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Being a good partner with our communities also means doing business with local businesses. As we strive to be more inclusive, we seek out competitive and qualified small, local, and diverse businesses to provide services and supply the materials and equipment we need to operate.
While we believe that approach benefits the communities where we work, we also consider it good for business. A wider pool of suppliers makes the bidding process more competitive; incumbent suppliers can find themselves challenged by new bidders that display greater innovation and ingenuity. Such considerations might account for evidence showing that companies with a strong commitment to supplier diversity earn higher returns on procurement investment.
Relying on suppliers local to the areas we do business also returns money to those communities, making their economies stronger. The ripple effects can include higher investment in infrastructure, more resources for basic services, and more investment in education and worker training — all of which redound to the benefit of Dominion Energy as well. In 2019, we spent more than $916 million with small and local suppliers who are not diverse. When added to our spending on diverse suppliers, our total spending with small, local, and diverse suppliers exceeded $1.67 billion.
The Dominion Energy Supplier Diversity Program uses the following nine diversity classifications:
- Minority-owned businesses
- Woman-owned businesses
- Veteran-owned businesses
- Service-disabled-veteran-owned businesses
- HUBZone businesses (those located in Historically Underutilized Business Zones, which are designated by the U.S. Small Business Administration)
- Small businesses
- Small disadvantaged businesses
- Disability-owned businesses
- LGBTQ-owned businesses
We continue to partner with government agencies, minority business groups, and advocacy organizations across our service territory to develop supplier sourcing opportunities that will make our supply chain even more diverse and inclusive.
In 2019, we attended 44 diversity events across our service areas and held two diverse-supplier matchmaking events.
Our supplier matchmaking events pair local businesses with our own employees to discuss supplier capabilities and upcoming opportunities. In April 2019, we hosted a Supplier Diversity Vendor Symposium in Cayce, S.C. Diverse suppliers met with our employees to pitch their services and learn about potential opportunities. In October 2019, we hosted a Meet the Primes Supplier Diversity Event in Richmond, Va. Diverse suppliers were able to meet with our prime contractors to discuss subcontracting opportunities on our projects. The diverse suppliers were also able to meet with our supply chain team to discuss upcoming bid opportunities. For all our events, we used our advocacy organization relationships to help identify small, local, and diverse attendees.
At the June 2019 Women’s Business Enterprise National Council National Conference, we were recognized with a #Hes4Shes Award due to our outstanding work advocating for and supporting woman-owned businesses.
In December 2019, we received the Women Presidents’ Educational Organization 2019 Done Deals Corporate Opportunity Award. This award is given to corporations that report the highest number of done deals with certified woman-owned business enterprises in a one-year time frame.
Supply Chain Diversity
Our spending with diverse suppliers grew in 2019 to $757.3 million. Spending with diverse suppliers accounted for approximately 12.9 percent of total procurement spending — a new company record. Since 2013, our diverse spending has grown more than 90 percent and exceeded $3 billion.
See the Supply Chain Sustainability section of this report for more information.