Dominion Energy, Inc. · NYSE:D
Dominion Energy — Q4 2021 Earnings Presentation
86 slides from Dominion Energy's earnings presentation, Feb 11, 2022
Slide 1: Q4 2021 earnings call
Q4 2021 earnings call February 11, 2022
Slide 2: Important note for investors
Important note for investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the busine
Slide 3: Compelling investment proposition
Compelling investment proposition Comprehensive total shareholder return 6.5% 3.4% ~10% Industry-leading EPS growth rate dividend shareholder ESG through 2026 yield return profile $37B 6% Industry’s largest 5-year growth capital plan annual DPS growth Pure-play regulated 85%+ through 2026 state-regu
Slide 4: Premier state-regulated utility operations
Premier state-regulated utility operations OH VA UT NC 90% state- SC regulated utility segments Utility operations in attractive states Customer/economic growth 10%¹ “Common sense” regulation Contracted Assets Sustainability (Zero-carbon generation) Committed to safe, reliable, affordable and
Slide 5: Investing in support of our clean-energy profile
Investing in support of our clean-energy profile Five-year growth capital Zero-carbon generation & energy storage¹ +$5B Electric grid transformation² Gas distribution modernization / RNG ~$37B Customer growth & other ~$32B $22B 59% $17B 52% ~87% $6B 20% $7B 18% $3B 10% Emissions reduction and $3B 10
Slide 6: Decarbonization initiatives extend beyond 5-year plan
Decarbonization initiatives extend beyond 5-year plan Benefits customers, communities, environment Gas distribution modernization ~$73B Electric grid / RNG Nuclear transformation Up to $8B life Up to $15B Emissions Energy extension reduction and storage Up to $4B¹ enabling Solar Up to $4B Offshore U
Slide 7: Operating earnings per share
Operating earnings per share Actual versus guidance ($ per share) Fourth quarter 2021 Full-year 2021 $3.86 $3.91 $3.90 $3.80 $0.93 $0.95 $0.90 Unfavorable weather impact on utility $0.85 earnings: ($0.05) Unfavorable weather impact on utility earnings: ($0.03) Actual¹ Weather Guidance¹ Actual¹ Weath
Slide 8: Track-record of successful execution
Track-record of successful execution Weather normalized operating EPS vs. guidance Upper end guidance Guidance midpoint Lower end guidance 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 6 years of delivering weather normalized
Slide 9: Guidance
Guidance Operating earnings and dividends per share Earnings Dividends $1.10—$1.25 Q1 2022 ▲ Regulated investment Target payout 65% (YoY drivers) ▲ Sales ratio ▲ Return to normal weather (no change) ▼ O&M/tax timing $3.95 —$4.25 $2.67 FY 2022 FY 2022 (+6.5% vs 2021¹) (+6% vs 2021) Through 2026 6.5%
Slide 10: Consolidated financial outlook
Consolidated financial outlook Five-year growth capital summary Dominion Dominion Gas Contracted Energy Energy Total Distribution Assets Virginia South Carolina 2022—2026 growth capex ~$27 ~$5 ~$2 ~$3 ~$37 ($B) Zero-carbon Infrastructure Customer growth Long-term generation / storage moderni
Slide 11: Consolidated financial outlook: illustrative sources and uses
Consolidated financial outlook Illustrative sources and uses Annual average: 2022—2024 Sources Uses No change to ~$4.3B ~$2.5B 2022 equity ~$9.9B ~$7.4B ~$0.7B Growth ~76% Drip: $0.2B ATM: ~$0.5B Maintenance Operating (+) equity¹ (+) fixed income, net (-) dividends² Investing cash flow (incl. STD) c
Slide 12: Balance sheet
Balance sheet Credit supports long-term growth strategy CFO pre-WC / debt Pension + OPEB funding No change to existing ratings targets DEI: High BBB range OpCos: A range 115% 110% 15%² ~15%² 15%+ 14%¹ ~14%³ 100% 97% 92% 94% 2019A 2020A 2021A 2019A 2020A 2021A 2018A 2019A 2020A 2021A 2022E Pensio
Slide 13: CFO summary
