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D · DOMINION ENERGY, INC

31 filings

10-K

D 10-K Annual Reports

DOMINION ENERGY, INC - 31 annual reports

Filing record · 2016–202610-K1110-Q328-K223

2025
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2025
Dominion Energy, Inc. (D) reported strong financial performance for the fiscal year ending December 31, 2025, with net income attributable to Dominion Energy increasing by 47% to $2,998 million, or $3.45 per diluted share. This growth was driven by several factors including higher market-related impacts on pension and other postretirement plans, increased rider equity returns reflecting significant capital investments at Virginia Power, and favorable rate case settlements in South Carolina. The company continued its strategic focus on expanding and improving its regulated electric utilities and long-term contracted businesses while transitioning to cleaner energy. Key investments are being made in zero-carbon and renewable generation, grid transformation, and transmission and distribution resiliency, supported by an approximately $65 billion capital expenditure plan for 2026 through 2030. The significant progress on the CVOW Commercial Project, despite some cost impacts from tariffs and network upgrades, remains a cornerstone of their clean energy strategy. Divestitures of gas distribution operations were completed in 2024, aligning the company with its core regulated electric utility and long-term contracted businesses.
Feb 23, 2026
2024
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2024
Dominion Energy, Inc. (D) reported its 2024 fiscal year results, highlighting strategic progress and ongoing investments in clean energy infrastructure. The company has continued its divestiture of non-core gas distribution assets, with the sale to Enbridge progressing as planned throughout 2024. This strategic shift focuses Dominion Energy on its core regulated electric utility operations in Virginia, North Carolina, and South Carolina, which are expected to contribute approximately 90% of earnings. Significant capital expenditure is planned through 2029, totaling around $50 billion, to support grid modernization, renewable generation development (including the significant Coastal Virginia Offshore Wind - CVOW Commercial Project), and transmission/distribution resiliency. The company also received license extensions for its nuclear power stations in Virginia and plans to seek extensions for Millstone. Financially, Dominion Energy's net income attributable to the company saw an increase, primarily driven by the absence of certain charges and impairments from prior periods, alongside an increase in net investment earnings on nuclear decommissioning trust funds. Revenue remained stable, with increases from higher rider equity returns and favorable weather patterns partially offset by lower market-related impacts on Millstone and changes related to commodity costs. The company also repurchased a portion of its common stock in 2024, demonstrating a commitment to shareholder returns while managing its capital structure. Looking ahead, Dominion Energy anticipates growth in its earnings per share for 2025, supported by the absence of certain charges and continued investment in growth projects.
Feb 27, 2025
2023
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2023
Dominion Energy, Inc. (D) reported solid financial performance for the year ended December 31, 2023, with net income attributable to Dominion Energy increasing by 51% to $1.99 billion, or $2.29 per diluted share. This improvement was largely driven by the absence of significant charges incurred in the prior year, including an impairment of nonregulated solar generation facilities and a loss from the sale of Kewaunee. The company also benefited from increased net investment earnings on nuclear decommissioning trust funds and a gain from the sale of its remaining noncontrolling interest in Cove Point. Strategically, Dominion Energy is continuing its comprehensive business review, with the sale of its regulated gas distribution operations to Enbridge and the sale of its noncontrolling interest in Cove Point being significant steps. The company's capital expenditure plan for 2024 focuses on upgrading its electric system in Virginia, with substantial investments planned for renewable generation, including the Coastal Virginia Offshore Wind (CVOW) Commercial Project, and grid modernization. Approximately 90% of the company's earnings are expected to come from state-regulated, primarily electric utility businesses, indicating a strong focus on its core regulated operations while transitioning to a cleaner energy future.
Feb 23, 2024
2022
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2022
Dominion Energy, Inc.'s (D) 2022 10-K filing reveals a company focused on its regulated utility businesses, aiming for sustainable and reliable energy delivery while pursuing net-zero emissions by 2050. The company's strategy prioritizes investments in upgrading its electric and natural gas infrastructure, with approximately 90% of its expected earnings derived from state-regulated utilities. Significant capital expenditure plans are in place for 2022-2026, focusing on renewable generation, particularly solar and offshore wind projects in Virginia, alongside gas distribution infrastructure upgrades. Financially, the company experienced a significant decrease in net income attributable to Dominion Energy in 2022, largely due to a substantial impairment charge related to nonregulated solar generation facilities and other charges. Despite these headwinds, the company maintains a substantial credit facility and has outlined plans for future capital expenditures aimed at modernization and decarbonization efforts, signaling a continued commitment to long-term growth and sustainability within its core regulated operations.
