March 22, 2020 - 9:33 AM EDT
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Why Is This Utility Company Championing New School Buses?

Dominion Energy (NYSE: D) is one of the country's largest electric and natural gas utilities. It has shifted and changed over time, most recently exiting the oil and gas exploration business roughly a decade ago.

So, really, the idea that it is buying school buses isn't as outlandish as it might sound at first. However, far from just accepting this, it pays to dig in and get a better understanding of why Dominion is doing what it's doing. In the end, the utility isn't looking to be a transportation company -- it's just looking to be a better utility. Here's what you need to know.

Dominion Energy is a typical boring utility these days, owning electric and natural gas assets across 18 states that serve around seven million customers. That said, it can make aggressive moves at times, like building a liquified natural gas export facility, or -- on a larger scale -- buying financially troubled SCANA at the start of 2019. SCANA got itself into a mess after it canceled plans to build a nuclear power plant following the bankruptcy of its contractor, Westinghouse. It wasn't exactly a smooth transaction for Dominion, given that SCANA's customers and regulators were displeased with the financial impact of the nuclear plant cancellation. But Dominion was persistent, and after some negotiation it managed to get the deal done, expanding its reach into additional high-growth markets. 

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Source: Motley Fool (March 22, 2020 - 9:33 AM EDT)

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