Dominion Energy, Inc. · NYSE:D
Dominion Energy — Shareholder Meeting (May 2021)
40 slides from Dominion Energy's shareholder meeting presentation, May 5, 2021
Slide 1: Annual Meeting of Shareholders
May 5, 2021 Annual Meeting of Shareholders
Slide 2: Remembering Tom Farrell
Remembering Tom Farrell A legacy of leadership 2
Slide 3: Agenda
Agenda 1. Call to Order 2. Report on Quorum and Presentation of Matters to be Voted Upon (Polls Open) 3. Vote on Matters Properly Presented Before the Meeting (Polls Closed) 4. Report on Results of Balloting 5. Adjournment 6. CEO’s Report 7. Q&A Session 3
Slide 4: Items to be voted upon
Item 1 – Election of Directors Item 2 – Advisory Vote on Approval of Executive Compensation (Say on Pay) Item 3 – Ratification of Appointment of Independent Auditor Item 4 – Shareholder Proposal Regarding a Report on Lobbying Item 5 – Shareholder Proposal Regarding a Policy to Require an Independent
Slide 5: Item 1 – Election of Directors
Item 1 – Election of Directors James A. Bennett Robert M. Blue Helen E. Dragas Admiral D. Maybank Hagood Ronald W. Jibson (Chair) James O. Ellis, Jr. Mark J. Kington Joseph M. Rigby Pamela J. Royal, M.D. Robert M. Spilman, Jr. Susan N. Story Michael E. Szymanczyk (Lead Director) 5
Slide 6: Item 2 – Advisory Vote on Approval of Executive Compensation (Say on Pay)
Item 2 – Advisory Vote on Approval of Executive Compensation (Say on Pay) Item 3 – Ratification of Appointment of Independent Auditor Item 4 – Shareholder Proposal Regarding a Report on Lobbying Item 5 – Shareholder Proposal Regarding a Policy to Require an Independent Chair Item 6 – Shareholder Pro
Slide 7: Annual Meeting of Shareholders
May 5, 2021 Annual Meeting of Shareholders Robert M. Blue Chair, President & CEO Dominion Energy, Inc.
Slide 8: Important Note to Investors
Important Note to Investors This presentation contains certain forward-looking statements that are subject to various risks and uncertainties. The statements relate to, among other things, expectations and projections. Actual results may differ from expectations, estimates and projections and, conse
Slide 9: CEO's Report
CEO’s Report Delivering Clean, Reliable, Affordable Energy & Becoming the Most Sustainable Energy Company in America 1. Year of Change 2. Our Core Values & Our Mission 3. Empowering Our People 4. Serving Customers & Communities 5. Investors: Sustainable Growth Plan 6. Summary 7. Q&A Session 9
Slide 10: Year of Change
Year of Change 10
Slide 11: Dominion Energy – May 2020
Dominion Energy — May 2020 © Electric Distribution "Regulated Gas — Electric Transmission Disinbution Lines (Bulk Delivery) & Biomass = Gas Transmission 1B Coal Pipelines* Hydro + Proposed Atlantic IB Natural Gas Coast Pipeline et nih © Electric and Natural uclear Gas Distribution © Oil/Gas (South C
Slide 12: Dominion Energy – Today
‘so Doe 3, 2020. 1 Electric Distribution = Electric Tenemission Lines {Balk Delivery) “= Eloctrc and Natural Gas Distution (South Carona} ‘A Cove Point LNG = Faclty end Related Pipelines! | Regulated Gas Distribution 1 Biomass Coat Hydro Natural Gas Nuclear mw OINGas moi (© Renewable Natural Gas (RN
Slide 13: Our Core Values
Our Core Values ONE SAFETY ETHICS EXCELLENCE EMBRACE DOMINION CHANGE ENERGY 13
Slide 14: Core Values
Core Values Our Mission: A Stakeholder-Driven Approach Delivering clean, reliable, Protecting the Serving our customers and Empowering our Creating shareholder affordable energy environment communities employees value 14
Slide 15: Empowering Our People
Empowering Our People 15
Slide 16: Safety Recognition
Safety Recognition American Gas Association Southeastern Electric Exchange 16
Slide 17: Employee Safety
Employee Safety Five-year performance OSHA Recordable Injury Rate Lost Time/Restricted Duty Rate 0.68 0.65 0.62 0.44 0.41 0.29 0.29 0.28 0.27 0.23 2017 2018 2019 2020 YTD 2017 2018 2019 2020 YTD 2021 2021 17
Slide 18: Employee Diversity & Inclusion
Employee Diversity & Inclusion Diverse hiring • 27% in 2013 • 50% in 2020 • 58.1% year-to-date diverse hiring Workplace representation • Goal: to increase diversity as a percentage of our workforce by 1 percentage point a year until we reach at least 40% Virtual Student Diversity Conference 18
Slide 19: Innovation
Dominion Energy Innovation Expo NNG » ail tT] I a Z Showroom yale I . Innovation En
Slide 20: Serving Customers & Communities
Serving Customers & Communities 20
Slide 21: Customers
Customers Dominion Energy Virginia, Dominion Energy South Carolina rate comparisons Residential electric rates (cents per kWh) 18.4 13.4 13.4 12.7 12.2 11.7 11.7 DEV VA U.S. RGGI DESC SC U.S. DEV (Virginia) DESC (Electric) Source: EIA, table 5.6.A. as of November 2020 (https://www.eia.gov/electricit
Slide 22: Supporting Customers
Supporting Customers Dominion Energy Virginia • Hurricane Isaias • February ice storms • Successful completion of 75 station outages Nuclear fleet • Five refueling outages Record outage at V.C. Summer Gas Distribution • Exceptional performance during extreme cold weather $183 million in Western
