We are 2019 Annual Meeting of Shareholders May 7, 2019 Columbia, - - PowerPoint PPT Presentation

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We are 2019 Annual Meeting of Shareholders May 7, 2019 Columbia, - - PowerPoint PPT Presentation

We are 2019 Annual Meeting of Shareholders May 7, 2019 Columbia, S.C. Thomas F . Farrell, II Chairman, President & CEO Dominion Energy, Inc. Important Note to Investors This presentation contains certain forward-looking statements,


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SLIDE 1

We are

2019 Annual Meeting

  • f Shareholders

May 7, 2019 Columbia, S.C.

Thomas F . Farrell, II Chairman, President & CEO Dominion Energy, Inc.

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SLIDE 2

Important Note to Investors

2 This presentation contains certain forward-looking statements, including forecasted operating earnings for full-year 2019, which are subject to various risks and

  • uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include

factors that are beyond the company's ability to control or estimate precisely, including fluctuations in energy-related commodity prices, estimates of future market conditions, additional competition in our industries, changes in the demand for Dominion Energy’s services, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, retirements of assets based on asset portfolio reviews, and the ability to complete planned construction or expansion projects at all or within the terms and timeframes initially anticipated. Other factors include, but are not limited to, weather conditions and other events, including the effects of hurricanes, high winds, severe storms, earthquakes, floodin g and changes in water temperatures on operations, the risk associated with the operation of nuclear facilities, unplanned outages at facilities in which Dominion Energy has an

  • wnership interest, the impact of operational hazards and catastrophic events, state and federal legislative and regulatory d evelopments, including changes in

federal and state tax laws and changes to environmental and other laws and regulations, including those related to climate ch ange, greenhouse gases and other emissions to which we are subject, changes in enforcement practices of regulators relating environmental standards and litigation exposure for remedial activities, political and economic conditions, industrial, commercial and residential growth or decline in Dominion Energy’s service area, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates collected by Dominion Energy, changes to rating agency requirements and ratings, changing financial accounting standards, fluctuations in interest rates, employee workforce factors, including collective bargaining, counter-party credit and performance risks, adverse outcomes in litigation matters or regulatory proceedings, the risk of hostile cyber intrusions and other uncertainties. Other risk factors are detailed from time to time in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K filed with the Securities and Exchange Commission. Projections or forecasts shown in this presentation are based on the assumptions listed in this presentation and are subject to change at any time. Dominion Energy undertakes no obligation to update any forward-looking information statement to reflect developments after the statement is made. In addition, certain information presented in this document incorporates planned capital expenditures reviewed and endorsed by Dominion Energy’s Board of Directors in late 2018.. Dominion Energy undertakes no obligation to update such planned expenditures to reflect plan or project-specific developments, including regulatory developments, or other updates until the following annual update for the plans. Actual capital expenditures may be subject to regulatory and/or Board of Directors’ approval and may vary from these estimates.

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SLIDE 3
  • 1. Welcome to South Carolina
  • 2. Five Core Values
  • 3. Where We Are Today
  • 4. Growth Plan
  • 5. Commitment to Community
  • 6. Summary

Today’s Topics

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SLIDE 4

Welcome to South Carolina

4

  • Completed SCANA combination Jan. 1
  • Employees: 4,300
  • 2018 charitable giving: About $2 million

➢ Expected to more than double in 2019

  • Utility customer accounts: 1.11 million
  • Energy infrastructure

➢ 5,730 megawatts electric generation ➢ 22,000 miles electric distribution, transmission lines ➢ 11,700 miles gas distribution, transmission pipeline

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

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SLIDE 5

Our Footprint in South Carolina

Electric service ar area

Columbia Charleston Charleston Columbia

Gas service ar area

Myrtle Beach Myrtle Beach

Electric generat ating stations Domi minion Energy Carolina Gas Transmission

5

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SLIDE 6

Residential Customer Bills

6

$147.70 $121.53 $151.47 $139.76

$50 $70 $90 $110 $130 $150 South Carolina Electric & Gas South Atlantic Average East Coast Average National Average

Summer 2018

Source: EEI Typical Bills and Annual Rates Report, Summer 2018.

