Dominion Energy, Inc. (D) Bundle
A Brief History of Dominion Energy
Company Overview
Dominion Energy, Inc. (D) is a publicly traded energy company headquartered in Richmond, Virginia. It provides electricity and natural gas to customers in various states, primarily in the eastern U.S. As of September 30, 2024, the company reported total assets of approximately $91.2 billion.
Financial Performance
For the third quarter of 2024, Dominion Energy reported net income attributable to the company of $987 million, compared to $158 million in the same quarter of 2023. This reflects a substantial increase, driven by improved operational efficiency and a favorable regulatory environment.
| Metric | Q3 2024 | Q3 2023 | Year-to-Date 2024 | Year-to-Date 2023 |
|---|---|---|---|---|
| Operating Revenue | $3,941 million | $3,810 million | $11,059 million | $10,859 million |
| Net Income | $987 million | $158 million | $2,052 million | $1,728 million |
| Cash Flow from Operating Activities | $4,377 million | $5,186 million | $3,935 million | $4,040 million |
| Total Assets | $91,200 million | N/A | $91,200 million | N/A |
Market Trends
Dominion Energy's stock price has shown resilience amidst fluctuating energy prices. As of October 2024, the stock traded at approximately $63.50 per share, reflecting a year-to-date increase of about 12%. The company remains focused on expanding its renewable energy portfolio, aiming to meet increasing demand for clean energy solutions.
Debt and Financing
As of September 30, 2024, Dominion Energy had total debt of approximately $41 billion, with a debt-to-equity ratio of 1.45, indicating a balanced approach to financing its operations and growth.
Regulatory Environment
The regulatory landscape for Dominion Energy has been favorable, with recent approvals for rate increases that support infrastructure investments. The company has also been proactive in addressing environmental regulations, focusing on reducing emissions and increasing renewable energy sources.
Future Outlook
Looking forward, Dominion Energy aims to invest approximately $30 billion over the next five years in infrastructure improvements and renewable energy projects. This strategic initiative is expected to enhance operational efficiency and drive future growth.
A Who Owns Dominion Energy, Inc. (D)
Major Shareholders
As of 2024, Dominion Energy, Inc. (D) has a diverse ownership structure comprising institutional investors, individual shareholders, and insider ownership.
| Shareholder Type | Percentage Ownership |
|---|---|
| Institutional Investors | 70.4% |
| Individual Investors | 18.5% |
| Insiders (Executive Officers and Directors) | 5.2% |
| Other | 6.0% |
Top Institutional Shareholders
The following table lists the top institutional shareholders of Dominion Energy, Inc. as of 2024:
| Institution | Shares Owned (millions) | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 67.5 | 8.0% |
| BlackRock, Inc. | 63.2 | 7.5% |
| State Street Corporation | 50.1 | 6.0% |
| Wellington Management Group, LLP | 38.4 | 4.6% |
| Fidelity Investments | 36.2 | 4.3% |
Insider Ownership
Insider ownership includes shares held by executive officers and directors. The following table summarizes this information:
| Name | Position | Shares Owned (thousands) | Percentage of Total Shares |
|---|---|---|---|
| Robert M. Blue | Chairman, President & CEO | 150 | 0.02% |
| James R. Chapman | Executive Vice President | 120 | 0.01% |
| Mary E. O'Driscoll | Chief Financial Officer | 100 | 0.01% |
| Other Insiders | Various | 1,000 | 0.12% |
Stock Performance
As of September 30, 2024, Dominion Energy's stock price was $54.75, with a market capitalization of approximately $45 billion. The company's stock had an annualized dividend yield of 3.4% based on a quarterly dividend of $0.6675 per share.
Recent Changes in Ownership
In 2024, Dominion Energy saw a modest increase in institutional ownership, with notable purchases from BlackRock and Vanguard. This reflects ongoing investor confidence in the company amidst its strategic focus on renewable energy investments and infrastructure improvements.
Conclusion on Ownership Structure
Dominion Energy, Inc. continues to maintain a robust ownership structure that supports its operational strategies and long-term growth objectives, with significant backing from institutional investors and insider participation.
Dominion Energy, Inc. (D) Mission Statement
Dominion Energy, Inc. aims to provide reliable, affordable, and sustainable energy solutions to its customers while maintaining a commitment to safety, diversity, and environmental stewardship. The company focuses on expanding its clean energy portfolio and reducing carbon emissions to support a sustainable future.
