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 [6][7] - 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 $3.40 [6][7] - Approximately $1 billion of forward settled common equity was sold under the existing ATM program at a weighted average price of about $57 [7] 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 [10][11] - The project has created approximately 2,000 direct and indirect jobs and generated $2 billion in economic activity [11] - 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 [8] - There has been no observed evidence of slowing demand from data center customers across the service area [8] Company Strategy and Development Direction - The company focuses on achieving financial commitments, timely construction milestones for the Coastal Virginia offshore wind project, and constructive regulatory outcomes [5][22] - The company aims to provide reliable, affordable, and increasingly clean energy to its customers [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on the financial plan and noted that the financial guidance is conservatively built to weather unforeseen challenges [8][9] - The regulatory landscape is supportive, with a proposed new rate class for high energy users, including data centers, to ensure they pay their fair share [17][75] Other Important Information - The company experienced a tragedy with the loss of a colleague, emphasizing its commitment to safety as a core value [9][10] - Diane Leopold, Executive VP & COO, announced her retirement effective June 1, marking her last earnings call [21] 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 [29][30] Question: What is the current status of monopile installations? - The monopile installation season has begun, with an expected pace of about 25 installations per month [32] Question: Any updates on permitting and regulatory interactions? - Management stated that they are fully permitted and have ongoing constructive conversations with regulatory agencies [40] Question: How is data center demand looking? - Demand remains high, with customers planning expansions well into the 2030s [66][67] Question: Can you elaborate on the new tariff structure for high energy users? - The new rate class focuses on minimum demand charges and aims to ensure that high energy users pay their fair share [73][75] Question: What are the expectations regarding PJM network cost upgrades? - Management does not expect significant changes in costs and will have final numbers in July [102] Question: How is the company managing tariff impacts across its business? - The company has diversified its supply chain and placed orders ahead of tariff effective dates to mitigate cost increases [46][48]