Compelling investment proposition Comprehensive total shareholder return 6.5% 3.4% 10% Industry-leading EPS growth rate dividend shareholder ESG through 2026 yield return profile 37B 6% Industrys largest 5-year growth…
Premier state-regulated utility operations OH VA UT NC 90% state- SC regulated utility segments Utility operations in attractive states Customer/economic growth 10% Common sense regulation Contracted Assets Sustainability…
Investing in support of our clean-energy profile Five-year growth capital Zero-carbon generation & energy storage +5B Electric grid transformation Gas distribution modernization / RNG 37B Customer growth & other 32B 22B 59%…
Decarbonization initiatives extend beyond 5-year plan Benefits customers, communities, environment Gas distribution modernization 73B Electric grid / RNG Nuclear transformation Up to 8B life Up to 15B Emissions Energy extension…
Operating earnings per share Actual versus guidance ( per share) Fourth quarter 2021 Full-year 2021 3.86 3.91 3.90 3.80 0.93 0.95 0.90 Unfavorable weather impact on utility 0.85 earnings: (0.05) Unfavorable weather impact on…
Track-record of successful execution Weather normalized operating EPS vs. guidance Upper end guidance Guidance midpoint Lower end guidance 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19…
Guidance Operating earnings and dividends per share Earnings Dividends 1.101.25 Q1 2022 Regulated investment Target payout 65% (YoY drivers) Sales ratio Return to normal weather (no change) O&M/tax timing 3.95 4.25 2.67 FY 2022…
Consolidated financial outlook Five-year growth capital summary Dominion Dominion Gas Contracted Energy Energy Total Distribution Assets Virginia South Carolina 20222026 growth capex 27 5 2 3 37 (B) Zero-carbon Infrastructure…
Consolidated financial outlook Illustrative sources and uses Annual average: 20222024 Sources Uses No change to 4.3B 2.5B 2022 equity 9.9B 7.4B 0.7B Growth 76% Drip: 0.2B ATM: 0.5B Maintenance Operating (+) equity (+)…
Balance sheet Credit supports long-term growth strategy CFO pre-WC / debt Pension + OPEB funding No change to existing ratings targets DEI: High BBB range OpCos: A range 115% 110% 15% 15% 15%+ 14% 14% 100% 97% 92% 94% 2019A…
CFO summary Focus on execution Weather-normal quarterly (24th consecutive quarter) and full-year operating EPS above the midpoint of guidance ranges Initiated 2022 full-year operating EPS guidance that represents a 6.5% annual…
Employees Safety OSHA recordable incident rate 40% improvement vs. 2016 70% safer than industry average 100 employees each work year Number of recordables per 1.78 1.44 1.50 1.34 1.32 1.06 1.02 1.04 1.00 0.92 0.88 0.80…
Regulated offshore wind Continues to meet schedule milestones Milestones Target Construction & Operation Plan submitted Dec. 2020 Met target Notice of Intent issued by BOEM July 2021 Met target CPCN/Rider filing with VA SCC Fall…
Regulated offshore wind Overview Economic benefits 2,000 construction & permanent clean-energy jobs in VA 300M economic output & pay/benefits per year 11M state and local tax revenue per year Capacity 2.6GW Offshore lease 113K acres…
Regulated offshore wind Experienced partners Wind turbine Offshore Transport & Monopiles Transition pieces generators substations install Note: illustration not to scale 17
Dominion Energy Virginia Executing the plan for the benefit of customers Grid Phase II application (2022-2023 investment) approved by SCC Transformation 670M in capital investment CE-2 rider filing with SCC included about 1,000MW…
Environment Material emissions reductions as zero-carbon generation displaces emitting technologies Owned generation dispatch (MWh) Enterprise-wide CO2e by fuel type Coal Gas Zero-carbon 42% 37% 49% 70% 99% 80% Net Zero 7% 76%…
Environment Coal capacity (GW) Share of gen. dispatch 52% 10.5 11%…
Components of investment base Coal-fired generation, Zero-carbon Percentage of total investment base Zero-carbon: Renewable Zero-carbon: Nuclear Electric transmission/distribution Other Coal Coal: 6% Coal: 4% Other Other…
Dominion Energy South Carolina Executing the plan + meeting commitments Commentary Keeping the lights on: Average SAIDI score Merger commitments met since closing in 2019 146 46% Continued focus on customers and communities…
