Dominion Energy, Inc. · NYSE:D
Dominion Energy — Corporate Update (October 2024)
21 slides from Dominion Energy's corporate update, Oct 18, 2024
Slide 1: Dominion Energy Virginia and North Carolina 2024 Integrated Resource Plan (IRP)
Short-Term Dominion Energy Virginia and North Carolina 2024 Integrated Resource Plan (IRP) Phase 4 Final Meeting: Review of the filed IRP October 18, 2024 Powering Your Every Day. SM 1
Slide 2: IRP Stakeholder Process: Status Update
IRP Stakeholder Process: Status Update Early-Stage IRP Phase One: Development Initial planning and first meeting with stakeholders (Complete) IRP proceeding Collect Initial Winter and final order Inputs Phase Two: Stakeholders meet in small groups with facilitators Fall Spring (Complete) Phase Three
Slide 3: Stakeholder Feedback in the IRP
Stakeholder Feedback in the IRP IRP Document IRP Appendix IRP Stakeholder Process “Stakeholder Process Report included as Highlights” in the document Appendix 1. Provides an to point out areas of input overview of the stakeholder incorporated into the process as well as a quantitative and qualitativ
Slide 4: Current Challenges to Reliability
Current Challenges to Reliability • Retirements in PJM • PJM Load Forecast • Changes to the PJM Market o Effective Load Carrying Capability (ELCC) o Capacity Auction Results • Environmental Regulations Powering Your Every Day. SM 4
Slide 5: 2024 PJM Derived Load Forecast
2024 PJM Derived Load Forecast 2024 PJM Derived Load Forecast 4.8% CAGR – DOM Zone Coincident Peak for DOM Zone 2.8% CAGR – DOM LSE Powering Your Every Day. SM 5
Slide 6: PJM Load Forecast Year Comparison
PJM Load Forecast 4 Year Comparison Powering Your Every Day. SM 6
Slide 7: PJM's ELCC Ratings Comparison
PJM’s 10 Year ELCC Ratings Comparison 95% 93% 82% 82% 79% 78% Effective Load Carrying Capability (ELCC) provides a means to calculate the 62% 59% 60% capacity contribution of all 55% resources, as it captures the expected performance of 43% resources during tight RTO- 37% 38% wide system operation h
Slide 8: PJM Capacity Base Residual Auction
PJM Capacity Base Residual Auction Results Drivers • Changes in Capacity Rules o Dominion moved from Fixed Resource Requirement (FRR) to Reliability Pricing Model (RPM) • PJM auction resulted in higher prices due to: o Load Growth in PJM o Decrease in Supply due to Retiring Generation o ELCC rating
Slide 9: Environmental Regulations
Environmental Regulations Environmental Regulations 2024 IRP Modeling Inputs Limit capacity factors for new gas units: Section 111 (b) of Clean Air Act 40% (Advanced-Class CTs and 2x1 CCs), 20% or less (F-Class CTs) Section 111 (d) of Clean Air Act Assume conversion to 100% gas* Compliance costs inc
Slide 10: IRP Summary - 2023 vs. 2024
IRP Summary - 2023 vs. 2024 Assumptions Generation Resources Comparison Key Metrics 2023 IRP 2024 IRP Solar MW 12,210 15 year + 10,875 IRP Plan Timeframe 15 year only 25 year Storage MW 4,100 PJM Dom Zone Load Growth 4.5% 4.8% 2,370 Dom LSE Load Growth 3.0% 2.8% Wind MW 3,460 3,040 Dom Zone Capacity
Slide 11: Summary of Portfolios
REC RPS Only REC RPS Only Name VCEA with EPA VCEA without EPA NCUC Directed Stakeholder Input with EPA without EPA Summary of Portfolios Primary Portfolios Sensitivity Stakeholder Process RPS and VCEA RPS and VCEA Stakeholder input with RPS Only RPS Only NCUC Solar and Storage Description Developmen
