Summary
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.
Financial Highlights
49 data points| Revenue | $13.94B |
| Operating Expenses | $12.49B |
| Operating Income | $1.45B |
| Net Income | $1.19B |
| EPS (Basic) | $1.33 |
| EPS (Diluted) | $1.33 |
| Shares Outstanding (Basic) | 823.90M |
| Shares Outstanding (Diluted) | 824.80M |
Key Highlights
- 1Dominion Energy is committed to achieving net-zero carbon and methane emissions by 2050, with interim targets for Scope 1 and Scope 2 emissions reductions.
- 2The company's growth capital expenditure plan (2022-2026) focuses on regulated utility businesses, emphasizing upgrades to electric and natural gas infrastructure, including significant investments in renewable generation like offshore wind and solar.
- 3A comprehensive business review was commenced in November 2022, which could lead to material adjustments in capital expenditure plans and the company's overall business mix.
- 4Net income attributable to Dominion Energy decreased significantly in 2022 primarily due to a $1.5 billion impairment charge on nonregulated solar generation facilities and other charges, impacting overall profitability.
- 5Dominion Energy Virginia is undertaking a substantial $27 billion capital expenditure plan from 2022-2026 to support growth, including significant investments in the Coastal Virginia Offshore Wind (CVOW) Commercial Project.
- 6The company's liquidity is supported by a $6.0 billion joint revolving credit facility, which includes incentives for achieving renewable generation and diversity objectives.
- 7Despite the net income decrease, Dominion Energy maintained its annual dividend rate of $2.67 per share for 2023, reflecting a commitment to shareholder returns.