's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 20, 2017, Dominion Energy's Annual Report on Form 10-K, which was filed with the SEC on February 27, 2018, and certain of its Current Reports on Form 8-K. Information regarding SCANA's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 24, 2017, SCANA's Annual Report on Form 10-K, which was filed with the SEC on February 23, 2018, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
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SOURCE Dominion Energy
Article Date
3/21/2018DVI's EDGE® Solution to Improve Energy Efficiency, Lower Customer Bills for Canada's Lethbridge Electric Utility
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., March 7, 2018 /PRNewswire/ -- Today, Dominion Voltage Inc. (DVI), a subsidiary of Dominion Energy (NYSE: D) announced its latest project with Lethbridge Electric Utility (LEU) of Alberta, Canada to enhance energy efficiency and lower customer bills without the use of additional customer-end hardware or behavioral changes.
In 2011, the City of Lethbridge commissioned LEU to begin implementing an Advanced Metering Infrastructure (AMI) program. Upon completion of this program in May 2017, LEU began researching technologies that could maximize the recent AMI investment to increase energy savings and improve environmental outcomes, such as a reduction in greenhouse gas emissions.
"Choosing a Volt/Var ("VVO") solution that takes full advantage of our investment in AMI was very important to us," said Stewart Purkis, electric utility manager-LEU. "The EDGE® solution allows our team to have full visibility of voltage readings at each customer location and thereby drive maximum results. DVI has a well-proven product and their team took the time to listen to our goals and support our needs."
"It is very rewarding to see an electric utility so passionate about bringing benefits to its customers, to the environment, and to their distribution grid by implementing an AMI-enabled VVO program," said Todd Headlee, executive director-DVI. "DVI is passionate about working with Lethbridge Electric to launch a project that is likely to be a model for this region in Canada."
A working group comprised of each of Alberta's Distribution Facility Operators is following the outcomes of the project to consider future expansion to their utilities across the province.
In addition, in support of LEU's VVO deployment, Alberta Innovates, a provincially-funded corporation, has partnered with the City of Lethbridge to help achieve provincial energy efficiency goals and promote technology-driven job creation in Canada's dynamic energy sector.
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9354641, 9563218, 9582020, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Alberta Innovates
Alberta Innovates is a provincially-funded Corporation with a mandate to deliver 21st century solutions for the most compelling challenges facing Albertans. We do this by building on our province's research and technology development strengths in the core sectors of health, environment, energy, food and fibre and platforms such as artificial intelligence, nanotechnology, and omics. We are working with our partners to diversify Alberta's economy, improve our environmental performance and enhance our well-being through research and innovation.
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SOURCE Dominion Voltage Inc.
Article Date
3/7/2018Dominion Energy Restores Power to Nearly 80 Percent of Customers; Majority Back On by Monday with Completion Expected by Tuesday
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., March 3, 2018 /PRNewswire/ -- Having restored nearly 80 percent of the more than 690,000 customers that lost service from the windstorm and with additional crew reinforcements now on the ground, Dominion Energy will have a vast majority of customers in Virginia restored by Monday, with completion expected by Tuesday. As of 5 p.m. Saturday, 145,000 customers remain out.
This storm was particularly damaging as it lasted so long – with our system experiencing significant winds more than 24 hours including gusts of over 70 mph. It ranks as one of the top five most damaging storms in the number of Dominion Energy customers impacted, topped only by hurricanes Floyd, Isabel and Irene, and the Super Derecho of 2012.
Northern Virginia and the Gloucester/Northern Neck area took the brunt of the impact with widespread significant tree, pole and wire damage. There was also moderate with pockets of significant damage in Central Virginia and Tidewater regions. In certain instances, crews had to stop work to take shelter until the wind gusts subsided.
Here is a breakdown of final restoration times by area:
As more progress is made, individual customer restoration times will be provided through the online outage map and the automated phone system.
A workforce of more than 3,900 restoration personnel are working as quickly as they can in conditions that are still somewhat hazardous due to breezy conditions. The storm knocked out power to 565 critical facilities, such as fire and police stations and hospitals. Crews have restored all but 58 of these facilities.
Customers are advised to beware of any lines that may have fallen or come into contact with trees, debris, or water. Stay at least 30 feet away from any downed power line and make sure your family, pets, and neighbors also avoid the downed wire. Call Dominion Energy right away at 1-866-DOM-HELP (1-866-366-4357) to speak with an agent to report the downed wire.
If your power goes out, please report it at DominionEnergy.com or call us at 1-866-DOM-HELP. The fastest way to report or track an outage is online at DominonEnergy.com using your phone or other mobile device.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
https://www.facebook.com/dominionenergyva/
https://twitter.com/DomEnergyVA
https://www.youtube.com/dominionenergy
https://www.instagram.com/dominionenergy/
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SOURCE Dominion Energy
Article Date
3/3/20183,000 Dominion Energy Restoration Workers Continue to Make Repairs Amid Wind Storm
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., March 2, 2018 /PRNewswire/ -- As high winds, gusting to nearly 70 mph, continue to impact Dominion Energy's service area in Virginia, nearly 3,000 restoration workers are deployed across the state assessing damage and repairing equipment and downed power lines as conditions permit. In some areas, restoration work may be hampered by the winds, as they can put workers in bucket trucks in danger.
An additional 500 out-of-state restoration workers are expected to be on-site tomorrow bringing the total workforce to 3,500 personnel. They will work around the clock as quickly and safely as possible until power is restored to all customers.
Of the 621,000 customers that lost service, about 233,000 have been restored. As of 4:30 p.m. more than 388,000 currently remain without power. Restoration times are not yet available because outages are still occurring from the high winds and crews must first respond to critical facilities, such as fire and police stations and hospitals.
Customers are advised that very high winds and rain can cause trees and branches to fall, which may bring down power lines. Beware of any lines that may have fallen or come into contact with trees, debris, or water. Stay at least 30' feet away and make sure your family, pets, and neighbors also avoid the downed wire. Call Dominion Energy right away at 1-866-DOM-HELP (1-866-366-4357) to speak with an agent to report the downed wire.
If your power goes out, please report it at DominionEnergy.com or call us at 1-866-DOM-HELP. The fastest way to report or track an outage is online at DominonEnergy.com using your phone or other mobile device.
Customers relying on portable generators until service is restored should follow the manufacturer's guidelines for installation and only operate them outdoors with adequate ventilation.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
https://www.facebook.com/dominionenergyva/
https://twitter.com/DomEnergyVA
https://www.youtube.com/dominionenergy
https://www.instagram.com/dominionenergy/
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SOURCE Dominion Energy
Article Date
3/2/2018Dominion Energy Crews Restoring Power as High Winds Continue to Cause Outages
Source: PR Newswire
RICHMOND, Va., March 2, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) crews are fully engaged in restoring service to customers impacted by extremely high winds that entered our Virginia service area late Thursday night and will continue to cause outages throughout the day Friday.
Since 11 p.m. Thursday, 335,000 customers have been impacted and 111,000 have been restored. Currently more than 224,000 customers are without power mainly in the northern part of the state where wind gusts nearing 70 mph have been reported. Additional line crews have been brought in and we will continue to assess impact and redeploy crews as needed to the more severely affected locations.
Outages are expected to continue throughout the day as the weather system continues to move through our system – and we are prepared to work around-the-clock to restore all customers as quickly and safely as possible. Early damage assessments have been consistent with a wind storm with wire down and broken crossarms. We have also seen small pockets with significant damages with trees down and some broken poles.
Customers are advised that very high winds and rain can cause trees and branches to fall, which may bring down power lines. Beware of any lines that may have fallen or come into contact with trees, debris, or water. Stay at least 30' feet away and make sure your family, pets, and neighbors also avoid the downed wire. Call Dominion Energy right away at 1-866-DOM-HELP (1-866-366-4357) to speak with an agent to report the downed wire.
If your power goes out, please report it at DominionEnergy.com or call us at 1-866-DOM-HELP. The fastest way to report or track an outage is online at DominonEnergy.com using your phone or other mobile device.
Customers relying on portable generators until service is restored should follow the manufacturer's guidelines for installation and only operate them outdoors with adequate ventilation.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
3/2/2018First LNG Commissioning Cargo Departs From Dominion Energy Cove Point Terminal
Source: PR Newswire
RICHMOND, Va., March 2, 2018 /PRNewswire/ -- A transport ship carrying the first cargo of liquefied natural gas produced for export departed Thursday, March 1, from the Dominion Energy Cove Point LNG terminal, where the newly constructed liquefaction facility is undergoing final commissioning. All major equipment has been operated and is being commissioned as expected following a comprehensive round of testing and quality assurance activities.
Shell NA LNG is providing the natural gas needed for liquefaction during the commissioning process and is off-taking by ship the LNG that is produced.
When commissioning is complete, DECP will produce LNG for ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for Gail Global (USA) LNG, the U.S. affiliate of GAIL (India) LTD under 20-year contracts. DECP's liquefaction facility is designed to operate 24 hours a day, seven days a week, and has a nameplate capacity of 5.25 mtpa of LNG, equivalent to approximately 8.3 million gallons of LNG per day.
Construction of the liquefaction facility began in October 2014, following more than three years of federal, state and local permit reviews and approvals. With a cost of approximately $4 billion, it is the largest construction project ever for Maryland and for Dominion Energy. Construction has involved more than 10,000 craft workers and a payroll of more than $565 million.
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with approximately 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
3/2/20182/23/2018 - Dominion Energy Sets Annual Meeting
Dominion Energy Sets Annual Meeting
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Feb. 23, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), will hold its annual meeting of shareholders on Wednesday, May 9, 2018, at 9:30 a.m. ET. Details of the annual meeting will be included in the proxy statement delivered to shareholders in late March.
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SOURCE Dominion Energy
Article Date
2/23/2018Conservation Tips, Payment and Assistance Plans Can Help Dominion Energy Customers Deal with Winter Heating Bills
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CLEVELAND, Feb. 22, 2018 /PRNewswire/ -- Dominion Energy Ohio reminds customers that simple, no-cost or low-cost, conservation tips can help reduce natural gas usage – and monthly bills – during this winter heating season. Company payment plans and government energy assistance plans also can help customers cope with their seasonal heating bills.
Furnaces and boilers account for 65 percent of home natural gas use. These simple tips can help customers maximize comfort and minimize monthly bills:
While using these tips can help customers hold down bills, Dominion Energy Ohio also offers a variety of company payment plans and government energy assistance programs to help them maintain service during the winter heating season. Customers who know they will not be able to maintain regular payments should contact Dominion East Ohio immediately at 1-800-362-7557 and not wait until receiving a shutoff notice. For more information about payment plans and government energy assistance programs, visit www.dominionenergy.com/home-and-small-business/pay-my-bill/payment-assistance.
Dominion Energy Ohio offers the following payment options to residential and small commercial customers (using less than 500 thousand cubic feet (MCF) a year):
Public Utilities Commission of Ohio Winter Reconnection Order: All residential customers, regardless of income, may avoid a shutoff or restore gas service once during the heating season between now and April 13, 2018, by paying the lesser of: the entire past-due balance on your gas bill; the past-due payments if you are on a special payment plan; or $175. If service has been disconnected, a reconnect fee of $33, plus applicable taxes, will be billed to the account. Customers will be enrolled automatically in the One-Ninth Payment Plan when using the Winter Reconnection Order to help pay off any additional past-due balance. Customers may select a different plan by calling Dominion Energy Ohio.
Government Assistance Programs: The following programs are available for income-eligible customers. Customers can apply for all programs with one application at www.energyhelp.ohio.gov, which provides income guidelines as well. Applications also are available at post offices and libraries or by calling the Ohio Development Services Agency at 1-800-282-0880. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Dominion Energy Ohio Assistance/Conservation Programs:
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/conservation-tips-payment-and-assistance-plans-can-help-dominion-energy-customers-deal-with-winter-heating-bills-300602820.html
SOURCE Dominion Energy Ohio
Article Date
2/22/20182/21/2018 - Choptank Electric Cooperative to Deploy DVI's VVO Solutions to Keep Rates Low, Reduce Supply Costs
Choptank Electric Cooperative to Deploy DVI's VVO Solutions to Keep Rates Low, Reduce Supply Costs
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Feb. 21, 2018 /PRNewswire/ -- Today, Dominion Voltage Inc. (DVI), a subsidiary of Dominion Energy (NYSE: D) and leader in Volt/VAR Optimization "VVO" solutions, announced a full deployment contract for all 54,000 members of Choptank Electric Cooperative, located on Maryland's Eastern Shore.
NRTC, DVI's value-added reseller for cooperatives, teamed with DVI to propose a voltage management solution that specifically met the co-op's needs.
"As an electric cooperative we are always looking for ways to operate our system more efficiently and keep our rates low," said Mike Wheatley, president and CEO-Choptank Electric Cooperative. "Voltage optimization was an obvious next step in our grid modernization efforts after having made the investment in AMI. Using DVI's proven EDGE® VVO solution will allow us to reduce our system peak and improve operating expenses through lower demand charges."
"NRTC's members demand solutions that have a strong return on investment that can bring value immediately to the cooperative and its members," said Tim Bryan, CEO-NRTC. "The business case for Choptank was very strong and the NRTC is pleased to have played a role in helping bring both DVI and Choptank together for this important project."
"More and more utilities and co-ops, such as Choptank, are looking at VVO as a "no regret" investment decision to aid in managing capacity and overall energy efficiency," said Todd Headlee, executive director-DVI. "DVI is grateful to both Choptank and NRTC for identifying the opportunity allowing us to serve its members."
DVI will be demonstrating the EDGE® product offering in booth #644 at TechAdvantage, the leading technology conference & exhibition event for electric cooperative professionals, from February 25th – 28th, 2018 in Nashville, Tennessee. To understand the business case for how DVI can help reduce operating expenses and create energy efficiency savings at your specific utility, please contact DVIinfo@dvigridolutions.com.
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9354641, 9563218, 9582020, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,900 megawatts of generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Choptank Electric Cooperative
Choptank Electric is an electric distribution cooperative serving approximately 54,000 members on Maryland's Eastern Shore. Founded in 1938, Choptank Electric is committed to providing safe, reliable, and cost effective electricity to its members. Read more about Choptank Electric at www.choptankelectric.coop
About NRTC
NRTC is member driven and technology focused. NRTC provides technology solutions that help our 1,500 electric and telephone members bring all of the advantages of today's evolving technology to rural America. NRTC's products and services are developed specifically to meet the needs of rural utilities and their customers, and include integrated smart grid and utility solutions, data analytics, advanced energy, broadband infrastructure and managed network services, wireless technologies and programming distribution capabilities for video providers. NRTC helps ensure our members' success by aggregating their individual buying power, negotiating national contracts, and helping members integrate technology solutions with existing infrastructure.
View original content:http://www.prnewswire.com/news-releases/choptank-electric-cooperative-to-deploy-dvis-vvo-solutions-to-keep-rates-low-reduce-supply-costs-300601960.html
SOURCE Dominion Voltage Inc.
Article Date
2/21/2018Federal Trade Commission Grants Early Termination of Antitrust Waiting Period For Proposed Dominion Energy-SCANA Combination
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va. and CAYCE, S.C., Feb. 1, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), and SCANA Corporation (NYSE: SCG) announced today that their proposed combination has cleared a key condition needed for completion.
The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the combination.
Expiration or termination of the waiting period is one of the conditions required for completion of the transaction.
The merger is also contingent upon approval of SCANA's shareholders; review and approval from the public service commissions of South Carolina, North Carolina, and Georgia; and authorization of the Nuclear Regulatory Commission and Federal Energy Regulatory Commission.
The companies expect the transaction to close in 2018.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,900 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA, including the ability to obtain the requisite approval of SCANA's shareholders; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Important additional information
In connection with the proposed transaction between Dominion Energy, Inc., and SCANA Corporation, Dominion Energy will file with the SEC a Registration Statement on Form S-4 that will include a combined Proxy Statement of SCANA and Prospectus of Dominion Energy, as well as other relevant documents concerning the proposed transaction. The proposed transaction involving Dominion Energy and SCANA will be submitted to SCANA's shareholders for their consideration. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Shareholders of SCANA are urged to read the registration statement and the proxy statement/prospectus regarding the transaction when they become available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Shareholders will be able to obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about Dominion Energy and SCANA, without charge, at the SEC's website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Dominion Energy, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention: Corporate Secretary, Corporate.Secretary@dominionenergy.com, or to SCANA Corporation, 220 Operation Way, Mail Code D133, Cayce, South Carolina 29033, Attention: Office of the Corporate Secretary, BoardInformation@scana.com.
Participants in the solicitation
Dominion Energy, SCANA and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Dominion Energy's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 20, 2017, Dominion Energy's Annual Report on Form 10-K, which was filed with the SEC on February 28, 2017 and certain of its Current Reports on Form 8-K. Information regarding SCANA's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 24, 2017, SCANA's Annual Report on Form 10-K, which was filed with the SEC on February 24, 2017 and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
View original content:http://www.prnewswire.com/news-releases/federal-trade-commission-grants-early-termination-of-antitrust-waiting-period-for-proposed-dominion-energy-scana-combination-300592376.html
SOURCE Dominion Energy
Article Date
2/1/2018Dominion Energy Cove Point LNG Export Project Begins Producing Liquefied Natural Gas
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 31, 2018 /PRNewswire/ -- Dominion Energy Cove Point (DECP) has begun producing liquefied natural gas with its newly constructed natural gas liquefaction facility undergoing commissioning in Lusby, MD. All major equipment has been operated and is being commissioned as expected following a comprehensive round of testing and quality assurance activities.
Shell NA LNG is providing the natural gas needed for liquefaction during the commissioning process and will off-take by ship the LNG that is produced.
When commissioning is complete, DECP will produce LNG for ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for GGULL, the U.S. affiliate of GAIL (India) LTD under 20-year take-or-pay contracts. DECP's liquefaction facility has a nameplate capacity of 5.25 mtpa of LNG. The facility is expected to enter commercial service in early March.
Construction of the liquefaction facility began in October 2014, following more than three years of federal, state and local permit reviews and approvals. With a cost of $4 billion, it is the largest construction project ever thus far for Maryland and for Dominion Energy. Construction has involved more than 10,000 craft workers and a payroll of more than $565 million.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,900 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-cove-point-lng-export-project-begins-producing-liquefied-natural-gas-300591235.html
SOURCE Dominion Energy
Article Date
1/31/2018Dominion Energy Awards $50,000 to ArtStars Winners
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 31, 2018 /PRNewswire/ -- This year's Dominion Energy ArtStars award-winners are brightening communities and inspiring a whole new generation of talented students and performers across Virginia. The five non-profit organizations being honored as 2018 Dominion Energy ArtStars will be granted $10,000 each for bringing outstanding arts or cultural education into K-12 schools.
"ArtStars allows us to acknowledge the important efforts of smaller, community-based arts organizations to inspire young people and enliven communities with art, song, dance, theater and more," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation.
The following ArtStars winners and their exceptional programs were recognized at the 2018 Virginia Commission for the Arts 50th Anniversary Program held in Richmond today:
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-awards-50000-to-artstars-winners-300591143.html
SOURCE Dominion Energy
Article Date
1/31/2018Dominion Energy Announces Fourth-Quarter and Full-Year 2017 Earnings
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 29, 2018 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2017, of $1.4 billion ($2.25 per share) compared with earnings of $457 million ($0.73 per share) for the same period in 2016.
Operating earnings for the three months ended Dec. 31, 2017, were $585 million ($0.91 per share), compared to operating earnings of $618 million ($0.99 per share) for the same period in 2016. Operating earnings are defined as reported earnings adjusted for certain items.
The principal difference between reported earnings and operating earnings for the quarter was a tax benefit associated with the Tax Cuts and Jobs Act enacted in December 2017.
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"We are very pleased with our record operational and safety performance for the year. In addition, we achieved strong financial results for 2017 and reported operating earnings of $3.60 per share in the middle of our guidance range, despite weather that was significantly below normal.
"Construction of the 1,588-megawatt Greensville County combined cycle power station continues on time and on budget. The project is approximately 73 percent complete and is expected to begin commercial operations in late 2018.
"We recently received a Limited Notice to Proceed from FERC for the Atlantic Coast Pipeline and the Supply Header Project which allows us to remain on schedule for completion of the projects in the second half of 2019.
"Cove Point Liquefaction construction is complete and we are in the final stages of commissioning.
"And finally, in December the Dominion Energy Board of Directors established a 2018 dividend of $3.34 per share, subject to quarterly determination and declaration, that represented a 10 percent year-over-year increase."
Full-year 2017 Reported and Operating Earnings Compared to 2016
Reported earnings in 2017 were $1.0 billion higher than full-year reported earnings in 2016. Business segment results and detailed descriptions of items included in 2017 and 2016 reported earnings but excluded from operating earnings can be found on schedules 1, 2, and 3 of this release.
Operating earnings, in 2017, decreased $58 million as compared to full-year 2016 operating earnings. The decrease is primarily attributable to milder weather in our regulated service territory, a step down in solar investment tax credits, a second Millstone refueling outage and a reduction of Cove Point import contract revenues. Factors offsetting the decrease include growth in our regulated gas and electric businesses, the addition of Dominion Energy Questar and lower operating expenses.
Details of fourth-quarter and full-year 2017 operating earnings as compared to 2016 may be found on Schedule 4 of this release.
Operating Earnings Guidance
Dominion Energy expects 2018 operating earnings in the range of $3.80-$4.25 per share, compared to full-year 2017 operating earnings of $3.60 per share. Positive factors include a return to normal weather in our regulated service territories, one fewer Millstone refueling outage, revenues from Cove Point export contracts, and the benefit of a lower tax rate due to tax reform. The company expects negative factors for the year to include a step down in solar investment tax credits as well as higher financing costs and share dilution.
First-quarter 2018 operating earnings are expected to be in the range of $0.95-$1.15 per share.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
Conference Call Today
The company will host its fourth-quarter earnings conference call at 10 a.m. ET on Monday, Jan. 29, 2018. Management will discuss fourth-quarter and full-year 2017 financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning about 1 p.m. ET Jan. 29 and lasting until 11 p.m. ET Feb. 5. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72633771. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Jan. 29.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,900 megawatts of electric generation, 14,800 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves nearly 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
This release contains certain forward-looking statements, including forecasted operating earnings for first-quarter and full-year 2018 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures or to Dominion Energy Midstream Partners, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed acquisition of SCANA Corporation, including the ability to obtain the requisite approvals of SCANA's shareholders and timing, receipt and terms and conditions of required regulatory approvals; receipt of approvals for, and timing of, closing dates for other acquisitions and divestitures; the execution of Dominion Energy Midstream Partners' growth strategy; changes in demand for Dominion Energy's services; additional competition in Dominion Energy's industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; and the ability of Dominion Energy Midstream Partners to negotiate, obtain necessary approvals and consummate acquisitions from Dominion Energy and third-parties, and the impacts of such acquisitions. Other risk factors are detailed from time to time in Dominion Energy's and Dominion Energy Midstream Partners' quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
Dominion Energy, Inc. | ||||||||
|
Consolidated Statements of Income * | ||||||||
|
Unaudited (GAAP Based) | ||||||||
|
(millions, except per share amounts) | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
Operating Revenue |
$ 3,210 |
$ 3,086 |
$ 12,586 |
$ 11,737 | ||||
|
Operating Expenses |
||||||||
|
Electric fuel and other energy-related purchases |
590 |
542 |
2,301 |
2,333 | ||||
|
Purchased (excess) electric capacity |
14 |
(8) |
6 |
99 | ||||
|
Purchased gas |
260 |
207 |
701 |
459 | ||||
|
Other operations and maintenance |
709 |
931 |
2,875 |
3,064 | ||||
|
Depreciation, depletion and amortization |
484 |
447 |
1,905 |
1,559 | ||||
|
Other taxes |
149 |
148 |
668 |
596 | ||||
|
Total operating expenses |
2,206 |
2,267 |
8,456 |
8,110 | ||||
|
Income from operations |
1,004 |
819 |
4,130 |
3,627 | ||||
|
Other income |
(84) |
61 |
165 |
250 | ||||
|
Interest and related charges |
300 |
295 |
1,205 |
1,010 | ||||
|
Income from continuing operations including noncontrolling |
||||||||
|
interests before income tax expense (benefit) |
620 |
585 |
3,090 |
2,867 | ||||
|
Income tax expense (benefit) |
(850) |
94 |
(167) |
655 | ||||
|
Income from continuing operations including |
||||||||
|
noncontrolling interests |
1,470 |
491 |
3,257 |
2,212 | ||||
|
Noncontrolling interests |
21 |
34 |
121 |
89 | ||||
|
Net Income attributable to Dominion Energy |
$ 1,449 |
$ 457 |
$ 3,136 |
$ 2,123 | ||||
|
Reported earnings per common share - diluted |
$ 2.25 |
$ 0.73 |
$ 4.93 |
$ 3.44 | ||||
|
Average shares outstanding, diluted |
643.9 |
627.1 |
636.0 |
617.1 | ||||
|
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.
| ||||||||
|
Schedule 1 - Segment Reported and Operating Earnings |
||||||||
|
Preliminary, Unaudited |
||||||||
|
(millions, except earnings per share) |
Three months ended December 31, | |||||||
|
2017 |
2016 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 1,449 |
$ 457 |
$ 992 | |||||
|
Pre-tax loss (income) 2 |
207 |
256 |
(49) | |||||
|
Income tax 2 |
(1,071) |
(95) |
(976) | |||||
|
Adjustments to reported earnings |
(864) |
161 |
(1,025) | |||||
|
OPERATING EARNINGS |
$ 585 |
$ 618 |
$ (33) | |||||
|
By segment: |
||||||||
|
Power Delivery4 |
141 |
121 |
20 | |||||
|
Power Generation4 |
311 |
331 |
(20) | |||||
|
Gas Infrastructure3, 4 |
285 |
243 |
42 | |||||
|
Corporate and Other |
(152) |
(77) |
(75) | |||||
|
$ 585 |
$ 618 |
$ (33) | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 2.25 |
$ 0.73 |
$ 1.52 | |||||
|
Adjustments to reported earnings (after tax) |
(1.34) |
0.26 |
(1.60) | |||||
|
OPERATING EARNINGS |
$ 0.91 |
$ 0.99 |
$ (0.08) | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.22 |
0.19 |
0.03 | |||||
|
Power Generation |
0.48 |
0.53 |
(0.05) | |||||
|
Gas Infrastructure3 |
0.44 |
0.39 |
0.05 | |||||
|
Corporate and Other |
(0.23) |
(0.12) |
(0.11) | |||||
|
$ 0.91 |
$ 0.99 |
$ (0.08) | ||||||
|
Common Shares Outstanding (average, diluted) |
643.9 |
627.1 |
||||||
|
(millions, except earnings per share) |
Twelve months ended December 31, | |||||||
|
2017 |
2016 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 3,136 |
$ 2,123 |
$ 1,013 | |||||
|
Pre-tax loss (income) 2 |
235 |
359 |
(124) | |||||
|
Income tax 2 |
(1,082) |
(135) |
(947) | |||||
|
Adjustments to reported earnings |
(847) |
224 |
(1,071) | |||||
|
OPERATING EARNINGS |
$ 2,289 |
$ 2,347 |
$ (58) | |||||
|
By segment: |
||||||||
|
Power Delivery |
531 |
484 |
47 | |||||
|
Power Generation |
1,181 |
1,397 |
(216) | |||||
|
Gas Infrastructure3 |
898 |
726 |
172 | |||||
|
Corporate and Other |
(321) |
(260) |
(61) | |||||
|
$ 2,289 |
$ 2,347 |
$ (58) | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 4.93 |
$ 3.44 |
$ 1.49 | |||||
|
Adjustments to reported earnings (after tax) |
(1.33) |
0.36 |
(1.69) | |||||
|
OPERATING EARNINGS |
$ 3.60 |
$ 3.80 |
$ (0.20) | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.83 |
0.78 |
0.05 | |||||
|
Power Generation |
1.86 |
2.26 |
(0.40) | |||||
|
Gas Infrastructure3 |
1.41 |
1.18 |
0.23 | |||||
|
Corporate and Other |
(0.50) |
(0.42) |
(0.08) | |||||
|
$ 3.60 |
$ 3.80 |
$ (0.20) | ||||||
|
Common Shares Outstanding (average, diluted) |
636.0 |
617.1 |
||||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). | |||||||
|
2) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion | |||||||
|
Energy's website at www.dominionenergy.com/investors. | ||||||||
|
3) |
Includes Dominion Energy Questar effective September 2016. | |||||||
|
4) |
In connection with its corporate rebranding, Dominion Energy changed the names of its principal operating | |||||||
|
segments to Power Delivery, Power Generation and Gas Infrastructure from Dominion Virginia Power, | ||||||||
|
Dominion Generation and Dominion Energy, respectively. | ||||||||
Schedule 2 - Reconciliation of 2017 Operating Earnings to Reported Earnings
2017 Earnings (Twelve months ended December 31, 2017)
The $235 million pre-tax net effect of the adjustments included in 2017 reported earnings, but excluded from operating earnings, is primarily related to the following items:
The Tax Cuts and Jobs Act, enacted in December 2017, reduced the corporate income tax rate from 35% to 21%. Dominion Energy recognized $988 million of tax benefits resulting from the re-measurement of deferred income taxes to the new corporate income tax rate.
|
(millions, except per share amounts) |
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
2 | |
|
Reported earnings |
$632 |
$390 |
$665 |
$1,449 |
$3,136 |
||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
(31) |
47 |
12 |
207 |
235 |
||
|
Income tax |
10 |
(16) |
(5) |
(1,071) |
(1,082) |
||
|
(21) |
31 |
7 |
(864) |
(847) |
|||
|
Operating earnings |
$611 |
$421 |
$672 |
$585 |
$2,289 |
||
|
Common shares outstanding (average, diluted) |
628.1 |
629.2 |
642.5 |
643.9 |
636.0 |
||
|
Reported earnings per share |
$1.01 |
$0.62 |
$1.03 |
$2.25 |
$4.93 |
||
|
Adjustments to reported earnings (after-tax) |
(0.04) |
0.05 |
0.01 |
(1.34) |
(1.33) |
||
|
Operating earnings per share |
$0.97 |
$0.67 |
$1.04 |
$0.91 |
$3.60 |
||
|
1) Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
|||
|
Pre-tax loss (income): |
|||||||
|
Impairments of equity method investments |
158 |
158 |
|||||
|
Merger-related transaction & transition costs |
3 |
20 |
16 |
33 |
72 |
||
|
Net gain on NDT funds |
(34) |
(3) |
(4) |
(5) |
(46) |
||
|
Other |
30 |
21 |
51 |
||||
|
($31) |
$47 |
$12 |
$207 |
$235 |
|||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
10 |
(16) |
(5) |
(83) |
(94) |
||
|
Re-measurement of Deferred Tax Balances ** |
(988) |
(988) |
|||||
|
$10 |
($16) |
($5) |
($1,071) |
($1,082) |
|||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. |
|||||||
|
** The Tax Cuts and Jobs Act reduced the corporate income tax rate from 35% to 21%, effective 1/1/2018. Deferred taxes are required to be measured at the enacted rate in effect when they are expected to reverse. As a result, deferred taxes were re-measured to the 21% rate. For regulated entities, where the reduction in deferred taxes is expected to be recovered or refunded in future rates, the adjustment was recorded to a regulatory asset or liability instead of income tax expense. |
|||||||
|
2) YTD EPS may not equal sum of quarters due to share count differences | |||||||
Schedule 3 - Reconciliation of 2016 Reported Earnings to Operating Earnings
2016 Earnings (Twelve months ended December 31, 2016)
The $359 million pre-tax net effect of the adjustments included in 2016 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
2 | |
|
Reported earnings |
$524 |
$452 |
$690 |
$457 |
$2,123 |
||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
67 |
(12) |
48 |
256 |
359 |
||
|
Income tax |
(19) |
1 |
(22) |
(95) |
(135) |
||
|
48 |
(11) |
26 |
161 |
224 |
|||
|
Operating earnings |
$572 |
$441 |
$716 |
$618 |
$2,347 |
||
|
Common shares outstanding (average, diluted) |
598.2 |
617.0 |
626.0 |
627.1 |
617.1 |
||
|
Reported earnings per share |
$0.88 |
$0.73 |
$1.10 |
$0.73 |
$3.44 |
||
|
Adjustments to reported earnings (after-tax) |
0.08 |
(0.02) |
0.04 |
0.26 |
0.36 |
||
|
Operating earnings per share |
$0.96 |
$0.71 |
$1.14 |
$0.99 |
$3.80 |
||
|
1)Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
|||
|
Pre-tax loss (income): |
|||||||
|
Future ash ponds and landfill closure costs |
197 |
197 |
|||||
|
Questar transaction and transition costs |
2 |
5 |
53 |
14 |
74 |
||
|
Organizational design initiative |
70 |
(5) |
65 |
||||
|
Hurricane Matthew costs |
23 |
23 |
|||||
|
Other items |
(5) |
(12) |
(5) |
22 |
0 |
||
|
$67 |
($12) |
$48 |
$256 |
$359 |
|||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
(19) |
1 |
(10) |
(95) |
(123) |
||
|
Divestiture tax settlement |
(12) |
(12) |
|||||
|
($19) |
$1 |
($22) |
($95) |
($135) |
|||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective | |||||||
|
tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation |
|||||||
|
of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. |
|||||||
|
2)YTD EPS may not equal sum of quarters due to rounding or share count differences |
|||||||
|
Schedule 4 - Reconciliation of 2017 Earnings to 2016 | |||||||
|
Preliminary, Unaudited |
Three Months Ended |
Twelve Months Ended | |||||
|
(millions, except EPS) |
December 31, |
December 31, | |||||
|
2017 vs. 2016 |
2017 vs. 2016 | ||||||
|
Increase / (Decrease) |
Increase / (Decrease) | ||||||
|
Reconciling Items |
Amount |
EPS |
Amount |
EPS | |||
|
Change in reported earnings (GAAP) |
$992 |
$1.52 |
$1,013 |
$1.49 | |||
|
Change in Pre-tax loss (income) 1 |
(49) |
(124) |
|||||
|
Change in Income tax 1 |
(976) |
(947) |
|||||
|
Adjustments to reported earnings |
($1,025) |
($1.60) |
($1,071) |
($1.69) | |||
|
Change in consolidated operating earnings |
($33) |
($0.08) |
($58) |
($0.20) | |||
|
Power Delivery |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$5 |
$0.01 |
($14) |
($0.02) | |||
|
Other |
3 |
0.01 |
15 |
0.02 | |||
|
FERC Transmission equity return |
1 |
0.00 |
14 |
0.02 | |||
|
Storm damage and service restoration |
(3) |
(0.01) |
14 |
0.02 | |||
|
Other |
14 |
0.03 |
18 |
0.03 | |||
|
Share dilution |
- |
(0.01) |
- |
(0.02) | |||
|
Change in contribution to operating earnings |
$20 |
$0.03 |
$47 |
$0.05 | |||
|
Power Generation |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$9 |
$0.01 |
($36) |
($0.06) | |||
|
Other |
5 |
0.01 |
32 |
0.05 | |||
|
Merchant generation margin |
(19) |
(0.03) |
(28) |
(0.05) | |||
|
Outage costs |
(21) |
(0.03) |
(22) |
(0.03) | |||
|
Renewable energy investment tax credits |
54 |
0.08 |
(133) |
(0.21) | |||
|
Depreciation |
(9) |
(0.01) |
(46) |
(0.07) | |||
|
Electric capacity |
(12) |
(0.02) |
58 |
0.09 | |||
|
Interest expense (project level solar) |
(4) |
(0.01) |
(15) |
(0.02) | |||
|
Other |
(23) |
(0.04) |
(26) |
(0.04) | |||
|
Share dilution |
- |
(0.01) |
- |
(0.06) | |||
|
Change in contribution to operating earnings |
($20) |
($0.05) |
($216) |
($0.40) | |||
|
Gas Infrastructure |
|||||||
|
Dominion Energy Questar combination2 |
$0 |
$0.00 |
$184 |
$0.30 | |||
|
Farmout transaction |
6 |
0.01 |
13 |
0.02 | |||
|
Transportation and storage growth projects |
8 |
0.01 |
29 |
0.04 | |||
|
Noncontrolling interests |
(3) |
(0.01) |
(30) |
(0.05) | |||
|
Cove Point import contracts |
(27) |
(0.04) |
(86) |
(0.14) | |||
|
Other |
58 |
0.09 |
62 |
0.10 | |||
|
Share dilution |
- |
(0.01) |
- |
(0.04) | |||
|
Change in contribution to operating earnings |
$42 |
$0.05 |
$172 |
$0.23 | |||
|
Corporate and Other |
|||||||
|
Renewable energy investment tax credits |
($90) |
($0.14) |
$0 |
$0.00 | |||
|
Interest expense and other |
15 |
0.03 |
(61) |
(0.08) | |||
|
Change in contribution to operating earnings |
($75) |
($0.11) |
($61) |
($0.08) | |||
|
Change in consolidated operating earnings |
($33) |
($0.08) |
($58) |
($0.20) | |||
|
Change in adjustments included in reported earnings1 |
$1,025 |
$1.60 |
$1,071 |
$1.69 | |||
|
Change in consolidated reported earnings |
$992 |
$1.52 |
$1,013 |
$1.49 | |||
|
1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on | |||||||
|
Dominion Energy's website at www.dominionenergy.com/investors. | |||||||
|
2) |
Excludes financing impact of Dominion Energy Questar combination. | ||||||
|
Note: Figures may not add due to rounding |
|||||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-announces-fourth-quarter-and-full-year-2017-earnings-300589111.html
SOURCE Dominion Energy
Article Date
1/29/2018Dominion Energy Declares Quarterly Dividend of 83.5 Cents
Source: PR Newswire
RICHMOND, Va., Jan. 26, 2018 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 83.5 cents per share of common stock.
Dividends are payable on March 20, 2018, to shareholders of record at the close of business March 2, 2018.
This is the 360th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Oct. 12, 2017.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-declares-quarterly-dividend-of-835-cents-300588866.html
SOURCE Dominion Energy
Article Date
1/26/2018Dominion Energy to Award $1 Million in Environmental Education and Stewardship Grants
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 18, 2018 /PRNewswire/ -- Dominion Energy announced today it will once again provide $1 million in environmental grants this year through the Dominion Energy Charitable Foundation. The competitive program is designed to support specific short-term projects by nonprofit organizations and schools working to improve the environment and provide environmental education experiences in communities served by Dominion Energy.
"Each year, we are so impressed by the variety and quality of environmental programs and educational efforts in our communities," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants support programs that truly make a difference by improving natural spaces and giving children and adults alike the opportunities to treasure and enjoy the great outdoors."
One such program is StreamSweepers, a past grant recipient based in Orange, Va., that mobilizes young adults each summer to improve the health of local rivers by collecting manmade trash using canoes and johnboats. This StreamSweepers video shows how the program fills a need for meaningful work while restoring the natural health of rivers.
Non-profit organizations are invited to apply for grants of up to $25,000 each for short-term projects that promise measurable results to improve the environment. Also, public and private K-12 schools in eligible regions can apply for classroom grants of up to $5,000 each for environmental education programs.
Eligible organizations in Connecticut, Maryland, North Carolina, Ohio, South Carolina, Utah, Virginia, West Virginia and other areas within Dominion Energy's footprint can submit applications through Feb. 26, 2018. Recipients will be announced in April.
Dominion will consider grant requests that focus on one or more of the following priorities:
For details and online application, please visit: www.dominionenergy.com/envirogrants
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-to-award-1-million-in-environmental-education-and-stewardship-grants-300584624.html
SOURCE Dominion Energy
Article Date
1/18/2018DVI to Assist Ontario Canada in Meeting Aggressive Energy Plan Targets
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 16, 2018 /PRNewswire/ -- Today, Dominion Voltage Inc. (DVI), a subsidiary of Dominion Energy (NYSE: D) and leader in Volt/VAR optimization "VVO" solutions, announced it plans to work with the energy companies of Ontario to help deliver on the goals outlined in the government's Long-Term Energy Plan.
The enhancements to the Plan are important step to unlocking the full energy savings potential available in the modern distribution system, estimated to save 185 megawatts annually, establishing Ontario as a leader in energy conservation.
"Hydro Ottawa applauds the recent decision by the Ontario Ministry of Energy to allow in front of the meter conservation such as CVR to count toward an electric distribution company's energy savings targets," said Julie Lupinacci, Chief Customer Officer, Hydro Ottawa. "We have been piloting smart meter-enabled voltage reduction over the past year and while the final results aren't in, we expect we will see persistent, measurable energy savings without requiring any change in customer behavior."
"DVI appreciates the opportunity to provide the technology and a way forward for Ontario to reach its goals," said Todd Headlee, executive director-DVI. "VVO is an important building block in any long-term conservation program as evidenced by the project at Hydro Ottowa. The savings potential across all of Ontario is tremendous."
Last October, the Ontario Ministry of Energy released their updated Plan. One of the many innovative features was the inclusion of in front of the meter ("IFMC") technologies to help meet the aggressive goal to achieve energy reduction of seven terawatts by 2020, established by the Conservation First policy in 2015.
New to the plan are the inclusion of two IFMC technologies, including VVO and phase balancing. Navigant, a leading utility consultant, estimates that the inclusion of these technologies can result in an annual demand reduction potential of 185 megawatts and energy savings of 1,130 gigawatt hours once implemented.
DVI will be demonstrating EDGE® and its other offerings at booth #1501 at DistribuTECH, the leading annual electric power transmission and distribution conference & exhibition event, from January 23rd – 25th, 2017 in San Antonio, Texas.
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9354641, 9563218, 9582020, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
View original content:http://www.prnewswire.com/news-releases/dvi-to-assist-ontario-canada-in-meeting-aggressive-energy-plan-targets-300583431.html
SOURCE Dominion Voltage Inc.
Article Date
1/16/20181/11/2018 - Dominion Energy Earns "Emergency Assistance Award" for Efforts to Restore Service after Hurricane Irma
Dominion Energy Earns "Emergency Assistance Award" for Efforts to Restore Service after Hurricane Irma
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
SCOTTSDALE, Ariz., Jan. 11, 2018 /PRNewswire/ -- The Edison Electric Institute (EEI) has presented Dominion Energy with the association's "Emergency Assistance Award" for its outstanding work assisting customers impacted by Hurricane Irma. In September 2017, Dominion Energy mobilized and sent more than 750 employees and contractors to Florida in support of a massive effort to restore power to more than seven million homes and businesses impacted by Hurricane Irma.
"It is an honor to receive this award on behalf of the men and women who put their own lives on hold to restore life to normal for customers in Florida," said Ed Baine, senior vice president, power delivery, Dominion Energy. "I am proud of their efforts and humbled by this award."
The award is given to EEI member companies to recognize an outstanding response in assisting other electric companies in power restoration efforts after severe weather or other natural events. The winners were chosen by a panel of judges following an international nomination process, and the awards were presented during EEI's January 10 Winter Board and CEO Meeting in Scottsdale, Arizona.
"When disaster impacts a region, electric companies from across the nation are called on to assist impacted companies in need – mutual assistance is a hallmark of our industry," said EEI President Tom Kuhn. "When Hurricane Irma struck Florida, Dominion Energy answered the call to help. Dominion Energy's assistance to restore service to impacted customers is a terrific example of mutual assistance in action."
About EEI:
EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for 220 million Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 60 international electric companies as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
About Dominion Energy:
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit the company's website at www.dominionenergy.com
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-earns-emergency-assistance-award-for-efforts-to-restore-service-after-hurricane-irma-300581430.html
SOURCE Dominion Energy
Article Date
1/11/20181/11/2018 - Public Service Commission of South Carolina to Live Stream Allowable Ex Parte Communication Briefing Today
Public Service Commission of South Carolina to Live Stream Allowable Ex Parte Communication Briefing Today
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CAYCE, S.C., Jan. 11, 2018 /PRNewswire/ -- Today, the Public Service Commission of South Carolina will conduct an Allowable Ex Parte Communication Briefing by South Carolina Electric & Gas Company (SCE&G) and Dominion Energy, Inc., (NYSE: D) in which the merger agreement between SCANA Corporation (NYSE: SCG), and Dominion Energy, Inc. will be discussed. The briefing is scheduled to begin at 3:00pm ET and will be live streamed. The link to the live stream can be found on the Public Service Commission of South Carolina website at http://www.psc.sc.gov.
PROFILE
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 717,000 customers in South Carolina. The company also provides natural gas service to approximately 362,000 customers throughout the state. More information about SCE&G is available at www.sceg.com.
|
SCANA Corporation Contacts: | ||
|
Media Contact: |
Investor Contact: | |
|
Eric Boomhower |
Bryant Potter | |
|
(803) 217-7701 |
(803) 217-6916 | |
View original content with multimedia:http://www.prnewswire.com/news-releases/public-service-commission-of-south-carolina-to-live-stream-allowable-ex-parte-communication-briefing-today-300581394.html
SOURCE SCANA Corporation
Article Date
1/11/20181/10/2018 - $1 Billion of Investment Ranks Dominion Energy's Solar Fleet Sixth Largest Among Owners of U.S. Utilities
$1 Billion of Investment Ranks Dominion Energy's Solar Fleet Sixth Largest Among Owners of U.S. Utilities
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 10, 2018 /PRNewswire/ -- Backed by an ongoing $1 billion investment, Dominion Energy has grown its solar fleet in Virginia and North Carolina over the last two years from near zero to approximately 1,350 megawatts in service, in construction or under development. That is enough clean energy to power nearly 340,000 homes during peak sunshine.
Dominion Energy's solar fleet is ranked the sixth largest among owners of U.S. electric utilities, and according to the Solar Energy Industries Association, Virginia also is sixth in climbing the state rankings for solar energy.
"It's not just about Dominion Energy meeting its clean energy goals, it's also about helping our customers achieve theirs," said Paul Koonce, president and CEO of Dominion Energy's Power Generation Group. "We have a responsibility to offer the right programs, resources and solutions so our customers can make smart decisions about their energy future, and the key is we're doing it together."
The company's ever-expanding solar portfolio has provided an economic boost to the counties where the solar facilities are located. During construction, Dominion-developed projects have created 4,300 jobs in Virginia and North Carolina. Once operational, the projects are expected to generate more than $39 million annually in local economic impact.
Dominion Energy's long-term energy forecast calls for another 5,200 MW of new solar generation in the next 25 years, enough to power 1.3 million homes at peak output.
Here is how it's being accomplished:
In Virginia
"More and more companies have set their own goals for renewable energy and we will back them," Koonce said. "Our programs are intended to meet their needs and help strengthen Virginia's reputation as the ideal place to do business."
Dominion Energy is seeking State Corporation Commission approval for a 100 percent renewable energy option for residential and small commercial and industrial customers, as well as an option for business customers to purchase renewable generation equal to a specific portion of their energy usage. In addition, once approved, the Community Solar Pilot Program will enable customers in Virginia to voluntarily purchase renewable energy from locally-sited solar installations to meet a portion of their needs.
The company is currently engaged in plans for a power grid modernization initiative. A smart energy grid will enable the company to seamlessly connect with cleaner energy resources, including private solar and other local generation sources.
Nationally, Dominion Energy has nearly 2,700 megawatts of solar generating capacity in operation or under development in nine states, including offtake agreements for the company's utility customers.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/1-billion-of-investment-ranks-dominion-energys-solar-fleet-sixth-largest-among-owners-of-us-utilities-300580290.html
SOURCE Dominion Energy
Article Date
1/10/20181/8/2018 - Dominion Energy Supports Critical Community Needs by Giving More Than $1 Million to Charity
Dominion Energy Supports Critical Community Needs by Giving More Than $1 Million to Charity
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Jan. 8, 2018 /PRNewswire/ -- As part of its ongoing commitment to communities, Dominion Energy is jump-starting the new year with more than $1 million in Critical Community Needs grants to help feed, shelter and care for people in need across the company's footprint. Donations will be shared by 161 nonprofit organizations providing critical community services in 11 states.
A state-by-state listing of all recipients and videos showing how programs are helping people in need are posted online.
"While many of us look forward to a new year, we recognize that many people in our communities struggle to afford the basics needed for a secure, healthy and productive life," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants will help fill critical needs for nutritious food, safe shelter and the medical care essential for a better future."
This is the third year that the company has given more than $1 million in Critical Community Needs through its charitable arm, the Dominion Energy Charitable Foundation.
Examples of grant recipients include:
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com.
Dominion Energy Virginia | @DomEnergyVA | DominionEnergy | DominionEnergy
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SOURCE Dominion Energy
Article Date
1/8/20181/4/2018 - Dominion Energy, Dominion Energy Midstream Schedule Fourth-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Fourth-Quarter Earnings Conference Call
Source: PR Newswire
RICHMOND, Va., Jan. 4, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their fourth-quarter earnings conference call at 10 a.m. ET on Monday, Jan. 29, 2018. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Jan. 29 and lasting until 11 p.m. ET Feb. 5. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72633771. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Jan. 29.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Dominion Energy Midstream
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
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SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
1/4/2018SCANA INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL OF LOUISIANA: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of SCANA Corporation - SCG
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
NEW ORLEANS, Jan. 3, 2018 /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of SCANA Corporation ("SCANA" or the "Company") (NYSE: SCG) to Dominion Energy, Inc. ("Dominion") (NYSE: D). Under the terms of the proposed transaction, shareholders of SCANA will receive only 0.6690 shares of Dominion common stock for each share of SCANA that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC
Article Date
1/3/2018Alerian Announces Real-Time Launch of the Alerian Energy Infrastructure Capital Strength Select Index
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, Jan. 3, 2018 /PRNewswire/ -- Alerian announced today the real-time launch of the Alerian Energy Infrastructure Capital Strength Select Index, a composite of North American midstream, refining, and utility companies chosen for their ownership of pipeline transportation assets, leverage profile, and above-market dividend payments. The index is disseminated real-time on a price-return basis (AMCS) and on a total-return basis (AMCST).
"The AMCS was designed with the understanding that the portion of the North American energy value chain from midstream to distribution has become increasingly integrated," said Alerian President and CEO Kenny Feng. "The composition of this index also seeks to address growing investor focus on strengthening balance sheets and improving corporate governance."
Constituents as of January 2, 2018
|
Name |
Ticker |
|
AltaGas Ltd |
ALA |
|
Antero Midstream Partners LP |
AM |
|
Andeavor |
ANDV |
|
Buckeye Partners LP |
BPL |
|
Boardwalk Pipeline Partners LP |
BWP |
|
CenterPoint Energy Inc |
CNP |
|
Cheniere Energy Partners LP Holdings LLC |
CQH |
|
Dominion Energy Inc |
D |
|
Enbridge Inc |
ENB |
|
EnLink Midstream LLC |
ENLC |
|
Enterprise Products Partners LP |
EPD |
|
EQT GP Holdings LP |
EQGP |
|
Gibson Energy Inc |
GEI |
|
HollyFrontier Corp |
HFC |
|
Inter Pipeline Ltd |
IPL |
|
Keyera Corp |
KEY |
|
Kinder Morgan Inc |
KMI |
|
Macquarie Infrastructure Corp |
MIC |
|
Magellan Midstream Partners LP |
MMP |
|
Marathon Petroleum Corp |
MPC |
|
OGE Energy Corp |
OGE |
|
ONEOK Inc |
OKE |
|
Plains GP Holdings LP |
PAGP |
|
Pembina Pipeline Corp |
PPL |
|
Phillips 66 |
PSX |
|
Sempra Energy |
SRE |
|
Tallgrass Energy GP LP |
TEGP |
|
TransCanada Corp |
TRP |
|
Valero Energy Corp |
VLO |
|
Western Gas Equity Partners LP |
WGP |
|
The Williams Companies Inc |
WMB |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
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SOURCE Alerian
Article Date
1/3/2018Dominion Energy, SCANA Announce All-Stock Merger With $1,000 Immediate Cash Payment To Average South Carolina Electric & Gas Residential Electric Customer After Closing
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va. and CAYCE, S.C., Jan. 3, 2018 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) today announced an agreement for the companies to combine in a stock-for-stock merger in which SCANA shareholders would receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock, the equivalent of $55.35 per share, or about $7.9 billion based on Dominion Energy's volume-weighted average stock price of the last 30 trading days ended Jan. 2, 2018. Including assumption of debt, the value of the transaction is approximately $14.6 billion.
The agreement also calls for significant benefits to SCANA's South Carolina Electric & Gas Company subsidiary (SCE&G) electric customers to offset previous and future costs related to the withdrawn V.C. Summer Units 2 and 3 project. After the closing of the merger and subject to regulatory approvals, this includes:
In addition, Dominion Energy would provide funding for $1 million a year in increased charitable contributions in SCANA's communities for at least five years, and SCANA employees would have employment protections until 2020.
SCANA would operate as a wholly owned subsidiary of Dominion Energy. It would maintain its significant community presence, local management structure and the headquarters of its SCE&G utility in South Carolina.
The transaction would be accretive to Dominion Energy's earnings upon closing, which is expected in 2018 upon receipt of regulatory and shareholder approvals. The merger also would increase Dominion Energy's compounded annual earnings-per-share target growth rate through 2020 to 8 percent or higher.
Thomas F. Farrell, II, chairman, president and chief executive officer of Dominion Energy, said: "We believe this merger will provide significant benefits to SCE&G's customers, SCANA's shareholders and the communities SCANA serves. It would lock in significant and immediate savings for SCE&G customers – including what we believe is the largest utility customer cash refund in history – and guarantee a rapidly declining impact from the V.C. Summer project. There also are potential benefits to natural gas customers in South Carolina, North Carolina and Georgia and to their communities. And, this agreement protects employees and treats fairly SCANA shareholders, many of whom are working families and retirees in SCANA's communities. The combined resources of our two companies make all this possible."
"Dominion Energy is a strong, well-regarded company in the utility industry and its commitment to customers and communities aligns well with our values," said Jimmy Addison, chief executive officer of SCANA. "Joining with Dominion Energy strengthens our company and provides resources that will enable us to once again focus on our core operations and best serve our customers."
Strategic combination
The combination with SCANA would solidify Dominion Energy's position among the nation's largest and fastest-growing energy utility companies by adding significantly to its presence in the expanding Southeast markets. SCANA's operations include service to approximately 1.6 million electric and natural gas residential and business accounts in South Carolina and North Carolina and 5,800 megawatts of electric generation capacity. SCANA continues to experience strong growth in both customer count (more than 2 percent on average annually at SCE&G and PSNC Energy) and weather-normalized energy sales.
"SCANA is a natural fit for Dominion Energy," Farrell said. "Our current operations in the Carolinas – the Dominion Energy Carolina Gas Transmission, Dominion Energy North Carolina and the Atlantic Coast Pipeline – complement SCANA's, SCE&G's and PSNC Energy's operations. This combination can open new expansion opportunities as we seek to meet the energy needs of people and industry in the Southeast."
Once the merger is completed, the combined company would operate in 18 states from Connecticut to California. The company would deliver energy to approximately 6.5 million regulated customer accounts in eight states and have an electric generating portfolio of 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems with 1 trillion cubic feet of capacity.
Regulatory, shareholder approvals and conditions
The merger is contingent upon approval of SCANA's shareholders, clearance from the U.S. Federal Trade Commission (FTC)/the U.S. Department of Justice (DOJ) under the Hart-Scott-Rodino Act, and authorization of the Nuclear Regulatory Commission (NRC) and Federal Energy Regulatory Commission (FERC).
SCANA and Dominion Energy also will file for review and approval from the public service commissions of South Carolina, North Carolina, and Georgia.
"We will seek the approval of the Public Service Commission of South Carolina for the immediate customer payments, rate refunds over time and other conditions related to resolution of the V.C. Summer Units 2 and 3 situation," said Dominion Energy's Farrell. "We believe it is in the best interests of all parties to reach an agreement on this critical issue. Having certainty on this issue can act as a catalyst for economic development and it is essential for the Dominion Energy-SCANA merger to move forward. The availability, reliability and cost of energy are often the deciding factors when businesses consider investing – and we want businesses to have every reason to continue investing in SCANA's communities."
For SCANA shareholders
Under the terms of the merger agreement, SCANA common shareholders are to receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock held. Based on Dominion Energy's volume-weighted average stock price of the last 30 trading days ended Jan. 2, 2018, this equates to a value of approximately $55.35 per SCANA share. This represents an approximate 30.6 percent premium to the volume-weighted average stock price of SCANA's last 30 trading days ended Jan. 2, 2018. Upon closing of the merger, SCANA shareholders would own an estimated 13 percent of the combined company.
The transaction structure contemplates that the receipt of Dominion Energy shares will be tax-deferred for SCANA shareholders.
Customer refunds and other benefits
Cash payments proposed to SCE&G electric customers are to be paid via check or equivalent payment mechanism within 90 days after the closing of the merger, subject to approval of the Public Service Commission of South Carolina. Further details of the program will be announced later.
It is anticipated that the rate reductions – including refunds of $575 million over time – would also be effective within 90 days of the merger closing, again subject to approval of the Public Service Commission of South Carolina.
A special website has been established for SCANA customers and communities at brighterenergyfuture.com. Information also is available on Facebook at Dominion Energy South and Twitter at @DominionEnergy.
Legal and financial advisers
McGuireWoods LLP served as legal counsel and Morgan, Lewis & Bockius LLP as tax counsel to Dominion Energy. Credit Suisse Securities (USA) LLC acted as the company's financial adviser for the transaction.
Mayer Brown LLP acted as legal counsel to SCANA. Morgan Stanley & Co. LLC acted as lead financial adviser and RBC Capital Markets, LLC acted as financial adviser to SCANA.
Conference call today
Dominion Energy leadership will discuss the announced combination during a conference call for investors at 9:00 a.m. ET today. Domestic callers should dial (877) 410-5657. The passcode for the call is "Dominion." International callers should dial (334) 323-9872. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call also will be available on the company's investor information page at investors.dominionenergy.com.
A replay of the conference call will be available beginning about 12 p.m. ET Jan. 3 and lasting until 11 p.m. ET Jan. 10. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 69688467. Additionally, a replay of the webcast will be available on the investor information page by the end of the day Jan. 3.
About Dominion Energy
Dominion Energy is one of the largest energy utility companies in the United States, with 16,200 employees and operations in 18 states. It delivers electricity and natural gas to nearly 5 million homes and businesses, and its operations include 25,600 megawatts of electric generating capacity, 66,300 miles of natural gas gathering, transmission, distribution and storage pipelines, 64,200 miles of electric transmission and distribution lines, and one of the nation's largest natural gas storage systems. It is the only company to be included on the Fortune magazine list of most-admired gas and electric utilities for 12 consecutive years, including being ranked among the top two for the past six years. The company is a national leader in reducing carbon emissions and has been recognized regularly for its support of military veterans and others in need. More information is available at www.dominionenergy.com.
About SCANA
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com.
Forward-looking statements
This release contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The statements relate to, among other things, expectations, estimates and projections. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "outlook," "predict," "project," "should," "strategy," "target," "will," "would," "potential" and similar terms and phrases to identify forward-looking statements in this release. Factors that could cause actual results to differ include, but are not limited to: the expected timing and likelihood of completion of the proposed acquisition of SCANA, including the ability to obtain the requisite approval of SCANA's shareholders; the risk that Dominion Energy or SCANA may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction may not be satisfied; or the risk that an unsolicited offer for the assets or capital stock of SCANA may interfere with the transaction. Other risk factors for Dominion Energy's and SCANA's businesses are detailed from time to time in Dominion Energy's and SCANA's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Important additional information
In connection with the proposed transaction between Dominion Energy, Inc., and SCANA Corporation, Dominion Energy will file with the SEC a Registration Statement on Form S-4 that will include a combined Proxy Statement of SCANA and Prospectus of Dominion Energy, as well as other relevant documents concerning the proposed transaction. The proposed transaction involving Dominion Energy and SCANA will be submitted to SCANA's shareholders for their consideration. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Shareholders of SCANA are urged to read the registration statement and the proxy statement/prospectus regarding the transaction when they become available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
Shareholders will be able to obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about Dominion Energy and SCANA, without charge, at the SEC's website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Dominion Energy, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention: Corporate Secretary, Corporate.Secretary@dominionenergy.com, or to SCANA Corporation, 220 Operation Way, Mail Code D133, Cayce, South Carolina 29033, Attention: Office of the Corporate Secretary, BoardInformation@scana.com.
Participants in the solicitation
Dominion Energy, SCANA and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Dominion Energy's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 20, 2017, Dominion Energy's Annual Report on Form 10-K, which was filed with the SEC on February 28, 2017 and certain of its Current Reports on Form 8-K. Information regarding SCANA's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 24, 2017, SCANA's Annual Report on Form 10-K, which was filed with the SEC on February 24, 2017 and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.
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SOURCE Dominion Energy
Article Date
1/3/2018Dominion Energy Adds 81 Megawatts of Clean Energy to South Carolina's Electric Grid
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Dec. 29, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that two South Carolina solar energy projects – including the largest such project in the Palmetto State – have entered service.
"Dominion Energy is pleased to bring this additional clean, solar energy to South Carolina," said Paul D. Koonce, president and chief executive officer of the company's Power Generation Group. "We are happy to provide South Carolina Electric & Gas additional renewable resources and help an excellent corporate citizen in Solvay reduce its carbon intensity."
The company's 71.4-megawatt Solvay Solar Energy-Jasper County, S.C., facility, located near Ridgeland, S.C., came online on Dec. 21, 2017. It has a long-term power purchase agreement with SCE&G. Solvay – an international chemicals and advanced materials company with U.S. sites, among others, in Charleston, Greenville, Piedmont, Rock Hill and Spartanburg – is purchasing all of the associated renewable energy credits (RECs) for 15 years.
Dominion Energy's 10-megawatt Ridgeland Solar project, which began commercial operations on May 28, 2017, has both a PPA and REC agreement with SCE&G. The two projects created about 200 temporary construction jobs.
Richmond, Va.-based Dominion Energy brought online 466 megawatts of solar generating capacity in 2017 in California, North Carolina, South Carolina and Virginia. The company invested more than $900 million in those projects, which can serve nearly 120,000 homes and businesses in the four states.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
12/29/2017Dominion Energy Joins National Effort to Help Rebuild Electric Grid in Puerto Rico
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Dec. 26, 2017 /PRNewswire/ -- More help is on the way to rebuild the ravaged energy grid in Puerto Rico: Today, Dominion Energy Virginia announced it is preparing to send restoration workers and equipment to accelerate ongoing restoration efforts on the island through the mutual aid process.
"When the request for help came in, we immediately began making preparations," said Ed Baine, senior vice president of distribution-Dominion Energy. "While the logistics of responding to this type of restoration are complex, we are eager to respond to the call for aid from those in need."
A total of 56 pieces of equipment and restoration vehicles will be readied to travel by barge to San Juan, Puerto Rico on January 2, 2018. An advance team of safety and logistics specialists, leadership and others will depart on January 10. The remaining contingent, including linemen, groundmen, other restoration workers and support personnel are scheduled to follow and begin restoration work on January 15.
Dominion Energy personnel anticipate assisting in Puerto Rico for a minimum of a month.
Dominion Energy is working in partnership and under the direction of the Puerto Rico Electric Power Authority (PREPA), Edison Electric Institute, the U.S. Army Corps of Engineers, and the Federal Emergency Management Agency to provide crews, equipment, materials, expertise and additional resources to speed restoration for thousands of individuals and families still in the dark.
"As we speak, hundreds of trucks and thousands of pieces of equipment are being barged into Puerto Rico," said Carlos D. Torres, power restoration coordinator appointed by Gov. Ricardo Rosselló.
Dominion Energy is one of several investor-owned electric companies deploying a total of 1,500 restoration workers to Puerto Rico. With this new wave of mutual assistance, the total number of power restoration workers on the island will increase to more than 5,500.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
12/26/2017Dominion Energy Cove Point LNG Export Project Continues Commissioning Work
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Dec. 19, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) is continuing with final commissioning work at its Cove Point LNG export facility in Lusby, MD, and looks forward to commercial operations early next year under the terms of previously negotiated 20-year contracts with ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for GGULL, the U.S. affiliate of GAIL (India) LTD.
All major equipment has been operated and is being commissioned following a comprehensive round of thorough testing and quality assurance activities. DECP's liquefaction facility has a nameplate capacity of 5.25 mtpa of liquefied natural gas.
The characterization of contract renegotiations is false. Conversations are ongoing with export customers in preparation for beginning commercial operations but there have been no changes in the contract terms since initial contract execution, and Dominion Energy does not intend to renegotiate contract terms in the future.
Construction of the liquefaction facility began in October 2014, following more than three years of federal, state and local permit reviews and approvals. With a cost of $4 billion, it is the largest construction project ever thus far for Maryland and for Dominion Energy. Construction has involved more than 10,000 craft workers and a payroll of more than $565 million.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
12/19/2017Dominion Energy Board of Directors Increases Dividend by 10 Percent
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Dec. 15, 2017 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) today established a 2018 dividend of $3.34 per share of common stock, up from $3.035 per share in 2017, or a 10 percent increase. Subject to board declaration in January, the first quarterly dividend of 83.5 cents per share will be payable in March 2018. The expected 2018 dividend increase would mark the 15th consecutive year in which the annual dividend rate rose from the previous year's rate.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
Payment of the 2018 dividend is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
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SOURCE Dominion Energy
Article Date
12/15/2017Dominion Energy's Project Plant It!® Now Open for Online Enrollment
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Dec. 12, 2017 /PRNewswire/ -- Online enrollment for Project Plant It!, the free environmental education program created by Dominion Energy to teach children about the important role of trees in the ecosystem, is now open across regions served by the company. The program is available for children of all ages and grade levels, including those in schools, scout troops, civic and church groups, environmental clubs and other entities that work with youth. A hallmark of the program is the distribution of free tree seedlings to all enrolled participants in honor of Arbor Day.
"Project Plant It! is one of the many ways Dominion Energy supports education and invests in local communities," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation, the philanthropic arm of Dominion Energy. "When it's time to celebrate Arbor Day on April 27, 2018, Dominion Energy will have distributed 500,000 tree seedlings to participants since 2007 – an exciting milestone. This innovative tree-planting program for children aligns with our mission to promote environmental stewardship in a fun, meaningful and memorable way."
The program will distribute 60,000 redbud tree seedlings in 2018, a 20 percent increase over the amount in 2017, in the states served by Dominion Energy. Educators, group leaders and parents who are interested in participating can register by going to www.projectplantit.com and clicking on "Request Your Free Tree Seedlings" from the home page. If the zip code is confirmed as being in an eligible area, free redbud tree seedlings can be requested. Seedlings will be shipped to arrive in time for Arbor Day. The deadline to register is February 19, 2018 or while supplies last.
Spring 2018 marks the 12th year of Project Plant It! since the program launched in 2007. This year, to further engage children about trees in the ecosystem, a new lesson plan about conservation of natural resources has been added to the Educator's Guide on the website. The Guide now includes 12 lesson plans that support third-grade learning standards for math, science, language arts and social studies. All of the lesson plans can be downloaded at no charge from www.projectplantit.com, and they can be adapted easily to grade levels from preschool through college.
In addition to the lesson plans, the website features free instructional tools such as interactive games and educational videos about trees, along with a variety of outdoor activities that families can enjoy together.
Fast Facts about Project Plant It!: Project Plant It! was established by Dominion Energy in 2007 to educate children, plant trees and improve the environment. The tree seedlings are grown and shipped to participants in April by the Arbor Day Foundation, a longtime partner with Dominion Energy. From 2007-2018, more than 500,000 tree seedlings will have been distributed to children in states where Dominion Energy operates. According to the Virginia Department of Forestry, this equates to about 1,250 acres of new forest if all of the seedlings are planted and grow to maturity.
For more information about Project Plant It!, visit www.projectplantit.com
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
12/12/201712/8/2017 - Atlantic Coast Pipeline signs Project Labor Agreements with four leading construction trade unions
Atlantic Coast Pipeline signs Project Labor Agreements with four leading construction trade unions
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Dec. 8, 2017 /PRNewswire/ -- Atlantic Coast Pipeline, LLC announced today it has signed Project Labor Agreements with the nation's four leading building and construction trade unions. The agreements reaffirm the Atlantic Coast Pipeline project's commitment to hiring skilled union workers for the pipeline's construction. The agreements were signed with the Laborers' International Union of North America (LiUNA), Teamsters National Pipeline (Teamsters), International Union of Operating Engineers (IUOE) and the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States (United Association).
"From day one we've committed to building this project to the highest standards of quality and safety," said Leslie Hartz, Dominion Energy's Vice President, Engineering & Construction. "These organizations represent the most highly-skilled and well-trained professionals in the industry. They have the training, dedication and experience we need, and we're proud to have them on board for this historic project," Hartz concluded.
Commitment to Hiring Local
Under the agreements, the four trade unions will be responsible for hiring and training the 13,000 construction workers needed to build the pipeline. The unions have committed to hiring at least half of the construction workforce through local union membership in West Virginia, Virginia and North Carolina. Furthermore, the organizations have committed to hiring at least 25 percent of all new hires – individuals joining the trade unions for the first time – from the local communities where the pipeline will be built.
Biggest Job-Creating Infrastructure Project in Decades
"This is the biggest job-creating infrastructure project we've seen in our region for many decades," said Dennis Martire, LiUNA's Vice President & Mid-Atlantic Regional Manager. "This is a once-in-a-generation opportunity to rebuild our region's infrastructure and bring back the middle class jobs that have disappeared from too many of our communities. Our members live in these communities, so we have a personal stake in doing this the right way and with the utmost care for safety and the environment. We have the skills and the work ethic that it takes to build a project like this, and we're just grateful for the opportunity to put those skills to work for our economy and our energy security," Martire concluded.
Free Training and Apprenticeships for Local Residents
In addition to employing thousands of local tradesmen and craftsmen, the Atlantic Coast Pipeline will provide opportunities for many local residents to pursue new careers in the construction industry. The trade unions are offering free local training and apprenticeship programs so local residents can develop new skills and gain real-world experience in the industry. After construction of the Atlantic Coast Pipeline is complete, many will go on to pursue long-term careers in the building and construction trades.
Opportunities for Local Veterans
Through their participation in the 'Helmets to Hardhats' program, the trade unions will also provide job opportunities to many local veterans. 'Helmets to Hardhats' is a national, nonprofit program that connects National Guard, Reserve, retired and transitioning active-duty military service members with skilled training and quality career opportunities in the construction industry.
