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2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy

Dominion Energy · Apr 4, 2019 · 125 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. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 1
    Investor day general session March 25, 2019
  2. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 2
    Dominion Energy Agenda CEO perspectives 1 More than a decade of repositioning 2 Dominion Energy today: What and why 3 Looking ahead CFO perspectives Concluding remarks Appendix Please refer to page 2 for risks and…
  3. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 3
    1 More than a decade of repositioning Between 2007 and today (+) (-) 40B 20B 25B Regulated Regulated Unregulated capex M&A asset sales Regulated generation SCANA E&P Electric transmission Questar Merchant generation Customer…
  4. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 4
    1 More than a decade of repositioning Increased scale through regulated investment +5% CAGR 1.8B 3.4B 2006A 2019E operating earnings operating earnings +9% CAGR Adj. for sale of E&P 40% regulated 95% regulated In…
  5. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 5
    1 More than a decade of repositioning While staying true to our core values: Safety 1.87 1.40 1.24 1.25 Peer average: 1.08 1.06 0.95 0.92 0.83 0.74 0.74 0.66 0.60 0.55 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  6. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 6
    1 More than a decade of repositioning While staying true to our core values Ethics Excellence 1.4M VCHEC Warren Volunteer hours Brunswick 0.3B Charitable giving 60% Increase in spend Grid with diverse Transformation…
  7. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 7
    1 More than a decade of repositioning While staying true to our core values: One Dominion (teamwork) Community, Environmental, Major Regulated customer, and social & projects mergers employee governance achievements Grid Cove…
  8. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 8
    1 More than a decade of repositioning 2018: Preparing the company for long-term success 12.5% EPS growth DPS growth 10.0% +1.7M utility customers GTSA 2.5B Grid Transformation & nonregulated asset sales Security…
  9. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 9
    Dominion Energy Agenda CEO perspectives 1 More than a decade of repositioning 2 Dominion Energy today: What and why 3 Looking ahead CFO perspectives Concluding remarks Appendix Please refer to page 2 for risks and…
  10. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 10
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint Regulated utility operations centered around 5 key states 6570% 2020E operating earnings Please refer to page 2 for risks and…
  11. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 11
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint State regulatory rankings Top Top 50% 20% OH VA NC SC UT Legend Electric utility service territory Gas utility service…
  12. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 12
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint FERC regulated / regulated-like gas transmission & storage 25%30% 2020E operating earnings Please refer to page 2 for risks and…
  13. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 13
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint Legend Natural gas pipeline Atlantic Coast Pipeline Cove Point Gas utility service territory Storage Please refer to page 2 for risks…
  14. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 14
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint Contracted generation (Millstone & long- term contracted solar) Less than 10% 2020E operating earnings Please refer to page 2 for risks…
  15. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 15
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint Legend Contracted generation Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 16
  16. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 16
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint 21,300 employees operating 100B of best-in-class assets across 18 states Please refer to page 2 for risks and uncertainties related to…
  17. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 17
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint Legend Electric utility service territory Gas utility service territory Utility electric generation Contracted generation Storage Natural…
  18. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 18
    2 Dominion Energy today: What and why Dominion Energys asset portfolio in 2006 Electric Service Territory Gas Service Territory Gas Pipelines Storage Field Regulated Power Unregulated Power Oil & Gas Production LNG Import…
