You might also like
Dominion Energy is one of the largest energy producers and distributors in the United States, primarily operating as a state-regulated electric utility. The company serves approximately 6 million customers across 15 states, with a significant focus on Virginia, North Carolina, and South Carolina . Dominion Energy's operations are organized into several segments, including Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy, among others . The company is committed to providing reliable, affordable, and increasingly clean energy, with a strong emphasis on renewable energy sources like solar and offshore wind .
- Dominion Energy Virginia - Manages regulated electric distribution, transmission, and generation, significantly contributing to the company's revenue.
- Dominion Energy South Carolina - Focuses on regulated electric and gas distribution and transmission, playing a crucial role in the company's operations.
- Contracted Energy - Includes nonregulated electric generation, such as renewable natural gas operations, supporting the company's decarbonization efforts.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert M. Blue ExecutiveBoard | Chair, President, and CEO | Edison Electric Institute (Board), Institute of Nuclear Power Operations (Board), Federal Reserve Bank of Richmond (Board), Greater Washington Partnership (Board), Sports Backers (Board), Communities in Schools of Virginia (Board), University of Virginia’s Board of Visitors | Joined Dominion Energy in 2005; became CEO in October 2020; oversees sustainability-focused utilities and major projects like offshore wind. | View Report → |
Vanessa Allen Sutherland ExecutiveBoard | Director | Virginia Symphony Orchestra (Board), Former Board Member of The Woodruff Arts Center | Joined Dominion Energy's Board in December 2023; EVP at Phillips 66; expertise in governance, legal, and public policy. | |
Carlos M. Brown Executive | President of Dominion Energy Services and EVP, Chief Legal Officer, and Corporate Secretary | None | Joined Dominion Energy in 2007; oversees legal, compliance, and corporate governance functions; transitioned to current role in January 2024. | |
Diane Leopold Executive | EVP and COO | Nuclear Electric Insurance Limited (Board), Markel Group (Board), Jamestown-Yorktown Foundation (Board), GROW Capital Jobs Foundation (Board), World Pediatric Project (Board) | Joined Dominion Energy in 1995; oversees operations and major projects; announced retirement effective June 1, 2025, but remains in role until then. | |
Edward H. Baine Executive | President – Utility Operations | None | Joined Dominion Energy in 1995; oversees Dominion Energy Virginia and Dominion Energy South Carolina; effective January 1, 2025, expanded responsibilities include South Carolina operations. | |
Michele L. Cardiff Executive | Senior VP, Controller, and Chief Accounting Officer (CAO) | None | Joined Dominion Energy in 2014; oversees financial reporting and accounting operations; promoted to Senior VP in October 2020. | |
P. Rodney Blevins Executive | President – Gas Distribution | None | Joined Dominion Energy in 2014; previously served as President of Dominion Energy South Carolina; currently oversees gas distribution operations. | |
Steven D. Ridge Executive | EVP and CFO | None | Recently appointed as CFO; no additional details provided in the documents. | |
W. Keller Kissam Executive | President – Dominion Energy South Carolina | None | Joined Dominion Energy in 1997; oversees electric utility operations in South Carolina; previously held leadership roles in generation, transmission, and distribution. | |
Joseph M. Rigby Board | Director | South Jersey Industries (Non-Executive Chairman) | Joined Dominion Energy's Board in 2017; former CEO of Pepco Holdings; extensive utility industry expertise and corporate governance experience. | |
Kristin G. Lovejoy Board | Director | Radiant Logic (Director), Columbia University Center for Technology Management (Mentor) | Joined Dominion Energy's Board in 2022; cybersecurity expert with leadership roles at Kyndryl, Ernst & Young, and IBM. | |
Robert H. Spilman, Jr. Board | Independent Lead Director | Bassett Furniture Industries (Chairman, President, and CEO), Virginia Foundation for Independent Colleges (Board) | Joined Dominion Energy's Board in 2009; expertise in brand management, corporate governance, and consumer markets; Lead Director since 2020. | |
Susan N. Story Board | Director | Carrier Global Corporation (Board), Newmont Corporation (Board) | Joined Dominion Energy's Board in 2017; former CEO of American Water Works; expertise in sustainability and corporate governance; set to become Lead Independent Director in May 2024. |
- Given the preliminary estimate of storm restoration costs in South Carolina ranging from $100 million to $200 million, how confident are you in securing securitization for these deferred costs, and what impact could this have on your financials and customer rates?
