DOMINION ENERGY, INC, 10-K filed on 2/23/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 16, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Entity Registrant Name DOMINION ENERGY, INC.    
Entity Central Index Key 0000715957    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 48.2
Entity File Number 001-08489    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-1229715    
Entity Address, Address Line One 600 EAST CANAL STREET    
Entity Address, City or Town RICHMOND    
Entity Address, Postal Zip Code 23219    
City Area Code 804    
Local Phone Number 819-2284    
Entity Address, State or Province VA    
Trading Symbol D    
Title of 12(b) Security Common Stock, no par value    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   878,785,631  
ICFR Auditor Attestation Flag true    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Richmond, Virginia    
Documents Incorporated by Reference

Portions of Dominion Energy, Inc.’s 2026 Proxy Statement are incorporated by reference in Part III.

   
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] true    
Auditor Opinion

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Dominion Energy, Inc. and subsidiaries ("Dominion Energy") at December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Dominion Energy at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), Dominion Energy’s internal control over financial reporting at December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 23, 2026, expressed an unqualified opinion on Dominion Energy’s internal control over financial reporting.

    
Virginia Electric and Power Company      
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Entity Registrant Name Virginia ELECTRIC AND POWER COMPANY    
Entity Central Index Key 0000103682    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity File Number 000-55337    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-0418825    
Entity Address, Address Line One 600 EAST CANAL STREET    
Entity Address, City or Town RICHMOND    
Entity Address, Postal Zip Code 23219    
City Area Code 804    
Local Phone Number 819-2284    
Entity Address, State or Province VA    
Entity Common Stock, Shares Outstanding   373,881  
ICFR Auditor Attestation Flag false    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Richmond, Virginia    
Auditor Opinion

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Virginia Electric and Power Company (a wholly-owned subsidiary of Dominion Energy, Inc.) and subsidiaries ("Virginia Power") at December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Virginia Power at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

    
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Revenue $ 16,506 $ 14,459 $ 14,393
Operating Expenses      
Electric fuel and other energy-related purchases 4,489 [1] 3,614 [2] 3,935 [3]
Purchased electric capacity 82 [1] 74 [2] 55 [3]
Purchased gas 297 [1] 260 [2] 285 [3]
Other operations and maintenance 3,547 3,588 3,133
Depreciation and amortization 2,387 [1] 2,345 [2] 2,580 [3]
Other taxes 773 [1] 731 [2] 684 [3]
Impairment of assets and other charges 517 600 307
Total operating expenses 12,092 11,212 10,979
Income from operations 4,414 3,247 3,414
Other income (expense) 1,219 841 996
Interest and related charges 2,022 [1] 1,893 [2] 1,679 [3]
Income from continuing operations including noncontrolling interests before income tax expense 3,611 2,195 2,731
Income tax expense 532 [1],[4] 411 [2] 644 [3]
Net Income From Continuing Operations Including Noncontrolling Interests 3,079 1,784 2,087
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests [5] (14) 197 (125)
Net Income Including Noncontrolling Interests 3,065 1,981 1,962
Noncontrolling Interests 67 [6] (53) [6] 0
Net Income 2,998 2,034 1,962
Amounts Attributable to Dominion Energy      
Net income from continuing operations 3,012 1,837 2,087
Net income (loss) from discontinued operations $ (14) $ 197 $ (125)
EPS - Basic      
Net income from continuing operations $ 3.48 $ 2.09 $ 2.4
Net income (loss) from discontinued operations (0.02) 0.24 (0.15)
Net income attributable to Dominion Energy 3.46 2.33 2.25
EPS - Diluted      
Net income from continuing operations 3.47 2.09 2.4
Net income (loss) from discontinued operations (0.02) 0.24 (0.15)
Net income attributable to Dominion Energy $ 3.45 $ 2.33 $ 2.25
Virginia Electric and Power Company      
Operating Revenue [7] $ 11,812 $ 10,235 $ 9,573
Operating Expenses      
Electric fuel and other energy-related purchases [7],[8] 3,591 2,743 2,918
Purchased electric capacity [8] 71 68 46
Affiliated suppliers 518 433 395
Other operations and maintenance 1,812 1,804 1,456
Depreciation and amortization [8] 1,630 1,644 1,871
Other taxes [8] 362 333 298
Impairment of assets and other charges 516 292 115
Total operating expenses 8,500 7,317 7,099
Income from operations 3,312 2,918 2,474
Other income (expense) 255 198 133
Interest and related charges [7],[8] 951 849 765
Income before income tax expense 2,616 2,267 1,842
Income tax expense [8] 448 [4] 423 400
Net Income Including Noncontrolling Interests 2,168 1,844 1,442
Noncontrolling Interests [9] 67 (53)  
Net Income $ 2,101 $ 1,897 $ 1,442
[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 Dominion Energy’s CODM.
[3] 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.
[4] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[5] Includes income tax expense of $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
[6] Items designated are other segment items for each reportable segment.
[7] See Note 25 for amounts attributable to affiliates.
[8] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
[9] Items designated are other segment items for each reportable segment.
v3.25.4
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Income tax expense (benefit) from discontinued operations $ 5 $ 31 $ 1,300
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income including noncontrolling interests $ 3,065 $ 1,981 $ 1,962
Other comprehensive income (loss), net of taxes:      
Net deferred gains (losses) on derivatives-hedging activities, net of tax 5 13 0
Changes in unrealized net gains (losses) on investment securities, net of tax 15 (19) [1] 47 [1]
Changes in net unrecognized pension and other postretirement benefit costs (credits), net of tax 0 (2) 0
Amounts reclassified to net income (loss):      
Net derivative (gains) losses-hedging activities, net of tax 29 32 33
Net realized (gains) losses on investment securities, net of tax (5) 8 (11)
Net pension and other postretirement benefit costs (credits), net of tax (10) (12) (13)
Net earnings from equity method investees, net of tax 0 0 3
Total other comprehensive income (loss) 34 20 59
Comprehensive income including noncontrolling interests 3,099 2,001 2,021
Comprehensive income (loss) attributable to noncontrolling interests 67 (53) 0
Comprehensive income 3,032 2,054 2,021
Virginia Electric and Power Company      
Net income including noncontrolling interests 2,168 1,844 1,442
Other comprehensive income (loss), net of taxes:      
Net deferred gains (losses) on derivatives-hedging activities, net of tax 5 13 (1)
Changes in unrealized net gains (losses) on investment securities, net of tax 0 (5) [2] 6 [2]
Amounts reclassified to net income (loss):      
Net derivative (gains) losses-hedging activities, net of tax (1) 0 0
Net realized (gains) losses on investment securities, net of tax 0 3 1
Total other comprehensive income (loss) 4 11 6
Comprehensive income including noncontrolling interests 2,172 1,855 1,448
Comprehensive income (loss) attributable to noncontrolling interests 67 (53) 0
Comprehensive income $ 2,105 $ 1,908 $ 1,448
[1] As previously reported, net of $10 million and $(19) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $13 million ($3 million adjustment) and $(27) million ($(8) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.
[2] As previously reported, net of $2 million and $(3) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $2 million ($— million adjustment) and $(4) million ($(1) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.
v3.25.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net deferred gains (losses) on derivatives-hedging activities, tax $ (2) $ (4) $ 1
Changes in unrealized net gains (losses) on investment securities, tax (11) 13 (27)
Changes in net unrecognized pension and other postretirement benefit costs (credits), tax 0 1 0
Net derivative (gains) losses-hedging activities, tax (10) (11) (10)
Net realized (gains) losses on investment securities, tax 2 (3) 3
Net pension and other postretirement benefit costs (credits), tax 2 4 5
Net equity method investees, tax 0 0 (1)
Virginia Electric and Power Company      
Net deferred gains (losses) on derivatives-hedging activities, tax (1) (4) 0
Changes in unrealized net gains (losses) on investment securities, tax 0 2 (4)
Net derivative (gains) losses-hedging activities, tax 0 0 (1)
Net realized (gains) losses on investment securities, tax $ (1) $ (1) $ 0
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents [1] $ 250 $ 310
Customer receivables (less allowance for doubtful accounts) [1] 2,531 2,169
Tax receivables 434  
Other receivables (less allowance for doubtful accounts) [2] 446 358
Inventories:    
Materials and supplies 1,541 1,360
Fossil fuel 392 382
Gas stored 24 22
Derivative assets 335 436
Margin deposit assets 181 104
Prepayments [1] 377 315
Regulatory assets [1] 1,380 992
Other [1] 180 165
Total current assets 8,071 6,613
Investments    
Nuclear decommissioning trust funds 9,166 8,051
Investment in equity method affiliates 132 [3] 138 [4]
Other 378 361
Total investments 9,676 8,550
Property, Plant and Equipment    
Property, plant and equipment [1] 106,315 94,844
Accumulated depreciation and amortization (27,348) (25,982)
Total property, plant and equipment, net 78,967 68,862
Deferred Charges and Other Assets    
Goodwill [5] 4,143 4,143
Pension and other postretirement benefit assets 2,658 2,240
Intangible assets, net 1,682 1,136
Derivative assets 623 963
Regulatory assets [1] 8,276 8,288
Other [1] 1,761 1,620
Total deferred charges and other assets 19,143 18,390
Total assets 115,857 102,415
Current Liabilities    
Securities due within one year [6] 2,409 1,725
Supplemental credit facility borrowings 0 0
Short-term debt 2,457 2,500
Accounts payable 1,338 1,149
Accrued interest, payroll and taxes [6] 1,244 1,045
Derivative liabilities 111 207
Regulatory liabilities 542 579
Other [7] 2,343 2,084
Total current liabilities 10,444 9,289
Long-Term Debt    
Long-term debt 36,778 33,034
Securitization bonds [6] 883 1,054
Junior subordinated notes 5,978 3,223
Supplemental credit facility borrowings 0 0
Other 436 214
Total long-term debt 44,075 37,525
Deferred Credits and Other Liabilities    
Deferred income taxes 7,885 7,135
Deferred investment tax credits 1,591 1,070
Regulatory liabilities 9,072 8,761
Asset retirement obligations [6] 7,204 7,074
Derivative liabilities 134 305
Other 2,035 1,454 [8]
Total deferred credits and other liabilities 27,921 25,799
Total liabilities 82,440 72,613
Commitments and Contingencies (see Note 23)
Equity    
Preferred stock (See Note 19) 991 991
Common stock - no par [9] 25,892 24,383
Retained earnings 2,318 1,641
Accumulated other comprehensive loss (118) (152)
Shareholders' equity 29,083 26,863
Noncontrolling interests 4,334 2,939
Total equity 33,417 29,802
Total liabilities and equity 115,857 102,415
Virginia Electric and Power Company    
Current Assets    
Cash and cash equivalents [10] 170 160
Customer receivables (less allowance for doubtful accounts) [10] 1,930 1,612
Other receivables (less allowance for doubtful accounts) 252 168
Affiliated receivables 35 27
Inventories:    
Materials and supplies 977 849
Fossil fuel 273 299
Derivative assets [11] 212 248
Margin deposit assets   1
Prepayments [10] 63 64
Regulatory assets [10] 1,110 697
Other [10] 103 130
Total current assets 5,125 4,254
Investments    
Nuclear decommissioning trust funds 4,864 4,286
Other 4 4
Total investments 4,868 4,290
Property, Plant and Equipment    
Property, plant and equipment [10] 80,121 70,550
Accumulated depreciation and amortization (19,157) (18,033)
Total property, plant and equipment, net 60,964 52,517
Deferred Charges and Other Assets    
Pension and other postretirement benefit assets [11] 729 663
Intangible assets, net 1,310 818
Derivative assets [11] 270 127
Regulatory assets [10] 4,526 4,537
Other [10],[11] 1,451 1,181
Total deferred charges and other assets 8,286 7,326
Total assets 79,243 68,387
Current Liabilities    
Securities due within one year [12] 1,366 548
Short-term debt 675 950
Accounts payable [12] 821 660
Payables to affiliates 216 133
Accrued dividend [13] 0 407
Affiliated current borrowings 1,173 500
Accrued interest, payroll and taxes [12] 450 366
Asset retirement obligations 372 321
Derivative liabilities [13] 22 139
Regulatory liabilities 374 385
Other [12],[13] 1,506 1,228
Total current liabilities 6,975 5,637
Long-Term Debt    
Long-term debt 20,651 18,874
Securitization bonds [12] 883 1,054
Other 194 110
Total long-term debt 21,728 20,038
Deferred Credits and Other Liabilities    
Deferred income taxes 4,921 4,476
Deferred investment tax credits 616 640
Regulatory liabilities 6,530 6,139
Asset retirement obligations [12] 5,108 5,076
Derivative liabilities [13] 9 86
Other [12],[13] 1,817 1,199 [8]
Total deferred credits and other liabilities 19,001 17,616
Total liabilities 47,704 43,291
Commitments and Contingencies (see Note 23)
Equity    
Common stock - no par [14] 12,487 8,987
Other paid-in capital 999 1,006
Retained earnings 13,687 12,136
Accumulated other comprehensive loss 32 28
Shareholders' equity 27,205 22,157
Noncontrolling interests 4,334 2,939
Total equity 31,539 25,096
Total liabilities and equity $ 79,243 $ 68,387
[1] See Note 16 for amounts attributable to VIEs
[2] See Note 9 for amounts attributable to related parties.
[3] Excludes liability to Atlantic Coast Pipeline.
[4] Excludes liability to Atlantic Coast Pipeline.
[5] Goodwill amounts do not contain any accumulated impairment losses.
[6] See Note 16 for amounts attributable to VIEs.
[7] See Note 9 for amounts attributable to related parties.
[8] Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.
[9] 1.8 billion shares authorized; 879 million shares and 852 million shares outstanding at December 31, 2025 and 2024, respectively.
[10] See Note 16 for amounts attributable to VIEs.
[11] See Note 25 for amounts attributable to affiliates.
[12] See Note 16 for amounts attributable to VIEs.
[13] See Note 25 for amounts attributable to affiliates.
[14] 500,000 shares authorized; 373,881 and 324,245 shares outstanding at December 31, 2025 and 2024, respectively.
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Customer receivables, allowance for doubtful accounts $ 31 $ 30
Other receivables, allowance for doubtful accounts $ 3 $ 2
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 879,000,000 852,000,000
Virginia Electric and Power Company    
Customer receivables, allowance for doubtful accounts $ 25 $ 23
Other receivables, allowance for doubtful accounts $ 3 $ 2
Common stock, shares authorized 500,000 500,000
Common stock, shares outstanding 373,881 324,245
v3.25.4
Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions
Total
Preferred Stock
Common Stock
Retained Earnings
Accumulated other comprehensive income (loss)
Shareholders' Equity
Noncontrolling Interests
Beginning balance at Dec. 31, 2022 $ 27,433 $ 1,783 $ 23,605 $ 2,276 $ (231) $ 27,433 $ 0
Beginning balance (in shares) at Dec. 31, 2022   2 835        
Net income including noncontrolling interests 1,962     1,962   1,962  
Issuance of stock 94   $ 94     94  
Issuance of stock (in shares)     2        
Stock awards (net of change in unearned compensation) 30   $ 30     30  
Stock awards (net of change in unearned compensation) (in shares)     1        
Preferred stock dividends (See Note 19) (81)     (81)   (81)  
Common dividends and distributions (2,233)     (2,233)   (2,233)  
Other comprehensive income, net of tax 59       59 59  
Other     $ (1) 1      
Ending balance at Dec. 31, 2023 27,264 $ 1,783 $ 23,728 1,925 (172) 27,264 0
Ending Balance (in shares) at Dec. 31, 2023   2 838        
Net income including noncontrolling interests 1,981     2,034   2,034 (53)
Issuance of stock 732   $ 732     732  
Issuance of stock (in shares)     14        
Sale of noncontrolling interest in OSWP 2,508   $ (107)     (107) 2,615
Contributions from Stonepeak to OSWP 377           377
Stock awards (net of change in unearned compensation) 30   30     30  
Repurchase and redemption of preferred stock (791) $ (791)       (791)  
Repurchase and redemption of preferred stock (in Shares)   (1)          
Preferred stock dividends (See Note 19) (78)     (78)   (78)  
Common dividends and distributions (2,239)     (2,239)   (2,239)  
Other comprehensive income, net of tax 20       20 20  
Other (2) $ (1)   (1)   (2)  
Ending balance at Dec. 31, 2024 29,802 $ 991 $ 24,383 1,641 (152) 26,863 2,939
Ending Balance (in shares) at Dec. 31, 2024   1 852        
Net income including noncontrolling interests 3,065     2,998   2,998 67
Issuance of stock 1,488   $ 1,488     1,488  
Issuance of stock (in shares)     27        
Sale of noncontrolling interest in OSWP (7)   $ (7)     (7)  
Contributions from Stonepeak to OSWP 1,569           1,569
Distributions from OSWP to Stonepeak (241)           (241)
Stock awards (net of change in unearned compensation) 28   28     28  
Preferred stock dividends (See Note 19) (44)     (44)   (44)  
Common dividends and distributions (2,278)     (2,278)   (2,278)  
Other comprehensive income, net of tax 34       34 34  
Other 1     1   1  
Ending balance at Dec. 31, 2025 $ 33,417 $ 991 $ 25,892 $ 2,318 $ (118) $ 29,083 $ 4,334
Ending Balance (in shares) at Dec. 31, 2025   1 879        
v3.25.4
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]                      
Dividends declared per common share $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 2.67 $ 2.67 $ 2.67
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income including noncontrolling interests $ 3,065 $ 1,981 $ 1,962
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:      
Depreciation, depletion and amortization (including nuclear fuel) 2,684 2,639 3,128
Deferred income taxes 568 (235) 1,527
Deferred investment tax credits (benefits) 488 (32) (37)
Impairment of assets and other charges 516 639 695
Losses (gains) on the East Ohio, Questar Gas and PSNC Transactions 0 130 0
Losses (gains) on sales of assets and equity method investments (including Cove Point) 0 0 (657)
Net (gains) losses on nuclear decommissioning trusts funds and other investments (546) (669) (474)
Other adjustments (43) 18 378
Changes in:      
Accounts receivable (862) 208 147
Inventories (187) (87) (198)
Deferred fuel and purchased gas costs, net (754) 727 975
Prepayments and deposits, net (184) (108) 516
Accounts payable 66 76 (506)
Accrued interest, payroll and taxes 224 (85) 175
Net realized and unrealized changes related to derivative activities 730 236 (35)
Pension and other postretirement benefits (433) (208) (476)
Other operating assets and liabilities 29 (212) (548)
Net cash provided by operating activities 5,361 5,018 6,572
Investing Activities      
Plant construction and other property additions (including nuclear fuel) (12,641) (12,198) (10,211)
Acquisition of solar development projects (12) (229) (24)
Proceeds from sale of noncontrolling interest in Cove Point 0 0 3,293
Proceeds from East Ohio, Questar Gas and PSNC Transactions 2 9,243 0
Proceeds from sales of securities 10,492 3,072 2,966
Purchases of securities (10,591) (3,213) (3,152)
Proceeds from sales of assets 0 35 47
Contributions to equity method affiliates (24) (20) (104)
Distributions from equity method affiliates 0 126 1
Other (195) 1 (23)
Net cash used in investing activities (12,969) (3,183) (7,207)
Financing Activities      
Issuance (repayment) of short-term debt, net (43) (1,456) 533
364-day term loan facility borrowings 0 3,000 5,725
Repayment of 364-day term loan facility borrowings 0 (7,750) (975)
Issuance and remarketing of long-term debt 8,897 5,993 3,310
Repayment and repurchase of long-term debt (1,722) (2,740) (5,673)
Issuance of securitization bonds 0 1,282 0
Repayment of securitization bonds (163) (65) 0
Supplemental credit facility borrowings 0 0 900
Supplemental credit facility repayments 0 (450) (900)
Proceeds from sale of noncontrolling interest in OSWP (88) 2,558 0
Contributions from Stonepeak to OSWP 1,569 377 0
Distributions from OSWP to Stonepeak (241) 0 0
Series B Preferred Stock repurchase and redemption 0 (801) 0
Issuance of common stock 1,488 732 94
Common dividend payments (2,278) (2,239) (2,233)
Other 167 (212) (186)
Net cash provided by financing activities 7,586 (1,771) 595
Increase (decrease) in cash, restricted cash and equivalents (22) 64 (40)
Cash, restricted cash and equivalents at beginning of period 365 301 341
Cash, restricted cash and equivalents at end of period 343 365 301
Virginia Electric and Power Company      
Operating Activities      
Net income including noncontrolling interests 2,168 1,844 1,442
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:      
Depreciation, depletion and amortization (including nuclear fuel) 1,787 1,802 2,034
Deferred income taxes 270 381 502
Deferred investment tax credits (benefits) (24) (20) (5)
Impairment of assets and other charges 516 292 130
Net (gains) losses on nuclear decommissioning trusts funds and other investments (81) (97) (68)
Other adjustments (93) (44) 237
Changes in:      
Accounts receivable (367) 51 1
Affiliated receivables and payables 75 46 (188)
Inventories (102) (65) (165)
Deferred fuel and purchased gas costs, net (744) 304 538
Prepayments and deposits, net (55) 34 289
Accounts payable 57 (21) (43)
Accrued interest, payroll and taxes 84 73 23
Net realized and unrealized changes related to derivative activities 108 153 451
Other operating assets and liabilities 257 (147) (363)
Net cash provided by operating activities 3,856 4,586 4,815
Investing Activities      
Acquisition of solar development projects (12) (40) (24)
Plant construction and other property additions (10,333) (9,760) (6,978)
Purchases of nuclear fuel (199) (168) (194)
Proceeds from sales of securities 5,741 1,925 1,876
Purchases of securities (5,808) (2,011) (1,987)
Other (100) 8 19
Net cash used in investing activities (10,711) (10,046) (7,288)
Financing Activities      
Issuance (repayment) of short-term debt, net (275) 495 (486)
Issuance and remarketing of long-term debt 3,172 2,443 2,660
Issuance (repayment) of affiliated current borrowings, net 673 0 (1,524)
Repayment and repurchase of long-term debt (572) (593) (1,308)
Issuance of securitization bonds 0 1,282 0
Repayment of securitization bonds (163) (65) 0
Proceeds from sale of noncontrolling interest in OSWP (88) 2,558 0
Contributions from Stonepeak to OSWP 1,569 377 0
Distributions from OSWP to Stonepeak (241) 0 0
Issuance of common stock 3,500 0 3,250
Common dividend payments (957) (850) 0
Other 262 (71) (53)
Net cash provided by financing activities 6,880 5,576 2,539
Increase (decrease) in cash, restricted cash and equivalents 25 116 66
Cash, restricted cash and equivalents at beginning of period 206 90 24
Cash, restricted cash and equivalents at end of period $ 231 $ 206 $ 90
v3.25.4
Virginia Electric and Power Company Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock
Retained Earnings
AOCI
Shareholders' 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
Shareholders' Equity
Virginia Electric and Power Company
Noncontrolling Interests
Beginning balance at Dec. 31, 2022 $ 27,433 $ 23,605 $ 2,276 $ (231) $ 27,433 $ 0 $ 16,916 $ 5,738 $ 1,113 $ 10,054 $ 11 $ 16,916 $ 0
Beginning balance (in shares) at Dec. 31, 2022   835,000,000           275,000          
Net income including noncontrolling interests 1,962   1,962   1,962   1,442     1,442   1,442  
Issuance of stock to Dominion Energy 94 $ 94     94   3,250 $ 3,250       3,250  
Issuance of stock (in shares)   2,000,000           49,000          
Other comprehensive income, net of tax 59     59 59   6       6 6  
Other   $ (1) 1       (1) $ (1)       (1)  
Ending balance at Dec. 31, 2023 27,264 $ 23,728 1,925 (172) 27,264 0 21,613 $ 8,987 1,113 11,496 17 21,613 0
Ending Balance (in shares) at Dec. 31, 2023   838,000,000           324,000          
Net income including noncontrolling interests 1,981   2,034   2,034 (53) $ 1,844     1,897   1,897 (53)
Issuance of stock to Dominion Energy 732 $ 732     732                
Issuance of stock (in shares)   14,000,000         0 0          
Sale of noncontrolling interest in OSWP 2,508 $ (107)     (107) 2,615 $ 2,508   (107)     (107) 2,615
Contributions from Stonepeak to OSWP 377         377 377           377
Dividends             (1,257)     (1,257)   (1,257)  
Other comprehensive income, net of tax 20     20 20   11       11 11  
Other (2)   (1)   (2)                
Ending balance at Dec. 31, 2024 29,802 $ 24,383 1,641 (152) 26,863 2,939 25,096 $ 8,987 1,006 12,136 28 22,157 2,939
Ending Balance (in shares) at Dec. 31, 2024   852,000,000           324,000          
Net income including noncontrolling interests 3,065   2,998   2,998 67 2,168     2,101   2,101 67
Issuance of stock to Dominion Energy 1,488 $ 1,488     1,488   3,500 $ 3,500       3,500  
Issuance of stock (in shares)   27,000,000           49,636          
Sale of noncontrolling interest in OSWP (7) $ (7)     (7)   (7)   (7)     (7)  
Contributions from Stonepeak to OSWP 1,569         1,569 1,569           1,569
Distributions from OSWP to Stonepeak (241)         (241) (241)           (241)
Dividends             (550)     (550)   (550)  
Other comprehensive income, net of tax 34     34 34   4       4 4  
Other 1   1   1                
Ending balance at Dec. 31, 2025 $ 33,417 $ 25,892 $ 2,318 $ (118) $ 29,083 $ 4,334 $ 31,539 $ 12,487 $ 999 $ 13,687 $ 32 $ 27,205 $ 4,334
Ending Balance (in shares) at Dec. 31, 2025   879,000,000           374,000          
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure                      
Net Income (Loss) $ 567 $ 1,006 $ 760 $ 665 $ 134 $ 934 $ 563 $ 403 $ 2,998 $ 2,034 $ 1,962
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 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
v3.25.4
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Risk Management And Strategy

In an effort to reduce the likelihood and severity of cyber intrusions, the Companies have a comprehensive cybersecurity program designed to protect and preserve the confidentiality, integrity and availability of data and systems. Consideration of cybersecurity risks is a key component of the Companies’ overall risk management and integrated into processes such as evaluation of potential new vendors or suppliers. The Companies are subject to mandatory cybersecurity regulatory requirements, interface regularly with a wide range of external organizations and participate in classified briefings to maintain an awareness of current cybersecurity threats and vulnerabilities.

The Companies’ corporate intelligence and security program includes both cybersecurity and threat intelligence components as part of its evaluation and mitigation of risks. The evaluation of risks includes consideration of cybersecurity and privacy risk, including potential impact on the Companies’ employees, customers, supply chain and other stakeholders, intelligence briefings on notable cyber events impacting the industry and evaluation of insider threats. The Companies utilize a robust set of internal and third-party assessment tools to test its cyber risk management policies, practices and procedures as well as challenge assumptions upon which its defenses are built. These assessments provide opportunities for self-critical analysis and constructive feedback needed to build cyber resilience. Trainings are routinely provided to employees to help identify, avoid and mitigate cybersecurity threats and to ensure an understanding of the Companies’ cyber risk management policies. In addition, risk assessments are conducted as a component of the evaluation of vendors and suppliers.

The Companies’ current security posture and regulatory compliance efforts are intended to address the evolving and changing cyber threats. During the past three years, the Companies have not experienced any cybersecurity incidents resulting in a material impact to their business strategy, results of operations or financial condition. The Companies have identified the risk that a hostile cyber intrusion could severely impair the Companies’ operations, lead to disclosure of confidential information, damage the Companies’ reputation or otherwise have an adverse effect on the Companies’ business as disclosed under the Operational Risks header within Item 1A. Risk Factors.

Governance

Dominion Energy’s Board of Directors, including its operations committee, provides oversight of the Companies’ risks from cybersecurity threats. Dominion Energy’s Board of Directors as well as its operations committee receive presentations and reports throughout the year on cybersecurity and information security risk from management, including Dominion Energy’s chief security officer, vice president of cybersecurity (CISO) and chief information officer. These presentations and reports address a broad range of topics, including the Companies’ cyber risk management program, updates on recent cybersecurity threats and incidents across the industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in 2025 of its fourth annual practical exercise with external federal, state and local incident response partners. In addition, Dominion Energy’s Board of Directors receives briefings from time to time from outside experts for an independent view on cybersecurity risks, including assessments by independent consulting firms and legal counsel of the Companies’ readiness and resilience.

The Companies utilize an organization structure known as a converged security model that brings together cybersecurity, physical security and threat intelligence within one department led by the chief security officer. The chief security officer joined Dominion Energy in this role in 2018 and has an extensive background in security having retired from the Federal Bureau of Investigation after a more than 20-year career focused on criminal, counter-terrorism, counter-intelligence and cyber investigations. The chief security officer belongs to the Federal Bureau of Investigation’s Domestic Security Alliance Council, the Department of Homeland Security’s Classified Intelligence Forum and is a member of the national Government/Business Executive Forum. In addition to serving on multiple university advisory boards, the chief security officer also serves on the Commonwealth of Virginia’s Informational Technology Advisory Council.

The vice president of cybersecurity (CISO) has over 30 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management, as well as cybersecurity. The vice president of cybersecurity (CISO) has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures. This individual has deep relationships with key external partners and is recognized within the industry and the U.S. as a leading cybersecurity expert.

In addition, management of cybersecurity threats is shared with the chief information officer who is responsible for the Companies’ technology assets including hardware, software, networks, servers and telecommunications. The chief information officer has over 25 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management. In addition, the chief information officer previously served on the board of the Virginia Cybersecurity Partnership, a collaboration between private industry and the Federal Bureau of Investigation.

The chief security officer, vice president of cybersecurity (CISO) and chief information officer are supported by the senior vice president of administrative services as well as the Companies’ operations, compliance, legal, audit, corporate risk, supply chain, human resources and accounting departments in executing its cybersecurity program. In addition, the chief security officer and chief information officer provide periodic updates concerning recent developments affecting cybersecurity and privacy risk to the Companies’ executive cyber risk council, which includes executive officers responsible for administrative services, corporate affairs, supply chain, corporate secretary and corporate risk along with legal counsel. 

The Companies maintain a robust, tested and regularly revised Cyber Security Incident Response Plan and a Vendor Compromise Response Plan. These plans detail roles, responsibilities and actions to be taken in response to a detected event whether internal or associated with a third-party service provider. The plans provide clear direction for escalation of information to leadership, including Dominion Energy’s Board of Directors as appropriate, and drive collaboration amongst relevant members of management representing cybersecurity, information technology, operations, supply chain, legal and accounting departments. As necessary, the chief administrative and projects officer, CFO and chief legal officer will advise the CEO on any incidents which could potentially have a material effect on the Companies’ business operations, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Consideration of cybersecurity risks is a key component of the Companies’ overall risk management and integrated into processes such as evaluation of potential new vendors or suppliers. The Companies are subject to mandatory cybersecurity regulatory requirements, interface regularly with a wide range of external organizations and participate in classified briefings to maintain an awareness of current cybersecurity threats and vulnerabilities.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Dominion Energy’s Board of Directors, including its operations committee, provides oversight of the Companies’ risks from cybersecurity threats. Dominion Energy’s Board of Directors as well as its operations committee receive presentations and reports throughout the year on cybersecurity and information security risk from management, including Dominion Energy’s chief security officer, vice president of cybersecurity (CISO) and chief information officer. These presentations and reports address a broad range of topics, including the Companies’ cyber risk management program, updates on recent cybersecurity threats and incidents across the industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in 2025 of its fourth annual practical exercise with external federal, state and local incident response partners. In addition, Dominion Energy’s Board of Directors receives briefings from time to time from outside experts for an independent view on cybersecurity risks, including assessments by independent consulting firms and legal counsel of the Companies’ readiness and resilience.

The Companies utilize an organization structure known as a converged security model that brings together cybersecurity, physical security and threat intelligence within one department led by the chief security officer. The chief security officer joined Dominion Energy in this role in 2018 and has an extensive background in security having retired from the Federal Bureau of Investigation after a more than 20-year career focused on criminal, counter-terrorism, counter-intelligence and cyber investigations. The chief security officer belongs to the Federal Bureau of Investigation’s Domestic Security Alliance Council, the Department of Homeland Security’s Classified Intelligence Forum and is a member of the national Government/Business Executive Forum. In addition to serving on multiple university advisory boards, the chief security officer also serves on the Commonwealth of Virginia’s Informational Technology Advisory Council.

The vice president of cybersecurity (CISO) has over 30 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management, as well as cybersecurity. The vice president of cybersecurity (CISO) has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures. This individual has deep relationships with key external partners and is recognized within the industry and the U.S. as a leading cybersecurity expert.

In addition, management of cybersecurity threats is shared with the chief information officer who is responsible for the Companies’ technology assets including hardware, software, networks, servers and telecommunications. The chief information officer has over 25 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management. In addition, the chief information officer previously served on the board of the Virginia Cybersecurity Partnership, a collaboration between private industry and the Federal Bureau of Investigation.

The chief security officer, vice president of cybersecurity (CISO) and chief information officer are supported by the senior vice president of administrative services as well as the Companies’ operations, compliance, legal, audit, corporate risk, supply chain, human resources and accounting departments in executing its cybersecurity program. In addition, the chief security officer and chief information officer provide periodic updates concerning recent developments affecting cybersecurity and privacy risk to the Companies’ executive cyber risk council, which includes executive officers responsible for administrative services, corporate affairs, supply chain, corporate secretary and corporate risk along with legal counsel. 

The Companies maintain a robust, tested and regularly revised Cyber Security Incident Response Plan and a Vendor Compromise Response Plan. These plans detail roles, responsibilities and actions to be taken in response to a detected event whether internal or associated with a third-party service provider. The plans provide clear direction for escalation of information to leadership, including Dominion Energy’s Board of Directors as appropriate, and drive collaboration amongst relevant members of management representing cybersecurity, information technology, operations, supply chain, legal and accounting departments. As necessary, the chief administrative and projects officer, CFO and chief legal officer will advise the CEO on any incidents which could potentially have a material effect on the Companies’ business operations, results of operations or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Dominion Energy’s Board of Directors as well as its operations committee receive presentations and reports throughout the year on cybersecurity and information security risk from management, including Dominion Energy’s chief security officer, vice president of cybersecurity (CISO) and chief information officer. These presentations and reports address a broad range of topics, including the Companies’ cyber risk management program, updates on recent cybersecurity threats and incidents across the industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in 2025 of its fourth annual practical exercise with external federal, state and local incident response partners.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Dominion Energy’s Board of Directors receives briefings from time to time from outside experts for an independent view on cybersecurity risks, including assessments by independent consulting firms and legal counsel of the Companies’ readiness and resilience.
Cybersecurity Risk Role of Management [Text Block]

The vice president of cybersecurity (CISO) has over 30 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management, as well as cybersecurity. The vice president of cybersecurity (CISO) has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures. This individual has deep relationships with key external partners and is recognized within the industry and the U.S. as a leading cybersecurity expert.

In addition, management of cybersecurity threats is shared with the chief information officer who is responsible for the Companies’ technology assets including hardware, software, networks, servers and telecommunications. The chief information officer has over 25 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management. In addition, the chief information officer previously served on the board of the Virginia Cybersecurity Partnership, a collaboration between private industry and the Federal Bureau of Investigation.

The chief security officer, vice president of cybersecurity (CISO) and chief information officer are supported by the senior vice president of administrative services as well as the Companies’ operations, compliance, legal, audit, corporate risk, supply chain, human resources and accounting departments in executing its cybersecurity program. In addition, the chief security officer and chief information officer provide periodic updates concerning recent developments affecting cybersecurity and privacy risk to the Companies’ executive cyber risk council, which includes executive officers responsible for administrative services, corporate affairs, supply chain, corporate secretary and corporate risk along with legal counsel. 
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The vice president of cybersecurity (CISO) has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures. This individual has deep relationships with key external partners and is recognized within the industry and the U.S. as a leading cybersecurity expert.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The vice president of cybersecurity (CISO) has over 30 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management, as well as cybersecurity.The chief information officer has over 25 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] management of cybersecurity threats is shared with the chief information officer who is responsible for the Companies’ technology assets including hardware, software, networks, servers and telecommunications.

The chief security officer, vice president of cybersecurity (CISO) and chief information officer are supported by the senior vice president of administrative services as well as the Companies’ operations, compliance, legal, audit, corporate risk, supply chain, human resources and accounting departments in executing its cybersecurity program. In addition, the chief security officer and chief information officer provide periodic updates concerning recent developments affecting cybersecurity and privacy risk to the Companies’ executive cyber risk council, which includes executive officers responsible for administrative services, corporate affairs, supply chain, corporate secretary and corporate risk along with legal counsel. 

The Companies maintain a robust, tested and regularly revised Cyber Security Incident Response Plan and a Vendor Compromise Response Plan. These plans detail roles, responsibilities and actions to be taken in response to a detected event whether internal or associated with a third-party service provider. The plans provide clear direction for escalation of information to leadership, including Dominion Energy’s Board of Directors as appropriate, and drive collaboration amongst relevant members of management representing cybersecurity, information technology, operations, supply chain, legal and accounting departments.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Nature of Operations
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, provides primarily regulated electricity service in Virginia, North Carolina and South Carolina through its subsidiaries, Virginia Power and DESC, and 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. Dominion Energy also has nonregulated operations that include long-term contracted electric generation operations.

In connection with the comprehensive business review concluded in March 2024, Dominion Energy sold all of its regulated gas distribution operations, except for DESC’s, to Enbridge through the East Ohio Transaction (completed in March 2024), the Questar Gas Transaction (completed in May 2024) and the PSNC Transaction (completed in September 2024). In addition in September 2023, Dominion Energy completed the sale of its remaining 50% noncontrolling partnership interest in Cove Point to BHE. As discussed in Notes 3 and 9, these operations as well as certain solar generation facility development operations are reflected as discontinued operations in Dominion Energy's Consolidated Financial Statements.

Dominion Energy manages its daily operations through three primary operating segments: Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy. Dominion Energy also reports a Corporate and Other segment, which 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 operating segments’ performance or in allocating resources including the net impact of the operations reflected as discontinued operations, which in addition to the operations discussed above includes Dominion Energy’s noncontrolling interest in Atlantic Coast Pipeline. See Notes 3 and 9 for additional information.

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 PJM. All of Virginia Power’s stock is owned by Dominion Energy.

Virginia Power manages its daily operations through one primary operating segment: Dominion Energy Virginia. It also reports a Corporate and Other segment that 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.

See Note 26 for further discussion of the Companies’ operating segments.

v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2. Significant Accounting Policies

General

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, expenses and cash flows for the periods presented. Actual results may differ from those estimates.

The Companies’ 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 Companies report certain contracts, instruments and investments at fair value. See below and Note 6 for further information on fair value measurements.

The Companies consider acquisitions or dispositions in which substantially all of the fair value of the gross assets acquired or disposed of is concentrated into a single identifiable asset or group of similar identifiable assets to be an acquisition or a disposition of an asset, rather than a business. See Notes 3 and 10 for further information on such transactions.

Dominion Energy maintains pension and other postretirement benefit plans and Virginia Power participates in certain of these plans. See Note 22 for further information on these plans.

Certain amounts in the Companies’ 2024 and 2023 Consolidated Financial Statements 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.

Revision of Previously Issued Consolidated Financial Statements

During the second quarter of 2025, the Companies identified misstatements in their previously issued consolidated financial statements related to income taxes associated with investments held within their qualified nuclear decommissioning trusts, primarily a net understatement of deferred income taxes associated with unrealized gains and losses (reflected in the Corporate and Other segment and attributable to Contracted Energy and Dominion Energy Virginia). The Companies assessed the impacts of the misstatements from both quantitative and qualitative perspectives and determined that the related impacts were not material to any of the Companies' previously issued consolidated financial statements.

As a result, the Companies will revise their previously issued consolidated financial statements. Accordingly, all consolidated financial information contained in these consolidated financial statements and the accompanying notes has been revised to reflect the correction. The Companies will present the revision of their previously issued consolidated financial statements for the three months ended March 31, 2025 in connection with the future filing of their Quarterly Report on Form 10-Q for the three months ended March 31, 2026.

 

The following tables detail the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Income and Statements of Comprehensive Income for the periods presented:

 

 

Dominion Energy

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

822

 

 

$

19

 

 

$

841

 

 

$

984

 

 

$

12

 

 

$

996

 

Interest and related charges

 

 

1,887

 

 

 

6

 

 

 

1,893

 

 

 

1,674

 

 

 

5

 

 

 

1,679

 

Income from continuing operations including
   noncontrolling interests before income tax expense

 

 

2,182

 

 

 

13

 

 

 

2,195

 

 

 

2,724

 

 

 

7

 

 

 

2,731

 

Income tax expense

 

 

308

 

 

 

103

 

 

 

411

 

 

 

568

 

 

 

76

 

 

 

644

 

Net income from continuing operations including
   noncontrolling interests

 

 

1,874

 

 

 

(90

)

 

 

1,784

 

 

 

2,156

 

 

 

(69

)

 

 

2,087

 

Net income including noncontrolling interests

 

 

2,071

 

 

 

(90

)

 

 

1,981

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

Net income attributable to Dominion Energy

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

Amounts Attributable to Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

1,927

 

 

 

(90

)

 

 

1,837

 

 

 

2,156

 

 

 

(69

)

 

 

2,087

 

Net income attributable to Dominion Energy

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

EPS - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

2.20

 

 

 

(0.11

)

 

 

2.09

 

 

 

2.48

 

 

 

(0.08

)

 

 

2.40

 

Net income attributable to Dominion Energy

 

 

2.44

 

 

 

(0.11

)

 

 

2.33

 

 

 

2.33

 

 

 

(0.08

)

 

 

2.25

 

EPS - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

2.20

 

 

 

(0.11

)

 

 

2.09

 

 

 

2.48

 

 

 

(0.08

)

 

 

2.40

 

Net income attributable to Dominion Energy

 

 

2.44

 

 

 

(0.11

)

 

 

2.33

 

 

 

2.33

 

 

 

(0.08

)

 

 

2.25

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
   securities(1)

 

 

(22

)

 

 

3

 

 

 

(19

)

 

 

55

 

 

 

(8

)

 

 

47

 

Total other comprehensive income (loss)

 

 

17

 

 

 

3

 

 

 

20

 

 

 

67

 

 

 

(8

)

 

 

59

 

Comprehensive income including noncontrolling interests

 

 

2,088

 

 

 

(87

)

 

 

2,001

 

 

 

2,098

 

 

 

(77

)

 

 

2,021

 

Comprehensive income attributable to Dominion Energy

 

 

2,141

 

 

 

(87

)

 

 

2,054

 

 

 

2,098

 

 

 

(77

)

 

 

2,021

 
(1)
As previously reported, net of $10 million and $(19) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $13 million ($3 million adjustment) and $(27) million ($(8) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.