Gas Distribution Decarbonization and growth Sustainability Robust growth: 3-year customer growth CAGR Enhancing sustainability 2.6% 2.5% Modernize infrastructure, equipment, processes & enhance detection 1.6% Expanding energy…
ESG highlights Select 2021 milestones Issued TCFD-aligned Climate Report with 1.5-degree scenario modeling and disclosure of Scope 1, 2, and 3 emissions Published annual Sustainability and Corporate Responsibility Report in…
Third-party ESG assessments Dominion Energys independent 3rd party scoring reflects best-in-class ESG performance Dominion Energy Sector average Leadership Leadership Trendsetter band band Leader 94 . A- . A- Lower score = better…
Environment Expanding Net Zero commitment Support federal Sustainability focused Encourage suppliers to Requesting methane fuel procurement adopt Net Zero supplier emissions regulations practices commitments disclosures NET ZERO…
Summary Achieved second-best safety performance ever 24th consecutive quarter of weather-normal earnings at or above guidance midpoint range Affirmed and extended long-term earnings and dividend growth guidance through 2026…
Appendix 28
Industry leading ESG profile Committed to safe, reliable, affordable and sustainable energy and achieving net zero by 2050 Environment Social Governance 70%+ reduction 42% reduction OSHA recordable rate Board refreshment 33% diverse…
Operating segments Summary State-regulated utility operations Dominion Energy Dominion Energy Contracted Gas Distribution Virginia South Carolina Assets O CT VA H ID W O States of operation Y WV SC H Southeastern UT NC &…
Segment-level disclosure Operating earnings per share guidance 2021 actual 2022 guidance 2022E contribution by segment Dominion Energy Contracted Virginia 2.37 2.55 2.69 Assets 10% Dominion Energy Gas Distribution 0.74 0.81 0.85…
Segment-level disclosure Capital structure summary Corporate & Other debt supported by levered and unlevered segment cash flows Unlevered Unlevered cash 13.6 Long-tern debt (B) cash flows flows from from RNG Millstone & solar…
Customers Typical residential electric customer bills Residential electric rates (cents per kWh) Projected customer bill CAGR 18.4 14.1 14.1 14.1 12.6 2.1% 2.1% 12.0 10.7 CAGR CAGR 2019 - 2035 2021 - 2035 DEV VA US RGGI…
Consolidated financial outlook Five-year capital summary Growth capital B 2022E 2023E 2024E 2025E 2026E Total Dominion Energy Virginia 4.2 5.9 6.4 6.3 4.2 26.9 Gas Distribution 1.1 1.1 0.9 1.2 0.8 5.1 Dominion Energy South Carolina 0.3…
Percentage of total investment base VA rider eligible, VA base and expected to continue to decline VA base 5% Contracted Assets/other Contracted Assets/other Gas Distribution 21-26 utility Gas Distribution rate base CAGR…
5-year growth capital plan Bridge (B) 2.3 36.5 1.5 (0.1) 0.6 32.2 Other Offshore wind Gas distribution Timing impact to decarbonization- Pump storage / RNG offshore wind focused from 5-yr. plan VA CTs investments…
Rate base and EPS growth Illustrative bridge 9% Parent 6.5% financing: Parent DRIP/ATM financing: Parent equity Existing financing: Other mandatory Fixed conversion income (2022) 1.5% 1.0% Five-year Long-term EPS rate base…
Consolidated financial outlook Equity capital raising activities Annual issuance (B) Dividend reinvestment At-the-market Total (DRIP) (ATM) 2022E 0.2B 0.10.3B 0.30.5B 2023E 2026E 0.2B 0.50.7B 0.70.9B All equity needs planned…
Hydrogen Advancing pilots to validate long-term use cases Category Use Case Initial Phase Goal Status ThermH2 Phase 1 (UT) Distribution fuel mix blending Introduce hydrogen into controlled Validate feasibility of blending at least…
Third-party ESG assessments Track record of participation and improvement A 91 91 91 94 A- A- A- A- A- 87 AA Scoring methodology B B B changed in 2020 A A Lower score = better BBB BBB 33 28 F 17 18 19 20 21 17 18 19 20 21…
Customers State-regulated utilities Segment summary as of 12/31/2021 State summary Twelve months ended DE Customers December 31 South Carolina 12/31/2021 (M) Gas Distribution 19-21 CAGR 1.2M 3.1M 17% DE Virginia 1.3% 2.7 44% DE…
Weather After-tax impacts (M) Q1 Q2 Q3 Q4 2021 YTD Dominion Energy Virginia2 (10) (2) 16 (22) (18) Versus normal Dominion Energy South 4 (7) (16) 2 (17) Carolina3 Gas Distribution4 (1) 1 (3) (4) Total (8) (8) 0 (23) (39)…
