Dominion Energy facts for kids
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Formerly
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Dominion Resources (1983–2017) Virginia Electric and Power Company (VEPCO) (1925–1983) Virginia Railway and Power Company (1909–1925) |
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| Industry | Electric utility |
| Founded | 1983 in Virginia, U.S. |
| Headquarters | Richmond, Virginia, U.S. |
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Area served
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Georgia, Idaho, North Carolina, Ohio, Pennsylvania, South Carolina, Utah, Virginia, West Virginia, Wyoming |
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Key people
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Robert Blue (CEO and Chairman) James R. Chapman (CFO) |
| Products | Electricity Natural gas |
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Operating income
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Number of employees
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21,000 (2019) |
| Divisions | Gas Infrastructure Group, Power Generation Group, Power Delivery Group, Southeast Energy Group |
Dominion Energy, Inc., commonly referred to as Dominion, is an American energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Utah, Idaho and Wyoming, West Virginia, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia. Dominion also has generation facilities in Indiana, Illinois, Connecticut, and Rhode Island.
The company acquired Questar Corporation in the Western United States, including parts of Utah and Wyoming, in September 2016. In January 2019, Dominion Energy completed its acquisition of SCANA Corporation.
Contents
Overview
The company's asset portfolio includes 27,000 megawatts of power generation, 6,000 miles (9,700 km) of electric transmission lines, 54,000 miles (87,000 km) of distribution lines, 14,000 miles (23,000 km) of natural gas transmission, gathering and storage pipeline, and 1.2 trillion cubic feet (34 km3) equivalent of natural gas and oil reserves. Dominion also operates the nation's largest natural gas storage facility, amounting to more than 975 billion cubic feet (2.76×1010 m3) of storage capacity. The company's Cove Point liquefied natural gas (LNG) import terminal on the Chesapeake Bay is one of the nation's largest and busiest facilities of its kind. Dominion serves more than 5 million retail energy customers in the Midwest, mid-Atlantic and Northeast regions of the U.S.
In 2017, Dominion was listed at #238 on the Fortune 500. A book about the company's 100-year history, Dominion’s First Century: A Legacy of Service, was published in 2010.
Generation statistics
In 2022, 18 percent of Dominion's total electric production came from coal, 23 percent from nuclear power, 48 percent from natural gas, and 11 percent from Hydro and other renewables. A strategy is being developed for renewable energy sources, primarily wind and biomass, and conservation and efficiency programs to play an increasingly important role in meeting future energy needs and minimizing the company's environmental footprint.
History
Dominion's corporate roots reach back to the Colonial era through predecessor companies that operated canal and river barging, street lighting, railways, and electric trolleys.
In 1787, the Virginia General Assembly created the Appomattox Trustees to promote navigation along the Appomattox River. In 1795, the trustees formed the Upper Appomattox Company to build dams along the river for industrial use, beginning Dominion's history. In 1901, the water rights passed to the newly formed Virginia Passenger & Power Company.
Dominion's closest direct corporate ancestor, Virginia Railway & Power Company, was founded by Frank Jay Gould on June 29, 1909. It bought Virginia Passenger & Power soon afterward. In 1925, the name was changed to the Virginia Electric and Power Company (VEPCO), a regulated monopoly. In 1940, VEPCO doubled its service territory by merging with the Virginia Public Service Company. The transit operations were sold in 1944. In 1980, VEPCO began branding itself as "Virginia Power," while branding its North Carolina operations as "North Carolina Power." Three years later, VEPCO reorganized as a holding company, Dominion Resources.
By 1985, Dominion split its distribution operations among two operating companies: Virginia Power (operating in Virginia and the Greenbrier Valley of West Virginia) and North Carolina Power (operating in North Carolina). In 1986, Dominion gained territory by expanding in Northern Virginia after purchasing the Virginia distribution territory of Potomac Electric Power Company (PEPCO). In 1987, the West Virginia assets of Dominion were sold to Utilicorp United becoming branded as West Virginia Power, but Dominion retained ownership of the Mount Storm Power Station in West Virginia. (In 1999, West Virginia Power would be sold to Allegheny Energy and folded into its Monongahela Power subsidiary; it and other Allegheny Energy subsidiaries have since been acquired in 2010 by FirstEnergy.)
Throughout the 1980s and 1990s, Dominion initiated a series of expansions into regulated and non-regulated energy businesses, both domestically and internationally. During that era, the company also established itself as a world-class operator of nuclear power stations.
In 2000, Dominion bought Consolidated Natural Gas Company (CNG) of Pittsburgh, and added natural gas service to its energy delivery network in the energy-intensive markets in the Northeastern quadrant of the U.S. In 2001, Dominion bought Louis Dreyfus Natural Gas Company, adding to its natural gas delivery network.
