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CAYCE, S.C. - The Nuclear Regulatory Commission (NRC) has approved Dominion Energy South Carolina’s application to extend the operating license for V.C. Summer Nuclear Station through 2062, adding 20 years to its current license. Dominion Energy (NYSE:D), currently trading at $56.47 and valued at $48.17 billion by market capitalization, appears slightly overvalued according to InvestingPro analysis.
The 966-megawatt nuclear unit, located in Fairfield County, South Carolina, provides electricity to customers of Dominion Energy and Santee Cooper. The facility generates enough carbon-free electricity to power approximately 242,000 homes. The company’s commitment to nuclear power contributes to its $14.9 billion in annual revenue and has helped maintain its impressive 43-year streak of consecutive dividend payments, as noted by InvestingPro.
The NRC approved the license extension on Monday, according to a company press release. V.C. Summer was originally licensed to operate from 1982 through 2022, with a previous extension granted in 2004 that allowed operation through 2042.
"V.C. Summer Nuclear Station has provided reliable, affordable and increasingly clean energy for our customers in the Palmetto State for more than 40 years," said Eric Carr, Dominion Energy’s Chief Nuclear Officer.
The company stated it regularly performs maintenance and conducts upgrades at the station, including a recent replacement of the main transformer. Dominion Energy indicated it will continue investing in the facility to maintain safety and performance standards.
The V.C. Summer facility is a three-loop Westinghouse pressurized water reactor operated under NRC oversight.
This extension follows similar approvals for Dominion Energy’s Surry Power Station and North Anna Power Station in 2021 and 2024, respectively. The company plans to seek license extension for its Millstone Power Station in Connecticut.
Dominion Energy (NYSE:D) provides regulated electricity service to 3.6 million customers across Virginia, North Carolina, and South Carolina, and natural gas service to 500,000 customers in South Carolina. With a current dividend yield of 4.72% and an overall Financial Health score rated as "FAIR" by InvestingPro, which offers detailed analysis through its comprehensive Pro Research Report, the company maintains a stable position in the utility sector despite operating with significant debt levels.
In other recent news, Dominion Energy has reported several key developments. The company entered into an underwriting agreement for the sale of $1 billion in senior notes, with BofA Securities, J.P. Morgan Securities, and Wells Fargo Securities acting as representatives of the underwriters. This move is part of Dominion Energy’s broader financial strategy to manage its debt portfolio. In addition, the company’s 2025 Annual Meeting resulted in the election of all 11 director nominees and the approval of executive compensation on an advisory basis. Deloitte & Touche LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025. Dominion Energy also declared a quarterly dividend of 66.75 cents per share, marking the 389th consecutive dividend issued to common stockholders. Furthermore, the company announced the appointment of Jeffrey J. Lyash, former TVA chief, to its board of directors. Lastly, Dominion Energy confirmed the retirement of Michele L. Cardiff as Chief Accounting Officer, with Gary G. Ratliff, Jr. set to succeed her in the role.
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