Feb 21, 2023
2021
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2021
Dominion Energy, Inc. (D) reported solid financial performance for the fiscal year ending December 30, 2021, with a net income attributable to Dominion Energy of $3.29 billion, a significant increase from a net loss of $401 million in the prior year. This turnaround was largely driven by the absence of substantial charges related to discontinued operations, early retirements of generation facilities, and asset impairments, coupled with increased net investment gains on nuclear decommissioning trust funds. The company continues its strategic focus on expanding and improving its regulated electric and natural gas utility businesses while transitioning towards a cleaner energy future. Significant capital expenditure plans are in place for infrastructure upgrades, renewable generation facilities (solar and offshore wind), and modernization of gas distribution networks. Approximately 90% of expected earnings are projected to come from state-regulated electric and natural gas utility businesses, underscoring a commitment to stable, regulated earnings. Investors should note the company's ongoing investments in renewable energy and its commitment to achieving net-zero carbon and methane emissions by 2050.
Feb 24, 2022
2020
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2020
Dominion Energy's 2020 Form 10-K details a year of significant strategic shifts and operational adjustments. The company continued its transition towards a cleaner energy future, emphasizing regulated utility businesses and investments in renewable generation like solar and offshore wind. Key events included the partial sale of its gas transmission and storage operations and progress on its renewable energy goals. The financial performance in 2020 was impacted by significant charges, including those related to planned early retirements of generation facilities and impairments of non-regulated solar assets. Despite these charges, the company's core regulated businesses demonstrated resilience. Dominion Energy is strategically positioning itself for long-term growth by focusing on infrastructure upgrades and renewable energy development, while managing regulatory approvals and capital expenditures to support its transition.
Feb 25, 2021
2019
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2019
Dominion Energy, Inc. reported a net income of $1.36 billion for the year ended December 31, 2019, a decrease from $2.45 billion in 2018. This decline was primarily attributed to significant charges related to the SCANA acquisition, including customer refunds for the NND Project, litigation costs, and voluntary retirement programs. Excluding these one-time items, the company's adjusted earnings would show a more stable performance, reflecting the integration of SCANA's operations and ongoing capital investments. The company continues to execute its growth capital plan, focusing on modernizing its electric and gas infrastructure and transitioning towards cleaner energy sources. Key investments are directed towards renewable generation facilities, including solar and offshore wind projects, as well as pipeline infrastructure to support natural gas demand. Approximately 95% of the company's earnings are expected to derive from regulated and long-term contracted businesses, providing a degree of earnings stability and predictability for investors.
Feb 28, 2020
2018
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2018
Dominion Energy, Inc. (D) reported its 2018 fiscal year results, marked by a significant strategic move with the completion of the SCANA merger in January 2019, valued at $13.4 billion. This combination significantly expands Dominion's operational footprint, serving approximately 7.5 million customers across its expanded service territories. The company continues its strategic focus on regulated and long-term contracted businesses, anticipating approximately 95% of its earnings to stem from these more stable segments. Key capital investment plans for 2019-2023 highlight a commitment to modernizing its electric grid through renewable energy investments, strategic undergrounding, and smart grid technologies, alongside necessary infrastructure upgrades for its natural gas operations. Financially, the company generated significant operating revenue and net income in 2018, though net income saw a decrease compared to 2017 primarily due to the absence of tax benefits from deferred income taxes related to the 2017 Tax Reform Act and impairment charges. The company also reported substantial progress on its debt management and refinancing activities throughout the year. The integration of SCANA presents both opportunities for growth and potential integration challenges, which management is actively addressing.
Feb 28, 2019
2017
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2017
Dominion Energy, Inc. (D) filed its 2017 10-K report on February 26, 2018, detailing its financial performance and operational highlights. The company, a significant energy producer and transporter, primarily operates within regulated electric generation, transmission, distribution, and natural gas infrastructure segments, with approximately 90% of its earnings expected to come from these regulated and long-term contracted businesses. Dominion Energy's strategy centers on expanding investments in these core areas, driven by demand growth, environmental requirements, and infrastructure upgrades. The company's business is broadly categorized into three main operating segments: Power Delivery, Power Generation, and Gas Infrastructure. In 2017, Dominion Energy reported strong growth in net income attributable to the company, largely due to benefits from the 2017 Tax Reform Act and the inclusion of Dominion Energy Questar operations for the full year. The company highlighted its commitment to cleaner generation, including expanding its renewable energy portfolio and pursuing extensions for its nuclear units, while also undertaking significant capital expenditures to modernize its infrastructure.
