DOMINION ENERGY, INC, 10-Q filed on 5/1/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 25, 2025
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Title of 12(b) Security Common Stock, no par value  
Trading Symbol D  
Security Exchange Name NYSE  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name DOMINION ENERGY, INC.  
Entity Central Index Key 0000715957  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   852,790,571
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-08489  
Entity Tax Identification Number 54-1229715  
Entity Address, Address Line One 600 East Canal Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2284  
Virginia Electric and Power Company    
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name VIRGINIA ELECTRIC AND POWER COMPANY  
Entity Central Index Key 0000103682  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   324,245
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 000-55337  
Entity Tax Identification Number 54-0418825  
Entity Address, Address Line One 600 East Canal Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2284  
v3.25.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Revenue $ 4,076 $ 3,632
Operating Expenses    
Electric fuel and other energy-related purchases [1] 962 959
Purchased electric capacity [1] 9 12
Purchased gas [1] 147 120
Other operations and maintenance 898 855
Depreciation and amortization [1] 582 621
Other taxes [1] 209 202
Impairment of assets and other charges 46 30
Total operating expenses 2,853 2,799
Income from operations 1,223 833
Other income (expense) 5 119
Interest and related charges [1] 480 574
Income from continuing operations including noncontrolling interests before income tax expense 748 378
Income tax expense [1] 55 55
Net Income From Continuing Operations Including Noncontrolling Interests 693 323
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests [2] (1) 118
Net Income Including Noncontrolling Interests 692 441
Noncontrolling Interests 46 0
Net Income 646 441
Amounts Attributable to Dominion Energy    
Net income from continuing operations 647 323
Net income (loss) from discontinued operations $ (1) $ 118
EPS - Basic    
Net income from continuing operations $ 0.75 $ 0.36
Net income (loss) from discontinued operations 0 0.14
Net income attributable to Dominion Energy 0.75 0.5
EPS - Diluted    
Net income from continuing operations 0.75 0.36
Net income (loss) from discontinued operations 0 0.14
Net income attributable to Dominion Energy $ 0.75 $ 0.5
Virginia Electric and Power Company    
Operating Revenue [3] $ 2,765 [4] $ 2,489
Operating Expenses    
Electric fuel and other energy-related purchases [3],[4] 769 701
Purchased electric capacity [4] 7 13
Affiliated suppliers 134 102
Other operations and maintenance 476 429
Depreciation and amortization [4] 398 448
Other taxes [4] 97 93
Impairment of assets and other charges (benefits) 46 (17)
Total operating expenses 1,927 1,769
Income from operations 838 720
Other income (expense) 25 63
Interest and related charges [3],[4] 243 190
Income before income tax expense 620 593
Income tax expense [4] 92 128
Net Income Including Noncontrolling Interests 528 465
Noncontrolling Interests 46 0
Net Income $ 482 $ 465
[1] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[2] Includes income tax expense of less than $1 million and $54 million for the three months ended March 31, 2025 and 2024, respectively.
[3] See Note 19 for amounts attributable to affiliates.
[4] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
v3.25.1
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Income tax expense (benefit) from discontinued operations $ (1) $ 54
v3.25.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net income including noncontrolling interests $ 692 $ 441
Other comprehensive income (loss), net of taxes:    
Net deferred gains (losses) on derivatives-hedging activities [1] (16) 7
Changes in unrealized net gains (losses) on investment securities [2] 13 (26)
Changes in net unrecognized pension and other postretirement benefit costs (credits) [3] 0 0
Amounts reclassified to net income (loss):    
Net derivative (gains) losses-hedging activities [4] 8 7
Net realized (gains) losses on investment securities [5] 2 6
Net pension and other postretirement benefit costs (credits) [6] (3) (1)
Total other comprehensive income (loss) 4 (7)
Comprehensive income including noncontrolling interests 696 434
Comprehensive income (loss) attributable to noncontrolling interests 46 0
Comprehensive income 650 434
Virginia Electric and Power Company    
Net income including noncontrolling interests 528 465
Other comprehensive income (loss), net of taxes:    
Net deferred gains (losses) on derivatives-hedging activities [7] (7) 7
Changes in unrealized net gains (losses) on investment securities [8] 2 (5)
Amounts reclassified to net income (loss):    
Net realized (gains) losses on investment securities [9] 0 1
Total other comprehensive income (loss) (5) 3
Comprehensive income including noncontrolling interests 523 468
Comprehensive income (loss) attributable to noncontrolling interests 46 0
Comprehensive income $ 477 $ 468
[1] Net of $5 million and $(1) million tax for the three months ended March 31, 2025 and 2024, respectively.
[2] Net of $(5) million and $10 million tax for the three months ended March 31, 2025 and 2024, respectively.
[3] Net of $— million and $— million tax for the three months ended March 31, 2025 and 2024, respectively.
[4] Net of $(2) million and $(4) million tax for the three months ended March 31, 2025 and 2024, respectively.
[5] Net of $— million and $(2) million tax for the three months ended March 31, 2025 and 2024, respectively.
[6] Net of $— million and $3 million tax for the three months ended March 31, 2025 and 2024, respectively.
[7] Net of $2 million and $(1) million tax for the three months ended March 31, 2025 and 2024, respectively.
[8] Net of $— million and $1 million tax for the three months ended March 31, 2025 and 2024, respectively.
[9] Net of $— million and $(1) million tax for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net deferred gains (losses) on derivatives-hedging activities, tax $ 5 $ (1)
Changes in unrealized net gains (losses) on investment securities, tax (5) 10
Changes in net unrecognized pension and other postretirement benefit costs, tax (0) (0)
Net derivative (gains) losses-hedging activities, tax (2) (4)
Net realized (gains) losses on investment securities, tax 0 (2)
Net pension and other postretirement benefit costs (credits), tax 0 (3)
Virginia Electric and Power Company    
Net deferred gains (losses) on derivatives-hedging activities, tax 2 (1)
Changes in unrealized net gains (losses) on investment securities, tax 0 1
Net realized (gains) losses on investment securities, tax $ 0 $ (1)
v3.25.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current Assets      
Cash and cash equivalents [1] $ 355 $ 310 [2]  
Customer receivables (less allowance for doubtful accounts) [1] 2,045 2,169 [2]  
Other receivables (less allowance for doubtful accounts) 323 358 [2]  
Inventories 1,765 1,764 [2]  
Regulatory assets [1] 996 992 [2]  
Derivative assets 251 436 [2]  
Other [1] 671 584 [2]  
Total current assets 6,406 6,613 [2]  
Investments      
Nuclear decommissioning trust funds 7,879 8,051 [2]  
Investment in equity method affiliates 132 [3] 138 [2]  
Other 360 361 [2]  
Total investments 8,371 8,550 [2]  
Property, Plant and Equipment      
Property, plant and equipment [1] 97,574 94,844 [2]  
Accumulated depreciation and amortization (26,405) (25,982) [2]  
Total property, plant and equipment, net 71,169 68,862 [2]  
Deferred Charges and Other Assets      
Goodwill 4,143 4,143 [2]  
Regulatory assets [1] 8,341 8,288 [2]  
Other [1] 6,125 5,959 [2]  
Total deferred charges and other assets 18,609 18,390 [2]  
Total assets 104,555 102,415 [2]  
Current Liabilities      
Securities due within one year [4] 2,070 1,725 [5]  
Short-term debt 2,084 2,500 [5]  
Accounts payable 995 1,149 [5]  
Accrued interest, payroll and taxes [4] 897 1,045 [5]  
Regulatory liabilities 512 579 [5]  
Supplemental credit facility borrowings 0 0 [5]  
Other current liabilities [6] 2,220 2,291 [5]  
Total current liabilities 8,778 9,289 [5]  
Long-Term Debt      
Long-term debt 35,457 33,034 [5]  
Securitization bonds [4] 1,054 1,054 [5]  
Junior subordinated notes 3,222 3,223 [5]  
Supplemental credit facility borrowings 0 0 [5]  
Other 216 214 [5]  
Total long-term debt 39,949 37,525 [5]  
Deferred Credits and Other Liabilities      
Deferred income taxes 6,522 6,412 [5]  
Deferred investment tax credits 1,089 1,070 [5]  
Regulatory liabilities 8,793 9,196 [5]  
Other [4] 8,702 8,731 [5]  
Total deferred credits and other liabilities 25,106 25,409 [5]  
Total liabilities 73,833 72,223 [5]  
Commitments and Contingencies (see Note 17)  
Shareholders' Equity      
Preferred stock (see Note 16) 991 991 [5]  
Common stock - no par [7] 24,424 24,383 [5]  
Retained earnings 2,102 2,035 [5]  
Accumulated other comprehensive (loss) income (152) (156) [5]  
Shareholders' equity 27,365 27,253 [5]  
Noncontrolling interests 3,357 2,939 [5]  
Total equity 30,722 30,192 [5] 27,567
Total liabilities and equity 104,555 102,415 [5]  
Virginia Electric and Power Company      
Current Assets      
Cash and cash equivalents 180 [8] 160 [8],[9] 90
Customer receivables (less allowance for doubtful accounts) [8] 1,551 1,612 [9]  
Other receivables (less allowance for doubtful accounts) 157 168 [9]  
Affiliated receivables 32 27 [9]  
Inventories 1,134 1,148 [9]  
Regulatory assets [8] 659 697 [9]  
Derivative assets [10] 54 248 [9]  
Other [8] 267 194 [9]  
Total current assets 4,034 4,254 [9]  
Investments      
Nuclear decommissioning trust funds 4,200 4,286 [9]  
Other 4 4 [9]  
Total investments 4,204 4,290 [9]  
Property, Plant and Equipment      
Property, plant and equipment [8] 72,852 70,550 [9]  
Accumulated depreciation and amortization (18,338) (18,033) [9]  
Total property, plant and equipment, net 54,514 52,517 [9]  
Deferred Charges and Other Assets      
Regulatory assets [8] 4,565 4,537 [9]  
Other [8],[10] 2,986 2,789 [9]  
Total deferred charges and other assets 7,551 7,326 [9]  
Total assets 70,303 68,387 [9]  
Current Liabilities      
Securities due within one year [8] 1,298 548 [9]  
Short-term debt 244 950 [9]  
Accounts payable 612 660 [9]  
Payables to affiliates 162 133 [9]  
Affiliated current borrowings 1,675 500 [9]  
Accrued dividend [11] 0 407  
Accrued interest, payroll and taxes [8] 453 366 [9]  
Regulatory liabilities 294 385 [9]  
Other current liabilities [10] 1,613 1,688 [9]  
Total current liabilities 6,351 5,637 [9]  
Long-Term Debt      
Long-term debt 19,361 18,874 [9]  
Securitization bonds [8] 1,054 1,054 [9]  
Other 112 110 [9]  
Total long-term debt 20,527 20,038 [9]  
Deferred Credits and Other Liabilities      
Deferred income taxes 4,145 4,045 [9]  
Deferred investment tax credits 634 640 [9]  
Regulatory liabilities 6,277 6,574 [9]  
Other [8],[10] 6,320 6,300 [9]  
Total deferred credits and other liabilities 17,376 17,559 [9]  
Total liabilities 44,254 43,234 [9]  
Commitments and Contingencies (see Note 17)  
Shareholders' Equity      
Common stock - no par [12] 8,987 8,987 [9]  
Other paid-in capital 1,006 1,006 [9]  
Retained earnings 12,677 12,194 [9]  
Accumulated other comprehensive (loss) income 22 27 [9]  
Shareholders' equity 22,692 22,214 [9]  
Noncontrolling interests 3,357 2,939 [9]  
Total equity 26,049 25,153 [9] $ 21,657
Total liabilities and equity $ 70,303 $ 68,387 [9]  
[1] See Note 15 for amounts attributable to VIEs.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Excludes liability to Atlantic Coast Pipeline.
[4] See Note 15 for amounts attributable to VIEs.
[5] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[6] See Note 10 for amounts attributable to related parties.
[7] 1.8 billion shares authorized; 853 million shares and 852 million shares outstanding at March 31, 2025 and December 31, 2024, respectively.
[8] See Note 15 for amounts attributable to VIEs.
[9] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[10] See Note 19 for amounts attributable to affiliates.
[11] See Note 19 for amounts attributable to affiliates.
[12] 500,000 shares authorized; 324,245 shares outstanding at both March 31, 2025 and December 31, 2024.
v3.25.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Customer receivables, allowance for doubtful accounts $ 30 $ 30
Other receivables, allowance for doubtful accounts $ 2 $ 2
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 853,000,000 852,000,000
Virginia Electric and Power Company    
Customer receivables, allowance for doubtful accounts $ 22 $ 23
Other receivables, allowance for doubtful accounts $ 2 $ 2
Common stock, shares authorized 500,000 500,000
Common stock, shares outstanding 324,245 324,245
v3.25.1
Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Preferred Stock
Common Stock
Retained Earnings
AOCI
Shareholder's Equity
Noncontrolling Interests
Beginning balance at Dec. 31, 2023 $ 27,567 $ 1,783 $ 23,728 $ 2,229 $ (173) $ 27,567 $ 0
Beginning balance (in shares) at Dec. 31, 2023   2 838        
Net income including noncontrolling interests 441     441   441 0
Issuance of stock 31   $ 31     31  
Issuance of stock (in shares)     0        
Stock awards (net of change in unearned compensation) (in shares)     0        
Stock awards (net of change in unearned compensation) 4   $ 4     4  
Preferred stock dividends (see Note 16) (20)     (20)   (20)  
Common stock dividends and distributions (559)     (559)   (559) 0
Other comprehensive loss, net of tax (7)       (7) (7)  
Other 0            
Ending balance at Mar. 31, 2024 27,457 $ 1,783 $ 23,763 2,091 (180) 27,457 0
Ending balance (in shares) at Mar. 31, 2024   2 838        
Beginning balance at Dec. 31, 2024 30,192 [1] $ 991 $ 24,383 2,035 (156) 27,253 2,939
Beginning balance (in shares) at Dec. 31, 2024   1 852        
Net income including noncontrolling interests 692     646   646 46
Issuance of stock 35   $ 35     35  
Issuance of stock (in shares)     1        
Stock awards (net of change in unearned compensation) (in shares)     0        
Stock awards (net of change in unearned compensation) 6   $ 6     6  
Contributions from Stonepeak to OSWP 400           400
Distributions from OSWP to Stonepeak (28)           (28)
Preferred stock dividends (see Note 16) (11)     (11)   (11)  
Common stock dividends and distributions (569)     (569)   (569) 0
Other comprehensive loss, net of tax 4       4 4  
Other 1     1   1  
Ending balance at Mar. 31, 2025 $ 30,722 $ 991 $ 24,424 $ 2,102 $ (152) $ 27,365 $ 3,357
Ending balance (in shares) at Mar. 31, 2025   1 853        
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share $ 0.6675 $ 0.6675
v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income including noncontrolling interests $ 692 $ 441
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 660 694
Deferred income taxes 82 (237)
Deferred investment tax benefits (10) (10)
Impairment of assets and other charges 46 109
Loss from East Ohio, Questar Gas and PSNC Transactions 0 96
Net (gains) losses on nuclear decommissioning trust funds and other investments 116 (294)
Other adjustments (7) 59
Changes in:    
Accounts receivable 137 133
Inventories 2 16
Prepayments and deposits, net (14) 42
Deferred fuel and purchased gas costs, net (368) 495
Accounts payable (41) (126)
Accrued interest, payroll and taxes (148) 153
Net realized and unrealized changes related to derivative activities 123 257
Pension and other postretirement benefits (70) 201
Other operating assets and liabilities (17) (47)
Net cash provided by operating activities 1,183 1,982
Investing Activities    
Plant construction and other property additions (including nuclear fuel) (3,213) (2,769)
Acquisition of solar development projects (1) (161)
Proceeds from East Ohio, Questar Gas and PSNC Transactions 0 4,275
Proceeds from sales of securities 931 695
Purchases of securities (955) (757)
Contributions to equity method affiliates (3) (7)
Distributions from equity method affiliates 0 126
Other 3 (17)
Net cash provided by (used in) investing activities (3,238) 1,385
Financing Activities    
Repayment of short-term debt, net (416) (330)
364-day term loan facility borrowings 0 3,000
Repayment of 364-day term loan facility borrowings 0 (6,774)
Issuance of long-term debt 3,200 1,000
Repayment and repurchase of long-term debt (400) (942)
Issuance of securitization bonds 0 1,282
Contributions from Stonepeak to OSWP 400 0
Distributions from OSWP to Stonepeak (28) 0
Issuance of common stock 35 31
Common dividend payments (569) (559)
Other (55) (40)
Net cash provided by (used in) financing activities 2,167 (3,332)
Increase in cash, restricted cash and equivalents 112 35
Cash, restricted cash and equivalents at beginning of period 365 301
Cash, restricted cash and equivalents at end of period 477 336
Virginia Electric and Power Company    
Operating Activities    
Net income including noncontrolling interests 528 465
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 439 486
Deferred income taxes 75 284
Deferred investment tax benefits (6) (6)
Impairment of assets and other charges 46 (17)
Net (gains) losses on nuclear decommissioning trust funds and other investments 11 (39)
Other adjustments (26) (3)
Changes in:    
Accounts receivable 66 109
Affiliated receivables and payables 24 (177)
Inventories 13 (13)
Prepayments and deposits, net 1 34
Deferred fuel and purchased gas costs, net (323) 131
Accounts payable 39 (64)
Accrued interest, payroll and taxes 87 121
Net realized and unrealized changes related to derivative activities 121 107
Other operating assets and liabilities 47 57
Net cash provided by operating activities 1,142 1,475
Investing Activities    
Plant construction and other property additions (2,669) (2,058)
Purchases of nuclear fuel (54) (44)
Acquisition of solar development projects (1) 0
Proceeds from sales of securities 568 471
Purchases of securities (588) (516)
Other 16 2
Net cash provided by (used in) investing activities (2,728) (2,145)
Financing Activities    
Repayment of short-term debt, net (706) (455)
Issuance (repayment) of affiliated current borrowings, net 1,175 (499)
Issuance of long-term debt 1,250 1,000
Repayment and repurchase of long-term debt 0 (350)
Issuance of securitization bonds 0 1,282
Contributions from Stonepeak to OSWP 400 0
Distributions from OSWP to Stonepeak (28) 0
Common dividend payments (407) (250)
Other (10) (23)
Net cash provided by (used in) financing activities 1,674 705
Increase in cash, restricted cash and equivalents 88 35
Cash, restricted cash and equivalents at beginning of period 206 90
Cash, restricted cash and equivalents at end of period $ 294 $ 125
v3.25.1
Virginia Electric and Power Company Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Retained Earnings
AOCI
Shareholder's Equity
Noncontrolling Interests
Virginia Electric and Power Company
Virginia Electric and Power Company
Common Stock
Virginia Electric and Power Company
Other Paid-In Capital
Virginia Electric and Power Company
Retained Earnings
Virginia Electric and Power Company
AOCI
Virginia Electric and Power Company
Shareholder's Equity
Virginia Electric and Power Company
Noncontrolling Interests
Beginning balance at Dec. 31, 2023 $ 27,567 $ 23,728 $ 2,229 $ (173) $ 27,567 $ 0 $ 21,657 $ 8,987 $ 1,113 $ 11,541 $ 16 $ 21,657 $ 0
Beginning balance (in shares) at Dec. 31, 2023   838,000           324          
Net income including noncontrolling interests 441   441   441 0 465     465   465  
Dividends             (250)     (250)   (250)  
Other comprehensive income (loss), net of tax (7)     (7) (7)   3       3 3  
Other 0           1     1   1  
Ending balance at Mar. 31, 2024 27,457 $ 23,763 2,091 (180) 27,457 0 21,876 $ 8,987 1,113 11,757 19 21,876 0
Ending balance (in shares) at Mar. 31, 2024   838,000           324          
Beginning balance at Dec. 31, 2024 30,192 [1] $ 24,383 2,035 (156) 27,253 2,939 25,153 [2] $ 8,987 1,006 12,194 27 22,214 2,939
Beginning balance (in shares) at Dec. 31, 2024   852,000           324          
Net income including noncontrolling interests 692   646   646 46 528     482   482 46
Contributions from Stonepeak to OSWP 400         400 400           400
Distributions from OSWP to Stonepeak (28)         (28) (28)           (28)
Other comprehensive income (loss), net of tax 4     4 4   (5)       (5) (5)  
Other (1)   (1)   (1)   1     1   1  
Ending balance at Mar. 31, 2025 $ 30,722 $ 24,424 $ 2,102 $ (152) $ 27,365 $ 3,357 $ 26,049 $ 8,987 $ 1,006 $ 12,677 $ 22 $ 22,692 $ 3,357
Ending balance (in shares) at Mar. 31, 2025   853,000           324          
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 646 $ 441
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Nature of Operations
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England, and serves primarily electric utility customers in Virginia, North Carolina and South Carolina through its subsidiaries, Virginia Power and DESC. Dominion Energy also has nonregulated operations that consist primarily of long-term contracted electric generation operations.

Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into the PJM wholesale electricity markets. All of Virginia Power’s stock is owned by Dominion Energy.
v3.25.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2. Significant Accounting Policies

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2025 and results of operations, changes in equity and cash flows for the three months ended March 31, 2025 and 2024. Such adjustments are normal and recurring in nature unless otherwise noted.

The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. Stonepeak’s 50% ownership interest in OSWP is reflected as noncontrolling interest in the Companies’ Consolidated Financial Statements.

The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors.

Certain amounts in the Companies’ 2024 Consolidated Financial Statements and Notes have been reclassified to conform to the 2025 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, with the exception of the items described below.

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024:

 

 

 

Cash, Restricted
Cash and
Equivalents
at End of Period

 

 

Cash, Restricted
Cash and
Equivalents
at Beginning of Period

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

December 31, 2024

 

 

December 31, 2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

355

 

 

$

306

 

 

$

310

 

 

$

217

 

Restricted cash and
   equivalents(2)(3)(4)

 

 

122

 

 

 

30

 

 

 

55

 

 

 

84

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

477

 

 

$

336

 

 

$

365

 

 

$

301

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

180

 

 

$

119

 

 

$

160

 

 

$

90

 

Restricted cash and
   equivalents(3)(4)

 

 

114

 

 

 

6

 

 

 

46

 

 

 

—

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

294

 

 

$

125

 

 

$

206

 

 

$

90

 

 

(1)
At March 31, 2024 and December 31, 2023, Dominion Energy had $41 million and $33 million, respectively, of cash and cash equivalents included in assets held for sale.
(2)
At both March 31, 2024 and December 31, 2023, Dominion Energy had $4 million of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Includes $108 million, $41 million and $6 million at VPFS attributable to VIEs at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4)
Unless otherwise noted, restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.

Supplemental Cash Flow Information

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:

 

Three Months Ended March 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

1,037

 

 

$

753

 

Leases(2)

 

 

68

 

 

 

161

 

 

(1)
See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio Transaction.
(2)
Includes $11 million and $26 million of financing leases at March 31, 2025 and 2024, respectively, and $57 million and $135 million of operating leases at March 31, 2025 and 2024, respectively.

The following table provides supplemental disclosure of cash flow information related to Virginia Power:

 

Three Months Ended March 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

851

 

 

$

566

 

Leases(1)

 

 

50

 

 

 

142

 

 

(1)
Includes $9 million and $22 million of financing leases at March 31, 2025 and 2024, respectively, and $41 million and $120 million of operating leases at March 31, 2025 and 2024, respectively.
v3.25.1
Acquisitions and Dispositions
 3 Months Ended
Mar. 31, 2025
Text Block [Abstract]  
Acquisitions and Dispositions

Note 3. Acquisitions and Dispositions

Business Review Dispositions

Sale of East Ohio

In September 2023, Dominion Energy entered into an agreement with Enbridge for the East Ohio Transaction, which included the sale of East Ohio and was valued at approximately $6.6 billion, consisting of a purchase price of approximately $4.3 billion in cash and approximately $2.3 billion of assumed indebtedness. The sale closed in March 2024 after all customary closing and regulatory conditions were satisfied, including completion of an internal reorganization, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. Dominion Energy utilized the after-tax proceeds, as required, to repay outstanding borrowings under 364-day term loan facilities. See Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information. The purchase price was subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. The transaction was structured as a stock sale for tax purposes.

Dominion Energy retained the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants in both East Ohio’s union pension and other postretirement benefit plans and retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. Dominion Energy recognized a pre-tax loss of $97 million ($109 million after-tax) upon the closing of the transaction, including the write-off of $1.5 billion of goodwill which was not deductible for tax purposes and including the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $29 million to reflect the recognition of deferred taxes on the outside basis of East Ohio’s stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 upon closing of the sale and became a component of current income tax expense on the loss on sale disclosed above. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.

At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Sale of PSNC

In September 2024, after satisfying all customary closing and regulatory conditions as well as the completion of an internal reorganization, Dominion Energy completed the PSNC Transaction entered in September 2023 and entered into a transition services agreement with Enbridge, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Sale of Questar Gas and Wexpro

In May 2024, after satisfying all customary closing and regulatory conditions as well as the completion of an internal reorganization, Dominion Energy completed the Questar Gas Transaction entered in September 2023 and entered into a transition services agreement with Enbridge, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

In 2023, Dominion Energy recorded a charge of $236 million ($231 million after-tax), including amounts associated with an impairment of goodwill. Based on the recorded balances at March 31, 2024, Dominion Energy recorded an additional charge of $78 million ($78 million after-tax), including amounts associated with an impairment of goodwill, in the first quarter of 2024. Following the internal reorganization noted above and upon closing of the East Ohio Transaction, Dominion Energy recorded a tax benefit of $5 million. In 2023, Dominion Energy recorded a charge of $472 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 and became a component of current income tax expense. In addition, Dominion Energy recorded an incremental deferred tax benefit of $10 million to reflect the deferred taxes on the outside basis

of Questar Gas, Wexpro and related affiliates’ stock in the first quarter of 2024. These deferred taxes reversed in the second quarter of 2024 upon closing of the sale and became a component of current income tax expense on the pre-tax loss on sale. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.

Other Sales

In April 2024, Dominion Energy completed the sale of Birdseye and the Madison solar project, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Financial Statement Information for Business Review Dispositions

The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:

 

 

 

Three Months Ended March 31, 2024

 

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

229

 

$

298

 

$

695

 

$

—

 

Operating expense(2)

 

 

247

 

 

158

 

 

575

 

 

1

 

Other income
   (expense)

 

 

(17

)

 

3

 

 

1

 

 

—

 

Interest and related
   charges

 

 

15

 

 

14

 

 

16

 

 

—

 

Income (loss) before
   income taxes

 

 

(50

)

 

129

 

 

105

 

 

(1

)

Income tax expense
   (benefit)

 

 

11

 

 

31

 

 

84

 

 

—

 

Net income (loss)
   attributable to
   Dominion Energy(3)

 

$

(61

)

$

98

 

$

21

 

$

(1

)

 

(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
(2)
East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
(3)
Excludes $(69) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024.

Capital expenditures and significant noncash items relating to the disposal groups included the following:

 

 

Three Months Ended March 31, 2024

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

Capital expenditures

$

65

 

$

82

 

$

100

 

$

—

 

Significant noncash
   items

 

 

 

 

 

 

 

 

Depreciation,
   depletion and
   amortization

 

—

 

 

—

 

 

—

 

 

—

 

Accrued capital
   expenditures

 

 

 

55

 

 

20

 

 

—

 

 

(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.25.1
Operating Revenue
 3 Months Ended
Mar. 31, 2025
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,569

 

 

$

1,365

 

 

$

1,224

 

 

$

1,052

 

Commercial(1)

 

 

1,238

 

 

 

1,094

 

 

 

1,027

 

 

 

881

 

Industrial

 

 

194

 

 

 

213

 

 

 

97

 

 

 

106

 

Government and other retail

 

 

308

 

 

 

257

 

 

 

291

 

 

 

241

 

Wholesale

 

 

43

 

 

 

36

 

 

 

37

 

 

 

29

 

Nonregulated electric sales

 

 

372

 

 

 

220

 

 

 

23

 

 

 

14

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

172

 

 

 

151

 

 

 

 

 

 

 

Commercial

 

 

53

 

 

 

48

 

 

 

 

 

 

 

Other

 

 

27

 

 

 

19

 

 

 

 

 

 

 

Regulated gas transportation and
   storage

 

 

6

 

 

 

4

 

 

 

 

 

 

 

Other regulated revenue

 

 

44

 

 

 

88

 

 

 

39

 

 

 

84

 

Other nonregulated revenues(2)(3)(4)

 

 

59

 

 

 

29

 

 

 

13

 

 

 

10

 

Total operating revenue
   from contracts with
   customers

 

 

4,085

 

 

 

3,524

 

 

 

2,751

 

 

 

2,417

 

Other revenues(2)(5)

 

 

(9

)

 

 

108

 

 

 

14

 

 

 

72

 

Total operating revenue

 

$

4,076

 

 

$

3,632

 

 

$

2,765

 

 

$

2,489

 

 

(1)
Includes large scale users including certain data center customers.
(2)
See Note 19 for amounts attributable to affiliates.
(3)
Includes sales of renewable energy credits of $10 million and $5 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy and $4 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, at Virginia Power.
(4)
Includes revenue from transition services agreements of $27 million and $4 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy.
(5)
Includes alternative revenue of $22 million and $28 million for the three months ended March 31, 2025 and 2024, respectively, at both Dominion Energy and Virginia Power.

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2025.

