Dominion Energy(US:D)2025-05-01 15:00Financial Data and Key Metrics Changes - The company reported first quarter operating earnings of $0.93 per share, which includes $0.03 from better than normal weather, $0.02 from RNG 45Z income, and $0.02 from better than expected sales [4] - GAAP results for the first quarter were $0.75 per share, and the company affirmed its financial guidance for 2025 operating earnings per share of $3.28 to $3.52, with a midpoint of $3.4 [4][5] - The company sold approximately $1 billion of forward settled common equity under its existing ATM program at a weighted average price of approximately $57 [5] Business Line Data and Key Metrics Changes - The Coastal Virginia offshore wind project is 55% complete and is on schedule for first electricity delivery in early 2026 and full completion by the end of next year [9][10] - The project has created approximately 2,000 direct and indirect jobs and generated $2 billion in economic activity [10] - The project’s updated cost is $10.8 billion, which is expected to increase residential customer bills by an average of $0.04 per month over the life of the project [15] Market Data and Key Metrics Changes - The company has approximately 40 gigawatts of data center capacity in various stages of contracting, with about 10 gigawatts contracted under electric service agreements [6] - There has been no observed evidence of slowing demand from data center customers across the service area [6] Company Strategy and Development Direction - The company focuses on three priorities: achieving financial commitments, timely construction milestones for the Coastal Virginia offshore wind project, and constructive regulatory outcomes [3][22] - The company aims to provide reliable, affordable, and increasingly clean energy to its customers [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on the financial plan, emphasizing a conservative approach to guidance to weather unforeseen challenges [6][7] - The company continues to achieve constructive outcomes in all regulated service areas, with ongoing discussions regarding energy legislation in South Carolina [18][19] Other Important Information - The company is actively engaged in discussions regarding a new proposed rate class for high energy users, including data centers, to ensure fair cost recovery and protect other customer classes [17][72] - The company is preparing for the Chesterfield Energy Reliability Center, a gas-fired electric generating facility expected to cost approximately $1.5 billion and be operational by 2029 [18] Q&A Session Summary Question: Can you provide insights on the Coastal Virginia offshore wind project and tariff impacts? - Management confirmed that suppliers are performing well, and there are no changes to delivery schedules due to tariffs [30] Question: What is the status of permitting for the Coastal Virginia offshore wind project? - The project is fully permitted, and management feels comfortable that it will continue moving forward [41] Question: How is data center demand looking? - Demand remains high, with customers planning for expansions well into the 2030s [62] Question: Can you elaborate on the new tariff structure for high energy users? - The new rate class will focus on minimum demand charges and includes a fourteen-year contract term for new customers [72] Question: What are the expectations regarding residential sales? - Residential sales showed slight weakness, but overall sales trends are strong, particularly in the commercial segment [80]