"This project is going to be a game changer for working people in our region, including our veterans," said Matt Yonka, President of the Virginia Building and Construction Trades Council. "We're talking about thousands of new jobs for men and women who have spent their careers developing their craft and contributing to our economy. We're also talking about hundreds, if not thousands of local residents, including our veterans, who will have the chance to start a new career and earn a better livelihood. We're ready to get to work on this project so we can grow our economy and support our families," Yonka concluded.
Skilled Crafts and Trades
The four organizations signing the agreements represent the crafts and trades that will perform the bulk of mainline construction activity for the Atlantic Coast Pipeline:
About Atlantic Coast Pipeline, LLC
Atlantic Coast Pipeline, LLC is comprised of four major U.S. energy companies – Dominion Energy, Duke Energy, Piedmont Natural Gas and Southern Company Gas. The joint venture partners plan to build and own the Atlantic Coast Pipeline, a proposed 600-mile underground natural gas transmission pipeline that will help meet the growing energy needs of public utilities in Virginia and North Carolina to generate cleaner electricity, heat homes and power local businesses. For more information about the Atlantic Coast Pipeline, visit the project's website at www.atlanticcoastpipeline.com.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Duke Energy
Headquartered in Charlotte, N.C., Duke Energy (NYSE: DUK) is one of the largest energy holding companies in the United States. Its Electric Utilities and Infrastructure business unit serves approximately 7.5 million customers located in six states in the Southeast and Midwest. The company's Gas Utilities and Infrastructure business unit distributes natural gas to approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its Commercial Renewables business unit operates a growing renewable energy portfolio across the United States. Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
About Piedmont Natural Gas
Piedmont Natural Gas, a North Carolina corporation, is an energy services company whose principal business is the distribution of natural gas to more than a million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee. Piedmont provides a foundation for establishing a broader strategic natural gas infrastructure platform within Duke Energy to supplement and complement the previous natural gas pipeline investments and the natural gas business located in the Midwest. Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
About Southern Company Gas
Southern Company Gas is a wholly owned subsidiary of Atlanta-based Southern Company (NYSE:SO), America's premier energy company. Southern Company Gas serves approximately 4.6 million natural gas utility customers through its regulated distribution companies in seven states and more than 1 million retail customers through its companies that market natural gas and related home services. Other nonutility businesses include investments in interstate pipelines, asset management for natural gas wholesale customers and ownership and operation of natural gas storage facilities. For more information, visit Southern Company Gas at www.southerncompanygas.com.
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SOURCE Dominion Energy
Article Date
12/8/2017Dominion Energy Cove Point LNG Facility Introduces Feed Gas
Source: PR Newswire
RICHMOND, Va., Dec. 5, 2017 /PRNewswire/ -- Dominion Energy Cove Point today introduced feed gas into its newly constructed natural gas liquefaction facility currently undergoing commissioning in Lusby, MD. All major equipment has been operated and is being commissioned as expected following a comprehensive round of testing and quality assurance activities.
Shell NA LNG is providing the natural gas needed for liquefaction during the commissioning process and will off-take the LNG that is produced.
When commissioning is complete, DECP will produce LNG for ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for GGULL, the U.S. affiliate of GAIL (India) LTD under 20-year contracts. DECP's liquefaction facility has a nameplate capacity of 5.25 mtpa of LNG.
Construction of the liquefaction facility began in October 2014, following more than three years of federal, state and local permit reviews and approvals. With a cost of $4 billion, it is the largest construction project ever thus far for Maryland and for Dominion Energy. Construction has involved more than 10,000 craft workers and a payroll of more than $565 million.
About Dominion Energy
Dominion Energy Cove Point is a unit of Dominion Energy, Inc., (NYSE: D) one of the nation's largest producers and transporters of energy. The company has a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
12/5/2017Dominion Energy and Its Partners Touch Lives of 800,000 Virginians with EnergyShare
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Nov. 30, 2017 /PRNewswire/ -- Dominion Energy has helped more than 800,000 individuals and families in Virginia since 1982 by providing bill assistance and, more recently, by making homes more energy efficient with its EnergyShare program. This year marks the 35th anniversary of EnergyShare, the company's year-round cooling and heating assistance program.
"Of the many ways Dominion Energy supports communities, the closest to my heart is EnergyShare," said Robert M. Blue, President & CEO – Power Delivery Group. "Over three decades, the program has helped hundreds of thousands struggling to pay for essential heating and cooling. EnergyShare is a critical program that has expanded over time to help more people make their homes energy efficient, comfortable and affordable."
While EnergyShare has provided energy assistance to low-income and elderly Virginians for decades, in 2015 the program got a significant boost when Dominion Energy pledged $42 million to expand its scope to reach and help more Virginians. The initiative to expand EnergyShare was part of Senate Bill 1349 and an executive directive by Gov. Terry McAuliffe.
Since then, the company has partnered with many human services agencies and non-profit organizations to ramp up outreach and weatherization of homes. More than 18,800 homes have been weatherized and nearly 35,000 people have received assistance, including about 2,100 veterans and 2,300 individuals living with disabilities.
In addition, Dominion Energy has hosted more than 700 community outreach events to share practical tips on making wise energy decisions. By changing consumption habits and adding energy-efficiency measures, recent participants have reduced energy usage by 7.5 percent on average.
"We could not have reached these milestones without the steadfast support of our partners," said Blue. "We now work with nearly 100 intake agencies and other partners to provide this assistance."
Several of those partnering agencies were recently recognized by Dominion Energy for their outstanding and long-term support of EnergyShare. The United Way of Greater Richmond & Petersburg and the Salvation Army were each presented with a Sustaining Partner award for their roles in establishing and administering this program over three and a half decades.
The company also honored three state agencies for their expertise and guidance in helping vulnerable populations, including veterans, the elderly and people struggling with homelessness and disabilities. The Virginia Dept. for Aging and Rehabilitative Services, the Virginia Dept. for Veterans Services and the Virginia Dept. of Housing and Community Development each received an Eva Teig Hardy Community Transformation Award. As an executive at Dominion Energy, Hardy championed the EnergyShare program for many years.
EnergyShare began on a small scale in 1982 to help people in the Hampton Roads area experiencing a personal or financial crisis pay their heating bills. Over time, it has grown to provide energy assistance to residents in Virginia, North Carolina and Ohio for whatever main source of fuel is used to heat or cool homes.
By providing help when it's needed the most, EnergyShare can alleviate the pressure of mounting energy bills and help people better manage energy costs in the future. To apply for assistance, customers can call 2-1-1 any time of day for a referral to their local EnergyShare agency. For program and eligibility details, visit https://www.dominionenergy.com/community/energy-assistance/energyshare-va.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit the company's website at www.dominionenergy.com
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SOURCE Dominion Energy
Article Date
11/30/2017Scams on the Rise, Dominion Energy Helping Customers Fight Back
Source: PR Newswire
RICHMOND, Va., Nov. 15, 2017 /PRNewswire/ -- Utility scams are on the rise again in Virginia and across the country. Reports of scammers calling Dominion Energy customers threatening disconnection in exchange for immediate payment has increased by 49 percent since last year.
"Customers report that the caller ID on their phone says 'Dominion' when they are actually being contacted by a scammer," said Marc Gaudette, director-Corporate Security, Safety & Health at Dominion Energy. "They are told the power to their home or business will be cut within minutes if payment (usually via a pre-paid debit card or credit card) is not provided immediately. Customers are given a fake number to call for payment, and the recording is a copy of Dominion Energy's own phone greeting."
Dominion Energy reminds customers that it doesn't do business this way.
"We never threaten customers with immediate disconnection when they are behind on their bills," said Charlene Whitfield, vice-president-Customer Service at Dominion Energy. "We contact customers by phone or in writing multiple times to work out a payment plan before disconnection occurs. The payment plan never requires payment within an hour or less."
Dominion Energy is working with local and federal law enforcement as well as other energy companies and utilities to monitor these scams. The best defense against scams is education and awareness. This year alone, nationwide scams awareness and education has resulted in the shutdown of more than 500 bogus phone numbers.
Dominion Energy does not:
But customers can protect themselves and their community by remembering:
For more information about protecting yourself against scams, visit https://www.dominionenergy.com/scams.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website: www.DominionEnergy.com.
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SOURCE Dominion Energy
Article Date
11/15/201711/13/2017 - Dominion Energy Virginia Takes Step to Secure Carbon-Free Power from North Anna Facility Through Mid-Century
Dominion Energy Virginia Takes Step to Secure Carbon-Free Power from North Anna Facility Through Mid-Century
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Nov. 13, 2017 /PRNewswire/ -- Dominion Energy Virginia, a unit of Dominion Energy, Inc., today notified the federal Nuclear Regulatory Commission (NRC) of its intent to relicense North Anna Power Station in Louisa County for an additional 20-year term, ensuring Virginia customers will continue to benefit from the safe, reliable, and carbon-free electricity the station produces for decades to come.
The company informed the NRC Monday that it expects to file a license renewal application for its two-unit North Anna Power Station in 2020. The company informed the NRC in November 2015 that it would file a similar application to renew the licenses of its two Surry Power Station units in the spring of 2019.
Daniel G. Stoddard, chief nuclear officer for Dominion's nuclear generation division, stated: "Renewing North Anna Power Station's licenses for a second 20-year period is the right thing to do for our customers, the regional economy and the environment," Stoddard said. "The planned relicensing of North Anna and Surry ensures that the benefits of these clean energy sources will continue to provide affordable, reliable, carbon-free electricity to our customers through the middle of the century. Our nuclear power stations have proven to be among the most-efficient and most-reliable sources of electricity in our fleet.
"The operation of North Anna and Surry also positions Virginia for economic growth. It directly supports more than 2,000 high-paying jobs in Virginia and produces additional economic and tax benefits. Their continued operation will go a long way toward meeting and maintaining both federal and state goals for lowering carbon emissions in the Commonwealth."
The company is reviewing all technical aspects associated with the renewal of North Anna Power Station's licenses, and while not yet complete, sees no significant barriers that would prevent a license renewal submittal in 2020. The letter of intent is necessary so the NRC can plan its staffing needs to support the license renewal effort. The company expects to invest up to $4 billion on upgrades to North Anna and Surry as part of the relicensing process.
North Anna Power Station is located in Louisa County, Va. Its two nuclear units – both three-loop Westinghouse pressurized water reactors – provide 1,892 net megawatts of electricity, or enough power for 473,000 homes. Unit 1 began commercial service in 1978 and Unit 2 began commercial service in 1980.
Surry Power Station is located in Surry County, Va. Its two nuclear units – also three-loop Westinghouse pressurized water reactors – provide 1,676 net megawatts of electricity or enough power for 419,000 homes. Unit 1 began commercial service in 1972 and Unit 2 began commercial service in 1973.
Like all U.S. nuclear units, the North Anna and Surry units were originally licensed to operate for 40 years. All four units' licenses were renewed for 20 additional years of operation on March 20, 2003, following a stringent review process authorized under federal law. The North Anna and Surry nuclear units' respective licenses currently will expire in 2038 and 2040, and 2032 and 2033. After renewal, the respective licenses for North Anna and Surry will allow the units to operate to 2058 and 2060, and 2052 and 2053.
Dominion Energy also operates two nuclear units at its Millstone Power Station, located in Waterford, Conn. In 2005 the company renewed the station's operating license for one 20-year term, which means the current license for Unit 2 will expire in 2035, and in 2045 for Unit 3. Millstone Power Station provides New England and Connecticut with low-cost, carbon-free, around-the-clock electricity. The station's output powers 2 million homes and generates the equivalent of over half the electricity consumed in Connecticut. The company may consider another 20-year renewed license for Millstone, but has made no decision to do so at this time.
About Dominion Energy
Dominion Energy (NYSE: D), is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation,15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy Virginia
Article Date
11/13/201711/9/2017 - Dominion Energy Awards $550,000 to Organizations Serving Veterans and Military Families in Seven States
Dominion Energy Awards $550,000 to Organizations Serving Veterans and Military Families in Seven States
Source: PR Newswire
RICHMOND, Va., Nov. 9, 2017 /PRNewswire/ -- Dominion Energy announced today it will give more than a half million dollars to eleven nonprofit organizations providing essential support services to active duty, veterans and military families in seven states served by the company. Each organization will receive $50,000 for initiatives that help meet the needs of veterans and their families. The grants are being made through the Dominion Energy Charitable Foundation, the company's philanthropic arm.
"Many of our brave servicemen and women return to civilian life only to struggle with employment, financial hardships, housing or health issues," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants will help to strengthen programs that provide an important safety net for veterans and their families seeking employment, shelter, medical care and more."
The selected programs offer a variety of community-based services – from specialized workforce and financial training, to adaptive sports, family retreats, housing and transportation. The recipients are:
For this competitive grant program, proposals were received from 60 nonprofit organizations. Dominion Energy employees who also are veterans participated in the final selection.
Dominion Energy is active in the recruitment and support of veterans in its workforce, as well as in the community. The company is a founding partner in the national Troops to Energy Jobs program, which helps military members find rewarding careers in the energy industry. Currently, one in five new hires at Dominion is a veteran, and about 11 percent of the company's more than 16,000 employees are veterans.
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
11/9/2017Dominion Energy Installs Osprey Platforms Across Currituck Sound
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
KITTY HAWK, N.C., Oct. 31, 2017 /PRNewswire/ -- When the ospreys nesting alongside the Wright Brothers Memorial Bridge over Currituck Sound return next spring, they are going to find new, high-rise luxury nesting platforms, courtesy of Dominion Energy North Carolina.
The ospreys have been nesting on wooden platforms fixed to transmission towers Dominion Energy abandoned more than 30 years ago. Originally, there were 12 nesting platforms but the elements — wind, rain, hurricanes — have taken their toll and only three platforms remain.
The energy company's transmission group on Tuesday used a helicopter to remove the few remaining wooden platforms and installed larger, stronger, more durable aluminum alloy platforms over every pole.
Ospreys like to build their nests of jumbled branches on tall structures overlooking the water. The company's transmission towers are favorite spots for the birds of prey. Unfortunately, the birds' attraction to the towers leads to power outage for Dominion Energy customers.
By providing the new platforms, the company is ensuring the ospreys have a safe, durable home and that electric service to the Outer Banks is not disrupted by their nesting activities.
"This is really about safety and reliable service," said Carter Clevinger, project manager-Electric Transmission Reliability. "Safety for the osprey because if they build on our energized transmission towers, they run the risk of electrocution; and safety and reliability for our customers by preventing massive power outages on the Outer Banks that could occur if nesting materials contact our lines."
The transmission group tested the aluminum platforms on a pair of osprey nesting on a transmission support pole near Clarksville last spring. The birds took to the new metal roost so well that the company is using them exclusively now.
"The 12 poles across Currituck Sound are the largest use so far of the platforms and the first time we have used helicopters to install them," Clevinger said.
The helicopters approached the transmission towers towing two workers on a 75-foot tether. The helicopter then lowered them onto the tower where they attached the new nesting platform.
The platforms made by Preformed Line Products weigh 34 pounds and are three-foot square.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines.
Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy
Article Date
10/31/201710/30/2017 - Dominion Energy Announces Third-Quarter Earnings
Dominion Energy Announces Third-Quarter Earnings
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
RICHMOND, Va., Oct. 30, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Sept. 30, 2017, of $665 million ($1.03 per share) compared with earnings of $690 million ($1.10 per share) for the same period in 2016.
Operating earnings for the three months ended Sept. 30, 2017, were $672 million ($1.04 per share), compared to operating earnings of $716 million ($1.14 per share) for the same period in 2016. Operating earnings are defined as reported earnings adjusted for certain items.
The principal difference between reported earnings and operating earnings for the quarter was related to transition and integration costs associated with the Dominion Energy Questar combination.
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"We are pleased with our financial results for the quarter. In addition, we continue to make material progress on our growth projects and programs and we're on-track for the best safety record in the history of our company.
"On October 13, the FERC issued the Order of Certificate and Public Convenience and Necessity for the Atlantic Coast Pipeline and the associated Supply Header project. This important milestone brings this critical project one step closer to delivering the affordable, safe, and reliable energy that our customers have asked us to provide.
"The Cove Point Liquefaction construction is effectively complete and the facility is going through its advanced-commissioning phase. The work continues on-time and on-budget and we expect to be in-service by the end of the year.
"Our 1,588 megawatt Greensville County combined cycle power station is approximately 60 percent complete and is expected to begin commercial operations in late 2018.
"Since our last earnings call we've made exciting announcements around our investment in solar-powered generation for a $1 billion Facebook facility in Virginia, steps toward the development of a large pumped storage power generation facility, and progress on our off-shore wind project.
"And finally, on October 12 the Dominion Board of Directors declared a dividend that represented a ten percent year-over-year increase."
THIRD-QUARTER 2017 REPORTED AND OPERATING EARNINGS COMPARED TO 2016
Reported earnings decreased $25 million as compared to third-quarter 2016. Business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, and 3 of this release.
Operating earnings decreased $44 million as compared to third-quarter 2016 operating earnings. The decrease is primarily attributable to milder weather in our regulated service territory, a step down in solar investment tax credits, and a reduction of Cove Point import contract revenues. Factors offsetting the decrease include the addition of Dominion Energy Questar and gains from farmout agreements.
Details of third-quarter operating earnings as compared to 2016 may be found on Schedule 4 of this release.
FOURTH-QUARTER 2017 OPERATING EARNINGS GUIDANCE
Dominion Energy expects fourth-quarter 2017 operating earnings in the range of $0.80-$1.00 per share, compared to fourth-quarter 2016 operating earnings of $0.99 per share. Positive factors for the fourth quarter compared to last year include increased revenues from our growth projects and an earnings contribution from the recent Dominion Products and Services agreement with HomeServe PLC. Negative factors compared to last year include a planned refueling outage at Millstone Power Station, lower Cove Point import contract revenues, a step down in solar investment tax credits and higher electric capacity expense.
The company is maintaining its previously issued 2017 operating earnings guidance of $3.40-$3.90 per share.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
CONFERENCE CALL TODAY
Dominion Energy will host its third-quarter earnings conference call at 10 a.m. ET on Monday, Oct. 30, 2017. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Oct. 30 and lasting until 11 p.m. ET Nov. 6. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 82859043. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 30.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,600 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
This release contains certain forward-looking statements, including forecasted operating earnings for fourth-quarter and full-year 2017 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion Energy's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Energy Midstream and retirements of assets based on asset portfolio reviews, the receipt of approvals for, and timing of, closing dates for acquisitions and divestitures, the timing and execution of Dominion Energy Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion Energy has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion Energy's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion Energy, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
Dominion Energy, Inc. | ||||||||
|
Consolidated Statements of Income* | ||||||||
|
Unaudited (GAAP Based) | ||||||||
|
(millions, except per share amounts) | ||||||||
|
Three Months Ended |
Nine Months Ended | |||||||
|
September 30, |
September 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions, except per share amounts) |
||||||||
|
Operating Revenue |
$ 3,179 |
$ 3,132 |
$ 9,376 |
$ 8,651 | ||||
|
Operating Expenses |
||||||||
|
Electric fuel and other energy-related purchases |
638 |
606 |
1,711 |
1,791 | ||||
|
Purchased (excess) electric capacity |
21 |
(6) |
(8) |
107 | ||||
|
Purchased gas |
24 |
77 |
441 |
252 | ||||
|
Other operations and maintenance |
649 |
765 |
2,166 |
2,133 | ||||
|
Depreciation, depletion and amortization |
485 |
400 |
1,421 |
1,112 | ||||
|
Other taxes |
162 |
145 |
519 |
448 | ||||
|
Total operating expenses |
1,979 |
1,987 |
6,250 |
5,843 | ||||
|
Income from operations |
1,200 |
1,145 |
3,126 |
2,808 | ||||
|
Other income |
73 |
63 |
249 |
189 | ||||
|
Interest and related charges |
305 |
250 |
905 |
715 | ||||
|
Income from operations including noncontrolling |
968 |
958 |
2,470 |
2,282 | ||||
|
Income tax expense |
272 |
230 |
683 |
561 | ||||
|
Net Income Including Noncontrolling Interests |
696 |
728 |
1,787 |
1,721 | ||||
|
Noncontrolling Interests |
31 |
38 |
100 |
55 | ||||
|
Net Income Attributable to Dominion Energy |
$ 665 |
$ 690 |
$ 1,687 |
$ 1,666 | ||||
|
Earnings Per Common Share |
||||||||
|
Net income attributable to Dominion Energy - Basic |
$ 1.03 |
$ 1.10 |
$ 2.66 |
$ 2.72 | ||||
|
Net income attributable to Dominion Energy - Diluted |
1.03 |
1.10 |
2.66 |
2.71 | ||||
|
Dividends Declared Per Common Share |
$ 0.7700 |
$ 0.7000 |
$ 2.2800 |
$ 2.1000 | ||||
|
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K | ||||||||
|
are an integral part of the Consolidated Financial Statements. |
||||||||
|
Schedule 1 - Segment Reported and Operating Earnings |
||||||||
|
Preliminary, Unaudited |
||||||||
|
(millions, except earnings per share) |
Three months ended September 30, | |||||||
|
2017 |
2016 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 665 |
$ 690 |
$ (25) | |||||
|
Pre-tax loss (income) 2 |
12 |
48 |
(36) | |||||
|
Income tax 2 |
(5) |
(22) |
17 | |||||
|
Adjustments to reported earnings |
7 |
26 |
(19) | |||||
|
OPERATING EARNINGS |
$ 672 |
$ 716 |
$ (44) | |||||
|
By segment: |
||||||||
|
Power Delivery4 |
138 |
139 |
(1) | |||||
|
Power Generation4 |
369 |
650 |
(281) | |||||
|
Gas Infrastructure3, 4 |
187 |
135 |
52 | |||||
|
Corporate and Other |
(22) |
(208) |
186 | |||||
|
$ 672 |
$ 716 |
$ (44) | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 1.03 |
$ 1.10 |
$ (0.07) | |||||
|
Adjustments to reported earnings (after tax) |
0.01 |
0.04 |
(0.03) | |||||
|
OPERATING EARNINGS |
$ 1.04 |
$ 1.14 |
$ (0.10) | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.21 |
0.22 |
(0.01) | |||||
|
Power Generation |
0.57 |
1.04 |
(0.47) | |||||
|
Gas Infrastructure3 |
0.29 |
0.21 |
0.08 | |||||
|
Corporate and Other |
(0.03) |
(0.33) |
0.30 | |||||
|
$ 1.04 |
$ 1.14 |
$ (0.10) | ||||||
|
Common Shares Outstanding (average, diluted) |
642.5 |
626.0 |
||||||
|
(millions, except earnings per share) |
Nine months ended September 30, | |||||||
|
2017 |
2016 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 1,687 |
$ 1,666 |
$ 21 | |||||
|
Pre-tax loss (income) 2 |
28 |
103 |
(75) | |||||
|
Income tax 2 |
(11) |
(40) |
29 | |||||
|
Adjustments to reported earnings |
17 |
63 |
(46) | |||||
|
OPERATING EARNINGS |
$ 1,704 |
$ 1,729 |
$ (25) | |||||
|
By segment: |
||||||||
|
Power Delivery |
390 |
363 |
27 | |||||
|
Power Generation |
870 |
1,066 |
(196) | |||||
|
Gas Infrastructure3 |
613 |
483 |
130 | |||||
|
Corporate and Other |
(169) |
(183) |
14 | |||||
|
$ 1,704 |
$ 1,729 |
$ (25) | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 2.66 |
$ 2.71 |
$ (0.05) | |||||
|
Adjustments to reported earnings (after tax) |
0.03 |
0.10 |
(0.07) | |||||
|
OPERATING EARNINGS |
$ 2.69 |
$ 2.81 |
$ (0.12) | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.62 |
0.59 |
0.03 | |||||
|
Power Generation |
1.37 |
1.74 |
(0.37) | |||||
|
Gas Infrastructure3 |
0.97 |
0.78 |
0.19 | |||||
|
Corporate and Other |
(0.27) |
(0.30) |
0.03 | |||||
|
$ 2.69 |
$ 2.81 |
$ (0.12) | ||||||
|
Common Shares Outstanding (average, diluted) |
633.4 |
613.8 |
||||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). | ||||||||
|
2) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find | ||||||||
|
3) |
Includes Dominion Energy Questar effective September 2016. | ||||||||
|
4) |
In connection with its corporate rebranding, Dominion Energy changed the names of its principal operating segments to Power Delivery, Power Generation and Gas Infrastructure from Dominion Virginia Power, Dominion Generation and Dominion Energy, respectively. | ||||||||
Schedule 2 - Reconciliation of 2017 Operating Earnings to Reported Earnings
2017 Earnings (Nine months ended September 30, 2017)
The $28 million pre-tax net effect of the adjustments included in 2017 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 2
|
||
|
Reported earnings |
$632 |
$390 |
$665 |
$1,687 |
|||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
(31) |
47 |
12 |
28 |
|||
|
Income tax |
10 |
(16) |
(5) |
(11) |
|||
|
(21) |
31 |
7 |
17 |
||||
|
Operating earnings |
$611 |
$421 |
$672 |
$1,704 |
|||
|
Common shares outstanding (average, diluted) |
628.1 |
629.2 |
642.5 |
633.4 |
|||
|
Reported earnings per share |
$1.01 |
$0.62 |
$1.03 |
$2.66 |
|||
|
Adjustments to reported earnings (after-tax) |
(0.04) |
0.05 |
0.01 |
0.03 |
|||
|
Operating earnings per share |
$0.97 |
$0.67 |
$1.04 |
$2.69 |
|||
|
1)Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
|||
|
Pre-tax loss (income): |
|||||||
|
Net gain on NDT funds |
(34) |
(3) |
(4) |
(41) |
|||
|
Questar transition and integration costs |
3 |
20 |
16 |
39 |
|||
|
Regulatory asset write-off |
15 |
15 |
|||||
|
Other |
15 |
15 |
|||||
|
($31) |
$47 |
$12 |
$28 |
||||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
$10 |
($16) |
($5) |
($11) |
|||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. |
|||||||
|
2)YTD EPS may not equal sum of quarters due to rounding or share count differences |
|||||||
Schedule 3 - Reconciliation of 2016 Reported Earnings to Operating Earnings
2016 Earnings (Twelve months ended December 31, 2016)
The $359 million pre-tax net effect of the adjustments included in 2016 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 2
|
||
|
Reported earnings |
$524 |
$452 |
$690 |
$457 |
$2,123 |
||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
67 |
(12) |
48 |
256 |
359 |
||
|
Income tax |
(19) |
1 |
(22) |
(95) |
(135) |
||
|
48 |
(11) |
26 |
161 |
224 |
|||
|
Operating earnings |
$572 |
$441 |
$716 |
$618 |
$2,347 |
||
|
Common shares outstanding (average, diluted) |
598.2 |
617.0 |
626.0 |
627.1 |
617.1 |
||
|
Reported earnings per share |
$0.88 |
$0.73 |
$1.10 |
$0.73 |
$3.44 |
||
|
Adjustments to reported earnings (after-tax) |
0.08 |
(0.02) |
0.04 |
0.26 |
0.36 |
||
|
Operating earnings per share |
$0.96 |
$0.71 |
$1.14 |
$0.99 |
$3.80 |
||
|
1)Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
|||
|
Pre-tax loss (income): |
|||||||
|
Future ash ponds and landfill closure costs |
197 |
197 |
|||||
|
Questar transaction and transition costs |
2 |
5 |
53 |
14 |
74 |
||
|
Organizational design initiative |
70 |
(5) |
65 |
||||
|
Hurricane Matthew costs |
23 |
23 |
|||||
|
Other items |
(5) |
(12) |
(5) |
22 |
0 |
||
|
$67 |
($12) |
$48 |
$256 |
$359 |
|||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
(19) |
1 |
(10) |
(95) |
(123) |
||
|
Divestiture tax settlement |
(12) |
(12) |
|||||
|
($19) |
$1 |
($22) |
($95) |
($135) |
|||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
|
2)YTD EPS may not equal sum of quarters due to rounding or share count differences |
|||||||
|
Schedule 4 - Reconciliation of 3Q17 Earnings to 3Q16 |
|||||||
|
Preliminary, Unaudited |
Three Months Ended |
Nine Months Ended | |||||
|
(millions, except EPS) |
September 30, |
September 30, | |||||
|
2017 vs. 2016 |
2017 vs. 2016 | ||||||
|
Increase / (Decrease) |
Increase / (Decrease) | ||||||
|
Reconciling Items |
Amount |
EPS |
Amount |
EPS | |||
|
Change in reported earnings (GAAP) |
($25) |
($0.07) |
$21 |
($0.05) | |||
|
Change in Pre-tax loss (income) 1 |
($36) |
($75) |
|||||
|
Change in Income tax 1 |
17 |
29 |
|||||
|
Adjustments to reported earnings |
($19) |
($0.03) |
($46) |
($0.07) | |||
|
Change in consolidated operating earnings |
($44) |
($0.10) |
($25) |
($0.12) | |||
|
Power Delivery |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
($13) |
($0.02) |
($19) |
($0.03) | |||
|
Other |
1 |
- |
12 |
0.02 | |||
|
FERC Transmission equity return |
5 |
0.01 |
14 |
0.02 | |||
|
Storm damage and service restoration |
3 |
- |
17 |
0.03 | |||
|
Other |
3 |
- |
3 |
- | |||
|
Share dilution |
- |
- |
- |
(0.01) | |||
|
Change in contribution to operating earnings |
($1) |
($0.01) |
$27 |
$0.03 | |||
|
Power Generation |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
($33) |
($0.05) |
($45) |
($0.07) | |||
|
Other |
6 |
0.01 |
27 |
0.04 | |||
|
Merchant generation margin |
6 |
0.01 |
(9) |
(0.02) | |||
|
Renewable energy investment tax credits |
(242) |
(0.39) |
(187) |
(0.31) | |||
|
Noncontrolling interests related to solar partnerships |
14 |
0.02 |
1 |
- | |||
|
Depreciation |
(12) |
(0.02) |
(38) |
(0.06) | |||
|
Electric capacity |
(16) |
(0.03) |
70 |
0.11 | |||
|
Other |
(4) |
(0.01) |
(15) |
(0.02) | |||
|
Share dilution |
- |
(0.01) |
- |
(0.04) | |||
|
Change in contribution to operating earnings |
($281) |
($0.47) |
($196) |
($0.37) | |||
|
Gas Infrastructure |
|||||||
|
Dominion Energy Questar combination2 |
$34 |
$0.05 |
$184 |
$0.30 | |||
|
Farmout transaction |
33 |
0.05 |
7 |
0.01 | |||
|
Transportation and storage growth projects |
7 |
0.01 |
23 |
0.04 | |||
|
Noncontrolling interests |
(9) |
(0.01) |
(28) |
(0.04) | |||
|
Cove Point import contracts |
(27) |
(0.04) |
(63) |
(0.10) | |||
|
Other |
14 |
0.02 |
7 |
0.01 | |||
|
Share dilution |
- |
- |
- |
(0.03) | |||
|
Change in contribution to operating earnings |
$52 |
$0.08 |
$130 |
$0.19 | |||
|
Corporate and Other |
|||||||
|
Renewable energy investment tax credits |
$195 |
$0.31 |
$90 |
$0.14 | |||
|
Interest expense and other |
(9) |
(0.01) |
(76) |
(0.11) | |||
|
Change in contribution to operating earnings |
$186 |
$0.30 |
$14 |
$0.03 | |||
|
Change in consolidated operating earnings |
($44) |
($0.10) |
($25) |
($0.12) | |||
|
Change in adjustments included in reported earnings1 |
$19 |
$0.03 |
$46 |
$0.07 | |||
|
Change in consolidated reported earnings |
($25) |
($0.07) |
$21 |
($0.05) | |||
|
1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. | ||||||
|
2) |
Excludes financing impact of Dominion Energy Questar combination. | ||||||
|
Note: Figures may not add due to rounding | |||||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-announces-third-quarter-earnings-300545004.html
SOURCE Dominion Energy
Article Date
10/30/201710/17/2017 - Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Warm This Winter
Dominion Energy Ohio Payment Plans, Energy Assistance Programs Can Help Customers Stay Warm This Winter
Source: PR Newswire
CLEVELAND, Oct. 17, 2017 /PRNewswire/ -- Dominion Energy Ohio reminds customers of the various company payment plans and government energy assistance programs that can help them stay warm this winter. Customers who may not be able to afford their heating bills are urged to contact Dominion Energy Ohio immediately to inquire about payment plans and energy assistance programs. For additional information, customers can call Dominion Energy Ohio at 1-800-362-7557. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
For more information about payment plans and government energy assistance programs, visit www.dominionenergy.com/home-and-small-business/pay-my-bill/payment-assistance.
Dominion Energy Ohio offers the following payment options to residential and small commercial customers (using less than 500 thousand cubic feet (MCF) a year):
Public Utilities Commission of Ohio Winter Reconnection Order
All residential customers, regardless of income, may avoid a shutoff or restore gas service once during the heating season between now and April 13, 2018, by paying the lesser of:
If service has been disconnected, a reconnect fee of $33, plus applicable taxes, will be billed to the account. Customers will be enrolled automatically in the One-Ninth Payment Plan when using the Winter Reconnection Order to help pay off any additional past-due balance. Customers may select a different plan by calling Dominion Energy Ohio.
Government Assistance Programs
The following programs are available for income-eligible customers. Customers can apply for all programs with one application at www.energyhelp.ohio.gov, which provides income guidelines as well. Applications also are available at post offices and libraries or by calling the Ohio Development Services Agency at 1-800-282-0880. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Dominion Energy Ohio Assistance/Conservation Programs
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-ohio-payment-plans-energy-assistance-programs-can-help-customers-stay-warm-this-winter-300538264.html
SOURCE Dominion Energy Ohio
Article Date
10/17/2017Dominion Energy Virginia Seeking Solar and Onshore Wind Generation Proposals
Source: PR Newswire
RICHMOND, Va., Oct. 16, 2017 /PRNewswire/ -- Dominion Energy Virginia is seeking bids for approximately 300 megawatts of solar and onshore wind generation.
The company has issued a Request for Proposals (RFP) and is soliciting bids for energy, capacity and environmental attributes including Renewable Energy Certificates for new solar and onshore wind facilities 10 to 150 megawatts (ac) in size. The facilities must be located in Virginia and be interconnected to Dominion Energy Virginia's transmission and/or distribution system.
The proposals can be for power purchase agreements and/or the purchase of development projects. The RFP outlines the proposal requirements and power and asset purchase agreement terms requiring commercial operations dates in 2019 or 2020, as well as the price and non-price evaluation criteria.
Notices of Intent to Bid and Confidentiality Agreements are due by October 27, 2017 with final proposals due on December 1, 2017. Bidders seeking more information on the competitive bidding process and the RFP submittal documents should visit: www.dominionenergy.com/2017solarwindrfp.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-virginia-seeking-solar-and-onshore-wind-generation-proposals-300537150.html
SOURCE Dominion Energy
Article Date
10/16/2017Dominion Energy Declares Quarterly Dividend of 77 Cents
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 12, 2017 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 77 cents per share of common stock.
Dividends are payable on Dec. 20, 2017, to shareholders of record at the close of business Dec. 1, 2017.
This is the 359th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Aug. 1, 2017.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-declares-quarterly-dividend-of-77-cents-300536210.html
SOURCE Dominion Energy
Article Date
10/12/2017Dominion Energy Virginia to Power New Facebook Data Center with Renewable Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 5, 2017 /PRNewswire/ -- Dominion Energy Virginia will add new solar generation to the power grid to serve a new state-of-the-art data center Facebook plans to build in suburban Richmond, Virginia.
Facebook announced Thursday it has selected a location in eastern Henrico County as home to its eighth data center in the United States. This was made possible through a new innovative renewable rate option designed by Dominion Energy Virginia and Facebook that will allow large energy users such as Facebook to meet their needs through the addition of renewable energy sources.
"Access to clean energy is joining reliability and price as important considerations when businesses decide to locate their operations," said Robert M. Blue, president and CEO of Dominion Energy's Power Delivery Group. "We are pleased we have been able to develop a solution for Facebook that meets all those requirements and creates a model that can be used by other large businesses as well. It opens the door to attracting more businesses and more jobs for the communities we serve."
"We know from experience that when people come together, they can do a lot of good in the world," said Bobby Hollis, director of Global Energy at Facebook. "We came together with Dominion Energy Virginia to create a new tariff that ensures renewable energy solutions are accessible not just to Facebook, but other companies as well. This new opportunity for customers to access renewable energy enables us to get one step closer to our goal of powering 100 percent of our operations with clean and renewable energy."
"I am proud to welcome Facebook to Henrico County, and we look forward to a strong partnership," said Governor Terry McAuliffe. "When an industry giant like Facebook selects Virginia for a major operation, it's proof that our efforts to build an open and welcoming economy that works for everyone are paying off. For many years, Virginia has served as a key hub for global internet traffic, emerging as one of the most active data center markets in the world. Working with companies like Facebook and many others, we are advancing Virginia's position as a global leader in the technology economy and a world-class home to innovative companies of every size."
The new data center in Henrico County will be comprised of two separate buildings and administrative space totaling nearly one million square feet. Dominion Energy Virginia plans to construct multiple solar facilities in the Commonwealth (sites still to be determined) to both meet Facebook's needs and benefit all of its customers.
The Facebook data center would be served under a new renewable rate option called Schedule RF (renewable facility), which Dominion Energy Virginia plans to file with the Virginia State Corporation Commission later this month. If approved, Schedule RF would allow Facebook to offset its annual energy needs with clean, renewable energy delivered to the grid. It would also create opportunities for other large companies wishing to make the same commitment, and would provide broader economic benefits to all of Dominion Energy Virginia's 2.5 million customers. This new product offering would ultimately lead to new business opportunities. As a secondary economic impact, millions of dollars of new renewable energy projects would be built in the Commonwealth.
Dominion Energy Virginia and Facebook worked extensively on creating the Schedule RF structure to meet customer needs. To qualify for the voluntary and experimental rate option, a customer must bring new electrical load and agree to purchase environmental attributes from renewable energy sources as defined in the Code of Virginia. Through Schedule RF, Facebook will support energy expected to come from the sun.
Dominion Energy Virginia is actively growing the market for clean energy. Schedule RF will further support diversification of the company's generation portfolio for the good of all customers. The company's 2017 Integrated Resource Plan calls for at least 5,200 MW of new solar generation by 2042, enough to power 1.3 million homes at peak output.
"Facebook is the latest partner we have in the renewable energy arena," Blue added. "We remain ambitious and forward-thinking, and welcome any business or corporation to come to Virginia and see what we have to offer."
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
About Facebook
Founded in 2004, Facebook's mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, to discover what's going on in the world, and to share and express what matters to therm. Facebook is a trademark of Facebook, Inc.
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SOURCE Dominion Energy
Article Date
10/5/201710/4/2017 - Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Third-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 4, 2017 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 10 a.m. ET on Monday, Oct. 30, 2017. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Oct. 30 and lasting until 11 p.m. ET Nov. 6. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 82859043. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 30.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Dominion Energy Midstream
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
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SOURCE Dominion Energy; Dominion Energy Midstream
Article Date
10/4/2017Dominion Energy Ohio reminds customers: Annual Furnace and Appliance Inspections, Home Energy Assessments, Help Provide Safe, Economical Comfort Year-round
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Sept. 22, 2017 /PRNewswire/ -- Dominion Energy Ohio reminds customers that an annual inspection of their furnace and other natural gas appliances by a qualified, reputable contractor, can help ensure their home is safe, comfortable and energy efficient all year long. The company is also offering discounted home energy assessments for $25 through its Home Performance with ENERGY STAR® program, which includes installation of a no-cost carbon monoxide detector or a programmable thermostat with every home energy assessment.
Besides helping customers receive maximum value for their energy dollars, an annual appliance inspection may prevent any potential carbon monoxide problems. Carbon monoxide (CO) detectors provide a second line of defense, but they should not be used as a substitute for an annual furnace inspection. Combined with an annual inspection, CO detectors, placed in each bedroom, can offer additional peace of mind.
While checking a furnace, the contractor should make a visual inspection of all vents, heat exchangers and motors. Dominion Energy Ohio notes that a thorough inspection should include:
Save Energy and Money with Discounted Home Energy Assessments
In addition, the Home Performance with ENERGY STAR® program can help customers save energy and money. The program includes a home energy assessment to help diagnose high utility usage and other home comfort issues, and then provides rebates of up to $1,250 for completion of recommended energy-efficiency improvements. Dominion Energy Ohio customers may call 1-877-287-3416 to schedule an assessment or visit deohpwes.com for program details and eligibility information.
The program is open to all eligible Dominion Energy Ohio residential customers, who use natural gas for their primary heat source, and who have an active account in an individually metered, single-family, or multi-family dwelling with no more than 4 individually metered units.
The assessment is the first step in the program. An energy auditor visits customers' homes to help pinpoint energy losses through diagnostic testing and a professional evaluation. Following the energy assessment, customers receive a customized energy report with the results, plus recommendations and rebates available through the program.
Recommended improvements typically include air sealing and insulation, HVAC equipment upgrades, window and door replacements, plus much more. These improvements can help customers decrease utility bills, while increasing home comfort, safety, durability and resale value. Residential customers also may receive such products as a carbon monoxide detector, or programmable thermostat, high-efficiency showerheads and water-saving faucet aerators at no cost (a $100 value).
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy Ohio
Article Date
9/22/20179/18/2017 - Volunteers Energizing Communities with 30 Environmental Improvement Projects in Nine States
Volunteers Energizing Communities with 30 Environmental Improvement Projects in Nine States
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 18, 2017 /PRNewswire/ -- More than 500 Dominion Energy volunteers are kicking off the company's "Energizing Our Communities" initiatives – with 30 projects in nine states to be completed over the next six weeks. Each year, employees partner with local non-profit organizations to improve and restore parks, schools and other public spaces to make their communities more livable and enjoyable for all.
"Our employees are passionate about making life better in their communities and this program gives them the means and encouragement to put those energies and good intentions to work," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "Since the program began in 2000, our volunteers have tackled more than 300 improvement projects in the places they call home."
This year, the Dominion Energy Charitable Foundation is giving $60,000 to purchase materials for a wide variety of projects, which include:
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com
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SOURCE Dominion Energy
Article Date
9/18/2017Dominion Energy Employees and Contractors Enroute to Florida Today
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 12, 2017 /PRNewswire/ -- More than 750 employees and contractors mobilized and headed south to Florida early this morning in support of a massive restoration effort after Hurricane Irma left more than seven million homes and businesses without power.
"We wish our friends and colleagues a safe journey and restoration effort," said Ed Baine, senior vice president, power delivery, Dominion Energy. "Their first stop will be at the staging and processing center in Florida to receive safety instructions, orientation and assignments from the impacted utilities. From there, we expect our people to be fully engaged along with tens of thousands of others from around North America helping in the recovery from one of the worst natural disasters our country has seen."
"We also appreciate our team members who remain behind to keep the home front safe and the lights on for customers here," Baine said. "We are committed to ensuring reliability here while we support the restoration efforts in Florida."
Customers are facing the possibility of weeks without power. Employees and contractors are expected to remain in Florida for at least two weeks, working alongside an army of workers from other utilities across the United States and Canada to restore power as quickly and safely as possible.
Watch a video here to watch one lineman as he prepared for his journey and here to watch a team of employees heading out to join the convoy of restoration workers.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy
Article Date
9/12/20179/11/2017 - Dominion Energy Mobilizes Hundreds of Workers to Help Areas Devastated by Hurricane Irma in Florida
Dominion Energy Mobilizes Hundreds of Workers to Help Areas Devastated by Hurricane Irma in Florida
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 11, 2017 /PRNewswire/ -- Dominion Energy is mobilizing hundreds of employees and contractors to respond to what is likely to be one of the largest electric industry restoration efforts in United States history after Hurricane Irma devastated Florida and left millions without power.
"We are making final preparations throughout the day to mobilize employees and prepare equipment to depart Tuesday morning to Florida, where they can begin supporting our friends and neighbors in this massive undertaking," said Ed Baine, senior vice president of power delivery, Dominion Energy.
More than 120 Dominion Energy employees, including linemen, damage assessors, safety experts and others are heading south along with 300 contractors from across Virginia and North Carolina. They will join the other 300 tree contractors who were previously released to begin the preliminary work of removing trees and debris ahead of line crews.
"Our employees and contractors are heading south with the expectation that they will be restoring power for at least two weeks," Baine said. "We are proud of their willingness to leave their families and friends to work long days, providing desperately needed help."
Mutual assistance from neighboring utilities is a hallmark of the electric utility industry, and can include not only crews but also other resources and equipment, such as helicopters and drones, high-water vehicles and other specialty equipment, as well as material that can be allocated and shared among electric companies to ensure all restoration and recovery needs are met.
Dominion Energy is a member of the Southeastern Electric Exchange, one of seven mutual assistance groups in the United States.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy
Article Date
9/11/2017Dominion Energy Virginia Seeking Solar Generation Proposals
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 11, 2017 /PRNewswire/ -- Dominion Energy Virginia is seeking bids for 10 megawatts of new solar generation for the Community Solar Pilot Program.
A request for proposals (RFP) is soliciting third-party bids for energy, capacity and renewable energy attributes from solar facilities up to 2 megawatts (direct current) in size, or up to 2 megawatt carve outs from larger facilities, located within and interconnected to Dominion Energy Virginia's transmission and distribution footprint. The RFP outlines the proposal requirements and power purchase agreement terms, as well as the price and non-price evaluation criteria, which were developed with input from stakeholders.
The Community Solar Pilot Program – which the company plans to file with the Virginia State Corporation Commission by early 2018 – is a voluntary program allowing customers the opportunity to purchase energy from new solar facilities located in communities throughout Dominion Energy Virginia's service area.
Bidders seeking more information on the competitive bidding process and the RFP submittal documents should visit: dominionenergy.com/communitysolar.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
9/11/2017Dominion Energy Continues to Watch Hurricane Irma; Encourages Customers to Prepare for Busy Hurricane Season
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 8, 2017 /PRNewswire/ -- While current forecasts show Hurricane Irma having minimal impact on Dominion Energy customers in Virginia and North Carolina, the company continues to monitor the storm and stay prepared. It encourages customers to do the same.
"We have seen in the past how unpredictable hurricanes can be," said Ed Baine, senior vice president of distribution at Dominion Energy. "An unexpected change, sometimes at the last minute, can significantly increase the impact to our region. We don't intend to let our guard down and we ask our customers to be prepared, too."
Baine said the company is also monitoring Hurricane Jose in the Atlantic Ocean as well as the potential for additional storms. The official hurricane season runs until November 1, although hurricanes have been known to develop even after that date.
"This already has been an active hurricane season and we still have a long way to go," Baine said. If Hurricane Irma does not have a significant impact on Dominion Energy customers and there is no other major imminent threat, the company intends to offer support to utilities in harder-hit areas.
"There is a long tradition in the electric industry of mutual assistance," Baine said. "Dominion Energy and our customers have benefited from other utilities' help in the past and we have offered help to others in times of need. We are in this together."
Customers should check their emergency kits to ensure they are fully stocked with the following items:
Click here for a recommended list of supplies and here to watch a quick video. After putting your kit together, don't forget to:
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy
Article Date
9/8/20179/7/2017 - Dominion Energy to Revise Dividend Policy
Dominion Energy to Revise Dividend Policy
Source: PR Newswire
NEW YORK, Sept. 7, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) Chairman, President and Chief Executive Officer Thomas F. Farrell, II, today told investors that the company's dividend is expected to increase by 10 percent per year beginning in the fourth quarter of 2017 through 2020, subject to approval by the board of directors.
"Dominion Energy believes it can return more in dividends to our shareholders because of our company's solid financial footing," said Farrell. "The foundation for a higher annual dividend rate is rooted in our long-term, sustainable growth plan and billions of dollars in expected cash contributions from our master limited partnership, Dominion Energy Midstream Partners, LP."
Dominion Energy has said that from 2016 to 2020 it expects to receive between $7 billion and $8 billion in cash contributions from Dominion Energy Midstream (NYSE: DM), of which it is the general partner. These contributions include general partner cash flows, limited partner cash flows (from common units and convertible preferred units) and proceeds from asset dropdowns.
Dominion Energy's board of directors has declared a dividend of 75.5 cents per share of common stock, payable on Sept. 20, 2017. That dividend payment is 8 percent higher than the 70-cents-per-share dividend paid in September 2016. Management expects the fourth-quarter dividend, payable in December 2017, to be 10 percent higher than the fourth-quarter 2016 dividend of 70 cents per share of common stock.
Dominion Energy, Inc., is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at DominionEnergy.com.
Payment of 2017-2020 dividends is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the timing and execution of Dominion Energy Midstream's growth strategy. We have identified in our SEC Reports on Forms 10-K and 10-Q, and will in the future identify, a number of factors that could cause actual results to differ from those in the forward-looking statements. We refer you to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
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SOURCE Dominion Energy
Article Date
9/7/2017All Dominion Energy Virginia Customers Will be Able to 'Go Solar'
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 6, 2017 /PRNewswire/ -- Dominion Energy Virginia will be offering residential and business customers the opportunity to "go solar" even without investing in solar panels on their rooftops. These customers will be able to have a portion of their energy needs met by community-based solar facilities fed directly into the Dominion Energy grid.
"Some customers may live in apartments or in other rental properties, or may not be in a position to invest in solar panels," said Paul D. Koonce, president and CEO of Dominion Energy Power Generation. "And for businesses, it may be a matter of not having enough rooftop space or not being in a position to make a large capital investment right now. We have designed a program that will allow these customers to subscribe for some of their energy needs through solar generation."
The program is another part of Dominion Energy Virginia's plan to invest $15 billion or more over a five-year period to enhance, protect and strengthen the power grid to reduce outages, further improve reliability and customer service, and make more renewable energy available. For example, the company already has buried over 650 miles of underground lines in the most outage-prone areas to improve recovery from storm damage.
Over the last two years, the company has invested nearly $1 billion to add large-scale universal solar generation serving customers in Virginia and North Carolina. The company has 27 solar facilities totaling 444 megawatts (MW) in operation or under construction in Virginia, up from four projects and 1 megawatt just two years ago.
Dominion Energy Virginia's Integrated Resource Plan calls for at least another 5,200 MW of new solar generation by 2042, enough to power 1.3 million homes at peak output. The company also announced last month that it would become the first electric utility in the country to own and operate offshore wind generation. The project will be located off the coast of Virginia Beach.
Dominion Energy Virginia is working on a number of programs that will offer solar energy in a variety of ways to any interested business or residential customer. By early 2018, the company plans to file program options with the Virginia State Corporation Commission that will:
The company will soon seek a request for proposal for solar projects to support these programs.
"While program details are being finalized, we want customers to know that we are working on creative solutions to empower them with the best options to go solar," Koonce said.
To complement these offerings, the company's existing Green Power Program now has nearly 24,000 customers participating where they can purchase renewable energy certificates for up to 100 percent of their energy use.
Nationally, Dominion Energy affiliates, including Dominion Energy Virginia, have invested in more than 2,200 MW of large-scale solar facilities since 2013. Dominion Energy's solar fleet is now the sixth largest in the country, among owners of U.S. electric utilities.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
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SOURCE Dominion Energy
Article Date
9/6/20179/5/2017 - Dominion Energy Invites Applicants for $1 Million in Grants to Support Critical Community Needs
Dominion Energy Invites Applicants for $1 Million in Grants to Support Critical Community Needs
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 5, 2017 /PRNewswire/ -- As part of its ongoing commitment to communities, Dominion Energy is inviting nonprofit organizations across the company's footprint to apply for grants of up to $50,000 each for programs that provide essential community services in areas of housing, food security, medicine and medical services. For the third consecutive year, the Dominion Energy Charitable Foundation has pledged $1 million to help meet critical community needs across more than a dozen states.
"Each year we offer these grants in support of the dedicated nonprofits that work day in and day out to provide essential services for those in need," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "From medical intervention to food security and safe shelter, these organizations are providing greater stability and a better life for many people in our communities."
Last year's Critical Community Needs grants helped 140 non-profits provide an array of services in 13 states. Grants helped to shelter flood victims and provided free transportation for kidney dialysis patients, dental care for the uninsured, nutritious food for homebound seniors, support services for the chronically homeless, counseling for children grieving from loss, and much more.
For this year's grants, eligible organizations in targeted areas of Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Utah, Virginia, West Virginia, Wyoming and other areas within Dominion Energy's footprint are encouraged to apply. On-line applications will be accepted until Oct. 13, 2017.
Priority will be given to organizations that demonstrate the ability to serve communities through partnerships and have a proven track record of meeting basic human needs and preventing future need for assistance.
For more complete details or to apply, go to www.dominionenergy.com/communityneedsgrants.
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com
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SOURCE Dominion Energy
Article Date
9/5/2017Dominion Energy Lends Support to Victims of Hurricane Harvey
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 1, 2017 /PRNewswire/ -- The Dominion Energy Charitable Foundation is donating $75,000 to the American Red Cross to help support efforts to aid the victims of Hurricane Harvey.
"Our hearts go out to the people and communities affected by this devastating storm," said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II. "We want to lend our support to the massive efforts now underway to care for thousands of displaced residents in the hopes that we can ease the long road to recovery."
The company also is matching personal donations, dollar for dollar, from eligible employees who wish to give to qualified non-profit relief organizations assisting in the aftermath of the storm.
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com.
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SOURCE Dominion Energy
Article Date
9/1/2017Dominion Energy Virginia Residential Customers' Rates to Drop Sept. 1
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 31, 2017 /PRNewswire/ -- Electric rates will drop on September 1 for Dominion Energy residential customers, lowering the rates which are already well below state, regional and national averages.
"When it comes to household expenses we know every penny counts, which is why we always strive to provide reliable energy at the best value to our customers," said Charlene Whitfield, vice-president of customer service for Dominion Energy. "We're proud of our ability to keep rates stable while still providing great service, excellent reliability and increasing our investment in renewable energy."
The typical 1,000 kilowatt-hour residential monthly bill will drop by $1.55 starting Friday due largely to a $2.07 reduction in transmission-related costs. While the company is still upgrading and modernizing its transmission system, transmission-related costs assigned to residential customers declined versus the previous year.
The decrease means Dominion Energy's typical monthly residential bill is 7.0% below the Virginia average, 15.9% below the national average, 17.9% below the D.C. regional average and 29.3% below the East Coast average.
The reduced rate is the result of adjustments in the portion of customer rates supporting the transmission system, as well as other bill modifications approved by the Virginia State Corporation Commission (SCC) effective September 1.
The net impact of the changes for the monthly bill for the typical Dominion Energy residential customer is a decrease of 1.1-percent, lowering the typical bill from $117.20 to $115.65, thirty cents lower than in February 2015.
Dominion Energy has made significant investments in renewable energy while keeping customer's rates stable. In less than three years, the company's Virginia solar portfolio has grown to 27 projects either currently operational or under development generating 444 megawatts of electricity across the Commonwealth. Dominion Energy's 2017 Integrated Resource Plan calls for adding at least 5,200 megawatts of solar in the state over the next 25 years to meet customers' energy needs.
The company also recently announced the Coastal Virginia Offshore Wind initiative, which is the first phase of a plan that could bring more than 2,000 megawatts of wind generated electricity to its Virginia and North Carolina customers.
The transmission rider, which covers the cost of new and upgraded transmission facilities, is decreasing at the same time as two other rate increases are taking effect. Those rate components recover the cost of solar facilities and the natural gas-powered Brunswick Power Station. Base rates, which comprise about 60 percent of a typical residential bill, remain frozen.
More information about the company's electric rates can be found on the Dominion Energy website at www.dominionenergy.com/varates.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-virginia-residential-customers-rates-to-drop-sept-1-300512274.html
SOURCE Dominion Energy
Article Date
8/31/2017Dominion Energy to Present at Barclays CEO Energy - Power Conference
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 29, 2017 /PRNewswire/ -- Thomas F. Farrell, II, Chairman, President and CEO of Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream GP, LLC, the general partner of Dominion Energy Midstream Partners, LP (NYSE: DM), will address investors and analysts on Thursday, Sept. 7, in New York, N.Y., at the Barclays CEO Energy – Power Conference beginning at 8:25 a.m. ET. Investors can access the webcast and a copy of Thursday's presentation material at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Dominion Energy Midstream
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
View original content:http://www.prnewswire.com/news-releases/dominion-energy-to-present-at-barclays-ceo-energy--power-conference-300510912.html
SOURCE Dominion Energy; Dominion Energy Midstream Partners
Article Date
8/29/2017Dominion Energy Seeks Applicants for 2017 ArtStars Awards
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 25, 2017 /PRNewswire/ -- Dominion Energy is once again inviting nonprofit arts organizations serving K-12 students in Virginia to apply for a Dominion Energy ArtStars award. One Shining Star Award of $10,000 will be awarded in each of five regions to arts and cultural programs that make communities more vibrant by engaging students in theater, art, music and other artistic forms.
"ArtStars is all about giving back to smaller, community-based arts organizations that are inspiring students to find their own creative voices," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation.
Past ArtStars winners represent a wide variety of artistic expression. Last year, for example, Shining Star awards were given to organizations teaching filmmaking, modern art, and Appalachian blue-grass music.
To be eligible, organizations must have a qualifying arts and education program and an annual budget of less than $1 million.
For details on eligibility and to apply, visit www.dominionenergy.com/artstars. The application deadline is Oct. 31, 2017, at 5 p.m. and only online applications will be accepted.
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-seeks-applicants-for-2017-artstars-awards-300509624.html
SOURCE Dominion Energy
Article Date
8/25/2017Atlantic Coast Pipeline announces initiative to establish new pollinator habitats along proposed pipeline route
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 24, 2017 /PRNewswire/ -- In a video released today, Atlantic Coast Pipeline, LLC announced an initiative to establish new habitats for butterflies, bees and other pollinator insects along the route of the proposed Atlantic Coast Pipeline.
Pollinators are essential to the production of many of the fruits and vegetables we eat daily. However, pollinator populations, particularly bees and butterflies, have sharply declined in recent years due to the loss of suitable habitat. The Pollinator Habitat Initiative will create hundreds of acres of new pollinator habitat by replanting the Atlantic Coast Pipeline right of way with native grasses and wildflowers that attract the species.
The project has identified 750 acres of suitable locations along roughly 50 miles of the proposed pipeline route, with the most suitable locations found in flatter areas in southern Virginia and eastern North Carolina. Dozens of native seed mixes have been developed for the program, including native grasses such as Little Bluestem and Beaked Panicum, and wildflowers such as Partridge Pea and Black-Eyed Susan. The program is voluntary and will be implemented with the approval and input of participating landowners.
"Utility corridors offer ideal habitats for all kinds of wildlife, but especially the pollinators that are so essential for food production," said Pamela Faggert, Dominion Energy's Chief Environmental Officer and Senior Vice President, Sustainability. "This initiative builds on the more than 43,000 acres of pollinator habitats Dominion Energy has created along our electric transmission and distribution rights of way. We're excited to build on that progress and continue doing our part to improve our region's natural environment."
In developing the program, the project consulted with a number of wildlife experts, including Bob Glennon, a private lands biologist for Virginia Tech's Conservation Management Institute. "By replanting the pipeline right of way with pollinator habitats, as opposed to mowed grasses, we'll be creating hundreds of acres of new habitat for these species that we otherwise wouldn't have," said Glennon. "I couldn't think of a more environmentally beneficial use of these spaces, and I'm very proud to be a part of it."
One of the participating landowners is Ward Burton, founder and president of the Ward Burton Wildlife Foundation. Two of the Foundation's parcels are crossed by the pipeline in southern Virginia and have been selected for the initiative. "As a lifelong conservationist, I couldn't be more excited to participate in this program," said Burton. "Not only will it be beneficial for the pollinators, but it's also going to create new habitats for other wildlife like quail, turkey and songbirds. I see this as a really creative way to not just restore the right of way, but actually enhance its environmental value beyond what it was when we started."
For more information about the Atlantic Coast Pipeline Pollinator Habitat Initiative, please visit https://atlanticcoastpipeline.com/pollinator.aspx.
Atlantic Coast Pipeline, LLC is composed of four major U.S. energy companies – Dominion Energy, Duke Energy, Piedmont Natural Gas and Southern Company Gas. The joint venture partners plan to build and own the Atlantic Coast Pipeline, a proposed 600-mile underground natural gas transmission pipeline that would help meet the growing energy needs of public utilities in Virginia and North Carolina to generate cleaner electricity, heat homes and power local businesses.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Duke Energy
Headquartered in Charlotte, N.C., Duke Energy (NYSE: DUK) is one of the largest energy holding companies in the United States. Its Electric Utilities and Infrastructure business unit serves approximately 7.5 million customers located in six states in the Southeast and Midwest. The company's Gas Utilities and Infrastructure business unit distributes natural gas to approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its Commercial Renewables business unit operates a growing renewable energy portfolio across the United States. Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
About Piedmont Natural Gas
Piedmont Natural Gas, a North Carolina corporation, is an energy services company whose principal business is the distribution of natural gas to more than a million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee. Piedmont provides a foundation for establishing a broader strategic natural gas infrastructure platform within Duke Energy to supplement and complement the previous natural gas pipeline investments and the natural gas business located in the Midwest. Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
About Southern Company Gas
Southern Company Gas is a wholly owned subsidiary of Atlanta-based Southern Company (NYSE:SO), America's premier energy company. Southern Company Gas serves approximately 4.6 million natural gas utility customers through its regulated distribution companies in seven states and more than 1 million retail customers through its companies that market natural gas and related home services. Other nonutility businesses include investments in interstate pipelines, asset management for natural gas wholesale customers and ownership and operation of natural gas storage facilities. For more information, visit Southern Company Gas at www.southerncompanygas.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/atlantic-coast-pipeline-announces-initiative-to-establish-new-pollinator-habitats-along-proposed-pipeline-route-300509060.html
SOURCE Dominion Energy
Article Date
8/24/20178/15/2017 - Dominion Energy Invites Organizations Serving Veterans and Military Families to Apply for $500,000 in Grants
Dominion Energy Invites Organizations Serving Veterans and Military Families to Apply for $500,000 in Grants
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 15, 2017 /PRNewswire/ -- The Dominion Energy Charitable Foundation announced today that it will award $500,000 in grants to organizations providing essential services to active duty, veterans and military families in communities served by Dominion Energy. Non-profit organizations are invited to apply for one of 10 competitive grants of $50,000 each for short-term projects that promise measurable results to help veterans or their families. Projects could include initiatives such as workforce training programs; shelters or transitional housing; medical services, including addiction recovery programs; or support services for families.
"We are grateful and proud to be able to give tangible support to the servicemen and women who have sacrificed so much to protect our freedoms," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "These grants will provide an important safety net for veterans and their families seeking employment, shelter, medical care and more."
Eligible organizations in Connecticut, Maryland, North Carolina, Ohio, Rhode Island, South Carolina, Utah, Virginia, West Virginia and other areas within Dominion's footprint can submit applications through Oct. 9, 2017. Recipients will be announced in November.
For complete details and to submit an online application, please visit: www.dominionenergy.com/militarygrants
Dominion Energy has a long history and outstanding reputation for supporting military service members, veterans and their families through charitable giving as well as recruitment practices. The company is a founding partner in the national Troops to Energy Jobs program, which helps military members find rewarding careers in the energy industry. Currently, one in five new hires at Dominion is a veteran, and about 11 percent of the company's more than 16,000 employees are veterans.
Dominion Energy (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit the company's website at www.dominionenergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-invites-organizations-serving-veterans-and-military-families-to-apply-for-500000-in-grants-300504582.html
SOURCE Dominion Energy
Article Date
8/15/2017Dominion Energy Acquires, Plans to Acquire Four North Carolina Solar Energy Projects
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 3, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) announced today that it has acquired two 5-megawatt (AC) solar generating facilities and plans to purchase two other solar farms totaling approximately 10 megawatts (AC) later in the third quarter from subsidiaries of Chapel Hill, N.C.-based Strata Solar.
Dominion Energy's solar portfolio in North Carolina and Virginia includes more than 600 megawatts of capacity owned by one of the company's generation-holding subsidiaries and more than 500 megawatts of solar capacity under contract by Dominion Energy's electric utilities in the two states. Together, these arrays could produce enough electricity to power 275,000 homes and businesses.
"With these acquisitions, Dominion Energy is well on its way to bringing into service more than 700 megawatts of solar energy in North Carolina and Virginia by the end of 2018," said Keith Windle, vice president – Business Development & Merchant Operations. "We will continue to develop and acquire clean energy projects that help customers meet their energy needs."
Dominion Energy has closed on the two 5-megawatt facilities in North Carolina – Fremont in Wayne County and Moorings 2 in Lenoir County. The company expects to purchase the Clipperton and Pikeville projects – each about 5 megawatts (AC) and under construction in Sampson County and Wayne County, respectively – when they are completed, anticipated later in the third quarter.
Agreements are in place for sale of the offtake from the solar facilities.
Dominion Energy has more than 2,000 megawatts of solar generating capacity – including company-owned assets and assets that are contracted by Dominion Energy utilities – in operation or under development in nine states.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-acquires-plans-to-acquire-four-north-carolina-solar-energy-projects-300499147.html
SOURCE Dominion Energy
Article Date
8/3/2017Dominion Energy Announces Second-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., Aug. 2, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2017, of $390 million ($0.62 per share) compared with earnings of $452 million ($0.73 per share) for the same period in 2016.
Operating earnings for the three months ended June 30, 2017, were $421 million ($0.67 per share), compared to operating earnings of $441 million ($0.71 per share) for the same period in 2016. Operating earnings are defined as reported earnings adjusted for certain items.
The principal difference between reported earnings and operating earnings for the quarter were transition and integration costs associated with the Dominion Energy Questar combination.
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"We are pleased with our financial performance in the second quarter with operating earnings near the top of our guidance range.
"We continue to execute with strong operational and safety performance, and have seen significant progress on our growth investments that will total over $4 billion this year.
"Construction of Greensville County Power Station is proceeding on time and on budget. The project is now about 47 percent complete and expected to achieve commercial operations in late 2018.
"The Cove Point Liquefaction project is 95 percent complete. In July, we received FERC authorization for hydrocarbon entry into four additional project areas. Over 90 percent of the project's systems are now in the commissioning phase. Our work continues on-time and on-budget and we expect to have this significant project in-service late this year.
"FERC released the Final Environmental Impact Statement for the Atlantic Coast Pipeline and Supply Header projects. The favorable environmental report provides us with a clear path forward for final approval of one of the largest, most important natural gas infrastructure projects in the company's history. We remain on track to start construction on both projects later this year."
SECOND-QUARTER 2017 REPORTED AND OPERATING EARNINGS COMPARED TO 2016
Reported earnings decreased $62 million as compared to second-quarter 2016. Business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on schedules 1, 2, and 3 of this release.
Operating earnings decreased $20 million as compared to second-quarter 2016 operating earnings. The decrease is primarily attributable to a reduction of Cove Point import contract revenues and the absence of a farmout transaction. Factors offsetting the decrease include revenues from regulated growth projects, lower electric capacity expense, and the addition of Dominion Energy Questar.
Details of second-quarter operating earnings as compared to 2016 may be found on Schedule 4 of this release.
THIRD-QUARTER 2017 OPERATING EARNINGS GUIDANCE
Dominion Energy expects third-quarter 2017 operating earnings in the range of $0.95-$1.15 per share, compared to third-quarter 2016 operating earnings of $1.14 per share. Positive factors for the third quarter compared to last year include the addition of Questar operations. Negative factors compared to last year include a return to normal weather, lower earnings from Cove Point due to the roll-off of one of our import contracts, higher PJM electric capacity expenses and a step down in solar investment tax credits.