  19. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 19
    2 Dominion Energy today: What and why National regulated energy infrastructure footprint 61B 96B 21,300 7.5M 3.4M 3.3M 18 market cap assets employees customers customers customers states of (total) (elec. utility) (gas utility)…
  20. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 20
    2 Dominion Energy today: What and why Scale Largest U.S. utility companies By the numbers (by market cap, B) 96B Total assets, 5th largest 21,300 Total employees, 4th largest 61B 6.7M Utility customers, 7th largest 3.3M Gas…
  21. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 21
    2 Dominion Energy today: What and why Transition to lower business risk profile Utility Regulated Regulated end-use like customer Virginia/NC State regulated S. Carolina 95% Gas LDCs Regulated/ FERC Pipelines…
  22. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 22
    2 Dominion Energy today: What and why Highlighting what we are and what we are not Gas Traditional midstream Transmission (e.g., WMB, KMI, EQM) & Storage Gathering & Processing Gas pipelines Terminals Assets Liquids pipelines…
  23. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 23
    2 Dominion Energy today: What and why Highlighting what we are and what we are not 90%+ Gas firm 1% G&P Transmission service margin revenues1 & Storage Low-risk revenue profile. De minimus commodity 63% 36% Large-cap…
  24. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 24
    2 Dominion Energy today: What and why Highlighting what we are and what we are not Local electric and gas utilities could not reliably serve their customers without Dominion Energys regionally-integrated gas transmission and storage…
  25. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 25
    2 Dominion Energy today: What and why Strategic advantages Largest utility companies embracing scale across electric and gas why Scale + diversification mitigates risk Risk Large projects Regulation mitigation Climate-related…
  26. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 26
    2 Dominion Energy today: What and why Strategic advantages Electrification is growing, de-carbonization is accelerating. And only natural gas infrastructure makes that possible. 2050 Up to 2015 21% 47%Electricity's 1840%…
  27. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 27
    Dominion Energy Agenda CEO perspectives 1 More than a decade of repositioning 2 Dominion Energy today: What and why 3 Looking ahead CFO perspectives Concluding remarks Appendix Please refer to page 2 for risks and…
  28. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 28
    3 Looking ahead New core value: Embrace change Dedicated sustainability and ESG investor meeting First of its kind in the U.S. utility industry Will address Dominion Energys: Sustainability and innovation initiatives Enhanced…
  29. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 29
    3 Looking ahead New core value: Embrace change Innovation team 3rd party technical Senior management (SVP + team) advisors Innovation, Technology, and Sustainability Council Board of Directors (Chaired by CEO) Behind the…
  30. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 30
    3 Looking ahead Existing business segments Power Power Gas Southeast Delivery Generation Infrastructure Energy Historic Dominion Energy operating segments have delivered best-in-class operational performance but more than a…
  31. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 31
    3 Looking ahead Key investor themes Premium, low-risk assets in Regulated + like premium locations growth programs Sustainability & Clarity & Scale & diversity innovation accessibility Balanced total long-term shareholder…
  32. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 32
    Dominion Energy Agenda CEO perspectives CFO perspectives 1 Organizing and presenting Dominion Energy 2 Growth outlook by segment 3 Consolidated financial outlook Concluding remarks Appendix Please refer to page 2 for…
  33. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 33
    1 Organizing and presenting Dominion Energy Transitioning over time to a new structure Dominion Energy is changing its segment reporting structure These changes are intended to: Respond to investor feedback Enhance clarity and…
  34. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 34
    1 Organizing and presenting Dominion Energy Transitioning over time to a new structure Dominion Energy Dominion Energy Dominion Energy Dominion Energy Dominion Energy Gas Transmission South Carolina Contracted Virginia Gas…
  35. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 35
