Dominion Energy, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: D · Form: 10-Q · Filed: May 2, 2024 · CIK: 715957
Sentiment: neutral
Topics: Dominion Energy, 10-Q, Financial Filing, Virginia Electric & Power, Regulatory
Related Tickers: D
TL;DR
<b>Dominion Energy, Inc. filed its Q1 2024 10-Q, detailing financial and operational information for the period ending March 31, 2024.</b>
AI Summary
DOMINION ENERGY, INC (D) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Filing is a 10-Q for Dominion Energy, Inc. for the period ending March 31, 2024. The filing includes data related to Virginia Electric & Power Co., a subsidiary. References to specific dates like 2023-07, 2024-07, 2024-06-30, and 2026-01-31. Mentions various financial instruments and segments including 'InterestRateContractMember', 'DominionEnergySouthCarolinaIncMember', and 'DominionEnergyVirginiaMember'. Includes references to regulatory bodies such as 'CaliforniaFranchiseTaxBoardMember' and 'EnvironmentalProtectionAgencyMember'.
Why It Matters
For investors and stakeholders tracking DOMINION ENERGY, INC, this filing contains several important signals. This 10-Q provides a quarterly update on Dominion Energy's financial health and operational performance, crucial for investors to assess recent trends and potential impacts on their holdings. The inclusion of subsidiary data and specific financial instruments offers a detailed view of the company's complex structure and risk management strategies.
Risk Assessment
Risk Level: medium — DOMINION ENERGY, INC shows moderate risk based on this filing. The filing references multiple regulatory bodies and potential unfavorable regulatory actions, indicating a medium level of regulatory risk.
Analyst Insight
Investors should review the detailed financial statements and risk factors within the 10-Q to understand the company's current performance and potential regulatory challenges.
Key Numbers
- 2024-03-31 — Period End Date (10-Q filing period)
- 2024-05-02 — Filing Date (Date the 10-Q was submitted)
- 2023-01-01 — Start Date (Context for 'DominionEnergySouthCarolinaIncMember')
- 2022-09-01 — Start Date (Context for 'CaliforniaFranchiseTaxBoardMember')
Key Players & Entities
- DOMINION ENERGY, INC (company) — Filer name
- VIRGINIA ELECTRIC & POWER CO (company) — Subsidiary filer
- 2024-03-31 (date) — Period of report
- 2024-05-02 (date) — Filing date
- California Franchise Tax Board (regulator) — Mentioned regulatory body
- Environmental Protection Agency (regulator) — Mentioned regulatory body
- Dominion Energy Virginia (company) — Operating segment
- Dominion Energy South Carolina Inc (company) — Subsidiary mention
FAQ
When did DOMINION ENERGY, INC file this 10-Q?
DOMINION ENERGY, INC filed this Quarterly Report (10-Q) with the SEC on May 2, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by DOMINION ENERGY, INC (D).
Where can I read the original 10-Q filing from DOMINION ENERGY, INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by DOMINION ENERGY, INC.
What are the key takeaways from DOMINION ENERGY, INC's 10-Q?
DOMINION ENERGY, INC filed this 10-Q on May 2, 2024. Key takeaways: Filing is a 10-Q for Dominion Energy, Inc. for the period ending March 31, 2024.. The filing includes data related to Virginia Electric & Power Co., a subsidiary.. References to specific dates like 2023-07, 2024-07, 2024-06-30, and 2026-01-31..
Is DOMINION ENERGY, INC a risky investment based on this filing?
Based on this 10-Q, DOMINION ENERGY, INC presents a moderate-risk profile. The filing references multiple regulatory bodies and potential unfavorable regulatory actions, indicating a medium level of regulatory risk.
What should investors do after reading DOMINION ENERGY, INC's 10-Q?
Investors should review the detailed financial statements and risk factors within the 10-Q to understand the company's current performance and potential regulatory challenges. The overall sentiment from this filing is neutral.
Risk Factors
- Unfavorable Regulatory Action [medium — regulatory]: The filing mentions potential unfavorable regulatory actions related to former gas plant sites and waste management.
Key Dates
- 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
- 2024-05-02: Filing Date — Date Dominion Energy submitted its 10-Q to the SEC.
Glossary
- 10-Q
- A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)
- Assets of Disposal Group Including Discontinued Operation
- Assets held for sale that are part of a discontinued operation. (Indicates potential divestitures or restructuring activities impacting the company's asset base.)