At March 31, 2025 and December 31, 2024, Dominion Energy’s contract liability balances were $39 million and $52 million, respectively. At March 31, 2025 and December 31, 2024, Virginia Power’s contract liability balances were $34 million and $46 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and liabilities in the Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2025 and 2024, Dominion Energy recognized revenue of $49 million and $43 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2025 and 2024, Virginia Power recognized $46 million and $40 million, respectively, from the beginning contract liability balances.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5. Income Taxes

For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal
   benefit

 

 

4.8

 

 

 

2.8

 

 

 

4.4

 

 

 

4.4

 

Investment tax credits

 

 

(3.1

)

 

 

(2.4

)

 

 

(0.9

)

 

 

(0.7

)

Production tax credits

 

 

(6.1

)

 

 

(1.8

)

 

 

(4.4

)

 

 

(0.9

)

Reversal of excess deferred
   income taxes

 

 

(2.1

)

 

 

(3.9

)

 

 

(1.9

)

 

 

(1.7

)

Remeasurements and
    settlements of uncertain
    tax positions

 

 

(4.0

)

 

 

—

 

 

 

—

 

 

 

—

 

AFUDC - equity

 

 

(1.0

)

 

 

(1.3

)

 

 

(1.1

)

 

 

(0.7

)

Absence of tax on
    noncontrolling interest

 

 

(2.2

)

 

 

—

 

 

 

(2.5

)

 

 

 

Other, net

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Effective tax rate

 

 

7.4

%

 

 

14.5

%

 

 

14.8

%

 

 

21.6

%

 

The IRA created a nuclear production tax credit for electricity produced and sold beginning in 2024 and a clean fuel production tax credit for clean fuel produced and sold beginning in 2025. For the three months ended March 31, 2025, Dominion Energy’s and Virginia Power’s effective tax rate includes a $19 million income tax benefit for the nuclear production tax credit. For the same period, Dominion Energy’s effective tax rate includes a $14 million income tax benefit for the clean fuel production tax credit. The ultimate nuclear and clean fuel production tax credits realized by the Companies could vary significantly based on pending final U.S. Treasury guidance. No amounts were realized for the three months ended March 31, 2024.

As of March 31, 2025, Dominion Energy’s effective tax rate reflects an income tax net benefit of $18 million reflecting a $30 million remeasurement of an unrecognized tax benefit partially deferred to regulatory liabilities. During the first quarter of 2025, Dominion Energy realized substantially all of its unrecognized tax benefits in continuing operations that were outstanding as of December 31, 2024. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of these unrecognized tax benefits.

Discontinued operations

Income tax expense reflected in discontinued operations is less than $1 million and $54 million for the three months ended March 31, 2025 and 2024, respectively. See Note 3 for a discussion of tax expense reflected in discontinued operations during the first quarter of 2024.

v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

Note 6. Earnings Per Share

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:

 

 

 

 

Year-to-Date

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

(millions, except EPS)

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from
   continuing operations

 

 

$

647

 

 

$

323

 

Preferred stock dividends (see Note 16)

 

 

 

(11

)

 

 

(20

)

Net income attributable to Dominion Energy from
   continuing operations - Basic & Diluted

 

 

 

636

 

 

 

303

 

Net income (loss) attributable to Dominion Energy from
   discontinued operations - Basic & Diluted

 

 

$

(1

)

 

$

118

 

Average shares of common stock outstanding - Basic

 

 

 

852.2

 

 

 

837.6

 

Net effect of dilutive securities(1)

 

 

 

—

 

 

 

—

 

Average shares of common stock outstanding - Diluted

 

 

 

852.2

 

 

 

837.6

 

EPS from continuing operations - Basic

 

 

$

0.75

 

 

$

0.36

 

EPS from discontinued operations - Basic

 

 

$

—

 

 

 

0.14

 

EPS attributable to Dominion Energy - Basic

 

 

$

0.75

 

 

$

0.50

 

EPS from continuing operations - Diluted

 

 

$

0.75

 

 

$

0.36

 

EPS from discontinued operations - Diluted

 

 

$

—

 

 

 

0.14

 

EPS attributable to Dominion Energy - Diluted

 

 

$

0.75

 

 

$

0.50

 

 

(1)
Dilutive securities for 2025 consists of certain forward sales agreements entered into in the fourth quarter of 2024 and first quarter of 2025 (applying the treasury stock method).

Certain of the forward sales agreements entered into in the fourth quarter of 2024 and first quarter of 2025 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 2025 as the dilutive stock price threshold was not met.

v3.25.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment Securities(3)

 

 

Pension and other postretirement benefit costs(4)(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(171

)

 

$

(14

)

 

$

29

 

 

$

(156

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(16

)

 

 

13

 

 

 

—

 

 

 

(3

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

10

 

 

 

—

 

 

 

—

 

 

 

10

 

Other income (expense)

 

 

—

 

 

 

2

 

 

 

(3

)

 

 

(1

)

Total

 

 

10

 

 

 

2

 

 

 

(3

)

 

 

9

 

Income tax expense (benefit)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

(2

)

Total, net of tax

 

 

8

 

 

 

2

 

 

 

(3

)

 

 

7

 

Net current period other comprehensive income (loss)

 

 

(8

)

 

 

15

 

 

 

(3

)

 

 

4

 

Ending balance

 

$

(179

)

 

$

1

 

 

$

26

 

 

$

(152

)

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(216

)

 

$

—

 

 

$

43

 

 

$

(173

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

7

 

 

 

(26

)

 

 

—

 

 

 

(19

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

8

 

 

 

(4

)

 

 

4

 

Total

 

 

11

 

 

 

8

 

 

 

(4

)

 

 

15

 

Income tax expense (benefit)

 

 

(4

)

 

 

(2

)

 

 

3

 

 

 

(3

)

Total, net of tax

 

 

7

 

 

 

6

 

 

 

(1

)

 

 

12

 

Net current period other comprehensive income (loss)

 

 

14

 

 

 

(20

)

 

 

(1

)

 

 

(7

)

Ending balance

 

$

(202

)

 

$

(20

)

 

$

42

 

 

$

(180

)

 

(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $61 million, $58 million, $68 million and $73 million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
(3)
Net of $— million, $5 million, $6 million and $(2) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
(4)
Comprised entirely of prior service cost.
(5)
Net of $(9) million, $(9) million, $(10) million and $(14) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.

Virginia Power

The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

28

 

 

$

(1

)

 

$

27

 

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(7

)

 

 

2

 

 

 

(5

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

—

 

 

 

—

 

 

 

—

 

Income tax expense (benefit)

 

 

—

 

 

 

—

 

 

 

—

 

Total, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(7

)

 

 

2

 

 

 

(5

)

Ending balance

 

$

21

 

 

$

1

 

 

$

22

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

15

 

 

$

1

 

 

$

16

 

Other comprehensive income (loss) before reclassifications: gains (losses)

 

 

7

 

 

 

(5

)

 

 

2

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

          Other income (expense)

 

 

—

 

 

 

2

 

 

 

2

 

Total

 

 

—

 

 

 

2

 

 

 

2

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

7

 

 

 

(4

)

 

 

3

 

Ending balance

 

$

22

 

 

$

(3

)

 

$

19

 

 

(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(7) million, $(10) million, $(7) million and $(5) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
(3)
Net of $— million, $— million, $1 million and $— million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 8. Fair Value Measurements

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. See Note 9 for additional information about the Companies’ derivatives and hedge accounting activities.

The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable.

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at March 31, 2025. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

 

 

 

 

Dominion Energy

 

Virginia Power

 

 

Valuation
Techniques

 

Unobservable
Input

 

Fair Value (millions)

 

 

Range

 

Weighted -average(1)

 

Fair Value (millions)

 

 

Range

 

Weighted -average(1)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

Discounted cash flow

 

Market price (per Dth)(3)

 

$

11

 

 

(2)-5

 

(1)

 

$

11

 

 

(2)-4

 

(1)

FTRs

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

19

 

 

(4)-8

 

4

 

 

19

 

 

(4)-8

 

4

Electricity

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

178

 

 

29-117

 

48

 

 

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

Option model

 

Market price (per Dth)(3)

 

 

76

 

 

3-8

 

4

 

 

 

 

 

 

 

 

 

 

Price volatility(4)

 

 

 

 

11%-74%

 

44%

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

$

284

 

 

 

 

 

 

$

30

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

Discounted cash flow

 

Market price (per Dth)(3)

 

$

2

 

 

(2)-4

 

(1)

 

$

2

 

 

(2)-4

 

(1)

FTRs

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

2

 

 

(6)-6

 

2

 

 

2

 

 

(6)-6

 

2

Electricity

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

11

 

 

30-117

 

55

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

 

$

15

 

 

 

 

 

 

$

4

 

 

 

 

 

 

(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
(4)
Represents volatilities unrepresented in published markets.

Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)

 

Recurring Fair Value Measurements

The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

117

 

 

$

284

 

 

$

401

 

 

$

—

 

 

$

33

 

 

$

30

 

 

$

63

 

Interest rate

 

 

—

 

 

 

654

 

 

 

—

 

 

 

654

 

 

 

—

 

 

 

40

 

 

 

—

 

 

 

40

 

Foreign currency exchange rate

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

5,186

 

 

 

2

 

 

 

—

 

 

 

5,188

 

 

 

2,662

 

 

 

2

 

 

 

—

 

 

 

2,664

 

International

 

 

162

 

 

 

—

 

 

 

—

 

 

 

162

 

 

 

97

 

 

 

—

 

 

 

—

 

 

 

97

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

522

 

 

 

—

 

 

 

522

 

 

 

—

 

 

 

299

 

 

 

—

 

 

 

299

 

Government securities

 

 

150

 

 

 

1,650

 

 

 

—

 

 

 

1,800

 

 

 

91

 

 

 

961

 

 

 

—

 

 

 

1,052

 

Cash equivalents and other

 

 

29

 

 

 

—

 

 

 

—

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total assets

 

$

5,527

 

 

$

2,954

 

 

$

284

 

 

$

8,765

 

 

$

2,850

 

 

$

1,344

 

 

$

30

 

 

$

4,224

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

135

 

 

$

15

 

 

$

150

 

 

$

—

 

 

$

41

 

 

$

4

 

 

$

45

 

Interest rate

 

 

—

 

 

 

204

 

 

 

—

 

 

 

204

 

 

 

—

 

 

 

17

 

 

 

—

 

 

 

17

 

Foreign currency exchange rate

 

 

—

 

 

 

121

 

 

 

—

 

 

 

121

 

 

 

—

 

 

 

121

 

 

 

—

 

 

 

121

 

Total liabilities

 

$

—

 

 

$

460

 

 

$

15

 

 

$

475

 

 

$

—

 

 

$

179

 

 

$

4

 

 

$

183

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

95

 

 

$

399

 

 

$

494

 

 

$

—

 

 

$

45

 

 

$

70

 

 

$

115

 

Interest rate

 

 

—

 

 

 

875

 

 

 

—

 

 

 

875

 

 

 

—

 

 

 

230

 

 

 

—

 

 

 

230

 

Foreign currency exchange rate

 

 

—

 

 

 

30

 

 

 

—

 

 

 

30

 

 

 

—

 

 

 

30

 

 

 

—

 

 

 

30

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

5,403

 

 

 

2

 

 

 

—

 

 

 

5,405

 

 

 

2,769

 

 

 

2

 

 

 

—

 

 

 

2,771

 

International

 

 

165

 

 

 

—

 

 

 

—

 

 

 

165

 

 

 

99

 

 

 

—

 

 

 

—

 

 

 

99

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

518

 

 

 

—

 

 

 

518

 

 

 

—

 

 

 

294

 

 

 

—

 

 

 

294

 

Government securities

 

 

138

 

 

 

1,605

 

 

 

—

 

 

 

1,743

 

 

 

85

 

 

 

939

 

 

 

—

 

 

 

1,024

 

Cash equivalents and other

 

 

29

 

 

 

—

 

 

 

—

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total assets

 

$

5,735

 

 

$

3,125

 

 

$

399

 

 

$

9,259

 

 

$

2,953

 

 

$

1,540

 

 

$

70

 

 

$

4,563

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

108

 

 

$

15

 

 

$

123

 

 

$

—

 

 

$

31

 

 

$

2

 

 

$

33

 

Interest rate

 

 

—

 

 

 

197

 

 

 

—

 

 

 

197

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

192

 

 

 

—

 

 

 

192

 

 

 

—

 

 

 

192

 

 

 

—

 

 

 

192

 

Total liabilities

 

$

—

 

 

$

497

 

 

$

15

 

 

$

512

 

 

$

—

 

 

$

223

 

 

$

2

 

 

$

225

 

 

(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $209 million and $212 million of assets at Dominion Energy, inclusive of $75 million and $76 million at Virginia Power, at March 31, 2025 and December 31, 2024, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:

 

 

 

Dominion Energy

Virginia Power

Period Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

384

 

 

$

86

 

 

$

68

 

 

$

(116

)

 

Total realized and unrealized
   gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

13

 

 

 

(8

)

 

 

 

 

 

 

 

Electric fuel and other energy-
related purchases

 

 

(25

)

 

 

(121

)

 

 

(27

)

 

 

(119

)

 

Discontinued operations

 

 

—

 

 

 

(1

)

 

 

 

 

 

 

 

Included in regulatory assets/
    liabilities

 

 

(107

)

 

 

131

 

 

 

(32

)

 

 

77

 

 

Settlements

 

 

4

 

 

 

76

 

 

 

17

 

 

 

100

 

 

Purchases

 

 

—

 

 

 

27

 

 

 

—

 

 

 

20

 

 

Ending balance

 

$

269

 

 

$

190

 

 

$

26

 

 

$

(38

)

 

 

Dominion Energy had $13 million and $(8) million of unrealized gains (losses) included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2025 and 2024, respectively. Virginia Power had no unrealized gains or losses for the three months ended March 31, 2025 and 2024.

​

Fair Value of Financial Instruments

Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

37,306

 

 

$

35,292

 

 

$

20,461

 

 

$

19,010

 

Securitization bonds(3)

 

 

1,217

 

 

 

1,231

 

 

 

1,217

 

 

 

1,231

 

Junior subordinated notes(2)

 

 

3,222

 

 

 

3,337

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

34,533

 

 

$

32,167

 

 

$

19,224

 

 

$

17,578

 

Securitization bonds(3)

 

 

1,217

 

 

 

1,218

 

 

$

1,217

 

 

$

1,218

 

Junior subordinated notes(2)

 

 

3,223

 

 

 

3,372

 

 

 

 

 

 

 

 

(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at March 31, 2025 and December 31, 2024.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.25.1
Derivatives and Hedge Accounting Activities
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities

Note 9. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments and cash collateral or other instruments under master netting or similar arrangements are discussed in Notes 2 and 7 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. See Note 8 for additional information about fair value measurements and associated valuation methods for derivatives. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.

 

Balance Sheet Presentation

The tables below present the Companies’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

153

 

 

$

8

 

 

$

—

 

 

$

145

 

 

$

32

 

 

$

7

 

 

$

—

 

 

$

25

 

Exchange

 

 

82

 

 

 

82

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

654

 

 

 

178

 

 

 

—

 

 

 

476

 

 

 

40

 

 

 

1

 

 

 

—

 

 

 

39

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

9

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

9

 

 

 

9

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a master
   netting or similar arrangement

 

$

898

 

 

$

277

 

 

$

—

 

 

$

621

 

 

$

82

 

 

$

18

 

 

$

—

 

 

$

64

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

197

 

 

$

20

 

 

$

—

 

 

$

177

 

 

$

95

 

 

$

14

 

 

$

—

 

 

$

81

 

Exchange

 

 

55

 

 

 

54

 

 

 

—

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

875

 

 

 

197

 

 

 

—

 

 

 

678

 

 

 

230

 

 

 

—

 

 

 

—

 

 

 

230

 

Foreign currency exchange rate
   contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

30

 

 

 

30

 

 

 

—

 

 

 

—

 

 

 

30

 

 

 

30

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a master
   netting or similar arrangement

 

$

1,157

 

 

$

301

 

 

$

—

 

 

$

856

 

 

$

357

 

 

$

45

 

 

$

—

 

 

$

312

 

 

(1)
Excludes derivative assets of $166 million and $242 million at Dominion Energy and $30 million and $18 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or other similar arrangements.

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

44

 

 

$

8

 

 

$

—

 

 

$

36

 

 

$

40

 

 

$

7

 

 

$

—

 

 

$

33

 

Exchange

 

 

96

 

 

 

82

 

 

 

14

 

 

 

—

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

204

 

 

 

178

 

 

 

—

 

 

 

26

 

 

 

17

 

 

 

1

 

 

 

—

 

 

 

16

 

Foreign currency exchange rate
   contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

121

 

 

 

9

 

 

 

—

 

 

 

112

 

 

 

121

 

 

 

9

 

 

 

—

 

 

 

112

 

Total derivatives, subject to a master
  netting or similar arrangement

 

$

465

 

 

$

277

 

 

$

14

 

 

$

174

 

 

$

180

 

 

$

18

 

 

$

1

 

 

$

161

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

42

 

 

$

20

 

 

$

—

 

 

$

22

 

 

$

15

 

 

$

14

 

 

$

—

 

 

$

1

 

Exchange

 

 

74

 

 

 

54

 

 

 

20

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

197

 

 

 

197

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

192

 

 

 

30

 

 

 

—

 

 

 

162

 

 

 

192

 

 

 

30

 

 

 

—

 

 

 

162

 

Total derivatives, subject to a master
  netting or similar arrangement

 

$

505

 

 

$

301

 

 

$

20

 

 

$

184

 

 

$

208

 

 

$

45

 

 

$

—

 

 

$

163

 

 

(1)
Excludes derivative liabilities of $10 million and $7 million at Dominion Energy and $3 million and $17 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of the Companies’ derivative activity at March 31, 2025. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

23

 

 

 

18

 

 

 

23

 

 

 

18

 

Basis(1)

 

 

192

 

 

 

352

 

 

 

151

 

 

 

321

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

16

 

 

 

32

 

 

 

7

 

 

 

 

FTRs

 

 

18

 

 

 

 

 

 

18

 

 

 

 

Interest rate(2) (in millions)

 

$

1,137

 

 

$

12,476

 

 

$

112

 

 

$

3,363

 

Foreign currency exchange rate(2) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,944 kr.

 

 

419 kr.

 

 

1,944 kr.

 

 

419 kr.

 

Euro

 

€106

 

 

€832

 

 

€106

 

 

€832

 

 

(1)
Includes options.
(2)
Maturity is determined based on final settlement period.

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at March 31, 2025:

 

 

 

Dominion Energy

 

Virginia Power

 

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term (months)

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term (months)

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(179

)

 

$

(28

)

 

381

 

$

21

 

 

$

1

 

 

381

Total

 

$

(179

)

 

$

(28

)

 

 

 

$

21

 

 

$

1

 

 

 

 

The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates.

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of the Companies’ derivatives and where they are presented in their Consolidated Balance Sheets:

 

 

Dominion Energy

 

Virginia Power

 

 

Assets

 

Liabilities

 

Assets

 

Liabilities

 

(millions)

 

 

 

 

 

 

 

 

At March 31, 2025

 

 

 

 

 

 

 

 

Current derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

145

 

$

117

 

$

40

 

$

44

 

Interest rate

 

92

 

 

12

 

 

 

 

 

Foreign currency exchange rate

 

9

 

 

78

 

 

9

 

 

78

 

Current derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

5

 

 

—

 

 

5

 

 

—

 

Total current derivatives(1)

$

251

 

$

207

 

$

54

 

$

122

 

Noncurrent derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

256

 

$

33

 

$

23

 

$

1

 

Interest rate

 

522

 

 

162

 

 

 

 

 

Foreign currency exchange rate

 

—

 

 

43

 

 

—

 

 

43

 

Noncurrent derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

35

 

 

30

 

 

35

 

 

17

 

Total noncurrent derivatives(2)

 

813

 

 

268

 

 

58

 

 

61

 

Total derivatives

$

1,064

 

$

475

 

$

112

 

$

183

 

At December 31, 2024

 

 

 

 

 

 

 

 

Current derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

171

 

$

78

 

$

84

 

$

32

 

Interest rate

 

101

 

 

22

 

 

 

 

 

Foreign currency exchange rate

 

27

 

 

107

 

 

27

 

 

107

 

Current derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

137

 

 

—

 

 

137

 

 

—

 

Total current derivatives(1)

$

436

 

$

207

 

$

248

 

$

139

 

Noncurrent derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

323

 

$

45

 

$

31

 

$

1

 

Interest rate

 

544

 

 

175

 

 

 

 

 

Foreign currency exchange rate

 

3

 

 

85

 

 

3

 

 

85

 

Noncurrent derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

93

 

 

—

 

 

93

 

 

—

 

Total noncurrent derivatives(2)

 

963

 

 

305

 

 

127

 

 

86

 

Total derivatives

$

1,399

 

$

512

 

$

375

 

$

225

 

 

(1)
Current derivative liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets and noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

The following tables present the gains and losses on the Companies’ derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Derivatives in cash flow hedging relationships

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains
   (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(21

)

 

$

(10

)

 

$

(100

)

 

$

(9

)

 

$

—

 

 

$

(101

)

Total

 

$

(21

)

 

$

(10

)

 

$

(100

)

 

$

(9

)

 

$

—

 

 

$

(101

)

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains
   (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

Total

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

 

(1)
Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.
(2)
Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
(3)
Amounts recorded in the Companies’ Consolidated Statements of Income are classified in interest and related charges.

 

 

 

Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)

 

Derivatives not designated as hedging instruments

 

Dominion Energy

Virginia Power

 

Period Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

(39

)

 

$

76

 

 

$

(10

)

 

$

41

 

Electric fuel and other energy-related purchases

 

 

(34

)

 

 

(148

)

 

 

(36

)

 

 

(146

)

Discontinued operations

 

 

—

 

 

 

(24

)

 

 

 

 

 

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

3

 

 

 

(78

)

 

 

 

 

 

 

Total

 

$

(70

)

 

$

(174

)

 

$

(46

)

 

$

(105

)

 

(1)
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
(2)
Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 10. Investments

Equity and Debt Securities

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $162 million and $160 million at March 31, 2025 and December 31, 2024, respectively.

Decommissioning Trust Securities

The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. The Companies’ decommissioning trust funds are summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Amortized
Cost

 

 

Total
Unrealized
Gains

 

 

Total
Unrealized
Losses

 

 

Allowance
for Credit
Losses

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Total
Unrealized
Gains

 

 

Total
Unrealized
Losses

 

 

 

Allowance
for Credit
Losses

 

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,234

 

 

$

3,927

 

 

$

(5

)

 

 

 

 

$

5,156

 

 

$

704

 

 

$

2,038

 

 

$

(4

)

 

 

 

 

 

$

2,738

 

International

 

 

51

 

 

 

109

 

 

 

—

 

 

 

 

 

 

160

 

 

 

33

 

 

 

65

 

 

 

—

 

 

 

 

 

 

 

98

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

 

516

 

 

 

8

 

 

 

(12

)

 

$

—

 

 

 

512

 

 

 

305

 

 

 

3

 

 

 

(9

)

 

 

$

—

 

 

 

299

 

Government
   securities

 

 

1,765

 

 

 

20

 

 

 

(28

)

 

 

—

 

 

 

1,757

 

 

 

1,057

 

 

 

11

 

 

 

(16

)

 

 

 

—

 

 

 

1,052

 

Insurance
   contracts(3)

 

 

239

 

 

 

—

 

 

 

—

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(4)

 

 

55

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

13

 

Total

 

$

3,860

 

 

$

4,064

 

 

$

(45

)

(5)

$

—

 

 

$

7,879

 

 

$

2,112

 

 

$

2,117

 

 

$

(29

)

(5)

 

$

—

 

 

$

4,200

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,220

 

 

$

4,157

 

 

$

(4

)

 

 

 

 

$

5,373

 

 

$

695

 

 

$

2,155

 

 

$

(3

)

 

 

 

 

 

$

2,847

 

International

 

 

52

 

 

 

111

 

 

 

—

 

 

 

 

 

 

163

 

 

 

34

 

 

 

65

 

 

 

—

 

 

 

 

 

 

 

99

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

 

516

 

 

 

6

 

 

 

(15

)

 

$

—

 

 

 

507

 

 

 

303

 

 

 

3

 

 

 

(12

)

 

 

$

—

 

 

 

294

 

Government
   securities

 

 

1,736

 

 

 

7

 

 

 

(39

)

 

 

—

 

 

 

1,704

 

 

 

1,038

 

 

 

4

 

 

 

(18

)

 

 

 

—

 

 

 

1,024

 

Insurance
   contracts(3)

 

 

239

 

 

 

—

 

 

 

—

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(4)

 

 

65

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

65

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

22

 

Total

 

$

3,828

 

 

$

4,281

 

 

$

(58

)

(5)

$

—

 

 

$

8,051

 

 

$

2,092

 

 

$

2,227

 

 

$

(33

)

(5)

 

$

—

 

 

$

4,286

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
(3)
Includes company owned life insurance contracts measured at cash surrender value.
(4)
Dominion Energy includes pending sales of securities of $25 million and $35 million at March 31, 2025 and December 31, 2024, respectively. Virginia Power includes pending sales of securities of $13 million and $22 million at March 31, 2025, and December 31, 2024, respectively.
(5)
Dominion Energy’s fair value of securities in an unrealized loss position was $779 million and $1.4 billion at March 31, 2025 and December 31, 2024, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $481 million and $796 million at March 31, 2025 and December 31, 2024, respectively.

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized
   during the period

 

$

(239

)

 

$

459

 

 

$

(121

)

 

$

242

 

 

Less: Net (gains) losses recognized
   during the period on securities
   sold during the period

 

 

6

 

 

 

(10

)

 

 

4

 

 

 

(9

)

 

Unrealized gains (losses) recognized
   during the period on securities still
   held at period end(1)

 

$

(233

)

 

$

449

 

 

$

(117

)

 

$

233

 

 

 

(1)
Included in other income (expense) and the nuclear decommissioning trust regulatory liability.

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2025 by contractual maturity is as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

29

 

 

$

19

 

Due after one year through five years

 

 

590

 

 

 

314

 

Due after five years through ten years

 

 

382

 

 

 

172

 

Due after ten years

 

 

1,268

 

 

 

847

 

Total

 

$

2,269

 

 

$

1,352

 

 

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

931

 

 

$

695

 

 

$

568

 

 

$

471

 

Realized gains(1)

 

 

11

 

 

 

32

 

 

 

9

 

 

 

23

 

Realized losses(1)

 

 

20

 

 

 

38

 

 

 

15

 

 

 

23

 

 

(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.

Equity Method Investments

Dominion Energy recorded equity earnings (losses) on its investments of $(7) million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of less than $(1) million and $(10) million for the three months ended March 31, 2025 and 2024, respectively, in discontinued operations, including amounts primarily related to its investment in Atlantic Coast Pipeline discussed below. Dominion Energy received distributions of less than $1 million and $131 million for the three months ended March 31, 2025 and 2024, respectively. Dominion Energy made contributions of $1 million and $3 million for the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025 and December 31, 2024, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $2 million and $5 million, respectively, which is primarily attributable to capitalized interest.

Atlantic Coast Pipeline

A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Dominion Energy recorded equity losses related to Atlantic Coast Pipeline of less than $1 million and $11 million for the three months ended March 31, 2025 and 2024, respectively, in discontinued operations.

At March 31, 2025 and December 31, 2024, Dominion Energy has recorded a liability of $6 million and $7 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs.

Dominion Energy expects it could incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows.

Dominion Privatization

In February 2024, Dominion Energy received a distribution of $126 million from Dominion Privatization, which was accounted for as a return of an investment.

v3.25.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 11. Property, Plant and Equipment

CVOW Commercial Project – Estimated Total Project Cost

As discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Virginia Power is constructing the CVOW Commercial Project. The 2.6 GW project is expected to be placed in service by the end of 2026 with an estimated total project cost of approximately $10.8 billion, excluding financing costs, that reflects an estimated impact of certain tariffs which became effective in March and April 2025. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs.

The expected total project cost increase of $0.1 billion relative to Virginia Power’s February 2025 construction update filing with the Virginia Commission reflects current projections of tariffs on equipment expected to be delivered

from March 2025 through the end of the second quarter of 2025 that either contains steel and/or originates from Mexico, Canada, a European Union member or other applicable countries. The actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component. If the current tariffs were to remain in effect through the end of 2026, the expected project costs for offshore wind and onshore electrical interconnection equipment could increase by up to approximately $0.4 billion.

As a result of the revised total project cost estimate and cost sharing mechanism associated with tariffs enacted by March 31, 2025, in the first quarter of 2025 Virginia Power recorded a charge for costs not expected to be recovered from customers of $45 million within impairment of assets and other charges, which includes $22 million attributable to noncontrolling interests, and an associated income tax benefit of $6 million, all reflected in the Corporate and Other segment, in the Companies’ Consolidated Statements of Income. In addition, Virginia Power expects to record a charge for costs not expected to be recovered from customers of approximately $15 million within impairment of assets and other charges, inclusive of approximately $8 million attributable to noncontrolling interests, in the second quarter of 2025 associated with tariffs enacted in April 2025. See Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for more information on the cost sharing mechanism in the Virginia Commission’s December 2022 order and Stonepeak’s 50% noncontrolling interest in the CVOW Commercial Project.

The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 6% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to actual network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs, if any, costs to maintain necessary permits, approvals and authorizations, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events. Any additional increase in such costs in excess of the contingency included in the estimated total project cost would be subject to the cost sharing mechanisms discussed above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows.

