Dominion Doubles Down on Renewable Energy, Awaits Decisions on Atlantic Coast Pipeline

SUGAR LAND--May 7, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) executives described the impact of COVID-19 on the company so far as "muted." In the company's Power segment, new data centers in its primary service territory of Virginia have helped buoy electricity demand. Its South Carolina territory saw some decline because of lower use by large-scale industrial customers, but this represents a much smaller portion of Dominion's income. The company's Cove Point liquefied natural gas (LNG) in Maryland operates on take-or-pay contracts, so customers are obligated to pay regardless of usage. Meanwhile, Virginia legislation is leading to a large buildout in renewable projects, and Dominion awaits a Supreme Court decision on whether construction of the Atlantic Coast natural gas pipeline, running from West Virginia to North Carolina, can proceed along its proposed route.

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