 

 

 

Virginia Power

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

195

 

 

$

3

 

 

$

198

 

 

$

131

 

 

$

2

 

 

$

133

 

Interest and related charges

 

 

848

 

 

 

1

 

 

 

849

 

 

 

764

 

 

 

1

 

 

 

765

 

Income before income tax expense

 

 

2,265

 

 

 

2

 

 

 

2,267

 

 

 

1,841

 

 

 

1

 

 

 

1,842

 

Income tax expense

 

 

408

 

 

 

15

 

 

 

423

 

 

 

389

 

 

 

11

 

 

 

400

 

Net Income Including Noncontrolling Interests

 

 

1,857

 

 

 

(13

)

 

 

1,844

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Net Income Attributable to Virginia Power

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
   securities(1)

 

 

(5

)

 

 

—

 

 

 

(5

)

 

 

7

 

 

 

(1

)

 

 

6

 

Total other comprehensive income (loss)

 

 

11

 

 

 

—

 

 

 

11

 

 

 

7

 

 

 

(1

)

 

 

6

 

Comprehensive income including noncontrolling interests

 

 

1,868

 

 

 

(13

)

 

 

1,855

 

 

 

1,459

 

 

 

(11

)

 

 

1,448

 

Comprehensive income attributable to Virginia Power

 

 

1,921

 

 

 

(13

)

 

 

1,908

 

 

 

1,459

 

 

 

(11

)

 

 

1,448

 
(1)
As previously reported, net of $2 million and $(3) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $2 million ($— million adjustment) and $(4) million ($(1) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Balance Sheets for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

At December, 31 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

$

6,412

 

 

$

723

 

 

$

7,135

 

 

$

4,045

 

 

$

431

 

 

$

4,476

 

Regulatory liabilities - noncurrent

 

 

9,196

 

 

 

(435

)

 

 

8,761

 

 

 

6,574

 

 

 

(435

)

 

 

6,139

 

Other deferred credits and other liabilities(1)

 

 

1,352

 

 

 

102

 

 

 

1,454

 

 

 

1,138

 

 

 

61

 

 

 

1,199

 

Total deferred credits and other liabilities

 

 

25,409

 

 

 

390

 

 

 

25,799

 

 

 

17,559

 

 

 

57

 

 

 

17,616

 

Total liabilities

 

 

72,223

 

 

 

390

 

 

 

72,613

 

 

 

43,234

 

 

 

57

 

 

 

43,291

 

Retained earnings

 

 

2,035

 

 

 

(394

)

 

 

1,641

 

 

 

12,194

 

 

 

(58

)

 

 

12,136

 

Accumulated other comprehensive income (loss)

 

 

(156

)

 

 

4

 

 

 

(152

)

 

 

27

 

 

 

1

 

 

 

28

 

Shareholders' equity

 

 

27,253

 

 

 

(390

)

 

 

26,863

 

 

 

22,214

 

 

 

(57

)

 

 

22,157

 

Total equity

 

 

30,192

 

 

 

(390

)

 

 

29,802

 

 

 

25,153

 

 

 

(57

)

 

 

25,096

 
(1)
Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Equity for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

2,229

 

 

$

(304

)

 

$

1,925

 

 

$

11,541

 

 

$

(45

)

 

$

11,496

 

Net income including noncontrolling interests

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

Balance at December 31, 2024

 

 

2,035

 

 

 

(394

)

 

 

1,641

 

 

 

12,194

 

 

 

(58

)

 

 

12,136

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

(173

)

 

 

1

 

 

 

(172

)

 

 

16

 

 

 

1

 

 

 

17

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

—

 

 

 

11

 

Balance at December 31, 2024

 

 

(156

)

 

 

4

 

 

 

(152

)

 

 

27

 

 

 

1

 

 

 

28

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

-

 

 

 

11

 

Balance at December 31, 2024

 

 

27,253

 

 

 

(390

)

 

 

26,863

 

 

 

22,214

 

 

 

(57

)

 

 

22,157

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

2,071

 

 

 

(90

)

 

 

1,981

 

 

 

1,857

 

 

 

(13

)

 

 

1,844

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

—

 

 

 

11

 

Balance at December 31, 2024

 

 

30,192

 

 

 

(390

)

 

 

29,802

 

 

 

25,153

 

 

 

(57

)

 

 

25,096

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31, 2023

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

2,511

 

 

$

(235

)

 

$

2,276

 

 

$

10,089

 

 

$

(35

)

 

$

10,054

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Balance at December 31, 2023

 

 

2,229

 

 

 

(304

)

 

 

1,925

 

 

 

11,541

 

 

 

(45

)

 

 

11,496

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

(240

)

 

 

9

 

 

 

(231

)

 

 

9

 

 

 

2

 

 

 

11

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

(173

)

 

 

1

 

 

 

(172

)

 

 

16

 

 

 

1

 

 

 

17

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

27,659

 

 

 

(226

)

 

 

27,433

 

 

 

16,949

 

 

 

(33

)

 

 

16,916

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

27,659

 

 

 

(226

)

 

 

27,433

 

 

 

16,949

 

 

 

(33

)

 

 

16,916

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Cash Flows for the periods presented:

 

 

Dominion Energy

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

2,071

 

 

$

(90

)

 

$

1,981

 

 

$

2,031

 

 

$

(69

)

 

$

1,962

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(302

)

 

 

67

 

 

 

(235

)

 

 

1,474

 

 

 

53

 

 

 

1,527

 

Other operating assets and liabilities

 

 

(235

)

 

 

23

 

 

 

(212

)

 

 

(564

)

 

 

16

 

 

 

(548

)

Net cash provided by operating activities

 

 

5,018

 

 

 

—

 

 

 

5,018

 

 

 

6,572

 

 

 

—

 

 

 

6,572

 

 

 

 

Virginia Power

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

1,857

 

 

$

(13

)

 

$

1,844

 

 

$

1,452

 

 

$

(10

)

 

$

1,442

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

384

 

 

 

(3

)

 

 

381

 

 

 

504

 

 

 

(2

)

 

 

502

 

Other operating assets and liabilities

 

 

(163

)

 

 

16

 

 

 

(147

)

 

 

(375

)

 

 

12

 

 

 

(363

)

Net cash provided by operating activities

 

 

4,586

 

 

 

—

 

 

 

4,586

 

 

 

4,815

 

 

 

—

 

 

 

4,815

 

 

 

Operating Revenue

Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2025 and 2024 included $955 million and $797 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2025 and 2024 included $763 million and $611 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties.

The primary types of sales and service activities reported as operating revenue for Dominion Energy are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates and
associated hedging activity as well as sales to Virginia Power customers from non-jurisdictional solar generation facilities;
•
Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services;
•
Regulated gas transportation and storage sales consists of sales of transportation services to off-system customers;
•
Other regulated revenue consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and
•
Other nonregulated revenue consists primarily of sales of other miscellaneous products, including renewable natural gas and related credits. Other nonregulated revenue also includes revenue associated with services provided to entities presented in discontinued operations under transition services agreements.

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consists of sales to customers from non-jurisdictional solar generation facilities;
•
Other regulated revenue consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and
•
Other nonregulated revenue consists primarily of revenue from renting space on certain electric transmission poles and distribution towers.

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The Companies record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. The Companies’ revenue accounted for under the alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate the Companies for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above.

Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products and services typically transfer control and are recognized as revenue upon delivery of the product or service. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type but is typically due within a month of billing.

Revenue Included in Discontinued Operations

Operating revenue for the gas distribution operations sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions primarily consists of state-regulated natural gas sales to residential, commercial and industrial customers and related distribution services, state regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of commodities related to nonregulated extraction activities.

Transportation and storage contracts associated with the operations sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions are primarily stand-ready service contracts that include fixed reservation and variable usage fees. Substantially all of the revenue associated with these local gas distribution companies is derived from performance obligations satisfied over time and month-to-month billings according to their respective tariffs.

Credit Risk

Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction.

The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees.

Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs

Where permitted by regulatory authorities, the differences between the Companies’ actual electric fuel and purchased energy expenses and Dominion Energy’s purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability.

Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2025, approximately 87% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Additionally in

2024, Virginia Power securitized $1.3 billion of under-recovered deferred fuel expenses through the issuance of bonds by VPFS. Of the cost of fuel used in electric generation and energy purchases to serve South Carolina utility customers, at December 31, 2025, substantially all is subject to DESC’s deferred fuel accounting.

Virtually all of DESC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. Through the respective closing dates of the East Ohio, Questar Gas and PSNC Transactions, these companies’ natural gas purchases were also either subject to deferral accounting or were recovered from the customer in the same accounting period as the sale.

Income Taxes

A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed.

Virginia Power participates in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis.

Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized.

Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities.

The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information.

If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll, and taxes on the Consolidated Balance Sheets.

The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income (expense), respectively. Penalties are also recognized in other income (expense).

At December 31, 2025, Virginia Power had an income tax-related affiliated receivable of $31 million, comprised of $26 million of federal income taxes and $5 million of state income taxes receivable from Dominion Energy. Virginia Power’s net affiliated balances are expected to be received from Dominion Energy in 2026.

At December 31, 2024, Virginia Power had an income tax-related affiliated receivable of $26 million, comprised of $21 million of federal income taxes and $5 million of state income taxes receivable from Dominion Energy. Virginia Power’s net affiliated balances were received from Dominion Energy in 2025.

Investment tax credits for both regulated and nonregulated operations are deferred and amortized to income tax expense over the service lives of the properties giving rise to the credits beginning in the year qualifying property is placed in service. The Companies recognize the tax benefit related to initial book and tax basis differences as a reduction of income tax expense in the year in which the qualifying property is placed into service, except where cost-of-service rate regulation applies. Production tax credits are recognized as energy is generated and sold. Current tax law allows the election of either the investment tax credit or production tax credit for certain technologies including solar and wind. Such election is made on a project-by-project basis and the choice of credit may vary based on a combination of factors including, but not limited to, capital expenditures and net capacity factors. Current tax law allows that certain energy tax credits can be transferred to a third-party for cash. The Companies account for such tax credit transfers and any related discount as a component of income tax expense.

Cash, Restricted Cash and Equivalents

Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less.

Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

 

 

Dominion Energy

$

64

 

 

$

52

 

Virginia Power

 

46

 

 

 

23

 

 

 

Restricted Cash and Equivalents

The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits, federal assistance funds and future debt payments on DECP Holdings’ term loan agreement (through September 2023), on Eagle Solar’s senior note agreement (through February 2024) and on the securitization bonds.

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 years ended December 31, 2025, 2024 and 2023:

 

Cash, Restricted Cash and Equivalents at End/Beginning of Year

 

 

 

December 
31, 2025

 

 

December 
31, 2024

 

 

December
31, 2023

 

 

December
31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash
   equivalents(1)

 

$

250

 

 

$

310

 

 

$

217

 

 

$

153

 

Restricted cash and
   equivalents(2)(3)

 

 

93

 

 

 

55

 

 

 

84

 

 

 

188

 

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

 

$

343

 

 

$

365

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash
   equivalents

 

$

170

 

 

$

160

 

 

$

90

 

 

$

22

 

Restricted cash and
   equivalents(3)(4)

 

 

61

 

 

 

46

 

 

 

—

 

 

 

2

 

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

 

$

231

 

 

$

206

 

 

$

90

 

 

$

24

 

 

(1)
At December 31, 2023 and 2022, Dominion Energy had $33 million and $34 million, respectively, of cash and cash equivalents included in assets held for sale.
(2)
At December 31, 2023 and 2022, Dominion Energy had $4 million and $2 million, respectively, of restricted cash and equivalents included in assets held for sale. The remaining balances are presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Includes $51 million and $41 million at VPFS attributable to VIEs at December 31, 2025 and 2024, respectively.
(4)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.

Supplemental Cash Flow Information

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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges,
   excluding capitalized amounts

 

$

1,799

 

 

$

1,900

 

 

$

1,991

 

Income taxes(1)

 

 

186

 

 

 

840

 

 

 

286

 

Significant noncash investing and
   financing activities:(2)

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,699

 

 

 

1,268

 

 

 

1,085

 

Leases(3)

 

 

338

 

 

 

233

 

 

 

255

 

 

(1)
Excludes cash proceeds received of $184 million from the transfer of tax credits to third-parties and $13 million of purchases of tax credits from Align RNG for the year ended December 31, 2025. See Notes 5 and 9 for more information.
(2)
See Notes 3, 10 and 23 for noncash financing activities related to debt assumed with closing of the East Ohio, Questar Gas and PSNC Transactions, the sale of noncontrolling interest in the CVOW Commercial Project and transfer of property associated with the settlement of litigation.
(3)
Includes $77 million of finance leases and $261 million of operating leases entered in 2025, $93 million of finance leases and $140 million of operating leases entered in 2024 and $44 million of finance leases and $211 million of operating leases entered in 2023.

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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid (received) during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges,
   excluding capitalized amounts

 

$

901

 

 

$

786

 

 

$

709

 

Income taxes(1)

 

 

385

 

 

 

25

 

 

 

(47

)

Significant noncash investing activities(2):

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,469

 

 

 

992

 

 

 

807

 

Leases(3)

 

 

320

 

 

 

201

 

 

 

203

 

 

 

(1)
Excludes cash proceeds received of $168 million from the transfer of tax credits to third-parties for the year ended December 31, 2025. See Note 5 for more information.
(2)
See Note 10 for noncash financing activities related to the sale of noncontrolling interest in the CVOW Commercial Project.
(3)
Includes $61 million of finance leases and $259 million of operating leases entered in 2025, $77 million of finance leases and $124 million of operating leases entered in 2024 and $30 million of finance leases and $173 million of operating leases entered in 2023.

Distributions from Equity Method Investees

Dominion Energy holds investments that are accounted for under the equity method of accounting and classifies distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market pricing convention (the mid-point between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Companies’ own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion Energy applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments and other

investments including those held in nuclear decommissioning, rabbi and pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above.

Inputs and Assumptions

Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including industry publications, and to a lesser extent, broker quotes. When evaluating pricing information provided by Designated Contract Market settlement pricing, other pricing services or brokers, the Companies consider the ability to transact at the quoted price, i.e. if the quotes are based on an active market or an inactive market and to the extent which pricing models are used, if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases the unobservable inputs are developed and substantiated using historical information, available market data, third-party data and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships and changes in third-party sources.

For options and contracts with option-like characteristics where observable pricing information is not available from external sources, the Companies generally use a model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value.

 

The inputs and assumptions used in measuring fair value include the following:

 

 

 

Derivative Contracts

 

 

Inputs and assumptions

 

Commodity

 

Interest Rate

 

Foreign Currency Exchange Rate

 

Investments

Forward commodity
   prices

 

X

 

 

 

 

 

 

Transaction prices

 

X

 

 

 

 

 

 

Price volatility

 

X

 

 

 

 

 

 

Price correlation

 

X

 

 

 

 

 

 

Volumes

 

X

 

 

 

 

 

 

Commodity location

 

X

 

 

 

 

 

 

Interest rate curves

 

 

 

X

 

 

 

 

Foreign currency
   forward exchange
   rates

 

 

 

 

 

X

 

 

Quoted securities
   prices and indices

 

 

 

 

 

 

 

X

Securities trading
   information
   including volume
  and restrictions

 

 

 

 

 

 

 

X

Maturity

 

 

 

 

 

 

 

X

Interest rates

 

X

 

 

 

X

 

X

Credit quality of
   counterparties
   and the Companies

 

X

 

X

 

X

 

X

Credit enhancements

 

X

 

X

 

 

 

 

Notional value

 

 

 

X

 

X

 

 

Time value

 

X

 

X

 

X

 

 

Levels

The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

•
Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives and exchange-listed equities, U.S. and international equity securities, mutual funds and certain treasury securities and cash and cash equivalents held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency exchange rate instruments and certain cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas options and other modeled commodity derivatives.

The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy.

Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’ over-the-counter derivative contracts is subject to change.

Derivative Instruments

The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks in their business operations. The Companies use derivative instruments such as physical and financial forwards, futures, swaps, options, foreign currency transactions and FTRs to manage the commodity, interest rate and/or foreign currency exchange rate risks of their business operations.

Derivative assets and liabilities are presented gross on the Companies’ Consolidated Balance Sheets. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. All derivatives, except those for which an exception applies, are required to be reported at fair value. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. See Fair Value Measurements above for additional information about fair value measurements and associated valuation methods for derivatives.

The Companies’ derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions.

In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit and in some cases, other forms of security, none of which are subject to restrictions.

The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $181 million and $104 million associated with cash collateral at December 31, 2025 and 2024, respectively. Dominion Energy had margin liabilities of less than $1 million and $3 million associated with cash collateral at December 31, 2025 and 2024, respectively. Virginia Power had margin assets of less than $1 million and $1 million associated with cash collateral at December 31, 2025 and 2024, respectively. Virginia Power had less than $1 million and no margin liabilities associated with cash collateral at December 31, 2025 and 2024, respectively. See Note 7 for further information about derivatives.

To manage price and interest rate risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices or interest rates. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or discontinued operations based on the nature of the underlying risk.

Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings.

Derivative Instruments Designated as Hedging Instruments

In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as cash flow hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows.

The Companies’ derivatives designated into cash flow hedges primarily consist of interest rate swaps to hedge the Companies’ exposure to variations in interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item, or as appropriate to regulatory assets or regulatory liabilities. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted

transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable.

Property, Plant and Equipment

Property, plant and equipment is recorded at the lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred.

Amounts capitalized to property, plant and equipment for capitalized interest costs and AFUDC for the Companies are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest costs
    and AFUDC debt

 

$

169

 

 

$

152

 

 

$

109

 

 

$

73

 

 

$

46

 

 

$

47

 

AFUDC equity(1)

 

 

152

 

 

 

109

 

 

 

50

 

 

 

151

 

 

 

96

 

 

 

39

 

 

(1)
The Companies include AFUDC equity in other adjustments within operating activities in their Consolidated Statements of Cash Flows.

Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2025, 2024 and 2023, Virginia Power recorded $12 million, $3 million and less than $1 million of AFUDC related to these projects, respectively.

For property subject to cost-of-service rate regulation, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates.

In 2024 and 2023, Virginia Power had the following charges, recorded in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), related to early retirements and abandonments:

•
In 2024, Virginia Power recorded charges of $40 million ($30 million after-tax) associated with dismantling of certain electric generation facilities. In addition, Virginia Power recorded a $25 million ($18 million after-tax) charge in 2024 related to the write-off of early-stage development costs associated with a hydroelectric pumped storage facility that it is no longer considering constructing.
•
In 2023, Virginia Power recorded a charge of $25 million ($19 million after-tax) as a result of the abandonment of long-lived assets associated with certain rooftop solar and other projects before the end of their useful lives.

For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date.

Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

2023

 

(percent)

 

 

 

 

Dominion Energy(1)

 

 

 

Generation

 

2.71

 

 

2.59

 

 

2.65

 

Transmission

 

 

2.32

 

 

 

2.32

 

 

 

2.32

 

Distribution

 

2.78

 

 

2.73

 

 

2.72

 

General and other

 

3.21

 

 

3.97

 

 

4.20

 

Virginia Power

 

 

 

Generation

 

2.79

 

 

2.66

 

 

2.75

 

Transmission

 

2.28

 

 

2.29

 

 

2.29

 

Distribution

 

2.83

 

 

2.77

 

 

2.78

 

General and other

 

3.26

 

 

4.29

 

 

4.60

 
(1)
Excludes rates for depreciation reported as discontinued operations.

In December 2023, Dominion Energy revised the estimated useful lives for Millstone Units 2 and 3 to reflect lower depreciation rates as a result of its expectation that a 20-year license extension is approved for these facilities. This revision resulted in a 2024 annual decrease of depreciation expense of $35 million ($26 million after-tax) and increased Dominion Energy’s 2024 EPS by $0.03. For the year ended December 31, 2023, this revision resulted in an inconsequential impact.

In January 2024, Virginia Power revised the depreciation rates for Bath County as a result of its expectation that a license extension of at least 40 years will be approved for this facility. This revision resulted in an annual decrease of depreciation expense of $17 million ($13 million after-tax) and increased Dominion Energy's 2024 EPS by $0.02.

Virginia Power’s non-jurisdictional solar generation property, plant and equipment is depreciated using the straight-line method over an estimated useful life of 35 years.

Capitalized costs of development wells and leaseholds were amortized on a field-by-field basis using the unit-of-production method and the estimated proved developed or total proved gas and oil reserves, at a rate of $1.83 and $1.73 per mcfe in 2024 and 2023, respectively. Depletion associated with Wexpro's operations is reflected within discontinued operations through May 2024. See Note 3 for additional information.

Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

 

Asset

 

Estimated Useful Lives(1)

Nonregulated generation-nuclear

54-64 years

Nonregulated generation-other

30-35 years

General and other

 

5-50 years
(1)
The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.

Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. The Companies report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows.

Long-Lived and Intangible Assets

The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for further discussion on the impairment of long-lived assets.

Accounting for Regulated Operations

The accounting for the Companies’ regulated electric and gas operations differs from the accounting for nonregulated operations in that the Companies are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds or other benefits through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. In addition, a loss is recognized if it becomes probable that capital expenditures will be disallowed for ratemaking purposes and if a reasonable estimate of the amount of the disallowance can be made.

In 2025, the Companies recorded a net $258 million ($192 million after-tax) of charges for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project as a result of a revised total project cost estimate of approximately $11.5 billion (excluding financing costs) which reflects a temporary suspension of work order and an estimated impact of certain tariffs which became effective during 2025 as well as the previously included revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project and cost sharing mechanism included in the Virginia Commission’s December 2022 order. The expected total project cost reflects an increase of $0.2 billion, relative to Virginia Power’s October 2025 Rider OSW filing, associated with projected installation timeline changes arising from the temporary suspension of work from the BOEM Director’s Order issued in December 2025 until a preliminary injunction was granted by the U.S District Court for the Eastern District of Virginia in January 2026, which allowed work to resume. The estimated total project costs also include $0.6 billion of tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries and on equipment expected to be delivered from March 2025 through early 2027 that contains steel. Such amount is inclusive of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling on February 20, 2026. Dominion Energy is currently unable to estimate the expected impact of the ruling issued by the U.S. Supreme Court on February 20, 2026, on its financial position, results of operations and/or cash flows.

In the fourth quarter of 2024, the Companies recorded a net $103 million ($77 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project as a result of a revised total project cost estimate that included a revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project and cost sharing mechanism included in the Virginia Commission’s December 2022 order. The expected total project cost reflects increases driven primarily by projections for onshore electrical interconnection costs and network upgrade costs assigned to the project by PJM, specifically incorporating consideration of PJM’s December 2024 publication of potential transmission network upgrades required for certain generation projects and related cost allocations, including those attributable to the CVOW Commercial Project. Relative to Virginia Power’s November 2024 Rider OSW filing, the estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs.

The estimated total project cost reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 7% 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 including any potential impact of Section 232 investigations and litigation ruled on by the U.S. Supreme Court on February 20, 2026, costs to maintain necessary permits, approvals and authorizations, any additional suspension of work orders, 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 described above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows. See Note 10 for additional information.

The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and make various assumptions in their analyses. These analyses are generally based on:

•
Orders issued by regulatory commissions, legislation and judicial actions;
•
Past experience;
•
Discussions with applicable regulatory authorities and legal counsel;
•
Estimated construction costs;
•
Forecasted earnings; and
•
Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities.

Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. In connection with the future 2027 Biennial Review, the Companies concluded that it was not probable that Virginia Power would have earnings in excess of an expected authorized ROE of 9.80% for the period January 1, 2025 through December 31, 2026. As a result, no regulatory liability for Virginia Power ratepayer credits to customers has been recorded at December 31, 2025. See Note 13 for additional information.

Leases

The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets, including the offshore wind installation vessel described in Note 15, under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related right-of-use asset in the Companies’ Consolidated Statements of Income or, subject to regulatory framework, is deferred within regulatory assets in the Consolidated Balance Sheets and amortized into the Consolidated Statements of Income.

Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. The exercise of renewal options is solely at the Companies’ discretion and is included in the lease term if the option is reasonably certain to be exercised. A right-of-use asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases contain renewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets.

The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities.

In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis primarily over an estimated useful life of 35 years.

Supply Chain Financing

In the fourth quarter of 2025, Dominion Energy entered into a voluntary supply chain finance program that allows its suppliers, at their sole discretion, to sell their receivables from the Companies to a financial institution. Suppliers participating in the program determine which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact the Companies’ payment terms, which are based on commercial terms negotiated between the Companies and the supplier regardless of program participation. The Companies do not issue any guarantees with respect to the program and do not participate in negotiations between suppliers and the financial institution. The Companies do not have an economic interest in the supplier’s decision to participate in the program. No amounts were outstanding under this program for the Companies at December 31, 2025.

Asset Retirement Obligations

The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy reports accretion of AROs and depreciation on asset retirement costs associated with its natural gas pipelines of its distribution business as an adjustment to the related regulatory assets or liabilities when revenue is recoverable from customers for AROs. The Companies report accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory asset or liability for certain jurisdictions. Additionally, the Companies report accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects and other electric generation and distribution facilities as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income.

High Load Equipment Deposits

Beginning in 2025, Virginia Power requires high load customers to

provide certain commitments to Virginia Power, including cash deposits, during the project construction period. If the customer ceases construction of its facility, Virginia Power will attempt to redeploy the equipment to another customer, returning the original deposit and requiring a new deposit from the new customer. If the equipment cannot be redeployed, Virginia Power will retain the cash deposit received. If the customer completes construction and Virginia Power begins delivering electricity, the cash deposit will be returned to the customer. At December 31, 2025, the Companies’ Consolidated Balance Sheets include $321 million of deposits received, included in other deferred credits and other liabilities.

Debt Issuance Costs

The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing or redemption of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized.

Investments

Debt Securities

Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities.

•
Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income.
•
Debt securities classified as available-for-sale securities include all other debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any credit-related impairments) on investments held in nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other available-for-sale debt securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts, net realized gains and losses (including any credit-related impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax.

In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method.

Credit Impairment

The Companies periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in the Companies’ Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations.

Using information obtained from their nuclear decommissioning trust fixed-income investment managers, the Companies record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings or defer as applicable for certain jurisdictions subject to cost-based regulation, with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors.

Equity Securities with Readily Determinable Fair Values

Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by the Companies in the nuclear decommissioning trusts. The Companies record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. Net realized and unrealized gains and losses on equity securities held in the nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income.

Equity Securities without Readily Determinable Fair Values

The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include:

•
Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy’s investments are included in investments in equity method affiliates in its Consolidated Balance Sheets, except for the liability to Atlantic Coast Pipeline. Dominion Energy records equity method adjustments in other income in its Consolidated Statements of Income, including its proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value
and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method.
•
Cost method investments when the Companies do not have the ability to exercise significant influence over the investee. The Companies’ investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

Other-Than-Temporary Impairment

The Companies periodically review their equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the investment is written down to its fair value at the end of the reporting period.

Inventories

Materials and supplies, fossil fuel and gas stored inventory is valued using the weighted-average cost method.

In 2024, Dominion Energy wrote off certain inventory balances in connection with the electric base rate case in South Carolina as discussed in Note 13.

Goodwill

Dominion Energy evaluates goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. In the fourth quarter of 2023 and first quarter of 2024, Dominion Energy's current period calculations of the expected gain or loss on the Questar Gas and East Ohio Transactions resulted in an impairment of the related goodwill. There were no other impairments recorded in 2024 and none were recorded in 2025. See Note 3 for additional information.

New Accounting Standards

Income Tax Disclosures

In December 2023, the FASB issued revised accounting guidance for income taxes. The revised guidance requires disclosure of disaggregated information about an entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and allows either prospective or retrospective application. The Companies adopted this revised guidance prospectively which only impacted the Companies’ disclosures with no impacts to their results of operations, cash flows or financial condition.

Climate-Related Disclosures

In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as a material component of plans to achieve climate-related targets or goals. This guidance is currently subject to a stay issued by the SEC. Should this guidance become effective, the Companies expect it to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.

Expense Disaggregation Disclosures

In November 2024, the FASB issued revised accounting guidance for income statement expense disaggregation disclosures. The revised guidance requires disclosure of disaggregated information about specific expense categories in commonly presented income statement expense captions. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and allows either prospective or retrospective application. The Companies expect this revised guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
v3.25.4
Acquisitions and Dispositions
 12 Months Ended
Dec. 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 clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS and FCC. Dominion Energy utilized the after-tax proceeds, as required, to repay outstanding borrowings under 364-day term loan facilities. See Note 17 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. In October 2023, as required under the sale agreement, Dominion Energy filed a notice with the Ohio Commission. The internal reorganization in connection with the East Ohio Transaction was subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 which were received in November 2023. The internal reorganization was completed in February 2024.

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 loss) 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 for additional information.

At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.

Sale of PSNC

In September 2023, Dominion Energy entered into an agreement with Enbridge for the PSNC Transaction, which included the sale of PSNC. The sale closed in September 2024 after all customary closing and regulatory conditions were satisfied, including clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and North Carolina Commission. At closing, the transaction was valued at $3.3 billion, consisting of a purchase price of $2.0 billion in cash and $1.3 billion of assumed indebtedness. 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. The internal reorganization in connection with the PSNC Transaction was subject to approval by the North Carolina Commission. Dominion Energy filed for such approval in September 2023 which was received in November 2023. The internal reorganization was completed in December 2023.

Dominion Energy retained the entirety of the assets and obligations, including related income tax and other deferred balances, of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. Dominion Energy recognized a pre-tax loss of $35 million ($31 million after-tax loss) upon the closing of the transaction, including the write-off of $0.7 billion of goodwill which is not deductible for tax purposes and including the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $334 million to reflect the deferred taxes on the outside basis of PSNC’s stock upon meeting the classification as held for sale. Dominion Energy recorded an additional charge of $16 million to adjust these deferred taxes to recorded balances as of June 30, 2024. These deferred taxes reversed in the third quarter of 2024 upon closing of the sale and became a component of current income tax expense on the pre-tax loss on sale disclosed above. See Note 5 for additional information.

At the closing of the PSNC Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.

Sale of Questar Gas and Wexpro

In September 2023, Dominion Energy entered into an agreement with Enbridge for the Questar Gas Transaction, which included the sale of Questar Gas, Wexpro and related affiliates and was valued at approximately $4.3 billion, consisting of a purchase price of approximately $3.0 billion in cash and approximately $1.3 billion of assumed indebtedness. The sale closed in May 2024 after all customary closing and regulatory conditions were satisfied, including clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and Utah and Wyoming Commissions. Dominion Energy utilized the after-tax proceeds, as required, to repay outstanding borrowings under a 364-day term loan facility. See Note 17 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. In October 2023, as required under the sale agreement, Dominion Energy filed the notice with the Idaho Commission. The internal reorganization in connection with the Questar Gas Transaction was subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 which were received in November 2023. The internal reorganization was completed in February 2024.

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 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 gain of $2 million ($42 million after-tax gain) upon the closing of the transaction, including the write-off of $0.7 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 $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 disclosed above. See Note 5 for additional information.

At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.

Other Sales

In February 2024, Dominion Energy entered into an agreement with AES to sell Birdseye and the Madison solar project for approximately $17 million in cash, subject to customary closing adjustments, which closed in April 2024. Dominion Energy had

previously recognized a charge of $68 million ($51 million after-tax) in the fourth quarter of 2023 to adjust the assets down to their realizable fair value. As a result, the gain on the sale recognized by Dominion Energy in the second quarter of 2024, including the effects of final closing adjustments, was inconsequential.

In August 2023, Dominion Energy entered into an agreement and completed the sale of Tredegar Solar Fund I, LLC to Spruce Power for cash consideration of $21 million.

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:

 

Year Ended December 31, 2024

 

East Ohio
Transaction(1)

 

 

PSNC
Transaction(1)

 

 

Questar Gas
Transaction(1)

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

229

 

 

$

488

 

 

$

894

 

 

$

—

 

Operating expense(2)

 

 

247

 

 

 

313

 

 

 

724

 

 

 

(8

)

Other income (expense)

 

 

(17

)

 

 

11

 

 

 

2

 

 

 

—

 

Interest and related charges

 

 

15

 

 

 

44

 

 

 

25

 

 

 

—

 

Income (loss) before income taxes

 

 

(50

)

 

 

142

 

 

 

147

 

 

 

8

 

Income tax expense

 

 

11

 

 

 

44

 

 

 

54

 

 

 

—

 

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

 

$

(61

)

 

$

98

 

 

$

93

 

 

$

8

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 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 22 for further information on these transactions.
(3)
Excludes $(69) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2024.

Year Ended December 31, 2023

 

East Ohio
Transaction

 

 

PSNC
Transaction

 

 

Questar Gas
Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,037

 

 

$

743

 

 

$

1,679

 

 

$

15

 

Operating expense(1)

 

 

701

 

 

 

517

 

 

 

1,554

 

 

 

111

 

Other income (expense)

 

 

30

 

 

 

11

 

 

 

8

 

 

 

—

 

Interest and related charges

 

 

71

 

 

 

52

 

 

 

68

 

 

 

1

 

Income (loss) before income taxes

 

 

295

 

 

 

185

 

 

 

65

 

 

 

(97

)

Income tax expense(2)

 

 

69

 

 

 

431

 

 

 

531

 

 

 

(38

)

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

 

$

226

 

 

$

(246

)

 

$

(466

)

 

$

(59

)
(1)
East Ohio Transaction includes a charge of $50 million ($45 million after-tax) primarily for an impairment of associated goodwill, Questar Gas Transaction includes a charge of $236 million ($231 million after-tax) primarily for an impairment of associated goodwill and Other includes a charge of $68 million ($51 million after-tax) associated with the impairment of nonregulated solar generation facility development operations and a charge of $15 million ($11 million after-tax) associated with the impairment of certain nonregulated solar assets.
(2)
Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
(3)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2023.

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

 

Year Ended December 31, 2024

 

East Ohio
Transaction(1)

 

 

PSNC
Transaction(1)

 

 

Questar Gas
Transaction(1)

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

65

 

 

$

287

 

 

$

160

 

 

$

—

 

Significant noncash item

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.

 

Year Ended December 31, 2023

 

East Ohio
Transaction

 

 

PSNC
Transaction

 

 

Questar Gas
Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

507

 

 

$

233

 

 

$

449

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

148

 

 

 

90

 

 

 

175

 

 

 

2

 

Accrued capital expenditures

 

 

42

 

 

 

43

 

 

 

32

 

 

 

—

 
v3.25.4
Operating Revenue
 12 Months Ended
Dec. 31, 2025
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

6,080

 

 

$

5,436

 

 

$

5,141

 

 

$

4,631

 

 

$

4,133

 

 

$

3,863

 

Commercial

 

 

4,050

 

 

 

3,446

 

 

 

3,406

 

 

 

3,113

 

 

 

2,553

 

 

 

2,482

 

High load(1)

 

 

1,811

 

 

 

1,362

 

 

 

1,308

 

 

 

1,811

 

 

 

1,362

 

 

 

1,308

 

Industrial

 

 

729

 

 

 

716

 

 

 

729

 

 

 

301

 

 

 

300

 

 

 

282

 

Government and other retail

 

 

1,284

 

 

 

1,081

 

 

 

1,036

 

 

 

1,211

 

 

 

1,015

 

 

 

965

 

Wholesale

 

 

179

 

 

 

136

 

 

 

176

 

 

 

141

 

 

 

105

 

 

 

116

 

Nonregulated electric sales

 

 

1,239

 

 

 

933

 

 

 

758

 

 

 

127

 

 

 

86

 

 

 

65

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

352

 

 

 

309

 

 

 

293

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

142

 

 

 

136

 

 

 

145

 

 

 

 

 

 

 

 

 

 

Other

 

 

46

 

 

 

67

 

 

 

79

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

36

 

 

 

21

 

 

 

18

 

 

 

 

 

 

 

 

 

 

Other regulated revenues

 

 

309

 

 

 

372

 

 

 

253

 

 

 

291

 

 

 

359

 

 

 

238

 

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

 

 

266

 

 

 

167

 

 

 

145

 

 

 

66

 

 

 

46

 

 

 

53

 

Total operating revenue from contracts
   with customers

 

 

16,523

 

 

 

14,182

 

 

 

13,487

 

 

 

11,692

 

 

 

9,959

 

 

 

9,372

 

Other revenues(2)(5)

 

 

(17

)

 

 

277

 

 

 

906

 

 

 

120

 

 

 

276

 

 

 

201

 

Total operating revenue

 

$

16,506

 

 

$

14,459

 

 

$

14,393

 

 

$

11,812

 

 

$

10,235

 

 

$

9,573

 

 

(1)
Represents customers in Virginia, including certain data centers, with actual or anticipated forecast demand of 25 MW or higher and annual load factor of 75% or higher.
(2)
See Note 25 for amounts attributable to affiliates.
(3)
Includes sales of renewable energy credits of $57 million, $31 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy and $16 million, $12 million and $29 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Virginia Power.
(4)
Includes revenue from transition services agreements of $99 million, $61 million and $18 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy.
(5)
Includes alternative revenue of $167 million, $129 million and $162 million at both Dominion Energy and Virginia Power for years ended December 31, 2025, 2024 and 2023, respectively.

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

Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At December 31, 2025 and 2024, Dominion Energy’s contract liability balances were $45 million and $52 million, respectively. At December 31, 2025 and 2024, Virginia Power’s contract liability balances were $38 million and $46 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the years ended December 31, 2025 and 2024, Dominion Energy recognized revenue of $50 million and $45 million from the beginning contract liability balance. During the years ended December 31, 2025 and 2024, Virginia Power recognized revenue of $46 million and $40 million, respectively, from the beginning contract liability balance.

v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5. Income Taxes

Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws and associated regulations involves uncertainty, since tax authorities may interpret the laws differently. The Companies are routinely audited by federal and state tax authorities. Ultimate resolution of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to tax-related assets and liabilities could be material.

As indicated in Note 2, certain of the Companies’ operations, including accounting for income taxes, are subject to regulatory accounting treatment. For regulated operations, many of the changes in deferred taxes from the 2017 Tax Reform Act represent amounts probable of collection from or return to customers and are presented as components of regulatory assets or liabilities. See Note 12 for additional information.

 

Continuing Operations

Details of income tax expense for continuing operations including noncontrolling interests were as follows:

Dominion Energy

 

Virginia Power

 

Year Ended December 31,

2025

 

2024

 

2023

 

2025

 

2024

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Federal

$

(580

)

$

(204

)

$

(361

)

$

163

 

$

(6

)

$

(102

)

State

 

54

 

 

37

 

 

(97

)

 

39

 

 

67

 

 

6

 

Total current expense (benefit)

 

(526

)

 

(167

)

 

(458

)

 

202

 

 

61

 

 

(96

)

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

Taxes before operating loss carryforwards and investment tax credits

 

539

 

 

521

 

 

815

 

 

167

 

 

324

 

 

403

 

Tax utilization expense of operating loss carryforwards

 

35

 

 

40

 

 

45

 

 

—

 

 

—

 

 

—

 

State

 

61

 

 

52

 

 

270

 

 

103

 

 

59

 

 

107

 

Total deferred expense

 

635

 

 

613

 

 

1,130

 

 

270

 

 

383

 

 

510

 

Investment tax credits

 

423

 

 

 

(35

)

 

 

(28

)

 

 

(24

)

 

 

(21

)

 

 

(14

)

Total income tax expense

$

532

 

$

411

 

$

644

 

$

448

 

$

423

 

$

400

 

In 2025, Dominion Energy’s current income taxes reflect a benefit from continuing operations primarily related to income tax credits generated during 2025. At December 31, 2025, Dominion Energy’s Consolidated Balance Sheet includes $402 million, presented in tax receivables, for the amount of credits generated in 2025 and expected to be carried back to tax year 2024 and refunded. Additionally, Dominion Energy and Virginia Power have recognized a current tax benefit from tax credits generated and transferred to third parties during 2025, as further discussed below.

In 2024, Dominion Energy’s current income taxes reflect a benefit from continuing operations as the income tax expense associated with the East Ohio, PSNC and Questar Gas Transactions, is reflected in discontinued operations. Dominion Energy’s income tax expense from continuing operations reflects the utilization of tax credit carryforwards to offset a portion of the federal tax on the gains from the East Ohio, PSNC and Questar Gas Transactions, presented in discontinued operations.

In 2023, Dominion Energy’s current income taxes reflect a benefit from continuing operations as the income tax expense associated with the East Ohio, PSNC and Questar Gas Transactions and Cove Point operations, including the Cove Point gain, is reflected in discontinued operations. Dominion Energy’s income tax expense from continuing operations reflects the utilization of investment tax credit carryforwards to offset a portion of the federal tax on the Cove Point gain, presented in discontinued operations.

Discontinued Operations

Income tax expense reflected in discontinued operations is $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 3 for a discussion of tax expense reflected in discontinued operations during the years ended December 31, 2024 and 2023.  In addition, Dominion Energy recorded tax expense of $278 million associated with completing the sale in September 2023 of its remaining 50% noncontrolling partnership interest in Cove Point to BHE as discussed in Note 9.

Continuing Operations

For continuing operations including noncontrolling interests for the year ended December 31, 2025, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

Year Ended December 31, 2025

 

Dominion Energy

 

 

 

Virginia Power

 

 

(millions, except percentages)

 

Amount

 

 

Rate

 

 

 

Amount

 

 

Rate

 

 

U.S. federal statutory tax

 

$

758

 

 

 

21.0

 

%

 

$

549

 

 

 

21.0

 

%

State and local income taxes, net of federal income tax effect(1)

 

 

109

 

 

 

3.0

 

 

 

 

112

 

 

 

4.3

 

 

Tax credits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Production tax credits

 

 

(210

)

 

 

(5.8

)

 

 

 

(115

)

 

 

(4.4

)

 

   Investment tax credit amortization

 

 

(87

)

 

 

(2.4

)

 

 

 

(21

)

 

 

(0.8

)

 

Nontaxable or nondeductible items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Regulatory deferrals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Reversal of excess deferred income taxes

 

 

(62

)

 

 

(1.7

)

 

 

 

(45

)

 

 

(1.7

)

 

      AFUDC—equity

 

 

(28

)

 

 

(0.8

)

 

 

 

(27

)

 

 

(1.0

)

 

   Absence of tax on noncontrolling interest

 

 

(14

)

 

 

(0.4

)

 

 

 

(14

)

 

 

(0.5

)

 

Changes in unrecognized tax benefits

 

 

(28

)

 

 

(0.8

)

 

 

 

1

 

 

 

0.1

 

 

Other adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Qualified nuclear decommissioning trust net gains (losses)

 

 

87

 

 

 

2.4

 

 

 

 

11

 

 

 

0.4

 

 

   Other

 

 

7

 

 

 

0.2

 

 

 

 

(3

)

 

 

(0.3

)

 

Effective tax(2)

 

$

532

 

 

 

14.7

 

%

 

$

448

 

 

 

17.1

 

%
(1)
State taxes in Virginia make up the majority (greater than 50%) of the tax effect in this category.
(2)
The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.

