Dominion Energy, Inc. · NYSE:D
Dominion Energy — Dominion Resources — Q1 2015 Earnings Presentation
15 slides from Dominion Energy's earnings presentation, May 4, 2015
Slide 1: 1st Quarter 2015 Earnings Call
1st Quarter 2015 Earnings Call May 4, 2015
Slide 2: Important Note to Investors
Important Note to Investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion and Dominion Midstream. The statements relate to, among other things, expectations, estimates and projections concer
Slide 3: Key Takeaways
Key Takeaways First Quarter 2015 Highlights – Dominion • Operating earnings of $0.99 per share at the top of first quarter guidance range* • Filed Virginia Electric and Power Company Biennial Review • Increased dividend 8% • Successfully completed acquisition of Carolina Gas Transmission – Dominion
Slide 4: Operating Earnings Summary
Operating Earnings Summary First Quarter 2015 $1.00 $0.99 1st Quarter Drivers $0.85 Weather Farmout earnings Merchant generation margins Guidance Actual Range Operating EPS* *See page 30 of the first quarter 2015 Earnings Release Kit for a reconciliation to GAAP. Please refer to page 2 for risks and
Slide 5: Operating EBITDA Summary
Operating EBITDA Summary First Quarter 2015 versus guidance (in $millions) Operating Guidance Actual Drivers Segment EBITDA EBITDA Dominion Virginia $375 - $405 $402 Weather Power Dominion Weather $640 - $725 $676 Generation Merchant margins Farmout earnings Dominion Energy $325 - $380 $413 Weather
Slide 6: Dominion Midstream Partners (DM)
Dominion Midstream Partners (DM) First Quarter 2015 Earnings and Distribution – Financial Results in line with Management expectations • Net Income $11.8 million • Adjusted EBITDA $11.8 million* • Distributable Cash Flow $11.9 million* – Distribution Results • Board declared 1Q 2015 cash distributio
Slide 7: Operating Earnings Guidance
Operating Earnings Guidance Second Quarter 2015 $0.75 2nd Quarter Drivers $0.65 $0.62 Normal Weather Absence of Millstone outage Va Power riders Higher operating expenses 2Q 2014 2Q 2015 EPS* Guidance* *See page 36 and 37 of the first quarter 2015 Earnings Release Kit for a reconciliation to GAAP. P
Slide 8: Hedged Power Update
Hedged Power Update Millstone Hedge Position 99% Hedged 88% Hedged 60% Hedged $65.06 $57.00 $52.43 $51.56 $51.49 $51.21 2014 2015 2016 NEPOOL Baseload Avg Hedge Position NEPOOL ATC Power Price 2015-2016 forward curves as of 4/17/15 Please refer to page 2 for risks and uncertainties related to projec
Slide 9: Operational Accomplishments
Operational Accomplishments – Dominion Virginia Power • Set new winter peak demand of 21,651 MWs – Dominion Generation • Nuclear fleet achieved net capacity factor of 97.7% • Power Generation utility fleet produced a record 13.6 million MWhs • Virginia City Hybrid Energy Center accomplished first ev
Slide 10: Regulatory and Legislative Update
Regulatory and Legislative Update – Virginia Legislation • Suspends biennial review until 2020-2021 review period • Requires annual Integrated Resource Plan filings • Declares 500 MWs of utility scale solar in public interest • Allows time to determine best path to compliance for Virginia to meet Cl
Slide 11: Dominion Generation Growth Projects Update
Dominion Generation Growth Projects Update – Brunswick County Brunswick • 60% complete – On Time, On Budget • Expect in service mid-2016 – Greensville County • Construction of a ~1,600 MW plant • Estimated Costs of $1.3 billion • File CPCN/Rider July 2015 • Expect in service late 2018 Subject to S
Slide 12: Dominion Generation Solar Update
Dominion Generation Solar Update – Utility Scale Solar in Virginia* • Announced plans to invest $700 million to build 400 MWs of solar • Announced Remington Power Station 20 MW solar facility Filed A-6 Rider and CPCN in January – Contracted Solar • 384 MWs currently in operation or under developme
Slide 13: Dominion Energy Growth Projects Update
Dominion Energy Growth Projects Update – Producer Outlet and Market Access Projects • Four outlet projects are on time and budget to add 1 Bcf/day by the end of 2016 • Four demand driven projects underway to add 0.5 Bcf/day by the end of 2017 – Farmout Activity • First quarter activity reinforces in
Slide 14: Dominion Energy Growth Projects Update: ACP and Cove Point
Dominion Energy Growth Projects Update – Atlantic Coast Pipeline & – Cove Point Liquefaction Supply Header • Engineering is ~80% • Held 14 open houses for ACP complete • Surveying 72% complete • Procurement of major • Engineering 42% complete equipment on schedule • Awarded large pipe contract in Ja
Slide 15: First Quarter 2015
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