About Dominion Energy, Inc.
Dominion Energy dominates the American energy market as one of its top distributors of electricity and natural gas. The company serves some 7 million retail energy customers across eight US states, with a special concentration in Virginia, the Carolinas, and Ohio. The company boasts an impressive energy portfolio with about 30,700 MW of generating capacity, as well as one of the largest underground natural gas storage systems with 1 trillion cu. ft. of capacity. Operating subsidiaries include Virginia Power, and Dominion Energy Gas.
In 2019, Dominion Energy strategically realigned its segments which resulted in the formation of five primary operating segments: Dominion Energy Virginia, Gas Transmission & Storage, Gas Distribution, Dominion Energy South Carolina and Contracted Generation.
The Dominion Energy Virginia segment is composed of Virginia Power's regulated electric transmission, distribution (including customer service) and generation (regulated electric utility and its related energy supply) operations, which serve approximately 2.6 million residential, commercial, industrial and governmental customers in Virginia and North Carolina. The segment accounts for about 45% total sales.
Gas Transmission & Storage segment includes FERC regulated interstate natural gas transmission pipeline and underground storage systems in the eastern and Rocky Mountain regions of the U.S. (primarily through DETI, DECG and Dominion Energy Questar Pipeline), LNG import/export and storage (through its 75% controlling interest in Cove Point) as well as a 50% noncontrolling partnership interest in Iroquois. It also includes nonregulated retail natural gas marketing, development of renewable natural gas and LNG infrastructure and its investments in Atlantic Coast Pipeline, Align RNG and Wrangler. The segment accounts for about 20% of total sales.
The Dominion Energy South Carolina segment is comprised of DESC's generation, transmission and distribution of electricity to approximately 740,000 customers in the central, southern and southwestern portions of South Carolina and the distribution of natural gas to approximately 390,000 residential, commercial and industrial customers in South Carolina. The segment accounts for more than 15% of total sales.
The Gas Distribution segment includes Dominion Energy's regulated natural gas sales, transportation, gathering and distribution operations in Ohio, West Virginia, North Carolina, Utah, southwestern Wyoming and southeastern Idaho (through East Ohio, Hope, PSNC and Questar Gas) which collectively serve approximately 3.0 million residential, commercial and industrial customers. The segment accounts for nearly 15% of total sales.
The Contracted Generation segment includes the operations of Millstone, and associated energy marketing and price risk activities, and Dominion Energy's long-term contracted renewable electric generation fleet as well as a 50% noncontrolling partnership interest in Fowler Ridge. The segment accounts for about 5% of total sales.
Headquartered in Richmond, Virginia, Dominion has operations in 18 states. Its Virginia Power subsidiary distributes power in North Carolina and Virginia.
Its East Ohio Gas, Hope Gas, and Questar subsidiaries distribute gas in Ohio, West Virginia, Utah, Wyoming, and Idaho..
Sales and Marketing
Dominion primarily sells electricity to retail customers consisting of residential homes and commercial businesses. Its subsidiary, Virginia Power includes customers such as residential, commercial and industrial customers, as well as rural electric cooperatives and municipalities. The company serves more than 7 million utility and retail energy customers.
Dominion has seen a steady rise in revenue in recent years, with sales growing 42% between 2015 and 2019. Net income has fluctuated in recent years.
Revenue increased 23% in 2019 to some $16.6 billion due to a $1.5 billion increase from the SCANA Combination, due to operations acquired ($2.5 billion), partially offset by a $1.0 billion charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project.
Net income declined 45% to about $1.4 billion in 2019, primarily due to charges for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, litigation acquired in the SCANA Combination, a voluntary retirement program, the planned early retirement of certain Virginia Power electric generation facilities and the absence of gains on the sales of certain equity method investments.
The company ended 2019 with $269 million in cash, down $122 million from 2018. Operating activities contributed $5.2 billion, while investing activities used $4.6 billion (mostly construction costs), and financing activities used $704 million mainly for debt and dividend payments.
Dominion is focusing on its regulated power and gas infrastructure assets to reduce its exposure to volatile energy markets. It acquired western US gas utility Questar in 2016 and southeastern US utility SCANA in 2019. The firm exited certain retail energy marketing operations in 2018; it also sold three merchant power generation plants for $1.3 billion and its 50% stake in midstream gas services provider Blue Racer for $1.2 billion.
Dominion's five-year investment plan for the 2019-23 period includes a focus on upgrading the electric system in Virginia through investments in additional renewable generation facilities, smart meters, customer information platform, intelligent grid devices and associated control systems, physical and cyber security investments, strategic undergrounding and energy conservation programs. Dominion Energy also plans to upgrade its gas and electric transmission and distribution networks and meet environmental requirements and standards set by various regulatory bodies.
Mergers and Acquisitions
In early 2019 Dominion acquired SCANA Corporation in a transaction valued at $13.4 billion, adding some 1.6 million customers to Dominion's already massive base and expanding its power and gas utility operations in the Carolinas. SCANA and its subsidiaries, including South Carolina Electric & Gas Company, Public Service Company of North Carolina, and SCANA Energy Marketing, became part of Dominion's newly formed Southeast Energy segment. The deal included the assumption of financial obligations (including customer refunds) related to two SCANA nuclear reactors that will not be completed due to construction delays and cost overruns.
Also in 2019, Dominion acquired the remaining interest in majority owned subsidiary Dominion Energy Midstream Partners through a share exchange transaction valued at about $1.6 billion.
In addition, the company acquired two solar projects in Virginia and one solar project in South Carolina in 2019. The previous year, it purchased two solar projects in North Carolina and Virginia for $250 million.
Dominion Energy traces its roots to the founding of the Upper Appomattox Company in Virginia in 1795. The company managed water rights and eventually ran power plants. The Virginia Railway and Power Company (VR&P) acquired Upper Appomattox in 1909, along with several other utilities in the following year. VR&P became Virginia Electric and Power Company (Virginia Power) after being acquired by engineering firm Stone & Webster in 1925. Virginia Power acquired Virginia Public Service Company and built numerous power plants in the following years. It expanded into gas exploration in the 1990s.
In 2000 Dominion bought Consolidated Natural Gas (CNG) for $9 billion, making it one of the largest fully integrated gas and electric power companies in the US; it then sold CNG's Virginia Natural Gas to AGL Resources and the two firms' combined Latin American assets to Duke Energy. It sold its telecom business in 2004, the bulk of its oil and gas exploration operations in 2007, and utility Peoples Natural Gas in 2010. In 2016 Dominion bought gas utility Questar for $4.4 billion.
In 1983 Dominion Resources was incorporated as a parent company for Virginia Power. The holding company changed its name to Dominion Energy in 2017.
120 Tredegar St
Richmond, VA 23219-4306
Phone: 1 (804) 819-2000
Employer Type: Publicly Owned
Stock Symbol: D
Stock Exchange: , NYSE
Chairman, President and CEO: Thomas F. Farrell
SVP Operations, Engineering and Construction: Scot C. Hathaway
EVP and CFO: Mark F. McGettrick
Employees (This Location): 505
Employees (All Locations): 19,100
Roanoke Rapids, NC
New Hartford, NY
Silver Springs, NY
New Franklin, OH
Port Washington, OH
Saint Clairsville, OH
Beaver Falls, PA
Big Run, PA
Harrison Valley, PA
Cedar City, UT
Park City, UT
Salt Lake City, UT
St George, UT
Glen Allen, VA
New Canton, VA
South Boston, VA
South Hill, VA
Virginia Beach, VA
Jane Lew, WV
Mount Storm, WV
Pine Grove, WV
Rock Springs, WY