 

For continuing operations including noncontrolling interests for the years ended December 31, 2024 and 2023, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

 

 

Dominion Energy

 

 

 

Virginia Power

 

 

Year Ended December 31,

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

 

U.S. federal statutory tax
    rate

 

 

21.0

 

%

 

21.0

 

%

 

 

21.0

 

%

 

21.0

 

%

Increases (reductions)
    resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of
    federal benefit

 

 

3.6

 

 

 

3.9

 

 

 

 

4.5

 

 

 

4.7

 

 

Investment tax credits

 

 

(1.6

)

 

 

(1.0

)

 

 

 

(0.9

)

 

 

(0.8

)

 

Production tax credits

 

 

(4.8

)

 

 

(0.6

)

 

 

 

(4.5

)

 

 

(0.8

)

 

Reversal of excess
    deferred income
    taxes

 

 

(3.1

)

 

 

(2.6

)

 

 

 

(2.0

)

 

 

(2.6

)

 

State legislative change

 

 

—

 

 

 

(0.1

)

 

 

 

—

 

 

 

—

 

 

Qualified nuclear
    decommissioning
    trust net gains
    (losses)

 

 

4.4

 

 

 

2.7

 

 

 

 

0.6

 

 

 

0.6

 

 

Changes in state
    deferred taxes
    associated with
    assets held for sale

 

 

—

 

 

 

1.1

 

 

 

 

 

 

 

 

 

AFUDC—equity

 

 

(0.7

)

 

 

—

 

 

 

 

(0.7

)

 

 

—

 

 

Settlements of
    uncertain
    tax positions

 

 

(0.7

)

 

 

(0.4

)

 

 

 

—

 

 

 

—

 

 

Employee stock
    ownership plan
    deduction

 

 

(0.3

)

 

 

(0.3

)

 

 

 

 

 

 

 

 

Other, net

 

 

0.9

 

 

 

(0.1

)

 

 

 

0.6

 

 

 

(0.4

)

 

Effective tax rate

 

 

18.7

 

%

 

23.6

 

%

 

 

18.6

 

%

 

21.7

 

%

 

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. Dominion Energy’s and Virginia Power’s 2025 effective tax rate includes an $89 million income tax benefit for the nuclear production tax credit, and Dominion Energy’s effective tax rate also includes a $79 million income tax benefit for the clean fuel production tax credit.

In 2025, Dominion Energy and Virginia Power entered into agreements with third parties to transfer tax credits generated in 2024 and 2025. During 2025, Dominion Energy and Virginia Power received cash proceeds of $184 million and $168 million, respectively, related to the transfer of tax credits. In addition, Dominion Energy and Virginia Power expect to receive an additional $108 million and $18 million, respectively, in 2026 which are reflected in other receivables in the Companies’ Consolidated Balance Sheets at December 31, 2025. The Companies expect to continue to explore the ability to efficiently monetize their tax credits through third-party transfer agreements.

Dominion Energy’s and Virginia Power’s 2024 effective tax rate includes an $89 million tax benefit for the estimated net realizable value of the nuclear 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.

Dominion Energy’s 2023 effective tax rate includes a net income tax expense of $29 million associated with the remeasurement of consolidated state deferred taxes as a result of the East Ohio, PSNC and Questar Gas Transactions and sale of Dominion Energy’s 50% noncontrolling partnership interest in Cove Point as discussed in Notes 3 and 9, respectively.

The Companies’ income tax payments (net of refunds received and excluding amounts related to transfers of tax credits) for the year ended December 31, 2025, consist of the following:

 

 

Dominion Energy

 

 

Virginia Power(1)

 

(millions)

 

 

 

 

 

 

Federal(2)

 

$

115

 

 

$

348

 

State:

 

 

 

 

 

 

Virginia(3)

 

 

68

 

 

 

36

 

Other states(4)

 

 

3

 

 

 

1

 

Total tax payments

 

$

186

 

 

$

385

 
(1)
Virginia Power income tax payments (net of refunds received) include intercompany tax sharing payments and receipts with Dominion Energy as discussed in Note 2.
(2)
Excludes income taxes paid by qualified nuclear decommissioning trusts of $37 million and $20 million at Dominion Energy and Virginia Power, respectively.
(3)
Virginia income tax payments include Virginia minimum corporate taxes.
(4)
There are no other states for which taxes paid exceeded five percent of total income taxes paid (net of refunds) for the Companies.

The Companies’ deferred income taxes consist of the following:

Dominion Energy

 

Virginia Power

 

At December 31,

2025

 

2024

 

2025

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes:

 

 

 

 

Total deferred income tax assets

$

2,062

 

 

$

1,854

 

$

1,139

 

$

1,082

 

Total deferred income tax liabilities

 

9,947

 

 

 

8,989

 

 

6,060

 

 

5,558

 

Total net deferred income tax liabilities

$

7,885

 

$

7,135

 

$

4,921

 

$

4,476

 

Total deferred income taxes:

 

 

 

 

Depreciation method and plant basis differences

$

5,557

 

 

$

4,878

 

$

3,899

 

$

3,765

 

Excess deferred income taxes

 

(768

)

 

 

(790

)

 

(570

)

 

(587

)

Unrecovered nuclear plant cost

 

 

391

 

 

 

420

 

 

 

 

 

 

 

DESC rate refund

 

 

(34

)

 

 

(49

)

 

 

 

 

 

 

Toshiba Settlement

 

 

(119

)

 

 

(133

)

 

 

 

 

 

 

Nuclear decommissioning

 

2,038

 

 

 

1,973

 

 

899

 

 

781

 

Deferred state income taxes

 

1,154

 

 

 

1,010

 

 

789

 

 

672

 

Federal benefit of deferred state income taxes

 

(250

)

 

 

(222

)

 

(166

)

 

(141

)

Deferred fuel, purchased energy and gas costs

 

323

 

 

 

189

 

 

315

 

 

178

 

Pension benefits

 

382

 

 

 

345

 

 

(126

)

 

(116

)

Other postretirement benefits

 

226

 

 

 

174

 

 

155

 

 

141

 

Loss and credit carryforwards

 

(790

)

 

 

(680

)

 

—

 

 

—

 

Deferred unamortized investment tax credits

 

 

(352

)

 

 

(250

)

 

 

(153

)

 

 

(159

)

Valuation allowances

 

143

 

 

 

113

 

 

—

 

 

—

 

Partnership basis differences

 

(91

)

 

 

(30

)

 

(159

)

 

 

(98

)

Other

 

75

 

 

 

187

 

 

38

 

 

40

 

Total net deferred income tax liabilities

$

7,885

 

$

7,135

 

$

4,921

 

 

$

4,476

 

 

At December 31, 2025, Dominion Energy had the following deductible loss and credit carryforwards:

 

 

Deductible Amount

 

 

Deferred Tax Asset

 

 

Valuation Allowance

 

 

Expiration Period

(millions)

 

 

 

 

 

 

 

 

 

 

Federal losses

$

222

 

$

47

 

$

—

 

 

2037

Federal production and other credits

—

 

 

61

 

—

 

 

2036-2045

State losses

 

2,389

 

 

119

 

 

(63

)

 

2026-2045

State minimum tax credits

—

 

 

444

 

—

 

 

No expiration

State investment and other credits

—

 

 

119

 

 

(69

)

 

2026-2034

Total

$

2,611

 

$

790

 

$

(132

)

 

 

At December 31, 2025, Virginia Power had no deductible loss or credit carryforwards.

A reconciliation of changes in the Companies’ unrecognized tax benefits follows:

Dominion Energy

 

Virginia Power

 

2025

 

 

2024

 

 

2023

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1,

$

170

 

 

$

194

 

 

$

197

 

$

56

 

 

$

52

 

 

$

50

 

Prior period positions - increases

 

7

 

 

 

13

 

 

 

5

 

 

1

 

 

 

—

 

 

 

—

 

Prior period positions - decreases

 

(45

)

 

 

(18

)

 

 

(12

)

 

—

 

 

 

—

 

 

 

—

 

Current period positions - increases

 

—

 

 

 

8

 

 

 

4

 

 

—

 

 

 

4

 

 

 

2

 

Settlements with tax authorities

 

—

 

 

 

(13

)

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

Expiration of statutes of limitations

 

—

 

 

 

(14

)

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31,

$

132

 

 

$

170

 

 

$

194

 

$

57

 

 

$

56

 

 

$

52

 

 

Certain unrecognized tax benefits, or portions thereof, if recognized, would affect the effective tax rate. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations. For Dominion Energy and its subsidiaries, these unrecognized tax benefits were $59 million, $87 million and $104 million at December 31, 2025, 2024 and 2023, respectively. For Virginia Power, these unrecognized tax benefits were $36 million, $35 million and $32 million at December 31, 2025, 2024 and 2023, respectively. In discontinued operations, these unrecognized tax benefits were $30 million, $32 million and $38 million at December 31, 2025, 2024 and 2023, respectively. For Dominion Energy, the change in these unrecognized tax benefits decreased income tax expense by $28 million, $19 million and $7 million in 2025, 2024 and 2023, respectively. For Virginia Power, the change in these unrecognized tax benefits increased income tax expense by $1 million in 2025 and by an inconsequential amount in 2024 and 2023.

Dominion Energy participates in the IRS Compliance Assurance Process, which provides the opportunity to resolve complex tax matters with the IRS before filing its federal income tax returns, thus achieving certainty for such tax return filing positions agreed to by the IRS. The IRS has completed its audit of tax years through 2019. The statute of limitations has not yet expired for years after 2019. Although Dominion Energy has not received a final letter indicating no changes to its taxable income for tax years 2020 through 2024, no material adjustments are expected. The IRS examination of tax year 2025 is ongoing.

For each of the major states in which Dominion Energy operates or previously operated, the earliest tax year remaining open for examination is as follows:

State

 

Earliest Open Tax Year

Pennsylvania(1)

2012

Connecticut

2022

Virginia(2)

2022

Utah(1)

2022

South Carolina

2022

 

(1)
Considered a major state for entities presented in discontinued operations.
(2)
Considered a major state for Virginia Power’s operations.

The Companies are also obligated to report adjustments resulting from IRS settlements to state tax authorities. In addition, if Dominion Energy utilizes operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are generally subject to examination.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 6. FAIR VALUE MEASUREMENTS

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2. See Note 7 for additional information about the Companies’ derivative 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 December 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

$

224

 

29-111

 

54

 

 

 

 

 

 

 

 

FTRs

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

 

156

 

(3)-19

 

9

 

 

$

156

 

 

(3)-19

 

9

Natural gas(2)

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

 

48

 

(2)-8

 

(1)

 

 

 

48

 

 

(2)-8

 

(1)

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

 

Option model

 

Market price (per Dth)

(3)

 

 

214

 

2-9

 

4

 

 

 

4

 

 

3-8

 

6

 

 

 

 

Price volatility

(4)

 

 

 

0%-76%

 

47%

 

 

 

 

 

10%-64%

 

36%

Total assets

 

 

 

 

$

642

 

 

 

 

 

 

$

208

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

 

15

 

31-117

 

62

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

$

15

 

 

 

 

 

 

 

 

 

 

 

 
(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)

Nonrecurring Fair Value Measurements

See Note 10 for information regarding impairment charges recorded by Dominion Energy associated with corporate office buildings and nonregulated renewable natural gas facilities. See Note 22 for information regarding Dominion Energy’s pension and other postretirement benefit plan remeasurements.

In 2023, Dominion Energy recorded a charge of $15 million ($11 million after-tax) presented within discontinued operations in its Consolidated Statements of Income to adjust certain nonregulated solar assets down to their estimated fair value, using a market approach, of $22 million. The valuation is considered a Level 2 fair value measurement given that it is based on bids received. As discussed in Note 3, these assets were sold in August 2023.

Recurring Fair Value Measurements

Fair value measurements are separately disclosed by level within the fair value hierarchy with a separate reconciliation of fair value measurements categorized as Level 3. Fair value disclosures for assets held in the Companies’ pension and other postretirement benefit plans are presented in Note 22.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

87

 

 

$

642

 

 

$

729

 

 

$

—

 

 

$

49

 

 

$

208

 

 

$

257

 

Interest rate

 

 

—

 

 

 

201

 

 

 

—

 

 

 

201

 

 

 

—

 

 

 

197

 

 

 

—

 

 

 

197

 

Foreign currency exchange rate

 

 

—

 

 

 

28

 

 

 

—

 

 

 

28

 

 

 

—

 

 

 

28

 

 

 

—

 

 

 

28

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

6,215

 

 

 

—

 

 

 

—

 

 

 

6,215

 

 

 

3,154

 

 

 

—

 

 

 

—

 

 

 

3,154

 

International

 

 

168

 

 

 

—

 

 

 

—

 

 

 

168

 

 

 

96

 

 

 

—

 

 

 

—

 

 

 

96

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Government securities

 

 

418

 

 

 

74

 

 

 

—

 

 

 

492

 

 

 

332

 

 

 

—

 

 

 

—

 

 

 

332

 

Cash equivalents and other

 

 

46

 

 

 

—

 

 

 

—

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total assets

 

$

6,847

 

 

$

400

 

 

$

642

 

 

$

7,889

 

 

$

3,582

 

 

$

274

 

 

$

208

 

 

$

4,064

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

201

 

 

$

15

 

 

$

216

 

 

$

—

 

 

$

13

 

 

$

—

 

 

$

13

 

Interest rate

 

 

—

 

 

 

19

 

 

 

—

 

 

 

19

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Foreign currency exchange rate

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

Total liabilities

 

$

—

 

 

$

230

 

 

$

15

 

 

$

245

 

 

$

—

 

 

$

31

 

 

$

—

 

 

$

31

 

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 $2.3 billion and $212 million of assets at Dominion Energy, inclusive of $1.3 billion and $76 million at Virginia Power, at December 31, 2025 and 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

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

384

 

 

$

86

 

 

$

422

 

 

$

68

 

 

$

(116

)

 

$

221

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

(21

)

 

 

(6

)

 

 

1

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

276

 

 

 

(172

)

 

 

(273

)

 

 

259

 

 

 

(176

)

 

 

(278

)

Purchased gas

 

 

—

 

 

 

1

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

(4

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

Included in regulatory assets/liabilities

 

 

121

 

 

 

297

 

 

 

(414

)

 

 

145

 

 

 

202

 

 

 

(349

)

Settlements

 

 

(336

)

 

 

77

 

 

 

241

 

 

 

(272

)

 

 

137

 

 

 

255

 

Purchases

 

 

183

 

 

 

112

 

 

 

104

 

 

 

8

 

 

 

21

 

 

 

35

 

Transfers out of Level 3

 

 

20

 

 

 

(7

)

 

 

6

 

 

 

 

 

 

 

 

 

 

Ending balance

 

$

627

 

 

$

384

 

 

$

86

 

 

$

208

 

 

$

68

 

 

$

(116

)

Dominion Energy had a $1 million gain, a $(5) million loss and a $7 million gain included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the years ended December 31, 2025, 2024 and 2023, respectively. Virginia Power had no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2025, 2024 and 2023.

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)

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

38,897

 

 

$

37,481

 

 

$

21,800

 

 

$

20,593

 

Securitization bonds(3)

 

 

1,054

 

 

 

1,076

 

 

 

1,054

 

 

 

1,076

 

Junior subordinated notes(2)

 

 

5,978

 

 

 

6,217

 

 

 

 

 

 

 

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 December 31, 2025 and December 31, 2024.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.25.4
Derivatives and Hedge Accounting Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities

Note 7. Derivatives And Hedge Accounting Activities

See Note 2 for the Companies’ accounting policies, objectives and strategies for using derivative instruments. See Notes 2 and 6 for further information about fair value measurements and associated valuation methods for derivatives.

Cash collateral is used in the table below to offset derivative assets and liabilities. Certain of Dominion Energy’s contracts represent offsetting positions to other existing exchange contracts with collateral requirements. Additionally, certain of Dominion Energy’s over-the-counter transactions are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 24 for further 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 its 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

$

464

 

 

$

4

 

 

$

—

 

 

$

460

 

 

$

239

 

 

$

4

 

 

$

—

 

 

$

235

 

Exchange

 

48

 

 

 

48

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

201

 

 

 

5

 

 

 

—

 

 

 

196

 

 

 

197

 

 

 

4

 

 

 

—

 

 

 

193

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

28

 

 

 

8

 

 

 

—

 

 

 

20

 

 

 

28

 

 

 

8

 

 

 

—

 

 

 

20

 

Total derivatives, subject to a master netting
   or similar arrangement

$

741

 

 

$

65

 

 

$

—

 

 

$

676

 

 

$

464

 

 

$

16

 

 

$

—

 

 

$

448

 

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 $217 million and $242 million at Dominion Energy at December 31, 2025 and 2024, respectively, and $18 million at Virginia Power, at both December 31, 2025 and 2024, which are not subject to master netting or 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

$

38

 

 

$

4

 

 

$

—

 

 

$

34

 

 

$

6

 

 

$

4

 

 

$

—

 

 

$

2

 

Exchange

 

173

 

 

 

48

 

 

 

125

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

19

 

 

 

5

 

 

 

—

 

 

 

14

 

 

 

8

 

 

 

4

 

 

 

—

 

 

 

4

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

10

 

 

 

8

 

 

 

—

 

 

 

2

 

 

 

10

 

 

 

8

 

 

 

—

 

 

 

2

 

Total derivatives, subject to a master netting
   or similar arrangement

$

240

 

 

$

65

 

 

$

125

 

 

$

50

 

 

$

24

 

 

$

16

 

 

$

—

 

 

$

8

 

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 $5 million and $7 million at Dominion Energy and $7 million and $17 million at Virginia Power at December 31, 2025 and 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 December 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 their long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

42

 

 

 

5

 

 

 

37

 

 

 

5

 

Basis(2)

 

 

217

 

 

 

330

 

 

 

164

 

 

 

268

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

9

 

 

 

35

 

 

 

 

 

 

 

FTRs

 

 

40

 

 

 

 

 

 

40

 

 

 

 

Interest rate(3) (in millions)

 

$

3,925

 

 

$

6,821

 

 

$

2,350

 

 

$

5,750

 

Foreign currency exchange rate(3) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

674 kr.

 

 

76 kr.

 

 

674 kr.

 

 

76 kr.

 

Euro

 

€844

 

 

€50

 

 

€844

 

 

€50

 

 

(1)
Includes options at Dominion Energy.
(2)
Includes options.
(3)
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 December 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

 

AOCI After-Tax

 

 

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

 

 

Maximum Term

 

(millions)

 

 

 

 

 

 

 

(months)

 

 

 

 

 

 

 

(months)

 

Interest rate

 

$

(137

)

 

$

(24

)

 

396

 

$

32

 

 

$

1

 

 

 

396

 

Total

 

$

(137

)

 

$

(24

)

 

 

 

$

32

 

 

$

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 tables present 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 December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Current derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

295

 

 

$

98

 

 

$

172

 

 

$

12

 

Interest rate

 

 

—

 

 

 

3

 

 

 

 

 

 

 

Foreign currency exchange rate

 

 

25

 

 

 

10

 

 

 

25

 

 

 

10

 

Current derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

15

 

 

 

—

 

 

 

15

 

 

 

—

 

Total current derivatives

 

$

335

 

 

$

111

 

 

$

212

 

 

$

22

 

Noncurrent derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

434

 

 

$

118

 

 

$

85

 

 

$

1

 

Interest rate

 

 

2

 

 

 

7

 

 

 

 

 

 

 

Foreign currency exchange rate

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

Noncurrent derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

184

 

 

 

9

 

 

 

182

 

 

 

8

 

Total noncurrent derivatives

 

 

623

 

 

 

134

 

 

 

270

 

 

 

9

 

Total derivatives

 

$

958

 

 

$

245

 

 

$

482

 

 

$

31

 

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

 

$

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

 

 

963

 

 

 

305

 

 

 

127

 

 

 

86

 

Total derivatives

 

$

1,399

 

 

$

512

 

 

$

375

 

 

$

225

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

7

 

 

$

(39

)

 

$

67

 

 

$

6

 

 

$

1

 

 

$

66

 

Total

 

$

7

 

 

$

(39

)

 

$

67

 

 

$

6

 

 

$

1

 

 

$

66

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

17

 

 

 

(43

)

 

$

189

 

 

$

17

 

 

$

—

 

 

$

188

 

Total

 

$

17

 

 

$

(43

)

 

$

189

 

 

$

17

 

 

$

—

 

 

$

188

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(1

)

 

 

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 

Total

 

$

(1

)

 

$

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 
(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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

(221

)

 

$

116

 

 

$

707

 

 

$

(59

)

 

$

140

 

 

$

27

 

Purchased gas

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

246

 

 

 

(240

)

 

 

(380

)

 

 

229

 

 

 

(244

)

 

 

(384

)

Discontinued operations

 

 

—

 

 

 

(28

)

 

 

86

 

 

 

 

 

 

 

 

 

 

Other operations & maintenance

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

13

 

 

 

(3

)

 

 

84

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

17

 

 

 

 

 

 

 

 

 

 

Total

 

$

37

 

 

$

(155

)

 

$

516

 

 

$

170

 

 

$

(104

)

 

$

(355

)

 

(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.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

Note 8. Earnings Per Share

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

 

 

2025

 

 

2024

 

 

2023

 

(millions, except EPS)

 

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from continuing operations

$

3,012

 

 

$

1,837

 

 

$

2,087

 

Preferred stock dividends (See Note 19)

 

(44

)

 

 

(68

)

 

 

(81

)

Preferred stock deemed dividends (See Note 19)

 

—

 

 

 

(10

)

 

 

—

 

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

 

2,968

 

 

 

1,759

 

 

 

2,006

 

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

$

(14

)

 

$

197

 

 

$

(125

)

Average shares of common stock outstanding – Basic

 

854.1

 

 

 

839.2

 

 

 

836.4

 

Net effect of dilutive securities(1)

 

1.2

 

 

 

0.2

 

 

 

0.1

 

Average shares of common stock outstanding – Diluted

 

855.3

 

 

 

839.4

 

 

 

836.5

 

EPS from continuing operations - Basic

$

3.48

 

 

$

2.09

 

 

$

2.40

 

EPS from discontinued operations - Basic

 

(0.02

)

 

 

0.24

 

 

 

(0.15

)

EPS attributable to Dominion Energy - Basic

$

3.46

 

 

$

2.33

 

 

$

2.25

 

EPS from continuing operations - Diluted

$

3.47

 

 

$

2.09

 

 

$

2.40

 

EPS from discontinued operations - Diluted

 

(0.02

)

 

 

0.24

 

 

 

(0.15

)

EPS attributable to Dominion Energy - Diluted

$

3.45

 

 

$

2.33

 

 

$

2.25

 

 

(1)
Dilutive securities for 2025 consists of forward sales agreements entered into in the first, second, and third quarter of 2025 and third and fourth quarter of 2024 with certain of these securities settling in 2025 (applying the treasury stock method). Additionally, dilutive securities for 2024 consists of certain of the forward sales agreements entered into in 2024 with certain of these securities settling in 2024 (applying the treasury stock method). Dilutive securities for 2023 consists primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method).

Certain of the forward sales agreements entered into in 2025 and 2024 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the year ended December 31, 2025 and 2024 as the dilutive stock price threshold was not met. See Note 19 for additional information.
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 9. 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 $181 million and $160 million at December 31, 2025 and 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,107

 

$

5,052

 

$

(2

)

 

 

 

$

6,157

 

 

$

602

 

$

2,620

 

$

(2

)

 

 

 

$

3,220

 

International

 

44

 

 

122

 

 

—

 

 

 

 

 

166

 

 

 

27

 

 

69

 

 

—

 

 

 

 

 

96

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government securities

 

448

 

 

—

 

 

—

 

 

$

—

 

 

448

 

 

 

332

 

 

—

 

 

—

 

 

$

—

 

 

332

 

Private debt funds(3)

 

2,143

 

 

—

 

 

—

 

 

 

—

 

 

2,143

 

 

 

1,213

 

 

—

 

 

—

 

 

 

—

 

 

1,213

 

Insurance contracts(4)

 

245

 

 

—

 

 

—

 

 

 

—

 

 

245

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and
   other(5)

 

7

 

 

—

 

 

—

 

 

 

—

 

 

7

 

 

 

3

 

 

—

 

 

—

 

 

 

—

 

 

3

 

Total

$

3,994

 

$

5,174

 

$

(2

)

(6)

$

—

 

$

9,166

 

 

$

2,177

 

$

2,689

 

$

(2

)

(6)

$

—

 

$

4,864

 

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(4)

 

239

 

 

—

 

 

—

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and
   other(5)

 

65

 

 

—

 

 

—

 

 

 

—

 

 

65

 

 

 

22

 

 

—

 

 

—

 

 

 

—

 

 

22

 

Total

$

3,828

 

$

4,281

 

$

(58

)

(6)

$

—

 

$

8,051

 

 

$

2,092

 

$

2,227

 

$

(33

)

(6)

$

—

 

$

4,286

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income (expense).
(3)
These private debt funds are generally structured without an explicit termination date. The Companies’ withdrawal and redemption rights begin after an initial multiyear lock-up period. Unless otherwise elected, distributions of income, profits and capital are generally reinvested in the underlying funds. The Companies may elect to receive a portion of future income as cash distributions, subject to fund liquidity restrictions. Generally, the Companies’ interests can be sold in the secondary markets subject to the approval of the general partner. Secondary markets tend to be less liquid especially during periods of market stress.
(4)
Includes company owned life insurance contracts measured at cash surrender value.
(5)
Dominion Energy includes pending purchases of securities of $40 million and pending sales of securities of $35 million at December 31, 2025 and 2024, respectively. Virginia Power includes pending sales of securities of $3 million and $22 million at December 31, 2025 and 2024, respectively.
(6)
Dominion Energy’s fair value of securities in an unrealized loss position was $48 million and $1.4 billion at December 31, 2025 and 2024, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $3 million and $796 million at December 31, 2025 and 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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized
   during the period

 

$

913

 

 

$

1,020

 

 

$

811

 

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

 

 

(4

)

 

 

(16

)

 

 

(7

)

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

 

$

909

 

 

$

1,004

 

 

$

804

 

 

(1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 

 

Virginia Power

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized
   during the period

 

$

479

 

 

$

532

 

 

$

420

 

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

 

 

(8

)

 

 

(11

)

 

 

7

 

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

 

$

471

 

 

$

521

 

 

$

427

 

(1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 

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 December 31, 2025 by contractual maturity is as follows:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

 

—

 

 

 

—

 

Due after one year through five years

 

 

25

 

 

 

—

 

Due after five years through ten years

 

 

10

 

 

 

—

 

Due after ten years

 

 

413

 

 

 

332

 

Total

 

$

448

 

 

$

332

 

 

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

 

Year Ended December 31,

2025

 

2024

 

2023

 

(millions)

 

 

 

 

 

 

Proceeds from sales

$

10,492

 

$

3,072

 

$

2,966

 

Realized gains(1)

 

110

 

 

106

 

 

92

 

Realized losses(1)

 

103

 

 

128

 

 

169

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 

 

Virginia Power

 

Year Ended December 31,

2025

 

2024

 

2023

 

(millions)

 

 

 

 

 

 

Proceeds from sales

$

5,741

 

$

1,925

 

$

1,876

 

Realized gains(1)

 

74

 

 

67

 

 

50

 

Realized losses(1)

 

71

 

 

88

 

 

99

 

 

(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Equity Method Investments

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:

Company

Ownership%

 

Investment Balance

Description

At December 31,

 

2025

 

2024

 

(millions)

 

 

 

 

Align RNG

 

50

%

$

92

 

$

91

 

 

Renewable
natural gas

Dominion
   Privatization

 

50

%

 

20

 

 

27

 

 

Military
electric and
gas

Other(1)(2)

various

 

 

20

 

 

20

 

 

Total

 

$

132

 

$

138

 

 

(1)
Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $7 million at December 31, 2025 and 2024, respectively, presented in other current liabilities. See discussion below for additional information.
(2)
Includes an inconsequential amount at December 31, 2025 related to Valley Link.

Dominion Energy recorded equity earnings (losses) on its investments of $(6) million, $3 million and $(26) million for the years ended December 31, 2025, 2024 and 2023, respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $(6) million, $(12) million and $235 million for the years ended December 31, 2025, 2024 and 2023, respectively, in discontinued operations including amounts related to its investments in Cove Point (through September 2023) and Atlantic Coast Pipeline discussed below. Dominion Energy received distributions from these investments of $6 million, $140 million and $245 million for the years ended December 31, 2025, 2024 and 2023, respectively. At both December 31, 2025 and 2024, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $5 million, which is attributable to capitalized interest.

Cove Point

Prior to the completion of the sale to BHE in September 2023, Dominion held a 50% noncontrolling limited partnership interest in Cove Point which was accounted for as an equity method investment as Dominion Energy had the ability to exercise significant influence over, but not control, Cove Point.

Dominion Energy recorded distributions from Cove Point of $227 million for the year ended December 31, 2023. Dominion Energy made no contributions to Cove Point for the year ended December 31, 2023.

In June 2023, Dominion Energy entered into an agreement with Cove Point for transportation and storage services at market rates for a 20-year period commencing August 2023.

In July 2023, Dominion Energy entered into an agreement to sell its 50% noncontrolling limited partnership interest in Cove Point to BHE for cash consideration of $3.3 billion which closed in September 2023 after all customary closing and regulatory conditions were satisfied, including clearance under the Hart-Scott-Rodino Act and approval from the DOE. The sale is treated as an asset sale for tax purposes. In addition, Dominion Energy received proceeds of $199 million from the settlement of related interest rate derivatives. In connection with closing, Dominion Energy utilized proceeds, as required, to repay DECP Holding’s term loan secured by its noncontrolling interest in Cove Point, which had an outstanding balance of $2.2 billion, and $750 million of outstanding borrowings under Dominion Energy’s two $600 million 364-day term loan facilities entered in July 2023. See Note 17 for additional information on these facilities. Dominion Energy recorded a gain on the sale of its noncontrolling interest in Cove Point of $626 million ($348 million after-tax) within discontinued operations in its Consolidated Statements of Income for the year ended December 31, 2023.

In September 2023, as a result of Dominion Energy entering agreements for the East Ohio, PSNC and Questar Gas Transactions, Dominion Energy’s 50% noncontrolling limited partnership interest in Cove Point also met the requirements to be presented as discontinued operations and held for sale (through the date of disposal) as both disposition activities were executed in connection with Dominion Energy’s comprehensive business review announced in November 2022. In addition, interest expense associated with DECP Holding’s term loan secured by its noncontrolling interest in Cove Point and related interest rate derivatives have been classified as discontinued operations.

Amounts presented in discontinued operations within Dominion Energy's Consolidated Statements of Income for the year ended December 31, 2023 include $218 million for earnings on equity method investees, $120 million of interest expense and $31 million of income tax expense, in addition to the gain on sale and associated tax expense disclosed above.

All activity relating to Dominion Energy’s noncontrolling interest in Cove Point is recorded within the Corporate and Other segment.

Atlantic Coast Pipeline

In September 2014, Dominion Energy, along with Duke Energy and Southern, announced the formation of the Atlantic Coast Pipeline for the purpose of constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Following Dominion Energy’s acquisition from Southern of its 5% interest in Atlantic Coast Pipeline in 2020, Dominion Energy owns a 53% noncontrolling membership interest in Atlantic Coast Pipeline with Duke Energy owning the remaining interest.

Atlantic Coast Pipeline continues to be accounted for as an equity method investment as the power to direct the activities most significant to Atlantic Coast Pipeline is shared with Duke Energy. As a result, Dominion Energy has the ability to exercise significant influence, but not control, over the investee.

In July 2020, as a result of ongoing permitting delays, growing legal uncertainties and the need to incur significant capital expenditures to maintain project timing before such uncertainties could be resolved, Dominion Energy and Duke Energy announced the cancellation of the Atlantic Coast Pipeline Project.

Dominion Energy recorded earnings (losses) on equity method investees of $(6) million ($(4) million after-tax), $(13) million ($(10) million after-tax) and $15 million ($11 million after-tax) for the years ended December 31, 2025, 2024 and 2023, respectively. In connection with Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations, Dominion Energy has reflected the results of its equity method investment in Atlantic Coast Pipeline as discontinued operations in its Consolidated Statements of Income. As a result of its share of equity losses exceeding its investment, Dominion Energy’s Consolidated Balance Sheets at December 31, 2025 and 2024 include a liability of $4 million and $7 million, respectively, presented in other current liabilities and reflecting Dominion Energy’s obligations to Atlantic Coast Pipeline related to AROs.

Dominion Energy recorded contributions of $10 million, $12 million and $95 million during the years ended December 31, 2025, 2024 and 2023, respectively, to Atlantic Coast Pipeline.

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.

All activity relating to Atlantic Coast Pipeline is recorded within the Corporate and Other segment.

Align RNG

In 2025, Dominion Energy entered into and completed the acquisition of tax credits from Align RNG for a total cost of approximately $13 million.

In the fourth quarter of 2023, Dominion Energy reflected its share of an impairment of certain property, plant and equipment at Align RNG totaling $35 million ($26 million after-tax) in other income (expense) in its Consolidated Statements of Income. All activity related to Align RNG is reflected within Contracted Energy.

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. Additionally, at December 31, 2025, Dominion Privatization had a credit facility with Dominion Energy with a maximum capacity of $50 million, of which Dominion Privatization had $10 million of borrowings outstanding reflected in other receivables in Dominion Energy’s Consolidated Balance Sheet.

v3.25.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 10. Property, Plant And Equipment

Major classes of property, plant and equipment and their respective balances for the Companies are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

2025

 

2024

 

2025

 

2024

 

(millions)

 

 

 

 

 

 

 

Utility:

 

 

 

 

Generation

$

28,091

 

$

26,854

 

 

$

20,859

 

$

20,219

 

Transmission

 

19,609

 

 

17,856

 

 

 

17,164

 

 

15,514

 

Distribution

 

25,515

 

 

23,572

 

 

 

18,784

 

 

17,261

 

Nuclear fuel

 

2,439

 

 

2,393

 

 

 

1,936

 

 

1,823

 

General and other

 

1,981

 

 

1,865

 

 

 

1,171

 

 

1,134

 

Plant under
   construction(1)

 

19,199

 

 

13,816

 

 

 

18,382

 

 

12,826

 

Total utility

 

96,834

 

 

86,356

 

 

78,296

 

 

68,777

 

Non-jurisdictional -
   including plant
   under construction

 

 

1,815

 

 

 

1,763

 

 

 

1,815

 

 

 

1,763

 

Nonutility:

 

 

 

 

 

Nonregulated
   generation-
   nuclear

 

2,027

 

 

1,962

 

 

 

—

 

 

—

 

Nonregulated
   generation-solar

 

 

1,594

 

 

 

1,207

 

 

 

—

 

 

—

 

Nuclear fuel

 

 

1,018

 

 

 

1,173

 

 

 

—

 

 

 

—

 

Renewable natural
    gas

 

 

1,734

 

 

 

—

 

 

 

 

 

 

 

Other-including
   plant under
   construction

 

 

1,293

 

 

 

2,383

 

 

 

10

 

 

10

 

Total nonutility

 

 

7,666

 

 

 

6,725

 

 

10

 

 

10

 

Total property, plant
   and equipment

 

$

106,315

 

 

$

94,844

 

$

80,121

 

$

70,550

 
(1)
Includes $8.6 billion and $5.8 billion of costs associated with the CVOW Commercial Project at December 31, 2025 and 2024, respectively. The amounts at December 31, 2025 and 2024 are net of $721 million and $206 million, respectively, of costs not expected to be recovered from customers.

Jointly-Owned Power Stations

The Companies’ proportionate share of jointly-owned power stations at December 31, 2025 is as follows:

 

 

Bath County Pumped Storage Station(1)

 

 

North Anna Units 1 and 2(1)

 

 

Clover Power Station(1)

 

 

Millstone Unit 3(2)

 

Summer Unit 1 (2)

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ownership
   interest

 

60

%

 

 

88.4

%

 

 

50

%

 

 

93.5

%

 

66.7

%

Plant in service

 

1,094

 

 

 

3,051

 

 

 

618

 

 

 

1,549

 

 

1,580

 

Accumulated
   depreciation

 

(782

)

 

 

(1,451

)

 

 

(326

)

 

 

(661

)

 

(775

)

Nuclear fuel

 

—

 

 

 

835

 

 

 

—

 

 

 

466

 

 

503

 

Accumulated
   amortization of
   nuclear fuel

 

—

 

 

 

(644

)

 

 

—

 

 

 

(352

)

 

(307

)

Plant under
   construction

 

16

 

 

 

529

 

 

 

13

 

 

 

96

 

 

55

 

 

(1)
Units jointly owned by Virginia Power.
(2)
Units jointly owned by Dominion Energy.

The co-owners are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. The Companies report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation and amortization, other taxes and other applicable accounts) in the Consolidated Statements of Income.

Canadys Station

As discussed in Note 13, in December 2025, DESC and Santee Cooper filed an application with the South Carolina Commission for approval of a CPCN to jointly construct and operate Canadys Station. At December 31, 2025, Dominion Energy’s Consolidated Balance Sheet includes $10 million within plant under construction reflected in property, plant and equipment for its share of the total costs.

CVOW Commercial Project – Estimated Total Project Cost

In September 2019, Virginia Power filed applications with PJM for the CVOW Commercial Project and for certain approvals and rider recovery from the Virginia Commission in November 2021. The Virginia Commission provided such approvals in August 2022, as revised for certain provisions related to rider recovery in December 2022. The majority of turbines comprising the 2.6 GW project are expected to be placed in service by the end of 2026 with the remainder in early 2027. The estimated total project cost is approximately $11.5 billion (excluding financing costs) which reflects a temporary suspension of work order and an estimated impact of certain tariffs which became effective during 2025 as well as the previously included revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project. 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 reflects an increase of $0.2 billion, relative to Virginia Power’s October 2025 Rider OSW filing, associated with projected installation timeline changes arising from the temporary suspension of work from the BOEM Director’s Order issued in December 2025 until a preliminary injunction was granted by the U.S District Court for the Eastern District of Virginia in January 2026, which allowed work to resume. The estimated total project costs also include $0.6 billion of tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries and on equipment expected to be delivered from March 2025 through early 2027 that contains steel. Such amount is inclusive of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling on February 20, 2026. 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.

As previously considered in Virginia Power’s February 2025 construction update filing, the expected total project cost reflects projections for onshore electrical interconnection costs and network upgrade costs assigned to the project by PJM, specifically incorporating consideration of PJM’s December 2024 publication of potential transmission network upgrades required for certain generation projects and related cost allocations, including those attributable to the CVOW Commercial Project. Relative to Virginia Power’s November 2024 Rider OSW filing, the estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs. Virginia Power has entered into fixed price contracts for the major offshore construction and equipment components. The contracts include services denominated in currencies other than the U.S. dollar, for which Virginia Power has entered forward contracts to economically hedge.

In accordance with the Virginia Commission’s December 2022 order, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding. In October 2024, Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak as discussed below.

As a result of the revised total project cost estimates and cost sharing mechanism, during 2025 Virginia Power recorded charges for costs not expected to be recovered from customers of $515 million within impairments of assets and other charges, which includes $257 million attributable to noncontrolling interests, and an associated income tax benefit of $66 million, in addition to recording in the fourth quarter of 2024 a $206 million charge within impairments of assets and other charges, which includes $103 million attributable to noncontrolling interests, and an associated income tax benefit of $26 million, all reflected in the Corporate and Other segment, in the Companies’

Consolidated Statements of Income. The Companies are currently unable to estimate the expected impact of the ruling issued by the U.S. Supreme Court on February 20, 2026, on its financial position, results of operations and/or cash flows.

The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 7% 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 including any potential impact of Section 232 investigations and litigation ruled on by the U.S. Supreme Court on February 20, 2026, costs to maintain necessary permits, approvals and authorizations, any additional suspension of work orders, 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 described above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows.

Sale of Noncontrolling Interest in CVOW Commercial Project

In February 2024, Virginia Power entered into an agreement to sell a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP. In October 2024, Virginia Power and Stonepeak closed on the agreement following the receipt of consent by BOEM and satisfaction of other customary closing and regulatory conditions. Consistent with the terms of the agreement, Virginia Power contributed the CVOW Commercial Project and Stonepeak contributed cash to OSWP. The contribution of the CVOW Commercial Project required approvals from the Virginia and North Carolina Commissions, which were received in September 2024. At closing, Virginia Power received $2.6 billion, prior to consideration of customary post-closing adjustments, representing 50% of the CVOW Commercial Project construction costs incurred through closing, less an initial withholding of $145 million. If the total project costs of the CVOW Commercial Project are $9.8 billion, excluding financing costs, or less Virginia Power shall receive $100 million of the initial withholding. Such amount is subject to downward adjustment with Virginia Power receiving no withheld amounts if the total costs, excluding financing costs, of the CVOW Commercial Project exceed $11.3 billion.

Virginia Power and Stonepeak will each contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion. For capital funding necessary, if any, for total project costs, excluding financing costs, of $11.3 billion through $13.7 billion, Stonepeak will have the option to make additional capital contributions. If Stonepeak elects to make additional capital contributions for project costs, excluding financing costs, in excess of $11.3 billion, if any, Virginia Power shall contribute between 67% and 83% of such capital with Stonepeak contributing the remainder. To the extent that Stonepeak elects not to make such contributions, Virginia Power shall receive an increase in its ownership percentage of OSWP for any contributed capital based on a tiered unit price for membership interests in OSWP as set forth in the agreement. Virginia Power and Stonepeak have the right to provide capital contributions for any total project costs, excluding financing costs, in excess of $13.7 billion.

OSWP is considered to be a VIE primarily because its equity capitalization is insufficient to support its operations. Virginia Power is considered to be the primary beneficiary and consolidates OSWP with Stonepeak’s interests reflected as noncontrolling interests beginning in the fourth quarter of 2024 as Virginia Power has the power to direct the most significant activities of OSWP, including construction and operation of the CVOW Commercial Project. In the event that OSWP ceases to be a VIE, Virginia Power expects to continue to consolidate OSWP as its ownership interest is expected to be considered a controlling financial interest over the entity through its rights to control operations.

Virginia Power Easement Agreement

In November 2023, Virginia Power entered into an agreement to pay $65 million for an easement related to the CVOW Commercial Project for which it will not seek recovery and therefore recorded a charge of $65 million ($49 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).

Nonregulated Solar Projects

The following table presents acquisitions by Dominion Energy of solar projects (reflected in Contracted Energy unless otherwise noted).

 

Project Name

 

Date Agreement
Entered

 

Date Agreement
Closed

 

Project Location

 

Project Cost
(millions)(1)

 

Date of Commercial
Operations

 

MW Capacity

 

Madison(2)

 

July 2020

 

July 2020

 

Virginia

 

 

165

 

N/A

 

 

62

 

Hardin II

 

August 2020

 

Terminated(3)

 

 

 

 

 

 

 

 

 

Atlanta Farms

 

March 2022

 

May 2022

 

Ohio

 

 

390

 

January 2025(4)

 

 

200

 

Foxhound

 

March 2023

 

February 2024

 

Virginia

 

 

195

 

April 2024(4)

 

 

83

 
(1)
Includes acquisition costs.
(2)
Madison was reflected in the Corporate and Other segment before its sale in April 2024. See Note 3 for discussion.
(3)
In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II.
(4)
Dominion Energy is claiming production tax credits on the energy generated and sold by these projects.

