Dominion Energy, Inc. - D STOCK NEWS

Dominion Energy (NYSE: D) has closed the sale of Public Service Company of North Carolina to Enbridge Inc. for approximately $3.2 billion. This marks the final transaction in a series of three gas utility sales to Enbridge, announced in September 2023, with a total enterprise value of about $14 billion. The sale is part of Dominion Energy's comprehensive business review, which has resulted in $18 billion in debt reduction and improved balance sheet.

CEO Robert M. Blue highlighted the successful closure of three separate transactions within 12 months, emphasizing employee protections for nearly 3,500 workers. Dominion Energy is also on track to close a deal selling a 50% noncontrolling interest in the Coastal Virginia Offshore Wind project to Stonepeak, expected to yield an additional $3 billion in debt reduction by year-end.

Dominion Energy Virginia has launched the Residential Charger Program, a turnkey solution for customers seeking Level 2 home charging systems for electric vehicles (EVs). This program aims to reduce upfront costs by allowing customers to pay for equipment and installation over time on their monthly bills. It also simplifies the installation process by offering services from certified electricians.

Key features include:

• Income-qualifying customers can receive a charging system and installation at no cost
• The program is accessible via Dominion Energy's website
• Customers receive ongoing support and a five-year warranty
• Virginia currently has nearly 80,000 EVs on the road, with numbers growing rapidly

Dominion Energy offers various resources to support EV drivers, including incentives for off-peak charging and EV charger rewards.

Dominion Energy (NYSE: D) has announced the redemption of its outstanding 2014 Series A Enhanced Junior Subordinated Notes due 2054 on October 8, 2024. The $685 million in notes will be redeemed at 100% of the principal amount plus accrued interest. This follows the company's $2 billion issuance of enhanced junior subordinated notes in May 2024, which exceeded its 2024 hybrid financing guidance by $500 million. The redemption aligns with Dominion Energy's strategy to optimize its debt portfolio and doesn't change its financing guidance. The interest rate for the redemption will be based on the Three-Month CME Term SOFR plus a 0.26161% spread, replacing the previous LIBOR-based rate.

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

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

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

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

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

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

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

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

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

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

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