Dominion Energy, Inc. · NYSE:D
Dominion Energy — Non-Deal Roadshow (December 2019)
24 slides from Dominion Energy's roadshow presentation, December 2019
Slide 1: Investor Meetings December 2019
Investor Meetings December 2019
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 Energy. The statements relate to, among other things, expectations, estimates and projections concerning the busines
Slide 3: Dominion Energy: National regulated energy infrastructure footprint
Dominion Energy National regulated energy infrastructure footprint $69B $102B ~20,000 6.7M 18 market cap assets employees utility states of customers operation ▪ 3.4M customers ▪ 3.3M customers Electric ▪ 10,200 electric transmission miles ▪ 15,900 gas transmission miles Gas ▪ 84,800 electric distri
Slide 4: Key investment themes
Dominion Energy Key investment themes Delivering exceptional value to our customers, communities, employees, and shareholders 95% $26B 15th Regulated + 2019—2023 Consecutive quarter² “like” operating growth capital at or above guidance income plan midpoint Utility-centric gas transmission & storage
Slide 5: Attractive business risk profile
Dominion Energy Attractive business risk profile Utility Regulated Regulated end-use “like” customer Virginia/NC ✓ State regulated S. Carolina ✓ ✓ ~95% Gas LDCs Regulated/ FERC Pipelines ✓ ✓ regulated-like regulated / Storage 2020E operating regulated earnings like Cove Point ✓ Contracted solar ✓ Ot
Slide 6: Operating earnings per share
Operating earnings per share Prior year actual versus guidance ($ per share) Fourth quarter Full-year 2019 $1.25 $1.25 $4.30 $1.10 $4.15 $1.10 $3.05 $0.89 Millstone refueling $0.88 Regulated investment 4Q18 Southeast Energy Grp. ▪ 2019 operating EPS: Millstone PPA $4.15 to $4.30 per share Gu
Slide 7: Business updates: Summary
Business updates Summary ▪ Effective date: October 1, 2019 Millstone ▪ Terms: 9 million MWh (55% of annual output) for 10 years; fixed price of $49.99 contract ▪ Positive outcome for Connecticut and region ▪ North Carolina (electric) — partial settlement, 9.75% ROE Regulatory ▪ Utah (gas distributio
Slide 8: Updated reporting segments: Overview
Business updates Updated reporting segments: Overview Dominion Energy Dominion Energy Dominion Energy Dominion Energy Dominion Energy Gas Transmission Contracted Virginia Gas Distribution South Carolina & Storage Generation NY CT UT CT OH VA PA States of WY OH MD ID WV SC CA IN WV WY VA operation NC
Slide 9: Business updates: Cove Point equity recap
Business updates Summary ▪ $2.1B equity recapitalization¹ ▪ 25% passive investment by an affiliate of Brookfield Cove Point ▪ Rationale: Redeployment of capital from low-growth to robust regulated growth equity ▪ Export project construction cost: ~$4.1B recap ▪ Transaction implied enterprise value:
Slide 10: Business updates: Virginia
Business updates Virginia Summary ▪ Key approvals received for 12MW pilot project; in-service late 2020 ▪ Announced largest U.S. offshore wind development totaling 2.6GW; Offshore embraces Governor Northam’s executive order 43 challenge to accelerate deployment wind ▪ Three phases of 880MW each; Tar
Slide 11: Gas distribution operations
Business updates Gas distribution operations South Carolina ▪ Strong customer growth ▪ Successful integration efforts with focus on operational excellence ▪ Executing on $2 billion, 5-year rider investment programs incl. pipeline replacement ▪ Restored service disruptions from Hurricane Dorian (~40%
Slide 12: Atlantic Coast Pipeline
Business updates Atlantic Coast Pipeline Appalachian Trail crossing Biological Opinion Milestone Est. timing Milestone Est. timing SCOTUS grants cert ✓ Court order (Oct 4) (July 26) No later than Winter of Final SCOTUS decision Reissuance June 2020 2019/20 Recommence full Recommence partial Soon t
Slide 13: One of country's most sustainable + innovative energy brands
