Dominion Energy Files 2023 Annual Report on Form 10-K

TL;DR

<b>Dominion Energy filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

DOMINION ENERGY, INC (D) filed a Annual Report (10-K) with the SEC on February 23, 2024. Dominion Energy, Inc. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The filing includes information for Dominion Energy, Inc. (Central Index Key: 0000715957) and its subsidiary Virginia Electric & Power Co. (Central Index Key: 0000103682). The company's principal business is Electric Services, with SIC code 4911. The filing was submitted on February 23, 2024. The company is incorporated in Virginia (VA).

Why It Matters

For investors and stakeholders tracking DOMINION ENERGY, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Dominion Energy's financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial stability, regulatory environment, and future growth prospects in the electric services sector.

Risk Assessment

Risk Level: medium — DOMINION ENERGY, INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. However, the utility sector is subject to significant regulatory and capital expenditure risks, which are inherent in such filings.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Dominion Energy's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period)
• 20240223 — Filing Date (Date the 10-K was filed)
• 0000715957 — Central Index Key (Dominion Energy, Inc.)
• 0000103682 — Central Index Key (Virginia Electric & Power Co.)
• 4911 — SIC Code (Electric Services)

Key Players & Entities

• DOMINION ENERGY, INC (company) — Filer name
• 0000715957 (company) — Central Index Key for Dominion Energy, Inc.
• VIRGINIA ELECTRIC & POWER CO (company) — Subsidiary filer name
• 0000103682 (company) — Central Index Key for Virginia Electric & Power Co.
• VA (company) — State of incorporation
• 4911 (company) — Standard Industrial Classification for Electric Services
• 20231231 (date) — Fiscal year end
• 20240223 (date) — Filing date

FAQ

Industry Context

Dominion Energy operates within the regulated electric utility industry, providing electricity and natural gas services primarily in Virginia and other Mid-Atlantic states.

Regulatory Implications

As a regulated utility, Dominion Energy is subject to oversight by state public utility commissions and federal agencies, impacting its rates, operations, and capital investments.

What Investors Should Do

1. Analyze Dominion Energy's revenue streams and operating expenses for fiscal year 2023.
2. Examine the company's capital expenditure plans and debt structure.
3. Assess the impact of regulatory changes and environmental policies on the company's future operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the fiscal year 2023. Previous filings would be for the fiscal year 2022.

Key Financial Figures

• $1,000 — value, with a liquidation preference of $1,000 per share (previously designated the 1.

Filing Documents

• d-20231231.htm (10-K) — 13416KB
• d-ex3_2a.htm (EX-3.2A) — 398KB
• d-ex10_4.htm (EX-10.4) — 259KB
• d-ex10_21.htm (EX-10.21) — 140KB
• d-ex10_22.htm (EX-10.22) — 118KB
• d-ex10_25.htm (EX-10.25) — 82KB
• d-ex10_26.htm (EX-10.26) — 85KB
• d-ex10_27.htm (EX-10.27) — 53KB
• d-ex10_28.htm (EX-10.28) — 73KB
• d-ex10_29.htm (EX-10.29) — 86KB
• d-ex18_a.htm (EX-18.A) — 5KB
• d-ex18_b.htm (EX-18.B) — 6KB
• d-ex21.htm (EX-21) — 242KB
• d-ex23.htm (EX-23) — 5KB
• d-ex31_a.htm (EX-31.A) — 10KB
• d-ex31_b.htm (EX-31.B) — 11KB
• d-ex31_c.htm (EX-31.C) — 10KB
• d-ex31_d.htm (EX-31.D) — 11KB
• d-ex32_a.htm (EX-32.A) — 8KB
• d-ex32_b.htm (EX-32.B) — 7KB
• d-ex97.htm (EX-97) — 36KB
• 0000950170-24-019110.txt (&nbsp;) — 65746KB
• d-20231231.xsd (EX-101.SCH) — 6444KB
• d-20231231_htm.xml (XML) — 17829KB

Risk Factors

Risk Factors 36 1B. Unresolved Staff Comments 46 1C. Cybersecurity 46 2.

Properties

Properties 48 3.

Legal Proceedings

Legal Proceedings 53 4. Mine Safety Disclosures 53 Information about our Executive Officers 54 Part II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55 6. [Reserved] 55 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 56 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 88 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 202 9A.

Controls and Procedures

Controls and Procedures 202 9B. Other Information 205 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 205 Part III 10. Directors, Executive Officers and Corporate Governance 206 11.

Executive Compensation

Executive Compensation 206 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 206 13. Certain Relationships and Related Transactions, and Director Independence 206 14. Principal Accountant Fees and Services 206 Part IV 15. Exhibits and Financial Statement Schedules 208 16. Form 10-K Summary 214 2 Glossary of Terms The following abbreviations or acronyms used in this Form 10-K are defined below: Abbreviation or Acronym Definition 2017 Tax Reform Act An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017 2019 Equity Units Dominion Energy's 2019 Series A Equity Units issued in June 2019, initially in the form of 2019 Series A Corporate Units, which consisted of a stock purchase contract and a 1/10 interest in a share of the Series A Preferred Stock 2021 Triennial Review Virginia Commission review of Virginia Power's earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020 2023 Biennial Review Virginia Commission review of Virginia Power's earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2021 and ending December 31, 2022 and prospective rate base setting for the succeeding annual periods beginning January 1, 2024 and ending December 31, 2025 2024 Proxy Statement Dominion Energy 2024 Proxy Statement, File No. 001-08489 2025 Biennial Review Future Virginia Commission review of Virginia Power's earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2023 and ending December 31, 2024 and prospective rate base setting for the succeeding annual periods beginning January 1, 2026 and ending Dec

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations MGD Million gallons per day Millstone Millstone nuclear power station Millstone 2019 power purchase agreements Power purchase agreements with Eversource Energy and The United Illuminating Company for Millstone to provide nine million MWh per year of electricity for ten years Moody's Moody's Investors Service MW Megawatt MWh Megawatt hour N 2 O Nitrous oxide Natural Gas Rate Stabilization Act Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina NAV Net asset value NEIL Nuclear Electric Insurance Limited NERC North American Electric Reliability Corporation NGL Natural gas liquid NND Project V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina North Anna North Anna nuclear power station 6 Abbreviation or Acronym Definition North Carolina Commission North Carolina Utilities Commission NO X Nitrogen oxide NRC U.S. Nuclear Regulatory Commission NYSE New York Stock Exchange October 2014 hybrids Dominion Energy's 2014 Series A Enhanced Junior Subordinated Notes due 2054 ODEC Old Dominion Electric Cooperative Ohio Commission Public Utilities Commission of Ohio Order 1000 Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development OSHA Recordable Rate Number of recordable cases, as defined by the Occupational Health and Safety Administration, a division of the U.S. Department of Labor, for every 100 employees over the course of a year OSWP OSW Project LLC, a proposed limited liability company to be owned by Virginia Power at formation and subsequently owned by Virginia Power and Stonepeak oz

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View this 10-K filing on SEC EDGAR