CFO summary Focus on execution Weather-normal quarterly (24th consecutive quarter) and full-year operating EPS above the midpoint of guidance ranges Initiated 2022 full-year operating EPS guidance that represents a 6.5% annual increase Affirmed 6.5% long-term operating EPS annual growth throug
Slide 14: Safety
Employees Safety OSHA recordable incident rate¹ ~40% improvement vs. 2016 ~70% safer than industry average 100 employees each work year Number of recordables per 1.78 1.44 1.50 1.34 1.32 1.06 1.02 1.04 1.00 0.92 0.88 0.80 0.65 0.68 0.62 0.41 0.46 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201
Slide 15: Regulated offshore wind: schedule milestones
Regulated offshore wind Continues to meet schedule milestones Milestones Target Construction & Operation Plan submitted Dec. 2020 Met target Notice of Intent issued by BOEM July 2021 Met target CPCN/Rider filing with VA SCC Fall 2021 Met target Final order from VA SCC Q3 2022 Record of Decisio
Slide 16: Regulated offshore wind: overview
Regulated offshore wind Overview Economic benefits¹ 2,000 construction & permanent clean-energy jobs in VA ~$300M economic output & pay/benefits per year ~$11M state and local tax revenue per year Capacity 2.6GW Offshore lease ~113K acres located 27 miles off Virginia coast Turbines ~176 Sieme
Slide 17: Regulated offshore wind: experienced partners
Regulated offshore wind Experienced partners Wind turbine Offshore Transport & Monopiles Transition pieces generators substations install Note: illustration not to scale 17
Slide 18: Dominion Energy Virginia: executing the plan
Dominion Energy Virginia Executing the plan for the benefit of customers Grid Phase II application (2022-2023 investment) approved by SCC Transformation ~$670M in capital investment CE-2 rider filing with SCC included about 1,000MW solar and battery storage Clean Energy $1.4B in capital inve
Slide 19: Net Zero
Environment Material emissions reductions as zero-carbon generation displaces emitting technologies Owned generation dispatch (MWh) Enterprise-wide CO2e¹ by fuel type² Coal Gas Zero-carbon 42%↓ 37% 49% ~70%— ~99% 80%↓ Net Zero 7% 76% zero & low (conforms to 1.5o emitting Paris Accord 40% Goals4) 52%
Slide 20: Environment: coal capacity
Environment Coal capacity (GW) Share of gen. dispatch 52% 10.5 11% 5.4 <1% 3.9 2.2 2.2 0% 0.6 0.0 2005 2021 2026 2031 2035 2045 2045+ DESC to completely exit coal by the end of 2030 DEV coal capacity beyond 2030 available for reliability and resiliency Note planned retirements based on Virginia 2021
Slide 21: Components of investment base
Components of investment base Coal-fired generation—, Zero-carbon— Percentage of total investment base¹ Zero-carbon: Renewable² Zero-carbon: Nuclear Electric transmission/distribution Other Coal Coal: 6% Coal: 4% Other Other Electric transmission/distribution Zero- Electric carbon + transmission/d
Slide 22: Dominion Energy South Carolina
Dominion Energy South Carolina Executing the plan + meeting commitments Commentary Keeping the lights on: Average SAIDI¹ score Merger commitments met since closing in 2019 146 46% Continued focus on customers and communities reduction Support strong economic growth and customer growth 117 Co
Slide 23: Gas Distribution: decarbonization and growth
Gas Distribution Decarbonization and growth Sustainability Robust growth: 3-year customer growth CAGR Enhancing sustainability 2.6% 2.5% Modernize infrastructure, equipment, processes & enhance detection 1.6% Expanding energy efficiency and customer green programs Positioned for “Future Ener
Slide 24: ESG highlights
ESG highlights Select 2021 milestones Issued TCFD-aligned Climate Report with 1.5-degree scenario modeling and disclosure of Scope 1, 2, and 3 emissions Published annual Sustainability and Corporate Responsibility Report in conformance with GRI, SASB and UN Sustainable Development Goals Issued