In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities (reflected in the Corporate and Other segment), primarily at schools in Virginia. For the year ended December 31, 2025, Dominion Energy placed in service solar facilities with an aggregate generation capacity of 4 MW at a cost of $9 million and anticipates placing additional

facilities in service by the end of 2026 with an estimated total projected cost of approximately $10 million and an aggregate generation capacity of 4 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects.

 

Acquisition of Early Stage Generation Facility

In November 2025, Virginia Power entered into and closed on an agreement to acquire approximately 1,200 acres of land in Virginia and associated electric generation project assets in the early stages of development for $113 million. Under the terms of the agreement, $13 million of the purchase price was paid at closing with the remainder to be paid periodically through 2028. At December 31, 2025, Virginia Power’s Consolidated Balance Sheet includes $25 million in other current liabilities and $75 million in other deferred credits and other liabilities.

Regulated Solar Development Projects

In December 2025 and February 2026, Virginia Power entered into two separate agreements related to the development of certain solar generation facilities. Under the terms of the agreements, Virginia Power will acquire the solar generation facilities following the completion of construction at a purchase price based on the installed capacity, which Virginia Power estimates will be approximately $1.3 billion in aggregate. The solar generation facilities are expected to be completed in 2029 with an aggregate generation capacity of approximately 400 MW. Virginia Power expects to recover the cost of these solar generation facilities through Rider CE.

Acquisition of Offshore Wind Project

In July 2024, Virginia Power entered into an agreement to acquire an approximately 40,000-acre area lease 27 miles off the coast of North Carolina in federal waters and associated project assets in the early stages of development for approximately $160 million. The transaction closed in October 2024 following the receipt of approval from BOEM and other customary regulatory approvals. The CVOW South project, if constructed, is expected to have a generating capacity of 800 MW with ultimate development of the project dependent upon the receipt of approvals from the Virginia Commission and other permitting entities. The project would support Virginia Power’s ability to meet the renewable energy portfolio standards established in the VCEA.

Sales of Corporate Office Buildings

In 2023, Dominion Energy entered into an agreement for the sale of a corporate office building for total cash consideration of $40 million. In the second quarter of 2024, Dominion Energy recorded a charge of $17 million ($12 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust the corporate office building down to its estimated fair value, using a market approach, of $23 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. In the third quarter of 2024, Dominion Energy entered into a new agreement to sell the corporate office building, which closed in December 2024 for $19 million, and recorded an inconsequential loss upon closing.

In 2023, Dominion Energy recorded a charge of $93 million ($69 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. Dominion Energy completed the sale in July 2024.

All activity related to the sales of these corporate office buildings is reflected in the Corporate and Other segment.

Nonregulated Renewable Natural Gas Facilities

Dominion Energy recorded impairment charges of $33 million ($25 million after-tax) and $27 million ($21 million after-tax) in the second and third quarters of 2024, respectively, in impairment of assets and other charges in the Consolidated Statements of Income reflected in the Corporate and Other segment, to write down the long-lived assets of certain nonregulated renewable natural gas facilities under development to their estimated fair values which were each less than $1 million. The fair values were estimated using an income approach. The valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in future cash flows and market prices.

Sale of Utility Property

In 2023, Dominion Energy completed the sales of certain utility property in South Carolina, as approved by the South Carolina Commission in February 2023, for total cash consideration of $12 million. In connection with the sales, Dominion Energy recognized a gain of $11 million ($8 million after-tax), recorded in other operations and maintenance expense in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2023.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 11. Goodwill and Intangible Assets

Goodwill

The changes in Dominion Energy’s carrying amount and segment allocation of goodwill are presented below:

 

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate and Other

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023(1)

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

No events affecting goodwill

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2024(1)

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

No events affecting goodwill

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2025(1)

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

 

(1)
Goodwill amounts do not contain any accumulated impairment losses.

Other Intangible Assets

The Companies’ other intangible assets are subject to amortization over their estimated useful lives. Dominion Energy’s amortization expense for software, licenses and other intangible assets was $111 million, $87 million and $160 million for the years ended December 31, 2025, 2024 and 2023, respectively. In 2025, Dominion Energy acquired $962 million of intangible assets, primarily representing renewable energy credits and software, with an estimated weighted-average amortization period of approximately 4 years. Amortization expense for Virginia Power’s software, licenses and other intangible assets was $74 million, $51 million and $123 million for the years ended December 31, 2025, 2024 and 2023, respectively. In 2025, Virginia Power acquired $872 million of intangible assets, primarily representing renewable energy credits and software, with an estimated weighted-average amortization period of 3 years.

 

The components of intangible assets are as follows:

 

 

2025

 

 

2024

 

At December 31,

Gross
Carrying
Amount

 

Accumulated
Amortization

 

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

(millions)

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

Software, licenses and
   other

$

1,950

 

$

820

 

 

$

1,645

 

$

708

 

Renewable energy
   credits(1)

 

552

 

 

—

 

 

 

199

 

 

—

 

Virginia Power

 

 

 

 

 

 

 

 

 

Software, licenses and
   other

$

1,125

 

$

365

 

 

$

911

 

$

291

 

Renewable energy
   credits(1)

 

550

 

 

—

 

 

 

198

 

 

—

 

 

(1)
Includes $342 million and $370 million of renewable energy credits consumed and retired in 2025 and 2024, respectively. All amounts for renewable energy credits were deferred to regulatory assets upon consumption.

Annual amortization expense for intangible assets, excluding renewable energy credits which are deferred to regulatory assets, is estimated to be as follows:

 

 

 

 

 

 

 

 

 

 

 

 

(millions)

 

2026

 

2027

 

2028

 

2029

 

2030

 

Dominion Energy

 

$

107

 

$

97

 

$

84

 

$

72

 

$

46

 

Virginia Power

 

 

70

 

 

65

 

 

56

 

 

50

 

 

31

 
v3.25.4
Regulatory Assets and Liabilities
 12 Months Ended
Dec. 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

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

213

 

 

$

38

 

 

$

174

 

 

$

3

 

Securitized cost of fuel used in electric generation(2)

 

 

125

 

 

 

124

 

 

 

125

 

 

 

124

 

Riders OSW and CE(3)

 

 

23

 

 

 

7

 

 

 

23

 

 

 

7

 

Other deferred rider costs for Virginia electric utility(4)

 

 

445

 

 

 

286

 

 

 

445

 

 

 

286

 

Ash pond and landfill closure costs(5)

 

 

164

 

 

 

108

 

 

 

164

 

 

 

108

 

Deferred nuclear refueling outage costs(6)

 

 

101

 

 

 

97

 

 

 

101

 

 

 

80

 

NND Project costs(7)

 

 

138

 

 

 

138

 

 

 

 

 

 

 

Derivatives(8)

 

 

3

 

 

 

8

 

 

 

—

 

 

 

6

 

Other

 

 

168

 

 

 

186

 

 

 

78

 

 

 

83

 

Regulatory assets-current

 

 

1,380

 

 

 

992

 

 

 

1,110

 

 

 

697

 

Unrecognized pension and other postretirement benefit costs(9)

 

 

527

 

 

 

486

 

 

 

—

 

 

 

—

 

Riders OSW and CE(3)

 

 

287

 

 

 

117

 

 

 

287

 

 

 

117

 

Other deferred rider costs for Virginia electric utility(4)

 

 

338

 

 

 

534

 

 

 

338

 

 

 

534

 

Interest rate hedges(10)

 

 

165

 

 

 

167

 

 

 

—

 

 

 

—

 

AROs and related funding(11)

 

 

385

 

 

 

387

 

 

 

 

 

 

 

NND Project costs(7)

 

 

1,672

 

 

 

1,811

 

 

 

 

 

 

 

CCR remediation, ash pond and landfill closure costs(5)

 

 

2,868

 

 

 

2,898

 

 

 

2,510

 

 

 

2,560

 

Deferred cost of fuel used in electric generation(1)

 

 

391

 

 

 

—

 

 

 

391

 

 

 

—

 

Securitized cost of fuel used in electric generation(2)

 

 

868

 

 

 

1,040

 

 

 

868

 

 

 

1,040

 

Derivatives(8)

 

 

33

 

 

 

182

 

 

 

—

 

 

 

148

 

Other

 

 

742

 

 

 

666

 

 

 

132

 

 

 

138

 

Regulatory assets-noncurrent

 

 

8,276

 

 

 

8,288

 

 

 

4,526

 

 

 

4,537

 

Total regulatory assets

 

$

9,656

 

 

$

9,280

 

 

$

5,636

 

 

$

5,234

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

 

3

 

 

 

92

 

 

 

3

 

 

 

92

 

Provision for future cost of removal and AROs(12)

 

 

101

 

 

 

119

 

 

 

101

 

 

 

119

 

Reserve for rate credits to electric utility customers(13)

 

 

34

 

 

 

73

 

 

 

—

 

 

 

—

 

Income taxes refundable through future rates(14)

 

 

110

 

 

 

88

 

 

 

77

 

 

 

64

 

Monetization of guarantee settlement(15)

 

 

67

 

 

 

67

 

 

 

 

 

 

 

Derivatives(8)

 

 

158

 

 

 

51

 

 

 

135

 

 

 

30

 

Other

 

 

69

 

 

 

89

 

 

 

58

 

 

 

80

 

Regulatory liabilities-current

 

 

542

 

 

 

579

 

 

 

374

 

 

 

385

 

Income taxes refundable through future rates(14)

 

 

2,854

 

 

 

2,988

 

 

 

2,046

 

 

 

2,168

 

Provision for future cost of removal and AROs(12)

 

 

1,950

 

 

 

1,809

 

 

 

1,346

 

 

 

1,210

 

Nuclear decommissioning trust(16)

 

 

2,494

 

 

 

2,115

 

 

 

2,494

 

 

 

2,115

 

Monetization of guarantee settlement(15)

 

 

501

 

 

 

568

 

 

 

 

 

 

 

Interest rate hedges(10)

 

 

461

 

 

 

406

 

 

 

461

 

 

 

406

 

Reserve for rate credits to electric utility customers(13)

 

 

128

 

 

 

161

 

 

 

—

 

 

 

—

 

Overrecovered other postretirement benefit costs(17)

 

 

209

 

 

 

183

 

 

 

 

 

 

 

Derivatives(8)

 

 

228

 

 

 

248

 

 

 

31

 

 

 

25

 

Other

 

 

247

 

 

 

283

 

 

 

152

 

 

 

215

 

Regulatory liabilities-noncurrent

 

 

9,072

 

 

 

8,761

 

 

 

6,530

 

 

 

6,139

 

Total regulatory liabilities

 

$

9,614

 

 

$

9,340

 

 

$

6,904

 

 

$

6,524

 

 

(1)
Reflects deferred fuel expenses as well as, beginning in June 2025, deferred electric capacity 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. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory. See Note 18 for additional information.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024, which are being amortized into electric fuel and other energy-related purchases. See Note 18 for additional information.
(3)
Deferred balances for Riders OSW and CE include amounts for shortfall or excess in energy sales, capacity revenue, renewable energy credits and production tax credits as such customer benefit amounts are included as a component, including an equity return, of the revenue requirements associated with each rate adjustment clause. In addition, the deferred Rider OSW balance at December 31, 2025 includes $4 million for future decommissioning activities.
(4)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. In 2023, Virginia Power recorded a charge of $36 million ($27 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), for the write-off of certain previously deferred amounts related to rate adjustment clauses associated with the recovery of costs related to Bear Garden, Virginia City Hybrid Energy Center and Warren County in connection with the cessation of such riders effective July 2023. See Note 13 for additional information.
(5)
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, reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14.
(6)
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.
(7)
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.
(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)
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.
(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 24 years for both Dominion Energy and Virginia Power at December 31, 2025.
(11)
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.
(12)
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.
(13)
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.
(14)
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.
(15)
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.
(16)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses, changes in fair value and taxes thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(17)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
At December 31, 2025, Dominion Energy and Virginia Power regulatory assets include $5.8 billion and $4.1 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.
v3.25.4
Regulatory Matters
 12 Months Ended
Dec. 31, 2025
Regulated Operations [Abstract]  
Regulatory Matters 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

Virginia Regulation – Key Legislation Affecting Operations

Regulation Act and Grid Transformation and Security Act of 2018

The Regulation Act enacted in 2007 instituted a cost-of-service rate model that authorizes stand-alone rate adjustment clauses for recovery of costs for new generation projects, FERC-approved transmission costs, underground distribution lines, environmental compliance, conservation and energy efficiency programs, renewable energy programs and nuclear license renewals, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission.

If the Virginia Commission’s future rate decisions, including actions relating to Virginia Power’s rate adjustment clause filings, differ materially from Virginia Power’s expectations, it may adversely affect its results of operations, financial condition and cash flows.

The GTSA reinstated base rate reviews commencing with the 2021 Triennial Review. In the triennial review proceedings, earnings that were more than 70 basis points above the utility’s authorized ROE that might have been refunded to customers and served as the basis for a reduction in future rates, could be reduced by Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects that Virginia Power elected to include in a CCRO. The legislation declared that electric distribution grid

transformation projects are in the public interest and provided that the costs of such projects may be recovered through a rate adjustment clause if not the subject of a CCRO. Any costs that were the subject of a CCRO were deemed recovered in base rates during the triennial period under review and could not be included in base rates in future triennial review proceedings. In any triennial review in which the Virginia Commission determined that the utility’s earnings were more than 70 basis points above its authorized ROE, base rates were subject to reduction prospectively and customer refunds would be due unless the total CCRO elected by the utility equaled or exceeded the amount of earnings in excess of the 70 basis points. For the purposes of measuring any customer refunds or CCRO amounts utilized under the GTSA, associated income taxes were factored into the determination of such amounts. In the 2021 Triennial Review, any such rate reduction was limited to $50 million. This section of the GTSA concerning base rate reviews was amended by 2023 legislation as discussed below.

Virginia 2020 Legislation

In April 2020, the Governor of Virginia signed into law the VCEA, which along with related legislation forms a comprehensive framework affecting Virginia Power’s operations. The VCEA replaces Virginia’s voluntary renewable energy portfolio standard for Virginia Power with a mandatory program setting annual renewable energy portfolio standard requirements based on the percentage of total electric energy sold by Virginia Power, excluding existing nuclear generation and certain new carbon-free resources, reaching 100% by the end of 2045. The VCEA includes related requirements concerning deployment of wind, solar and energy storage resources, as well as provides for certain measures to increase net-metering, including an allocation for low-income customers, incentivizes energy efficiency programs and provides for cost recovery related to participation in a carbon trading program. While the legislation affects several portions of Virginia Power’s operations, key provisions of the GTSA remained in effect, including the triennial review structure and timing, the use of the CCRO and the $50 million cap on revenue reductions in the first triennial review proceeding. Key provisions of the VCEA and related legislation passed include the following:

•
Fossil Fuel Electric Generation: The legislation mandates Chesterfield Power Station Units 5 & 6 and Yorktown Power Station Unit 3 to be retired by the end of 2024, Altavista, Southampton and Hopewell to be retired by the end of 2028 and Virginia Power’s remaining fossil fuel units to be retired by the end of 2045, unless the retirement of such generating units will compromise grid reliability or security. In addition, the Virginia Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any electric generation facilities. Virginia Power revised the depreciable lives of Altavista, Southampton and Hopewell for the mandated retirement to the end of 2028, which did not have a material impact to Virginia Power’s results of operations or cash flows given the existing regulatory framework. This section of the VCEA concerning mandatory retirements of certain facilities by the end of 2028 was amended by 2023 legislation as discussed below. As a result, in November 2023 Virginia Power revised the depreciable lives of Altavista, Southampton and Hopewell and implemented useful life assumptions that were effective before the previous revision.
•
Renewable Generation: The legislation provides a detailed renewable energy portfolio standard to achieve 100% zero-carbon generation by the end of 2045, excluding existing nuclear generation and certain new carbon-free resources. Components include requirements to petition the Virginia Commission for approval to construct or acquire new generating capacity to reach 16.1 GW of installed solar and onshore wind by the end of 2035, which includes specific requirements for utility-scale solar of 3.0 GW by the end of 2024, up to 15.0 GW by the end of 2035 and 1.1 GW of small-scale solar by the end of 2035. The legislation deems 2.7 GW of energy storage, including up to 800 MW for any one project which may include a pumped storage facility, by the end of 2035 to be in the public interest. The legislation also deems the construction or purchase of an offshore wind facility constructed off the Virginia coast with a capacity of up to 5.2 GW before 2035 to be in the public interest and provides certain presumptions facilitating cost recovery. The costs of such a facility constructed by the utility with a capacity between 2.5 and 3.0 GW will be presumed reasonably and prudently incurred if the Virginia Commission finds that the project meets competitive procurement requirements, the projected cost of the facility does not exceed a specified industry benchmark and the utility commences construction by the end of 2023 or has a plan for the facility to be in service by the end of 2027. Projects to meet these requirements are subject to approval by the Virginia Commission.
•
Energy Efficiency: The legislation 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.
•
Carbon trading program: The legislation authorizes Virginia to participate in a market-based carbon trading program consistent with RGGI through 2050. In January 2022, the Governor of Virginia issued an executive order which put directives in place to start administrative steps to withdraw Virginia from RGGI. In December 2023, the withdrawal took effect, which remains subject to ongoing legal challenges. All costs of the carbon trading program are recoverable through an environmental rider.
•
Low-income customers: The legislation includes the establishment of a percentage of income payment program to be administered by the Virginia Department of Housing and Community Development and the Virginia Department of Social Services. To fund the program, Virginia Power will remit amounts collected from customers under a universal service fee established and set by the Virginia Commission. As such, this program will not affect Virginia Power’s results of operations, financial position or cash flows. In December
2020, the Virginia Commission issued a final order confirming a revenue requirement of $93 million related to this program. Implementation details and the effective date of the program would be established in future legislation prior to collection of fees from customers. In October 2023, the Virginia Commission approved the collection by Virginia Power of a universal service fee of $71 million from customers during the rate year beginning November 2023, including the impact on certain non-jurisdictional customers which follow Virginia Power’s jurisdictional customer rate methodology.

Virginia 2023 Legislation

In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA, and revised portions of the existing regulatory framework affecting Virginia Power’s operations.

The legislation resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. Such biennial reviews shall include the establishment of an authorized ROE to be utilized for base rates and riders, prospective base rates for the upcoming two-year period based on projected cost of service and a determination by the Virginia Commission as to Virginia Power’s base rate earned return for the most recently completed two-year period against the previously authorized ROE, including any potential credits to customers’ bills.

The legislation provides that the Virginia Commission will establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, reflecting the average authorized ROE of vertically integrated electric utilities by the applicable regulatory commissions in the peer group jurisdictions of Florida, Georgia, Texas, Tennessee, West Virginia, Kentucky and North Carolina. Subsequent to the 2023 Biennial Review, all provisions related to this peer group benchmarking expire and the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations. In all biennial reviews following the 2023 Biennial Review, if the Virginia Commission determines that Virginia Power’s existing base rates will, on a going-forward basis, produce revenues that are either in excess of or below its authorized rate of return, the Virginia Commission is authorized to reduce or increase such base rates, as applicable and necessary, to ensure that Virginia Power’s base rates are just and reasonable while still allowing Virginia Power to recover its costs and earn a fair rate of return. In addition, beginning with the 2025 Biennial Review, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding.

The legislation directs that if the Virginia Commission determines as part of the 2023 Biennial Review that Virginia Power has earned more than 70 basis points above its authorized ROE of 9.35% established in the 2021 Triennial Review that 85% of the amount of such earnings above this level be credited to customers’ bills. In future biennial reviews, beginning with the biennial review to be filed in 2025, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE. For the purposes of measuring any bill credits due to customers, associated income taxes are factored into the determination of such amounts. In addition, the legislation eliminates Virginia Power’s ability to utilize Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects as a CCRO to reduce or offset any earnings otherwise eligible for customer credits as previously permitted under the GTSA.

In addition to the biennial review mechanisms discussed above, the legislation also includes provisions related to other aspects of Virginia Power’s ratemaking framework.

•
Riders into base rates: Virginia Power is required to combine certain riders with an aggregate annual revenue requirement of at least $350 million with its base rates effective July 2023. After such riders are combined, they will be considered as part of base rates for the purposes of the biennial review proceedings. The inclusion of such riders cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review.
•
Rider consolidation: Upon determination by the Virginia Commission, certain riders, while remaining separate from base rates, may be consolidated for cost recovery and review purposes.
•
Capitalization ratio: The legislation establishes that Virginia Power is required to undertake reasonable efforts to maintain a common equity capitalization to total capitalization ratio through December 2024 of 52.10%.
•
Fuel cost securitization: Virginia Power is authorized, on or before July 2024, to petition the Virginia Commission for approval of a financing order for certain deferred fuel costs. Virginia Power is required to permit certain retail customers to opt out of any such deferred fuel cost securitization.
•
Electric generation plant retirements: The Virginia Commission shall provide to the Virginia General Assembly, on an annual basis, a report that includes information concerning the reliability impacts of generation unit additions and retirement determinations, along with the potential impact on the purchase of power from generation assets outside of the Virginia jurisdiction, the result of which could impact the depreciable lives of Virginia Power’s electric generation facilities in future periods.

In addition, in May 2023 legislation was enacted that amended certain portions of the VCEA to qualify generation produced by Virginia Power’s biomass electric generating stations as renewable energy and eliminate the mandated retirement of such facilities by the end of 2028.

Virginia Power is incurring and expects to incur significant costs, including capital expenditures, to comply with the legislative requirements discussed above. The legislation allows for cost recovery under the existing or modified regulatory framework through rate adjustment clauses, rates for generation and distribution services or Virginia Power’s fuel factor, as approved by the Virginia Commission. Costs allocated to the North Carolina jurisdiction will be recovered, subject to approval by the North Carolina Commission, in accordance with the existing regulatory framework.

Virginia Regulation – Key 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. 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. Virginia Power submitted an update in August 2025 for a proposed base rate increase of $706 million effective January 2026 with an incremental base rate increase of $256 million effective January 2027 to reflect FERC’s approval of a price cap and floor for certain PJM capacity auctions. Alternatively, Virginia Power proposed to include purchased electric capacity expenses as a component of fuel expenses instead of base rates. If the move had been approved, Virginia Power’s proposed base rate increase would have been $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.

In November 2025, the Virginia Commission approved a base rate increase of $566 million effective January 2026 with an incremental base rate increase of $210 million effective January 2027, but did not approve Virginia Power’s proposal to include purchased electric capacity expenses as a component of fuel expenses instead of base rates. The Virginia Commission also authorized an ROE of 9.80% for Virginia Power that will be applied to Virginia Power’s riders prospectively and that will also be utilized to measure base rate earnings for the 2027 Biennial Review.

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 at June 30, 2025. Virginia Power 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. In May 2025, the Virginia Commission ordered that Virginia Power’s proposed total fuel factor rate, excluding the purchased electric capacity expense component, be placed into effect on an interim basis beginning July 1, 2025. In February 2026, the Virginia Commission approved a fuel factor rate, excluding a purchased electric capacity expense component, representing an increase in fuel revenue of $739 million when applied to projected kilowatt-hour sales for the rate year beginning July 1, 2025.

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. In June 2025, the Virginia Commission approved the request.

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.

In October 2025, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate six utility-scale projects totaling approximately 845 MW of solar generation and two energy storage projects totaling approximately 155 MW as part of its efforts to meet the renewable generation development targets under the VCEA. The projects include Bedford and Pumpkinseed, which were constructed and have been operated as non-jurisdictional generation facilities. The remaining projects are expected to, as of October 2025, cost approximately $2.9 billion, excluding financing costs, and be placed into service between 2028 and 2030. This matter is pending.

GTSA Filing

In March 2025, Virginia Power filed a petition with the Virginia Commission for approval of Phase IIIB, covering 2024 through 2026, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan requests approval for mainfeeder hardening work that Virginia Power undertook on three mainfeeders in 2024, proposes to continue the mainfeeder hardening project on 20 additional feeders in 2025 through 2026, proposes the continued implementation of a new outage management system previously approved by the Virginia Commission and requests approval of one new project, a remote sensing, image management and analytical program. For Phase IIIB, the total proposed capital investment is $278 million and the proposed operations and maintenance investment is $5 million. In September 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 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. In November 2025, the Virginia Commission approved the petition. In December 2025, the Virginia Commission issued an order suspending its previous order and granting reconsideration of the petition. In February 2026, the Virginia

Commission denied the reconsideration petition and affirmed its November 2025 approval. In February 2026, an appeal was filed with the Supreme Court of Virginia. This matter is pending.

 

 

 

Riders

Significant riders associated with various Virginia Power projects are as follows:

 

Rider Name

 

Application Date

 

Approval Date

 

Rate Year Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
Over Previous Year
(millions)

 

Rider CCR

 

April 2025

 

December 2025

 

January 2026

 

 

166

 

 

 

63

 

Rider CE(2)

 

October 2024

 

April 2025

 

May 2025

 

 

182

 

 

 

49

 

Rider CE(3)

 

October 2025

 

Pending

 

May 2026

 

 

325

 

 

 

143

 

Rider DIST(4)

 

August 2024

 

May 2025

 

June 2025

 

 

267

 

 

N/A

 

Rider DIST(5)

 

August 2025

 

Pending

 

June 2026

 

 

333

 

 

 

66

 

Rider GEN

 

June 2024

 

February 2025

 

April 2025

 

 

438

 

 

N/A

 

Rider GEN

 

June 2024

 

February 2025

 

April 2026

 

 

311

 

 

 

(127

)

Rider OSW(6)

 

November 2024

 

August 2025

 

September 2025

 

 

639

 

 

 

153

 

Rider OSW

 

October 2025

 

Pending

 

September 2026

 

 

665

 

 

 

26

 

Rider RPS

 

December 2024

 

August 2025

 

September 2025

 

 

609

 

 

 

251

 

Rider RPS

 

December 2025

 

Pending

 

September 2026

 

 

442

 

 

 

(167

)

Rider SNA(7)

 

October 2024

 

July 2025

 

September 2025

 

 

207

 

 

 

138

 

Rider SNA

 

October 2025

 

Pending

 

September 2026

 

 

233

 

 

 

26

 

Rider T1(8)

 

May 2025

 

August 2025

 

September 2025

 

 

1,343

 

 

 

173

 

DSM Riders(9)

 

December 2024

 

August 2025

 

September 2025

 

 

96

 

 

 

10

 

DSM Riders(10)

 

December 2025

 

Pending

 

September 2026

 

 

114

 

 

 

18

 

 

(1)
In addition, Virginia Power has riders associated with other projects with an aggregate total annual revenue requirement of approximately $54 million at December 31, 2025 and pending applications associated with such riders, including the Chesterfield Energy Reliability Center described above, which if approved, would result in a net increase of approximately $50 million.
(2)
Associated with two solar generation projects, two small-scale solar projects and 19 purchased power agreements in addition to previously approved Rider CE projects.
(3)
Associated with six solar generation projects, including Bedford and Pumpkinseed (non-jurisdictional generation facilities with an aggregate recorded cost of $251 million at September 30, 2025), two energy storage projects, three small-scale solar projects, 10 purchased power agreements and certain costs associated with expanding solar and storage facilities in addition to previously approved Rider CE projects.
(4)
Rider DIST consists of $100 million in total revenue requirement for certain previously approved electric distribution grid transformation projects and $167 million for previously approved phases and proposed phase eight of certain new underground distribution facilities.
(5)
This application includes $120 million in total revenue requirement for certain previously approved electric distribution grid transformation projects, $178 million for previously approved phases and proposed phase nine of certain new underground distribution facilities and $35 million for certain previously approved rural broadband capacity projects, including $25 million being collected under a rider associated with rural broadband capacity. If approved, the rider associated with the rural broadband capacity projects would be consolidated into Rider DIST and separate collection of rates under the rural broadband rider would cease effective June 1, 2026.
(6)
The Virginia Commission also approved the establishment of a decommissioning trust fund associated with the CVOW Commercial Project. As a result, the applicable amount included within the total revenue requirement for Rider OSW will be allocated for such purposes.
(7)
The Virginia Commission also approved Virginia Power’s request for cost recovery of approximately $1.7 billion through Rider SNA for the second phase of the nuclear life extension program which includes investments for calendar years 2025 through 2027.
(8)
Consists of $561 million for the transmission component of Virginia Power’s base rates and $782 million for Rider T1.
(9)
Associated with three redesigned energy efficiency programs and one new and two redesigned demand response programs with a $218 million cost cap, with the ability to exceed the cost cap by no more than 15%.
(10)
Associated with two redesigned energy efficiency programs and seven new demand response programs with a $221 million cost cap, with the ability to exceed the cost cap by no more than 15%. Also in December 2025, Virginia Power filed a petition requesting Virginia Commission approval to conduct a pilot program to evaluate methods to optimize system demand through various technology applications and distributed energy resources, including the establishment of a VPP, as required by the Community Energy Act. In its petition, Virginia Power seeks to utilize certain programs previously approved by the Virginia Commission and incorporate newly proposed programs associated with the DSM Riders. The DSM Riders cost cap includes $64 million associated with the proposed VPP pilot program. The Virginia Commission has consolidated the DSM Riders and VPP pilot program petitions. This matter is pending.

Electric Transmission Projects

Significant Virginia Power electric transmission projects approved or applied for are as follows:

 

Description and Location of Project

 

Application
Date

 

Approval
Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Construct new Aspen and Golden substations, transmission lines and related
   projects in Loudoun County, Virginia

 

March 2024

 

February 2025(2)

 

500-
230 kV

 

10

 

 

705

 

Construct new Apollo-Twin Creeks transmission lines, new substations and
   related projects in Loudoun County, Virginia

 

March 2024

 

February 2025(2)

 

230 kV

 

2

 

 

285

 

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 Harbor-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

 

Partial rebuild, reconductor and construct new New Post transmission lines
   and related projects in the Counties of Caroline and Spotsylvania, Virginia

 

August 2024

 

May 2025

 

230 kV

 

38

 

 

120

 

Construct new Centreport transmission line, substation and related projects in
   Stafford County, Virginia

 

September 2024

 

June 2025

 

230 kV

 

3

 

 

55

 

Partial rebuild and construct new Meadowville transmission lines, substations
   and related projects in Chesterfield County, Virginia

 

October 2024

 

June 2025

 

230 kV

 

11

 

 

190

 

Construct new Carmel Church and Ruther Glen transmission lines, substations
   and related projects in Caroline County, Virginia

 

December 2024

 

September 2025

 

230 kV

 

7

 

 

85

 

Construct new Nebula transmission lines, substation and related projects in
   Mecklenburg County, Virginia

 

January 2025

 

October 2025

 

230 kV

 

15

 

 

130

 

Construct new Culpeper Technology transmission lines, substations and
   related projects in the Counties of Culpeper, Orange and Fauquier and the
   Town of Culpeper, Virginia

 

February 2025

 

Pending

 

230 kV

 

13

 

 

255

 

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

 

March 2025

 

February 2026

 

230 kV

 

5

 

 

60

 

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

 

March 2025

 

December 2025

 

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

 

April 2025

 

February 2026

 

230 kV

 

7

 

 

125

 

Rebuild Chickahominy-Elmont transmission line, new future transmission
   line and related projects in the Counties of Charles City, Henrico and
   Hanover, Virginia

 

May 2025

 

January 2026

 

500-
230 kV

 

28

 

 

190

 

Rebuild Septa-Yadkin transmission line, partial rebuild of Suffolk-Thrasher
   transmission line and related projects in Isle of Wight County and the Cities
   of Chesapeake and Suffolk, Virginia

 

June 2025

 

December 2025

 

500-
230 kV

 

33

 

 

250

 

Partial rebuild Chesterfield-Lanexa transmission lines in the Counties of
   Henrico, Charles City and New Kent, Virginia

 

September 2025

 

Pending

 

230-
115 kV

 

58

 

 

150

 

Rebuild Charlottesville-Dooms transmission lines in the Counties of
   Albemarle and Augusta and the City of Charlottesville, Virginia

 

October 2025

 

Pending

 

230 kV

 

22

 

 

125

 

Construct West Creek transmission line, substation and related projects
   in the County of Goochland, Virginia

 

January 2026

 

Pending

 

230 kV

 

7

 

 

100

 

 

(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 approved during 2025 with aggregate cost estimates of approximately $65 million.
(2)
The final order of the Virginia Commission was appealed to the Supreme Court of Virginia. In February 2026, the Supreme Court of Virginia affirmed the Virginia Commission’s final order.

 

In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry switching station in Surry County to a new Skiffes Creek switching station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County and the City of Newport News from the proposed new Skiffes Creek switching station to Virginia Power’s existing Whealton substation in the City of Hampton. In February 2019, the transmission line project was placed into service. In March 2019, the U.S. Court of Appeals for the D.C. Circuit issued an order vacating the permit from the U.S. Army Corps of Engineers issued in July 2017 and ordered the U.S. Army Corps of Engineers to do a full environmental impact study of the project. In April 2019, Virginia Power and the U.S. Army Corps of Engineers filed petitions for rehearing with the U.S. Court of Appeals for the D.C. Circuit, asking that the permit from the U.S. Army Corps of Engineers remain in effect while an environmental impact study is performed. In May 2019, the U.S. Court of Appeals for the D.C. Circuit denied the request for rehearing and ordered the U.S. District Court for the D.C. Circuit to consider and issue a ruling on whether the permit should be vacated during the U.S. Army Corps of Engineers’ preparation of an environmental impact statement. In November 2019, the U.S. District Court for the D.C. Circuit issued an order allowing the permit to remain in effect while an environmental impact statement is prepared. In November 2020, the U.S. Army Corps of Engineers issued a draft environmental impact statement noting there is no better alternative. This matter is pending.

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 (reflected in the Corporate and Other segment) for a regulatory asset for previously unrecovered severe weather event costs, which were amortized by the end of 2024.

North Carolina Regulation

Virginia Power Fuel Filing

In August 2025, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. In October 2025, Virginia Power subsequently updated its annual filing following a change in law which provides for recovery of purchased electric capacity expenses as a component of fuel. Virginia Power proposed a total $49 million increase to the fuel component of its electric rates. In January 2026, the North Carolina Commission approved a total $48 million increase to the fuel component of Virginia Power’s electric rates for the rate year beginning February 1, 2026.

South Carolina Regulation

Electric Base Rate Case

In January 2026, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $331 million, partially offset by a net decrease in storm damage and DSM components of $9 million. If approved, the overall proposed rate increase of $322 million, or 12.7%, would be effective on and after the first billing cycle of July 2026. The base rate increase was proposed to recover the continued investment in assets and operating resources required to serve DESC’s rapidly expanding customer base and evolving customer needs, while maintaining the safety, reliability, resiliency and efficiency of its system, and to meet increasingly stringent reliability, security and environmental requirements. DESC presented an ROE of 4.78% based upon a fully-adjusted test period. The proposed rates would provide for an earned ROE of 10.50% compared to the currently authorized ROE of 9.94%. This matter is pending.

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.

In February 2026, 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 2026. In addition, DESC proposed an update to its variable environmental and avoided capacity cost component. The net effect is a proposed annual increase of $36 million. This matter is pending.

Electric DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its electric 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.

In January 2026, DESC filed an application with the South Carolina Commission seeking approval to recover $54 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 2026. This matter is pending.

Canadys Station

In December 2025, DESC and Santee Cooper filed an application with the South Carolina Commission for approval of a CPCN to jointly construct and operate Canadys Station. Upon completion, DESC and Santee Cooper will each own a 50% undivided interest in the generating station and its electrical output. The application included an expected total cost of approximately $5 billion, excluding financing costs, with costs split equally between the joint owners for the proposed 2.2 GW facility. In addition, the application seeks approval for the construction of a new 230 kV switchyard and related transmission facilities which are expected to cost approximately $100 million, to be jointly owned by DESC and Santee Cooper, with costs split between the joint owners based on a formula reflecting shared use. If approved, Canadys Station and related facilities are expected to be placed into service in 2033. The estimated cost and project timelines are subject to refinement through the permitting process and the negotiation of contracts for major construction suppliers. This matter is pending.

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.

Natural Gas Rates

In June 2025, DESC filed with the South Carolina Commission its monitoring report for the 12-month period ended March 31, 2025 with a total revenue requirement of $596 million. This revenue requirement represents a $17 million base rate increase under the

terms of the Natural Gas Rate Stabilization Act effective with the first billing cycle of November 2025. In September 2025, the South Carolina Commission approved a total revenue requirement of $594 million, representing a $15 million base rate increase after certain adjustments, effective with the first billing cycle of November 2025.

South Carolina Regulation - Key Development affecting 2024

Electric Base Rate Case

In the third quarter of 2024, Dominion Energy recorded a charge of $58 million ($44 million after tax) (reflected within the Corporate and Other segment), including $50 million to write down certain materials and supplies inventory presented within impairment of assets and other charges, in connection with the electric base rate case filed in March 2024 in South Carolina.
v3.25.4
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

Note 14. Asset Retirement Obligations

AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies’ long-lived assets. The Companies’ AROs are primarily associated with the decommissioning of their nuclear generation facilities, ash pond and landfill closures and CCR remediation.

The Companies have also identified, but not recognized, AROs related to the retirement of certain electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power’s hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in the Companies’ generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets.

The changes to AROs during 2024 and 2025 were as follows:

(millions)

Dominion
Energy

 

 

Virginia
Power

 

AROs at December 31, 2023

$

6,075

 

 

$

4,653

 

Obligations incurred during the period(1)

 

1,126

 

 

 

469

 

Obligations settled during the period

 

(347

)

 

 

(259

)

Revisions in estimated cash flows(2)

 

300

 

 

 

342

 

Accretion

 

272

 

 

 

192

 

AROs at December 31, 2024(3)

$

7,426

 

 

$

5,397

 

Obligations incurred during the period(4)

 

252

 

 

 

195

 

Obligations settled during the period

 

(351

)

 

 

(307

)

Revisions in estimated cash flows(5)

 

(69

)

 

 

(32

)

Accretion

 

329

 

 

 

227

 

AROs at December 31, 2025(3)

$

7,587

 

 

$

5,480

 

 

(1)
Primarily reflects AROs related to CCR remediation as discussed below.
(2)
Primarily reflects revisions for increased costs related to the completion of nuclear decommissioning cost studies for Millstone, Surry and North Anna inclusive of a charge of $122 million ($89 million after-tax) within impairment of assets and other charges in Dominion Energy’s Consolidated Statements of Income (reflected in the Corporate and Other segment). In addition, there were downward revisions for CCR remediation costs at Dominion Energy and future ash pond and landfill closure costs of certain electric generation facilities at Virginia Power.
(3)
Includes $352 million and $383 million reported in other current liabilities for Dominion Energy at December 31, 2024 and 2025, respectively.
(4)
Primarily reflects obligations incurred during construction of the CVOW Commercial Project.
(5)
Primarily reflects revisions for expected costs related to the completion of a nuclear decommissioning cost study for Summer resulting in a downward adjustment of $37 million and for Virginia Power’s future ash pond and landfill closure costs discussed below.

Dominion Energy’s AROs at both December 31, 2025 and 2024, include $2.6 billion, with $1.5 billion and $1.4 billion recorded by Virginia Power at December 31, 2025 and 2024, respectively, related to the future decommissioning of their nuclear facilities. The Companies have established trusts dedicated to funding the future decommissioning activities. At December 31, 2025 and 2024, the aggregate fair value of Dominion Energy’s trusts, consisting primarily of private debt funds and equity securities, totaled $9.2 billion and $8.1 billion, respectively. At December 31, 2025 and 2024, the aggregate fair value of Virginia Power’s trusts, consisting primarily of private debt funds and equity securities, totaled $4.9 billion and $4.3 billion, respectively.

AROs at December 31, 2025 and 2024 also include $889 million, with $441 million recorded at Virginia Power, and $828 million, with $404 million recorded at Virginia Power, respectively, related to Dominion Energy’s CCR remediation activities. In May 2024, the EPA released a final rule to regulate inactive surface impoundments located at retired generating stations that contained CCR and liquids after October 2015, and certain other inactive or previously closed surface impoundments, landfills or other areas that contain accumulations of CCR. Dominion Energy believes that it may have inactive or closed units or areas that could be subject to the final rule at up to 19 different stations, including 12 at Virginia Power. In 2025, Virginia Power increased its ARO by $16 million to reflect an obligation incurred related to updated information concerning one facility with a corresponding increase recorded primarily to a regulatory asset for amounts recoverable through retail electric rates, including riders, for an electric generation station that has been retired. In 2024, Dominion Energy and Virginia Power recorded an increase to their AROs of $1.1 billion and $420 million, respectively, with a corresponding increase of $536 million and $234 million, respectively, to regulatory assets for amounts recoverable through retail electric rates, including riders, for electric generation stations that have been retired, $505 million and $152 million, respectively, to property, plant and equipment for amounts recoverable for electric generation stations that are currently in service and $34 million to other deferred charges and other assets for amounts associated with nonjurisdictional customers at Virginia Power. Subsequently in 2024, Dominion Energy recorded an adjustment to decrease the ARO and related property, plant and equipment by $215 million to reflect updated information concerning one facility. The actual AROs related to CCRs may vary substantially from the estimates used to record the obligation.

In addition, AROs at December 31, 2025 and 2024 include $3.1 billion and $3.2 billion, respectively, related to Virginia Power’s future ash pond and landfill closure costs. In 2025, Virginia Power revised its estimated cash flow projections associated with ash pond and landfill closure costs at certain of its

utility generation facilities attributable to changes in the scheduling of certain projects and as a result recorded a decrease to its AROs of $31 million with a corresponding decrease recorded primarily to regulatory assets for amounts recoverable through riders. In 2024, Virginia Power revised its estimated cash flow projections associated with ash pond and landfill closure costs at certain of its utility generation facilities attributable to changes in the scheduling of certain projects and as a result recorded a decrease to its AROs of $64 million with a corresponding decrease of $56 million to regulatory assets for amounts recoverable through riders and $8 million to other deferred charges and other assets for amounts associated with nonjurisdictional customers. Regulatory mechanisms, primarily associated with legislation enacted in Virginia in 2019, provide for recovery of costs to be incurred. See Note 12 for additional information.

AROs at December 31, 2025 and 2024 also include $220 million and $38 million, respectively, related to the decommissioning of the CVOW Commercial Project. As discussed in Note 13, a decommissioning trust fund, funded by the revenue requirement included in Rider OSW, has been approved to provide for the costs of future decommissioning activities.

