Letter From the Chair

Dominion Energy’s mission is to provide the reliable, affordable, and increasingly clean energy that powers our customers every day.

The work we do is vital: We serve millions of customers — including hospitals, schools, and businesses, as well as government agencies and military bases — and if we don’t achieve our mission, no one else can carry out theirs. As we perform this vital work, we remain anchored by our core values: safety, ethics, excellence, embrace change, and One Dominion Energy — our term for teamwork.

Our focus on sustainability remains strong: We believe in protecting the environment and helping our customers, our communities, our employees, and our company thrive, today and in the long term.

Through 2022, we maintained a safety record far ahead of our industry’s average, electricity rates below national and regional averages, gas rates below state averages, and reliability metrics for our electric utilities in Virginia and the Carolinas that are better than the industry average for customer minutes out.

We’ve remained committed to our communities and support them through charitable giving that addresses human needs, environmental stewardship, education, and community vitality. In 2022, we contributed $45 million to social betterment through energy assistance, support for nonprofits, direct giving, and more. Our employees collectively devoted 95,000 hours to volunteer work.

In addition to serving our communities, we continue to diversify our supply chain to provide new business opportunities to small and diverse vendors. A wider supply pool increases competition and can drive down costs while also keeping opportunities local. In 2022, we increased spending with diverse suppliers to $1.4 billion — a 33% increase over the previous year and 16.9% of all procurement spending in 2022.

As we move to deliver increasingly clean energy for our customers, we take steps, informed by clear corporate policy and extensive stakeholder engagement, to ensure outcomes that are consistent with the principles of environmental justice and the just transition. We’re making progress on our emissions commitments, including reducing carbon dioxide emissions from electric generation by 47% since 2005 and reducing methane emissions from our natural gas operations by 38% since 2010. We achieved our best environmental performance on record, with notices of violation down 87% from the average of the past three years, and we earned an “A” on both the 2022 Climate CDP and 2022 Water CDP.

In November of 2022 we launched a comprehensive strategic and financial business review, which is on-going. The review is focused on positioning the company to provide compelling long-term value maximization for customers, employees, and shareholders. As part of the review, we’ve announced the sale of our remaining interest in the Cove Point liquefied natural gas LNG facility (which closed in September 2023) as well as pending sales of our three gas utilities that serve customers in Ohio, North Carolina, Utah, Wyoming, and Idaho. We expect proceeds from these sales will strengthen our balance sheet and create a foundation of financial strength that will enable us to take full advantage of the exciting investment opportunities that exist across our regulated electric footprint.

All these accomplishments are made possible by the dedication of our talented and diverse employees, who come to work each day invigorated by helping to drive a historic transformation in our industry. I’m confident the role we play in that transformation will ensure a brighter future for our company and the many communities we are proud to serve.

Robert M. Blue
Chair, President and Chief Executive Officer

November 28, 2023