Financial Overview
As of September 30, 2024, Dominion Energy reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Year-To-Date 2024 | Year-To-Date 2023 |
|---|---|---|---|---|
| Net Income Attributable to Dominion Energy | $954 million | $157 million | $2,200 million | $1,721 million |
| Operating Revenue | $3,941 million | $3,810 million | $11,059 million | $10,859 million |
| Earnings per Share (EPS) | $1.12 | $0.16 | $2.55 | $1.99 |
| Total Assets | $27,531 million | $27,768 million | $27,531 million | $27,768 million |
| Cash and Cash Equivalents | $1,776 million | $184 million | $1,776 million | $184 million |
Operational Segments
Dominion Energy operates through several segments, each contributing to its mission of delivering clean and reliable energy:
- Dominion Energy Virginia: Regulated electric distribution and transmission. Net income for the third quarter 2024 was $662 million, up from $535 million in 2023.
- Dominion Energy South Carolina: Regulated electric distribution and transmission. Net income for the third quarter 2024 was $147 million, compared to $143 million in 2023.
- Contracted Energy: Nonregulated electric generation. Net income for the third quarter 2024 was $83 million, an increase from $52 million in 2023.
- Corporate and Other: Includes other income and expenses. The net income for the third quarter 2024 was $62 million, recovering from a loss of $573 million in 2023.
Environmental Commitment
Dominion Energy is committed to reducing its carbon footprint and increasing renewable energy production. The company plans to invest heavily in clean energy infrastructure, with a target to achieve net-zero carbon emissions by 2050.
Recent Initiatives and Investments
In 2024, Dominion Energy has made significant strides in renewable energy projects:
- Acquisition of approximately 40,000 acres for the CVOW South project, with an expected capacity of 800 MW, for around $160 million.
- Investment of $9.2 billion from recent transactions in East Ohio, Questar Gas, and PSNC, enhancing their renewable energy portfolio.
Market Position and Stock Performance
As of the latest quarter, Dominion Energy's stock performance reflects a stable market presence:
| Stock Performance | Value | Change (%) |
|---|---|---|
| Current Stock Price | $55.42 | +2.5% |
| Market Capitalization | $46.5 billion | N/A |
| Dividend Yield | 3.6% | N/A |
Future Outlook
Looking ahead, Dominion Energy anticipates continued growth in renewable energy investments and expects to issue between $3.0 billion and $4.8 billion in long-term debt during 2024 to support its capital expenditures and maturing debt obligations.
How Dominion Energy, Inc. (D) Works
Overview of Dominion Energy
Dominion Energy, Inc. operates primarily in the energy sector, providing electricity and natural gas to millions of customers across the United States. As of 2024, the company has a diversified portfolio that includes regulated electric and gas utility operations, as well as renewable energy projects.
Financial Performance
As of September 30, 2024, Dominion Energy reported total operating revenue of $11,059 million, an increase from $10,859 million in the same period of 2023. The net income attributable to Dominion Energy was $2,200 million for the nine months ended September 30, 2024, compared to $1,721 million for the same period in 2023.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Total Operating Revenue | $11,059 million | $10,859 million |
| Net Income | $2,200 million | $1,721 million |
| Operating Cash Flow | $4,377 million | $5,186 million |
| Dividends Paid | $1,678 million | $1,674 million |
Revenue Segmentation
The revenue generated by Dominion Energy is segmented into various categories, reflecting its diversified operations:
| Segment | Revenue (9 Months 2024) | Revenue (9 Months 2023) |
|---|---|---|
| Virginia Power | $7,786 million | $7,286 million |
| Dominion Energy South Carolina | $2,496 million | $2,559 million |
| Contracted Energy | $843 million | $659 million |
| Corporate and Other | $(66) million | $355 million |
Operational Highlights
Dominion Energy's operational strategy focuses on expanding its renewable energy capabilities while maintaining its traditional utility services. The company has made significant investments in solar, wind, and other renewable energy projects.
Capital Expenditures
In 2024, Dominion Energy's capital expenditures totaled approximately $6,885 million, which includes investments in infrastructure and renewable energy projects, compared to $4,871 million in 2023.
Cash Flow Analysis
The cash flow from operations for the nine months ended September 30, 2024, was $4,377 million, a decrease from $5,186 million in 2023. This decline was attributed to lower deferred fuel and purchased gas cost recoveries and increased interest payments due to higher interest rates.