The company is maintaining its previously issued 2017 operating earnings guidance of $3.40-$3.90 per share.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
CONFERENCE CALL TODAY
Dominion Energy will host its second-quarter earnings conference call at 9 a.m. ET on Wednesday, August 2, 2017. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 2 and lasting until 11 p.m. ET Aug. 9. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89026239. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 2.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
This release contains certain forward-looking statements, including forecasted operating earnings for third-quarter and full-year 2017 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion Energy's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Energy Midstream and retirements of assets based on asset portfolio reviews, the receipt of approvals for, and timing of, closing dates for acquisitions and divestitures, the timing and execution of Dominion Energy Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion Energy has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion Energy's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion Energy, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
Dominion Energy, Inc. | ||||||||
|
Consolidated Statements of Income * | ||||||||
|
Unaudited (GAAP Based) | ||||||||
|
(millions, except per share amounts) | ||||||||
|
Three Months Ended |
Six Months Ended | |||||||
|
June 30, |
June 30, | |||||||
|
2017 |
2016 |
2017 |
2016 | |||||
|
(millions, except per share amounts) |
||||||||
|
Operating Revenue |
$ 2,813 |
$ 2,598 |
$ 6,197 |
$ 5,519 | ||||
|
Operating Expenses |
||||||||
|
Electric fuel and other energy-related purchases |
498 |
551 |
1,073 |
1,185 | ||||
|
Purchased (excess) electric capacity |
(12) |
45 |
(29) |
113 | ||||
|
Purchased gas |
112 |
56 |
417 |
175 | ||||
|
Other operations and maintenance |
779 |
665 |
1,517 |
1,368 | ||||
|
Depreciation, depletion and amortization |
467 |
361 |
936 |
712 | ||||
|
Other taxes |
168 |
139 |
357 |
303 | ||||
|
Total operating expenses |
2,012 |
1,817 |
4,271 |
3,856 | ||||
|
Income from operations |
801 |
781 |
1,926 |
1,663 | ||||
|
Other income |
60 |
72 |
176 |
126 | ||||
|
Interest and related charges |
308 |
239 |
600 |
465 | ||||
|
Income from operations including noncontrolling |
553 |
614 |
1,502 |
1,324 | ||||
|
Income tax expense |
136 |
152 |
411 |
331 | ||||
|
Net Income Including Noncontrolling Interests |
417 |
462 |
1,091 |
993 | ||||
|
Noncontrolling Interests |
27 |
10 |
69 |
17 | ||||
|
Net Income Attributable to Dominion Energy |
$ 390 |
$ 452 |
$ 1,022 |
$ 976 | ||||
|
Earnings Per Common Share |
||||||||
|
Net income attributable to Dominion Energy - Basic |
$ 0.62 |
$ 0.73 |
$ 1.63 |
$ 1.61 | ||||
|
Net income attributable to Dominion Energy - Diluted |
0.62 |
0.73 |
1.63 |
1.61 | ||||
|
Dividends Declared Per Common Share |
$ 0.7550 |
$ 0.7000 |
$ 1.5100 |
$ 1.4000 | ||||
|
* The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K | ||||||||
|
are an integral part of the Consolidated Financial Statements. |
||||||||
|
Schedule 1 - Segment Reported and Operating Earnings |
||||||||
|
Preliminary, Unaudited |
||||||||
|
(millions, except earnings per share) |
Three months ended June 30, | |||||||
|
2017 |
2016 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 390 |
$ 452 |
$ (62) | |||||
|
Pre-tax loss (income) 2 |
47 |
(12) |
59 | |||||
|
Income tax 2 |
(16) |
1 |
(17) | |||||
|
Adjustments to reported earnings |
31 |
(11) |
42 | |||||
|
OPERATING EARNINGS |
$ 421 |
$ 441 |
$ (20) | |||||
|
By segment: |
||||||||
|
Power Delivery4 |
127 |
104 |
23 | |||||
|
Power Generation4 |
240 |
171 |
69 | |||||
|
Gas Infrastructure3, 4 |
163 |
162 |
1 | |||||
|
Corporate and Other |
(109) |
4 |
(113) | |||||
|
$ 421 |
$ 441 |
$ (20) | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 0.62 |
$ 0.73 |
$ (0.11) | |||||
|
Adjustments to reported earnings (after tax) |
0.05 |
(0.02) |
0.07 | |||||
|
OPERATING EARNINGS |
$ 0.67 |
$ 0.71 |
$ (0.04) | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.20 |
0.17 |
0.03 | |||||
|
Power Generation |
0.38 |
0.28 |
0.10 | |||||
|
Gas Infrastructure3 |
0.26 |
0.26 |
- | |||||
|
Corporate and Other |
(0.17) |
- |
(0.17) | |||||
|
$ 0.67 |
$ 0.71 |
$ (0.04) | ||||||
|
Common Shares Outstanding (average, diluted) |
629.2 |
617.0 |
||||||
|
(millions, except earnings per share) |
Six months ended June 30, | |||||||
|
2017 |
2016 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 1,022 |
$ 976 |
$ 46 | |||||
|
Pre-tax loss (income) 2 |
16 |
55 |
(39) | |||||
|
Income tax 2 |
(6) |
(18) |
12 | |||||
|
Adjustments to reported earnings |
10 |
37 |
(27) | |||||
|
OPERATING EARNINGS |
$ 1,032 |
$ 1,013 |
$ 19 | |||||
|
By segment: |
||||||||
|
Power Delivery |
252 |
224 |
28 | |||||
|
Power Generation |
501 |
416 |
85 | |||||
|
Gas Infrastructure3 |
426 |
348 |
78 | |||||
|
Corporate and Other |
(147) |
25 |
(172) | |||||
|
$ 1,032 |
$ 1,013 |
$ 19 | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 1.63 |
$ 1.61 |
$ 0.02 | |||||
|
Adjustments to reported earnings (after tax) |
0.01 |
0.06 |
(0.05) | |||||
|
OPERATING EARNINGS |
$ 1.64 |
$ 1.67 |
$ (0.03) | |||||
|
By segment: |
||||||||
|
Power Delivery |
0.40 |
0.37 |
0.03 | |||||
|
Power Generation |
0.80 |
0.69 |
0.11 | |||||
|
Gas Infrastructure3 |
0.68 |
0.57 |
0.11 | |||||
|
Corporate and Other |
(0.24) |
0.04 |
(0.28) | |||||
|
$ 1.64 |
$ 1.67 |
$ (0.03) | ||||||
|
Common Shares Outstanding (average, diluted) |
628.7 |
607.6 |
||||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). |
|
2) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at www.dominionenergy.com/investors. |
|
3) |
2017 amounts include Dominion Energy Questar. |
|
4) |
In connection with its corporate rebranding, Dominion Energy changed the names of its principal operating segments to Power Delivery, Power Generation and Gas Infrastructure from Dominion Virginia Power, Dominion Generation and Dominion Energy, respectively. |
Schedule 2 - Reconciliation of 2017 Operating Earnings to Reported Earnings
2017 Earnings (Six months ended June 30, 2017)
The $16 million pre-tax net effect of the adjustments included in 2017 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
2 | |
|
Reported earnings |
$632 |
$390 |
$1,022 |
||||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
(31) |
47 |
16 |
||||
|
Income tax |
10 |
(16) |
(6) |
||||
|
(21) |
31 |
10 |
|||||
|
Operating earnings |
$611 |
$421 |
$1,032 |
||||
|
Common shares outstanding (average, diluted) |
628.1 |
629.2 |
628.7 |
||||
|
Reported earnings per share |
$1.01 |
$0.62 |
$1.63 |
||||
|
Adjustments to reported earnings (after-tax) |
(0.04) |
0.05 |
0.01 |
||||
|
Operating earnings per share |
$0.97 |
$0.67 |
$1.64 |
||||
|
1) Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
YTD 2017 |
|||
|
Pre-tax loss (income): |
|||||||
|
Net gain on NDT funds |
(34) |
(3) |
(37) |
||||
|
Questar transition and integration costs |
3 |
20 |
23 |
||||
|
Regulatory asset write-off |
15 |
15 |
|||||
|
Other |
15 |
15 |
|||||
|
($31) |
$47 |
$16 |
|||||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
$10 |
($16) |
($6) |
||||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
|
2) YTD EPS may not equal sum of quarters due to share count differences | |||||||
Schedule 3 - Reconciliation of 2016 Reported Earnings to Operating Earnings
2016 Earnings (Twelve months ended December 31, 2016)
The $359 million pre-tax net effect of the adjustments included in 2016 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
2 | |
|
Reported earnings |
$524 |
$452 |
$690 |
$457 |
$2,123 |
||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
67 |
(12) |
48 |
256 |
359 |
||
|
Income tax |
(19) |
1 |
(22) |
(95) |
(135) |
||
|
48 |
(11) |
26 |
161 |
224 |
|||
|
Operating earnings |
$572 |
$441 |
$716 |
$618 |
$2,347 |
||
|
Common shares outstanding (average, diluted) |
598.2 |
617.0 |
626.0 |
627.1 |
617.1 |
||
|
Reported earnings per share |
$0.88 |
$0.73 |
$1.10 |
$0.73 |
$3.44 |
||
|
Adjustments to reported earnings (after-tax) |
0.08 |
(0.02) |
0.04 |
0.26 |
0.36 |
||
|
Operating earnings per share |
$0.96 |
$0.71 |
$1.14 |
$0.99 |
$3.80 |
||
|
1)Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
|||
|
Pre-tax loss (income): |
|||||||
|
Future ash ponds and landfill closure costs |
197 |
197 |
|||||
|
Questar transaction and transition costs |
2 |
5 |
53 |
14 |
74 |
||
|
Organizational design initiative |
70 |
(5) |
65 |
||||
|
Hurricane Matthew costs |
23 |
23 |
|||||
|
Other items |
(5) |
(12) |
(5) |
22 |
0 |
||
|
$67 |
($12) |
$48 |
$256 |
$359 |
|||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
(19) |
1 |
(10) |
(95) |
(123) |
||
|
Divestiture tax settlement |
(12) |
(12) |
|||||
|
($19) |
$1 |
($22) |
($95) |
($135) |
|||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
|
2) YTD EPS may not equal sum of quarters due to share count differences | |||||||
|
Schedule 4 - Reconciliation of 2Q17 Earnings to 2Q16 |
|||||||
|
Preliminary, Unaudited |
Three Months Ended |
Six Months Ended | |||||
|
(millions, except EPS) |
June 30, |
June 30, | |||||
|
2017 vs. 2016 |
2017 vs. 2016 | ||||||
|
Increase / (Decrease) |
Increase / (Decrease) | ||||||
|
Reconciling Items |
Amount |
EPS |
Amount |
EPS | |||
|
Change in reported earnings (GAAP) |
($62) |
($0.11) |
$46 |
$0.02 | |||
|
Change in Pre-tax loss (income) 1 |
$59 |
($39) |
|||||
|
Change in Income tax 1 |
(17) |
12 |
|||||
|
Adjustments to reported earnings |
$42 |
$0.07 |
($27) |
($0.05) | |||
|
Change in consolidated operating earnings |
($20) |
($0.04) |
$19 |
($0.03) | |||
|
Power Delivery |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$4 |
$0.01 |
($6) |
($0.01) | |||
|
Other |
1 |
- |
11 |
0.02 | |||
|
FERC Transmission equity return |
4 |
0.01 |
9 |
0.01 | |||
|
Storm damage and service restoration |
10 |
0.01 |
14 |
0.02 | |||
|
Other |
4 |
- |
- |
- | |||
|
Share dilution |
- |
- |
- |
(0.01) | |||
|
Change in contribution to operating earnings |
$23 |
$0.03 |
$28 |
$0.03 | |||
|
Power Generation |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$9 |
$0.01 |
($12) |
($0.02) | |||
|
Other |
2 |
- |
21 |
0.04 | |||
|
Merchant generation margin |
(14) |
(0.02) |
(15) |
(0.03) | |||
|
Renewable energy investment tax credits |
55 |
0.09 |
55 |
0.09 | |||
|
Noncontrolling interest related to solar partnerships |
(2) |
- |
(13) |
(0.02) | |||
|
Depreciation |
(13) |
(0.02) |
(26) |
(0.04) | |||
|
Electric capacity |
34 |
0.05 |
86 |
0.14 | |||
|
Other |
(2) |
- |
(11) |
(0.02) | |||
|
Share dilution |
- |
(0.01) |
- |
(0.03) | |||
|
Change in contribution to operating earnings |
$69 |
$0.10 |
$85 |
$0.11 | |||
|
Gas Infrastructure |
|||||||
|
Dominion Energy Questar combination2 |
$49 |
$0.08 |
$150 |
$0.25 | |||
|
Farmout transaction |
(22) |
(0.03) |
(26) |
(0.04) | |||
|
Transportation and storage growth projects |
8 |
0.01 |
16 |
0.02 | |||
|
Noncontrolling interest |
(8) |
(0.01) |
(19) |
(0.03) | |||
|
Cove Point import contracts |
(21) |
(0.03) |
(36) |
(0.06) | |||
|
Other |
(5) |
(0.01) |
(7) |
(0.01) | |||
|
Share dilution |
- |
(0.01) |
- |
(0.02) | |||
|
Change in contribution to operating earnings |
$1 |
$0.00 |
$78 |
$0.11 | |||
|
Corporate and Other |
|||||||
|
Renewable energy investment tax credits |
($63) |
($0.10) |
($105) |
($0.17) | |||
|
Interest expense and other |
(50) |
(0.07) |
(67) |
(0.11) | |||
|
Change in contribution to operating earnings |
($113) |
($0.17) |
($172) |
($0.28) | |||
|
Change in consolidated operating earnings |
($20) |
($0.04) |
$19 |
($0.03) | |||
|
Change in adjustments included in reported earnings1 |
($42) |
($0.07) |
$27 |
$0.05 | |||
|
Change in consolidated reported earnings |
($62) |
($0.11) |
$46 |
$0.02 | |||
|
1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's website at www.dominionenergy.com/investors. |
||||||
|
2) |
Excludes financing impact of Dominion Energy Questar combination. |
||||||
|
Note: Figures may not add due to rounding | |||||||
View original content:http://www.prnewswire.com/news-releases/dominion-energy-announces-second-quarter-earnings-300497772.html
SOURCE Dominion Energy
Article Date
8/2/2017Dominion Energy Declares Quarterly Dividend of 75.5 Cents
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 1, 2017 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 75.5 cents per share of common stock.
Dividends are payable on Sept. 20, 2017, to shareholders of record at the close of business Sept. 1, 2017.
This is the 358th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared May 10, 2017.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-declares-quarterly-dividend-of-755-cents-300497858.html
SOURCE Dominion Energy
Article Date
8/1/2017Ohio Fire Chiefs' Association Honors Dominion Energy Charitable Foundation For Longstanding State Emergency Officer Training Program Support
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, July 28, 2017 /PRNewswire/ -- The Ohio Fire Chiefs' Association has presented its 2017 Distinguished Service Award to the Dominion Energy Charitable Foundation, recognizing the organization's longstanding support of training programs for the state's fire officers.
The Dominion Energy Charitable Foundation, charitable arm of Dominion Energy Ohio's parent company, Dominion Energy, Inc., has contributed $550,000 in grants to the Ohio Fire and Emergency Services Foundation (OFESF) since 2006, including $50,000 for 2017, noted Paul Wright, OFESF Chair. Dominion Energy Charitable Foundation support has enabled OFESF to provide training to more than 1,000 Ohio fire officers over the past 11 years, Wright said.
The annual award honors an individual or group that has performed outstanding services to the Ohio fire Chiefs Association, OFESF and the Ohio fire service in general, Wright said.
Along with grants from the Dominion Energy Charitable Foundation, Dominion Energy Ohio also provides additional real-world training by opening its employee Fire School training to help firefighters learn to extinguish a variety of natural gas fires under controlled conditions.
Dominion Energy Ohio trainers also travel to an average of two area departments monthly to provide general natural gas safety and carbon monoxide awareness information to firefighters.
"The people of the Dominion Energy Charitable Foundation and Dominion Energy Ohio truly believe that a strong relationship is beneficial to the fire departments and the communities that we all serve," said Ben Kroeck, senior philanthropy coordinator.
Dominion Energy and the Dominion Energy Charitable Foundation support nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Dominion Energy Ohio is a unit of Dominion Energy (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion Energy has a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit www.DominionEnergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/ohio-fire-chiefs-association-honors-dominion-energy-charitable-foundation-for-longstanding-state-emergency-officer-training-program-support-300496192.html
SOURCE Dominion Energy Ohio
Article Date
7/28/2017Emera Maine Chooses DVI for Voltage Optimization Project
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 27, 2017 /PRNewswire/ -- This week, Dominion Voltage Inc. (DVI), a subsidiary of Dominion Energy (NYSE: D) and leader in Volt/VAR optimization "VVO" solutions, announced that they have been selected by Emera Maine to provide its EDGE® family of solutions as part of their voltage optimization project.
"This project will help us gain the knowledge of how this technology can maximize the life of our existing equipment and respond to peak demand in a smarter way through more efficient energy use," said Robert Belliveau, Vice President, Engineering & Operations, Emera Maine. "Voltage optimization has the potential to deliver significant cost savings for our customers. We look forward to working with DVI on this important project."
Hampden, Maine was chosen as the project site by the utility to take advantage of the varied physical and customer characteristics of these circuits. The project will enable Emera Maine to gain insight into the impacts of voltage reduction on energy savings and peak shaving under multiple conditions and support additional distributed generation.
"DVI is proud to be working with Emera Maine on this project, which will be the first its kind in this region," said Todd Headlee, Executive Director, DVI. "Emera Maine will join our other utility customers who have successfully leveraged their existing AMI infrastructure and the DVI EDGE® platform to deliver reliable energy savings every single day to their customers."
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9354641, 9563218, 9582020, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. www.DominionEnergy.com
About Emera Maine
Emera Maine (EMA.TO) is a regulated transmission and distribution utility delivering the electricity needed to safely power more than 159,000 customers in northern and eastern Maine. The company is wholly owned by Emera Inc., a full-service energy company based in Halifax, Nova Scotia.
View original content:http://www.prnewswire.com/news-releases/emera-maine-chooses-dvi-for-voltage-optimization-project-300495627.html
SOURCE Dominion Energy
Article Date
7/27/2017Dominion Energy Seeks 'Request for Information' on Renewable Energy Generation
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 24, 2017 /PRNewswire/ -- Dominion Energy has issued a Request for Information (RFI) to identify market participants interested in providing renewable generation purchase options to the company.
The RFI is to support Dominion Energy's proposed CRG Rate Schedules recently filed with the State Corporation Commission to promote renewable energy generation. The program allows non-residential customers with peak measured demands of 1,000 kilowatts or greater to voluntarily elect to purchase 100 percent of their energy needs from renewable energy resources.
The company is proposing the program to better meet the needs and interests of its customers desiring renewable energy.
"In recent years, large energy users have become increasingly interested in renewable energy," said Katheryn Curtis, senior vice president of Generation, Dominion Energy. "Similar to Dominion Energy, many of the company's largest users have set their own goals for vastly increasing their support of renewable energy. Additionally, many are working together and with their respective utilities to, among other things, expand their choices for buying renewable energy."
Dominion Energy prefers locating renewable energy resources within Virginia, although projects located elsewhere within the PJM regional transmission organization will also be considered. Implementation of the CRG Rate Schedules is consistent with the goals of the Virginia Energy Plan to accelerate the development of renewable energy sources to ensure a diverse fuel mix and promote long-term economic health, as well as the state's goal to reduce carbon emissions while encouraging clean energy initiatives that will grow jobs and help diversify the economy.
Those interested should see www.dominionenergy.com/renewables for additional information.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dominion-energy-seeks-request-for-information-on-renewable-energy-generation-300492781.html
SOURCE Dominion Energy
Article Date
7/24/20177/20/2017 - University of Virginia, Dominion Energy and Coronal Energy Announce Ambitious Solar Energy Project
University of Virginia, Dominion Energy and Coronal Energy Announce Ambitious Solar Energy Project
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHARLOTTESVILLE, Va., July 20, 2017 /PRNewswire/ -- The University of Virginia continues to expand its portfolio of carbon-free generation and achieve key sustainability targets with another partnership announced today with Dominion Energy.
Under a 25-year agreement, the University will purchase the entire output of a proposed 120-acre solar facility in Middlesex County. The solar facility, developed by Coronal Energy, will be constructed and owned by Dominion Energy. It will produce an estimated 15 megawatts of alternating current, or about 9 percent of the University's electric demand.
The UVA Puller Solar facility joins the previously announced UVA Hollyfield Solar facility. In total, the two sites will produce 32 megawatts of solar energy and will offset about 21 percent of the University's electric demand.
"Once again UVA is providing public sector leadership on carbon emission reduction and renewable power generation in Virginia," Governor Terry McAuliffe said. "This project, along with UVA's Hollyfield and the Commonwealth's Oceana Solar facilities, now means we are nearly halfway to achieving the eight percent renewable procurement goal I set out in 2015. I look forward to working with other public universities to follow UVA's lead and power their educational operations with renewable energy."
Patrick Hogan, the University's executive vice president and chief operating officer, cited the collaboration as an important element in the University's well-established and growing portfolio of sustainability initiatives.
"Expanding renewable, solar energy in the mix of options the University of Virginia is using will make even bigger strides in our efforts to be efficient, green and sustainable," Hogan said. "The University is pleased to be working with Dominion Energy in yet another venture."
"The University of Virginia has been a vital partner as we continue to make significant progress in the development of renewable energy," said Keith Windle, vice president of Business Development for Dominion Energy. "The solar arrays across the Commonwealth deliver clean energy for our customers, and the University plays a key role in that effort as evidenced by how they put their commitment into action."
The solar facility will enable the University to reduce its carbon footprint by more than 15,000 metric tons a year, as well as reducing more than 19 metric tons of nitrogen, positioning UVA to meet key sustainability milestones. UVA has pledged to reduce its carbon and nitrogen footprints by 25 percent by the year 2025 below 2009 and 2010 levels, respectively. UVA is the first institution to calculate its nitrogen footprint and set a reduction goal.
UVA Senior Vice President for Operations Colette Sheehy said the University has a successful track record on sustainability and energy conservation initiatives, and sees this second solar field as a means to help UVA reach its overall target.
UVA's five-year Sustainability Plan, launched in April 2016, compiles new ideas, as well as feedback generated over the past several years, while building upon the University's many existing initiatives, documents and accomplishments to continue to advance sustainability. It puts forth new and existing goals with more than 100 actions to move toward those goals as well as achieve a longer-term vision.
With the Facilities Management's Delta Force program, which pursues deep energy savings, the University has reduced consumption in 51 of UVA's most energy-intensive buildings, which constitute more than 4.6 million square feet of built space. This has contributed to a 10 percent reduction in overall building energy use intensity since 2010.
The UVA Puller Solar Facility was acquired as a development asset from Coronal Energy, a solar development company with regional headquarters in Charlottesville, Va. The facility will feature approximately 58,800 solar panels, enough to power about 3,750 homes at peak output. Construction is slated to start in late 2017, with commercial operations occurring by the end of 2018.
"This project is particularly meaningful to a number of us on the team who call Virginia home," said Kyle West, vice president for real estate for Coronal Energy. "We're delighted to once again partner with Dominion Energy on a groundbreaking solar project, our third major success in the state together. There's also a fair measure of school pride amongst the many UVA alums who work at Coronal, and who are proud to see our work advance the University's impressive commitment to reducing the use of fossil fuels."
Dominion now has announced 421 megawatts (alternating current) of large-scale solar facilities in Virginia under development or already in operation. This amounts to enough electricity at peak capacity to power more than 105,000 homes.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation,15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
About Coronal Energy
Coronal Energy, powered by Panasonic, is a leading independent power producer and provider of turnkey solar energy solutions tailored for diverse enterprise customers across North America, including utilities, corporations, and the public sector. It unites the financial strength of a Fortune Global 500 company (#128) and Panasonic's award-winning history of solar innovation and sustainability leadership with the project development, finance, engineering, construction, and asset management experience of Coronal EnergyTM. The collective experience of Coronal Energy, powered by Panasonic, includes projects in 40 states totaling 2.3 GW, with more than 3.4 GW of greenfield and brownfield projects under construction/contract or in development. For more, please visit CoronalEnergy.com and follow us @coronalenergy on Twitter.
About UVA Sustainability
UVA has cultivated a sustainability culture from the Grounds up, with more than 30 sustainability-focused student groups, a robust University Committee on Sustainability with dozens of working groups and task forces, an Office for Sustainability with 14 full-time staff, and
several departments with sustainability intertwined in their mission. UVA's Sustainability Plan is framed around three areas: "Engage, Steward, and Discover," to reduce the environmental, social and economic impacts of human activities on the climate, air quality, water quality and usage, other natural resources, and human health through mobilization of educational, operational, and financial resources to achieve significant, quantifiable goals. Steward goals and programs address energy and emissions, water materials and waste, land and building use, food and investment assets. The Engage goals and programs focus on community engagement, equity and wellness, and the Discover goals and initiatives encompass research, curriculum and using the Grounds as a learning tool – connecting academics with on-Grounds practices.
View original content with multimedia:http://www.prnewswire.com/news-releases/university-of-virginia-dominion-energy-and-coronal-energy-announce-ambitious-solar-energy-project-300491788.html
SOURCE Dominion Energy
Article Date
7/20/2017Ameren Illinois Launches Voltage Optimization Project in Partnership with DVI
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 20, 2017 /PRNewswire/ -- This week, Dominion Voltage Inc. (DVI), a subsidiary of Dominion Energy (NYSE: D) and leader in Volt/VAR optimization, or "VVO" solutions, announced that it has been selected by Ameren Illinois to partner in the energy company's grid modernization and ongoing customer-focused energy efficiency efforts.
"Illinois' innovative energy policy is clearing a path to build a smarter, more resilient grid delivering greater value to Ameren Illinois' customers," said Todd Headlee, Executive Director, DVI. "DVI is proud to participate in this transformation and to show how our advanced form of advanced metering-based VVO can be a cornerstone to the state's energy efficiency and distributed energy resource strategies."
Last December, the state of Illinois passed the bipartisan Future Energy Jobs Act. The Act went into effect on June 1, 2017 and solidified the state's role as one of the country's clean energy innovators. A number of innovative energy efficiency and distributed energy projects enabled under the legislation, including VVO, are in the planning and implementation phases.
"Ameren Illinois continues to research and implement new smart grid technologies to modernize our electric distribution system infrastructure," said Ron Pate, Senior Vice President, Operations and Technical Services, Ameren Illinois. "Volt/Var optimization can deliver significant energy efficiency benefits for our customers and we look forward to implementing DVI's solution."
Among the benefits of DVI's VVO solution, end customers save on their electric bills because homes and businesses run more efficiently. Through VVO, the voltage delivered by the utility is consistently several volts lower compared to traditional distribution management system methods. The process achieves a more efficient grid operation by reducing the customer's energy consumption, peak demand, and overall system losses. In contrast to some other energy efficiency measures, VVO requires no behavioral changes by the customer and has no impact on lifestyle while delivering energy savings across all customer classes.
The project at Ameren began in June and is expected to go live this year.
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9354641, 9563218, 9582020, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. www.DominionEnergy.com
About Ameren Illinois
Ameren Illinois delivers energy to 1.2 million electric and 816,000 natural gas customers throughout central and southern Illinois. Our service territory covers more than 1,200 communities and 43,700 square miles and our mission is to power the quality of life. For more information, visit AmerenIllinois.com. Follow us on Twitter @AmerenIllinois and Facebook.
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SOURCE Dominion Energy
Article Date
7/20/20177/13/2017 - Dominion Energy, Dominion Energy Midstream Schedule Second-Quarter Earnings Conference Call
Dominion Energy, Dominion Energy Midstream Schedule Second-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 13, 2017 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D) and Dominion Energy Midstream Partners, LP (NYSE: DM), will host their second-quarter earnings conference call at 9 a.m. ET on Wednesday, Aug. 2, 2017. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dominionenergy.com/investors and www.dominionenergymidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 2 and lasting until 11 p.m. ET Aug. 9. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 89026239. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 2.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.dominionenergy.com.
About Dominion Energy Midstream
Dominion Energy Midstream is a Delaware limited partnership formed by Dominion Energy, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Energy Midstream, visit its website at www.dominionenergymidstream.com.
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SOURCE Dominion Energy; Dominion Midstream Partners, LP
Article Date
7/13/20177/12/2017 - Dominion Energy Ohio Home Energy Assessments Help Deliver Year-Round Safety, Economy and Comfort
Dominion Energy Ohio Home Energy Assessments Help Deliver Year-Round Safety, Economy and Comfort
Source: PR Newswire
CLEVELAND, July 12, 2017 /PRNewswire/ -- Dominion Energy Ohio is offering home energy assessments for just $25 to eligible residential customers, providing them ways to save money year-round on home cooling and heating costs. The audits are available through the company's Home Performance with ENERGY STAR® program, administered by CLEAResult
The program includes a home energy assessment to help diagnose high utility usage and other home comfort issues, and then provides rebates of up to $1,250 for completion of recommended energy-efficiency improvements. Dominion Energy Ohio customers may call 1-877-287-3416 to schedule an assessment or visit deohpwes.com for program details and eligibility information.
"This program has helped more than 15,000 homeowners since 2010 to find small steps to save energy, and identify larger projects that could save them considerable money," said Jeff Murphy, Dominion Energy Ohio vice president and general manager. "We're excited to offer a special summer deal on the cost of a home energy assessment."
The assessment is the first step in the program. An energy auditor visits customers' homes to help pinpoint energy losses through diagnostic testing and a professional evaluation. Following the energy assessment, customers receive a customized energy report with the results, plus recommendations and rebates available through the program.
Recommended improvements typically include air sealing and insulation, HVAC equipment upgrades, window and door replacements, plus much more. These improvements can help customers decrease utility bills, while increasing home comfort, safety, durability and resale value.
Residential customers also may receive such products as a programmable thermostat or carbon monoxide detector, high-efficiency showerheads and water-saving faucet aerators at no cost (a $100 value).
Customers who could most benefit from an energy assessment are those who may be experiencing drafts and fluctuating room temperatures, moisture and mold issues or those who have inefficient cooling and heating equipment in an older or poorly-built home.
Dominion Energy Ohio is a unit of Dominion Energy (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion Energy has a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit www.DominionEnergy.com.
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SOURCE Dominion Energy Ohio
Article Date
7/12/20177/10/2017 - Dominion Energy Moving Forward on Offshore Wind Project with Global Market Leader DONG Energy as Partner
Dominion Energy Moving Forward on Offshore Wind Project with Global Market Leader DONG Energy as Partner
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 10, 2017 /PRNewswire/ -- As part of its ongoing commitment to bring cleaner energy to its customers, Dominion Energy Virginia is moving forward on the mid-Atlantic's first offshore wind project in a federal lease area. It has signed an agreement and strategic partnership with DONG Energy of Denmark, a global leader in offshore wind development, to build two 6-megawatt turbines off the coast of Virginia Beach. The two companies will now begin refining agreements for engineering, procurement and construction. Dominion Energy remains the sole owner of the project.
Engineering and development work on the newly named Coastal Virginia Offshore Wind project is expected to begin immediately by DONG Energy to support the targeted installation by the end of 2020. The timing for construction depends on many factors such as weather and protected species migration patterns.
The project is an important first step toward offshore wind development for Virginia and the United States. It would be only the second offshore wind project in the nation and the first owned by an electric utility company. Along with clean energy, it will provide Dominion Energy with valuable experience in managing offshore wind resources.
"Virginia is now positioned to be a leader in developing more renewable energy thanks to the Commonwealth's committed leadership and DONG's unrivaled expertise in building offshore wind farms," said Thomas F. Farrell, II, Dominion Energy's chairman, president and chief executive officer. "While we have faced many technological challenges and even more doubters as we advanced this project, we have been steadfast in our commitment to our customers and the communities we serve."
"Today marks the first step in what I expect to be the deployment of hundreds of wind turbines off Virginia's coast that will further diversify our energy production portfolio, create thousands of jobs, and reduce carbon emissions in the Commonwealth," said Gov. Terry McAuliffe. "Hampton Roads has the ideal port assets and talented workforce to attract and house the offshore wind business supply chain to support not only Virginia's commercial wind area, but also wind farms under development in Massachusetts, New York, and Maryland. Today's announcement advances our efforts to build a new Virginia economy that is cleaner, stronger, and more diverse."
"DONG Energy is the energy supplier in Europe that has come the farthest in the transition to renewable energy, and we are excited to bring our expertise to America," said Samuel Leupold, executive vice president and CEO of Wind Power at DONG Energy. "This project will provide us vital experience in constructing an offshore wind project in the United States and serve as a stepping stone to a larger commercial-scale partnership between our companies in the future. We see the tremendous potential in the Mid-Atlantic for emission-free, renewable wind generation and we are excited to help the Commonwealth in reaping the benefits of wind power."
This phase one development of two wind turbines will be built approximately 27 miles off the coast of Virginia Beach on a 2,135-acre site leased by the Virginia Department of Mines, Minerals and Energy. The project opens the door to long-term commercial wind development. It will provide critical operational, weather and environmental experience needed for large-scale development in the adjacent 112,800-acre site leased by Dominion Energy from the Bureau of Ocean Energy Management (BOEM). Full deployment could generate up to 2,000 megawatts of energy – enough to power half a million homes.
The two companies have signed a memorandum of understanding which gives DONG Energy exclusive rights to discuss a strategic partnership with Dominion Energy about developing the commercial site based on successful deployment of the initial test turbines.
DONG Energy, based in Denmark with North American headquarters in Boston, owns 22 offshore wind farms in Europe and Asia. DONG Energy brings to the project significant experience in engineering, manufacturing, construction and supply chain management.
The project continues what previously was called the Virginia Offshore Wind Technology Assessment Project (VOWTAP). Dominion Energy began work on the project in 2011 as part of a Department of Energy grant to develop and test new wind technologies that could lower the cost and withstand hurricanes. During that time key achievements were made to advance the project including: Approval of the Research Activities Plan by BOEM and environmental studies, which included avian and bat surveys, as well as assessments of ocean currents, archeological conditions, and whale migration patterns.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. www.DominionEnergy.com
About DONG Energy
DONG Energy (NASDAQ OMX: DENERG) is one of Northern Europe's leading energy groups and is headquartered in Denmark. Around 5,800 ambitious employees develop, construct and operate offshore wind farms, generate power and heat from our power stations as well as supply and trade in energy to wholesale, business and residential customers. The Group generated revenue in 2016 of DKK 61 billion (EUR 8.2 billion). DONG Energy has its North American headquarters in Boston, MA, where they lead their U.S.development projects including Ocean Wind, which is located in New Jersey and Bay State Wind, which is a joint venture with Eversource Energy located in Massachusetts. www.dongenergy.com
NOTE TO EDITORS: Photos, interviews and B-roll video are available at https://www.dominionenergy.com/about-us/news-center/media-downloads. For more information, visit https://www.dominionenergy.com/coastalwind
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SOURCE Dominion Energy
Article Date
7/10/2017Dominion Energy Customers Saved $29 Million Thanks to Innovative Projects
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 5, 2017 /PRNewswire/ -- Dominion Energy was recognized by the Southeastern Electric Exchange for two innovative projects that protected both the environment and its customers' wallets.
"This project was about cutting-edge technology and creative problem-solving to maintain reliability, minimize environmental disruption and reduce project costs by millions of dollars for our customers," said Scott Miller, vice president of transmission at Dominion Energy. "We are very proud of our work on these projects and appreciate the recognition we have received from the communities and our industry peers."
Dominion Energy was an award winner for its unique approach to replace and upgrade corroded sections of 18 transmission tower foundations in the riverbed of the James. The team developed a plan to perform these complex upgrades without impacting service to customers. The team worked closely with environmental agencies to protect active peregrine falcon nests, osprey, seabirds and aquatic life.
"We saved approximately $25 million for customers by eliminating the need for new towers on the James River Foundation upgrade project," said Mark Allen, director of transmission construction. "We remained committed to creating and implementing techniques that would stabilize the existing foundations, prevent corrosion for the long-term and protect native wildlife."
Another project that received recognition was Dominion Energy's unique application of a mobile substation on the Cartersville high-voltage transmission line rebuild project in Cumberland County. Many rebuild projects require a temporary transmission line to provide electric service to nearby communities during construction, but the rough terrain and associated physical, safety and financial challenges encouraged the team to find a different solution.
Using the mobile substation as the area's interim power source, the team avoided the need to build a temporary transmission line while still maintaining a reliable connection to its customers, saving $4 million in project costs.
"The Cartersville Mobile Substation is the first 230/115-kilovolt mobile installation of its kind in North America," said Dave Roop, director of electric transmission operations and reliability. "This substation was originally designed as part of our resiliency strategy, so this project provided us with the perfect opportunity to test it in a planned environment."
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
7/5/2017Dominion Energy Acquires Virginia Solar Facility; Plans to Purchase Another
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 30, 2017 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced that it has acquired Clarke County Solar, a 10-megawatt solar power facility in Clarke County, Va., from the project's developer, an affiliate of Chicago-based Hecate Energy, LLC. The company also announced plans to purchase a 20-megawatt solar farm under construction in Northampton County, Va. – also from developer Hecate Energy – in the third quarter of 2017.
With these additions, Dominion Energy's solar portfolio would include 25 facilities in 23 Virginia localities with about 409 megawatts of solar generating capacity, which can produce enough power to serve more than 100,000 typical homes and business around the state. Dominion Energy could also add at least 5,200 megawatts of solar in Virginia over the next 25 years to meet its customers' energy needs.
"Dominion Energy is pleased to aid in the expansion of solar power in the Commonwealth of Virginia," said Thomas F. Farrell, II, chairman, president and chief executive officer of Dominion Energy. "We see great promise in clean solar energy and believe it will be an ever-increasing portion of our company's fuel mix over the decades to come."
Clarke County Solar, located on a 117-acre parcel of land in White Post, Va., has entered service, and was acquired by a subsidiary of Dominion Generation, Inc., a wholly owned subsidiary of Dominion Energy. That subsidiary also has agreed to purchase upon completion the Cherrydale facility on 180 acres in Kendall Grove, Va., in Northampton County on Virginia's Eastern Shore. That transaction is expected to close in the third quarter of 2017. Nearly 300 jobs have been created during peak construction of the Clarke County and Cherrydale projects. DEPCOM Power, Inc., has served as the engineering, procurement and construction contractor.
Long-term power purchase agreements for both projects are in place with Old Dominion Electric Cooperative (ODEC) for the offtake from these facilities.
"Entering into this agreement is evidence of our commitment to supporting the development and production of renewable energy resources," said Jack Reasor, president and CEO of ODEC. "We are dedicated to being both reliable power providers to our member-owners and responsible environmental stewards. ODEC and Dominion Energy have a very successful history of partnerships that we look forward to continuing with these projects."
ODEC and Dominion Energy subsidiary Dominion Energy Virginia are partners in two other generating facilities in Virginia – North Anna Power Station and Clover Power Station.
Dominion Energy has more than 2,000 megawatts of solar generating capacity – including company-owned assets and assets that are contracted by Dominion Energy subsidiaries serving Dominion Energy customers – in operation or under development in nine states.
About Dominion Energy
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
About Hecate Energy
Hecate Energy is a leading developer, owner and operator of power plants in North America and internationally. Hecate Energy brings together business acumen, technical understanding and significant experience in the industry to develop world-class power projects. The company specializes in solar and wind power, natural gas plants and energy storage, unearthing creative approaches to structuring PPAs and financing power projects both in the United States and abroad. Hecate Energy believes in collaborative, long-term partnerships with the communities, organizations and countries it serves. www.hecateenergy.com
About ODEC
Headquartered in Glen Allen, Va., ODEC is a not-for-profit, member-owned, power supply cooperative. It supplies the wholesale power requirements of its 11 member electric distribution cooperatives, which provide reliable, affordable electricity to 1.4 million people in 70 counties in Maryland, Virginia and Delaware. Learn more at www.odec.com.
SOURCE Dominion Energy
Article Date
6/30/20176/30/2017 - Dominion Energy Scholarships Help 60 Students Over 10 Years in Honor of Virginia Tech Tragedy
Dominion Energy Scholarships Help 60 Students Over 10 Years in Honor of Virginia Tech Tragedy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 30, 2017 /PRNewswire/ -- Six students from four states have been awarded scholarships for the 2017-2018 academic year in the 10th and final year of Dominion Energy's Memorial Scholarship Program.
The scholarship program was established in memory of Matthew Gregory Gwaltney, Rachael Elizabeth Hill and Nicole Regina White – the children or grandchildren of Dominion employees – who were slain in the April 16, 2007 shootings at Virginia Tech in Blacksburg, Va. The scholarships were available to the children of Dominion employees and retirees. Each scholarship was renewable for up to three years.
"The Dominion Energy family was deeply and personally affected by what happened on that day 10 years ago," said Hunter Applewhite, director of Community Affairs. "Although the scholarship program began under tragic circumstances, it ends on a hopeful note – having helped deserving individuals who will carry on in the memory of Matthew, Rachael and Nicole. We are proud of every student who successfully participated in the program."
In total, $1.5 million has been awarded to 60 students in nine states.
This year's winners:
Emily Wade, daughter of employee Adrian Wade, was one of the original 2008 recipients. Having completed her undergraduate degree, she now works at the Office of Advancement at Smithsonian's National Air and Space Museum in Washington, D.C.
"The scholarship benefited me substantially during my time at the University of Virginia, where I majored in American Studies," Emily said. "I developed a passion for museums and public history, and held internships at the National Museum of American History, Monticello, and the Papers of George Washington. The scholarship also enabled me to spend time volunteering at UVA's Madison House and Miracle Network Dance Marathon."
"I cannot adequately express my gratitude for Dominion Energy's generosity and the effect it had on my current and future life," said Sam Osterhout, son of employee David Osterhout, and also a 2008 recipient. "The scholarship provided the major portion of the funds that I needed to complete my undergraduate degree in Engineering at James Madison University. It helped me to focus on studies and worry less about finances."
After working briefly at Dominion Energy, Sam is now a graduate student in Mechanical Engineering at the Colorado School of Mines.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
6/30/20175-year Anniversary of Derecho Storm a Powerful Reminder to Prepare for Hurricane Season
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 29, 2017 /PRNewswire/ -- Stacey Watkins remembers how it came without warning: an unexpected and devastating line of thunderstorms that swept across 10 states with the force of a hurricane—damaging homes, flooding roads, and knocking out power to her home and a million others.
"I was without power for days," Watkins said when she looked back five years ago to the June 2012 derecho. "But it was easier for me to wait for the lights to come back on because I had an emergency kit stocked with the basics: a battery-powered radio, lanterns, bottled water, batteries. I got in the habit of just picking up a few items here and there at the store until I had everything I needed to feel prepared."
Because weather doesn't always follow predictions or computer models, Dominion Energy recommends making a few important preparations now that can make life easier if a storm hits. Click here for a recommended list of supplies.
After putting your kit together, don't forget to:
Watkins is not alone in preparing for the next "big one." Over the last five years, we have been hard at work, too: improving the reliability of the grid and giving customers more real-time, accurate information about their outage online.
"Visibility of damages after impact is one of the most crucial steps in our restoration process," said Ed Baine, senior vice president of electric distribution at Dominion Energy. "We have made several improvements in our restoration process and this year, field teams will begin using a state-of-the art storm damage reporting tool that will help identify damage faster so that customers will know sooner when their power will be restored."
"This technology can be used immediately after a storm's impact and we expect that we'll be able to make quicker and better decisions about deploying those crews to the areas that need them the most, safely and efficiently," Baine said.
Improvements in two-way outage communication have simplified staying in touch in the storm's aftermath. Our interactive, mobile-friendly outage map, mobile outage reporting option, text alerts, and Twitter and Facebook storm updates have made it easier for customers to stay up-to-date before, during and after a storm.
To speed up restoration for customers after major storms like the derecho, we have also implemented the Strategic Underground Program, burying more than 600 miles of outage-prone power lines, with plans to bury thousands more. We have also continued to install more automated equipment so that power can be re-routed remotely during an outage and the lights come back on more quickly for customers.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
6/29/2017Dominion Energy Completes Decommissioning Milestone at Kewaunee Power Station
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
KEWAUNEE, Wis., June 21, 2017 /PRNewswire/ -- Dominion Energy's Kewaunee Power Station achieved a significant milestone on June 15, 2017, when employees working to permanently decommission the facility safely transported the last of the used nuclear fuel to a dry fuel storage facility located on site.
Since the beginning of 2017, employees at the station have been safely transferring used nuclear fuel from the facility's spent fuel pool into dry storage containers as part of the company's ongoing decommissioning effort.
"The Kewaunee team never wavered on their commitment as professionals in the face of knowing that, for many, their jobs were coming to an end with Dominion Energy," said Daniel G. Stoddard, Dominion Energy Senior Vice President and Chief Nuclear Officer. "They completed this important decommissioning work with a dedication to excellent performance that sets the standard for the industry."
The company permanently closed the 556-megawatt nuclear station on May 7, 2013, after exhausting every effort to keep the station operating. "At the time the decision was made to close Kewaunee, the station was facing the perfect storm of economic challenges including a weak electrical market," Stoddard said. "All of the stakeholders including government officials worked together to find a solution, but one was not found. Ultimately Dominion Energy had no realistic alternative and was forced to close a unit that was no longer financially prudent to operate."
Kewaunee station employed about 635 employees at the time the unit was closed. Currently there are 140 employees remaining at the facility, and 90 of them will end their employment with the company over the next nine months as a result of completing all remaining activities to place the unit in a long-term storage condition.
Kewaunee Power Station, located on Lake Michigan about 35 miles southeast of Green Bay, began commercial operation in 1974. It operated one Westinghouse pressurized water reactor. Dominion acquired the station in July 2005. In February 2011, the NRC renewed the station's operating license for an additional 20 years, until 2033.
Under the U.S. Nuclear Regulatory Commission's regulatory requirements for the SAFSTOR decommissioning option – chosen by the company for the Kewaunee station – radiological contamination must be safely removed and sent to a facility authorized to accept the material within the 60-year period.
Dominion Energy operates three nuclear power stations – the Millstone Power station in Waterford, CT, and the North Anna and Surry power stations in Louisa and Surry counties, Va., respectively. Millstone produces enough electricity to power more than 2 million homes in New England and North Anna and Surry power stations generate enough electricity to power 870,000 homes in Virginia.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
6/21/2017Dominion Energy's "Wings at Work" Initiative is for the Birds and Bees
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 20, 2017 /PRNewswire/ -- Dominion Energy launched a multi-faceted environmental effort today to create more natural habitats for butterflies, bees, birds and other pollinators in Virginia and North Carolina.
According to the Pollinator Partnership, three-fourths of the world's flowering plants and about 35 percent of the world's food crops depend on insect pollinators to reproduce. Over the past decade, however, pollinator populations have plummeted. Habitat loss is one of the most crucial problems pollinators face. Dominion Energy is helping.
"Pollinators are so important to the production of crops, protection of native plants, and for the sheer beauty they bring to our world," said Pamela F. Faggert, Dominion Energy's chief environmental officer and senior vice president of sustainability. "Our coordinated effort is intended to create more habitats that provide food and shelter to help reverse the population decline."
The effort, called "Wings at Work," has several facets:
Maintaining electric transmission rights-of-way free of large trees is critical for safety and reliability. For years, Dominion Energy managed those areas by essentially mowing all growth. The result was that native plants and flowers were blocked out by more robust tree saplings.
The company switched to a mowing program that targets only woody growth that could cause problems with the electric transmission lines. As a result, native plants and flowers have flourished. With the return of the plants, pollinators have also returned.
"We are seeing flowers that have not grown in Virginia for decades returning. These areas are sanctuaries for monarchs and other pollinators," Faggert said.
The company also plans to develop additional parcels on power station property to support vitally needed pollinator species. This initiative by power stations will create about 60 acres of habitat.
For more information and photographs, visit www.dominionenergy.com/wingsatwork.
About Dominion Energy
Dominion Energy (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
6/20/20176/8/2017 - Five More Schools, Children's Museum Selected for Dominion Energy 'Solar for Students' Program
Five More Schools, Children's Museum Selected for Dominion Energy 'Solar for Students' Program
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 8, 2017 /PRNewswire/ -- As renewable energy becomes a growing part of Virginia's energy mix, Dominion Energy is expanding its Solar for Students program to give more students hands-on experience with solar power. Dominion Energy has selected five additional public schools in Virginia, as well as one children's museum, for the unique chance to observe and learn firsthand about harnessing solar energy from a solar array installed right outside the classroom. Four public schools piloted the program in 2015, so the program has more than doubled in size.
"We are very excited to expand the reach of the Solar for Students program to give more organizations the chance to engage children in learning about clean, renewable solar energy," said Hunter A. Applewhite, president of the Dominion Energy Charitable Foundation. "It's a technology that holds great promise and one that our company is fully committed to expanding. The students participating in this program will learn firsthand about an energy source that will play a large part in powering their futures."
Solar energy is growing rapidly in the state. Dominion Energy has invested nearly $1 billion in solar projects since 2015 and currently has a dozen new projects underway. The company has long-range plans to bring 5,200 megawatts online by 2042, or enough to power 1.3 million homes.
With renewable energy a growing part of the energy mix, Dominion Energy is dedicated to providing students of all ages with opportunities to learn about solar energy. Dominion Energy and its charitable foundation now have funded 10 Solar for Students projects and partnered with another five schools or universities to install rooftop solar panels through the company's Solar Partnership program.
"Teaching our children the fundamentals of science and technology is an essential part of preparing our students for the future," said Dietra Trent, Virginia Secretary of Education. "I'm pleased to see that more students across Virginia will have the opportunity to learn about clean energy and 21st century jobs."
The following organizations have been selected to participate in Solar for Students:
Each participant will receive a 1.2-kilowatt photovoltaic system that converts sunlight into electric power, as well as technical support, educational materials and training for educators. Each solar array will have a visual display that shows students and faculty real-time data on the amount of electricity generated. Each array will generate enough electricity at maximum output to power 18 desktop computers, 40 ten-gallon aquariums or 15 42-inch LED televisions.
The NEED Project (National Energy Education Development) will administer the program once again by providing technical support, coordinating the installation of solar panels, preparing educational materials for students, and training the teachers.
"We are honored to continue our partnership with Dominion Energy and bring high-quality energy education to Virginia," said Mary E. Spruill, executive director of the NEED Project. "Solar for Students brings together all that makes learning about energy fun: A solar electric installation, hands-on STEM activities, teacher training and a curriculum that can engage and inspire tomorrow's energy experts."
Students will be able to track the generation of electric power by viewing their data online and can challenge other participating schools around the world to a solar power match. Students will learn how weather and temperature impact solar electricity and they'll learn more about Virginia's energy resources. In a new component, students will help choose school colors or other designs for their array.
After the solar installations are completed during the 2017-18 school year, the Dominion Energy Charitable Foundation will sponsor a "Solarbration" at each location to showcase the solar projects and give students, local officials and community members the chance to learn more about this collaborative learning project.
For more on this program, visit www.dominionenergy.com/solarforschools.
For photos or B-roll of events at participating schools, visit our Media Downloads page.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy. The Dominion Energy Charitable Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion Energy. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information about Dominion Energy, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
6/8/2017Dominion Energy Offers Tips to Avoid Risk of Electric Shock
Source: PR Newswire
RICHMOND, Va., May 17, 2017 /PRNewswire/ -- Since 2014, Dominion Energy has received nearly 100 reports of homeowners, private contractors and individuals accidentally coming into contact with electrical lines at a home or business. Every incident was preventable with proper knowledge about the risk of electric shock.
"Each year, we receive dozens of reports of home improvement contractors accidentally putting a ladder into a power line while they are replacing siding or a homeowner coming into contact with a power line while power washing or painting their home's exterior," said Rob Locke, director of safety & training at Dominion Energy. "What we find in these cases is that these types of accidents are absolutely preventable and we want to ensure that our customers know how to stay safe around electrical equipment."
Contact with an overhead power line can cause serious injury or death, but you can easily prevent accidental contact with one. Watch a video about ladder safety here and remember:
"If you're doing work at your home or business, Dominion Energy offers a free service to temporary relocate the service drop power line that feeds your house," Locke said. "Just call us at 866-DOM-HELP and let us know a few days in advance so that we can send a serviceman out to safely move the wire out of your work space."
Homeowners, contractors, parents, teachers, first responders and customers are encouraged to visit our electrical safety resources page: https://dominionenergy.com/safety/electric-safety.
About Dominion Energy
Dominion Energy (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.DominionEnergy.com.
SOURCE Dominion Energy
Article Date
5/17/20175/15/2017 - Dominion Energy Announces Remarketing Of 2014 Series A 1.50% Remarketable Subordinated Notes Due 2020
Dominion Energy Announces Remarketing Of 2014 Series A 1.50% Remarketable Subordinated Notes Due 2020
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 15, 2017 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), formerly Dominion Resources, Inc., announced today that it has successfully remarketed its 2014 Series A 1.50% Remarketable Subordinated Notes due 2020. The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units of Dominion Energy on July 1, 2014.
Effective upon closing of the remarketing, the notes will bear interest at 2.579% per year and be redesignated as Dominion Energy's "2.579% Junior Subordinated Notes due 2020." The remarketing is expected to close on May 18, 2017, subject to customary closing conditions.
Dominion Energy will not directly receive any proceeds from the remarketing of the notes. It is expected that on July 3, 2017, which is the purchase contract settlement date for the Corporate Units, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the purchase contracts issued as part of the Corporate Units. The remaining portion of the proceeds of the portfolio of treasury securities will be distributed to the holders of the Corporate Units.
The offering is being made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting: Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, N.Y. 10010-3629, telephone: (800) 221-1037, email: newyork.prospectus@credit-suisse.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, N.Y. 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.com; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, email dg.prospectus_requests@baml.com.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion Energy operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers.
This Dominion Energy news release includes certain "forward-looking information." Examples include information as to expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely. We have identified and will in the future identify in our SEC Reports on Forms 10-K and 10-Q a number of factors that could cause actual results to differ from those in the forward-looking statements. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion Energy
Article Date
5/15/2017Dominion Energy Promotes Blue, Leopold, Reid to Executive Vice President
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 10, 2017 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced the promotion of three executives to executive vice president from senior vice president. They are:
Dominion Energy also announced the promotion of William L. "Bill" Murray to vice president‒ State & Electric Public Policy. He currently is senior public policy & electric policy director.
All the promotions are effective May 10, 2017. Blue, Leopold and Reid will continue to report to Thomas F. Farrell, II, Dominion Energy chairman, president and chief executive officer. Murray will continue to report to Mark O. Webb, senior vice president–Corporate Affairs and chief legal officer.
"Dominion Energy is fortunate to have an exceptional leadership team that is guiding the company through the largest growth initiative and best operating and environmental performance in its history," Farrell said. "The promotions recognize the talents and dedication of these individuals, and valuable contributions they are making to the benefit of our shareholders, customers, communities and employees."
Blue joined Dominion Energy in 2005 as managing director–State Affairs & Corporate Public Policy, and later was promoted to vice president–State & Federal Affairs. He served in a number of executive positions in Dominion Virginia Power, Corporate Affairs and Law, before assuming his current post in January 2017. Blue served as counselor and director of policy for former Virginia Gov. Mark R. Warner from 2002 to 2005, and was a partner with the law firm of Hogan & Hartson prior to that.
He is a member of the boards of directors of the Virginia Foundation for the Humanities, the Virginia Healthcare Foundation, Communities In Schools of Virginia, and Sports Backers. Blue has a bachelor's degree from the University of Virginia and a law degree from Yale Law School. He also has an MBA from the University of Virginia's Darden School of Business.
Leopold joined Dominion Energy in 1995 as assistant project manager. She was promoted to vice president–Business Planning & Market Analysis in 2004. Her recent posts include senior vice president–Business Development & Generation Construction, senior vice president–Dominion Transmission, and President–Dominion Energy when that was the prior name of the company's natural gas business unit.
Leopold is a member of the board of trustees of Virginia Union University, chair of the board of directors of the Interstate Natural Gas Association of America, and a member of the board and executive committee of the American Gas Association. She has a bachelor's degree in mechanical and electrical engineering from the University of Sussex in the United Kingdom, a master's degree in electrical engineering from George Washington University, and an MBA from Virginia Commonwealth University.
Reid joined Dominion Energy as assistant general counsel in January 1996 and was named vice president‒Governance and corporate secretary in October 2007. She became vice president, general counsel, chief compliance officer and corporate secretary in January 2011 and served in a number of other executive positions before assuming her current post in January 2014. Before joining Dominion Energy, Reid was an associate at McGuireWoods and Hunton & Williams.
Reid is a member of the boards of directors of the Virginia Repertory Theatre, Energy Mutual Insurance, and the Richmond World Affairs Council, and serves on the board of trustees of Collegiate School. A graduate of James Madison University, she received her law degree from the University of Richmond's T.C. Williams School of Law.
Murray joined Dominion Energy in 2007 as managing director–Corporate Public Policy, after serving as legislative director for former Virginia Gov. Tim Kaine. Before that, he was deputy director of policy for former Virginia Gov. Mark Warner and served as a vice president with the Virginia Hospital and Healthcare Association.
Murray is a member of the boards of the State Council of Higher Education, the Virginia Chamber of Commerce, the Virginia Oral Health Coalition, the Richmond Behavioral Health Authority Foundation, and the Virginia Center for Health Innovation. He also is an adjunct professor at the VCU School of Medicine. Murray has a bachelor's degree from the University of Virginia and a master's degree and doctorate in public administration from Virginia Tech.
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit www.dom.com.
SOURCE Dominion Energy
Article Date
5/10/2017Dominion Energy Declares Quarterly Dividend of 75.5 Cents
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 10, 2017 /PRNewswire/ -- The board of directors of Dominion Energy (NYSE: D) has declared a quarterly dividend of 75.5 cents per share of common stock.
Dividends are payable on June 20, 2017, to shareholders of record at the close of business June 2, 2017.
This is the 357th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Jan. 24, 2017.
SOURCE Dominion Energy
Article Date
5/10/20175/10/2017 - Shareholders Add 'Energy' to Dominion's Name
Shareholders Add 'Energy' to Dominion's Name
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 10, 2017 /PRNewswire/ -- Dominion Resources, Inc., has become Dominion Energy, Inc. (NYSE: D), after a vote by shareholders today to change the company's name.
"While our name may be changing, what is not changing is our commitment to safety, customer service and our communities," said Thomas F. Farrell, II, chairman, president and chief executive officer of Dominion Energy. "Our 16,200 employees remain dedicated to meeting the needs of our 6 million customers and others who depend on us. This new name is reflective of that dedication. Energy is at the core of our modern life."
The company's local electric and natural gas utilities and many other businesses will unify under the Dominion Energy name in the coming days. Changes to company bills, building signage, trucks, employee uniforms and other identifying marks will occur in the coming months.
Dominion Energy plans to request name changes to several customer-facing legal and "doing business as" entities. Selected changes, effective May 12 unless otherwise noted, include:
|
Previously known as |
To be known as |
|
Dominion Virginia Power |
Dominion Energy Virginia |
|
Dominion North Carolina Power |
Dominion Energy North Carolina |
|
Dominion Hope |
Dominion Energy West Virginia |
|
Dominion East Ohio |
Dominion Energy Ohio |
|
Questar Gas |
Dominion Energy Utah Dominion Energy Wyoming Dominion Energy Idaho |
|
Wexpro |
Dominion Energy Wexpro |
|
Dominion Carolina Gas Transmission, LLC |
Dominion Energy Carolina Gas Transmission, LLC |
|
Dominion Energy, Inc. |
Dominion Generation, Inc. (to take effect May 10) |
|
Dominion Gas Holdings, LLC |
Dominion Energy Gas Holdings, LLC |
|
Dominion Midstream GP, LLC |
Dominion Energy Midstream GP, LLC |
|
Dominion Questar Corporation |
Dominion Energy Questar Corporation |
|
Dominion Retail, Inc. |
Dominion Energy Solutions, Inc. |
|
Dominion Transmission, Inc. |
Dominion Energy Transmission, Inc. |
|
Questar Pipeline, LLC |
Dominion Energy Questar Pipeline, LLC |
A new logo, last modified in 2000, also takes effect today. Designed by the global branding firm of Chermayeff & Geismar & Haviv, it retains the "D" shape while modernizing the look with stripes suggesting energy through the blue silhouette.
The names of Dominion Energy's three operating segments – through which the company manages its daily operations and that the company uses in its financial reporting to the U.S. Securities and Exchange Commission – will be revised. Power Delivery Group, Power Generation Group and Gas Infrastructure Group will replace Dominion Virginia Power, Dominion Generation and Dominion Energy, respectively.
The board of directors of Dominion Midstream GP, LLC, the general partner of Dominion Midstream Partners, LP (NYSE: DM), a publicly owned subsidiary of Dominion Energy, also intends to file an Amendment to the Certificate of Limited Partnership in Delaware that would allow the partnership to be known as Dominion Energy Midstream Partners, LP, retaining its "DM" ticker symbol on the New York Stock Exchange (NYSE).
Also, late evening tonight, the company plans to change its web address to www.DominionEnergy.com. Visitors who go to the current site, dom.com, will be redirected automatically to the new site.
Dominion Energy shares of common stock will continue to be traded on the NYSE under the ticker symbol "D."
Dominion Energy is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit www.dom.com.
SOURCE Dominion Energy
Article Date
5/10/2017Dominion's Environmental Performance Continues to Improve
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 10, 2017 /PRNewswire/ -- Dominion (NYSE: D) continues to be a leader among electric and natural gas companies in improving its environmental performance, Thomas F. Farrell, II, chairman, president and chief executive officer, plans to tell the company's shareholders this morning.
The company has made substantial reductions in air emissions in recent years and has a plan to substantially increase the amount of electricity generated with solar power.
Said Farrell, "Dominion is proud of our environmental performance, as the record shows. Our 16,200 employees work hard every day to balance the needs of our customers for reliable energy produced as efficiently and cleanly as possible."
Among the facts Farrell plans to highlight:
Dominion is investing heavily in solar – about $2.6 billion spent since 2013 – with ownership of nearly 1,200 megawatts in nine states in operation or under development. In Virginia and North Carolina, Dominion plans to have more than 700 megawatts of company-owned and -operated solar capacity online by the end of 2018, not including more than 500 megawatts contracted from other developers for use by the company's electric utility customers in the two states. At least 5,200 megawatts of solar capacity could be added in the two-state area over the next 25 years to meet customer demand.
Farrell also will discuss yesterday's Dominion Virginia Power filing with the State Corporation Commission of Virginia. The program would provide a rate structure for qualifying large customers wishing to use electricity generated from renewable electricity 100 percent of the time. The utility would manage a portfolio of assets that are new to the company – some company-owned, some contracted – and match each kilowatt each hour with participating customers' usage. Renewable energy credits, or RECs, would not be utilized. The utility also plans to file a similar rate tariff available to all customers in the near future.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit www.dom.com.
SOURCE Dominion
Article Date
5/10/2017Dominion to Acquire Large-Scale Solar Facility Under Construction in North Carolina
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 4, 2017 /PRNewswire/ -- Dominion (NYSE: D) today announced that it plans to purchase a 79-megawatt solar energy facility under construction in Anson County, N.C., from Cypress Creek Renewables, LLC. A power purchase agreement is in place for the offtake from the solar facility.
"Dominion is pleased to expand its solar power portfolio in North Carolina," said Paul D. Koonce, president and chief executive officer of the Dominion Generation Group, which oversees 26,200 megawatts of electric generating capacity in 11 states. "Today's announcement aligns with our goal of adding carbon-free, cost-effective generation to our fleet."
"We are thrilled to be working with Dominion on this project," said Matthew McGovern, CEO of Cypress Creek Renewables. "Their growing renewable energy portfolio sets them apart from their peers and positions Dominion to continue its leadership role in the energy market of the future."
The IS37 solar facility, located on a 550-acre tract of land near Morven, N.C., is being constructed by an affiliate of Cypress Creek Renewables. A subsidiary of Dominion Energy, Inc., a wholly owned subsidiary of Dominion, has agreed to acquire the facility upon completion, expected in the second quarter of 2017. About 450 workers are expected onsite during the peak of construction.
The company has 535 megawatts of solar generating capacity – or enough to power nearly 135,000 homes and businesses at times of peak use – under development or in operation in North Carolina and Virginia. Dominion's North Carolina solar fleet also includes the 20-megawatt Morgans Corner array in Pasquotank County and the 60-megawatt Summit Farms facility in Currituck County.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Cypress Creek Renewables
Cypress Creek Renewables partners with local communities to provide widespread access to affordable, clean energy. With over 5 gigawatts of solar deployed or in development (enough to power nearly 1,000,000 homes), Cypress Creek Renewables is one of the largest and fastest-growing dedicated providers of local solar farms.
SOURCE Dominion
Article Date
5/4/2017Dominion Virginia Power Plan Sees More Clean Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 1, 2017 /PRNewswire/ -- The carbon footprint for a typical Dominion Virginia Power customer would shrink by as much as 25 percent over the next eight years under a plan the company presented today. When added to reductions already made by Dominion, carbon emissions to meet the energy needs of a typical residential customer would fall by up to 46 percent between 2007 and 2027.
The main drivers of these improvements are a significant drop in the subsidized cost of utility-scale universal solar power, the ability to support the variable output of solar and wind with highly efficient natural gas generation, and Virginia's two nuclear power stations. This combination is expected to provide the lowest cost and best environmental performance while maintaining around-the-clock reliability.
The company said it anticipates future national and state energy policy to include limitations on greenhouse gas emissions in some form. The U.S. Environmental Protection Agency (EPA) imposed sweeping reductions in power station carbon emissions in August 2015 through its Clean Power Plan. That plan is now under federal court review and President Trump has ordered the EPA to review the rule and to begin the process of revising or rescinding it. Nonetheless, the federal government remains under a legal requirement to address carbon as a regulated pollutant. EPA Administrator Scott Pruitt has said these rules should be "enforced and respected," thus creating great uncertainty about the future of environmental regulations and how they will impact power plants.
At the state level, the Virginia State Air Pollution Control Board is currently considering a petition on carbon limitations. Also, a taskforce set up by Governor McAuliffe is developing proposals to reduce carbon emission in Virginia, regardless of what happens with federal Clean Power Plan rules.
"For the first time, the subsidized costs of utility-scale universal solar power are expected to be low enough to make it a component of future generation additions at reasonable cost to our customers," Paul Koonce, CEO of Dominion Generation Group, said in announcing the Company's annual Integrated Resource Plan.
"This plan also highlights the vital roles of natural gas and nuclear generation. Gas-fired generation is clean, dependable and provides balance to the variable energy flows from solar and wind. Nuclear, with its 24/7 operations and no-carbon emissions, provides a solid base for a low-carbon future.
"We believe this balance of solar, natural gas and nuclear hits the sweet spot in terms of cost, environmental performance and reliability for our customers."
Koonce noted that Dominion already has made significant investments in solar and other renewables primarily through agreements with specific customers.
And, the company has lowered carbon emissions in recent years through a number of other measures. It has converted four coal-fired power stations to natural gas or renewable biomass; built highly efficient natural gas power stations in Virginia to reduce imports of electricity from higher-carbon sources outside the state; encouraged energy conservation; and increased efficiency of its existing stations to produce more energy with the same amount of fuel. The company's newest coal-fired station, the Virginia City Hybrid Energy Center, can use biomass for up to 20 percent of its fuel.
Today's announcement came at the time of the filing of the company's annual "Integrated Resource Plan," a long-term energy forecast required by state law. The IRP is a planning document based on current information and projections regarding energy markets, regulatory requirements and other major factors. While the document represents the company's current plan for meeting the future energy needs of its customers, it is not a commitment to build or to request regulatory approval for any particular project.
The document examines options to meet the electricity needs of customers over a 15-year "planning period," while also considering a longer 25-year study period. The document was filed simultaneously with the North Carolina Utilities Commission. In light of current uncertainty around the future of federal and state regulatory policies, the study models different regulatory scenarios.
As it has in recent years, the 2017 plan includes potential alternatives based on different assumptions about future carbon regulations and other factors. This year's report outlines eight alternatives.
At least 5,200 megawatts of new solar generation could be added under each alternative during the 25-year study period. Solar eventually could generate electricity at maximum output to serve more than 1.3 million homes when there is sufficient sunlight.
Together with the company's North Anna and Surry nuclear facilities, over a third of Dominion's Virginia service territory could be powered with carbon-free electricity by 2032. Most of the rest of the demand would be served by low-emitting, low-cost natural gas, a critical partner to solar, given the variable nature of solar energy and the around-the-clock capability of natural gas.
The Virginia General Assembly earlier this year adopted legislation that supports the company's plans to seek a second federal relicensing for the reactors at North Anna and Surry. Surry's reactors are licensed until 2032 and 2033, respectively, and North Anna's are licensed until 2038, and 2040. Together, they have a generating capacity of 3,349 megawatts.
"Widespread solar use – both utility-scale universal solar and private systems – will require a modern energy grid, upgraded from the one-directional grid system that has worked so well to deliver power to generations of customers," said Robert M. Blue, president and CEO of Dominion Virginia Power. "When the variable nature of solar becomes a major factor on the grid, it must become a flexible, two-way network, so we can deliver energy seamlessly to everyone. Having a robust energy grid is absolutely vital and will become even more important in the future."
In addition to advancing renewable energy, grid modernization also will help strengthen the grid against cyber or physical attacks, provide more control and information for customers, and will improve our ability to restore power promptly after outages.
Increased adoption of solar energy will require extensive upgrades to the energy grid—the network of large transmission lines and smaller distribution lines that carry electricity to homes and businesses—as utility-scale universal solar, smaller private solar, and other distributed energy resources present new operational challenges and opportunities. For this reason, the company's long-range forecast discusses the need to modernize the energy grid to create a more dynamic system better equipped to respond to both cost-effective utility-scale universal solar facilities and the expected increase in smaller, widely dispersed solar generation.
Additionally, modernization will ultimately be able to provide customers with more information on their energy consumption and new opportunities to manage their usage. In Virginia and across the country, today's energy grid is primarily a one-way system that delivers electricity from power stations to homes and businesses. Today's plan sets a course for the two-way system of the future.
The 2017 plan advances the company's current solar commitments. In February 2015, Dominion committed to developing 400 megawatts of utility-scale universal solar generation in Virginia and placing them in service by 2020. The company's current solar investment in Virginia has already nearly met this commitment and approaches $1 billion, with a dozen new solar projects being built, enough to power 100,000 homes.
"Dominion will continue moving toward cleaner power sources with lower emissions, whether the Clean Power Plan lives or dies," Koonce said. "Our customers want more renewable energy, and changing economics make the transition to renewable resources easier, with the 'installed cost' of solar having dropped 50 percent over the past four years. This makes variable solar an economically viable source of power when complemented by cleaner-burning natural gas and nuclear power, which maintain production of reliable electricity when the sun is not shining. This is why natural gas infrastructure—including the Atlantic Coast Pipeline—is such an important part of a comprehensive energy strategy."
Major common elements through the 15-year planning period of 2018-2032 include:
All of the alternative plans, except for one plan required by the State Corporation Commission, assume the future will include some carbon restrictions resulting in the potential closures of certain fossil-fueled generating plants. The IRP references the potential retirements of the oil-fired unit in Yorktown and two coal-fired units in Chesterfield by 2022. Two of the alternatives reference the potential retirements of the Clover and Mecklenburg coal-fired stations in 2025.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
5/1/2017Dominion East Ohio Teams Up with Tribe to Promote Call 811 Safe Digging Message
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, April 28, 2017 /PRNewswire/ -- Dominion East Ohio and the Cleveland Indians are going to bat to promote the Call 811 before digging safety message on the air and on the field, for the 2017 Major League Baseball season.
Company and team officials expect the effort to deliver a public awareness home run as the Indians generate increased stadium attendance and broadcast ratings, following their 2016 American League championship.
This season, the company is reminding Tribe fans, customers and the general public, to comply with Ohio law by telephoning 811 two business days before beginning any digging projects. The Ohio Utilities Protection Service will notify affected utilities, which then will have their lines marked. The Call 811 effort helps prevent third-party dig-ins, the leading cause of underground utility line damages.
A centerpiece of the campaign is a wall advertisement, featuring both the Call 811 and Dominion logos, posted in Progressive Field's left field corner, near the stadium's famous Home Run Porch, says Brian Witte, consulting engineer, Ohio Pipeline Safety. Witte serves as the company's liaison with the Indians. Witte adds that this is the first time the Indians have made this particular piece of stadium wall real estate available to advertisers.
"We are excited about the outstanding partnership we have struck with the Cleveland Indians to promote 811 all season long," Witte says. "The cost per impression is less than previous promotional methods, such as print and direct mail, and delivers to a much larger and more diverse audience."
Besides the millions of fans expected to attend the team's 81 home games at Progressive Field, the ad will also generate millions of additional local and national television and web impressions during game broadcasts and repeated broadcast highlights of left-field home runs and outstanding defensive plays, Witte notes.
Another element of the Indians promotional package is a display of the Dominion/Call 811 message on Progressive Field's mid-deck LED sign boards for a half-inning each game.
Dominion East Ohio has expanded its sports stadium/arena, web and broadcast public awareness campaign, based on the success of its earlier partnership with the National Basketball Association champion Cleveland Cavaliers, and their fellow Quicken Loans Arena tenants, the Cleveland Monsters of the American Hockey League and the Cleveland Gladiators of the Arena Football League, Witte says.