Slide 23: Community Commitment
Community Commitment At a glance Support for nonprofits • $32 million Employee volunteerism • 61,500 hours Support for customers • $18 million for energy assistance • $206 million in Virginia arrears relief • 255,000 customer disconnections avoided Pandemic relief • $4 million in direct assistance •
Slide 24: Communities: Social Justice, Educational Equity
Communities: Social Justice, Educational Equity Support for social justice, community rebuilding • $5 million We Care Rebuild Project Lawyers’ Committee for Civil Rights Under Law HBCU Promise • $25 million to 11 HBCUs in Virginia, South Carolina, Ohio and North Carolina Dominion Energy Educatio
Slide 25: Investors: Sustainable Growth Plan
Investors: Sustainable Growth Plan Creating shareholder value while protecting the environment 25
Slide 26: 2020 Investor Highlights
2020 Investor Highlights Growth capital expenditures/programs – $4.3 billion total • $1 billion for electric transmission projects at Dominion Energy Virginia • 466 megawatts of solar generating capacity that entered service (capex: $760 million) • $358 million spent on gas distribution replacement,
Slide 27: $32 Billion growth capex plan; $26 Billion clean energy
$32 Billion * growth capex plan (2021-25) $26 Billion * expected to be spent on clean energy and clean energy-enabling infrastructure *Subject to regulatory and/or Board approvals. Please refer to “Important Note to Investors” on Slide 8. 27
Slide 28: Long-Term Growth Prospects
Long-Term Growth Prospects 2020 – 2035 total opportunity Gas distribution modernization/ 2020 – 2025 portion of total opportunity Electric grid RNG Nuclear transformation Up to $9B ~$72B life extension Up to $15B Total Energy opportunity storage Up to $4B¹ Solar Up to $7B Offshore wind Up to $20B Up
Slide 29: Offshore Wind: Initial 2.6 GW Deployment
OFFSHORE WIND Initial 2.6 GW Deployment • 2,000 construction & permanent clean energy jobs • in Virginia in • ~$300 million economic output & pay & benefits/year • ~$11 million state, local tax revenue per year • 2019 initial estimated cost: $8 billion* *Subject to regulatory and/or Board approvals.
Slide 30: Offshore Wind: Installation Vessel
OFFSHORE WIND Installation Vessel • $550 million • Jones Act-compliant • in • Serve East Coast projects, including ours • To be based in Hampton Roads region Please refer to “Important Note to Investors” on Slide 8. 30
Slide 31: Projected Solar Buildout
PROJECTED SOLAR BUILDOUT* 13.4 GW 10.0 GW 6.4 GW 2.2 GW 0 GW 2013 2020 2025 2030 2035 Please refer to “Important Note to Investors” on Slide 8. *Subject to regulatory and/or Board approvals. 31
Slide 32: Up to $4 billion to relicense Surry & North Anna
NUCLEAR Up to $4 billion to relicense Surry & North Anna • Only source of baseload, carbon-free electricity • Operational into 2050s *Subject to regulatory and/or Board approvals. Please refer to “Important Note to Investors” on Slide 8. 32
Slide 33: Up to $9 billion for gas distribution modernization / RNG
NATURAL GAS Up to $9 billion for gas distribution modernization / RNG over next 15 years * • Replacements/environmental • RNG (dairy & swine) • Hydrogen-blending *Subject to regulatory and/or Board approvals. Please refer to “Important Note to Investors” on Slide 8. 33
Slide 34: Energy Efficiency Programs
Energy Efficiency Programs At least $1 billion already spent or planned for expenditure on energy efficiency programs (2018-2030)* EnergyShare • ~15,000 participants in four states in 2020 Programs • Weatherization • LED light bulbs • ENERGY STAR appliances *Subject to regulatory and/or Board approv
Slide 35: Environmental: Generation by Fuel Type
Environmental: Generation by Fuel Type Electric generation by fuel type (Mwh) Past: Present: Future: 2005 2020 2035 (est) Renewable 1% 5% 35% ~69% zero carbon Nuclear 36% 40% 34% ~99% zero/low Natural gas 7% 45% 30% carbon Coal 52% 10% 1% 4% 0% 0% Other Note: Historical data pro forma for SCANA merg
Slide 36: Dominion Energy Virginia Rates Growth
Dominion Energy Virginia Rates Growth Historic growth rate1 Projected bill CAGR1 (2008—2020) (inclusive of VCEA investment) 2.9% 2.1% 2.3% 1.8% 0.7% Avg. annual DEV Avg. annual inflation 2008—2030E 2019—2030E 2021E CPI inflation customer bill growth Committed to safety, reliability, and affordabilit
Slide 37: Stock Price Performance
Stock Price Performance Since Investor Day (Feb. 12, 2021) 83 81 $80.37 79 77 75 $73.06 73 71 D: 10.0% 69 UTY: 5.4% 67 65 2/11 3/12 4/10 Source: Bloomberg 37
Slide 38: Compelling Investment Proposition
Compelling Investment Proposition Comprehensive total shareholder return 6.5% ~3.2% ~10% Industry-leading EPS growth rate dividend shareholder ESG through 2025 yield return profile 6% Industry’s largest Five-year regulated decarbonization annual dividend Pure-play $32B growth state-regulated investm
Slide 39: Summary
Summary YEAR OF CORE VALUES EMPLOYEES CUSTOMERS & INVESTORS CHANGE COMMUNITIES 39
Slide 40: Q&A Session
Q&A Session DominionEnergy.com 40