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Letter from the Executive Chairman

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At Dominion Energy, our vision is clear: We are building a clean and sustainable energy future. To get there, we are re-examining and transforming every aspect of our business — from the poles in the ground to the people we hire to the very assets that we own and operate.

Creating Shareholder Value

We set a goal of net zero carbon and methane emissions by 2050 — for both our electric and our natural gas businesses.

We are investing aggressively in renewable energy production and other emissions reduction programs. In addition to wind, solar, and energy storage investments as described below, we are exploring technologies such as carbon capture, and carbon-beneficial renewable natural gas. We are reducing our methane emissions by modernizing our gas distribution pipelines.

We are developing the largest offshore wind project in the Americas, 27 miles off the Virginia coast. When finished, it will be able to power more than 650,000 homes at peak output.

We have the third-largest solar portfolio among utility holding companies in the United States — and we are adding more capacity all the time. In Virginia alone, we plan to add nearly 16,000 megawatts of solar over the next 15 years — a nearly 40-fold increase from our current capacity.

We have the largest “battery” in the world — a pumped-storage hydroelectric facility in Virginia — and we are exploring locations for others.

We are innovating every day, because we know that while we can draw pride from the past, we need ingenuity to build the future. So we are not only embracing change, we are driving it forward.

And we are evolving our strategic focus to reflect the value of our industry-leading clean energy profile. In July of 2020, we announced the sale of substantially all of our natural gas transmission and storage assets, strategically repositioning the company toward “pure-play” state-regulated, sustainability-focused utility operations. At the same time, in the face of continued legal and regulatory uncertainty, we and our partner, Duke Energy, cancelled development of the Atlantic Coast Pipeline.

But we are not stopping there. We intend to go beyond net zero by helping other sectors of the economy reduce their emissions, from transportation and industry to agriculture. We have launched one of the most ambitious electric school bus programs in the country — and the largest renewable natural gas partnership in the United States. We are exploring investments in electric vehicle charging and associated infrastructure.

We are making these and other changes while staying focused on our core mission: to safely deliver reliable and affordable energy to our customers.

And when we say this transition will be sustainable, we mean that in every sense — and for everyone. The transition to a clean-energy economy might be disruptive, but it must be equitable. To help ensure that it is, we engage with a variety of organizations that help train workers for the energy industry of tomorrow. We will not leave people behind.

That is why we have set firm goals for diversity in hiring. We have made great strides in recent years. But we can do more, and we will. We have set a goal of increasing diverse workforce representation by 1 percent annually until we reach 40 percent. Diversity is both a moral imperative and a competitive advantage: Companies that are diverse are more successful.

And we remain committed to doing good in the communities where we live and work. In 2019 we contributed $48.5 million to worthy causes — from the International African American Museum in Charleston, S.C., to veterans who are making the transition from military to civilian life. And our employees donated 131,000 hours to volunteer efforts. We have been doing good works for more than a century. That kind of long-term dedication builds a lot of muscle memory.

When the coronavirus pandemic struck, we flexed those muscles and leaned into the work of combatting the spread of the contagion and helping those affected by it. We suspended service disconnections, provided face masks for critical-care providers, donated $1.1 million to relief efforts, extended medical benefits for our employees, and more.

Much of this report concerns the ways Dominion Energy tries to improve the common good — by protecting the environment, helping those in need, and serving the communities where we live and work. Our company’s core value of ethics calls us to these pursuits. We also believe serving others reduces risk and creates shareholder value, because we know companies do better in societies that are doing well.

That is why we committed $5 million to social justice, equality, and community rebuilding in the wake of the killing of George Floyd in Minneapolis. In addition, we launched a six-year “HBCU Promise” initiative, committing $25 million to support historically black colleges and universities and another $10 million to provide scholarships to underrepresented minority students. As the coronavirus pandemic also has illustrated, we are all in this together. And “together” is how we at Dominion Energy intend to move toward the brighter future that lies ahead.


Thomas F. Farrell, II


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