Weather Degree days Quarter ended 12/31 Twelve months ended 12/31 2021 2020 2021 2020 Actual 1,036 1,062 3,210 2,970 Heating Normal 1,267 1,267 3,538 3,557 Dominion Energy Virginia Actual 87 51 1,783 1,759 Cooling Electric…
Dominion Energy Virginia 44
Dominion Energy Virginia An excellent state for business 57% Dominion Energy Virginia Dominion Energy Virginia service territory % of 2022E operating earnings Washington D.C. metro area Virginias GDP growth ranks as 12th best in the…
Virginia Clean Economy Act of 2020 (VCEA) Transforming Virginias economy and environment The VCEA calls for a multi-faceted approach Renewable portfolio standard to achieving renewable portfolio requirements % of DEVs VA retail load…
Dominion Energy Virginia Five-year growth capital summary Strategic Grid undergrounding transformation 3% Offshore wind 27B Nuclear 5% 35% relicensing 6% Energy storage 2% Customer 27B growth 20222026 7% growth capital…
Dominion Energy Virginia Five-year growth capital outlook Regulated offshore Solar Transmission Customer growth wind 6.5B 10B 20222026 4B 2B 20222026 growth capital 20222026 20222026 growth capital Recovery method: growth…
Dominion Energy Virginia Five-year growth capital outlook Nuclear Grid Strategic Energy storage relicensing transformation undergrounding 0.6B 2B 1.5B 1B 20222026 20222026 20222026 20222026 growth capital growth capital growth…
Dominion Energy Virginia Regulatory summary Electric Legacy A6 Dominion VA base Transmission riders / other Energy Other Total rider riders North Carolina Rate base 10.2 7.7 7.0 2.24 2.15 29.2 (B) Common 52.2% 52.3% 52.2% 52.2%…
Dominion Energy Virginia Rate base reconciliation Illustrative only Total 2021E Dominion Energy Virginia rate base 29.2 (+) capital expenditures 32.9 (-) DD&A (7.5) (-) Deferred taxes/other (4.0) 2026E Dominion Energy Virginia…
Dominion Energy Virginia Customer Credit Reinvestment Offset (CCRO) eligibility Summary CCRO eligible capex by year (B) Allows DEV to deploy capital in support of Virginia policy priorities (renewable generation and grid 2.2 18B…
Dominion Energy Virginia Generation portfolio Summer Summer Summer Cap. Cap. Cap. Plant Location Type (MW) Plant Location Type (MW) Plant Location Type (MW) Surry Surry, VA Nuclear 1,676 Gaston Roanoke Rapids, NC Water 220 Desper…
Dominion Energy Gas Distribution 54
Dominion Energy Gas Distribution Overview 18% Key takeaways % of 2022E Operating earnings 10B 8% Attractive customer growth Investment base Rate Base CAGR Active integrity management programs and 2022 2026 long runway for pipeline…
Dominion Energy Gas Distribution Five-year growth capital summary Business and recovery method 2022 2026 growth capital (B) RNG 16% OH 30% 5.1B NC 5.1B 23% Contracted 16% UT 31% Rider 49% 5.1B Base 35% Note: figures…
Dominion Energy Gas Distribution Five-year growth capital outlook Ohio Utah North Carolina Renewable natural Decoupled Decoupled Decoupled gas 1.5B 1.6B 1.2B 0.8B 20222026 20222026 20222026 20222026 growth capital growth…
Dominion Energy Gas Distribution Five-year rate base outlook NC NC 19% 17% Ohio 56% 9.4B Ohio 13.2B 2021E 53% 2026E rate base rate base Utah 30% Utah 25% Note: excludes RNG development 58
Dominion Energy Gas Distribution Regulatory summary Utah and Ohio North Carolina Total Wyoming Rate base 5.0 2.7 1.6 9.4 (B) Common 51.3% 63.7%1 51.6% 55.0%2 equity % Allowed 10.4% 10.2%1 9.6% 10.2%2 ROE Customers 1.2M 1.1M…
Dominion Energy Gas Distribution Rate base reconciliation Illustrative only B 2021E Dominion Energy Gas Distribution rate base 9.4 (+) capital expenditures 5.6 (-) DD&A (1.8) 2026E Dominion Energy Gas Distribution rate base…
Dominion Energy South Carolina 61
Dominion Energy South Carolina Continued improvement of utility fundamentals 14% Dominion Energy South Carolina Dominion Energy South Carolina service area % of 2022E operating earnings South Carolinas 3.5% unemployment rate is…
Dominion Energy South Carolina Five-year growth capital summary Grid enhancement 15% 1.7B Generation 26% Gas 30% 1.7B Rider 30% Electric customer growth 29% 1.7B Base 70% Represents growth capital under Natural Gas Rate…
Dominion Energy South Carolina Five-year growth capital outlook Electric customer Electric grid Generation Gas growth transformation 0.5B 0.2B 0.4B 0.5B 20222026 20222026 20222026 20222026 growth capital growth capital growth…