Slide 12: REC RPS Only with EPA Portfolio
REC RPS Only with EPA Portfolio Natural Gas- Capacity Year Solar PPA Solar COS Solar DER Wind Storage Nuclear Retirements Fired Purchases 2025 20 - - - - - - 2,352 - 2026 - - - - 150 - - 3,200 - 2027 206 - 4 - 92 - - 2,300 - 2028 482 - - - 485 - - 2,800 - 2029 1,020 - - - 350 - - 2,700 - 2030 1,020
Slide 13: REC RPS Only without EPA Portfolio
REC RPS Only without EPA Portfolio Natural Gas- Capacity Year Solar PPA Solar COS Solar DER Wind Storage Nuclear Retirements Fired Purchases 2025 20 - - - - - - 2,352 - 2026 - - - - 150 - - 3,200 - 2027 206 - 4 - 92 - - 2,300 - 2028 482 - - - 485 - - 2,800 - 2029 1,020 - - - 350 - - 2,700 - 2030 1,0
Slide 14: VCEA with EPA Portfolio
VCEA with EPA Portfolio Natural Gas- Capacity Year Solar PPA Solar COS Solar DER Wind Storage Nuclear Retirements Fired Purchases 2025 - - - - - - - 2,352 - 2026 - - - - - - - 3,200 - 2027 - - - - - - - 2,300 - 2028 - - - - 250 - - 2,800 - 2029 591 429 45 - 350 - - 2,800 - 2030 591 429 66 - 350 944
Slide 15: VCEA without EPA Portfolio
VCEA without EPA Portfolio Natural Gas- Capacity Year Solar PPA Solar COS Solar DER Wind Storage Nuclear Retirements Fired Purchases 2025 - - - - - - - 2,352 - 2026 - - - - - - - 3,200 - 2027 - - - - - - - 2,300 - 2028 - - - - 250 - - 2,800 - 2029 591 429 45 - 350 - - 2,800 - 2030 591 429 66 - 350 -
Slide 16: Summary Results of Primary Portfolios
Summary Results of Primary Portfolios REC RPS Only REC RPS Only VCEA VCEA with EPA without EPA with EPA without EPA Approximate CO2 Emissions from 19.6 M 25.0 M 19.3 M 24.6 M Company in 2029 (Metric Tons) Solar (MW) 11,932 11,932 12,210 12,210 Wind (MW) 3,460 3,460 3,460 3,460 Storage (MW) 4,577 4,5
Slide 17: NCUC Directed Sensitivity
NCUC Directed Sensitivity Natural Gas- Capacity Year Solar PPA Solar COS Solar DER Wind Storage Nuclear Retirements Fired Purchases 2025 - - - - - - - 2,352 - 2026 - - - - - - - 3,200 - 2027 - - - - - - - 2,300 - 2028 - - - - 300 - - 2,800 - 2029 591 429 45 - 300 - - 2,800 - 2030 591 429 66 - 250 94
Slide 18: NPV Results ($B)
NPV Results ($B) Sensitivities $123.0 Primary Portfolios $110.0 $104.3 $105.6 $102.9 $102.0 $100.2 $100.4 $97.3 $97.0 $96.1 $83.1 REC RPS Only REC RPS Only VCEA without VCEA with EPA PJM High Load PJM Low Load Company Load High Fuel Low Fuel High Capital Low Capital NCUC Directed with EPA without EP
Slide 19: Stakeholder Input Case
Stakeholder Input Case • Doubling amount of solar to • Doubling the amount of SMRs to • Increasing capacity purchase limit to 2,040 MW annually 2 units annually 5,000 MW per year • Doubling amount of storage to • Adding another 2,600 MW of 700 MW annually offshore wind Powering Your Every Day. SM 19
Slide 20: VA Monthly Residential Customer Bill Analysis
VA Monthly Residential Customer Bill Analysis* CAGR - 2019 CAGR - 2024 3.51% 3.59% 3.62% 3.73% 2.80% 2.83% 2.66% 2.70% 2035 2039 2035 2039 2024 w/o EPA 2024 w/ EPA 2024 w/o EPA 2024 w/ EPA Projected Bill 12/31/2019 $122.66 05/01/2020 $116.18 10/01/2024 $142.77 Year End 2035 $215.62 Year End 2039 $21
Slide 21: Thank You!
Thank You! Powering Your Every Day. SM 21