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SLIDE 7

Residential Customer Bills

7

Source: EEI Typical Bills and Annual Rates Report, Winter 2019.

$124.35 $120.18 $155.70 $140.63

$50 $70 $90 $110 $130 $150 Dominion Energy South Carolina South Atlantic Average East Coast Average National Average

May 2019

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SLIDE 8

Industrial Rates

7.19 6.58 8.87 7.04

2 4 6 8 10 South Carolina Electric & Gas South Atlantic Average East Coast Average National Average

Summer 2018

Source: EEI Typical Bills and Annual Rates Report, Summer 2018.

Cents per Kilowatt-Hour

8

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SLIDE 9

Industrial Rates

6.28 6.45 9.59 7.01

2 4 6 8 10 Dominion Energy South Carolina South Atlantic Average East Coast Average National Average

May 2019

Cents per Kilowatt-Hour

9

Source: EEI Typical Bills and Annual Rates Report, Winter 2019.

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SLIDE 10
  • 1. Welcome to South Carolina
  • 2. Five Core Values
  • 3. Where We Are Today
  • 4. Growth Plan
  • 5. Commitment to Community
  • 6. Summary

Today’s Topics

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SLIDE 11

Our Core Values

11

Safety Our highest priority — in the workplace & in the community. Ethics Integrity, individual responsibility & accountability go hand-in-hand with bottom-line results. We cannot and will not take shortcuts. Excellence The odds of long-term success improve when we go beyond “good” and strive for “great.” Embrace Change Transformation and growth are the keys to long-term prosperity. A culture of receptivity to change and ardor for innovation propels

  • ur company forward.

One Dominion Energy Our term for teamwork – a unifying outlook transcending

  • rganizational boundaries and

focusing on our shared mission and purpose.

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SLIDE 12

Safety

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SLIDE 13

Safety

13

1.87 1.40 1.24 1.25 1.08 0.95 0.92 0.83 0.74 0.74 0.66 0.60 0.55 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

OSHA recordable incident rate

Number of Recordables per 100 Employees Each Work Year

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SLIDE 14

Safety

14

1.87 1.40 1.24 1.25 1.08 0.95 0.92 0.83 0.74 0.74 0.66 0.60 0.55 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

OSHA recordable incident rate

Number of Recordables per 100 Employees Each Work Year

Peer Average: 1.06 in 2018

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SLIDE 15

Safety

15

0.65 0.65 0.46*

2017 2018 2019

OSHA recordable incident rate, With SCANA

Number of Recordables per 100 Employees Each Work Year

YTD

* Through April 30, 2019.

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SLIDE 16

Ethics

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SLIDE 17

17

  • 100%
  • 80%
  • 60%
  • 40%
  • 20%

0% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Percent Reduction

SO₂ NOx Hg

  • 98%
  • 92%
  • 97%

Ethics

Generation Emissions Reductions

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SLIDE 18

18

  • 100%
  • 80%
  • 60%
  • 40%
  • 20%

0% 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Percent Reduction

SO₂ NOx Hg

  • 98%
  • 92%
  • 97%

Ethics

Generation Emissions Reductions

Net Generation

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SLIDE 19

57.3 51.3 55.5 57.6 57.2 50.8 41.8 36.1 33.2 33.1 33.8 36.7 30.1 27.7

10 20 30 40 50 60

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Ethics

19

CO2 Emissions (Millions of Metric Tons)

Carbon Emissions Reductions From Generating Fleet

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SLIDE 20

57.3 51.3 55.5 57.6 57.2 50.8 41.8 36.1 33.2 33.1 33.8 36.7 30.1 27.7

10 20 30 40 50 60

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Ethics

20

CO2 Emissions (Millions of Metric Tons)

Carbon Emissions Reductions From Generating Fleet

About twice the reduction from U.S. power sector

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SLIDE 21

Ethics

21

57.3 51.3 55.5 57.6 57.2 50.8 41.8 36.1 33.2 33.1 33.8 36.7 30.1 27.7

10 20 30 40 50 60

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

CO2 Emissions (Millions of Metric Tons)

