D - Dominion Energy Inc. (D) Q4 2023 Earnings Call Transcript
2024-02-22 14:55:09 ET
Dominion Energy, Inc. (D)
Q4 2023 Earnings Conference Call
February 22, 2024 10:00 ET
Company Participants
David McFarland - Vice President of Investor Relations
Bob Blue - President, Chairman & Chief Executive Officer
Steven Ridge - Senior Vice President & Chief Financial Officer
Diane Leopold - Executive Vice President & Chief Operating Officer
Conference Call Participants
Shahriar Pourreza - Guggenheim Partners
Nick Campanella - Barclays
Jeremy Tonet - JPMorgan
Steve Fleishman - Wolfe Research
Ross Fowler - UBS
Durgesh Chopra - Evercore ISI
Presentation
Operator
Welcome to the Dominion Energy Fourth Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to David McFarland, Vice President, Investor Relations and Treasurer.
David McFarland
Good morning and thank you for joining today's call. Earnings materials, including today's prepared remarks, 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; Steven Ridge, Executive Vice President and Chief Financial Officer; and Diane Leopold, Executive Vice President and Chief Operating Officer.
I will now turn the call over to Bob.
Bob Blue
Thank you, David. Good morning, everyone. As always, let me begin with safety, as shown on Slide 3. In 2023, our employee OSHA recordable incident rate was 0.45, a significant improvement to already strong historical performance. We also achieved a record low lost time restricted duty injury rate. We're pleased but not satisfied with these results. I strongly believe that exemplary safety performance unlocks our ability to execute optimally across the 3 pillars of our mission, as shown on Slide 4.
We maintained outstanding reliability in 2023 as our electric customers in Virginia and South Carolina had power 99.9% of the time, excluding major storms. Our residential rates continue to be well below the national and regional averages. From 2005 through 2022, we've reduced Scope 1 carbon emissions from our electric operations by nearly 50%, even as annual energy generated over that period has increased 9%. Going forward, you'll continue to hear how we're executing against our mission because an exceptional customer experience positions our company to deliver the best results for our shareholders.
I'm very pleased to share several important updates with you this morning as it relates to our business review in the Coastal Virginia Offshore Wind Project. Let me begin by reiterating my previous commentary regarding the review. Our guiding priorities and commitments are unchanged, as is my conviction around both the decision to undertake the review and the quality of the result I expect us to deliver. The review will comprehensively and finally address foundational concerns that have eroded investor confidence in our company over the last several years....
Dominion Energy, Inc. (D) Q4 2023 Earnings Call Transcript