The company is entering the third year of its Cavaliers/Monsters/Gladiators Call 811 promotional partnership, Witte says.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
4/28/2017Dominion's Project Plant It!® Grows in New States to Cultivate Learning
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 27, 2017 /PRNewswire/ -- Project Plant It!, the environmental education program created by Dominion Resources to educate children and plant trees, is branching out into new areas of the United States in 2017. Dominion's recent merger with Questar Corporation added four new states to the Project Plant It! family: Utah, Idaho, Wyoming and Colorado.
The program is offered in all areas served by Dominion and more than 50,000 children are enrolled this year. Participants include elementary, middle and high schools, as well as scout troops, preschools, home schools and church groups, among others.
Each participating child will receive a free redbud tree seedling to plant at home for Arbor Day on April 28. The program's website, www.projectplantit.com, provides many resources for interactive learning, such as an Educator's Guide with STEM-based lesson plans, games and instructional videos.
"This year marks our eleventh with Project Plant It!, and we're pleased that the program continues to engage thousands of children in learning about the many benefits of trees to the ecosystem," said Hunter A. Applewhite, president of the Dominion Foundation, the charitable arm of Dominion Resources. "More than 400,000 tree seedlings have been distributed since 2007 in states served by Dominion. Project Plant It! is one of the many ways that Dominion supports educators and invests in local communities."
Many educators and group leaders look forward to Project Plant It! every spring, including Johna Vazquez, instructional technology resource teacher with Petersburg City Public Schools.
"Since our school system became involved in this enriching program a number of years ago, more than 3,000 students have engaged with nature in a very personal and meaningful way," said Vazquez. "Thanks to Project Plant It!, they'll always remember the experience of planting their own tree and watching it grow over the years."
Project Plant It! was established in 2007 to educate children, plant trees and improve the environment. The redbud tree seedlings are grown and shipped to participants in April by the Arbor Day Foundation, a longtime partner with Dominion. According to the Virginia Department of Forestry, another long-standing partner, the 400,000 tree seedlings distributed since 2007 equate to about 1,000 acres of new forest if all of the seedlings are planted and grow to maturity.
For more information, visit www.projectplantit.com. For recent photos, visit the ProjectPlantIt! Facebook page.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion
Article Date
4/27/2017Dominion Honors Volunteers of the Year, Donates $13,000 to Local Charities
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 26, 2017 /PRNewswire/ -- Dominion is honoring its top company volunteers this spring by paying it forward with $1,000 donations to each recipient's charity of choice. Now in its 33rd year, Dominion's "Benjamin J. Lambert, III, Volunteer of the Year program" will recognize 12 individual employees from Ohio, Pennsylvania, Virginia and West Virginia whose volunteer efforts brightened the lives of others or made lasting improvements to communities in 2016.
In addition, all employees from Kewaunee Power Station in Wisconsin will receive a consolidated Volunteer of the Year award for outstanding group efforts during 2016.
"The work of Dominion's volunteers lifts our cities, communities and neighborhoods," said Thomas F. Farrell II, chairman, president and chief executive officer. "Our employees offer optimism and exhibit personal generosity in the time they dedicate to helping others."
The 2016 Dominion Volunteers of the Year and their charities of choice are:
Dominion will pay tribute to its employees at Volunteer of the Year ceremonies in Richmond on April 24 and in Akron, Ohio, on May 4.
Dominion volunteers dedicate their time to a variety of charitable activities – from stocking food pantries to building outdoor classrooms, weatherizing homes to reading to children. A wide range of nonprofit organizations have benefitted, including those working to improve the environment, revitalize communities, promote education and meet human needs. For instance, since 2000 Dominion employees have tackled more than 200 environmental projects -- helping to beautify parks, clean rivers, replace osprey platforms, build urban gardens and more.
In 2016, Dominion and the Dominion Foundation contributed $26.6 million to charitable organizations helping to improve the quality of life in communities across the company's footprint.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
For photographs and details about the winners, please visit www.dom.com/VOTY.
SOURCE Dominion
Article Date
4/26/2017Dominion Awards $1.2 Million on Earth Day to Nonprofits and Schools to Improve the Environment or Encourage Stewardship
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 21, 2017 /PRNewswire/ -- Whether it's forging new nature trails, restoring waterways or inviting youth to learn about nature in the great outdoors, this year's Dominion environmental stewardship grants will support a variety of initiatives benefitting schools, organizations and communities across 10 states.
Dominion Resources will award $1.2 million in grants through its philanthropic arm, the Dominion Foundation, to 107 organizations working to improve natural spaces or encourage environmental stewardship. Since 2003, Dominion has donated nearly $30 million to a wide variety of environmental projects across its footprint. The company also is making great strides to reduce its emissions and invest in cleaner fuels, with solar investments approaching $1 billion in Virginia.
"This year's grants will support more than 100 organizations dedicated to improving the world we live in," said Hunter A. Applewhite, president of the Dominion Foundation. "It's very fulfilling to support such a wide range of environmental efforts that encourage people in our communities to improve, treasure and protect natural resources."
The competitive grants support environmental education and stewardship projects that preserve, enhance or make nature more accessible. A sampling of this year's grant recipients include:
The full list of 2017 Environmental Education and Stewardship Grants and additional program information are available at www.dom.com/envirogrants.
Dominion (NYSE: D), is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. For more information about Dominion, visit www.dom.com.
SOURCE Dominion
Article Date
4/21/20174/20/2017 - Dominion East Ohio Reminds Customers Of Year-round Payment And Energy Assistance Programs
Dominion East Ohio Reminds Customers Of Year-round Payment And Energy Assistance Programs
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, April 20, 2017 /PRNewswire/ -- Dominion East Ohio reminds customers that available company payment plans and government energy assistance programs can help them maintain vital natural gas service throughout the year. Customers who know they will not be able to maintain regular payments are urged to contact Dominion East Ohio immediately to inquire about payment plans and energy assistance programs. For additional information, customers can call Dominion East Ohio at 800-362-7557. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Dominion East Ohio also offers the following payment options to residential and small commercial customers (using less than 500 thousand cubic feet (MCF) a year):
PIPP Plus has special benefits for participating customers. Each time customers make their required PIPP Plus monthly payments in full by the due date, Dominion East Ohio will credit their accounts for the rest of that month's current charges, plus a one-twenty-fourth credit toward their prior account balances. After 24 months of on-time and in-full PIPP Plus payments, their accounts would become current.
The PIPP Plus maximum yearly household gross income levels for the 2016-2017 program year are: $17,820 for one person; $24,030 for two people; $30,240 for three; $36,450 for four; $42,660 for five; $48,870 for six; $55,095 for seven; and $61,335 for eight. Add $6,240 for each additional person.
Government Assistance Programs
There may be other programs available for income-eligible customers. Customers can apply for all programs with one application at www.energyhelp.ohio.gov. Applications also are available at post offices and libraries or by calling 1-800-282-0880. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Dominion East Ohio Assistance/Conservation Programs
For more information about any energy assistance or weatherization program, visit www.dom.com or call 1-800-362-7557.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
4/20/2017Dominion, Dominion Midstream Schedule First-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 10, 2017 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their first-quarter earnings conference call at 10 a.m. ET on Thursday, May 4, 2017. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET May 4 and lasting until 11 p.m. ET May 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 72622263. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 4.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
4/10/2017Dominion East Ohio Advises Customers: Beware Of Scammers And Impostors
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, April 5, 2017 /PRNewswire/ -- Occasionally, Dominion East Ohio receives customer reports of scam attempts, via telephone, email or in person -- with people claiming to be Dominion employees, who actually do not work for the company.
The company and the Public Utilities Commission of Ohio have received recent reports from customers who have received automated telephone calls purporting to be from Dominion East Ohio, claiming that they have a large credit on their bills and that they need to input personal and account information to secure these credits. These false calls are made to try to trick customers into providing confidential, personal or account information for the suspected purpose of identity theft. Dominion does not call or email customers to obtain personal, confidential information such as a Social Security number, gas account number or bank account number.
If anyone calls, texts or emails customers pretending to be a Dominion representative requesting customers' personal information, that is just what they are doing - pretending. They may be trying to take your identity, your money or both. This may be a scam. Capture the phone number. Hang up. Don't reply. Report the suspicious activity to local authorities to avoid letting you or others become another victim.
The same kind of precaution applies to face-to-face situations. Never allow anyone in your house or apartment who claims to be a Dominion representative unless you have scheduled an appointment or reported a problem. And, even in those cases, ask for proper identification. All Dominion East Ohio employees carry a photo identification card. If customers are uncertain whether someone claiming to be a Dominion employee actually works for the company, they can just request to see the employee's photo identification card for verification. Dominion East Ohio employees will be happy to show their company photo ID cards to customers.
Other suspected scam attempts involve pressuring customers to provide personal information, by claiming natural gas service will be shut off if immediate payment is not received. Dominion reminds customers that the company does not make live outbound collection calls requesting payment on the spot. However, the company does make recorded, outbound courtesy calls to customers in accordance with the Telephone Consumer Protection Act.
If customers have any question about any such encounters, they should contact Dominion's call center at 1-800-362-7557. A customer service center representative can verify if the telephone call or email message is legitimate, or confirm that one of the company's employees or contractors is scheduled to work on natural gas service at a customer's home or business.
Want to be sure? Scams are not limited to impersonating a utility company. For more information on the wide range of scams, visit the Better Business Bureau's Top Scams.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
Contacts: Neil Durbin, (216) 736-6239 or Email: Neil.J.Durbin@dom.com; Tracy Oliver, (216) 736-6219 or Email: Tracy.A.Oliver@dom.com; Peggy Ehora, (419) 226-4866 or Email Peggy.A.Ehora@dom.com in Lima; or toll-free in Ohio 1-800-556-4400.
SOURCE Dominion East Ohio
Article Date
4/5/2017American Red Cross Teams Up with Dominion East Ohio for NEO Preparedness Day, April 1, 2017, at Eight Area Locations
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, March 30, 2017 /PRNewswire/ -- The American Red Cross, in partnership with Dominion East Ohio (NYSE: D), is holding Preparedness Day on Saturday, April 1, 2017, at select premier malls and other locations throughout the Northeast Ohio region. The goal is to teach participants the importance of being "Red Cross Ready" in the event of a disaster. Red Cross and Dominion volunteers will distribute first aid kits between 10 a.m. and 4 p.m., or until supplies are exhausted.
Trained Red Cross and Dominion volunteers will administer a five-minute pre-test and post-test to determine participants' safety and emergency preparedness knowledge. Participants will receive a free first aid kit, sponsored by Dominion. The kits include such safety supplies as gauze, bandages, hand sanitizer, a cold pack and other information useful in the event of an emergency.
Media Opportunity: Volunteers from the Red Cross and Dominion will be on site from 10 a.m. to 4 p.m., or until kit supplies are exhausted, at these locations:
SOURCE Dominion East Ohio
Article Date
3/30/2017Dominion Announces Two Large-Scale Solar Energy Projects in South Carolina
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 20, 2017 /PRNewswire/ -- Dominion (NYSE: D) today announced that it plans to construct, own and operate 81 megawatts (AC) of solar generating capacity in Jasper County, S.C. Two projects – a 71.4-megawatt facility that would be South Carolina's largest and a 10-megawatt array – are expected to enter service in 2017.
"Dominion is excited to work with a number of partners – including Solvay and South Carolina Gas & Electric – not only to bring additional non-carbon-emitting solar generation to the power grid but also to add to our South Carolina energy infrastructure portfolio," said Thomas F. Farrell II, chairman, president and chief executive officer of Dominion. "We are proud of the work we are doing in South Carolina to help people, electric and gas distribution companies and industry access clean energy."
Said South Carolina Gov. Henry McMaster, "Every time a company invests in our state, it shows a commitment to succeeding here, and that couldn't be more important to our people. This investment represents the continuance of a lasting partnership between the State of South Carolina and Dominion."
Dominion's Solvay Solar Energy-Jasper County, S.C., facility, located near Ridgeland, S.C., will occupy nearly 900 acres in Jasper County. South Carolina Electric & Gas (SCE&G) has signed a long-term power purchase agreement (PPA) for the electricity produced at the facility. Solvay – an international chemicals and advanced materials company with U.S. sites, among others, in Charleston, Greenville, Piedmont, Rock Hill and Spartanburg – will purchase all of the associated renewable energy credits (RECs) for 15 years. Jean-Pierre Clamadieu, chief executive officer of Solvay, said, "This new agreement will help us reduce our CO2 intensity, one of Solvay's main sustainability goals. It enables the development of additional renewable energy capacity in a region where we have a significant presence and allows us to better serve customer expectations through sustainability."
SCE&G has also signed a PPA on Dominion's 10-megawatt Ridgeland Solar project, on about 80 acres in Ridgeland, S.C., and will retain the RECs. "SCE&G is excited to be part of building a clean energy future for South Carolina," said Danny Kassis, vice president of Customer Relations and Renewable Energy for SCE&G. "Utility-scale solar represents the least-cost approach to solar energy and provides clean energy for our state. The Jasper County solar projects demonstrate the continuing emergence of solar energy as a resource that can supplement reliable, resilient, and safe service that customers in South Carolina need to grow our economy."
Dominion acquired the two developments from developer Adger Solar in November 2016. Mortenson, a leading national renewable energy company headquartered in Minneapolis, will serve as the engineering, procurement and construction contractor on the projects. Approximately 200 jobs are expected to be created during construction in 2017.
"Jasper County is showing South Carolina that large-scale solar can be built and sustained in all 46 counties across the Palmetto State," said Bill Moore, principal of Adger Solar. "Adger Solar has been working in South Carolina since 2014 and we have over a half-dozen large-scale solar projects underway. These projects will provide new jobs to the local communities, tax revenue to the counties and clean power to the citizens and companies of this state. We are pleased to be part of the emerging solar energy industry during this exciting time in South Carolina."
Praise from local and state South Carolina officials
"South Carolina's renewable energy sector continues to grow by leaps and bounds, providing energy to our citizens while protecting our beautiful natural resources. This new $100 million investment will make a big difference in the Lowcountry community, and we congratulate Jasper County on this great announcement." –Secretary of Commerce Bobby Hitt
"Dominion's investment in alternative energy in Jasper County is an investment in the future for South Carolina. SouthernCarolina Alliance is supportive of diversified energy generation and other solutions that make energy more affordable and reliable to our industries and our residents." – Buddy Phillips, chairman of the SouthernCarolina Regional Development Alliance
"We are appreciative that Dominion chose Jasper County for this clean energy project, which will bring 200 temporary construction jobs to the county while diversifying our energy generation. Jasper County is proud to be a business-friendly county that attracts cutting-edge alternatives as we grow our energy capacity and our residential and industrial communities." – Martin Sauls, chairman of the Jasper County Council and chairman of the Jasper County Chamber of Commerce
Dominion's energy footprint
The developments announced today would expand Dominion's operating solar fleet to nine states and more than 1,500 megawatts by the end of this year. The company has developed and operates solar generation in neighboring North Carolina and Georgia. It also operates Columbia, S.C.-based Dominion Carolina Gas Transmission, a Federal Energy Regulatory Commission-regulated, 1,500-mile natural gas interstate transmission system with operations in Georgia and South Carolina – including in Jasper County.
"Today's announcement by Dominion's power generation segment further solidifies our company's commitment to South Carolina," said Daniel A. Weekley, vice president-Southern Operations for Dominion. "Our continued aim is to develop projects in the Palmetto State to provide cleaner energy to our customers," he added. Dominion has spent or is spending about $200 million since 2015 on Dominion Carolina Gas Transmission expansion projects serving SCE&G; industrial customers such as International Paper, Flakeboard and Wyman Gordon; and the 606-megawatt, gas-fired Columbia Energy Center power generation facility in Gaston, S.C. The company recently received FERC approval for the Charleston project, which is expected to enter service at the end of 2017.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
3/20/2017Hands-On 'Dominion Solar for Schools' Program Expanding
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 16, 2017 /PRNewswire/ -- As Dominion continues to dramatically expand its solar power infrastructure in Virginia, it will more than double the number of sites for its innovative Dominion Solar for Schools program. Sponsored by the Dominion Foundation, the program offers K-12 students and educators alike a hands-on learning experience to generate electricity from a solar array installed on school grounds. Each participating organization will receive training sessions and curriculum on harnessing solar energy.
The expansion of Solar for Schools occurs as Dominion's solar investment in Virginia approaches $1 billion, with a dozen new solar projects being built, enough to power 100,000 homes.
The Dominion Foundation is currently seeking applications from K-12 public schools or museums with STEM (science/technology/engineering/math) programming in areas served by Dominion Virginia Power. The Foundation will select six organizations to receive a 1.2 kilowatt photovoltaic system that converts sunlight into electric power. During the 2015-16 school year, four schools participated in the program pilot.
"We are very pleased to build on the success of our Solar for Schools pilot," said Hunter A. Applewhite, president of the Dominion Foundation. "This year we are expanding the program's reach to give more students and the public the opportunity for a hands-on learning experience with clean, renewable solar energy." The Dominion Foundation is the philanthropic arm of Dominion Resources.
Dominion will once again partner with the National Energy Education Development, or NEED, Project. NEED supports Solar for Schools by providing technical support, installing the panels, preparing educational materials for students, and training the teachers.
Each solar array will have a visual display that will show students and faculty real-time data on the amount of electricity generated. Each solar array will generate enough electricity to power 18 desktop computers, 40 ten-gallon aquariums, or 15 42-inch LED televisions. In a new component to the program, students will have a hand in branding their array with school colors or other designs.
The company will accept applications for the Dominion Solar for Schools program through April 28 and announce the recipients in September. Solar installations will take place during the 2017-18 school year. Dominion will sponsor a "Solarbration" at each location to kick off and showcase the project.
For more information or to apply, visit www.dom.com/solarschools. For highlights of the program, watch the Dominion Solar for Schools 2017 video.
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia Power. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion Virginia Power
Article Date
3/16/2017Dominion Foundation Awards $110,000 in Community Impact Grants
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, March 3, 2017 /PRNewswire/ -- Dominion East Ohio has presented $110,000 in grants to 12 winning community organizations in its 22nd annual Community Impact Awards competition, co-sponsored with Cleveland Magazine.
A panel of community judges chose the winners from among more than 70 entries, submitted by organizations throughout the region. The award recognizes organizations that have made an impact in the community. The Dominion Foundation, the philanthropic arm of Dominion East Ohio's parent company, Dominion Resources Inc., funds the Community Impact grants. The Dominion Foundation is dedicated to the economic, physical and social health of the communities the company serves.
"For more than two decades, our Community Impact Awards have honored area community and non-profit organizations and projects, which have made significant positive impacts upon their respective communities, " said Jeff Murphy, Dominion East Ohio vice president and general manager. "This year's winning projects certainly have lived up to those historical standards of excellence and community service."
Since 1996, Dominion East Ohio has distributed more than $1.7 million in Community Impact Awards to organizations throughout its service area. This year's Community Impact Award winners are:
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
3/3/2017DVI and NRTC Team Up To Assist Grid Modernization Efforts
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 27, 2017 /PRNewswire/ -- Today, Dominion Voltage Inc. (DVI), the leader in Volt/VAR optimization "VVO" solutions and a subsidiary of Dominion Resources Inc. (NYSE: D), announced that they have entered into a value added reseller agreement with NRTC that will deliver DVI's full solution set to the electric cooperative marketplace.
The energy industry is undergoing a transformation across the country as efforts are made to modernize the electric grid. DVI's VVO solution, "EDGE®," helps to make a strong business case for significant investments in automation and upgrades to the distribution system.
"Cooperatives in many ways have led the industry through their grid modernization efforts," said Todd Headlee, executive director of DVI. "As this leadership trend continues, several cooperatives have plans with goals to improve operational efficiencies through demand reduction, to maintain low energy prices to their members, and to increase the grid's renewable hosting capacity. DVI's EDGE® family of solutions is an integral component to achieving these goals. NRTC has a proven track record of providing solutions to this market and DVI is proud to be working with them."
"The DVI team and their EDGE® technology platform have proven themselves to be the best in class in the VVO industry," said Edward Drew, vice president, Utility Solutions at NRTC. "We are thrilled to offer this solution to our membership as many of them are looking at ways to optimize their distribution system and to increase efficiencies through advanced forms of voltage management."
DVI will be demonstrating EDGE® and its other offerings at booth #918 at TechAdvantage, the technology event for electric co-op professionals, from February 27 – March 1, 2017 in San Diego, California.
About DVI
DVI is the leading provider of Volt/VAR optimization technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883 and 8577510, and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About NRTC
NRTC is member driven and technology focused. NRTC provides technology solutions that help our 1,500 electric and telephone members bring all of the advantages of today's evolving technology to rural America.
NRTC's products and services are developed specifically to meet the needs of rural utilities and their customers, and include integrated smart grid and utility solutions, data analytics, advanced energy, broadband infrastructure and managed network services, wireless technologies and programming distribution capabilities for video providers.
NRTC helps ensure our members' success by aggregating their individual buying power, negotiating national contracts, and helping members integrate technology solutions with existing infrastructure.
SOURCE Dominion Voltage Inc.
Article Date
2/27/20172/24/2017 - Dominion Sets Annual Meeting
Dominion Sets Annual Meeting
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 24, 2017 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) will hold its annual meeting of shareholders on Wednesday, May 10, 2017, at 9:30 a.m. ET. Details of the annual meeting will be included in the proxy statement delivered to shareholders in late March.
SOURCE Dominion
Article Date
2/24/2017Dominion East Ohio Standard Choice Offer Customers Will Pay NYMEX Market Price With No Additional Retail Price Adjustment According To PUCO Supplier Auction Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Feb. 23, 2017 /PRNewswire/ -- Dominion East Ohio customers who purchase natural gas at the Standard Choice Offer (SCO) and Standard Service Offer (SSO) rates will pay the New York Mercantile Exchange (NYMEX) market price, without any additional Retail Price Adjustment cost, effective April 1, 2017, through March 31, 2018.
The Public Utilities Commission of Ohio (PUCO) today approved the results of the February 21, 2016, auction, in which four suppliers submitted successful bids with a Retail Price Adjustment of $0.00 per Mcf, to serve about 182,000 SCO customers and 129,000 SSO customers, out of Dominion East Ohio's overall 1.2 million customers.
This year's SCO auction result is a 5 cents-per-thousand-cubic-feet (Mcf) increase from the previous Retail Price Adjustment of negative 5 cents (in effect, a 5-cent credit) per Mcf set in the 2016 auction.
Under PUCO rules, the names of the winning suppliers will remain confidential for 15 days to protect the suppliers' positions in contract negotiations with pipeline companies.
Under SCO service, residential customers eligible to participate in the company's Energy Choice program, who do not purchase gas from a participating supplier or participate in a governmental aggregation program, are assigned randomly to a participating SCO supplier. The SSO covers those customers who are not eligible to participate in Energy Choice, including participants in the Percentage of Income Payment Plan Plus program.
"Our auction produced yet another outstanding result for our customers," noted Jeff Murphy, Dominion East Ohio vice president and general manager. "The combination of abundant natural gas supplies and supplier competition continue to position our market as one of the lowest-cost in the entire country. Low natural gas prices help household budgets and support economic development as well by making us a low-cost place to do business."
The Standard Choice Offer process has helped customers save money, Murphy said. "It was just over ten years ago that we conducted the very first auction. The Public Utilities Commission of Ohio played a key role in shaping that approach to securing low-cost natural gas for Dominion as well as several other natural gas utilities across the state."
Murphy added that the auction process demonstrated the competitive nature of the Energy Choice process and participating suppliers. "None of this would be possible if it weren't for the natural gas suppliers that participate in the auction and in our Energy Choice program," he said. "They compete aggressively for our customers' business and help save our customers a significant amount of money in the process."
Customers can evaluate their options at www.dominiongaschoice.com, which provides interactive, one-stop shopping information. Dominion East Ohio supports the site, working with the PUCO, the Office of the Ohio Consumers' Counsel (OCC), natural gas suppliers and community organizations. To help consumers understand the costs and terms associated with certified natural gas suppliers' offers, the site offers such tools as links to the PUCO's "Apples to Apples" comparison chart (www.puco.ohio.gov, or 1-800-299-7271) or the OCC's "Comparing Your Energy Choices" chart (www.pickocc.org) and other objective comparison tools.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
2/23/2017Dominion Solar Investment In Virginia Approaches $1 Billion
Source: PR Newswire
RICHMOND, Va., Feb. 14, 2017 /PRNewswire/ -- Dominion is investing more than $800 million in solar power in Virginia, with much of it being built at little or no cost to most customers. Additional solar projects are now in the planning stages.
"Our company has made a major commitment to develop significant blocks of solar generation to meet customers' energy needs going forward," said Paul Koonce, CEO of Power Generation at Dominion Energy. "Our goal is to have a balanced generating portfolio that is highly reliable, cost effective and environmentally responsible. The cost of energy powered by the sun is coming down and we are working hard to develop projects in new and economical ways for our customers."
Some 398 megawatts of solar generation have either been completed or are under development throughout much of Virginia – enough to power 100,000 homes. Most of the development and construction costs will be borne by specific contractual customers such as large business and government.
In February 2015, Dominion committed to developing 400 megawatts of large-scale solar generation facilities in Virginia and placing them in service by 2020. Additionally, legislation passed by the Virginia General Assembly in 2015 found that development by Virginia utilities of up to 500 megawatts of solar projects in the state was "in the public interest."
"We are well ahead of schedule on the solar expansion and what we have added so far will have a very minimal impact on the price of electricity for the 2.5 million regulated customers we serve in Virginia," Koonce said.
The Corporate Clean Energy Procurement Index, in partnership with the Retail Industry Leaders Association and the Information Technology Council, recently ranked Virginia among the top 20 states for solar power and in the top three for utility clean energy purchasing options.
More than 80 percent of the cost of the facilities is being covered by large business and government customers, including the Commonwealth of Virginia and the University of Virginia, who signed long-term contracts with Dominion to develop the generation.
In addition to building larger solar-powered units, Dominion's Solar Partnership Program has placed company-owned solar panels on leased rooftops and grounds of government and business properties throughout its Virginia service area. Ten of these facilities have been installed at sites including Canon in Gloucester, Old Dominion University in Norfolk and Capital One in Chester.
The Commonwealth's commitment to 500 megawatts of large-scale solar development by 2020 was included in Senate Bill 1349, passed by the General Assembly in February 2015. SB 1349 froze the company's base rates – making up about 60 percent of the typical residential bill – at 2015 levels for five years. This helped provide price stability for customers as the company deals with complex federal air quality regulations, including those limiting power station carbon dioxide emissions.
The bill also directed utilities to provide more assistance to low income, elderly and disabled customers. In response, Dominion dramatically expanded EnergyShare, the company's energy assistance program for customers in need. The company committed $57 million in additional funding for EnergyShare over five years. More than 20,000 families and individuals have received assistance since the expanded program began in September 2015.
Dominion (NYSE: D), is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
2/14/20172/13/2017 - Dominion's Edward Baine Receives a Black Engineer of the Year Award for STEM and Community Service
Dominion's Edward Baine Receives a Black Engineer of the Year Award for STEM and Community Service
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 13, 2017 /PRNewswire/ -- As a result of his leadership and influence in the community, Edward H. Baine, senior vice president-Distribution for Dominion Virginia Power, received a Black Engineer of the Year Award (BEYA) for STEM (science, technology, engineering and mathematics) and Community Service – the Anthony R. James Legacy Award. He is among scientists and engineers from around the country who was recognized in 31 award categories at the 2017 BEYA STEM Conference held this past weekend in Washington, D.C.
"Ed brings a level of commitment and talent to his work – both inside the company and within the community – that is not only impressive but is vital to our company's future and our community's well-being," said Thomas F. Farrell II, Dominion chairman, president and CEO. "Holding a position that is responsible for delivering electricity to 2.5 million customers, Ed consistently demonstrates that his priorities lie with the communities and the people we serve. This recognition is well deserved."
In addition to Baine's service as a board member of the Dominion Credit Union, Chamber RVA, and the Capital Region Collaborative Organizing Council, he serves on the board of directors of the Chesterfield Education Foundation, Venture Richmond and the Southeastern Electric Exchange. He is also a board member for MEGA Mentors and the executive sponsor for the Virginia Chapter of AABE. He is involved with advisory committees at Virginia State University and University of Richmond. Of particular note is the Bernard L. Savage Community Service Award, which Baine received in 2015 from Chamber RVA.
"I am humbled and honored to receive this award," Baine said. "I am truly blessed to have the support of my family and friends, and the encouragement of Dominion to stay involved in the community so I can pay it forward by helping others."
Each year, the BEYA STEM Conference brings professionals and students from a wide variety of STEM-related fields (science, technology, engineering and mathematics) together for three days to share their experiences and information. The goal is to create connections between students, educators and STEM professionals while facilitating partnerships with individuals and their local STEM resources.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion serves more than 6 million utility and retail energy customers. It has a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
www.dom.com | dominionvirginiapower | @DomVAPower | DomCorpComm | Instagram | Pinterest | LinkedIn
SOURCE Dominion Virginia Power
Article Date
2/13/2017Dominion to Gain 'Energy' With New Name, Rebranding
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 6, 2017 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) announced today it intends to change its name to Dominion Energy, Inc., in recognition of its focus on the evolving energy marketplace and to unify its brand following last year's merger with Questar Corporation. The company also unveiled a new logo befitting its new name.
"Dominion above all else is an energy company, committed to serving our customers safely and dependably," said Thomas F. Farrell II, chairman, president and chief executive officer. "Our company and our employees are proud of the work we have done in delivering energy for 119 years and of the reputation we have built through reliable and affordable service. Dominion Energy builds upon this equity, updates our company's look and unifies the company's brand across all of our lines of business and throughout the 18 states where we do business."
The changes will be made later this year, pending approval of shareholders of the name change at the Annual Meeting this spring. The company's 2017 Proxy Statement, which is expected to be filed in March, will contain information regarding the proposed change.
Dominion Resources was created in 1983 as a holding company for its electric and natural gas utilities, a services company and a subsidiary that was entering the natural gas exploration and production business.
The current logo was introduced just prior to the merger with Consolidated Natural Gas in 2000. The new logo retains a "D" shape while modernizing the look with stripes suggesting energy through the blue silhouette. It was designed by the global branding firm of Chermayeff & Geismar & Haviv, the design firm behind many of the world's most recognizable trademarks – including Chase, NBC, State Farm, National Geographic, PBS, the Smithsonian and the Library of Congress.
"A logo is a company's most focused public presentation — its flag," said Sagi Haviv, partner and designer at Chermayeff & Geismar & Haviv. "We designed the new Dominion Energy logo as an evolution of the company's visual heritage, while reflecting the vibrancy and changes occurring in the energy industry. Building on the established and familiar Dominion brand mark, we simplified the rising 'D' and infused it with energy. The new, bold and distinctive symbol is now suited to represent a leading energy provider."
"Over the years, Dominion has expanded to serve new markets with a broader range of services," said Kelly O'Keefe, head of creative brand management at Virginia Commonwealth University's Brandcenter, the country's leading branding school. "This is a good time to unify the brand, clarify the name and simplify the logo. The updated name is more recognizable and the new logo is simple, fresh and timeless." O'Keefe guided the company's rebranding.
After the annual meeting, the company would begin implementation, including replacing logos on company facilities and service vehicles and changing its "doing business as" names in Idaho, North Carolina, Ohio, Utah, Virginia, West Virginia and Wyoming — where its gas and electric distribution companies reside. The company's new principal operating units – Power Delivery Group, Power Generation Group and Gas Infrastructure Group – would replace Dominion Virginia Power, Dominion Generation and Dominion Energy, respectively.
The company's shares of common stock will continue to be traded on the New York Stock Exchange under the ticker symbol "D."
For more information regarding the company's branding efforts, please visit www.dom.com/NewBrand.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information, visit www.dom.com.
Additional information and where to find it
This communication may be deemed to be solicitation material in respect of the shareholder vote on the corporate name change. Dominion intends to file a proxy statement with the U.S. Securities and Exchange Commission ("SEC") in connection with the 2017 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS OF DOMINION ARE URGED TO READ THE PROXY STATEMENT, ACCOMPANYING PROXY CARD AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain that proxy statement, any amendments or supplements thereto and other documents filed by Dominion with the SEC free of charge at the SEC's website (www.sec.gov). These items also may be viewed by visiting Dominion's website (www.dom.com).
Participants in the solicitation
Dominion and its directors and officers may be deemed to be participants in the solicitation of proxies from Dominion shareholders with respect to the corporate name change and other matters to be considered at the 2017 Annual Meeting of Shareholders. Information about the directors and executive officers of Dominion, including their respective interests by security holdings or otherwise, is available in Dominion's (i) Proxy Statement, dated March 22, 2016, for its 2016 Annual Meeting of Shareholders, (ii) Annual Report on Form 10-K for the year ended Dec. 31, 2015, filed with the SEC on Feb. 26, 2016, and (iii) Current Report on Form 8-K filed, filed with the SEC on Jan. 24, 2017, each of which are available free of charge at the SEC's website and Dominion's website.
SOURCE Dominion
Article Date
2/6/2017Dominion Resources and the Library of Virginia Honor Seven African-American 'Strong Men & Women in Virginia History'
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 2, 2017 /PRNewswire/ -- Dominion Resources and the Library of Virginia commemorated the leadership and accomplishments of seven outstanding African Americans during the fifth annual "Strong Men & Women in Virginia History" awards program on Wednesday, Feb. 1, 2017, at the Richmond Marriott.
The program honors prominent African Americans, past and present, who have made significant contributions to the Commonwealth.
"For the young man or woman who has big dreams of being a writer, a newscaster or a judge, we have great role models to inspire future generations in this year's honorees," said Mark Webb, senior vice president, Corporate Affairs and Chief Legal Officer at Dominion. "It's an honor to recognize these men and women for their strong leadership and accomplishments that have made our communities better for all." Dominion Resources is the parent company of Dominion Virginia Power and sponsor of the annual series.
"Each year, the men and women honored through the Strong Men and Women program are individuals of outstanding merit and accomplishment – and the 2017 honorees are no exception," said Dr. Sandra G. Treadway, Librarian of Virginia. "The Library of Virginia is proud to partner with Dominion in highlighting the achievements of African American Virginians, past and present, who serve as inspiration to us all."
The following honorees were recognized:
Four high school students also were recognized during the ceremony. Each wrote winning essays, selected from nearly 200 entries, about the importance of helping others.
The winners of the 2017 "Strong Men & Women in Virginia History" student essay writing contest are:
Each student received an Apple MacBook Air laptop and $1,000 for their school. Winning essays and program details, as well as photos and videos of the event are posted on www.lva.virginia.gov/smw.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About the Library of Virginia
The Library of Virginia (www.lva.virginia.gov), located in historic downtown Richmond, holds the world's most extensive collection of material about the Old Dominion and has been a steward of the commonwealth's documentary and printed heritage since 1823. The story of Virginia and Virginians has been told in many ways since 1607. At the Library of Virginia it is told through more than 119 million manuscripts and nearly 2.5 million books, serials, bound periodicals, microfilm reels, newspapers and state and federal documents, each an individual tile in the vast and colorful mosaic of Virginia's experience.
SOURCE Dominion Resources
Article Date
2/2/2017Dominion East Ohio Reminds Customers Of Important Natural Gas Safety Tips
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Feb. 1, 2017 /PRNewswire/ -- Dominion East Ohio provides 24-hour emergency service year-round to ensure customer safety. If there is an odor of natural gas in or around the premises, Dominion advises customers to leave the premises and immediately call 1-877-542-2630, toll-free, and the company will send a representative to investigate. Dominion also considers it an emergency if none of the customer's natural gas appliances are working.
Natural gas is a safe, efficient fuel. To help customers detect natural gas leaks more easily, Dominion adds mercaptan, a chemical odorant, which gives natural gas its distinctive, sulfur-like aroma. When customers or members of the general public smell a suspected odor of natural gas, Dominion advises:
Call before You Dig for Safe Excavation
Third-party dig-ins cause the largest number of damages to natural gas lines and other underground utility facilities. Ohio law requires excavators, contractors and property owners, to contact the Ohio Utilities Protection Service, (OUPS) by dialing 811, at least two working days before digging, to avoid costly damage to underground utility lines.
Pipeline Markers Indicate Underground Facilities
Since natural gas pipelines are underground, line markers are used to indicate their approximate location. Markers are general, not exact, locators. Markers do not tell how deeply a pipeline is buried, nor do they necessarily indicate the number of underground lines. Pipelines do not always follow a straight course between two markers, so never rely solely on the presence or absence of pipeline markers. Please remember: Before you dig, always call OUPS at 811 to make sure you do not hit a utility line. It is a federal crime to willfully deface, damage, remove or destroy a pipeline marker.
Keep Clear of Right-of-Way Corridors
Dominion inspects the right-of-way corridors that extend along our pipelines and will notify property owners when structures or trees obstruct or encroach on a right-of-way. These corridors play an important role in ensuring the integrity and safety of Dominion's pipeline network. By calling OUPS before starting a project, you'll avoid problems. To ensure pipeline integrity:
Keep Metering Equipment and Vents Clear
Although Dominion owns and maintains the gas meter, it is the customer's responsibility to provide clear access to the meter and associated metering equipment, and to keep it free from obstructions. This includes snow, ice and shrubs. Snow and ice can damage metering equipment, and it is the customer's responsibility to keep the metering equipment clear. Ice, icicles or water dripping on the meter could prevent safe and efficient operation of the meter and create a potentially hazardous situation. Icicles should be removed from overhead eaves and gutters to prevent dripping water from splashing and freezing on the metering equipment or appliance vents. Snow or ice can also block the side wall vents of gas appliances; customers must keep those clear as well.
Customers should remove any snow or ice from the meter or piping by hand or carefully with a broom. DO NOT use any objects, or strike the metering equipment to remove ice.
Likewise, DO NOT plow or pile snow up against or on the gas metering equipment, as well as any of the company's equipment buildings. In case of an emergency, company personnel must be able to access metering equipment at all times.
Do not tamper with or obstruct the gas meter, whether it's located inside or outside the home. Avoid piling mulch against gas metering equipment. Also, never use gas metering equipment or piping for hanging items, as a bike post or for any other purpose.
Heating System, Appliance Inspections Recommended
Dominion East Ohio also reminds customers that natural gas furnaces, boilers and appliances need regular inspection and maintenance by a licensed, qualified heating professional. Clean dirt and dust from underneath and around appliances, for maximum safety and efficiency. Keep combustible materials away from furnaces, water heaters, ranges or other appliances. If a gas appliance is replaced, moved, or no longer needed, plug or cap the open piping system.
Additional Safety Tips
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
2/1/2017Dominion Midstream Partners Announces Fourth-Quarter 2016 Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 1, 2017 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM) reported unaudited net income attributable to the partnership of $36.5 million for the three months ended Dec. 31, 2016. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $45.8 million, and distributable cash flow was $37.7 million for the quarter. On Dec. 1, 2016, Dominion Midstream successfully completed the acquisition of Questar Pipeline, LLC, from Dominion Resources, Inc. (NYSE: D).
Dominion Midstream uses Adjusted EBITDA and distributable cash flow as the primary performance measurements of its earnings and results for public communications with analysts and investors. Dominion Midstream also uses Adjusted EBITDA and distributable cash flow internally for budgeting, reporting to the Board of Directors and other purposes. Management believes Adjusted EBITDA and distributable cash flow provide a more meaningful representation of the partnership's financial performance and liquidity. Schedules B and D of this press release include reconciliations to the most directly comparable GAAP measures.
QUARTERLY DISTRIBUTION
On Jan. 25, 2017, the Board of Directors declared a quarterly distribution of $0.2605 per common and subordinated unit, payable on Feb. 15, 2017, to such unitholders of record at the close of business Feb. 6, 2017.
CONFERENCE CALL TODAY
Dominion Midstream and Dominion Resources will jointly host a fourth-quarter earnings conference call at 10 a.m. ET on Wednesday, Feb. 1, 2017. Management will discuss its fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, will be available on the partnership's investor information page at www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Feb. 1, 2017 and lasting until 11 p.m. ET Feb. 8, 2017. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 61568881. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 1, 2017.
ABOUT DOMINION MIDSTREAM
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
|
Dominion Midstream Partners, LP | |||||||
|
Schedule A- Consolidated Statements of Income* | |||||||
|
(Unaudited) | |||||||
|
Three Months Ended |
Year Ended | ||||||
|
December 31, |
December 31, | ||||||
|
2016 |
2015 |
2016 |
2015 | ||||
|
(millions, except per unit data) |
|||||||
|
Operating Revenue |
$ 177.5 |
$ 82.7 |
$ 441.3 |
$ 369.6 | |||
|
Operating Expenses |
|||||||
|
Purchased gas |
33.4 |
1.8 |
41.7 |
54.6 | |||
|
Other operations and maintenance |
34.3 |
13.6 |
95.3 |
56.7 | |||
|
Depreciation and amortization |
24.0 |
10.0 |
56.6 |
40.4 | |||
|
Other taxes |
8.5 |
6.3 |
30.6 |
26.3 | |||
|
Total operating expenses |
100.2 |
31.7 |
224.2 |
178.0 | |||
|
Income from operations |
77.3 |
51.0 |
217.1 |
191.6 | |||
|
Earnings from equity method investees |
8.0 |
6.6 |
23.0 |
6.6 | |||
|
Other income |
1.0 |
0.4 |
3.2 |
1.0 | |||
|
Interest and related charges |
6.6 |
0.3 |
7.3 |
0.6 | |||
|
Income from operations including noncontrolling interest before income taxes |
79.7 |
57.7 |
236.0 |
198.6 | |||
|
Income tax expense |
5.1 |
- |
6.3 |
2.1 | |||
|
Net income including noncontrolling interest and predecessors |
$ 74.6 |
$ 57.7 |
$ 229.7 |
$ 196.5 | |||
|
Less: Net income attributable to DCG Predecessor1 |
- |
- |
- |
2.3 | |||
|
Less: Net income attributable to Questar Pipeline Predecessor2 |
8.7 |
- |
5.5 |
- | |||
|
Net income including noncontrolling interest |
65.9 |
57.7 |
224.2 |
194.2 | |||
|
Less: Net income attributable to noncontrolling interest |
29.4 |
32.6 |
117.8 |
121.7 | |||
|
Net income attributable to partners |
$ 36.5 |
$ 25.1 |
$ 106.4 |
$ 72.5 | |||
|
Net income attributable to partners' ownership interest |
|||||||
|
Preferred unitholders' interest in net income |
$ 3.2 |
$ - |
$ 3.2 |
$ - | |||
|
General partner's interest in net income |
0.6 |
0.2 |
2.3 |
(0.5) | |||
|
Common unitholders' interest in net income |
23.8 |
14.6 |
63.9 |
41.3 | |||
|
Subordinated unitholder's interest in net income |
8.9 |
10.3 |
37.0 |
31.7 | |||
|
Net income per limited partner unit (basic and diluted) |
|||||||
|
Common Units |
$ 0.38 |
$ 0.32 |
$ 1.30 |
$ 1.08 | |||
|
Subordinated Units |
$ 0.34 |
$ 0.32 |
$ 1.17 |
$ 1.00 | |||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. | |||||||
|
2Represents amounts for the period from September 16, 2016 through November 30, 2016. | |||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | |||||||
|
Dominion Midstream Partners, LP | ||||||||||
|
Schedule B - Reconciliation of EBITDA and Adjusted EBITDA to Net Income* | ||||||||||
|
(Unaudited) | ||||||||||
|
The following table presents a reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure for each period. | ||||||||||
|
Three Months Ended |
Year Ended | |||||||||
|
December 31, |
December 31, | |||||||||
|
2016 |
2015 |
2016 |
2015 | |||||||
|
(millions) |
||||||||||
|
Net income including noncontrolling interest and predecessors |
$ 74.6 |
$ 57.7 |
$ 229.7 |
$ 196.5 | ||||||
|
Add: |
||||||||||
|
Depreciation and amortization |
24.0 |
10.0 |
56.6 |
40.4 | ||||||
|
Interest and related charges |
6.6 |
0.3 |
7.3 |
0.6 | ||||||
|
Income tax expense |
5.1 |
- |
6.3 |
2.1 | ||||||
|
EBITDA |
$ 110.3 |
$ 68.0 |
$ 299.9 |
$ 239.6 | ||||||
|
Distributions from equity method investees |
7.2 |
2.6 |
25.1 |
2.6 | ||||||
|
Less: |
||||||||||
|
Earnings from equity method investees |
8.0 |
6.6 |
23.0 |
6.6 | ||||||
|
EBITDA attributable to DCG Predecessor1 |
- |
- |
- |
5.7 | ||||||
|
EBITDA attributable to Questar Pipeline Predecessor2 |
26.8 |
- |
28.0 |
- | ||||||
|
EBITDA attributable to noncontrolling interest |
36.9 |
40.4 |
148.2 |
154.3 | ||||||
|
Adjusted EBITDA |
$ 45.8 |
$ 23.6 |
$ 125.8 |
$ 75.6 | ||||||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. |
||||||||||
|
2Represents amounts for the period from September 16, 2016 through November 30, 2016. |
||||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule C- Summary of Consolidated Statements of Cash Flows* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Cash flows from operating activities: |
||||||||
|
Net income including noncontrolling interest and predecessors |
$ 74.6 |
$ 57.7 |
$229.7 |
$196.5 | ||||
|
Adjustments to reconcile net income including noncontrolling interest and predecessors to net cash provided by operating activities |
||||||||
|
(14.6) |
(9.8) |
58.9 |
47.0 | |||||
|
Net cash provided by operating activities |
$ 60.0 |
$ 47.9 |
$288.6 |
$243.5 | ||||
|
Cash flows from investing activities: |
||||||||
|
Net cash used in investing activities |
$ (1,163.2) |
$ (432.3) |
$(2,122.8) |
$ (1,282.7) | ||||
|
Cash flows from financing activities: |
||||||||
|
Net cash provided by financing activities |
$ 1,064.7 |
$ 312.4 |
$1,838.8 |
$898.8 | ||||
|
Cash and cash equivalents at beginning of period |
78.1 |
107.0 |
35.0 |
175.4 | ||||
|
Cash and cash equivalents at end of period |
$ 39.6 |
$ 35.0 |
$ 39.6 |
$ 35.0 | ||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule D - Reconciliation of Distributable Cash Flow to Net Cash from Operating Activities* | ||||||||
|
(Unaudited) | ||||||||
|
The following table presents a reconciliation of distributable cash flow to the most directly comparable GAAP financial measure for each period. | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Net cash provided by operating activities |
$ 60.0 |
$ 47.9 |
$ 288.6 |
$ 243.5 | ||||
|
Less: |
||||||||
|
Cash attributable to noncontrolling interest |
17.9 |
25.5 |
150.5 |
154.4 | ||||
|
Cash attributable to DCG Predecessor1 |
- |
- |
- |
10.4 | ||||
|
Cash attributable to Questar Pipeline Predecessor2 |
1.1 |
- |
19.7 |
- | ||||
|
Other changes in working capital and noncash adjustments |
4.8 |
1.2 |
7.4 |
(3.1) | ||||
|
Adjusted EBITDA |
$ 45.8 |
$ 23.6 |
$ 125.8 |
$ 75.6 | ||||
|
Adjustments to cash3: |
||||||||
|
Less: Distributions to preferred unitholders |
$ (3.2) |
$ - |
$ (3.2) |
$ - | ||||
|
Plus: Deferred revenue |
3.0 |
4.0 |
5.0 |
8.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.8) |
(2.1) | ||||
|
Less: Maintenance capital expenditures |
(5.2) |
(3.4) |
(16.0) |
(9.4) | ||||
|
Plus: Acquisition costs funded by Dominion |
1.2 |
- |
1.6 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(3.3) |
(0.5) |
(4.8) |
(1.4) | ||||
|
Plus: Non-cash director compensation |
0.1 |
0.1 |
0.3 |
0.2 | ||||
|
Distributable cash flow |
$ 37.7 |
$ 23.1 |
$ 105.9 |
$ 71.6 | ||||
|
1Represents amounts for the period from January 31, 2015 through March 31, 2015. | ||||||||
|
2Represents amounts for the period from September 16, 2016 through November 30, 2016. | ||||||||
|
3Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and twelve months ended December 31, 2015 was $24.7 million and $75.7 million, respectively. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
HOW WE EVALUATE OUR OPERATIONS | ||||||||
|
Subsequent to the Questar Pipeline Acquisition, we define distributable cash flow as Adjusted EBITDA less distributions to preferred unitholders, maintenance capital expenditures and interest expense and adjusted for known timing differences between cash and income. | ||||||||
|
Dominion Midstream Partners, LP | ||||||||
|
Schedule E- Selected Financial Data* | ||||||||
|
(Unaudited) | ||||||||
|
Three Months Ended |
Year Ended | |||||||
|
December 31, |
December 31, | |||||||
|
2016 |
2015 |
2016 |
2015 | |||||
|
(millions) |
||||||||
|
Adjusted EBITDA |
$ 45.8 |
$ 23.6 |
$ 125.8 |
$ 75.6 | ||||
|
Adjustments to cash1: |
||||||||
|
Less: Distributions to preferred unitholders |
(3.2) |
- |
(3.2) |
- | ||||
|
Plus: Deferred revenue |
3.0 |
4.0 |
5.0 |
8.0 | ||||
|
Less: Amortization of regulatory liability |
(0.7) |
(0.7) |
(2.8) |
(2.1) | ||||
|
Less: Maintenance capital expenditures |
(5.2) |
(3.4) |
(16.0) |
(9.4) | ||||
|
Plus: Acquisition costs funded by Dominion |
1.2 |
- |
1.6 |
0.7 | ||||
|
Less: Interest expense and AFUDC equity |
(3.3) |
(0.5) |
(4.8) |
(1.4) | ||||
|
Plus: Non-cash director compensation |
0.1 |
0.1 |
0.3 |
0.2 | ||||
|
Distributable Cash Flow |
$ 37.7 |
$ 23.1 |
$ 105.9 |
$ 71.6 | ||||
|
Distributions: |
||||||||
|
Incentive distribution rights |
$ 1.7 |
$ 0.2 |
$ 3.9 |
$ 0.2 | ||||
|
Common unitholders |
17.5 |
9.8 |
53.8 |
32.3 | ||||
|
Subordinated unitholder |
8.3 |
6.8 |
30.9 |
24.8 | ||||
|
Total distributions |
$ 27.5 |
$ 16.8 |
$ 88.6 |
$ 57.3 | ||||
|
Coverage Ratio |
1.37x |
1.38x |
1.20x |
1.25x | ||||
|
1Beginning in the first quarter of 2016, distributable cash flow no longer reflects an adjustment for the timing difference between cash paid for property taxes and the amount recognized into expense. All prior periods presented have been recalculated to reflect a consistent approach. Previously, distributable cash flow for the three and twelve months ended December 31, 2015 was $24.7 million and $75.7 million, respectively. | ||||||||
|
* The notes contained in Dominion Midstream's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. | ||||||||
|
See schedules B and D for reconciliations of non-GAAP measures. |
||||||||
SOURCE Dominion Midstream Partners
Article Date
2/1/2017Dominion Announces Fourth-Quarter and Full-Year 2016 Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 1, 2017 /PRNewswire/ -- Dominion Resources (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2016, of $457 million ($0.73 per share) compared with earnings of $357 million ($0.60 per share) for the same period in 2015. Reported earnings for the 12 months ended Dec. 31, 2016 were $2.1 billion ($3.44 per share) compared with earnings of $1.9 billion ($3.20 per share) for the same period in 2015.
Operating earnings for the three months ended Dec. 31, 2016, were $618 million ($0.99 per share), compared to operating earnings of $416 million ($0.70 per share) for the same period in 2015. Operating earnings for the 12 months ended Dec. 31, 2016 were $2.3 billion ($3.80 per share), compared to operating earnings of $2.0 billion ($3.44 per share) for the same period in 2015. Operating earnings are defined as reported earnings adjusted for certain items.
The principal difference between reported earnings and operating earnings for the quarter is related to charges associated with future ash pond and landfill closures. The principal difference between reported earnings and operating earnings for the full year is related to charges associated with future ash pond and landfill closures, costs associated with the Dominion-Questar combination and the company's organizational design initiative.
Dominion uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"We are very pleased with our strong safety, operational and financial performance in 2016. Operating earnings per share were in the middle of our guidance range and 10 percent above last year's. In December, our Board established a 2017 dividend rate that would result in an increase of 8 percent from 2016. This is the third straight year of 8 percent annual dividend growth, which is among the best in the industry. We anticipate being able to increase the dividend at greater than 8 percent beginning in 2018.
"Our employees set another new company-wide safety record. Several projects began operating, including Brunswick County Power Station, which was honored with a number of industry awards – Best Overall Generation Project of the Year among them.
"We continue executing on our growth projects, and have begun constructing the 1,588-megawatt Greensville County combined-cycle power station. The project is on time and on budget.
"Our Cove Point Liquefaction project made significant progress this year. It is now 84 percent complete and is on time, with an expected in-service date in late 2017.
"We received a draft Environmental Impact Statement from FERC for the Atlantic Coast Pipeline and the related Supply Header project. Our company continues working toward a construction start date later this year. We expect to complete these projects in late 2019."
FULL-YEAR 2016 REPORTED AND OPERATING EARNINGS COMPARED TO 2015
Reported earnings in 2016 were 24 cents per share higher than full-year reported earnings in 2015. Business segment results and detailed descriptions of items included in 2016 and 2015 reported earnings but excluded from operating earnings may be found on Schedules 1, 2, and 3 of this release.
Operating earnings in 2016 rose 36 cents per share from full-year 2015 operating earnings of $3.44 per share. The increase in operating earnings was primarily attributable to growth projects in our regulated electric and gas service areas, lower capacity expenses and investment tax credits from solar facilities. Offsetting drivers for the year included lower farmout earnings, higher depreciation, interest costs and share dilution.
Details of fourth-quarter and full-year 2016 operating earnings as compared to 2015 may be found on Schedule 4 of this release.
OPERATING EARNINGS GUIDANCE
Dominion expects full-year 2017 operating earnings in the range of $3.40-$3.90 per share, compared to full-year 2016 operating earnings of $3.80 per share. Positive drivers include increased revenues from our growth projects and the addition of Dominion Questar. The company expects negative drivers for the year to include a reduction of Cove Point import contract revenues, a second Millstone refueling outage, lower hedged power prices at Millstone, a step down in solar investment tax credits and share dilution.
First-quarter 2017 operating earnings are expected to be in the range of $0.90-$1.10 per share.
Expected revenues from Cove Point export contracts, along with other growth drivers, support at least 10 percent year over year growth in full-year 2018 operating earnings. Furthermore, Dominion expects a 6 to 8 percent compound average growth rate in earnings through 2020 from a 2017 base reflecting contributions from its diverse portfolio of businesses.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion management is not able to estimate the aggregate impact of these items on future period reported earnings.
CONFERENCE CALL TODAY
Dominion will host its fourth-quarter earnings conference call at 10 a.m. ET on Wednesday, Feb. 1, 2017. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Feb. 1 and lasting until 11 p.m. ET Feb. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 61568881. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 1.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,400 megawatts of generation, 14,600 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements, including forecasted operating earnings for full-year 2017 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Midstream and retirements of assets based on asset portfolio reviews, the receipt of approvals for, and timing of, closing dates for acquisitions and divestitures, the timing and execution of Dominion Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission.
|
Dominion Resources, Inc. | ||||||
|
Consolidated Statements of Income * | ||||||
|
Unaudited (GAAP Based) | ||||||
|
(millions, except per share amounts) | ||||||
|
Three Months Ended |
Year Ended | |||||
|
December 31, |
December 31, | |||||
|
2016 |
2015 |
2016 |
2015 | |||
|
Operating Revenue |
$ 3,082 |
$ 2,556 |
$ 11,733 |
$ 11,683 | ||
|
Operating Expenses |
||||||
|
Electric fuel and other energy-related purchases |
542 |
545 |
2,333 |
2,725 | ||
|
Purchased electric capacity |
(8) |
71 |
99 |
330 | ||
|
Purchased gas |
203 |
105 |
455 |
551 | ||
|
Other operations and maintenance |
931 |
720 |
3,064 |
2,595 | ||
|
Depreciation, depletion and amortization |
447 |
358 |
1,559 |
1,395 | ||
|
Other taxes |
148 |
119 |
596 |
551 | ||
|
Total operating expenses |
2,263 |
1,918 |
8,106 |
8,147 | ||
|
Income from operations |
819 |
638 |
3,627 |
3,536 | ||
|
Other income |
61 |
69 |
250 |
196 | ||
|
Interest and related charges |
295 |
230 |
1,010 |
904 | ||
|
Income from continuing operations including noncontrolling |
||||||
|
interests before income taxes |
585 |
477 |
2,867 |
2,828 | ||
|
Income tax expense |
94 |
111 |
655 |
905 | ||
|
Net Income including noncontrolling interests |
$ 491 |
$ 366 |
$ 2,212 |
$ 1,923 | ||
|
Noncontrolling interests |
34 |
9 |
89 |
24 | ||
|
Net Income attributable to Dominion |
$ 457 |
$ 357 |
$ 2,123 |
$ 1,899 | ||
|
Reported earnings per common share - diluted |
$ 0.73 |
$ 0.60 |
$ 3.44 |
$ 3.20 | ||
|
Average shares outstanding, diluted |
627.1 |
596.7 |
617.1 |
593.7 | ||
|
* The notes contained in Dominion's most recent quarterly report on Form 10-Q or annual report on Form 10-K | ||||||
|
are an integral part of the Consolidated Financial Statements. |
||||||
|
Schedule 1 - Segment Reported and Operating Earnings |
|||||||||
|
Preliminary, Unaudited |
|||||||||
|
(millions, except earnings per share) |
Three months ended December 31, |
||||||||
|
2016 |
2015 |
Change |
|||||||
|
REPORTED EARNINGS 1 |
$ 457 |
$ 357 |
$ 100 |
||||||
|
Pre-tax loss (income) 2 |
256 |
98 |
158 |
||||||
|
Income tax 2 |
(95) |
(39) |
(56) |
||||||
|
Adjustments to reported earnings |
161 |
59 |
102 |
||||||
|
OPERATING EARNINGS |
$ 618 |
$ 416 |
$ 202 |
||||||
|
By segment: |
|||||||||
|
Dominion Virginia Power |
121 |
108 |
13 |
||||||
|
Dominion Energy 3 |
243 |
171 |
72 |
||||||
|
Dominion Generation |
331 |
218 |
113 |
||||||
|
Corporate and Other |
(77) |
(81) |
4 |
||||||
|
$ 618 |
$ 416 |
$ 202 |
|||||||
|
Earnings Per Share (EPS): |
|||||||||
|
REPORTED EARNINGS 1 |
$ 0.73 |
$ 0.60 |
$ 0.13 |
||||||
|
Adjustments to reported earnings (after tax) |
0.26 |
0.10 |
0.16 |
||||||
|
OPERATING EARNINGS |
$ 0.99 |
$ 0.70 |
$ 0.29 |
||||||
|
By segment: |
|||||||||
|
Dominion Virginia Power |
0.19 |
0.18 |
0.01 |
||||||
|
Dominion Energy 3 |
0.39 |
0.29 |
0.10 |
||||||
|
Dominion Generation |
0.53 |
0.37 |
0.16 |
||||||
|
Corporate and Other |
(0.12) |
(0.14) |
0.02 |
||||||
|
$ 0.99 |
$ 0.70 |
$ 0.29 |
|||||||
|
Common Shares Outstanding (average, diluted) |
627.1 |
596.7 |
|||||||
|
(millions, except earnings per share) |
Twelve months ended December 31, |
||||||||
|
2016 |
2015 |
Change |
|||||||
|
REPORTED EARNINGS 1 |
$ 2,123 |
$ 1,899 |
$ 224 |
||||||
|
Pre-tax loss (income) 2 |
359 |
220 |
139 |
||||||
|
Income tax 2 |
(135) |
(79) |
(56) |
||||||
|
Adjustments to reported earnings |
224 |
141 |
83 |
||||||
|
OPERATING EARNINGS |
$ 2,347 |
$ 2,040 |
$ 307 |
||||||
|
By segment: |
|||||||||
|
Dominion Virginia Power |
484 |
490 |
(6) |
||||||
|
Dominion Energy 3 |
726 |
680 |
46 |
||||||
|
Dominion Generation |
1,397 |
1,120 |
277 |
||||||
|
Corporate and Other |
(260) |
(250) |
(10) |
||||||
|
$ 2,347 |
$ 2,040 |
$ 307 |
|||||||
|
Earnings Per Share (EPS): |
|||||||||
|
REPORTED EARNINGS 1 |
$ 3.44 |
$ 3.20 |
$ 0.24 |
||||||
|
Adjustments to reported earnings (after tax) |
0.36 |
0.24 |
0.12 |
||||||
|
OPERATING EARNINGS |
$ 3.80 |
$ 3.44 |
$ 0.36 |
||||||
|
By segment: |
|||||||||
|
Dominion Virginia Power |
0.78 |
0.82 |
(0.04) |
||||||
|
Dominion Energy 3 |
1.18 |
1.15 |
0.03 |
||||||
|
Dominion Generation |
2.26 |
1.89 |
0.37 |
||||||
|
Corporate and Other |
(0.42) |
(0.42) |
- |
||||||
|
$ 3.80 |
$ 3.44 |
$ 0.36 |
|||||||
|
Common Shares Outstanding (average, diluted) |
617.1 |
593.7 |
|||||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). | ||||||||
|
2) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | ||||||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's website at www.dom.com/investors. | |||||||||
|
3) |
2016 amounts include Dominion Questar operations as of September 16, 2016. | ||||||||
Schedule 2 - Reconciliation of 2016 Reported Earnings to Operating Earnings
2016 Earnings (Twelve months ended December 31, 2016)
The $359 million pre-tax net effect of the adjustments included in 2016 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 20162 | |
|
Reported earnings |
$524 |
$452 |
$690 |
$457 |
$2,123 | |
|
Adjustments to reported earnings 1: |
||||||
|
Pre-tax loss (income) |
67 |
(12) |
48 |
256 |
359 | |
|
Income tax |
(19) |
1 |
(22) |
(95) |
(135) | |
|
48 |
(11) |
26 |
161 |
224 | ||
|
Operating earnings |
$572 |
$441 |
$716 |
$618 |
$2,347 | |
|
Common shares outstanding (average, diluted) |
598.2 |
617.0 |
626.0 |
627.1 |
617.1 | |
|
Reported earnings per share |
$0.88 |
$0.73 |
$1.10 |
$0.73 |
$3.44 | |
|
Adjustments to reported earnings (after-tax) |
0.08 |
(0.02) |
0.04 |
0.26 |
0.36 | |
|
Operating earnings per share |
$0.96 |
$0.71 |
$1.14 |
$0.99 |
$3.80 | |
|
1) Adjustments to reported earnings are reflected in the following table: |
||||||
|
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 | ||
|
Pre-tax loss (income): |
||||||
|
Future ash ponds and landfill closure costs |
197 |
197 | ||||
|
Questar transaction and transition costs |
2 |
5 |
53 |
14 |
74 | |
|
Organizational design initiative |
70 |
(5) |
65 | |||
|
Hurricane Matthew costs |
23 |
23 | ||||
|
Other items |
(5) |
(12) |
(5) |
22 |
0 | |
|
$67 |
($12) |
$48 |
$256 |
$359 | ||
|
Income tax expense (benefit): |
||||||
|
Tax effect of above adjustments to reported earnings * |
(19) |
1 |
(10) |
(95) |
(123) | |
|
Divestiture tax settlement |
(12) |
(12) | ||||
|
($19) |
$1 |
($22) |
($95) |
($135) | ||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||
|
2) YTD EPS may not equal sum of quarters due to share count differences |
||||||
Schedule 3 - Reconciliation of 2015 Reported Earnings to Operating Earnings
2015 Earnings (Twelve months ended December 31, 2015)
The $220 million pre-tax net effect of the adjustments included in 2015 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 20152 |
|
Reported earnings |
$536 |
$413 |
$593 |
$357 |
$1,899 |
|
Adjustments to reported earnings 1: |
|||||
|
Pre-tax loss (income) |
76 |
27 |
19 |
98 |
220 |
|
Income tax |
(28) |
(11) |
(1) |
(39) |
(79) |
|
48 |
16 |
18 |
59 |
141 | |
|
Operating earnings |
$584 |
$429 |
$611 |
$416 |
$2,040 |
|
Common shares outstanding (average, diluted) |
589.9 |
592.5 |
595.5 |
596.7 |
593.7 |
|
Reported earnings per share |
$0.91 |
$0.70 |
$1.00 |
$0.60 |
$3.20 |
|
Adjustments to reported earnings (after-tax) |
0.08 |
0.03 |
0.03 |
0.10 |
0.24 |
|
Operating earnings per share |
$0.99 |
$0.73 |
$1.03 |
$0.70 |
$3.44 |
|
1) Adjustments to reported earnings are reflected in the following table: |
|||||
|
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 | |
|
Pre-tax loss (income): |
|||||
|
Write-off of deferred fuel costs |
85 |
85 | |||
|
Future ash pond and landfill closure costs |
45 |
54 |
99 | ||
|
Impact of Virginia Power biennial review |
28 |
28 | |||
|
Other items |
(9) |
(18) |
19 |
16 |
8 |
|
$76 |
$27 |
$19 |
$98 |
$220 | |
|
Income tax expense (benefit): |
|||||
|
Tax effect of above adjustments to reported earnings * |
(28) |
(11) |
(7) |
(39) |
(85) |
|
Deferred taxes refundable to utility customers |
6 |
6 | |||
|
($28) |
($11) |
($1) |
($39) |
($79) | |
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||
|
2) YTD EPS may not equal sum of quarters due to share count differences |
|||||
|
Schedule 4 - Reconciliation of 2016 Earnings to 2015 |
|||||||
|
Preliminary, unaudited |
Three Months Ended |
Twelve Months Ended |
|||||
|
(millions, except EPS) |
December 31, |
December 31, |
|||||
|
2016 vs. 2015 |
2016 vs. 2015 |
||||||
|
Increase / (Decrease) |
Increase / (Decrease) |
||||||
|
Reconciling Items |
Amount |
EPS |
Amount |
EPS |
|||
|
Change in reported earnings (GAAP) |
$100 |
$0.13 |
$224 |
$0.24 |
|||
|
Change in Pre-tax loss (income) 1 |
$158 |
$139 |
|||||
|
Change in Income tax 1 |
(56) |
(56) |
|||||
|
Adjustments to reported earnings |
$102 |
$0.16 |
$83 |
$0.12 |
|||
|
Change in consolidated operating earnings |
$202 |
$0.29 |
$307 |
$0.36 |
|||
|
Dominion Virginia Power |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$13 |
$0.02 |
($1) |
- |
|||
|
Other |
1 |
- |
1 |
- |
|||
|
FERC Transmission equity return |
11 |
0.02 |
41 |
0.07 |
|||
|
Depreciation |
(3) |
- |
(10) |
(0.02) |
|||
|
Storm damage and service restoration |
1 |
- |
(16) |
(0.03) |
|||
|
AFUDC equity return |
(2) |
- |
(8) |
(0.01) |
|||
|
Other |
(8) |
(0.01) |
(13) |
(0.02) |
|||
|
Share dilution |
- |
(0.01) |
- |
(0.03) |
|||
|
Change in contribution to operating earnings |
$13 |
$0.01 |
($6) |
($0.04) |
|||
|
Dominion Energy |
|||||||
|
Gas Distribution margin |
$10 |
$0.02 |
$13 |
$0.02 |
|||
|
Farmout transaction |
(1) |
- |
(48) |
(0.08) |
|||
|
Dominion Questar combination2 |
73 |
0.12 |
78 |
0.13 |
|||
|
Other |
(10) |
(0.02) |
3 |
0.01 |
|||
|
Share dilution |
- |
(0.02) |
- |
(0.05) |
|||
|
Change in contribution to operating earnings |
$72 |
$0.10 |
$46 |
$0.03 |
|||
|
Dominion Generation |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$24 |
$0.04 |
$2 |
- |
|||
|
Other |
1 |
- |
13 |
0.02 |
|||
|
Merchant generation margin |
8 |
0.01 |
(34) |
(0.06) |
|||
|
Rate adjustment clause equity return |
6 |
0.01 |
24 |
0.04 |
|||
|
Renewable energy investment tax credits |
6 |
0.01 |
186 |
0.31 |
|||
|
Noncontrolling interest related to solar partnerships |
(8) |
(0.01) |
(28) |
(0.05) |
|||
|
Depreciation |
(10) |
(0.02) |
(25) |
(0.04) |
|||
|
Electric capacity |
48 |
0.08 |
137 |
0.23 |
|||
|
Other |
38 |
0.06 |
2 |
0.01 |
|||
|
Share dilution |
- |
(0.02) |
- |
(0.09) |
|||
|
Change in contribution to operating earnings |
$113 |
$0.16 |
$277 |
$0.37 |
|||
|
Corporate and Other |
|||||||
|
Renewable energy investment tax credits |
$25 |
$0.04 |
- |
- |
|||
|
Other |
(21) |
(0.02) |
(10) |
- |
|||
|
Change in contribution to operating earnings |
$4 |
$0.02 |
($10) |
- |
|||
|
Change in consolidated operating earnings |
$202 |
$0.29 |
$307 |
$0.36 |
|||
|
Change in adjustments included in reported earnings1 |
($102) |
($0.16) |
($83) |
($0.12) |
|||
|
Change in consolidated reported earnings |
$100 |
$0.13 |
$224 |
$0.24 |
|||
|
1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. |
||||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's website at www.dom.com/investors. |
|||||||
|
2) |
Excludes financing impact of Dominion Questar combination. |
||||||
|
Note: Figures may not add due to rounding |
|||||||
SOURCE Dominion Resources
Article Date
2/1/2017Dominion's Expanded EnergyShare Program Reaching Out To Aid Thousands of Virginians
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 31, 2017 /PRNewswire/ -- Since Dominion's EnergyShare Program was dramatically expanded in 2015, literally thousands of Virginians in need are getting help with energy bills and making their homes more energy efficient.
"This expanded program was put in place at the request of Gov. McAuliffe as part of the development of a major state energy bill," said Robert M. Blue, president and CEO of Dominion Virginia Power. "We're extremely happy that working with our state partners, non-profit agencies and volunteers we've been able to provide so much direct energy assistance to those in Virginia who really need it."
Since EnergyShare was founded by the company in 1982, more than 780,000 Virginians in need have received help with their energy bills, regardless of the type of energy used.
The expanded program was launched on Sept. 1, 2015 with a commitment of $57 million over five years from Dominion. Major new elements included free home weatherization, a special focus on veterans and those with disabilities, and reaching out to vastly more Virginians with energy education and awareness of the program.
