Creating Shareholder Value

Letter from the Chair

Our industry is in transition, and Dominion Energy is leading the way.

We are building momentum as we pursue our vision of becoming the most sustainable energy company in the country.

This is Dominion Energy’s first Sustainability and Corporate Responsibility Report without a letter from our late chair, president, and CEO, Tom Farrell. At a ceremony this summer honoring his legacy I said that as his successor, I hoped to make him proud — and to help our company remain a strong corporate citizen. While I can’t speak to the former hope, I’m confident that we are fulfilling the latter. Our industry is in transition, and Dominion Energy is leading the way. We are building momentum as we pursue our vision of becoming the most sustainable energy company in the country.

As a values-driven company, we see sustainability as an integral part of everything we do. And we take an expansive view of the term. Sustainability includes environmental stewardship. It also includes community vitality; social justice; workforce safety and development; and diversity, equity, and inclusion, or DE&I — an essential element of our workplace culture that we consider non-negotiable. We must excel in all these areas in order to satisfy stakeholder needs, meet our own expectations, and continue to thrive in the long term.

In 2020, we made progress in all those areas.

  • We had our best year in safety ever — posting an OSHA-recordable rate of 0.41 injuries per 100 workers, which represents a 90% reduction since 2003 and makes us safer than 80% of our industry peers. Nevertheless, we will not be satisfied until we reach our “Target Zero” goal of no injuries on the job, ever.
  • We continued reducing our greenhouse-gas emissions. From 2005 to 2020, we have cut carbon emissions from our electric generation business by approximately 43%, and since 2010, we have cut methane emissions from our natural gas business by 32%.
  • We set a new goal: Net zero carbon and methane emissions across our entire business by 2050.
  • We pledged $5 million for social justice and community rebuilding.
  • We launched the HBCU Promise, a $25 million commitment to support Historically Black Colleges and Universities and committed another $10 million to an educational-equity scholarship program for students from underrepresented communities.
  • We continued to grow our renewable-energy and storage portfolio:
    • We energized the first offshore wind project in federal waters: a 12-megawatt pilot that will offer useful lessons for our proposed 2.6-gigawatt wind farm — the largest on this side of the Atlantic Ocean.
    • Our first renewable natural gas project entered service in Milford, Utah.
    • Dominion Energy Virginia exceeded 100,000 acres of land under its control, which helps position us to meet 40% of the Virginia Clean Economy Act’s goal of 16,000 megawatts of solar development.
    • We moved forward on four energy storage pilot projects, the largest of their kind in Virginia.
    • We continued to upgrade our networks to support renewable and distributed generation.
  • Through the Dominion Energy Charitable Foundation, energy assistance programs, direct giving, COVID-19 relief, social-justice support, the HBCU Promise, and sponsorships, we contributed $58.1 million to community betterment.
  • We continued to diversify our workforce, with diverse employees — defined by the company as non-minority female, minority male, minority female, and undeclared female — making up 34.6% of our workforce, and diverse candidates accounting for half of our new hires, in 2020.

At the same time, we acted vigorously to deal with the crisis of the coronavirus pandemic. We began preparing our response as soon as the first U.S. case was identified, and we enacted extensive measures to protect our employees and assist our customers and communities. Among other things, we:

  • Donated $4 million to COVID relief efforts;
  • Provided Dominion-Energy branded masks for the protection of our employees;
  • Encouraged employees who could do so to work remotely;
  • Granted employees an additional 80 hours of COVID-related paid leave, as well as additional work flexibility;
  • Hosted our own vaccine clinics for employees; and
  • Established an employee relief fund through which employees could provide and receive mutual financial assistance.

For our customers and communities, we:

  • Suspended disconnections for non-payment during the emergency and reconnected customers previously disconnected due to non-payment;
  • Waived late fees;
  • Extended payment plan options offering up to 24 months to repay past-due balances;
  • Made 125,000 N95 masks available to help critical-care providers in the areas where we do business; and
  • Procured more than 65% of personal protective equipment from small, local, and diverse suppliers.

* * *

Last year, we reshaped our company — divesting substantially all our gas transmission and storage business, and repositioning Dominion Energy as a largely pure-play regulated utility with a strong sustainability focus.

We are maintaining that focus as we move forward. Over the next decade and a half, we anticipate investing up to $72 billion in renewable, storage, and electric and gas grid transformation opportunities, and ensuring the continued operations of our zero-carbon nuclear power stations. We expect these investments will improve our environmental profile even further. We also expect they will benefit our stakeholders — from retirees and pension funds that rely on Dominion Energy investments for financial security, to the customers and communities who depend on the vital service we provide to go about their lives, to the 17,000 employees and their families who make up the One Dominion Energy team.

Those employees have always impressed me. Since I took over the leadership of Dominion Energy from Tom Farrell, my good friend and mentor, I have had the privilege of getting to know even more of them. Actions speak louder, and I know from watching my colleagues that they are unmatched in their enthusiasm, their work ethic, and their dedication to our core values of safety, ethics, excellence, embrace change, and One Dominion Energy, or teamwork. Ultimately, they are the people who make this company tick — and they are the ones who will sustain it and make it flourish in the years to come.

Bob Blue
Chair, President, and Chief Executive Officer
November 22, 2021