Dominion Energy, Richmond, Va., saw its profits rebound last year from a loss in 2020, according to recent financial filings.
The utility company reported a net income of around $3.2 billion, or $3.98 a share, for the fiscal year ended Dec. 31, according to a 10-K form filed Feb. 24. That figure was up significantly, over 87%, from Dominion’s roughly $401 million loss, or a loss of $0.57 a share, in 2020. Among other reasons, the company credited such a recovery to the “net increase in investment earnings” on nuclear decommissioning trust funds.
Revenue was down about 1% in 2021 to around $13.9 billion, compared to about $14.2 billion in the prior year. One of the reasons for the difference was a roughly $402 million loss associated with energy market prices that affected Dominion’s Millstone Nuclear Power Station in Waterford, Conn., the company said.
Dominion is also in the process of selling its shuttered Kewaunee nuclear plant in Wisconsin to decommissioning company EnergySolutions. The state’s public service commission and the Nuclear Regulatory Commission are both currently weighing whether to approve the transaction.
