Summary
Dominion Energy reported a net loss attributable to the company of $270 million ($0.34 per diluted share) for the first quarter of 2020, a significant improvement from a net loss of $680 million ($0.86 per diluted share) in the same period of 2019. This improvement was largely driven by the absence of substantial charges related to the SCANA Combination in the prior year, including refunds for the NND Project and impairments for regulatory assets. Operating revenue increased to $4.5 billion from $3.86 billion year-over-year. While specific segment performance varied, Dominion Energy Virginia saw a notable increase in net income, driven by rate adjustment clauses and absent certain prior year charges. Conversely, Contracted Generation experienced a decrease in net income. The company's liquidity remains strong, with significant unused capacity under its credit facilities, and proactive measures were taken in March and April 2020 to further bolster liquidity in response to the COVID-19 pandemic. The company is managing ongoing regulatory matters and environmental compliance, with the Virginia Electric and Power Company (Virginia Power) facing new renewable energy mandates under the Virginia Clean Economy Act.
Financial Highlights
48 data points| Revenue | $3.94B |
| Operating Expenses | $3.57B |
| Operating Income | $368.00M |
| Net Income | -$270.00M |
| EPS (Basic) | $-0.34 |
| EPS (Diluted) | $-0.34 |
| Shares Outstanding (Basic) | 838.20M |
| Shares Outstanding (Diluted) | 838.20M |
Key Highlights
- 1Dominion Energy reported a net loss of $270 million for Q1 2020, an improvement from a $680 million net loss in Q1 2019, primarily due to the absence of SCANA-related charges.
- 2Operating revenue increased to $4.5 billion in Q1 2020 from $3.86 billion in Q1 2019, driven by various factors including rate adjustments and the absence of prior-year charges.
- 3Dominion Energy Virginia's net income contribution increased, supported by rate adjustment clauses and favorable year-over-year comparisons.
- 4Contracted Generation segment experienced a decrease in net income, mainly due to lower margins.
- 5The company's liquidity position is considered strong, with substantial unused credit facilities and additional credit agreements entered into in response to COVID-19.
- 6Virginia Power is undertaking significant investments and facing new regulatory requirements under the Virginia Clean Economy Act for renewable energy.
- 7The Atlantic Coast Pipeline project continues to face delays and cost uncertainties due to ongoing legal and permitting challenges, with an estimated in-service date of early 2022 and project costs around $8 billion.