Feb 27, 2018
2016
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2016
Dominion Energy, Inc. (D) filed its 2016 Form 10-K on February 27, 2017, detailing a year marked by significant strategic moves and operational performance. The company successfully completed the acquisition of Dominion Questar for $4.4 billion, expanding its integrated natural gas operations in the Rockies region. This strategic move, along with continued investments in regulated electric generation, transmission, and distribution, and natural gas infrastructure, aligns with Dominion's strategy to derive a substantial portion of its earnings from regulated and long-term contracted businesses. The company reported a net income attributable to Dominion of $2.123 billion for 2016, an increase from $1.899 billion in 2015, driven by higher renewable energy investment tax credits and benefits from the new PJM capacity performance market. However, results were tempered by decreased gains from shale development rights conveyances and charges related to future ash pond and landfill closure costs. Dominion's outlook for 2017 anticipates net income per share to remain substantially consistent with 2016, with growth expected in 2018 as the Cove Point Liquefaction Project becomes fully operational.
Feb 28, 2017
2015
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2015
Dominion Energy, Inc. (D) filed its 10-K for the fiscal year ending December 31, 2015, highlighting a strategic shift towards regulated and long-term contracted businesses, with 80-90% of earnings expected from these segments. The company is actively investing in expanding its regulated electric generation, transmission, and distribution, as well as regulated natural gas infrastructure. Significant capital investments are planned through 2020 to meet demand growth, upgrade networks, and comply with environmental regulations. Financially, Dominion reported an increase in net income attributable to Dominion of 45% to $1.9 billion in 2015, primarily due to the absence of charges incurred in the prior year related to legislation, restructuring, and liability management exercises. The company continues to manage its capital structure, with a focus on maintaining access to capital markets and a stable credit profile. Dominion also announced a proposed acquisition of Questar in February 2016, which is expected to close by the end of 2016, pending regulatory and shareholder approvals.
Feb 26, 2016
2014
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2014
Dominion Energy, Inc. (D) filed its 2014 Form 10-K on February 26, 2015. The report details the company's financial performance and strategic direction for the year ended December 31, 2014. Dominion continues its strategy to focus on regulated electric and natural gas infrastructure, expecting 80-90% of future earnings to come from these stable, contracted businesses. Significant capital investments are planned for grid modernization, natural gas infrastructure expansion (including the Atlantic Coast Pipeline), and meeting environmental requirements. The company also completed the sale of its electric retail energy marketing business in March 2014. Financially, Dominion reported a decrease in net income attributable to the company in 2014 compared to 2013, primarily due to charges related to Virginia legislation for new nuclear and offshore wind projects, restructuring costs, and a liability management exercise. Despite these charges, the company maintained its focus on growth projects and operational efficiency. The company's financial health appears stable, with sufficient liquidity and unused capacity under its credit facilities. Dominion reiterated its commitment to growing its dividend.
Feb 27, 2015
2013
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2013
Dominion Energy, Inc. (Dominion) reported a significant increase in net income attributable to Dominion for the fiscal year ended December 31, 2013, driven primarily by the absence of substantial impairment charges and losses from discontinued operations that impacted the prior year. The company continues to strategically shift its earnings mix towards regulated and long-term contracted businesses, with a target of 80-90% of future earnings from these segments. Dominion Generation's performance was stable, while Dominion Energy saw growth, particularly in regulated natural gas transmission and distribution. The DVP segment also showed growth, supported by increased electric sales and rate adjustments. Financially, Dominion demonstrated a strong liquidity position, with ample unused capacity under its credit facilities. The company also affirmed its commitment to returning capital to shareholders by maintaining its dividend policy and increasing the annual dividend rate for 2014. Capital expenditures remain focused on regulated infrastructure growth in both electric and gas segments, including significant investments in new generation capacity and pipeline upgrades. The company is also advancing its Cove Point LNG export project, subject to regulatory approvals. Risks highlighted in the filing include the impact of weather on energy sales and prices, complex government regulations, potential changes in wholesale market designs by FERC, and the execution risks associated with large construction projects. Environmental compliance costs and potential regulations related to climate change also pose ongoing considerations. The company also noted its dependence on third-party natural gas producers for its gathering and processing operations.