Carbon Emissions Reductions From Generating Fleet

About twice the reduction from U.S. power sector

Net Generation

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SLIDE 22

Ethics

22

  • Carbon emissions reduction targets*

➢ Intensity: 60 percent – from 2000 to 2030 ➢ Total emissions: 55 percent – from 2005 to 2030 80 percent – from 2005 to 2050

* Does not include the Southeast Energy Group. Targets will be updated to include those businesses later this year. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

60% 55% 80%

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SLIDE 23

Ethics

23

(35) (30) (25) (20) (15) (10) (5)

  • Legacy Voluntary Programs

New and Expanded Voluntary Programs

Voluntary efforts through variety of programs have yielded substantial methane reductions

Cumulative Methane Saved Natural Gas Businesses

Methane, Billion Cubic Feet

Projected 2022

2010 2012 2014 2016 2015 2011 2013

Projected 2030

2017

50%

2010-30

* Does not include the Southeast Energy Group. Targets will be updated to include those businesses later this year. Please refer to the “Important Note to Investors” on slide 2 of this presentation. Sources: EPA filings & internal reporting.

3.3 Million CARS

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SLIDE 24

Ethics

24

Transparency

  • Climate CDP

➢ How company identifies, manages climate change risks ➢ Top 20 percent among U.S. utility peers

  • Water CDP

➢ Current, future water-related risks, opportunities ➢ Top 15 percent among U.S. utility peers

  • EEI, AGA sustainability reporting templates
  • Climate report

➢ “Two degree” scenarios ➢ Governance framework around climate matters

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SLIDE 25

Ethics

25

Diversity & Inclusion

  • Recruiting

➢ Focus on recruitment of diverse interns, veterans, disabled ➢ Award $5,000 scholarships to up to 50 diverse students each year ➢ Unconscious bias training prerequisite for staffing, hiring managers ➢ More focused recruiting this year

  • Retention

➢ Sponsor, promote employee resource groups (ERGs) ➢ Survey employees to measure engagement in ERG

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SLIDE 26

Excellence

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SLIDE 27

Excellence

27

  • Brought online, on time, on budget:

➢ Cove Point liquefaction facility ➢ Greensville County Power Station ➢ 1,350 megawatts of solar brought online since 2016 ➢ $900 million in electric transmission assets ➢ Dominion Energy Carolina Gas Charleston project

  • Emergency Recovery Award
  • Edison Electric Institute
  • Top Industry Practice Award

➢ Nuclear Energy Institute

  • 2018 Environmental Excellence Award

➢ Utah Board of Oil, Gas & Mining

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SLIDE 28

Embrace Change

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SLIDE 29

Embrace Change

Innovation, Technology , and Sustainability Council (Chaired by CEO) Innovation team (SVP + team) 3rd party technical advisers Senior management Board of Directors Behind the meter Solar Offshore wind Electric vehicles RNG Marine LNG

TEAMS

29

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

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SLIDE 30

Embrace Change

30

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

Behind the meter Solar Offshore wind Electric vehicles RNG Marine LNG Project G Project M Project H Project N Project I Project O Project J Project P Project K Project Q Project L Project R

TEAMS & PROJECTS

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SLIDE 31

Embrace Change

31

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

  • Gas Infrastructure

➢ Renewable natural gas – waste methane from hog & dairy farms, food waste, landfills, wastewater treatment ➢ Smithfield Foods partnership – Align RNG ➢ Lowers GHG footprint

  • Power Delivery

➢ Broadband for underserved rural Virginia ➢ Middle-mile pilot project

  • Power Generation

➢ Solar site pollinators ➢ Environmental sustainability, reduction in lawn/weed maintenance DEV Substation DEV fiber optic network 3rd Party ISP

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SLIDE 32

Embrace Change – Transportation

32

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

  • Help customers reduce greenhouse gas emissions

at home, work & on road

➢ Clean EV web application

  • Leadership on electric, compressed natural gas vehicles

➢ Long-term plan for all fleet vehicles to be EVs or NGVs ➢ Charging & CNG stations

  • Marine LNG

➢ Ships burn high-emitting bunker oil ➢ Liquefied natural gas would be more environmentally friendly