Dominion re-branded all of its operations in 2000 to Dominion from Virginia and North Carolina Power as well as Consolidated Gas in order to create a more unified energy company. In 2007, as part of another effort to refocus on core electric and gas operations, Dominion sold most of its Houston-based natural gas and oil exploration and production business for pre-tax proceeds of nearly $14 billion. Its onshore US oil and gas reserves were sold in separate deals to Loews Corporation and to XTO Energy, while its Gulf of Mexico reserves were sold to Eni, and its Canadian reserves were sold to two Canadian trusts. Dominion still retains some production areas in Appalachia, however.
In February 2016, Dominion Resources announced that it would be acquiring Questar Corporation. The acquisition was completed in September 2016.
In 2017, Dominion Resources rebranded itself to Dominion Energy, following with a new logo.
In January 2018, Reuters reported that Dominion Energy would be buying SCANA Corporation for $7.9 billion.; the acquisition was completed in January 2019.
In the summer of 2018, Dominion Energy launched a "grid transformation program." The program's aim was to build 3,000 megawatts worth of new solar and wind energy by the year 2022. The program was launched under the authority of the Grid Transformation & Security Act, a state law signed by Virginia Governor Ralph Northam. "The law paves the way for expanded investments in renewable energy, smart grid technology, a stronger, more secure grid and energy efficiency programs . . ."
In July 2020, Dominion announced plans to sell natural gas transmission and storage assets to Berkshire Hathaway; the size of the deal is estimated at $10 billion.
In February 2022, Dominion Energy sold one of its subsidiary, Dominion Energy West Virginia, to Hearthstone Utilities Inc. for $690 million. Hearthstone will continue operations in West Virginia under the name: "Hope Gas".
In September 2023, Enbridge agreed to acquire East Ohio Gas, Questar Gas, and Public Service Co. of North Carolina, from Dominion for a total enterprise value worth $14 billion.
Operations
Dominion has four operating segments:
Dominion Generation
Dominion generates electricity for both regulated sale in its Virginia and North Carolina markets, and also for wholesale in other markets in the Northeast and Midwest United States. Electricity generation is the largest unit of Dominion.
Dominion Virginia and North Carolina Power
Dominion is a regulated electric utility that transmits, and distributes electricity from its power plants in Virginia, North Carolina, Connecticut, and West Virginia to customers.
Dominion Energy
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- Natural gas distribution
- Natural gas transmission and storage
- Producer services
- Solar Funding – Tredegar Solar Fund I, LLC
Dominion Exploration and Production
Dominion Exploration and Production was the natural gas and oil exploration and production subsidiary of Dominion, and by 2007 was one of the largest independent natural gas and oil operators. During 2007, Dominion sold the majority of its oil and natural gas exploration and production assets to put additional focus on growing its electric generation and energy distribution, transmission, storage and retail businesses mainly in Virginia, West Virginia, and North Carolina.
Expansion plans
Dominion was a partner in a joint venture that planned to build the 600 miles (970 km) Atlantic Coast Pipeline, a natural gas pipeline to run between West Virginia and North Carolina. Though the project had faced stiff opposition from environmental and community heritage groups along its route, ground was broken on the pipeline in Lewis County, West Virginia, in May 2018. Dominion and Duke Energy canceled the pipeline in July 2020, citing cost increases due to lawsuits, largely from environmental groups opposed to the project.
Dominion is constructing a massive offshore wind farm off of the coast of Virginia, the project being named Coastal Virginia Offshore Wind, or CVOW. This project will add more than 2,600 megawatts of clean energy to their grid, with 220 wind turbines capable of powering 650,000 homes at peak. This project will be the country's second offshore wind project, but the first of its kind to be installed in federal waters, sited roughly 27 miles off the Virginian coast. Dominion currently has two turbines constructed as a pilot project, planning for all turbines to be in place by 2026. In December 2020, the keel was laid for the project's novel Jones Act-compliant offshore WTIV, the Charybdis, under construction at Keppel AmFELS shipyards in Brownsville, Texas.
Charitable contributions
Dominion's social investment program is carried out primarily through the Dominion Foundation, which gives about $20 million each year to charities in the states in which Dominion does business.
Dominion also has the Benjamin J. Lambert, III, Volunteer of the Year Program. 2017 was the thirty-third year of the program recognizing top company volunteers. Dominion honors the volunteers by paying $1000 to the charity of the individual's choice. In 2016, twelve employees from Ohio, Pennsylvania, Virginia and West Virginia were selected.
In 2020, Dominion responded to the coronavirus pandemic by stopping service disconnects for non-payment and helping customers who had been disconnected for not making payments to reconnect to its service. It is also waiving late and reconnection fees. The company has also directed its charitable foundation to provide $1 million in aid to help individuals and organizations fighting COVID-19. The $1 million will be offered to national groups like the American Red Cross and local organizations the company identifies.
