Dominion Energy(US:D)2023-05-05 17:09Financial Data and Key Metrics Changes - The first quarter GAAP results reflect a net income of $1.17 per share, which includes positive noncash mark-to-market impacts from economic hedging activities and unrealized gains in nuclear decommissioning trust funds [13] - Operating earnings for Q1 2023 were $0.99 per share, which included a $0.10 impact from worse than normal weather [33] - Weather-normalized results would have been $1.09 per share, exceeding the midpoint of the weather-normal guidance range by $0.04 [34] Business Line Data and Key Metrics Changes - The company reported higher sales and lower planned outage impacts at Millstone, contributing positively to earnings [14] - The gas distribution business in Utah achieved seven of the top 20 throughput days in history, including the two highest ever during a record-setting winter [20] Market Data and Key Metrics Changes - The PJM's 2023 forecast projects peak summer load growth in the DOM zone of approximately 5% per year for the next 10 years, with the projected load for 2033 increasing from 25.8 gigawatts to 35.8 gigawatts, a nearly 40% increase [10][32] - The company experienced a weather-normal sales growth of 6.1% over the last 12 months, with expectations for a moderation to around 5% for the full year 2023 [32] Company Strategy and Development Direction - The company is focused on a compelling repositioning to create long-term value for shareholders, employees, customers, and stakeholders [6] - An updated integrated resource plan was filed with the Virginia Commission, outlining paths to satisfy growing service obligations and calling for increased investments in distribution, transmission, and generation [11] - The new Virginia law enacted in April provides significant bill relief for customers and supports long-term utility stability, allowing for critical energy investments [27][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the unique intersection of demand growth and strong policy support for decarbonization and economic growth [11] - The company aims to improve its balance sheet and minimize external equity financing needs while continuing to drive operational efficiencies [15][36] Other Important Information - The company is advancing infrastructure upgrade projects for data centers in Eastern Loudoun County, with the first three projects ahead of schedule [18] - The company filed a natural gas general rate case in South Carolina, seeking a revenue requirement increase of $19 million, which represents around a 6% increase to a typical residential customer bill [19] Q&A Session Summary Question: What are the expectations for lawmakers to fill the vacant seats at the SEC? - Management noted that the commission is functioning effectively and highlighted the process for filling vacancies, emphasizing the strong regulatory position in Virginia [48] Question: Can you discuss the performance provision and ROE in Virginia? - Management indicated that there will need to be work done within the commission to establish how performance will be judged, viewing it as an opportunity to demonstrate excellent performance [50][51] Question: What factors are in play regarding the IRP scenarios? - Management explained that the IRP includes different scenarios required by the commission, focusing on balancing reliable service and cost while complying with regulations [70]