Asset Retirement Obligations - Key Development Affecting 2023

In 2023, Dominion Energy reevaluated its estimated cash flows associated with Millstone Unit 1, concurrent with a revision in the timing of expected cash flows associated with the expected approval of a 20-year useful life extension of Millstone Units 2 and 3. This resulted in an increase to its AROs at Millstone Unit 1 and a related charge of $83 million ($60 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases

Note 15. Leases

At December 31, 2025 and 2024, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:

 

 

Dominion Energy

 

 

Virginia Power(1)

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Lease assets:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease assets(2)

 

$

639

 

 

$

588

 

 

$

644

 

 

$

410

 

Finance lease assets(3)

 

 

541

 

 

 

267

 

 

 

239

 

 

 

146

 

Total lease assets

 

$

1,180

 

 

$

855

 

 

$

883

 

 

$

556

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities(4)

 

$

39

 

 

$

36

 

 

$

163

 

 

$

22

 

Finance lease liabilities(5)

 

 

119

 

 

 

62

 

 

 

45

 

 

 

35

 

Total lease liabilities -
    current

 

 

158

 

 

 

98

 

 

 

208

 

 

 

57

 

Operating lease liabilities(6)

 

 

697

 

 

 

644

 

 

 

500

 

 

 

399

 

Finance lease liabilities(7)

 

 

436

 

 

 

214

 

 

 

194

 

 

 

110

 

Total lease liabilities -
   noncurrent

 

 

1,133

 

 

 

858

 

 

 

694

 

 

 

509

 

Total lease liabilities

 

$

1,291

 

 

$

956

 

 

$

902

 

 

$

566

 
(1)
See Note 25 for additional information about Virginia Power’s operating lease assets and liabilities with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel.
(2)
Balances are included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets
(3)
Balances are included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $251 million and $199 million for Dominion Energy, and $105 million and $88 million for Virginia Power, at December 31, 2025 and 2024, respectively, of accumulated amortization.
(4)
Balances are in other current liabilities in the Companies’ Consolidated Balance Sheets.
(5)
Balances are included in securities due within one year in the Companies’ Consolidated Balance Sheets
(6)
Balances are included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
(7)
Balances are included in other long-term debt in the Companies’ Consolidated Balance Sheets.

In September 2025, Virginia Power recorded a right-of-use asset and offsetting lease obligation of $228 million upon commencement of an operating lease with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel. See Note 25 for additional information.

In addition to the amounts disclosed above, Dominion Energy’s Consolidated Balance Sheets at December 31, 2025 and 2024 includes property, plant and equipment of $374 million and $382 million, respectively, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. There was $48 million and $38 million of accumulated depreciation related to these facilities recorded in Dominion Energy’s Consolidated Balance Sheets at December 31, 2025 and 2024, respectively.

For the years ended December 31, 2025, 2024 and 2023, total lease cost associated with the Companies’ leasing arrangements consisted of the following:

 

 

Dominion Energy

 

 

Virginia Power(1)

 

Year Ended
December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization(2)

 

$

56

 

 

$

54

 

 

$

50

 

 

$

28

 

 

$

24

 

 

$

24

 

Interest(3)

 

 

10

 

 

 

14

 

 

 

13

 

 

 

5

 

 

 

5

 

 

 

4

 

Operating lease cost(4)

 

 

92

 

 

 

81

 

 

 

70

 

 

 

72

 

 

 

60

 

 

 

43

 

Short-term lease cost(5)

 

 

22

 

 

 

22

 

 

 

32

 

 

 

58

 

 

 

16

 

 

 

23

 

Variable lease cost

 

 

5

 

 

 

6

 

 

 

6

 

 

 

2

 

 

 

2

 

 

 

2

 

Total lease cost

 

$

185

 

 

$

177

 

 

$

171

 

 

$

165

 

 

$

107

 

 

$

96

 
(1)
See Note 25 for additional information about Virginia Power’s operating lease cost for an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel.
(2)
Dominion Energy includes $3 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
(3)
Dominion Energy includes $1 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
(4)
Dominion Energy includes $5 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
(5)
Dominion Energy includes $2 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.

For the years ended December 31, 2025, 2024 and 2023, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended
December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash
   flows for
   finance leases

 

$

14

 

 

$

14

 

 

$

13

 

 

$

5

 

 

$

5

 

 

$

4

 

Operating cash
   flows for
   operating
   leases

 

 

117

 

 

 

106

 

 

 

105

 

 

 

125

 

 

 

74

 

 

 

64

 

Financing cash
   flows for
   finance leases

 

 

70

 

 

 

50

 

 

 

47

 

 

 

28

 

 

 

23

 

 

 

19

 

In addition to the amounts disclosed above, Dominion Energy’s Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023, include $18 million, $18 million and $21 million, respectively, of rental revenue, included in operating revenue and $10 million for each of the years ended December 31, 2025, 2024 and 2023 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 then under development and recorded a charge of $47 million ($35 million after-tax) in the first quarter of 2024 (reflected in the Corporate and Other segment) within impairment of assets and other charges in its Consolidated Statements of Income.

At December 31, 2025 and 2024, the weighted-average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:

 

 

Dominion Energy

 

Virginia Power

December 31,

 

2025

 

2024

 

2025

 

2024

Weighted-average
   remaining lease term -
   finance leases

 

7 years

 

5 years

 

11 years

 

5 years

Weighted-average
   remaining lease term -
   operating leases

 

31 years

 

31 years

 

23 years

 

32 years

Weighted-average
   discount rate - finance
   leases

 

6.19%

 

5.61%

 

6.95%

 

6.71%

Weighted-average
   discount rate -
   operating leases

 

4.52%

 

4.42%

 

4.66%

 

5.13%

 

The Companies’ lease liabilities have the following maturities:

Maturity of Lease Liabilities

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

Operating

 

 

Finance

 

 

Operating

 

 

Finance

 

2026

 

$

48

 

 

$

131

 

 

$

66

 

 

$

58

 

2027

 

 

70

 

 

 

135

 

 

 

200

 

 

 

50

 

2028

 

 

38

 

 

 

126

 

 

 

70

 

 

 

43

 

2029

 

 

45

 

 

 

109

 

 

 

31

 

 

 

35

 

2030

 

 

35

 

 

 

76

 

 

 

21

 

 

 

25

 

After 2030

 

 

1,116

 

 

 

201

 

 

 

727

 

 

 

200

 

Total undiscounted
   lease payments

 

 

1,352

 

 

 

778

 

 

 

1,115

 

 

 

411

 

Present value
   adjustment

 

 

(616

)

 

 

(223

)

 

 

(452

)

 

 

(172

)

Present value of
   lease liabilities

 

$

736

 

 

$

555

 

 

$

663

 

 

$

239

 

Offshore Wind Vessel Leasing Arrangement

In December 2020, Dominion Energy signed an agreement (most recently amended in February 2026) with a lessor to complete construction of and lease a Jones Act compliant offshore wind installation vessel. This vessel is designed to handle current turbine technologies as well as next generation turbines. The lessor provided equity and obtained financing commitments from debt investors, totaling $715 million, which funded project costs. In September 2025, the vessel was delivered and the five-year lease term commenced.

Upon commencement, the lease for the offshore wind vessel was classified as a finance lease. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional term, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the outstanding 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 outstanding project costs, Dominion Energy may be required to make a payment to the lessor for the difference between the outstanding project costs and sale proceeds. No end-of-term options were deemed reasonably certain of exercise at commencement date. Dominion Energy is considered the owner of the leased property for tax purposes, and as a result, is entitled to tax deductions for depreciation and interest expense. At commencement, Dominion Energy recorded a right-of-use asset and offsetting lease obligation of $214 million, representing the present value of consideration over the five-year term at the rate implicit in the lease.

v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities 16. Variable Interest Entities

The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE.

Dominion Energy

At December 31, 2025, Dominion Energy owns a 53% membership interest in Atlantic Coast Pipeline. Dominion Energy concluded

that Atlantic Coast Pipeline is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion Energy has concluded that it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance, as the power to direct is shared with Duke Energy. Dominion Energy is obligated to provide capital contributions based on its ownership percentage. Dominion Energy’s maximum exposure to loss is limited to any future investment. See Note 9 for additional details regarding the nature of this entity.

At December 31, 2025, Dominion Energy owns a 30% membership interest in Valley Link. Dominion Energy concluded that Valley Link is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion Energy has concluded that it is not the primary beneficiary of Valley Link as it does not have the power to direct the activities of Valley Link that most significantly impact its economic performance, as the power to direct is shared with AEP and FirstEnergy. Dominion Energy is obligated to provide capital contributions proportionate to its ownership percentage. Dominion Energy’s maximum exposure to loss is limited to its investment as well as any obligations under guarantees provided. See Note 23 for additional information.

Dominion Energy and Virginia Power

The Companies’ nuclear decommissioning trust funds and Dominion Energy’s rabbi trusts hold investments in limited partnerships or similar type entities, as discussed in Note 9. Dominion Energy and Virginia Power concluded that these partnership investments are VIEs due to the limited partners lacking the characteristics of a controlling financial interest. Dominion Energy and Virginia Power have concluded neither is the primary beneficiary as they do not have the power to direct the activities that most significantly impact these VIEs’ economic performance. Dominion Energy and Virginia Power are obligated to provide capital contributions to the partnerships as required by each partnership agreement based on their ownership percentages. Dominion Energy and Virginia Power’s maximum exposure to loss is limited to their current and future investments.

Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $597 million, $494 million and $463 million for the years ended December 31, 2025, 2024 and 2023, respectively. Virginia Power’s Consolidated Balance Sheets included amounts due to DES of $46 million and $38 million at December 31, 2025 and 2024, respectively, recorded in payables to affiliates. Virginia Power determined that it is not the primary beneficiary of DES as it does not have power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and benefits which could be significant to it. DES provides accounting, legal, finance and certain administrative and technical services to all Dominion Energy subsidiaries, including Virginia Power. Virginia Power has no obligation to absorb more than its allocated share of DES costs.

 

As described in Note 18, 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:

 

 

December 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Prepayments

 

$

1

 

 

$

—

 

Regulatory assets-current

 

 

125

 

 

 

124

 

Other current assets(1)

 

 

51

 

 

 

41

 

Regulatory assets-noncurrent

 

 

868

 

 

 

1,040

 

    Total assets

 

$

1,045

 

 

$

1,205

 

Liabilities

 

 

 

 

 

 

Securities due within one
    year

 

$

171

 

 

$

163

 

Accrued interest, payroll
    and taxes

 

 

9

 

 

 

10

 

Securitization bonds

 

 

883

 

 

 

1,054

 

    Total liabilities

 

$

1,063

 

 

$

1,227

 
(1)
See Note 2 for additional information about restricted cash and equivalents at VPFS.

As described in Note 10, 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:

 

 

December 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

149

 

 

$

70

 

Customer receivables

 

 

—

 

 

 

—

 

Prepayments

 

 

—

 

 

 

10

 

Regulatory assets-current

 

 

15

 

 

 

6

 

Property, plant and equipment

 

 

8,799

 

 

 

5,844

 

Regulatory assets-noncurrent

 

 

150

 

 

 

52

 

Other deferred charges and
    other assets

 

 

9

 

 

 

—

 

       Total assets

 

$

9,122

 

 

$

5,982

 

Liabilities

 

 

 

 

 

 

Accounts payable

 

$

2

 

 

$

—

 

Accrued interest, payroll
    and taxes

 

 

2

 

 

 

—

 

Other current liabilities

 

 

16

 

 

 

—

 

Asset retirement obligations-
    noncurrent

 

 

220

 

 

 

38

 

Other deferred credits and
    other liabilities

 

 

—

 

 

 

—

 

       Total liabilities

 

$

240

 

 

$

38

 
v3.25.4
Short Term Debt and Credit Agreements
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-Term Debt and Credit Agreements 17. Short-Term Debt and Credit Agreements

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 capital

projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties.

Dominion Energy

Dominion Energy’s short-term financing is primarily 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.

Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility discussed above and its 364-day revolving credit agreement, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper(1)

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

$

7,000

 

 

$

2,035

 

 

$

1

 

 

$

4,964

 

364-day revolving credit
   facility(3)

 

 

1,000

 

 

 

—

 

 

 

 

 

 

1,000

 

Total

 

$

8,000

 

 

$

2,035

 

 

$

1

 

 

$

5,964

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

$

6,000

 

 

$

2,061

 

 

$

10

 

 

$

3,929

 

Total

 

$

6,000

 

 

$

2,061

 

 

$

10

 

 

$

3,929

 

(1) The weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s joint revolving credit facility was 4.08% and 4.74% at December 31, 2025 and 2024, respectively.

(2)
This credit facility 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, for working capital and other general corporate purposes. Through February 2026, Dominion Energy had $14 million in letters of credit issued and outstanding under this facility.
(3)
This credit facility, entered into in April 2025 with certain lenders, matures in April 2026 and contains a maximum allowed total debt to total capital ratio consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. This credit facility can be used to support bank borrowings and the issuance of commercial paper.

DESC’s short-term financing is supported through its access as a co-borrower to the joint revolving credit facility discussed above with the Companies. At December 31, 2025, the sub-limit for DESC was $900 million.

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 December 31, 2025 and 2024, $26 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 December 31, 2025 and 2024, Dominion Energy had $102 million and $88 million in letters of credit issued and outstanding under this agreement, including $81 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 December 31, 2025, Dominion Energy had $150 million in letters of credit issued and outstanding under this agreement, including $100 million for Virginia Power. In January 2026, Dominion Energy amended this agreement to allow it to issue up to an expected combined $250 million in letters of credit, with $50 million available to Dominion Energy and $200 million available to Virginia Power. Through February 2026, Dominion Energy had $250 million in letters of credit issued and outstanding under this agreement, including $200 million for Virginia Power.
•
An agreement entered into with a financial institution in September 2025, subsequently amended in December 2025, which it expects to allow it to issue up to $500 million in letters of credit with $100 million available to Dominion Energy and $400 million available to Virginia Power. At December 31, 2025, Dominion Energy had $379 million in letters of credit issued and outstanding under this agreement, all of which was issued and outstanding for Virginia Power. Through February 2026, Dominion Energy had $358 million in letters of credit issued and outstanding under this agreement, including $351 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. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At December 31, 2025 and 2024, Dominion Energy’s Consolidated Balance Sheets include $422 million and $439 million, respectively, presented within short-term debt with weighted-average interest rates of 3.75% and 4.50%, respectively. The proceeds are used for general corporate purposes and to repay debt.

In February 2026, Dominion Energy entered into an approximately $1.3 billion 364-day term loan facility which bears

interest at a variable rate, contains a maximum allowed total debt to total capital ratio consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility and will mature in February 2027, with the proceeds to be used to repay existing debt and for other general corporate purposes. In February 2026, Dominion Energy borrowed an initial $500 million with the proceeds used for general corporate purposes. Subsequently in February 2026, Dominion Energy provided notice to borrow an additional $300 million under this facility.

In January 2023, Dominion Energy entered into a $2.5 billion 364-day term loan facility which bore interest at a variable rate and was scheduled to mature in January 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used to repay long-term debt. In February and March 2023, Dominion Energy borrowed $500 million and $1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt. In January 2024, the facility was amended to mature July 2024. The amended agreement contained certain mandatory early repayment provisions, including that any after-tax proceeds in connection with the East Ohio, Questar Gas and PSNC Transactions be applied to any outstanding borrowings under the facility. In March 2024, Dominion Energy repaid the full $2.5 billion outstanding using after-tax proceeds received in connection with the East Ohio Transaction. The maximum allowed total debt to total capital ratio under the facility was consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

In July 2023, Dominion Energy entered into two $600 million 364-day term loan facilities which bore interest at a variable rate and were scheduled to mature in July 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Subsequently in July 2023, Dominion Energy borrowed an initial $750 million in the aggregate under these facilities with the proceeds used to repay short-term debt and for general corporate purposes. Dominion Energy was permitted to make up to three additional borrowings under each agreement through November 2023, at which point any unused capacity would cease to be available to Dominion Energy. The agreements contained certain mandatory early repayment provisions, including that any after-tax proceeds in connection with a sale of Dominion Energy’s noncontrolling interest in Cove Point, following the repayment of DECP Holding’s term loan secured by its noncontrolling interest in Cove Point, be applied to any outstanding borrowings under the facilities. In September 2023, Dominion Energy repaid the $750 million borrowing with after-tax proceeds from the sale of Dominion Energy’s noncontrolling interest in Cove Point, as discussed in Note 9. Subsequently in September 2023, Dominion Energy borrowed $225 million in the aggregate under these facilities with the proceeds used to repay short-term debt and for general corporate purposes. In October 2023, Dominion Energy repaid the $225 million borrowing and terminated the facilities along with any remaining unused commitments.

In October 2023, Dominion Energy entered into a $2.25 billion 364-day term loan facility which bore interest at a variable rate with the proceeds to be used for general corporate purposes, which was scheduled to mature in October 2024. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used for general corporate purposes, including to repay short-term and long-term debt. In November and December 2023, Dominion Energy borrowed $500 million and $750 million, respectively, with the proceeds used for general corporate purposes. Dominion Energy also had the ability through August 2024 to request an increase in the amount of this facility by up to an additional $500 million. The agreement contained certain mandatory early repayment provisions, including that any after-tax proceeds in connection with the East Ohio, PSNC and Questar Gas Transactions, following the repayment of the 364-day term loan facility entered into in January 2023, be applied to any outstanding borrowings under this facility. In March 2024, Dominion Energy repaid $1.8 billion using after-tax proceeds received in connection with the East Ohio Transaction. Subsequently in March 2024, Dominion Energy requested and received a $500 million increase to the amount of the facility and concurrently borrowed $500 million with the proceeds used for general corporate purposes. In May 2024, Dominion Energy repaid the full $976 million outstanding under the facility, using after-tax proceeds received in connection with the Questar Gas Transaction. The maximum allowed total debt to total capital ratio under this facility was consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

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 most recently amended in April 2025.

Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC were as follows:

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper(1)

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

At December 31, 2025

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

$

7,000

 

 

$

675

 

 

$

—

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

 

6,000

 

 

 

950

 

 

 

10

 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 4.04% and 4.73% at December 31, 2025 and 2024, respectively.
(2)
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 December 31, 2025, the sub-limit for Virginia Power was $4.0 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 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, for working capital and other general corporate purposes.

 

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 December 31, 2025 and 2024, $281 million and $112 million, respectively, in letters of credit were issued and outstanding under this agreement. Through February 2026, Virginia Power had $157 million in letters of credit 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 December 31, 2025 and 2024, Virginia Power had $81 million and $77 million, out of Dominion Energy’s total $102 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. At December 31, 2025, Virginia Power had $100 million in letters of credit issued and outstanding under this agreement. In January 2026, Dominion Energy amended this agreement to allow it to issue up to an expected combined $250 million in letters of credit, with $50 million available to Dominion Energy and $200 million available to Virginia Power. Through February 2026, Virginia Power had $200 million in letters of credit issued and outstanding under this agreement.
•
An agreement entered into with a financial institution in September 2025, subsequently amended in December 2025, which it expects to allow it to issue up to $500 million in letters of credit with $100 million available to Dominion Energy and $400 million available to Virginia Power. At December 31, 2025, Virginia Power had $379 million in letters of credit issued and outstanding under this agreement. Through February 2026, Virginia Power had $351 million in letters of credit issued and outstanding under this agreement.
•
Agreements entered into with financial institutions in September 2025, which it expects to allow it to issue up to $2.0 billion in letters of credit. At December 31, 2025, Virginia Power had $1.0 billion in letters of credit issued and outstanding under these agreements. Through February 2026, Virginia Power had $1.4 billion in letters of credit issued and outstanding under these agreements.
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt 18. Long-Term Debt

 

2025
Weighted-
average
Coupon(1)

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sustainability Revolving Credit Agreement, variable rate, due 2028(2)

 

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Unsecured Senior Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.45% to 7.00%, due 2025 to 2052(3)

 

4.36

%

 

 

12,526

 

 

 

11,176

 

 

 

 

 

 

 

Junior Subordinated Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to Affiliated Trust, 8.40%, due 2031

 

8.40

%

 

 

10

 

 

 

10

 

 

 

 

 

 

 

6.00% to 7.00%, due 2054 to 2056

 

6.48

%

 

 

6,025

 

 

 

3,250

 

 

 

 

 

 

 

Virginia Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes, 2.30% to 8.875%, due 2025 to 2055

 

4.53

%

 

 

21,385

 

 

 

18,785

 

 

$

21,385

 

 

$

18,785

 

Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041(4)

 

3.52

%

 

 

625

 

 

 

625

 

 

 

625

 

 

 

625

 

Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029
   and 2033

 

4.92

%

 

 

1,054

 

 

 

1,217

 

 

 

1,054

 

 

 

1,217

 

DESC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Mortgage Bonds, 2.30% to 6.625%, due 2028 to 2065

 

5.24

%

 

 

4,584

 

 

 

4,134

 

 

 

 

 

 

 

Tax-Exempt Financings(5):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate due 2038

 

3.36

%

 

 

35

 

 

 

35

 

 

 

 

 

 

 

3.625% and 4.00%, due 2028 and 2033

 

3.90

%

 

 

54

 

 

 

54

 

 

 

 

 

 

 

GENCO, variable rate due 2038

 

3.36

%

 

 

33

 

 

 

33

 

 

 

 

 

 

 

Other

 

3.56

%

 

 

1

 

 

 

1

 

 

 

 

 

 

 

Total Principal

 

 

 

$

46,332

 

 

$

39,320

 

 

$

23,064

 

 

$

20,627

 

Securities due within one year(6)

 

 

 

 

(2,290

)

 

 

(1,662

)

 

 

(1,321

)

 

 

(513

)

Unamortized discount, premium and debt issuance costs, net

 

 

 

 

(403

)

 

 

(347

)

 

 

(209

)

 

 

(186

)

Finance leases

 

 

 

 

436

 

 

 

214

 

 

 

194

 

 

 

110

 

Total long-term debt

 

 

 

$

44,075

 

 

$

37,525

 

 

$

21,728

 

 

$

20,038

 

 

(1)
Represents weighted-average coupon rates for debt outstanding at December 31, 2025.
(2)
This $1.0 billion supplemental credit facility, entered in 2021, most recently amended in April 2025, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corporate purposes, but such proceeds are not eligible for a reduced interest rate margin. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In May 2024, Dominion Energy repaid $450 million borrowed to support environmental sustainability and social investment initiatives. In April 2025, the facility 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. In February 2026, Dominion Energy borrowed $500 million with the proceeds used to support environmental sustainability and social investment initiatives.
(3)
Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
(4)
These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
(5)
Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2026.
(6)
Dominion Energy and Virginia Power’s weighted-average rate for securities due within one year was 2.80% and 3.34%, respectively, at December 31, 2025.

Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2025 were as follows:

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Mortgage Bonds

 

$

—

 

 

$

—

 

 

$

53

 

 

$

—

 

 

$

—

 

 

$

4,531

 

 

$

4,584

 

Unsecured Senior Notes

 

 

2,120

 

 

 

1,783

 

 

 

2,195

 

 

 

500

 

 

 

2,300

 

 

 

25,014

 

 

 

33,912

 

Senior Secured Deferred Fuel Cost Bonds

 

 

171

 

 

 

180

 

 

 

190

 

 

 

198

 

 

 

208

 

 

 

107

 

 

 

1,054

 

Tax-Exempt Financings

 

 

—

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

—

 

 

 

708

 

 

 

747

 

Junior Subordinated Notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,035

 

 

 

6,035

 

Total

 

$

2,291

 

 

$

1,963

 

 

$

2,477

 

 

$

698

 

 

$

2,508

 

 

$

36,395

 

 

$

46,332

 

Weighted-average Coupon

 

 

2.80

%

 

 

3.86

%

 

 

4.31

%

 

 

3.44

%

 

 

4.02

%

 

 

5.09

%

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes

 

$

1,150

 

 

$

1,350

 

 

$

700

 

 

$

500

 

 

$

—

 

 

$

17,685

 

 

$

21,385

 

Senior Secured Deferred Fuel Cost Bonds

 

 

171

 

 

 

180

 

 

 

190

 

 

 

198

 

 

 

208

 

 

 

107

 

 

 

1,054

 

Tax-Exempt Financings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

625

 

 

 

625

 

Total

 

$

1,321

 

 

$

1,530

 

 

$

890

 

 

$

698

 

 

$

208

 

 

$

18,417

 

 

$

23,064

 

Weighted-average Coupon

 

 

3.34

%

 

 

3.77

%

 

 

4.03

%

 

 

3.44

%

 

 

4.88

%

 

 

4.73

%

 

 

 

 

The Companies’ credit facilities and debt agreements, both short-term and long-term, contain customary covenants and default provisions. At December 31, 2025, there were no events of default under these covenants.

Senior Secured Deferred Fuel Cost Bonds

In February 2024, VPFS issued $439 million of 5.088% senior secured deferred fuel cost bonds with a scheduled final payment date of May 2027 and a final maturity date of May 2029 and $843 million of 4.877% senior secured deferred fuel cost bonds with a scheduled final payment date of May 2031 and a final maturity date of May 2033. The full principal of each tranche of bonds is payable semi-annually according to a sinking fund schedule. Interest on each tranche of bonds accrues from the date of issuance and is payable semi-annually. Payment on the bonds commenced in November 2024. The scheduled final payment date for the applicable tranche is the date by which all interest and principal for such tranche is expected to be paid in full. The final maturity date of the applicable tranche is the legal maturity date for such tranche. The bonds are not subject to optional redemption prior to their stated maturity. VPFS as the issuer of the bonds is a bankruptcy remote, wholly-owned special purpose subsidiary of Virginia Power formed in October 2023 for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of deferred fuel cost bonds. VPFS is considered to be a VIE primarily because its equity capitalization is insufficient to support its operations. Virginia Power is considered the primary beneficiary and consolidates VPFS as it has the power to direct the most significant activities of VPFS, including performing servicing activities such as billing and collecting the deferred fuel cost charges. Pursuant to the financing order issued by the Virginia Commission in November 2023, Virginia Power sold to VPFS its right to receive revenues from the non-bypassable deferred fuel cost charges from Virginia Power’s retail customers in Virginia, except for certain exempt customers, as deferred fuel cost property. The securitization bondholders have recourse solely with respect to the deferred fuel cost property owned by VPFS and no recourse to any other assets of Dominion Energy or Virginia Power. Any deferred fuel cost charges collected by Virginia Power to pay for bond servicing and other qualified costs are deferred fuel cost property solely owned by VPFS. Any deferred fuel cost charges collected by Virginia Power are remitted to a trustee and are not available to other creditors of Virginia Power or Dominion Energy.

Junior Subordinated Notes

In October 2014, Dominion Energy issued $685 million of October 2014 hybrids that bore interest at 5.75% per year until October 1, 2024. In October 2024, Dominion Energy redeemed all $685 million in outstanding principal amount at par plus accrued interest including interest accrued at a floating rate effective October 2024. The notes would have otherwise matured in 2054. Dominion Energy recorded a charge of $7 million ($5 million after-tax) within interest expense in its Consolidated Statements of Income in connection with this early redemption.

In May 2024, Dominion Energy issued $2.0 billion of junior subordinated notes, consisting of $1.0 billion of 2024 Series A JSNs and $1.0 billion of 2024 Series B JSNs that mature in 2055 and 2054, respectively. The 2024 Series A JSNs will bear interest at 6.875% until February 1, 2030. The interest rate will reset every five years beginning on February 1, 2030, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.386%, provided that the interest rate will not reset below 6.875%. The 2024 Series B JSNs will bear interest at 7.0% until June 1, 2034. The interest rate will reset every five years beginning on June 1, 2034, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.511%, provided that the interest rate will not reset below 7.0%. Dominion Energy may defer interest payments on the 2024 Series A JSNs or 2024 Series B JSNs on one or more occasions for up to 10

consecutive years. If interest payments on the 2024 Series A JSNs and the 2024 Series B JSNs are deferred, Dominion Energy may not, subject to certain limited exceptions, declare or pay any dividends or other distributions on, or redeem, repurchase or otherwise acquire any of its capital stock during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities or make any payments under any guarantee of debt that, in each case, is equal or junior in right of payment to the 2024 Series A JSNs and the 2024 Series B JSNs. Dominion Energy used the proceeds from this issuance for general corporate purposes including the repayment of short-term debt, the repayment of amounts outstanding under the Sustainability Revolving Credit Agreement as discussed above and the repurchase of Series B Preferred Stock as discussed in Note 19.

In November 2024, Dominion Energy issued $1.25 billion of 2024 Series C JSNs that mature in 2055. The 2024 Series C JSNs will bear interest at 6.625% until May 15, 2035. The interest rate will reset every five years beginning on May 15, 2035, to equal the then-current-five-year U.S. Treasury rate plus a spread of 2.207%. Dominion Energy may defer interest payments on the 2024 Series C JSNs on one or more occasions for up to 10 consecutive years. If interest payments on the 2024 Series C JSNs are deferred, Dominion Energy may not, subject to certain limited exceptions, declare or pay any dividends or other distributions on, or redeem, repurchase or otherwise acquire any of its capital stock during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities or make any payments under any guarantee of debt that, in each case, is equal or junior in right of payment to the 2024 Series C JSNs. Dominion Energy used the proceeds from the issuance for general corporate purposes and to repay short-term debt.

In August 2025, Dominion Energy issued $1.5 billion of junior subordinated notes, consisting of $825 million of 2025 Series A JSNs and $700 million of 2025 Series B JSNs that both mature in 2056. In October 2025, Dominion Energy issued an additional $1.3 billion of junior subordinated notes, consisting of $625 million of additional 2025 Series A JSNs and $625 million of additional 2025 Series B JSNs. The 2025 Series A JSNs will bear interest at 6.0% until February 15, 2031. The interest rate will reset every five years beginning on February 15, 2031, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.262%, provided that the interest rate will not reset below 6.0%. The 2025 Series B JSNs will bear interest at 6.20% until February 15, 2036. The interest rate will reset every five years beginning on February 15, 2036, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.006%, provided that the interest rate will not reset below 6.20%. Dominion Energy may defer interest payments on the 2025 Series A JSNs and/or 2025 Series B JSNs on one or more occasions for up to 10 consecutive years. If interest payments on the 2025 Series A JSNs or the 2025 Series B JSNs are deferred, Dominion Energy may not, subject to certain limited exceptions, declare or pay any dividends or other distributions on, or redeem, repurchase or otherwise acquire any of its capital stock during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities or make any payments under any guarantee of debt that, in each case, is equal or junior in right of payment to the 2025 Series A JSNs and the 2025 Series B JSNs. Dominion Energy used the proceeds from the issuance for general corporate purposes and to repay short-term debt.

Derivative Restructuring

In June 2020, Dominion Energy amended a portfolio of interest rate swaps with a notional value of $2.0 billion, extending the mandatory termination dates from 2020 and 2021 to December 2024. As a result of this noncash financing activity with an embedded interest rate swap, Dominion Energy recorded $326 million in other long-term debt representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 1.19%, with an embedded interest rate derivative that had a fair value of zero at inception. In 2021 and 2022, Dominion Energy settled certain of the outstanding interest rate swaps which would have otherwise matured in December 2024. In December 2024, Dominion Energy settled the remaining $144 million of outstanding interest rate swaps.

In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates from 2020 to December 2023. As a result of this noncash financing activity with an embedded interest rate swap, Virginia Power recorded $443 million in other long-term debt representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 0.34%, with an embedded interest rate derivative that had a fair value of zero at inception. The interest rate swaps were in a hedge relationship prior to the transaction. Virginia Power de-designated the hedge relationships prior to the transaction and then designated the new interest rate swap in a hedge relationship after the transaction. In March 2023, Virginia Power settled the remaining $448 million of outstanding interest rate swaps which would have otherwise matured in December 2023.

Eagle Solar

In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million of its 4.82% senior secured notes. The debt, which otherwise would have matured in 2042, was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. Dominion Energy recognized a charge of $10 million during the year ended December 31, 2024 within interest expense in its Consolidated Statements of Income in connection with the early redemption of these notes.

Tax-Exempt Financing

In October 2024, Dominion Energy redeemed all $27 million in outstanding principal amount of its 3.80% Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds at par plus accrued interest. The bonds would have otherwise matured in 2033.
v3.25.4
Preferred Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Preferred Stock 19. 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 December 31, 2025 and 2024, Dominion Energy had issued and outstanding 1.0 million shares of the Series C Preferred Stock.

DESC is authorized to issue up to 20 million shares of preferred stock. At both December 31, 2025 and 2024, DESC had issued and outstanding 1,000 shares of preferred stock, all of which were held by SCANA and are eliminated in consolidation.

Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference; however, none were issued and outstanding at December 31, 2025 or 2024.

Series B Preferred Stock

In December 2019, Dominion Energy issued 800,000 shares of Series B Preferred Stock for $791 million, net of $9 million of issuance costs. The preferred stock had a liquidation preference of $1,000 per share and paid a 4.65% dividend per share on the liquidation preference. Dividends were paid cumulatively on a semi-annual basis, commencing June 15, 2020. The dividend rate for the Series B Preferred Stock was scheduled to reset every five years beginning on December 15, 2024 to equal the then-current five-year U.S. Treasury rate plus a spread of 2.993%.

Dominion Energy was permitted to, at its option, redeem the Series B Preferred Stock in whole or in part on December 15, 2024 or on any subsequent fifth anniversary of such date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy was also permitted to, at its option, redeem the Series B Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series B Preferred Stock that had certain adverse effects on the equity credit actually received by the Series B Preferred Stock.

In June 2024, Dominion Energy completed a tender offer repurchasing 0.4 million shares of Series B Preferred Stock and in December 2024 redeemed the remaining 0.4 million shares outstanding. Dominion Energy recorded dividends of $24 million ($42.86 per share) for the year ended December 31, 2024, excluding deemed dividends of $10 million representing deferred issuance costs, legal and bank fees and excise tax associated with the repurchase and redemption, and $37 million ($46.50 per share) for the year ended December 31, 2023.

Series C Preferred Stock

In December 2021, Dominion Energy issued 750,000 shares of Series C Preferred Stock for $742 million, net of $8 million of issuance costs. Also in December 2021, Dominion Energy issued 250,000 shares of Series C Preferred Stock valued at $250 million to the qualified benefit pension plans. The preferred stock has a liquidation preference of $1,000 per share and currently pays a 4.35% dividend per share on the liquidation preference. Dividends are paid cumulatively on a semi-annual basis, commencing April 15, 2022. Dominion Energy recorded dividends of $44 million ($43.50 per share) for each of the years ended December 31, 2025, 2024 and 2023. The dividend rate for the Series C Preferred Stock will be reset every five years beginning on April 15, 2027 to equal the then-current five-year U.S. Treasury rate plus a spread of 3.195%. Unless all accumulated and unpaid dividends on the Series C Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series C Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise.

Dominion Energy may, at its option, redeem the Series C Preferred Stock in whole or in part anytime from and including January 15, 2027 through and including April 15, 2027 or during any subsequent fifth anniversary of such period at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy may also, at its option, redeem the Series C Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series C Preferred Stock that has certain adverse effects on the equity credit actually received by the Series C Preferred Stock.

Holders of the Series C Preferred Stock have no voting rights except in the limited circumstances provided for in the terms of the Series C Preferred Stock or as otherwise required by applicable law. The Series C Preferred Stock is not subject to any sinking fund or other obligation of ours to redeem, repurchase or retire the Series C Preferred Stock. The preferred stock contains no conversion rights.
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity

Note 20. Equity

Common Stock

Dominion Energy

During 2025, 2024 and 2023, Dominion Energy recorded, net of fees and commissions, $1.5 billion, $732 million and $94 million from the issuance of approximately 27 million, 14 million and 2 million shares of common stock, respectively, as described below.

Dominion Energy Direct® and Employee Savings Plans

Dominion Energy maintains Dominion Energy Direct® and a number of employee savings plans through which contributions may be invested in Dominion Energy’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In January 2021, Dominion Energy began issuing new shares of common stock for these direct stock purchase plans. 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. During 2025, 2024 and 2023, Dominion Energy issued 2.5 million, 2.7 million and 1.7 million, respectively, of such shares and received proceeds of $139 million, $138 million and $94 million, respectively.

At-the-Market Programs

May 2024 At-the-Market Program

In May 2024, Dominion Energy entered into sales agency agreements to effect sales under an 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 a forward sale agreement cannot exceed $1.8 billion in the aggregate. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements. Through August 2024, Dominion Energy entered into forward sale agreements for approximately 11.4 million shares of its common stock at a weighted-average initial forward price of $53.23 per share. In

December 2024, Dominion Energy provided notice to elect physical settlement of the forward sale agreements and in December 2024 settled the agreements at a weighted-average final forward price of $52.20 per share and received total proceeds of $594 million.

From September through December 2024, Dominion Energy entered into forward sale agreements for approximately 9.7 million shares of its common stock at a weighted-average initial forward price of $57.78 per share. During the first quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 8.8 million shares of its common stock at a weighted-average initial forward price of $55.34 per share. In December 2025, Dominion Energy provided notice to elect physical settlement of the forward sale agreements and in December 2025 settled the agreements at a weighted-average final forward price of $55.26 per share and received total proceeds of $1.0 billion.

During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 2.4 million shares of its common stock expected to be settled by the fourth quarter of 2027, at a weighted-average initial forward price of $59.91 per share.

February 2025 At-the-Market Program

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 could not initially exceed $1.2 billion in the aggregate, with Dominion Energy having the ability from time to time to increase such amount at its option. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements. During the second quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 11.0 million shares of its common stock expected to be settled in the fourth quarter of 2026 at a weighted-average initial forward price of $55.83 per share.

During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 9.6 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $61.11 per share. In December 2025, Dominion Energy provided notice to elect physical settlement of approximately 5.4 million shares under these forward sales agreements, and in December 2025 settled the agreements at a weighted-average final forward price of $60.44 per share and received total proceeds of $325 million.

In October 2025, Dominion Energy increased the maximum authorized amount of capacity available under this at-the-market program by $1.8 billion.

Repurchase of Common Stock

Dominion Energy did not repurchase any shares in 2025, 2024 or 2023, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.

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 at December 31, 2025. This repurchase program does not include a specific timetable or price or volume targets and may be modified, suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors.

Virginia Power

In 2025, Virginia Power issued 49,636 shares of its common stock to Dominion Energy for $3.5 billion. The proceeds were utilized to reduce the aggregate amount outstanding under its intercompany credit facility with Dominion Energy. Virginia Power issued the shares pursuant to a Virginia Commission order authorizing the issuance of up to $3.5 billion of common stock through the end of 2025 in order to maintain adequate credit metrics and efficient access to capital markets while funding necessary capital expenditures, as discussed in Note 13.

Virginia Power did not issue any shares of its common stock to Dominion Energy in 2024.

In the fourth quarter of 2023, Virginia Power issued 49,522 shares of its common stock to Dominion Energy for $3.25 billion with the proceeds utilized to repay substantially all of the outstanding borrowings under Virginia Power’s intercompany credit facility with Dominion Energy. Virginia Power issued the shares pursuant to a Virginia Commission order authorizing the issuance of up to $3.25 billion of common stock to Dominion Energy through the end of 2023 as part of its reasonable efforts to maintain a common equity capitalization to total capitalization ratio of 52.10% through December 2024 in accordance with legislation enacted in Virginia in April 2023 as discussed in Note 13.

 

 

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)

 

 

Investment
Securities

 

 

Pension and other
postretirement benefit costs(2)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(229

)

 

$

(19

)

 

$

38

 

 

$

(210

)

Beginning balance, tax

 

58

 

 

9

 

 

 

(9

)

 

58

 

Beginning balance, net of tax

 

 

(171

)

 

 

(10

)

 

 

29

 

 

 

(152

)

Other comprehensive income before reclassifications: gains (losses)

 

 

5

 

 

 

15

 

 

 

—

 

 

 

20

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

39

 

 

 

 

 

 

 

 

 

39

 

Other income (expense)

 

 

 

 

 

(7

)

 

 

(12

)

 

 

(19

)

Total

 

 

39

 

 

 

(7

)

 

 

(12

)

 

 

20

 

Income tax expense (benefit)

 

 

(10

)

 

 

2

 

 

 

2

 

 

 

(6

)

Total, net of tax

 

 

29

 

 

 

(5

)

 

 

(10

)

 

 

14

 

Net current period other comprehensive income (loss)

 

 

34

 

 

 

10

 

 

 

(10

)

 

 

34

 

Ending balance, net of tax

 

 

(137

)

 

 

—

 

 

 

19

 

 

 

(118

)

Ending balance, tax

 

 

46

 

 

 

—

 

 

 

(7

)

 

 

39

 

Ending balance

 

$

(183

)

 

$

—

 

 

$

26

 

 

$

(157

)

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(289

)

 

$

2

 

 

$

57

 

 

$

(230

)

Beginning balance, tax

 

 

73

 

 

 

(1

)

 

 

(14

)

 

 

58

 

Beginning balance, net of tax

 

 

(216

)

 

 

1

 

 

 

43

 

 

 

(172

)

Other comprehensive income before reclassifications: gains (losses)

 

 

13

 

 

 

(19

)

 

 

(2

)

 

 

(8

)

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

43

 

 

 

 

 

 

 

 

 

43

 

Other income (expense)

 

 

—

 

 

 

11

 

 

 

(16

)

 

 

(5

)

Total

 

 

43

 

 

 

11

 

 

 

(16

)

 

 

38

 

Income tax expense (benefit)

 

 

(11

)

 

 

(3

)

 

 

4

 

 

 

(10

)

Total, net of tax

 

 

32

 

 

 

8

 

 

 

(12

)

 

 

28

 

Net current period other comprehensive income (loss)

 

 

45

 

 

 

(11

)

 

 

(14

)

 

 

20

 

Ending balance, net of tax

 

 

(171

)

 

 

(10

)

 

 

29

 

 

 

(152

)

Ending balance, tax

 

 

58

 

 

 

9

 

 

 

(9

)

 

 

58

 

Ending balance

 

$

(229

)

 

$

(19

)

 

$

38

 

 

$

(210

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Comprised entirely of prior service cost. See Note 22 for additional information.

Virginia Power

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

 

 

 

Total Derivative-
Hedging Activities(1)

 

 

Investment
Securities

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

38

 

 

$

(1

)

 

$

37

 

Beginning balance, tax

 

 

(10

)

 

 

1

 

 

 

(9

)

Beginning balance, net of tax

 

 

28

 

 

 

—

 

 

 

28

 

Other comprehensive income before reclassifications: gains (losses)

 

 

5

 

 

 

—

 

 

 

5

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

(1

)

 

 

 

 

 

(1

)

Other income (expense)

 

 

 

 

 

1

 

 

 

1

 

Total

 

 

(1

)

 

 

1

 

 

 

—

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

(1

)

 

 

—

 

 

 

(1

)

Net current period other comprehensive income (loss)

 

 

4

 

 

 

—

 

 

 

4

 

Ending balance, net of tax

 

 

32

 

 

 

—

 

 

 

32

 

Ending balance, tax

 

 

(11

)

 

 

—

 

 

 

(11

)

Ending balance

 

 

43

 

 

 

—

 

 

 

43

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

20

 

 

$

1

 

 

$

21

 

Beginning balance, tax

 

 

(5

)

 

 

1

 

 

 

(4

)

Beginning balance, net of tax

 

 

15

 

 

 

2

 

 

 

17

 

Other comprehensive income before reclassifications: gains (losses)

 

 

13

 

 

 

(5

)

 

 

8

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

—

 

 

 

4

 

 

 

4

 

Total

 

 

—

 

 

 

4

 

 

 

4

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

3

 

 

 

3

 

Net current period other comprehensive income (loss)

 

 

13

 

 

 

(2

)

 

 

11

 

Ending balance, net of tax

 

 

28

 

 

 

—

 

 

 

28

 

Ending balance, tax

 

 

(10

)

 

 

1

 

 

 

(9

)

Ending balance

 

$

38

 

 

$

(1

)

 

$

37

 
(1)
Comprised entirely of interest rate derivative hedging activities.

