Dominion Energy(US:D)2022-11-03 16:00Financial Performance - Duke Energy reported a net income of $1.2 billion for the last quarter, representing a 15% increase year-over-year[14]. - The company achieved an earnings per share (EPS) of $1.50, up from $1.30 in the same quarter last year, reflecting a 15% growth[14]. - Net income attributable to Dominion Energy for the three months ended September 30, 2022, was $778 million, compared to $666 million for the same period in 2021, reflecting a 16.8% increase[23]. - The company reported net income from continuing operations of $781 million for the three months ended September 30, 2022, compared to $601 million for the same period in 2021, a 30% increase[20]. - For the three months ended September 30, 2022, net income attributable to Dominion Energy from continuing operations was $761 million, compared to $573 million for the same period in 2021, representing a 32.8% increase[100]. - For the nine months ended September 30, 2022, net income attributable to Dominion Energy from continuing operations was $1,021 million, compared to $1,828 million for the same period in 2021, indicating a decrease of 44.2%[100]. - Net income for the nine months ended September 30, 2022, was $975 million, down from $1,344 million for the same period in 2021, reflecting a decrease of 27.4%[66]. Revenue and Expenses - Operating revenue for the three months ended September 30, 2022, was $4,386 million, up from $3,176 million for the same period in 2021, representing a 38.1% increase[20]. - Total operating revenue for Dominion Energy for the three months ended September 30, 2022, was $4,386 million, an increase of 38.0% from $3,176 million in 2021[90]. - Total operating revenue for the nine months ended September 30, 2022, was $7,217 million, up 30% from $5,547 million in 2021[47]. - Total operating expenses for the nine months ended September 30, 2022, were $10,531 million, compared to $8,002 million for the same period in 2021, indicating a 31.5% increase[20]. - Total operating expenses for the nine months ended September 30, 2022, were $5,617 million, an increase of 54% from $3,651 million in 2021[47]. Customer and Market Growth - Duke Energy's customer base grew by 2% to 7.8 million customers across its service territories[15]. - Dominion Energy's regulated electric sales to residential customers increased to $1,609 million in Q3 2022, a 25.6% rise from $1,281 million in Q3 2021[90]. - Nonregulated electric sales for Dominion Energy rose to $345 million in Q3 2022, compared to $271 million in Q3 2021, reflecting a 27.3% increase[90]. Investments and Future Plans - The company plans to invest $25 billion over the next five years in renewable energy projects and grid modernization[16]. - Duke Energy aims to reduce greenhouse gas emissions by 50% by 2030 compared to 2005 levels[17]. - The company is expanding its solar capacity by adding 1,000 MW of new solar projects by 2025[16]. - Dominion Energy's investment in nonregulated solar projects includes acquisitions with costs of $138 million for Pumpkinseed and $225 million for Bookers, both located in Virginia[190]. - Virginia Power is pursuing renewable generation projects totaling approximately $1.4 billion, expected to be operational between 2022 and 2023[206]. Regulatory and Compliance - The company has initiated a new rate adjustment clause to recover costs related to renewable energy projects, which is projected to impact customer bills by approximately 5%[16]. - Virginia Power filed for a fuel factor increase to recover an estimated $2.3 billion in projected fuel expenses for the rate year starting July 1, 2022[205]. - The proposed fuel rate represents a revenue increase of $1.8 billion based on projected kilowatt-hour sales for the period[205]. - Virginia Power's regulatory assets increased to $5.654 billion as of September 30, 2022, up from $4.980 billion at December 31, 2021[199]. Debt and Liabilities - Total current liabilities increased to $12,172 million as of September 30, 2022, compared to $8,673 million at December 31, 2021, representing a 40.5% increase[31]. - Long-term debt rose to $38,162 million as of September 30, 2022, up from $37,426 million at December 31, 2021, indicating a 2% increase[31]. - Total liabilities reached $74,962 million as of September 30, 2022, compared to $70,672 million at December 31, 2021, reflecting a 6.4% increase[31]. - The company issued $2,338 million in long-term debt during the nine months ended September 30, 2022[66]. Cash Flow and Liquidity - The company reported net cash provided by operating activities for the nine months ended September 30, 2022, was $2,671 million, down 24.4% from $3,535 million in 2021[43]. - Cash provided by operating activities decreased to $1,394 million for the nine months ended September 30, 2022, compared to $2,240 million in 2021, a decline of 37.9%[66]. - Cash, restricted cash, and equivalents at the end of the period were $340 million, an increase from $267 million at the end of 2021[43]. Asset Management - Total assets as of September 30, 2022, were $103,535 million, an increase from $99,590 million as of December 31, 2021[26]. - The total assets of the company as of September 30, 2022, were $51,988 million, an increase from $47,932 million at the end of 2021[53]. - Dominion Energy's total decommissioning trust funds amounted to $5.590 billion, with total unrealized gains of $2.210 billion and total unrealized losses of $224 million[170]. Derivative and Fair Value Measurements - The company reported a gross liability of $660 million for over-the-counter commodity contracts as of September 30, 2022[141]. - Dominion Energy's total derivative assets amounted to $2,469 million as of September 30, 2022, with $596 million classified as current assets and $1,873 million as noncurrent assets[150]. - The fair value of derivatives not under hedge accounting was $1,873 million, while those under hedge accounting were valued at $596 million[150]. Miscellaneous - The company recognized a pre-tax gain of $8 million from the sale of Hope, which closed in August 2022, but recorded an after-tax loss of $89 million due to a write-off of goodwill[87]. - Dominion Energy recorded charges of $60 million ($45 million after-tax) for dismantling certain retired generating units for the nine months ended September 30, 2022[83]. - The company expects to incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities, with a recorded liability of $119 million as of September 30, 2022[184].