The results to date are impressive:
"Engagement with the communities we serve is just part of who we are," Blue said. "We have a responsibility to provide affordable, reliable energy to our customers but sometimes they might find themselves in crisis. EnergyShare is a key way we try to help, and we thank our customers, employees and business partners for their support."
EnergyShare is a program of last resort to help eligible residents facing financial hardship pay heating or cooling bills when all other forms of assistance have been exhausted. Every cent donated by customers, employees or others goes directly to helping those in need.
Electric customer clients qualifying for weatherization receive an energy audit from a qualified vendor. Afterwards, depending on the need, the following can be installed:
In some cases, EnergyShare goes beyond energy savings to make homes safer for residents. Some homes require health and safety measures to be installed alongside energy efficiency upgrades. In those homes, EnergyShare covers the cost of measures such as carbon monoxide detectors, electric and mechanical repairs, air quality and biological corrections and roof repairs.
Virginia residents can call 2-1-1 for EnergyShare assistance or referrals to health and human services resources. For more information about weatherization, call 1-888-366-8280. For details on donating or applying for EnergyShare, visit www.dom.com/EnergyShare.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 6 million customers. It has a portfolio of approximately 26,400 megawatts of generation, including more than 1,600 megawatts of renewable generating capacity, and 6,600 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
1/31/20171/25/2017 - Dominion Awards $50,000 to ArtStars Winners
Dominion Awards $50,000 to ArtStars Winners
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 25, 2017 /PRNewswire/ -- From professional musical instruction to creative filmmaking, this year's Dominion ArtStars award-winners are sure to contribute to the next generation of successful students as well as artists. Five winning nonprofit organizations from different regions of Virginia have been chosen to receive a Shining Star ArtStars Award of $10,000 each in support of their dedication to arts education.
"ArtStars is about recognizing arts and cultural organizations that are making communities and schools more vibrant through theater, art, music, and other artistic forms," said Hunter A. Applewhite, president of the Dominion Foundation, the charitable arm of Dominion Resources. "Dominion is proud to support these five winners as they continue their efforts to enrich students' education through the arts."
Dominion ArtStars Awards recognize arts organizations in Virginia that best demonstrate the ability to advance the synergy between arts and education for the benefit of students and their communities.
The following ArtStars winners and their outstanding programs will be recognized today at the Virginia Commission for the Arts' Art Works Conference in Richmond:
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion Resources
Article Date
1/25/20171/24/2017 - Dominion Elects Two New Directors
Dominion Elects Two New Directors
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 24, 2017 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has elected two new directors, Joseph M. Rigby and Susan N. Story, effective immediately. The elections bring the size of Dominion's board to 13.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Dominion welcomes Joe Rigby and Susan Story to its board of directors. The company and its shareholders will certainly benefit from these individuals' nearly seven decades of collective experience, leadership and customer service in the utility sector."
Rigby, 60, is the retired chairman, president and chief executive officer of Pepco Holdings, Inc., whose subsidiaries provided natural gas and electric utility service to about 2 million customers. He served in that capacity from 2009 until 2016. He joined the company, in a predecessor form as Atlantic City Electric, in 1979, rising through the ranks with stints as vice president/general manager of Gas Delivery, vice president/general manager of Electric Delivery, and senior vice president, chief financial officer and chief operating officer.
Rigby has been a director of Dominion Midstream GP, LLC, since 2014. He serves on the boards of South Jersey Industries, Inc., and Energy Insurance Mutual. He is a member of the board of governors of his alma mater, Rutgers University; and immediate past chair of the United Way of the National Capital Area; and has served on the boards of the Greater Washington Board of Trade, the U.S. Chamber of Commerce, the Edison Electric Institute, the Federal City Council, the Greater Washington Initiative and the Economic Club of Washington.
Rigby earned a bachelor's degree in accounting from Rutgers and an MBA from Monmouth University.
Story, 56, has been president and chief executive officer of American Water – which provides service to more than 15 million people in 47 states and Ontario, Canada – since 2014. She joined the company in 2013 as chief financial officer, after 31 years at Southern Company. Story began her career at Southern Company as a nuclear power plant engineer. Her subsequent roles included, among others, president and chief executive officer of Southern Company Services, executive vice president of Southern Company Engineering and Construction Services, and president and chief executive officer of Gulf Power Company.
Story is the independent lead director of Raymond James Financial. Her community and industry involvement includes her service on the board of directors of the U.S. Water Alliance, the Alliance to Save Energy and the Bipartisan Policy Center. She also serves on the board of advisors of the Electric Power Research Institute and the Moffitt Cancer Center and Research Institute, and on the board of the United Way of Greater Philadelphia and Southern New Jersey.
Story earned a bachelor's degree in industrial engineering from Auburn University and an MBA from the University of Alabama at Birmingham.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
1/24/2017Dominion Declares Quarterly Dividend of 75.5 Cents
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 24, 2017 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has declared a quarterly dividend of 75.5 cents per share of common stock.
Dividends are payable on March 20, 2017, to shareholders of record at the close of business March 3, 2017.
This is the 356th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Oct. 28, 2016.
SOURCE Dominion
Article Date
1/24/2017Save Money with Energy Tips from Dominion East Ohio
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Jan. 24, 2017 /PRNewswire/ -- Simple conservation measures, such as setting thermostats at an economical, yet comfortable temperature, can help Dominion East Ohio's customers save energy and money during this winter heating season.
Conservation efforts by Dominion East Ohio and its customers, along with increasingly efficient natural gas appliances and improved home weatherization, have helped reduce average annual residential natural gas consumption to 96.9 thousand cubic feet (Mcf), a 33-percent decrease from 1973.
To help customers maximize home energy efficiency, Dominion East Ohio is offering a discounted, $25 energy assessment (half the regular $50 price) through its Home Performance with ENERGY STAR® Program. The assessments, administered by CLEAResult, identify high utility usage and home comfort issues, and result in recommendations for energy-efficiency improvements, which, if made, can provide customers rebates up to $1,250. Dominion East Ohio customers can call 877-287-3416 to schedule an assessment, or they can visit deohpwes.com for program details and eligibility.
The following tips also can help customers begin saving energy and money today:
Heating: Furnaces and boilers account for 65 percent of home natural gas use. These simple tips can help customers maximize comfort and minimize heating bills:
Water Heating: Water heating accounts for 25 percent of every natural gas dollar spent. Customers can use these common-sense tips to maximize the value of their natural gas water heater:
Cooking: Ranges, ovens, grills and other cooking appliances, account for about 6 percent of natural gas use in customers' homes. These tips will help to prepare tasty meals with delicious energy savings:
Clothes Drying: Gas dryers account for 4 percent of total household natural gas use. The following tips can help customers enjoy maximum energy value from their gas dryers:
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
1/24/2017Dominion's Project Plant It!® Now Open for Online Registration
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 19, 2017 /PRNewswire/ -- Online enrollment for Project Plant It!, the free environmental education program created by Dominion Resources to teach children about the important role of trees in the ecosystem, is now open across regions served by Dominion. The program is available for children of all ages and grade levels, including those in schools, scout troops, civic groups, environmental clubs and other entities. A hallmark of the program is the distribution of free redbud tree seedlings in honor of Arbor Day.
"Project Plant It! is one of the many ways Dominion supports educators and invests in local communities," said Hunter A. Applewhite, president of the Dominion Foundation, the philanthropic arm of Dominion Resources. "This innovative tree-planting program for children aligns with our mission to promote environmental stewardship in a fun and meaningful way." Dominion recently was named by Forbes magazine and its partner JUST Capital to the prestigious "JUST 100" list of the best corporate citizens in the United States.
Educators, group leaders and parents who are interested in participating can register by going to projectplantit.com and clicking on "Register Now" from the home page. If the zip code is confirmed as being in an eligible area up to 25 free redbud tree seedlings can be requested. Seedlings will be shipped to arrive in time for Arbor Day (April 28, 2017). The deadline to register is Friday, Feb. 17, 2017 or while supplies last.
The website provides a variety of free educational resources to educators and parents, including lesson plans that support third-grade learning standards for math, science, language arts and social studies. All of the lesson plans can be downloaded at no charge from the website and they can be adapted easily to all grade levels from preschool through college. In addition, the website features interactive games and instructional videos about trees, along with a variety of outdoor activities that families can enjoy together.
This program will distribute 50,000 redbud tree seedlings in 2017. The states served by Dominion include Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, Colorado, Idaho, Utah and Wyoming. The latter four states are new this year as a result of Dominion's recent merger with Questar Corporation.
Project Plant It! was established in 2007 to educate children, plant trees and improve the environment. The tree seedlings are grown and shipped to participants in April by the Arbor Day Foundation, a longtime partner with Dominion. In 2017, more than 400,000 tree seedlings will have been distributed to children in states where Dominion operates. According to the Virginia Department of Forestry, this equates to about 1,000 acres of new forest if all of the seedlings are planted and grow to maturity.
For more information about Project Plant It!, visit www.projectplantit.com.
About Dominion
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion
Article Date
1/19/20171/18/2017 - Dominion Promotes Five to Its Executive Ranks
Dominion Promotes Five to Its Executive Ranks
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 18, 2017 /PRNewswire/ -- Dominion (NYSE: D) announced today that it has promoted five individuals to officer positions. Each promotion was effective Jan. 1, 2017.
Carlos M. Brown has been named vice president and general counsel, succeeding Mark O. Webb, who is now senior vice president-Corporate Affairs and chief legal officer. Brown reports to Webb in his new position, which oversees daily operations of the company's legal department.
Brown joined Dominion in 2007 after years of private law practice. He has served in various capacities at Dominion, including in the law department, Alternative Energy Solutions group and Power Generation unit. Most recently Brown served as deputy general counsel-Litigation, Labor and Employment. Brown received a bachelor's degree in American government and African-American studies and a J.D. degree from the University of Virginia (UVA).
Morenike K. Miles has become vice president-Shared Services, succeeding Skip Jordan, who retired in July 2016. In her new role, Miles is responsible for supply chain management, records management initiatives, and travel and corporate services. She reports to Rodney Blevins, senior vice president and chief information officer.
After working in private practice and for Alliant Energy, Miles joined Dominion in 2006 as a lawyer and has held several roles in the company's legal department, most recently as deputy general counsel-Enterprise Risk Management. Miles earned a bachelor's degree in economics from UVA and her J.D. from the University of Michigan.
Fred Mladen has been promoted to site vice president-Surry Power Station in Surry, Va., succeeding Larry Lane, who is now site vice president-North Anna Power Station. Lane replaces Jerry Bischof, who is now vice president-Nuclear Operations-Fleet Performance. Mladen, Lane and Bischof all report to Dan Stoddard, senior vice president and chief nuclear officer.
Mladen has worked his entire 30-year career at North Anna Power Station, starting in the co-op program during his college years and beginning fulltime upon his graduation in 1986. He has served in supervisory functions related to nuclear maintenance, nuclear site services, and safety and licensing. He was named plant manager at North Anna in 2013. Mladen received a bachelor's degree in mechanical engineering from Virginia Tech, and is a licensed Professional Engineer in Virginia.
Charlene J. Whitfield has been named vice president-Customer Service at Dominion Virginia Power, a position previously held by Becky Merritt, who is now vice president-Financial Management for Dominion Virginia Power. Whitfield has operational and financial responsibility for Dominion Virginia Power's customer relations, account management, revenue management, key accounts and economic development, among other duties. She reports to Robert M. Blue, president and chief executive officer of that business unit.
Whitfield began working at Dominion in 1982 as an electric distribution service representative. Since then, she has served in multiple electric distribution and customer-facing jobs at Dominion Virginia Power, most recently as director-Electric Distribution Operations. She earned a bachelor's degree in accounting from Virginia Union University.
Steve C. Wooten has been appointed to the new position of vice president-Information Technology, where he is responsible for IT applications development and support for the company, including IT infrastructure operations, infrastructure construction and cyber security operations. He reports to Blevins.
Wooten started his Dominion career in 1987 as a financial analyst. Over the past three decades, he has worked in several IT positions, including managing IT business accounts for two Dominion business units and directing companywide IT enterprise operations. He received a bachelor's degree in business administration from Longwood University.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"These five diligent, deserving individuals will improve our bench strength, expand our officer corps' breadth and depth of knowledge and help Dominion continue delivering dependable, affordable energy to our customers."
More information about Brown, Miles, Mladen, Whitfield and Wooten is available at https://www.dom.com/about-us/news-center/media-downloads/featured-bios.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
1/18/2017Dominion to Award $1 Million in Environmental Education and Stewardship Grants
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 18, 2017 /PRNewswire/ -- Dominion Resources announced today that it will once again provide $1 million in environmental grants this year through its charitable arm, the Dominion Foundation. The competitive program is designed to support specific short-term projects by nonprofits and K-12 schools working to improve the environment and provide environmental education experiences in communities served by Dominion companies.
"Each year Dominion partners with a broad range of nonprofits and schools to fund meaningful environmental projects that preserve, enhance, or make nature more accessible within our communities," said Hunter A. Applewhite, president of the Dominion Foundation. "The grants will support a variety of innovative environmental efforts to improve natural spaces and teach students, as well as the public, to treasure natural resources and use them wisely."
There are two components to this year's grants. Non-profit organizations are invited to apply for grants of up to $50,000 each for short-term projects that promise measurable results to improve the environment. Also, public and private K-12 schools in eligible regions are now invited to apply for classroom grants of up to $5,000 each for environmental education programs.
Eligible organizations in Connecticut, Maryland, North Carolina, Ohio, Rhode Island, South Carolina, Utah, Virginia, West Virginia and other areas within Dominion's footprint can submit applications through March 1, 2017. Recipients will be announced in April.
Dominion will consider grant requests that focus on one or more of the following priorities:
For complete details and to submit an online application, please visit: www.dom.com/envirogrants
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion Resources
Article Date
1/18/20171/11/2017 - Sun at Work in Virginia
Sun at Work in Virginia
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 11, 2017 /PRNewswire/ -- Nearly 235,000 solar panels, with help from the sun, are at work for Dominion Virginia Power customers now that the company has completed construction on three large-scale solar facilities in three Virginia counties – Isle of Wight, Louisa and Powhatan. At peak output, these facilities will produce 56 megawatts (MW) of emission-free generation, enough to power more than 14,000 homes.
"The successful completion of these solar projects is a result of the proficient collaboration between Dominion, the counties and the skilled crafts personnel that worked diligently and safely to get the job done," said Mark D. Mitchell, vice president of Generation Construction. "We remain focused on meeting the energy needs of customers, and adding to our solar generation fleet continues to play an essential role in that effort."
Amec Foster Wheeler, Dominion's construction contractor, managed the facilities through the engineering and environmental permitting process in the first half of 2016, and completed construction over the next five months to become operational in December 2016. Most of the construction workers were hired locally within all three counties resulting in an economic boost for the Commonwealth. Dominion acquired the solar development in Isle of Wight from Coronal Development Services and the development in Powhatan from Virginia Solar LLC. The facility in Louisa was developed by Dominion.
At a glance:
Dominion now has announced 391 megawatts of large-scale solar facilities under development or already in operation in 12 Virginia localities. This amounts to enough electricity at peak capacity to power more than 95,000 homes.
Learn more about Dominion's multi-state solar initiatives here.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion serves more than 6 million utility and retail energy customers. It has a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
1/11/2017Dominion, Dominion Midstream Schedule Fourth-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 10, 2017 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their fourth-quarter earnings conference call at 10 a.m. ET on Wednesday, Feb. 1, 2017. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Feb. 1 and lasting until 11 p.m. ET Feb. 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 61568881. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Feb. 1.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Midstream Partners
Article Date
1/10/2017Better reliability, environmental improvements benefit Dominion customers
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 6, 2017 /PRNewswire/ -- Rain or shine, on the front lines or behind the scenes, Dominion Virginia Power has made steady progress throughout 2016 to provide reliable, affordable service, and invest in new technologies for a cleaner and brighter future.
"Throughout 2016, we have continued to invest in modernizing and strengthening the energy grid to make our service more reliable. As a result, customers have seen an average of 10 percent improvement in reliability since 2011 when measured by minutes without power," said Robert M. Blue, chief executive officer and president of Dominion Virginia Power, in his annual letter to the company's 2.5 million electric customers.
"We aim to continually improve reliability because every minute our customers are without power matters," said Blue. "In major events, we mobilize our dedicated employees to restore power as quickly and safely as possible."
In 2016, Hurricane Matthew brought about the most widespread power outages Dominion has had since 2012. When the storm changed path and impacted the company's service territory, Dominion quickly amassed a restoration team of several thousand people who worked around the clock to return life back to normal.
"At Dominion, we understand the importance of reducing our carbon footprint and protecting the health and safety of the public," said Blue. Since 2000, Dominion has reduced the company's carbon intensity rate (the average CO2 emissions rate per unit of electric output) by 43 percent companywide. Dominion also is an industry leader in shifting the company's coal fleet toward cleaner alternatives, including the closure of all the company's coal ash ponds by 2019, four years ahead of the federal requirement.
"Improving fleet performance has helped cut the cost of fuel, lower rates, and increase reliability. We keep costs down by investing in the efficiency of our generation fleet," said Blue.
In April 2016, Dominion began operating Brunswick County Power Station, a combined cycle facility that operates as one of the most efficient stations in the country. Power Engineering Magazine awarded Dominion with top honors for the station, including Best Overall Generation Project of the Year and Best Gas-Fired Project of the Year.
Brunswick is one of several new gas-powered stations Dominion is building to replace aging coal-fired power stations and meet the need for clean, reliable energy. The station's efficient design and low cost of natural gas are expected to provide an estimated $100 million in fuel savings to customers in its first year of operation and between $954 million and $1.5 billion over the life of the station.
Dominion also has worked this past year to keep costs low for customers, with typical electric rates being significantly lower than the national average. See https://www.dom.com/varates for rate comparisons.
These efforts have been recognized within the industry. In 2015 Fortune magazine ranked Dominion No. 1 overall among its electric utility peers for innovation, social responsibility, and quality of service.
"Although we confront major challenges in the ever-changing energy landscape, our main goal is always our dedication to serving our customers," said Blue.
In addition to Dominion's commitment to reliability and sustainability, Dominion continued its steady focus on corporate citizenship and improving communities. Forbes magazine named Dominion as one of the "Just 100" best corporate citizens of the United States in 2016.
About Dominion Virginia Power:
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
1/6/2017Dominion Listed Among America's Best Corporate Citizens in 2016 by Forbes Magazine
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Dec. 20, 2016 /PRNewswire/ -- Dominion (NYSE: D) has been named by Forbes magazine and partner Just Capital as one of the "Just 100" – the best corporate citizens in the United States in 2016.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Dominion is pleased to be recognized alongside some of the most recognizable – and best – companies in America. We have a mandate from our regulators to serve our customers by keeping the lights on and the gas flowing. But with that mandate for dependable energy comes a responsibility to make good on our promises to investors, protect the environment, treat the best employees anywhere well and give back to the communities we serve."
Forbes and Just Capital, a nonprofit founded by Paul Tudor Jones, surveyed 50,000 Americans regarding what they perceived as the "most important corporate traits." The researches distilled those responses to 36 components constituting 10 metrics by which companies from the Russell 1000 were judged – worker treatment, worker pay and benefits, customer treatment, leadership and ethics, environmental impact, supply chain impact, domestic job creation, community well-being, investor alignment and product attributes.
Dominion was one of three investor-owned utilities and one of six Virginia-based companies listed among this year's "Just 100."
The company has also received national recognition in recent years for its conservation and environmental efforts, for its commitment to military veteran employees and their families and for its philanthropic programs and employee volunteerism. Each year in the states where Dominion does business, the company contributes approximately $20 million through shareholder funds and the Dominion Foundation to support human needs, community development, the environment, education and the arts.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
12/20/2016Dominion Board of Directors Increases Dividend Rate by 8 Percent
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Dec. 16, 2016 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) today established a 2017 dividend rate of $3.02 per share of common stock, up from $2.80 per share in 2016, or a 7.9 percent increase. Subject to board declaration in January, the first quarterly dividend of 75.5 cents per share will be payable in March 2017. The expected 2017 dividend increase would mark the 14th consecutive year in which the annual dividend rate rose from the previous year's rate.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Through our board's action today, Dominion remains steadfast that our long-term growth strategy will provide to our company's owners annual 8 percent increases in our dividend rate through the end of this decade."
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
Payment of the 2017 dividend is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the timing and execution of Dominion Midstream's growth strategy. We have identified in our SEC Reports on Forms 10-K and 10-Q, and will in the future identify, a number of factors that could cause actual results to differ from those in the forward-looking statements. We refer you to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
12/16/2016Brunswick County Power Station named "Project of the Year"
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Dec. 14, 2016 /PRNewswire/ -- The accolades for Dominion Virginia Power's Brunswick County Power Station keep rolling in. Tuesday, the station received two top honors: Best Overall Generation Project of the Year and Best Gas-Fired Project of the Year at the Power-Gen International 2016 Conference in Orlando, Florida.
The highly efficient, low-emissions Brunswick County Power Station was selected based on technological innovation, local impact, logistical challenges, creativity and capacity. The Power-Gen Conference is sponsored by Power Engineering magazine.
"Since it began generating electricity for our customers in April, Brunswick County Power Station has become a workhorse for our company. It is providing clean, reasonably priced electricity for our customers and demonstrating that it certainly is one of the best power stations of its kind in the world," said Mark Mitchell, vice president-Generation Construction.
Mitchell noted that the station helps reduce carbon emissions in addition to providing reliable and lower-cost energy. The station produces electricity with about half the carbon as power purchased from the regional grid when operating on peak.
In November, Dominion and Fluor Corporation -- which built and designed Brunswick County Power Station for Dominion -- received two awards from Engineering News-Record Mid-Atlantic. The station was honored as Best Project in the Energy/Industrial category and Excellence in Safety Best Project.
Brunswick uses natural gas and energy efficient technology to produce 1,358 megawatts of electricity, enough to power 340,000 homes. Brunswick has three Mitsubishi Hitachi combustion turbines – essentially large jet engines. The combustion turbines generate electricity and then heat is captured and used to create steam used to create even more electricity.
Construction on the station began in the summer of 2013. At the height of construction, the station had more than 1,500 workers on site.
Brunswick County joins its sister station, Warren County Power Station, as recipient of Power Engineering's top award. Warren County was the winner in 2015.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 6 million customers. It has a portfolio of approximately 26,000 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
12/14/2016Dominion Provides $1 Million for Youth Educational Enrichment
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Dec. 8, 2016 /PRNewswire/ -- Recognizing that education goes beyond time in the classroom, Dominion Resources is providing more than $1 million to support children and youth enrichment programs in central Virginia.
"In-school enrichment programs and out-of-school educational activities build on the classroom experience," said Hunter A. Applewhite, president of the Dominion Foundation. "The programs will reach thousands of students, providing them with broader and more hands-on learning opportunities."
Each of the 11 projects received funding from the Dominion Foundation, the philanthropic arm of Dominion Resources, the parent company of Dominion Virginia Power. Applewhite announced the grants today at JA Finance Park with representatives of recipient organizations.
Junior Achievement of Central Virginia received $300,000 to help create a new JA Finance Park that will open in 2017 to serve all 10th graders from Richmond and Henrico, Chesterfield, Hanover, New Kent and Goochland counties. At JA Finance Park, students take financial lessons learned in the classroom and apply them to "real-life" scenarios. Students must develop and live within a personal budget by making financial decisions and paying for everything from housing to health care to food, utilities and more.
"For more than 6,000 central Virginia students each year, JA Finance Park is a real eye-opener. They leave with a deeper appreciation of what their parents experience in real life and an understanding of what is entailed in balancing priorities," said Daphne Swanson, president of Junior Achievement of Central Virginia. "Dominion's gift will go a long way toward helping us meet our goal of creating an expanded, enhanced JA Finance Park to reach even more students in years to come."
The other programs are:
About Dominion
The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia Power. Dominion and the Foundation support nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. For more information about Dominion (NYSE: D), headquartered in Richmond and one of the nation's largest producers and transporters of energy, visit www.dom.com.
SOURCE Dominion
Article Date
12/8/201612/2/2016 - Dominion East Ohio Ready for Colder Winter Temperatures: Customers Can Set Thermostats with Confidence
Dominion East Ohio Ready for Colder Winter Temperatures: Customers Can Set Thermostats with Confidence
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Dec. 2, 2016 /PRNewswire/ -- Abundant regional shale natural gas supplies will help Dominion East Ohio customers face an expected return to colder temperatures this upcoming winter, at prices projected to be lower than the average of the past five heating seasons, officials say.
Jeff Murphy, Dominion East Ohio vice president and general manager, says a review of current New York Mercantile prices, for January through March 2017, indicates that average monthly natural gas prices would be in the "low to mid-three dollar range per thousand cubic feet (mcf)."
Murphy notes that those NYMEX prices can, and often do change, based on actual weather and other market factors. However, based on current conditions, these price projections are still lower than Dominion's five-year winter price average of $3.806/mcf, covering the 2011-12 through 2015-16 heating seasons.
Average monthly prices will likely be higher than last winter's unusually low prices, which resulted from a unique combination of warmer-than normal weather, increased production from shale areas in Ohio and other states and historically high storage levels, Murphy says.
For example, customers on the company's Standard Choice Offer (SCO) or Standard Service Offer (SSO) rates will see a rate of $3.182 per mcf, effective December 13. Though higher than the previous December rate of $2.226/mcf, the December 2016 rate is still lower than the $4.45/mcf December average for the years 2011-2014, Murphy points out.
"Last year was an anomaly," Murphy says. "Record storage levels and strong natural gas production collided with reduced demand created by much warmer-than-normal weather. This caused market prices to crater to decades-plus low levels. It was a classic case of the law of supply and demand in action."
Even though natural gas storage levels are very high, reduced drilling brought about by low prices and an expected return to colder seasonal temperatures, has resulted in higher, though still moderate, market prices, Murphy says.
Murphy adds that the location of Dominion East Ohio's system, astride Ohio's major Utica and Marcellus shale production regions, is helping moderate price increases for company customers. "Our location so close to some of the fastest growing production areas in the country provides greater supply reliability and ensures that Dominion East Ohio can provide sufficient natural gas when our customers need it most."
The company's SCO, available to choice-eligible residential customers who have not already chosen a specific Energy Choice or governmental aggregation supplier offer, is a combination of the NYMEX monthly closing price and a Retail Price Adjustment, which is set in an annual auction under Public Utilities Commission of Ohio supervision. For the first time, this year's auction produced a price adjustment of minus 5 cents per mcf. Murphy attributed this result to an abundance of regional shale gas resources and limited pipeline infrastructure to carry gas out of the region to other parts of the country.
These same regional market dynamics also impact prices offered by suppliers participating in the company's Energy Choice and government aggregation programs. "I would advise all our customers to research their natural gas supply options and select one that best meets their family's needs," Murphy says. As always, customers should review their current contract to see whether there are any early termination fees or other provisions that might affect their choice of suppliers.
Customers can evaluate their options at www.dominiongaschoice.com, which provides interactive, one-stop shopping information. Dominion East Ohio supports the site, working with the PUCO, the Office of the Ohio Consumers' Counsel (OCC), natural gas suppliers and community organizations. To help consumers understand the costs and terms associated with certified natural gas suppliers' offers, the site offers such tools as links to the PUCO's "Apples to Apples" comparison chart (www.puco.ohio.gov, or 1-800-299-7271) or the OCC's "Comparing Your Energy Choices" chart (www.pickocc.org) and other objective comparison tools.
About Dominion
Dominion (NYSE:D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
12/2/2016Dominion Midstream Partners Completes Acquisition of Questar Pipeline
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Dec. 1, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), today closed on the transaction to acquire Questar Pipeline, LLC, from Dominion Resources, Inc. (NYSE: D), for $1.725 billion. As part of the transaction, Dominion Midstream paid $823 million in cash to Dominion, issued $167 million of common units and $300 million of convertible preferred units to Dominion, and has assumed Questar Pipeline's $435 million of outstanding indebtedness.
Cash sources included a previously announced $360 million underwritten public common unit offering, a $137.5 million private placement of common units, and $500 million of convertible preferred units placed with a group of institutional investors led by Stonepeak Infrastructure Partners.
Thomas F. Farrell II, chairman, president and chief executive officer of Dominion and Dominion Midstream GP, LLC, said:
"Today's announcement once again demonstrates Dominion's and Dominion Midstream's ability to execute complementary acquisitions to achieve best-in-class distribution growth at Dominion Midstream while providing cash to Dominion to pay down debt."
The addition of Questar Pipeline – which owns and operates Federal Energy Regulatory Commission-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming – is expected to be immediately accretive to Dominion Midstream's distributable cash flow per unit. This transaction supports the partnership's intention to grow distributions to unitholders at a compounded annual growth rate of 22 percent per year through the end of the decade.
Dominion plans to use the cash generated by the dropdown transaction and other related financing activities to reduce debt at the parent level by $1.2 billion.
Joint bookrunning managers and placement agents on the above-referenced public and private capital markets activities included RBC Capital Markets, Barclays, JP Morgan, Mizuho Securities, BofA Merrill Lynch, Citigroup and UBS Investment Bank.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. A number of factors that could cause actual results to differ from those in the forward-looking statements are identified in Dominion's and Dominion Midstream's filings with the U.S. Securities and Exchange Commission. You are referred to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and the companies undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion Midstream Partners, LP; Dominion Resources, Inc.
Article Date
12/1/2016Executives Promoted to Head Dominion Energy, Dominion Virginia Power
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Nov. 21, 2016 /PRNewswire/ -- Dominion (NYSE: D) is promoting two executives to head its Dominion Energy and Dominion Virginia Power business groups effective Jan. 1, 2017.
Diane Leopold, currently president–Dominion Energy, will become president and CEO–Dominion Energy. She will be responsible for all of Dominion's natural gas businesses.
Robert M. Blue, who currently serves in a dual role as both senior vice president–Law, Regulation and Policy and as president of the Dominion Virginia Power business unit, will become president and CEO–Dominion Virginia Power. He will give up responsibilities for Law, Regulation, Environment and Public Policy.
Leopold and Blue will report to Chairman, President and CEO Thomas F. Farrell II.
"Diane and Bob consistently have exhibited outstanding leadership, sound judgment and the kind of vision needed to guide our company and serve our stakeholders in today's fast-changing environment," Farrell said. "Their broad experience also will serve them and Dominion well in their new roles. We are fortunate to have people of such high caliber in these important positions."
The company also announced new roles for two other senior executives.
David A. Christian, currently executive vice president, CEO–Dominion Energy Infrastructure Group and CEO–Dominion Virginia Power, will become executive vice president and the company's first Chief Innovation Officer. In his new role, Christian will work across business units to foster innovation, creativity and development in Dominion's people, processes and strategies.
Mark O. Webb, currently senior vice president, general counsel and chief risk officer, will become senior vice president–Corporate Affairs and chief legal officer. He will add responsibilities for government affairs, corporate communications, community affairs and philanthropy.
Christian and Webb also will report to Farrell.
Leopold joined Dominion Virginia Power in 1995. Her recent positions include senior vice president-Business Development & Generation Construction and senior vice president–Dominion Transmission. She assumed her current post in January 2014. Leopold also serves as chair of the Interstate Natural Gas Pipeline Association of America (INGAA), the first woman to hold the position.
Blue joined Dominion in 2005. He has held several executive positions in law, public policy and corporate communications as well as serving a prior stint as president of Dominion Virginia Power. His previous positions include senior vice president–Public Policy & Environment and senior vice president-Regulation, Law, Energy Solutions & Policy. He assumed his current post in January 2016.
Christian joined Virginia Power in 1976 and has held a variety of management positions with Dominion. Before being named CEO-Dominion Generation Group in June 2009, Christian was chief nuclear officer of the company's Dominion Nuclear business unit. He assumed his current post in January 2016.
Webb joined Dominion in 1997 as assistant general counsel and served in several positions with the Law and Alternative Energy Solutions groups. He was named vice president and general counsel in January 2013 and assumed the responsibilities of chief risk officer in January 2014. He was named senior vice president, general counsel and chief risk officer in May 2016.
More information about Leopold, Blue, Christian and Webb is available at https://www.dom.com/corporate/about-us/leadership/dominion-officers .
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
11/21/201611/21/2016 - Dominion Gives More Than $1 Million to Charitable Groups Meeting Critical Community Needs
Dominion Gives More Than $1 Million to Charitable Groups Meeting Critical Community Needs
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Nov. 21, 2016 /PRNewswire/ -- Dominion Resources will once again mark the holiday season by providing more than $1 million in grants to help feed, shelter and care for people across communities where the company operates. Donations will be shared by 140 non-profit organizations that provide critical community services in 13 states. This is the second year that Dominion has given more than $1 million in Critical Community Needs grants through its charitable arm, the Dominion Foundation.
"While the Dominion Foundation works year-round to support worthy charitable causes, these grants are earmarked for programs that deliver basic necessities such as shelter, nutritious meals and medical care, to people in need," said Thomas F. Farrell II, chairman, president and CEO of Dominion Resources. "It is especially fitting during the holidays to support organizations that are improving lives and building greater stability in the places we call home."
In total, $587,000 in grants will go toward feeding those in need, $273,000 for providing shelter and $267,500 for medical care.
Examples of this year's grant recipients include:
Eligible organizations in Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Utah, Virginia, West Virginia, Wisconsin and Wyoming were encouraged to apply for grants of up to $50,000 each. More than 300 applications were considered, with selections made based on an organization's demonstrated ability to serve communities, meet basic human needs, and prevent future need.
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia/North Carolina Power, Dominion East Ohio, Dominion Hope, Dominion Transmission, Dominion Carolina Gas Transmission, Millstone Power Station in Connecticut and Dominion Questar in Utah and Wyoming. Dominion and the Dominion Foundation support nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information about Dominion and the Dominion Foundation, visit www.dom.com.
SOURCE Dominion Resources
Article Date
11/21/201611/17/2016 - Dominion Announces Significant Expansion of Solar Energy in Virginia in Collaboration With Amazon
Dominion Announces Significant Expansion of Solar Energy in Virginia in Collaboration With Amazon
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Nov. 17, 2016 /PRNewswire/ -- Dominion (NYSE: D), today announced a major expansion of its solar alliance with Amazon Web Services (AWS), Inc., an Amazon.com company, to add 180 megawatts of solar generating capacity in five Virginia counties. Construction of the facilities will be enabled through long-term power purchase agreements between Dominion subsidiary, Dominion Energy, Inc., and an affiliate of Amazon's cloud computing business, AWS. The solar facilities are expected to enter service in late 2017.
The developments announced today are expected to expand Dominion's operating eight-state solar fleet to 1,400 megawatts by 2017, including 434 megawatts in North Carolina and Virginia. The company, one of the largest owners and operators of solar power in the U.S., intends to bring online at least 500 megawatts of solar generating capacity in the two-state area by 2020.
Dominion is acquiring four 20-megawatt projects from Virginia Solar LLC, and will develop these facilities in Buckingham, New Kent, Powhatan and Sussex Counties for AWS. An engineering, procurement and construction (EPC) contract has been signed with Strata Solar for the projects. The company is also acquiring a 100-megawatt development from Community Energy Solar and will develop it in Southampton County. Signal Energy will serve as the EPC contractor. Dominion will own and operate all five facilities as part of the Amazon Solar Farm U.S. East portfolio.
In late October, an 80-megawatt solar facility in Accomack County – also included in the Dominion-Amazon alliance – entered service. It is the largest operating solar farm in the mid-Atlantic region and was developed by Community Energy Solar.
The 260 megawatts of solar capacity constituting the alliance between the two companies would produce enough electricity to power 65,000 typical homes and businesses.
AWS has publicly shared its long-term goal to achieve 100 percent renewable energy usage for its global infrastructure, and will exceed its goal of 40 percent renewable energy usage by the end of 2016. AWS also set a new goal to be powered by 50 percent renewable energy by the end of 2017. These projects will increase renewable energy on the electrical grid that supplies both current and future AWS data centers.
"This alliance with Amazon Web Services will include the two largest solar farms in the mid-Atlantic," said Thomas F. Farrell II, chairman, president and chief executive officer of Dominion. "This solar expansion is great for Dominion, Amazon and the Commonwealth of Virginia. It helps AWS meet its renewable needs, it expands Virginia's clean electric generation fleet, and it creates economic development opportunities in largely rural communities."
"Solar energy is a central part of the comprehensive renewable energy approach Virginia needs to keep costs low for businesses, families and taxpayers as we build a new Virginia economy," said Virginia Governor Terry McAuliffe. "I applaud Dominion and Amazon for collaborating in a way that will benefit our economy, our energy mix and our environment. We will continue to support collaborations and innovative approaches to bring low-cost, renewable energy to all corners of the Commonwealth."
"We continue to ramp our sustainability efforts in areas where availability of renewable energy sources are low or proposed projects are stalled, and where the energy contribution goes onto the same electric grid that powers AWS data centers," said Peter DeSantis, vice president, Infrastructure, AWS. "By enabling 10 utility scale renewable projects in the U.S. to date, we are well-positioned to meet our latest goal of 50 percent renewable energy powering the AWS global infrastructure by the end of 2017. That said, we are nowhere near done. We will continue to make progress toward 100 percent and have many exciting initiatives planned."
Dominion expects the projects to qualify for the federal Investment Tax Credit.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
11/17/2016Dominion East Ohio Recognizes November 16, 2016, As Utilities United Against Scams Day
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Nov. 15, 2016 /PRNewswire/ -- Dominion East Ohio is proud to stand with its fellow natural gas distribution companies, as well as utilities in the water and electric sectors, to observe the inaugural Utilities United against Scams Day (UUASD) on Wednesday, November 16, 2016, and raise awareness about utility scams throughout the week.
Most utility scams involve criminals posing as natural gas, electric or water provider employees — either in person, over the phone or via internet — and demanding immediate payment via cash, credit cards or prepaid debit cards, supposedly in order to prevent service disconnection. These unscrupulous criminals can be very convincing, and often target those who are most vulnerable, including the elderly and non-native English speakers. However, with the right information, customers can learn to avoid and report these predatory scams.
Customers who believe they have been targeted by utility scammers should follow these tips:
UUASD is a collaborative effort among the electric, gas, and water utility industries to help prevent utility service fraud through education, awareness, and customer advocacy initiatives. A primary goal of this collective effort is to help customers learn how to identify and avoid utility-related scams.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
11/15/2016Dominion Reminds Customers to be Aware of and Fight Back against Utility Scams
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Nov. 14, 2016 /PRNewswire/ -- Last year, scammers contacted nearly 2,800 Dominion Virginia Power customers, demanding fraudulent payments totaling more than $1.2 million. Hundreds of customers fell victim, paying nearly $200,000 in response to threats of immediate disconnection of electric service.
"While we are working in concert with law enforcement to identify, track and stop these scams, it's important for customers to recognize the red flags," said Marc Gaudette, director-Corporate Security, Safety & Health. "Unfortunately, the scammers frequently target the elderly, non-English-speaking communities and businesses during their busy times and use caller ID spoofing software so a customer thinks Dominion is calling."
"There are two clear signs that there's a scammer on the other end of that phone call that you can easily spot," said Becky Merritt, vice president, Customer Service. "First, we would never threaten a customer, even if their account is past due. Second, we would never insist on one specific, immediate form of payment—there are a number of options available to customers, including in-person at a verified payment location, secure payment through their online account, or our third-party payment processing vendor."
For a list of authorized payment locations, click here.
Utility customers across the country are being targeted. Watch a video that describes these scams and how customers can recognize them here.
Customers are reminded to do the following:
For other tips about how to avoid scams, please visit www.dom.com/scams.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
11/14/2016New Web-Based Resource For Virginia Veterans And Families Launches Today
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Nov. 10, 2016 /PRNewswire/ -- VirginiaNavigator, a statewide non-profit that provides free web-based resources for older adults, people with disabilities and their families, announced today the launch of the newest addition to its family of websites: VeteransNavigator.org. The comprehensive website – designed to serve and help Virginia veterans – was made possible thanks in part to a $100,000 grant from Dominion Resources, parent company of Dominion Virginia Power.
"Virginia is home to over 800,000 veterans and the need for veteran's services – and easy connection to those services – is critical," said Gov. Terry McAuliffe. "A top priority of mine, and that of my administration, is to make Virginia the most veteran- and military-friendly state in the nation. As we commemorate Veterans Day later this week, I'm pleased that our veterans and their families now have access to VeteransNavigator to help them secure services they may need."
The website offers a one-stop online resource for Virginia veterans, their families and caregivers, with easy access to targeted support services, educational features and vital public, private and non-profit programs and resources available on the local, state and national level.
"At Dominion, one in five new hires is a veteran," said Thomas F. Farrell II, chairman, president and CEO of Dominion Resources. "We are immensely proud of our veterans and recognize the personal sacrifices they have made to serve our country. It is a privilege and honor to support VeteransNavigator so that veterans and their families have every opportunity to live connected and productive lives."
As the 'Founding Partner' of VeteransNavigator, Dominion Resources provided funding to develop and launch the website through its philanthropic arm, the Dominion Foundation.
Content and features focus on meeting key needs of both pre- and post-9/11 veterans, including job training and employment, veterans and military family benefits, housing and homelessness, behavioral health, long-term care, peer support, family caregiver support, social and recreational opportunities.
In addition, VeteransNavigator offers:
Because it is online, VeteransNavigator will serve as a comprehensive informational hub 24 hours a day, 7 days a week. For those who do not use a computer, the organization is in the process of establishing additional 'Navigator Center' network partnerships at military installments and related organizations across the state, where trained staff can assist veterans in utilizing the website.
"Veterans, as well as their families, proudly serve our country and when the time comes to leave active duty, they often need support during their transition and beyond," said Virginia House of Delegates Majority Leader and long-time veterans advocate, Kirk Cox. "My staff and I plan to share VeteransNavigator with our military and veteran constituents who are looking to locate and connect to the wide array of programs and services available to them."
"Throughout the development of VeteransNavigator, we collaborated with numerous public and private partners and individuals to ensure the site would give veterans and their families access to reliable and valuable resources to help them navigate their post-military journey," said Adrienne M. Johnson, executive director of the VirginiaNavigator Family of Websites.
"As our nation celebrates Family Caregiver Month and prepares to pay special tribute to our heroes and their families on Veterans Day, we launch VeteransNavigator to help those brave men and women who have sacrificed so much for so many," said Johnson.
To locate veteran-related programs/services or educational information, visit www.VeteransNavigator.org
About VirginiaNavigator
VirginiaNavigator is a statewide public/private partnership nonprofit that helps Virginia's seniors, caregivers, people with disabilities, veterans, and their families find vital information and community programs so they can live with independence, dignity and hope. Through its Family of Websites (disAbilityNavigator.org; SeniorNavigator.org; VeteransNavigator.org), visitors are provided with helpful, free health and aging information via an accessible high-tech/high-touch approach.
About Dominion
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia Power. Dominion and the Dominion Foundation support nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion
Article Date
11/10/2016Dominion Memorial Scholarship Fund Accepting Applications
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Nov. 7, 2016 /PRNewswire/ -- The company is seeking qualified high school seniors for the Dominion Memorial Scholarship Fund. Online applications are being accepted through Jan. 31, 2017.
Now in its 10th year, the program was established in memory of three college students with close ties to Dominion who were slain in the 2007 Virginia Tech shootings. Six new scholarships will be awarded for the 2017-2018 academic year. The scholarships are up to $5,000 each for tuition and fees and are renewable for up to three years, for a total of four years.
Program details:
Visit the program website to access the online application, or for more information, go to www.dom.com, search: memorial scholarship.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
11/7/20162019 Commemoration Receives $1.2 Million Gift from Dominion Resources
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Nov. 1, 2016 /PRNewswire/ -- The 2019 Commemoration announced that it has received a $1.2 million gift from Dominion Resources to support commemoration events and projects marking the 400th anniversary of key events in the founding of America.
Dominion is making the gift through its charitable arm, the Dominion Foundation, to build awareness of Virginia's unique role in the creation of the United States. As a Founding Partner of the 2019 Commemoration, Dominion will help underwrite renovation of the Fort Monroe Visitor and Education Center in Hampton, Virginia.
"We are pleased to have Dominion join us as a Founding Partner," said Kathy Spangler, Executive Director of the 2019 Commemoration. "Through sponsored events and legacy projects, Dominion will assist us in commemorating the events of 1619 while using a contemporary lens to engage Americans in discussions about the present and the future."
"Our company is built on a legacy of public service, innovation and community involvement, and we are proud to partner with the 2019 Commemoration," said Thomas F. Farrell II, chairman, president and chief executive officer of Dominion Resources. "Virginia is our corporate home, and we want the nation to learn about our history and our path to democracy, diversity and opportunity."
"Designating a portion of this donation to the exhibits at the Fort Monroe Visitor and Education Center is a strategic investment in telling the story of this country and inspiring discussions about the rich history of the American Evolution," said Glenn Oder, Executive Director of the Fort Monroe Authority. "This generous gift will assist us – the Fort Monroe Authority and the National Park Service – in welcoming visitors and sharing the storied history of the early exploration of Captain John Smith, the first arrival of Africans to English North America in 1619, as well as the Contraband Decision in 1861 that led to thousands of enslaved people to seek their asylum at Freedom's Fortress."
The 2019 Commemoration, under the theme AMERICAN EVOLUTION™ seeks to showcase Virginia's role in the creation of the United States by highlighting events that occurred in 1619: the first legislative assembly in the New World, the arrival of the first Africans to English North America, the arrival of women to build community, the first official English Thanksgiving in North America, and the spirit of innovation and entrepreneurialism that became a model for the American spirit.
For more information about the 2019 Commemoration, visit AmericanEvolution2019.com.
About the 2019 Commemoration
The 2019 Commemoration, AMERICAN EVOLUTION™, highlights events that occurred in Virginia in 1619 that continue to influence America today. Featured programs, events and legacy projects will position Virginia as a leader in education, tourism and economic development. AMERICAN EVOLUTION™ commemorates the ongoing journey toward the key ideals of democracy, diversity and opportunity.
About Dominion Resources
Dominion Resources is the parent company of Dominion (NYSE: D), headquartered in Richmond, Va., Dominion is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia Power. Dominion and the Dominion Foundation support nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information about Dominion and the Dominion Foundation, visit www.dom.com.
SOURCE Dominion Resources
Article Date
11/1/201610/31/2016 - Dominion Midstream Partners Announces Upsizing, Pricing of Limited Partnership Units Offering
Dominion Midstream Partners Announces Upsizing, Pricing of Limited Partnership Units Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), a Delaware limited partnership and a subsidiary of Dominion Resources, Inc. (NYSE: D), announced today that it has priced its previously announced public offering of limited partnership units representing limited partner interests (common units) pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) at $23.20 per common unit. The size of the offering has been upsized from 12,000,000 common units to 13,500,000 common units. The underwriters have also been granted an option to purchase up to 2,025,000 additional common units (the option). Dominion Midstream expects the offering to close on Nov. 3, 2016, subject to customary closing conditions.
Dominion Midstream intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option, to fund a portion of the purchase price for the acquisition of all of the issued and outstanding membership interests of Questar Pipeline, LLC, from Dominion (the acquisition). This offering is not conditioned on the consummation of the acquisition. If the acquisition is not consummated, Dominion Midstream intends to use the net proceeds from this offering for general partnership purposes, which may include, among other things, debt repayment, acquisitions, capital expenditures and additions to working capital.
RBC Capital Markets, Barclays, J.P. Morgan, Mizuho Securities, BofA Merrill Lynch, Citigroup and UBS Investment Bank are acting as joint book-running managers for the offering.
This offering will be made only by means of a written prospectus. Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from:
|
RBC Capital Markets |
Barclays |
|
200 Vesey Street, 8th Floor |
c/o Broadridge Financial Solutions |
|
New York, NY 10281-8098 |
1155 Long Island Avenue |
|
Attn: Equity Syndicate |
Edgewood, New York 11717 |
|
Toll-Free: (877) 822-4098 |
Toll-Free: (888) 603-5847 |
|
J.P. Morgan |
Mizuho Securities |
|
c/o Broadridge Financial Solutions |
320 Park Avenue, 12th Floor |
|
1155 Long Island Avenue |
New York, New York 10022 |
|
Edgewood, New York 11717 |
Attn: Equity Capital Markets |
|
Telephone: (212) 205-7600 | |
|
Toll-Free: (866) 803-9204 |
|
|
BofA Merrill Lynch |
Citigroup |
|
NC1-004-03-43 |
c/o Broadridge Financial Solutions |
|
200 North College Street, 3rd Floor |
1155 Long Island Avenue |
|
Charlotte, North Carolina 28255-0001 |
Edgewood, New York 11717 |
|
Attn: Prospectus Department |
Toll-Free: (800) 831-9146 |
|
UBS Investment Bank |
|
|
1285 Avenue of the Americas |
|
|
New York, New York 10019 |
|
|
Attn: Prospectus Dept. |
|
|
Toll-Free: (888) 827-7275 |
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
You may also obtain copies of the prospectus supplement and the accompanying base prospectus free of charge at the SEC's website, www.sec.gov, under the registrant's name "Dominion Midstream Partners, LP."
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion, to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, financial market conditions and/or the anticipated benefits from the Acquisition that may take longer to realize than expected. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion Midstream Partners
Article Date
10/31/201610/31/2016 - Dominion Midstream to Acquire Questar Pipeline
Dominion Midstream to Acquire Questar Pipeline
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), and Dominion Resources, Inc. (NYSE: D), today announced an agreement in which Dominion Midstream will acquire Questar Pipeline, LLC, from Dominion for consideration of approximately $1.725 billion, including indebtedness of Questar Pipeline as part of the transaction value. The acquisition has an anticipated effective date of Dec. 1, 2016. The board of directors of Dominion and the board of directors and Conflicts Committee of Dominion Midstream GP, LLC, the general partner of Dominion Midstream, have approved the transaction.
Dominion Midstream intends to finance the acquisition through the following transactions:
Upon closing, the acquisition of Questar Pipeline – which owns and operates Federal Energy Regulatory Commission-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming – will be immediately accretive to Dominion Midstream's distributable cash flow and supportive of the partnership's intention to grow distributions to unitholders at a compounded annual growth rate of 22 percent per year. It is also expected to more than double Dominion Midstream's existing adjusted EBITDA, thereby obviating the partnership's need to acquire any additional assets or issue any additional equity to meet its annual distribution growth targets until the second half of 2018.
Subject to certain conditions, the preferred units will pay a distribution of 4.75 percent per year for two years, and thereafter a distribution equal to the greater of 4.75 percent per year and the amount that the preferred units would have received if they had converted into common limited partner units. The preferred units will generally be convertible into common limited partner units at a price reflecting an approximate 15 percent premium to the pricing of this morning's underwritten public offering of common limited partner units on a one-for-one basis after two years, at the purchasers' option, and after three years at Dominion Midstream's option, subject to certain conditions.
Dominion plans to use proceeds from the Questar Pipeline dropdown into Dominion Midstream to retire outstanding debt.
Thomas F. Farrell II, chairman, president and chief executive officer of Dominion and chairman and CEO of Dominion Midstream, said:
"Dominion Midstream's planned acquisition of Questar Pipeline and related financing have been anticipated as part of the financing structure of the Dominion-Questar Corporation combination since it was announced in February 2016. The capital generated from the Questar Pipeline dropdown will allow Dominion to pay down debt while supporting its earnings and dividend growth targets. The dropdown will also provide Dominion Midstream with additional earnings to support its best-in-class growth rate, without another asset drop or additional equity, until the second half of 2018.
"This successful financing also validates our business plan for Dominion Midstream, which involves accessing the capital markets to fund the acquisition of midstream assets to support the partnership's stated intention to grow distributions by 22 percent per year."
The Dominion Midstream GP's Conflicts Committee was advised by Richards, Layton & Finger, P.A. and Evercore Group L.L.C. This transaction is not subject to additional regulatory or other approvals.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
This news release includes certain "forward-looking information." Examples include information as to expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release, including statements and expectations regarding future distributions, accretion of distributable cash flow, adjusted EBITDA growth, financing needs and plans and capital investments. These businesses are influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely. A number of factors that could cause actual results to differ from those in the forward-looking statements have been and will be identified in the SEC Reports on Forms 10-K and 10-Q, as applicable to Dominion and Dominion Midstream. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
This news release contains certain non-Generally Accepted Accounting Principles (GAAP) financial measures, specifically adjusted EBITDA and distributable cash flow. These non-GAAP financial measures are provided as a supplement only and should not be considered as an alternative to any GAAP measure of our operating performance, liquidity or profitability. The presentation of these financial measures is not intended to be a substitute for or superior to any financial information prepared and presented in accordance with GAAP. The non-GAAP financial measures included in this news release should be reviewed in conjunction with our financial results reported under GAAP. Please see the third-quarter 2016 Dominion Midstream earnings news release for an explanation of adjusted EBITDA.
SOURCE Dominion Midstream Partners; Dominion Resources
Article Date
10/31/2016Dominion Midstream Partners to Offer Limited Partnership Units
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Midstream Partners, LP (NYSE: DM), a Delaware limited partnership and a subsidiary of Dominion Resources, Inc. (NYSE: D), announced today that it has commenced a public offering of 12,000,000 limited partnership units representing limited partner interests (common units) pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). Dominion Midstream expects to grant the underwriters an option to purchase up to 1,800,000 additional common units (the option). Dominion Midstream intends to use the net proceeds from this offering, including any net proceeds from the underwriters' exercise of their option, to fund a portion of the purchase price for the acquisition of all of the issued and outstanding membership interests of Questar Pipeline, LLC, from Dominion (the acquisition). This offering is not conditioned on the consummation of the acquisition. If the acquisition is not consummated, Dominion Midstream intends to use the net proceeds from this offering for general partnership purposes, which may include, among other things, debt repayment, acquisitions, capital expenditures and additions to working capital.
RBC Capital Markets, Barclays, J.P. Morgan, Mizuho Securities, Citigroup, BofA Merrill Lynch and UBS Investment Bank are acting as joint book-running managers for the offering.
This offering will be made only by means of a written prospectus. Copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from:
|
RBC Capital Markets |
Barclays |
|
200 Vesey Street, 8th Floor |
c/o Broadridge Financial Solutions |
|
New York, NY 10281-8098 |
1155 Long Island Avenue |
|
Attn: Equity Syndicate |
Edgewood, New York 11717 |
|
equityprospectus@rbccm.com |
barclaysprospectus@broadridge.com |
|
Toll-Free: (877) 822-4098 |
Toll-Free: (888) 603-5847 |
|
J.P. Morgan |
Mizuho Securities |
|
c/o Broadridge Financial Solutions |
320 Park Avenue, 12th Floor |
|
1155 Long Island Avenue |
New York, New York 10022 |
|
Edgewood, New York 11717 |
Attn: Equity Capital Markets |
|
prospectus-eq_fi@jpmchase.com |
Telephone: (212) 205-7600 |
|
Toll-Free: (866) 803-9204 |
|
|
BofA Merrill Lynch |
Citigroup |
|
NC1-004-03-43 |
c/o Broadridge Financial Solutions |
|
200 North College Street, 3rd Floor |
1155 Long Island Avenue |
|
Charlotte, North Carolina 28255-0001 |
Edgewood, New York 11717 |
|
Attn: Prospectus Department |
Toll-Free: (800) 831-9146 |
|
dg.prospectus_requests@baml.com |
|
|
UBS Investment Bank |
|
|
1285 Avenue of the Americas |
|
|
New York, New York 10019 |
|
|
Attn: Prospectus Dept. |
|
|
Toll-Free: (888) 827-7275 |
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
You may also obtain copies of the prospectus supplement and the accompanying base prospectus free of charge at the SEC's website, www.sec.gov, under the registrant's name "Dominion Midstream Partners, LP."
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion, to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, financial market conditions and/or the anticipated benefits from the Acquisition that may take longer to realize than expected. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion Midstream Partners
Article Date
10/31/201610/31/2016 - Dominion Announces Third-Quarter Earnings
Dominion Announces Third-Quarter Earnings
Source: PR Newswire
RICHMOND, Va., Oct. 31, 2016 /PRNewswire/ -- Dominion Resources (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Sept. 30, 2016, of $690 million ($1.10 per share) compared with earnings of $593 million ($1.00 per share) for the same period in 2015.
Operating earnings for the three months ended Sept. 30, 2016, amounted to $716 million ($1.14 per share), compared to operating earnings of $611 million ($1.03 per share) for the same period in 2015. Operating earnings are defined as reported earnings adjusted for certain items.
The principal difference between reported earnings and operating earnings for the quarter is related to transaction costs associated with the Dominion Questar combination and our investments in nuclear decommissioning trust funds.
Dominion uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"We are very pleased with our strong third-quarter results that came in well above our guidance range partially as a result of warmer weather in our service territory. Our integrated system of power stations and transmission lines were able to meet the increased demand reliably and effectively.
"We continue to execute on our growth projects including starting construction of the 1,588-megawatt Greensville County combined cycle power station. The project is on-time and on-budget.
"Our large contracted solar farms, Four Brothers and Three Cedars in Utah, were completed last month, on time and on budget. We have a number of solar projects under development in Virginia and North Carolina and continue to see demand for renewables from our customers.
"Our Cove Point Liquefaction project is now 75 percent complete and the facility continues on time and on budget for a late 2017 in-service date. We continue to work toward the construction of the Atlantic Coast Pipeline and the related Supply Header project. We expect completion of these projects in late 2019."
THIRD-QUARTER 2016 REPORTED AND OPERATING EARNINGS COMPARED TO 2015
Reported earnings increased 10 cents per share as compared to third-quarter 2015. Business segment results and detailed descriptions of items included in 2016 and 2015 reported earnings but excluded from operating earnings can be found on Schedules 1, 2 and 3 of this release.
Operating earnings increased 11 cents per share as compared to third-quarter 2015 operating earnings. The increase in operating earnings was primarily attributable to an increase in electric sales from warmer weather, lower capacity expenses, revenues from our regulated growth projects, and a lower tax rate. Factors offsetting the increase include the absence of a farmout transaction and share dilution. Details of third-quarter 2016 operating earnings as compared to the same period in 2015 may be found on Schedule 4 of this release.
FOURTH-QUARTER 2016 OPERATING EARNINGS GUIDANCE
Dominion expects fourth-quarter 2016 operating earnings in the range of $0.90-$1.05 per share, compared to fourth-quarter 2015 operating earnings of $0.70 per share. Positive drivers include a return to normal weather, increased revenues from our growth projects, the addition of Dominion Questar, lower capacity expenses and the absence of a Millstone refueling outage. Reconciliation of reported and operating earnings for the fourth quarter of 2015 can be found on Schedule 3 of this release.
The company is maintaining its previously issued 2016 operating earnings guidance of $3.60-$4.00 per share.
In providing its fourth-quarter and full-year operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion management is not able to estimate the aggregate impact of these items on future period reported earnings.
CONFERENCE CALL TODAY
Dominion will host its third-quarter earnings conference call at 1 p.m. ET on Monday, Oct. 31, 2016. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 4 p.m. ET Oct. 31, 2016 and lasting until 11 p.m. ET Nov. 7, 2016. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 85471176. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 31, 2016.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements, including forecasted operating earnings for fourth-quarter and full-year 2016 which is subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Midstream and retirements of assets based on asset portfolio reviews, the receipt of approvals for, and timing of, closing dates for acquisitions and divestitures, the timing and execution of Dominion Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
DOMINION RESOURCES, INC. | |||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME* | |||||||||||
|
Unaudited (GAAP Based) | |||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||
|
Operating Revenue |
$ 3,132 |
$ 2,971 |
$ 8,651 |
$ 9,127 | |||||||
|
Operating Expenses |
|||||||||||
|
Electric fuel and other energy-related purchases |
606 |
636 |
1,791 |
2,180 | |||||||
|
Purchased (excess) electric capacity |
(6) |
75 |
107 |
259 | |||||||
|
Purchased gas |
77 |
85 |
252 |
446 | |||||||
|
Other operations and maintenance |
778 |
564 |
2,146 |
1,875 | |||||||
|
Depreciation, depletion and amortization |
400 |
355 |
1,112 |
1,037 | |||||||
|
Other taxes |
145 |
133 |
448 |
432 | |||||||
|
Total operating expenses |
2,000 |
1,848 |
5,856 |
6,229 | |||||||
|
Income from operations |
1,132 |
1,123 |
2,795 |
2,898 | |||||||
|
Other income |
63 |
11 |
189 |
127 | |||||||
|
Interest and related charges |
237 |
230 |
702 |
674 | |||||||
|
Income from operations including noncontrolling interests before income tax expense |
958 |
904 |
2,282 |
2,351 | |||||||
|
Income tax expense |
230 |
305 |
561 |
794 | |||||||
|
Net Income Including Noncontrolling Interests |
728 |
599 |
1,721 |
1,557 | |||||||
|
Noncontrolling Interests |
38 |
6 |
55 |
15 | |||||||
|
Net Income Attributable to Dominion |
$ 690 |
$ 593 |
$ 1,666 |
$ 1,542 | |||||||
|
Earnings Per Common Share – Basic |
|||||||||||
|
Net Income Attributable to Dominion |
$ 1.10 |
$ 1.00 |
$ 2.72 |
$ 2.61 | |||||||
|
Earnings Per Common Share – Diluted |
|||||||||||
|
Net Income Attributable to Dominion |
$ 1.10 |
$ 1.00 |
$ 2.71 |
$ 2.60 | |||||||
|
Dividends declared per common share |
$ 0.7000 |
$ 0.6475 |
$ 2.1000 |
$ 1.9425 | |||||||
|
*The notes contained in Dominion's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of | |||||||||||
|
the Consolidated Financial Statements. |
|||||||||||
Schedule 2 - Reconciliation of 2016 Reported Earnings to Operating Earnings
2016 Earnings (Nine months ended September 30, 2016)
The $103 million pre-tax net effect of the adjustments included in 2016 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
2 | |
|
Reported earnings |
$524 |
$452 |
$690 |
$1,666 |
|||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
67 |
(12) |
48 |
103 |
|||
|
Income tax |
(19) |
1 |
(22) |
(40) |
|||
|
48 |
(11) |
26 |
63 |
||||
|
Operating earnings |
$572 |
$441 |
$716 |
$1,729 |
|||
|
Common shares outstanding (average, diluted) |
598.2 |
617.0 |
626.0 |
613.8 |
|||
|
Reported earnings per share |
$0.88 |
$0.73 |
$1.10 |
$2.71 |
|||
|
Adjustments to reported earnings (after-tax) |
0.08 |
(0.02) |
0.04 |
0.10 |
|||
|
Operating earnings per share |
$0.96 |
$0.71 |
$1.14 |
$2.81 |
|||
|
1) Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
|||
|
Pre-tax loss (income): |
|||||||
|
Organizational design initiative |
70 |
(5) |
65 |
||||
|
Questar transaction and transition costs |
2 |
5 |
53 |
60 |
|||
|
Net gain in nuclear decommissioning trust funds |
(2) |
(11) |
(16) |
(29) |
|||
|
Other items |
(3) |
(1) |
11 |
7 |
|||
|
$67 |
($12) |
$48 |
$103 |
||||
|
Income tax expense (benefit): |
|||||||
|
Tax effect of above adjustments to reported earnings * |
(19) |
1 |
(10) |
(28) |
|||
|
Divestiture tax settlement |
(12) |
(12) |
|||||
|
($19) |
$1 |
($22) |
($40) |
||||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective | |||||||
|
tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of | |||||||
|
the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | |||||||
|
2) YTD EPS may not equal sum of quarters due to share count differences |
|||||||
Schedule 3 - Reconciliation of 2015 Reported Earnings to Operating Earnings
2015 Earnings (Twelve months ended December 31, 2015)
The $220 million pre-tax net effect of the adjustments included in 2015 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 |
2 |
|
Reported earnings |
$536 |
$413 |
$593 |
$357 |
$1,899 |
|
|
Adjustments to reported earnings 1: |
||||||
|
Pre-tax loss (income) |
76 |
27 |
19 |
98 |
220 |
|
|
Income tax |
(28) |
(11) |
(1) |
(39) |
(79) |
|
|
48 |
16 |
18 |
59 |
141 |
||
|
Operating earnings |
$584 |
$429 |
$611 |
$416 |
$2,040 |
|
|
Common shares outstanding (average, diluted) |
589.9 |
592.5 |
595.5 |
596.7 |
593.7 |
|
|
Reported earnings per share |
$0.91 |
$0.70 |
$1.00 |
$0.60 |
$3.20 |
|
|
Adjustments to reported earnings (after-tax) |
0.08 |
0.03 |
0.03 |
0.10 |
0.24 |
|
|
Operating earnings per share |
$0.99 |
$0.73 |
$1.03 |
$0.70 |
$3.44 |
|
|
1) Adjustments to reported earnings are reflected in the following table: |
||||||
|
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 |
||
|
Pre-tax loss (income): |
||||||
|
Write-off of deferred fuel costs |
85 |
85 |
||||
|
Future ash pond and landfill closure costs |
45 |
54 |
99 |
|||
|
Impact of Virginia Power biennial review |
28 |
28 |
||||
|
Other items |
(9) |
(18) |
19 |
16 |
8 |
|
|
$76 |
$27 |
$19 |
$98 |
$220 |
||
|
Income tax expense (benefit): |
||||||
|
Tax effect of above adjustments to reported earnings * |
(28) |
(11) |
(7) |
(39) |
(85) |
|
|
Deferred taxes refundable to utility customers |
6 |
6 |
||||
|
($28) |
($11) |
($1) |
($39) |
($79) |
||
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective |
||||||
|
tax rate. For interim reporting purposes, such amounts may be adjusted in connection with the calculation of |
||||||
|
the Company's year-to-date income tax provision based on its estimated annual effective tax rate. | ||||||
|
2) YTD EPS may not equal sum of quarters due to share count differences |
||||||
|
Schedule 4 - Change in Contribution to Reported and Operating Earnings | |||||||
|
Preliminary, unaudited |
Three Months Ended |
||||||
|
(millions, except EPS) |
September 30, |
||||||
|
2016 vs. 2015 |
|||||||
|
Increase / (Decrease) |
|||||||
|
Amount |
EPS |
||||||
|
Change in reported earnings (GAAP) |
$97 |
$0.10 |
|||||
|
Change in Pre-tax loss (income) 1 |
$29 |
||||||
|
Change in Income tax 1 |
(21) |
||||||
|
Adjustments to reported earnings |
$8 |
$0.01 |
|||||
|
Change in consolidated operating earnings |
$105 |
$0.11 |
|||||
|
Reconciling Items |
|||||||
|
Dominion Virginia Power |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$12 |
$0.02 |
|||||
|
Other |
5 |
0.01 |
|||||
|
FERC transmission equity return |
9 |
0.01 |
|||||
|
Storm damage and service restoration |
(5) |
(0.01) |
|||||
|
Other |
(7) |
(0.01) |
|||||
|
Share dilution |
- |
(0.01) |
|||||
|
Change in contribution to reported and operating earnings |
$14 |
$0.01 |
|||||
|
Dominion Energy |
|||||||
|
Gas Distribution margin |
$5 |
$0.01 |
|||||
|
Farmout transaction |
(27) |
(0.06) |
|||||
|
Dominion Questar combination |
5 |
0.01 |
|||||
|
Other |
(1) |
- |
|||||
|
Share dilution |
- |
(0.01) |
|||||
|
Change in contribution to reported and operating earnings |
($18) |
($0.05) |
|||||
|
Dominion Generation |
|||||||
|
Regulated electric sales: |
|||||||
|
Weather |
$32 |
$0.05 |
|||||
|
Other |
10 |
0.02 |
|||||
|
Renewable energy investment tax credits |
212 |
0.35 |
|||||
|
Noncontrolling interest related to solar partnerhips |
(20) |
(0.03) |
|||||
|
Merchant generation margin |
(14) |
(0.02) |
|||||
|
Capacity related expenses |
49 |
0.08 |
|||||
|
Other |
(9) |
(0.02) |
|||||
|
Share dilution |
- |
(0.05) |
|||||
|
Change in contribution to reported and operating earnings |
$260 |
$0.38 |
|||||
|
Corporate and Other |
|||||||
|
Renewable energy investment tax credits |
($148) |
($0.23) |
|||||
|
Other |
(3) |
- |
|||||
|
Change in contribution to operating earnings |
($151) |
($0.23) |
|||||
|
Change in consolidated operating earnings |
$105 |
$0.11 |
|||||
|
Change in adjustments included in reported earnings1 |
(8) |
(0.01) |
|||||
|
Change in consolidated reported earnings |
$97 |
$0.10 |
|||||
|
1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. |
||||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's website at www.dom.com/investors. | |||||||
|
Note: Figures may not add due to rounding. |
|||||||
SOURCE Dominion Resources
Article Date
10/31/201610/28/2016 - Dominion Declares Quarterly Dividend of 70 Cents
Dominion Declares Quarterly Dividend of 70 Cents
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 28, 2016 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has declared a quarterly dividend of 70 cents per share of common stock.
Dividends are payable on Dec. 20, 2016, to shareholders of record at the close of business Dec. 2, 2016.
This is the 355th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Aug. 2, 2016.
SOURCE Dominion
Article Date
10/28/201610/28/2016 - Dominion East Ohio Extends $25 Energy Assessment Promotion to Help Customers Prepare for Winter Heating Season
Dominion East Ohio Extends $25 Energy Assessment Promotion to Help Customers Prepare for Winter Heating Season
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Oct. 28, 2016 /PRNewswire/ -- Dominion East Ohio is extending its $25 energy assessment promotion until December 31, 2016, to help customers prepare their homes for winter, company officials announce.
The energy assessment, available through Dominion's Home Performance with ENERGY STAR® Program, typically costs customers $50, but the value of the assessment is over $500. Dominion subsidizes the cost of the energy assessment to help customers diagnose high utility usage and home comfort issues and then provides rebates of up to $1,250 to make recommended energy-efficiency improvements.
"We've been offering this program since 2010 and have helped over 15,000 homeowners understand where their homes are wasting energy and how to make improvements to save them energy and money," said Jeff Murphy, Dominion East Ohio Vice President and General Manager. "We are excited to offer this special $25 energy assessment until the end of the year so that our customers can prepare their homes for winter and save energy and money."
A home energy assessment is the first step in the program. An energy auditor visits a customer's home and uses diagnostic testing and professional evaluation to pinpoint where the home is losing energy. Following the energy assessment, the customer receives a customized energy report with the results of the assessment, along with recommended energy efficiency improvements, information on rebates available through the program, and a list of participating contractors.