    Dominion Energy Agenda CEO perspectives CFO perspectives 1 Organizing and presenting Dominion Energy 2 Growth outlook by segment Dominion Energy Virginia Dominion Energy Gas Transmission & Storage Dominion Energy Gas…
  36. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 36
    2 Dominion Energy Virginia Overview NC 10.2% % avg. allowed 2.6M 23B ROE 2018 rate 2.4% 1.0% customers base 2018 Annual 51.4% weather normal customer growth avg. VA sales growth (last 5 years) allowed equity Key…
  37. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 37
    2 Dominion Energy Virginia Typical monthly residential electric bill (1,000 kWh) 160 1822% lower than U.S. average U.S. average: 140 510% lower than regional average 140 South Atlantic region average: 122 120 Since 2008 Through…
  38. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 38
    2 Dominion Energy Virginia Five-year growth capital outlook Customer Grid Transmission Solar growth transformation 4.3B 2.4B 1.7B 1.6B 20192023 20192023 20192023 20192023 growth capital growth capital growth capital growth…
  39. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 39
    2 Dominion Energy Virginia Five-year growth capital outlook Nuclear Offshore Pumped Strategic relicensing wind storage undergrounding 1.2B 1.1B 1.0B 0.8B 20192023 20192023 20192023 20192023 growth capital growth capital growth…
  40. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 40
    2 Dominion Energy Virginia Five-year growth capital outlook Enviro/CT/other Strategic 7% undergrounding Transmission 5% 26% Pumped storage Renewable- 6% Environmental enabling CTs Offshore wind 17B 0.5B 0.5B 7% 20192023…
  41. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 41
    2 Dominion Energy Virginia Five-year rate base growth outlook Significant customer benefits PLUS Strategic undergrounding on-going rate competitiveness 2% Other NC 1% 5% Generation riders 17% 3234B 23B 2023E 2018E rate…
  42. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 42
    Dominion Energy Agenda CEO perspectives CFO perspectives 1 Organizing and presenting Dominion Energy 2 Growth outlook by segment Dominion Energy Virginia Dominion Energy Gas Transmission & Storage Dominion Energy Gas…
  43. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 43
    2 Dominion Energy Gas Transmission & Storage Overview Segments and operating income contribution Attractive business risk profile Gas 45% Demand-pull utility customers 50% No direct commodity exposure pipelines and storage 7 year…
  44. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 44
    2 Dominion Energy Gas Transmission & Storage Overview Remaining contract life Revenue mix by customer profile2 Other 13 years U.S. utilities 18% 39% 11 years Power gen / pipelines 80%+ 9% 7 years demand pull by revenue…
  45. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 45
    2 Dominion Energy Gas Transmission & Storage Five-year rate base and growth capital outlook Rate base (B) 20192023 growth capital (B) DETI Cove Point Import ACP Iroquois Other Base Questar DECG end-use growth 13% 32% 11.2 3.6B…
  46. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 46
    2 Dominion Energy Gas Transmission & Storage Cove Point Annual free cash flow estimate (pre-tax, M) Commentary 20-year take-or-pay export contracts with investment grade utility counterparties Customer profile Long-lived firm…
  47. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 47
    Dominion Energy Agenda CEO perspectives CFO perspectives 1 Organizing and presenting Dominion Energy 2 Growth outlook by segment Dominion Energy Virginia Dominion Energy Gas Transmission & Storage Dominion Energy Gas…
  48. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 48
    2 Dominion Energy Gas Distribution Overview WV 10.1% % NC avg. OH allowed 6.9B 405M 3M average ROE 2018 rate 1.4% customers annual 55% base Annual rider capex avg. customer growth UT (last 5 years) allowed equity…
  49. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 49
    2 Dominion Energy Gas Distribution Five-year growth capital outlook Ohio Utah North Carolina Decoupled Decoupled Decoupled 1.4B 1.1B 0.8B 20192023 20192023 20192023 growth capital growth capital growth capital Pipeline…
  50. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 50
    2 Dominion Energy Gas Distribution Five-year rate base and growth capital outlook Rate base (B) 20192023 growth capital (B) OH NC WV UT/WY WV 10.0 7% NC 22% OH 8.1 7.6 41% 3.5B 6.9 UT/WY 31% Customer growth and other…
  51. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 51