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SLIDE 33

Actions

33

Environmental, Social & Governance Issues

Board of Directors Senior Leadership Employees

▪ Sustainability and Corporate Responsibility Committee – five independent directors – oversees company’s approach to ESG matters ▪ Diverse board ▪ ESG matters addressed at every regularly scheduled meeting ▪ Innovation, Technology and Sustainability Councilchaired by CEO ▪ ESG Working Group ▪ Chief Innovation Officer role ▪ Officer-level employee engagement and development position ▪ Leader-led diversity and inclusion training for all employees ▪ Annual Incentive Plan includes safety, environmental, diversity goals ▪ Employee resource groups, diversity councils ▪ Volunteerism program includes volunteer time off for employees ▪ LEED-certified construction for all new workplace projects

Only company to host ESG Investor Session

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SLIDE 34

One Dominion Energy

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SLIDE 35

One Dominion Energy

35

Major Projects Regulated Mergers Community , customer, employee achievements Environmental, social & governance Cove Point Liquefaction SCANA Grid Transformation & Security Act Carbon & methane reductions Power generation (Greensville, Brunswick, Warren, VCHEC, Bear Garden) Questar SCE&G bill relief Board refreshment Atlantic Coast Pipeline CarolinaGas Transmission Millstone zero- carbon contract Disclosure enhancement

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SLIDE 36

One Dominion Energy

36

  • Teamwork builds stronger company

➢ Most Admired Gas & Electric Utilities (Fortune) ➢ America’s Best Employers (Forbes) ➢ Best Employers for Diversity (Forbes) ➢ Best Employers for Women (Forbes) ➢ Best Companies for Women (Women’s Choice Award) ➢ Management 250 (The Wall Street Journal) ➢ Top 10 Military-Friendly Company (G.I. Jobs) ➢ Best for Vets (Military Times) ➢ HIRE Vets Medallion, Program Demonstration Award (Platinum)

✓ U.S. Department of Labor

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SLIDE 37
  • 1. Welcome to South Carolina
  • 2. Five Core Values
  • 3. Where We Are Today
  • 4. Growth Plan
  • 5. Commitment to Community
  • 6. Summary

Today’s Topics

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SLIDE 38

Unregulated Power Electric Service Territory Oil & Gas Production Gas Pipelines Storage Field Gas Service Territory LNG Import Terminal Regulated Power

38

Our Footprint – 2007

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SLIDE 39

More Than Decade of Repositioning

39

$40B Regulated capex

Regulated generation Electric transmission Customer growth Resiliency enhancements Cove Point liquefaction

$20B Regulated M&A

SCANA Questar Carolina Gas Transmission Iroquois Pipeline

(+)

$25B

Unregulated asset sales

E&P Merchant generation Blue Racer Midstream

(-)

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SLIDE 40

Where We Are Today

40

12.5%

EPS growth

10.0%

DPS growth

~$8B

parent-level debt reduction

+1.7M

utility customers (SCANA)

GTSA

Grid Transformation & Security Act

~$2.5B

nonregulated asset sales

Ratings affirmed

S&P / Moody’s / Fitch

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SLIDE 41

Our Footprint Today

41

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SLIDE 42

Legend Electric utility service territory Gas utility service territory Utility electric generation Contracted generation Natural gas pipeline Atlantic Coast Pipeline Cove Point Storage

Our Footprint Today

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

42

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SLIDE 43

Legend Electric utility service territory Gas utility service territory Utility electric generation Contracted generation Natural gas pipeline Atlantic Coast Pipeline Cove Point Storage

Our Footprint Today

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

$96B

assets

21,300

employees

3.3M

customers

(gas utility)

7.5M

customers

(total)

3.4M

customers

(elec. utility)

$61B

market cap

18

states of

  • peration

31GW

generation

(total capacity)

15,900

gas trans. miles

10,200

electric

  • trans. miles

84,800

electric

  • dist. miles

92,900

gas dist. miles

1.1 Tcf gas storage 11GW

generation

(zero-carbon)

43

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SLIDE 44

Premium Locations

44

Top states for business (2018) Best states for business (2018) Unemployment rate (Jan. 2019) Population growth (2013-18)

#4 #4 #6 #22 #3 #2 #12 #1 #15 #14 #10 #9 #1 #12 #15 #20

Virginia Utah North Carolina South Carolina Ohio

CNBC Forbes U.S. BLS U.S. Census

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SLIDE 45

Total Return

45

Source: Bloomberg.