Improvements typically include suggestions such as air sealing and insulation, HVAC equipment upgrades, windows and door replacements, plus much more. These improvements can help customers decrease their utility bills, while increasing their home safety, comfort and durability. The long-term value of the customer's home also may be increased.
From now until December 31, 2016, the cost of the home energy assessment is half off or just $25. Customers also may be eligible to receive installed products such as a programmable thermostat or carbon monoxide detector, a high-efficiency showerhead, or water-saving faucet aerators at no cost (a $100 value).
Customers, who could benefit from an energy assessment, may currently be experiencing drafty and fluctuating room temperatures, moisture and mold issues and have inefficient cooling and heating equipment in aging or poorly-built homes. These customers should call 877-287-3416 to schedule an assessment, or visit deohpwes.com for program details and eligibility.
The Dominion East Ohio Home Performance with ENERGY STAR Program is offered on a first-come, first-served basis to eligible customers, and is available until annual funding is expended or the program is discontinued by the Public Utilities Commission of Ohio. The Program is funded by Ohio utility customers and is administered by CLEAResult, on behalf of Dominion East Ohio.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
10/28/2016Dominion Virginia Power Sets Multiple Energy-Use Records
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 24, 2016 /PRNewswire/ -- The persistent hot and humid weather in July, August and September led to customers in the area served by Dominion Virginia Power and other interconnected utilities setting several all-time monthly records for electricity usage.
Customers established monthly, consecutive month and quarterly usage records this past summer.
For the three months from July 1 to September 30, electricity usage was 28,204,283 megawatt hours for Dominion Virginia Power customers and electric cooperative customers served by Dominion's transmission system. The previous quarterly high was 27,306,147 megawatt hours for the third quarter in 2010.
Along with hot, humid weather, the company had an increase of 126,000 customers since the previous quarterly record was set. Dominion Virginia Power serves 2.5 million customers in its service territory.
A megawatt hour is equal to 1 million watts of electricity generated continuously for one hour, or enough electricity to power about 250 homes for that time on the hottest and coldest days.
"It was not a summer of extreme high temperatures, but it was very hot and humid for days on end and that drove demand," said Robert M. Blue, president of Dominion Virginia Power. "Our integrated system of power stations and transmission lines were able to meet the increased demands reliably and effectively. We also worked with customers on conservation efforts, including declaring 10 'Smart Cooling' days where customers enrolled in the voluntary program allow their air-conditioning units to cycle on and off to reduce energy demand at peak times."
July and August usage set a two-month record. Customers used 20,009,612 MWh. The previous two-month record was 19,376,313 MWh in July and August of 2010.
August set a record for most electricity used in a month. From Aug. 1 to August 31, electricity usage was more than 10 million megawatt hours –10,016,899 to be exact. The previous monthly record was 10,009,858 MWh set in January 2014 as a result of the polar vortex driving temperatures to record lows.
July of this year was the third highest usage month on record at 9,992,713 megawatt hours.
As a result of the hot, humid days that led to the new records, some customers may see higher than normal electric bills. Dominion Virginia Power offers payment options to assist customers who have difficulty paying their bill. Customers should visit www.dom.com or call 1-866-DOM-HELP to review their options. Help is also available through EnergyShare, the company's bill payment assistance and weatherization program for qualified individuals, by calling 2-1-1.
"What is particularly interesting about this pattern is that we are now seeing peak demands for electricity in both the summer and winter," Blue said. "For many years our all-time peaks were occurring in late afternoons of the summer months. Now we also are seeing record demand in early mornings of winter days. That makes our balanced portfolio of generation sources all the more important as we meet customer demands no matter the weather or time of day."
Dominion Virginia Power's all-time hourly integrated peak demand was 21,651 megawatts set on the morning of February 20, 2015.
Across Dominion's service area, power stations and transmission lines were up to the task of providing electricity to meet the public's need for air conditioning to beat the heat.
Blue noted that in the last two years Dominion Virginia Power has completed two highly efficient natural gas-fueled power stations in Warren and Brunswick counties and is constructing a third in Greensville County. It also is adding solar generation at multiple sites to help reduce power imports from other states and lessen the reliance on coal.
While the Hampton Roads area fared well generation-wise this summer, the heat wave foretold potential problems for similar weather next year. On 20 different days over the July-August timeframe, Dominion was forced to rely on two aging coal-fueled generators to meet the demand. Yorktown Power Station Units 1 and 2 were pressed into action by PJM, the regional transmission system operator serving 13 states and the District of Columbia.
The Yorktown units do not meet current limits on environmental emissions. An Administrative Order issued by U.S. Environmental Protection Agency allows Units 1 and 2 to continue to operate only to ensure reliability as determined by PJM. Dominion will retire the two coal units next April when the EPA Administrative Order expires.
Dominion has proposed the Skiffes Creek transmission line that will run from Surry Nuclear Power Station to the Peninsula to alleviate the problem, but the project has been delayed by permitting processes and will not be completed by the time Yorktown Units 1 and 2 are retired.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion serves more than 6 million utility and retail energy customers. It has a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
10/24/2016Dominion Announces Renewable Energy Sales Agreements With MIT, Boston Medical Center, Post Office Square Redevelopment Corporation
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 19, 2016 /PRNewswire/ -- As part of its long-term plan to bring online at least 500 megawatts of solar electric generating capacity in North Carolina and Virginia, Dominion (NYSE: D) today announced it has acquired the development rights for the 60-megawatt (AC) Summit Farms Solar facility in Currituck County, N.C. The solar facility is expected to enter service in December 2016.
A subsidiary of Dominion Energy, Inc., a wholly owned subsidiary of Dominion, purchased Summit Farms from SunEnergy1, which developed and is the construction contractor on the project. Summit Farms, located on about 650 acres near Moyock, N.C., has 25-year power purchase agreements with the Massachusetts Institute of Technology, Boston Medical Center and Post Office Square Redevelopment Corporation.
"We are pleased to partner with these three outstanding organizations to add more carbon-free generation to the electric grid," said Paul D. Koonce, chief executive officer of the Dominion Generation Group, which oversees 25,700 megawatts of electric generating capacity in 11 states, including solar in operation or under development in eight states. "We will continue to seek similar opportunities helping large and small energy consumers alike reduce their carbon footprint."
Other large-scale solar projects Dominion has announced in North Carolina and Virginia include:
Dominion has electric generation facilities powered by the sun in California, Connecticut, Georgia, Indiana, North Carolina, Tennessee, Utah and Virginia.
CustomerFirst Renewables, an advisory services firm, structured and negotiated the energy solution on behalf of MIT, Boston Medical Center and Post Office Square Redevelopment Corporation.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About SunEnergy1
SunEnergy1, LLC is a full-service solar developer and engineering, procurement and construction (EPC) firm located in Mooresville, N.C. SunEnergy1 specializes in the design and installation of utility-scale ground-mount solar photovoltaic systems. It has developed and installed more than 350 megawatts of solar facilities to date. For more information about SunEnergy1, visit the company's website at www.sunenergy1.com.
About MIT
The Massachusetts Institute of Technology is dedicated to advancing knowledge and educating students in science, technology, and other areas of scholarship that will best serve the nation and the world in the 21st century. The Institute has more than 1,000 faculty members and over 11,300 undergraduate and graduate students. MIT's commitment to innovation has led to a host of scientific breakthroughs and technological advances, in fields ranging from aeronautics to computing to cancer research.
About Boston Medical Center
Boston Medical Center is a private, not-for-profit, 496-bed, academic medical center that is the primary teaching affiliate of Boston University School of Medicine. It is the largest and busiest provider of trauma and emergency services in New England. It offers specialized care for complex health problems and is a leading research institution, receiving more than $119 million in sponsored research funding in fiscal year 2015. In 1997, BMC founded Boston Medical Center Health Plan, Inc., now one of the top ranked Medicaid MCOs in the country, as a non-profit managed care organization serving Massachusetts and New Hampshire. Boston Medical Center and Boston University School of Medicine are partners in the Boston HealthNet – 13 community health centers focused on providing exceptional health care to residents of Boston. For more information, please visit http://www.bmc.org.
About Post Office Square Redevelopment Corporation
Post Office Square Redevelopment Corporation is the developer and manager of The Garage At Post Office Square and the Norman B. Leventhal Park above it, in the heart of Boston's financial district. The unique vision of a group of public and private civic leaders transformed an unsightly aboveground parking garage into an award-winning and inviting park, supported structurally and financially by a 1,400-space underground parking garage.
SOURCE Dominion
Article Date
10/19/2016Dominion East Ohio Helps Customers Stay Warm This Winter
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Oct. 18, 2016 /PRNewswire/ -- Dominion East Ohio reminds customers of the various company payment plans and government energy assistance programs that can help them stay warm this winter. Customers who may not be able to afford their heating bills are urged to contact Dominion East Ohio immediately to inquire about payment plans and energy assistance programs. For additional information, customers can call Dominion East Ohio at 1-800-362-7557, between 7 a.m. and 7 p.m., weekdays. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
For more information about payment plans and government energy assistance programs, visit dom.com/ohiopaymentassistance.
Dominion East Ohio offers the following payment options to residential and small commercial customers (using less than 500 thousand cubic feet (MCF) a year):
Winter Reconnection Order
All residential customers, regardless of income, may avoid a shutoff or restore gas service once during the heating season between now and April 14, 2017, by paying the lesser of:
If service has been disconnected, a reconnect fee of $33, plus applicable taxes, will be billed to the account. Customers will be enrolled automatically in the One-Ninth Payment Plan when using the Winter Reconnection Order to help pay off any additional past-due balance. Customers may select a different plan by calling Dominion East Ohio.
Government Assistance Programs
The following programs are available for income-eligible customers. Customers can apply for all programs with one application at www.energyhelp.ohio.gov, which provides income guidelines as well. Applications also are available at post offices and libraries or by calling the Ohio Development Services Agency at 1-800-282-0880. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
Local community action agencies can assist with emergency payments to help avoid disconnection. You can find available resources in your community -- dial 2-1-1 or visit http://new.ouw.org/211-map.
Dominion East Ohio Assistance/Conservation Programs
For more information about any program, visit www.dom.com or call 1-800-362-7557, Monday through Friday from 7 a.m. to 7 p.m. Hearing-impaired customers with Telecommunications Devices for the Deaf can call 711.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
10/18/201610/18/2016 - Dominion Donates $100,000 to the NEED Project for Updated Science Materials for Middle Schools Across Virginia
Dominion Donates $100,000 to the NEED Project for Updated Science Materials for Middle Schools Across Virginia
Source: PR Newswire
RICHMOND, Va., Oct. 18, 2016 /PRNewswire/ -- Thanks to a $100,000 educational grant from the Dominion Foundation, public middle schools across Virginia will receive updated educational materials and teacher training this year to help sixth-graders learn the science behind energy. Dominion is partnering with the NEED (National Energy Education Development) Project and the Virginia Department of Education for this statewide initiative.
"We are very pleased to support Virginia schools by funding a high-quality energy curriculum that will help students excel in the science classroom and better understand energy sources," said Hunter A. Applewhite, president of the Dominion Foundation.
NEED representatives will use the grant to develop instructional materials and energy tool kits to engage students in the science of energy, energy transformations, Virginia's energy geography and natural resources, and more. NEED and Dominion will host teacher workshops in three regions this month to introduce the new curriculum.
"This is an exciting opportunity for middle-school teachers and students to learn more about energy through interactive STEM-focused explorations," said Mary Spruill, executive director, NEED. "The new curriculum will allow students to understand energy in an authentic way, connecting them to energy in the world around them."
"All of the materials in the Energy in Virginia! teacher kit align with the state Science Standards of Learning and support other subjects, such as mathematics, writing, reading, and social studies," said Eric Rhoades, the Virginia Department of Education's director of science and health education. "The program makes learning about energy sources engaging and enjoyable for students. It's a wonderful hands-on learning opportunity."
Last year, Dominion partnered with NEED to launch the Dominion Solar for Schools program, which installed solar photovoltaic systems that convert sunlight into electric power on the grounds of four schools in the Dominion Virginia Power service area. For more information on these partnership programs, visit www.need.org/dominionpartnership.
The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia Power. Dominion and the Foundation support nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. For more information about Dominion (NYSE: D), headquartered in Richmond and one of the nation's largest producers and transporters of energy, visit www.dom.com.
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SOURCE Dominion
Article Date
10/18/2016Dominion And Dominion Midstream Schedule Third-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 14, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their third-quarter earnings conference call at 1 p.m. ET on Monday, Oct. 31, 2016. Management will discuss third-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 4 p.m. ET Oct. 31 and lasting until 11 p.m. ET Nov. 7. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 85471176. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Oct. 31.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources; Dominion Midstream Partners, LP
Article Date
10/14/201610/10/2016 - Dominion Virginia Power Makes Significant Progress, Restores 70 Percent of Customers Impacted by Hurricane Matthew
Dominion Virginia Power Makes Significant Progress, Restores 70 Percent of Customers Impacted by Hurricane Matthew
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 10, 2016 /PRNewswire/ -- Dominion Virginia Power crews made steady progress over the weekend, restoring power to more than 70 percent of the 462,000 customers impacted by Hurricane Matthew since 4 p.m. Saturday. As of 6 a.m. Monday, 136,600 customers remain without power at 3,600 work locations.
The majority of those impacted are in southeastern Virginia and northeastern North Carolina, where historic rainfall, high winds and saturated ground combined to cause extensive damage to roads, bridges and electrical infrastructure. Damage included broken poles, cross arms and downed wire in many locations. Extremely hazardous flooding conditions and high winds over the weekend made it too dangerous to use bucket trucks and hampered our ability to initially make repairs at hard-hit locations.
Since the storm impacts lasted well into yesterday, today is our first full day of restoration. Our crews are out in force and will continue to focus on damage assessments and restoration to critical services such as 911 centers, water pumping stations and hospitals. There were 433 critical services affected by the storm and, as of this morning, 87 percent of them had been restored.
We appreciate the patience of all of our customers as we work through this multi-day restoration effort. By mid-day today, we will have a projection of when storm restoration work will be complete for all customers. Once we have a more complete assessment of all damage, we will be able to provide individual estimated restoration times for customers.
The company has more than 2,300 people working to restore power and that number will increase as we bring back 500 additional line workers onto our system from contractors returning from Florida. We also continue to work through our mutual assistance process with neighboring utilities.
We expect to have the vast majority of customers impacted in Richmond, Midlothian and Northern Neck areas back on today, and a remaining few by mid-day Tuesday. With the extensive damage in our Eastern Region, we expect restoration work there to take several days.
We cannot emphasize enough to stay away from downed wires and trees making contact with wires. Stay at least 30 feet away and report downed wires to 1.866.366.4357. Call Dominion right away at 1-866-DOM-HELP (1-866-366-4357) to speak with an agent to report the downed wire. Please be patient if the wait time is longer than usual – it is very important for Dominion to know a wire is down.
Be sure to report your outage right away to help us with an efficient restoration. The quickest and easiest way is to report it on dom.com using your mobile device. You can also call us at 866-DOM-HELP.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion serves more than 6 million utility and retail energy customers. It has a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com
For photos of storm damage, visit https://www.dom.com/hurricane-matthew-photos.
SOURCE Dominion Virginia Power
Article Date
10/10/201610/9/2016 - Dominion Virginia Power Crews Fully Engaged in Restoring Service in Aftermath of Hurricane Matthew
Dominion Virginia Power Crews Fully Engaged in Restoring Service in Aftermath of Hurricane Matthew
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Oct. 9, 2016 /PRNewswire/ -- Dominion Virginia Power is restoring service to the more than 432,000 customers that were impacted since 4 p.m. Saturday by Hurricane Matthew, the majority being in southeastern Virginia and North Carolina. As of 1 p.m. Sunday, 280,000 remain out.
The storm tracked further north than predicted, combining with another weather system that turned it into an extra tropical event, pushing high winds beyond the eye of the storm. The near historic rainfall contributed to the already saturated grounds which combined with the strong winds that toppled trees and downed power lines in our central and eastern regions.
In the aftermath, there are many locations with broken poles and cross arms and wire down. Our crews are out in force, but they have been limited in their ability to get to repair locations due to flooded roads. Flooding is expected to recede as the day progresses and access improves.
In anticipation of the storm, our eastern Virginia and North Carolina local offices were fully staffed Saturday night with all crews and contractors coming in at 6 a.m. this morning. Additional crews from unaffected areas were mobilized overnight and are engaged in the restoration efforts.
Our focus today is on critical services, such as 911 centers, water pumping stations and hospitals. Every available tree or line crews from unaffected areas are on the way to assist at this time. In addition, we are working with our peer utilities for mutual aid assistance to speed the restoration process.
As conditions improve we will deploy the necessary resources to provide damage assessments, with more help on the way, however it will be a few days before all of the power can be restored. We appreciate our customers' patience as we work to safely gain access and make repairs.
We cannot emphasize enough to stay away from downed wires and trees making contact with wires. Stay at least 30 feet away and report downed wires to 1.866.366.4357. Call Dominion right away at 1-866-DOM-HELP (1-866-366-4357) to speak with an agent to report the downed wire. Please be patient if the wait time is longer than usual – it is very important for Dominion to know a wire is down.
Be sure to report your outage right away to help us with an efficient restoration. The quickest and easiest way is to report it on dom.com using your mobile device. You can also call us at 866-DOM-HELP.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion serves more than 6 million utility and retail energy customers. It has a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
10/9/2016Dominion's Heacock to Retire; Stoddard Promoted to Chief Nuclear Officer
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 23, 2016 /PRNewswire/ -- Dominion (NYSE: D) announced today that David A. Heacock, president of Dominion Nuclear and the company's chief nuclear officer, will retire, effective March 1, 2017. Beginning Oct. 1, Daniel G. Stoddard, senior vice president of Nuclear Operations, will become senior vice president and chief nuclear officer. Heacock will remain president of Dominion Nuclear until his retirement.
During the transition, Stoddard will continue reporting to Heacock, but will have a dotted-line relationship as chief nuclear officer to Paul Koonce, CEO of the Dominion Generation Group. Stoddard will begin reporting directly to Koonce on March 1.
"Dave's knowledge and reputation in the nuclear industry is unparalleled," Koonce said. "He is an expert on issues facing both the company and the industry as a whole. In the aftermath of the earthquake that struck near North Anna Power Station in 2011, he quickly guided the company and regulators. He also led the industry's response to the safety analysis following the Fukushima nuclear incident in Japan.
"We are grateful for his knowledge and leadership," he said.
"At the same time," Koonce added, "Dan will pick up the mantle and continue making Dominion's nuclear program a leader in the industry."
Heacock, who received his bachelor's degree in nuclear engineering from the University of Virginia, joined Virginia Power in 1979 and has held numerous management positions in Nuclear Operations, Generation and Transmission & Distribution. He served as president of the company's Dominion Virginia Power operating segment from October 2007 to May 2009.
Stoddard, a graduate of the U.S. Naval Academy with a bachelor's degree in marine engineering, also earned his master's degree in nuclear engineering from the University of Virginia. He joined Dominion in July 2006 as director-Nuclear Station Safety & Licensing, and was named site vice president-North Anna Power Station later that year. He assumed the post of vice president-Nuclear Operations in February 2010, and was promoted to senior vice president-Nuclear Operations in May 2011.
Also on Oct. 1, Mark Sartain, vice president-Nuclear Engineering, who currently reports to Heacock, will begin reporting to Stoddard. Mark Mitchell, vice president-Nuclear Construction, will continue his dotted-line reporting relationship to Heacock until March 1.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
9/23/2016Atlantic Coast Pipeline Signs Construction Contract With Spring Ridge Constructors
Source: PR Newswire
RICHMOND, Va., Sept. 21, 2016 /PRNewswire/ -- Atlantic Coast Pipeline, LLC, which has proposed a 600-mile natural gas transmission pipeline to bring much-needed energy to Virginia and North Carolina, today announced it has signed a construction contract with Spring Ridge Constructors, LLC (SRC), a joint venture of leading natural gas pipeline construction companies. Comprised of Price Gregory International, Inc., a Quanta Services, Inc. (NYSE: PWR) company; U.S. Pipeline, Inc.; SMPC, LLC; and Rockford Corporation, a Primoris Services Corporation (NASDAQ: PRIM) company, the joint venture will serve as the Atlantic Coast Pipeline's lead construction contractor.
Pending approval by the Federal Energy Regulatory Commission (FERC), the Atlantic Coast Pipeline (ACP) would run from Harrison County, W.Va., southeast through Virginia with a lateral extension to Chesapeake, Va., and then south through eastern North Carolina to Robeson County. If approved, construction is scheduled to begin in the fall of 2017. According to economic impact studies conducted in 2015, the project's construction is expected to generate more than 17,000 jobs, $2.7 billion in total economic activity and $4.2 million in average annual tax revenue for cities and counties in the project area.
SRC was selected as the most-qualified contractor for the project after an extensive, competitive bidding process conducted by Atlantic Coast Pipeline, LLC. The four SRC companies account for a significant portion of the large-diameter natural gas pipeline construction spread capacity in the U.S.
"We are excited to work with SRC, which has assembled four of the nation's leading and most-qualified pipeline builders for this project," said Diane Leopold, president of Dominion Energy. "These companies have extensive experience in building large-scale, complex projects like the Atlantic Coast Pipeline, and their commitment to safe construction practices and best-in-class standards align with our expectations for the project."
"The selection of our lead construction contractor is another significant milestone for the Atlantic Coast Pipeline and represents one more step toward making this project a reality and securing the energy future of our region," Leopold added.
"SRC is pleased to have been selected by ACP as the constructor of this vital project which serves to strengthen the nation's energy infrastructure," said Dan Plume, SRC project director. "The members of SRC are aligned in purpose with the common goals of safe construction practices, a commitment to environmental stewardship and quality construction. The SRC team leads the industry with a combined 200 years of expertise and leadership in the construction of large diameter pipelines that encompass all regions and terrains across North America. We are also excited about the positive economic impact this project will have in communities across these three states, where SRC and its subcontractors expect to hire thousands of local workers and enlist the services of many local businesses."
In another significant milestone for the project, in early August FERC issued a Notice of Schedule, which established the timeline for the remainder of the project's federal environmental review process. Based on FERC's schedule, ACP expects to receive a FERC certificate in the late summer or fall of 2017, with construction beginning shortly thereafter. ACP anticipates completing construction and bringing the pipeline into service in late 2019. ACP is working with its contractors to evaluate the possibility of bringing on more crews and working on more simultaneous spreads in order to complete construction sooner. This analysis is expected to be finalized over the next few months.
Atlantic Coast Pipeline, LLC is composed of four major U.S. energy companies – Dominion, Duke Energy, Piedmont Natural Gas and Southern Company Gas. The joint venture partners plan to build and own the $4.5 billion-to-$5 billion pipeline, which would help meet the growing clean energy needs of Virginia and North Carolina by providing direct access to low-cost, abundant supplies of natural gas being produced in the nearby Marcellus and Utica shale basins of West Virginia, Pennsylvania and Ohio.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Spring Ridge Constructors, LLC
SRC, LLC is a joint venture involved in the mainline pipeline construction industry.
About Duke Energy
Duke Energy (NYSE: DUK) is one of the largest electric power holding companies in the United States. Its regulated utility operations serve approximately 7.4 million electric customers located in six states in the Southeast and Midwest, representing a population of approximately 24 million people. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is an S&P 100 Stock Index company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at www.duke-energy.com.
About Piedmont Natural Gas
Piedmont Natural Gas (NYSE: PNY) is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at www.piedmontng.com.
About Southern Company Gas
Southern Company Gas is a wholly owned subsidiary of Atlanta-based Southern Company (NYSE:SO), America's premier energy company. Southern Company Gas serves approximately 4.5 million natural gas utility customers through its regulated distribution companies in seven states and more than 1 million retail customers through its companies that market natural gas and related home services. Other nonutility businesses include asset management for natural gas wholesale customers and ownership and operation of natural gas storage facilities. For more information, visit Southern Company Gas at www.southerncompanygas.com.
This news release includes certain "forward-looking information." Examples include information as to our expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as estimates of future market conditions, access to and costs of capital, the receipt of regulatory approvals for, and timing of, planned projects and compliance with conditions associated with such regulatory approvals, and the ability to complete planned construction or expansion projects within the terms and timeframes initially anticipated. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
9/21/2016Dominion Seeks Applicants for 2016 ArtStars Awards
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 19, 2016 /PRNewswire/ -- Dominion is inviting nonprofit arts organizations serving K-12 students in Virginia to apply for a 2016 Dominion ArtStars award. This year, one Shining Star Award of $10,000 will be awarded in each of five regions for programs that best demonstrate the ability to advance synergy between arts and education in the community.
"ArtStars is about recognizing arts and cultural organizations that are making communities more vibrant by engaging students in theater, art, music and other artistic forms," said Hunter A. Applewhite, president of the Dominion Foundation, the charitable arm of Dominion.
To be eligible, organizations must have a qualifying arts and education program and an annual budget of less than $1 million. For details on eligibility and to apply, visit www.dom.com/ArtStars.
Application deadline is Oct. 31, 2016, at 5 p.m. and only online applications will be accepted.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia Power. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. Dominion Foundation grants are funded by shareholder dollars and not borne by customers. For more information about Dominion, visit www.dom.com.
SOURCE Dominion
Article Date
9/19/2016Dominion Resources Combines With Questar Corporation
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 16, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), and Questar Corporation announced today that they have completed their proposed merger, forming one of the nation's largest combined electric and natural gas energy companies.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"We are pleased to complete our strategic combination with Questar, and to continue serving our Questar customers in the West with the same commitment and dedication to safety and excellence to which they – and our customers along the Eastern Seaboard and Midwest – are accustomed. Questar's high-performing regulated businesses also improve our geographic diversity and enhance our balance between electric and gas operations."
Questar's "hub of the Rockies" system is a principal gateway for gas supply to Western states. Dominion expects that demand on Questar's pipeline system will rise as Western states rely increasingly on low-carbon, natural gas-fired generation to comply with potentially stringent federal clean air requirements and to support state-mandated renewable standards. Questar's gas distribution operations benefit from being located in one of the country's fastest growing regions.
"Questar's businesses are ideally located to take advantage of the growth opportunities due to the changing energy landscape, benefiting the economies of the states in which they operate," Farrell said.
The combined company includes:
Ronald W. Jibson, chairman, president and chief executive officer of Questar, said:
"From our initial meetings with Dominion leaders it was evident from our similar strategies, cultures, values, and employee and safety focus that Dominion was an excellent company to combine with to move us into the future. After working through a very smooth merger, I'm more confident than ever that this opportunity to combine with one of the nation's best energy companies will benefit Questar customers, employees, shareholders and the communities we serve."
Benefit to customers, communities
Questar – now Dominion Questar – will operate as a first-tier, wholly owned subsidiary of Dominion. Questar's principal operating companies – Questar Gas, Questar Pipeline and Wexpro – have retained their names as of closing.
Dominion Questar will maintain its significant local presence with a local management structure drawn from existing Questar employees. Questar Gas' headquarters also will remain in Salt Lake City, along with a new Western Regional operating headquarters there.
Effective today, Questar CEO Jibson has retired and has been elected to Dominion's board of directors. Craig C. Wagstaff has been named president of Dominion Questar. He will lead Dominion's Western natural gas operations and be responsible for all current Questar operating companies.
Other benefits of the Dominion-Questar combination include:
Jibson elected to Dominion's board of directors
Dominion's board of directors has elected Jibson as director, effective today. The election brings the size of the Dominion board to 11.
"Ron Jibson will bring to Dominion's board more than three decades of expertise in the energy infrastructure field, with a strong reputation for providing excellent customer service, protecting the environment and operating safely and efficiently," Farrell said. "We look forward to adding Ron's outstanding capabilities, intellect and insights to our board."
Until his retirement today, Jibson, 63, served as chairman, president and chief executive officer of Questar Corporation since 2012. Jibson joined Questar in 1980 and has held various operations and engineering positions within the company and its gas transmission and distribution subsidiaries. He has served or is serving on a number of industry, corporate and community boards, including the board of directors of the American Gas Association (past chairman); Western Energy Institute (past chairman); Gas Technology Institute; IDACORP, Inc.; his alma mater Utah State University's board of trustees (chairman); the Salt Lake Chamber Board of Governors (chairman); and the Utah Symphony/Utah Opera board, among others. Jibson received a bachelor's degree in civil engineering from Utah State and an MBA from Westminster College.
Dominion Midstream
Dominion Midstream Partners, LP (NYSE: DM), of which Dominion is the general partner and the majority holder of limited partner units, is also expected to benefit from the addition of Questar Corporation. "We expect Dominion Questar to contribute more than $425 million of EBITDA to Dominion's inventory of top-quality, low-risk MLP-eligible assets, supporting Dominion Midstream's targeted annual cash distribution growth rate of 22 percent," Farrell said.
Dominion has agreed to take all necessary action to appoint a current member of the Questar board as a director to serve on the board of directors of the general partner of Dominion Midstream as soon as practicable after such time as all or part of Questar Pipeline is contributed to Dominion Midstream.
Terms of transaction
Under the terms of the merger agreement, as of market close on Sept. 16, 2016, each Questar share has been canceled and shareholders are to receive $25.00 per share of common stock – or about $4.4 billion. Dominion has also assumed approximately $1.5 billion of Questar's outstanding debt. Questar shareholders of record as of the close of business Sept. 16, 2016, will also receive a pro-rated dividend of $0.07018 per share of common stock, payable Sept. 19, 2016.
Questar Corporation common stock will cease trading on the New York Stock Exchange prior to market open on Sept. 19, 2016. Additional information for Questar shareholders may be found at https://www.dom.com/corporate/investors/shareholder-services/merger-information.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, financial market conditions and/or the anticipated benefits from the merger that may take longer to realize than expected. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion
Article Date
9/16/2016PUCO Approves Expansion of Dominion East Ohio's Pipeline Infrastructure Replacement Program; Authorizes Increase in Annual Program Investment to $200 Million by 2018
Source: PR Newswire
CLEVELAND, Sept. 14, 2016 /PRNewswire/ -- The Public Utilities Commission of Ohio (PUCO) voted today to authorize Dominion East Ohio to continue its Pipeline Infrastructure Replacement (PIR) program and recover the associated costs for another five-year period, which runs through 2021.
The PUCO also approved an increase in annual PIR spending from the current $160 million to $180 million in 2017, $200 million in 2018 and increasing 3% per year thereafter, and to recover the associated cost from customers through the PIR Cost Recovery Charge.
Dominion launched its $4 billion, 25-year PIR program in mid-2008. The program involves the eventual replacement of over 5,500 miles of the company's 22,000-mile pipeline system. Most of the pipeline to be replaced was installed in the first half of the 1900s.
"The PUCO's decision continues to position Ohio at the forefront of supporting pipeline safety through replacement of older vintage pipelines," said Jeff Murphy, Dominion East Ohio vice president and general manager.
The current PIR Cost Recovery Charge paid by residential customers is $8.12 per month. Under a prior, PUCO-approved agreement, Dominion was able to increase its monthly charge for the program by up to $1.40 each year. The monthly charge could increase by as much as $1.75 in early 2018 and by $1.82 in early 2019, based on program costs in the prior year. The passage of certain tax law changes are likely to reduce the actual increases included in customer bills.
The PUCO reviews Dominion's expenditures every year to ensure that the PIR Cost Recovery Charge accurately reflects actual expenditures in the program. That charge is reduced by any cost savings that Dominion achieves as it replaces older pipelines. Through 2015, Dominion East Ohio has passed savings totaling over $10.2 million back to customers.
The approved increase in annual PIR spending is necessary to help ensure completion of the program in the originally approved 25-year time frame, in light of increased construction and related costs experienced to date. Those costs have increased as more of the pipeline work is performed in higher cost urban areas and environmental protections have expanded.
"We're very grateful that the PUCO recognized the importance of increasing program expenditures to help ensure the continued safe and reliable operation of our pipeline system for our over 1 million customers," Murphy concluded. "Their input and oversight have resulted in a very cost effective program that holds Dominion fully accountable for its expenditures."
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
9/14/2016Dominion-Questar Combination Receives Wyoming Public Service Commission Approval; Companies Expect to Close on Merger September 16
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 14, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR) announced today that the Wyoming Public Service Commission has approved their merger, subject to terms and conditions of an agreed settlement stipulation. Having received the Wyoming PSC's approval of the merger, the companies plan to complete their combination by close of business on Sept. 16, 2016.
The proposed merger would create one of the nation's largest integrated energy companies, serving about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. The combined company – headquartered in Richmond, Va., with its Western operations based in Salt Lake City – also would operate 14,400 miles of natural gas transmission, gathering and storage pipelines, one of the nation's largest natural gas storage systems, and approximately 25,700 megawatts of electric generation.
On Aug. 1, 2016, Questar's board of directors approved a contingent cash dividend equal to $0.00242 per share of common stock for each day elapsed from Aug. 19, 2016, to the closing date of the proposed merger with Dominion. The contingent dividend – $0.07018 per share of common stock, if the combination closes as expected on Friday – is payable to shareholders of record at the close of business on the closing date of the merger, and will be paid as soon as practicable after that closing date.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About Questar
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the risk that conditions to the closing of the transaction or the committed debt financing may not be satisfied. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
9/14/20169/13/2016 - Dominion Accepting Applications for $1 Million in Grants Supporting Critical Community Needs
Dominion Accepting Applications for $1 Million in Grants Supporting Critical Community Needs
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 13, 2016 /PRNewswire/ -- Nonprofit organizations in the regions served by Dominion are invited to apply for grants of up to $50,000 each for programs that provide essential community services in areas of housing, food security, medicine and medical services. Dominion's philanthropic arm, the Dominion Foundation, has pledged to provide grants totaling $1 million this year for eligible programs meeting these critical community needs.
"We had a very strong response to the call for grants last year, so we know the need is great for these essential services in our communities," said Hunter A. Applewhite, president of the Dominion Foundation. "The grants will provide greater stability for many people by providing nutritious food, shelter and access to medicine and health care."
The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies, including Dominion Virginia/North Carolina Power, Dominion East Ohio, Dominion Transmission, Dominion Hope, Dominion Carolina Gas Transmission and Millstone Power Station in Connecticut. Dominion Foundation grants are funded by shareholder dollars and not borne by customers.
Eligible organizations in targeted areas of Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Virginia, West Virginia and other areas within Dominion's footprint are encouraged to apply. On-line applications will be accepted until Oct. 10, 2016.
Priority will be given to organizations that demonstrate the ability to serve communities through partnerships and have a proven track record of meeting basic human needs and preventing future need for assistance.
For more complete details or to apply, go to https://www.dom.com/communityneedsgrants.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy. The Dominion Foundation supports nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. For more information about Dominion, visit www.dom.com.
SOURCE Dominion
Article Date
9/13/20169/12/2016 - Annual Professional Appliance Inspections Help Ensure Maximum Natural Gas Safety, Comfort And Efficiency
Annual Professional Appliance Inspections Help Ensure Maximum Natural Gas Safety, Comfort And Efficiency
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Sept. 12, 2016 /PRNewswire/ -- Dominion East Ohio (NYSE: D) reminds customers that an annual inspection -- by a qualified, reputable contractor -- can help ensure their furnaces and other natural gas appliances deliver year-round safety, comfort and efficiency.
Besides helping customers receive maximum value for their energy dollars, an annual appliance inspection may prevent any potential carbon monoxide problems. Carbon monoxide (CO) detectors provide a second line of defense, but they should not be used as a substitute for an annual furnace inspection. Combined with an annual inspection, however, CO detectors, placed in each bedroom, can offer additional peace of mind.
Along with that annual inspection, customers should change furnace filters according to the manufacturer's instructions.
While checking a furnace, the contractor should make a visual inspection of all vents, heat exchangers and motors. Dominion notes that a thorough inspection should include:
Customers should make sure an annual inspection includes all other gas appliances, such as water heaters, gas logs, vent-free heaters, ranges and clothes dryers.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
9/12/2016Dominion Marks EnergyShare Milestone, Pledges to Reach More Virginians with Energy-Efficiency Help and Advice
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 1, 2016 /PRNewswire/ -- Dominion Virginia Power is marking the first year anniversary of its expanded EnergyShare program with volunteer events in three regions and a pledge to extend the program's educational reach. At events held in Alexandria, Petersburg and Virginia Beach today, Dominion executives joined EnergyShare volunteers, partnering agencies and dignitaries to weatherize homes and measure the program's success.
"Thanks to the dedicated efforts of our EnergyShare team and our great partners across the state, we've been able to assist more than 14,100 families and individuals with energy bills and provide professional energy-efficiency improvements to 7,000 homes in one year's time," said Robert M. Blue, president of Dominion Virginia Power. "Looking ahead, we will build on that momentum and educate even more Virginians on the best ways to manage and reduce their energy costs."
"The progress we have made over the past year demonstrates the impact simple, low-cost energy efficiency measures can have on lowering energy bills," said Gov. Terry McAuliffe. "In addition to working directly with consumers to use energy more efficiently, I am challenging Dominion to expand its efforts to educate Virginians on the value of energy conservation both to their own budgets and our efforts to combat global warming.
Our electric utilities are in the perfect position to drive this education and outreach and that is what this challenge is all about."
"We accept Gov. McAuliffe's challenge and pledge to hold about 400 education events in the coming year," said Blue. "We will continue to place strong emphasis on the energy-efficiency measures that any consumer can take to reduce energy usage and save on their bills."
Since the program's inception in 1982, Dominion Virginia Power and its customers, employees, retirees and business partners have contributed more than $75 million to EnergyShare to strengthen the communities we serve. The program has helped more than 775,000 individuals and families pay their energy bills.
To expand the educational component of EnergyShare, Dominion will provide training and materials to dozens of employees who will serve as energy efficiency representatives to speak at schools, professional organizations and other community venues. To schedule a speaker for your community event, please visit dom.com/speaker.
In addition, EnergyShare's core team of energy experts will continue to work with regional weatherization partners, state assistance agencies and others to provide bill payment assistance, energy efficiency guidance and professional weatherization services to eligible EnergyShare recipients.
Dominion launched its expanded EnergyShare program one year ago, on Sept. 1, 2015, pledging to invest $57 million from 2015-2019 to expand the reach and breadth of the program in response to directives from Gov. McAuliffe and the General Assembly. Since then, EnergyShare has partnered with more than 140 agencies and weatherization providers; helped more than 800 veterans and 1,000 individuals living with disabilities, held more than 200 outreach events and weatherized more than 7,000 homes.*
*Includes about 1,850 homes weatherized through EnergyShare and 5,150 through a Dominion Energy Conservation program.
EnergyShare helps eligible customers facing financial hardship pay heating or cooling bills when all other forms of assistance have been exhausted. Virginia residents can call 2-1-1 for referrals to health and human services resources. For more information about weatherization, call 1-888-366-8280. For details on donating or applying for EnergyShare, visit www.dom.com/EnergyShare-va
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 5 million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
9/1/2016Dominion Launches New Mobile-Friendly Website
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Sept. 1, 2016 /PRNewswire/ -- Dominion (NYSE: D) announced today the launch of its redesigned website at www.dom.com, making it easier than ever for customers, job seekers, media, investors and others to find what they want— fast.
"Our team worked closely with customers and other users to find out how we could improve their online experience," said Chet M. Wade, vice president of corporate communications. "Visitors want to get in, find what they need, and get back to their busy day, and we kept that in mind as we recreated the website. Checking your bill, searching for career opportunities, viewing the latest tweet and getting updates on energy-saving programs is now faster and easier than ever—especially from your mobile device while on the go."
The site is designed to respond and adjust, based on the type of smartphone, tablet, or PC the visitor is using, to provide the best viewing experience. For a quick overview of its features and enhancements, view the following video: https://youtu.be/L4xbD0oDJQs.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
9/1/2016Dominion Powers Removal of Largest Pollution Source of Clinch River
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
WISE COUNTY, Va., Aug. 30, 2016 /PRNewswire/ -- Dominion, government agencies and a company that specializes in removing waste coal are finishing up a major clean-up project in Southwest Virginia that will help significantly improve water quality in the Clinch River by using a half-million tons of "gob" coal to make electricity in a state-of-the-art power station.
"This is major environmental success story," said Paul Koonce, chief executive officer for the Dominion Generation business group. "A unique power station is taking a waste product from a century-old coal mine and using it to responsibly make energy for Virginia today. This gob coal piled along the banks of a Clinch River tributary has been polluting the river for decades and desperately needed to be cleaned up. Along with the environmental benefits, our Virginia City Hybrid Energy Center, is helping to keep our electric rates stable and boosting the economy of Southwest Virginia with jobs and taxes."
The Virginia Department of Mines, Minerals and Energy, or DMME, www.dmme.virginia.gov has long considered the 12-acre Hurricane Creek gob pile site its highest priority for reclamation in the Dumps Creek watershed. In 2014, the federal Office of Surface Mining approved DMME's environmental document for the project and authorized proceeding with the reclamation as part of a larger effort to improve the health of the Clinch River Watershed.
"This abandoned mine land was the largest pollution contributor to the Clinch River," said DMME Director John Warren. "The environment is one of our top priorities. Our Abandoned Mine Land program group worked diligently to come up with funding to help rid Southwest Virginia of this hazard. We are also proud to be a part of something that will also completely restore the health of the tributary stream, Dumps Creek."
The Hurricane Creek gob pile is located near Carbo, Va., on Dumps Creek and about a half-mile from the Clinch River. It dates back to 1907 when the Moss 2 mine was first being operated by Clinchfield Coal Co. The mine was shut down after a few years and then reactivated in the 1940s and operated for several more decades. As was common at the time, coal that had too much rock and dirt mixed in for power station and other uses – gob – was often left piled along streams and creeks.
Approximately one million tons of waste coal and rock were removed and properly disposed of as part of this clean up-project, with about 500,000 tons of gob coal transported to the Virginia City Hybrid Energy Center (VCHEC) at St. Paul, where it was used to produce electricity.
It is estimated that every year more than 200 tons of waste coal from the pile made it into Clinch River for decades. Because of the vast quantity of gob coal at the site and its extremely low Btu content, there was no economically feasible solution to remove the gob until the construction VCHEC with its unique waste-coal burning capabilities.
The Nature Conservancy of Virginia protects more than 35,000 acres in the Clinch Valley and has been working for years to restore the health of the Clinch River and the wildlife it supports.
"The reclamation of the Hurricane Creek gob pile is an important step toward improving water quality in the nationally important Clinch River watershed," said Brad Kreps, director of the Clinch Valley Program for the Nature Conservancy. "Finding creative solutions to address pollution from abandoned mined lands is a crucial part of a larger effort underway to ensure that the Clinch River can provide clean water for the people, wildlife, and the local economies that depend on it."
Eleven other gob piles in this part of Virginia have already been reclaimed by Gobco, Dominion and DMME because of VCHEC's waste-coal burning capabilities – approximately 2.65 million tons to date. For vivid before-and-after pictures, go to: https://www.dom.com/vchec Gob is an old English word that stands for 'garbage of bituminous.' Bituminous is the type of coal found in Southwest Virginia.
VCHEC is a 600-megawatt power station that utilizes a technology called "circulating fluidized bed" so it can burn waste coal. It can also burn biomass as part of its fuel and currently uses the renewable source for about 10 percent of its fuel. Fitted with the latest environmental control technology, VCHEC began operation in 2012 and quickly took on waste coal as part of its fuel stream. The facility operates under some of the most stringent air quality requirements in the nation for a coal-fired power station.
Dominion partners with Gobco LLC of Abingdon, Va., a company that has won multiple awards for its work in environmental reclamation, to identify and reclaim old waste coal sites in Southwest Virginia. Gobco screens out the waste coal and provides it to VCHEC for use in the power station. The site is cleaned down to the original ground, covered with top soil where necessary, sloped as needed for proper drainage and replanted with a special grass that supports wildlife. The surface area is then replanted with thousands of native hardwood tree seedlings.
"To see these old waste coal sites restored is really a joy for us," said Walt Crickmer, co-owner and manager of Gobco. "I have worked 40 years in the coal industry and the last 13 years overseeing these reclamation efforts. However, it was not until VCHEC came online that our company really had the opportunity to clean up some of the worse problems. The irony is that a new type of coal-fired power station is crucial to cleaning up the waste of a bygone era in coal mining."
Over the coming months, Dominion will be working with Gobco and DMME to evaluate other major gob piles in the Clinch River watershed and plan for their reclamation.
About Dominion
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
SOURCE Dominion
Article Date
8/30/20168/24/2016 - Dominion Awards $1 Million for Educational Programs Exploring Energy and the Environment
Dominion Awards $1 Million for Educational Programs Exploring Energy and the Environment
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 24, 2016 /PRNewswire/ -- From wetland restoration to green roof technology, this year's Dominion educational grants will engage students of all ages in a variety of outstanding energy- and environmental-focused science, math and technology programs. Some of the higher education grants also support workforce training programs.
For the 2016-17 academic year, schools and educational institutions in 11 states will share grants totaling $1 million from the Dominion Foundation, the philanthropic arm of Dominion Resources.
"This year's grants will support a variety of innovative programs encouraging young people to learn the essential skills needed to tackle real-world issues," said Hunter A. Applewhite, president of the Dominion Foundation. "They will help students gain knowledge and experience with technologies that are leading the way to a greener energy future."
Dominion's K-12 Education Partnership will give 66 K-12 schools and educational organizations grants that support the study of energy and the environment. The Higher Education Partnership will award 30 college and post-secondary schools up to $50,000 each to fund projects in energy, environmental studies, engineering and workforce development.
A few of this year's higher education grant recipients include:
Four hundred grant applications were considered. Recipient schools and educational organizations are located in Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia and West Virginia.
Dominion Resources is the parent company of Dominion Virginia/North Carolina Power, Dominion East Ohio, Dominion Hope, Dominion Transmission, Dominion Carolina Gas Transmission and Millstone Power Station in Connecticut.
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. Dominion Foundation grants are funded by shareholder dollars and not borne by customers. For more information about Dominion, visit www.dom.com.
SOURCE Dominion
Article Date
8/24/20168/23/2016 - Dominion-Questar Merger Moves Closer After Approval From Utah's Public Service Commission
Dominion-Questar Merger Moves Closer After Approval From Utah's Public Service Commission
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 23, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR) announced today that the Public Service Commission of Utah has approved their merger, subject to terms and conditions of an agreed settlement stipulation, thereby moving the proposed combination one step closer to finalization. With the PSC of Utah's action, the final regulatory approval needed to complete the merger is pending with the Wyoming Public Service Commission.
The proposed merger would create an integrated energy company serving about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. The combined company also would operate more than 15,500 miles of natural gas transmission, gathering and storage pipelines, one of the nation's largest natural gas storage systems, and approximately 25,700 megawatts of electric generation.
In February, the Federal Trade Commission granted early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the transaction. In May, Questar's shareholders signified their overwhelming approval.
The companies expect the transaction to close in 2016 shortly after final regulatory approval is received.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About Questar
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the risk that Dominion or Questar may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction or the committed debt financing may not be satisfied; and the risk that an unsolicited offer for the assets or capital stock of Questar may interfere with the transaction. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
8/23/20168/10/2016 - Dominion Announces Pricing of Equity Units
Dominion Announces Pricing of Equity Units
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 10, 2016 /PRNewswire/ -- Dominion (NYSE: D) announced today that it has priced its offering of 25 million 2016 Series A equity units. Each 2016 Series A equity unit will be issued in a stated amount of $50 ($1.25 billion aggregate stated amount) and will consist of a contract to purchase common stock in the future, a 1/40 undivided beneficial ownership interest in Dominion's 2016 Series A-1 remarketable subordinated notes due 2021 having a principal amount of $1,000 and a 1/40 undivided beneficial ownership interest in Dominion's 2016 Series A-2 remarketable subordinated notes due 2024 having a principal amount of $1,000. Each of the remarketable subordinated notes is subject to remarketing to commence no earlier than May 13, 2019. The offering is expected to close on Aug. 15, 2016, subject to customary closing conditions.
Total annual distribution on the 2016 Series A equity units will be at the rate of 6.75 percent, consisting of interest on the 2016 Series A-1 remarketable subordinated notes due 2021, interest on the 2016 Series A-2 remarketable subordinated notes due 2024 and payments under the related stock purchase contracts. The reference price for the 2016 Series A equity units is $74.73 per share. The threshold appreciation price for the 2016 Series A equity units is $93.4056 per share, which represents a premium of approximately 25 percent over the reference price. Under the purchase contract, holders are required to purchase a variable number of shares of Dominion common stock no later than Aug. 15, 2019.
Dominion has granted the underwriters an option to purchase during the 13-day period beginning on, and including, the initial issuance date of the 2016 Series A equity units up to 3 million additional 2016 Series A equity units, or an additional aggregate stated amount of $150 million.
Dominion intends to use the net proceeds from this offering, which are expected to be $1,227,500,000 in the aggregate or $1,374,800,000 in the aggregate if the over-allotment option is exercised in full (in each case, after deducting underwriting discounts and commissions but before deducting other offering expenses), for general corporate purposes, including funding, in part, Dominion's combination with Questar Corporation (NYSE: STR).
RBC Capital Markets, LLC, Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. are acting as joint book-running managers for the offering.
The offering is being made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting RBC Capital Markets, LLC, Attn: Equity Syndicate, 3 World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, at 1-877-822-4089 or email a request to equityprospectus@rbccm.com; Mizuho Securities USA Inc., Attn: Equity Capital Markets Desk, 320 Park Avenue – 12th Floor, New York, NY 10022, Telephone: 1-212-205-7600; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, by calling toll-free 1-800-221-1037, or by e-mail at newyork.prospectus@credit-suisse.com; or Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, the prevailing conditions in the public capital markets, interest rates, economic, political and market factors affecting trading volumes, securities prices or demand for our equity and debt securities. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion
Article Date
8/10/2016Dominion East Ohio Reminds Customers, Excavators August 11 (8/11) Is Convenient Reminder To Call 8-1-1 Before Digging
Source: PR Newswire
CLEVELAND, Aug. 9, 2016 /PRNewswire/ -- Dominion East Ohio is using the calendar date August 11, or 8/11, as a natural reminder that Ohio law requires the general public and contractors to call 8-1-1 at least two business days, but no more than 10 business days, prior to any digging project to have underground utility lines marked. This will help ensure safe excavation. Promoting the Call 8-1-1 and other pipeline safety messages has helped the company reduce third-party dig-ins by 50 percent over the past nine years, company officials say.
When calling 8-1-1, the general public and contractors are connected to the Ohio Utility Protection Service (OUPS), the local one-call center, which notifies the appropriate utility companies of their intent to dig. This service is free of charge. Professional locators are then sent to the requested digging site to mark the approximate locations of underground lines and facilities with flags, spray paint or both.
Striking a single natural gas, electric, water or telecommunication line can cause injuries, repair costs, fines and inconvenient outages. State law mandates a call to 8-1-1 for every digging project, no matter how big or small. Installing a mailbox, putting in a fence, building a deck, or planting a tree, are all examples of digging projects that require a call to 8-1-1 before starting.
The depth of utility lines and associated facilities can vary for a number of reasons, such as erosion, previous digging projects and uneven surfaces. Utility lines need to be properly marked because even when digging only a few inches deep, the risk of striking an underground utility line still exists. Visit www.call811.com or www.oups.org for more information about 811 and the call-before-you-dig process. For additional natural gas safety information, visit www.safegasohio.org .
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
SOURCE Dominion East Ohio
Article Date
8/9/20168/9/2016 - Norfolk State University expands green technology initiative with Dominion grant of $25,000
Norfolk State University expands green technology initiative with Dominion grant of $25,000
Source: PR Newswire
RICHMOND, Va., Aug. 9, 2016 /PRNewswire/ -- Good things come in small packages: sometimes microscopic ones. Students at Norfolk State University are conducting research with devices that are so tiny that millions of them can fit on the head of a pin.
"Thanks to this Dominion Foundation grant, we are able to expand training capabilities for students to learn the fabrication process which uses green technology to improve electronic communications, energy generation and lighting," said Dr. Demetris L. Geddis, associate professor of engineering and director of the Micro-and Nano Technology Center, the lead professor for this curriculum.
The Dominion Foundation, the charitable arm of Dominion Resources, awarded the university $25,000 to expand its teaching and training of emerging technologies, including microelectronics, optoelectronics, and microfabrications. The courses enable students to learn how to design micro- and nano-scale devices for energy generation and lighting. Green energy devices, such as LED's and solar cells are created and researched in a "cleanroom" lab environment, where students get hands-on experience. Just as devices like the computer chip led to many changes, innovations and career opportunities, green technology devices are set to do the same.
"It is our expectation that this grant will help NSU students gain valuable knowledge and practical experience in green energy technologies," said Hunter A. Applewhite, president of the Dominion Foundation. "Educating young engineers about renewable energy is an important step toward a greener future."
NSU graduate student Pallay Kanukuntla said he enjoys fabricating something useful and cost effective.
"I have been working on the design of photo detectors and monitoring undergraduate students' fabrication of solar cells. This research could be revolutionary in green technology for communications, leading to improvements such as greater efficiency and faster internet speeds."
It's not only college students who are impacted by the microfabrication lab. Rachel Watson, a first grade teacher in Norfolk public schools is working in the lab this summer to learn how to design lesson plans and better relate green energy technology information to her students.
"By learning about green technology, first graders can understand the importance of recycling materials and how we can harness energy from the sun," said Watson. "I can teach them how to make a solar house out of recyclable materials. It helps us prepare our students to lead the next generation in Science, Technology, Engineering and Mathematics fields."
About Dominion
Dominion is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. For more information about Dominion, visit www.dom.com.
SOURCE Dominion
Article Date
8/9/20168/8/2016 - Dominion Announces Equity Units Offering
Dominion Announces Equity Units Offering
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 8, 2016 /PRNewswire/ -- Dominion (NYSE: D) announced today its intention to offer to sell 25 million equity units, subject to market and other conditions. Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and two 1/40 undivided beneficial ownership interests in remarketable subordinated notes each having a principal amount of $1,000. Dominion expects to grant to the underwriters an option to purchase an additional 3 million equity units to cover over-allotments.
Dominion intends to use the net proceeds from this offering for general corporate purposes, including funding, in part, Dominion's combination with Questar Corporation (NYSE: STR).
RBC Capital Markets, LLC, Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. will be joint book-running managers for the offering.
The offering will be made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting RBC Capital Markets, LLC, Attn: Equity Syndicate, 3 World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, at 1-877-822-4089 or email a request to equityprospectus@rbccm.com; Mizuho Securities USA Inc., Attn: Equity Capital Markets Desk, 320 Park Avenue – 12th Floor, New York, NY 10022, Telephone: 1-212-205-7600; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, by calling toll-free 1-800-221-1037, or by e-mail at newyork.prospectus@credit-suisse.com; or Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements that are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to, the prevailing conditions in the public capital markets, interest rates, economic, political and market factors affecting trading volumes, securities prices or demand for our equity and debt securities. We have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the U.S. Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion
Article Date
8/8/20168/3/2016 - Dominion Announces Second-Quarter Earnings
Dominion Announces Second-Quarter Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Aug. 3, 2016 /PRNewswire/ -- Dominion Resources (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2016, of $452 million ($0.73 per share) compared with earnings of $413 million ($0.70 per share) for the same period in 2015.
Operating earnings for the three months ended June 30, 2016, amounted to $441 million ($0.71 per share), compared to operating earnings of $429 million ($0.73 per share) for the same period in 2015. Operating earnings are defined as reported earnings adjusted for certain items.
The principal difference between reported earnings and operating earnings for the quarter is related to our investments in nuclear decommissioning trust funds.
Dominion uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Our second-quarter operating earnings were in the upper half of our guidance range of $0.65 to $0.75 per share.
"Strong operational and safety performance continued in the second quarter. In addition, several milestones were reached in our growth projects. The 1,385-megawatt Brunswick County Power Station commenced commercial operations in April, ahead of schedule and under budget. We also began construction on the 1,588-megawatt Greensville County combined cycle power station. We are looking forward to getting this state-of-the-art power station operating and providing energy to more than 400,000 customers.
"The Cove Point Liquefaction project is now 67 percent complete and continues on time and on budget for a late 2017 in-service date. We continue to work toward the construction of the Atlantic Coast Pipeline and the related Supply Header project with an expected completion date of late 2018."
SECOND-QUARTER 2016 REPORTED AND OPERATING EARNINGS COMPARED TO 2015
Reported earnings increased 3 cents per share as compared to second-quarter 2015. Business segment results and detailed descriptions of items included in 2016 and 2015 reported earnings but excluded from operating earnings can be found on Schedules 1, 2 and 3 of this release.
Operating earnings decreased 2 cents per share as compared to second-quarter 2015 operating earnings. The decrease in operating earnings was primarily attributable to milder weather, a planned refueling outage at Millstone, and share dilution. Positive factors included revenues from our regulated growth projects, lower capacity expenses and a farmout transaction. Details of second-quarter 2016 operating earnings as compared to the same period in 2015 may be found on Schedule 4 of this release.
THIRD-QUARTER 2016 OPERATING EARNINGS GUIDANCE
Dominion expects third-quarter 2016 operating earnings in the range of $0.95-$1.10 per share, compared to third-quarter 2015 operating earnings of $1.03 per share. Positive drivers include increased revenues from our growth projects and lower capacity expenses offset by the absence of a farmout transaction and share dilution. Reconciliation of reported and operating earnings for the third quarter of 2015 can be found on Schedule 3 of this release.
The company is maintaining its previously issued 2016 operating earnings guidance of $3.60-$4.00 per share.
In providing its third-quarter and full-year operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion management is not able to estimate the aggregate impact of these items on future period reported earnings.
CONFERENCE CALL TODAY
Dominion will host its second-quarter earnings conference call at 10 a.m. ET on Wednesday, Aug. 3, 2016. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 3 and lasting until 11 p.m. ET Aug. 10. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 79755313. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 3.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
This release contains certain forward-looking statements, including forecasted operating earnings for third-quarter and full-year 2016 which is subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Midstream and retirements of assets based on asset portfolio reviews, the expected timing and likelihood of completion of the proposed acquisition of Questar, receipt and terms and conditions of required regulatory approvals, the receipt of regulatory approvals for, and timing of, other planned projects, acquisitions and divestitures, the timing and execution of Dominion Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
DOMINION RESOURCES, INC. | |||||||
|
CONSOLIDATED STATEMENTS OF INCOME* | |||||||
|
Unaudited (GAAP Based) | |||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||
|
2016 |
2015 |
2016 |
2015 | ||||
|
Operating Revenue |
$ 2,598 |
$ 2,747 |
$ 5,519 |
$ 6,156 | |||
|
Operating Expenses |
|||||||
|
Electric fuel and other energy-related purchases |
551 |
591 |
1,185 |
1,544 | |||
|
Purchased electric capacity |
45 |
90 |
113 |
184 | |||
|
Purchased gas |
56 |
111 |
175 |
361 | |||
|
Other operations and maintenance |
665 |
709 |
1,368 |
1,311 | |||
|
Depreciation, depletion and amortization |
361 |
339 |
712 |
682 | |||
|
Other taxes |
139 |
134 |
303 |
299 | |||
|
Total operating expenses |
1,817 |
1,974 |
3,856 |
4,381 | |||
|
Income from operations |
781 |
773 |
1,663 |
1,775 | |||
|
Other income |
72 |
56 |
126 |
116 | |||
|
Interest and related charges |
239 |
221 |
465 |
444 | |||
|
Income from operations including noncontrolling interests before income tax expense |
614 |
608 |
1,324 |
1,447 | |||
|
Income tax expense |
152 |
190 |
331 |
489 | |||
|
Net Income Including Noncontrolling Interests |
462 |
418 |
993 |
958 | |||
|
Noncontrolling Interests |
10 |
5 |
17 |
9 | |||
|
Net Income Attributable to Dominion |
$ 452 |
$ 413 |
$ 976 |
$ 949 | |||
|
Earnings Per Common Share – Basic |
|||||||
|
Net Income Attributable to Dominion |
$ 0.73 |
$ 0.70 |
$ 1.61 |
$ 1.61 | |||
|
Earnings Per Common Share – Diluted |
|||||||
|
Net Income Attributable to Dominion |
$ 0.73 |
$ 0.70 |
$ 1.61 |
$ 1.60 | |||
|
Dividends declared per common share |
$ 0.7000 |
$ 0.6475 |
$ 1.4000 |
$ 1.2950 | |||
|
*The notes contained in Dominion's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an | |||||||
|
integral part of the Consolidated Financial Statements. |
|||||||
|
Schedule 1 - Segment Earnings |
||||||||
|
Preliminary, Unaudited |
||||||||
|
(millions, except earnings per share) |
Three months ended June 30, | |||||||
|
2016 |
2015 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 452 |
$ 413 |
$ 39 | |||||
|
Pre-tax loss (income) 2 |
(12) |
27 |
(39) | |||||
|
Income tax 2 |
1 |
(11) |
12 | |||||
|
Adjustments to reported earnings |
(11) |
16 |
(27) | |||||
|
OPERATING EARNINGS |
$ 441 |
$ 429 |
$ 12 | |||||
|
By segment: |
||||||||
|
Dominion Virginia Power |
104 |
117 |
(13) | |||||
|
Dominion Energy 3 |
162 |
129 |
33 | |||||
|
Dominion Generation 3 |
171 |
250 |
(79) | |||||
|
Corporate and Other |
4 |
(67) |
71 | |||||
|
$ 441 |
$ 429 |
$ 12 | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 0.73 |
$ 0.70 |
$ 0.03 | |||||
|
Adjustments to reported earnings (after tax) |
(0.02) |
0.03 |
(0.05) | |||||
|
OPERATING EARNINGS |
$ 0.71 |
$ 0.73 |
$ (0.02) | |||||
|
By segment: |
||||||||
|
Dominion Virginia Power |
0.17 |
0.20 |
(0.03) | |||||
|
Dominion Energy 3 |
0.26 |
0.22 |
0.04 | |||||
|
Dominion Generation 3 |
0.28 |
0.42 |
(0.14) | |||||
|
Corporate and Other |
- |
(0.11) |
0.11 | |||||
|
$ 0.71 |
$ 0.73 |
$ (0.02) | ||||||
|
Common Shares Outstanding (average, diluted) |
617.0 |
592.5 |
||||||
|
(millions, except earnings per share) |
Six months ended June 30, | |||||||
|
2016 |
2015 |
Change | ||||||
|
REPORTED EARNINGS 1 |
$ 976 |
$ 949 |
$ 27 | |||||
|
Pre-tax loss (income) 2 |
55 |
103 |
(48) | |||||
|
Income tax 2 |
(18) |
(39) |
21 | |||||
|
Adjustments to reported earnings |
37 |
64 |
(27) | |||||
|
OPERATING EARNINGS |
$ 1,013 |
$ 1,013 |
$ - | |||||
|
By segment: |
||||||||
|
Dominion Virginia Power |
224 |
257 |
(33) | |||||
|
Dominion Energy 3 |
348 |
356 |
(8) | |||||
|
Dominion Generation 3 |
416 |
512 |
(96) | |||||
|
Corporate and Other |
25 |
(112) |
137 | |||||
|
$ 1,013 |
$ 1,013 |
$ - | ||||||
|
Earnings Per Share (EPS): |
||||||||
|
REPORTED EARNINGS 1 |
$ 1.61 |
$ 1.60 |
$ 0.01 | |||||
|
Adjustments to reported earnings (after tax) |
0.06 |
0.11 |
(0.05) | |||||
|
OPERATING EARNINGS |
$ 1.67 |
$ 1.71 |
$ (0.04) | |||||
|
By segment: |
||||||||
|
Dominion Virginia Power |
0.37 |
0.43 |
(0.06) | |||||
|
Dominion Energy 3 |
0.57 |
0.60 |
(0.03) | |||||
|
Dominion Generation 3 |
0.69 |
0.87 |
(0.18) | |||||
|
Corporate and Other |
0.04 |
(0.19) |
0.23 | |||||
|
$ 1.67 |
$ 1.71 |
$ (0.04) | ||||||
|
Common Shares Outstanding (average, diluted) |
607.6 |
591.2 |
||||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). | |||||||
|
2) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's website at www.dom.com/investors. | ||||||||
|
3) |
2015 amounts have been recast to reflect non-regulated retail energy marketing operations in the Dominion Energy segment. | |||||||
Schedule 2 - Reconciliation of 2016 Reported Earnings to Operating Earnings
2016 Earnings (Six months ended June 30, 2016)
The $55 million pre-tax net effect of the adjustments included in 2016 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
2 | |
|
Reported earnings |
$524 |
$452 |
$976 |
||||
|
Adjustments to reported earnings 1: |
|||||||
|
Pre-tax loss (income) |
67 |
(12) |
55 |
||||
|
Income tax |
(19) |
1 |
(18) |
||||
|
48 |
(11) |
37 |
|||||
|
Operating earnings |
$572 |
$441 |
$1,013 |
||||
|
Common shares outstanding (average, diluted) |
598.2 |
617.0 |
607.6 |
||||
|
Reported earnings per share |
$0.88 |
$0.73 |
$1.61 |
||||
|
Adjustments to reported earnings (after-tax) |
0.08 |
(0.02) |
0.06 |
||||
|
Operating earnings per share |
$0.96 |
$0.71 |
$1.67 |
||||
|
1) Adjustments to reported earnings are reflected in the following table: |
|||||||
|
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 |
|||
|
Pre-tax loss (income): |
|||||||
|
Organizational design initiative |
70 |
(5) |
65 |
||||
|
Net gain in nuclear decommissioning trust funds |
(2) |
(11) |
(13) |
||||
|
Other items |
(1) |
4 |
3 |
||||
|
$67 |
($12) |
$55 |
|||||
|
Income tax: |
|||||||
|
Tax impact of above adjustments to reported earnings |
($19) |
$1 |
($18) |
||||
|
2) YTD EPS may not equal sum of quarters due to share count differences | |||||||
Schedule 3 - Reconciliation of 2015 Reported Earnings to Operating Earnings
2015 Earnings (Twelve months ended December 31, 2015)
The $220 million pre-tax net effect of the adjustments included in 2015 reported earnings, but excluded from operating earnings, is primarily related to the following items:
|
(millions, except per share amounts) |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 |
2 |
|
Reported earnings |
$536 |
$413 |
$593 |
$357 |
$1,899 |
|
|
Adjustments to reported earnings 1: |
||||||
|
Pre-tax loss (income) |
76 |
27 |
19 |
98 |
220 |
|
|
Income tax |
(28) |
(11) |
(1) |
(39) |
(79) |
|
|
48 |
16 |
18 |
59 |
141 |
||
|
Operating earnings |
$584 |
$429 |
$611 |
$416 |
$2,040 |
|
|
Common shares outstanding (average, diluted) |
589.9 |
592.5 |
595.5 |
596.7 |
593.7 |
|
|
Reported earnings per share |
$0.91 |
$0.70 |
$1.00 |
$0.60 |
$3.20 |
|
|
Adjustments to reported earnings (after-tax) |
0.08 |
0.03 |
0.03 |
0.10 |
0.24 |
|
|
Operating earnings per share |
$0.99 |
$0.73 |
$1.03 |
$0.70 |
$3.44 |
|
|
1) Adjustments to reported earnings are reflected in the following table: |
||||||
|
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 |
||
|
Pre-tax loss (income): |
||||||
|
Write-off of deferred fuel costs |
85 |
85 |
||||
|
Future ash pond and landfill closure costs |
45 |
54 |
99 |
|||
|
Impact of Virginia Power biennial review |
28 |
28 |
||||
|
Other items |
(9) |
(18) |
19 |
16 |
8 |
|
|
$76 |
$27 |
$19 |
$98 |
$220 |
||
|
Income tax: |
||||||
|
Tax impact of above adjustments to reported earnings |
(28) |
(11) |
(7) |
(39) |
(85) |
|
|
Deferred taxes refundable to utility customers |
6 |
6 |
||||
|
($28) |
($11) |
($1) |
($39) |
($79) |
||
|
2) YTD EPS may not equal sum of quarters due to share count differences | ||||||
|
Schedule 4 - Change in Contribution to Reported and Operating Earnings | |||||
|
Preliminary, unaudited |
Three Months Ended | ||||
|
(millions, except EPS) |
June 30, | ||||
|
2016 vs. 2015 | |||||
|
Increase / (Decrease) | |||||
|
Amount |
EPS | ||||
|
Change in reported earnings (GAAP) |
$39 |
$0.03 | |||
|
Change in Pre-tax loss (income) 1 |
(39) |
||||
|
Change in Income tax 1 |
12 |
||||
|
Adjustments to reported earnings |
(27) |
(0.05) | |||
|
Change in consolidated operating earnings |
$12 |
($0.02) | |||
|
Reconciling Items | |||||
|
Dominion Virginia Power |
|||||
|
Regulated electric sales: |
|||||
|
Weather |
($11) |
($0.02) | |||
|
Other |
- |
- | |||
|
FERC transmission equity return |
10 |
0.02 | |||
|
Storm damage and service restoration |
(10) |
(0.02) | |||
|
Other |
(2) |
- | |||
|
Share dilution |
- |
(0.01) | |||
|
Change in contribution to reported and operating earnings |
($13) |
($0.03) | |||
|
Dominion Energy |
|||||
|
Gas Distribution margin |
$2 |
- | |||
|
Farmout transaction |
21 |
0.04 | |||
|
Retail energy marketing operations |
6 |
0.01 | |||
|
Other |
4 |
- | |||
|
Share dilution |
- |
(0.01) | |||
|
Change in contribution to reported and operating earnings |
$33 |
$0.04 | |||
|
Dominion Generation |
|||||
|
Regulated electric sales: |
|||||
|
Weather |
($23) |
($0.04) | |||
|
Other |
5 |
0.01 | |||
|
Renewable energy investment tax credits |
(30) |
(0.05) | |||
|
Merchant generation margin |
(20) |
(0.03) | |||
|
Rate adjustment clause equity return |
10 |
0.02 | |||
|
Capacity related expenses |
26 |
0.04 | |||
|
Outage costs |
(24) |
(0.04) | |||
|
Other |
(23) |
(0.04) | |||
|
Share dilution |
- |
(0.01) | |||
|
Change in contribution to reported and operating earnings |
($79) |
($0.14) | |||
|
Corporate and Other |
|||||
|
Renewable energy investment tax credits |
$47 |
$0.07 | |||
|
Other |
24 |
0.04 | |||
|
Change in contribution to operating earnings |
$71 |
$0.11 | |||
|
Change in consolidated operating earnings |
$12 |
($0.02) | |||
|
Change in adjustments included in reported earnings1 |
27 |
0.05 | |||
|
Change in consolidated reported earnings |
$39 |
$0.03 | |||
|
1) Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. | |||||
|
Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's | |||||
|
Note: Figures may not add due to rounding. | |||||
SOURCE Dominion Resources
Article Date
8/3/2016Dominion Declares Quarterly Dividend of 70 Cents
Source: PR Newswire
RICHMOND, Va., Aug. 2, 2016 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has declared a quarterly dividend of 70 cents per share of common stock.