    Dominion Energy Agenda CEO perspectives CFO perspectives 1 Organizing and presenting Dominion Energy 2 Growth outlook by segment Dominion Energy Virginia Dominion Energy Gas Transmission & Storage Dominion Energy Gas…
  52. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 52
    2 Dominion Energy South Carolina Overview Electric service territory Gas service territory Columbia Columbia Ideally positioned in Myrtle Beach states populous and Myrtle Beach growing regions Charleston Charleston…
  53. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 53
    2 Dominion Energy South Carolina Overview Gas NND 10.2% % avg. allowed 1.1M 8.3B ROE2 2018 rate 2.0% customers 52.2% base Annual Gas customer growth avg. (last 5 years) allowed Elec Elec equity2 Key takeaways…
  54. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 54
    2 Dominion Energy South Carolina Typical monthly residential electric bill (1,000 kWh) SCE&G: SCE&G: Current 160 Pre-merger announcement 11% lower than U.S. average 2% higher than regional average U.S. average: 140 140 South…
  55. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 55
    2 Dominion Energy South Carolina Approach to ownership Transition to capital programs Long- term 6 Renewables and enabling gas generation, resiliency investments Capital investment 5 Customer growth, AMI/grid transformation,…
  56. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 56
    2 Dominion Energy South Carolina Five-year rate base and growth capital outlook Rate base (B) (ex. NND) 20192023 growth capital (B) Electric Gas Gas 7.8 24% Electric 2.1B 76% 6.2 6.4 6.1 Electric transmission AMI 5% Grid 6%…
  57. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 57
    Dominion Energy Agenda CEO perspectives CFO perspectives 1 Organizing and presenting Dominion Energy 2 Growth outlook by segment Dominion Energy Virginia Dominion Energy Gas Transmission & Storage Dominion Energy Gas…
  58. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 58
    2 Dominion Energy Contracted Generation Millstone Status update Key benefits Standard Metric tons of CO2 prevented by Millstone hedging 8.3M every year 45% 16M Value of CO2 emissions prevented by 6B Millstone through 2030 MWh…
  59. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 59
    2 Dominion Energy Contracted Generation Long-term contracted solar 424 10 1,124 15 to 20 year contracts with high-quality utility counterpartieslimited exposure to PCG 406 1B of non-recourse financing (including inaugural Green…
  60. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 60
    Dominion Energy Agenda CEO perspectives CFO perspectives 1 Organizing and presenting Dominion Energy 2 Growth outlook by segment 3 Consolidated financial outlook Concluding remarks Appendix Please refer to page 2 for…
  61. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 61
    3 Consolidated financial outlook Five-year rate base growth 64B Gas Transmission & Storage 45B Gas Distribution Gas Transmission & Storage South Carolina Gas Distribution South Carolina Virginia Virginia 2018E 2023E…
  62. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 62
    3 Consolidated financial outlook Five-year growth capital summary Dominion Energy SC 26B 8% Dominion Energy VA 64% 6 Gas Distribution 14% 5 26B Gas 20192023 Transmission growth capital 5 & Storage 14% 5 4 2019E 2020E…
  63. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 63
    3 Consolidated financial outlook Credit guidance Continuation of existing rating targets Recent agency actions DEI (Parent / Affirmed ratings High BBB range Downgrade threshold to 13% Consolidated) due to reduced risk profile…
  64. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 64
    3 Consolidated financial outlook Financing plan Illustrative annual sources and uses (based on average of 20192021) 7B (3B) Up to 300M (5B) (7B) 300M 500M growth + maint. 2B+ Operating cash (-) dividends (-) investing cash…
  65. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 65
    3 Consolidated financial outlook Current financing structure DEI Dominion Energy Merchant Dominion SCANA VEPCO Generation Energy Carolina Corporation Gas Holdings Gas Utility Dominion Iroquois Energy Questar Gas SCE&G…
  66. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 66
    3 Consolidated financial outlook Alignment of new financing entities and new operating segments Dominion Energy (DEI) Dominion Energy Dominion Energy Dominion Energy Dominion Energy Dominion Energy Gas Transmission South Carolina…
  67. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 67
    3 Consolidated financial outlook O&M control initiatives Illustrative flat O&M Key O&M themes Expected cumulative savings of 200M+ 1 Dynamic cost cutting program through (19-21) vs. 2% annual business process improvements O&M…
