UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) March 16, 2020
Dominion Energy, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Virginia |
001-08489 |
54-1229715 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
120 Tredegar Street Richmond, Virginia |
23219 |
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(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s Telephone Number, Including Area Code (804) 819-2000
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered |
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Common Stock, no par value |
D |
New York Stock Exchange |
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2019 Series A 7.25% Corporate Units |
DCUE |
New York Stock Exchange |
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2016 Series A 5.25% Enhanced Junior Subordinated Notes |
DRUA |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 | Other Events |
Investor Presentation regarding 2020 Virginia General Assembly Legislative Session
On March 16, 2020, Dominion Energy, Inc. (the Company) posted a presentation to its investor relations website regarding the 2020 Virginia General Assembly legislative session. The presentation is filed with this Form 8-K as Exhibit 99.
Update regarding Planned ATM Program
The Company plans to renew its “at the market” offering program as an option to support its financing needs. The Company has no current plans to sell stock under the new program. The Company expects to have sufficient liquidity in the form of cash on hand and from operations and available credit capacity to support its funding needs. As of March 13, 2020, the Company had approximately $1.1 billion in cash and an additional $3.4 billion available under its $6.0 billion credit facility after accounting for outstanding commercial paper and letters of credit. As of March 16, 2020, the Company has not drawn on this credit facility. In addition, the Company is contemplating additional liquidity facilities to buttress these positions.
Item 9.01 | Financial Statements and Exhibits |
Exhibits |
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99 |
Presentation regarding Virginia 2020 legislative session update |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DOMINION ENERGY, INC. Registrant |
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/s/ James R. Chapman |
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Name: |
James R. Chapman |
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Title: |
Executive Vice President, Chief Financial Officer and Treasurer |
Date: March 16, 2020
Virginia 2020 legislative session update March 16, 2020 Exhibit 99
Important note to investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the business and operations of Dominion Energy. We have used the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", “outlook”, "predict", "project", “should”, “strategy”, “target”, "will“, “potential” and similar terms and phrases to identify forward-looking statements in this presentation. As outlined in our SEC filings, factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission. The information in this presentation was prepared as of March 16, 2020. Dominion Energy undertakes no obligation to update any forward-looking information statement to reflect developments after the statement is made.
Establishes robust zero-carbon electric generation targets 100% zero-carbon by 2046 via renewable energy portfolio standard (RPS) Provides direction for deployment of wind, solar, and energy storage resources Includes customer protections for reliability Outlines regulatory approval criteria, process and timelines Increases net-metering including an allocation for low-income customers Incentivizes energy efficiency programs Provides options for customers to increase their sustainability Directs Virginia to join the Regional Greenhouse Gas Initiative (RGGI) Overview of select legislation Awaiting Governor review and action
Overview of select legislation (cont’d) Maintains triennial review framework and timing First triennial: 2017 through 2020 performance with 2021 regulatory review Second triennial: 2021 through 2023 performance with 2024 regulatory review Recovery period for unit retirements at Commission discretion Next steps General Assembly adjourned sine die on March 12, 2020 Governor has up to 30 days to review and act on bills passed by General Assembly Company will address legislation in additional detail during Q1 2020 earnings call Awaiting Governor review and action
Offshore wind 5.2GW by 2035 incl. up to 3GW by 2028 Required Target(s) Yes Energy Storage 16.1GW by 2036 incl. 6GW by 2028 Solar & Onshore Wind 2.7GW by 2036 incl. 800MW pumped storage Yes Yes Highlighted emission reduction technologies
Appendix Select bill references Topic Bill number and link Virginia Clean Economy Act SB 851 HB 1526 Regional Greenhouse Gas Initiative (RGGI) SB 1027 HB 981 Period expense treatment HB 528