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    Dominion Energy reports $1bn in Q1 earnings

Summary

The US utility company reported a net loss of $270mn one year ago.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Americas, Liquefied Natural Gas (LNG), Corporate, Financials, News By Country, United States

Dominion Energy reports $1bn in Q1 earnings

US utility Dominion Energy said May 4 that its reported earnings of $1bn during the first quarter marked a stark reversal from losses one year ago.

Dominion reported a net loss of $270mn during Q1 2020. Operating earnings for the three months ending March 31 this year were $898mn, compared with $788mn during the same period last year.

Most of the company’s revenue is derived from its utility operations in Virginia. The company plays another role as an LNG exporter, sending cargoes from the Cove Point facility in Maryland.

The US Energy Information Administration in its weekly natural gas report recorded 20 LNG carriers left export terminals between April 22 and April 28. Two of those carriers departed from Cove Point during the reporting period.

Last month, the company said it was taking its next steps in the energy transition by developing pilot projects to blend hydrogen into its gas distribution systems.

Calling it the “Swiss Army knife of clean energy,” Dominion said hydrogen can fill the same role as natural gas in the energy sector, but with fewer overall emissions. Dominion did not reveal the origin of the hydrogen for its pilot projects. 

Dominion, which supplies gas to over 7mn households, is committed to net zero CO2 and methane emissions from its power generation and gas infrastructure operations by 2050.