Feb 28, 2014
2012
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2012
Dominion Energy, Inc.'s 2012 10-K filing reveals a challenging year marked by a significant net income attributable to Dominion of $302 million, a substantial decrease from $1.408 billion in 2011. This decline was primarily driven by a $1.6 billion impairment charge related to the planned sale or decommissioning of merchant generation facilities like Brayton Point and Kincaid, and a $415 million impairment related to the decision to cease operations at the Kewaunee nuclear plant. The company is actively transitioning its business mix towards a greater emphasis on regulated operations, targeting 80-90% of its earnings from these segments. This strategy is supported by significant capital investments in regulated electric and natural gas infrastructure. While non-regulated segments, particularly merchant generation, faced headwinds including lower realized prices and a sustained decline in commodity prices, Dominion is taking steps to divest or retire underperforming assets. The regulated DVP and Dominion Energy segments showed more stability, with DVP benefiting from rate adjustments and Dominion Energy seeing growth from new transmission and distribution projects. Looking ahead to 2013, Dominion anticipates an increase in net income per share, driven by the absence of major impairment charges, a return to normal weather patterns, and continued growth from its regulated infrastructure projects. The company remains focused on delivering earnings per share growth, a growing dividend, and maintaining a stable credit profile.
Feb 28, 2013
2011
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2011
Dominion Energy, Inc. (D) filed its 2011 10-K report on February 27, 2012, detailing its financial performance and operational highlights for the year ending December 31, 2011. The company reported a net income attributable to Dominion of $1.408 billion, a decrease from $2.808 billion in 2010, largely due to the absence of a significant gain from the sale of its Appalachian E&P operations in the prior year and lower margins from merchant generation. Despite the decrease in net income, the company highlighted progress in its regulated utility businesses, with investments in transmission and distribution infrastructure to meet growing electricity demand and upgrade its network. Dominion's strategy remains focused on expanding its regulated operations to reduce earnings sensitivity to commodity prices. For Virginia Power, net income was $822 million, a slight decrease from $852 million in 2010, impacted by less favorable weather and an impairment charge related to coal-fired power stations, partially offset by higher earnings from rate adjustment clauses. The company continues to invest in its 'Powering Virginia' program, which includes developing new generation capacity and converting coal-fired stations to biomass. Both entities are navigating a complex regulatory environment, with Virginia Power actively involved in biennial rate reviews and transmission cost recovery filings.
Feb 28, 2012
2010
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2010
Dominion Energy, Inc.'s (D) 2010 10-K filing reveals a company focused on strengthening its regulated utility operations. The company reported significant income growth, driven by the sale of its Appalachian E&P operations and a substantial gain realized from this divestiture. This strategic move is part of Dominion's broader strategy to increase its earnings contribution from regulated operations, thereby reducing sensitivity to commodity price fluctuations. Dominion continues to prioritize investments in its regulated electric and natural gas infrastructure, with plans to invest over $10 billion in the next five years. These investments are aimed at meeting anticipated increases in electricity demand, supporting new natural gas production, and upgrading existing networks. The company is also considering up to an additional $2 billion investment in its electric generating fleet to address potential new environmental requirements, highlighting a commitment to adapting to evolving regulatory landscapes and maintaining operational resilience. The filing also details Dominion's robust liquidity position and access to capital markets, essential for funding its extensive capital expenditure program.
Feb 28, 2011
2009
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2009
Dominion Energy, Inc. (D) reported a net income of $1.287 billion for the fiscal year ended December 31, 2009, a decrease from $1.834 billion in 2008. This decline was primarily attributed to a $455 million impairment charge related to its E&P properties due to lower gas and oil prices and a significant charge of $435 million related to a proposed settlement of Virginia Power's 2009 rate case proceedings. Despite these headwinds, the company saw some positive performance drivers, including improved margins in its merchant generation operations and a higher contribution from its gas transmission operations following the completion of the Cove Point expansion project. Dominion's strategy to focus on regulated businesses while maintaining upside in non-regulated segments aims to deliver earnings per share growth, a growing dividend, and stable credit ratings. The company anticipates stable growth in net income on a per share basis for 2010, benefiting from the absence of the prior year's charges and favorable operational factors. Significant capital expenditures are planned for 2010-2012, primarily focused on electric generation, natural gas transmission, and infrastructure improvements.
