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 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.
FirstEnergy Corp., Dominion Energy Virginia, and American Electric Power have entered into a joint planning agreement to propose new regional electric transmission projects across multiple states within the PJM footprint. This collaboration aims to address the growing power demand in the PJM region due to rapid expansion of energy-intensive industries, electrification, and changing power generation mix.
The companies jointly proposed several projects through PJM's Regional Transmission Expansion Plan Open Window process in September. These include new 765-kV, 500-kV, and 345-kV transmission lines in Virginia, Ohio, and West Virginia. The projects are still in early stages of development and, if selected by PJM, would undergo an extensive process of route selection, environmental studies, community engagement, and permitting before construction.
Dominion Energy Virginia, American Electric Power, and FirstEnergy Corp. have entered a joint planning agreement to propose new regional electric transmission projects across the PJM footprint. This collaboration aims to address the growing power demand in the region due to expanding energy-intensive industries, electrification, and manufacturing onshoring. The companies jointly proposed projects through PJM's Regional Transmission Expansion Plan Open Window process in September, including new 765-kV, 500-kV, and 345-kV transmission lines in Virginia, Ohio, and West Virginia.
The partnership leverages the expertise of these industry leaders to develop comprehensive, cost-effective solutions that promote regional grid reliability. If selected by PJM, the projects would undergo an extensive process of route selection, environmental studies, community engagement, and permitting before construction.
Dominion Energy (NYSE: D) has announced its third-quarter 2024 earnings call, scheduled for Friday, Nov. 1, 2024, at 10 a.m. ET. The company will host a live webcast of the conference call, including accompanying slides and financial information, on its investor information pages. For those preferring to join via telephone, domestic callers should dial 1-800-267-6316 and international callers 1-785-424-1789, using the conference ID DOMINION.
A replay of the webcast will be available on the investor information pages by the end of Nov. 1. A telephonic replay will be accessible from about 1 p.m. ET on Nov. 1, with domestic callers dialing 1-800-839-6737 and international callers 1-402-220-6052, using the passcode 17292.
Dominion Energy provides regulated electricity service to 3.6 million customers in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 400,000 customers in South Carolina. The company is a leading developer of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England.
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.
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