Business updates One of country’s most sustainable + innovative energy brands 2018 Sustainability and Electric school buses Renewable Natural Gas Corporate initiative (RNG) Responsibility Report Renewable Natural ▪ Most comprehensive report to ▪ Replace Electric 100%School Buses of ~13,000 ▪ Increas
Slide 14: Environmental, Social, and Governance overview: Environmental
Environmental, Social, and Governance overview Environmental Electric generation mix (MWH) Petroleum Hydro, Biomass Solar, Wind, Other 4% 1% Biomass, Hydro 1% Coal Natural gas 5% 12% 7% Coal 2005 47% 2018 Nuclear Natural gas 43% Nuclear 39% 40% Dominion Energy carbon emissions (million metric tons)
Slide 15: Environmental, Social, and Governance overview: Environmental
Environmental, Social, and Governance overview Environmental 55% reduction in carbon emissions by 2030 (vs. 2005); 80% by 2050 (vs. 2005) 50% reduction in methane emissions by 2030 (vs. 2010) Sustainable Innovation, technology, Zero-carbon generation natural gas resiliency ✓ Renewable enabling resou
Slide 16: Environmental, Social, and Governance overview: Social
Environmental, Social, and Governance overview Social ✓ Paramount among our core values of safety, ethics, excellence, embrace change, and one Dominion Energy Safety ✓ 2018 was our best safety year in history and we have seen a 50% reduction in injury rate in the past decade ✓ $12M contributed to En
Slide 17: Environmental, Social, and Governance overview: Governance
Environmental, Social, and Governance overview Governance Board of Directors initiatives ▪ SCR Committee newly formed in 2018 Sustainability and ▪ Oversees Dominion Energy’s performance as a sustainable organization ▪ Scope includes Corporate – Protection and improvement of the environment Responsib
Slide 18: Appendix
Appendix Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 18
Slide 19: Leadership as of December 1, 2019
Appendix Leadership as of December 1, 2019 Thomas F. Farrell, II Chairman, President and Chief Executive Officer Robert M. Blue James R. Chapman Diane Leopold Carter M. Reid Co-COO; Executive Vice Co-COO; Chief of Staff for Responsible for President, Chief Responsible for Dominion Energy Dominion En
Slide 20: Track-record of successful execution
Appendix Track-record of successful execution Operating EPS (adjusted for normal weather) vs. guidance Upper end guidance Guidance midpoint Lower end guidance 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2
Slide 21: GTSA-related investment summary
Appendix GTSA-related investment summary Virginia Strategic Grid Environmental Utility solar off-shore wind undergrounding transformation upgrades Status Approved: $0.1B Approved: $0.5B Approved: $0.3B Approved: $0.5B Approved: $0.3B (to date) Pending: $0.5B Pending: $0.2B Anticipated program 2.5+ G
Slide 22: Atlantic Coast Pipeline
Appendix Atlantic Coast Pipeline Reflects judicial solution to Appalachian Trail crossing Assumed Permit/authorization Agency Current status resolution (timing) U.S. Fish & Wildlife Service Vacated Reissuance Biological Opinion (USFWS) (July 2019) (Winter of 2019/20) U.S. Army Corps of Engineers Vol
Slide 23: Updated reporting segments: Financing structure overview
Appendix Updated reporting segments: Financing structure overview Dominion Energy (DEI) Dominion Dominion Energy Dominion Energy Dominion Energy Contracted Energy Gas Transmission Gas Distribution South Carolina Generation Virginia & Storage New DEGH VEPCO DETI DEO DESC Millstone Cove Point Questar
Slide 24: Highlighted ESG statistics
Appendix Highlighted ESG statistics 2018 reporting year, unless noted¹ ▪ Safety: 0.55 OSHA recordable incident rate ▪ Carbon emissions intensity: 0.273 metric tons/net MWh ▪ Fresh water withdrawals (consumptive): 0.00000017 billion liters/net MWh ▪ Methane emissions: 63,543 metric tons² ▪ Supplier d