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Dominion Energy's (D) CEO Tom Farrell on Q1 2020 Results - Earnings Call Transcript

May 05, 2020 5:36 PM ETDominion Energy, Inc. (D), DRUA6 Comments
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Dominion Energy, Inc. (NYSE:D) Q1 2020 Earnings Conference Call May 5, 2020 10:00 AM ET

Company Participants

Steven Ridge - Vice President, Investor Relations

Tom Farrell - Chairman, President and Chief Executive Officer

Jim Chapman - Executive Vice President, Chief Financial Officer and Treasurer

Diane Leopold - Executive Vice President and Co-Chief Operating Officer

Bob Blue - Executive Vice President and Co-Chief Operating Officer

Conference Call Participants

Shar Pourreza - Guggenheim Partners

Steve Fleishman - Wolfe Research

Michael Weinstein - Credit Suisse

Durgesh Chopra - Evercore ISI

Jeremy Tonet - JP Morgan

James Thalacker - BMO Capital Markets


Good morning, and welcome to the Dominion Energy First Quarter Earnings Conference Call. At this time, each of your lines is in a listen-only mode. At the conclusion of today’s presentation, we will open the floor for questions. Instructions will be given to the procedure to follow if you'd like to ask a question.

I would now like to turn the call over to Steven Ridge, Vice President, Investor Relations.

Steven Ridge

Good morning and thank you for joining us. Earnings materials, including today's prepared remarks may contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual reports on Form 10-K, Q and our quarterly reports on Form 10-Q, for a discussion of factors that may cause results to differ from management's estimates and expectations.

This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures which we can calculate are contained in the earnings release kit. I encourage you to visit our Investor Relations website to review the earnings conference call materials, including the earnings release kit.

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Comments (6)

Capital spending adding 5%+ to rate base annually for 15 years. Organic customer and load growth 3x national average. Relicensing proceeding for Surry and North Anna. Supremes set to release the captive pipeline. Data centers growing like mushrooms. Electric retail revenues decoupling from sales. No virus-related effects on earnings. Balance sheet, strong and resilient. Leadership and management, best in class.

Emergency system event readiness and resiliency, first class. Maybe, D leadership can offer some help to HHS and CDC. Or, not.

Low and middle-income retail customers, buckle up for higher rates. $80-90 MWh offshore wind, not competitive in PJM by a good stretch. Energy storage, ditto. Yes for sure, VA retail electric rates presently have headroom against New England, New York state, and New Jersey. Clear that incremental capital spend for offshore wind will depend on initial experience. Tick tock.

Time approaching. Bring nuclear Navy onboard. 50 MW. Norfolk. National security, system reliability, zero carbon.

Long D w/ covered calls.
Diminion has missed every time and cost estimate on the ACP since it’s inception. I doubt they’ll be any better going forward. They should cut their losses and move on to renewables
I think nuclear is the way forward and not renewables at least not to the extend it is proposed. Check out this documentary: planets of the humans. It will give an interesting aspect to the green energy sector.
Oliver, good luck telling the greenies that. D has a good CEO for now
Um, yeah, cause Vogtle worked out so well.

I am not an anti nuke guy at all, but someone has to figure out how to build and manage plants properly.
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