Welcome to our dedicated page for Dominion Energy news (Ticker: D), a resource for investors and traders seeking the latest updates and insights on Dominion Energy stock.
Dominion Energy, Inc. (NYSE: D), headquartered in Richmond, VA, is a leading provider of electricity and natural gas, servicing approximately 7 million customers across 13 states. The company's mission is to deliver sustainable, reliable, affordable, and safe energy.
Dominion Energy is committed to achieving net zero emissions of carbon dioxide and methane from its power generation and gas infrastructure operations by 2050. One of the company's most significant recent achievements includes the launch of Charybdis, the United States' first Jones Act-compliant offshore wind turbine installation vessel. This vessel marks a crucial step in the company's Coastal Virginia Offshore Wind (CVOW) project, the largest offshore wind farm under construction in the U.S., aimed to generate enough renewable energy to power 660,000 homes by 2026.
Financially, Dominion Energy recently reported a net income of $674 million for the first quarter of 2024. The company continues to provide robust financial guidance, affirming its full-year 2024 operating earnings range of $2.62 to $2.87 per share. Dominion Energy also conducted a tender offer for its 4.65% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, reflecting its strategic financial maneuvers to optimize its capital structure.
The company is actively involved in various partnerships and community engagements. It has more than 800 Virginia-based workers engaged in the CVOW project, creating significant local job opportunities and driving economic development.
For the latest updates and detailed information about Dominion Energy, please visit DominionEnergy.com.
Dominion Energy (NYSE: D) announced the closure of its sale of Hope Gas, Inc., its West Virginia natural gas utility, to a subsidiary of Hearthstone Holdings, Inc. for $690 million. The sale, which has been adjusted for customary closing items, was initially announced on Feb. 11, 2022. Hope Gas serves 111,000 customers and operates over 5,200 miles of pipelines in West Virginia. The transaction received all necessary regulatory approvals and allows Dominion to focus on its remaining assets, including the Mt. Storm Power Station.
Hearthstone Holdings, Inc. has successfully acquired 100% of Hope Gas, Inc., a regulated gas distribution company in West Virginia, from Dominion Energy. As part of this strategic move, Hearthstone plans to relocate its headquarters to Morgantown and hire approximately 100 additional employees. The acquisition aims to enhance local energy services and collaborate with local natural gas producers. Hope Gas serves over 111,000 customers across 35 counties in West Virginia, boasting a significant pipeline infrastructure of 3,200 miles of main and 2,000 miles of gathering pipes.
Dominion Energy has announced a total of $1 million in environmental grants available to nonprofit and educational organizations. The deadline for applications is September 30 at 5 p.m. EST. Since 2003, Dominion has contributed nearly $39 million to environmental initiatives. Grants of up to $50,000 are available for specific projects that yield measurable environmental improvements, while K-12 schools can apply for $5,000 classroom grants. The foundation aims to educate communities and enhance environmental stewardship across its service areas.
On August 11, Dominion Energy highlights National 811 Day, urging homeowners to contact 811 before any digging projects. This free, legally required service helps prevent accidents by marking underground utility lines. A recent study indicates that nearly half of U.S. homeowners planning to dig may do so without contacting 811, risking outages and safety issues. State law mandates contacting 811 three business days prior to a project. Dominion Energy emphasizes the importance of this service to protect public safety and utility reliability.
Dominion Energy (NYSE: D) reported a second-quarter 2022 net loss of $0.58 per share, totaling $453 million, contrasting with a net income of $285 million or $0.33 per share in Q2 2021. However, the company's operating earnings rose to $0.77 per share ($658 million), up from $0.76 per share ($628 million) year-on-year. For Q3 2022, Dominion anticipates operating earnings between $0.98 and $1.13 per share, affirming its full-year guidance of $3.95 to $4.25 per share. The firm emphasizes operating earnings as a key performance measure, accounting for certain adjustments.
Dominion Energy has received approval from the Virginia State Corporation Commission for the 2.6-gigawatt Coastal Virginia Offshore Wind (CVOW) project, positioned 27 miles off Virginia Beach. This project is expected to generate enough renewable energy to power up to 660,000 homes and save Virginia customers more than $3 billion during its first decade, potentially reaching $6 billion if current commodity price trends continue. With an investment of approximately $9.8 billion, CVOW aims to support energy diversity and create hundreds of jobs in the region.
The board of directors of Dominion Energy has declared a quarterly dividend of 66.75 cents per share. This dividend is payable on September 20, 2022, to shareholders of record as of September 2, 2022. This marks the 378th consecutive dividend paid by Dominion Energy or its predecessor company. The prior dividend was declared on May 11, 2022.
Dominion Energy Virginia has launched its largest battery energy storage pilot project, consisting of three systems totaling 12 megawatts at the Scott Solar facility in Powhatan County. These systems are integral to enhancing grid reliability and advancing renewable energy initiatives, with a goal of achieving net zero emissions by 2050. The company is also developing two additional battery projects in New Kent and Hanover Counties. Approved by the Virginia SCC, these projects will provide key insights into energy storage capabilities.
Dominion Energy (NYSE: D) has announced it will redeem all outstanding shares of its Series A Cumulative Perpetual Convertible Preferred Stock on Sept. 1, 2022, at a price of $1,000 per share. A quarterly dividend of $4.375 per share will also be paid on the same date to holders of record as of Aug. 15, 2022. Interested shareholders may convert their shares into common stock until Aug. 31, 2022, with cash settlements based on market conditions. Following the redemption, no shares of the Series A Preferred Stock will remain outstanding.
The board of directors of Dominion Energy (NYSE: D) has appointed Kristin G. Lovejoy as a director, effective August 1, 2022. Lovejoy is a prominent technology and cybersecurity expert, currently the Global Security and Resilience Practice Leader at Kyndryl. With over 25 years of professional experience, she has held significant roles including Global Cybersecurity Leader at EY and founder of BluVector. Dominion Energy's Chair, Robert M. Blue, praised her expertise in security and risk management, marking her election as a key enhancement to the company's leadership and governance.
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