Financial PerformanceThe company closed on the sale of the East Ohio Gas Company which generated $4.3B of after-tax proceeds and transferred $2.3B of debt.
Project De-riskingDominion has de-risked the construction of its $9.8 billion offshore wind project by building its own Jones Act compliant vessel and selling a 50% non-controlling stake in the project to Stonepeak.
RestructuringThe rating upgrade follows Dominion Energy's completion of a lengthy business review and restructuring process, that has seen the company shed non-core assets, fortify its balance sheet, de-risk its offshore wind project, and simplify its strategy.