Slide 25: Third-party ESG assessments
Third-party ESG assessments Dominion Energy’s independent 3rd party scoring reflects best-in-class ESG performance Dominion Energy Sector average “Leadership “Leadership “Trendsetter” band” band” “Leader” 94 . A- . A- AA Lower score = better 81 B B 32 28 BBB CDP—Climate CDP—Water MSCI Sustai
Slide 26: Expanding Net Zero commitment
Environment Expanding Net Zero commitment Support federal Sustainability focused Encourage suppliers to Requesting methane fuel procurement adopt Net Zero supplier emissions regulations practices commitments disclosures NET ZERO Scope 3 Scope 3 emissions categories: LDC customer end use Purchase
Slide 27: Summary
Summary Achieved second-best safety performance ever 24th consecutive quarter of weather-normal earnings at or above guidance midpoint range Affirmed and extended long-term earnings and dividend growth guidance through 2026 Executing across the largest regulated decarbonization investment op
Slide 28: Appendix
Appendix W Dominion Energy’
Slide 29: Industry leading ESG profile
Industry leading ESG profile Committed to safe, reliable, affordable and sustainable energy and achieving net zero by 2050 Environment Social Governance 70%+ reduction 42% reduction OSHA recordable rate³ Board refreshment 33% diverse with ~7.5 years in Scope 1 CO2e emissions¹ 1% annual increase aver
Slide 30: Operating segments
Operating segments Summary State-regulated utility operations Dominion Energy Dominion Energy Contracted Gas Distribution Virginia South Carolina Assets O CT VA H ID W O States of operation Y WV SC H Southeastern UT NC & Mid- UT Atlantic U.S. NC 2022 operating ~57% ~18% ~14% ~10% earnings contributi
Slide 31: Segment-level disclosure
Segment-level disclosure Operating earnings per share guidance 2021 actual 2022 guidance 2022E contribution by segment¹ Dominion Energy Contracted Virginia $2.37 $2.55 —$2.69 Assets 10% Dominion Energy Gas Distribution $0.74 $0.81 —$0.85 Virginia Dominion 57% Energy South Dominion Energy Carolina So
Slide 32: Capital structure summary
Segment-level disclosure Capital structure summary Corporate & Other debt supported by levered and unlevered segment cash flows Unlevered Unlevered cash $13.6 Long-tern debt ($B)¹ cash flows flows from from RNG Millstone & solar $37.7 $2.8 $3.8 $3.6 $13.9 Segment Dominion Dominion Gas Contracted Cor
Slide 33: Typical residential electric customer bills
Customers Typical residential electric customer bills Residential electric rates (cents per kWh)¹ Projected customer bill CAGR² 18.4 14.1 14.1 14.1 12.6 2.1% 2.1% 12.0 10.7 CAGR CAGR 2019 - 2035 2021 - 2035 DEV VA US RGGI DESC SC US DEV DESC DEV (Virginia) DESC (Electric) Committed to safety, reliab
Slide 34: Five-year capital summary
Consolidated financial outlook Five-year capital summary Growth capital $B 2022E 2023E 2024E 2025E 2026E Total Dominion Energy Virginia $4.2 $5.9 $6.4 $6.3 $4.2 $26.9 Gas Distribution 1.1 1.1 0.9 1.2 0.8 5.1 Dominion Energy South Carolina 0.3 0.4 0.4 0.3 0.2 1.7 Contracted Assets 0.4 0.7 0.7 0.8 0.3
Slide 35: Percentage of total investment base
Percentage of total investment base¹ VA rider eligible—, VA base— and expected to continue to decline VA base ~5% Contracted Assets/other Contracted Assets/other Gas Distribution ’21-’26 utility Gas Distribution rate base CAGR Regulatory construct South Carolina South Carolina Rates established b
Slide 36: 5-year growth capital plan
5-year growth capital plan Bridge ($B) $2.3 $36.5 $1.5 ($0.1) $0.6 $32.2 Other Offshore wind Gas distribution Timing impact to decarbonization- Pump storage¹ / RNG offshore wind focused from 5-yr. plan VA CTs¹ investments roll-forward 2021 – 2025 2022 – 2026 ¹ Postponed for further evaluation as ref
