Offshore Wind Is On at Dominion Energy!
To say that 2020 was an important year for giant U.S. utility Dominion Energy (NYSE: D) would be an understatement. It completely revamped its business, cut its dividend, and got a good head start on its next major growth initiative. Here's a little background on what's going on, with an update on the company's big offshore wind plans in Virginia.
Over the past decade or two, Dominion Energy has been working to reduce risk. That started with the sale of upstream energy assets (oil drilling) and culminated in 2020 with the sale of most of its midstream business (pipelines) to Berkshire Hathaway. What's left is basically a pure-play electric and natural gas distribution utility serving 7 million customers across 16 states. At this point, its utility operations are highly regulated and fairly predictable.
Source Fool.com
