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BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc.

Dominion Resources, Inc. · Sep 19, 2012 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 1
    Bank of America/Merrill Lynch 2012 Power & Gas Leaders Conference September 19, 2012
  2. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 2
    Todays Agenda Continued Business Model Refinement Regulated Growth 2006 2012 Merchant Generation Actions & Outlook 5-Year Planned Growth Capital Update 2013 Operating Earnings Guidance 2013 Financing Plan Please refer to…
  3. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 3
    Business Model Refinement 4
  4. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 4
    Business Model Refinement Operating Earnings Mix* 2006 2009 2011 2013+ Actual Target Mix Actual Target Mix Regulated 42% 65-75% 76% 80-90% 58% 25-35% 24% 10-20% Unregulated Continue transition to a more regulated earnings…
  5. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 5
    Regulated Growth 2006 to 2012 6
  6. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 6
    Utility Generation Growth Projects New CTs 4,900 MWs 2,300 1,100 MWs of of Ladysmith 3,4,5 New Capacity New Capacity Uprates 32% increase Fossil Nuclear Mt. Storm Warren County Bear Garden (2014) VCHEC Remington Possum…
  7. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 7
    Electric Transmission Growth Projects Incentive ROE Projects Pleasant View to Hamilton Meadow Brook to Doubs Loudoun Mt. Storm Hamilton Pleasant View Carson to Suffolk Meadow Brook Loudoun Bristers Ongoing & Future…
  8. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 8
    Gas Transmission Growth Projects Natural gas transmission, gathering and storage pipeline LNG Natural gas storage operated Cove Point Expansion Pier Modernization Pipeline Projects USA Storage Dominion Hub I-III Natrium I…
  9. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 9
    Growth in Regulated Net Plant (in billions) 30 75% increase 25 11 billion 20 in 6 years 15 10 5 0 2007 2008 2009 2010 2011 2012e Net Plant at 2006 Regulated Electric Growth Regulated Gas Growth Please refer to page 2 for…
  10. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 10
    Merchant Generation Actions & Outlook 11
  11. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 11
    Merchant Fleet History 2006 Kewaunee Rumford In 2006, Salem Harbor Dominions Brayton Point Elwood Armstrong Manchester merchant fleet State Line Troy Millstone Fairless was at its Kincaid Pleasants Morgantown largest size…
  12. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 12
    Merchant Fleet History 2006 2012 Sold Peakers Rumford Morgantown Brayton Point Salem Harbor Elwood Manchester Fairless Millstone Pursuing Sale of Kincaid Kewaunee Retired/Sold *Excludes wind assets State Line Capacity of…
  13. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 13
    Change in Power Markets Dark Spreads 45 40 Significant decline in ATC dark 35 spreads since 2007 30 25 /MWh 20 15 Kincaid 10 5 Brayton Point 0 -5 2007 2008 2009 2010 2011 2012 2013 NI Hub Mass Hub Represents generic…
  14. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 14
    Downsizing of Merchant Fleet Market conditions have changed Exiting merchant coal & western PJM Pursuing sale of Brayton Point, Kincaid, & Elwood Anticipated benefits Re-deploy capital to regulated businesses Reduce 2013 equity…
  15. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 15
    Merchant Fleet Going Forward Positive spark spread CC Complements Millstone Manchester Lowest-cost baseload in NE Significant potential upside Millstone with modest gas price Fairless recovery Positive spark spread CC…
  16. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 16
    5-Year Planned Growth Capital Update 17
  17. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 17
    Regulated Infrastructure Investment Planned growth capital (billions) Additional capex of 2.5 - 3.5 billion 16.0 - 17.0 billion for Cove Point liquefaction 13.5 11.3 4.8 9.1 3.8 7.2 3.0 2.5 5.2 4.5 4.4 3.6 1.5 2.5 2.6 0.8…
  18. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 18
    2013 Operating Earnings Guidance and Financing Plan 19
  19. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 19
    2013 Operating Earnings Guidance 3.50 3.35 Gas DD&A Rate trans. & 3.20 3.05 3.10 O&M Interest & Share Merchant VEPCO Adjustment distrib. taxes count Gen Revenue clauses revenue Avoided growth growth drag from merchant…
  20. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 20
    2013 Financing Plan Equity Debt 1.8 - 2.4b Merchant Sales Eliminate need for additional market equity Reduce some debt need 1.5b Avoided Equity Issuance 300m DRIP Program . Maturities Issuances Note: Plan excludes Cove…
  21. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 21
    Dividend Policy Regulated earnings support increasing dividend Previous Target New Target Operating Earnings Mix Operating Earnings Mix 2013+ Regulated 65-75% 80-90% 25-35% 10-20% Unregulated 65-70% dividend Supported…
  22. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 22
    Summary 23
  23. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 23
    Summary Exiting merchant coal & western PJM Continue our strategy of de-risking the company Regulated infrastructure investment plan Continues to support future earnings growth 2013 operating earnings guidance 5-6% above middle of…
  24. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 24
    Visit our website at www.dom.com/investors.
  25. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 25
    Appendix 26
  26. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 26
    Utility Generation Projects 2012 2013 2014 2015 2016 2017 VCHEC 4.8 billion Uprates planned growth capex Biomass Conversions 2012-2017 Bremo Conversion Warren County Brunswick County Future CC Please refer to page 2 for…
  27. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 27
    Gas Transmission Projects 2012 2013 2014 2015 2016 2017 Appalachian Gateway 2.3 billion Ellisburg to Craigs planned growth capex Northeast Expansion 2012-2017 Natrium Phase I 2.5 - 3.5 billion Tioga Area Expansion additional capex…
  28. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 28
    Electric Transmission Projects 2012 2013 2014 2015 2016 2017 Mt. Storm - Doubs 3.1 billion Cannon Branch - Liberty planned growth capex 2012-2017 Dooms - Sherwood - Bremo Nokesville - Cannon Branch Skiffes Creek Fentress -…
  29. BAML 2012 Power and Gas Leaders Conference – Dominion Resources, Inc. – slide 29
    GAAP Reconciliation 2011 Original Earnings Earnings Per Share (diluted) Reconciliation of measures prepared in accordance with Generally Accepted Accounting Principles (GAAP) versus non-GAAP measures The net effects of the following…

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