Dominion Energy Files Q2 2024 10-Q

TL;DR

DOMINON ENERGY FILED ITS Q2 10-Q. CHECK FINANCIALS.

AI Summary

Dominion Energy, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status. Key financial information and disclosures are provided for investors and stakeholders.

Why It Matters

This filing provides crucial financial and operational updates for Dominion Energy, impacting investor decisions and market perception of the utility sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• DOMINION ENERGY, INC (company) — Filer
• VIRGINIA ELECTRIC & POWER CO (company) — Subsidiary Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date

FAQ

Key Financial Figures

• $1,000 — value, with a liquidation preference of $1,000 per share Series C Preferred Stock

Filing Documents

• d-20240630.htm (10-Q) — 8012KB
• d-ex10_4.htm (EX-10.4) — 12KB
• d-ex10_5.htm (EX-10.5) — 182KB
• d-ex10_6.htm (EX-10.6) — 54KB
• 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) — 11KB
• d-ex32_a.htm (EX-32.A) — 8KB
• d-ex32_b.htm (EX-32.B) — 7KB
• d-ex99.htm (EX-99) — 71KB
• 0000950170-24-089020.txt ( ) — 36516KB
• d-20240630.xsd (EX-101.SCH) — 3352KB
• d-20240630_htm.xml (XML) — 10409KB

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 64 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 4.

Controls and Procedures

Controls and Procedures 82

Other Information

PART II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 83 Item 1A.

Risk Factors

Risk Factors 83 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 5. Other Information 83 Item 6. Exhibits 84 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 2024 EJSNs 2024 Series A EJSNs and 2024 Series B EJSNs 2024 Series A EJSNs Dominion Energy's 2024 Series A Enhanced Junior Subordinated Notes due 2055 2024 Series B EJSNs Dominion Energy's 2024 Series B Enhanced Junior Subordinated Notes due 2054 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 dur

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 NRC U.S. Nuclear Regulatory Commission Ohio Commission Public Utilities Commission of Ohio Order 1000 Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development 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 5 PSD Prevention of significant deterioration PSNC Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina 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 a purchase and sale agreement entered into on September 5, 2023 Questar Gas Questar Gas Company (a subsidiary of

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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (millions, except per share amounts) Operating Revenue $ 3,486 $ 3,166 $ 7,118 $ 7,049 Operating Expenses Electric fuel and other energy-related purchases 918 939 1,877 1,961 Purchased electric capacity 21 15 33 23 Purchased gas 44 49 164 172 Other operations and maintenance 841 782 1,697 1,524 Depreciation and amortization 621 607 1,242 1,229 Other taxes 170 164 372 355 Impairment of assets and other charges 67 37 97 135 Losses (gains) on sales of assets ( 1 ) ( 21 ) ( 2 ) ( 23 ) Total operating expenses 2,681 2,572 5,480 5,376 Income from operations 805 594 1,638 1,673 Other income (expense) 250 314 685 590 Interest and related charges 469 395 1,043 874 Income from continuing operations including noncontrolling interests before income tax expense 586 513 1,280 1,389 Income tax expense 95 98 229 274 Net Income From Continuing Operations 491 415 1,051 1,115 Net Income From Discontinued Operations (1) 81 168 195 449 Net Income Including Noncontrolling Interests 572 583 1,246 1,564 Noncontrolling Interests — — — — Net Income Attributable to Dominion Energy $ 572 $ 583 $ 1,246 $ 1,564 Amounts attributable to Dominion Energy Net income from continuing operations $ 491 $ 415 $ 1,051 $ 1,115 Net income from discontinued operations 81 168 195 449 Net income attributable to Dominion Energy $ 572 $ 583 $ 1,246 $ 1,564 EPS - Basic Net income from continuing operations $ 0.55 $ 0.47 $ 1.20 $ 1.28 Net income from discontinued operations 0.10 0.20 0.23 0.54 Net income attributable to Domin

View Full Filing

View this 10-Q filing on SEC EDGAR