 

 

 
v3.25.1
Regulatory Assets and Liabilities
 3 Months Ended
Mar. 31, 2025
Regulated Operations [Abstract]  
Regulatory Assets and Liabilities

Note 12. Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

Dominion Energy

 

 

Virginia Power

 

 

March 31,
2025

 

December 31,
2024

 

 

March 31,
2025

 

December 31,
2024

 

(millions)

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

$

92

 

$

38

 

 

$

—

 

$

3

 

Securitized cost of fuel used in electric generation(2)

 

119

 

 

124

 

 

 

119

 

 

124

 

Deferred rider costs for Virginia electric utility(3)

 

246

 

 

293

 

 

 

246

 

 

293

 

Ash pond and landfill closure costs(4)

 

112

 

 

108

 

 

 

112

 

 

108

 

Deferred nuclear refueling outage costs(5)

 

89

 

 

97

 

 

 

79

 

 

80

 

NND Project costs(6)

 

138

 

 

138

 

 

 

 

 

 

Derivatives(7)

 

36

 

 

8

 

 

 

34

 

 

6

 

Other

 

164

 

 

186

 

 

 

69

 

 

83

 

Regulatory assets-current

 

996

 

 

992

 

 

 

659

 

 

697

 

Unrecognized pension and other postretirement benefit costs(8)

 

486

 

 

486

 

 

 

—

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

621

 

 

651

 

 

 

621

 

 

651

 

Interest rate hedges(9)

 

167

 

 

167

 

 

 

—

 

—

 

AROs and related funding(10)

 

391

 

 

387

 

 

 

 

 

 

NND Project costs(6)

 

1,776

 

 

1,811

 

 

 

 

 

 

CCR remediation, ash pond and landfill closure costs(4)

 

2,903

 

 

2,898

 

 

 

2,560

 

 

2,560

 

Deferred cost of fuel used in electric generation(1)

 

146

 

—

 

 

 

146

 

—

 

Securitized cost of fuel used in electric generation(2)

 

998

 

 

1,040

 

 

 

998

 

 

1,040

 

Derivatives(7)

 

137

 

 

182

 

 

 

103

 

 

148

 

Other

 

716

 

 

666

 

 

 

137

 

 

138

 

Regulatory assets-noncurrent

 

8,341

 

 

8,288

 

 

 

4,565

 

 

4,537

 

Total regulatory assets

$

9,337

 

$

9,280

 

 

$

5,224

 

$

5,234

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

28

 

 

92

 

 

 

28

 

 

92

 

Provision for future cost of removal and AROs(11)

 

119

 

 

119

 

 

 

119

 

 

119

 

Reserve for rate credits to electric utility customers(12)

 

67

 

 

73

 

 

 

—

 

—

 

Income taxes refundable through future rates(13)

 

81

 

 

88

 

 

 

64

 

 

64

 

Monetization of guarantee settlement(14)

 

67

 

 

67

 

 

 

 

 

 

Derivatives(7)

 

61

 

 

51

 

 

 

25

 

 

30

 

Other

 

89

 

 

89

 

 

 

58

 

 

80

 

Regulatory liabilities-current

 

512

 

 

579

 

 

 

294

 

 

385

 

Income taxes refundable through future rates(13)

 

2,980

 

 

2,988

 

 

 

2,141

 

 

2,168

 

Provision for future cost of removal and AROs(11)

 

1,856

 

 

1,809

 

 

 

1,259

 

 

1,210

 

Nuclear decommissioning trust(15)

 

2,457

 

 

2,550

 

 

 

2,457

 

 

2,550

 

Monetization of guarantee settlement(14)

 

552

 

 

568

 

 

 

 

 

 

Interest rate hedges(9)

 

300

 

 

406

 

 

 

300

 

 

406

 

Reserve for rate credits to electric utility
   customers(12)

 

146

 

 

161

 

 

 

—

 

—

 

Overrecovered other postretirement benefit costs(16)

 

190

 

 

183

 

 

 

 

 

 

Derivatives(7)

 

154

 

 

248

 

 

 

18

 

 

25

 

Other

 

158

 

 

283

 

 

 

102

 

 

215

 

Regulatory liabilities-noncurrent

 

8,793

 

 

9,196

 

 

 

6,277

 

 

6,574

 

Total regulatory liabilities

$

9,305

 

$

9,775

 

 

$

6,571

 

$

6,959

 

 

(1)
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
(4)
Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. In addition, the balance reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
(5)
Primarily reflects deferred operation and maintenance costs at Virginia Power incurred in connection with the refueling of any nuclear-powered generating plant as required by Virginia legislation. Virginia Power deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
(6)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(7)
Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
(8)
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries.
(9)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2025.
(10)
Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
(11)
Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(12)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order.
(13)
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted-average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
(14)
Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.
(15)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(16)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

At March 31, 2025, Dominion Energy and Virginia Power regulatory assets include $6.1 billion and $4.4 billion, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years.
v3.25.1
Regulatory Matters
 3 Months Ended
Mar. 31, 2025
Regulated Operations [Abstract]  
Regulatory Matters

Note 13. Regulatory Matters

Regulatory Matters Involving Potential Loss Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.

Other Regulatory Matters

Other than the following matters, there have been no significant developments regarding key legislation affecting operations or key regulatory developments disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Virginia 2020 Legislation - Recent Development

Energy Efficiency

The VCEA includes an energy efficiency target of 5% energy savings, as measured from a 2019 baseline, through verifiable energy efficiency programs by the end of 2025 with future targets to be set by the Virginia Commission. Virginia Power has the opportunity to offset the lost revenues with margins on program spend if certain targets are achieved and can also seek recovery of the lost revenues associated with energy efficiency programs if such reductions are found to have caused Virginia Power to earn more than 50 basis points below a fair rate of return on its rates for generation and distribution services. In February 2025, the Virginia Commission issued its order establishing energy savings targets for Virginia Power of 3.00% for 2026, 4.00% for 2027 and 5.00% for 2028, as measured from a 2019 baseline.

Virginia Regulation - Recent Developments

2025 Biennial Review

In March 2025, Virginia Power filed its base rate case and accompanying schedules in support of the 2025 Biennial Review in accordance with legislation enacted in Virginia in April 2023. Virginia Power’s earnings test analysis, as filed, demonstrated it earned a combined ROE of 7.77% on its generation and distribution services for the test period, compared to the ROE of 9.70% authorized by the Virginia Commission. Accordingly, no regulatory liability for Virginia Power ratepayer credits to customers has been recorded at March 31, 2025. Virginia Power proposed a base rate increase of $822 million effective January 2026 with an incremental base rate increase of $345 million effective January 2027. Alternatively, Virginia Power has proposed to include purchased electric capacity expenses as a component of fuel expenses instead of base rates. If the shift is approved, Virginia Power’s proposed base rate increase would be $458 million effective January 2026 with an incremental base rate increase of $173 million effective January 2027. The base rate proposals reflect necessary investments in assets and operating resources, including the impact of significant inflationary pressures on labor, materials and equipment since the 2023 Biennial Review, required to reliably serve a growing customer base. The proposed base rates reflect an ROE of 10.40% utilizing a common equity capitalization to total capitalization ratio of 52.10%. The ROE authorized by the Virginia Commission will be applied to Virginia Power’s riders prospectively and will also be utilized to measure base rate earnings for the 2027 Biennial Review. This matter is pending.

Virginia Fuel Expenses

In March 2025, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $2.6 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2025 and a projected $205 million under-recovered balance as of June 30, 2025. Virginia Power has proposed to include purchased electric capacity expenses as a component of fuel expenses, consistent with its filing in the 2025 Biennial Review. In addition to the projected energy-related fuel expense, Virginia Power projects $120 million of purchased electric capacity expense to be incurred with PJM from January 1, 2026 to June 30, 2026. Virginia Power’s proposed fuel rate, including purchased electric capacity expense, represents a fuel revenue increase of $860 million when applied to projected kilowatt-hour sales for the rate year beginning July 1, 2025. This matter is pending.

Virginia Power Equity Application

In April 2025, Virginia Power requested approval from the Virginia Commission to issue and sell to Dominion Energy up to $3.5 billion of authorized but unissued shares of its common stock, no par value, through the end of 2025 to maintain adequate credit metrics and efficient access to capital markets while funding necessary capital expenditures. This matter is pending.

Renewable Generation Projects

In October 2024, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate two utility-scale projects totaling approximately 208 MW of solar generation as part of its efforts to meet the renewable generation development targets under the VCEA.

The projects, as of October 2024, are expected to cost approximately $605 million in the aggregate, excluding financing costs, and be placed into service between 2026 and 2028. In April 2025, the Virginia Commission approved the petition.

​

Chesterfield Energy Reliability Center

In March 2025, Virginia Power filed a petition with the Virginia Commission for a CPCN to construct and operate the Chesterfield Energy Reliability Center. The project, if approved, is expected to cost approximately $1.5 billion in the aggregate, excluding financing costs, have a generating capacity of 944 MW and be placed into service in 2029. This matter is pending.

 

Riders

Other than the following matters, there have been no significant developments regarding the significant riders associated with various Virginia Power projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

 

Rider Name

 

Application
Date

 

Approval
Date

 

Rate Year
Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
from Previous
(millions)

 

Rider CCR(2)

 

April 2025

 

Pending

 

January 2026

 

$

166

 

 

$

63

 

Rider CE(3)

 

October 2024

 

April 2025

 

May 2025

 

 

182

 

 

 

49

 

Rider GEN(4)

 

June 2024

 

February 2025

 

April 2025

 

 

438

 

 

N/A

 

Rider GEN

 

June 2024

 

February 2025

 

April 2026

 

 

311

 

 

 

(127

)

Rider GT

 

March 2025

 

Pending

 

June 2025

 

 

283

 

 

 

138

 

 

(1)
In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $25 million as of March 31, 2025, and pending applications associated with other riders, including for the Chesterfield Energy Reliability Center described above, which if approved would result in a net annual revenue requirement increase of $53 million.
(2)
In connection with this application, Virginia Power also requests to extend existing rates for Rider CCR by one month through December 2025.
(3)
Associated with two solar generation projects, two small-scale solar projects and 19 purchased power agreements in addition to previously approved Rider CE projects.
(4)
Rider GEN includes $348 million in total revenue requirement related to the consolidation of Riders BW, GV and four other riders associated with generation facilities, ceasing the separate collection of rates under these riders effective April 1, 2025 and the extension of existing rates for Rider BW through March 2025. In addition, Virginia Power also received approval to recover costs associated with the Virginia LNG Storage Facility through Rider GEN described in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Electric Transmission Projects

Other than the following matters, there have been no significant developments regarding the significant Virginia Power electric transmission projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

 

Description and Location of Project

 

Application
Date

 

Approval
Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Rebuild and construct new Fentress-Yadkin transmission lines
    and related projects in the City of Chesapeake, Virginia

 

June 2024

 

February 2025

 

500 kV

 

14

 

$

205

 

Partial rebuild, reconductor and construct new Network Takeoff
    transmission lines and related projects in the Counties of Fairfax
    and Loudoun, Virginia

 

July 2024

 

March 2025

 

230 kV

 

6

 

 

170

 

Rebuild Aquia Harbour-Possum Point transmission lines and related
    projects in the Counties of Stafford and Prince William and the City
    of Fredericksburg, Virginia

 

August 2024

 

March 2025

 

500-
230 kV

 

32

 

 

210

 

Construct new Technology Boulevard transmission lines, substation
    and related projects in Henrico County, Virginia

 

March 2025

 

Pending

 

230 kV

 

5

 

 

60

 

Construct new Hornbaker transmission lines, switching station and
    related projects in Prince William County, Virginia

 

March 2025

 

Pending

 

230 kV

 

5

 

 

95

 

Construct new Golden-Mars transmission lines and related projects
    in Loudoun County, Virginia

 

March 2025

 

Pending

 

500-
230 kV

 

11

 

 

525

 

Construct new Duval-Midlothian transmission lines, substation and
    related projects in Chesterfield County, Virginia

 

April 2025

 

Pending

 

230 kV

 

7

 

 

125

 

 

(1)
Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects applied for and currently pending approval with aggregate cost estimates of approximately $65 million.

Virginia Regulation - Key Development affecting 2024

2023 Biennial Review

In February 2024, the Virginia Commission issued its order in the 2023 Biennial Review. In connection with the order, Virginia Power recorded a net benefit of $17 million ($12 million after-tax) in the first quarter of 2024 within impairment of assets and other charges in its Consolidated Statements of Income for a regulatory asset for previously unrecovered severe weather event costs, which were amortized by the end of 2024.

South Carolina Regulation

Cost of Fuel

DESC’s retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In February 2025, DESC filed with the South Carolina Commission a proposal to increase the total fuel cost component of retail electric rates. DESC’s proposed adjustment is designed to recover DESC’s current base fuel costs, including its existing under-collected balance, over the 12-month period beginning with the first billing cycle of May 2025. In addition, DESC proposed an increase to its variable environmental and avoided capacity cost component. The net effect is a proposed annual increase of $154 million. In March 2025, DESC and the South Carolina Office of Regulatory Staff filed a settlement agreement with the South Carolina Commission for approval to make certain adjustments to the February 2025 filing that would result in an inconsequential change to the proposed annual increase. In April 2025, the South Carolina Commission approved the settlement agreement, with rates effective with the first billing cycle of May 2025.

Electric DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2025, DESC filed an application with the South Carolina Commission seeking approval to recover $46 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. DESC requested that rates be effective with the first billing cycle of May 2025. In April 2025, the South Carolina Commission approved the request, effective with the first billing cycle of May 2025.

Electric - Transmission Project

In December 2024, DESC filed an application with the South Carolina Commission requesting approval of a CPCN to construct and operate the Ritter - Yemassee Transmission Line #2, comprised of a 17-mile 230 kV transmission line and associated facilities in Colleton and Hampton Counties, South Carolina with an estimated total project cost of $55 million. In April 2025, the South Carolina Commission approved the application.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases

Note 14. Leases

Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Dominion Energy’s Consolidated Statements of Income include $4 million and $3 million for the three months ended March 31, 2025 and 2024, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $1 million and $3 million for the three months ended March 31, 2025 and 2024, respectively, of depreciation expense included in depreciation and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

In April 2024, Dominion Energy agreed to pay $47 million in connection with a settlement of an agreement related to the offshore wind installation vessel under development and recorded a charge of $47 million ($35 million after-tax) in the first quarter of 2024 within impairments and other charges in its Consolidated Statements of Income.
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

Note 15. Variable Interest Entities

There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $155 million and $115 million for the three months ended March 31, 2025 and 2024, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $51 million and $38 million at March 31, 2025 and December 31, 2024, respectively, recorded in payables to affiliates.

As described in Note 18 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Virginia Power formed VPFS in October 2023, a wholly-owned special purpose subsidiary which is considered to be a VIE, for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of senior secured deferred fuel cost bonds. The Companies’ Consolidated Balance Sheets included balances for VPFS as follows:

 

 

March 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Prepayments(1)

 

$

—

 

 

$

—

 

Regulatory assets-current

 

 

119

 

 

 

124

 

Other current assets

 

 

108

 

 

 

41

 

Regulatory assets-noncurrent

 

 

998

 

 

 

1,040

 

    Total assets

 

$

1,225

 

 

$

1,205

 

Securities due within one year

 

$

163

 

 

$

163

 

Accrued interest, payroll
    and taxes

 

 

37

 

 

 

10

 

Securitization bonds

 

 

1,054

 

 

 

1,054

 

    Total liabilities

 

$

1,254

 

 

$

1,227

 
(1)
Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets.

As described in Note 10 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, in October 2024 Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the sale of an interest in OSWP, which is considered to be a VIE. The Companies’ Consolidated Balance Sheets included balances for OSWP as follows:

 

 

March 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Cash and cash equivalents

 

$

159

 

 

$

70

 

Customer receivables

 

 

—

 

 

 

—

 

Prepayments(1)

 

 

7

 

 

 

10

 

Regulatory assets-current

 

 

4

 

 

 

6

 

Property, plant and equipment

 

 

6,632

 

 

 

5,844

 

Regulatory assets-noncurrent

 

 

52

 

 

 

52

 

Other deferred charges and
    other assets

 

 

—

 

 

 

—

 

       Total assets

 

$

6,854

 

 

$

5,982

 

Accrued interest, payroll
    and taxes

 

$

—

 

 

$

—

 

Other current liabilities

 

 

6

 

 

 

—

 

Asset retirement obligations-
    noncurrent(2)

 

 

67

 

 

 

38

 

Other deferred credits and
    other liabilities

 

 

4

 

 

 

—

 

       Total liabilities

 

$

77

 

 

$

38

 
(1)
Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets.
(2)
Asset retirement obligation-noncurrent are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
v3.25.1
Significant Financing Transactions
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Significant Financing Transactions

Note 16. Significant Financing Transactions

Credit Facilities and Short-term Debt

The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Dominion Energy

Dominion Energy’s short-term financing is supported by its joint revolving credit facility. In April 2025, Dominion Energy amended its joint revolving credit facility to, among other things, increase the facility limit from $6.0 billion to $7.0 billion, increase the letters of credit support from $2.0 billion to $3.0 billion and extend the maturity date from June 2026 to April 2030. The key financial covenants in the facility are unchanged except for a technical clarification to the calculation of equity utilized in the total debt to total capital ratio.

At March 31, 2025, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(1)

 

$

6,000

 

 

$

1,638

 

 

$

7

 

 

$

4,355

 

 

(1)
This credit facility, as amended in April 2025, matures in April 2030, with the potential to be extended by the borrowers to April 2032, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $3.0 billion of letters of credit.

 

In addition in April 2025, Dominion Energy entered into a $1.0 billion 364-day revolving credit agreement with certain lenders, which bears interest at a variable rate and matures in April 2026. The maximum allowed total debt to total capital ratio under this facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

DESC’s short-term financing is supported through its access as co-borrower to the joint revolving credit facility discussed above with the Companies. At March 31, 2025, the sub-limit for DESC was $500 million. In April 2025, the sub-limit was increased to $1.0 billion.

In March 2025, FERC granted DESC authority through March 2027 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $1.8 billion outstanding with maturity dates of one year or less. In addition, in March 2025, FERC granted GENCO authority through March 2027 to issue short-term indebtedness not to exceed $300 million outstanding with maturity dates of one year or less.

In addition to the credit facilities mentioned above, Dominion Energy’s credit facilities and agreements also consist of the following:

•
An agreement entered into with a financial institution in March 2023, which it expects to allow it to issue up to $100 million in letters of credit. At March 31, 2025 and December 31, 2024, $44 million and $48 million in letters of credit were issued and outstanding under this agreement, respectively.
•
An agreement entered into with a financial institution in June 2024, subsequently amended in January 2025, which it expects to allow it to issue up to a combined $275 million in letters of credit at either Dominion Energy or Virginia Power. At March 31, 2025 and December 31, 2024, Dominion Energy had $89 million and $88 million in letters of credit issued and outstanding under this agreement, including $78 million and $77 million for Virginia Power, respectively.
•
An agreement entered into with a financial institution in January 2025, which it expects to allow it to issue up to a combined $150 million in letters of credit, with $50 million available to Dominion Energy and $100 million available to Virginia Power. At March 31, 2025, Dominion Energy had $52 million in letters of credit issued and outstanding under this agreement, including $50 million for Virginia Power.

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM as disclosed in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. At March 31, 2025 and December 31, 2024, Dominion Energy’s Consolidated Balance Sheets include $446 million and $439 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Virginia Power

Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $7.0 billion joint revolving credit facility, as amended in April 2025. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes.

At March 31, 2025, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC was as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(1)

 

$

6,000

 

 

$

244

 

 

$

7

 

 

(1)
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2025, the sub-limit for Virginia Power was $1.75 billion. In April 2025, the sub-limit was increased to $3.0 billion. If Virginia Power has liquidity needs in excess of its current sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility, as amended in April 2025, matures in April 2030, with the potential to be extended by the borrowers to April 2032. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $3.0 billion (or the sub-limit, whichever is less) of letters of credit.

In addition to the credit facility mentioned above, Virginia Power’s credit facilities and agreements also consist of the following:

•
An agreement entered into with a financial institution in March 2023, which it expects to allow it to issue up to $300 million in letters of credit. At March 31, 2025 and December 31, 2024, $161 million and $112 million, respectively, in letters of credit were issued and outstanding under this agreement.
•
An agreement entered into with a financial institution in June 2024, subsequently amended in January 2025, which it expects to allow it to issue up to a combined $275 million in letters of credit at either Dominion Energy or Virginia Power. At March 31, 2025 and December 31, 2024, Virginia Power had $78 million and $77 million, out of Dominion Energy’s total $89 million and $88 million, respectively, in letters of credit issued and outstanding under this agreement.
•
An agreement entered into with a financial institution in January 2025, which it expects to allow it to issue up to a combined $150 million in letters of credit, with $50 million available to Dominion Energy and $100 million available to Virginia Power. Through March 31, 2025, Virginia Power had issued $50 million in letters of credit.

Long-term Debt

Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt.

In April 2025, the Sustainability Revolving Credit Agreement, which is described in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, was amended to, among other things, extend the maturity date from June 2025 to April 2028, increase the commitment from $900 million to $1.0 billion and update certain pricing terms. At March 31, 2025 and December 31,

2024, Dominion Energy had no borrowings outstanding under this facility.

In January 2025, DESC issued $450 million of 5.30% first mortgage bonds that mature in 2035.

In March 2025, Dominion Energy issued $800 million of 5.0% senior notes and $700 million of 5.45% senior notes that mature in 2030 and 2035, respectively.

In March 2025, Virginia Power issued $625 million of 5.15% senior notes and $625 million of 5.65% senior notes that mature in 2035 and 2055, respectively.

Dominion Energy recognized a charge of $10 million during the three months ended March 31, 2024 within interest expense in its Consolidated Statements of Income in connection with the early redemption of Eagle Solar’s secured senior notes in February 2024.

Preferred Stock

Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At both March 31, 2025 and December 31, 2024, Dominion Energy had issued and outstanding 1.0 million of the Series C Preferred Stock.

Dominion Energy recorded dividends on the Series C Preferred Stock of $11 million ($10.875 per share) for both the three months ended March 31, 2025 and 2024. Dominion Energy also recorded dividends on the Series B Preferred Stock of $9 million ($11.625 per share) for the three months ended March 31, 2024 prior to its repurchase and redemption as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

There have been no significant changes to Dominion Energy’s Series C Preferred Stock as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Issuance of Common Stock

Dominion Energy recorded, net of fees and commissions, $35 million from the issuance of one million shares of common stock for the three months ended March 31, 2025 and $31 million from the issuance of less than one million shares of common stock for the three months ended March 31, 2024, through various programs including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. In August 2023, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans and, in March 2024, began issuing new shares of common stock.

At-the-Market Program

In May 2024, Dominion Energy entered into sales agency agreements to effect sales under an existing at-the-market program as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K. During the first quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 8.8 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $55.34 per share. Including the forward sale agreements entered from September through December 2024, Dominion Energy has entered forward sale agreements for approximately 18.5 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $56.62 per share. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements.

Additionally, in February 2025, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program. Under the sales agency agreements, Dominion Energy may, from time to time, offer and sell shares of its common stock through the sales agents or enter into one or more forward sale agreements with respect to shares of its common stock. Sales by Dominion Energy through the sales agents or by forward sellers pursuant to the forward sale agreements cannot exceed $1.2 billion in the aggregate, with Dominion Energy having the ability from time to time to increase such amount at its option. Dominion Energy has not issued any shares or entered into any forward sale agreements under this program.

Repurchase of Common Stock

In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock, with $0.9 billion available as of March 31, 2025.

Dominion Energy did not repurchase any shares of common stock during the three months ended March 31, 2025, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 17. Commitments and Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to

reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.

Environmental Matters

The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations.

Air

The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. At a minimum, states are required to establish regulatory programs to meet applicable requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements.

Ozone Standards

The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which was applicable in August 2023 for certain states, including Virginia. The interstate federal implementation plan imposes tighter NOX emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Unless and until implementation plans for the 2015 ozone standards are fully developed and approved and in effect for all states in which the Companies operate, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations, financial condition and/or cash flows.

Carbon Regulations

In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and exceed a significant emissions rate of 75,000 tons per year of CO2 equivalent emissions. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows.

Water

The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities.

Regulation 316(b)

In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion Energy and Virginia Power currently have 14 and eight facilities, respectively, that are subject to the final regulations. Dominion Energy is also working with the EPA and state regulatory agencies to assess the applicability of Section 316(b) to eight hydroelectric facilities, including three Virginia Power facilities. The Companies anticipate that they may have to install impingement control technologies at certain of these stations that have once-through cooling systems. The Companies are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technological and cost benefit studies. DESC is conducting studies and implementing plans as required by the rule to determine appropriate intake structure modifications at certain facilities to ensure compliance with this rule. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory

frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.

Effluent Limitations Guidelines

In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule established updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the EPA’s request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. In September 2017, the EPA signed a rule to postpone the earliest compliance dates for certain waste streams regulations in the Effluent Limitations Guidelines final rule from November 2018 to November 2020; however, the latest date for compliance for these regulations was December 2023. In October 2020, the EPA released the final rule that extended the latest dates for compliance with individual facilities’ compliance dates that would vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. In May 2024, the EPA released a final rule revising the 2015 and 2020 Effluent Limitations Guidelines, establishing more stringent standards for wastewater discharges for the Steam Electric Power Generating Category, which apply primarily to wastewater discharges at coal and oil steam generating stations. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range to 2029, except in certain circumstances when a facility will be retired by 2034. Dominion Energy expects to complete wastewater treatment technology retrofits and modifications at its Williams generating station, with a similar project at its Wateree generation station under evaluation, to meet the requirements with the existing regulatory framework in South Carolina providing rate recovery mechanisms for costs of the projects. As discussed in Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, the Companies recorded an increase to their AROs in 2024 in connection with the expected compliance costs associated with the EPA’s May 2024 final rule concerning CCR. The Companies expect that such AROs would satisfy any AROs that would have otherwise been necessary for compliance with the EPA’s May 2024 Effluent Limitations Guidelines. Dominion Energy is currently unable to estimate what costs, if any, may be required in addition to the project for the Williams generating station, a potential project at the Wateree generating station and the recorded AROs to meet the requirements to operate certain facilities past 2034. However, Dominion Energy expects that while such costs for facility improvements, if required, could be material to the Companies’ financial condition and/or cash flows, the existing regulatory frameworks in Virginia and South Carolina provide rate recovery mechanisms that could substantially mitigate any such impacts.

Waste Management and Remediation

The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups.

From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows.

Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At four sites associated with Dominion Energy, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2025 depending on receipt of final permits and approvals. At both March 31, 2025 and December 31, 2024, Dominion Energy had $56 million, respectively, of reserves recorded. At both March 31, 2025 and December 31, 2024, Virginia Power had $50 million of reserves recorded. Dominion Energy is associated with three additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts.

Other Legal Matters

The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. In 2024, Dominion Energy resolved a claim associated with operations included in the East Ohio Transaction and at both March 31, 2025 and December 31, 2024, Dominion Energy’s Consolidated Balance Sheet includes a $30 million offsetting reserve and insurance receivable. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows.

Guarantees, Surety Bonds and Letters of Credit

Dominion Energy enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.

At March 31, 2025, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,726

 

Nuclear obligations(2)

 

 

189

 

Solar(3)

 

 

85

 

Other(4)

 

 

794

 

Total(5)(6)

 

$

3,794

 

 

(1)
Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
(2)
Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
(3)
Includes guarantees to facilitate the development of solar projects.
(4)
Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
(5)
Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
(6)
In July 2016, Dominion Energy signed an agreement (subsequently amended) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced an initial five-year lease term in August 2019, with certain options at the end of the term to extend the lease, purchase or sell the property. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor equal to the recorded lease balance.

In addition, Dominion Energy had issued an additional $20 million of guarantees at March 31, 2025, primarily to support third parties. No amounts related to these guarantees have been recorded.

Dominion Energy also had issued four guarantees as of March 31, 2025 related to Cove Point, previously an equity method investment, in support of terminal services, transportation and construction. Two of the Cove Point guarantees have a cumulative maximum exposure of $1.9 billion while the other two guarantees have no maximum limit. No amounts related to these guarantees have been recorded.

Additionally, at March 31, 2025, Dominion Energy had purchased $350 million of surety bonds, including $279 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions, as discussed in Note 16, to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid.
v3.25.1
Credit Risk
 3 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
Credit Risk

Note 18. Credit Risk

The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

At March 31, 2025, Dominion Energy’s credit exposure totaled $144 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 85%. No single counterparty, whether investment grade or non-investment grade, exceeded $56 million of exposure. At March 31, 2025, Virginia Power’s exposure related to wholesale customers totaled $26 million. Of this amount, investment grade counterparties, including those internally rated, represented 32%. No single counterparty, whether investment grade or non-investment grade, exceeded $10 million of exposure.

Credit-Related Contingent Provisions

Certain of Dominion Energy and Virginia Power’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy and Virginia

Power to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered, Dominion Energy and Virginia Power would have been required to post additional collateral to its counterparties of $35 million and $33 million, respectively, as of March 31, 2025, and $13 million and $12 million, respectively, as of December 31, 2024. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy and Virginia Power had no amounts of collateral posted at March 31, 2025 or December 31, 2024 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. There were no letters of credit posted as collateral at March 31, 2025 or December 31, 2024 for either Dominion Energy or Virginia Power. The aggregate fair value of all derivative instruments with credit related contingent provisions that are in a liability position and not fully collateralized with cash for Dominion Energy and Virginia Power was $35 million and $33 million, respectively, as of March 31, 2025 and $13 million and $12 million, respectively, as of December 31, 2024, which does not include the impact of any offsetting asset positions.

See Note 9 for additional information about derivative instruments.
v3.25.1
Related-Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 19. Related-Party Transactions

Dominion Energy’s transactions with equity method investments are described in Note 10. Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. A discussion of Virginia Power’s significant related-party transactions follows.

Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At March 31, 2025, Virginia Power’s derivative assets and liabilities with affiliates were $30 million and $3 million, respectively. At December 31, 2024, Virginia Power’s derivative assets and liabilities with affiliates were $19 million and $17 million, respectively. See Note 9 for additional information.

Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. At March 31, 2025 and December 31, 2024, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $527 million and $505 million, respectively. At March 31, 2025 and December 31, 2024, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $675 million and $663 million, respectively.

DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage.

The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable.

Presented below are Virginia Power’s significant transactions with DES and other affiliates:

 

 

 

 

 

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

(millions)

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

366

 

 

$

198

 

 

Services provided by affiliates(1)

 

 

209

 

 

 

155

 

 

Services provided to affiliates

 

 

4

 

 

 

4

 

 

 

(1)
Includes capitalized expenditures of $75 million and $53 million for the three months ended March 31, 2025 and 2024, respectively.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $1.7 billion and $500 million in short-term demand note borrowings from Dominion Energy as of March 31, 2025 and December 31, 2024, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2025 and December 31, 2024. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $14 million and less than $1 million for the three months ended March 31, 2025 and 2024.