201.3% 153.6% 243.0%

0% 50% 100% 150% 200% 250% 300%

2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018

Dominion Energy Philadelphia Utility Sector Index S&P 500 Index

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SLIDE 46

Operating Earnings

$3.03 $3.09 $3.25 $3.43 $3.44 $3.80 $3.60 $4.05 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 $4.05-$4.40

* Based on non-GAAP Financial Measures. See GAAP Reconciliation on Dominion Energy’s website at dominionenergy.com/investors. Corresponding full-year earnings under GAAP are $2.45 for 2011, $0.53 for 2012, $2.93 for 2013, $2.24 for 2014, $3.20 for 2015, $3.44 per share in 2016, $4.72 in 2017 and $3.74 per share in 2018. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

46

Dollars Per Share

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SLIDE 47

Earnings Growth (2017-2023)

47

$3.65*

$2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E

* Based on non-GAAP Financial Measures. See GAAP Reconciliation on Dominion Energy’s website at dominionenergy.com/investors. Corresponding full-year earnings under GAAP are $4.72 in 2017 and $3.74 per share in 2018. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

6%—8% CAGR

Original Guidance

Dollars Per Share

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SLIDE 48

Earnings Growth (2017-2023)

48

$3.65* $4.05*

$2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E

* Based on non-GAAP Financial Measures. See GAAP Reconciliation on Dominion Energy’s website at dominionenergy.com/investors. Corresponding full-year earnings under GAAP are $4.72 in 2017 and $3.74 per share in 2018. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

6%—8% CAGR

Strong 2018 Results

Dollars Per Share

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SLIDE 49

Earnings Growth (2017-2023)

49

$3.65* $4.05*

$2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E $4.05-4.40

* Based on non-GAAP Financial Measures. See GAAP Reconciliation on Dominion Energy’s website at dominionenergy.com/investors. Corresponding full-year earnings under GAAP are $4.72 in 2017 and $3.74 per share in 2018. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

6%—8% CAGR

2019 & 2020 Guidance Issued

6.7% CAGR

(within original 6%—8% range) Dollars Per Share

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SLIDE 50

Earnings Growth (2017-2023)

50

$3.65* $4.05*

$2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E $4.05-4.40

* Based on non-GAAP Financial Measures. See GAAP Reconciliation on Dominion Energy’s website at dominionenergy.com/investors. Corresponding full-year earnings under GAAP are $4.72 in 2017 and $3.74 per share in 2018. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

6%—8% CAGR

2019 & 2020 Guidance Issued

6.7% CAGR

(within original 6%—8% range) Dollars Per Share

~5% per year

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SLIDE 51

Earnings Growth (2017-2023)

51

$3.65* $4.05*

$2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 $5.5 $6.0 2017 midpoint 2018A 2019E 2020E 2021E 2022E 2023E $4.05-4.40

* Based on non-GAAP Financial Measures. See GAAP Reconciliation on Dominion Energy’s website at dominionenergy.com/investors. Corresponding full-year earnings under GAAP are $4.72 in 2017 and $3.74 per share in 2018. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

6%—8% CAGR 6.7% CAGR

(within original 6%—8% range)

~5% per year

5%+ post-2020

Dollars Per Share

5%+

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SLIDE 52

Dividends

52

$1.97 $2.11 $2.25 $2.40 $2.59 $2.80 $3.035 $3.34 $3.67* $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 Dollars Per Share

*Subject to quarterly determination and declaration by the Board of Directors. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

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SLIDE 53

Dividend Policy

53

$2.80 $3.035 $3.34 $3.67* $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2016A 2017A 2018A 2019E 2020 + Beyond

*Subject to quarterly determination and declaration by the Board of Directors. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

70% 87%

Payout ratio

Dollars Per Share

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SLIDE 54

Dividend Policy

54

$2.80 $3.035 $3.34 $3.67* $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2016A 2017A 2018A 2019E 2020 + Beyond

*Subject to quarterly determination and declaration by the Board of Directors. Please refer to the “Important Note to Investors” on slide 2 of this presentation.