 

Stock-Based Awards

The 2024 Incentive Compensation Plan permits stock-based awards that include restricted stock, performance grants, goal-based stock, stock options and stock appreciation rights. The Non-Employee Directors Compensation Plan permits grants of restricted stock and stock options. Under provisions of these plans, employees and non-employee directors may be granted options to purchase common stock at a price not less than its fair market value at the date of grant with a maximum term of eight years. Option terms are set at the discretion of the Compensation and Talent Development Committee of the Board of Directors or the Board of Directors itself, as provided under each plan. No options are outstanding under either plan. At December 31, 2025, approximately 26 million shares were available for future grants under these plans.

In 2023, goal-based stock awards were granted in lieu of cash-based performance grants to certain officers who have not achieved a certain targeted level of share ownership prior to 2024. Beginning in 2024, officers were granted performance share awards settling in shares or cash or, for officers who have not achieved a certain targeted level of share ownership at the time of grant, settling in shares. At both December 31, 2025 and 2024, unrecognized compensation cost related to these awards was inconsequential.

Dominion Energy measures and recognizes compensation expense relating to share-based payment transactions over the vesting period based on the fair value of the equity or liability instruments issued. Dominion Energy’s results for the years ended December 31, 2025, 2024 and 2023 include $46 million, $53 million and $44 million, respectively, of compensation costs and $10 million, $12 million and $10 million, respectively, of income tax benefits related to Dominion Energy’s stock-based compensation arrangements. Stock-based compensation cost is reported in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income. Excess Tax Benefits are classified as a financing cash flow.

Restricted Stock

Restricted stock grants are made to officers under Dominion Energy’s LTIP and may also be granted to certain key non-officer employees. The fair value of Dominion Energy’s restricted stock awards is equal to the closing price of Dominion Energy’s stock on the date of grant. New shares are issued for restricted stock awards on the date of grant and generally vest over a three-year service period.

The following table provides a summary of restricted stock activity for the years ended December 31, 2025, 2024 and 2023:

 

 

Shares (millions)

 

 

Weighted-average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

1.4

 

 

$

75.56

 

Granted

 

1.0

 

 

 

48.99

 

Vested

 

(0.4

)

 

 

79.89

 

Cancelled and forfeited

 

(0.1

)

 

 

53.36

 

Nonvested at December 31, 2023

 

1.9

 

 

$

61.34

 

Granted

 

0.7

 

 

 

55.58

 

Vested

 

(0.5

)

 

 

71.05

 

Cancelled and forfeited

 

(0.2

)

 

 

43.13

 

Nonvested at December 31, 2024

 

1.9

 

 

$

57.10

 

Granted

 

0.5

 

 

 

59.19

 

Vested

 

(0.4

)

 

 

73.43

 

Cancelled and forfeited

 

(0.1

)

 

 

58.03

 

Nonvested at December 31, 2025

 

 

1.9

 

 

$

53.94

 

At December 31, 2025, unrecognized compensation cost related to nonvested restricted stock awards totaled $61 million and is expected to be recognized over a weighted-average period of 1.9 years. The fair value of restricted stock awards that vested was $27 million, $25 million and $20 million in 2025, 2024 and 2023, respectively. Employees may elect to have shares of restricted stock withheld upon vesting to satisfy tax withholding obligations. The number of shares withheld will vary for each employee depending on the vesting date fair market value of Dominion Energy stock and the applicable federal, state and local tax withholding rates.

Cash-Based Performance Grants

Prior to 2024, cash-based performance grants were issued to Dominion Energy’s officers under Dominion Energy’s LTIP. The actual payout of cash-based performance grants will vary between zero and 200% of the targeted amount based on the level of performance metrics achieved.

In February 2022, a cash-based performance grant was made to officers. Payout of the performance grant occurred in January 2025 based on the achievement of three performance metrics during 2022, 2023 and 2024: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group, Cumulative Operating EPS and Non-Carbon Emitting Generation Capacity Performance. There was an additional opportunity to earn a portion of the award based on Dominion Energy’s relative price-earnings ratio performance. The total of the payout under the grant was $5 million, all of which was accrued at December 31, 2024.

In February 2023, a cash-based performance grant was made to officers. Payout of the performance grant occurred in January 2026 based on the achievement of three performance metrics during 2023, 2024 and 2025: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group over a 3-year and a 2-year period and Non-Carbon Emitting Generation Capacity Performance. For officers other than the CEO, there is an additional opportunity to earn a portion of the award based on Dominion Energy’s relative price-earnings ratio performance. The total of the payout under the grant was $8 million, all of which was accrued at December 31, 2025.

 

Performance Share Awards

Performance share awards are granted under Dominion Energy’s LTIP. The performance share awards are settled in cash at the end of the three-year performance period if certain ownership requirements are satisfied. If the ownership requirements have not been met at the time of grant, then the performance share awards are settled in common stock.

In February 2024, a performance share grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2027, based on the achievement of three performance metrics during 2024, 2025 and 2026: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group, Cumulative Operating EPS and Non-Carbon Emitting Generation Capacity Performance. At December 31, 2025, the targeted amount of the three-year grant was $18 million and a liability of $13 million had been accrued for this award.

In February 2025, a performance share grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2028, based on the achievement of three performance metrics during 2025, 2026 and 2027: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group, Cumulative Operating EPS and Non-Carbon Emitting Generation Capacity Performance. At December 31, 2025, the targeted amount of the three-year grant was $22 million and a liability of $7 million had been accrued for this award.
v3.25.4
Dividend Restrictions
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Dividend Restrictions

Note 21. Dividend Restrictions

The Virginia Commission may prohibit any public service company, including Virginia Power, from declaring or paying a dividend to an affiliate if found to be inconsistent with the public interest. At December 31, 2025, the Virginia Commission had not restricted the payment of dividends by Virginia Power.

The North Carolina Commission, in its order approving the SCANA Combination, limited cumulative dividends payable to Dominion Energy by Virginia Power to (i) the amount of retained earnings the day prior to closing of the SCANA Combination plus (ii) any future earnings recorded by Virginia Power after such closing. In addition, notice to the North Carolina Commission is required if payment of dividends causes the equity component of Virginia Power’s capital structure to fall below 45%.

There is no specific restriction from the South Carolina Commission on the payment of dividends paid by DESC. Pursuant to the SCANA Merger Approval Order, the amount of any DESC dividends paid must be reasonable and consistent with the long-term payout ratio of the electric utility industry and gas distribution industry.

DESC’s bond indenture under which it issues first mortgage bonds contains provisions that could limit the payment of cash dividends on its common stock. DESC's bond indenture permits the payment of dividends on DESC's common stock only either (1) out of its Surplus (as defined in the bond indenture) or (2) in case there is no Surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.

At December 31, 2025, DESC’s retained earnings exceed the balance established by the Federal Power Act as a reserve on earnings attributable to hydroelectric generation plants. As a result, DESC is permitted to pay dividends without additional regulatory approval provided that such amounts would not bring the retained earnings balance below the established threshold.

See Notes 18 and 19 for a description of potential restrictions on common stock dividend payments by Dominion Energy in connection with the deferral of interest payments on the junior subordinated notes or a failure to pay dividends on the Series C Preferred Stock.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 22. Employee Benefit Plans

Defined Benefit Plans

Dominion Energy provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Under the terms of its benefit plans, Dominion Energy reserves the right to change, modify or terminate the plans. From time to time in the past, benefits have changed, and some of these changes have reduced benefits.

Dominion Energy maintains qualified noncontributory defined benefit pension plans covering virtually all employees who commenced employment prior to July 2021. Retirement benefits are based primarily on years of service, age and the employee’s compensation. Dominion Energy’s funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension programs also provide benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion Energy also provides retiree healthcare and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service.

Pension and other postretirement benefit costs are affected by employee demographics (including age, compensation levels and years of service), the level of contributions made to the plans and earnings on plan assets. These costs may also be affected by changes in key assumptions, including expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates, mortality rates and the rate of compensation increases.

Dominion Energy uses December 31 as the measurement date for all of its employee benefit plans. Dominion Energy immediately recognizes the change in the fair value of plan assets and liabilities and net actuarial gains and losses annually in the fourth quarter of each fiscal year as well as whenever a triggering event occurs that is determined to require remeasurement. Actuarial losses attributable to Dominion Energy’s rate regulated operations are deferred to regulatory assets when it is probable that regulators will permit them to be recovered from customers in future rates. Likewise, actuarial gains attributable to Dominion Energy’s rate regulated operations are deferred to regulatory liabilities when it is probable that regulators will require customer refunds or other benefits through future rates.

Dominion Energy’s pension and other postretirement benefit plans hold investments in trusts to fund employee benefit payments. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns of $1.2 billion and $738 million in 2025 and 2024, respectively, versus expected returns of $835 million and $982 million, respectively. Any investment-related declines in these trusts are immediately recognized in earnings and will be included in the determination of the amount of cash to be contributed to the employee benefit plans.

Pension and Other Postretirement Benefit Plan Remeasurements

As a result of the East Ohio and Questar Gas Transactions in 2024, Dominion Energy remeasured its pension and other postretirement benefit plans. The remeasurements resulted in $217 million ($162 million after-tax) of higher market related impacts on pension and other postretirement plans related to the East Ohio and Questar Gas Transactions, reflected in other income (expense) in Dominion Energy’s Consolidated Statement of Income. The discount rates used for the remeasurements related to the East Ohio and Questar Gas Transactions were 5.62% and 5.75% for the pension plans and 5.61%-5.62% and 5.74% for the other postretirement benefit plans, respectively. All other assumptions used for the remeasurements were consistent with the measurement as of December 31, 2023.

 

Funded Status

The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Changes in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

7,652

 

 

$

8,431

 

 

$

1,018

 

 

$

1,109

 

Service cost

 

 

76

 

 

 

83

 

 

 

11

 

 

 

11

 

Interest cost

 

 

433

 

 

 

431

 

 

 

57

 

 

 

57

 

Benefits paid

 

 

(533

)

 

 

(504

)

 

 

(82

)

 

 

(88

)

Actuarial loss (gain) during the year

 

 

241

 

 

 

(404

)

 

 

(17

)

 

 

(43

)

Plan amendments

 

 

(5

)

 

 

30

 

 

 

—

 

 

 

—

 

Settlements and curtailments(1)

 

 

(13

)

 

 

(415

)

 

 

—

 

 

 

(28

)

Benefit obligation at end of year

 

$

7,851

 

 

$

7,652

 

 

$

987

 

 

$

1,018

 

Changes in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

8,478

 

 

$

9,087

 

 

$

2,203

 

 

$

2,062

 

Actual return gain on plan assets

 

 

931

 

 

 

503

 

 

 

254

 

 

 

235

 

Employer contributions

 

 

33

 

 

 

76

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(533

)

 

 

(504

)

 

 

(63

)

 

 

(54

)

Plan amendments

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

—

 

Settlements(2)

 

 

(13

)

 

 

(684

)

 

 

—

 

 

 

(40

)

Fair value of plan assets at end of year

 

$

8,891

 

 

$

8,478

 

 

$

2,394

 

 

$

2,203

 

Funded status at end of year

 

$

1,040

 

 

$

826

 

 

$

1,407

 

 

$

1,185

 

Amounts recognized in the Consolidated Balance Sheets at December 31:

 

 

 

 

 

 

 

 

 

 

Noncurrent pension and other postretirement benefit assets

 

$

1,073

 

 

$

883

 

 

$

1,585

 

 

$

1,356

 

Other current liabilities

 

 

(5

)

 

 

(7

)

 

 

(13

)

 

 

(13

)

Noncurrent pension and other postretirement benefit liabilities(3)

 

 

(28

)

 

 

(50

)

 

 

(165

)

 

 

(158

)

Net amount recognized

 

$

1,040

 

 

$

826

 

 

$

1,407

 

 

$

1,185

 

Significant assumptions used to determine benefit obligations at December 31:

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.59%-5.69%

 

 

5.84%-5.87%

 

 

5.60%-5.66%

 

 

5.83%-5.86%

 

Weighted-average rate of increase for compensation

 

4.38%

 

 

4.40%

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and similar plans

 

4.34%-4.44%

 

 

4.59%-4.62%

 

 

n/a

 

 

n/a

 
(1)
2025 and 2024 include amounts related to settlements of nonqualified pension obligations. Additionally, 2024 amounts include settlements and curtailment related to the East Ohio and Questar Gas Transactions.
(2)
2025 and 2024 include amounts related to settlements of nonqualified pension obligations. Additionally, 2024 amounts include settlements related to the East Ohio and Questar Gas Transactions.
(3)
Presented within other deferred credits and other liabilities in Dominion Energy's Consolidated Balance Sheets.

 

Actuarial losses recognized during 2025 in Dominion Energy’s pension benefit obligations were $241 million primarily driven by a decrease in the discount rate and the result of a completed experience study. Actuarial gains recognized during 2024 in Dominion Energy’s pension benefit obligations were $404 million primarily driven by an increase in the discount rate. Actuarial gains recognized during 2025 in Dominion Energy’s other postretirement benefit obligations were $17 million primarily driven by the result of a completed experience study and partially offset by a decrease in the discount rate. Actuarial gains recognized during 2024 in Dominion Energy’s other postretirement benefit obligations were $43 million primarily driven by an increase in the discount rate.

The ABO for all of Dominion Energy’s defined benefit pension plans was $7.6 billion and $7.4 billion at December 31, 2025 and 2024, respectively.

Under its funding policies, Dominion Energy evaluates plan funding requirements annually, usually in the fourth quarter after receiving updated plan information from its actuary. Based on the funded status of each plan and other factors, Dominion Energy determines the amount of contributions for the current year, if any, at that time. Dominion Energy expects to make $24 million of minimum required contributions to its qualified defined benefit pension plans in 2026. Dominion Energy also considers voluntary contributions from time to time, either in the form of cash or equity securities.

Certain of Dominion Energy’s subsidiaries fund other postretirement benefit costs through VEBAs. Dominion Energy’s remaining subsidiaries do not prefund other postretirement benefit costs but instead pay claims as presented. Dominion Energy did not make any contributions to VEBAs associated with its other postretirement plans in 2025 and 2024. Dominion Energy is not required to make any contributions to its VEBAs associated with its other postretirement plans in 2026. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.

The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation

 

$

718

 

 

$

724

 

 

$

177

 

 

$

171

 

Fair value of plan assets

 

 

685

 

 

 

666

 

 

 

—

 

 

 

—

 

 

The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Accumulated benefit obligation

 

$

26

 

 

$

715

 

Fair value of plan assets

 

 

—

 

 

 

666

 

 

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s plans:

 

 

 

Estimated Future Benefit Payments

 

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

(millions)

 

 

 

 

 

 

2026

 

$

545

 

 

$

83

 

2027

 

 

553

 

 

 

82

 

2028

 

 

560

 

 

 

80

 

2029

 

 

568

 

 

 

80

 

2030

 

 

573

 

 

 

79

 

2031-2035

 

 

2,913

 

 

 

386

 

Plan Assets

Dominion Energy’s overall objective for investing its pension and other postretirement plan assets is to achieve appropriate long-term rates of return commensurate with prudent levels of risk. To minimize risk, funds are broadly diversified among asset classes, investment strategies and investment advisors. The long-term strategic target asset allocation for Dominion Energy’s pension funds is 30% public equity (inclusive of both U.S. equity and non-U.S. equity), 27% fixed income and 43% other alternative investments. Public equity includes investments in U.S. and non-U.S. large-cap, mid-cap and small-cap companies. Fixed income includes government securities and cash. The public equity and fixed income investments are in individual securities as well as mutual funds and exchange traded funds. Other alternative investments include private equity, typically through limited partnerships, and credit and absolute return strategies which include investments in debt funds, including public and private debt, and hedge funds.

Strategic investment policies are established for Dominion Energy’s prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans’ strategic allocation are a function of Dominion Energy’s assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans’ actual asset allocations varying from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the target. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns. Financial derivatives may be used to obtain or manage market exposures and to hedge assets and liabilities.

For fair value measurement policies and procedures related to pension and other postretirement benefit plan assets, see Note 2.

The fair values of Dominion Energy’s pension plan assets by asset category are as follows:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

1

 

 

$

2

 

 

$

—

 

 

$

3

 

 

$

395

 

 

$

—

 

 

$

—

 

 

$

395

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

565

 

 

 

—

 

 

 

—

 

 

 

565

 

 

 

1,004

 

 

 

—

 

 

 

—

 

 

 

1,004

 

International

 

 

604

 

 

 

—

 

 

 

—

 

 

 

604

 

 

 

723

 

 

 

1

 

 

 

—

 

 

 

724

 

Insurance contracts

 

 

—

 

 

 

135

 

 

 

73

 

 

 

208

 

 

 

—

 

 

 

139

 

 

 

73

 

 

 

212

 

Corporate debt instruments

 

 

113

 

 

 

870

 

 

 

—

 

 

 

983

 

 

 

70

 

 

 

486

 

 

 

11

 

 

 

567

 

Government securities

 

 

61

 

 

 

2,027

 

 

 

—

 

 

 

2,088

 

 

 

16

 

 

 

1,303

 

 

 

—

 

 

 

1,319

 

Total recorded at fair value

 

$

1,344

 

 

$

3,034

 

 

$

73

 

 

$

4,451

 

 

$

2,208

 

 

$

1,929

 

 

$

84

 

 

$

4,221

 

Assets recorded at NAV(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

2,025

 

 

 

 

 

 

 

 

 

 

 

 

1,771

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

37

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

1,449

 

 

 

 

 

 

 

 

 

 

 

 

1,304

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

205

 

 

 

 

 

 

 

 

 

 

 

 

188

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

613

 

 

 

 

 

 

 

 

 

 

 

 

319

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

4,317

 

 

 

 

 

 

 

 

 

 

 

$

3,619

 

Total investments(2)

 

 

 

 

 

 

 

 

 

 

$

8,768

 

 

 

 

 

 

 

 

 

 

 

$

7,840

 

 

(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(2)
Excludes net assets related to non interest-bearing cash of $39 million, pending sales of securities and advanced subscription of $64 million and net accrued income of $34 million, and includes net assets related to pending purchases of securities of $14 million at December 31, 2025. Excludes net assets related to pending sales of securities of $633 million and net accrued income of $21 million, and includes net assets related to pending purchases of securities of $16 million at December 31, 2024.

The fair values of Dominion Energy’s other postretirement plan assets by asset category are as follows:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

7

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

498

 

 

 

—

 

 

 

—

 

 

 

498

 

 

 

946

 

 

 

—

 

 

 

—

 

 

 

946

 

International

 

 

60

 

 

 

—

 

 

 

—

 

 

 

60

 

 

 

74

 

 

 

—

 

 

 

—

 

 

 

74

 

Insurance contracts

 

 

—

 

 

 

8

 

 

 

4

 

 

 

12

 

 

 

—

 

 

 

8

 

 

 

5

 

 

 

13

 

Corporate debt instruments

 

 

173

 

 

 

51

 

 

 

—

 

 

 

224

 

 

 

183

 

 

 

30

 

 

 

1

 

 

 

214

 

Government securities

 

 

416

 

 

 

394

 

 

 

—

 

 

 

810

 

 

 

165

 

 

 

82

 

 

 

—

 

 

 

247

 

Total recorded at fair value

 

$

1,147

 

 

$

453

 

 

$

4

 

 

$

1,604

 

 

$

1,375

 

 

$

120

 

 

$

6

 

 

$

1,501

 

Assets recorded at NAV(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

433

 

 

 

 

 

 

 

 

 

 

 

 

495

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

172

 

 

 

 

 

 

 

 

 

 

 

 

147

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

12

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

768

 

 

 

 

 

 

 

 

 

 

 

$

683

 

Total investments(2)

 

 

 

 

 

 

 

 

 

 

$

2,372

 

 

 

 

 

 

 

 

 

 

 

$

2,184

 

 

(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(2)
Excludes net assets related to non interest-bearing cash of $2 million, pending sales of securities and advanced subscription of $15 million and net accrued income of $7 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2025. Excludes net assets related to pending sales of securities and advanced subscription of $19 million and net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2024.

 

The following table presents the net change in the Dominion Energy’s pension and other postretirement plan assets included in the Level 3 fair value category:

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

(millions)

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

84

 

 

$

—

 

 

$

—

 

 

$

6

 

 

$

—

 

 

$

—

 

Total realized and
   unrealized (losses) gains

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

Purchases

 

 

—

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

Sales

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

Transfers into Level 3

 

 

—

 

 

 

73

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

—

 

Ending balance

 

$

73

 

 

$

84

 

 

$

—

 

 

$

4

 

 

$

6

 

 

$

—

 

 

The plan assets investments are determined based on the fair values of the investments and the underlying investments, which have been determined as follows:

•
Cash and Cash Equivalents—Represents interest-bearing cash, foreign cash and money market funds. Interest-bearing cash and money market funds are valued at cost plus accrued interest. The foreign cash balances are valued at the amount held and translated on the reporting date based on prevailing exchange rates. Foreign cash and money market funds are classified as Level 1. The interest-bearing cash is held in variation margin and with various brokers, which are less liquid and therefore are classified as Level 2.
•
Common and Preferred Stocks—Investments are valued at the closing price reported on the active market on which the individual securities are traded. Investments in certain preferred stocks are classified as Level 2 and are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.
•
Insurance Contracts—Investments in Group Annuity Contracts are stated at fair value based on the fair value of the underlying securities as provided by the managers and include investments in U.S. government securities, corporate debt instruments and state and municipal debt securities.
•
Corporate Debt Instruments—Investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available for comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar instruments, the instrument is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote, if available.
•
Government Securities—Investments are valued using pricing models maximizing the use of observable inputs for similar securities.
•
Commingled Funds/Collective Trust Funds—Commingled funds/collective trust funds invest in debt and equity securities and other instruments with characteristics similar to those of the funds’ benchmarks. The primary objectives of the funds are to seek investment returns that approximate the overall performance of their benchmark indexes. These benchmarks are major equity indices, fixed income indices and money market indices that focus on growth, income and liquidity strategies, as applicable. Investments in commingled funds/collective trust funds are stated at the NAV as determined by the issuer of the commingled funds/collective trust funds and are based on the fair value of the underlying investments held by the fund less its liabilities. The NAV is used as a practical expedient to estimate fair value. The commingled funds/collective trust funds do not have any unfunded commitments, and do not have any applicable
liquidation periods or defined terms/periods to be held. The majority of these funds have redemption restrictions allowing investors to redeem capital on a periodic basis.
•
Alternative Investments—Investments in private real estate funds, private equity funds, debt funds, including public and private debt, and hedge funds are stated at fair value based on the NAV of the plan’s proportionate share of the partnership, joint venture or other alternative investment’s fair value as determined by reference to audited financial statements or NAV statements provided by the investment manager. The NAV, which is used as a practical expedient to estimate fair value, is adjusted for contributions and distributions occurring between the investment manager and Dominion Energy’s measurement date. These valuations also involve assumptions and methods that are reviewed, evaluated, and adjusted, if necessary, by Dominion Energy.

 

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 $5 million and $18 million for the years ended December 31, 2024 and 2023, respectively, 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 $12 million and $(46) million for the years ended December 31, 2024 and 2023, respectively, presented in discontinued operations. The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy plans are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

76

 

 

$

83

 

 

$

96

 

 

$

11

 

 

$

11

 

 

$

14

 

Interest cost

 

 

433

 

 

 

431

 

 

 

442

 

 

 

57

 

 

 

57

 

 

 

61

 

Expected return on plan assets

 

 

(676

)

 

 

(811

)

 

 

(864

)

 

 

(159

)

 

 

(171

)

 

 

(151

)

Amortization of prior service cost (credit)

 

 

1

 

 

 

1

 

 

 

—

 

 

 

(26

)

 

 

(36

)

 

 

(36

)

Net actuarial (gain) loss(1)

 

 

(14

)

 

 

(96

)

 

 

304

 

 

 

(112

)

 

 

(107

)

 

 

(125

)

Settlements, curtailments and special
   termination benefits(2)

 

 

—

 

 

 

(56

)

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

—

 

Plan amendment

 

 

—

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(180

)

 

$

(426

)

 

$

(22

)

 

$

(229

)

 

$

(250

)

 

$

(237

)

Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:

 

Prior service cost

 

 

—

 

 

 

6

 

 

 

2

 

 

 

—

 

 

 

4

 

 

 

—

 

Less amounts included in net periodic
   benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service (cost) credit

 

 

(1

)

 

 

(1

)

 

 

—

 

 

 

26

 

 

 

36

 

 

 

36

 

Total recognized in other comprehensive
   income and regulatory assets and liabilities

 

$

(1

)

 

$

5

 

 

$

2

 

 

$

26

 

 

$

40

 

 

$

36

 

Significant assumptions used to determine periodic cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.84%-5.87%

 

 

5.37%-5.75%

 

 

5.65%-5.75%

 

 

5.83%-5.86%

 

 

5.40%-5.74%

 

 

5.69%-5.70%

 

Expected long-term rate of return on plan
   assets

 

7.35%

 

 

7.00%-8.35%

 

 

7.00%-8.35%

 

 

7.35%

 

 

8.35%

 

 

8.35%

 

Weighted-average rate of increase for
   compensation

 

4.40%

 

 

4.28%

 

 

4.38%

 

 

n/a

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and
   similar plans

 

4.59%-4.62%

 

 

4.12%-4.50%

 

 

4.40%-4.50%

 

 

n/a

 

 

n/a

 

 

n/a

 

Healthcare cost trend rate(3)

 

 

 

 

 

 

 

 

 

 

7.00%

 

 

7.00%

 

 

7.00%

 

Rate to which the cost trend rate is assumed
   to decline (the ultimate trend rate)(3)

 

 

 

 

 

 

 

 

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

Year that the rate reaches the ultimate trend
   rate(3)

 

 

 

 

 

 

 

 

 

 

2032

 

 

2031

 

 

2030

 
(1)
Excludes amortization expense (benefit) from regulatory assets and liabilities of $7 million, $2 million and $39 million for the years ended December 31, 2025, 2024 and 2023, respectively, reflected in other income (expense) in Dominion Energy’s Consolidated Statement of Income.
(2)
2024 amounts relate primarily to the East Ohio Transaction.
(3)
Assumptions used to determine net periodic cost for the following year.

 

 

The components of AOCI and regulatory assets and liabilities for Dominion Energy’s plans that have not been recognized as components of net periodic benefit (credit) cost are as follows:

 

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory assets and
   liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

523

 

 

$

496

 

 

$

(99

)

 

$

(65

)

Prior service cost (credit)

 

 

7

 

 

 

8

 

 

 

(27

)

 

 

(41

)

AOCI:

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

 

2

 

 

 

2

 

 

 

(28

)

 

 

(40

)

Total

 

$

532

 

 

$

506

 

 

$

(154

)

 

$

(146

)

The expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and mortality are critical assumptions in determining net periodic benefit (credit) cost. Dominion Energy develops non-investment related assumptions, which are then compared to the forecasts of an independent investment advisor to ensure reasonableness. An internal committee selects the final assumptions used for Dominion Energy’s pension and other postretirement plans including discount rates, expected long-term rates of return, healthcare cost trend rates and mortality rates.

Dominion Energy determines the expected long-term rates of return on plan assets for its pension plans and other postretirement benefit plans by using a combination of:

•
Expected inflation and risk-free interest rate assumptions;
•
Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes;
•
Expected future risk premiums, asset classes’ volatilities and correlations;
•
Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major capital market assumptions; and
•
Investment allocation of plan assets.

Dominion Energy determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans.

Mortality rates are developed from actual and projected plan experience for postretirement benefit plans. Dominion Energy’s actuary conducts an experience study periodically as part of the process to select its best estimate of mortality. Dominion Energy considers both standard mortality tables and improvement factors as well as the plans’ actual experience when selecting a best estimate.

Assumed healthcare cost trend rates have a significant effect on the amounts reported for Dominion Energy’s retiree healthcare plans. Dominion Energy establishes the healthcare cost trend rate assumption based on analyses of various factors including the specific provisions of its medical plans, actual cost trends experienced and projected and demographics of plan participants.

Other Employee Matters

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

Virginia Power Participation in Defined Benefit Plans

Virginia Power employees are covered by the Dominion Energy Pension Plan described above. As a participating employer, Virginia Power is subject to Dominion Energy’s funding policy, which is to contribute annually an amount that is in accordance with ERISA. Virginia Power made no contribution payments to the Dominion Energy Pension Plan during 2025, 2024 and 2023. Virginia Power’s net periodic pension cost related to this plan was $89 million, $49 million and $34 million in 2025, 2024 and 2023, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Virginia Power’s Consolidated Statements of Income. The funded status of various Dominion Energy subsidiary groups and employee compensation are the basis for determining the share of total pension costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power amounts due to/from Dominion Energy related to this plan.

Retiree healthcare and life insurance benefits, for Virginia Power employees are covered by the Dominion Energy Retiree Health and Welfare Plan described above. Virginia Power’s net periodic benefit (credit) cost related to this plan was $(64) million, $(72) million and $(60) million in 2025, 2024 and 2023, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Virginia Power’s Consolidated Statements of Income. Employee headcount is the basis for determining the share of total other postretirement benefit costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power amounts due to/from Dominion Energy related to this plan.

Dominion Energy holds investments in trusts to fund employee benefit payments for the pension and other postretirement benefit plans in which Virginia Power’s employees participate. Any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash that Virginia Power will provide to Dominion Energy for its share of employee benefit plan contributions.

Virginia Power funds other postretirement benefit costs through VEBAs. During 2025, 2024 and 2023, Virginia Power made no contributions to the VEBAs and does not expect to contribute to the VEBAs in 2026.

Defined Contribution Plans

Dominion Energy also sponsors defined contribution employee savings plans that cover substantially all employees. During 2025, 2024 and 2023, Dominion Energy recognized $90 million, $82 million and $85 million, respectively, as employer matching contributions to these plans, excluding discontinued operations. Virginia Power also participates in these employee savings plans. During 2025, 2024 and 2023, Virginia Power recognized $32 million, $29 million and $26 million, respectively, as employer matching contributions to these plans.

v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 23. 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, state-established regulatory programs are required 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. In December 2025, the EPA released a final rule that, among other things, extended the deadlines promulgated in the May 2024 final rule. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range from 2029 to 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, 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, as amended by the December 2025 final rule. 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 2026 depending on receipt of final permits and approvals. At December 31, 2025 and 2024, Dominion Energy had $53 million and $56 million, respectively, of reserves recorded including a charge of $25 million ($19 million after-tax) that Virginia Power recorded in 2024, reflected in other operations and maintenance expense in the Consolidated Statements of Income. At December 31, 2025 and 2024, Virginia Power had $48 million and $50 million of reserves recorded, respectively. 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. 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. In 2024, Dominion Energy resolved a claim associated with operations included in the East Ohio Transaction and at December 31, 2024, Dominion Energy’s Consolidated Balance Sheet includes a $30 million offsetting reserve and insurance receivable for this claim. The related charge in Dominion Energy’s Consolidated Statement of Income for the year ended December 31, 2024 is inconsequential.

SCANA Legal Proceedings

The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating primarily to events occurring before closing of the SCANA Combination. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy's Consolidated Balance Sheets at December 31, 2025 and 2024 included an inconsequential amount of reserves primarily related to personal injury or wrongful death cases. During the years ended December 31, 2025, 2024 and 2023, charges included in Dominion Energy’s Consolidated Statements of Income were inconsequential.

 

Matters Fully Resolved Prior to 2025 Impacting the Consolidated

Financial Statements

Governmental Proceedings and Investigations

In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $165 million to resolve this matter. In June 2021, the parties executed a settlement agreement which allows DESC to fund the settlement amount through a combination of cash, shares of Dominion Energy common stock or real estate with an initial payment of at least $43 million in shares of Dominion Energy common stock. In 2021 and 2022, Dominion Energy issued shares of its common stock to partially satisfy its obligation under the settlement agreement. In June 2022, DESC requested approval from the South Carolina Commission to transfer certain real estate with a total settlement value of $51 million to satisfy its remaining obligation under the settlement agreement. In July 2022, the South Carolina Commission voted to approve the request and issued its final order in August 2022. In 2022, DESC transferred certain non-utility property to the SCDOR to partially satisfy its obligation under the settlement agreement. In October 2022, DESC filed for approval to transfer the remaining real estate with FERC which was received in November 2022. In March 2023, DESC transferred utility property with a fair value of $10 million to the SCDOR resulting in a gain of $9 million ($7 million after-tax), recorded in other operations and maintenance expense (reflected in the Corporate and Other segment) in Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2023. In June 2023, DESC transferred the remaining utility property with a fair value of $11 million to the SCDOR resulting in a gain of $11 million ($8 million after-tax), recorded in other operations and maintenance expense (reflected in the Corporate and Other segment) in Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2023. In July 2023, DESC made a less than $1 million cash payment to the SCDOR to fully satisfy its remaining obligation, including applicable interest, under the settlement agreement.

Nuclear Operations

Nuclear Decommissioning – Minimum Financial Assurance

The NRC requires nuclear power plant owners to annually update minimum financial assurance amounts for the future decommissioning of their nuclear facilities. Decommissioning involves the decontamination and removal of radioactive contaminants from a nuclear power station once operations have ceased, in accordance with standards established by the NRC. The 2025 calculation for the NRC minimum financial assurance amount, aggregated for Dominion Energy and Virginia Power’s nuclear units, excluding joint owners’ assurance amounts and Millstone Unit 1, as this unit is in a decommissioning state, was $3.5 billion and $2.0 billion, respectively, and has been satisfied by a combination of the funds being collected and deposited in the nuclear decommissioning trusts and the real annual rate of return growth of the funds allowed by the NRC. The 2025 NRC minimum financial assurance amounts above were calculated using preliminary December 31, 2025 U.S. Bureau of Labor Statistics indices. Dominion Energy believes that decommissioning funds and their expected earnings will be sufficient to cover expected decommissioning costs for the Millstone units. In addition, Dominion Energy believes that the decommissioning funds and their expected earnings will be sufficient to cover expected decommissioning costs for the Summer unit, particularly when combined with future ratepayer collections and contributions. The Companies believe the decommissioning funds and their expected earnings for the Surry and North Anna units will be sufficient to cover decommissioning costs, particularly when combined with future ratepayer collections and contributions to these decommissioning trusts, if such future collections and contributions are required. This reflects a positive long-term outlook for trust fund investment returns as the decommissioning of the units will not be complete for decades. The Companies will continue to monitor these trusts to ensure they meet the NRC minimum financial assurance requirement, which may include, if needed, the use of parent company guarantees, surety bonding or other financial instruments recognized by the NRC. See Note 9 for additional information on nuclear decommissioning trust investments.

Nuclear Insurance

The Price-Anderson Amendments Act of 1988 provides the public up to $16.3 billion of liability protection on a per site, per nuclear incident basis, via obligations required of owners of nuclear power plants, and allows for an inflationary provision adjustment every five years. During the first quarter of 2024, the total liability protection per nuclear incident available to all participants in the Secondary Financial Protection Program increased from $16.2 billion to $16.3 billion. These increases do not impact Dominion Energy’s responsibility per active unit under the Price-Anderson Amendments Act of 1988. The Companies have purchased $500 million of coverage from commercial insurance pools for Millstone, Summer, Surry and North Anna with the remainder provided through the mandatory industry retrospective rating plan. In the event of a nuclear incident at any licensed nuclear reactor in the U.S., the Companies could be assessed up to $166 million for each of their licensed reactors not to exceed $25 million per year per reactor. There is no limit to the number of incidents for which this retrospective premium can be assessed. The current levels of nuclear property insurance coverage for Millstone, Summer, Surry and North Anna are all $1.06 billion.

The Companies’ nuclear property insurance coverage for Millstone, Summer, Surry and North Anna meets the NRC minimum requirement for nuclear power plant licensees of $1.06 billion per reactor site. This includes coverage for premature decommissioning and functional total loss. The NRC requires that the proceeds from this insurance be used first, to return the reactor to and maintain it in a safe and stable condition and second, to decontaminate the reactor and station site in accordance with a plan approved by the NRC. Nuclear property insurance is provided by NEIL, a mutual insurance company, and is subject to retrospective premium assessments in any policy year in which losses exceed the funds available to the insurance company. Dominion Energy and Virginia Power’s maximum retrospective premium assessment for the current policy period is $58 million and $31 million, respectively. Based on the severity of the incident, the Board of Directors of the nuclear insurer has the discretion to lower or eliminate the maximum retrospective premium assessment. The Companies have the financial responsibility for any losses that exceed the limits or for which insurance proceeds are not available because they must first be used for stabilization and decontamination. Additionally, DESC maintains an excess property insurance policy with the European Mutual Association for Nuclear Insurance. The policy provides coverage to Summer for property damage and outage costs up to $1 million. The European Mutual Association for Nuclear Insurance policy permits retrospective assessments under certain conditions to cover insurer’s losses. Based on the current annual premium, DESC’s share of the retrospective premium assessment would not exceed an inconsequential amount.

Millstone, Virginia Power and Summer also purchase accidental outage insurance from NEIL to mitigate certain expenses, including replacement power costs, associated with the prolonged outage of a nuclear unit due to direct physical damage. Under this program, the Companies are subject to a retrospective premium assessment for any policy year in which losses exceed funds available to NEIL. Dominion Energy and Virginia Power’s maximum retrospective premium assessment for the current policy period is $39 million and $11 million, respectively.

ODEC, a part owner of North Anna, Santee Cooper, a part owner of Summer and Massachusetts Municipal and Green Mountain, part owners of Millstone’s Unit 3, are responsible to the Companies for their share of the nuclear decommissioning obligation and insurance premiums on applicable units, including any retrospective premium assessments and any losses not covered by insurance.

Spent Nuclear Fuel

The Companies entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982. The DOE failed to begin accepting the spent fuel on January 31, 1998, the date provided by the Nuclear Waste Policy Act and by the Companies’ contracts with the DOE. The Companies have previously received damages award payments and settlement payments related to these contracts.

By mutual agreement of the parties, the settlement agreements are extendable to provide for resolution of damages incurred after 2013. The settlement agreements for the Surry, North Anna and Millstone nuclear power stations have been extended and provided for periodic payments for damages incurred through December 31, 2025. In December 2025, the DOE notified the Companies that it intends to extend these agreements through December 31, 2028 and future additional extensions are contemplated by the settlement agreements. A similar agreement for Summer extends until the DOE has accepted the same amount of spent fuel from the facility as if it has fully performed its contractual obligations.

In 2025, Virginia Power received payments of $26 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2023 through December 31, 2023. In addition, Dominion Energy received payments of $14 million for resolution of claims incurred at Millstone for the period of July 1, 2023 through June 30, 2024 and $3 million for resolution of its share of claims incurred at Summer for the period of January 1, 2024 through December 31, 2024.

In 2024, Virginia Power received payments of $16 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2022 through December 31, 2022. In addition, Dominion Energy received payments of $11 million for resolution of claims incurred at Millstone for the period of July 1, 2022 through June 30, 2023 and $2 million for resolution of its share of claims incurred at Summer for the period of January 1, 2023 through December 31, 2023.

In 2023, Virginia Power received payments of $22 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2021 through December 31, 2021. In addition, Dominion Energy received payments of $8 million for resolution of claims incurred at Millstone for the period of July 1, 2021 through June 30, 2022 and $6 million for resolution of its share of claims incurred at Summer for the period of January 1, 2022 through December 31, 2022.

The Companies continue to recognize receivables for certain spent nuclear fuel-related costs that they believe are probable of recovery from the DOE. Dominion Energy’s receivables for spent nuclear fuel-related costs totaled $70 million and $83 million at December 31, 2025 and 2024, respectively. Virginia Power’s receivables for spent nuclear fuel-related costs totaled $53 million and $62 million at December 31, 2025 and 2024, respectively.

The Companies will continue to manage their spent fuel until it is accepted by the DOE.

Offshore Wind Decommissioning – Minimum Financial Assurance

BOEM requires entities holding a commercial lease for offshore wind facilities to provide financial assurance, as annually determined by BOEM, for future decommission of such facilities including those under development. Decommissioning costs include removing or decommissioning all facilities, projects, cables, pipelines and obstructions, as well as clearing the seafloor of all obstructions created by activities on the leased acreage. The most recent financial assurance calculation received from BOEM for the CVOW Commercial Project, based on its expected completion, was $1.6 billion. As discussed in Note 13, Virginia Power’s November 2024 application for Rider OSW filed with the Virginia Commission was approved in August 2025 and included a proposal for Virginia Power to establish a decommissioning trust fund associated with the CVOW Commercial Project. The applicable amount included within the total revenue requirement of Rider OSW will be allocated for such purposes. To the extent that the minimum financial assurance requirements are not able to be met from such decommissioning trust funds, Virginia Power may be required to utilize parent company guarantees, surety bonding or other financial instruments recognized by BOEM.

Long-Term Purchase Agreements

At December 31, 2025, Dominion Energy had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services:

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased
   electric
   capacity(1)

 

$

85

 

 

$

86

 

 

$

85

 

 

$

84

 

 

$

85

 

 

$

456

 

 

$

881

 
(1)
Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2040. Energy payments are generally based on fixed dollar amounts per month and totaled $71 million and $60 million for the years ended December 31, 2025 and 2024, respectively.

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

 

 

 

Maximum Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,878

 

Nuclear obligations(2)

 

 

198

 

Solar(3)

 

 

85

 

Other(4)

 

 

366

 

Total(5)(6)

 

$

3,527

 
(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.
(6)
In July 2016, Dominion Energy signed an agreement 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 December 31, 2025, primarily to support third-parties. No amounts related to these guarantees have been recorded.

In 2025, Dominion Energy entered into two guarantee agreements to support a portion of Valley Link’s financing obligations under a $180 million revolving credit facility and up to $120 million of letters of credit. Dominion Energy’s obligation under these guarantees is only triggered if a Valley Link project is cancelled and Valley Link cannot pay outstanding balances related to the cancelled project. Dominion Energy’s maximum potential loss exposure under the terms of the guarantees is limited to 30% of outstanding borrowings, an equal percentage to Dominion Energy’s ownership in Valley Link. At December 31, 2025, Valley Link had borrowed $41 million against the revolving credit facility and had $90 million outstanding letters of credit. No amounts related to these guarantees has been recorded at Dominion Energy.

Dominion Energy also had issued three guarantees at December 31, 2025 related to Cove Point, previously an equity method investment, in support of terminal services and transportation. Two of the Cove Point guarantees have a cumulative

maximum exposure of $1.9 billion while the other one guarantee has no maximum limit. No amounts related to these guarantees have been recorded.

Additionally, at December 31, 2025, Dominion Energy had purchased $528 million of surety bonds, including $456 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions, as discussed in Note 17, 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.