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2025 and 2024.

In the fourth quarter of 2024, Virginia Power declared a dividend of $407 million, which was paid in March 2025.

v3.25.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 20. Employee Benefit Plans

Net Periodic Benefit (Credit) Cost

The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $3 million for the three months ended March 31, 2024, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income, except for $14 million for the three months ended March 31, 2024, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Period Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

19

 

 

$

22

 

 

$

3

 

 

$

3

 

Interest cost

 

 

108

 

 

 

109

 

 

 

14

 

 

 

14

 

Expected return on plan assets

 

 

(169

)

 

 

(204

)

 

 

(40

)

 

 

(42

)

Amortization of prior service
    (credit) cost

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

(9

)

Net actuarial (gain) loss

 

 

—

 

 

 

(170

)

 

 

—

 

 

 

(32

)

Curtailments(1)

 

 

—

 

 

 

(31

)

 

 

—

 

 

 

(4

)

Plan amendment

 

 

—

 

 

 

22

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(42

)

 

$

(252

)

 

$

(29

)

 

$

(70

)
(1)
2024 amounts relate primarily to the East Ohio Transaction.

Pension and Other Postretirement Benefit Plan Remeasurement

As a result of the East Ohio Transaction, in the first quarter of 2024 Dominion Energy remeasured its pension and other postretirement benefit plans. The remeasurement resulted in $202 million ($151 million after-tax) of higher market related impacts on pension and other postretirement plans related to the East Ohio Transaction, reflected in other income (expense) in Dominion Energy’s Consolidated Statement of Income. The discount rates used for the remeasurement related to the East Ohio Transaction were 5.62% for the pension plans and 5.61%-5.62% for the other postretirement benefit plans, respectively. All other assumptions used for the remeasurements were consistent with the measurement as of December 31, 2023.

​

Employer Contributions

During the three months ended March 31, 2025, Dominion Energy made $1 million of contributions to its qualified defined benefit pension plans. Dominion Energy expects to make $22 million of minimum required contributions to its qualified defined benefit pension plans in 2025. Dominion Energy is not required to make any contributions to its VEBAs associated with its other postretirement plans in 2025. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.

Other Employee Matters

In March 2024, Dominion Energy recorded a charge of $23 million ($17 million after-tax) within discontinued operations attributable to a contribution to its defined contribution employee savings plan associated with the closing of the East Ohio Transaction. Additionally, Dominion Energy recorded a charge of $13 million ($10 million after-tax) in other operations and maintenance expense related to a severance accrual for certain employees in connection with the business review.

v3.25.1
Operating Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Operating Segments

Note 21. Operating Segments

The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:

 

Primary Operating Segment

 

Description of Operations

 

Dominion
Energy

 

Virginia
Power

Dominion Energy
   Virginia

 

Regulated electric distribution

 

X

 

X

 

 

Regulated electric transmission

 

X

 

X

 

 

Regulated electric generation
   fleet(1)

 

X

 

X

Dominion Energy
   South Carolina

 

Regulated electric distribution

 

X

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

Regulated electric generation
   fleet

 

X

 

 

 

 

Regulated gas distribution
   and storage

 

X

 

 

Contracted Energy(2)

 

Nonregulated electric
   generation fleet

 

X

 

 

 

 

(1)
Includes Virginia Power’s non-jurisdictional solar generation operations.
(2)
Includes renewable natural gas operations.

In addition to the operating segments above, the Companies also report a Corporate and Other segment.

Dominion Energy

The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), Questar Gas (through May 2024) and PSNC (through September 2024) Transactions, certain solar generation facility development operations (through April 2024) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 of this report as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2024.

Dominion Energy’s CODM is the CEO. The Dominion Energy CODM uses net income (loss) as the primary profit or loss measure at each segment. The Dominion Energy CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.

In the three months ended March 31, 2025, Dominion Energy reported after-tax net expenses of $176 million in the Corporate and Other segment, including $157 million of after-tax net expenses for specific items with $151 million of after-tax net expenses attributable to its operating segments. In the three months ended March 31, 2024, Dominion Energy reported after-tax net expenses of $185 million in the Corporate and Other segment, including $44 million of after-tax net expenses for specific items with $124 million of after-tax net income attributable to its operating segments.

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2025 primarily related to the impact of the following items:

•
A $132 million ($95 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($84 million after-tax); and
•
Dominion Energy Virginia ($11 million after-tax);
•
An $82 million ($61 million after-tax) loss associated with severe weather events, attributable to Dominion Energy Virginia;
•
A $28 million ($21 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; and
•
A $23 million ($17 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project, attributable to Dominion Energy Virginia.

The net income for specific items attributable to Dominion Energy’s operating segments in 2024 primarily related to the impact of the following items:

•
A $266 million ($202 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($175 million after-tax); and
•
Dominion Energy Virginia ($27 million after-tax);
•
A $61 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; and
•
A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy.

 

The following table presents segment information pertaining to Dominion Energy’s operations:

 

Three Months Ended March 31,

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

2,795

 

 

$

949

 

 

$

304

 

 

$

28

 

 

$

—

 

 

$

4,076

 

Intersegment revenue

 

 

(1

)

 

 

2

 

 

 

3

 

 

 

310

 

 

 

(314

)

 

 

—

 

Total Operating Revenue

 

 

2,794

 

 

 

951

 

 

 

307

 

 

 

338

 

 

 

(314

)

 

 

4,076

 

Electric fuel and other energy-related purchases(1)

 

 

769

 

 

 

167

 

 

 

29

 

 

 

—

 

 

 

(3

)

 

 

962

 

Purchased electric capacity(1)

 

 

7

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9

 

Purchased gas(1)

 

 

—

 

 

 

147

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

147

 

Other operations and maintenance(1)(2)

 

 

559

 

 

 

178

 

 

 

111

 

 

 

404

 

 

 

(308

)

 

 

944

 

Depreciation and amortization(1)

 

 

397

 

 

 

141

 

 

 

22

 

 

 

22

 

 

 

—

 

 

 

582

 

Other taxes(1)

 

 

97

 

 

 

79

 

 

 

15

 

 

 

21

 

 

 

(3

)

 

 

209

 

Total Operating Expenses

 

 

1,829

 

 

 

714

 

 

 

177

 

 

 

447

 

 

 

(314

)

 

 

2,853

 

Interest and related charges(1)

 

 

245

 

 

 

71

 

 

 

8

 

 

 

205

 

 

 

(49

)

 

 

480

 

Income tax expense (benefit)(1)

 

 

132

 

 

 

18

 

 

 

35

 

 

 

(130

)

 

 

—

 

 

 

55

 

Equity in earnings (losses) of equity method
   investees(3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

(7

)

Other income (expense)(3)

 

 

35

 

 

 

—

 

 

 

(7

)

 

 

(51

)

 

 

—

 

 

 

(23

)

Interest income(3)

 

 

6

 

 

 

4

 

 

 

29

 

 

 

45

 

 

 

(49

)

 

 

35

 

Net Loss from Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

Noncontrolling Interests

 

 

68

 

 

 

—

 

 

 

—

 

 

 

(22

)

 

 

—

 

 

 

46

 

Net Income (Loss) Attributable to
   Dominion Energy

 

 

561

 

 

 

152

 

 

 

109

 

 

 

(176

)

 

 

—

 

 

 

646

 

Investment in equity method investees(4)

 

 

—

 

 

 

—

 

 

 

91

 

 

 

41

 

 

 

—

 

 

 

132

 

Capital expenditures

 

 

2,724

 

 

 

297

 

 

 

179

 

 

 

14

 

 

 

—

 

 

 

3,214

 

Total assets (billions)

 

 

71.9

 

 

 

18.5

 

 

 

9.8

 

 

 

10.4

 

 

 

(6.0

)

 

 

104.6

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

2,489

 

 

$

892

 

 

$

306

 

 

$

(55

)

 

$

—

 

 

$

3,632

 

Intersegment revenue

 

 

—

 

 

 

1

 

 

 

2

 

 

 

234

 

 

 

(237

)

 

 

—

 

Total Operating Revenue

 

 

2,489

 

 

 

893

 

 

 

308

 

 

 

179

 

 

 

(237

)

 

 

3,632

 

Electric fuel and other energy-related purchases(1)

 

 

701

 

 

 

233

 

 

 

26

 

 

 

—

 

 

 

(1

)

 

 

959

 

Purchased electric capacity(1)

 

 

13

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12

 

Purchased gas(1)

 

 

—

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120

 

Other operations and maintenance(1)(2)

 

 

533

 

 

 

166

 

 

 

104

 

 

 

316

 

 

 

(234

)

 

 

885

 

Depreciation and amortization(1)

 

 

445

 

 

 

136

 

 

 

18

 

 

 

22

 

 

 

—

 

 

 

621

 

Other taxes(1)

 

 

93

 

 

 

75

 

 

 

14

 

 

 

22

 

 

 

(2

)

 

 

202

 

Total Operating Expenses

 

 

1,785

 

 

 

729

 

 

 

162

 

 

 

360

 

 

 

(237

)

 

 

2,799

 

Interest and related charges(1)

 

 

192

 

 

 

67

 

 

 

9

 

 

 

342

 

 

 

(36

)

 

 

574

 

Income tax expense (benefit)(1)

 

 

116

 

 

 

18

 

 

 

38

 

 

 

(117

)

 

 

—

 

 

 

55

 

Other income (expense)(3)

 

 

21

 

 

 

(1

)

 

 

(21

)

 

 

67

 

 

 

—

 

 

 

66

 

Interest income(3)

 

 

7

 

 

 

2

 

 

 

44

 

 

 

36

 

 

 

(36

)

 

 

53

 

Net Income From Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

118

 

 

 

—

 

 

 

118

 

Net Income (Loss) Attributable to
   Dominion Energy

 

 

424

 

 

 

80

 

 

 

122

 

 

 

(185

)

 

 

—

 

 

 

441

 

Capital expenditures

 

 

2,102

 

 

 

268

 

 

 

313

 

 

 

247

 

 

 

—

 

 

 

2,930

 

 

 

(1)
The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
(2)
Includes impairment of assets and other charges (benefits).
(3)
Items designated are other segment items for each reportable segment.
(4)
Excludes liability to Atlantic Coast Pipeline.

Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations.

Virginia Power

The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.

Virginia Power’s CODM is the CEO. The Virginia Power CODM uses net income (loss) as the primary profit or loss measure at each segment. The Virginia Power CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.

In the three months ended March 31, 2025, Virginia Power reported after-tax net expenses of $79 million in the Corporate and Other segment, including $88 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2024, Virginia Power reported after-tax net income of $41 million in the Corporate and Other segment, including $39 million of after-tax net income for specific items all of which was attributable to its operating segment.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2025 primarily related to the impact of the following items:

•
An $82 million ($61 million after-tax) loss associated with severe weather events;
•
A $23 million ($17 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project; and
•
A $14 million ($11 million after-tax) loss related to investments in nuclear decommissioning trust funds.

The net income for specific items attributable to Virginia Power’s operating segment in 2024 primarily related to the impact of the following item:

•
A $37 million ($27 million after-tax) gain related to investments in nuclear decommissioning trust funds.

The following table presents segment information pertaining to Virginia Power’s operations:

 

Three Months Ended March 31,

 

Dominion Energy Virginia

 

 

Corporate and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

2,794

 

 

$

(29

)

 

$

2,765

 

Electric fuel and other energy-related purchases(1)

 

 

769

 

 

 

—

 

 

 

769

 

Purchased electric capacity(1)

 

 

7

 

 

 

—

 

 

 

7

 

Other operations and maintenance(1)(2)

 

 

559

 

 

 

97

 

 

 

656

 

Depreciation and amortization(1)

 

 

397

 

 

 

1

 

 

 

398

 

Other taxes(1)

 

 

97

 

 

 

—

 

 

 

97

 

Total Operating Expenses

 

 

1,829

 

 

 

98

 

 

 

1,927

 

Interest and related charges(1)

 

 

245

 

 

 

(2

)

 

 

243

 

Income tax expense (benefit)(1)

 

 

132

 

 

 

(40

)

 

 

92

 

Other income (expense)(3)

 

 

35

 

 

 

(16

)

 

 

19

 

Interest income(3)

 

 

6

 

 

 

—

 

 

 

6

 

Noncontrolling Interests

 

 

68

 

 

 

(22

)

 

 

46

 

Net Income (Loss) Attributable to Virginia Power

 

 

561

 

 

 

(79

)

 

 

482

 

Capital expenditures

 

 

2,724

 

 

 

—

 

 

 

2,724

 

Total assets (billions)

 

 

70.3

 

 

 

—

 

 

 

70.3

 

2024

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

2,489

 

 

$

—

 

 

$

2,489

 

Electric fuel and other energy-related purchases(1)

 

 

701

 

 

 

—

 

 

 

701

 

Purchased electric capacity(1)

 

 

13

 

 

 

—

 

 

 

13

 

Other operations and maintenance(1)(2)

 

 

533

 

 

 

(19

)

 

 

514

 

Depreciation and amortization(1)

 

 

445

 

 

 

3

 

 

 

448

 

Other taxes(1)

 

 

93

 

 

 

—

 

 

 

93

 

Total Operating Expenses

 

 

1,785

 

 

 

(16

)

 

 

1,769

 

Interest and related charges(1)

 

 

192

 

 

 

(2

)

 

 

190

 

Income tax expense(1)

 

 

116

 

 

 

12

 

 

 

128

 

Other income(3)

 

 

21

 

 

 

29

 

 

 

50

 

Interest income(3)

 

 

7

 

 

 

6

 

 

 

13

 

Net Income Attributable to Virginia Power

 

 

424

 

 

 

41

 

 

 

465

 

Capital expenditures

 

 

2,102

 

 

 

—

 

 

 

2,102

 

 

 

(1)
The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
(2)
Includes impairment of assets and other charges (benefits).
(3)
Items designated are other segment items for each reportable segment.
v3.25.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Accounting

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2025 and results of operations, changes in equity and cash flows for the three months ended March 31, 2025 and 2024. Such adjustments are normal and recurring in nature unless otherwise noted.
Estimates

The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.
Consolidation

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. Stonepeak’s 50% ownership interest in OSWP is reflected as noncontrolling interest in the Companies’ Consolidated Financial Statements.
Reclassifications

Certain amounts in the Companies’ 2024 Consolidated Financial Statements and Notes have been reclassified to conform to the 2025 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, with the exception of the items described below.
Cash, Restricted Cash and Equivalents

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024:

 

 

 

Cash, Restricted
Cash and
Equivalents
at End of Period

 

 

Cash, Restricted
Cash and
Equivalents
at Beginning of Period

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

December 31, 2024

 

 

December 31, 2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

355

 

 

$

306

 

 

$

310

 

 

$

217

 

Restricted cash and
   equivalents(2)(3)(4)

 

 

122

 

 

 

30

 

 

 

55

 

 

 

84

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

477

 

 

$

336

 

 

$

365

 

 

$

301

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

180

 

 

$

119

 

 

$

160

 

 

$

90

 

Restricted cash and
   equivalents(3)(4)

 

 

114

 

 

 

6

 

 

 

46

 

 

 

—

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

294

 

 

$

125

 

 

$

206

 

 

$

90

 

 

(1)
At March 31, 2024 and December 31, 2023, Dominion Energy had $41 million and $33 million, respectively, of cash and cash equivalents included in assets held for sale.
(2)
At both March 31, 2024 and December 31, 2023, Dominion Energy had $4 million of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Includes $108 million, $41 million and $6 million at VPFS attributable to VIEs at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4)
Unless otherwise noted, restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.

Supplemental Cash Flow Information

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:

 

Three Months Ended March 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

1,037

 

 

$

753

 

Leases(2)

 

 

68

 

 

 

161

 

 

(1)
See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio Transaction.
(2)
Includes $11 million and $26 million of financing leases at March 31, 2025 and 2024, respectively, and $57 million and $135 million of operating leases at March 31, 2025 and 2024, respectively.

The following table provides supplemental disclosure of cash flow information related to Virginia Power:

 

Three Months Ended March 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

851

 

 

$

566

 

Leases(1)

 

 

50

 

 

 

142

 

 

(1)
Includes $9 million and $22 million of financing leases at March 31, 2025 and 2024, respectively, and $41 million and $120 million of operating leases at March 31, 2025 and 2024, respectively.
Fair Value Measurements

The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable.
Commitments and Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to

reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.

Guarantees, Surety Bonds and Letters of Credit

Dominion Energy enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.

v3.25.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Reconciliation of Total Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024:

 

 

 

Cash, Restricted
Cash and
Equivalents
at End of Period

 

 

Cash, Restricted
Cash and
Equivalents
at Beginning of Period

 

 

 

March 31, 2025

 

 

March 31, 2024

 

 

December 31, 2024

 

 

December 31, 2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

355

 

 

$

306

 

 

$

310

 

 

$

217

 

Restricted cash and
   equivalents(2)(3)(4)

 

 

122

 

 

 

30

 

 

 

55

 

 

 

84

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

477

 

 

$

336

 

 

$

365

 

 

$

301

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

180

 

 

$

119

 

 

$

160

 

 

$

90

 

Restricted cash and
   equivalents(3)(4)

 

 

114

 

 

 

6

 

 

 

46

 

 

 

—

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

294

 

 

$

125

 

 

$

206

 

 

$

90

 

 

(1)
At March 31, 2024 and December 31, 2023, Dominion Energy had $41 million and $33 million, respectively, of cash and cash equivalents included in assets held for sale.
(2)
At both March 31, 2024 and December 31, 2023, Dominion Energy had $4 million of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Includes $108 million, $41 million and $6 million at VPFS attributable to VIEs at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4)
Unless otherwise noted, restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
Schedule of Supplemental Cash Flow Information

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:

 

Three Months Ended March 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

1,037

 

 

$

753

 

Leases(2)

 

 

68

 

 

 

161

 

 

(1)
See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio Transaction.
(2)
Includes $11 million and $26 million of financing leases at March 31, 2025 and 2024, respectively, and $57 million and $135 million of operating leases at March 31, 2025 and 2024, respectively.

The following table provides supplemental disclosure of cash flow information related to Virginia Power:

 

Three Months Ended March 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

851

 

 

$

566

 

Leases(1)

 

 

50

 

 

 

142

 

 

(1)
Includes $9 million and $22 million of financing leases at March 31, 2025 and 2024, respectively, and $41 million and $120 million of operating leases at March 31, 2025 and 2024, respectively.
v3.25.1
Acquisitions and Dispositions (Tables)
 3 Months Ended
Mar. 31, 2025
Results of Operations Reported within Discontinued Operations

The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:

 

 

 

Three Months Ended March 31, 2024

 

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

229

 

$

298

 

$

695

 

$

—

 

Operating expense(2)

 

 

247

 

 

158

 

 

575

 

 

1

 

Other income
   (expense)

 

 

(17

)

 

3

 

 

1

 

 

—

 

Interest and related
   charges

 

 

15

 

 

14

 

 

16

 

 

—

 

Income (loss) before
   income taxes

 

 

(50

)

 

129

 

 

105

 

 

(1

)

Income tax expense
   (benefit)

 

 

11

 

 

31

 

 

84

 

 

—

 

Net income (loss)
   attributable to
   Dominion Energy(3)

 

$

(61

)

$

98

 

$

21

 

$

(1

)

 

(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
(2)
East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
(3)
Excludes $(69) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024.
Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups

Capital expenditures and significant noncash items relating to the disposal groups included the following:

 

 

Three Months Ended March 31, 2024

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

Capital expenditures

$

65

 

$

82

 

$

100

 

$

—

 

Significant noncash
   items

 

 

 

 

 

 

 

 

Depreciation,
   depletion and
   amortization

 

—

 

 

—

 

 

—

 

 

—

 

Accrued capital
   expenditures

 

 

 

55

 

 

20

 

 

—

 

 

(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.25.1
Operating Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Regulated and Unregulated Operating Revenue [Abstract]  
Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,569

 

 

$

1,365

 

 

$

1,224

 

 

$

1,052

 

Commercial(1)

 

 

1,238

 

 

 

1,094

 

 

 

1,027

 

 

 

881

 

Industrial

 

 

194

 

 

 

213

 

 

 

97

 

 

 

106

 

Government and other retail

 

 

308

 

 

 

257

 

 

 

291

 

 

 

241

 

Wholesale

 

 

43

 

 

 

36

 

 

 

37

 

 

 

29

 

Nonregulated electric sales

 

 

372

 

 

 

220

 

 

 

23

 

 

 

14

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

172

 

 

 

151

 

 

 

 

 

 

 

Commercial

 

 

53

 

 

 

48

 

 

 

 

 

 

 

Other

 

 

27

 

 

 

19

 

 

 

 

 

 

 

Regulated gas transportation and
   storage

 

 

6

 

 

 

4

 

 

 

 

 

 

 

Other regulated revenue

 

 

44

 

 

 

88

 

 

 

39

 

 

 

84

 

Other nonregulated revenues(2)(3)(4)

 

 

59

 

 

 

29

 

 

 

13

 

 

 

10

 

Total operating revenue
   from contracts with
   customers

 

 

4,085

 

 

 

3,524

 

 

 

2,751

 

 

 

2,417

 

Other revenues(2)(5)

 

 

(9

)

 

 

108

 

 

 

14

 

 

 

72

 

Total operating revenue

 

$

4,076

 

 

$

3,632

 

 

$

2,765

 

 

$

2,489

 

 

(1)
Includes large scale users including certain data center customers.
(2)
See Note 19 for amounts attributable to affiliates.
(3)
Includes sales of renewable energy credits of $10 million and $5 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy and $4 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, at Virginia Power.
(4)
Includes revenue from transition services agreements of $27 million and $4 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy.
(5)
Includes alternative revenue of $22 million and $28 million for the three months ended March 31, 2025 and 2024, respectively, at both Dominion Energy and Virginia Power.
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Effective Income Tax

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal
   benefit

 

 

4.8

 

 

 

2.8

 

 

 

4.4

 

 

 

4.4

 

Investment tax credits

 

 

(3.1

)

 

 

(2.4

)

 

 

(0.9

)

 

 

(0.7

)

Production tax credits

 

 

(6.1

)

 

 

(1.8

)

 

 

(4.4

)

 

 

(0.9

)

Reversal of excess deferred
   income taxes

 

 

(2.1

)

 

 

(3.9

)

 

 

(1.9

)

 

 

(1.7

)

Remeasurements and
    settlements of uncertain
    tax positions

 

 

(4.0

)

 

 

—

 

 

 

—

 

 

 

—

 

AFUDC - equity

 

 

(1.0

)

 

 

(1.3

)

 

 

(1.1

)

 

 

(0.7

)

Absence of tax on
    noncontrolling interest

 

 

(2.2

)

 

 

—

 

 

 

(2.5

)

 

 

 

Other, net

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Effective tax rate

 

 

7.4

%

 

 

14.5

%

 

 

14.8

%

 

 

21.6

%

 

The IRA created a nuclear production tax credit for electricity produced and sold beginning in 2024 and a clean fuel production tax credit for clean fuel produced and sold beginning in 2025. For the three months ended March 31, 2025, Dominion Energy’s and Virginia Power’s effective tax rate includes a $19 million income tax benefit for the nuclear production tax credit. For the same period, Dominion Energy’s effective tax rate includes a $14 million income tax benefit for the clean fuel production tax credit. The ultimate nuclear and clean fuel production tax credits realized by the Companies could vary significantly based on pending final U.S. Treasury guidance. No amounts were realized for the three months ended March 31, 2024.
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Computation

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:

 

 

 

 

Year-to-Date

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

(millions, except EPS)

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from
   continuing operations

 

 

$

647

 

 

$

323

 

Preferred stock dividends (see Note 16)

 

 

 

(11

)

 

 

(20

)

Net income attributable to Dominion Energy from
   continuing operations - Basic & Diluted

 

 

 

636

 

 

 

303

 

Net income (loss) attributable to Dominion Energy from
   discontinued operations - Basic & Diluted

 

 

$

(1

)

 

$

118

 

Average shares of common stock outstanding - Basic

 

 

 

852.2

 

 

 

837.6

 

Net effect of dilutive securities(1)

 

 

 

—

 

 

 

—

 

Average shares of common stock outstanding - Diluted

 

 

 

852.2

 

 

 

837.6

 

EPS from continuing operations - Basic

 

 

$

0.75

 

 

$

0.36

 

EPS from discontinued operations - Basic

 

 

$

—

 

 

 

0.14

 

EPS attributable to Dominion Energy - Basic

 

 

$

0.75

 

 

$

0.50

 

EPS from continuing operations - Diluted

 

 

$

0.75

 

 

$

0.36

 

EPS from discontinued operations - Diluted

 

 

$

—

 

 

 

0.14

 

EPS attributable to Dominion Energy - Diluted

 

 

$

0.75

 

 

$

0.50

 

 

(1)
Dilutive securities for 2025 consists of certain forward sales agreements entered into in the fourth quarter of 2024 and first quarter of 2025 (applying the treasury stock method).
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2025
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment Securities(3)

 

 

Pension and other postretirement benefit costs(4)(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(171

)

 

$

(14

)

 

$

29

 

 

$

(156

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(16

)

 

 

13

 

 

 

—

 

 

 

(3

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

10

 

 

 

—

 

 

 

—

 

 

 

10

 

Other income (expense)

 

 

—

 

 

 

2

 

 

 

(3

)

 

 

(1

)

Total

 

 

10

 

 

 

2

 

 

 

(3

)

 

 

9

 

Income tax expense (benefit)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

(2

)

Total, net of tax

 

 

8

 

 

 

2

 

 

 

(3

)

 

 

7

 

Net current period other comprehensive income (loss)

 

 

(8

)

 

 

15

 

 

 

(3

)

 

 

4

 

Ending balance

 

$

(179

)

 

$

1

 

 

$

26

 

 

$

(152

)

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(216

)

 

$

—

 

 

$

43

 

 

$

(173

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

7

 

 

 

(26

)

 

 

—

 

 

 

(19

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

8

 

 

 

(4

)

 

 

4

 

Total

 

 

11

 

 

 

8

 

 

 

(4

)

 

 

15

 

Income tax expense (benefit)

 

 

(4

)

 

 

(2

)

 

 

3

 

 

 

(3

)

Total, net of tax

 

 

7

 

 

 

6

 

 

 

(1

)

 

 

12

 

Net current period other comprehensive income (loss)

 

 

14

 

 

 

(20

)

 

 

(1

)

 

 

(7

)

Ending balance

 

$

(202

)

 

$

(20

)

 

$

42

 

 

$

(180

)

 

(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $61 million, $58 million, $68 million and $73 million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
(3)
Net of $— million, $5 million, $6 million and $(2) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
(4)
Comprised entirely of prior service cost.
(5)
Net of $(9) million, $(9) million, $(10) million and $(14) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
Virginia Electric and Power Company  
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

28

 

 

$

(1

)

 

$

27

 

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(7

)

 

 

2

 

 

 

(5

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

—

 

 

 

—

 

 

 

—

 

Income tax expense (benefit)

 

 

—

 

 

 

—

 

 

 

—

 

Total, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(7

)

 

 

2

 

 

 

(5

)

Ending balance

 

$

21

 

 

$

1

 

 

$

22

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

15

 

 

$

1

 

 

$

16

 

Other comprehensive income (loss) before reclassifications: gains (losses)

 

 

7

 

 

 

(5

)

 

 

2

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

          Other income (expense)

 

 

—

 

 

 

2

 

 

 

2

 

Total

 

 

—

 

 

 

2

 

 

 

2

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

7

 

 

 

(4

)

 

 

3

 

Ending balance

 

$

22

 

 

$

(3

)

 

$

19

 

 

(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(7) million, $(10) million, $(7) million and $(5) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
(3)
Net of $— million, $— million, $1 million and $— million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at March 31, 2025. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

 

 

 

 

Dominion Energy

 

Virginia Power

 

 

Valuation
Techniques

 

Unobservable
Input

 

Fair Value (millions)

 

 

Range

 

Weighted -average(1)

 

Fair Value (millions)

 

 

Range

 

Weighted -average(1)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

Discounted cash flow

 

Market price (per Dth)(3)

 

$

11

 

 

(2)-5

 

(1)

 

$

11

 

 

(2)-4

 

(1)

FTRs

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

19

 

 

(4)-8

 

4

 

 

19

 

 

(4)-8

 

4

Electricity

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

178

 

 

29-117

 

48

 

 

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

Option model

 

Market price (per Dth)(3)

 

 

76

 

 

3-8

 

4

 

 

 

 

 

 

 

 

 

 

Price volatility(4)

 

 

 

 

11%-74%

 

44%

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

$

284

 

 

 

 

 

 

$

30

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

Discounted cash flow

 

Market price (per Dth)(3)

 

$

2

 

 

(2)-4

 

(1)

 

$

2

 

 

(2)-4

 

(1)

FTRs

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

2

 

 

(6)-6

 

2

 

 

2

 

 

(6)-6

 

2

Electricity

 

Discounted cash flow

 

Market price (per MWh)(3)

 

 

11

 

 

30-117

 

55

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

 

$

15

 

 

 

 

 

 

$

4

 

 

 

 

 

 

(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
Represents volatilities unrepresented in published markets.
Fair Value, Option, Qualitative Disclosures

Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)

 
Fair Value, by Balance Sheet Grouping

The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

117

 

 

$

284

 

 

$

401

 

 

$

—

 

 

$

33

 

 

$

30

 

 

$

63

 

Interest rate

 

 

—

 

 

 

654

 

 

 

—

 

 

 

654

 

 

 

—

 

 

 

40

 

 

 

—

 

 

 

40

 

Foreign currency exchange rate

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

5,186

 

 

 

2

 

 

 

—

 

 

 

5,188

 

 

 

2,662

 

 

 

2

 

 

 

—

 

 

 

2,664

 

International

 

 

162

 

 

 

—

 

 

 

—

 

 

 

162

 