Slide 37: Rate base and EPS growth
Rate base and EPS growth Illustrative bridge ~9% Parent 6.5% financing: Parent DRIP/ATM financing: Parent equity Existing financing: Other mandatory Fixed conversion income (2022) ~1.5% ~1.0% Five-year Long-term EPS rate base growth growth guidance 37
Slide 38: Equity capital raising activities
Consolidated financial outlook Equity capital raising activities¹ Annual issuance ($B) Dividend reinvestment At-the-market Total (“DRIP”) (“ATM”) 2022E $0.2B $0.1—0.3B $0.3—0.5B 2023E – 2026E 0.2B 0.5—0.7B 0.7—0.9B All equity needs planned within existing DRIP and ATM programs; no block or marketed
Slide 39: Hydrogen
Hydrogen Advancing pilots to validate long-term use cases Category Use Case Initial Phase Goal Status ThermH2 Phase 1 (UT) Distribution fuel mix blending Introduce hydrogen into controlled Validate feasibility of blending at least Completed environment 5% hydrogen by 2030 ThermH2 Phase 2 (UT) Dist
Slide 40: Third-party ESG assessments
Third-party ESG assessments Track record of participation and improvement A 91 91 91 94 A- A- A- A- A- 87 AA Scoring methodology B B B changed in 2020 A A Lower score = better BBB BBB 33 28 F ’17 ’18 ’19 ’20 ‘21 ’17 ’18 ’19 ’20 ‘21 ’17 ’18 ’19 ’20 ‘21 ’17 ’18 ’19 ’20 ‘21 ’17 ’18 ’19 ’20 ‘21 CPA-Zick
Slide 41: State-regulated utilities customers
Customers State-regulated utilities Segment summary as of 12/31/2021 State summary Twelve months ended DE Customers December 31 South Carolina 12/31/2021 (M) Gas Distribution ‘19-’21 CAGR 1.2M 3.1M 17% DE Virginia 1.3% 2.7 44% DE South Carolina 2.4% 1.2 Electric 1.9% 0.8 Gas 3.4% 0.4 7.0M state util
Slide 42: Weather
Weather After-tax impacts ($M) Q1 Q2 Q3 Q4 2021 YTD Dominion Energy Virginia2 ($10) ($2) $16 ($22) ($18) Versus normal¹ Dominion Energy South 4 (7) (16) 2 (17) Carolina3 Gas Distribution4 (1) 1 – (3) (4) Total ($8) ($8) $0 ($23) ($39) Q1 Q2 Q3 Q4 2021 YTD Dominion Energy Virginia2 $51 $14 ($19) ($2)
Slide 43: Weather: degree days
Weather Degree days Quarter ended 12/31 Twelve months ended 12/31 2021 2020 2021 2020 Actual 1,036 1,062 3,210 2,970 Heating Normal 1,267 1,267 3,538 3,557 Dominion Energy Virginia Actual 87 51 1,783 1,759 Cooling Electric Normal 53 53 1,661 1,651 Actual 383 464 1,221 1,074 Heating Dominion Energy S
Slide 44: Dominion Energy Virginia
Dominion Energy Virginia W Dominion Energy’
Slide 45: An excellent state for business
Dominion Energy Virginia An excellent state for business ~57% Dominion Energy Virginia Dominion Energy Virginia service territory % of 2022E operating earnings Washington D.C. metro area Virginia’s GDP growth ranks as 12th best in the nation¹ Virginia’s 3.2% unemployment rate continues to be wel
Slide 46: Virginia Clean Economy Act of 2020 (VCEA)
Virginia Clean Economy Act of 2020 (VCEA) Transforming Virginia’s economy and environment The VCEA calls for a multi-faceted approach Renewable portfolio standard¹ to achieving renewable portfolio requirements % of DEV’s VA retail load² generated by renewable sources 100% 100% zero-carbon generati
Slide 47: Five-year growth capital summary
Dominion Energy Virginia Five-year growth capital summary Strategic Grid undergrounding transformation 3% Offshore wind ~$27B Nuclear 5% 35% relicensing 6% Energy storage 2% Customer ~$27B growth 2022—2026 7% growth capital Transmission 15% Solar 24% ~92% of growth capital rider eligible Note: figur
Slide 48: Five-year growth capital outlook
Dominion Energy Virginia Five-year growth capital outlook Regulated offshore Solar Transmission Customer growth wind $6.5B ~$10B 2022—2026 ~$4B ~$2B 2022—2026 growth capital 2022—2026 2022—2026 growth capital Recovery method: growth capital growth capital Rider Recovery method: $0.3B Recovery method
