Dominion Energy, Inc. · NYSE:D
Dominion Energy — Q3 2024 Earnings Presentation
31 slides from Dominion Energy's earnings presentation, Nov 1, 2024
Slide 1: Q3 2024 earnings call
Q3 2024 earnings call November 1, 2024
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: Financial results and guidance
Financial results and guidance Operating earnings per share and long-term financial guidance Metric Amount Commentary Reflects normal weather impact on utility Q3 2024: Actual ($ per share)¹ $0.98 earnings in Q3 2024 guidance midpoint ($ per share) $2.75 No change 2024 guidance ($ per share) $2.68—$
Slide 4: Business review debt reduction initiatives completed
Business review debt reduction initiatives completed Significant quantitative and qualitative improvements to our credit profile 100% of after-tax proceeds used to reduce parent-level debt Approximate After-tax Debt Total debt months between ($B) Status proceeds transferred reduction Est. closing an
Slide 5: 2024 capital raising activities completed
2024 capital raising activities completed Expected fixed income activities¹ ($B) Original guidance Issued YTD Remaining Dominion Energy Virginia $2.0—$2.5 $2.2 (updated) ✓ Completed Dominion Energy South Carolina — — — Contracted Energy — — — DEI hybrid 0.7—2.0 2.0 ✓ Completed Consolidated $2.7—$4.5
Slide 6: Employee safety
Dominion Energy Employee safety OSHA recordable incident rate¹ ~74% safer than industry average 100 employees each work year Number of recordables per 1.78 1.70 1.44 1.34 1.32 1.06 1.02 1.04 1.00 0.92 0.88 0.80 0.65 0.68 0.62 0.46 0.52 0.41 0.45 0.44 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 7: Regulated offshore wind: Very successful first monopile driving season
Dominion Energy Virginia Regulated offshore wind: Very successful first monopile driving season Installation status as of October 31st Achieved first piling season targets Monopiles installed: 78 (updated) Pinpiles installed: 4 (updated) Achieved run-rate installation cadence of 25 foundations per m
Slide 8: Regulated offshore wind: On time and on budget
Dominion Energy Virginia Regulated offshore wind: On time and on budget (no change) ✓ Commenced monopile installation: May 2024 (no change) Timeline ✓ Expected construction completion: End of 2026 (no change) Permitting ✓ All federal permits received (no change) ✓ Received 96 monopiles from EEW at t
Slide 9: Regulated offshore wind: On time and on budget (costs)
Dominion Energy Virginia Regulated offshore wind: On time and on budget (no change) ▪ LCOE (updated): $56/MWh¹ compared to initial filing submission of $80 to $90/MWh¹ ▪ Legislative prudency cap (no change): $125/MWh² Original filing (Nov 2021) Prior update (May 2024) Current (Nov 2024) LCOE excludi
Slide 10: Regulated offshore wind: Continues to meet project milestones
Dominion Energy Virginia Regulated offshore wind: Continues to meet project milestones Last turbine installed / project COD 100% 43% First turbine complete installed (updated) First 75% transition piece Last transition First 4 pinpiles installed piece installed installed¹ ROD First monopile 50% inst
Slide 11: Charybdis (Jones Act compliant installation vessel)
Charybdis (Jones Act compliant installation vessel) Continues to achieve project milestones Selected project updates Side view of helideck ▪ Completion status (updated): 93% compared to previous update of 89% ▪ Expected completion date (narrowed): Early 2025 ▪ Consistent with previous guidance range
Slide 12: Northern Virginia leads the world in data center markets
Dominion Energy Virginia Northern Virginia leads the world in data center markets ▪ Connected 14 new data centers YTD and expect to connect 16 data centers total in 2024 (updated) ▪ Since 2013, averaged ~15 data center connections per year Data center annual connects Data center capacity additions p
Slide 13: Data center contracted capacity
Dominion Energy Virginia Data center contracted capacity 5GW/30% vs. July 2023 data center contracted capacity ~21.4 GW Substation Engineering Letter of Authorization (SELOA) ~16.5 GW SELOA: 7.6 GW ▪ Detailed engineering plan ▪ Costs reimbursed to Dominion Energy SELOA: 8.7 GW Construction Letter o
Slide 14: DOM Zone data center construction delivery point requests
Dominion Energy Virginia DOM Zone data center construction delivery point requests Annual number of requests Annual capacity requested (GW) Total: 280 since 2020 Total: ~40 GW since 2020 76 73 12.8 63 10.8 47 7.6 4.6 21 2.9 2020 2021 2022 2023 2024 YTD 2020 2021 2022 2023 2024 YTD Sept. Sept. 14
Slide 15: Selected business updates
Dominion Energy Virginia Selected business updates ✓ Submitted transmission project proposals in PJM’s latest open window ▪ Submitted individual proposals for transmission projects consistent with past PJM open windows as well as joint proposals with AEP and FE for regional solutions across PJM foot
Slide 16: Selected business updates: SMR nuclear MOU