 

 

97

 

 

 

—

 

 

 

—

 

 

 

97

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

522

 

 

 

—

 

 

 

522

 

 

 

—

 

 

 

299

 

 

 

—

 

 

 

299

 

Government securities

 

 

150

 

 

 

1,650

 

 

 

—

 

 

 

1,800

 

 

 

91

 

 

 

961

 

 

 

—

 

 

 

1,052

 

Cash equivalents and other

 

 

29

 

 

 

—

 

 

 

—

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total assets

 

$

5,527

 

 

$

2,954

 

 

$

284

 

 

$

8,765

 

 

$

2,850

 

 

$

1,344

 

 

$

30

 

 

$

4,224

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

135

 

 

$

15

 

 

$

150

 

 

$

—

 

 

$

41

 

 

$

4

 

 

$

45

 

Interest rate

 

 

—

 

 

 

204

 

 

 

—

 

 

 

204

 

 

 

—

 

 

 

17

 

 

 

—

 

 

 

17

 

Foreign currency exchange rate

 

 

—

 

 

 

121

 

 

 

—

 

 

 

121

 

 

 

—

 

 

 

121

 

 

 

—

 

 

 

121

 

Total liabilities

 

$

—

 

 

$

460

 

 

$

15

 

 

$

475

 

 

$

—

 

 

$

179

 

 

$

4

 

 

$

183

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

95

 

 

$

399

 

 

$

494

 

 

$

—

 

 

$

45

 

 

$

70

 

 

$

115

 

Interest rate

 

 

—

 

 

 

875

 

 

 

—

 

 

 

875

 

 

 

—

 

 

 

230

 

 

 

—

 

 

 

230

 

Foreign currency exchange rate

 

 

—

 

 

 

30

 

 

 

—

 

 

 

30

 

 

 

—

 

 

 

30

 

 

 

—

 

 

 

30

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

5,403

 

 

 

2

 

 

 

—

 

 

 

5,405

 

 

 

2,769

 

 

 

2

 

 

 

—

 

 

 

2,771

 

International

 

 

165

 

 

 

—

 

 

 

—

 

 

 

165

 

 

 

99

 

 

 

—

 

 

 

—

 

 

 

99

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

518

 

 

 

—

 

 

 

518

 

 

 

—

 

 

 

294

 

 

 

—

 

 

 

294

 

Government securities

 

 

138

 

 

 

1,605

 

 

 

—

 

 

 

1,743

 

 

 

85

 

 

 

939

 

 

 

—

 

 

 

1,024

 

Cash equivalents and other

 

 

29

 

 

 

—

 

 

 

—

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total assets

 

$

5,735

 

 

$

3,125

 

 

$

399

 

 

$

9,259

 

 

$

2,953

 

 

$

1,540

 

 

$

70

 

 

$

4,563

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

108

 

 

$

15

 

 

$

123

 

 

$

—

 

 

$

31

 

 

$

2

 

 

$

33

 

Interest rate

 

 

—

 

 

 

197

 

 

 

—

 

 

 

197

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

192

 

 

 

—

 

 

 

192

 

 

 

—

 

 

 

192

 

 

 

—

 

 

 

192

 

Total liabilities

 

$

—

 

 

$

497

 

 

$

15

 

 

$

512

 

 

$

—

 

 

$

223

 

 

$

2

 

 

$

225

 

 

(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $209 million and $212 million of assets at Dominion Energy, inclusive of $75 million and $76 million at Virginia Power, at March 31, 2025 and December 31, 2024, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:

 

 

 

Dominion Energy

Virginia Power

Period Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

384

 

 

$

86

 

 

$

68

 

 

$

(116

)

 

Total realized and unrealized
   gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

13

 

 

 

(8

)

 

 

 

 

 

 

 

Electric fuel and other energy-
related purchases

 

 

(25

)

 

 

(121

)

 

 

(27

)

 

 

(119

)

 

Discontinued operations

 

 

—

 

 

 

(1

)

 

 

 

 

 

 

 

Included in regulatory assets/
    liabilities

 

 

(107

)

 

 

131

 

 

 

(32

)

 

 

77

 

 

Settlements

 

 

4

 

 

 

76

 

 

 

17

 

 

 

100

 

 

Purchases

 

 

—

 

 

 

27

 

 

 

—

 

 

 

20

 

 

Ending balance

 

$

269

 

 

$

190

 

 

$

26

 

 

$

(38

)

 

 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

37,306

 

 

$

35,292

 

 

$

20,461

 

 

$

19,010

 

Securitization bonds(3)

 

 

1,217

 

 

 

1,231

 

 

 

1,217

 

 

 

1,231

 

Junior subordinated notes(2)

 

 

3,222

 

 

 

3,337

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

34,533

 

 

$

32,167

 

 

$

19,224

 

 

$

17,578

 

Securitization bonds(3)

 

 

1,217

 

 

 

1,218

 

 

$

1,217

 

 

$

1,218

 

Junior subordinated notes(2)

 

 

3,223

 

 

 

3,372

 

 

 

 

 

 

 

 

(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at March 31, 2025 and December 31, 2024.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.25.1
Derivatives and Hedge Accounting Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Offsetting Assets

The tables below present the Companies’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

153

 

 

$

8

 

 

$

—

 

 

$

145

 

 

$

32

 

 

$

7

 

 

$

—

 

 

$

25

 

Exchange

 

 

82

 

 

 

82

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

654

 

 

 

178

 

 

 

—

 

 

 

476

 

 

 

40

 

 

 

1

 

 

 

—

 

 

 

39

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

9

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

9

 

 

 

9

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a master
   netting or similar arrangement

 

$

898

 

 

$

277

 

 

$

—

 

 

$

621

 

 

$

82

 

 

$

18

 

 

$

—

 

 

$

64

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

197

 

 

$

20

 

 

$

—

 

 

$

177

 

 

$

95

 

 

$

14

 

 

$

—

 

 

$

81

 

Exchange

 

 

55

 

 

 

54

 

 

 

—

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

875

 

 

 

197

 

 

 

—

 

 

 

678

 

 

 

230

 

 

 

—

 

 

 

—

 

 

 

230

 

Foreign currency exchange rate
   contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

30

 

 

 

30

 

 

 

—

 

 

 

—

 

 

 

30

 

 

 

30

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a master
   netting or similar arrangement

 

$

1,157

 

 

$

301

 

 

$

—

 

 

$

856

 

 

$

357

 

 

$

45

 

 

$

—

 

 

$

312

 

 

(1)
Excludes derivative assets of $166 million and $242 million at Dominion Energy and $30 million and $18 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or other similar arrangements.
Offsetting Liabilities

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

44

 

 

$

8

 

 

$

—

 

 

$

36

 

 

$

40

 

 

$

7

 

 

$

—

 

 

$

33

 

Exchange

 

 

96

 

 

 

82

 

 

 

14

 

 

 

—

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

204

 

 

 

178

 

 

 

—

 

 

 

26

 

 

 

17

 

 

 

1

 

 

 

—

 

 

 

16

 

Foreign currency exchange rate
   contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

121

 

 

 

9

 

 

 

—

 

 

 

112

 

 

 

121

 

 

 

9

 

 

 

—

 

 

 

112

 

Total derivatives, subject to a master
  netting or similar arrangement

 

$

465

 

 

$

277

 

 

$

14

 

 

$

174

 

 

$

180

 

 

$

18

 

 

$

1

 

 

$

161

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

42

 

 

$

20

 

 

$

—

 

 

$

22

 

 

$

15

 

 

$

14

 

 

$

—

 

 

$

1

 

Exchange

 

 

74

 

 

 

54

 

 

 

20

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

197

 

 

 

197

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

192

 

 

 

30

 

 

 

—

 

 

 

162

 

 

 

192

 

 

 

30

 

 

 

—

 

 

 

162

 

Total derivatives, subject to a master
  netting or similar arrangement

 

$

505

 

 

$

301

 

 

$

20

 

 

$

184

 

 

$

208

 

 

$

45

 

 

$

—

 

 

$

163

 

 

(1)
Excludes derivative liabilities of $10 million and $7 million at Dominion Energy and $3 million and $17 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or similar arrangements.
Schedule of Volume of Derivative Activity

The following table presents the volume of the Companies’ derivative activity at March 31, 2025. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

23

 

 

 

18

 

 

 

23

 

 

 

18

 

Basis(1)

 

 

192

 

 

 

352

 

 

 

151

 

 

 

321

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

16

 

 

 

32

 

 

 

7

 

 

 

 

FTRs

 

 

18

 

 

 

 

 

 

18

 

 

 

 

Interest rate(2) (in millions)

 

$

1,137

 

 

$

12,476

 

 

$

112

 

 

$

3,363

 

Foreign currency exchange rate(2) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,944 kr.

 

 

419 kr.

 

 

1,944 kr.

 

 

419 kr.

 

Euro

 

€106

 

 

€832

 

 

€106

 

 

€832

 

 

(1)
Includes options.
(2)
Maturity is determined based on final settlement period.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at March 31, 2025:

 

 

 

Dominion Energy

 

Virginia Power

 

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term (months)

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term (months)

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(179

)

 

$

(28

)

 

381

 

$

21

 

 

$

1

 

 

381

Total

 

$

(179

)

 

$

(28

)

 

 

 

$

21

 

 

$

1

 

 

 
Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of the Companies’ derivatives and where they are presented in their Consolidated Balance Sheets:

 

 

Dominion Energy

 

Virginia Power

 

 

Assets

 

Liabilities

 

Assets

 

Liabilities

 

(millions)

 

 

 

 

 

 

 

 

At March 31, 2025

 

 

 

 

 

 

 

 

Current derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

145

 

$

117

 

$

40

 

$

44

 

Interest rate

 

92

 

 

12

 

 

 

 

 

Foreign currency exchange rate

 

9

 

 

78

 

 

9

 

 

78

 

Current derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

5

 

 

—

 

 

5

 

 

—

 

Total current derivatives(1)

$

251

 

$

207

 

$

54

 

$

122

 

Noncurrent derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

256

 

$

33

 

$

23

 

$

1

 

Interest rate

 

522

 

 

162

 

 

 

 

 

Foreign currency exchange rate

 

—

 

 

43

 

 

—

 

 

43

 

Noncurrent derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

35

 

 

30

 

 

35

 

 

17

 

Total noncurrent derivatives(2)

 

813

 

 

268

 

 

58

 

 

61

 

Total derivatives

$

1,064

 

$

475

 

$

112

 

$

183

 

At December 31, 2024

 

 

 

 

 

 

 

 

Current derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

171

 

$

78

 

$

84

 

$

32

 

Interest rate

 

101

 

 

22

 

 

 

 

 

Foreign currency exchange rate

 

27

 

 

107

 

 

27

 

 

107

 

Current derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

137

 

 

—

 

 

137

 

 

—

 

Total current derivatives(1)

$

436

 

$

207

 

$

248

 

$

139

 

Noncurrent derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

Commodity

$

323

 

$

45

 

$

31

 

$

1

 

Interest rate

 

544

 

 

175

 

 

 

 

 

Foreign currency exchange rate

 

3

 

 

85

 

 

3

 

 

85

 

Noncurrent derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

Interest rate

 

93

 

 

—

 

 

93

 

 

—

 

Total noncurrent derivatives(2)

 

963

 

 

305

 

 

127

 

 

86

 

Total derivatives

$

1,399

 

$

512

 

$

375

 

$

225

 

 

(1)
Current derivative liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets and noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables present the gains and losses on the Companies’ derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Derivatives in cash flow hedging relationships

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains
   (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(21

)

 

$

(10

)

 

$

(100

)

 

$

(9

)

 

$

—

 

 

$

(101

)

Total

 

$

(21

)

 

$

(10

)

 

$

(100

)

 

$

(9

)

 

$

—

 

 

$

(101

)

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains
   (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

Total

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

 

(1)
Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.
(2)
Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
(3)
Amounts recorded in the Companies’ Consolidated Statements of Income are classified in interest and related charges.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance

 

 

Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)

 

Derivatives not designated as hedging instruments

 

Dominion Energy

Virginia Power

 

Period Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

(39

)

 

$

76

 

 

$

(10

)

 

$

41

 

Electric fuel and other energy-related purchases

 

 

(34

)

 

 

(148

)

 

 

(36

)

 

 

(146

)

Discontinued operations

 

 

—

 

 

 

(24

)

 

 

 

 

 

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

3

 

 

 

(78

)

 

 

 

 

 

 

Total

 

$

(70

)

 

$

(174

)

 

$

(46

)

 

$

(105

)

 

(1)
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
(2)
Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds The Companies’ decommissioning trust funds are summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Amortized
Cost

 

 

Total
Unrealized
Gains

 

 

Total
Unrealized
Losses

 

 

Allowance
for Credit
Losses

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Total
Unrealized
Gains

 

 

Total
Unrealized
Losses

 

 

 

Allowance
for Credit
Losses

 

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,234

 

 

$

3,927

 

 

$

(5

)

 

 

 

 

$

5,156

 

 

$

704

 

 

$

2,038

 

 

$

(4

)

 

 

 

 

 

$

2,738

 

International

 

 

51

 

 

 

109

 

 

 

—

 

 

 

 

 

 

160

 

 

 

33

 

 

 

65

 

 

 

—

 

 

 

 

 

 

 

98

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

 

516

 

 

 

8

 

 

 

(12

)

 

$

—

 

 

 

512

 

 

 

305

 

 

 

3

 

 

 

(9

)

 

 

$

—

 

 

 

299

 

Government
   securities

 

 

1,765

 

 

 

20

 

 

 

(28

)

 

 

—

 

 

 

1,757

 

 

 

1,057

 

 

 

11

 

 

 

(16

)

 

 

 

—

 

 

 

1,052

 

Insurance
   contracts(3)

 

 

239

 

 

 

—

 

 

 

—

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(4)

 

 

55

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

13

 

Total

 

$

3,860

 

 

$

4,064

 

 

$

(45

)

(5)

$

—

 

 

$

7,879

 

 

$

2,112

 

 

$

2,117

 

 

$

(29

)

(5)

 

$

—

 

 

$

4,200

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,220

 

 

$

4,157

 

 

$

(4

)

 

 

 

 

$

5,373

 

 

$

695

 

 

$

2,155

 

 

$

(3

)

 

 

 

 

 

$

2,847

 

International

 

 

52

 

 

 

111

 

 

 

—

 

 

 

 

 

 

163

 

 

 

34

 

 

 

65

 

 

 

—

 

 

 

 

 

 

 

99

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

 

516

 

 

 

6

 

 

 

(15

)

 

$

—

 

 

 

507

 

 

 

303

 

 

 

3

 

 

 

(12

)

 

 

$

—

 

 

 

294

 

Government
   securities

 

 

1,736

 

 

 

7

 

 

 

(39

)

 

 

—

 

 

 

1,704

 

 

 

1,038

 

 

 

4

 

 

 

(18

)

 

 

 

—

 

 

 

1,024

 

Insurance
   contracts(3)

 

 

239

 

 

 

—

 

 

 

—

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(4)

 

 

65

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

65

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

22

 

Total

 

$

3,828

 

 

$

4,281

 

 

$

(58

)

(5)

$

—

 

 

$

8,051

 

 

$

2,092

 

 

$

2,227

 

 

$

(33

)

(5)

 

$

—

 

 

$

4,286

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
(3)
Includes company owned life insurance contracts measured at cash surrender value.
(4)
Dominion Energy includes pending sales of securities of $25 million and $35 million at March 31, 2025 and December 31, 2024, respectively. Virginia Power includes pending sales of securities of $13 million and $22 million at March 31, 2025, and December 31, 2024, respectively.
(5)
Dominion Energy’s fair value of securities in an unrealized loss position was $779 million and $1.4 billion at March 31, 2025 and December 31, 2024, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $481 million and $796 million at March 31, 2025 and December 31, 2024, respectively.
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized
   during the period

 

$

(239

)

 

$

459

 

 

$

(121

)

 

$

242

 

 

Less: Net (gains) losses recognized
   during the period on securities
   sold during the period

 

 

6

 

 

 

(10

)

 

 

4

 

 

 

(9

)

 

Unrealized gains (losses) recognized
   during the period on securities still
   held at period end(1)

 

$

(233

)

 

$

449

 

 

$

(117

)

 

$

233

 

 

 

(1)
Included in other income (expense) and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2025 by contractual maturity is as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

29

 

 

$

19

 

Due after one year through five years

 

 

590

 

 

 

314

 

Due after five years through ten years

 

 

382

 

 

 

172

 

Due after ten years

 

 

1,268

 

 

 

847

 

Total

 

$

2,269

 

 

$

1,352

 
Marketable Securities

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

931

 

 

$

695

 

 

$

568

 

 

$

471

 

Realized gains(1)

 

 

11

 

 

 

32

 

 

 

9

 

 

 

23

 

Realized losses(1)

 

 

20

 

 

 

38

 

 

 

15

 

 

 

23

 

 

(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.25.1
Regulatory Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Schedule of Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

Dominion Energy

 

 

Virginia Power

 

 

March 31,
2025

 

December 31,
2024

 

 

March 31,
2025

 

December 31,
2024

 

(millions)

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

$

92

 

$

38

 

 

$

—

 

$

3

 

Securitized cost of fuel used in electric generation(2)

 

119

 

 

124

 

 

 

119

 

 

124

 

Deferred rider costs for Virginia electric utility(3)

 

246

 

 

293

 

 

 

246

 

 

293

 

Ash pond and landfill closure costs(4)

 

112

 

 

108

 

 

 

112

 

 

108

 

Deferred nuclear refueling outage costs(5)

 

89

 

 

97

 

 

 

79

 

 

80

 

NND Project costs(6)

 

138

 

 

138

 

 

 

 

 

 

Derivatives(7)

 

36

 

 

8

 

 

 

34

 

 

6

 

Other

 

164

 

 

186

 

 

 

69

 

 

83

 

Regulatory assets-current

 

996

 

 

992

 

 

 

659

 

 

697

 

Unrecognized pension and other postretirement benefit costs(8)

 

486

 

 

486

 

 

 

—

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

621

 

 

651

 

 

 

621

 

 

651

 

Interest rate hedges(9)

 

167

 

 

167

 

 

 

—

 

—

 

AROs and related funding(10)

 

391

 

 

387

 

 

 

 

 

 

NND Project costs(6)

 

1,776

 

 

1,811

 

 

 

 

 

 

CCR remediation, ash pond and landfill closure costs(4)

 

2,903

 

 

2,898

 

 

 

2,560

 

 

2,560

 

Deferred cost of fuel used in electric generation(1)

 

146

 

—

 

 

 

146

 

—

 

Securitized cost of fuel used in electric generation(2)

 

998

 

 

1,040

 

 

 

998

 

 

1,040

 

Derivatives(7)

 

137

 

 

182

 

 

 

103

 

 

148

 

Other

 

716

 

 

666

 

 

 

137

 

 

138

 

Regulatory assets-noncurrent

 

8,341

 

 

8,288

 

 

 

4,565

 

 

4,537

 

Total regulatory assets

$

9,337

 

$

9,280

 

 

$

5,224

 

$

5,234

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

28

 

 

92

 

 

 

28

 

 

92

 

Provision for future cost of removal and AROs(11)

 

119

 

 

119

 

 

 

119

 

 

119

 

Reserve for rate credits to electric utility customers(12)

 

67

 

 

73

 

 

 

—

 

—

 

Income taxes refundable through future rates(13)

 

81

 

 

88

 

 

 

64

 

 

64

 

Monetization of guarantee settlement(14)

 

67

 

 

67

 

 

 

 

 

 

Derivatives(7)

 

61

 

 

51

 

 

 

25

 

 

30

 

Other

 

89

 

 

89

 

 

 

58

 

 

80

 

Regulatory liabilities-current

 

512

 

 

579

 

 

 

294

 

 

385

 

Income taxes refundable through future rates(13)

 

2,980

 

 

2,988

 

 

 

2,141

 

 

2,168

 

Provision for future cost of removal and AROs(11)

 

1,856

 

 

1,809

 

 

 

1,259

 

 

1,210

 

Nuclear decommissioning trust(15)

 

2,457

 

 

2,550

 

 

 

2,457

 

 

2,550

 

Monetization of guarantee settlement(14)

 

552

 

 

568

 

 

 

 

 

 

Interest rate hedges(9)

 

300

 

 

406

 

 

 

300

 

 

406

 

Reserve for rate credits to electric utility
   customers(12)

 

146

 

 

161

 

 

 

—

 

—

 

Overrecovered other postretirement benefit costs(16)

 

190

 

 

183

 

 

 

 

 

 

Derivatives(7)

 

154

 

 

248

 

 

 

18

 

 

25

 

Other

 

158

 

 

283

 

 

 

102

 

 

215

 

Regulatory liabilities-noncurrent

 

8,793

 

 

9,196

 

 

 

6,277

 

 

6,574

 

Total regulatory liabilities

$

9,305

 

$

9,775

 

 

$

6,571

 

$

6,959

 

 

(1)
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
(4)
Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. In addition, the balance reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
(5)
Primarily reflects deferred operation and maintenance costs at Virginia Power incurred in connection with the refueling of any nuclear-powered generating plant as required by Virginia legislation. Virginia Power deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
(6)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(7)
Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
(8)
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries.
(9)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2025.
(10)
Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
(11)
Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(12)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order.
(13)
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted-average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
(14)
Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.
(15)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(16)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
v3.25.1
Regulatory Matters (Tables)
 3 Months Ended
Mar. 31, 2025
Public Utilities General Disclosures [Line Items]  
Summary of Significant Virginia Power Electric Transmission Projects Applied

Description and Location of Project

 

Application
Date

 

Approval
Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Rebuild and construct new Fentress-Yadkin transmission lines
    and related projects in the City of Chesapeake, Virginia

 

June 2024

 

February 2025

 

500 kV

 

14

 

$

205

 

Partial rebuild, reconductor and construct new Network Takeoff
    transmission lines and related projects in the Counties of Fairfax
    and Loudoun, Virginia

 

July 2024

 

March 2025

 

230 kV

 

6

 

 

170

 

Rebuild Aquia Harbour-Possum Point transmission lines and related
    projects in the Counties of Stafford and Prince William and the City
    of Fredericksburg, Virginia

 

August 2024

 

March 2025

 

500-
230 kV

 

32

 

 

210

 

Construct new Technology Boulevard transmission lines, substation
    and related projects in Henrico County, Virginia

 

March 2025

 

Pending

 

230 kV

 

5

 

 

60

 

Construct new Hornbaker transmission lines, switching station and
    related projects in Prince William County, Virginia

 

March 2025

 

Pending

 

230 kV

 

5

 

 

95

 

Construct new Golden-Mars transmission lines and related projects
    in Loudoun County, Virginia

 

March 2025

 

Pending

 

500-
230 kV

 

11

 

 

525

 

Construct new Duval-Midlothian transmission lines, substation and
    related projects in Chesterfield County, Virginia

 

April 2025

 

Pending

 

230 kV

 

7

 

 

125

 

 

(1)
Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects applied for and currently pending approval with aggregate cost estimates of approximately $65 million.
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Significant Riders Associated With Virginia Power Projects

Rider Name

 

Application
Date

 

Approval
Date

 

Rate Year
Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
from Previous
(millions)

 

Rider CCR(2)

 

April 2025

 

Pending

 

January 2026

 

$

166

 

 

$

63

 

Rider CE(3)

 

October 2024

 

April 2025

 

May 2025

 

 

182

 

 

 

49

 

Rider GEN(4)

 

June 2024

 

February 2025

 

April 2025

 

 

438

 

 

N/A

 

Rider GEN

 

June 2024

 

February 2025

 

April 2026

 

 

311

 

 

 

(127

)

Rider GT

 

March 2025

 

Pending

 

June 2025

 

 

283

 

 

 

138

 

 

(1)
In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $25 million as of March 31, 2025, and pending applications associated with other riders, including for the Chesterfield Energy Reliability Center described above, which if approved would result in a net annual revenue requirement increase of $53 million.
(2)
In connection with this application, Virginia Power also requests to extend existing rates for Rider CCR by one month through December 2025.
(3)
Associated with two solar generation projects, two small-scale solar projects and 19 purchased power agreements in addition to previously approved Rider CE projects.
(4)
Rider GEN includes $348 million in total revenue requirement related to the consolidation of Riders BW, GV and four other riders associated with generation facilities, ceasing the separate collection of rates under these riders effective April 1, 2025 and the extension of existing rates for Rider BW through March 2025. In addition, Virginia Power also received approval to recover costs associated with the Virginia LNG Storage Facility through Rider GEN described in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
v3.25.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Included Balances for VPFS and OSWP The Companies’ Consolidated Balance Sheets included balances for VPFS as follows:

 

 

March 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Prepayments(1)

 

$

—

 

 

$

—

 

Regulatory assets-current

 

 

119

 

 

 

124

 

Other current assets

 

 

108

 

 

 

41

 

Regulatory assets-noncurrent

 

 

998

 

 

 

1,040

 

    Total assets

 

$

1,225

 

 

$

1,205

 

Securities due within one year

 

$

163

 

 

$

163

 

Accrued interest, payroll
    and taxes

 

 

37

 

 

 

10

 

Securitization bonds

 

 

1,054

 

 

 

1,054

 

    Total liabilities

 

$

1,254

 

 

$

1,227

 
(1)
Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets.
The Companies’ Consolidated Balance Sheets included balances for OSWP as follows:

 

 

March 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Cash and cash equivalents

 

$

159

 

 

$

70

 

Customer receivables

 

 

—

 

 

 

—

 

Prepayments(1)

 

 

7

 

 

 

10

 

Regulatory assets-current

 

 

4

 

 

 

6

 

Property, plant and equipment

 

 

6,632

 

 

 

5,844

 

Regulatory assets-noncurrent

 

 

52

 

 

 

52

 

Other deferred charges and
    other assets

 

 

—

 

 

 

—

 

       Total assets

 

$

6,854

 

 

$

5,982

 

Accrued interest, payroll
    and taxes

 

$

—

 

 

$

—

 

Other current liabilities

 

 

6

 

 

 

—

 

Asset retirement obligations-
    noncurrent(2)

 

 

67

 

 

 

38

 

Other deferred credits and
    other liabilities

 

 

4

 

 

 

—

 

       Total liabilities

 

$

77

 

 

$

38

 
(1)
Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets.
(2)
Asset retirement obligation-noncurrent are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
v3.25.1
Significant Financing Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At March 31, 2025, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(1)

 

$

6,000

 

 

$

1,638

 

 

$

7

 

 

$

4,355

 

 

(1)
This credit facility, as amended in April 2025, matures in April 2030, with the potential to be extended by the borrowers to April 2032, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $3.0 billion of letters of credit.

 

In addition in April 2025, Dominion Energy entered into a $1.0 billion 364-day revolving credit agreement with certain lenders, which bears interest at a variable rate and matures in April 2026. The maximum allowed total debt to total capital ratio under this facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.
Virginia Electric and Power Company  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At March 31, 2025, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC was as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(1)

 

$

6,000

 

 

$

244

 

 

$

7

 

 

(1)
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2025, the sub-limit for Virginia Power was $1.75 billion. In April 2025, the sub-limit was increased to $3.0 billion. If Virginia Power has liquidity needs in excess of its current sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility, as amended in April 2025, matures in April 2030, with the potential to be extended by the borrowers to April 2032. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $3.0 billion (or the sub-limit, whichever is less) of letters of credit.