- With the acquisition of an additional offshore wind lease from Avangrid for approximately 800 megawatts and no set time lines or cost estimates, how do you plan to manage potential capital expenditures and risks while maintaining your focus on balance sheet conservatism and a low-risk profile?
- Considering the significant projected load growth and power demand expected to double by 2039, why does your integrated resource plan rely on PJM imports instead of adding more generation capacity, and are there concerns about depending heavily on external sources given political sensitivities to new gas projects in the state?
- In your discussions with Amazon and other potential partners regarding small modular reactors, how will you mitigate first-of-a-kind risks and cost overruns to protect customers and shareholders, and can you provide more clarity on the proposed funding structures?
- Despite acknowledging tailwinds such as strong load growth and opportunities to deploy capital, why haven't you updated your earnings growth or rate base growth guidance, and how do you balance potential growth opportunities with your commitment to delivering consistent, predictable, low-risk earnings?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Kitty Hawk North Wind Lease (CVOW-South) | 2024 | Deal Value: Acquired for approximately $160 million ($117M for the lease and $43M for development cost reimbursement). Strategic Rationale: Supports Dominion Energy’s goal to meet growing demand in Virginia, aligns with the Virginia Clean Economy Act, and leverages expertise from the CVOW project. Also, the lease covers 40,000 acres located 27 miles off North Carolina with an 800 MW potential. |
Foxhound Solar Development Project | 2024 | Deal Value: The project cost is $205 million including acquisition costs. Business Fit and Capabilities: Located in Virginia, this 83 MW solar project is set to begin commercial operations in April 2024, and Dominion Energy expects to benefit through production tax credits. |
Recent press releases and 8-K filings for D.
- Q1 Earnings: Dominion Energy reported unaudited Q1 2025 results with GAAP earnings of $0.75 per share and non-GAAP EPS of $0.93 per share, compared to Q1 2024 figures of $0.50 and $0.55 per share respectively .
- Operating Guidance & Dividend: The company reaffirmed its full-year operating EPS guidance range of $3.28–$3.52 per share (midpoint $3.40) and declared a $2.67 dividend per share .
- Coastal Virginia Offshore Wind: The CVOW project is 55% complete, on track to deliver first electricity in early 2026 and achieve full completion by the end of 2026, supporting nearly 3GW of grid capacity .
- Tariff Exposure: Q1 actual tariff costs were $4 million, with potential increases to $120 million in Q2 and an estimated cumulative impact of $500 million by 2026 under current policies .
- Operational Boost: Q1 results were bolstered by favorable weather and RNG income impacts .
- Strategic Investments: Announced a $50B capital investment plan with updates on fixed income and common equity capital raising activities .
- Regulatory & Filings: Dominion Energy Virginia filed for its first base rate increase since 1992, with detailed earnings tables available via the 8‑K filing on May 1, 2025 .
- Dominion Energy, Inc. and its subsidiaries entered into a $7,000,000,000 Sixth Amended and Restated Revolving Credit Agreement on April 8, 2025, involving multiple lenders such as JPMorgan Chase, Mizuho Bank, Bank of America, The Bank of Nova Scotia, and Wells Fargo.
- The company also executed a Third Amendment to its Sustainability Revolving Credit Agreement, extending its maturity to April 2028 and increasing the commitment to $1,000,000,000.
- Dominion Energy, Inc. filed an 8-K announcing a debt issuance transaction offering up to $800 million in Series A 5.00% Senior Notes due 2030 and $700 million in Series B 5.45% Senior Notes due 2035.
- The report details that the offering is structured under a Registration Statement on Form S-3, with comprehensive underwriting agreements and supplemental indentures outlining pricing, coupon rates, interest payment dates, and maturity terms.