Dominion Energy Virginia Selected business updates ✓ Announced MOU to explore advancement of SMR nuclear development in Virginia ▪ "This agreement builds on our longstanding partnership with Amazon and other leading tech companies to accelerate the development of carbon-free power generation in Virg
Slide 17: Affordability
Affordability Typical residential electric customer bills Current rate (cents per kWh)¹ Projected customer bill CAGR² (14%) (11%) 3.7% 16.6 14.3 14.8 2.7% 2.2% CAGR 2024—2039 CAGR 2024—2038 US Avg. Dominion Energy Dominion Energy Inflation Dominion Energy Dominion Energy Virginia South Carolina Virg
Slide 18: Regulatory updates
Dominion Energy Regulatory updates ✓ Comprehensive settlement agreement approved by the Public Service Commission of South Carolina DESC: ▪ Included Office of Regulatory Staff and other intervenors Electric base rate ▪ Authorized return on common equity of 9.94% case ▪ Regulatory capital structure o
Slide 19: Summary
Dominion Energy Summary ✓ Outstanding safety performance ✓ Reaffirmed all financial guidance from March 1 investor meeting and narrowed our 2024 operating earnings guidance range ✓ Offshore wind project is on time and on budget ✓ Investing to provide the reliable, affordable, and increasingly clean
Slide 20: Appendix
Appendix 20
Slide 21: Investor relations schedule
Investor relations schedule Key events Dates EEI Financial Conference November 10—12 RBC Capital Markets NDR (Australia) November 18—22 Bank of America Securities NDR (NYC) December 5 Evercore ISI Utility CEO Conference January 8—9 UBS Energy Conference January 13—15 More events to be added 21
Slide 22: Operating earnings per share
Operating earnings per share FY 2024 guidance FY 2024 guidance and Q4 key drivers compared to the prior year Q4 outlook and commentary $0.65 $2.83 ▪ Q4 2024 outlook relative to “illustrative” quarterly earnings cadence midpoint: $0.57 midpoint $2.75 midpoint Higher than budgeted financing costs $0
Slide 23: Data center request process
Dominion Energy Virginia Data center request process Typical data center request process from contact to connection 1 1 High level 2 Substation 3 Construction 4 Install 5 Electric Service assessment 2 Engineering Letter of infrastructure Agreement Letter of Authorization Authorization ▪ Identify inf
Slide 24: Regulated electric sales growth
Regulated electric sales growth DEV and DESC combined LTM¹ Q3 ’24 YoY weather normal sales growth² Regulated electric sales trends Residential Commercial Industrial Govt/Other Total ✓ Robust commercial load growth driven by Data Centers 5.7% ✓ Attractive customer growth across our Virginia and 2.5%
Slide 25: Customers
Customers State-regulated utilities Segment summary Q3 2024 State summary Three months ended Average customers September 30 Q3 2024 (M) DE ‘22-’24 CAGR South Carolina 1.3M DE Virginia 1.1% 2.8 31% DE South Carolina 2.6% 1.3 Electric 2.0% 0.8 4.1M State utility Gas 3.8% 0.5 customers Total utility cu
Slide 26: Weather: degree days
Weather Degree days Quarter ended 9/30 Nine months ended 9/30 2024 2023 2024 2023 Actual 0 2 1,838 1,677 Heating Normal 7 6 2,207 2,190 Dominion Energy Virginia Actual 1,205 1,224 1,857 1,585 Cooling Electric Normal 1,201 1,192 1,751 1,740 Actual 0 0 640 484 Heating Dominion Energy South Normal 0 0
Slide 27: Weather: after-tax impacts
Weather After-tax impacts ($M) Q1 Q2 Q3 Q4 2024 YTD Dominion Energy Virginia2 ($42) $16 $6 — ($20) Versus normal¹ Dominion Energy South (5) 9 (4) — 0 Carolina3 Total ($47) $25 $2 — ($20) Q1 Q2 Q3 Q4 2024 YTD $22 $67 ($8) — $81 Versus prior year¹ Dominion Energy Virginia2 Dominion Energy South 10 29
Slide 28: Fixed income: credit ratings
Fixed income Credit ratings Dominion Energy, Inc. Moody’s S&P Fitch Corporate/Issuer Baa2 BBB+ BBB+ Senior Unsecured Debt Securities Baa2 BBB BBB+ Junior Subordinated Notes Baa3 BBB BBB Enhanced Junior Subordinated Notes Baa3 BBB- BBB- Preferred Stock Ba1 BBB- BBB- Short-Term/Commercial Paper P-2 A-
Slide 29: Fixed income: schedule of long-term debt
Fixed income Preliminary and unaudited schedule of long-term debt as of September 30, 2024 ($M) Segment Financing Entity Description Maturity Weighted Avg. Coupon Short-term at 9/30/2024 Long-term at 9/30/2024 DE Virginia VEPCO Unsecured Senior Notes, fixed rates 2025-2054 4.38% $350 $18,435 DE Virg
Slide 30: Fixed income: schedule of debt maturities
Fixed income Schedule of debt maturities as of September 30, 2024 ($M) Financing Segment Due Date Entity DE Virginia DE SC Con Energy Corp & Other Total 2024 3.80% Tax-Exempt Financing 10/01/24¹ DGI sub - - 26 - 26 5.75% Enhanced Junior Subordinated Notes 10/08/24² DEI - - - 685 685 5.088% Senior Se
Slide 31: Fixed income: schedule of debt maturities
Fixed income Schedule of debt maturities as of September 30, 2024 ($M) Financing Segment Due Date Entity DE Virginia DE SC Con Energy Corp & Other Total 2027 3.60% 2020 Series B Senior Notes 03/15/27 DEI - - - 350 350 3.50% 2017 Series A Senior Notes 03/15/27 VEPCO 750 - - - 750 5.088% Senior Secure