Barclays Capital CEO Energy-Power Conference September 10, 2015
Todays Agenda Growth Plan Progress since February 9 Analyst Day Dominion Midstream Iroquois Acquisition and drop down update Financing Plan Update Solar sell down and Equity plans Please refer to page 2 for risks and…
Total Dominion Capex 2015 2020 Growth Plan (billions) 19.2 billion Growth 54.7 Capex 2.1 Net 2.5 Plant1 2.8 3.2 4.3 4.3 35.5 Average annual spend of Net 3.2 billion per year Plant 2014 2015 2016 2017 2018 2019 2020 1…
Dominion Virginia Power 2015 2020 Growth Plan (billions) 7.1 billion 19.3 Growth 1.2 Net Capex 1.2 Plant1 1.1 1.2 1.2 Avg. annual spend of 1.2 billion 12.2 1.2 Drivers Net Customer growth Plant Strategic Undergrounding…
Dominion Virginia Power Growth Project Progress through 2Q Sales growth above 1% Customer 16k new connects Growth 4 new data centers, 1 more than plan Strategic Plan to file revised rider phase I in Undergrounding the Fall…
Dominion Generation 2015 2020 Growth Plan (billions) 5.2 billion Growth 19.5 0.4 Capex 0.4 Net Plant1 0.7 1.0 1.4 Avg. annual spend of 0.9 billion Drivers: 14.3 1.3 Brunswick County Greensville County* Net Virginia…
Dominion Generation Growth Project Progress Brunswick 81% complete On time & On Budget 1,358 MW CCGT 1.2 billion investment County Expected in service mid-2016 Filed CPCN & Rider in July Greensville 1,588 MW CCGT 1.3 billion…
Dominion Generation Contracted Solar Portfolio Feb 9th Analyst Day Expected Cumulative MW In-Service 625 450 42 252 2013 2014 2015 2016 92 MW under construction with a 2015 in-service date Announced 6 additional projects…
Dominion Generation Clean Power Plan - Initial View CPPs interim date was delayed 2 years to 2022 and Virginias target intensity rate increased New Virginia Targets Interim Target (lbs/MWh) 2030 Target (lbs/MWh) 1047 934 884…
Dominion Energy 2015 2020 Growth Plan (billions) 6.9 billion Growth 15.9 Capex 0.5 Net 0.9 Plant1 1.0 1.1 1.7 Avg. annual spend of 1.2 billion Drivers: 9.0 1.7 Producer Outlet Projects Market Access Projects Net DEO…
Dominion Energy Growth Project Progress Four projects On time & On Budget Producer Additional 1 Bcf/day by year-end 2016 Outlet Projects 400 million investment Announcing two new demand-driven projects for 2018 Firm commitment…
Dominion Energy Atlantic Coast Pipeline and DTI Supply Header Pipeline Design Update ACP OWNERSHIP STRUCTURE: Dominion Resources* 45% Duke Energy 40% Surveying 80% complete Piedmont Natural Gas 10% Engineering 70% complete AGL…
Dominion Energy Cove Point LNG Export Site Prior to Construction Start Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. Barclays CEO Energy-Power Conference 14
Dominion Energy Cove Point LNG Export Underground utilities are nearing completion Major foundations are being poured Heat Recovery Steam Generators have been installed Please refer to page 2 for risks and uncertainties related…
Dominion Energy Cove Point LNG Export The liquefaction unit has been fabricated and will be delivered to the site in October The two GE combustion turbines arrived in VA and will be shipped to Cove this month Please refer to…
Dominion Energy Cove Point LNG Export Project is 33% complete Engineering is 92% complete Procurement of major equipment is 93% complete All requested FERC Packages approved - Construction is On Time & 33 of 34 submitted On…
Dominion Energy Farmout Opportunities Continue to Deliver Value Analyst Day plan 2015-2020 270 million expected pre-tax earnings from completed agreements 180-230 million additional potential Lease agreement announced in DTI…
Dominion Midstream Partners Barclays CEO Energy-Power Conference 19