Dividends are payable on Sept. 20, 2016, to shareholders of record at the close of business Sept. 2, 2016.
This is the 354th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared May 11, 2016.
SOURCE Dominion
Article Date
8/2/2016Dominion Virginia Power to Build Solar Facility at Naval Air Station Oceana
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
VIRGINIA BEACH, Va., Aug. 2, 2016 /PRNewswire/ -- Dominion Virginia Power, the Department of the Navy and the Commonwealth of Virginia today reached an agreement to construct a 21-megawatt direct current (18- megawatt alternating current) solar energy facility at Naval Air Station Oceana in Virginia Beach, Va.
"Solar is an integral part of Dominion's commitment to renewable energy," said Thomas F. Farrell II, Dominion chairman, president and CEO. "The Oceana solar facility, along with four other large solar facilities we have announced in Virginia, will bring clean energy to the state, new jobs and other economic benefits. Partnerships like the ones highlighted with the Department of Navy and the Commonwealth help to make our state a more attractive place to live, work and do business. We are very proud of what we have collectively accomplished today."
Dominion filed a Certificate of Public Convenience and Necessity permit with the State Corporation Commission on Aug. 1, 2016. The facility is expected to be completed and operational in late 2017. In exchange for the nearly 100 acres that will house the 179,000 solar panels, the Navy will receive an alternative electric feed, which will increase energy resiliency on the base. The facility will produce enough electricity at peak to power about 4,400 homes.
This is the second solar project Dominion has collaborated on with the Navy. In December 2015, construction was completed at Morgans Corner, a fixed-tilt 25-megawatt direct current (20-megawatt alternating current) facility spanning 110 acres and consisting of 81,054 solar panels located in Pasquotank County, N.C. The project is under a power purchase agreement.
"Not only did we meet the one gigawatt (GW) goal ashore five years early, we surpassed it – reaching 1.1 GW by the end of last year. In doing so we've achieved $90 million in nominal energy cost savings, $62 million in energy security hardware upgrades to bases, 170 megawatts of access to power during outages and 22 million tons of CO2 abated. And we are just getting started," said Secretary of the Navy Ray Mabus. "Today, the State of Virginia, the Hampton Roads community, Dominion Virginia Power and our Navy and Marine Corps are joining together to add to our success, to protect the future of NS Norfolk and NAS Oceana, and to enhance national security for the American people."
"Today marks a historic day for both the Commonwealth and the Navy," said Gov. Terry McAuliffe. "This announcement shows that the Commonwealth is leading by example in driving the clean energy economy forward in Virginia and working to combat climate change. It also highlights the importance my administration places on working with our most important economic partners like the U.S. Department of the Navy."
Dominion will retire, on the Commonwealth's behalf, renewable energy certificates in an amount equivalent to the amount of RECs generated by the Oceana solar facility.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 5 million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation, including more than 1,100 megawatts of renewable generation, and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
8/2/2016Dominion East Ohio Promotes Program To Help Customers Save Energy, Money
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, July 21, 2016 /PRNewswire/ -- Eligible residential customers of Dominion East Ohio will find that they can save several ways with the company's Home Performance with ENERGY STAR® program. This program includes a home energy assessment to help diagnose high utility usage and other home comfort issues, and then provides rebates of up to $1,250 for completion of recommended energy-efficiency improvements. From now until August 31, the cost of the home energy assessment is half-off or just $25 each.
"Since 2010, this program has helped over 15,000 homeowners find small steps to save energy, and identify larger projects that could save them considerable money," said Jeff Murphy, Dominion East Ohio vice president and general manager. "We're excited to offer a special summer deal on the cost of a home energy assessment."
The assessment is the first step in the program. An energy auditor visits customers' homes to help pinpoint energy losses through diagnostic testing and a professional evaluation. Following the energy assessment, customers receive a customized energy report with the results, plus recommendations and rebates available through the program.
Recommended improvements typically include air sealing and insulation, HVAC equipment upgrades, window and door replacements, plus much more. These improvements can help customers decrease utility bills, while increasing home comfort, safety, durability and resale value.
Residential customers also may receive such products as a programmable thermostat or carbon monoxide detector, high-efficiency showerheads and water-saving faucet aerators at no cost (a $100 value).
Customers who could most benefit from an energy assessment are those who may be experiencing drafts and fluctuating room temperatures, moisture and mold issues or those who have inefficient cooling and heating equipment in an older or poorly-built home. Dominion East Ohio customers should call 1-877-287-3416 to schedule an assessment or visit deohpwes.com for program details and eligibility information. CLEAResult is administering the program.
About Dominion
Dominion East Ohio is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 5 million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation, including more than 1,100 megawatts of renewable generation, and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
7/21/2016Dominion Announces Early Results of Cash Tender Offer
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 19, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), today announced the early results of its previously announced tender offer (the "Tender Offer") to purchase up to $200,000,000 maximum aggregate principal amount (subject to increase by Dominion, the "Tender Cap") of the following series of notes issued by Dominion:
The Tender Offer is described in the offer to purchase dated July 5, 2016 (the "Offer to Purchase"), and the related letter of transmittal (the "Letter of Transmittal" and, together with the Offer to Purchase, the "Offer Documents"), previously sent to holders of the Notes.
According to information received from D.F. King & Co., Inc., the information and tender agent for the Tender Offer (the "Information and Tender Agent"), as of 5:00 p.m., New York City time, on July 18, 2016 (the "Early Tender Time"), Dominion had received valid tenders of Notes as outlined in the table below.
|
Title of Notes |
CUSIP/ |
Aggregate |
Principal Amount Tendered |
Principal Amount Accepted |
Approximate |
Acceptance Priority Level |
Early Tender Premium |
Full Tender Offer Consideration |
|
2006 Series B Enhanced Junior Subordinated Notes due 2066 |
25746UAZ2/ |
$373,346,000 |
$73,926,000 |
$73,926,000 |
N/A |
1 |
$30 |
$800 |
|
2006 Series A Enhanced Junior Subordinated Notes due 2066 |
25746UAY5/ |
$247,479,000 |
$124,679,000 |
$124,679,000 |
N/A |
2 |
$30 |
$900 |
|
(1) Includes the Early Tender Premium. (2) Per $1,000 Principal Amount of Notes. Dominion will also pay accrued and unpaid interest to, but not including, the applicable Settlement Date ("Accrued Interest"). | ||||||||
As set forth in the Offer to Purchase, holders of Notes who validly tendered their Notes at or prior to the Early Tender Time and whose Notes are accepted for purchase will receive the applicable Full Tender Offer Consideration, which includes the applicable Early Tender Premium, as set forth in the table above, plus Accrued Interest. Dominion has exercised its right to early accept for purchase all Notes validly tendered at or prior to the Early Tender Time. The Notes will be purchased on the "Early Settlement Date", which will be determined at Dominion's option and is currently expected to occur on July 19, 2016, subject to all conditions to the Tender Offer having been either satisfied or waived by Dominion.
The Tender Offer will expire at 11:59 p.m., New York City time, on Aug. 1, 2016, unless extended or earlier terminated by Dominion (the "Expiration Time"). Holders who have not already tendered their Notes may continue to do so at any time prior to the Expiration Time, but to the extent those Notes are validly tendered and accepted for purchase, the holders will be entitled to receive only the applicable Tender Offer Consideration, which is equal to the applicable Full Tender Offer Consideration less the Early Tender Premium, subject to Acceptance Priority Levels, proration and the Tender Cap. No tenders submitted after the Expiration Time will be valid. The Settlement Date, if necessary, for Notes validly tendered after the Early Tender Time and on or before the Expiration Time and which are accepted for purchase is expected to occur on the first business day following the Expiration Time.
The Withdrawal Time for the Tender Offer was 5:00 p.m., New York City time, on July 18, 2016, and has not been extended. Accordingly, previously tendered Notes and Notes tendered after the Withdrawal Time and prior to the Expiration Time may not be withdrawn, subject to applicable law.
Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.
BofA Merrill Lynch and J.P. Morgan Securities LLC are acting as the dealer managers for the Tender Offer (the "Dealer Managers"). D.F. King & Co., Inc. is acting as the Information and Tender Agent for the Tender Offer. Questions regarding the terms of the Tender Offer should be directed to BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907 (collect) or to J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-8553 (collect). Requests for documentation and any questions regarding procedures for tendering Notes should be directed to D.F. King & Co., Inc. at (800) 884-5882 (toll-free) or (212) 269-5550 (collect) or by email at dominion@dfking.com.
This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell the Notes. The Tender Offer is being made solely pursuant to the Offer Documents. The Tender Offer is not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Dominion Resources, Inc. by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. None of Dominion, the Dealer Managers, the Information and Tender Agent and any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether holders of Notes should participate in the Tender Offer.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements which are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business and tender offer may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to the amount of Notes tendered, the consideration paid by Dominion for the Notes and satisfaction of the conditions of the tender offer contained in the Offer to Purchase. We also have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion
Article Date
7/19/20167/15/2016 - Natural Gas Utilities to Build Bikes for Local Children During Republican Convention in Cleveland
Natural Gas Utilities to Build Bikes for Local Children During Republican Convention in Cleveland
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, July 15, 2016 /PRNewswire/ -- Employees from the American Gas Association (AGA), Dominion and natural gas utilities will build bicycles for children in need in Cleveland, OH during the Republican National Convention.
"Bikes can mean so much to children in terms of exercise, fresh air, the opportunity to go to the park, library or be with their friends. We value our relationships in our local communities, and we appreciate the opportunity to give back in a tangible and fun manner for these children," said Paul Koonce, Chief Executive Officer, Dominion Generation Group.
"Natural gas utilities deliver essential energy to more than 177 million Americans and are a true partner in the communities they serve," said AGA Chairman Ralph LaRossa. "It is at the heart of everything we do and we wanted to make that spirit a part of our time in Cleveland."
"We are in the midst of a national conversation about the future of this country and for natural gas utilities those relationships begins in our local communities," said Dave McCurdy, AGA President and CEO. "All politics is local and our priority remains delivering energy safely and reliably to homes and businesses throughout this country."
Bike building kits will be supplied by Bikes for Goodness Sake. AGA and Dominion East Ohio are working with the Rainey Institute in Cleveland to ensure that the bikes are made available to children who need them. Some of the children will be at the event to receive brand new bicycles and helmets.
AGA and Public Service Electric & Gas Co. will hold a similar event in Camden, NJ during the Democratic National Convention later this month.
|
WHO: |
Dave McCurdy, AGA President and CEO |
|
Employees from the AGA, Dominion and natural gas utilities throughout the country | |
|
WHAT: |
Natural gas utilities build bikes for children in need |
|
WHEN: |
Wednesday, July 20, 2016 |
|
11:00 AM | |
|
WHERE: |
Dominion East Ohio |
|
1201 East 55th Street | |
|
Cleveland, Ohio 44103 |
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity, and provides energy or products and services to more than five million customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About the American Gas Association
The American Gas Association, founded in 1918, represents more than 200 local energy companies that deliver clean natural gas throughout the United States. There are more than 72 million residential, commercial and industrial natural gas customers in the U.S., of which 94 percent — over 68 million customers — receive their gas from AGA members. Today, natural gas meets more than one-fourth of the United States' energy needs.
SOURCE Dominion East Ohio
Article Date
7/15/20167/13/2016 - Three Dominion Virginia Power Solar Facilities to Generate 800 Construction Jobs in Virginia
Three Dominion Virginia Power Solar Facilities to Generate 800 Construction Jobs in Virginia
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 13, 2016 /PRNewswire/ -- Hundreds of local jobs in the construction trades will be created as Dominion Virginia Power prepares to build three separate large-scale solar energy facilities in Virginia. To fill the positions, Dominion's construction contractor, Tucker, Ga.-based Amec Foster Wheeler, plans to hold job fairs in Powhatan and Charlottesville.
The solar projects received approval from the State Corporation Commission on June 30.
Amec Foster Wheeler is seeking electricians, general laborers, carpenters, solar panel installers and heavy equipment operators. General construction experience is required, but on-the-job training will be offered. The three solar facilities – to be located in Isle of Wight, Louisa and Powhatan counties – will employ a total of about 800 workers during the construction phase, which is expected to take about six months.
Job fairs will be held at:
Powhatan County Public Library Friday, July 22
2270 Mann Rd. 10 a.m. – 3 p.m.
Powhatan, Va. 23139
Charlottesville Workforce Center Wednesday, Aug. 24
2211 Hydraulic Rd. 10 a.m. – 3 p.m.
Charlottesville, Va. 22901
Many local businesses will benefit from the construction and operations of these facilities. During the construction phase, the Commonwealth is expected to see a cumulative economic impact of $74 million from the 2015 planning phase to the 2017 completion of the projects. More than 800 cumulative jobs will be created over the same time period. All three projects are expected to be completed and operational by the end of the year.
In addition to the job fairs, those interested can apply before the event at Amec Foster Wheeler's website or call 1-800-526-8324. Applications can also be submitted on the Virginia Employment Commission's website.
Dominion is committed to developing 400 megawatts (MW) of solar energy in Virginia by 2020. Dominion Resources, of which Dominion Virginia Power is a subsidiary, currently has more than 700 MW of existing, under construction or proposed solar energy projects across eight states including California, Connecticut, Georgia, Indiana, North Carolina, Tennessee, Utah and Virginia.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 5 million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation, including more than 1,100 megawatts of renewable generation, and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
7/13/2016Dominion And Dominion Midstream Schedule Second-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 7, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their second-quarter earnings conference call at 10 a.m. ET on Wednesday, Aug. 3, 2016. Management will discuss second-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET Aug. 3 and lasting until 11 p.m. ET Aug. 10. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 79755313. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day Aug. 3.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
7/7/2016Dominion Prevails in Patent Infringement Lawsuit
Source: PR Newswire
RICHMOND, Va., July 7, 2016 /PRNewswire/ -- Dominion Voltage, Inc. (DVI), a grid optimization subsidiary of Dominion Resources, Inc. (NYSE: D), today announced that following a jury trial in the United States District Court for the Eastern District of Pennsylvania, Dominion won a jury verdict against Alstom Grid, Inc.
The jury unanimously found that Alstom Grid infringed a Dominion-owned patent (U.S. Patent No. 8,437,883 "the patent"), claiming an invention that improves grid efficiency through the use of smart meters and Advanced Metering Infrastructure (AMI) for the process of conservation voltage reduction. The patent is one of several patents protecting DVI's EDGE® product family, an industry leading Volt/VAR optimization solution currently in use by 12 utilities in North America.
The jury also unanimously found that the patent is valid and that Alstom Grid willfully induced infringement through the installation of its distribution management system at a customer location.
In addition, Alstom's petitions to challenge the validity of Dominion's patent 8,437,883 and 8,577,510 were denied by the U.S Patent and Trademark Office.
"We are extremely pleased with the federal jury's ruling, which affirms DVI's position that it has very strong patents protecting EDGE®," said Todd Headlee, executive director of DVI. "Dominion's significant investment and focus on smart grid innovation have been key to our success in the development of patented, industry leading solutions. We are committed to taking any action necessary to protect these valuable investments."
Dominion was represented by Jeffrey K. Sherwood and Salvatore P. Tamburo of Blank Rome LLP.
About DVI
DVI is a leading provider of grid analytics and control technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9325174, 9354641, 9367075 and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
SOURCE Dominion Voltage Inc.
Article Date
7/7/2016Dominion Announces Cash Tender Offer for up to $200,000,000 of Its 2006 Series A Enhanced Junior Subordinated Notes Due 2066, 2006 Series B Enhanced Junior Subordinated Notes Due 2066
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., July 5, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), today announced the commencement of an offer to purchase for cash a maximum aggregate principal amount of up to $200,000,000 (subject to increase, the "Tender Cap") of its outstanding 2006 Series A Enhanced Junior Subordinated Notes due 2066 and 2006 Series B Enhanced Junior Subordinated Notes due 2066 (together, the "Notes") (the "Tender Offer").
The Tender Offer is subject to the terms and conditions set forth in Dominion's Offer to Purchase, dated July 5, 2016, and the related Letter of Transmittal (together, the "Offer Documents"). Dominion reserves the right, but is under no obligation, to increase the Tender Cap without extending withdrawal rights, except as required by law. The amounts of each series of Notes will be accepted in accordance with the order of priority for such series of Notes set forth in the table below (the "Acceptance Priority Levels") and may be prorated as set forth in the Offer to Purchase.
The key pricing details for the Tender Offer are as follows:
|
Title of Security |
CUSIP/ |
Outstanding Principal Amount |
Acceptance Priority Level |
Tender |
Early |
Full Tender Offer | ||||||||||||||||||||||
|
2006 Series B
|
25746UAZ2/
|
$373,346,000
|
1 |
$770 |
$30 |
$800 | ||||||||||||||||||||||
|
2006 Series A Enhanced Junior Subordinated Notes due 2066 |
25746UAY5/ |
$247,479,000 |
2 |
$870 |
$30 |
$900 | ||||||||||||||||||||||
|
(1) |
Per $1,000 principal amount of Notes. Notes that are accepted for payment pursuant to the Tender Offer will be paid accrued and unpaid interest on the Notes to, but excluding, the applicable Settlement Date (as defined below). |
|
(2) |
Amount Includes the Early Tender Premium per $1,000 principal amount of Notes for each series as set forth in this table. |
The Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on Monday, Aug. 1, 2016, unless extended or earlier terminated by Dominion (the "Expiration Time"). No tenders submitted after the Expiration Time will be valid. Acceptance of tendered Notes will be subject to Acceptance Priority Levels and may be subject to proration. Subject to the terms and conditions of the Tender Offer, the consideration for each $1,000 principal amount of Notes validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Tender Offer will be the tender offer consideration for such series of Notes set forth in the table above (with respect to each series of Notes, the "Tender Offer Consideration"). Holders of Notes that are validly tendered (and not validly withdrawn) at or prior to 5:00 p.m., New York City time, on July 18, 2016 (such date and time, as it may be extended, the "Early Tender Time") and accepted for purchase pursuant to the Tender Offer will receive the applicable Full Tender Offer Consideration for such series, which includes the early tender premium for such series of Notes set forth in the table above (with respect to each series of Notes, the "Early Tender Premium" and, together with the applicable Tender Offer Consideration, the "Full Tender Offer Consideration"). Holders of Notes tendering their Notes after the Early Tender Time but at or prior to the Expiration Time will only be eligible to receive the Tender Offer Consideration, which is the Full Tender Offer Consideration less the Early Tender Premium.
All Notes validly tendered and accepted for purchase pursuant to the Tender Offer will receive the applicable consideration set forth in the table above, plus accrued and unpaid interest on such Notes from the last interest payment date with respect to those Notes to, but not including, the applicable Settlement Date ("Accrued Interest").
Tendered Notes may be withdrawn from the Tender Offer at or prior to 5:00 p.m., New York City time, on July 18, 2016, unless extended by Dominion in its sole discretion (such date and time, as it may be extended, the "Withdrawal Time"). Holders of Notes who tender their Notes after the Withdrawal Time, but prior to the Expiration Time, may not withdraw their tendered Notes except in the limited circumstances described in the Offer to Purchase.
Dominion reserves the right, but is under no obligation, to accept for purchase any Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time, at any point following the Early Tender Time and before the Expiration Time (the "Early Settlement Date"), subject to the Acceptance Priority Levels and the Tender Cap. The Early Settlement Date will be determined at Dominion's option and is currently expected to occur on July 19, 2016, subject to all conditions to the Tender Offer having been either satisfied or waived by Dominion. Irrespective of whether Dominion chooses to exercise its option to have an Early Settlement Date, Dominion will purchase any remaining Notes that have been validly tendered and not validly withdrawn at or prior to the Expiration Time and that Dominion chooses to accept for purchase promptly following the Expiration Time, subject to all conditions to the Tender Offer having either been satisfied or waived by Dominion (the "Final Settlement Date"). The Final Settlement Date is expected to occur on the first business day following the Expiration Time. Dominion refers to each of the Early Settlement Date and the Final Settlement Date as a "Settlement Date."
Subject to the Tender Cap and proration, the Notes accepted on any Settlement Date will be accepted in accordance with their Acceptance Priority Levels set forth in the table above, with 1 being the highest Acceptance Priority Level and 2 being the lowest Acceptance Priority Level. All Notes tendered at or before the Early Tender Time will be accepted for purchase in priority to other Notes tendered after the Early Tender Time, even if such Notes tendered after the Early Tender Time have a higher Acceptance Priority Level than Notes tendered prior to the Early Tender Time.
Acceptance for tenders of any Notes may be subject to proration if the aggregate principal amount for any series of Notes validly tendered and not validly withdrawn would cause the Tender Cap to be exceeded. Furthermore, if the Tender Offer is fully subscribed as of the Early Tender Time, holders who validly tender Notes after the Early Tender Time will not have any of their Notes accepted for purchase.
The Tender Offer is conditioned upon the satisfaction of certain conditions described in the Offer to Purchase. Dominion has the right, in its sole discretion, to amend, extend or terminate the Tender Offer at any time, subject to applicable law. The Tender Offer is not conditioned on any minimum principal amount of Notes being tendered.
Dominion has retained BofA Merrill Lynch and J.P. Morgan Securities LLC to act as the dealer managers for the Tender Offer (the "Dealer Managers"). D.F. King & Co., Inc. will act as the information and tender agent for the Tender Offer (the "Information and Tender Agent"). Questions regarding the terms of the Tender Offer should be directed to BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907 (collect) or to J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-8553 (collect). Requests for documentation and any questions regarding procedures for tendering Notes should be directed to D.F. King & Co., Inc. at (800) 884-5882 (toll-free) or (212) 269-5550 (collect) or by email at dominion@dfking.com.
This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell the Notes. The Tender Offer is being made solely pursuant to the Offer Documents. The Tender Offer is not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Dominion by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. None of Dominion, the Dealer Managers, the Information and Tender Agent and any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether holders of Notes should participate in the Tender Offer.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
This release contains certain forward-looking statements which are subject to various risks and uncertainties. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, our business and tender offer may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control. These factors include, but are not limited to the amount of Notes tendered, the consideration paid by Dominion for the Notes and satisfaction of the conditions of the tender offer contained in the Offer to Purchase. We also have identified and will in the future identify a number of additional generally applicable factors in our reports on Forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. We refer you to those discussions for further information.
SOURCE Dominion Resources, Inc.
Article Date
7/5/2016Dominion's Expanded EnergyShare Program Helps More Than 12,000 Virginians Pay Energy Bills and Weatherize Homes since September
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 30, 2016 /PRNewswire/ -- Dominion Virginia Power's expanded EnergyShare program has already helped 10,740 families and individuals with bill payment assistance and weatherized 1,600 homes across Virginia in less than one year. Additional details and successes of the program are now available in Dominion's first EnergyShare Annual Report.
"We are thrilled to report that our expanded EnergyShare program is succeeding in its mission to provide more energy assistance and sustainable energy savings to vulnerable individuals across Virginia," said Robert M. Blue, president of Dominion Virginia Power. "Thanks to our dedicated team and the partnerships they have forged with many state agencies and non-profits, we are on track to double our participation rate and help more Virginians reduce their energy costs and stay comfortably in their homes."
While EnergyShare has provided energy assistance to low-income and elderly Virginians since 1982, the program was expanded in funding and scope on Sept. 1, 2015, in accordance with Senate Bill 1349 and an executive directive by Gov. McAuliffe.
Dominion Virginia Power pledged $57 million through 2019 to boost financial aid and add weatherization services and educational outreach in order to help more qualifying customers, including people living with disabilities and military veterans facing financial hardships.
Highlights from the last year include:
Since its inception in 1982, Dominion Virginia Power and its customers, employees, retirees and business partners have contributed more than $67 million and have helped more than 760,000 individuals and families.
EnergyShare is a program of last resort to help eligible residents facing financial hardship pay heating or cooling bills when all other forms of assistance have been exhausted. Every cent donated by customers, employees or others goes directly to helping those in need.
Virginia residents can call 2-1-1 for EnergyShare assistance or referrals to health and human services resources. For more information about weatherization, call 1-888-366-8280. For details on donating or applying for EnergyShare, visit www.dom.com/EnergyShare.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
SOURCE Dominion Virginia Power
Article Date
6/30/2016Dominion Starts Construction on $1.3 Billion Greensville County Power Station
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 21, 2016 /PRNewswire/ -- Dominion Virginia Power has begun construction on its 1,588- megawatt Greensville County Power Station, immediately after the Virginia Air Pollution Control Board approved the station's air permit.
The air permit issued on June 17th was the last regulatory hurdle the station had to clear before it could start construction.
"This is terrific news for Dominion, its customers, the Commonwealth, Greensville County and all of Southside Virginia," said Paul Koonce, chief executive officer for Dominion's Generation Group. "We are excited about the task ahead and are looking forward to getting this state-of-the art power station operating and providing energy to more than 400,000 customers by 2019."
The power station will be a major boost for the region's economy. In its first year of operation, it is expected to provide up to $8 million in property taxes for Greensville County. Post-construction economic benefits are projected to amount to about $36 million annually, and about 166 jobs will be supported, with roughly half of these in Greensville County.
Over its expected 36 year life, the station will save Dominion Virginia Power customers about $2 billion as a result of the company not having to purchase power from market sources.
The Greensville County Power Station will be Dominion's second major generation project in Southside. In April, the company began generating electricity from its Brunswick County Power Station. The 1,358-megawatt combined-cycle facility is located just 5 miles from the Greensville site.
The seven-person air board voted 5-0 to approve the permit, which has the strictest carbon limits in the nation. One member abstained and another was absent.
"The Air Board has approved and the Virginia Department of Environmental Quality has issued a very strict permit, which will require that our station be one of the most efficient and environmentally protective natural-gas fueled power stations in the world," said Pamela F. Faggert, Dominion's chief environmental officer and senior vice president sustainability.
At the peak of construction, the Greensville station will have more than 1,000 workers on site.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 5 million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
6/21/2016Dominion's eBill Enrollments Climb Over 1 Million, Helping Customers and Environment
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 16, 2016 /PRNewswire/ -- More than 1 million Dominion Virginia Power customers are now enrolled in eBill — Dominion's paperless billing program that is fast, easy, secure, and environmentally friendly.
"Thank you to our customers for their enrollment in this beneficial program," said Becky Merritt, vice president of Customer Service. "With our customers in mind and our continued focus on protecting the environment, our electronic billing and payment options help reduce paper consumption, saving customers time and money."
The switch to electronic billing by 1 million customers reduces paper usage by 337,000 pounds a year, the equivalent to saving 4,044 trees. 1 million electronic bills mean that 16,033 household garbage bags of paper will stay out of landfills each year.
With 40 percent of Dominion's 2.5 million electric customers currently participating, eBill puts Dominion and our customers among the nation's leaders in electronic billing.
eBill provides:
If you're a Dominion electric customer interested in eBill, visit: https://www.dom.com/ebill to get started and to learn about new online customer features, including mobile bill pay and eBill text alerts.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than 5 million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
6/16/20166/15/2016 - DVI Awarded Patent for Volt/VAR Optimization
DVI Awarded Patent for Volt/VAR Optimization
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 15, 2016 /PRNewswire/ -- Dominion Voltage, Inc. (DVI), a grid optimization subsidiary of Dominion Resources, Inc. (NYSE: D), today announced that it was recently awarded a patent related to its proprietary Volt/VAR optimization system — EDGE®, which is now being used by 12 electric utilities throughout North America.
The title of the patent issued on April 26, 2016 by the U.S. Patent and Trademark Office is "Management of Energy Demand and Energy Efficient Savings from Voltage Optimization on Electric Power Systems Using AMI-based Data Analysis."
"This patent establishes a strong basis for controlling voltage through the use of line capacitors and regulators by using feedback from smart meters or other sensor networks," said Todd Headlee, executive director of DVI. "It recognizes that the EDGE® product family— Planner, Manager and Validator— creates a virtuous cycle, functioning as a comprehensive Volt/VAR optimization system."
"DVI uses actual premise-level readings to control voltages in real time, challenging model-based optimization schemes. In addition to the control of the line regulators and capacitor banks, this patent recognizes the approach of reaching deeper into the modern grid to include distributed generation, storage, photovoltaic and microgrid technology spaces," said Headlee.
The patent protects the methods, apparatus, system and computer programs used by DVI to provide the implementation of voltage control and conservation systems that minimize the losses in both the electrical energy delivery and energy usage systems. It also protects the validation and measurement processes associated with those methods.
To see how DVI's technology works, visit https://youtu.be/xSC8k0YXnnw.
DVI will be exhibiting its EDGE® products, including Planner, Manager, Analyzer and Stabilizer in booth #109 at the Greentech Media Grid Edge World Forum conference in San Jose, Ca. on June 21-23.
About DVI
DVI is a leading provider of grid analytics and control technology, providing solutions for energy efficiency, demand response, Volt/VAR control, and system reliability. DVI's patented approach plans, manages and validates utilities' grid optimization programs while delivering significant savings to both utilities and their customers (U.S. patents 8437883, 8577510, 9325174, 9354641 and other U.S. and international patents pending). For more information about DVI, visit www.dvigridsolutions.com.
Twitter: @DominionVoltage
YouTube: Dominion Voltage, Inc.
LinkedIn
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
SOURCE Dominion Voltage Inc.
Article Date
6/15/2016Hurricane Preparedness is Right at Your Fingertips
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., June 2, 2016 /PRNewswire/ -- It's back, and experts are watching this year's hurricane season forecast closely. Do you have a plan in place to help you endure a major storm that could potentially disrupt your life for several days? Hurricane season officially began June 1 and the best time to prepare is before the forecast or the skies turn threatening— it's easier than you think.
Dominion Virginia Power suggests using a tool you may already rely on every day to get your home or business ready for hurricane season—your mobile device.
"We use our smart phones, tablets, or mobile devices for almost everything— to help us track appointments, set reminders, and keep our shopping list up to date," said David Vanderbloemen, director of Electric Distribution Operations.
"They can also be useful tools in helping us prepare for hurricane season and staying informed if disaster strikes. Bookmarking important mobile sites and downloading a few apps can make it easy to create an emergency plan or generate a checklist for a storm preparedness kit. When a storm hits, many of the resources you may need, from reporting your power outage to finding the nearest shelter, is right at your fingertips, if you plan ahead," said Vanderbloemen.
Bookmark these useful Dominion web pages on your PC and mobile device today to prepare for a major storm and ensure you can stay connected and informed:
Follow Dominion Virginia Power on Facebook and Twitter and enroll in Dominion text alerts at https://www.dom.com/textalerts for helpful tips, updates and news.
As you prepare, consider the following apps from our agency partners:
Consider adding solar-powered or portable device chargers to your emergency kit, which should also include a three-day supply of non-perishable food and water, first-aid supplies, battery-powered radio, any necessary medications, extra clothes and a blanket. To learn more about stocking an emergency preparedness kit, watch a video at: www.youtube.com/watch?v=c8kv2J4ha_U or visit www.dom.com/stormpreparation.
About Dominion
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
6/2/2016Dominion Virginia Power Considers Options for Offshore Wind Demonstration Project after Federal Grant Withdrawal
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 27, 2016 /PRNewswire/ -- Dominion Virginia Power is assessing options for its proposed offshore wind demonstration project in light of an announcement today that the U.S. Department of Energy is withdrawing $40 million in funding.
"Naturally, we are disappointed in the DOE's decision because we still believe that offshore wind has a great potential to deliver clean, renewable energy to Virginia," said Mary C. Doswell, senior vice president‒Dominion Energy Solutions. "However, we also recognize the unique regulatory and cost challenges involved in our project and appreciate the DOE's desire to support other projects that may have an earlier opportunity for fruition."
Doswell said Dominion plans to consult with other members of the project team, known as the Virginia Offshore Wind Technology Advancement Project (VOWTAP), as well as participants in a stakeholder group of government, research and community representatives, before deciding on next steps.
The VOWTAP project would install two advanced-technology, 6-megawatt wind turbines in federal waters about 24 miles off the coast of Virginia Beach, Va. At peak production, the turbines would generate enough electricity to power up to 3,000 homes. Current bids for constructing the project range from about $300 million to $380 million, compared with an initial estimate of about $230 million.
Doswell said the DOE made its decision after Dominion could not guarantee an in-service date for the project earlier than 2020. While the company has been working toward an earlier date, there are too many uncertainties to meet DOE's request. These include the high cost of the project, the inability to get firm construction contracts, and the increasing complexities of gaining regulatory approval for energy infrastructure projects.
"This project is a first in many ways," Doswell said. "As such, you need to account for many variables when attempting to lock in on a date with any degree of certainty."
VOWTAP was one of three offshore wind projects chosen by the DOE in May 2014 to receive a second round of funding.
VOWTAP's other partners are Alstom Power Inc., (recently acquired by General Electric Company), a wind turbine manufacturer that will supply the turbines; KBR, a global engineering, construction, and services firm with experience in offshore wind; Keystone Engineering, the designer of the innovative substructure; the National Renewable Energy Laboratory, a federally funded research and development center; Newport News Shipbuilding, a division of Huntington Ingalls Industries; and the Virginia Tech Advanced Research Institute, representing the Virginia Coastal Energy Research Consortium.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
5/27/2016Dominion Announces Remarketing of 2.962% Junior Subordinated Notes Due 2019
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 23, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) announced that it has successfully remarketed its 2.962% Junior Subordinated Notes due 2019. The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units of Dominion on June 7, 2013.
Effective May 26, 2016, the notes will bear interest at 2.962% per year. The remarketing is expected to close on May 26, 2016, subject to customary closing conditions.
Dominion will not directly receive any proceeds from the remarketing of the notes. It is expected that on July 1, 2016, which is the purchase contract settlement date for the Corporate Units, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the purchase contracts issued as part of the Corporate Units. The remaining portion of the proceeds of the portfolio of treasury securities will be distributed to the holders of the Corporate Units.
The offering is being made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, N.Y. 11717, telephone: (800) 831-9146, email: prospectus@citi.com; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, N.Y. 10010-3629, telephone: (800) 221-1037, email: newyork.prospectus@credit-suisse.com; or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, N.Y. 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.com.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states.
This Dominion news release includes certain "forward-looking information." Examples include information as to expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely. We have identified and will in the future identify in our SEC Reports on Forms 10-K and 10-Q a number of factors that could cause actual results to differ from those in the forward-looking statements. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
5/23/20162,000 Vehicle Accidents Involved Utility Poles Last Year in Virginia
Source: PR Newswire
RICHMOND, Va., May 17, 2016 /PRNewswire/ -- Last year, 2,000 vehicle accidents across Virginia involved utility poles, often due to slippery roads or other adverse weather conditions, according to the Department of Motor Vehicles. That means that, on average, five vehicles strike a utility pole every day. Would you know how to react if your vehicle struck a utility pole and electrical wires fell onto it? Dominion Virginia Power wants customers to know what to do if faced with this dangerous situation.
"The best advice for a driver is to stay calm and stay in the vehicle," said Rob Locke, director of electric safety and training. "The next step is to call 911. If downed wires are touching the car, electricity could be flowing through them. Power lines could also be touching and energizing the ground. You are often safest by staying put until help arrives."
A driver is protected from the electricity flowing through the car because the rubber tires serve as an insulator. But when stepping out of the vehicle one foot at a time, you create a path for the electricity to flow into the ground, causing severe and potentially fatal injuries.
"If fire or some other situation arises and you absolutely must get out of the car, open the door as wide as you can, and jump out of the vehicle without touching any part of it, making sure you land with your feet together," Locke said. "The ground near the vehicle is also likely to be energized. The farther apart your feet are from each other, the more likely it is that electricity will try to travel from one foot to the other. Shuffle or hop with feet together until you are about at least 30 feet away from the vehicle, even if it takes longer."
Click here to watch a video on how to safely exit a vehicle that is energized by power lines: https://www.youtube.com/watch?v=2huZlHQ15PE
Locke reminded drivers to warn others in the area who might attempt to help. "Don't forget that anyone who may try to come to your aid while you are in the vehicle is also at risk," he said. "Warn them to stay at least 30 feet back. You may also be tempted to try to help someone in a vehicle, but it could be fatal—just call 911."
Dominion conducts year-round training for local emergency responders about how to respond in this type of an emergency. For more information on the demonstration, visit: https://www.youtube.com/watch?v=2Xoyb9M5-EA. Homeowners, contractors, parents, teachers, first responders and customers are encouraged to visit our electrical safety resources page: https://www.dom.com/corporate/our-commitments/safety/electric-safety.
Note: In recognition of National Electric Safety Month, Dominion will host a media event on May 26 to demonstrate the proper way to stay safe after a vehicle accident with the potential of an electrical hazard.
About Dominion
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 25,700 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
5/17/20165/11/2016 - Dominion Declares Quarterly Dividend of 70 Cents
Dominion Declares Quarterly Dividend of 70 Cents
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 11, 2016 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has declared a quarterly dividend of 70 cents per share of common stock.
Dividends are payable on June 20, 2016, to shareholders of record at the close of business June 3, 2016.
This is the 353rd consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Jan. 21, 2016.
SOURCE Dominion
Article Date
5/11/20165/4/2016 - Dominion Announces First-Quarter Earnings
Dominion Announces First-Quarter Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., May 4, 2016 /PRNewswire/ -- Dominion Resources (NYSE: D) today announced operating earnings for the three months ended March 31, 2016, of $572 million ($0.96 per share), compared to operating earnings of $584 million ($0.99 per share) for the same period in 2015. Operating earnings are defined as reported earnings, determined in accordance with Generally Accepted Accounting Principles (GAAP), adjusted for certain items.
Unaudited reported GAAP earnings for the three months ended March 31, 2016, were $524 million ($0.88 per share) compared with earnings of $536 million ($0.91 per share) for the same period in 2015.
Dominion uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
The principal difference between GAAP earnings and operating earnings for the quarter was due to charges associated with an organizational design initiative.
Business segment results and detailed descriptions of items included in 2016 and 2015 reported earnings but excluded from operating earnings can be found on Schedules 1, 2 and 3 of this release.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Our first-quarter operating earnings were in the middle of our guidance range of $0.90 to $1.05 per share.
"We continue to execute with strong operational and safety performance while also investing in an array of clean energy infrastructure. Brunswick County, the 1,358-megawatt natural gas combined-cycle facility, was placed in commercial operation last week ahead of schedule. Our request for a Certificate of Public Convenience and Necessity (CPCN) and rate rider for the proposed 1,588-megawatt Greensville County project was recently approved by the Virginia State Corporation Commission. We continued our commitment to increase the renewable energy in Virginia by signing solar agreements with the Commonwealth of Virginia and Microsoft.
"Our Cove Point liquefaction project is also progressing on time and on budget. The project overall is about 64 percent complete and engineering 99 percent complete as we are on schedule for a late 2017 in-service date."
FIRST-QUARTER 2016 OPERATING EARNINGS COMPARED TO 2015
The decrease in first-quarter 2016 operating earnings per share as compared to first-quarter 2015 operating earnings per share is primarily attributable to milder weather and the absence of a farmout agreement offset by higher anticipated renewable energy investment tax credits.
Details of first-quarter 2016 operating earnings as compared to 2015 may be found on Schedule 4 of this release.
SECOND-QUARTER 2016 OPERATING EARNINGS GUIDANCE
Dominion expects second-quarter 2016 operating earnings in the range of $0.65-$0.75 per share, compared to second-quarter 2015 operating earnings of $0.73 per share. Positive drivers as compared to the same period of the prior year include an increase in revenues from our growth projects, lower capacity expenses and higher anticipated investment tax credits from our solar facilities. Offsetting factors include a planned refueling outage at Millstone Power Station, higher depreciation, interest costs and share dilution. Reconciliation of operating and GAAP earnings for the second quarter of 2015 can be found on Schedule 3 of this release.
In providing its second-quarter and full-year operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion management is not able to estimate the aggregate impact of these items on reported earnings.
CONFERENCE CALL TODAY
Dominion will host its first-quarter earnings conference call at 10 a.m. ET on Wednesday, May 4, 2016. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET May 4 and lasting until 11 p.m. ET May 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 13190640. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 4.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 25,700 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than 5 million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
This release contains certain forward-looking statements, including forecasted operating earnings for second-quarter and full-year 2016 which is subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Midstream and retirements of assets based on asset portfolio reviews, the expected timing and likelihood of completion of the proposed acquisition of Questar, including the ability to obtain the requisite approvals of Questar's shareholders and timing, receipt and terms and conditions of required regulatory approvals, the receipt of regulatory approvals for, and timing of, other planned projects, acquisitions and divestitures, the timing and execution of Dominion Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
Schedule 1 - Segment Operating Earnings |
||||||||
|
Preliminary, Unaudited |
||||||||
|
(millions, except earnings per share) |
Three months ended March 31, | |||||||
|
2016 |
2015 |
Change | ||||||
|
Earnings: |
||||||||
|
Dominion Virginia Power |
$ 120 |
$ 140 |
$ (20) | |||||
|
Dominion Energy* |
186 |
227 |
(41) | |||||
|
Dominion Generation* |
245 |
262 |
(17) | |||||
|
Corporate and Other |
21 |
(45) |
66 | |||||
|
OPERATING EARNINGS |
$ 572 |
$ 584 |
$ (12) | |||||
|
Items excluded from operating earnings2, 3 |
(48) |
(48) |
- | |||||
|
REPORTED EARNINGS 1 |
$ 524 |
$ 536 |
$ (12) | |||||
|
Common Shares Outstanding (average, diluted) |
598.2 |
589.9 |
||||||
|
Earnings Per Share (EPS): |
||||||||
|
Dominion Virginia Power |
$ 0.20 |
$ 0.24 |
$ (0.04) | |||||
|
Dominion Energy* |
0.31 |
0.39 |
(0.08) | |||||
|
Dominion Generation* |
0.41 |
0.44 |
(0.03) | |||||
|
Corporate and Other |
0.04 |
(0.08) |
0.12 | |||||
|
OPERATING EARNINGS |
$ 0.96 |
$ 0.99 |
$ (0.03) | |||||
|
Items excluded from operating earnings2 |
(0.08) |
(0.08) |
- | |||||
|
REPORTED EARNINGS 1 |
$ 0.88 |
$ 0.91 |
$ (0.03) | |||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). | |||||||
|
2) |
Items excluded from operating earnings are reported in Corporate and Other segment. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's website at www.dom.com/investors. | |||||||
|
3) |
Pre-tax amounts for the current period and the prior period are ($67) million and ($76) million, respectively. | |||||||
|
*2015 amounts have been recast to reflect non-regulated retail energy marketing operations in the Dominion Energy segment. | ||||||||
Schedule 2 - Reconciliation of 2016 Operating Earnings to Reported Earnings
2016 Earnings (Three months ended March 31, 2016)
The net effects of the following items, all shown on an after-tax basis, are included in 2016 reported earnings, but are excluded from operating earnings:
|
(millions, except per share amounts) |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 | |
|
Operating earnings |
$572 |
$572 | ||||
|
Items excluded from operating earnings (after-tax): |
||||||
|
Organizational design initiative |
(43) |
(43) | ||||
|
Other items |
(5) |
(5) | ||||
|
Total items excluded from operating earnings (after-tax) 1 |
(48) |
(48) | ||||
|
Reported net income |
$524 |
$524 | ||||
|
Common shares outstanding (average, diluted) |
598.2 |
598.2 | ||||
|
Operating earnings per share |
$0.96 |
$0.96 | ||||
|
Items excluded from operating earnings (after-tax) |
(0.08) |
(0.08) | ||||
|
Reported earnings per share |
$0.88 |
$0.88 | ||||
|
1) |
Pre-tax amounts for items excluded from operating earnings are reflected in the following table: |
|||||
|
Items excluded from operating earnings: |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
YTD 2016 | |
|
Organizational design initiative |
(70) |
(70) | ||||
|
Other items |
3 |
3 | ||||
|
Total items excluded from operating earnings |
($67) |
$0 |
$0 |
$0 |
($67) | |
Schedule 3 - Reconciliation of 2015 Operating Earnings to Reported Earnings
2015 Earnings (Twelve months ended December 31, 2015)
The net effects of the following items, all shown on an after-tax basis, are included in 2015 reported earnings, but are excluded from operating earnings:
|
(millions, except per share amounts) |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 20152 | ||
|
Operating earnings |
$584 |
$429 |
$611 |
$416 |
$2,040 | ||
|
Items excluded from operating earnings (after-tax): |
|||||||
|
Write-off of deferred fuel costs |
(52) |
(52) | |||||
|
Future ash pond and landfill closure costs |
(28) |
(32) |
(60) | ||||
|
Impact of Virginia Power biennial review |
(17) |
(17) | |||||
|
Other items |
4 |
12 |
(18) |
(10) |
(12) | ||
|
Total items excluded from operating earnings (after-tax) 1 |
(48) |
(16) |
(18) |
(59) |
(141) | ||
|
Reported net income |
$536 |
$413 |
$593 |
$357 |
$1,899 | ||
|
Common shares outstanding (average, diluted) |
589.9 |
592.5 |
595.5 |
596.7 |
593.7 | ||
|
Operating earnings per share |
$0.99 |
$0.73 |
$1.03 |
$0.70 |
$3.44 | ||
|
Items excluded from operating earnings (after-tax) |
(0.08) |
(0.03) |
(0.03) |
(0.10) |
(0.24) | ||
|
Reported earnings per share |
$0.91 |
$0.70 |
$1.00 |
$0.60 |
$3.20 | ||
|
1) |
Pre-tax amounts for items excluded from operating earnings are reflected in the following table: |
||||||
|
Items excluded from operating earnings: |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 | ||
|
Write-off of deferred fuel costs |
(85) |
(85) | |||||
|
Future ash pond and landfill closure costs |
(45) |
(54) |
(99) | ||||
|
Impact of Virginia Power biennial review |
(28) |
(28) | |||||
|
Other items |
9 |
18 |
(19) |
(16) |
(8) | ||
|
Total items excluded from operating earnings |
($76) |
($27) |
($19) |
($98) |
($220) | ||
|
2) |
YTD EPS may not equal sum of quarters due to share count differences |
||||||
|
Schedule 4 - Reconciliation of 1Q16 Earnings to 1Q15 |
|||
|
Preliminary, unaudited |
Three Months Ended | ||
|
(millions, except EPS) |
March 31, | ||
|
2016 vs. 2015 | |||
|
Increase / (Decrease) | |||
|
Reconciling Items |
Amount |
EPS | |
|
Dominion Virginia Power |
|||
|
Regulated electric sales: |
|||
|
Weather |
($15) |
($0.03) | |
|
Other |
(5) |
(0.01) | |
|
FERC Transmission equity return |
11 |
0.02 | |
|
Other |
(11) |
(0.02) | |
|
Change in contribution to operating earnings |
($20) |
($0.04) | |
|
Dominion Energy |
|||
|
Gas Distribution margin |
($3) |
($0.01) | |
|
Farmout transactions |
(41) |
(0.08) | |
|
Other |
3 |
0.01 | |
|
Change in contribution to operating earnings |
($41) |
($0.08) | |
|
Dominion Generation |
|||
|
Regulated electric sales: |
|||
|
Weather |
($31) |
($0.05) | |
|
Other |
(3) |
(0.01) | |
|
Merchant generation margin |
(8) |
(0.02) | |
|
Rate adjustment clause equity return |
6 |
0.01 | |
|
Capacity related expenses |
14 |
0.03 | |
|
Depreciation |
(6) |
(0.01) | |
|
Other |
11 |
0.02 | |
|
Change in contribution to operating earnings |
($17) |
($0.03) | |
|
Corporate and Other |
|||
|
Renewable energy investment tax credits |
75 |
0.13 | |
|
Other |
(9) |
(0.01) | |
|
Change in contribution to operating earnings |
$66 |
$0.12 | |
|
Change in consolidated operating earnings |
($12) |
($0.03) | |
|
Change in items excluded from operating earnings1 |
$0 |
$0.00 | |
|
Change in reported earnings (GAAP) |
($12) |
($0.03) | |
|
1) |
Refer to Schedules 2 and 3 for details of items excluded from operating earnings, or find "GAAP Reconciliation" on Dominion's website at www.dom.com/investors. | ||
|
Note: Figures may not add due to rounding |
|||
SOURCE Dominion Resources, Inc.
Article Date
5/4/2016Longtime Questar Executives Chosen to Head Dominion Questar
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 27, 2016 /PRNewswire/ -- Dominion (NYSE: D) has chosen longtime Questar Corp. (NYSE: STR) executive Craig C. Wagstaff to lead its western U.S. natural gas operations once the previously announced combination of Dominion and Questar is completed.
Wagstaff, currently president of Questar Gas Co., will become president of Dominion Questar. He will be responsible for all current Questar operating companies, including what are now the Questar Gas local utility, Questar Pipeline and Wexpro natural gas development business.
Dominion Questar will be based at the current Questar corporate headquarters in Salt Lake City.
Two other Dominion Questar executive appointments also have been announced. Colleen Larkin Bell, Questar vice president and general counsel, will become Dominion Questar vice president and general manager of Dominion Questar Gas. Brady B. Rasmussen, executive vice president and chief operating officer of Wexpro, will become Dominion Questar vice president and general manager of Dominion Wexpro. They will report to Wagstaff.
Wagstaff also will become a senior vice president of Dominion and report to David A. Christian, chief executive officer–Dominion Energy Infrastructure Group and chief executive officer–Dominion Virginia Power. Christian is responsible for all Dominion electric and natural gas local distribution and transmission businesses.
"Craig, Colleen and Brady have shown outstanding judgment and have a commitment to excellence and deep roots in the community, making them ideal leaders for Dominion Questar," said Dominion Chairman, President and CEO Thomas F. Farrell II. "We look forward to them continuing Questar's traditions of cost-effective service and a focus on safety."
Dominion made the announcements after Ronald W. Jibson, Questar chairman, president and CEO, made public his plans to retire once the Dominion-Questar transaction is completed.
"We believe it is important for customers, employees and other stakeholders of Questar to know the leadership team in place following Ron's retirement will be fully aware of important local issues and have an innate understanding of the operations to ensure a smooth transition under the combined banner," Farrell said. "We look forward to announcing the rest of the leadership team soon."
In his 32-year career at Questar, Wagstaff has held various management positions in customer service, economic development, marketing, regional operations, and public and community relations. He became a vice president and general manager of Questar Gas in 2010, with promotions to senior vice president in 2011 and to executive vice president and chief operating officer in 2012. He was named president of Questar Gas in March 2015. Wagstaff also serves as executive vice president of Questar Corp.
Wagstaff serves on various industry and community boards, including Western Energy Institute (WEI), the American Gas Association's (AGA) leadership council, Utah Clean Cities, and United Way of Salt Lake. He is chairman of Junior Achievement of Utah and past chair of the American Red Cross of Salt Lake, AGA/Edison Electric Institute (EEI) customer-service committee, and WEI's customer-connections executive committee.
Wagstaff attended Weber State University and the University of Utah, completing undergraduate degrees in business and marketing; he has a master's degree in organizational leadership from Gonzaga University.
Bell has been employed by Questar for 26 years. She became general counsel of Questar Gas in 2008, assistant general counsel of Questar Corp. in 2010, and vice president and general counsel in 2011. She assumed her current position in March 2015.
She serves on the AGA legal committee, the board of trustees of the Legal Aid Society, the Boys & Girls Clubs of Greater Salt Lake, the Pioneer Theatre Company, and the Utah Foundation, and the Gorgoza Water Co. board. She has a bachelor's degree and law degree from the University of Utah.
Rasmussen joined Questar 21 years ago. He was named general manager–Accounting for Wexpro in 2011 and promoted to vice president–Administration at Wexpro in 2013. He was promoted to his current position in June 2015.
Rasmussen has a bachelor's degree in accounting from Utah State University.
Dominion and Questar announced on Feb. 1, 2016, an agreement for the companies to combine in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share – about $4.4 billion – and assume Questar's outstanding debt.
The pending merger would create an integrated energy company serving about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. The combined company also would operate more than 15,500 miles of natural gas transmission, gathering and storage pipelines, one of the nation's largest natural gas storage systems, and approximately 24,300 megawatts of electric generation.
The companies expect the transaction to close in 2016, following approval by regulators and Questar shareholders.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
About Questar
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the ability to obtain the required approval of Questar's shareholders; the risk that Dominion or Questar may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction or the committed debt financing may not be satisfied; and the risk that an unsolicited offer for the assets or capital stock of Questar may interfere with the transaction. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
4/27/2016Brunswick Power Station Producing Electricity for Customers
Source: PR Newswire
RICHMOND, Va., April 26, 2016 /PRNewswire/ -- The newest member of Dominion Virginia Power's generation fleet, the 1,358 megawatt, environmentally clean Brunswick Power Station began producing electricity for the company's customers on Monday, April 25, 2016.
The station, located in Brunswick County, uses natural gas and energy efficient technology to produce enough electricity to power 325,000 homes.
"The Brunswick Power Station is destined to be a workhorse, using combined-cycle technology that is clean and efficient and will produce reliable, low-cost energy for our 2.5 million customers," said Paul Koonce, CEO of Dominion Generation Group. "I commend the Generation Construction team on the successful, on-schedule, on-budget completion of an important project."
The station was needed to meet growing demand and to replace electricity from aging coal-fired power stations as Dominion transitions to a cleaner energy future.
Combined-cycle power stations such as Brunswick use low-cost, environmentally clean natural gas to produce electricity. Brunswick has three combustion turbines – essentially large jet engines. The combustion turbines generate electricity and then the heat is captured and used to create steam that is used to create even more electricity.
Construction on the station began in August of 2013. At the height of construction, the station had more than 1,500 workers on site. During the development and construction, the station was estimated to generate approximately $824 million in economic benefits for the state. The station has been estimated to pay about $4 million a year in local property taxes in 2017 and up to $5 million annually thereafter.
Upon commencement of operations, Brunswick Power Station will have 43 employees and an annual payroll of about $7.5 million. In the first full year of the station's operation the fuel savings have been estimated to be nearly $100 million. Those fuel savings will continue over time, and the station is expected to save customers between $924 million and $1.5 billion over its expected life.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
4/26/2016Dominion to Honor 18 Volunteers of the Year for Selfless Service to Communities
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 26, 2016 /PRNewswire/ -- Dominion will continue its 32-year legacy of celebrating volunteerism and community service during Benjamin J. Lambert, III, Volunteer of the Year events in Virginia and Ohio. The events will honor 18 outstanding employee/retiree volunteers whose efforts in 2015 brightened the lives of others and made lasting improvements in communities across the Dominion footprint.
"Last year, Dominion volunteers collectively contributed nearly 110,000 hours of time and focused on multiple good causes," said Thomas F. Farrell II, chairman, president and chief executive officer. "I salute our volunteers for stepping up and getting involved; for going the extra mile to enrich lives and make good things happen in their communities."
Hailing from Maryland, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia and Wisconsin, the 2015 Volunteers of the Year will be recognized during awards ceremonies to be held in Akron, Ohio, on April 14, and in Richmond on April 26. As part of the awards, the company will donate $1,000 to each honoree's charity of choice.
Dominion volunteers dedicate their time and skills to a variety of charitable activities – from stocking food pantries to building outdoor classrooms, weatherizing homes to reading to children. A wide range of nonprofit organizations have benefited, including those working to revitalize communities, meet human needs, promote education and improve the environment.
In 2015, Dominion and its charitable foundation invested more than $23 million in programs that helped improve the quality of life for people in the communities where they work and live. Dominion's longstanding volunteer program was recognized with several awards, including the Commonwealth of Virginia's 2015 Governor's Volunteerism and Community Service Award and the Oil & Gas Industry Northeast Summit's Corporate Responsibility Award.
Dominion (NYSE: D), is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. Dominion and the Dominion Foundation support nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. For more information about Dominion, visit www.dom.com.
For photographs and details about the winners, please visit www.dom.com/VOTY. To learn more about Dominion's volunteer programs, go to www.dom.com; search volunteers.
SOURCE Dominion
Article Date
4/26/20164/25/2016 - One Call Can Help Keep You Safer This Spring
One Call Can Help Keep You Safer This Spring
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 25, 2016 /PRNewswire/ -- Every six minutes, someone strikes and damages an underground utility line, but you can help defend your neighborhood. Practicing safe digging techniques and calling 8-1-1 before putting a shovel or backhoe into the ground can go a long way to protecting your life and your property.
"Spring is the time of year when many of our customers think about planting trees and shrubs, putting up a fence or replacing a mailbox post," said Ed Baine, senior vice president of Distribution. "But with more than 20 million miles of underground utilities buried across the country, it's very likely that there are telecommunications, cable, electrical or gas lines buried in your yard—in places you cannot see and may not expect."
April is National Safe Digging Month and Dominion Virginia Power encourages customers to make a free call to VA811 before digging a hole – no matter how shallow. A professional locator will visit your property to mark the underground lines with flags or paint to help prevent you from making a costly and possibly life-threatening mistake.
VA811 and Dominion recommend that homeowners and contractors remember:
For more tips and information about safe digging and the one-call process, visit www.VA811.com
or https://www.dom.com/business/dominion-virginia-power/safety/call-before-you-dig.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion
Article Date
4/25/2016Dominion Continues Tradition by Awarding $1 Million in Environmental Grants
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 21, 2016 /PRNewswire/ -- Whether it's planting native trees, forging new trails or building boat ramps, this year's environmental grants will help fund a wide variety of initiatives to improve public spaces and preserve habitats for the benefit of nature lovers across the Dominion footprint. Dominion Resources is awarding $1 million in environmental grants through its philanthropic arm, the Dominion Foundation, to 67 organizations in 10 states and the District of Columbia. Since 2003, Dominion has donated $26.7 million to support a wide variety of environmental projects.
"So many great organizations are working to protect natural resources and make our communities more livable and enjoyable," said Hunter A. Applewhite, president of the Dominion Foundation. "It's very rewarding to support these efforts because they align well with our mission to conserve and promote the health and beauty of the environment in the places we call home."
The grants are part of Dominion's annual competitive program to support environmental projects that protect and preserve natural habitats, improve open spaces, make nature accessible or educate the public about environmental stewardship. A sampling of this year's grant recipients include:
The full list of 2016 environmental grants and additional program information is available at www.dom.com/envirogrants.
Dominion (NYSE: D), is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, support education and promote community vitality. For more information about Dominion, visit www.dom.com.
SOURCE Dominion
Article Date
4/21/2016Dominion's Support for Military Receives More Accolades
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 13, 2016 /PRNewswire/ -- Dominion, an award-winning military employer, continues to earn recognition for its strong support of active military, veterans and retired military through its job hiring practices and supportive work environment for military service members.
"Dominion is built on a proud legacy of public service, community involvement and workplace safety," said Thomas F. Farrell, II, Chairman, President and CEO of Dominion Resources, Inc. "Military personnel bring with them the same values and work ethic. Their skills, talent, focus on safety and dedication to their craft are a perfect fit for our company."
The most recent recognition is the "Employer Support of the Guard and Reserves, or ESGR, Extraordinary Employer Support Award." This Department of Defense award recognizes sustained employer support of the National Guard and Reserve service by prior recipients of the Secretary of Defense Freedom Award, of which Dominion won in 2008.
The company will accept the honor at the Virginia ESGR Awards Banquet on April 23 in Richmond, Va.
Additionally, Military Times announced that Dominion, for the seventh year in a row, is listed second among energy companies in the "75 Best for Vets: Employers 2016" rankings. The organization comprising Army Times, Navy Times, Air Force Times and Marine Corps Times evaluated company culture and policies that cater to military veterans when conducting and scoring their survey. The survey is a 90-question analysis of a company's efforts to connect with veterans and provide an environment for success.
Dominion was a founding partner in the national Troops to Energy Jobs program, which helps military members to successfully transition to rewarding careers in the energy industry. The company also established the Dominion Veterans Network – an internal employee resource group that supports the veteran community through volunteerism and their efforts to identify qualified service members for careers at Dominion.
Currently, one in five Dominion new hires is a veteran, and about 10 percent of the company's more than 15,000 employees are veterans.
Dominion has received numerous awards for military support over the years, including G.I. Jobs Magazine Top 100 Military Friendly Employer, Top 20 Military Spouse Friendly Employers, and U.S. and Veterans Magazine Best of the Best.
Watch a video of a veteran's successful transition to Dominion: https://www.youtube.com/watch?v=25cE3NAu_LM
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than five million energy and retail customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
SOURCE Dominion
Article Date
4/13/20164/11/2016 - Dominion Transmission Office Designated West Virginia's First Privately Owned LEED Gold Building
Dominion Transmission Office Designated West Virginia's First Privately Owned LEED Gold Building
Source: PR Newswire
BRIDGEPORT, W.Va., April 11, 2016 /PRNewswire/ -- Dominion Transmission Inc.'s new office building in the White Oaks Business Complex has attained Gold status under the Leadership in Energy and Environmental Design (LEED) program, the first privately owned building in West Virginia to achieve such status.
The LEED program is an internationally recognized green building certification system that provides third-party verification that a building is constructed in a environmentally sustainable manner. LEED measures energy savings, water efficiency, carbon emissions reduction, improved indoor air quality and stewardship of resources.
The announcement was made today by DTI and The Thrasher Group of Bridgeport, which designed the four-story, 106,000-square-foot office building. March-Westin of Morgantown constructed the building while evolveEA of Pittsburgh served as the sustainability consultant.
Among the new building highlights are:
"The LEED Gold designation affirms our commitment to providing a safe, healthy and engaging environment for our employees and at the same time being environmentally responsible and sustainable," said Brian Sheppard, vice president-Pipeline Operations for Dominion Transmission. "The new building also is an investment in the future for Dominion to retain and attract employees long-term."
"We are extremely proud to have achieved LEED Gold certification on this facility," said Craig Baker, principal-in-charge of Architecture at the Thrasher Group. "Working closely with Dominion, together we set a goal of designing an energy efficient and environmentally friendly facility, that would reduce the building's overall carbon footprint. The end result is a testament to the collaborative effort of all team members involved. We couldn't have done it without the creativity and dedication to sustainability from Dominion Transmission, March Westin and evolveEA."
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves more than five million utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com .
Founded in 1983, Thrasher is a leading multidisciplinary engineering and architectural firm serving public and private clientele throughout the Mid-Atlantic Region. With more than 350 employees in five states, Thrasher is committed to providing innovative solutions to our clients' challenges. For more information regarding Thrasher, visit the company's website at www.thrashereng.com.
SOURCE Dominion
Article Date
4/11/2016Dominion And Dominion Midstream Schedule First-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 7, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM) will host their first-quarter earnings conference call at 10 a.m. ET on Wednesday, May 4, 2016. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET May 4 and lasting until 11 p.m. ET May 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 13190640. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 4.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
4/7/2016Dominion Resources Announces Public Offering of Common Stock
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., April 4, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), today announced the sale of an aggregate of 10,200,000 shares of its common stock, representing approximately $750 million of gross proceeds, through a registered underwritten public offering to Citigroup, as the sole underwriter. The net proceeds from the offering will be used for general corporate purposes, including to fund in part Dominion's combination with Questar Corporation, and to repay short-term debt, including commercial paper. The offering is expected to close on April 8, 2016, subject to customary closing conditions.
The last reported sale price of the company's common stock on April 4, 2016, was $74.58 per share. Citigroup proposes to offer for sale the shares of common stock from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part.
A shelf registration statement (including a prospectus) relating to the offering has previously been filed with the Securities and Exchange Commission (SEC) and has become effective. Before investing, interested parties should read the prospectus and other documents filed by the company with the SEC for information about the company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, a copy of the prospectus may be obtained from the underwriter at: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of, or any solicitation of an offer to buy, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states.
This release contains certain forward-looking statements, which are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Midstream and retirements of assets based on asset portfolio reviews, the expected timing and likelihood of completion of the proposed acquisition of Questar Corporation, including the ability to obtain the requisite approvals of Questar's shareholders and the terms and conditions of any required regulatory approvals; the receipt of regulatory approvals for, and timing of, other planned projects, acquisitions and divestitures, the timing and execution of Dominion Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion's most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
SOURCE Dominion Resources, Inc.
Article Date
4/4/2016Dominion Offers $1 Million in Educational Grants
Source: PR Newswire
RICHMOND, Va., April 4, 2016 /PRNewswire/ -- Dominion Resources announced today that it will provide $1 million in educational grants to schools within the company's geographic footprint through its philanthropic arm, the Dominion Foundation. The grants will focus on outstanding energy and environmental programs for students from kindergarten through college. The higher education grants also will include workforce development programs.
"Once again, Dominion is inviting eligible schools and educational nonprofits to apply for grants designed to support quality educational programming," said Hunter A. Applewhite, president of the Dominion Foundation. "As an energy company, we believe it is important to encourage young people to learn and gain experience with the advanced technologies that will protect the environment while providing a secure energy future for generations to come."
Eligible organizations in targeted areas of Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Virginia, West Virginia and other areas within Dominion's footprint can submit applications through May 31, 2016. Recipients will be announced in August.
For complete details, including sample proposals and links to online applications, please visit www.dom.com, search: educational grants.
The Higher Educational Partnership grants are for programs in business, skilled craft, energy, engineering, environmental and technical studies, and for student-led conservation programs in colleges, community colleges and post-secondary training schools. Grants up to $50,000 each will be awarded for exceptional programs, based in part on having immediate benefits for students, the campus and the community. Information is available online at https://www.dom.com/highered.
The K-12 Educational Partnership grants are available in awards up to $2,500 each. These awards help students strengthen their mathematics and science skills through the study of energy and the environment. Information is available online at https://www.dom.com/k12.
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion
Article Date
4/4/2016Dominion Recognized As Founding Partner In EPA's Methane Reduction Strategy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 30, 2016 /PRNewswire/ -- Dominion (NYSE: D) was recognized today by the U.S. Environmental Protection Agency as a Founding Partner in the EPA's Natural Gas STAR Methane Challenge Program, which will provide a new mechanism for oil and natural gas companies to measure and reduce methane emissions.
The voluntary Methane Challenge is one of the key elements of President Obama's Climate Action Plan announced in March 2014. As a part of this partnership, Dominion has committed to voluntarily reducing and publicly disclosing methane emission reductions from its interstate natural gas pipeline and distribution companies over the next five years.
"By participating in this program, Dominion will continue to demonstrate a leadership position to achieve sustainable environmental improvements while at the same time operating our businesses in a safe and reliable manner," said, Diane Leopold, president, Dominion Energy. "Reducing methane emissions is a positive step for the environment, for our customers and for our business."
Dominion's local distribution companies — Dominion East Ohio and Dominion Hope — operate more than 22,000 miles of natural gas pipeline and serve 1.3 million customers in Ohio and West Virginia. Dominion Transmission's system operates 7,800 miles of interstate pipeline in six states and one of the largest natural gas storage systems in the U.S.
Dominion's distribution companies will implement a program to measure and report methane reductions achieved as a result of its aggressive replacement program covering approximately 5,700 miles of remaining bare steel, cast iron and ineffectively coated-steel pipelines on gas mains and service lines. Combined, both companies will invest more than $4 billion to complete pipeline infrastructure replacements.
Dominion Transmission plans to reduce methane emissions by enhancing the process related to gas lost from pipelines that occurs during planned maintenance activities.
EPA announced the voluntary methane reduction program last July, which covers the entire natural gas sector from production to customer delivery. The program is the next generation of EPA's Natural Gas STAR program, with more emphasis on transparency and increased reporting for both annual emissions and reductions achieved through implementation of measures. Dominion Transmission, Dominion East Ohio and Dominion Hope are part of EPA's Natural Gas STAR program.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity, and provides energy or products and services to more than five million customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Resources
Article Date
3/30/2016State Corporation Commission Approves Dominion's Greensville Power Station
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 29, 2016 /PRNewswire/ -- The Virginia State Corporation Commission (SCC) today approved Dominion Virginia Power's request for a Certificate of Public Convenience and Necessity to build a state-of-the-art natural gas-fired power station in Greensville County.
"We are pleased that the SCC has granted approval for the Greensville Power Station," said Paul Koonce, CEO of Dominion Generation Group. "This project will ultimately bring low cost, reliable electricity to our customers while saving them $2 billion over the life of the plants' operation, in addition to providing a major economic impact and good paying jobs for Southside Virginia."
Customers will save $2.1 billion over the life of the power station through fuel savings versus the projected cost of purchasing electricity on the open market.
Construction is expected to begin later this year on the $1.3 billion power plant on a site that straddles the Greensville/Brunswick County line. The power station will generate 1,588 megawatts of electricity and will be built on 55 acres. It is being constructed just a few miles from Dominion's Brunswick Power Station, which is expected to be fully operational next month.
Construction at the station will create more than 1,000 jobs and approximately 45 full-time positions once on line in 2019. In its first year of operation, the station is expected to provide as much as $8 million in property taxes for Greensville County in Southside Virginia. During the development and construction phase, the project will provide direct and indirect economic benefits to the Commonwealth of approximately $474 million, which supports on average approximately 460 jobs annually.
"Greensville County will recognize significant benefits from the construction of the Greensville Power Station," said Peggy R. Wiley, Chairman of the Greensville County Board of Supervisors. "The impact on our economy, jobs and businesses in the region will help this community, and we look forward to working cooperatively with Dominion Virginia Power."
The station will have low carbon intensity because it utilizes clean-burning natural gas, combined cycle technology and best available control technology to reduce emissions. It will also have lower water usage that will minimize the impact to rivers and streams. Dominion customers will also benefit from a reduction of Dominion's overall carbon intensity.
Greensville Power Station is part of Dominion's plan for meeting demanding new air quality and proposed carbon dioxide emissions standards while keeping up with growing customer demand for energy. While there are no immediate plans for a solar facility in Brunswick or Greensville counties, solar is already part of the conditional use permit for this property.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
3/29/2016Dominion East Ohio Distributes $110,000 In Community Impact Awards
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, March 16, 2016 /PRNewswire/ -- Dominion East Ohio today presented $110,000 in grants to 15 winning community organizations in its 21st annual Community Impact Awards competition, co-sponsored with Cleveland Magazine.
A panel of community judges chose the winners from among more than 70 entries, submitted by organizations throughout the region. The award recognizes organizations that have made an impact in the community. The Dominion Foundation, the philanthropic arm of Dominion East Ohio's parent company, Dominion Resources Inc., funds the Community Impact grants. The Dominion Foundation is dedicated to the economic, physical and social health of the communities the company serves.