Indemnifications

As part of commercial contract negotiations in the normal course of business, the Companies may sometimes agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events. The specified events may involve an adverse judgment in a lawsuit or the imposition of additional taxes due to a change in tax law or interpretation of the tax law. The Companies are unable to develop an estimate of the maximum potential amount of any other future payments under these contracts because events that would obligate them have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence. However, at December 31, 2025, the Companies believe any other future payments, if any, that could ultimately become payable under these contract provisions, would not have a material impact on their results of operations, cash flows or financial position.

Charitable Commitments

Dominion Energy’s Consolidated Balance Sheets include $43 million and $32 million in other deferred credits and other liabilities at December 31, 2025 and 2024, respectively and $15 million and $21 million in other current liabilities at December 31, 2025 and 2024, respectively, for charitable commitments. In 2025 and 2024, Dominion Energy made unconditional promises to charitable organizations and as a result recorded charges totaling $42 million ($42 million after-tax) and $72 million ($54 million after-tax) in other income (expense) in its Consolidated Statements of Income for the years ended December 31, 2025 and 2024, respectively, reflected in the Corporate and Other segment. These commitments are primarily to be funded at various intervals through 2032.

v3.25.4
Credit Risk
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Credit Risk 24. Credit Risk

Dominion Energy

As a diversified energy company, Dominion Energy transacts primarily with major companies in the energy industry and with commercial and residential energy consumers. These transactions principally occur in the Northeast, mid-Atlantic and Southeast regions of the U.S. Dominion Energy does not believe that this geographic concentration contributes significantly to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion Energy is not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations.

Dominion Energy’s exposure to credit risk is concentrated primarily within its energy marketing and price risk management activities, as Dominion Energy transacts with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include marketing of nonregulated generation output, structured transactions and the use of financial contracts for enterprise-wide hedging purposes. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of any collateral. At December 31, 2025, Dominion Energy’s credit exposure totaled $223 million. Of this amount, investment grade counterparties, including those internally rated, represented 92%. No single counterparty, whether investment grade or non-investment grade, exceeded $143 million of exposure.

Virginia Power

Virginia Power sells electricity and provides distribution and transmission services to customers in Virginia and northeastern North Carolina. Management believes that this geographic concentration risk is mitigated by the diversity of Virginia Power’s customer base, which includes residential, commercial and industrial customers, as well as rural electric cooperatives and municipalities. Credit risk associated with trade accounts receivable from energy consumers is limited due to the large number of customers. Virginia Power’s exposure to potential concentrations of credit risk results primarily from sales to wholesale customers. Virginia Power’s gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At December 31, 2025, Virginia Power’s exposure related to wholesale customers totaled $16 million. Of this amount, investment grade counterparties, including those internally rated, represented 57%. No single counterparty, whether investment grade or non-investment grade, exceeded $3 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 would have been required to post additional collateral to its counterparties of $29 million, with none related to Virginia Power, at December 31, 2025, and $13 million, with $12 million related to Virginia Power, at 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. At both December 31, 2025 and 2024, Dominion Energy and Virginia Power had no amounts of collateral posted 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 credits posted as collateral at December 31, 2025 or 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 was $29 million, with none related to Virginia Power, at December 31, 2025, and $13 million, with $12 million related to Virginia Power, at December 31, 2024, which does not include the impact of any offsetting asset positions.

See Note 7 for further information about derivative instruments.

v3.25.4
Related-Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related-Party Transactions 25. Related-party Transactions

Dominion Energy’s transactions with equity method investments are described in Note 9. 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. See Note 2 for further information. 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. See Note 7 for additional information. At December 31, 2025, Virginia Power’s derivative assets and liabilities with affiliates were $22 million and $12 million, respectively. At December 31, 2024, Virginia Power’s derivative assets and liabilities with affiliates were $19 million and $17 million, respectively.

Virginia Power participates in certain Dominion Energy benefit plans as described in Note 22. At December 31, 2025 and 2024, Virginia Power’s amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and reflected in other deferred credits and other liabilities in the Consolidated Balance Sheets were $594 million and $505 million, respectively. At December 31, 2025 and 2024, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $729 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:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

941

 

 

$

585

 

 

$

582

 

Services provided by affiliates(1)(2)

 

 

823

 

 

 

667

 

 

 

605

 

Services provided to affiliates

 

 

16

 

 

 

22

 

 

 

20

 

 

(1)
Includes capitalized expenditures of $305 million, $234 million and $210 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)
Excludes amounts related to Virginia Power's operating lease with an affiliated entity as discussed below and in Note 15.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. Virginia Power’s intercompany credit facility with Dominion Energy has a maximum capacity of $3.0 billion. In December 2024, Virginia Power amended this facility to extend the maturity date to December 2027. There were $1.2 billion and $500 million in short-term demand note borrowings from Dominion Energy at December 31, 2025 and 2024, respectively. The weighted-average interest rate of these borrowings was 4.03% and 4.71% at December 31, 2025 and 2024, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion Energy money pool for its nonregulated subsidiaries at December 31, 2025 and 2024. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $42 million, $29 million and $80 million for the years ended December 31, 2025, 2024 and 2023, respectively.

In 2025, Virginia Power declared and paid a dividend of $550 million. In the fourth quarter of 2024, Virginia Power declared a dividend of $407 million, which was paid in 2025.

In 2025 and 2023, Virginia Power issued common stock to Dominion Energy as discussed in Note 20. There were no such issuances of Virginia Power common stock to Dominion Energy in 2024.

See Note 15 for discussion of Virginia Power’s lease, classified as an operating lease with a 20-month term, with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel. At December 31, 2025, Virginia Power’s Consolidated Balance Sheet reflects $185 million other deferred charges and other assets for its right-of-use asset and $188 million of affiliated lease payables comprised of $141 million presented in other current liabilities and $47 million presented in other deferred credits and other liabilities. For the year ended December 31, 2025, Virginia Power capitalized $18 million of such affiliated lease cost associated with the CVOW Commercial Project.
v3.25.4
Operating Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Operating Segments 26. 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 and offshore wind installation vessel 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, a noncontrolling interest in Cove Point (through September 2023), certain solar generation facility development operations (through April 2024) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 9.

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 2025, Dominion Energy reported after-tax net expenses of $300 million in the Corporate and Other segment, including $32 million of after-tax net income for specific items with $28 million of after-tax net expenses 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:

•
$258 million ($192 million after-tax) of charges for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project, attributable to Dominion Energy Virginia;
•
A $124 million ($94 million after-tax) net unrealized loss related to economic hedging activities, attributable to Contracted Energy; and
•
A $106 million ($79 million after-tax) loss associated with severe weather events, attributable to Dominion Energy Virginia; partially offset by
•
A $507 million ($335 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($290 million after-tax); and
•
Dominion Energy Virginia ($45 million after-tax).

In 2024, Dominion Energy reported after-tax net expenses of $734 million in the Corporate and Other segment, including $358 million of after-tax net expenses for specific items with $222 million of after-tax net expenses attributable to its operating segments.

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

•
A $232 million ($176 million after-tax) net unrealized loss related to economic hedging activities, attributable to Contracted Energy;
•
A $122 million ($89 million after-tax) charge related to the revision of AROs for Millstone Unit 1, attributable to Contracted Energy;
•
A $103 million ($77 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;
•
$60 million ($46 million after-tax) of charges for the impairment of certain nonregulated renewable natural gas facilities, attributable to Contracted Energy;
•
A $58 million ($44 million after-tax) charge in connection with the electric base rate case in South Carolina, attributable to Dominion Energy South Carolina;
•
A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy;
•
$40 million ($30 million after-tax) of charges for dismantling costs associated with the early retirement of certain electric generation facilities, attributable to Dominion Energy Virginia;
•
A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs, attributable to Dominion Energy Virginia; and
•
A $25 million ($19 million after-tax) charge associated with an accrual for remediation costs at a manufactured gas plant site, attributable to Dominion Energy Virginia; partially offset by
•
A $559 million ($344 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($295 million after-tax); and
•
Dominion Energy Virginia ($49 million after-tax).

In 2023, Dominion Energy reported after-tax net expenses of $198 million in the Corporate and Other segment, including $247 million of after-tax net income for specific items with $336 million of after-tax net income attributable to its operating segments.

The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items:

•
A $586 million ($447 million after-tax) net unrealized gain related to economic hedging activities, attributable to Contracted Energy;
•
A $406 million ($236 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($203 million after-tax); and
•
Dominion Energy Virginia ($33 million after-tax); and
•
A $28 million ($21 million after-tax) benefit related to real estate transactions, including gains on the transfer of property to satisfy litigation associated with the NND Project, attributable to Dominion Energy South Carolina; partially offset by
•
A $244 million ($182 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia;
•
An $83 million ($60 million after-tax) charge related to the revision of AROs for Millstone Unit 1, attributable to Contracted Energy;
•
A $65 million ($48 million after-tax) charge for an easement related to the CVOW Commercial Project for which Virginia Power will not seek recovery, attributable to Dominion Energy Virginia;
•
A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023, attributable to Dominion Energy Virginia;
•
A $35 million ($26 million after-tax) decrease from Dominion Energy’s share of an impairment of certain property, plant and equipment at Align RNG, attributable to Contracted Energy; and
•
A $25 million ($19 million after-tax) charge associated with the abandonment of certain regulated solar generation and other facilities, attributable to Dominion Energy Virginia.

 

The following table presents segment information pertaining to Dominion Energy’s 2025 operations:

 

Year Ended December 31, 2025

 

Dominion
Energy Virginia

 

 

Dominion
Energy
South Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

11,843

 

 

$

3,568

 

 

$

1,140

 

 

$

(45

)

 

$

—

 

 

$

16,506

 

Intersegment revenue

 

 

(3

)

 

 

10

 

 

 

39

 

 

 

1,217

 

 

 

(1,263

)

 

 

—

 

Total Operating Revenue

 

 

11,840

 

 

 

3,578

 

 

 

1,179

 

 

 

1,172

 

 

 

(1,263

)

 

 

16,506

 

Electric fuel and other energy-related
    purchases(1)

 

 

3,591

 

 

 

795

 

 

 

114

 

 

 

—

 

 

 

(11

)

 

 

4,489

 

Purchased electric capacity(1)

 

 

71

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

82

 

Purchased gas(1)

 

 

—

 

 

 

291

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

297

 

Other operations and maintenance(1)(2)

 

 

2,264

 

 

 

691

 

 

 

532

 

 

 

1,806

 

 

 

(1,229

)

 

 

4,064

 

Depreciation and amortization(1)

 

 

1,623

 

 

 

569

 

 

 

118

 

 

 

91

 

 

 

(14

)

 

 

2,387

 

Other taxes(1)

 

 

361

 

 

 

303

 

 

 

58

 

 

 

62

 

 

 

(11

)

 

 

773

 

Total Operating Expenses

 

 

7,910

 

 

 

2,662

 

 

 

828

 

 

 

1,959

 

 

 

(1,267

)

 

 

12,092

 

Interest and related charges(1)

 

 

957

 

 

 

273

 

 

 

55

 

 

 

939

 

 

 

(202

)

 

 

2,022

 

Income tax expense (benefit)(1)

 

 

514

 

 

 

123

 

 

 

(22

)

 

 

(83

)

 

 

—

 

 

 

532

 

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

 

 

—

 

 

 

—

 

 

 

1

 

 

 

(7

)

 

 

—

 

 

 

(6

)

Other income (expense)(3)

 

 

167

 

 

 

1

 

 

 

(6

)

 

 

933

 

 

 

(9

)

 

 

1,086

 

Interest income(3)

 

 

23

 

 

 

14

 

 

 

125

 

 

 

174

 

 

 

(197

)

 

 

139

 

Net Loss from Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14

)

 

 

—

 

 

 

(14

)

Noncontrolling Interests(3)

 

 

324

 

 

 

—

 

 

 

—

 

 

 

(257

)

 

 

—

 

 

 

67

 

Net Income (Loss) Attributable to Dominion
    Energy

 

 

2,325

 

 

 

535

 

 

 

438

 

 

 

(300

)

 

 

—

 

 

 

2,998

 

Investment in equity method investees(4)

 

 

—

 

 

 

—

 

 

 

92

 

 

 

40

 

 

 

—

 

 

 

132

 

Capital expenditures

 

 

10,548

 

 

 

1,174

 

 

 

831

 

 

 

101

 

 

 

(1

)

 

 

12,653

 

Total assets (billions)

 

 

80.8

 

 

 

19.3

 

 

 

12.1

 

 

 

10.2

 

 

 

(6.5

)

 

 

115.9

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.
(4)
Excludes liability to Atlantic Coast Pipeline.

 

The following table presents segment information pertaining to Dominion Energy’s 2024 operations:

 

Year Ended December 31, 2024

 

Dominion
Energy Virginia

 

 

Dominion
Energy
South Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

10,226

 

 

$

3,295

 

 

$

1,099

 

 

$

(161

)

 

$

—

 

 

$

14,459

 

Intersegment revenue

 

 

9

 

 

 

9

 

 

 

10

 

 

 

1,002

 

 

 

(1,030

)

 

 

—

 

Total Operating Revenue

 

 

10,235

 

 

 

3,304

 

 

 

1,109

 

 

 

841

 

 

 

(1,030

)

 

 

14,459

 

Electric fuel and other energy-related
    purchases(1)

 

 

2,743

 

 

 

775

 

 

 

102

 

 

 

—

 

 

 

(6

)

 

 

3,614

 

Purchased electric capacity(1)

 

 

68

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

74

 

Purchased gas(1)

 

 

—

 

 

 

260

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

260

 

Other operations and maintenance(1)(2)

 

 

2,217

 

 

 

671

 

 

 

487

 

 

 

1,827

 

 

 

(1,014

)

 

 

4,188

 

Depreciation and amortization(1)

 

 

1,635

 

 

 

546

 

 

 

76

 

 

 

88

 

 

 

—

 

 

 

2,345

 

Other taxes(1)

 

 

332

 

 

 

292

 

 

 

53

 

 

 

62

 

 

 

(8

)

 

 

731

 

Total Operating Expenses

 

 

6,995

 

 

 

2,552

 

 

 

718

 

 

 

1,977

 

 

 

(1,030

)

 

 

11,212

 

Interest and related charges(1)

 

 

856

 

 

 

276

 

 

 

36

 

 

 

912

 

 

 

(187

)

 

 

1,893

 

Income tax expense (benefit)(1)

 

 

446

 

 

 

80

 

 

 

121

 

 

 

(236

)

 

 

—

 

 

 

411

 

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

 

 

—

 

 

 

—

 

 

 

9

 

 

 

(6

)

 

 

—

 

 

 

3

 

Other income (expense)(3)

 

 

100

 

 

 

(5

)

 

 

(15

)

 

 

614

 

 

 

—

 

 

 

694

 

Interest income(3)

 

 

23

 

 

 

7

 

 

 

131

 

 

 

170

 

 

 

(187

)

 

 

144

 

Net Income from Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

197

 

 

 

—

 

 

 

197

 

Noncontrolling Interests(3)

 

 

50

 

 

 

—

 

 

 

—

 

 

 

(103

)

 

 

—

 

 

 

(53

)

Net Income (Loss) Attributable to Dominion
    Energy

 

 

2,011

 

 

 

398

 

 

 

359

 

 

 

(734

)

 

 

—

 

 

 

2,034

 

Investment in equity method investees(4)

 

 

—

 

 

 

—

 

 

 

91

 

 

 

47

 

 

 

—

 

 

 

138

 

Capital expenditures

 

 

9,968

 

 

 

1,105

 

 

 

772

 

 

 

582

 

 

 

—

 

 

 

12,427

 

Total assets (billions)

 

 

70.0

 

 

 

18.4

 

 

 

9.5

 

 

 

10.2

 

 

 

(5.7

)

 

 

102.4

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.
(4)
Excludes liability to Atlantic Coast Pipeline.

 

The following table presents segment information pertaining to Dominion Energy’s 2023 operations:

 

Year Ended December 31, 2023

 

Dominion
Energy Virginia

 

 

Dominion
Energy
South Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

9,575

 

 

$

3,369

 

 

$

835

 

 

$

614

 

 

$

—

 

 

$

14,393

 

Intersegment revenue

 

 

(2

)

 

 

6

 

 

 

16

 

 

 

939

 

 

 

(959

)

 

 

—

 

Total Operating Revenue

 

 

9,573

 

 

 

3,375

 

 

 

851

 

 

 

1,553

 

 

 

(959

)

 

 

14,393

 

Electric fuel and other energy-related
   purchases(1)

 

 

2,918

 

 

 

947

 

 

 

80

 

 

 

—

 

 

 

(10

)

 

 

3,935

 

Purchased electric capacity(1)

 

 

46

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

55

 

Purchased gas(1)

 

 

—

 

 

 

285

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

285

 

Other operations and maintenance(1)(2)

 

 

1,842

 

 

 

612

 

 

 

544

 

 

 

1,381

 

 

 

(939

)

 

 

3,440

 

Depreciation and amortization(1)

 

 

1,622

 

 

 

531

 

 

 

105

 

 

 

322

 

 

 

—

 

 

 

2,580

 

Other taxes(1)

 

 

298

 

 

 

285

 

 

 

48

 

 

 

60

 

 

 

(7

)

 

 

684

 

Total Operating Expenses

 

 

6,726

 

 

 

2,672

 

 

 

777

 

 

 

1,763

 

 

 

(959

)

 

 

10,979

 

Interest and related charges(1)

 

 

772

 

 

 

249

 

 

 

44

 

 

 

820

 

 

 

(206

)

 

 

1,679

 

Income tax expense(1)

 

 

473

 

 

 

79

 

 

 

25

 

 

 

67

 

 

 

—

 

 

 

644

 

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

 

 

—

 

 

 

—

 

 

 

(34

)

 

 

8

 

 

 

—

 

 

 

(26

)

Other income (expense)(3)

 

 

65

 

 

 

(4

)

 

 

22

 

 

 

820

 

 

 

—

 

 

 

903

 

Interest income(3)

 

 

17

 

 

 

6

 

 

 

106

 

 

 

196

 

 

 

(206

)

 

 

119

 

Net Loss From Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(125

)

 

 

—

 

 

 

(125

)

Net Income (Loss) Attributable to Dominion
   Energy

 

 

1,684

 

 

 

377

 

 

 

99

 

 

 

(198

)

 

 

—

 

 

 

1,962

 

Capital expenditures

 

 

7,196

 

 

 

957

 

 

 

740

 

 

 

1,342

 

 

 

—

 

 

 

10,235

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.

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 2025, Virginia Power reported after-tax net expenses of $225 million in the Corporate and Other segment, including $225 million of after-tax net expenses for specific items all of which were attributable to its operating segment.

The net expenses for specific items attributable to its operating segment in 2025 primarily related to the impact of the following items:

•
$258 million ($192 million after-tax) of charges for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project; and
•
A $106 million ($79 million after-tax) loss associated with severe weather events; partially offset by
•
A $72 million ($45 million after-tax) gain related to investments in nuclear decommissioning trust funds.

In 2024, Virginia Power reported after-tax net expenses of $114 million in the Corporate and Other segment, including $115 million of after-tax net expenses for specific items all of which were attributable to its operating segment.

The net expenses for specific items attributable to its operating segment in 2024 primarily related to the impact of the following items:

•
A $103 million ($77 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project;
•
$40 million ($30 million after-tax) of charges for dismantling costs associated with the early retirement of certain electric generation facilities;
•
A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs; and
•
A $25 million ($19 million after-tax) charge associated with an accrual for remediation costs at a manufactured gas plant site; partially offset by
•
A $82 million ($49 million after-tax) gain related to investments in nuclear decommissioning trust funds.

In 2023, Virginia Power reported after-tax net expenses of $242 million in the Corporate and Other segment, including $242 million of after-tax net expenses for specific items all of which were attributable to its operating segment.

The net expenses for specific items attributable to its operating segment in 2023 primarily related to the impact of the following items:

•
A $244 million ($182 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review;
•
A $65 million ($48 million after-tax) charge for an easement related to the CVOW Commercial Project for which Virginia Power will not seek recovery;
•
A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023; and
•
A $25 million ($19 million after-tax) charge associated with the abandonment of certain regulated solar generation and other facilities; partially offset by
•
A $58 million ($33 million after-tax) gain related to investments in nuclear decommissioning trust funds.

 

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

 

 

 

Dominion Energy
Virginia

 

 

Corporate and
Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

11,841

 

 

$

(29

)

 

$

11,812

 

Electric fuel and other energy-related purchases(1)

 

 

3,591

 

 

 

—

 

 

 

3,591

 

Purchased electric capacity(1)

 

 

71

 

 

 

—

 

 

 

71

 

Other operations and maintenance(1)(2)

 

 

2,264

 

 

 

582

 

 

 

2,846

 

Depreciation and amortization(1)

 

 

1,623

 

 

 

7

 

 

 

1,630

 

Other taxes(1)

 

 

361

 

 

 

1

 

 

 

362

 

Total Operating Expenses

 

 

7,910

 

 

 

590

 

 

 

8,500

 

Interest and related charges(1)

 

 

957

 

 

 

(6

)

 

 

951

 

Income tax expense (benefit)(1)

 

 

514

 

 

 

(66

)

 

 

448

 

Other income (expense)(3)

 

 

167

 

 

 

63

 

 

 

230

 

Interest income(3)

 

 

23

 

 

 

2

 

 

 

25

 

Noncontrolling Interests(3)

 

 

324

 

 

 

(257

)

 

 

67

 

Net Income (Loss) Attributable to Virginia Power

 

 

2,326

 

 

 

(225

)

 

 

2,101

 

Capital expenditures

 

 

10,544

 

 

 

—

 

 

 

10,544

 

Total assets (billions)

 

 

79.2

 

 

 

—

 

 

 

79.2

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

10,235

 

 

$

—

 

 

$

10,235

 

Electric fuel and other energy-related purchases(1)

 

 

2,743

 

 

 

—

 

 

 

2,743

 

Purchased electric capacity(1)

 

 

68

 

 

 

—

 

 

 

68

 

Other operations and maintenance(1)(2)

 

 

2,217

 

 

 

312

 

 

 

2,529

 

Depreciation and amortization(1)

 

 

1,635

 

 

 

9

 

 

 

1,644

 

Other taxes(1)

 

 

332

 

 

 

1

 

 

 

333

 

Total Operating Expenses

 

 

6,995

 

 

 

322

 

 

 

7,317

 

Interest and related charges(1)

 

 

856

 

 

 

(7

)

 

 

849

 

Income tax expense (benefit)(1)

 

 

446

 

 

 

(23

)

 

 

423

 

Other income (expense)(3)

 

 

100

 

 

 

69

 

 

 

169

 

Interest income(3)

 

 

23

 

 

 

6

 

 

 

29

 

Noncontrolling Interests(3)

 

 

50

 

 

 

(103

)

 

 

(53

)

Net Income (Loss) Attributable to Virginia Power

 

 

2,011

 

 

 

(114

)

 

 

1,897

 

Capital expenditures

 

 

9,968

 

 

 

—

 

 

 

9,968

 

Total assets (billions)

 

 

68.4

 

 

 

—

 

 

 

68.4

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

9,573

 

 

$

—

 

 

$

9,573

 

Electric fuel and other energy-related purchases(1)

 

 

2,918

 

 

 

—

 

 

 

2,918

 

Purchased electric capacity(1)

 

 

46

 

 

 

—

 

 

 

46

 

Other operations and maintenance(1)(2)

 

 

1,842

 

 

 

124

 

 

 

1,966

 

Depreciation and amortization(1)

 

 

1,622

 

 

 

249

 

 

 

1,871

 

Other taxes(1)

 

 

298

 

 

 

—

 

 

 

298

 

Total Operating Expenses

 

 

6,726

 

 

 

373

 

 

 

7,099

 

Interest and related charges(1)

 

 

772

 

 

 

(7

)

 

 

765

 

Income tax expense (benefit)(1)

 

 

473

 

 

 

(73

)

 

 

400

 

Other income (expense)(3)

 

 

65

 

 

 

51

 

 

 

116

 

Interest income(3)

 

 

17

 

 

 

—

 

 

 

17

 

Net Income (Loss) Attributable to Virginia Power

 

 

1,684

 

 

 

(242

)

 

 

1,442

 

Capital expenditures

 

 

7,196

 

 

 

—

 

 

 

7,196

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.
v3.25.4
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

Note 27. Quarterly Financial Data (Unaudited)

A summary of the Companies’ quarterly results of operations for the years ended December 31, 2025 and 2024 is as follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.

Dominion Energy

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

4,076

 

 

$

3,810

 

 

$

4,527

 

 

$

4,093

 

Income from continuing operations

 

 

1,223

 

 

 

1,096

 

 

 

1,339

 

 

 

756

 

Net income from continuing operations including noncontrolling interests

 

 

712

 

 

 

813

 

 

 

1,028

 

 

 

526

 

Net income (loss) from discontinued operations including noncontrolling interest

 

 

(1

)

 

 

1

 

 

 

—

 

 

 

(14

)

Net income including noncontrolling interests

 

 

711

 

 

 

814

 

 

 

1,028

 

 

 

512

 

Noncontrolling interests

 

 

46

 

 

 

54

 

 

 

22

 

 

 

(55

)

Net income attributable to Dominion Energy

 

 

665

 

 

 

760

 

 

 

1,006

 

 

 

567

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.77

 

 

 

0.88

 

 

 

1.17

 

 

 

0.66

 

Net income (loss) from discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.01

)

Net income attributable to Dominion Energy

 

 

0.77

 

 

 

0.88

 

 

 

1.17

 

 

 

0.65

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.77

 

 

 

0.88

 

 

 

1.16

 

 

 

0.66

 

Net income (loss) from discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.01

)

Net income attributable to Dominion Energy

 

 

0.77

 

 

 

0.88

 

 

 

1.16

 

 

 

0.65

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,632

 

 

$

3,486

 

 

$

3,941

 

 

$

3,400

 

Income from continuing operations

 

 

833

 

 

 

805

 

 

 

1,218

 

 

 

391

 

Net income from continuing operations including noncontrolling interests

 

 

285

 

 

 

466

 

 

 

949

 

 

 

84

 

Net income (loss) from discontinued operations including noncontrolling interest

 

 

118

 

 

 

97

 

 

 

(15

)

 

 

(3

)

Net income including noncontrolling interests

 

 

403

 

 

 

563

 

 

 

934

 

 

 

81

 

Noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(53

)

Net income attributable to Dominion Energy

 

 

403

 

 

 

563

 

 

 

934

 

 

 

134

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.32

 

 

 

0.52

 

 

 

1.11

 

 

 

0.14

 

Net income (loss) from discontinued operations

 

 

0.14

 

 

 

0.12

 

 

 

(0.02

)

 

 

—

 

Net income attributable to Dominion Energy

 

 

0.46

 

 

 

0.64

 

 

 

1.09

 

 

 

0.14

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.32

 

 

 

0.52

 

 

 

1.11

 

 

 

0.14

 

Net income (loss) from discontinued operations

 

 

0.14

 

 

 

0.12

 

 

 

(0.02

)

 

 

—

 

Net income attributable to Dominion Energy

 

 

0.46

 

 

 

0.64

 

 

 

1.09

 

 

 

0.14

 

Dividends declared per preferred share (Series B)(1)

 

 

11.625

 

 

 

9.922

 

 

 

11.625

 

 

 

9.688

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

(1)
See Note 19 for a discussion of repurchases and redemptions during the second and fourth quarters.

Dominion Energy’s 2025 results include the impact of the following significant items:

•
First quarter results include $76 million of after-tax losses related to investments in nuclear decommissioning trust funds.
•
Second quarter results include $164 million of after-tax gains related to investments in nuclear decommissioning trust funds.
•
Third quarter results include $168 million of after-tax gains related to investments in nuclear decommissioning trust funds.
•
Fourth quarter results include a $108 million after-tax charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project and $81 million of after-tax losses related to the mark-to-market impact of economic hedging activities, partially offset by $97 million of after-tax gains from higher market related impacts on pension and other postretirement plans and $79 million of after-tax gains related to investments in nuclear decommissioning trust funds.

Dominion Energy’s 2024 results include the impact of the following significant items:

•
First quarter results include $238 million of after-tax losses from lower market related impacts on pension and other postretirement plans and a $108 million after-tax loss on the closing of the East Ohio Transaction, partially offset by $164 million of after-tax gains related to investments in nuclear decommissioning trust funds.
•
Third quarter results include $108 million of after-tax gains related to investments in nuclear decommissioning trust funds and $103 million of after-tax gains related to the mark-to-market impact of economic hedging activities.
•
Fourth quarter results include $93 million of after-tax losses related to the mark-to-market impact of economic hedging activities and a $77 million after-tax charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project.

 

Virginia Power

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,765

 

 

$

2,712

 

 

$

3,311

 

 

$

3,024

 

Income from operations

 

 

838

 

 

 

875

 

 

 

991

 

 

 

608

 

Net income including
    noncontrolling interests

 

 

531

 

 

 

589

 

 

 

690

 

 

 

358

 

Noncontrolling interests

 

 

46

 

 

 

54

 

 

 

22

 

 

 

(55

)

Net income attributable
    to Virginia Power

 

 

485

 

 

 

535

 

 

 

668

 

 

 

413

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,489

 

 

$

2,537

 

 

$

2,762

 

 

$

2,447

 

Income from operations

 

 

720

 

 

 

762

 

 

 

976

 

 

 

460

 

Net income including
    noncontrolling interests

 

 

461

 

 

 

477

 

 

 

650

 

 

 

256

 

Noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(53

)

Net income attributable
    to Virginia Power

 

 

461

 

 

 

477

 

 

 

650

 

 

 

309

 

Virginia Power’s 2025 results include the impact of the following significant items:

•
Fourth quarter results include a $108 million after-tax charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project.

Virginia Power’s 2024 results include the impact of the following significant items:

•
Fourth quarter results include a $77 million after-tax charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project.
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
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, expenses and cash flows for the periods presented. Actual results may differ from those estimates.

Consolidation

The Companies’ 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 Companies report certain contracts, instruments and investments at fair value. See below and Note 6 for further information on fair value measurements.

The Companies consider acquisitions or dispositions in which substantially all of the fair value of the gross assets acquired or disposed of is concentrated into a single identifiable asset or group of similar identifiable assets to be an acquisition or a disposition of an asset, rather than a business. See Notes 3 and 10 for further information on such transactions.

Dominion Energy maintains pension and other postretirement benefit plans and Virginia Power participates in certain of these plans. See Note 22 for further information on these plans.

Reclassifications

Certain amounts in the Companies’ 2024 and 2023 Consolidated Financial Statements 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.

Revision of Previously Issued Consolidated Financial Statements

During the second quarter of 2025, the Companies identified misstatements in their previously issued consolidated financial statements related to income taxes associated with investments held within their qualified nuclear decommissioning trusts, primarily a net understatement of deferred income taxes associated with unrealized gains and losses (reflected in the Corporate and Other segment and attributable to Contracted Energy and Dominion Energy Virginia). The Companies assessed the impacts of the misstatements from both quantitative and qualitative perspectives and determined that the related impacts were not material to any of the Companies' previously issued consolidated financial statements.

As a result, the Companies will revise their previously issued consolidated financial statements. Accordingly, all consolidated financial information contained in these consolidated financial statements and the accompanying notes has been revised to reflect the correction. The Companies will present the revision of their previously issued consolidated financial statements for the three months ended March 31, 2025 in connection with the future filing of their Quarterly Report on Form 10-Q for the three months ended March 31, 2026.

 

The following tables detail the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Income and Statements of Comprehensive Income for the periods presented:

 

 

Dominion Energy

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

822

 

 

$

19

 

 

$

841

 

 

$

984

 

 

$

12

 

 

$

996

 

Interest and related charges

 

 

1,887

 

 

 

6

 

 

 

1,893

 

 

 

1,674

 

 

 

5

 

 

 

1,679

 

Income from continuing operations including
   noncontrolling interests before income tax expense

 

 

2,182

 

 

 

13

 

 

 

2,195

 

 

 

2,724

 

 

 

7

 

 

 

2,731

 

Income tax expense

 

 

308

 

 

 

103

 

 

 

411

 

 

 

568

 

 

 

76

 

 

 

644

 

Net income from continuing operations including
   noncontrolling interests

 

 

1,874

 

 

 

(90

)

 

 

1,784

 

 

 

2,156

 

 

 

(69

)

 

 

2,087

 

Net income including noncontrolling interests

 

 

2,071

 

 

 

(90

)

 

 

1,981

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

Net income attributable to Dominion Energy

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

Amounts Attributable to Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

1,927

 

 

 

(90

)

 

 

1,837

 

 

 

2,156

 

 

 

(69

)

 

 

2,087

 

Net income attributable to Dominion Energy

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

EPS - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

2.20

 

 

 

(0.11

)

 

 

2.09

 

 

 

2.48

 

 

 

(0.08

)

 

 

2.40

 

Net income attributable to Dominion Energy

 

 

2.44

 

 

 

(0.11

)

 

 

2.33

 

 

 

2.33

 

 

 

(0.08

)

 

 

2.25

 

EPS - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

2.20

 

 

 

(0.11

)

 

 

2.09

 

 

 

2.48

 

 

 

(0.08

)

 

 

2.40

 

Net income attributable to Dominion Energy

 

 

2.44

 

 

 

(0.11

)

 

 

2.33

 

 

 

2.33

 

 

 

(0.08

)

 

 

2.25

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
   securities(1)

 

 

(22

)

 

 

3

 

 

 

(19

)

 

 

55

 

 

 

(8

)

 

 

47

 

Total other comprehensive income (loss)

 

 

17

 

 

 

3

 

 

 

20

 

 

 

67

 

 

 

(8

)

 

 

59

 

Comprehensive income including noncontrolling interests

 

 

2,088

 

 

 

(87

)

 

 

2,001

 

 

 

2,098

 

 

 

(77

)

 

 

2,021

 

Comprehensive income attributable to Dominion Energy

 

 

2,141

 

 

 

(87

)

 

 

2,054

 

 

 

2,098

 

 

 

(77

)

 

 

2,021

 
(1)
As previously reported, net of $10 million and $(19) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $13 million ($3 million adjustment) and $(27) million ($(8) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.

 

 

 

Virginia Power

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

195

 

 

$

3

 

 

$

198

 

 

$

131

 

 

$

2

 

 

$

133

 

Interest and related charges

 

 

848

 

 

 

1

 

 

 

849

 

 

 

764

 

 

 

1

 

 

 

765

 

Income before income tax expense

 

 

2,265

 

 

 

2

 

 

 

2,267

 

 

 

1,841

 

 

 

1

 

 

 

1,842

 

Income tax expense

 

 

408

 

 

 

15

 

 

 

423

 

 

 

389

 

 

 

11

 

 

 

400

 

Net Income Including Noncontrolling Interests

 

 

1,857

 

 

 

(13

)

 

 

1,844

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Net Income Attributable to Virginia Power

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
   securities(1)

 

 

(5

)

 

 

—

 

 

 

(5

)

 

 

7

 

 

 

(1

)

 

 

6

 

Total other comprehensive income (loss)

 

 

11

 

 

 

—

 

 

 

11

 

 

 

7

 

 

 

(1

)

 

 

6

 

Comprehensive income including noncontrolling interests

 

 

1,868

 

 

 

(13

)

 

 

1,855

 

 

 

1,459

 

 

 

(11

)

 

 

1,448

 

Comprehensive income attributable to Virginia Power

 

 

1,921

 

 

 

(13

)

 

 

1,908

 

 

 

1,459

 

 

 

(11

)

 

 

1,448

 
(1)
As previously reported, net of $2 million and $(3) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $2 million ($— million adjustment) and $(4) million ($(1) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Balance Sheets for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

At December, 31 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

$

6,412

 

 

$

723

 

 

$

7,135

 

 

$

4,045

 

 

$

431

 

 

$

4,476

 

Regulatory liabilities - noncurrent

 

 

9,196

 

 

 

(435

)

 

 

8,761

 

 

 

6,574

 

 

 

(435

)

 

 

6,139

 

Other deferred credits and other liabilities(1)

 

 

1,352

 

 

 

102

 

 

 

1,454

 

 

 

1,138

 

 

 

61

 

 

 

1,199

 

Total deferred credits and other liabilities

 

 

25,409

 

 

 

390

 

 

 

25,799

 

 

 

17,559

 

 

 

57

 

 

 

17,616

 

Total liabilities

 

 

72,223

 

 

 

390

 

 

 

72,613

 

 

 

43,234

 

 

 

57

 

 

 

43,291

 

Retained earnings

 

 

2,035

 

 

 

(394

)

 

 

1,641

 

 

 

12,194

 

 

 

(58

)

 

 

12,136

 

Accumulated other comprehensive income (loss)

 

 

(156

)

 

 

4

 

 

 

(152

)

 

 

27

 

 

 

1

 

 

 

28

 

Shareholders' equity

 

 

27,253

 

 

 

(390

)

 

 

26,863

 

 

 

22,214

 

 

 

(57

)

 

 

22,157

 

Total equity

 

 

30,192

 

 

 

(390

)

 

 

29,802

 

 

 

25,153

 

 

 

(57

)

 

 

25,096

 
(1)
Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Equity for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

2,229

 

 

$

(304

)

 

$

1,925

 

 

$

11,541

 

 

$

(45

)

 

$

11,496

 

Net income including noncontrolling interests

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

Balance at December 31, 2024

 

 

2,035

 

 

 

(394

)

 

 

1,641

 

 

 

12,194

 

 

 

(58

)

 

 

12,136

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

(173

)

 

 

1

 

 

 

(172

)

 

 

16

 

 

 

1

 

 

 

17

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

—

 

 

 

11

 

Balance at December 31, 2024

 

 

(156

)

 

 

4

 

 

 

(152

)

 

 

27

 

 

 

1

 

 

 

28

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

-

 

 

 

11

 

Balance at December 31, 2024

 

 

27,253

 

 

 

(390

)

 

 

26,863

 

 

 

22,214

 

 

 

(57

)

 

 

22,157

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

2,071

 

 

 

(90

)

 

 

1,981

 

 

 

1,857

 

 

 

(13

)

 

 

1,844

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

—

 

 

 

11

 

Balance at December 31, 2024

 

 

30,192

 

 

 

(390

)

 

 

29,802

 

 

 

25,153

 

 

 

(57

)

 

 

25,096

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31, 2023

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

2,511

 

 

$

(235

)

 

$

2,276

 

 

$

10,089

 

 

$

(35

)

 

$

10,054

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Balance at December 31, 2023

 

 

2,229

 

 

 

(304

)

 

 

1,925

 

 

 

11,541

 

 

 

(45

)

 

 

11,496

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

(240

)

 

 

9

 

 

 

(231

)

 

 

9

 

 

 

2

 

 

 

11

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

(173

)

 

 

1

 

 

 

(172

)

 

 

16

 

 

 

1

 

 

 

17

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

27,659

 

 

 

(226

)

 

 

27,433

 

 

 

16,949

 

 

 

(33

)

 

 

16,916

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

27,659

 

 

 

(226

)

 

 

27,433

 

 

 

16,949

 

 

 

(33

)

 

 

16,916

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Cash Flows for the periods presented:

 

 

Dominion Energy

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

2,071

 

 

$

(90

)

 

$

1,981

 

 

$

2,031

 

 

$

(69

)

 

$

1,962

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(302

)

 

 

67

 

 

 

(235

)

 

 

1,474

 

 

 

53

 

 

 

1,527

 

Other operating assets and liabilities

 

 

(235

)

 

 

23

 

 

 

(212

)

 

 

(564

)

 

 

16

 

 

 

(548

)

Net cash provided by operating activities

 

 

5,018

 

 

 

—

 

 

 

5,018

 

 

 

6,572

 

 

 

—

 

 

 

6,572

 

 

 

 

Virginia Power

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

1,857

 

 

$

(13

)

 

$

1,844

 

 

$

1,452

 

 

$

(10

)

 

$

1,442

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

384

 

 

 

(3

)

 

 

381

 

 

 

504

 

 

 

(2

)

 

 

502

 

Other operating assets and liabilities

 

 

(163

)

 

 

16

 

 

 

(147

)

 

 

(375

)

 

 

12

 

 

 

(363

)

Net cash provided by operating activities

 

 

4,586

 

 

 

—

 

 

 

4,586

 

 

 

4,815

 

 

 

—

 

 

 

4,815

 
Operating Revenue

Operating Revenue

Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2025 and 2024 included $955 million and $797 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2025 and 2024 included $763 million and $611 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties.

The primary types of sales and service activities reported as operating revenue for Dominion Energy are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates and
associated hedging activity as well as sales to Virginia Power customers from non-jurisdictional solar generation facilities;
•
Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services;
•
Regulated gas transportation and storage sales consists of sales of transportation services to off-system customers;
•
Other regulated revenue consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and
•
Other nonregulated revenue consists primarily of sales of other miscellaneous products, including renewable natural gas and related credits. Other nonregulated revenue also includes revenue associated with services provided to entities presented in discontinued operations under transition services agreements.

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consists of sales to customers from non-jurisdictional solar generation facilities;
•
Other regulated revenue consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and
•
Other nonregulated revenue consists primarily of revenue from renting space on certain electric transmission poles and distribution towers.

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The Companies record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. The Companies’ revenue accounted for under the alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate the Companies for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above.

Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products and services typically transfer control and are recognized as revenue upon delivery of the product or service. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type but is typically due within a month of billing.

Revenue Included in Discontinued Operations

Operating revenue for the gas distribution operations sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions primarily consists of state-regulated natural gas sales to residential, commercial and industrial customers and related distribution services, state regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of commodities related to nonregulated extraction activities.

Transportation and storage contracts associated with the operations sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions are primarily stand-ready service contracts that include fixed reservation and variable usage fees. Substantially all of the revenue associated with these local gas distribution companies is derived from performance obligations satisfied over time and month-to-month billings according to their respective tariffs.
Credit Risk

Credit Risk

Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction.

The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees.

Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs

Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs

Where permitted by regulatory authorities, the differences between the Companies’ actual electric fuel and purchased energy expenses and Dominion Energy’s purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability.

Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2025, approximately 87% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Additionally in

2024, Virginia Power securitized $1.3 billion of under-recovered deferred fuel expenses through the issuance of bonds by VPFS. Of the cost of fuel used in electric generation and energy purchases to serve South Carolina utility customers, at December 31, 2025, substantially all is subject to DESC’s deferred fuel accounting.

Virtually all of DESC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. Through the respective closing dates of the East Ohio, Questar Gas and PSNC Transactions, these companies’ natural gas purchases were also either subject to deferral accounting or were recovered from the customer in the same accounting period as the sale.

Income Taxes

Income Taxes

A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed.

Virginia Power participates in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis.

Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized.

Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities.

The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information.

If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll, and taxes on the Consolidated Balance Sheets.

The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income (expense), respectively. Penalties are also recognized in other income (expense).

At December 31, 2025, Virginia Power had an income tax-related affiliated receivable of $31 million, comprised of $26 million of federal income taxes and $5 million of state income taxes receivable from Dominion Energy. Virginia Power’s net affiliated balances are expected to be received from Dominion Energy in 2026.

