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Dominion CEO loses out on big cash haul

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Utility missed targets on profit and shareholder return

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Demand for Dominion electricity looks robust on data

center

growth

By Tim McLaughlin

March 28 (Reuters) - Dominion Energy ( D ) CEO Robert

Blue missed out on taking home more than $4 million in cash

after the utility's shareholder return and operating profit

during 2022-2024 failed to meet performance targets.

Blue received $438,240, just 9% of the potential target

payout of nearly $5 million, the company disclosed on Friday in

a U.S. Securities and Exchange Commission filing. The company

did not respond to a message seeking comment.

Dominion's total shareholder return ranked second lowest

among peers over the 3-year period, leading to no payout on that

goal, which accounted for 50% of Blue's performance-based target

compensation. The company's total return was minus 21% during

that period.

Dominion's stock suffered during the performance period as

investors lost confidence in the utility's management team,

according to analysts. But Dominion made several moves to lessen

its debt burden, such as selling its stake in the Cove Point

liquefied natural gas plant to Berkshire Hathaway ( BRK/A ) for

about $3.3 billion in after-tax proceeds.

Dominion's electricity sales are expected to surge over the

next decade as more energy-hungry data centers are built in the

company's key Virginia territory.

Still, Blue received no long-term performance pay related to

Dominion's cumulative operating profit target for 2022-2024.

With a performance weighting of 40%, operating profit per share

was $8.87, well below the minimum threshold target of $11.70 per

share, Dominion said.

Meanwhile, Dominion's renewable energy generating capacity

exceeded a minimum target despite fewer solar projects moving

forward during the performance period than anticipated. With a

10% weighting, that metric allowed Blue to receive 9% of the

total target cash payout across the three goals.