Dominion Energy, Inc - D STOCK NEWS

Dominion Energy (NYSE: D) announced that Diane Leopold, Executive Vice President and Chief Operating Officer, will retire on June 1, 2025, after a 36-year career in energy, including 30 years at Dominion. During the transition, Ed Baine will become President-Utility Operations and Dominion Energy Virginia, while Eric Carr will become Chief Nuclear Officer and President-Nuclear Operations and Contracted Energy. Leopold will maintain oversight of major construction projects including the Coastal Virginia Offshore Wind project and Charybdis. She joined Dominion in 1995, became an officer in 2004, and has held various executive roles before assuming her current position in 2020.

Dominion Energy (NYSE: D) announced the redemption of all outstanding shares of its 4.65% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, effective December 15, 2024. The redemption price is set at $1,000 per share, with 360,410 shares outstanding representing approximately $360 million in total liquidation preference. A semi-annual dividend of $23.25 per share will be paid separately on December 16, 2024. This redemption aligns with the company's plans to utilize proceeds from its May 2024 $2 billion enhanced junior subordinated notes issuance.

Dominion Energy has successfully completed its first monopile installation season for the Coastal Virginia Offshore Wind (CVOW) project, installing 78 monopile foundations and 4 offshore substation foundations. The 2.6-gigawatt project, located 27 miles off Virginia Beach, is 43% complete and remains on-budget and on schedule for completion in late 2026. The project will include 176 turbines capable of powering 660,000 homes and is expected to generate $3 billion in fuel savings over its first decade. The next installation season begins May 2025, with current focus on substation installation and cable laying. Nearly 1,000 Virginia-based workers are currently engaged in the project.

Dominion Energy (NYSE: D) reported third-quarter 2024 GAAP net income of $1.12 per share ($954 million), compared to $0.16 per share ($157 million) in Q3 2023. Operating earnings were $0.98 per share ($835 million), up from $0.75 per share ($651 million) in the same period last year. The company narrowed its full-year 2024 operating earnings guidance to $2.68-$2.83 per share, maintaining the original midpoint of $2.75. Dominion Energy also reaffirmed its 2025 operating earnings guidance of $3.25-$3.54 per share.

Dominion Energy (NYSE: D) has announced its quarterly dividend declaration of 66.75 cents per share of common stock. The dividend will be paid on December 20, 2024, to shareholders of record as of November 29, 2024. This marks the company's 387th consecutive dividend payment, maintaining its consistent dividend distribution history. The previous quarterly dividend was declared on July 31, 2024.

Dominion Energy has closed a transaction to sell a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak. This partnership improves Dominion Energy's business risk profile and concludes its ~$21 billion debt reduction initiatives. Key points:

• Dominion Energy retains full operational control of CVOW
• Stonepeak will fund 50% of project construction costs
• The 2.6-gigawatt CVOW is on schedule for completion in late 2026
• CVOW will power up to 660,000 homes with clean, renewable energy
• Dominion Energy received $2.6 billion at closing

This transaction marks the successful completion of Dominion Energy's business review, improving its balance sheet and establishing a renewed focus as a pure-play, state-regulated electric utility business.

Dominion Energy Virginia and Amazon have signed a Memorandum of Understanding (MOU) to explore innovative development structures for potential Small Modular Reactor (SMR) nuclear development in Virginia. This collaboration aims to address the unprecedented 5% annual power demand growth in Virginia, expected to double in the next 15 years. SMRs could play a important role in Dominion Energy's 'all-of-the-above' energy mix in the 2030s, offering carbon-free power with a smaller footprint and lower upfront costs than traditional nuclear plants.

The agreement seeks to advance SMR development and financing while mitigating risks for customers and capital providers. It aligns with Dominion Energy's commitment to credit and risk profile objectives from its recent business review. The collaboration is supported by Virginia Governor Glenn Youngkin and U.S. Senators Mark Warner and Tim Kaine, who view it as a significant step towards meeting future power needs and positioning Virginia as a nuclear innovation hub.

Dominion Energy Virginia has filed its 2024 Integrated Resource Plan (IRP) with regulatory commissions, outlining strategies to meet rising power demand through significant investments in various energy sources. The plan emphasizes reliable, affordable, and increasingly clean electricity, with nearly 80% of incremental power generation over the next 15 years being carbon-free.

Key highlights include:

• ~3,400 MW of new offshore wind
• ~12,000 MW of new solar (150% increase)
• ~4,500 MW of new battery storage
• Small modular nuclear reactors from mid-2030s
• 20% of incremental power from natural gas as backup

The plan addresses a projected 5.5% annual growth in power demand for the next decade, doubling by 2039. Dominion Energy is also investing in grid expansion and modernization, including transmission projects and distribution grid improvements to enhance reliability and support renewable integration.

Dominion Energy is introducing a simplified electric bill for residential customers in Virginia and North Carolina, starting this week. The new design features smarter organization, usage details, and easy payment options. Key improvements include:

1. A reorganized layout for easier information finding
2. Colorful graphs detailing energy use
3. A QR code for quick bill payment

The redesign aims to enhance customer experience and provide more information for energy management. It will not affect how monthly bills are calculated. All residential electric customers will receive the new bill throughout October and November, depending on their billing cycle. Dominion Energy serves 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina with regulated electricity service.