Slide 49: Five-year growth capital outlook
Dominion Energy Virginia Five-year growth capital outlook Nuclear Grid Strategic Energy storage relicensing transformation undergrounding $0.6B ~$2B ~$1.5B ~$1B 2022—2026 2022—2026 2022—2026 2022—2026 growth capital growth capital growth capital growth capital Recovery method: Recovery method: Recov
Slide 50: Regulatory summary
Dominion Energy Virginia Regulatory summary Electric Legacy A6 Dominion VA base Transmission riders / other Energy Other Total rider riders North Carolina Rate base ~$10.2¹ ~$7.7² ~$7.0³ ~$2.24 ~$2.15 ~$29.2 ($B) Common 52.2% 52.3% 52.2% 52.2% N/A ~52.2% equity % Allowed 9.35% 9.35% - 11.4%6 9.75% N
Slide 51: Rate base reconciliation
Dominion Energy Virginia Rate base reconciliation Illustrative only Total 2021E Dominion Energy Virginia rate base $29.2 (+) capital expenditures 32.9 (-) DD&A (7.5) (-) Deferred taxes/other (4.0) 2026E Dominion Energy Virginia rate base $50.7 51
Slide 52: Customer Credit Reinvestment Offset eligibility
Dominion Energy Virginia Customer Credit Reinvestment Offset (“CCRO”) eligibility Summary CCRO eligible capex by year¹ ($B) Allows DEV to deploy capital in support of Virginia policy priorities (renewable generation and grid $2.2 ~$18B transformation) without impacting customer bill $3.9 In orde
Slide 53: Generation portfolio
Dominion Energy Virginia Generation portfolio Summer Summer Summer Cap. Cap. Cap. Plant Location Type (MW) Plant Location Type (MW) Plant Location Type (MW) Surry Surry, VA Nuclear 1,676 Gaston Roanoke Rapids, NC Water 220 Desper Louisa, VA Solar 88 North Anna Mineral, VA Nuclear 1,672 Roanoke Rapid
Slide 54: Dominion Energy Gas Distribution
Dominion Energy Gas Distribution 54
Slide 55: Gas Distribution overview
Dominion Energy Gas Distribution Overview ~18% Key takeaways % of 2022E Operating earnings $10B 8% Attractive customer growth Investment base¹ Rate Base CAGR¹ Active integrity management programs and 2022 – 2026 long runway for pipeline legacy replacement programs De-coupling mechanisms reduce
Slide 56: Five-year growth capital summary
Dominion Energy Gas Distribution Five-year growth capital summary Business and recovery method 2022 – 2026 growth capital ($B) RNG 16% OH 30% ~$5.1B NC $5.1B 23% Contracted 16% UT 31% Rider 49% $5.1B Base 35% Note: figures may not sum due to rounding 56
Slide 57: Five-year growth capital outlook
Dominion Energy Gas Distribution Five-year growth capital outlook Ohio Utah North Carolina Renewable natural Decoupled Decoupled Decoupled gas ~$1.5B ~$1.6B ~$1.2B ~$0.8B 2022—2026 2022—2026 2022—2026 2022—2026 growth capital growth capital growth capital growth capital Pipeline replacement Pipeline
Slide 58: Five-year rate base outlook
Dominion Energy Gas Distribution Five-year rate base outlook NC NC 19% 17% Ohio 56% ~$9.4B Ohio ~$13.2B 2021E 53% 2026E rate base rate base Utah 30% Utah 25% Note: excludes RNG development 58
Slide 59: Regulatory summary
Dominion Energy Gas Distribution Regulatory summary Utah and Ohio North Carolina Total Wyoming Rate base $5.0 $2.7 $1.6 $9.4 ($B) Common 51.3% 63.7%1 51.6% 55.0%2 equity % Allowed 10.4% 10.2%1 9.6% 10.2%2 ROE Customers 1.2M 1.1M 0.6M 2.9M Notes: 1 Weighted average of UT, WY and Wexpro (which is 100%
Slide 60: Rate base reconciliation
Dominion Energy Gas Distribution Rate base reconciliation Illustrative only $B 2021E Dominion Energy Gas Distribution rate base $9.4 (+) capital expenditures 5.6 (-) DD&A (1.8) 2026E Dominion Energy Gas Distribution rate base $13.2 Note: excludes RNG development 60
Slide 61: Dominion Energy South Carolina
Dominion Energy South Carolina 61