70% 87%

Payout ratio Low 70s%

  • ver time

Dollars Per Share

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SLIDE 55
  • 1. Welcome to South Carolina
  • 2. Five Core Values
  • 3. Where We Are Today
  • 4. Growth Plan
  • 5. Commitment to Community
  • 6. Summary

Today’s Topics

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SLIDE 56

Five-Year Growth Plan

56

$4 $5 $5 $5 $6 2019E 2020E 2021E 2022E 2023E Total

~$26B

~$26B

2019-23 growth capital

Gas Transmission & Storage 14% Dominion Energy SC 8%

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

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SLIDE 57

Dominion Energy Virginia

57

2019—2023 growth capital ($B)

Transmission 26% Solar 22% Grid Transformation 10%

Offshore wind 7%

Pumped storage 6% Enviro/CT/other 7% Strategic undergrounding 5% Customer growth10%

~$17B

2019—2023 growth capital Nuclear relicensing 7%

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

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SLIDE 58

Gas Transmission & Storage

58

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

2019—2023 growth capital ($B)

ACP 34%

Resiliency

21% Other end-use 13% Base growth 32%

$3.6B

TOTAL

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SLIDE 59

Gas Distribution

59

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

2019—2023 growth capital ($B)

$3.5B

Ohio 41% Utah/Wyo. 31% N.C. 22% W.Va. 7% Rider investment 58% Customer growth and other 42%

$3.5B

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SLIDE 60

Dominion Energy South Carolina

60

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

2019—2023 growth capital ($B)

$2.1B

Electric 76% Gas 24%

$2.1B

Electric customer growth 32%

Electric environmental 24%

Gas customer growth 24% Grid transformation 9% Electric transmission 5% AMI 6%

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SLIDE 61

Types of Growth Programs

61

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

  • Electric

➢ Nuclear relicensing ➢ Renewables ➢ Renewable-enabling gas combustion turbines ➢ Grid transformation ➢ Transmission ➢ Customer growth ➢ Environmental

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SLIDE 62

Types of Growth Programs

62

Please refer to the “Important Note to Investors” on slide 2 of this presentation.

  • Gas

➢ Pipeline replacement ➢ Customer, rate base growth ➢ Resiliency ➢ Atlantic Coast Pipeline

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SLIDE 63
  • 1. Welcome to South Carolina
  • 2. Five Core Values
  • 3. Where We Are Today
  • 4. Growth Plan
  • 5. Commitment to Community
  • 6. Summary

Today’s Topics

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SLIDE 64

Charitable Giving

64

$18.5 $23.4 $26.6 $28.5 $34.9 $40.0*

$0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50

2014 2015 2016 2017 2018 2019

In Millions of Dollars

About a third of a billion dollars in charitable giving since 2007; more than $130 million since 2014

*Please refer to the “Important Note to Investors” on slide 2 of this presentation.

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SLIDE 65

Community Volunteerism

65

125,000 126,000 1,400,000

200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000

2017 2018 2007-2018

Number of Hours

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SLIDE 66

Invested in Our Communities

66

  • Nearly $35 million in giving in 2018

➢ $17 million in Foundation giving ➢ $6 million in direct giving ➢ $12 million to EnergyShare ➢ $320,000 in South Carolina; SCANA contributed $1.6 million in state

✓ Expect at least $4.4 million* in charitable giving in SCANA states in 2019

  • Volunteer program – 126,000 hours in 2018
  • EnergyShare in South Carolina
  • Midlands Gives

➢ Principal sponsor ($100,000 total)

*Please refer to the “Important Note to Investors” on slide 2 of this presentation.

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SLIDE 67
  • 1. Welcome to South Carolina
  • 2. Five Core Values
  • 3. Where We Are Today
  • 4. Growth Plan
  • 5. Commitment to Community
  • 6. Summary

Today’s Topics

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SLIDE 68

Summary

68

  • Premium, low-risk assets in premium locations
  • Values-based organization
  • Innovative & sustainable
  • Trusted community partner
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SLIDE 69

We are

2019 Annual Meeting

  • f Shareholders

May 7, 2019 Columbia, S.C.

DominionEnergy.com