Feb 26, 2010
2008
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2008
Dominion Energy, Inc.'s 2008 Form 10-K reveals a year of significant strategic shifts and operational performance. The company successfully navigated a challenging economic environment, reporting net income of $1.83 billion, a decrease from the previous year primarily due to the absence of a substantial gain from the sale of its non-Appalachian E&P operations in 2007. Despite this, Dominion Energy demonstrated resilience, with its regulated utility segments providing stable earnings and its merchant generation operations showing improved performance. The company also made progress on its long-term strategic goals, including investments in generation capacity and renewable energy projects. Key financial highlights for 2008 include operating revenue of $16.29 billion and diluted EPS of $3.16. Management focused on capital discipline, reducing planned capital expenditures and enhancing its liquidity position. The company continued to return value to shareholders through dividends, which were increased in late 2008, signaling confidence in its future financial strength. Looking ahead, Dominion Energy anticipates moderate growth driven by its regulated businesses and strategic initiatives, while remaining mindful of economic uncertainties and regulatory developments.
Feb 26, 2009
2007
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2007
Dominion Energy, Inc. (D) is a major energy provider with a diversified portfolio of generation, transmission, and distribution assets primarily serving the eastern United States. In 2007, the company significantly reshaped its business by completing the sale of its non-Appalachian natural gas and oil exploration and production (E&P) operations for approximately $13.9 billion. This strategic divestiture allowed Dominion to focus on its core regulated utility and generation businesses. The company also completed several strategic acquisitions in prior years, including nuclear and fossil fuel power stations, and made significant investments in renewable energy projects. Financially, 2007 was a transformative year, marked by a substantial increase in net income driven by the E&P divestiture, alongside higher realized prices for energy production and improved margins in its merchant generation segment. The company also navigated regulatory changes in Virginia regarding electricity rate recovery and managed its operations through an evolving energy market. Dominion continues to invest in infrastructure upgrades and generation capacity to meet growing demand and regulatory requirements.
Feb 28, 2008
2006
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2006
Dominion Energy, Inc. (D) reported a strong financial performance for the fiscal year ended December 31, 2006, marked by a significant increase in net income to $1.38 billion, up from $1.03 billion in the prior year. This growth was driven by higher natural gas and oil production, improved realized prices in its merchant generation business, and contributions from its nonregulated retail energy marketing operations. The company is strategically repositioning itself by announcing its intent to sell most of its oil and natural gas E&P operations, excluding those in the Appalachian Basin, to focus on its core electric utility and energy distribution, transmission, and storage businesses. This move is expected to reduce exposure to commodity price volatility and align the company more closely with its peer group of utilities. Significant developments in 2006 included acquisitions such as Pablo Energy, LLC and the Kewaunee nuclear power station, alongside the sale of gas and oil properties. The company also entered into agreements to sell two regulated gas distribution subsidiaries and three natural gas-fired merchant generation peaking facilities. These strategic transactions are aimed at refining the company's asset portfolio and strengthening its financial profile. The company also announced an increase in its quarterly dividend rate in early 2007, signaling confidence in its future cash flows.
Feb 28, 2007
2005-A
DOMINION ENERGY, INC Annual Report (Amendment), Year Ended Dec 31, 2005
Dominion Resources, Inc. (now Dominion Energy) filed an amendment to its 2005 10-K report primarily to correct minor typographical errors. The financial statements for the year ended December 31, 2005, show strong operating revenue growth to $18.04 billion, an increase from $13.99 billion in 2004. Net income for 2005 was $1.03 billion, a decrease from $1.25 billion in 2004, impacted by significant charges related to hurricane disruptions on derivative hedges and a loss from discontinued operations. The company's balance sheet shows total assets of $52.66 billion, with substantial investments in Property, Plant, and Equipment ($28.94 billion) and significant long-term debt of $14.65 billion. The company also reported strong operating cash flow of $2.62 billion in 2005. Key areas of focus for investors include the company's significant investments in infrastructure, its diverse energy portfolio (including regulated utilities and non-regulated generation), and its proactive risk management through derivative instruments. While revenues are growing, the company experienced increased expenses and net income decline in 2005, partly due to natural disasters impacting its hedging strategies and a large loss from discontinued telecommunications operations in prior years affecting comparability. Investors should note the company's substantial long-term debt obligations and its ongoing efforts to manage these and its operational risks.