In addition to the credit facility mentioned above, Virginia Power’s credit facilities and agreements also consist of the following:
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Subsidiary Guarantees

At March 31, 2025, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,726

 

Nuclear obligations(2)

 

 

189

 

Solar(3)

 

 

85

 

Other(4)

 

 

794

 

Total(5)(6)

 

$

3,794

 

 

(1)
Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
(2)
Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
(3)
Includes guarantees to facilitate the development of solar projects.
(4)
Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
(5)
Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
(6)
In July 2016, Dominion Energy signed an agreement (subsequently amended) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced an initial five-year lease term in August 2019, with certain options at the end of the term to extend the lease, purchase or sell the property. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor equal to the recorded lease balance.
v3.25.1
Related-Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Virginia Electric and Power Company  
Schedule of Related Party Transactions

Presented below are Virginia Power’s significant transactions with DES and other affiliates:

 

 

 

 

 

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

(millions)

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

366

 

 

$

198

 

 

Services provided by affiliates(1)

 

 

209

 

 

 

155

 

 

Services provided to affiliates

 

 

4

 

 

 

4

 

 

 

(1)
Includes capitalized expenditures of $75 million and $53 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Components of Provision for Net Periodic Benefit Cost (Credit) The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Period Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

19

 

 

$

22

 

 

$

3

 

 

$

3

 

Interest cost

 

 

108

 

 

 

109

 

 

 

14

 

 

 

14

 

Expected return on plan assets

 

 

(169

)

 

 

(204

)

 

 

(40

)

 

 

(42

)

Amortization of prior service
    (credit) cost

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

(9

)

Net actuarial (gain) loss

 

 

—

 

 

 

(170

)

 

 

—

 

 

 

(32

)

Curtailments(1)

 

 

—

 

 

 

(31

)

 

 

—

 

 

 

(4

)

Plan amendment

 

 

—

 

 

 

22

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(42

)

 

$

(252

)

 

$

(29

)

 

$

(70

)
(1)
2024 amounts relate primarily to the East Ohio Transaction.
v3.25.1
Operating Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting Information [Line Items]  
Schedule of Primary Operating Segments

The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:

 

Primary Operating Segment

 

Description of Operations

 

Dominion
Energy

 

Virginia
Power

Dominion Energy
   Virginia

 

Regulated electric distribution

 

X

 

X

 

 

Regulated electric transmission

 

X

 

X

 

 

Regulated electric generation
   fleet(1)

 

X

 

X

Dominion Energy
   South Carolina

 

Regulated electric distribution

 

X

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

Regulated electric generation
   fleet

 

X

 

 

 

 

Regulated gas distribution
   and storage

 

X

 

 

Contracted Energy(2)

 

Nonregulated electric
   generation fleet

 

X

 

 

 

 

(1)
Includes Virginia Power’s non-jurisdictional solar generation operations.
(2)
Includes renewable natural gas operations.
Schedule of Segment Reporting Information, by Segment

The following table presents segment information pertaining to Dominion Energy’s operations:

 

Three Months Ended March 31,

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

2,795

 

 

$

949

 

 

$

304

 

 

$

28

 

 

$

—

 

 

$

4,076

 

Intersegment revenue

 

 

(1

)

 

 

2

 

 

 

3

 

 

 

310

 

 

 

(314

)

 

 

—

 

Total Operating Revenue

 

 

2,794

 

 

 

951

 

 

 

307

 

 

 

338

 

 

 

(314

)

 

 

4,076

 

Electric fuel and other energy-related purchases(1)

 

 

769

 

 

 

167

 

 

 

29

 

 

 

—

 

 

 

(3

)

 

 

962

 

Purchased electric capacity(1)

 

 

7

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9

 

Purchased gas(1)

 

 

—

 

 

 

147

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

147

 

Other operations and maintenance(1)(2)

 

 

559

 

 

 

178

 

 

 

111

 

 

 

404

 

 

 

(308

)

 

 

944

 

Depreciation and amortization(1)

 

 

397

 

 

 

141

 

 

 

22

 

 

 

22

 

 

 

—

 

 

 

582

 

Other taxes(1)

 

 

97

 

 

 

79

 

 

 

15

 

 

 

21

 

 

 

(3

)

 

 

209

 

Total Operating Expenses

 

 

1,829

 

 

 

714

 

 

 

177

 

 

 

447

 

 

 

(314

)

 

 

2,853

 

Interest and related charges(1)

 

 

245

 

 

 

71

 

 

 

8

 

 

 

205

 

 

 

(49

)

 

 

480

 

Income tax expense (benefit)(1)

 

 

132

 

 

 

18

 

 

 

35

 

 

 

(130

)

 

 

—

 

 

 

55

 

Equity in earnings (losses) of equity method
   investees(3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

(7

)

Other income (expense)(3)

 

 

35

 

 

 

—

 

 

 

(7

)

 

 

(51

)

 

 

—

 

 

 

(23

)

Interest income(3)

 

 

6

 

 

 

4

 

 

 

29

 

 

 

45

 

 

 

(49

)

 

 

35

 

Net Loss from Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

Noncontrolling Interests

 

 

68

 

 

 

—

 

 

 

—

 

 

 

(22

)

 

 

—

 

 

 

46

 

Net Income (Loss) Attributable to
   Dominion Energy

 

 

561

 

 

 

152

 

 

 

109

 

 

 

(176

)

 

 

—

 

 

 

646

 

Investment in equity method investees(4)

 

 

—

 

 

 

—

 

 

 

91

 

 

 

41

 

 

 

—

 

 

 

132

 

Capital expenditures

 

 

2,724

 

 

 

297

 

 

 

179

 

 

 

14

 

 

 

—

 

 

 

3,214

 

Total assets (billions)

 

 

71.9

 

 

 

18.5

 

 

 

9.8

 

 

 

10.4

 

 

 

(6.0

)

 

 

104.6

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

2,489

 

 

$

892

 

 

$

306

 

 

$

(55

)

 

$

—

 

 

$

3,632

 

Intersegment revenue

 

 

—

 

 

 

1

 

 

 

2

 

 

 

234

 

 

 

(237

)

 

 

—

 

Total Operating Revenue

 

 

2,489

 

 

 

893

 

 

 

308

 

 

 

179

 

 

 

(237

)

 

 

3,632

 

Electric fuel and other energy-related purchases(1)

 

 

701

 

 

 

233

 

 

 

26

 

 

 

—

 

 

 

(1

)

 

 

959

 

Purchased electric capacity(1)

 

 

13

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12

 

Purchased gas(1)

 

 

—

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120

 

Other operations and maintenance(1)(2)

 

 

533

 

 

 

166

 

 

 

104

 

 

 

316

 

 

 

(234

)

 

 

885

 

Depreciation and amortization(1)

 

 

445

 

 

 

136

 

 

 

18

 

 

 

22

 

 

 

—

 

 

 

621

 

Other taxes(1)

 

 

93

 

 

 

75

 

 

 

14

 

 

 

22

 

 

 

(2

)

 

 

202

 

Total Operating Expenses

 

 

1,785

 

 

 

729

 

 

 

162

 

 

 

360

 

 

 

(237

)

 

 

2,799

 

Interest and related charges(1)

 

 

192

 

 

 

67

 

 

 

9

 

 

 

342

 

 

 

(36

)

 

 

574

 

Income tax expense (benefit)(1)

 

 

116

 

 

 

18

 

 

 

38

 

 

 

(117

)

 

 

—

 

 

 

55

 

Other income (expense)(3)

 

 

21

 

 

 

(1

)

 

 

(21

)

 

 

67

 

 

 

—

 

 

 

66

 

Interest income(3)

 

 

7

 

 

 

2

 

 

 

44

 

 

 

36

 

 

 

(36

)

 

 

53

 

Net Income From Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

118

 

 

 

—

 

 

 

118

 

Net Income (Loss) Attributable to
   Dominion Energy

 

 

424

 

 

 

80

 

 

 

122

 

 

 

(185

)

 

 

—

 

 

 

441

 

Capital expenditures

 

 

2,102

 

 

 

268

 

 

 

313

 

 

 

247

 

 

 

—

 

 

 

2,930

 

 

 

(1)
The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
(2)
Includes impairment of assets and other charges (benefits).
(3)
Items designated are other segment items for each reportable segment.
(4)
Excludes liability to Atlantic Coast Pipeline.
Virginia Electric and Power Company  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment

The following table presents segment information pertaining to Virginia Power’s operations:

 

Three Months Ended March 31,

 

Dominion Energy Virginia

 

 

Corporate and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

2,794

 

 

$

(29

)

 

$

2,765

 

Electric fuel and other energy-related purchases(1)

 

 

769

 

 

 

—

 

 

 

769

 

Purchased electric capacity(1)

 

 

7

 

 

 

—

 

 

 

7

 

Other operations and maintenance(1)(2)

 

 

559

 

 

 

97

 

 

 

656

 

Depreciation and amortization(1)

 

 

397

 

 

 

1

 

 

 

398

 

Other taxes(1)

 

 

97

 

 

 

—

 

 

 

97

 

Total Operating Expenses

 

 

1,829

 

 

 

98

 

 

 

1,927

 

Interest and related charges(1)

 

 

245

 

 

 

(2

)

 

 

243

 

Income tax expense (benefit)(1)

 

 

132

 

 

 

(40

)

 

 

92

 

Other income (expense)(3)

 

 

35

 

 

 

(16

)

 

 

19

 

Interest income(3)

 

 

6

 

 

 

—

 

 

 

6

 

Noncontrolling Interests

 

 

68

 

 

 

(22

)

 

 

46

 

Net Income (Loss) Attributable to Virginia Power

 

 

561

 

 

 

(79

)

 

 

482

 

Capital expenditures

 

 

2,724

 

 

 

—

 

 

 

2,724

 

Total assets (billions)

 

 

70.3

 

 

 

—

 

 

 

70.3

 

2024

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

2,489

 

 

$

—

 

 

$

2,489

 

Electric fuel and other energy-related purchases(1)

 

 

701

 

 

 

—

 

 

 

701

 

Purchased electric capacity(1)

 

 

13

 

 

 

—

 

 

 

13

 

Other operations and maintenance(1)(2)

 

 

533

 

 

 

(19

)

 

 

514

 

Depreciation and amortization(1)

 

 

445

 

 

 

3

 

 

 

448

 

Other taxes(1)

 

 

93

 

 

 

—

 

 

 

93

 

Total Operating Expenses

 

 

1,785

 

 

 

(16

)

 

 

1,769

 

Interest and related charges(1)

 

 

192

 

 

 

(2

)

 

 

190

 

Income tax expense(1)

 

 

116

 

 

 

12

 

 

 

128

 

Other income(3)

 

 

21

 

 

 

29

 

 

 

50

 

Interest income(3)

 

 

7

 

 

 

6

 

 

 

13

 

Net Income Attributable to Virginia Power

 

 

424

 

 

 

41

 

 

 

465

 

Capital expenditures

 

 

2,102

 

 

 

—

 

 

 

2,102

 

 

 

