10-KPeriod: FY2024

DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2024

Filed February 27, 2025For Securities:D

Summary

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.

Financial Highlights

49 data points
Beta

Revenue

$14.46B

Net Income

$2.03B

14.1% Net Margin

EPS (Diluted)

$2.33

Total Assets

$102.42B

Cash & Equivalents

$310.00M

Free Cash Flow

$5.02B

Financial Statements
Beta
Revenue$14.46B
Operating Expenses$11.21B
Operating Income$3.25B
Net Income$2.03B
EPS (Basic)$2.33
EPS (Diluted)$2.33
Shares Outstanding (Basic)839.20M
Shares Outstanding (Diluted)839.40M

Key Highlights

  • 1Divestiture of regulated gas distribution operations to Enbridge largely completed in 2024, focusing the company on its core electric utility business.
  • 2Strategic capital expenditure plan of approximately $50 billion through 2029 to support grid modernization, renewable energy projects (including CVOW), and infrastructure resiliency.
  • 3Secured license extensions for Surry and North Anna nuclear power stations, with plans to seek extensions for Millstone, reinforcing its commitment to carbon-free generation.
  • 4Net income attributable to Dominion Energy increased in 2024, benefiting from the absence of prior period charges and impairments, and improved investment earnings on nuclear decommissioning trusts.
  • 5Operating revenue remained stable, with positive contributions from rider equity returns and weather, offset by lower market-related impacts at Millstone and commodity cost adjustments.
  • 6Initiated share repurchases and managed its capital structure, including the issuance of long-term debt and the sale of a noncontrolling interest in the CVOW Commercial Project to Stonepeak.
  • 7Anticipates earnings per share growth in 2025, driven by the absence of prior charges and ongoing capital investments in growth projects.

Frequently Asked Questions

Dominion Energy is now primarily focused on its regulated electric utilities in Virginia, North Carolina, and South Carolina, and its long-term contracted energy businesses. The divestiture of its regulated gas distribution operations is largely complete, allowing the company to concentrate on investments in clean energy, grid modernization, and infrastructure resilience.

The company plans to invest approximately $50 billion from 2025 through 2029. These investments are targeted towards enhancing grid reliability and modernization, expanding its renewable generation capacity (particularly the Coastal Virginia Offshore Wind - CVOW Commercial Project), and improving transmission and distribution infrastructure to meet projected demand growth.

The CVOW Commercial Project's estimated total cost increased, leading to a $206 million charge (net of tax benefits and noncontrolling interests) recorded by Virginia Power in the fourth quarter of 2024 for costs not expected to be recovered from customers, due to increased interconnection and network upgrade cost projections and the project's cost-sharing mechanism. The sale of a 50% noncontrolling interest in the project to Stonepeak was completed in October 2024, which will share in future capital funding.

Dominion Energy is committed to achieving net zero carbon and methane Scope 1 and 2 emissions by 2050. Its strategy includes an 'all-of-the-above' approach to energy generation, focusing on expanding solar and wind power, preserving nuclear generation through license extensions, investing in renewable natural gas, and using low-carbon natural gas for grid integration. The company is actively developing significant solar and offshore wind projects.