Mar 7, 2006
2005
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2005
Dominion Energy, Inc. (D) reported a net income of $1.033 billion, or $3.00 per diluted share, for the fiscal year ended December 31, 2005. This represents a decrease from the $1.249 billion net income reported in 2004. The company's results were significantly impacted by Hurricanes Katrina and Rita, which caused a $272 million after-tax loss related to hedge accounting. Higher fuel and purchased power expenses for its electric utility operations also negatively affected earnings. However, these were partially offset by higher realized gas and oil prices for its exploration and production segment, gains on emission allowance sales, and improved contributions from its merchant generation fleet due to acquisitions. The company's operational segments include Dominion Delivery, Dominion Energy, Dominion Generation, and Dominion Exploration & Production. Dominion Delivery, which handles regulated electric and gas distribution, saw a slight decrease in net income contribution. Dominion Energy's contribution significantly increased due to the exit from certain energy trading activities and higher contributions from market-based gas trading. Dominion Generation's net income contribution decreased, primarily due to fuel expenses exceeding rate recovery, while Dominion E&P experienced a decrease in net income contribution due to operational and maintenance expenses and lower production volumes following hurricane disruptions. The company anticipates moderate growth in net income per share for 2006, driven by continued customer growth and expected insurance proceeds.
Mar 2, 2006
2004
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2004
Dominion Resources, Inc. (D) demonstrated a significant increase in financial performance in 2004 compared to 2003, with diluted earnings per share rising from $1.00 to $3.78. This improvement was driven by strong contributions from its primary operating segments, particularly Dominion Generation and Dominion Exploration & Production, alongside positive developments in regulated utility operations. The company's strategic focus on the 'MAIN to Maine' region and its integrated energy supply chain capabilities appear to be yielding positive results. Despite facing challenges such as the elimination of fuel deferral accounting in Virginia and the impact of Hurricane Ivan, Dominion managed to increase its operating revenue to $13.97 billion. The company also made strategic acquisitions, including three USGen power stations and the Kewaunee nuclear power plant, positioning it for future growth. Dominion's financial health is supported by robust operating cash flows and significant unused capacity under its credit facilities, allowing for continued investment in capital expenditures and dividend payments to shareholders.
Feb 28, 2005
2003
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2003
Dominion Energy, Inc. (Dominion) reported a net income of $318 million, or $1.00 per diluted share, for the fiscal year ended December 31, 2003. This represents a significant decrease from the previous year's net income of $1,362 million ($4.82 per diluted share). The substantial decline in earnings was primarily driven by significant one-time charges reported in the 'Corporate and Other' segment, totaling $1.4 billion after-tax. These charges included losses from the discontinuation of the telecommunications business, incremental expenses related to Hurricane Isabel, asset impairments for financial services operations, and costs associated with restructuring power purchase agreements. Despite these extraordinary items, the core operating segments showed a combined increase in net income contribution of $95 million, driven by higher natural gas prices benefiting the Exploration & Production segment and improved trading margins in the Energy segment. Looking ahead, Dominion anticipates growth in net income per share for 2004 and 2005, supported by expected utility customer growth, reduced capacity expenses, improved generation operations, and the full-year impact of recent acquisitions and expansions, partially offset by increased operating expenses.
Mar 1, 2004
2002
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2002
Dominion Energy, Inc. (D) reported solid financial performance for the fiscal year ended December 31, 2002, demonstrating resilience across its diverse operating segments. The company's integrated approach to gas and electric services, spanning generation, delivery, and exploration & production, positions it for continued growth. Strategic acquisitions, such as State Line and Cove Point, were completed, enhancing the company's asset base and operational capabilities. Investor focus should remain on Dominion's adaptation to industry deregulation, particularly in Virginia's electric market, and its management of regulatory frameworks governing its gas operations. The company's ability to navigate competitive landscapes, manage operational risks (including those related to its nuclear facilities), and maintain financial flexibility through its diverse funding sources will be key drivers of future performance. Shareholders should monitor ongoing developments in environmental compliance and potential impacts of evolving energy policies.
Mar 20, 2003
2001
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2001
Dominion Resources, Inc. (Richmond, VA) reported 2001 net income of $544 million, or $2.15 per diluted share, up from $436 million ($1.85) in 2000, on operating revenue of $10.6 billion (up 14% from $9.2 billion). Growth was driven mainly by a full year of Consolidated Natural Gas (CNG) operations, the March 2001 Millstone nuclear acquisition ($1.3 billion), and the November 2001 Louis Dreyfus Natural Gas acquisition ($1.8 billion, adding roughly 60% to proved gas and oil reserves). Results were held back by milder weather, a $281 million pre-tax impairment of DCI (Dominion Capital) investments, a $151 million pre-tax charge tied to Enron's bankruptcy, $105 million of restructuring costs, and a $220 million charge on the purchase of three non-utility generators. Dominion Energy, Delivery and Exploration & Production contributed $723 million, $366 million and $320 million of net income, respectively, while Corporate and Other absorbed $851 million of net expense. Balance sheet and cash flow strengthened on an operating basis: operating cash flow rose to $2.4 billion from $1.3 billion, and total assets grew to $34.4 billion from $29.3 billion, driven largely by acquisitions. Debt rose sharply, with long-term debt reaching $12.1 billion and short-term debt falling to $1.9 billion, and common equity increased to $8.4 billion. Credit ratings remain investment grade (S&P BBB+ and Moody's Baa1 at the holding company; Virginia Power at A/A2). Management plans capital expenditures of roughly $2.5 billion in 2002, $3.2 billion in 2003 and $3.3 billion in 2004. Key regulatory and risk items for investors include the end of cost-based rate regulation for Virginia generation effective January 1, 2002, with capped base rates through July 2007; uncertainty over the Virginia Commission's order on generation separation, which Dominion has appealed; FERC's rejection of the Alliance RTO; the pending repeal debate over the 1935 Act; and exposure to Enron-related counterparty losses, litigation, and environmental compliance costs, including a planned $1.2 billion program for coal plants.