(1)
The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
(2)
Includes impairment of assets and other charges (benefits).
(3)
Items designated are other segment items for each reportable segment.
v3.25.1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [1] $ 355 $ 310 $ 306 $ 217 [2]
Cash and cash equivalents [3] 355 310 [4]    
Restricted cash and equivalents [2],[5],[6] 122 55 30 84
Restricted cash and equivalents     4 4
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 477 365 336 301
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 180 [7] 160 [7],[8] 119 90
Restricted cash and equivalents [2],[6] 114 46 6  
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 294 $ 206 $ 125 $ 90
[1] At March 31, 2024 and December 31, 2023, Dominion Energy had $41 million and $33 million, respectively, of cash and cash equivalents included in assets held for sale.
[2] Unless otherwise noted, restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
[3] See Note 15 for amounts attributable to VIEs.
[4] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[5] At both March 31, 2024 and December 31, 2023, Dominion Energy had $4 million of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other assets in Dominion Energy’s Consolidated Balance Sheets.
[6] Includes $108 million, $41 million and $6 million at VPFS attributable to VIEs at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
[7] See Note 15 for amounts attributable to VIEs.
[8] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [1] $ 355 $ 310 [2]    
Restricted cash and equivalents     $ 4 $ 4
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]     Other Assets, Current Other Assets, Current
VIE        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Restricted cash and equivalents $ 108 $ 41 $ 6  
Assets Held For Sale        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents     $ 41 $ 33
[1] See Note 15 for amounts attributable to VIEs.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Significant noncash investing and financing activities:    
Accrued capital expenditures [1] $ 1,037 $ 753
Leases [1],[2] 68 161
Virginia Electric and Power Company    
Significant noncash investing and financing activities:    
Accrued capital expenditures 851 566
Leases [3] $ 50 $ 142
[1] See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio Transaction.
[2] Includes $11 million and $26 million of financing leases at March 31, 2025 and 2024, respectively, and $57 million and $135 million of operating leases at March 31, 2025 and 2024, respectively.
[3] Includes $9 million and $22 million of financing leases at March 31, 2025 and 2024, respectively, and $41 million and $120 million of operating leases at March 31, 2025 and 2024, respectively.
v3.25.1
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule Of Supplemental Cash Flow Information [Line Items]    
Financing leases $ 11 $ 26
Operating leases 57 135
Virginia Electric and Power Company    
Schedule Of Supplemental Cash Flow Information [Line Items]    
Financing leases 9 22
Operating leases $ 41 $ 120
v3.25.1
Significant Accounting Policies (Narrative) (Detail)
Mar. 31, 2025
OSWP | Stonepeak  
Significant Accounting Policies [Line Items]  
Percentage of equity interest sold to noncontrolling interest owners 50.00%
v3.25.1
Acquisitions and Dispositions (Business Review Dispositions) (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Business Acquisition And Dispositions [Line Items]        
Income tax expense (benefit) [1] $ 55 $ 55    
Deferred income tax expense (benefit) $ 82 (237)    
East Ohio | Enbridge        
Business Acquisition And Dispositions [Line Items]        
Disposal group, total value of consideration       $ 6,600
Disposal group, cash consideration       4,300
Disposal group, indebtedness       $ 2,300
Disposal group, recognized a pre-tax loss   (97)    
Disposal group, loss recorded after tax   (109)    
Goodwill write-off   1,500    
Deferred income tax expense (benefit)     $ 29  
Questar Gas and Wexpro | Enbridge        
Business Acquisition And Dispositions [Line Items]        
Disposal group, recognized a pre-tax loss   78 236  
Disposal group, loss recorded after tax   78 231  
Income tax expense (benefit)   (5)    
Deferred income tax expense (benefit)   $ (10) $ 472  
[1] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
v3.25.1
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Income tax expense (benefit) $ (1) $ 54
Net income (loss) attributable to Dominion Energy $ (1) 118
East Ohio | Enbridge    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue [1]   229
Operating expense [1],[2]   247
Other income (expense) [1]   (17)
Interest and related charges [1]   15
Income (loss) before income taxes [1]   (50)
Income tax expense (benefit) [1]   11
Net income (loss) attributable to Dominion Energy [1],[3]   (61)
PSNC | Enbridge    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue [1]   298
Operating expense [1],[2]   158
Other income (expense) [1]   3
Interest and related charges [1]   14
Income (loss) before income taxes [1]   129
Income tax expense (benefit) [1]   31
Net income (loss) attributable to Dominion Energy [1],[3]   98
Questar Gas and Wexpro | Enbridge    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue [1]   695
Operating expense [1],[2]   575
Other income (expense) [1]   1
Interest and related charges [1]   16
Income (loss) before income taxes [1]   105
Income tax expense (benefit) [1]   84
Net income (loss) attributable to Dominion Energy [1],[3]   21
Other Sales    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue   0
Operating expense [2]   1
Other income (expense)   0
Interest and related charges   0
Income (loss) before income taxes   (1)
Income tax expense (benefit)   0
Net income (loss) attributable to Dominion Energy [3]   $ (1)
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
[2] East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
[3] Excludes $(69) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024.
v3.25.1
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Income tax expense (benefit) $ (1) $ 54
East Ohio, PSNC and Questar Gas    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Income tax expense (benefit)   (69)
East Ohio | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Income tax expense (benefit) [1]   11
Employee benefit plans   45
Employee benefit plans after tax   $ 33
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.25.1
Acquisitions and Dispositions - (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Significant noncash items    
Depreciation, depletion and amortization [1] $ 582 $ 621
Accrued capital expenditures [2] $ 1,037 753
East Ohio | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Capital expenditures [3]   65
Significant noncash items    
Depreciation, depletion and amortization [3]   0
PSNC | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Capital expenditures   82
Significant noncash items    
Depreciation, depletion and amortization   0
Accrued capital expenditures   55
Questar Gas and Wexpro | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Capital expenditures   100
Significant noncash items    
Depreciation, depletion and amortization   0
Accrued capital expenditures   20
Other Sales    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Capital expenditures   0
Significant noncash items    
Depreciation, depletion and amortization   0
Accrued capital expenditures   $ 0
[1] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[2] See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio Transaction.
[3] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.25.1
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers $ 4,085 $ 3,524
Other revenues [1],[2] (9) 108
Total operating revenue 4,076 3,632
Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1,569 1,365
Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [3] 1,238 1,094
Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 194 213
Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 308 257
Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 43 36
Nonregulated Electric Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 372 220
Regulated Gas Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 172 151
Regulated Gas Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 53 48
Regulated Gas Sales | Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 27 19
Regulated Gas Transportation and Storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 6 4
Other Regulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 44 88
Other Nonregulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[4],[5] 59 29
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 2,751 2,417
Other revenues [1],[2] 14 72
Total operating revenue 2,765 2,489
Virginia Electric and Power Company | Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1,224 1,052
Virginia Electric and Power Company | Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [3] 1,027 881
Virginia Electric and Power Company | Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 97 106
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 291 241
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 37 29
Virginia Electric and Power Company | Nonregulated Electric Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 23 14
Virginia Electric and Power Company | Other Regulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 39 84
Virginia Electric and Power Company | Other Nonregulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[4],[5] $ 13 $ 10
[1] Includes alternative revenue of $22 million and $28 million for the three months ended March 31, 2025 and 2024, respectively, at both Dominion Energy and Virginia Power.
[2] See Note 19 for amounts attributable to affiliates.
[3] Includes large scale users including certain data center customers.
[4] Includes revenue from transition services agreements of $27 million and $4 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy.
[5] Includes sales of renewable energy credits of $10 million and $5 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy and $4 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, at Virginia Power.
v3.25.1
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers $ 4,085 $ 3,524
Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 10 5
Transition services agreements    
Public Utilities General Disclosures [Line Items]    
Other revenues 27 4
Alternative Revenue Programs    
Public Utilities General Disclosures [Line Items]    
Other revenues 22 28
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 2,751 2,417
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 4 2
Virginia Electric and Power Company | Alternative Revenue Programs    
Public Utilities General Disclosures [Line Items]    
Other revenues $ 22 $ 28
v3.25.1
Operating Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Revenues From Contract With Customer [Line Items]      
Contract liability balances $ 39   $ 52
Revenue recognized from contract liability balances 49 $ 43  
Virginia Electric and Power Company      
Revenues From Contract With Customer [Line Items]      
Contract liability balances 34   $ 46
Revenue recognized from contract liability balances $ 46 $ 40  
v3.25.1
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Effective Income Tax Computation [Line Items]    
U.S. statutory rate 21.00% 21.00%
Increases (reductions) resulting from:    
State taxes, net of federal benefit 4.80% 2.80%
Investment tax credits (3.10%) (2.40%)
Production tax credits (6.10%) (1.80%)
Reversal of excess deferred income taxes (2.10%) (3.90%)
Remeasurements and settlements of uncertain tax positions (4.00%)  
AFUDC - equity (1.00%) (1.30%)
Absence of tax on noncontrolling interest (2.20%)  
Other, net 0.10% 0.10%
Effective tax rate 7.40% 14.50%
Virginia Electric and Power Company    
Effective Income Tax Computation [Line Items]    
U.S. statutory rate 21.00% 21.00%
Increases (reductions) resulting from:    
State taxes, net of federal benefit 4.40% 4.40%
Investment tax credits (0.90%) (0.70%)
Production tax credits (4.40%) (0.90%)
Reversal of excess deferred income taxes (1.90%) (1.70%)
AFUDC - equity (1.10%) (0.70%)
Absence of tax on noncontrolling interest (2.50%)  
Other, net 0.20% 0.20%
Effective tax rate 14.80% 21.60%
v3.25.1
Income Taxes (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Taxes [Line Items]    
Production tax credit $ 14 $ 0
Income tax (benefit) expense from discontinued operations (1) $ 54
Maximum    
Income Taxes [Line Items]    
Income tax (benefit) expense from discontinued operations 1  
Virginia Electric and Power Company    
Income Taxes [Line Items]    
Production tax credit 19  
Dominion Energy    
Income Taxes [Line Items]    
Effective tax rate income tax net benefit 18  
Remeasurement of unrecognized tax benefit $ 30  
v3.25.1
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income attributable to Dominion Energy from continuing operations $ 647 $ 323
Preferred stock dividends (see Note 16) (11) (20)
Net income attributable to Dominion Energy from continuing operations - Basic 636 303
Net income attributable to Dominion Energy from continuing operations - Diluted 636 303
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted $ (1) $ 118
Average shares of common stock outstanding – Basic 852.2 837.6
Net effect of dilutive securities [1] 0.0 0.0
Average shares of common stock outstanding – Diluted 852.2 837.6
EPS from continuing operations – Basic $ 0.75 $ 0.36
EPS from discontinued operations – Basic 0 0.14
Net income attributable to Dominion Energy 0.75 0.5
EPS from continuing operations – Diluted 0.75 0.36
EPS from discontinued operations – Diluted 0 0.14
Net income attributable to Dominion Energy $ 0.75 $ 0.5
[1] Dilutive securities for 2025 consists of certain forward sales agreements entered into in the fourth quarter of 2024 and first quarter of 2025 (applying the treasury stock method).
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [1] $ 27,253  
Total other comprehensive income (loss) 4 $ (7)
Ending balance 27,365  
Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [2] 22,214  
Total other comprehensive income (loss) (5) 3
Ending balance 22,692  
Total Derivative-Hedging Activities    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [3],[4] (171) (216)
Other comprehensive income (loss) before reclassifications: gains (losses) [3],[4] (16) 7
Income tax expense (benefit) [3],[4] (2) (4)
Total, net of tax [3],[4] 8 7
Total other comprehensive income (loss) [3],[4] (8) 14
Ending balance [3],[4] (179) (202)
Total Derivative-Hedging Activities | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [5],[6] 28 15
Other comprehensive income (loss) before reclassifications: gains (losses) [5],[6] (7) 7
Income tax expense (benefit) [6] 0 [3] 0 [5]
Total, net of tax [6] 0 [3] 0 [5]
Total other comprehensive income (loss) [5],[6] (7) 7
Ending balance [5],[6] 21 22
Total Derivative-Hedging Activities | Amounts reclassified from AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges (benefit) [3],[4] 10 11
Income (loss) before income tax expense [3],[4] 10 11
Total Derivative-Hedging Activities | Amounts reclassified from AOCI | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) [5],[6]   0
Income (loss) before income tax expense [6] 0 [5] 0 [3]
Investment Securities    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [7] (14) 0
Other comprehensive income (loss) before reclassifications: gains (losses) [7] 13 (26)
Income tax expense (benefit) [7] 0 (2)
Total, net of tax [7] 2 6
Total other comprehensive income (loss) [7] 15 (20)
Ending balance [7] 1 (20)
Investment Securities | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [8] (1) 1
Other comprehensive income (loss) before reclassifications: gains (losses) [8] 2 (5)
Income tax expense (benefit) [8] 0 (1)
Total, net of tax [8] 0 1
Total other comprehensive income (loss) [8] 2 (4)
Ending balance [8] 1 (3)
Investment Securities | Amounts reclassified from AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) [7] 2 8
Income (loss) before income tax expense [7] 2 8
Investment Securities | Amounts reclassified from AOCI | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) [8] 0 2
Income (loss) before income tax expense [8] 0 2
Pension and Other Postretirement Benefit Costs    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [9],[10] 29 43
Other comprehensive income (loss) before reclassifications: gains (losses) [9],[10] 0 0
Income tax expense (benefit) [9],[10] 0 3
Total, net of tax [9],[10] (3) (1)
Total other comprehensive income (loss) [9],[10] (3) (1)
Ending balance [9],[10] 26 42
Pension and Other Postretirement Benefit Costs | Amounts reclassified from AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) [9],[10] (3) (4)
Income (loss) before income tax expense [9],[10] (3) (4)
AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (156) (173)
Other comprehensive income (loss) before reclassifications: gains (losses) (3) (19)
Income tax expense (benefit) (2) (3)
Total, net of tax 7 12
Total other comprehensive income (loss) 4 (7)
Ending balance (152) (180)
AOCI | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance 27 16
Other comprehensive income (loss) before reclassifications: gains (losses) (5) 2
Income tax expense (benefit) 0 (1)
Total, net of tax 0 1
Total other comprehensive income (loss) (5) 3
Ending balance 22 19
AOCI | Amounts reclassified from AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges (benefit) 10 11
Other income (expense) (1) 4
Income (loss) before income tax expense 9 15
AOCI | Amounts reclassified from AOCI | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) 0 2
Income (loss) before income tax expense $ 0 $ 2
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Comprised entirely of interest rate derivative hedging activities.
[4] Net of $61 million, $58 million, $68 million and $73 million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
[5] Comprised entirely of interest rate derivative hedging activities.
[6] Net of $(7) million, $(10) million, $(7) million and $(5) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
[7] Net of $— million, $5 million, $6 million and $(2) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
[8] Net of $— million, $— million, $1 million and $— million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
[9] Comprised entirely of prior service cost.
[10] Net of $(9) million, $(9) million, $(10) million and $(14) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Total Derivative-Hedging Activities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax $ 61 $ 58 $ 68 $ 73
Total Derivative-Hedging Activities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax (7) (10) (7) (5)
Investment Securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax 0 5 6 (2)
Investment Securities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax 0   1  
Pension and Other Postretirement Benefit Costs        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax $ (9) $ (9) $ (10) $ (14)
v3.25.1
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / MMBTU
$ / MWh
Dec. 31, 2024
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets $ 1,064 $ 1,399
Fair Value of Derivative Liabilities 475 512
Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 112 375
Fair Value of Derivative Liabilities 183 225
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 8,765 9,259
Total liabilities 475 512
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 4,224 4,563
Total liabilities 183 225
Fair Value, Measurements, Recurring | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 401 494
Fair Value of Derivative Liabilities 150 123
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 63 115
Fair Value of Derivative Liabilities 45 33
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 284 399
Total liabilities 15 15
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 30 70
Total liabilities 4 2
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 284 399
Fair Value of Derivative Liabilities 15 15
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 30 70
Fair Value of Derivative Liabilities 4 $ 2
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] 11  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] $ 11  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [2] $ 19  
Fair Value of Derivative Liabilities [2] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [2] 19  
Fair Value of Derivative Liabilities [1],[2] $ 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (4)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (4)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (6)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (6)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 8  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 8  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 6  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 6  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [2],[3] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [2],[3] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [2],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [2],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [2] $ 178  
Fair Value of Derivative Liabilities [2] $ 11  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 29  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 30  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 117  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 117  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [2],[3] 48  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [2],[3] 55  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] $ 76  
Fair Value of Derivative Liabilities [1],[2] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Liabilities [1],[2] $ 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 3  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[4] 11.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 8  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[4] 74.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 4  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 4  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 4  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[3],[4] 44.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] (1)  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] (1)  
[1] Includes basis.
[2] Represents market prices beyond defined terms for Levels 1 and 2.
[3] Averages weighted by volume.
[4] Represents volatilities unrepresented in published markets.
v3.25.1
Fair Value Measurements (Narrative) (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unrealized gains (losses) included in operating revenue in Level 3 fair value category $ 13,000,000 $ (8,000,000)
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unrealized gains (losses) included in operating revenue in Level 3 fair value category $ 0 $ 0
v3.25.1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets $ 1,064 $ 1,399
Total derivative liabilities 475 512
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 112 375
Total derivative liabilities 183 225
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 8,765 9,259
Total liabilities 475 512
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 4,224 4,563
Total liabilities 183 225
Fair Value, Measurements, Recurring | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 5,188 5,405
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2,664 2,771
Fair Value, Measurements, Recurring | Equity securities: | International    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 162 165
Fair Value, Measurements, Recurring | Equity securities: | International | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 97 99
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 522 518
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 299 294
Fair Value, Measurements, Recurring | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,800 1,743
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,052 1,024
Fair Value, Measurements, Recurring | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 29 29
Fair Value, Measurements, Recurring | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 9 30
Total derivative liabilities 121 192
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 9 30
Total derivative liabilities 121 192
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 401 494
Total derivative liabilities 150 123
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 63 115
Total derivative liabilities 45 33
Fair Value, Measurements, Recurring | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 654 875
Total derivative liabilities 204 197
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 40 230
Total derivative liabilities 17 0
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 5,527 5,735
Total liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,850 2,953
Total liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 5,186 5,403
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2,662 2,769
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | International    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 162 165
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | International | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 97 99
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 150 138
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 91 85
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 29 29
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,954 3,125
Total liabilities 460 497
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1,344 1,540
Total liabilities 179 223
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2 2
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2 2
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | International    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | International | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 522 518
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 299 294
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,650 1,605
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 961 939
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 9 30
Total derivative liabilities 121 192
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 9 30
Total derivative liabilities 121 192
Fair Value, Measurements, Recurring | Level 2 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 117 95
Total derivative liabilities 135 108
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 33 45
Total derivative liabilities 41 31
Fair Value, Measurements, Recurring | Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 654 875
Total derivative liabilities 204 197
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 40 230
Total derivative liabilities 17 0
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 284 399
Total liabilities 15 15
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 30 70
Total liabilities 4 2
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | International    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | International | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 284 399
Total derivative liabilities 15 15
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 30 70
Total derivative liabilities 4 2
Fair Value, Measurements, Recurring | Level 3 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities $ 0 $ 0
[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $209 million and $212 million of assets at Dominion Energy, inclusive of $75 million and $76 million at Virginia Power, at March 31, 2025 and December 31, 2024, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
v3.25.1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 209 $ 212
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 75 $ 76
v3.25.1
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance $ 384 $ 86
Total realized and unrealized gains (losses):    
Operating Revenue 13 (8)
Included in earnings $ (25) $ (121)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Electric fuel and other energy-related purchases Electric fuel and other energy-related purchases
Included in regulatory assets/liabilities $ (107) $ 131
Settlements 4 76
Purchases 0 27
Ending balance 269 190
Virginia Electric and Power Company    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance 68 (116)
Total realized and unrealized gains (losses):    
Included in earnings $ (27) $ (119)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Electric fuel and other energy-related purchases Electric fuel and other energy-related purchases
Included in regulatory assets/liabilities $ (32) $ 77
Settlements 17 100
Purchases 0 20
Ending balance 26 (38)
Discontinued Operations    
Total realized and unrealized gains (losses):    
Included in earnings $ (0) $ (1)
v3.25.1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[2] $ 37,306 $ 34,533
Securitization bonds [2],[3] 1,217 1,217
Junior subordinated notes [1],[2] 3,222 3,223
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 35,292 32,167
Securitization bonds [3] 1,231 1,218
Junior subordinated notes [1] 3,337 3,372
Virginia Electric and Power Company | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 20,461 19,224
Securitization bonds [3] 1,217 1,217
Virginia Electric and Power Company | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[2] 19,010 17,578
Securitization bonds [2],[3] $ 1,231 $ 1,218
[1] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at March 31, 2025 and December 31, 2024.
[2] Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
[3] Carrying amount includes current portions included in securities due within one year.
v3.25.1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Supplemental line of credit facility borrowings expiration period 1 year  
Valuation of certain fair value hedges associated with fixed rate debt $ 0 $ 0
v3.25.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] $ 898 $ 1,157
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 277 301
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 621 856
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 82 357
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 18 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 64 312
Commodity Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 153 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 20
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 145 177
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 32 95
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 7 14
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 25 81
Commodity Contract | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 82 55
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 82 54
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 1
Commodity Contract | Exchange | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 1 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 1
Interest Rate Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 654 875
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 178 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 476 678
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 40 230
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 39 230
Foreign Currency Exchange Rate Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 9 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 0
Foreign Currency Exchange Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 9 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts $ 0 $ 0
[1] Excludes derivative assets of $166 million and $242 million at Dominion Energy and $30 million and $18 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or other similar arrangements.
v3.25.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 166 $ 242
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 30 $ 18
v3.25.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] $ 465 $ 505
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 277 301
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 14 20
Net Amounts 174 184
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 180 208
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 18 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 1 0
Net Amounts 161 163
Commodity Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 44 42
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 20
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 36 22
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 40 15
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 7 14
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 33 1
Commodity Contract | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 96 74
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 82 54
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 14 20
Net Amounts 0 0
Commodity Contract | Exchange | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 2 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 1 0
Net Amounts 0 0
Interest Rate Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 204 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 178 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 26 0
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 17 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 16 0
Foreign Currency Exchange Rate Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 121 192
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 112 162
Foreign Currency Exchange Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 121 192
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 112 $ 162
[1] Excludes derivative liabilities of $10 million and $7 million at Dominion Energy and $3 million and $17 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or similar arrangements.
v3.25.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 10 $ 7
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 3 $ 17
v3.25.1
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2025
USD ($)
MWh
Bcf
DKK (kr)
EUR (€)
Fixed Price - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity 23    
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity 23    
Basis - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [1] 192    
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [1] 151    
Fixed Price - Electricity - Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 16    
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 7    
Financial Transmission Rights - Electricity- Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 18    
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 18    
Interest Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [2] $ 1,137,000,000    
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [2] $ 112,000,000    
Foreign Currency Exchange Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment [2]   kr 1,944,000,000 € 106,000,000
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [2]   1,944,000,000 106,000,000
Fixed Price - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity 18    
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity 18    
Basis - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [1] 352    
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [1] 321    
Fixed Price - Electricity - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 32    
Interest Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [2] $ 12,476,000,000    
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [2] $ 3,363,000,000    
Foreign Currency Exchange Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment [2]   419,000,000 832,000,000
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [2]   kr 419,000,000 € 832,000,000
[1] Includes options.
[2] Maturity is determined based on final settlement period.
v3.25.1
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (179)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (28)
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax 21
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax 1
Interest Rate Contract  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (179)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (28)
Maximum Term 381 months
Interest Rate Contract | Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 21
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 1
Maximum Term 381 months
v3.25.1
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] $ 251 $ 436
Total noncurrent derivative assets [2] 813 963
Total derivative assets 1,064 1,399
Total current derivative liabilities [1] 207 207
Total noncurrent derivative liabilities [2] 268 305
Total derivative liabilities 475 512
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 54 248
Total noncurrent derivative assets [2] 58 127
Total derivative assets 112 375
Total current derivative liabilities [1] 122 139
Total noncurrent derivative liabilities [2] 61 86
Total derivative liabilities 183 225
Designated as Hedging Instrument | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 5 137
Total noncurrent derivative assets 35 93
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 30 0
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 5 137
Total noncurrent derivative assets 35 93
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 17 0
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 145 171
Total noncurrent derivative assets 256 323
Total current derivative liabilities 117 78
Total noncurrent derivative liabilities 33 45
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 40 84
Total noncurrent derivative assets 23 31
Total current derivative liabilities 44 32
Total noncurrent derivative liabilities 1 1
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 92 101
Total noncurrent derivative assets 522 544
Total current derivative liabilities 12 22
Total noncurrent derivative liabilities 162 175
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 9 27
Total noncurrent derivative assets 0 3
Total current derivative liabilities 78 107
Total noncurrent derivative liabilities 43 85
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 9 27
Total noncurrent derivative assets 0 3
Total current derivative liabilities 78 107
Total noncurrent derivative liabilities $ 43 $ 85
[1] Current derivative liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets.
[2] Noncurrent derivative assets are presented in other deferred charges and other assets and noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
v3.25.1
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] $ (21) $ 8
Amount of Gain (Loss) Reclassified From AOCI to Income (10) (11)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] (100) 88
Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] (9) 8
Amount of Gain (Loss) Reclassified From AOCI to Income 0 0
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] (101) 88
Interest Rate    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] (21) 8
Amount of Gain (Loss) Reclassified From AOCI to Income [3] (10) (11)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] (100) 88
Interest Rate | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] (9) 8
Amount of Gain (Loss) Reclassified From AOCI to Income [3] 0 0
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] $ (101) $ 88
[1] Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.
[2] Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
[3] Amounts recorded in the Companies’ Consolidated Statements of Income are classified in interest and related charges.
v3.25.1
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ (70) $ (174)
Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (46) (105)
Commodity | Operating Revenue    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (39) 76
Commodity | Operating Revenue | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (10) 41
Commodity | Electric Fuel and Other Energy-Related Purchases    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (34) (148)
Commodity | Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (36) (146)
Commodity | Discontinued operations    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 (24)
Interest Rate Contract | Interest And Related Charges    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ 3 $ (78)
[1] Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.
[2] Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
v3.25.1
Investments (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Feb. 29, 2024
Schedule of Equity Method Investments [Line Items]        
Earnings (loss) from equity method investees [1] $ (7)      
Net earnings (losses) from discontinued operations including noncontrolling interest [2] (1) $ 118    
Distributions received from investment   131    
Equity method affiliates includes cash and accrued amounts of contributions 1 3    
Investment company received distribution amount       $ 126
Discontinued operations        
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses) from discontinued operations including noncontrolling interest   (10)    
Atlantic Coast Pipeline        
Schedule of Equity Method Investments [Line Items]        
Earnings (loss) from equity method investees   (11)    
Atlantic Coast Pipeline | Other Current Liabilities        
Schedule of Equity Method Investments [Line Items]        
Current liabilities 6   $ 7  
Finite Lived Equity Method Investment Basis Difference        
Schedule of Equity Method Investments [Line Items]        
Carrying amount of investment that exceeded share of underlying equity 2 5    
Trading Securities        
Schedule of Equity Method Investments [Line Items]        
Rabbi trust securities 162   $ 160  
Maximum        
Schedule of Equity Method Investments [Line Items]        
Earnings (loss) from equity method investees   $ 1    
Distributions received from investment 1      
Maximum | Discontinued operations        
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses) from discontinued operations including noncontrolling interest (1)      
Maximum | Atlantic Coast Pipeline        
Schedule of Equity Method Investments [Line Items]        
Earnings (loss) from equity method investees $ (1)      
[1] Items designated are other segment items for each reportable segment.
[2] Includes income tax expense of less than $1 million and $54 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value $ 2,269  
Cash equivalents and other, Amortized Cost [1] 55 $ 65
Cash equivalents and other, Total Unrealized Gains [1] 0 0
Cash equivalents and other, Total Unrealized Losses [1] 0 0
Cash equivalents and other, Allowance for Credit Losses [1] 0 0
Cash equivalents and other, Fair Value [1] 55 65
Amortized Cost, Total 3,860 3,828
Total Unrealized Gains 4,064 4,281
Total Unrealized Losses [2] (45) (58)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 7,879 8,051 [3]
Net assets related to pending sales of securities 25 35
Fair value of securities in an unrealized loss position 779 1,400
Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value 1,352  
Cash equivalents and other, Amortized Cost [1] 13 22
Cash equivalents and other, Total Unrealized Gains [1] 0 0
Cash equivalents and other, Total Unrealized Losses [1] 0 0
Cash equivalents and other, Allowance for Credit Losses [1] 0 0
Cash equivalents and other, Fair Value [1] 13 22
Amortized Cost, Total 2,112 2,092
Total Unrealized Gains 2,117 2,227
Total Unrealized Losses [2] (29) (33)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 4,200 4,286 [4]
Net assets related to pending sales of securities 13 22
Fair value of securities in an unrealized loss position 481 796
Corporate Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 516 516
Fixed income securities Total Unrealized Gains [5] 8 6
Fixed income securities Total Unrealized Losses [5] (12) (15)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 512 507
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 305 303
Fixed income securities Total Unrealized Gains [5] 3 3
Fixed income securities Total Unrealized Losses [5] (9) (12)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 299 294
Government Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 1,765 1,736
Fixed income securities Total Unrealized Gains [5] 20 7
Fixed income securities Total Unrealized Losses [5] (28) (39)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 1,757 1,704
Government Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 1,057 1,038
Fixed income securities Total Unrealized Gains [5] 11 4
Fixed income securities Total Unrealized Losses [5] (16) (18)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 1,052 1,024
Insurance Contracts    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [6] 239 239
Fixed income securities Total Unrealized Gains [6] 0 0
Fixed income securities Total Unrealized Losses [6] 0 0
Fixed income securities Fair Value [6] 239 239
U.S.    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [7] 1,234 1,220
Equity securities Total Unrealized Gains [7] 3,927 4,157
Equity securities Total Unrealized Losses [7] (5) (4)
Equity securities Fair Value [7] 5,156 5,373
U.S. | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [7] 704 695
Equity securities Total Unrealized Gains [7] 2,038 2,155
Equity securities Total Unrealized Losses [7] (4) (3)
Equity securities Fair Value [7] 2,738 2,847
International    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [7] 51 52
Equity securities Total Unrealized Gains [7] 109 111
Equity securities Total Unrealized Losses [7] 0 0
Equity securities Fair Value [7] 160 163
International | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [7] 33 34
Equity securities Total Unrealized Gains [7] 65 65
Equity securities Total Unrealized Losses [7]   0
Equity securities Fair Value [7] $ 98 $ 99
[1] Dominion Energy includes pending sales of securities of $25 million and $35 million at March 31, 2025 and December 31, 2024, respectively. Virginia Power includes pending sales of securities of $13 million and $22 million at March 31, 2025, and December 31, 2024, respectively.
[2] Dominion Energy’s fair value of securities in an unrealized loss position was $779 million and $1.4 billion at March 31, 2025 and December 31, 2024, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $481 million and $796 million at March 31, 2025 and December 31, 2024, respectively.
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[5] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
[6] Includes company owned life insurance contracts measured at cash surrender value.
[7] Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
v3.25.1
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Net gains (losses) recognized during the period $ (239) $ 459
Less: Net (gains) losses recognized during the period on securities sold during the period 6 (10)
Unrealized gains (losses) recognized during the period on securities still held at period end [1] (233) 449
Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Net gains (losses) recognized during the period (121) 242
Less: Net (gains) losses recognized during the period on securities sold during the period 4 (9)
Unrealized gains (losses) recognized during the period on securities still held at period end [1] $ (117) $ 233
[1] Included in other income (expense) and the nuclear decommissioning trust regulatory liability.
v3.25.1
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail)
$ in Millions
Mar. 31, 2025
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 29
Due after one year through five years 590
Due after five years through ten years 382
Due after ten years 1,268
Total 2,269
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 19
Due after one year through five years 314
Due after five years through ten years 172
Due after ten years 847
Total $ 1,352
v3.25.1
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Available-for-sale Securities [Line Items]    
Proceeds from sales $ 931 $ 695
Realized gains 11 [1] 32
Realized losses 20 [1] 38
Virginia Electric and Power Company    
Schedule of Available-for-sale Securities [Line Items]    
Proceeds from sales 568 471
Realized gains 9 23 [1]
Realized losses $ 15 $ 23 [1]
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.25.1
Property, Plant and Equipment (Narrative) (Detail)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
MVA
Property, Plant and Equipment [Line Items]        
Noncontrolling Interests   $ 46 $ 0  
Income tax expense (benefit) [1]   55 55  
Virginia Electric and Power Company        
Property, Plant and Equipment [Line Items]        
Noncontrolling Interests   46 0  
Income tax expense (benefit) [2]   92 $ 128  
Virginia Electric and Power Company | CVOW Commercial Project        
Property, Plant and Equipment [Line Items]        
Anticipated projected cost   100    
Ownership percentage       50.00%
Charge for costs not expected to be recovered   45    
Noncontrolling Interests   22    
Income tax expense (benefit)   $ (6)    
Percentage of remaining construction costs, including contingency   6.00%    
Virginia Electric and Power Company | CVOW Commercial Project | End of 2026        
Property, Plant and Equipment [Line Items]        
Targeted capacity provided by legislation | MVA       2.6
Anticipated projected cost       $ 10,800
Virginia Electric and Power Company | CVOW Commercial Project | End of 2026 | Maximum        
Property, Plant and Equipment [Line Items]        
Anticipated projected cost   $ 400    
Virginia Electric and Power Company | CVOW Commercial Project | Scenario Forecast        
Property, Plant and Equipment [Line Items]        
Charge for costs not expected to be recovered $ 15      
Noncontrolling Interests $ 8      
[1] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[2] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
v3.25.1
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Regulatory Assets [Line Items]    
Regulatory assets-current [1] $ 996 $ 992 [2]
Regulatory assets-noncurrent [1] 8,341 8,288 [2]
Total regulatory assets 9,337 9,280
Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current [3] 659 697 [4]
Regulatory assets-noncurrent [3] 4,565 4,537 [4]
Total regulatory assets $ 5,224 5,234
Weighted Average    
Regulatory Assets [Line Items]    
Weighted average useful life 25 years  
Weighted Average | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Weighted average useful life 24 years  
SCANA    
Regulatory Assets [Line Items]    
Electric service customers over period 20 years  
Deferred cost of fuel used in electric generation    
Regulatory Assets [Line Items]    
Regulatory assets-current [5] $ 92 38
Regulatory assets-noncurrent [5] 146 0
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current [5] 0 3
Regulatory assets-noncurrent [5] 146 0
Securitized cost of fuel used in electric generation    
Regulatory Assets [Line Items]    
Regulatory assets-current [6] 119 124
Regulatory assets-noncurrent [6] 998 1,040
Securitized cost of fuel used in electric generation | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current [6] 119 124
Regulatory assets-noncurrent [6] 998 1,040
Deferred rider costs for Virginia electric utility    
Regulatory Assets [Line Items]    
Regulatory assets-current [7] 246 293
Regulatory assets-noncurrent [7] 621 651
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current [7] 246 293
Regulatory assets-noncurrent [7] 621 651
Ash pond and landfill closure costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [8] $ 112 108
Regulatory assets expected collection period commencing year 2021  
Ash pond and landfill closure costs | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current [8] $ 112 108
Ash pond and landfill closure costs | Minimum    
Regulatory Assets [Line Items]    
Regulatory assets amounts expected collection period 15 years  
Ash pond and landfill closure costs | Maximum    
Regulatory Assets [Line Items]    
Regulatory assets amounts expected collection period 18 years  
Deferred nuclear refueling outage costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [9] $ 89 97
Deferred nuclear refueling outage costs | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current [9] 79 80
NND Project Costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [10] 138 138
Regulatory assets-noncurrent [10] 1,776 1,811
CCR Remediation, Ash Pond and Landfill Closure Cost    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [8] 2,903 2,898
CCR Remediation, Ash Pond and Landfill Closure Cost | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [8] 2,560 2,560
Derivatives    
Regulatory Assets [Line Items]    
Regulatory assets-current [11] 36 8
Regulatory assets-noncurrent [11] 137 182
Derivatives | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current [11] 34 6
Regulatory assets-noncurrent [11] 103 148
Other    
Regulatory Assets [Line Items]    
Regulatory assets-current 164 186
Regulatory assets-noncurrent 716 666
Other | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current 69 83
Regulatory assets-noncurrent 137 138
Unrecognized Pension and Other Postretirement Benefit Costs    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [12] 486 486
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [12] 0 0
Interest rate hedges    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [13] 167 167
Interest rate hedges | Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [13] 0 0
AROs and related funding    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [14] $ 391 $ 387
Amortization period for deferred costs 105 years  
Deferred Project Costs | Maximum    
Regulatory Assets [Line Items]    
Amortization period for deferred costs 18 months  
[1] See Note 15 for amounts attributable to VIEs.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 15 for amounts attributable to VIEs.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[5] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.
[6] Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.
[7] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
[8] Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. In addition, the balance reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
[9] Primarily reflects deferred operation and maintenance costs at Virginia Power incurred in connection with the refueling of any nuclear-powered generating plant as required by Virginia legislation. Virginia Power deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
