Summary
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.
Financial Highlights
49 data points| Revenue | $14.39B |
| Operating Expenses | $10.98B |
| Operating Income | $3.41B |
| Net Income | $2.03B |
| EPS (Basic) | $2.33 |
| EPS (Diluted) | $2.33 |
| Shares Outstanding (Basic) | 836.40M |
| Shares Outstanding (Diluted) | 836.50M |
Key Highlights
- 1Net income attributable to Dominion Energy increased 51% to $1.99 billion in 2023, with diluted EPS reaching $2.29.
- 2The company is strategically divesting its regulated gas distribution operations to Enbridge and has completed the sale of its noncontrolling interest in Cove Point.
- 3Significant capital investments are planned for 2024, totaling $11.8 billion, with a focus on renewable generation (including the CVOW Commercial Project) and electric system upgrades in Virginia.
- 4Dominion Energy expects approximately 90% of its earnings to be derived from state-regulated utility businesses.
- 5The company maintains a strong liquidity position, with $301 million in cash, restricted cash, and equivalents at year-end 2023, and $2.4 billion in available capacity under its joint revolving credit facility.
- 6Progress continues towards achieving net-zero carbon and methane emissions by 2050, with ongoing investments in clean energy diversity and innovation.
- 7The company's Board of Directors declared a 2024 annual dividend rate of $2.67 per share of common stock, consistent with the 2023 rate.