Dominion Energy South Carolina Five-year rate base outlook CCR 10% CCR Electric 20% 77% Gas Electric 14% 70% Gas 9B 11B 10% 2021E 2026E rate base rate base 65
Dominion Energy South Carolina Summary Electric Gas CCR Total Rate base 6.1 0.9 1.7 8.7 (B) Common 51.6% 55.0% 52.8% 52.2%4 equity % Allowed 9.5% 10.3% 9.9% 9.7% ROE Customers 0.8M 0.4M 1.2M September 30, 2021 Approved…
Dominion Energy South Carolina Capital Cost Rider (CCR) The capital cost rider was approved under terms of the South Carolina PSC merger approval in late 2018 Allows recovery of and return on 2.8B of New Nuclear Development costs…
Dominion Energy South Carolina Rate base reconciliation Illustrative only B 2021E Dominion Energy South Carolina rate base 8.7 (+) capital expenditures 4.1 (-) DD&A (2.3) (-) other (0.1) 2026E Dominion Energy South Carolina rate…
Dominion Energy South Carolina Generation portfolio Summer Fuel Type Summer Cap. (MW) (%) Plant Location Type Cap. (MW) Gas 2,524 45% Jasper (CC) Hardeeville, SC Gas 863 Coal 1,704 30% Columbia Energy Center (CC) Gaston, SC Gas 519…
Contracted Assets 70
Contracted Assets Overview 10% Key takeaways % of 2022E Operating earnings 2.9B 3.0GW 1 GW solar in-service with 15-to-25-year 5-year growth Zero-carbon contracts with high-quality counterparties; capital plan generation 330M of…
Contracted Assets First Jones Act compliant offshore wind installation vessel Operations based out of the Port of Virginia May 2020 Announced plans to develop the first Jones Act compliant offshore wind turbine installation vessel in…
Contracted Assets Five-year growth capital outlook 2.9B 2.9B Contracted solar 100% 73
Contracted Assets 2022 Millstone energy position1 1% open 0.1M MWh 55% long-term contracted 9.0M MWh 49.99 44% hedged 16.3M 7.2M MWh MWh 37.27 in 2022 99% of 2022 volumes de-risked at volume weighted average price of…
Contracted Assets Generation portfolio Summer Cap. Summer Cap. Summer Plant Location Type Plant Location Type Fuel Type (%) (MW) (MW) Cap. (MW) Millstone Waterford, CT Nuclear 2,001 ASFV Buckingham Cumberland, VA Solar 20 Nuclear 2,001…
Financial supplement 76
Consolidated financial outlook 2022 fixed income financing activities (B) Issuance range Issued To Come Dominion Energy Virginia 2.02.5 1.0 1.01.5 Gas Distribution 0.20.4 0.20.4 Dominion Energy South Carolina Contracted…
Fixed income Preliminary and unaudited schedule of long-term debt as of December 31, 2021 (M) Segment Financing Entity Description Maturity Weighted Avg. Rate Short-term at 12/31/2021 Long-term at 12/31/2021 DE Virginia VEPCO Unsecured…
Fixed income Schedule of debt maturities as of December 31, 2021 (M) Financing Segment Due Date Entity DE Virginia Gas Dist DE SC Con Assets Corp & Other Total 2022 3.45% 2010 Series A Senior Notes 09/01/22 VEPCO 300 - - - - 300…
Fixed income Schedule of debt maturities as of December 31, 2021 (M) Financing Segment Due Date Entity DE Virginia Gas Dist DE SC Con Assets Corp & Other Total 2025 3.30% 2020 Series A Senior Notes 03/15/25 DEI - - - - 400 400 3.10%…
Fixed income Credit Ratings (contd) East Ohio Gas Co. Moodys S&P Fitch Corporate/Issuer A2 BBB+ A- Senior Unsecured Debt Securities A2 BBB+ A Outlook Stable Positive Stable DESC Moodys S&P Fitch Corporate/Issuer Baa2 BBB+ A-…
Fixed income Company-modeled CFO pre-WC to debt Net cash provided by operating activities (-) Changes in working capital Numerator (-) Capitalized interest (Note 2. Property, Plant and Equipment) Source: 10K (+) Depreciation component…
Fixed income Schedule of liquidity position ( billions, as of December 31, 2021) 6.9 (2.0) 0.2 5.1 4.9 (0.0) Total committed (-) Supplemental (=) (+) (=) bank lines Commercial paper facility drawn Total available Cash and…
Fixed income Schedule of change in capitalization Change in Debt (Long-Term Debt plus Securities Due Within One Year) Change in Mezzanine Equity Balance as of December 31, 2020 (1) 36,119 Balance as of December 31, 2020 - Issuances: Net…
Pension Overview Total Asset returns 16.9% Assets (B) 11.9 Fixed 12.5% income 11.6% Allocation 35% 9.8% 10.5% 2022 EROPA targets2 65% assumption: Equity 8.26% EROPA4 8.26% Funded status (GAAP) 110% 1-year 3-year 5-year…
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