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 South Carolina (DESC) has submitted a comprehensive settlement agreement for its pending general electric rate case to the Public Service Commission of South Carolina (PSC). If approved, the settlement would result in a net 1% increase in residential electric rates compared to rates at the time of the original request in March. The agreement includes a $7.5 million one-time bill credit and a $3 million increase in energy efficiency funds over five years. DESC has added about 40,000 new customers since 2019 and invested $1.6 billion in its electric system. The settlement supports an authorized return on equity of 9.94%, a regulatory capital structure of 52.51% equity and 47.49% debt, and a revenue increase of $219 million. DESC and intervening parties, including several regulatory and consumer groups, will present the settlement to the PSC at a hearing on July 15. The final decision is expected after a thorough review.
Dominion Energy Virginia announced a Request for Proposals (RFP) to evaluate the feasibility of developing a Small Modular Reactor (SMR) at North Anna Power Station in Louisa County, VA. This RFP is a preliminary step and not a commitment to build an SMR but aims to assess the technology's viability to meet future energy demands as outlined in the company's Integrated Resource Plan.
SMRs are touted for their reliability and environmental benefits, similar to traditional nuclear power but with lower upfront costs and a smaller footprint.
The announcement was made at North Anna, attended by company leaders and Virginia state officials, including Governor Glenn Youngkin.
Dominion Energy also plans to seek cost recovery for SMR development through a filing with the Virginia State Commission, with costs capped at $1.40 per month for a typical residential customer, though the initial request is expected to be lower.
Dominion Energy has announced an agreement to acquire the Kitty Hawk North Wind offshore wind lease from Avangrid for approximately $160 million. This 40,000-acre lease, to be renamed CVOW-South, could support 800 MW of offshore wind generation capacity in the 2030s, serving around 200,000 homes and businesses. The transaction includes a $117 million lease acquisition and $43 million for associated development cost reimbursement, expected to close in Q4 2024. Dominion plans to use this acquisition to meet growing electric demand, consistent with its business objectives and the Virginia Clean Economy Act goals. Detailed cost estimates and in-service dates will be developed in future phases. Dominion's existing 2.6-GW CVOW project remains on-time and on-budget, with completion expected by the end of 2026.
Dominion Energy (NYSE: D) has scheduled its second-quarter 2024 earnings call for August 1, 2024, at 10 a.m. ET. This event will be accessible via a live webcast on the company's investor information pages and through a telephonic conference with specific dial-in numbers for domestic and international callers. A replay of the webcast and call will be available later on the same day. Dominion Energy services over 4.5 million customers across 13 states with electricity and natural gas. The company is dedicated to reliable and clean energy, aiming for Net Zero emissions by 2050.
Management will discuss recent financial results and other matters of interest, providing stakeholders with key insights into the company's performance.
The Dominion Energy Charitable Foundation has donated over $4.2 million to 373 nonprofit organizations across seven states. Almost $3 million was given to more than 200 nonprofits in Virginia alone. The grants support a wide range of causes, including fighting food insecurity, enhancing mental health services, aiding people with disabilities, offering dental care clinics, and promoting affordable homeownership. The funding also helps preserve natural habitats and advance the arts. This initiative aligns with Dominion Energy's commitment to the communities it serves in regions where it operates. Applications for the next round of grants will open on August 1.
Dominion Energy announced the expiration and final results of its tender offer to purchase its outstanding 4.65% Series B Preferred Stock. The offer expired on June 4, 2024, with 439,590 shares validly tendered, representing $439,590,000 in aggregate liquidation preference. The company accepted all tendered shares for an aggregate cost of $438,491,025, excluding accrued dividends and fees. This represents approximately 55% of the total issued shares. Following the tender offer, 360,410 shares, worth $360,410,000, remain outstanding. The company plans to settle on June 6, 2024. Barclays, J.P. Morgan, and Mizuho Securities acted as dealer managers; D.F. King & Co. was the tender and information agent.
Dominion Energy Virginia has completed the burial of 2,000 miles of power lines as part of its Strategic Underground Program, launched in 2014 to reduce storm-related outages and speed up restoration. This initiative targets the most outage-prone areas to enhance grid resilience. The company plans to extend the program to bury several thousand additional miles of overhead lines in the coming years. Another resilience effort, the Mainfeeder Hardening program, aims to replace older poles with more robust ones, and has already hardened over 265 miles of power lines since 2019, aiming for 1,000 miles by 2030. The Atlantic hurricane season, starting June 1, is projected to be active. Dominion Energy reminds customers to prepare by reporting outages, avoiding downed lines, charging devices, properly connecting generators, and stocking emergency supplies.
On June 3, 2024, Dominion Energy (NYSE: D) announced the completion of the sale of Questar Gas Company and Wexpro Company to Enbridge Inc. (TSX: ENB, NYSE: ENB) for approximately $4.3 billion, which includes assumed debt and adjustments for customary closing items. The transaction, initially announced on September 5, 2023, involves Questar Gas, a natural gas utility serving 1.2 million customer accounts across Utah, Wyoming, and Idaho, and Wexpro, which supplies natural gas under a cost-of-service agreement.
Dominion Energy also revealed plans to finalize the sale of its gas distribution company in Gastonia, N.C., to Enbridge later this year. Dominion Energy serves over 4.5 million customers in 13 states and aims for Net Zero emissions by 2050.
Dominion Energy announced the installation of the first monopile foundation for the Coastal Virginia Offshore Wind (CVOW) project. The 2.6-gigawatt wind farm, expected to be completed by late 2026, aims to provide clean energy to 660,000 homes and generate $3 billion in fuel savings over the first decade. The installation was carried out by DEME Group's Orion vessel, which employs advanced Vibro Hammer technology. The project has engaged over 800 Virginia-based workers and will create over 1,000 jobs for ongoing operations. Environmental precautions include seasonal installation pauses and bubble curtains to protect marine life.
Dominion Energy (NYSE: D) has declared a quarterly dividend of 66.75 cents per share of common stock, payable on June 20, 2024, to shareholders of record as of May 31, 2024. This marks the 385th consecutive dividend payment to common stockholders. The company's last quarterly dividend was declared on Jan. 26, 2024.
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