Slide 62: Continued improvement of utility fundamentals
Dominion Energy South Carolina Continued improvement of utility fundamentals ~14% Dominion Energy South Carolina Dominion Energy South Carolina service area % of 2022E operating earnings South Carolina’s 3.5% unemployment rate is below the national average1 Customer growth expected to continue a
Slide 63: Five-year growth capital summary
Dominion Energy South Carolina Five-year growth capital summary Grid enhancement 15% $1.7B Generation 26% Gas 30% $1.7B Rider¹ 30% Electric customer growth 29% $1.7B Base 70% ¹ Represents growth capital under Natural Gas Rate Stabilization Act 63
Slide 64: Five-year growth capital outlook
Dominion Energy South Carolina Five-year growth capital outlook Electric customer Electric grid Generation Gas growth transformation ~$0.5B ~$0.2B ~$0.4B ~$0.5B 2022—2026 2022—2026 2022—2026 2022—2026 growth capital growth capital growth capital growth capital Customer growth AMI Generation moderniz
Slide 65: Five-year rate base outlook
Dominion Energy South Carolina Five-year rate base outlook CCR 10% CCR Electric 20% 77% Gas Electric 14% 70% Gas ~$9B ~$11B 10% 2021E 2026E rate base rate base 65
Slide 66: Summary
Dominion Energy South Carolina Summary Electric Gas CCR Total Rate base $6.1¹ $0.9¹ $1.7 $8.7 ($B) Common 51.6%² 55.0%³ 52.8% 52.2%4 equity % Allowed 9.5%² 10.3%³ 9.9% 9.7% ROE Customers 0.8M 0.4M – 1.2M ¹ September 30, 2021 ² Approved SC PSC Order 2021-570 ³ Approved SC PSC Order 2021-663 66
Slide 67: Capital Cost Rider (CCR)
Dominion Energy South Carolina Capital Cost Rider (“CCR”) The capital cost rider was approved under terms of the South Carolina PSC merger approval in late 2018 Allows recovery of and return on ~$2.8B of New Nuclear Development costs Disallowed recovery/permanently impaired the other ~$2 billion
Slide 68: Rate base reconciliation
Dominion Energy South Carolina Rate base reconciliation Illustrative only $B 2021E Dominion Energy South Carolina rate base $8.7 (+) capital expenditures 4.1 (-) DD&A (2.3) (-) other (0.1) 2026E Dominion Energy South Carolina rate base $10.8 68
Slide 69: Generation portfolio
Dominion Energy South Carolina Generation portfolio Summer Fuel Type Summer Cap. (MW) (%) Plant Location Type Cap. (MW) Gas 2,524 45% Jasper (CC) Hardeeville, SC Gas 863 Coal 1,704 30% Columbia Energy Center (CC) Gaston, SC Gas 519 Hydro 784 14% Urquhart (CC) Beech Island, SC Gas 458 Nuclear 650 11%
Slide 70: Contracted Assets
Contracted Assets W Dominion Energy’
Slide 71: Contracted Assets overview
Contracted Assets Overview¹ ~10% Key takeaways % of 2022E Operating earnings $2.9B 3.0GW ~1 GW solar in-service with 15-to-25-year 5-year growth Zero-carbon contracts with high-quality counterparties; capital plan generation ~$330M of non-recourse financing Millstone provides 90%+ of Connecticut
Slide 72: First Jones Act compliant offshore wind installation vessel
Contracted Assets First Jones Act compliant offshore wind installation vessel Operations based out of the Port of Virginia May 2020 Announced plans to develop the first Jones Act compliant offshore wind turbine installation vessel in the United States Transport and install foundations and turb
Slide 73: Five-year growth capital outlook
Contracted Assets Five-year growth capital outlook $2.9B $2.9B Contracted solar 100% 73
Slide 74: 2022 Millstone energy position
Contracted Assets 2022 Millstone energy position1 1% open 0.1M MWh 55% long-term contracted 9.0M MWh $49.99 44% hedged 16.3M 7.2M MWh MWh $37.27 in 2022 ~99% of 2022 volumes de-risked at volume weighted average price of $44.31; and 2023 substantially de-risked 1 Millstone hedge position as of Decemb
Slide 75: Generation portfolio