[10] Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
[11] Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
[12] Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries.
[13] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2025.
[14] Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
v3.25.1
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 512 $ 579 [1]
Regulatory liabilities-noncurrent 8,793 9,196 [1]
Total regulatory liabilities 9,305 9,775
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 294 385 [2]
Regulatory liabilities-noncurrent 6,277 6,574 [2]
Total regulatory liabilities $ 6,571 6,959
SCANA    
Regulatory Liabilities [Line Items]    
Estimation period of collection to be credited 11 years  
Electric service customers over period 20 years  
Deferred cost of fuel used in electric generation    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] $ 28 92
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 28 92
Provision for future cost of removal and AROs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 119 119
Regulatory liabilities-noncurrent [4] 1,856 1,809
Provision for future cost of removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 119 119
Regulatory liabilities-noncurrent [4] 1,259 1,210
Reserve for refunds and rate credits to electric utility customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 67 73
Regulatory liabilities-noncurrent [5] 146 161
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 0 0
Regulatory liabilities-noncurrent [5] 0 0
Income taxes refundable through future rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 81 88
Regulatory liabilities-noncurrent [6] 2,980 2,988
Income taxes refundable through future rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 64 64
Regulatory liabilities-noncurrent [6] 2,141 2,168
Monetization of guarantee settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [7] 67 67
Regulatory liabilities-noncurrent [7] $ 552 568
Electric service customers over period 20 years  
Derivatives    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] $ 61 51
Regulatory liabilities-noncurrent [8] 154 248
Derivatives | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] 25 30
Regulatory liabilities-noncurrent [8] 18 25
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 89 89
Regulatory liabilities-noncurrent 158 283
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 58 80
Regulatory liabilities-noncurrent 102 215
Nuclear decommissioning trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [9] 2,457 2,550
Nuclear decommissioning trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [9] 2,457 2,550
Interest rate hedges    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [10] 300 406
Interest rate hedges | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [10] 300 406
Overrecovered Other Postretirement Benefit Costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [11] $ 190 $ 183
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.
[4] Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
[5] Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order.
[6] Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted-average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
[7] Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.
[8] Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
[9] Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
[10] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2025.
[11] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
v3.25.1
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Billions
Mar. 31, 2025
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 6.1
Period for which expenditures are expected to be recovered 2 years
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 4.4
v3.25.1
Regulatory Matters (Narrative) (Detail)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2025
USD ($)
MW
Feb. 28, 2025
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
mi
kV
Oct. 31, 2024
USD ($)
MW
Apr. 30, 2020
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Apr. 30, 2025
USD ($)
$ / shares
Targeted To Reach By End Of Year Five [Member]                  
Public Utilities General Disclosures [Line Items]                  
Energy efficiency target percentage. based on energy savings from 2019 baseline           5.00%      
Virginia Regulation | 2025 Biennial Review                  
Public Utilities General Disclosures [Line Items]                  
Approved base rate increase effective January 2026 $ 458                
Approved base rate increase effective January 2027 $ 173                
Percentage of earned return 7.77%                
Authorized return percentage 9.70%                
Base rate increase effective January 2026 $ 822                
Base rate increase effective January 2027 $ 345                
Proposed base rates reflect an ROE 52.10%                
Common equity capitalization to total capitalization ratio 10.40%                
Virginia Electric and Power Company                  
Public Utilities General Disclosures [Line Items]                  
Percentage of energy savings target for 2026   3.00%              
Percentage of energy savings target for 2027   4.00%              
Percentage of energy savings target for 2028   5.00%              
Virginia Electric and Power Company | Impairment of Assets and Other Charges                  
Public Utilities General Disclosures [Line Items]                  
Impairment of assets and other charges (benefits)               $ (17)  
Impairment of assets and other charges (benefits) after tax               $ (12)  
Virginia Electric and Power Company | Utility Scale Solar                  
Public Utilities General Disclosures [Line Items]                  
Proposed cost of project         $ 605        
Targeted capacity provided by legislation | MW         208        
Virginia Electric and Power Company | Chesterfield Energy Reliability Center                  
Public Utilities General Disclosures [Line Items]                  
Proposed cost of project $ 1,500           $ 1,500    
Targeted capacity provided by legislation | MW 944                
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor                  
Public Utilities General Disclosures [Line Items]                  
Total revenue requirement $ 2,600                
Rate year beginning 2024-07                
Increase (decrease) in revenue requirement $ 860                
Estimated under-recovered balances 205                
Purchased capacity expense $ 120                
Virginia Electric and Power Company | Subsequent Event                  
Public Utilities General Disclosures [Line Items]                  
Common stock shares authorized but unissued shares                 $ 3,500
Common stock par value | $ / shares                 $ 0
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric DSM Programs                  
Public Utilities General Disclosures [Line Items]                  
Public energy efficiency programs cost rate adjustment approval request to recover amount     $ 46            
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel                  
Public Utilities General Disclosures [Line Items]                  
Rate year beginning   2025-05              
Application date   2025-02              
Proposed increase (decrease) in annual base fuel component recoveries             $ 154    
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Projects                  
Public Utilities General Disclosures [Line Items]                  
Application date       2024-12          
Type of Line | kV       230          
Miles of Lines | mi       17          
Cost Estimate       $ 55          
v3.25.1
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Rider CCR  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-04 [1]
Approval Date Pending [1]
Rate Year Beginning 2026-01 [1]
Total Revenue Requirement (millions) $ 166 [1],[2]
Increase (decrease) in revenue requirement $ (63) [1]
Rider CE  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-10 [3]
Approval Date April 2025 [3]
Rate Year Beginning 2025-05 [3]
Total Revenue Requirement (millions) $ 182 [2],[3]
Increase (decrease) in revenue requirement $ 49 [3]
Rider GEN  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-06 [4]
Approval Date February 2025 [4]
Rate Year Beginning 2025-04 [4]
Total Revenue Requirement (millions) $ 438 [2],[4]
Rider GEN One  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-06
Approval Date February 2025
Rate Year Beginning 2026-04
Total Revenue Requirement (millions) $ 311 [2]
Increase (decrease) in revenue requirement $ (127)
Rider GT  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-03
Approval Date Pending
Rate Year Beginning 2025-06
Total Revenue Requirement (millions) $ 283 [2]
Increase (decrease) in revenue requirement $ 138
[1] In connection with this application, Virginia Power also requests to extend existing rates for Rider CCR by one month through December 2025.
[2] In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $25 million as of March 31, 2025, and pending applications associated with other riders, including for the Chesterfield Energy Reliability Center described above, which if approved would result in a net annual revenue requirement increase of $53 million.
[3] Associated with two solar generation projects, two small-scale solar projects and 19 purchased power agreements in addition to previously approved Rider CE projects.
[4] Rider GEN includes $348 million in total revenue requirement related to the consolidation of Riders BW, GV and four other riders associated with generation facilities, ceasing the separate collection of rates under these riders effective April 1, 2025 and the extension of existing rates for Rider BW through March 2025. In addition, Virginia Power also received approval to recover costs associated with the Virginia LNG Storage Facility through Rider GEN described in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
v3.25.1
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Agreement
Project
Virginia Electric and Power Company  
Public Utilities, General Disclosures [Line Items]  
Additional total revenue requirement $ 25
Public utilities requested rate increase annual revenue of pending applications approval $ 53
Rider CE  
Public Utilities, General Disclosures [Line Items]  
Public utilities number of small scale solar project | Agreement 2
Public utilities number of power purchase agreements | Agreement 19
Rider CE | Virginia Electric and Power Company  
Public Utilities, General Disclosures [Line Items]  
Total revenue requirement $ 182 [1],[2]
Public utilities number of solar generation projects | Project 2
Consolidation of Riders BW, GV and Four Other Riders | Virginia Electric and Power Company  
Public Utilities, General Disclosures [Line Items]  
Total revenue requirement $ 348
[1] Associated with two solar generation projects, two small-scale solar projects and 19 purchased power agreements in addition to previously approved Rider CE projects.
[2] In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $25 million as of March 31, 2025, and pending applications associated with other riders, including for the Chesterfield Energy Reliability Center described above, which if approved would result in a net annual revenue requirement increase of $53 million.
v3.25.1
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
mi
kV
Rebuild and construct new Fentress-Yadkin transmission lines and related projects in the City of Chesapeake, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-06
Approval Date 2025-02
Type of Line | kV 500
Miles of Lines | mi 14
Cost Estimate | $ $ 205 [1]
Partial rebuild, reconductor and construct new Network Takeoff transmission lines and related projects in the Counties of Fairfax and Loudoun, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-07
Approval Date 2025-03
Type of Line | kV 230
Miles of Lines | mi 6
Cost Estimate | $ $ 170 [1]
Rebuild Aquia Harbour-Possum Point transmission lines and related projects in the Counties of Stafford and Prince William and the City of Fredericksburg, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-08
Approval Date 2025-03
Type of Line 500-230 kV
Miles of Lines | mi 32
Cost Estimate | $ $ 210 [1]
Construct new Technology Boulevard transmission lines, substation and related projects in Henrico County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-03
Type of Line | kV 230
Miles of Lines | mi 5
Cost Estimate | $ $ 60 [1]
Construct new Hornbaker transmission lines, switching station and related projects in Prince William County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-03
Type of Line | kV 230
Miles of Lines | mi 5
Cost Estimate | $ $ 95 [1]
Construct new Golden-Mars transmission lines and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-03
Type of Line 500-230 kV
Miles of Lines | mi 11
Cost Estimate | $ $ 525 [1]
Construct new Duval-Midlothian transmission lines, substation and related projects in Chesterfield County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-04
Type of Line 230 kV
Miles of Lines | mi 7
Cost Estimate | $ $ 125 [1]
[1] Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects applied for and currently pending approval with aggregate cost estimates of approximately $65 million.
v3.25.1
Leases (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2024
Mar. 31, 2025
Mar. 31, 2024
Leases Disclosure [Line Items]      
Payment of settlement of an agreement related to the offshore wind installation vessel under development $ 47    
Charge in connection with settlement of an agreement     $ 47
Charge in connection with settlement of an agreement, after tax     35
Power Purchase Arrangement      
Leases Disclosure [Line Items]      
Rental revenue   $ 4 $ 3
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]   Revenues Revenues
Depreciation expense   $ (1) $ (3)
v3.25.1
Variable Interest Entities (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Variable Interest Entity [Line Items]      
Payable to affiliates [1] $ 2,220   $ 2,291 [2]
Virginia Electric and Power Company      
Variable Interest Entity [Line Items]      
Payable to affiliates [3] 1,613   $ 1,688 [4]
Virginia Electric and Power Company | CVOW Commercial Project      
Variable Interest Entity [Line Items]      
Equity Method Investment, Ownership Percentage     50.00%
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES      
Variable Interest Entity [Line Items]      
Shared Services Purchased 155 $ 115  
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | Related Party      
Variable Interest Entity [Line Items]      
Payable to affiliates 51   $ 38
Variable Interest Entity Not Primary Beneficiary | OSWP [Member]      
Variable Interest Entity [Line Items]      
Payable to affiliates $ 6   $ 0
[1] See Note 10 for amounts attributable to related parties.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 19 for amounts attributable to affiliates.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Variable Interest Entities - Schedule of Balance Sheet Included Balances for VPFS and OSWP (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]        
Cash and cash equivalents [1] $ 355 $ 310 [2]    
Customer receivables [1] 2,045 2,169 [2]    
Regulatory assets-current [1] 996 992 [2]    
Property, plant and equipment 71,169 68,862 [2]    
Other Assets, Current [1] 671 584 [2]    
Regulatory assets-noncurrent [1] 8,341 8,288 [2]    
Other deferred charges and other assets [1] 6,125 5,959 [2]    
Total assets 104,555 102,415 [2]    
Securities due within one year [3] 2,070 1,725 [4]    
Accrued interest, payroll and taxes [3] 897 1,045 [4]    
Other current liabilities [5] 2,220 2,291 [4]    
Securitization bonds 39,949 37,525 [4]    
Other [3] 8,702 8,731 [4]    
Total liabilities 73,833 72,223 [4]    
Virginia Electric and Power Company        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 180 [6] 160 [6],[7] $ 119 $ 90
Customer receivables [6] 1,551 1,612 [7]    
Regulatory assets-current [6] 659 697 [7]    
Property, plant and equipment 54,514 52,517 [7]    
Other Assets, Current [6] 267 194 [7]    
Regulatory assets-noncurrent [6] 4,565 4,537 [7]    
Other deferred charges and other assets [6],[8] 2,986 2,789 [7]    
Total assets 70,303 68,387 [7]    
Securities due within one year [6] 1,298 548 [7]    
Accrued interest, payroll and taxes [6] 453 366 [7]    
Other current liabilities [8] 1,613 1,688 [7]    
Securitization bonds 20,527 20,038 [7]    
Other [6],[8] 6,320 6,300 [7]    
Total liabilities 44,254 43,234 [7]    
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company        
Variable Interest Entity [Line Items]        
Prepayments [9] 0 0    
Regulatory assets-current 119 124    
Other Assets, Current 108 41    
Regulatory assets-noncurrent 998 1,040    
Total assets 1,225 1,205    
Securities due within one year 163 163    
Accrued interest, payroll and taxes 37 10    
Securitization bonds 1,054 1,054    
Total liabilities 1,254 1,227    
Variable Interest Entity Not Primary Beneficiary | OSWP        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 159 70    
Customer receivables 0 0    
Prepayments [10] 7 10    
Regulatory assets-current 4 6    
Property, plant and equipment 6,632 5,844    
Regulatory assets-noncurrent 52 52    
Other deferred charges and other assets 0 0    
Total assets 6,854 5,982    
Accrued interest, payroll and taxes 0 0    
Other current liabilities 6 0    
Asset retirement obligations - noncurrent [11] 67 38    
Other 4 0    
Total liabilities $ 77 $ 38    
[1] See Note 15 for amounts attributable to VIEs.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 15 for amounts attributable to VIEs.
[4] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[5] See Note 10 for amounts attributable to related parties.
[6] See Note 15 for amounts attributable to VIEs.
[7] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[8] See Note 19 for amounts attributable to affiliates.
[9] Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets.
[10] Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets.
[11] Asset retirement obligation-noncurrent are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
v3.25.1
Significant Financing Transactions (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 7 Months Ended 12 Months Ended
Apr. 30, 2025
Feb. 28, 2025
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Mar. 31, 2023
Nov. 30, 2020
Nov. 30, 2017
Debt Instrument [Line Items]                      
Facility Limit [1]     $ 6,000,000,000   $ 6,000,000,000            
Short-term debt     2,084,000,000   $ 2,084,000,000 $ 2,500,000,000 [2]          
Line of credit issued     $ 0 $ 3,000,000,000              
Preferred stock shares authorized     20,000,000   20,000,000            
Dividend stock     $ 11,000,000 20,000,000              
Borrowings outstanding     0   $ 0 0          
Issuance of common stock     $ 35,000,000 $ 31,000,000              
Subsequent Event                      
Debt Instrument [Line Items]                      
Facility Limit $ 1,000,000,000                    
Line of credit facility, maturity date Apr. 30, 2026                    
Common Stock                      
Debt Instrument [Line Items]                      
Stock repurchased, shares     0                
Issuance of stock (in shares)     1,000,000 0              
Stock repurchase program, authorized amount     $ 900,000,000   $ 900,000,000         $ 1,000,000,000  
Series B Preferred Stock                      
Debt Instrument [Line Items]                      
Recorded dividend       $ 9,000,000              
Dividends per share       $ 11.625              
Various Programs                      
Debt Instrument [Line Items]                      
Issuance of common stock     $ 35,000,000 $ 31,000,000              
Issuance of stock (in shares)     1,000,000                
Various Programs | Maximum                      
Debt Instrument [Line Items]                      
Issuance of stock (in shares)       1,000,000              
Sales Agency Agreements to Effect Sales Under At-the-market Program | Maximum                      
Debt Instrument [Line Items]                      
Sale of stock authorized amount   $ 1,200,000,000                  
Forward Sale Agreements                      
Debt Instrument [Line Items]                      
Weighted average initial forward price per share     $ 55.34                
Forward sale agreements, number of shares of common stock to be settled     8,800,000   8,800,000            
Aggregate Forward Sale Agreement                      
Debt Instrument [Line Items]                      
Weighted average initial forward price per share         $ 56.62            
Forward sale agreements, number of shares of common stock to be settled     18,500,000   18,500,000            
Floating Rate Demand Notes                      
Debt Instrument [Line Items]                      
Short-term debt     $ 446,000,000   $ 446,000,000 439,000,000          
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes                      
Debt Instrument [Line Items]                      
Facility Limit                     $ 3,000,000,000
DESC                      
Debt Instrument [Line Items]                      
Facility Limit     500,000,000   500,000,000            
Short-term indebtedness outstanding     1,800,000,000                
DESC | Subsequent Event                      
Debt Instrument [Line Items]                      
Facility Limit $ 1,000,000,000                    
GENCO                      
Debt Instrument [Line Items]                      
Short-term indebtedness outstanding     300,000,000                
Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Facility Limit     6,000,000,000   6,000,000,000            
Short-term debt     $ 244,000,000   $ 244,000,000 $ 950,000,000 [3]          
Issuance of stock (in shares)     0 0              
Virginia Electric and Power Company | Subsequent Event                      
Debt Instrument [Line Items]                      
Facility Limit 3,000,000,000                    
Virginia Electric and Power Company | Senior Notes Due In 2035                      
Debt Instrument [Line Items]                      
Debt instrument maturity year     2035                
Interest Rate     5.15%   5.15%            
Debt issued amount     $ 625,000,000   $ 625,000,000            
Virginia Electric and Power Company | Senior Notes Due In 2055                      
Debt Instrument [Line Items]                      
Debt instrument maturity year     2055                
Interest Rate     5.65%   5.65%            
Debt issued amount     $ 625,000,000   $ 625,000,000            
Dominion Energy | Series C Preferred Stock                      
Debt Instrument [Line Items]                      
Preferred stock shares outstanding     1,000,000   1,000,000 1,000,000          
Dividend stock     $ 11,000,000 $ 11,000,000              
Preferred stock dividend per share     $ 10.875 $ 10.875              
Dominion Energy | Senior Notes Due In February 2024                      
Debt Instrument [Line Items]                      
Recorded interest expense       $ 10,000,000              
Dominion Energy | Senior Notes Due In 2030                      
Debt Instrument [Line Items]                      
Debt instrument maturity year     2030                
Interest Rate     5.00%   5.00%            
Debt issued amount     $ 800,000,000   $ 800,000,000            
Dominion Energy | Senior Notes Due In 2035                      
Debt Instrument [Line Items]                      
Debt instrument maturity year     2035                
Interest Rate     5.45%   5.45%            
Debt issued amount     $ 700,000,000   $ 700,000,000            
DESC | First Mortgage Bonds Due in 2035                      
Debt Instrument [Line Items]                      
Interest Rate             5.30%        
Debt issued amount             $ 450,000,000        
Joint Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Facility Limit     6,000,000,000   6,000,000,000            
Joint Revolving Credit Facility | Subsequent Event                      
Debt Instrument [Line Items]                      
Facility Limit 7,000,000,000                    
Letter of Credit                      
Debt Instrument [Line Items]                      
Facility Limit                 $ 100,000,000    
Letters of credit issued and outstanding     44,000,000   44,000,000 $ 48,000,000          
Letter of Credit | Credit Facility, Maturing in June 2024                      
Debt Instrument [Line Items]                      
Facility Limit               $ 275,000,000      
Letters of credit issued and outstanding     89,000,000   89,000,000 88,000,000          
Letter of Credit | Credit Facility Maturing In April 2030 | Subsequent Event                      
Debt Instrument [Line Items]                      
Facility Limit $ 3,000,000,000                    
Line of credit facility, maturity date Apr. 30, 2030                    
Letter of Credit | Credit Facility Maturing In June 2026                      
Debt Instrument [Line Items]                      
Facility Limit     $ 2,000,000,000   2,000,000,000            
Line of credit facility, maturity date     Jun. 30, 2026                
Letter of Credit | Credit Facility in January 2025                      
Debt Instrument [Line Items]                      
Facility Limit             150,000,000        
Letters of credit issued and outstanding     $ 52,000,000   52,000,000            
Letter of Credit | Credit Facility Through March 2025                      
Debt Instrument [Line Items]                      
Letters of credit issued and outstanding     50,000,000   50,000,000            
Letter of Credit | DESC | Credit Facility, Maturing in June 2024                      
Debt Instrument [Line Items]                      
Letters of credit issued and outstanding     89,000,000   89,000,000 88,000,000          
Letter of Credit | DESC | Credit Facility in January 2025                      
Debt Instrument [Line Items]                      
Facility Limit             50,000,000        
Letter of Credit | Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Facility Limit     3,000,000,000   3,000,000,000       $ 300,000,000    
Line of credit issued     161,000,000     112,000,000          
Letter of Credit | Virginia Electric and Power Company | Credit Facility, Maturing in June 2024                      
Debt Instrument [Line Items]                      
Facility Limit               $ 275,000,000      
Letters of credit issued and outstanding     78,000,000   78,000,000 $ 77,000,000          
Letter of Credit | Virginia Electric and Power Company | Credit Facility in January 2025                      
Debt Instrument [Line Items]                      
Facility Limit             $ 100,000,000        
Letters of credit issued and outstanding     50,000,000   50,000,000            
Line of Credit Sub-limit [Member] | Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Facility Limit     $ 1,750,000,000   $ 1,750,000,000            
Sustainability Revolving Credit Facility | Credit Facility Maturing In June 2025 | Subsequent Event                      
Debt Instrument [Line Items]                      
Facility Limit $ 900,000,000                    
Line of credit facility, maturity date Apr. 30, 2028                    
Sustainability Revolving Credit Facility | Credit Facility Maturing In April 2028 | Subsequent Event                      
Debt Instrument [Line Items]                      
Facility Limit $ 1,000,000,000                    
Line of credit facility, maturity date Apr. 30, 2030                    
[1] This credit facility, as amended in April 2025, matures in April 2030, with the potential to be extended by the borrowers to April 2032, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $3.0 billion of letters of credit
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail)
Mar. 31, 2025
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1]
Outstanding Commercial Paper 1,638,000,000 [1]
Outstanding Letters of Credit 7,000,000 [1]
Facility Capacity Available 4,355,000,000 [1]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000
Outstanding Commercial Paper 244,000,000
Outstanding Letters of Credit $ 7,000,000
[1] This credit facility, as amended in April 2025, matures in April 2030, with the potential to be extended by the borrowers to April 2032, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $3.0 billion of letters of credit
v3.25.1
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) - USD ($)
Mar. 31, 2025
Mar. 31, 2023
Line of Credit Facility [Line Items]    
Facility Limit [1] $ 6,000,000,000  
Virginia Electric and Power Company    
Line of Credit Facility [Line Items]    
Facility Limit 6,000,000,000  
Letter of Credit Matures in April 2032    
Line of Credit Facility [Line Items]    
Facility Limit 3,000,000,000  
Line of Credit Sub-Limit | Virginia Electric and Power Company    
Line of Credit Facility [Line Items]    
Facility Limit 1,750,000,000  
Letter of Credit    
Line of Credit Facility [Line Items]    
Facility Limit   $ 100,000,000
Letter of Credit | Virginia Electric and Power Company    
Line of Credit Facility [Line Items]    
Facility Limit $ 3,000,000,000 $ 300,000,000
[1] This credit facility, as amended in April 2025, matures in April 2030, with the potential to be extended by the borrowers to April 2032, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $3.0 billion of letters of credit
v3.25.1
Commitments and Contingencies (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2024
Oct. 31, 2020
Apr. 30, 2017
Petition
Aug. 31, 2016
T
Mar. 31, 2025
USD ($)
Indicator
Site
Facility
gal
Dec. 31, 2024
USD ($)
Virginia Electric and Power Company | EPA and State Regulatory Agencies            
Loss Contingencies [Line Items]            
Number of facilities to assess the applicability of section 316(b) | Facility         3  
Hydroelectric Facilities | EPA and State Regulatory Agencies            
Loss Contingencies [Line Items]            
Number of facilities to assess the applicability of section 316(b) | Facility         8  
Unfavorable Regulatory Action | EPA            
Loss Contingencies [Line Items]            
Electric generating station facilities water withdrawals per day | gal         2,000,000  
Electric generating station facilities heightened entrainment analysis per day | gal         125,000,000  
Carbon Regulations            
Loss Contingencies [Line Items]            
Public Utilities Significant Emission Rate Per Year CO2 Equivalent | T       75,000    
CWA | Unfavorable Regulatory Action            
Loss Contingencies [Line Items]            
Number of mandatory facility-specific factors | Indicator         5  
Number of optional facility-specific factors | Indicator         6  
Number of facilities that are subject to final regulations | Facility         14  
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category            
Loss Contingencies [Line Items]            
Number of separate petitions for reconsideration granted | Petition     2      
Loss contingencies facility retirement period 2034          
CWA | Unfavorable Regulatory Action | EPA | Minimum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category            
Loss Contingencies [Line Items]            
Loss contingencies individual circumstances period   2021        
CWA | Unfavorable Regulatory Action | EPA | Maximum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category            
Loss Contingencies [Line Items]            
Loss contingencies individual circumstances period 2029 2028        
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company            
Loss Contingencies [Line Items]            
Number of facilities that are subject to final regulations | Facility         8  
Waste Management and Remediation | Unfavorable Regulatory Action | EPA            
Loss Contingencies [Line Items]            
Number of sites remediation work substantially completed | Site         4  
Number of additional sites which are not under investigation | Site         3  
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program            
Loss Contingencies [Line Items]            
Environmental remediation reserves | $         $ 56 $ 56
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA            
Loss Contingencies [Line Items]            
Number of sites with remediation plans | Site         1  
Number of additional sites which are not under investigation | Site         2  
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program            
Loss Contingencies [Line Items]            
Environmental remediation reserves | $         $ 50 50
Other Legal Matters | East Ohio            
Loss Contingencies [Line Items]            
Offsetting reserve and insurance receivable | $         $ 30 $ 30
v3.25.1
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail)
Mar. 31, 2025
USD ($)
Guarantee Obligations [Line Items]  
Guarantee liability $ 3,794,000,000 [1],[2]
Guarantee obligations additional guarantees 20,000,000
Cove Point  
Guarantee Obligations [Line Items]  
Guarantee obligations cumulative maximum exposure 1,900,000,000
Surety Bond  
Guarantee Obligations [Line Items]  
Guarantee liability 350,000,000
Surety Bond | Virginia Electric and Power Company  
Guarantee Obligations [Line Items]  
Guarantee liability $ 279,000,000
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
[2] In July 2016, Dominion Energy signed an agreement (subsequently amended) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced an initial five-year lease term in August 2019, with certain options at the end of the term to extend the lease, purchase or sell the property. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor equal to the recorded lease balance.
v3.25.1
Commitments and Contingencies (Schedule of Subsidiary Guarantees) (Detail)
Mar. 31, 2025
USD ($)
Guarantee Obligations [Line Items]  
Maximum Exposure $ 3,794,000,000 [1],[2]
Commodity Transactions  
Guarantee Obligations [Line Items]  
Maximum Exposure 2,726,000,000 [3]
Nuclear Obligations  
Guarantee Obligations [Line Items]  
Maximum Exposure 189,000,000 [4]
Solar  
Guarantee Obligations [Line Items]  
Maximum Exposure 85,000,000 [5]
Other  
Guarantee Obligations [Line Items]  
Maximum Exposure $ 794,000,000 [6]
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.
[2] In July 2016, Dominion Energy signed an agreement (subsequently amended) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced an initial five-year lease term in August 2019, with certain options at the end of the term to extend the lease, purchase or sell the property. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor equal to the recorded lease balance.
[3] Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
[4] Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
[5] Includes guarantees to facilitate the development of solar projects.
[6] Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
v3.25.1
Commitments and Contingencies (Schedule of Subsidiary Guarantees) (Parenthetical) (Detail) - Lessor - New Corporate Office - Agreement with Lessor to Construct and Lease Corporate Office Property
 1 Months Ended
Jul. 31, 2024
Jul. 31, 2016
Mar. 31, 2025
Guarantee Obligations [Line Items]      
Lease commenced term   5 years  
Lease commencement period   2019-08  
Lessee, operating Lease, existence of option to extend true    
Lessee operating lease extended maturity period 2029-07    
Minimum      
Guarantee Obligations [Line Items]      
Lease extend term     1 year
v3.25.1
Credit Risk (Narrative) (Detail)
 3 Months Ended
Mar. 31, 2025
USD ($)
Counterparty
Dec. 31, 2024
USD ($)
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 144,000,000  
Number of counterparties | Counterparty 0  
Amount of exposure for single counterparty $ 56,000,000  
Additional collateral to be posted if the credit related contingent features were triggered 35,000,000 $ 13,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 35,000,000 13,000,000
Letter of credit as collateral posted for derivatives in liability position 0 0
Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 26,000,000  
Number of counterparties | Counterparty 0  
Amount of exposure for single counterparty $ 10,000,000  
Additional collateral to be posted if the credit related contingent features were triggered 33,000,000 12,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 33,000,000 12,000,000
Letter of credit as collateral posted for derivatives in liability position $ 0 $ 0
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 32.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 85.00%  
v3.25.1
Related-Party Transactions (Narrative) (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]      
Borrowing Interest Charges $ 14,000,000    
Dividend paid 569,000,000 $ 559,000,000  
Maximum      
Related Party Transaction [Line Items]      
Borrowing Interest Charges   $ 1,000,000  
Virginia Electric and Power Company      
Related Party Transaction [Line Items]      
Affiliated current borrowings 1,675,000,000   $ 500,000,000 [1]
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries $ 0   0
Issuance of stock (in shares) 0 0  
Dividend declared     407,000,000
Dividend paid $ 407,000,000    
Virginia Electric and Power Company | Affiliated Entity      
Related Party Transaction [Line Items]      
Derivative assets 30,000,000   19,000,000
Derivative liabilities 3,000,000   17,000,000
Virginia Electric and Power Company | Affiliated Entity | Pension Benefits | Amounts Associated With Dominion Pension Plan      
Related Party Transaction [Line Items]      
Other deferred credits and other liabilities 527,000,000   505,000,000
Virginia Electric and Power Company | Affiliated Entity | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan      
Related Party Transaction [Line Items]      
Amounts due from Dominion, noncurrent 675,000,000   663,000,000
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements      
Related Party Transaction [Line Items]      
Affiliated current borrowings $ 1,700,000,000   $ 500,000,000
[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]    
Services provided to affiliates $ 4,076 $ 3,632
Virginia Electric and Power Company    
Related Party Transaction [Line Items]    
Commodity purchases from affiliates 366 198
Services provided to affiliates [1] 2,765 [2] 2,489
Virginia Electric and Power Company | Related Party    
Related Party Transaction [Line Items]    
Services provided by affiliates [3] 209 155
Services provided to affiliates $ 4 $ 4
[1] See Note 19 for amounts attributable to affiliates.
[2] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
[3] Includes capitalized expenditures of $75 million and $53 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]    
Capital expenditures $ 2,669 $ 2,058
Services provided by affiliates | Affiliated Entity    
Related Party Transaction [Line Items]    
Capital expenditures $ 75 $ 53
v3.25.1
Employee Benefit Plans (Components of Provision for Net Periodic Benefit Cost (Credit)) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 19 $ 22
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Interest cost $ 108 $ 109
Expected return on plan assets (169) (204)
Amortization of prior service cost (credit) 0 0
Amortization of net actuarial (gain) loss 0 (170)
Curtailments 0 (31)
Plan amendment 0 22
Net periodic benefit (credit) cost (42) (252)
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 3 $ 3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Interest cost $ 14 $ 14
Expected return on plan assets (40) (42)
Amortization of prior service cost (credit) (6) (9)
Amortization of net actuarial (gain) loss 0 (32)
Curtailments 0 (4)
Plan amendment 0 0
Net periodic benefit (credit) cost $ (29) $ (70)
v3.25.1
Employee Benefit Plans (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined contribution plan operating expenses within discontinued operations   $ 23  
Defined contribution plan operating expenses within discontinued operations after tax   17  
Defined contribution plan other operations and maintenance expense   13  
Defined contribution plan other operations and maintenance expense after tax   10  
Expected contributions to qualified defined benefit pension plans for remainder of fiscal year $ 22    
East Ohio      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Remeasured pension and other postretirement benefit plans amount   202  
Remeasured pension and other postretirement benefit plans after tax amount   151  
Discontinued Operations      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost   3  
Non-service cost (credit)   14  
Other Postretirement Benefits Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 3 3  
Other Postretirement Benefits Plan | Minimum | East Ohio      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Remeasurement, discount rate     5.61%
Other Postretirement Benefits Plan | Maximum | East Ohio      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Remeasurement, discount rate     5.62%
Pension Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Contributions to qualified defined benefit pension plans 1    
Service cost $ 19 $ 22  
Pension Benefits | East Ohio      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Remeasurement, discount rate   5.62%  
v3.25.1
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Gain (loss) on investments $ (116) $ 294
Charge in connection with settlement of an agreement   47
Charge in connection with settlement of an agreement, after tax   35
Operating Segments    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) (151) 124
Gain (loss) on investments (132) 266
Gain (loss) on investments, after tax $ (95) $ 202
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Corporate and Other | Operating Segments    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) $ (176) $ (185)
After- tax net benefits (expenses) for specific items (157) (44)
Contracted Energy | Operating Segments    
Segment Reporting Information [Line Items]    
Gain (loss) on investments, after tax (84) 175
Gain (loss) related to economic hedging activities 28 (61)
Gain (loss) related to economic hedging activities after tax 21 (47)
Charge in connection with settlement of an agreement   47
Charge in connection with settlement of an agreement, after tax   35
Dominion Energy Virginia | Operating Segments    
Segment Reporting Information [Line Items]    
Gain (loss) on investments, after tax $ (11) $ 27
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Share of costs not expected to be recovered from customers on the CVOW commercial project $ 23  
Share of costs not expected to be recovered from customers on the CVOW commercial project, after tax 17  
Loss associated with severe weather events 82  
Loss associated with severe weather events, after-tax $ 61  
v3.25.1
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
 [6]
Segment Reporting Information [Line Items]      
Operating Revenue $ 4,076 $ 3,632  
Electric fuel and other energy-related purchases [1] 962 959  
Purchased electric capacity [1] 9 12  
Purchased gas [1] 147 120  
Other operations and maintenance [1],[2] 944 885  
Depreciation and amortization [1] 582 621  
Other taxes [1] 209 202  
Total operating expenses 2,853 2,799  
Interest and related charges [1] 480 574  
Income tax expense (benefit) [1] 55 55  
Equity in earnings (losses) of equity method investees [3] (7)    
Other income (expense) [3] (23) 66  
Interest income [3] 35 53  
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests [4] (1) 118  
Noncontrolling Interests 46 0  
Net income (loss) attributable to Dominion Energy 646 441  
Investment in equity method investees 132 [5]   $ 138
Capital expenditures 3,214 2,930  
Total assets 104,555   $ 102,415
Operating Segments      
Segment Reporting Information [Line Items]      
Total revenue from external customers 4,076 3,632  
Adjustments & Eliminations      
Segment Reporting Information [Line Items]      
Operating Revenue (314) (237)  
Electric fuel and other energy-related purchases [1] (3) (1)  
Purchased electric capacity [1] 0 0  
Purchased gas [1] 0 0  
Other operations and maintenance [1],[2] (308) (234)  
Depreciation and amortization [1] 0 0  
Other taxes [1] (3) (2)  
Total operating expenses (314) (237)  
Interest and related charges [1] (49) (36)  
Income tax expense (benefit) [1] 0 0  
Equity in earnings (losses) of equity method investees [3] 0    
Other income (expense) [3] 0 0  
Interest income [3] (49) (36)  
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests 0 0  
Noncontrolling Interests 0    
Net income (loss) attributable to Dominion Energy 0 0  
Investment in equity method investees [5] 0    
Capital expenditures 0 0  
Total assets (6,000)    
Intersegment revenue      
Segment Reporting Information [Line Items]      
Operating Revenue 0 0  
Adjustments & Eliminations      
Segment Reporting Information [Line Items]      
Operating Revenue (314) (237)  
Eliminations      
Segment Reporting Information [Line Items]      
Total revenue from external customers 0 0  
Dominion Energy Virginia | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenue from external customers 2,795 2,489  
Operating Revenue 2,794 2,489  
Electric fuel and other energy-related purchases [1] 769 701  
Purchased electric capacity [1] 7 13  
Purchased gas [1] 0 0  
Other operations and maintenance [1],[2] 559 533  
Depreciation and amortization [1] 397 445  
Other taxes [1] 97 93  
Total operating expenses 1,829 1,785  
Interest and related charges [1] 245 192  
Income tax expense (benefit) [1] 132 116  
Equity in earnings (losses) of equity method investees [3] 0    
Other income (expense) [3] 35 21  
Interest income [3] 6 7  
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests 0 0  
Noncontrolling Interests 68    
Net income (loss) attributable to Dominion Energy 561 424  
Investment in equity method investees [5] 0    
Capital expenditures 2,724 2,102  
Total assets 71,900    
Dominion Energy Virginia | Intersegment revenue      
Segment Reporting Information [Line Items]      
Operating Revenue (1) 0  
Dominion Energy South Carolina | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenue from external customers 949 892  
Operating Revenue 951 893  
Electric fuel and other energy-related purchases [1] 167 233  
Purchased electric capacity [1] 2 (1)  
Purchased gas [1] 147 120  
Other operations and maintenance [1],[2] 178 166  
Depreciation and amortization [1] 141 136  
Other taxes [1] 79 75  
Total operating expenses 714 729  
Interest and related charges [1] 71 67  
Income tax expense (benefit) [1] 18 18  
Equity in earnings (losses) of equity method investees [3] 0    
Other income (expense) [3] (0) (1)  
Interest income [3] 4 2  
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests 0 0  
Noncontrolling Interests 0    
Net income (loss) attributable to Dominion Energy 152 80  
Investment in equity method investees [5] 0    
Capital expenditures 297 268  
Total assets 18,500    
Dominion Energy South Carolina | Intersegment revenue      
Segment Reporting Information [Line Items]      
Operating Revenue 2 1  
Contracted Energy | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenue from external customers 304 306  
Operating Revenue 307 308  
Electric fuel and other energy-related purchases [1] 29 26  
Purchased electric capacity [1] 0 0  
Purchased gas [1] 0 0  
Other operations and maintenance [1],[2] 111 104  
Depreciation and amortization [1] 22 18  
Other taxes [1] 15 14  
Total operating expenses 177 162  
Interest and related charges [1] 8 9  
Income tax expense (benefit) [1] 35 38  
Equity in earnings (losses) of equity method investees [3] 0    
Other income (expense) [3] (7) (21)  
Interest income [3] 29 44  
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests 0 0  
Noncontrolling Interests 0    
Net income (loss) attributable to Dominion Energy 109 122  
Investment in equity method investees [5] 91    
Capital expenditures 179 313  
Total assets 9,800    
Contracted Energy | Intersegment revenue      
Segment Reporting Information [Line Items]      
Operating Revenue 3 2  
Corporate and Other | Operating Segments      
Segment Reporting Information [Line Items]      
Total revenue from external customers 28 (55)  
Operating Revenue 338 179  
Electric fuel and other energy-related purchases [1] 0 0  
Purchased electric capacity [1] 0 0  
Purchased gas [1] 0 0  
Other operations and maintenance [1],[2] 404 316  
Depreciation and amortization [1] 22 22  
Other taxes [1] 21 22  
Total operating expenses 447 360  
Interest and related charges [1] 205 342  
Income tax expense (benefit) [1] (130) (117)  
Equity in earnings (losses) of equity method investees [3] (7)    
Other income (expense) [3] (51) 67  
Interest income [3] 45 36  
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests (1) 118  
Noncontrolling Interests (22)    
Net income (loss) attributable to Dominion Energy (176) (185)  
Investment in equity method investees [5] 41    
Capital expenditures 14 247  
Total assets 10,400    
Corporate and Other | Intersegment revenue      
Segment Reporting Information [Line Items]      
Operating Revenue $ 310 $ 234  
[1] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[2] Includes impairment of assets and other charges (benefits).
[3] Items designated are other segment items for each reportable segment.
[4] Includes income tax expense of less than $1 million and $54 million for the three months ended March 31, 2025 and 2024, respectively.
[5] Excludes liability to Atlantic Coast Pipeline.
[6] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
v3.25.1
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Gain (loss) on investments $ (116) $ 294
Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Gain (loss) on investments (11) 39
Operating Segments    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) (151) 124
Gain (loss) on investments (132) 266
Gain (loss) on investments, after tax $ (95) $ 202
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Operating Segments | Corporate and Other    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) $ (176) $ (185)
After- tax net benefits (expenses) for specific items (157) (44)
Operating Segments | Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Loss associated with severe weather events 82  
Loss associated with severe weather events, after-tax 61  
Share of costs not expected to be recovered from customers on the CVOW commercial project 23  
Share of costs not expected to be recovered from customers on the CVOW commercial project, after tax 17  
Gain (loss) on investments (14) 37
Gain (loss) on investments, after tax $ (11) $ 27
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Operating Segments | Virginia Electric and Power Company | Corporate and Other    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) $ (79) $ 41
After- tax net benefits (expenses) for specific items $ (88) $ 39
v3.25.1
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]      
Operating Revenue $ 4,076 $ 3,632  
Electric fuel and other energy-related purchases [1] 962 959  
Purchased electric capacity [1] 9 12  
Other operations and maintenance [1],[2] 944 885  
Depreciation and amortization [1] 582 621  
Other taxes [1] 209 202  
Total operating expenses 2,853 2,799  
Interest and related charges [1] 480 574  
Income tax expense (benefit) [1] 55 55  
Other income (expense) [3] (23) 66  
Interest income [3] 35 53  
Noncontrolling Interests 46 0  
Net Income (Loss) 646 441  
Capital expenditures 3,214 2,930  
Total assets 104,555   $ 102,415 [4]
Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
Operating Revenue [5] 2,765 [6] 2,489  
Electric fuel and other energy-related purchases [5],[6] 769 701  
Purchased electric capacity [6] 7 13  
Other operations and maintenance [6],[7] 656 514  
Depreciation and amortization [6] 398 448  
Other taxes [6] 97 93  
Total operating expenses 1,927 1,769  
Interest and related charges [5],[6] 243 190  
Income tax expense (benefit) [6] 92 128  
Other income (expense) [8] 19 50  
Interest income [8] 6 13  
Noncontrolling Interests 46 0  
Net Income (Loss) 482 465  
Capital expenditures 2,724 2,102  
Total assets 70,303   $ 68,387 [9]
Dominion Energy Virginia | Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
Operating Revenue 2,794 [6] 2,489  
Electric fuel and other energy-related purchases [6] 769 701  
Purchased electric capacity [6] 7 13  
Other operations and maintenance [6],[7] 559 533  
Depreciation and amortization [6] 397 445  
Other taxes [6] 97 93  
Total operating expenses 1,829 1,785  
Interest and related charges [6] 245 192  
Income tax expense (benefit) [6] 132 116  
Other income (expense) [8] 35 21  
Interest income [8] 6 7  
Noncontrolling Interests 68    
Net Income (Loss) 561 424  
Capital expenditures 2,724 2,102  
Total assets 70,300    
Corporate and Other | Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
Operating Revenue (29) [6] 0  
Electric fuel and other energy-related purchases [6] 0 0  
Purchased electric capacity [6] 0 0  
Other operations and maintenance [6],[7] 97 (19)  
Depreciation and amortization [6] 1 3  
Other taxes [6] 0 0  
Total operating expenses 98 (16)  
Interest and related charges [6] (2) (2)  
Income tax expense (benefit) [6] (40) 12  
Other income (expense) [8] (16) 29  
Interest income [8] 0 6  
Noncontrolling Interests (22)    
Net Income (Loss) (79) 41  
Capital expenditures 0 $ 0  
Total assets $ 0    
[1] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[2] Includes impairment of assets and other charges (benefits).
[3] Items designated are other segment items for each reportable segment.
[4] Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.
[5] See Note 19 for amounts attributable to affiliates.
[6] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
[7] Includes impairment of assets and other charges (benefits).
[8] Items designated are other segment items for each reportable segment.
[9] Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.