This Sustainability and Corporate Responsibility report provides data, commentary, and analysis that reflect our operations as of December 31, 2019. As with nearly all corporate reporting, there is an element of being “out of date” immediately upon disclosure. Given the accelerating rate of change all around us, this is even more true than in the past. We are looking and will continue to look for ways to increase the timeliness of providing transparent, comprehensive, and responsive reporting.
Of course, much has happened since December 31, 2019 — in the world, in the United States, and at our company. As you evaluate this report, we welcome you to consider several major recent developments that materially impact our forward-looking sustainability and corporate responsibility profile and are not captured in the 2019 commentary and data:
- A new and industry-leading commitment to achieve net zero carbon and methane emissions across electric and gas operations by 2050;
- The passage of the Virginia Clean Economy Act, a Virginia law that provides a robust policy framework that will radically transform our electric generation fleet and reduce emissions via investment in zero-carbon generation and energy storage technologies;
- The announced sale of substantially all our natural gas transmission and storage segment assets, which strategically repositions our company to focus on our state-regulated, sustainability-focused utility operations (as described below);
- The coronavirus pandemic and Dominion Energy’s response to it; and
- The civil-rights awakening sparked by the recent deaths of George Floyd and others.
All of which are addressed herein.
Strategic repositioning via sale of gas transmission & storage assetsIn July of 2020 we announced the sale of substantially all our Gas Transmission & Storage business.
This strategic repositioning will allow the company to focus on its state-regulated, sustainability-focused utility operations as well as highlight the value of our increasingly “green” energy profile — something frequently emphasized by investors and stakeholders alike.
Based on our electric utility integrated resource plan filings, we forecast that by 2035, around 70 percent of the electricity generated by our system will be zero-carbon — a significant increase from today. Our efforts to reduce emissions across our natural gas utility operations, combined with our significant investment totaling hundreds of millions of dollars in renewable natural gas, will further support our progress toward our net zero targets. In fact, over the next 15 years, we plan to make significant investments in projects that will reduce our emissions footprint across the company.
Taken together, these recent developments mean that our company profile is already starting to shift from what this report portrays. We have accelerated the execution of our vision of building a clean and sustainable energy future. In doing so, we have ensured that our company’s future will look markedly different not only from its past, but markedly different from even its very recent past.
In short, because this report is backward-looking, it is important to note here what we consider the most salient aspect of Dominion Energy: We have used the past few months to set the company on a trajectory for strong growth and greater sustainability in the years to come.