Contracted Assets Generation portfolio Summer Cap. Summer Cap. Summer Plant Location Type Plant Location Type Fuel Type (%) (MW) (MW) Cap. (MW) Millstone Waterford, CT Nuclear 2,001 ASFV – Buckingham Cumberland, VA Solar 20 Nuclear 2,001 67% Hardin I Alger, OH Solar 150 ASFV – Correctional Barhamsvi
Slide 76: Financial supplement
Financial supplement W Dominion Energy’
Slide 77: 2022 fixed income financing activities
Consolidated financial outlook 2022 fixed income financing activities ($B)¹ Issuance range Issued To Come Dominion Energy Virginia $2.0—$2.5 $1.0 $1.0—$1.5 Gas Distribution $0.2—$0.4 – $0.2—$0.4 Dominion Energy South Carolina – – – Contracted Assets – – – DEI $1.0—$1.5 – $1.0—$1.5 Total $3.2—$4.4 $1
Slide 78: Fixed income: schedule of long-term debt
Fixed income Preliminary and unaudited schedule of long-term debt as of December 31, 2021 ($M) Segment Financing Entity Description Maturity Weighted Avg. Rate Short-term at 12/31/2021 Long-term at 12/31/2021 DE Virginia VEPCO Unsecured Senior Notes, fixed rates 2022-2051 4.07% $300 $12,938 DE Virgi
Slide 79: Fixed income: schedule of debt maturities
Fixed income Schedule of debt maturities as of December 31, 2021 ($M) Financing Segment Due Date Entity DE Virginia Gas Dist DE SC Con Assets Corp & Other Total 2022 3.45% 2010 Series A Senior Notes 09/01/22 VEPCO 300 - - - - 300 2.75% 2012 Series B Senior Notes 09/15/22 DEI - - - - 350 350 Sinks of
Slide 80: Fixed income: schedule of debt maturities
Fixed income Schedule of debt maturities as of December 31, 2021 ($M) Financing Segment Due Date Entity DE Virginia Gas Dist DE SC Con Assets Corp & Other Total 2025 3.30% 2020 Series A Senior Notes 03/15/25 DEI - - - - 400 400 3.10% 2015 Series A Senior Notes 05/15/25 VEPCO 350 - - - - 350 1.30% 20
Slide 81: Fixed income: credit ratings
Fixed income Credit Ratings Dominion Energy, Inc. Moody’s S&P Fitch Corporate/Issuer Baa2 BBB+ BBB+ Senior Unsecured Debt Securities Baa2 BBB BBB+ Junior Subordinated Notes Baa3 BBB BBB Enhanced Junior Subordinated Notes Baa3 BBB- BBB- Preferred Stock Ba1 BBB- BBB- Short-Term/Commercial Paper P-2 A-
Slide 82: Credit ratings (cont'd)
Fixed income Credit Ratings (cont’d) East Ohio Gas Co. Moody’s S&P Fitch Corporate/Issuer A2 BBB+ A- Senior Unsecured Debt Securities A2 BBB+ A Outlook Stable Positive Stable DESC Moody’s S&P Fitch Corporate/Issuer Baa2 BBB+ A- First Mortgage Bonds A3 A A+ Short-Term/Commercial Paper P-2 A-2 F2 Outl
Slide 83: Company-modeled CFO pre-WC to debt
Fixed income Company-modeled CFO pre-WC to debt Net cash provided by operating activities (-) Changes in working capital Numerator (-) Capitalized interest (Note 2. Property, Plant and Equipment) Source: 10K (+) Depreciation component of operating leases (Note 15. Leases) 2021 one-time adjustments:
Slide 84: Schedule of liquidity position
Fixed income Schedule of liquidity position ($ billions, as of December 31, 2021) $6.9 ($2.0) $0.2 $5.1 $4.9 ($0.0) Total committed (-) Supplemental (=) (+) (=) bank lines Commercial paper facility drawn Total available Cash and short-term Total liquidity outstanding / LOC¹ capacity investment on av
Slide 85: Schedule of change in capitalization
Fixed income Schedule of change in capitalization Change in Debt (Long-Term Debt plus Securities Due Within One Year) Change in Mezzanine Equity Balance as of December 31, 2020 (1) $ 36,119 Balance as of December 31, 2020 $ - Issuances: Net change in Preferred Stock (4) 1,610 DEI 2021 Series A 1.45%
Slide 86: Pension overview
Pension Overview Total¹ Asset returns 16.9% Assets ($B) $11.9 Fixed 12.5% income 11.6% Allocation ~35% 9.8% 10.5% 2022 EROPA targets2 ~65% assumption: Equity³ 8.26% EROPA4 8.26% Funded status (GAAP) 110% 1-year 3-year 5-year 7-year 10-year 1 Allocation targets, EROPA and funded status shown as weigh