The following is a summary of the Dominion Energy, Inc. (D) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Dominion Energy reported operating earnings of $0.55 per share for Q1 2024, impacted by a $0.06 per share headwind from worse-than-normal weather.

• Positive factors were higher sales, regulated investment growth, and better weather, while higher interest expense and revenue reduction related to riders-base rates shift influenced the quarter.

• The company projects operating earnings per share for 2024 to be between $2.62 and $2.87, and for 2025 between $3.25 and $3.54, including impact from RNG 45Z credits.

Business Progress:

• Dominion Energy achieved 53% of their targeted debt reduction, approximately $11 billion.

• The offshore wind project is 28% complete with 11 federal permits secured and $3.5 billion invested.

• They are expecting to spend around $6 billion by 2024 on the wind project, with the Charybdis vessel being 85% built.

• They won over 150 electric transmission projects, having a value about $2.5 billion, during the December PJM open window.

• The company is focusing on capital investments and is advancing projects with PJM, SCC, and other stakeholders to cater growing data center demand.

• Dominion Energy has also considered investing in dispatchable generation and onsite backup fuel storage to meet future needs.

More details: Dominion Resources IR

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