Dominion Midstream Partners Price performance (October 14, 2014 August 31, 2015) DM has outperformed the AMZ by 95% since IPO 120% 100% DM +74% 80% 60% 40% 20% 0% -20% AMZ -21% -40% Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15…
Dominion Midstream Partners Executing the Strategy Stable and predictable cash flows Asset profile Long-term contracted assets No commodity risk Sources of Growth Acquired CGT and Iroquois interest & Financial No public equity…
Dominion Midstream Partners Acquisition of Iroquois Pipeline Interest ME Acquisition of 25.9% stake in Iroquois Canada Gas Transmission for 286.5M VT 8.6 million DM units will be issued to National Grid and New Jersey Resources…
Dominion Midstream Partners Feb 9th Analyst Day Dropdown Strategy Cove Preferred + CGT Blue Racer Cove Equity / ACP IPO 2015 2016 2017 2018 2019 2020 Supports 22% distribution growth rate Please refer to page 2 for…
Dominion Midstream Partners Executing the Strategy Acquisitions & asset profile results in being ahead of schedule Updates to dropdown strategy to achieve 22% growth: DCGT cash profile improved in 2015 and 2016 No asset drops are…
Financing Plan Contracted Solar Joint Venture Equity Plan Update Barclays CEO Energy-Power Conference 26
Contracted Solar Plan From Analyst Day D Solar Acquisitions 2015 2020+ Options Up to 625 MW expected by year-end 2016 Form Partnerships Existing Assets Form Partnerships New Assets Spend Anticipated through Future Non-Recourse…
Contracted Solar Portfolio Portfolio Overview for Assets Expected In-Service in 2015 2013: 42 MW across 5 projects Portfolio includes 425 MW made up of 24 individual projects 2014: 211 MW across 10 projects across 3 vintage…
Contracted Solar Strategy Recycle Capital through Joint Venture Joint Venture Transaction Sold 33% ownership in 425 MW from 13, 14, & 15 projects 300M consideration from SunEdison Benefits: Immediately accretive to Dominion…
Equity Financing Plan (billions) Completed 500 million 0.5 - 1.0 public issuances in the first half of the year Expect to benefit from extension of bonus depreciation 0.5 No additional public 2015 Common Equity Additional…
Dominion Highlights Executing the Plan in 2015 Growth plan continues on schedule and on budget Two new demand-driven market access projects Farmout opportunities delivering value Conveyed 11k acres for 27M in lease agreements in…
Dominion Midstream Highlights Executing the Plan in 2015 Announced a 7% distribution increase in 2Q Acquired CGT and Iroquois Pipeline interest Eliminates need for asset drop in 2016 No public market issuance of units needed in…
Dominion Investment Consideration 2015-2020 Premium Electric & Gas Infrastructure Strong Capital plan investment through 2020 grade credit of 19.2B metrics 6-7% EPS 8% annual CAGR dividend 2015-2020 growth*…
Appendix Barclays CEO Energy-Power Conference 35
Dominion Financing Structure DRI Merchant Va. Power Dominion Gas Generation MLP Utility Dominion Atlantic Coast Dominion Generation Transmission Pipeline1(45.0%) Carolina Gas Electric Dominion Blue Racer1 Iroquois…
Financing Plan Update 2015 Financing Plan Executed vs. Plan (1) ( millions) Plan Notes DRI Debt 500 - 700 Still to Come New Cash Equity 500 500 Completed DRIP Equity 300 Continuing; On Track Equity-Linked 0 - 500 Replaced with…
Financial Management Balance Sheet Objectives Target Credit Ratings: DRI Holdco: High Triple-B VEPCO: Single-A Dominion Gas Holdings: Single-A Committed to A-2/P-2/F2 ratings for the Commercial Paper Program at DRI Please…
Reconciliation of Operating Earnings to Reported Earnings 2014 Earnings (Twelve months ending December 31, 2014) The net effects of the following items, all shown (millions, except per share amounts) 1Q14 2Q14 3Q14 4Q14 YTD 2014 2 on…
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