Dominion Energy reports first-quarter net loss of $270 million

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Dominion Energy reported a first-quarter net loss of $270 million, or 34 cents a share, for the three months ending March 31.

That compared to a net loss of $680 million, or 86 cents per share, for the same period in 2019.

Dominion, which acquired SCANA Corp. after a $14.6 billion merger won S.C. regulatory approval in December 2018, reported first-quarter operating earnings of $931 million, or $1.09 per share, compared with $873 million, or $1.10 per share, for the first three months of 2019.

The Richmond, Va.-based company estimated its 2020 first-quarter earnings were affected by nine cents per share because of a mild winter in its utility service territories.

Dominion said the difference between GAAP and operating earnings for the first quarter of 2020 was primarily attributable to costs of the planned early retirement of certain coal and oil-fired generating units in Virginia to meet requirements of the Virginia Clean Economy Act, along with unrealized losses on nuclear decommissioning trust funds. 

The difference between GAAP and operating earnings for the first quarter of 2019 was primarily attributable to charges related to SCANA merger commitments and the early retirement of certain cold-reserve Virginia utility generating units, the company said in a news release.

Dominion expects second-quarter operating earnings in the range of 75 cents to 85 cents per share, compared to second-quarter 2019 operating earnings of 77 cents per share, and affirms its full-year 2020 operating earnings guidance range of $4.25 to $4.60 per share.