Dominion Energy, Inc. (NYSE:D) was founded in 1909, formerly known as Dominion Resources, Inc., changed its current name in May 2017, and is headquartered in Richmond, Virginia, USA With 19,100 full-time employees, it is one of the largest independent oil and gas exploration and production companies in North America and operates the nation’s largest underground natural gas storage system.
Dominion Energy (D):
Dominion Resources operates one of the nation’s largest underground natural gas storage systems. It also powers more than 2 million homes in Virginia and North Carolina. Dominion Resources also supplies more than 200 homes in Virginia, Ohio, and Pennsylvania. Wanjia provides gas & natural gas home service.
In addition, Dominion Resources also operates the nation’s largest natural gas storage facility with a capacity of more than 975 billion cubic feet. The company’s liquefied gas (LNG) import terminal in the Chesapeake Bay is the largest and busiest of its kind in the United States. One of the facilities. Dominion Corporation provides energy retail services to more than 5 million customers in the Midwest, Mid-Atlantic, and Northeastern United States. Dominion Resources has its own power generation facilities in Wisconsin, Indiana, Illinois, Connecticut and Massachusetts.
Dominion Resources, Inc. is divided into 3 divisions to operate: Dominion Virginia Power (DVP), Dominion Generation and Dominion Energy.
1. DVP department : engaged in regulated power transmission and distribution operations, providing services to residential, commercial, industrial and government customers in Virginia and North Carolina.
2. Dominion Generation Department : Participate in power generation through coal, nuclear energy, natural gas, oil, hydropower and renewable energy; and related energy supply business; energy operation and energy marketing of the company’s merchant fleet, and price risk management activities of its assets.
3. Dominion Energy department : engaged in regulating natural gas distribution operations, gas pipeline and storage operations, natural gas collection and processing activities, and liquefied natural gas operations.
As of December 31, 2017, Dominion Resources’ portfolio includes approximately 26,000 megawatts of power generation capacity; 6,600 miles of transmission lines; 57,900 miles of distribution lines; 14,800 miles of natural gas transmission, collection and storage pipelines; 51,800 miles Gas distribution pipeline. Dominion Energy provides utility and retail energy services to approximately 6 million residents; and operates an underground natural gas storage system of approximately 1 trillion cubic feet.
As of December 31, 2019, Dominion Resources’ portfolio includes approximately 30,700 megawatts of power generation capacity; 10,400 miles of power transmission lines; 85,000 miles of distribution lines; 14,600 miles of natural gas transmission, collection, and storage pipelines; and 103,400 Miles of natural gas distribution pipelines. It serves approximately 7 million utility and retail energy customers; and operates an underground natural gas storage system with a storage capacity of approximately 1 trillion cubic feet.
In addition, Dominion Resources provides electricity to rural power cooperatives, municipalities and wholesale power markets at wholesale prices. It has established a strategic partnership with DONG Energy to build two 6-megawatt turbines near Virginia Beach.
Dominion Energy (D) History:
- Dominion’s most direct company predecessor was Virginia Railway & Power Company, founded by Frank Jay Gould on June 29, 1909. Soon thereafter, it acquired Virginia Passenger & Power. In 1925, the company’s name was changed to Virginia Electric and Power Company (VEPCO), a regulated monopoly.
- In 1940, VEPCO merged with the Virginia Public Service Company, which doubled the scope of services. The transportation business was sold in 1944.
- In 1980, VEPCO began to name its own brand “Virginia Power” and at the same time named its North Carolina operating trademark “North Carolina Power”.
- In 1983, VEPCO was reorganized as the holding company Dominion Resources.
- In 1985, Dominion divided its distribution business into three operating companies: Virginia Power, North Carolina Power and West Virginia Power.
- In 1986, after Dominion acquired the distribution area of Potomac Electric Power Company (PEPCO) in Virginia, it gained territory through expansion in Northern Virginia.
- In 1987, West Virginia Power was sold to Utilicorp United, but Dominion retained the ownership of the Mount Storm power station in West Virginia. (In 1999, West Virginia Power was sold to Allegheny Energy and merged into a subsidiary of Monongahela Power; after that, it and other subsidiaries of Allegheny Energy were acquired by FirstEnergy in 2010.)
- Throughout the 1980s and 1990s, Dominion initiated a series of expansions to regulated and unregulated energy businesses both domestically and internationally. In that era, the company also established itself as a world-class nuclear power plant operator.
- In 2000, Dominion acquired the Consolidated Natural Gas Company (CNG) of Pittsburgh.
- In 2000, Dominion unified its Virginia and North Carolina Power and Consolidated Gas into Dominion.
- In 2001, Dominion acquired Louis Dreyfus Natural Gas Company.
- In 2007, as another effort to refocus on core power and natural gas businesses, Dominion sold most of its natural gas and oil exploration and production business in Houston with nearly $14 billion in pre-tax earnings. Its onshore oil and gas reserves in the United States were sold to Loews Corporation and XTO Energy, respectively, while its Gulf of Mexico reserves were sold to Eni , and its Canadian reserves were sold to two Canadian trusts. However, Dominion still retains some production areas in Appalachia.
- In February 2016, Dominion Resources announced that it would acquire Questar Corporation . The acquisition was completed in September 2016.
- In 2017, Dominion Resources changed its name to Dominion Energy after its renaming.
- It was reported in January 2018 that Dominion Energy would acquire SCANA Corporation for US$7.9 billion . The acquisition was completed in January 2019.
- In the summer of 2018, Dominion Energy launched the “Grid Renovation Plan.” The goal of the plan is to build 3,000 megawatts of new solar and wind energy by 2022. The plan was initiated under the authority of the Grid Transformation and Security Act (a state law signed by Virginia Governor Ralph Northam). “The law paves the way for expanded investment in renewable energy, smart grid technology, stronger and safer power grids, and energy efficiency programs.”
- In July 2020, Dominion announced the sale of natural gas transmission and storage assets to Berkshire Hathaway ; the transaction size is estimated at US$10 billion.