Former SCE&G's owners report $1.2 billion loss
Dominion Energy's long-time boss Tom Farrell is stepping down from his job.
At the same time, he is stepping up to executive board chairman Oct. 1.
The announcement came as the Virginia-based owners of the former SC Electric & Gas posted a loss.
For the 3 months ending June 20, Dominion had a net loss of $1.2 billion.
That costs their investors $1.41 per share.
For the same quarter in 2019, the company had a net gain of $54 million, or $0.05 per share.
Operating expenses for the 2nd quarter of 2020 were $76 million, or 82 cents per share.
That's compared to $619 million, or 77 cents per share, for the 2nd quarter of 2019.
The company estimates 2nd-quarter 2020 earnings were hurt by $0.03 per share because of worse-than-normal weather.
Dominion also cited costs associated with the Atlantic Coast Pipeline and Supply Header projects and net gains on nuclear decommissioning trust funds.
Dominion expects 3rd-quarter earnings in the range of 85 cents to $1.05 per share and affirms its full-year 2020 operating guidance range of $3.37 to $3.63 per share.
As part of the leadership change:
1. Robert Blue, co-COO and executive vice president, will succeed Farrell as president and CEO.
2. Diane Leopold, co-COO and executive vice president, will become COO.
3. Edward Baine will be president of Dominion Energy Virginia.
"One of my goals as CEO was to build a strong leadership team and a long-term succession plan," Farrell said.
"Today's announcement is the next step in that process."
Farrell said he plans to continue "to develop our strategic plan and Dominion’s leadership in the new clean energy economy.”