Summary
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.
Financial Highlights
48 data points| Revenue | $11.42B |
| Operating Expenses | $9.42B |
| Operating Income | $2.00B |
| Net Income | $3.40B |
| EPS (Basic) | $4.12 |
| EPS (Diluted) | $4.12 |
| Shares Outstanding (Basic) | 807.80M |
| Shares Outstanding (Diluted) | 808.50M |
Key Highlights
- 1Net income attributable to Dominion Energy significantly increased to $3.29 billion in 2021, a substantial improvement from a net loss of $401 million in 2020.
- 2Operating revenue decreased slightly by 1% to $13.96 billion in 2021, primarily due to lower market prices affecting the Millstone facility and the absence of certain revenue items.
- 3The company plans substantial capital expenditures of approximately $47.9 billion from 2022 through 2026, with a significant portion allocated to Dominion Energy Virginia for grid modernization and renewable generation projects.
- 4Dominion Energy is transitioning towards cleaner energy sources, with planned investments in solar and offshore wind projects to support its net-zero emissions goal by 2050.
- 5The company's strategy emphasizes growth in regulated utility businesses, with approximately 90% of expected earnings from state-regulated electric and natural gas utilities.
- 6Debt levels increased in 2021, with total long-term debt rising to $37.4 billion, primarily due to various debt issuances to support capital expenditures and general corporate purposes.
- 7Credit ratings remain stable with Fitch and Moody's assigning BBB+ and Baa2 respectively to Dominion Energy's issuer default rating, with stable and positive outlooks.