Dominion Energy, Inc. · NYSE:D
Dominion Energy — Dominion Resources — Q1 2014 Earnings Presentation
13 slides from Dominion Energy's earnings presentation, Apr 30, 2014
Slide 1: 1st Quarter 2014 Earnings Call
1st Quarter 2014 Earnings Call April 30, 2014
Slide 2: Important Note to Investors
Important Note to Investors This presentation contains certain forward-looking statements, including forecasted operating earnings for second-quarter and full-year 2014, which are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management
Slide 3: 1Q14 Operating Earnings Summary
1Q14 Operating Earnings Summary $1.00 1st Quarter Drivers $1.04 Weather $0.85 Merchant generation margins Ancillary revenues Lower O&M Principal Exclusions from Operating EPS – Repositioning of Producer Services Guidance Actual – Goodwill write-off at unregulated Range Operating EPS* electri
Slide 4: Operating EBIT
Operating EBIT 1Q14 actual versus guidance (in $millions) Guidance Actual Drivers Weather Dominion $245-265 $269 Virginia Power Electric Transmission Dominion Transport & Storage revenues $290-320 $344 Energy Lower O&M Weather Dominion Ancillary revenues $475-525 $561 Generation Mercha
Slide 5: Financing
Financing Debt – Issued $750 million of 10 and 30-year notes at Virginia Power – Issued $400 million of 3-year notes at DRI • Anticipate issuing $1 billion at Dominion Gas and possibly another issuance at DRI MLP – Filed S-1 registration statement with SEC for IPO of common units of Dominion Mid
Slide 6: 2Q14 Operating Earnings Guidance
2Q14 Operating Earnings Guidance $0.55 to $0.65 2nd Quarter Drivers $0.62 Normal weather Regulated electric sales and electric transmission Interest expense Absence of electric retail business Operating expenses 2Q13 2Q14 EPS EPS* Guidance* * See pages 34 and 36 of the 1Q14 Earnings Releas
Slide 7: Hedged Power Update
Hedged Power Update Millstone Hedge 2014 2015 2016 Position 96% 80% 31% $65.53 $56.80 $58.03 $57.30 $55.44 $52.43 $52.38 $49.29 $/MWH 2013 2014 2015 2016 NEPOOL Baseload Avg. Hedge Price NEPOOL ATC Power Price 2014-2016 forward curves as of 4/21/14 Please refer to page 2 for risks and uncertainties
Slide 8: Operational Accomplishments
Operational Accomplishments Dominion Virginia Power – Set new winter peak demand of 19,785 MWs, an increase of more than 9% above previous record set in 2007 Dominion Generation – Nuclear fleet achieved capacity factor near 100% – Power Generation’s utility fleet produced a record 12.6 million M
Slide 9: Dominion Generation
Dominion Generation Warren County – ~85% complete – Expect in service in 4Q Brunswick County – Construction well underway – Expect in service mid-2016 WarrenCounty Warren County Bremo Conversion – Conversion of units 3 and 4 nearly complete – Expect commercial operation by middle of year Sol
Slide 10: Dominion Energy
Dominion Energy Allegheny Storage Project and Natrium to Market Project – Both expected in service in November New Market Project – Preparing the FERC application and expect in service November 2016 New Producer Outlet Project – Lebanon West II • 20-year agreement to move 130,000 dth/d from we
Slide 11: Dominion Energy
Dominion Energy Blue Racer update Permitted 1,400 Utica Well 1,200 – Contributed the G-150 pipeline Status and the Northern Gathering 1,000 System # of Wells Drilled 800 – Natrium II became operational this month 600 Producing – Fractionation capacity at Natrium 400 will be expanded by March 2015
Slide 12: Virginia Regulatory Update
Virginia Regulatory Update Distribution undergrounding legislation – Long-term program to place ~4,000 miles of most vulnerable distribution lines underground – Authorized to spend up to $175 million/year – Cost recovery through a rate adjustment clause, subject to SCC approval New nuclear and o
Slide 13: Visit our website at www.dom.com/investors
Visit our website at www.dom.com/investors.