Dominion Wins Solar Projects To Power 1.1M Homes in Virginia

While the world is taking strides to move towards renewable energy, utility regulators from Virginia announced on March 29 that they had approved new solar projects. These projects were awarded to Dominion Energy (D:US) to expand the latter company’s foothold in the energy sector and the state.

Headquartered in Virginia, Dominion Energy is a company involved in the production and distribution of energy within the United States. Its operations are divided into three primary divisions: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. 

The Virginia State Corporation Commission approved over twelve projects, which encompass four solar facilities with a combined capacity of 329 MW. These facilities will be either owned or acquired by Dominion Energy, alongside power purchase agreements for independently owned solar projects.

On February 22, Dominion Energy announced its fourth-quarter and full-year 2023 earnings. The GAAP net income amounted to $0.30 per share, whereas the operating earnings (non-GAAP) were $0.29 per share. For the entire year of 2023, the GAAP net income was $2.29 per share, while the operating earnings (non-GAAP) stood at $1.99 per share.

Most recently, on March 29, 2024, Sen. Tom Carper reported his spouse’s purchase of D shares, valued between $1,001 and $15,000. Rep. Michael McCaul’s spouse and child bought Dominion’s shares in two prior cases. Combined, both their trades were valued at up to $600,000. 

On the other hand, several lawmakers were spotted selling D stock. They include Rep. Gerry Connolly, Sen. Gary Peters, and others. 

Presently trading at $49.16 per share, Dominion Energy has received a Hold rating based on recommendations by 17 analysts. With the demand for the energy sector rising daily, the company looks poised for bullish growth.