Filing Stats: 4,344 words · 17 min read · ~14 pages · Grade level 19.9 · Accepted 2024-05-02 10:46:42
Key Financial Figures
- $1,000 — value, with a liquidation preference of $1,000 per share Series C Preferred Stock
Filing Documents
- d-20240331.htm (10-Q) — 6096KB
- d-ex10_1.htm (EX-10.1) — 92KB
- d-ex10_2.htm (EX-10.2) — 94KB
- d-ex10_3.htm (EX-10.3) — 92KB
- d-ex31_a.htm (EX-31.A) — 11KB
- d-ex31_b.htm (EX-31.B) — 11KB
- d-ex31_c.htm (EX-31.C) — 10KB
- d-ex31_d.htm (EX-31.D) — 10KB
- d-ex32_a.htm (EX-32.A) — 8KB
- d-ex32_b.htm (EX-32.B) — 7KB
- d-ex99.htm (EX-99) — 71KB
- 0000950170-24-051708.txt ( ) — 29937KB
- d-20240331.xsd (EX-101.SCH) — 3236KB
- d-20240331_htm.xml (XML) — 8020KB
Financial Information
PART I. Financial Information Item 1.
Financial Statements
Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 74 Item 4.
Controls and Procedures
Controls and Procedures 75
Other Information
PART II. Other Information Item 1.
Legal Proceedings
Legal Proceedings 76 Item 1A.
Risk Factors
Risk Factors 76 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76 Item 5. Other Information 76 Item 6. Exhibits 77 2 GLOSSARY OF TERMS The following abbreviations or acronyms used in this Form 10-Q 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 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 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 December 31, 2027 ACE Rule Affordable Clean Energy Rule AES The legal entity The AES Corporation, one or more of its consolidated subsidiaries, or the entirety of The AES Corporation and its consolidated subsidiaries AFUDC Allowance for funds used during construction AOCI Accumulated other comprehensive income (loss) ARO Asset retirement obligation Atlantic Coast Pipeline Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy Atlantic Coast Pipelin
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 Moody's Moody's Investors Service MW Megawatt MWh Megawatt hour 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 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 North Carolina Commission North Carolina Utilities Commission NO X Nitrogen oxide Ohio Commission Public Utilities Commission of Ohio Order 1000 Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development 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 ozone season The period May 1 st through September 30 th , as determined on a federal level Patriot Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates PFAS Per- and polyfluorinated substances, a group of widely used chemicals that break down very slowly over time in the environment PJM PJM Interconnection, LLC PSD Prevention of significant deterioration PSNC Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina 5 PSNC Transaction The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall North Carolina Holdco LLC and its consolidated subsidiaries, which following a reorganization includes PSNC, pursuant to
FINANCI AL INFORMATION
PART I. FINANCI AL INFORMATION
FINANC IAL STATEMENTS
ITEM 1. FINANC IAL STATEMENTS DOMINION ENERGY, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (millions, except per share amounts) Operating Revenue $ 3,632 $ 3,883 Operating Expenses Electric fuel and other energy-related purchases 959 1,022 Purchased electric capacity 12 8 Purchased gas 120 123 Other operations and maintenance 856 742 Depreciation and amortization 621 622 Other taxes 202 191 Impairment of assets and other charges 30 98 Losses (gains) on sales of assets ( 1 ) ( 2 ) Total operating expenses 2,799 2,804 Income from operations 833 1,079 Other income (expense) 435 276 Interest and related charges 574 479 Income from continuing operations including noncontrolling interests before income tax expense 694 876 Income tax expense 134 176 Net Income From Continuing Operations 560 700 Net Income From Discontinued Operations (1) 114 281 Net Income Including Noncontrolling Interests 674 981 Noncontrolling Interests — — Net Income Attributable to Dominion Energy $ 674 $ 981 Amounts attributable to Dominion Energy Net income from continuing operations $ 560 $ 700 Net income from discontinued operations 114 281 Net income attributable to Dominion Energy $ 674 $ 981 EPS - Basic Net income from continuing operations $ 0.64 $ 0.81 Net income from discontinued operations 0.14 0.34 Net income attributable to Dominion Energy $ 0.78 $ 1.15 EPS - Diluted Net income from continuing operations $ 0.64 $ 0.81 Net income from discontinued operations 0.14 0.34 Net income attributable to Dominion Energy $ 0.78 $ 1.15 (1) Includes income tax expense of $ 51 million and $ 56 million for the three months ended March 31, 2024 and 2023 , respectively. The accompanying notes are an integral part of Dominion Ene