Dominion Energy, Inc.

Welcome to the Dominion Energy fourth quarter and full year 2021 earnings conference call. At this time, each of your line is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given for the procedure to follow if you would like to ask a question. I would now like to turn the call over to David McFarland, Director, Investor Relations.

Good morning, and thank you for joining today's call. Earnings materials, including today's prepared remarks, may contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual reports on Form 10-K and our quarterly reports on Form 10-Q for a discussion of factors that may cause results to differ from management's estimates and expectations. This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures, which we can calculate, are contained in the earnings release kit. I encourage you to visit our investor relations website to review webcast slides as well as the earnings release kit. Joining today's call are Bob Blue, Chair, President, and Chief Executive Officer, Jim Chapman, Executive Vice President, Chief Financial Officer, and Treasurer, and other members of the Executive Management Team. I will now turn the call over to Bob.

Thank you, David, and good morning, everyone. I'll start by outlining Dominion Energy's compelling shareholder return proposition. We expect to grow our earnings per share by 6.5% per year through at least 2026, supported by our updated $37 billion five-year growth capital program, resulting in an approximately 10% total return. That's all underpinned by Dominion's industry-leading ESG profile, which includes the largest regulated decarbonization investment opportunity in the country, which, as you will hear in today's prepared remarks, is steadily transforming from opportunity to reality. Our strategy is anchored on a pure play state regulated utility operating profile that centers around five premier states, as shown on slide four. All share the philosophy that a common sense approach to energy policy and regulation puts a priority on safety, reliability, affordability, and sustainability. Next, I want to highlight what a successful year 2021 was in the continuing execution of our strategy. For example, we continue to provide safe, reliable service to our customers, ensuring that safety remains our top priority when it comes to our employees, our customers, and our communities. We reported our 24th consecutive quarterly financial result that normalized for weather meets or exceeds the midpoint of our guidance range, a reflection of our focus on continuing to provide consistent and predictable financial results. We successfully concluded substantial rate cases in Virginia, South Carolina, and North Carolina, in each case demonstrating our ability to deliver constructive regulatory results for both our customers and our shareholders in these fast-growing premier and business-friendly states. And we significantly advanced our clean energy growth plans on a number of fronts. For instance, we received our notice of intent from BOEM for our regulated offshore wind project in July as planned. and filed our rider application with the Virginia State Corporation Commission on schedule in November. And we proposed new solar and energy storage projects in our second annual clean energy filing in Virginia, the largest such group ever proposed. Looking ahead, we've rolled forward our five-year growth capital plan to capture the years 2022 through 2026. We now expect to invest $37 billion on behalf of our customers. The investment programs are highlighted on slide five, with over 85% focused on decarbonization. As meaningful as these near-term plans are, consider on slide six how they compare to the long-term scope and duration of our overall decarbonization opportunity. Our initiatives extend well beyond our five-year plan. We now project $73 billion of green investment opportunity through 2035, nearly all of which will qualify for regulated cost-of-service recovery. This is, as far as we can tell, the largest regulated decarbonization investment opportunity in the industry. With that, I'll turn it over to Jim to walk through our financial results and guidance before I provide further business updates on the execution of our plan.