  68. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 68
    3 Consolidated financial outlook Dividend policy 2019E dividend Dividend payout peer comparison (2019E) 3B 87% Cove Point 16% free cash flow Average: 69% Supported by non- 71% Cove Point regulated / like operations D SO…
  69. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 69
    3 Consolidated financial outlook Dividend policy Payout ratio Low 70s% 70% 87% over time 3.67 3.34 3.04 2.80 Original guidance of 10% DPS growth 20182020 15 years of DPS increases 2016A 2017A 2018A 2019E 2020 +…
  70. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 70
    3 Consolidated financial outlook Operating earnings per share growth Original guidance 3.65 6%8% CAGR 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E Please refer to page 2 for risks and uncertainties related to…
  71. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 71
    3 Consolidated financial outlook Operating earnings per share growth Strong Original 2018 guidance results 4.05 3.65 6%8% CAGR 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E 12.5% growth measured off of 2017…
  72. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 72
    3 Consolidated financial outlook Operating earnings per share growth 2019 & 2020 guidance issued 4.05 4.05 4.40 3.65 6.7% CAGR (within original 6%8% range) 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E 12.5% growth…
  73. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 73
    3 Consolidated financial outlook Operating earnings per share growth 2019 & 2020 guidance issued 4.05 4.05 4.40 3.65 5% per year 6.7% CAGR (within original 6%8% range) 2017 midpoint 2018A 2019E 2020E 2021E 2022E…
  74. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 74
    3 Consolidated financial outlook Operating earnings per share growth 5%+ post-2020 4.05 4.05 4.40 3.65 5% per year 5%+ 6.7% CAGR (within original 6%8% range) 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E 12.5%…
  75. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 75
    Dominion Energy Agenda CEO perspectives CFO perspectives Concluding remarks Appendix Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 76
  76. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 76
    Atlantic Coast Pipeline Status update and illustrative timeline USFWS & ACP Recommence briefs submitted Oral arguments Expected order at least partial to 4th Circuit construction Biological opinion May 9 90 days (tentative…
  77. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 77
    Atlantic Coast Pipeline Status update and illustrative timeline File appeal to the U.S. Supreme SCOTUS agrees to Arguments Recommence Expected Court full hear appeal before SCOTUS order (SCOTUS) construction Appalachian Trail…
  78. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 78
    Reflections on select jurisdictions Scorecard Above average North South Virginia Ohio Utah Carolina Carolina Top states for business 4 15 3 9 (2018) Best states for business 4 20 2 1 15 (2018) Unemployment rate 6 12 14…
  79. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 79
    Reflections on select jurisdictions Key themes Virginia Utah North Carolina Legislative session Growth, innovation & Significantly increased Rural broadband entrepreneurship footprint in 1 best state Vertical integration: 2…
  80. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 80
    Key takeaways A straight-forward and compelling business profile 65%70% 25%30% state regulated FERC-regulated / utilities regulated-like gas transmission Premium assets Operating earnings & storage in premium Not traditional…
  81. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 81
    Key takeaways A straight-forward and compelling business profile Premium, low risk assets in Regulated + like premium locations growth programs (26B five-year growth capital (95% regulated / regulated-like earnings) across…
  82. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 82
    Dominion Energy Agenda CEO perspectives CFO perspectives Concluding remarks Appendix Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 83
  83. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 83
    Dominion Energy Governance: Board of Directors Thomas F. Farrell, II John W. Harris Mark J. Kington Robert H. Spilman, Jr. Helen E. Dragas Chairman since 2007 Director since 1999 Director since 2005 Director since 2009 Director…
  84. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 84
    Dominion Energy Governance: Board refreshment and diversity Productive mix of age and tenure Board diversity a focus Age Mix Board Tenure Diverse 66 71 8 11 Years 11+ Years (4 Directors) (3 Directors) (2 Directors) (3 Directors)…