Mar 11, 2002
1997-A
DOMINION ENERGY, INC Annual Report (Amendment), Year Ended Dec 31, 1997
This filing is Amendment No. 1 to Dominion Resources, Inc.'s 1997 Form 10-K, filed June 10, 1998. It does not contain the company's consolidated financial statements. Its only purpose is to add the 1997 Form 11-K annual reports for three employee savings plans: the Dominion Resources Employee Savings Plan, the Dominion Subsidiary Savings Plan, and the Virginia Power Hourly Employee Savings Plan. Investors looking for company earnings, revenue, or balance sheet data should consult the original 1997 10-K instead. The filing is also titled under the name Dominion Resources, Inc., not Dominion Energy, which was adopted later. The largest plan, the Dominion Resources Employee Savings Plan, reported net assets available for benefits of $468.2 million at December 31, 1997, up from $396.1 million a year earlier. The increase of $72.0 million came from $72.1 million of investment income and $103.2 million of contributions, offset by $31.1 million of benefit payments and expenses. About 49% of plan assets, or $227.4 million, was held in Dominion Resources common stock, so employee retirement savings remained heavily tied to the parent company's share price. The plan had 5,443 participants at year-end 1997, down from 5,801 in 1996. The filing also discloses two plan changes relevant to investors. Effective May 1, 1998, the Employee Savings Plan adopted a KSOP feature, which combines a 401(k) with an employee stock ownership plan and lets participants elect cash dividends on vested DRI shares. The Virginia Power Hourly plan adopted the same KSOP feature and raised its maximum contribution rates. The Dominion Subsidiary Savings Plan also restated its 1996 financials to record a plan asset transfer in the proper period. These are plan-level items and have limited direct effect on the parent company's financial position.
Jun 10, 1998
1997
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 1997
Dominion Resources' 1997 10-K shows a company in transition: its core Virginia Power utility remains the earnings engine, while 1997 was dominated by the $2.2 billion acquisition of UK distributor East Midlands Electricity. Consolidated revenues rose to $7,677.6 million from $4,854.0 million, but reported net income fell 15.4% to $399.2 million ($2.15 per share) from $472.1 million, largely because of a one-time $156.6 million (about $0.85 per share) UK windfall profits tax. Excluding that charge, earnings from operations rose 17.7% to $555.8 million ($3.00 per share). Virginia Power contributed $433.4 million of net income, and nonutility businesses (Dominion Energy, Dominion Capital, Dominion UK) supplied roughly 20% of earnings from operations outside the regulated utility. The balance sheet expanded sharply, with total assets rising to $20.2 billion from $14.9 billion and long-term debt increasing to $7.2 billion from $5.0 billion, mainly from East Midlands financing. Management is working to replace the interim acquisition debt with equity, and the January 1998 common stock offering of roughly $275 million was the first step. Investors should weigh the growth in nonutility earnings and international exposure against a higher leverage profile, currency and regulatory risk in the UK, and an unresolved Virginia rate proceeding that could cut rates by more than $200 million, according to opposing parties. Looking ahead, the key uncertainties are Virginia's electric restructuring legislation, the pending rate case with hearings scheduled for spring 1998, FERC's review of Virginia Power's market-based rate authority, and the potential for stranded costs as competition arrives. Dominion's management is pursuing growth in natural gas production, independent power, and financial services, while cutting costs through the Vision 2000 program, which management expects to save $80 million to $90 million annually.
