Dive Brief:
- Dominion Q1 2014 operating earnings, which exclude non-recurring, adjusted, and discontinued budget items and are considered more useful for management, came in at $607 million, $1.04 per share, well over the Q1 2013 operating earnings of $476 million, $0.83 per share.
- Approximately $0.05 per share of the earnings gain was produced by a frigid winter that drove increased electricity demand and was described by Dominion President/Chair/CEO Thomas F. Farrell II as “favorable weather.”
- With an expected return to “normal weather,” Farrell said Dominion’s projected Q2 2014 operating earnings will be $0.55 per share to $0.65 per share, or approximately in line with Q2 2013’s $0.62 cents per share.
Dive Insight:
Farrell reported that Dominion moved forward on its infrastructure growth plan with:
- A Notice of Schedule from FERC on the proposed Cove Point Liquefaction project that puts construction on track for Q3 or Q4 of 2014;
- Further planning on the Dominion Southeast Reliability Project, a proposed pipeline from the Marcellus and Utica Shale regions to Dominion natural gas markets in Virginia and North Carolina;
- Continued construction on the Warren County Power Station and Brunswick County Power Stations on time and on budget; and
- The acquisition of six solar projects totaling 139 megawatts.