"As we have come to expect, this year's Community Impact Award honorees devised and executed some very ambitious and creative projects, which really wowed our judges," notes Jeff Murphy, Dominion East Ohio vice president and general manager. "These projects demonstrate the major role that our region's non-profit and economic development agencies play in improving their local communities."
Since 1996, Dominion East Ohio has distributed more than $1.4 million in Community Impact Awards to organizations throughout its service area.
This year's Community Impact Award winners are:
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
SOURCE Dominion East Ohio
Article Date
3/16/2016Public-Private Partnership among Commonwealth of Virginia, Microsoft and Dominion Delivers Additional Solar Energy to the State
Source: PR Newswire
RICHMOND, Va., March 16, 2016 /PRNewswire/ -- Today, the Commonwealth of Virginia, Microsoft (Nasdaq: MSFT) and Dominion Virginia Power, a wholly owned subsidiary of Dominion Resources, Inc. (NYSE: D), announced a partnership to construct a new facility and bring 20 megawatts of solar energy onto the grid in Virginia—enough energy to power 5,000 homes.
"This agreement is a tremendous step forward in our ongoing effort to make Virginia a leader in the renewable energy economy," said Governor Terry McAuliffe. "This partnership will help lower carbon emissions in Virginia and diversify our energy portfolio, while growing the solar and data center industries in Virginia. This is a prime example of the type of creative thinking and public-private cooperation we need to build a new Virginia economy."
"By investing in these projects and partnering with states and utilities, Microsoft can provide long-term certainty needed to expand the amount of renewable energy available on the grid," said Rob Bernard, Chief Environmental Strategist, Microsoft. "We are pleased to play a role in this project, as it will bring new, additional clean energy onto the grid in Virginia."
Dominion Virginia Power will construct the facility on land it already owns in Fauquier County, adjacent to its Remington generating station.
"This forward-looking partnership will assist us in our continued commitment to increase the renewable energy available to serve our customers in Virginia," said Thomas F. Farrell, II, Chairman, President and CEO of Dominion Resources, Inc. "Microsoft and the Commonwealth play key roles in making this large-scale solar project possible, and we look forward to working with them."
The project is anticipated to be in service in late 2017, subject to regulatory approval.
Dominion committed to 400 MW of solar in Virginia by 2020. Microsoft has previously announced agreements to purchase 175 megawatts of wind energy in Illinois that fully powers their Chicago data center with wind energy and 110 MW of wind energy in Texas that powers their San Antonio data center.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
3/16/2016Dominion Virginia Power Introduces eBill Text Alerts
Source: PR Newswire
RICHMOND, Va., March 11, 2016 /PRNewswire/ -- Dominion Virginia Power is making it easier for customers to stay up to date with their electric bill with the launch of eBill text alerts. The free service provides customers with a text message that includes the monthly bill amount and due date.
"Customers have told us that text alerts help them stay on top of the things in their lives that are time- sensitive," said Becky Merritt, vice president of Customer Service. "Customers can now receive a text alert as soon as their bill is ready to view and a reminder text three days before the due date, so that it doesn't get overlooked in the hustle and bustle of their day-to-day."
It's easy to sign up for eBill Text Alerts. Simply create an online account and follow the prompts to enroll in eBill and eBill Text Alerts. To take advantage of eBill text alerts, customers must be enrolled in eBill, Dominion's paperless billing program. Currently, nearly one million customers are enrolled in eBill and enjoy the convenience, ease and security of paperless billing.
Customers who already have an online account can sign up at the bottom of the "My Account Overview" page. For more information on eBill text alerts, visit www.dom.com/eBillText.
More than 20,000 Dominion customers are already enrolled in Dominion's emergency text alerts program to receive notifications in advance of major storms or anticipated multi-day outages, or when energy demand is highest, providing a link to tips on voluntary energy conservation.
To learn more about emergency text alerts, visit: https://www.dom.com/residential/dominion-virginia-power/outage-center/text-alerts.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
3/11/20163/9/2016 - Dominion, James River Association Agree to Wastewater Discharge Plan at Bremo Power Station
Dominion, James River Association Agree to Wastewater Discharge Plan at Bremo Power Station
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 9, 2016 /PRNewswire/ -- Dominion Virginia Power and the James River Association, represented by the Southern Environmental Law Center (SELC), have reached a settlement agreement on discharges of treated water from coal ash ponds at the company's Bremo Power Station in Fluvanna County. Those discharges are regulated by a permit issued in January by the State Water Control Board and Virginia Department of Environmental Quality, requiring Dominion to build and operate a wastewater treatment system at the facility.
Under the settlement agreement, Dominion has committed to enhanced treatment of the pond water and to fish tissue monitoring, and the James River Association and SELC will not appeal the wastewater permit issued for the Bremo Power Station. The terms of this agreement only apply to the wastewater permit at Bremo Power Station and do not apply to any other Dominion sites.
"We thank Dominion for engaging with us in a cooperative manner to address our concerns about the dewatering of Dominion's coal ash ponds at the Bremo Power Station," said Bill Street, James River Association chief executive officer. "Through our agreement today, Dominion will install enhanced treatment for the wastewater that is designed to better protect all uses of the James River."
Importantly, Dominion must submit a plan that must be reviewed by the Virginia Department of Environmental Quality (DEQ). Dominion has also committed to enhanced testing of fish in the James River throughout the dewatering project. The results of the testing will be made publicly available by both Dominion and DEQ.
"Dominion will always be committed to keeping the James River safe for fishing, boating, swimming and all the activities we Virginians love to do. We are pleased that this agreement with the James River Association allows us to move ahead with this important environmental project," said Pam Faggert, chief environmental officer for Dominion. "The James River Association has helped us create a plan that reflects the commitment of both of our organizations to maintain the quality of the James River."
The U.S. Environmental Protection Agency issued its Coal Combustion Residual Rules in the spring of 2015 calling for the closure of inactive ash ponds across the country. Dominion is closing 11 ash ponds at four power stations across the state. As part of closing the ash ponds at Bremo, Dominion must first remove water that has accumulated in the ponds.
About James River Association
The mission of the James River Association is to be guardian of the James River. JRA provides a voice for the river and takes action to promote conservation and responsible stewardship of its natural resources. JRA achieves these goals through its core programs: Watershed Restoration; Education, Community Conservation; River Advocacy; and our James Riverkeeper program. Learn more at www.JamesRiverAssociation.org.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
3/9/2016Dominion Virginia Power Resumes Appliance Recycling Program
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 9, 2016 /PRNewswire/ -- Dominion Virginia Power is resuming its Residential Appliance Recycling Program after a brief hiatus. Customers can once again enroll in this program and have their old, operational refrigerators and freezers picked up and recycled at no cost to them.
In addition to receiving a $50 incentive from Dominion, consumers have the opportunity to save energy by removing inefficient appliances from service.
"This energy conservation program has proven to be popular with our customers, with thousands of them participating since it began last summer," said Brett Crable, director-New Technology and Energy Conservation. "It not only helps save energy costs, but lessens the environmental impact of appliance disposal."
Refrigerator efficiency has improved dramatically over the past 20 years. The U.S. Environmental Protection Agency encourages consumers to shift to EnergyStar appliances, which are about 15 percent more energy efficient than appliances built according to 2009 standards. EnergyStar estimates that of approximately 170 million refrigerators in use in the United States, more than 60 million are over 10 years old. When operated in a hot garage or exposed to the elements, these older refrigerators consume even more energy.
To qualify for the program, refrigerators and freezers must:
To participate:
After appliance pickup, Dominion's contractor will disable the unit, recycle the applicable components, and properly dispose of the refrigerant chemicals.
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
3/9/2016Dominion, Prince William County Agree to Wastewater Discharge Plan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 8, 2016 /PRNewswire/ -- Dominion Virginia Power and Prince William County have reached a settlement agreement on releasing treated water from coal ash ponds at the company's Possum Point Power Station that will further protect aquatic life, human health and recreational activities on Quantico Creek and the Potomac River.
The agreement means that Prince William County will withdraw its appeal of a permit from the Virginia Department of Environmental Quality (DEQ). The agreement and DEQ's permit allow Dominion to safely and in an environmentally sound manner treat, discharge and monitor pond water as part of a plan to permanently close five ash ponds at Possum Point Power Station located in Dumfries.
"After extensive dialogue, we as a Board are comfortable that the dewatering of the ponds will be done in a way that provides an additional level of protection, and that addresses concerns raised by our residents," said Corey Stewart, Chairman of the Prince William Board of County Supervisors.
Dominion agrees with the Prince William Board of County Supervisor's findings that the health and safety of its citizens, the environment, and aquatic life are fully protected.
Under the agreement, Dominion agrees to go beyond federal and state requirements and add enhanced protections in operating state-of-the-art treatment equipment already planned for the project and to provide additional water treatment if monitoring shows elevated levels of certain constituents.
"Dominion will always be committed to keeping Quantico Creek and the Potomac safe for fishing, boating, swimming and all the activities we Virginians love to do. We look forward to moving ahead with this important environmental project," said Pam Faggert, chief environmental officer for Dominion. "The county has helped us create a plan that reflects Dominion's and the County's shared commitment to maintain the quality of these two waterways."
The U.S. Environmental Protection Agency issued its Coal Combustion Residual Rules in the spring of 2015 calling for the closure of ash ponds across the country in the wake of two major ash spills in recent years in Tennessee and North Carolina. The intent of the rules is to remove the risk of ash spills in the nation's rivers. The rules encourage power companies to eliminate the risk of further spills by closing their ash ponds by the spring of 2018.
Ash ponds were used across the country to store the ash left over from burning coal to produce electricity. Dominion has stepped up as a leader in its efforts to close 11 ash ponds at four power stations across the state.
As part of closing the ash ponds at Possum Point, Dominion must first remove water that has accumulated in the ponds. The water removal process involves pumping water from four ponds into a fifth pond that has a clay liner. Under the terms of the stringent wastewater discharge permit issued by DEQ and the State Water Control Board, Dominion must construct a wastewater treatment facility at the Possum Point Power Station.
The facility will clean the water to levels that are considerably better than those required by Virginia's environmental laws and will be enforced through the permit issued by DEQ. The treated water will be tested before release to ensure that it is much cleaner than required by the permit.
"We are proud that Dominion has shown that we are committed to protecting the environment," Faggert said. "We have been in the forefront in reducing power station emissions that cause smog and acid rain. We have made dramatic strides in reducing mercury emissions. We have moved aggressively to reduce carbon emissions tied to global warming and to move our generation fleet to cleaner renewable and natural gas generation."
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion provides energy or products and services to more than five million customers in 14 states. It has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion also operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
3/8/2016Dominion, Questar File Merger Applications in Utah, Wyoming
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 3, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR) announced today that they have jointly filed merger applications with the Public Service Commission of Utah and the Wyoming Public Service Commission regarding the pending combination that was announced on Feb. 1, 2016. The companies also provided notice of the proposed transaction to the Idaho Public Utilities Commission.
The pending merger would create an integrated energy company serving about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. The combined company also would operate more than 15,500 miles of natural gas transmission, gathering and storage pipelines, one of the nation's largest natural gas storage systems, and approximately 24,300 megawatts of electric generation.
Closing of the transaction also requires approval of Questar's shareholders. In February, the Federal Trade Commission granted early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the transaction.
The companies expect the transaction to close in 2016.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
About Questar
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the ability to obtain the required approval of Questar's shareholders; the risk that Dominion or Questar may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction or the committed debt financing may not be satisfied; and the risk that an unsolicited offer for the assets or capital stock of Questar may interfere with the transaction. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
Additional information and where to find it
This communication may be deemed to be solicitation material in respect of the merger of Questar and a subsidiary of Dominion. In connection with the merger, Questar intends to file relevant materials with the SEC, including a proxy statement in preliminary and definitive form, and deliver a copy of the proxy statement to its shareholders. Investors of Questar are urged to read the definitive proxy statement and other relevant documents carefully and in their entirety when they become available because they will contain important information about Dominion, Questar, the merger and related matters. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Questar with the SEC at the SEC's website at www.sec.gov, at Questar's website at www.questar.com or by sending a written request to Questar at Questar Corporation, Corporate Secretary, 333 South State St., P.O. Box 45433, Salt Lake City, UT 84145-0433. Security holders also may read and copy any reports, statements and other information filed by Questar with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's website for further information on its public reference room.
Participants in the solicitation
Dominion, Questar and certain of their respective directors, executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information regarding Dominion's directors and executive officers is available in Dominion's proxy statement filed with the SEC on March 23, 2015, in connection with its 2015 annual meeting of stockholders, and information regarding Questar's directors and executive officers is available in Questar's proxy statement filed with the SEC on April 17, 2015, in connection with its 2015 annual meeting of shareholders. Other information regarding persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
SOURCE Dominion Resources, Inc.
Article Date
3/3/2016Dominion Announces Remarketing of 4.104% Junior Subordinated Notes Due 2021
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., March 2, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) announced that it has successfully remarketed its 4.104% Junior Subordinated Notes due 2021. The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units of Dominion on June 7, 2013.
Effective March 7, 2016, the notes will bear interest at 4.104% per year. The remarketing is expected to close on March 7, 2016, subject to customary closing conditions.
Dominion will not directly receive any proceeds from the remarketing of the notes. It is expected that on April 1, 2016, which is the purchase contract settlement date for the Corporate Units, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the purchase contracts issued as part of the Corporate Units. The remaining portion of the proceeds of the portfolio of treasury securities will be distributed to the holders of the Corporate Units.
The offering is being made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting: Wells Fargo Securities, LLC, 608 2nd Avenue, South Minneapolis, MN 55402, Attn: WFS Customer Service, Toll-Free: 1-800-645-3751, Email: wfscustomerservice@wellsfargo.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk – 3rd floor, Facsimile No: (212) 834-6081; or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, Email: dg.prospectus_requests@baml.com.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
This Dominion news release includes certain "forward-looking information." Examples include information as to expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely. We have identified and will in the future identify in our SEC Reports on Forms 10-K and 10-Q a number of factors that could cause actual results to differ from those in the forward-looking statements. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
3/2/20162/24/2016 - Dominion Sets Annual Meeting
Dominion Sets Annual Meeting
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 24, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) will hold its annual meeting of shareholders on Wednesday, May 11, 2016, at 9:30 a.m. ET. Details of the annual meeting will be included in the proxy statement delivered to shareholders in late March.
SOURCE Dominion Resources, Inc.
Article Date
2/24/20162/23/2016 - Federal Trade Commission Grants Antitrust Approval of Proposed Combination of Dominion, Questar
Federal Trade Commission Grants Antitrust Approval of Proposed Combination of Dominion, Questar
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 23, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR) announced today that their proposed combination has cleared a key condition needed for completion.
The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the combination.
Expiration or termination of the waiting period is one of the conditions required for completion of the transaction.
Closing of the transaction still requires approval of Questar's shareholders. Questar and Dominion also will file for review and approval, if required, from the Utah Public Service Commission and the Wyoming Public Service Commission, and provide information regarding the transaction to the Idaho Public Utilities Commission.
The companies expect the transaction to close in 2016.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
About Questar
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the ability to obtain the required approval of Questar's shareholders; the risk that Dominion or Questar may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction or the committed debt financing may not be satisfied; and the risk that an unsolicited offer for the assets or capital stock of Questar may interfere with the transaction. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
Additional information and where to find it
This communication may be deemed to be solicitation material in respect of the merger of Questar and a subsidiary of Dominion. In connection with the merger, Questar intends to file relevant materials with the SEC, including a proxy statement in preliminary and definitive form, and deliver a copy of the proxy statement to its shareholders. Investors of Questar are urged to read the definitive proxy statement and other relevant documents carefully and in their entirety when they become available because they will contain important information about Dominion, Questar, the merger and related matters. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Questar with the SEC at the SEC's website at www.sec.gov, at Questar's website at www.questar.com or by sending a written request to Questar at Questar Corporation, Corporate Secretary, 333 South State St., P.O. Box 45433, Salt Lake City, UT 84145-0433. Security holders also may read and copy any reports, statements and other information filed by Questar with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's website for further information on its public reference room.
Participants in the solicitation
Dominion, Questar and certain of their respective directors, executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information regarding Dominion's directors and executive officers is available in Dominion's proxy statement filed with the SEC on March 23, 2015, in connection with its 2015 annual meeting of stockholders, and information regarding Questar's directors and executive officers is available in Questar's proxy statement filed with the SEC on April 17, 2015, in connection with its 2015 annual meeting of shareholders. Other information regarding persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
SOURCE Dominion Resources, Inc.
Article Date
2/23/2016Dominion Virginia Power, SunEnergy1 to Install Largest Solar Facility in Hampton Roads
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHESAPEAKE, Va., Feb. 8, 2016 /PRNewswire/ -- Dominion Virginia Power will soon add more solar power to its generation portfolio. The company is partnering with SunEnergy1 to install 91,803 solar panels at a new solar farm in Chesapeake– enough to power 5,000 homes. SunEnergy1, a North Carolina-based company, will lease the 250 acre site, located off Ballahack Road and U.S. Highway 17. Dominion will purchase the output of the facility, including energy, capacity and renewable energy credits, under a 20-year power purchase agreement.
"Our commitment to solar energy is an important part of the future of our state," said Katheryn Curtis, Dominion's senior vice president of Power Generation. "This partnership with SunEnergy1 is another significant step forward for Dominion as we plan for a low-carbon, balanced and diverse generation mix."
Dominion is one of the nation's leading producers of solar among publicly-traded utility companies according to SNL Financial, Feb. 4, 2015. Solar is a key component of Dominion's clean energy growth. In addition to this solar project in Chesapeake, Dominion has several other solar partnerships underway in Hampton Roads including:
SunEnergy1 is one of the leading commercial solar energy companies in the United States. It has extensive experience in developing and operating photovoltaic (PV) solar systems.
"At SunEnergy1, we design and construct solar facilities with first class quality and unmatched reliability," said Kenny Habul, SunEnergy1 president and CEO. "We are proud to partner with Dominion to bring new solar solutions to Virginia."
Virginia native and stock car racing star Denny Hamlin is partnering with SunEnergy1 as an investor in the project through Hamlin's Won One Energy company.
"I see this as a great opportunity to invest in the energy future of Virginia," said Hamlin, a 26-time winner on the NASCAR Sprint Cup Series. "Solar is a fast-growing, renewable energy solution that is establishing a larger footprint across the energy industry. As a Virginian, I am proud of Dominion and SunEnergy1 for bringing utility scale solar to the state."
The Chesapeake solar farm will be a ground-mounted tracking PV system. Commercial operations are expected to begin later this year.
About Dominion Virginia Power
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion has a portfolio of approximately 24,300 megawatts of generation and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About SunEnergy1
SunEnergy1, LLC is a full-service solar developer and engineering, procurement and construction (EPC) firm located in Mooresville, NC. SunEnergy1 specializes in the design and installation of utility-scale ground-mount solar photovoltaic system. It has developed and installed more than 350 MW of solar facilities to date. For more information about SunEnergy1, visit the company's website at www.sunenergy1.com.
SOURCE Dominion Virginia Power
Article Date
2/8/2016Dominion Resources and the Library of Virginia Honor Eight African-American 'Strong Men & Women in Virginia History'
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 4, 2016 /PRNewswire/ -- Dominion Resources and the Library of Virginia commemorated the leadership and accomplishments of eight outstanding African Americans during the fourth annual "Strong Men & Women in Virginia History" awards program on Wednesday, Feb. 3, 2016, at the Richmond Marriott.
The program honors prominent African Americans, past and present, who have made significant contributions to the commonwealth.
"It is always an honor to celebrate the accomplishments of these extraordinary individuals during Black History Month," said Daniel A. Weekley, vice president of Corporate Affairs-Dominion. "Be it through government, education, activism, sports or the arts, these men and women have helped shape and improve our communities while enriching the lives of many." Dominion Resources is the parent company of Dominion Virginia Power and sponsor of the annual series.
"Each year, the men and women honored through the Strong Men and Women program bear witness to the amazing accomplishments and contributions of African-American Virginians throughout our history and up to the present day," added Dr. Sandra G. Treadway, Librarian of Virginia. "The Library of Virginia is proud to be a partner in this valuable program, which serves as an inspiration to us all."
The following honorees were recognized:
Four high school students also were recognized during the ceremony. Each wrote winning essays, selected from more than 200 entries, about the importance of helping others.
The winners of the 2016 "Strong Men & Women in Virginia History" student essay writing contest are:
Each student received an Apple iPad Air and $1,000 for their school. Winning essays and program details, as well as photos and videos of the event will be posted on www.lva.virginia.gov/smw. For B-roll of students reading their winning essays, go to www.dom.com/corporate/news/media-downloads.
About Dominion Resources
Dominion (NYSE: D) is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About the Library of Virginia
The Library of Virginia (www.lva.virginia.gov), located in historic downtown Richmond, holds the world's most extensive collection of material about the Old Dominion and has been a steward of the commonwealth's documentary and printed heritage since 1823. The story of Virginia and Virginians has been told in many ways since 1607. At the Library of Virginia it is told through more than 119 million manuscripts and nearly 2.5 million books, serials, bound periodicals, microfilm reels, newspapers and state and federal documents, each an individual tile in the vast and colorful mosaic of Virginia's experience.
www.dom.com | Facebook (dominionvirginiapower) | Twitter (@DomVAPower) | YouTube (DomCorpComm) | Instagram (domvapower) | LinkedIn (dominion)
SOURCE Dominion Resources
Article Date
2/4/2016Dominion to Award $1 Million in Environmental Grants
Source: PR Newswire
RICHMOND, Va., Feb. 2, 2016 /PRNewswire/ -- Dominion Resources announced today that it will provide $1 million in environmental stewardship grants through the Dominion Foundation, the company's philanthropic arm. The competitive program is designed to support specific short-term projects by nonprofit organizations working to improve the environment in communities served by Dominion companies.
"Each year Dominion partners with a broad range of nonprofits to fund meaningful environmental projects that preserve, enhance or make nature more accessible within our communities," said Hunter A. Applewhite, president of the Dominion Foundation. "Protecting the natural world is important to all of us, and this is one way we can encourage our community partners to succeed."
Eligible organizations in targeted areas of Connecticut, Maryland, North Carolina, Ohio, Rhode Island, South Carolina, Virginia, West Virginia and other areas within Dominion's footprint can submit applications through March 1, 2016, requesting up to $50,000 each. Recipients will be announced
in April.
Dominion will consider grant requests that focus on one or more of the following priorities:
For complete details and to submit an online application, please visit: www.dom.com/envirogrants.
Dominion (NYSE: D), headquartered in Richmond, is one of the nation's largest producers and transporters of energy. The Dominion Foundation is dedicated to improving the physical, social and economic well-being of the communities served by Dominion companies. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. For more information, visit www.dom.com.
SOURCE Dominion Resources
Article Date
2/2/2016Dominion Announces Fourth-Quarter and Full-Year 2015 Earnings
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Feb. 1, 2016 /PRNewswire/ -- Dominion Resources (NYSE: D) today announced operating earnings for the three months ended Dec. 31, 2015, of $416 million ($0.70 per share), compared to operating earnings of $490 million ($0.84 per share) for the same period in 2014. Operating earnings are defined as reported earnings, determined in accordance with Generally Accepted Accounting Principles (GAAP), adjusted for certain items.
Unaudited reported GAAP earnings for the three months ended Dec. 31, 2015, were $357 million ($0.60 per share) compared with earnings of $243 million ($0.42 per share) for the same period in 2014.
Dominion uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
The principal differences between GAAP earnings and operating earnings for the quarter were charges associated with the State Corporation Commission of Virginia's final ruling associated with its biennial review of Virginia Power's base rates and charges associated with future ash pond and landfill closures.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Our fourth-quarter operating earnings were below our guidance range of $0.85 to $0.95 per share. The impact of warm temperatures accounted for at least 8 cents per share.
"We continue to execute with strong operational and safety performance and all major projects in our infrastructure growth plan are on time and on budget. Construction on Brunswick County, the 1,358-megawatt natural gas combined-cycle facility is about 96 percent complete with all three combustion turbines successfully firing on natural gas in December. The hearing on our request for a CPCN and rate rider for the proposed 1,588-megawatt Greensville County project was held in January. The facility is expected to achieve commercial operation in late 2018.
"In Electric Transmission we have a number of projects at various stages of regulatory approval and construction.
"Our Cove Point liquefaction project is also progressing on time and on budget. The project overall is about 56 percent complete and engineering 97 percent complete as we are on schedule for a late 2017 in-service date.
"We are continuing to work toward the commencement of construction on the Atlantic Coast Pipeline and expect to execute construction contracts soon. Construction is anticipated to begin in the fourth quarter of this year.
"In December, our Board of Directors established a 2016 dividend rate of $2.80 per share of common stock, up from $2.59 per share in 2015, or an 8.1 percent increase, subject to quarterly declaration and determination. The board also affirmed the dividend policy it set in February 2015 to pay out to shareholders approximately 70 percent to 75 percent of operating earnings. The board recently declared a first-quarter dividend of 70 cents per share of common stock."
FOURTH-QUARTER 2015 OPERATING EARNINGS COMPARED TO 2014
The decrease in fourth-quarter 2015 operating earnings per share as compared to fourth-quarter 2014 operating earnings per share is primarily attributable to milder-than-normal weather, the absence of a farmout transaction and the impact of bonus depreciation.
FULL-YEAR 2015 OPERATING EARNINGS COMPARED TO 2014
Full-year operating earnings for the 12 months ended Dec. 31, 2015, of $2.0 billion ($3.44 per share), compared to operating earnings of $2.0 billion ($3.43 per share) for the same period in 2014. Unaudited reported GAAP earnings for the 12 months ended Dec. 31, 2015, were $1.9 billion ($3.20 per share) compared with earnings of $1.3 billion ($2.24 per share) for the same period in 2014.
The increase in full-year 2015 operating earnings per share as compared to full-year 2014 operating earnings per share is primarily attributable to growth in our regulated electric and gas business, earnings from farmouts and lower interest expense. Negative factors for the year include the absence of an asset drop into our Blue Racer joint venture, higher depreciation and effective tax rate.
The principal differences between GAAP earnings and operating earnings for the year were charges associated with Virginia legislation enacted in February that required the write-off of Virginia Power prior-period deferred fuel costs and charges associated with future ash pond and landfill closures.
Business segment results and detailed descriptions of items included in 2015 and 2014 reported earnings but excluded from operating earnings can be found on Schedules 1, 2 and 3 of this release.
Details of fourth-quarter and full-year 2015 operating earnings as compared to 2014 may be found on Schedule 4 of this release.
2016 OPERATING EARNINGS GUIDANCE
Dominion expects 2016 operating earnings in the range of $3.60 to $4.00 per share. Positive drivers as compared to 2015 are an increase in revenues from our growth projects, lower capacity expenses, higher capacity performance revenues and investment tax credits from our solar facilities. Offsetting factors include higher depreciation, interest costs and share dilution. First-quarter 2016 operating earnings are expected to be in the range of 90 cents per share to $1.05 per share.
In providing its 2016 operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, divestitures or changes in accounting principles. At this time, Dominion management is not able to estimate the aggregate impact of these items on reported earnings.
CONFERENCE CALL TODAY
Dominion will host its fourth-quarter earnings conference call at 12 p.m. ET on Monday, February 1. Dominion management will discuss its fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. The passcode for the conference call is "Dominion." International callers should dial (334) 323-9872. Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the company's investor information page at www.dom.com/investors.
A replay of the conference call will be available beginning about 3 p.m. ET February 1 and lasting until 11 p.m. ET February 8. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 70708300. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day February 1.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com/.
This release contains certain forward-looking statements, including forecasted operating earnings for first-quarter and full-year 2016 which is subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion's services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, impacts of acquisitions, divestitures, transfers of assets to joint ventures or Dominion Midstream and retirements of assets based on asset portfolio reviews, the receipt of regulatory approvals for, and timing of, planned projects, acquisitions and divestitures, the timing and execution of Dominion Midstream's growth strategy, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, earthquakes, high winds, major storms and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion has an ownership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory developments, including changes in federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate change, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion's service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion's quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
|
Schedule 1 - Segment Operating Earnings |
|||||||||
|
Preliminary, Unaudited |
|||||||||
|
(millions, except earnings per share) |
Three months ended December 31, |
||||||||
|
2015 |
2014 |
Change |
|||||||
|
Earnings: |
|||||||||
|
Dominion Virginia Power |
$ 108 |
$ 136 |
$ (28) |
||||||
|
Dominion Energy* |
171 |
210 |
(39) |
||||||
|
Dominion Generation* |
218 |
292 |
(74) |
||||||
|
Corporate and Other |
(81) |
(148) |
67 |
||||||
|
OPERATING EARNINGS |
$ 416 |
$ 490 |
$ (74) |
||||||
|
Items excluded from operating earnings2, 3 |
(59) |
(247) |
188 |
||||||
|
REPORTED EARNINGS 1 |
$ 357 |
$ 243 |
$ 114 |
||||||
|
Common Shares Outstanding (average, diluted) |
596.7 |
586.5 |
|||||||
|
Earnings Per Share (EPS): |
|||||||||
|
Dominion Virginia Power |
$ 0.18 |
$ 0.23 |
$ (0.05) |
||||||
|
Dominion Energy* |
0.29 |
0.36 |
(0.07) |
||||||
|
Dominion Generation* |
0.37 |
0.50 |
(0.13) |
||||||
|
Corporate and Other |
(0.14) |
(0.25) |
0.11 |
||||||
|
OPERATING EARNINGS |
$ 0.70 |
$ 0.84 |
$ (0.14) |
||||||
|
Items excluded from operating earnings2 |
(0.10) |
(0.42) |
0.32 |
||||||
|
REPORTED EARNINGS 1 |
$ 0.60 |
$ 0.42 |
$ 0.18 |
||||||
|
(millions, except earnings per share) |
Twelve months ended December 31, |
||||||||
|
2015 |
2014 |
Change |
|||||||
|
Earnings: |
|||||||||
|
Dominion Virginia Power |
$ 490 |
$ 502 |
$ (12) |
||||||
|
Dominion Energy* |
680 |
717 |
(37) |
||||||
|
Dominion Generation* |
1,120 |
1,061 |
59 |
||||||
|
Corporate and Other |
(250) |
(277) |
27 |
||||||
|
OPERATING EARNINGS |
$ 2,040 |
$ 2,003 |
$ 37 |
||||||
|
Items excluded from operating earnings2, 4 |
(141) |
(693) |
552 |
||||||
|
REPORTED EARNINGS 1 |
$ 1,899 |
$ 1,310 |
$ 589 |
||||||
|
Common Shares Outstanding (average, diluted) |
593.7 |
584.5 |
|||||||
|
Earnings Per Share (EPS): |
|||||||||
|
Dominion Virginia Power |
$ 0.82 |
$ 0.86 |
$ (0.04) |
||||||
|
Dominion Energy* |
1.15 |
1.23 |
(0.08) |
||||||
|
Dominion Generation* |
1.89 |
1.81 |
0.08 |
||||||
|
Corporate and Other |
(0.42) |
(0.47) |
0.05 |
||||||
|
OPERATING EARNINGS |
$ 3.44 |
$ 3.43 |
$ 0.01 |
||||||
|
Items excluded from operating earnings2 |
(0.24) |
(1.19) |
0.95 |
||||||
|
REPORTED EARNINGS 1 |
$ 3.20 |
$ 2.24 |
$ 0.96 |
||||||
|
1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). |
||||||||
|
2) |
Items excluded from operating earnings are reported in Corporate and Other segment. Refer to Schedules |
||||||||
|
2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion's website | |||||||||
|
at www.dom.com/investors. |
|||||||||
|
3) |
Pre-tax amounts for the current period and the prior period are ($98) million and ($458) million, respectively. |
||||||||
|
4) |
Pre-tax amounts for the current period and the prior period are ($220) million and ($1.2) billion, respectively. |
||||||||
|
*Amounts have been recast to reflect non-regulated retail energy marketing operations in the Dominion Energy segment. |
|||||||||
Schedule 2 - Reconciliation of 2015 Operating Earnings to Reported Earnings
2015 Earnings (Twelve months ended December 31, 2015)
The net effects of the following items, all shown on an after-tax basis, are included in 2015 reported earnings, but are excluded from operating earnings:
|
(millions, except per share amounts) |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 |
2 | |
|
Operating earnings |
$584 |
$429 |
$611 |
$416 |
$2,040 |
||
|
Items excluded from operating earnings (after-tax): |
|||||||
|
Write-off of deferred fuel costs |
(52) |
(52) |
|||||
|
Future ash pond and landfill closure costs |
(28) |
(32) |
(60) |
||||
|
Impact of Virginia Power biennial review |
(17) |
(17) |
|||||
|
Other items |
4 |
12 |
(18) |
(10) |
(12) |
||
|
Total items excluded from operating earnings (after-tax) 1 |
(48) |
(16) |
(18) |
(59) |
(141) |
||
|
Reported net income |
$536 |
$413 |
$593 |
$357 |
$1,899 |
||
|
Common shares outstanding (average, diluted) |
589.9 |
592.5 |
595.5 |
596.7 |
593.7 |
||
|
Operating earnings per share |
$0.99 |
$0.73 |
$1.03 |
$0.70 |
$3.44 |
||
|
Items excluded from operating earnings (after-tax) |
(0.08) |
(0.03) |
(0.03) |
(0.10) |
(0.24) |
||
|
Reported earnings per share |
$0.91 |
$0.70 |
$1.00 |
$0.60 |
$3.20 |
||
|
1) |
Pre-tax amounts for items excluded from operating earnings are reflected in the following table: |
||||||
|
Items excluded from operating earnings: |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
YTD 2015 |
||
|
Write-off of deferred fuel costs |
(85) |
(85) |
|||||
|
Future ash pond and landfill closure costs |
(45) |
(54) |
(99) |
||||
|
Impact of Virginia Power biennial review |
(28) |
(28) |
|||||
|
Other items |
9 |
18 |
(19) |
(16) |
(8) |
||
|
Total items excluded from operating earnings |
($76) |
($27) |
($19) |
($98) |
($220) |
||
|
2) |
YTD EPS may not equal sum of quarters due to share count differences |
||||||
Schedule 3 - Reconciliation of 2014 Operating Earnings to Reported Earnings
2014 Earnings (Twelve months ended December 31, 2014)
The net effects of the following items, all shown on an after-tax basis, are included in 2014 reported earnings, but are excluded from operating earnings:
|
(millions, except per share amounts) |
1Q14 |
2Q14 |
3Q14 |
4Q14 |
YTD 2014 |
2 | |
|
Operating earnings |
$607 |
$361 |
$545 |
$490 |
$2,003 |
||
|
Items excluded from operating earnings (after-tax): |
|||||||
|
North Anna and offshore wind facilities |
(191) |
(28) |
(29) |
(248) |
|||
|
Producer Services repositioning |
(193) |
(193) |
|||||
|
Charges associated with liability management exercise |
(2) |
(172) |
(174) |
||||
|
Future ash pond closure costs |
(74) |
(74) |
|||||
|
Goodwill write-off at unregulated electric retail |
(31) |
(31) |
|||||
|
Other items |
(4) |
(11) |
14 |
28 |
27 |
||
|
Total items excluded from operating earnings (after-tax) 1 |
(228) |
(202) |
(16) |
(247) |
(693) |
||
|
Reported net income |
$379 |
$159 |
$529 |
$243 |
$1,310 |
||
|
Common shares outstanding (average, diluted) |
582.9 |
583.9 |
584.6 |
586.5 |
584.5 |
||
|
Operating earnings per share |
$1.04 |
$0.62 |
$0.93 |
$0.84 |
$3.43 |
||
|
Items excluded from operating earnings (after-tax) |
(0.39) |
(0.35) |
(0.03) |
(0.42) |
(1.19) |
||
|
Reported earnings per share |
$0.65 |
$0.27 |
$0.90 |
$0.42 |
$2.24 |
||
|
1) |
Pre-tax amounts for items excluded from operating earnings are reflected in the following table: |
||||||
|
Items excluded from operating earnings: |
1Q14 |
2Q14 |
3Q14 |
4Q14 |
YTD 2014 |
||
|
North Anna and offshore wind facilities |
(287) |
(43) |
(44) |
(374) |
|||
|
Producer Services repositioning |
(319) |
(319) |
|||||
|
Charges associated with liability management exercise |
(3) |
(281) |
(284) |
||||
|
Future ash pond closure costs |
(121) |
(121) |
|||||
|
Goodwill write-off at unregulated electric retail |
(31) |
(31) |
|||||
|
Other items |
(2) |
(15) |
(8) |
(12) |
(37) |
||
|
Total items excluded from operating earnings |
($352) |
($302) |
($54) |
($458) |
($1,166) |
||
|
2) |
YTD EPS may not equal sum of quarters due to share count differences. |
||||||
|
Schedule 4 - Reconciliation of 2015 Earnings to 2014 |
||||||
|
Preliminary, unaudited |
Three Months Ended |
Twelve Months Ended | ||||
|
(millions, except EPS) |
December 31, |
December 31, | ||||
|
2015 vs. 2014 |
2015 vs. 2014 | |||||
|
Increase / (Decrease) |
Increase / (Decrease) | |||||
|
Reconciling Items |
Amount |
EPS |
Amount |
EPS | ||
|
Dominion Virginia Power |
||||||
|
Regulated electric sales: |
||||||
|
Weather |
($13) |
($0.02) |
$5 |
$0.01 | ||
|
Other |
(4) |
0.00 |
(4) |
0.00 | ||
|
FERC Transmission equity return |
6 |
0.01 |
36 |
0.06 | ||
|
Depreciation |
(3) |
0.00 |
(9) |
(0.02) | ||
|
Other operations and maintenance |
0 |
0.00 |
(12) |
(0.02) | ||
|
AFUDC equity return |
(2) |
0.00 |
(6) |
(0.01) | ||
|
Other |
(12) |
(0.03) |
(22) |
(0.04) | ||
|
Share dilution |
0 |
(0.01) |
0 |
(0.02) | ||
|
Change in contribution to operating earnings |
($28) |
($0.05) |
($12) |
($0.04) | ||
|
Dominion Energy |
||||||
|
Gas Distribution margin |
($3) |
$0.00 |
$20 |
$0.04 | ||
|
Farmout transactions |
(37) |
(0.07) |
33 |
0.06 | ||
|
Blue Racer Midstream JV 1 |
(3) |
0.00 |
(39) |
(0.07) | ||
|
Retail energy marketing operations 2 |
(6) |
(0.01) |
(11) |
(0.02) | ||
|
Noncontrolling interest |
(4) |
(0.01) |
(13) |
(0.02) | ||
|
Depreciation |
(1) |
(0.00) |
(12) |
(0.02) | ||
|
Other |
15 |
0.02 |
(15) |
(0.04) | ||
|
Share dilution |
0 |
0.00 |
0 |
(0.01) | ||
|
Change in contribution to operating earnings |
($39) |
($0.07) |
($37) |
($0.08) | ||
|
Dominion Generation |
||||||
|
Regulated electric sales: |
||||||
|
Weather |
($26) |
($0.04) |
$19 |
$0.03 | ||
|
Other |
(6) |
(0.01) |
(13) |
(0.02) | ||
|
Merchant generation margin |
14 |
0.02 |
53 |
0.09 | ||
|
Rate adjustment clause equity return |
(2) |
0.00 |
20 |
0.03 | ||
|
PJM ancillary services |
(0) |
0.00 |
(15) |
(0.02) | ||
|
Renewable energy investment tax credits |
(62) |
(0.11) |
5 |
0.01 | ||
|
Outage costs |
11 |
0.02 |
26 |
0.04 | ||
|
Depreciation |
(12) |
(0.02) |
(32) |
(0.05) | ||
|
Capacity related expenses |
16 |
0.03 |
20 |
0.03 | ||
|
Other |
(7) |
(0.01) |
(24) |
(0.03) | ||
|
Share dilution |
0 |
(0.01) |
0 |
(0.03) | ||
|
Change in contribution to operating earnings |
($74) |
($0.13) |
$59 |
$0.08 | ||
|
Corporate and Other |
||||||
|
Renewable energy investment tax credits |
62 |
0.10 |
(14) |
(0.02) | ||
|
Other |
5 |
0.01 |
41 |
0.07 | ||
|
Change in contribution to operating earnings |
$67 |
$0.11 |
$27 |
$0.05 | ||
|
Change in consolidated operating earnings |
($74) |
($0.14) |
$37 |
$0.01 | ||
|
Change in items excluded from operating earnings3 |
$188 |
$0.32 |
$552 |
$0.95 | ||
|
Change in reported earnings (GAAP) |
$114 |
$0.18 |
$589 |
$0.96 | ||
|
1) |
Primarily represents absence of a gain from the sale of the Northern System. |
|||||
|
2) |
Amounts have been recast to reflect non-regulated retail energy marketing operations in the Dominion Energy segment. | |||||
|
3) |
Refer to Schedules 2 and 3 for details of items excluded from operating earnings, or find "GAAP Reconciliation" on Dominion's website at www.dom.com/investors. | |||||
|
Note: Figures may not add due to rounding |
||||||
SOURCE Dominion Resources, Inc.
Article Date
2/1/2016Dominion Resources, Questar Corporation to Combine
Source: PR Newswire
RICHMOND, Va., Feb. 1, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Questar Corporation (NYSE: STR) today announced an agreement for the companies to combine, in an all-cash transaction in which Dominion has agreed to pay Questar shareholders $25 per share – about $4.4 billion – and assume Questar's outstanding debt.
The transaction would be accretive to Dominion upon closing – expected by year-end 2016 – with limited impact on the company's balance sheet. Dominion intends to finance the transaction in a manner that supports the company's existing credit ratings targets, using equity, mandatory convertibles and debt at Dominion, and equity at Dominion Midstream Partners, LP (NYSE: DM). The Dominion-Questar combination also is expected to support Dominion's 2017 earnings growth rate and allow the company to reach the top of or exceed its 2018 growth targets.
Questar, headquartered in Salt Lake City, Utah, is a natural gas distribution, pipeline, storage and cost-of-service gas supply company. It serves nearly 1 million homes and businesses in Utah, Wyoming and Idaho, with approximately 97 percent of those customer accounts in Utah. Questar employs about 1,700 people and has about $4.2 billion in assets, including approximately 27,500 miles of gas distribution pipeline, 3,400 miles of gas transmission pipeline and 56 billion cubic feet of working gas storage. Its regional cost-of-service gas supply business has provided reliable supply and saved Questar Gas customers more than $1 billion over the past 35 years under a public service commission-approved framework.
Thomas F. Farrell II, chairman, president and chief executive officer of Dominion, said:
"Dominion is very pleased to join with Questar. Like Dominion, Questar has a history of safe and reliable operations, integrity and a firm commitment to its employees and the communities it serves. Questar's customers can count on a continuation of the high-quality service they have enjoyed for years.
"This addition is well-aligned with Dominion's existing strategic focus on core regulated energy infrastructure operations. Questar boasts best-in-sector customer growth in states with strong pro-business credentials and constructive regulatory environments. These high-performing regulated assets will improve Dominion's balance between electric and gas operations and provide enhanced scale and diversification into Questar's regulatory jurisdictions.
"Of note, Dominion Midstream investors will benefit from the addition of Questar, as it is expected to contribute more than $425 million of EBITDA to Dominion's inventory of top-quality, low-risk MLP-eligible assets, supporting Dominion Midstream's targeted annual cash distribution growth rate of 22 percent.
"Questar is the ideal mix for Dominion shareholders and Dominion Midstream unitholders alike."
Ron Jibson, chairman, president and chief executive officer of Questar, said:
"Questar is excited to be joining the Dominion family of companies and serve as the hub of its Western operations. Our similar cultures and commitment to customers, shareholders, communities and employees make this a win-win transaction. Dominion's reputation among its peers and analysts is unmatched. We're proud to become part of America's most-admired gas and electric utility."
Adds geographic diversity to Dominion portfolio
Questar would provide enhanced geographic diversity to Dominion's natural gas operations. Dominion's existing operations lie in the heart of the mid-Atlantic, whereas Questar's system is the "hub of the Rockies" and a principal source of gas supply to Western states. Dominion expects the value of the Questar pipeline system to rise over time as Utah and other Western states seek to comply with the requirements of the U.S. Environmental Protection Agency's Clean Power Plan and meet state-mandated renewable standards, with increasing reliance on low-carbon, gas-fired electric generation.
The combined company would serve about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. It also would operate more than 15,500 miles of natural gas transmission, gathering and storage pipelines, one of the nation's largest natural gas storage systems, and approximately 24,300 megawatts of generation.
Separate from this transaction, Dominion has committed about $1 billion for three solar generating facilities located in Beaver, Iron and Millard counties, Utah. These solar facilities are backed by long-term power purchase agreements with local electric utilities.
Terms of transaction & advisers
Upon transaction closing, Questar shareholders will receive $25 in cash for each share of Questar common stock. This represents an approximate 30 percent premium to the volume-weighted average stock price of Questar's last 20 trading days ended Jan. 29, 2016.
Pending approvals, Questar will operate as a first-tier, wholly owned subsidiary of Dominion and maintain its significant presence, local management structure and headquarters in Salt Lake City. Dominion has also agreed to increase community involvement and charitable investment in the communities currently served by Questar.
The transaction requires approval of Questar's shareholders and clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. Questar and Dominion also will file for review and approval, if required, from the Utah Public Service Commission and the Wyoming Public Service Commission, and provide information regarding the transaction to the Idaho Public Utilities Commission.
RBC Capital Markets, LLC, and Mizuho Bank, Ltd., have provided committed financing and are acting in the role of financial advisers to Dominion. Goldman, Sachs & Co. served as the exclusive financial adviser to Questar.
McGuireWoods LLP served as legal counsel to Dominion and Kirkland & Ellis LLP served as legal counsel to Questar.
Conference call today
Dominion leadership will discuss the announced combination on the company's fourth-quarter earnings conference call at 12 p.m. ET today. Domestic callers should dial (877) 410-5657. The passcode for the call is "Dominion." International callers should dial (334) 323-9872. Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media are invited to listen.
A live webcast of the conference call also will be available on the company's investor information page at www.dom.com/investors.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,300 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 933 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion visit the company's website at www.dom.com.
About Questar
Questar Corp. is a Rockies-based integrated natural gas company operating through three principal subsidiaries: Questar Gas provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro develops and produces natural gas on behalf of Questar Gas; and Questar Pipeline operates interstate natural gas pipelines and storage facilities in the Western U.S. For more information, visit Questar's website at: www.questar.com.
This news release includes certain "forward-looking information." Examples include information as to Dominion's expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release. Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves. In addition, Dominion's business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely, such as the ability to obtain the required approval of Questar's shareholders; the risk that Dominion or Questar may be unable to obtain necessary regulatory approvals for the transaction or required regulatory approvals may delay the transaction or cause the parties to abandon the transaction; the risk that conditions to the closing of the transaction or the committed debt financing may not be satisfied; and the risk that an unsolicited offer for the assets or capital stock of Questar may interfere with the transaction. We have identified and will in the future identify a number of these factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
Additional information and where to find it
This communication may be deemed to be solicitation material in respect of the merger of Questar and a subsidiary of Dominion. In connection with the merger, Questar intends to file relevant materials with the SEC, including a proxy statement in preliminary and definitive form, and deliver a copy of the proxy statement to its shareholders. Investors of Questar are urged to read the definitive proxy statement and other relevant documents carefully and in their entirety when they become available because they will contain important information about Dominion, Questar, the merger and related matters. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Questar with the SEC at the SEC's website at www.sec.gov, at Questar's website at www.questar.com or by sending a written request to Questar at Questar Corporation, Corporate Secretary, 333 South State St., P.O. Box 45433, Salt Lake City, UT 84145-0433. Security holders also may read and copy any reports, statements and other information filed by Questar with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's website for further information on its public reference room.
Participants in the solicitation
Dominion, Questar and certain of their respective directors, executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information regarding Dominion's directors and executive officers is available in Dominion's proxy statement filed with the SEC on March 23, 2015, in connection with its 2015 annual meeting of stockholders, and information regarding Questar's directors and executive officers is available in Questar's proxy statement filed with the SEC on April 17, 2015, in connection with its 2015 annual meeting of shareholders. Other information regarding persons who may be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
SOURCE Dominion Resources, Inc.
Article Date
2/1/2016Dominion's Project Plant It! Now Online and Open for Registration
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 27, 2016 /PRNewswire/ -- Enrollment for Project Plant It!, the free environmental education program created by Dominion Resources, is now open to more elementary-aged children, including school students, scouts or others, across the regions served by the company. A hallmark of the program is the distribution of free redbud tree seedlings in honor of Arbor Day.
Those interested in participating can register by going to projectplantit.com and clicking on "register now" from the home page. If the zip code is confirmed as being in an eligible area, they can request up to 25 free redbud tree seedlings. Seedlings will be shipped to arrive in time for Arbor Day (April 29, 2016). The deadline to register is Friday, Feb. 19, 2016.
"Project Plant It! is spreading its roots into hundreds of new localities to celebrate this program's tenth anniversary," said Irene Cimino Roberts, manager-Corporate Public Relations for Dominion. "Project Plant It! is one of the many ways that Dominion seeks to partner with the communities we serve. Thanks to our streamlined registration process, we are providing a variety of free educational resources and tree seedlings to thousands of children—many of whom have never participated in this program until now."
The states served by Dominion include Connecticut, Maryland, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia and West Virginia.
The website also features about 12 lesson plans that support third-grade learning standards for math, science, language arts and social studies. All of the lesson plans can be downloaded at no charge from the website. In addition, the website includes interactive games and instructional videos about trees, along with a variety of outdoor activities that families can enjoy with their children.
Since 2007, more than 300,000 tree seedlings have been distributed to students in states served by Dominion. According to the Virginia Department of Forestry, this equates to about 750 acres of new forest if all of the seedlings are planted and grow to maturity.
For more information about Project Plant It!, visit projectplantit@dom.com.
About Dominion Resources
Dominion Resources is the parent company of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Resources
Article Date
1/27/20161/21/2016 - Dominion Declares Quarterly Dividend of 70 Cents
Dominion Declares Quarterly Dividend of 70 Cents
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 21, 2016 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has declared a quarterly dividend of 70 cents per share of common stock.
Dividends are payable on March 20, 2016, to shareholders of record at the close of business March 4, 2016.
This is the 352nd consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Oct. 22, 2015.
SOURCE Dominion
Article Date
1/21/2016Dominion Virginia Power Is Prepared For Heavy Snowfall, High Winds
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 21, 2016 /PRNewswire/ -- Dominion Virginia Power is prepared to respond to heavy snowfall and high winds forecasted to move through its Virginia and North Carolina service area beginning Friday. Additional crews are being sent to the areas expected to be most affected, trucks are stocked and fueled, and preparations are being made to activate the company's three regional storm response centers and corporate emergency center to support outage restoration.
Customers can report and check the status of power outages using the company's website at www.dom.com via computer, smartphone or other mobile device. Customers can also call 1-866-DOM-HELP (1-866-366-4357) to report outages or downed wires. Stay away from fallen wires and debris, and treat all fallen wires and anything touching them as though they are energized.
The company will update its interactive outage map at www.dom.com with information about the storm as it becomes available. A Twitter feed www.twitter.com/DomVAPower, Facebook page www.facebook.com/dominionvirginiapower, and Dominion text alerts at 898366 also are available.
Dominion urges its 2.5 million electric customers to pay attention to weather reports and to take these common-sense steps to prepare for possible outages and stay safe:
Video b-roll is available to download at: https://www.dom.com/corporate/news/media-downloads
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy with operations in 14 states. Dominion has a portfolio of approximately 24,400 megawatts of generation and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
1/21/2016SunEdison Closes On Second Phase Of Dominion Transaction, Terra Nova Acquires 33 Percent Stake In 567 Megawatt DC Solar Portfolio
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
MARYLAND HEIGHTS, Mo., Jan. 19, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has completed the second phase of its transaction to acquire a 33 percent ownership interest in a 567 megawatt DC solar portfolio from Dominion (NYSE: D).
SunEdison acquired a 33 percent interest in the remaining 231 megawatt portion of Dominion's 567 megawatt portfolio of solar power plants for $117 million.
At the same time, Terra Nova Renewable Partners, the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, acquired SunEdison's interest in the transaction from SunEdison for the same price. Terra Nova now owns the 33 percent interest in Dominion's 567 megawatt DC portfolio of solar power plants acquired through the consummation of both phases of the transaction.
Terra Nova, through an indirect subsidiary, has the option to buy the remaining 67 percent of the portfolio when certain trigger events occur. This completes the two phases of the Dominion transaction announced in September 2015.
SunEdison has the option to repurchase the projects from the partnership for a period of five years and may assign TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, call rights to the projects should they be repurchased. Any projects not repurchased by SunEdison would continue to be owned by the partnership.
"We are pleased that the Terra Nova partnership has invested in Dominion's diverse, domestic portfolio of solar assets," said Brian Wuebbels, SunEdison's chief financial officer. "With Terra Nova acquiring the assets, we retain an option to acquire high quality contracted cash flows in the future."
The 567 megawatt solar portfolio consists of 24 projects which are located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah. This second phase of the transaction is for nine of those projects. The solar portfolio's total power output has been contracted with industry leading utilities and power offtakers and has a weighted remaining contract term of 19.8 years.
|
Asset |
Megawatt Capacity (DC) |
Status |
|
Pavant |
62.3 |
Under construction |
|
Cottonwood Carport |
1.1 |
Operating |
|
Cottonwood Corcoran |
14.7 |
Operating |
|
Cottonwood Goose Lake |
16.9 |
Operating |
|
Richland |
33.7 |
Under construction |
|
Alamo |
23.7 |
Operating |
|
Maricopa West |
28.2 |
Under construction |
|
Catalina 2 |
24.3 |
Under construction |
|
Imperial Valley |
25.9 |
Operating |
The Terra Nova partnership was announced during September 2015. Under the partnership commitment, J.P. Morgan Asset Management's clients are expected to provide equity to purchase renewable energy projects developed or purchased by SunEdison. Remaining project costs are expected to be funded with a combination of limited recourse commercial bank debt and/or tax equity.
KeyBanc Capital Markets and Santander Bank served as advisors to SunEdison. CohnReznick Capital Markets served as financial advisor and Milbank, Tweed, Hadley & McCloy LLP served as legal advisor to J.P. Morgan Asset Management.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $87 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of September 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets' broad capabilities provide many of the world's most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: jpmorgan.com/institutional/global_real_assets
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to update or revise any forward-looking statement, except as required by law.
Logo - http://photos.prnewswire.com/prnh/20150203/173064LOGO
SOURCE SunEdison, Inc.
Article Date
1/19/2016Dominion Closes on Final Phase of Solar Sale to SunEdison
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 19, 2016 /PRNewswire/ -- Dominion (NYSE: D) announced today that it has closed on the second and final phase of its previously announced sale of a 33 percent ownership interest in 425 megawatts (AC) of solar generating capacity to SunEdison, Inc. (NYSE: SUNE). Dominion sold the ownership interest in 172 megawatts (AC) of solar generating capacity at nine sites in California, Utah and Georgia for a sales price of approximately $120 million, subject to certain adjustments.
The first phase of the sale – a 33 percent interest in 253 megawatts (AC) – closed in December 2015 for approximately $180 million.
Dominion expects to pay down debt with the cash proceeds.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. A number of factors that could cause actual results to differ from those in the forward-looking statements are identified in Dominion's filings with the U.S. Securities and Exchange Commission. You are referred to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
1/19/20161/14/2016 - Dominion Resources, Inc., Recommends Shareholder Rejection of 'Mini-Tender' Offer By TRC Capital Corporation
Dominion Resources, Inc., Recommends Shareholder Rejection of 'Mini-Tender' Offer By TRC Capital Corporation
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 14, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), has received notice of an unsolicited "mini-tender" offer by TRC Capital Corporation (TRC Capital) to purchase up to 2 million shares of Dominion's common stock at a price of $66.50 per share in cash. The offering price is approximately 4.19 percent below the closing price per share of Dominion's common stock on Jan. 11, 2016, the last trading day before the offer was commenced. The offer is for approximately 0.34 percent of the outstanding shares of Dominion's common stock.
Dominion does not endorse TRC Capital's unsolicited mini-tender offer and recommends that shareholders do not tender their shares. Dominion is not associated with TRC Capital, its mini-tender offer or the mini-tender offer documentation.
TRC Capital has made many similar unsolicited mini-tender offers for shares of other public companies. Mini-tender offers seek less than 5 percent of a company's outstanding shares, and thus are not subject to many of the investor protections afforded to larger tender offers, including the filing of disclosure and other tender offer documents with the Securities and Exchange Commission (SEC) and other procedures mandated by U.S. securities laws.
The SEC has cautioned investors about mini-tender offers, noting that, "some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's guidance to investors on mini-tender offers is available at http://www.sec.gov/investor/pubs/minitend.htm.
Shareholders should obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to TRC Capital's mini-tender offer. Dominion recommends that shareholders who have not responded to TRC Capital's offer take no action. Shareholders who have already tendered their shares may withdraw them at any time prior to 12:01 a.m., New York City time, on Feb. 10, 2016, in accordance with TRC's offering documents.
Dominion encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosure at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Dominion requests that a copy of this news release be included with all distributions of materials relating to TRC Capital's mini-tender offer related to Dominion shares of common stock.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Resources, Inc.
Article Date
1/14/2016Dominion and Dominion Midstream Schedule Fourth-Quarter Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 12, 2016 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) and Dominion Midstream Partners, LP (NYSE: DM), will host their fourth-quarter earnings conference call at 10 a.m. ET on Thursday, February 4, 2016. Management will discuss fourth-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. International callers should dial (334) 323-9872. The passcode for the conference call is "Dominion." Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.
A live webcast of the conference call, including accompanying slides, and other financial information will be available on the investor information pages at www.dom.com/investors and www.dommidstream.com/investors.
A replay of the conference call will be available beginning about 1 p.m. ET February 4 and lasting until 11 p.m. ET February 11. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial (334) 323-0140. The PIN for the replay is 97636541. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day February 4.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About Dominion Midstream
Dominion Midstream is a Delaware limited partnership formed by Dominion Resources, Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation and related assets. It is headquartered in Richmond, Va. For more information about Dominion Midstream, visit its website at www.dommidstream.com.
SOURCE Dominion Resources, Inc.; Dominion Midstream Partners, LP
Article Date
1/12/2016Dominion Virginia Power Plans $9.5 Billion in Infrastructure and Upgrade Expenditures
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Jan. 12, 2016 /PRNewswire/ -- Dominion Virginia Power plans to invest nearly $2 billion per year through 2020 to add new, clean generation, including solar energy, and to expand, secure and upgrade the electric grid in Virginia and northeastern North Carolina.
The planned $9.5-billion spend builds on a substantial record of new capital investment by the company in recent years for new electric infrastructure designed to meet growth, enhance reliability and promote cleaner air and water. The company made $1.8 billion in similar investments in 2015.
The investments are in addition to the proposed Atlantic Coast Pipeline, a $5 billion natural gas pipeline that is being built by a sister company to serve Dominion Virginia Power and other electric and natural gas utilities.
"We know our customers expect high reliability, clean energy and reasonable rates," said Robert M. Blue, president, Dominion Virginia Power. "We focus on that in everything we do, from building new infrastructure to day-to-day maintenance and fast storm response."
Blue said that since 2008, the company has invested more than $8 billion in new electricity infrastructure, including environmental control equipment designed to reduce fossil power station air emissions.
"Over the same period, our reliability has improved 25 percent," he said. "Our reliability in 2015 was 99.98 percent – which translates into approximately 2 hours of outage time per customer over the whole year." To get good comparative year-to-year data across the industry, Dominion and other utilities typically do not include outages from major storms in reliability measures.
Virginia Power's electric rates remain significantly lower than national, regional and state averages even while making major expenditures for new infrastructure.
In recent years residential rates have increased by an average of less than 1 percent annually. This was achieved in part by the company increasing its efficiency and holding down operating costs.
"Our customers have saved money on their electric bills through that effort and it led to cleaner air and a stronger grid," Blue said.
Of the $9.5-billion planned capital expenditures through 2020, $2.4-billion is slated for the company's distribution system, $3.6-billion for transmission lines and substations, and $3.5-billion for new generation and environmental improvements. Included in those amounts are $700 million for new solar generation and additional funds for undergrounding vulnerable distribution lines, if approved by the Virginia State Corporation Commission.
The company has the fastest growing demand for electricity in the Pennsylvania-New Jersey-Maryland (PJM) Interconnection, which serves 13 states and the District of Columbia. Dominion Virginia Power currently serves 2.5 million customers in Virginia and northeast North Carolina. More than 430,000 customers – the size of a large city – have been added in the past decade.
"Our modern way of life requires lots of energy – and that means infrastructure," Blue said in the letter. "To keep up with energy demand and meet new clean air requirements, Dominion Virginia Power and its parent company are constantly building everything from power stations to power lines, substations to natural gas pipelines."
Construction of the Atlantic Coast Pipeline is scheduled to begin in late 2016, subject to Federal Energy Regulatory Commission approval. The project is being built by Dominion Transmission, a sister company of Dominion Virginia Power, for a partnership that includes Dominion.
"We believe the additional supplies of clean-burning natural gas to be brought by the Atlantic Coast Pipeline are essential to the company's plans to meet the goals laid out in the federal Clean Power Plan to substantially lower carbon emissions from power production," Blue said.
The pipeline would connect public utilities and their customers in Virginia and North Carolina with natural gas from the nationwide interstate transmission grid, including prolific new supplies in the Appalachian region.
The project will bring both economic and environmental benefits to Virginia. Construction alone will create more than $1.4 billion in new economic activity and 8,800 new jobs. Using natural gas instead of coal to produce electricity could reduce carbon dioxide emissions in the state by about 5 percent by 2022 and help each state meet its Clean Power Plan goals.
"However, our job is not just pipelines and wires, gas molecules and electrons," Blue said. "It's about the people, the neighborhoods and communities we serve. It's about being good neighbors, too."
Dominion's EnergyShare program is being significantly expanded with $57 million from Dominion over five years, with a special focus on needy veterans and people with disabilities.
Some of the Dominion's other community programs in 2015 included:
About Dominion Virginia Power:
Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy with operations in 14 states. Dominion has a portfolio of approximately 24,400 megawatts of generation and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
SOURCE Dominion Virginia Power
Article Date
1/12/2016Terra Nova Renewable Partners, A Partnership Between SunEdison And Clients Advised By J.P. Morgan Asset Management - Global Real Assets, Buys 33 Percent Stake in 336 Megawatt DC Solar Portfolio from Dominion
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
MARYLAND HEIGHTS, Mo., Dec. 30, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has acquired a 33 percent ownership interest in a 336 megawatt DC portfolio of operating solar power plants from Dominion (NYSE:D) for an equity purchase price of $180 million plus a working capital adjustment. Terra Nova Renewable Partners, the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, simultaneously acquired SunEdison's interest in the transaction.
This acquisition is the first of two phases of a deal announced in September of 2015. The entire solar portfolio consists of 24 projects, with a total capacity of 567 megawatts DC, located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah. This first phase of the transaction is for 15 projects that generate 336 megawatts DC, and the second acquisition is for the remainder of the aggregate 567-megawatt DC portfolio. The second phase of the transaction is expected to close in early 2016.
The solar portfolio's power output has been contracted with industry leading utilities and power offtakers with a weighted remaining contract term of 19.8 years. The partnership, through an indirect subsidiary, has the option to buy the remaining 67 percent of the portfolio upon the occurrence of certain triggering events.
|
Asset |
Megawatt Capacity (DC) |
Development Status |
|
Indy Solar I |
13.9 |
Operating |
|
Indy Solar II |
13.9 |
Operating |
|
Indy Solar III |
11.9 |
Operating |
|
Azalea |
9.7 |
Operating |
|
Somers |
7.4 |
Operating |
|
Camelot |
59.1 |
Operating |
|
CID |
27.2 |
Operating |
|
Kansas |
27.1 |
Operating |
|
Kent South |
26.3 |
Operating |
|
Old River One |
26.8 |
Operating |
|
West Antelope Solar Park |
28.4 |
Operating |
|
Adams East |
24.9 |
Operating |
|
Mulberry |
20 |
Operating |
|
Selmer |
20 |
Operating |
|
Columbia Two |
19.4 |
Operating |
The strategic partnership was announced in September of 2015. Under the partnership commitment, J.P. Morgan's clients are expected to provide equity to purchase renewable energy projects developed or purchased by SunEdison. Remaining project costs are expected to be funded with a combination of limited-recourse commercial bank debt and tax equity.
SunEdison has the option to repurchase the projects from the partnership for a period of five years and may assign TerraForm Power, Inc (Nasdaq: TERP), a global owner and operator of clean energy power plants, call rights to the projects should they be repurchased. Any projects not repurchased by SunEdison would continue to be owned by the partnership.
To date, SunEdison has sold or otherwise transferred 633 megawatts AC of wind assets and 336 megawatts DC of solar assets to the partnership.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $87 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia Pacific, as of September 30, 2015. With a 45-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets' broad capabilities provide many of the world's most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. The Global Real Assets team is part of J.P. Morgan Asset Management's Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity. For more information: www.jpmorgan.com/institutional/global_real_assets
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "expect," "anticipate," "believe," "intend," "plan," "seek," "estimate," "predict," "project," "goal," "guidance," "outlook," "objective," "forecast," "target," "potential," "continue," "would," "will," "should," "could," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison or TerraForm Power expects or anticipates will occur in the future are forward-looking statements. They may include estimates of adjusted EBITDA, expected cash available for distribution (CAFD), earnings, revenues, capital expenditures, liquidity, capital structure, future growth, and other financial performance items (including future dividends per share), descriptions of management's plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide SunEdison's and TerraForm Power's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made. Although SunEdison and TerraForm Power believe their expectations and assumptions are reasonable, they can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially.
By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, delays or unexpected costs during the completion of projects under construction; regulatory requirements and incentives for production of renewable power; operating and financial restrictions under agreements governing indebtedness; the condition of capital markets and our ability to borrow additional funds and access capital markets; the impact of foreign exchange rate fluctuations; the ability to compete against traditional and renewable energy companies; challenges inherent in constructing and maintaining renewable energy projects; the success of ongoing research and development efforts; the ability to successfully integrate the businesses of acquired companies and realize the benefits of such acquisitions; TerraForm Power's ability to identify, evaluate, consummate and integrate projects it acquires from third parties; risks inherent in offtake agreements; and hazards customary to the power production industry and power generation operations, such as unusual weather conditions and outages. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. Many of these factors are beyond SunEdison's and TerraForm Power's control.
SunEdison and TerraForm Power disclaim any obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties which are described in SunEdison's and TerraForm Power's Forms 10-K for the fiscal year ended December 31, 2014, as well as additional factors they may describe from time to time in other filings with the Securities and Exchange Commission. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
Logo - http://photos.prnewswire.com/prnh/20150203/173064LOGO
SOURCE SunEdison, Inc.
Article Date
12/30/2015Dominion Closes on First Phase of Solar Sale to SunEdison
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
RICHMOND, Va., Dec. 30, 2015 /PRNewswire/ -- Dominion (NYSE: D) announced today that it has closed on the first phase of its previously announced sale of a 33 percent ownership interest in 425 megawatts (AC) of solar generating capacity to SunEdison, Inc. (NYSE: SUNE). Dominion received approximately $180 million for the first phase, which includes an ownership interest in 253 megawatts (AC) of solar generating capacity at 15 sites in five states.
The second phase is expected to close by early 2016 for approximately $120 million, subject to working capital and certain other adjustments. It consists of a 33 percent ownership interest in nine projects in three states – totaling 172 megawatts (AC) of generating capacity.
Dominion expects to pay down debt with the cash proceeds.
About Dominion
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 24,600 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline, and 6,490 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
This news release includes certain forward-looking information that is subject to various risks and uncertainties. Words such as "expect," "target," "would," "will," "anticipate," "believe," "estimate," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases are used to identify forward-looking statements. A number of factors that could cause actual results to differ from those in the forward-looking statements are identified in Dominion's filings with the U.S. Securities and Exchange Commission. You are referred to those discussions for further information. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.
SOURCE Dominion
Article Date
12/30/201512/28/2015 - Dominion East Ohio Customers Benefit From Lower Natural Gas Prices, Thanks to Increased Local Production
Dominion East Ohio Customers Benefit From Lower Natural Gas Prices, Thanks to Increased Local Production
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CLEVELAND, Dec. 28, 2015 /PRNewswire/ -- Dominion East Ohio expects increased energy production from the Marcellus and Utica shale formations in Ohio and nearby states to help provide ample supplies of natural gas at lower prices than a year ago.
"These abundant shale energy resources have led to lower national and regional market prices and our customers are reaping the benefits," said Jeff Murphy, vice president and general manager.
Murphy noted that natural gas prices for the remainder of the winter heating season likely would be lower than those of last winter. For example, Dominion East Ohio's current Standard Choice Offer (SCO) rate is $2.226 per thousand cubic feet (mcf), which is 53 percent lower than the December 2014 SCO rate of $4.712/mcf.
Under the current rate, the average SCO residential customer's bill for the month of December 2015 would be $66.12, almost 40 percent less than $109.92 in December 2014 and dramatically less than the average SCO residential customer's December 2010 bill of $151.
The SCO is available to eligible residential customers who have not already chosen a supplier or opted to join a governmental aggregation program under Dominion's Energy Choice program. Murphy advised customers to visit www.dominiongaschoice.com or the Public Utilities Commission of Ohio Apples-to-Apples Comparison at http://energychoice.ohio.gov/ to review available supplier offers that best meet their needs.
Current weather forecasts project a milder winter than the previous two years, in which colder-than-normal temperatures prevailed, Murphy added, "Dominion East Ohio has taken steps to ensure reliable natural gas deliveries to our 1.2 million customers. As in previous years, customers can set their thermostats with confidence."
"One of the major drivers of our supply security is increasing natural gas production right here in Ohio," Murphy said. "Even though demand continues to grow, as more natural gas is used for electric generation and our economy continues to recover, increased regional production has resulted in lower market prices."
The company strongly urges customers who know they will be unable to maintain regular payments to contact Dominion East Ohio at 1-800-362-7557, to inquire about payment plans and energy assistance programs. The company's call center is open from 7 a. m. to 7 p. m., Mondays through Fridays.
Dominion East Ohio is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy, with a portfolio of approximately 20,400 megawatts of generation and 6,455 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 13 states. For more information about Dominion, visit the company's website at www.dom.com/.
SOURCE Dominion East Ohio
Article Date
12/28/2015Projects & Assets
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