Mar 20, 1998
1995-A
DOMINION ENERGY, INC Annual Report (Amendment), Year Ended Dec 31, 1995
This filing is Amendment No. 1 to Dominion Resources, Inc.'s 1995 Form 10-K. It adds exhibits (Form 11-K annual reports) for three employee savings plans rather than reporting the company's own operating or financial results. It contains no consolidated income statement, balance sheet, or segment data, so it offers little direct insight into company performance. The company is named Dominion Resources, Inc. in the filing, not Dominion Energy. The Dominion Resources, Inc. Employee Savings Plan held net assets available for benefits of $386.6 million at December 31, 1995, up from $326.2 million in 1994. The increase was driven mainly by a $60.4 million net increase in plan assets, including $47.1 million of unrealized appreciation. Dominion Resources common stock was the largest holding at $268.6 million, about 69% of total investments, so plan participants carried substantial single-stock concentration risk. The plan had 6,356 participants at year-end 1995, down from 6,509 a year earlier. The two smaller plans are the Dominion Subsidiary Savings Plan, which began October 1, 1995 with $114.8 thousand in assets and 96 participants (its statements are unaudited), and the Virginia Power Hourly Employee Savings Plan, with $87.6 million in net assets and 3,297 participants. Mellon Bank replaces NationsBank as trustee of the main plan effective June 1, 1996, and the investment options expand as described in the subsequent-event notes.
Jun 19, 1996
1994-A
DOMINION ENERGY, INC Annual Report (Amendment), Year Ended Dec 31, 1994
This filing is Amendment No. 1 to Dominion Resources, Inc.'s 1994 Form 10-K, dated June 1, 1995 and signed by CFO Linwood R. Robertson. It does not contain the company's full annual financial statements. Instead, it adds Form 11-K annual reports for two employee savings plans: the Dominion Resources Employee Savings Plan and the Virginia Power Hourly Employee Savings Plan. Both are audited by Deloitte & Touche LLP, with reports dated May 16, 1995. For investors, the main content is a view of the employee retirement plans' holdings, most of which are invested in Dominion Resources common stock. The Dominion Resources Employee Savings Plan had net assets available for benefits of $326.2 million at December 31, 1994, down from $382.7 million a year earlier. The decline of $56.5 million came mainly from $54.7 million of unrealized depreciation, which reflects weaker 1994 market values, particularly for Dominion common stock. The plan held 6,431,777 Dominion shares valued at $231.5 million, about 71% of its total investments. It had 6,509 participants, down from 7,370 in 1993. The Virginia Power Hourly plan had net assets of $69.5 million at year-end 1994, down from $82.6 million, with 3,265 participants and 1,417,906 Dominion shares valued at $51.0 million. Taken together, the two plans held roughly $282.6 million of Dominion common stock at year-end 1994, a meaningful block of employee ownership. The filing gives no operating, earnings, or balance sheet data for the parent company, so any assessment of Dominion's overall financial health would require the original 10-K.
Jun 2, 1995
1994
DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 1994
Dominion Resources, Inc. reported 1994 net income of $478.2 million, or $2.81 per share, down 7.4% from $516.6 million ($3.12 per share) in 1993. The decline was driven mainly by Virginia Power, whose contribution fell 15.6% to $2.38 per share, reflecting lower base revenues, a $41.6 million workforce reduction charge tied to early retirement and voluntary separation programs, and weaker residential sales. The nonutility businesses partly offset this, rising to $0.43 per share from $0.30, largely on a $28.9 million after-tax gain from the sale of Black Warrior Trust units. Return on average common equity fell to 10.6% from 12.2%, and the dividend rose modestly to $2.55 per share, though the payout ratio climbed to about 91% from 80%. The filing also highlights significant governance and regulatory risk. Following a multi-year dispute between Dominion Resources and its utility subsidiary, Virginia Power, the Virginia State Corporation Commission opened proceedings into the holding company structure and related affiliate arrangements. The Commission staff's January 1995 report questioned about $60 million (net present value) of coal transportation costs, and a February 1995 Consent Order requires Commission approval before Dominion Resources can remove Virginia Power's directors or officers, or amend its articles or bylaws, until July 1996. Both companies' CEOs also announced plans to retire in July 1996. Management states it cannot predict the ultimate outcome. Looking ahead, Virginia Power faces a $1.9 billion construction and nuclear fuel budget for 1995-1997, with Clover Units 1 and 2 expected online in 1995 and 1996, and an estimated $481 million Clean Air Act compliance program. Nonutility growth depends heavily on natural gas prices and international independent power projects, and the company's cost structure continues to be shaped by roughly $16.5 billion in total capability, including 3,244 MW of nonutility purchased power contracts.
Mar 8, 1995