  85. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 85
    Dominion Energy Governance: Diverse Board expertise Percent of Directors with significant expertise in strategic areas Corporate leadership 100% Experienced leaders capable of overseeing execution of strategy and challenging…
  86. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 86
    Dominion Energy Governance: Board committees demonstrate robust oversight Compensation, Sustainability and Governance and Finance and Risk Corporate Audit Nominating Oversight Responsibility Evaluates Oversees financial Oversees…
  87. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 87
    Dominion Energy Governance: Executive management team Thomas F. Farrell, II Robert M. Blue James R. Chapman Paul D. Koonce Chairman, President Executive Vice Executive Vice Executive Vice and Chief Executive President and President,…
  88. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 88
    Dominion Energy Governance: Executive compensation program highlights Program emphasizes variable incentive pay tied to challenging performance goals CEO: 90% of annual direct compensation opportunities tied to performance or…
  89. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 89
    Dominion Energy Governance: Executive management stock ownership 8.0x Dominion Energy Industry peers Large-cap peers 6.0x 6.0x 5.0x 4.0x 3.0x 3.0x 3.0x 2.5x 2.0x 2.0x 1.0x CEO Executive VP Senior VP Vice President Higher…
  90. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 90
    Dominion Energy Environment: New emissions reduction targets Intensity targets announced in Dec. 2018 Supplemental March 2019 emissions targets 60% 55% 80% reduction in reduction in reduction in carbon intensity by carbon…
  91. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 91
    Dominion Energy Environment: Committed to robust ESG reporting and disclosure Enhanced disclosures Status Reporting Standard Dominion Energy Sustainability and Online and Corporate Responsibility Report available now Edison…
  92. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 92
    Dominion Energy Environment: Generation (MWh) across company by fuel 2007A 2017A 1% 2% 4% 46% 15% Coal Gas Nuclear Renewable 43% 42% Other 37% 9% Please refer to page 2 for risks and uncertainties related to…
  93. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 93
    Dominion Energy Virginia Profile Electric Legacy A6 Dominion VA base / Strategic Transmission Generation Energy Total5 Other Undergrounding rider2 riders3 North Carolina4 Rate base 13.1 3.9 22.9 4.4 1.0 0.4 (B) Authorized…
  94. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 94
    Dominion Energy Virginia ProfileLegacy A6 generation riders Bear Warren VCHEC Biomass Brunswick Greensville US-2 Solar Total Garden County Rate base1 0.3 0.6 1.0 1.1 0.1 0.7 0.1 3.9 (B) Authorized 51.4% 51.4% 51.4% 51.4% 51.4%…
  95. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 95
    Dominion Energy Virginia Three-year capital summary B 2019E 2020E 2021E Growth 2.3 3.2 3.4 Maintenance 0.7 0.6 0.7 Nuclear fuel 0.2 0.2 0.2 Total 3.2 4.0 4.3 Please refer to page 2 for risks and uncertainties related to…
  96. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 96
    Dominion Energy Virginia Rate base reconciliation Illustrative only B 2018E Dominion Energy Virginia rate base 22.9 (+) growth capital 16.6 (+) maintenance capital 3.4 (+) DD&A (6.9) (+) tax-related adjustments (1.4) (+) PPA…
  97. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 97
    Dominion Energy Virginia Grid Transformation and Security Act Passed Virginia General Assembly in Feb 2018 with nearly 70% (bipartisan) support, signed by governor Four key takeaways: Provides a clear path for a more sustainable…
  98. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 98
    Dominion Energy Virginia Grid Transformation and Security Act Impacts Period Review Comments (if any) Maximum allowable revenue First 20172020 2021 2022 decrease through end of second Triennial triennial = 50M (no earlier than…
  99. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 99
    Dominion Energy Virginia Grid Transformation and Security Act Reinvestment reserve Period expenses (CCRO) GTSA modifies regulatory calculation of Incentive to deploy additional capital towards earnings to match GAAP accounting…
  100. 2019 Investor Day Meetings Sustainability and ESG Update Session – Dominion Energy – slide 100
    Dominion Energy Virginia Grid Transformation and Security Act GTSA summary SB 1355 Coastal Virginia Strategic Grid Environmental Utility solar Coal ash off-shore wind undergrounding transformation rider 2 turbine (12MW)…

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