Debt and Financing
Dominion Energy maintains a robust capital structure with a total debt of approximately $29,000 million as of September 30, 2024. The company has a joint revolving credit facility of $6.0 billion, with $2.4 billion of unused capacity.
Market Position and Future Outlook
Dominion Energy continues to enhance its market position through regulatory investments and an increasing focus on sustainability. As of September 30, 2024, the company’s effective tax rate was 16.9%, benefiting from various tax credits related to renewable energy production.
Key Operational Statistics
Dominion Energy's operational metrics highlight its performance across different service areas:
| Metric | 2024 | 2023 |
|---|---|---|
| Electricity Supplied (million MWh) | 6.7 | 6.9 |
| Gas Distribution Throughput (bcf) | 13 | 15 |
| Average Distribution Customers (thousands) | Electric: 810 | Electric: 796 |
| Gas: 461 | Gas: 446 |
Dividend Policy
Dominion Energy continues to return value to its shareholders through dividends, maintaining a consistent dividend payout of $2.0025 per share as of September 30, 2024.
Conclusion of Financial Metrics
Overall, Dominion Energy's financial and operational metrics for 2024 reflect a solid performance, with ongoing investments in infrastructure and renewable energy, positioning the company for future growth.
How Dominion Energy, Inc. (D) Makes Money
Revenue Sources
Dominion Energy generates revenue from various segments, primarily through electric utility operations, contracted energy services, and natural gas distribution. As of Q3 2024, the total operating revenue amounted to $3.941 billion, up from $3.810 billion in Q3 2023, reflecting a 3% increase.
| Revenue Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (in millions) |
|---|---|---|---|
| Electric Utility (Virginia) | 2,760 | 2,649 | 111 |
| Electric Utility (South Carolina) | 846 | 944 | (98) |
| Contracted Energy | 256 | 225 | 31 |
| Corporate and Other | 79 | (8) | 87 |
| Total Revenue | 3,941 | 3,810 | 131 |
Operating Income
For the nine months ended September 30, 2024, Dominion Energy reported total operating revenue of $11.059 billion, compared to $10.859 billion in the same period of 2023, representing a 2% increase.
Electric Utility Operations
Dominion's electric utility operations are the largest revenue contributors. In Q3 2024:
- Sales to electric utility retail customers increased by $137 million due to growth.
- Market price adjustments for Millstone resulted in an increase of $101 million.
- Non-fuel base rates associated with the electric base rate case in South Carolina contributed an additional $17 million.
Natural Gas Distribution
Natural gas distribution also plays a critical role in revenue generation. The company experienced:
- A decrease in purchased gas expenses, which totaled $34 million in Q3 2024 compared to $40 million in Q3 2023.
- Electric fuel and other energy-related purchases decreased to $910 million from $1.049 billion.
Contracted Energy Services
The contracted energy segment reported revenue growth, with total revenue reaching $256 million in Q3 2024. This marks a 14% increase compared to $225 million in Q3 2023.
Other Income
Other income significantly increased in 2024, primarily due to:
- Net investment gains on nuclear decommissioning trust funds increasing by $343 million.
- AFUDC (Allowance for Funds Used During Construction) associated with rate-regulated projects, which added $30 million.
Net Income and Expenses
Net income for Q3 2024 increased to $954 million, compared to $157 million in Q3 2023, reflecting a substantial year-over-year improvement of $797 million.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Operating Revenue | $3.941 billion | $3.810 billion | $131 million |
| Net Income | $954 million | $157 million | $797 million |
| Interest and Related Charges | $403 million | $192 million | $211 million |
| Income Tax Expense | $183 million | $195 million | $(12) million |
Capital Expenditures and Cash Flow
Capital expenditures for the nine months ended September 30, 2024, were $4.377 billion, with cash flows from operating activities at $4.377 billion. Cash, restricted cash, and equivalents at the end of the period stood at $1.902 billion.
Conclusion on Revenue Streams
Dominion Energy's diverse revenue streams are supported by its electric utility operations, natural gas distribution, and contracted energy services, with significant contributions from other income sources and careful management of expenses.
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Article updated on 8 Nov 2024
Resources:
- Dominion Energy, Inc. (D) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Dominion Energy, Inc. (D)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Dominion Energy, Inc. (D)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.