At December 31, 2024, Virginia Power had an income tax-related affiliated receivable of $26 million, comprised of $21 million of federal income taxes and $5 million of state income taxes receivable from Dominion Energy. Virginia Power’s net affiliated balances were received from Dominion Energy in 2025.

Investment tax credits for both regulated and nonregulated operations are deferred and amortized to income tax expense over the service lives of the properties giving rise to the credits beginning in the year qualifying property is placed in service. The Companies recognize the tax benefit related to initial book and tax basis differences as a reduction of income tax expense in the year in which the qualifying property is placed into service, except where cost-of-service rate regulation applies. Production tax credits are recognized as energy is generated and sold. Current tax law allows the election of either the investment tax credit or production tax credit for certain technologies including solar and wind. Such election is made on a project-by-project basis and the choice of credit may vary based on a combination of factors including, but not limited to, capital expenditures and net capacity factors. Current tax law allows that certain energy tax credits can be transferred to a third-party for cash. The Companies account for such tax credit transfers and any related discount as a component of income tax expense.
Cash, Restricted Cash and Equivalents

Cash, Restricted Cash and Equivalents

Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less.

Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

 

 

Dominion Energy

$

64

 

 

$

52

 

Virginia Power

 

46

 

 

 

23

 

 

 

Restricted Cash and Equivalents

The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits, federal assistance funds and future debt payments on DECP Holdings’ term loan agreement (through September 2023), on Eagle Solar’s senior note agreement (through February 2024) and on the securitization bonds.

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 years ended December 31, 2025, 2024 and 2023:

 

Cash, Restricted Cash and Equivalents at End/Beginning of Year

 

 

 

December 
31, 2025

 

 

December 
31, 2024

 

 

December
31, 2023

 

 

December
31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash
   equivalents(1)

 

$

250

 

 

$

310

 

 

$

217

 

 

$

153

 

Restricted cash and
   equivalents(2)(3)

 

 

93

 

 

 

55

 

 

 

84

 

 

 

188

 

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

 

$

343

 

 

$

365

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash
   equivalents

 

$

170

 

 

$

160

 

 

$

90

 

 

$

22

 

Restricted cash and
   equivalents(3)(4)

 

 

61

 

 

 

46

 

 

 

—

 

 

 

2

 

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

 

$

231

 

 

$

206

 

 

$

90

 

 

$

24

 

 

(1)
At December 31, 2023 and 2022, Dominion Energy had $33 million and $34 million, respectively, of cash and cash equivalents included in assets held for sale.
(2)
At December 31, 2023 and 2022, Dominion Energy had $4 million and $2 million, respectively, of restricted cash and equivalents included in assets held for sale. The remaining balances are presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Includes $51 million and $41 million at VPFS attributable to VIEs at December 31, 2025 and 2024, respectively.
(4)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.

Supplemental Cash Flow Information

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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges,
   excluding capitalized amounts

 

$

1,799

 

 

$

1,900

 

 

$

1,991

 

Income taxes(1)

 

 

186

 

 

 

840

 

 

 

286

 

Significant noncash investing and
   financing activities:(2)

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,699

 

 

 

1,268

 

 

 

1,085

 

Leases(3)

 

 

338

 

 

 

233

 

 

 

255

 

 

(1)
Excludes cash proceeds received of $184 million from the transfer of tax credits to third-parties and $13 million of purchases of tax credits from Align RNG for the year ended December 31, 2025. See Notes 5 and 9 for more information.
(2)
See Notes 3, 10 and 23 for noncash financing activities related to debt assumed with closing of the East Ohio, Questar Gas and PSNC Transactions, the sale of noncontrolling interest in the CVOW Commercial Project and transfer of property associated with the settlement of litigation.
(3)
Includes $77 million of finance leases and $261 million of operating leases entered in 2025, $93 million of finance leases and $140 million of operating leases entered in 2024 and $44 million of finance leases and $211 million of operating leases entered in 2023.

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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid (received) during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges,
   excluding capitalized amounts

 

$

901

 

 

$

786

 

 

$

709

 

Income taxes(1)

 

 

385

 

 

 

25

 

 

 

(47

)

Significant noncash investing activities(2):

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,469

 

 

 

992

 

 

 

807

 

Leases(3)

 

 

320

 

 

 

201

 

 

 

203

 

 

 

(1)
Excludes cash proceeds received of $168 million from the transfer of tax credits to third-parties for the year ended December 31, 2025. See Note 5 for more information.
(2)
See Note 10 for noncash financing activities related to the sale of noncontrolling interest in the CVOW Commercial Project.
(3)
Includes $61 million of finance leases and $259 million of operating leases entered in 2025, $77 million of finance leases and $124 million of operating leases entered in 2024 and $30 million of finance leases and $173 million of operating leases entered in 2023.

Distributions from Equity Method Investees

Dominion Energy holds investments that are accounted for under the equity method of accounting and classifies distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy.

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market pricing convention (the mid-point between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Companies’ own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion Energy applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments and other

investments including those held in nuclear decommissioning, rabbi and pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above.

Inputs and Assumptions

Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including industry publications, and to a lesser extent, broker quotes. When evaluating pricing information provided by Designated Contract Market settlement pricing, other pricing services or brokers, the Companies consider the ability to transact at the quoted price, i.e. if the quotes are based on an active market or an inactive market and to the extent which pricing models are used, if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases the unobservable inputs are developed and substantiated using historical information, available market data, third-party data and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships and changes in third-party sources.

For options and contracts with option-like characteristics where observable pricing information is not available from external sources, the Companies generally use a model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value.

 

The inputs and assumptions used in measuring fair value include the following:

 

 

 

Derivative Contracts

 

 

Inputs and assumptions

 

Commodity

 

Interest Rate

 

Foreign Currency Exchange Rate

 

Investments

Forward commodity
   prices

 

X

 

 

 

 

 

 

Transaction prices

 

X

 

 

 

 

 

 

Price volatility

 

X

 

 

 

 

 

 

Price correlation

 

X

 

 

 

 

 

 

Volumes

 

X

 

 

 

 

 

 

Commodity location

 

X

 

 

 

 

 

 

Interest rate curves

 

 

 

X

 

 

 

 

Foreign currency
   forward exchange
   rates

 

 

 

 

 

X

 

 

Quoted securities
   prices and indices

 

 

 

 

 

 

 

X

Securities trading
   information
   including volume
  and restrictions

 

 

 

 

 

 

 

X

Maturity

 

 

 

 

 

 

 

X

Interest rates

 

X

 

 

 

X

 

X

Credit quality of
   counterparties
   and the Companies

 

X

 

X

 

X

 

X

Credit enhancements

 

X

 

X

 

 

 

 

Notional value

 

 

 

X

 

X

 

 

Time value

 

X

 

X

 

X

 

 

Levels

The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

•
Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives and exchange-listed equities, U.S. and international equity securities, mutual funds and certain treasury securities and cash and cash equivalents held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency exchange rate instruments and certain cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas options and other modeled commodity derivatives.

The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy.

Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’ over-the-counter derivative contracts is subject to change.

Derivative Instruments

Derivative Instruments

The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks in their business operations. The Companies use derivative instruments such as physical and financial forwards, futures, swaps, options, foreign currency transactions and FTRs to manage the commodity, interest rate and/or foreign currency exchange rate risks of their business operations.

Derivative assets and liabilities are presented gross on the Companies’ Consolidated Balance Sheets. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. All derivatives, except those for which an exception applies, are required to be reported at fair value. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. See Fair Value Measurements above for additional information about fair value measurements and associated valuation methods for derivatives.

The Companies’ derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions.

In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit and in some cases, other forms of security, none of which are subject to restrictions.

The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $181 million and $104 million associated with cash collateral at December 31, 2025 and 2024, respectively. Dominion Energy had margin liabilities of less than $1 million and $3 million associated with cash collateral at December 31, 2025 and 2024, respectively. Virginia Power had margin assets of less than $1 million and $1 million associated with cash collateral at December 31, 2025 and 2024, respectively. Virginia Power had less than $1 million and no margin liabilities associated with cash collateral at December 31, 2025 and 2024, respectively. See Note 7 for further information about derivatives.

To manage price and interest rate risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices or interest rates. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or discontinued operations based on the nature of the underlying risk.

Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings.

Derivative Instruments Designated as Hedging Instruments

In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as cash flow hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows.

The Companies’ derivatives designated into cash flow hedges primarily consist of interest rate swaps to hedge the Companies’ exposure to variations in interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item, or as appropriate to regulatory assets or regulatory liabilities. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted

transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment is recorded at the lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred.

Amounts capitalized to property, plant and equipment for capitalized interest costs and AFUDC for the Companies are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest costs
    and AFUDC debt

 

$

169

 

 

$

152

 

 

$

109

 

 

$

73

 

 

$

46

 

 

$

47

 

AFUDC equity(1)

 

 

152

 

 

 

109

 

 

 

50

 

 

 

151

 

 

 

96

 

 

 

39

 

 

(1)
The Companies include AFUDC equity in other adjustments within operating activities in their Consolidated Statements of Cash Flows.

Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2025, 2024 and 2023, Virginia Power recorded $12 million, $3 million and less than $1 million of AFUDC related to these projects, respectively.

For property subject to cost-of-service rate regulation, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates.

In 2024 and 2023, Virginia Power had the following charges, recorded in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), related to early retirements and abandonments:

•
In 2024, Virginia Power recorded charges of $40 million ($30 million after-tax) associated with dismantling of certain electric generation facilities. In addition, Virginia Power recorded a $25 million ($18 million after-tax) charge in 2024 related to the write-off of early-stage development costs associated with a hydroelectric pumped storage facility that it is no longer considering constructing.
•
In 2023, Virginia Power recorded a charge of $25 million ($19 million after-tax) as a result of the abandonment of long-lived assets associated with certain rooftop solar and other projects before the end of their useful lives.

For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date.

Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

2023

 

(percent)

 

 

 

 

Dominion Energy(1)

 

 

 

Generation

 

2.71

 

 

2.59

 

 

2.65

 

Transmission

 

 

2.32

 

 

 

2.32

 

 

 

2.32

 

Distribution

 

2.78

 

 

2.73

 

 

2.72

 

General and other

 

3.21

 

 

3.97

 

 

4.20

 

Virginia Power

 

 

 

Generation

 

2.79

 

 

2.66

 

 

2.75

 

Transmission

 

2.28

 

 

2.29

 

 

2.29

 

Distribution

 

2.83

 

 

2.77

 

 

2.78

 

General and other

 

3.26

 

 

4.29

 

 

4.60

 
(1)
Excludes rates for depreciation reported as discontinued operations.

In December 2023, Dominion Energy revised the estimated useful lives for Millstone Units 2 and 3 to reflect lower depreciation rates as a result of its expectation that a 20-year license extension is approved for these facilities. This revision resulted in a 2024 annual decrease of depreciation expense of $35 million ($26 million after-tax) and increased Dominion Energy’s 2024 EPS by $0.03. For the year ended December 31, 2023, this revision resulted in an inconsequential impact.

In January 2024, Virginia Power revised the depreciation rates for Bath County as a result of its expectation that a license extension of at least 40 years will be approved for this facility. This revision resulted in an annual decrease of depreciation expense of $17 million ($13 million after-tax) and increased Dominion Energy's 2024 EPS by $0.02.

Virginia Power’s non-jurisdictional solar generation property, plant and equipment is depreciated using the straight-line method over an estimated useful life of 35 years.

Capitalized costs of development wells and leaseholds were amortized on a field-by-field basis using the unit-of-production method and the estimated proved developed or total proved gas and oil reserves, at a rate of $1.83 and $1.73 per mcfe in 2024 and 2023, respectively. Depletion associated with Wexpro's operations is reflected within discontinued operations through May 2024. See Note 3 for additional information.

Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

 

Asset

 

Estimated Useful Lives(1)

Nonregulated generation-nuclear

54-64 years

Nonregulated generation-other

30-35 years

General and other

 

5-50 years
(1)
The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.

Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. The Companies report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows.

Long-Lived and Intangible Assets

Long-Lived and Intangible Assets

The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for further discussion on the impairment of long-lived assets.
Accounting for Regulated Operations

Accounting for Regulated Operations

The accounting for the Companies’ regulated electric and gas operations differs from the accounting for nonregulated operations in that the Companies are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds or other benefits through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. In addition, a loss is recognized if it becomes probable that capital expenditures will be disallowed for ratemaking purposes and if a reasonable estimate of the amount of the disallowance can be made.

In 2025, the Companies recorded a net $258 million ($192 million after-tax) of charges for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project as a result of a revised total project cost estimate of approximately $11.5 billion (excluding financing costs) which reflects a temporary suspension of work order and an estimated impact of certain tariffs which became effective during 2025 as well as the previously included revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project and cost sharing mechanism included in the Virginia Commission’s December 2022 order. The expected total project cost reflects an increase of $0.2 billion, relative to Virginia Power’s October 2025 Rider OSW filing, associated with projected installation timeline changes arising from the temporary suspension of work from the BOEM Director’s Order issued in December 2025 until a preliminary injunction was granted by the U.S District Court for the Eastern District of Virginia in January 2026, which allowed work to resume. The estimated total project costs also include $0.6 billion of tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries and on equipment expected to be delivered from March 2025 through early 2027 that contains steel. Such amount is inclusive of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling on February 20, 2026. Dominion Energy is currently unable to estimate the expected impact of the ruling issued by the U.S. Supreme Court on February 20, 2026, on its financial position, results of operations and/or cash flows.

In the fourth quarter of 2024, the Companies recorded a net $103 million ($77 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project as a result of a revised total project cost estimate that included a revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project and cost sharing mechanism included in the Virginia Commission’s December 2022 order. The expected total project cost reflects increases driven primarily by projections for onshore electrical interconnection costs and network upgrade costs assigned to the project by PJM, specifically incorporating consideration of PJM’s December 2024 publication of potential transmission network upgrades required for certain generation projects and related cost allocations, including those attributable to the CVOW Commercial Project. Relative to Virginia Power’s November 2024 Rider OSW filing, the estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs.

The estimated total project cost reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 7% 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 including any potential impact of Section 232 investigations and litigation ruled on by the U.S. Supreme Court on February 20, 2026, costs to maintain necessary permits, approvals and authorizations, any additional suspension of work orders, 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 described above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows. See Note 10 for additional information.

The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and make various assumptions in their analyses. These analyses are generally based on:

•
Orders issued by regulatory commissions, legislation and judicial actions;
•
Past experience;
•
Discussions with applicable regulatory authorities and legal counsel;
•
Estimated construction costs;
•
Forecasted earnings; and
•
Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities.

Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. In connection with the future 2027 Biennial Review, the Companies concluded that it was not probable that Virginia Power would have earnings in excess of an expected authorized ROE of 9.80% for the period January 1, 2025 through December 31, 2026. As a result, no regulatory liability for Virginia Power ratepayer credits to customers has been recorded at December 31, 2025. See Note 13 for additional information.
Leases

Leases

The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets, including the offshore wind installation vessel described in Note 15, under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related right-of-use asset in the Companies’ Consolidated Statements of Income or, subject to regulatory framework, is deferred within regulatory assets in the Consolidated Balance Sheets and amortized into the Consolidated Statements of Income.

Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. The exercise of renewal options is solely at the Companies’ discretion and is included in the lease term if the option is reasonably certain to be exercised. A right-of-use asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases contain renewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets.

The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities.

In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis primarily over an estimated useful life of 35 years.

Supply Chain Financing

Supply Chain Financing

In the fourth quarter of 2025, Dominion Energy entered into a voluntary supply chain finance program that allows its suppliers, at their sole discretion, to sell their receivables from the Companies to a financial institution. Suppliers participating in the program determine which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact the Companies’ payment terms, which are based on commercial terms negotiated between the Companies and the supplier regardless of program participation. The Companies do not issue any guarantees with respect to the program and do not participate in negotiations between suppliers and the financial institution. The Companies do not have an economic interest in the supplier’s decision to participate in the program. No amounts were outstanding under this program for the Companies at December 31, 2025.
Asset Retirement Obligations

Asset Retirement Obligations

The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy reports accretion of AROs and depreciation on asset retirement costs associated with its natural gas pipelines of its distribution business as an adjustment to the related regulatory assets or liabilities when revenue is recoverable from customers for AROs. The Companies report accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory asset or liability for certain jurisdictions. Additionally, the Companies report accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects and other electric generation and distribution facilities as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income.
High Load Equipment Deposits

High Load Equipment Deposits

Beginning in 2025, Virginia Power requires high load customers to

provide certain commitments to Virginia Power, including cash deposits, during the project construction period. If the customer ceases construction of its facility, Virginia Power will attempt to redeploy the equipment to another customer, returning the original deposit and requiring a new deposit from the new customer. If the equipment cannot be redeployed, Virginia Power will retain the cash deposit received. If the customer completes construction and Virginia Power begins delivering electricity, the cash deposit will be returned to the customer. At December 31, 2025, the Companies’ Consolidated Balance Sheets include $321 million of deposits received, included in other deferred credits and other liabilities.
Debt Issuance Costs

Debt Issuance Costs

The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing or redemption of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized.
Investments

Investments

Debt Securities

Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities.

•
Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income.
•
Debt securities classified as available-for-sale securities include all other debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any credit-related impairments) on investments held in nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other available-for-sale debt securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts, net realized gains and losses (including any credit-related impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax.

In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method.

Credit Impairment

The Companies periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in the Companies’ Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations.

Using information obtained from their nuclear decommissioning trust fixed-income investment managers, the Companies record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings or defer as applicable for certain jurisdictions subject to cost-based regulation, with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors.

Equity Securities with Readily Determinable Fair Values

Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by the Companies in the nuclear decommissioning trusts. The Companies record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. Net realized and unrealized gains and losses on equity securities held in the nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income.

Equity Securities without Readily Determinable Fair Values

The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include:

•
Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy’s investments are included in investments in equity method affiliates in its Consolidated Balance Sheets, except for the liability to Atlantic Coast Pipeline. Dominion Energy records equity method adjustments in other income in its Consolidated Statements of Income, including its proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value
and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method.
•
Cost method investments when the Companies do not have the ability to exercise significant influence over the investee. The Companies’ investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

Other-Than-Temporary Impairment

The Companies periodically review their equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the investment is written down to its fair value at the end of the reporting period.

Inventories

Inventories

Materials and supplies, fossil fuel and gas stored inventory is valued using the weighted-average cost method.

In 2024, Dominion Energy wrote off certain inventory balances in connection with the electric base rate case in South Carolina as discussed in Note 13.

Goodwill

Goodwill

Dominion Energy evaluates goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. In the fourth quarter of 2023 and first quarter of 2024, Dominion Energy's current period calculations of the expected gain or loss on the Questar Gas and East Ohio Transactions resulted in an impairment of the related goodwill. There were no other impairments recorded in 2024 and none were recorded in 2025. See Note 3 for additional information.
New Accounting Standards

New Accounting Standards

Income Tax Disclosures

In December 2023, the FASB issued revised accounting guidance for income taxes. The revised guidance requires disclosure of disaggregated information about an entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and allows either prospective or retrospective application. The Companies adopted this revised guidance prospectively which only impacted the Companies’ disclosures with no impacts to their results of operations, cash flows or financial condition.

Climate-Related Disclosures

In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as a material component of plans to achieve climate-related targets or goals. This guidance is currently subject to a stay issued by the SEC. Should this guidance become effective, the Companies expect it to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.

Expense Disaggregation Disclosures

In November 2024, the FASB issued revised accounting guidance for income statement expense disaggregation disclosures. The revised guidance requires disclosure of disaggregated information about specific expense categories in commonly presented income statement expense captions. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and allows either prospective or retrospective application. The Companies expect this revised guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
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.

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.

v3.25.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Revision of Previously Issued Consolidated Financial Statements

The following tables detail the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Income and Statements of Comprehensive Income for the periods presented:

 

 

Dominion Energy

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

822

 

 

$

19

 

 

$

841

 

 

$

984

 

 

$

12

 

 

$

996

 

Interest and related charges

 

 

1,887

 

 

 

6

 

 

 

1,893

 

 

 

1,674

 

 

 

5

 

 

 

1,679

 

Income from continuing operations including
   noncontrolling interests before income tax expense

 

 

2,182

 

 

 

13

 

 

 

2,195

 

 

 

2,724

 

 

 

7

 

 

 

2,731

 

Income tax expense

 

 

308

 

 

 

103

 

 

 

411

 

 

 

568

 

 

 

76

 

 

 

644

 

Net income from continuing operations including
   noncontrolling interests

 

 

1,874

 

 

 

(90

)

 

 

1,784

 

 

 

2,156

 

 

 

(69

)

 

 

2,087

 

Net income including noncontrolling interests

 

 

2,071

 

 

 

(90

)

 

 

1,981

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

Net income attributable to Dominion Energy

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

Amounts Attributable to Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

1,927

 

 

 

(90

)

 

 

1,837

 

 

 

2,156

 

 

 

(69

)

 

 

2,087

 

Net income attributable to Dominion Energy

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

EPS - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

2.20

 

 

 

(0.11

)

 

 

2.09

 

 

 

2.48

 

 

 

(0.08

)

 

 

2.40

 

Net income attributable to Dominion Energy

 

 

2.44

 

 

 

(0.11

)

 

 

2.33

 

 

 

2.33

 

 

 

(0.08

)

 

 

2.25

 

EPS - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

2.20

 

 

 

(0.11

)

 

 

2.09

 

 

 

2.48

 

 

 

(0.08

)

 

 

2.40

 

Net income attributable to Dominion Energy

 

 

2.44

 

 

 

(0.11

)

 

 

2.33

 

 

 

2.33

 

 

 

(0.08

)

 

 

2.25

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
   securities(1)

 

 

(22

)

 

 

3

 

 

 

(19

)

 

 

55

 

 

 

(8

)

 

 

47

 

Total other comprehensive income (loss)

 

 

17

 

 

 

3

 

 

 

20

 

 

 

67

 

 

 

(8

)

 

 

59

 

Comprehensive income including noncontrolling interests

 

 

2,088

 

 

 

(87

)

 

 

2,001

 

 

 

2,098

 

 

 

(77

)

 

 

2,021

 

Comprehensive income attributable to Dominion Energy

 

 

2,141

 

 

 

(87

)

 

 

2,054

 

 

 

2,098

 

 

 

(77

)

 

 

2,021

 
(1)
As previously reported, net of $10 million and $(19) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $13 million ($3 million adjustment) and $(27) million ($(8) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.

 

 

 

Virginia Power

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

195

 

 

$

3

 

 

$

198

 

 

$

131

 

 

$

2

 

 

$

133

 

Interest and related charges

 

 

848

 

 

 

1

 

 

 

849

 

 

 

764

 

 

 

1

 

 

 

765

 

Income before income tax expense

 

 

2,265

 

 

 

2

 

 

 

2,267

 

 

 

1,841

 

 

 

1

 

 

 

1,842

 

Income tax expense

 

 

408

 

 

 

15

 

 

 

423

 

 

 

389

 

 

 

11

 

 

 

400

 

Net Income Including Noncontrolling Interests

 

 

1,857

 

 

 

(13

)

 

 

1,844

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Net Income Attributable to Virginia Power

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
   securities(1)

 

 

(5

)

 

 

—

 

 

 

(5

)

 

 

7

 

 

 

(1

)

 

 

6

 

Total other comprehensive income (loss)

 

 

11

 

 

 

—

 

 

 

11

 

 

 

7

 

 

 

(1

)

 

 

6

 

Comprehensive income including noncontrolling interests

 

 

1,868

 

 

 

(13

)

 

 

1,855

 

 

 

1,459

 

 

 

(11

)

 

 

1,448

 

Comprehensive income attributable to Virginia Power

 

 

1,921

 

 

 

(13

)

 

 

1,908

 

 

 

1,459

 

 

 

(11

)

 

 

1,448

 
(1)
As previously reported, net of $2 million and $(3) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $2 million ($— million adjustment) and $(4) million ($(1) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Balance Sheets for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

At December, 31 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

$

6,412

 

 

$

723

 

 

$

7,135

 

 

$

4,045

 

 

$

431

 

 

$

4,476

 

Regulatory liabilities - noncurrent

 

 

9,196

 

 

 

(435

)

 

 

8,761

 

 

 

6,574

 

 

 

(435

)

 

 

6,139

 

Other deferred credits and other liabilities(1)

 

 

1,352

 

 

 

102

 

 

 

1,454

 

 

 

1,138

 

 

 

61

 

 

 

1,199

 

Total deferred credits and other liabilities

 

 

25,409

 

 

 

390

 

 

 

25,799

 

 

 

17,559

 

 

 

57

 

 

 

17,616

 

Total liabilities

 

 

72,223

 

 

 

390

 

 

 

72,613

 

 

 

43,234

 

 

 

57

 

 

 

43,291

 

Retained earnings

 

 

2,035

 

 

 

(394

)

 

 

1,641

 

 

 

12,194

 

 

 

(58

)

 

 

12,136

 

Accumulated other comprehensive income (loss)

 

 

(156

)

 

 

4

 

 

 

(152

)

 

 

27

 

 

 

1

 

 

 

28

 

Shareholders' equity

 

 

27,253

 

 

 

(390

)

 

 

26,863

 

 

 

22,214

 

 

 

(57

)

 

 

22,157

 

Total equity

 

 

30,192

 

 

 

(390

)

 

 

29,802

 

 

 

25,153

 

 

 

(57

)

 

 

25,096

 
(1)
Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Equity for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

2,229

 

 

$

(304

)

 

$

1,925

 

 

$

11,541

 

 

$

(45

)

 

$

11,496

 

Net income including noncontrolling interests

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

Balance at December 31, 2024

 

 

2,035

 

 

 

(394

)

 

 

1,641

 

 

 

12,194

 

 

 

(58

)

 

 

12,136

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

(173

)

 

 

1

 

 

 

(172

)

 

 

16

 

 

 

1

 

 

 

17

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

—

 

 

 

11

 

Balance at December 31, 2024

 

 

(156

)

 

 

4

 

 

 

(152

)

 

 

27

 

 

 

1

 

 

 

28

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

2,124

 

 

 

(90

)

 

 

2,034

 

 

 

1,910

 

 

 

(13

)

 

 

1,897

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

-

 

 

 

11

 

Balance at December 31, 2024

 

 

27,253

 

 

 

(390

)

 

 

26,863

 

 

 

22,214

 

 

 

(57

)

 

 

22,157

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

2,071

 

 

 

(90

)

 

 

1,981

 

 

 

1,857

 

 

 

(13

)

 

 

1,844

 

Other comprehensive income (loss), net of tax

 

 

17

 

 

 

3

 

 

 

20

 

 

 

11

 

 

 

—

 

 

 

11

 

Balance at December 31, 2024

 

 

30,192

 

 

 

(390

)

 

 

29,802

 

 

 

25,153

 

 

 

(57

)

 

 

25,096

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31, 2023

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

2,511

 

 

$

(235

)

 

$

2,276

 

 

$

10,089

 

 

$

(35

)

 

$

10,054

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Balance at December 31, 2023

 

 

2,229

 

 

 

(304

)

 

 

1,925

 

 

 

11,541

 

 

 

(45

)

 

 

11,496

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

(240

)

 

 

9

 

 

 

(231

)

 

 

9

 

 

 

2

 

 

 

11

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

(173

)

 

 

1

 

 

 

(172

)

 

 

16

 

 

 

1

 

 

 

17

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

27,659

 

 

 

(226

)

 

 

27,433

 

 

 

16,949

 

 

 

(33

)

 

 

16,916

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

27,659

 

 

 

(226

)

 

 

27,433

 

 

 

16,949

 

 

 

(33

)

 

 

16,916

 

Net income including noncontrolling interests

 

 

2,031

 

 

 

(69

)

 

 

1,962

 

 

 

1,452

 

 

 

(10

)

 

 

1,442

 

Other comprehensive income (loss), net of tax

 

 

67

 

 

 

(8

)

 

 

59

 

 

 

7

 

 

 

(1

)

 

 

6

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Cash Flows for the periods presented:

 

 

Dominion Energy

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

2,071

 

 

$

(90

)

 

$

1,981

 

 

$

2,031

 

 

$

(69

)

 

$

1,962

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(302

)

 

 

67

 

 

 

(235

)

 

 

1,474

 

 

 

53

 

 

 

1,527

 

Other operating assets and liabilities

 

 

(235

)

 

 

23

 

 

 

(212

)

 

 

(564

)

 

 

16

 

 

 

(548

)

Net cash provided by operating activities

 

 

5,018

 

 

 

—

 

 

 

5,018

 

 

 

6,572

 

 

 

—

 

 

 

6,572

 

 

 

 

Virginia Power

 

 

 

2024

 

 

2023

 

Year Ended December 31,

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

1,857

 

 

$

(13

)

 

$

1,844

 

 

$

1,452

 

 

$

(10

)

 

$

1,442

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

384

 

 

 

(3

)

 

 

381

 

 

 

504

 

 

 

(2

)

 

 

502

 

Other operating assets and liabilities

 

 

(163

)

 

 

16

 

 

 

(147

)

 

 

(375

)

 

 

12

 

 

 

(363

)

Net cash provided by operating activities

 

 

4,586

 

 

 

—

 

 

 

4,586

 

 

 

4,815

 

 

 

—

 

 

 

4,815

 
Schedule of Checks Outstanding but Not Yet Presented for Payment The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

 

 

Dominion Energy

$

64

 

 

$

52

 

Virginia Power

 

46

 

 

 

23

 
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 years ended December 31, 2025, 2024 and 2023:

 

Cash, Restricted Cash and Equivalents at End/Beginning of Year

 

 

 

December 
31, 2025

 

 

December 
31, 2024

 

 

December
31, 2023

 

 

December
31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash
   equivalents(1)

 

$

250

 

 

$

310

 

 

$

217

 

 

$

153

 

Restricted cash and
   equivalents(2)(3)

 

 

93

 

 

 

55

 

 

 

84

 

 

 

188

 

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

 

$

343

 

 

$

365

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash
   equivalents

 

$

170

 

 

$

160

 

 

$

90

 

 

$

22

 

Restricted cash and
   equivalents(3)(4)

 

 

61

 

 

 

46

 

 

 

—

 

 

 

2

 

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

 

$

231

 

 

$

206

 

 

$

90

 

 

$

24

 

 

(1)
At December 31, 2023 and 2022, Dominion Energy had $33 million and $34 million, respectively, of cash and cash equivalents included in assets held for sale.
(2)
At December 31, 2023 and 2022, Dominion Energy had $4 million and $2 million, respectively, of restricted cash and equivalents included in assets held for sale. The remaining balances are presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Includes $51 million and $41 million at VPFS attributable to VIEs at December 31, 2025 and 2024, respectively.
(4)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
Schedule of Supplemental Cash Flow Information

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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges,
   excluding capitalized amounts

 

$

1,799

 

 

$

1,900

 

 

$

1,991

 

Income taxes(1)

 

 

186

 

 

 

840

 

 

 

286

 

Significant noncash investing and
   financing activities:(2)

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,699

 

 

 

1,268

 

 

 

1,085

 

Leases(3)

 

 

338

 

 

 

233

 

 

 

255

 

 

(1)
Excludes cash proceeds received of $184 million from the transfer of tax credits to third-parties and $13 million of purchases of tax credits from Align RNG for the year ended December 31, 2025. See Notes 5 and 9 for more information.
(2)
See Notes 3, 10 and 23 for noncash financing activities related to debt assumed with closing of the East Ohio, Questar Gas and PSNC Transactions, the sale of noncontrolling interest in the CVOW Commercial Project and transfer of property associated with the settlement of litigation.
(3)
Includes $77 million of finance leases and $261 million of operating leases entered in 2025, $93 million of finance leases and $140 million of operating leases entered in 2024 and $44 million of finance leases and $211 million of operating leases entered in 2023.

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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid (received) during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges,
   excluding capitalized amounts

 

$

901

 

 

$

786

 

 

$

709

 

Income taxes(1)

 

 

385

 

 

 

25

 

 

 

(47

)

Significant noncash investing activities(2):

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,469

 

 

 

992

 

 

 

807

 

Leases(3)

 

 

320

 

 

 

201

 

 

 

203

 

 

 

(1)
Excludes cash proceeds received of $168 million from the transfer of tax credits to third-parties for the year ended December 31, 2025. See Note 5 for more information.
(2)
See Note 10 for noncash financing activities related to the sale of noncontrolling interest in the CVOW Commercial Project.
(3)
Includes $61 million of finance leases and $259 million of operating leases entered in 2025, $77 million of finance leases and $124 million of operating leases entered in 2024 and $30 million of finance leases and $173 million of operating leases entered in 2023.
Schedule of the inputs and assumptions used in measuring fair value

The inputs and assumptions used in measuring fair value include the following:

 

 

 

Derivative Contracts

 

 

Inputs and assumptions

 

Commodity

 

Interest Rate

 

Foreign Currency Exchange Rate

 

Investments

Forward commodity
   prices

 

X

 

 

 

 

 

 

Transaction prices

 

X

 

 

 

 

 

 

Price volatility

 

X

 

 

 

 

 

 

Price correlation

 

X

 

 

 

 

 

 

Volumes

 

X

 

 

 

 

 

 

Commodity location

 

X

 

 

 

 

 

 

Interest rate curves

 

 

 

X

 

 

 

 

Foreign currency
   forward exchange
   rates

 

 

 

 

 

X

 

 

Quoted securities
   prices and indices

 

 

 

 

 

 

 

X

Securities trading
   information
   including volume
  and restrictions

 

 

 

 

 

 

 

X

Maturity

 

 

 

 

 

 

 

X

Interest rates

 

X

 

 

 

X

 

X

Credit quality of
   counterparties
   and the Companies

 

X

 

X

 

X

 

X

Credit enhancements

 

X

 

X

 

 

 

 

Notional value

 

 

 

X

 

X

 

 

Time value

 

X

 

X

 

X

 

 
Schedule of Capitalized to Property, Plant and Equipment for Capitalized Interest Costs and AFUDC

Amounts capitalized to property, plant and equipment for capitalized interest costs and AFUDC for the Companies are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest costs
    and AFUDC debt

 

$

169

 

 

$

152

 

 

$

109

 

 

$

73

 

 

$

46

 

 

$

47

 

AFUDC equity(1)

 

 

152

 

 

 

109

 

 

 

50

 

 

 

151

 

 

 

96

 

 

 

39

 

 

(1)
The Companies include AFUDC equity in other adjustments within operating activities in their Consolidated Statements of Cash Flows.
Schedule of Depreciation Rates The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:

 

Year Ended December 31,

 

2025

 

 

2024

 

2023

 

(percent)

 

 

 

 

Dominion Energy(1)

 

 

 

Generation

 

2.71

 

 

2.59

 

 

2.65

 

Transmission

 

 

2.32

 

 

 

2.32

 

 

 

2.32

 

Distribution

 

2.78

 

 

2.73

 

 

2.72

 

General and other

 

3.21

 

 

3.97

 

 

4.20

 

Virginia Power

 

 

 

Generation

 

2.79

 

 

2.66

 

 

2.75

 

Transmission

 

2.28

 

 

2.29

 

 

2.29

 

Distribution

 

2.83

 

 

2.77

 

 

2.78

 

General and other

 

3.26

 

 

4.29

 

 

4.60

 
(1)
Excludes rates for depreciation reported as discontinued operations.
Property, Plant and Equipment

Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

 

Asset

 

Estimated Useful Lives(1)

Nonregulated generation-nuclear

54-64 years

Nonregulated generation-other

30-35 years

General and other

 

5-50 years
(1)
The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.
v3.25.4
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 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:

 

Year Ended December 31, 2024

 

East Ohio
Transaction(1)

 

 

PSNC
Transaction(1)

 

 

Questar Gas
Transaction(1)

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

229

 

 

$

488

 

 

$

894

 

 

$

—

 

Operating expense(2)

 

 

247

 

 

 

313

 

 

 

724

 

 

 

(8

)

Other income (expense)

 

 

(17

)

 

 

11

 

 

 

2

 

 

 

—

 

Interest and related charges

 

 

15

 

 

 

44

 

 

 

25

 

 

 

—

 

Income (loss) before income taxes

 

 

(50

)

 

 

142

 

 

 

147

 

 

 

8

 

Income tax expense

 

 

11

 

 

 

44

 

 

 

54

 

 

 

—

 

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

 

$

(61

)

 

$

98

 

 

$

93

 

 

$

8

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 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 22 for further information on these transactions.
(3)
Excludes $(69) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2024.

Year Ended December 31, 2023

 

East Ohio
Transaction

 

 

PSNC
Transaction

 

 

Questar Gas
Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,037

 

 

$

743

 

 

$

1,679

 

 

$

15

 

Operating expense(1)

 

 

701

 

 

 

517

 

 

 

1,554

 

 

 

111

 

Other income (expense)

 

 

30

 

 

 

11

 

 

 

8

 

 

 

—

 

Interest and related charges

 

 

71

 

 

 

52

 

 

 

68

 

 

 

1

 

Income (loss) before income taxes

 

 

295

 

 

 

185

 

 

 

65

 

 

 

(97

)

Income tax expense(2)

 

 

69

 

 

 

431

 

 

 

531

 

 

 

(38

)

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

 

$

226

 

 

$

(246

)

 

$

(466

)

 

$

(59

)
(1)
East Ohio Transaction includes a charge of $50 million ($45 million after-tax) primarily for an impairment of associated goodwill, Questar Gas Transaction includes a charge of $236 million ($231 million after-tax) primarily for an impairment of associated goodwill and Other includes a charge of $68 million ($51 million after-tax) associated with the impairment of nonregulated solar generation facility development operations and a charge of $15 million ($11 million after-tax) associated with the impairment of certain nonregulated solar assets.
(2)
Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
(3)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2023.
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:

 

Year Ended December 31, 2024

 

East Ohio
Transaction(1)

 

 

PSNC
Transaction(1)

 

 

Questar Gas
Transaction(1)

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

65

 

 

$

287

 

 

$

160

 

 

$

—

 

Significant noncash item

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.

 

Year Ended December 31, 2023

 

East Ohio
Transaction

 

 

PSNC
Transaction

 

 

Questar Gas
Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

507

 

 

$

233

 

 

$

449

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

148

 

 

 

90

 

 

 

175

 

 

 

2

 

Accrued capital expenditures

 

 

42

 

 

 

43

 

 

 

32

 

 

 

—

 
v3.25.4
Operating Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Regulated and Unregulated Operating Revenue [Abstract]  
Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

6,080

 

 

$

5,436

 

 

$

5,141

 

 

$

4,631

 

 

$

4,133

 

 

$

3,863

 

Commercial

 

 

4,050

 

 

 

3,446

 

 

 

3,406

 

 

 

3,113

 

 

 

2,553

 

 

 

2,482

 

High load(1)

 

 

1,811

 

 

 

1,362

 

 

 

1,308

 

 

 

1,811

 

 

 

1,362

 

 

 

1,308

 

Industrial

 

 

729

 

 

 

716

 

 

 

729

 

 

 

301

 

 

 

300

 

 

 

282

 

Government and other retail

 

 

1,284

 

 

 

1,081

 

 

 

1,036

 

 

 

1,211

 

 

 

1,015

 

 

 

965

 

Wholesale

 

 

179

 

 

 

136

 

 

 

176

 

 

 

141

 

 

 

105

 

 

 

116

 

Nonregulated electric sales

 

 

1,239

 

 

 

933

 

 

 

758

 

 

 

127

 

 

 

86

 

 

 

65

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

352

 

 

 

309

 

 

 

293

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

142

 

 

 

136

 

 

 

145

 

 

 

 

 

 

 

 

 

 

Other

 

 

46

 

 

 

67

 

 

 

79

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

36

 

 

 

21

 

 

 

18

 

 

 

 

 

 

 

 

 

 

Other regulated revenues

 

 

309

 

 

 

372

 

 

 

253

 

 

 

291

 

 

 

359

 

 

 

238

 

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

 

 

266

 

 

 

167

 

 

 

145

 

 

 

66

 

 

 

46

 

 

 

53

 

Total operating revenue from contracts
   with customers

 

 

16,523

 

 

 

14,182

 

 

 

13,487

 

 

 

11,692

 

 

 

9,959

 

 

 

9,372

 

Other revenues(2)(5)

 

 

(17

)

 

 

277

 

 

 

906

 

 

 

120

 

 

 

276

 

 

 

201

 

Total operating revenue

 

$

16,506

 

 

$

14,459

 

 

$

14,393

 

 

$

11,812

 

 

$

10,235

 

 

$

9,573

 

 

(1)
Represents customers in Virginia, including certain data centers, with actual or anticipated forecast demand of 25 MW or higher and annual load factor of 75% or higher.
(2)
See Note 25 for amounts attributable to affiliates.
(3)
Includes sales of renewable energy credits of $57 million, $31 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy and $16 million, $12 million and $29 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Virginia Power.
(4)
Includes revenue from transition services agreements of $99 million, $61 million and $18 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy.
(5)
Includes alternative revenue of $167 million, $129 million and $162 million at both Dominion Energy and Virginia Power for years ended December 31, 2025, 2024 and 2023, respectively.

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at December 31, 2025.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Expense for Continuing Operations Including Noncontrolling Interests

Details of income tax expense for continuing operations including noncontrolling interests were as follows:

Dominion Energy

 

Virginia Power

 

Year Ended December 31,

2025

 

2024

 

2023

 

2025

 

2024

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Federal

$

(580

)

$

(204

)

$

(361

)

$

163

 

$

(6

)

$

(102

)

State

 

54

 

 

37

 

 

(97

)

 

39

 

 

67

 

 

6

 

Total current expense (benefit)

 

(526

)

 

(167

)

 

(458

)

 

202

 

 

61

 

 

(96

)

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

Taxes before operating loss carryforwards and investment tax credits

 

539

 

 

521

 

 

815

 

 

167

 

 

324

 

 

403

 

Tax utilization expense of operating loss carryforwards

 

35

 

 

40

 

 

45

 

 

—

 

 

—

 

 

—

 

State

 

61

 

 

52

 

 

270

 

 

103

 

 

59

 

 

107

 

Total deferred expense

 

635

 

 

613

 

 

1,130

 

 

270

 

 

383

 

 

510

 

Investment tax credits

 

423

 

 

 

(35

)

 

 

(28

)

 

 

(24

)

 

 

(21

)

 

 

(14

)

Total income tax expense

$

532

 

$

411

 

$

644

 

$

448

 

$

423

 

$

400

 
Effective Income Tax

For continuing operations including noncontrolling interests for the year ended December 31, 2025, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

Year Ended December 31, 2025

 

Dominion Energy

 

 

 

Virginia Power

 

 

(millions, except percentages)

 

Amount

 

 

Rate

 

 

 

Amount

 

 

Rate

 

 

U.S. federal statutory tax

 

$

758

 

 

 

21.0

 

%

 

$

549

 

 

 

21.0

 

%

State and local income taxes, net of federal income tax effect(1)

 

 

109

 

 

 

3.0

 

 

 

 

112

 

 

 

4.3

 

 

Tax credits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Production tax credits

 

 

(210

)

 

 

(5.8

)

 

 

 

(115

)

 

 

(4.4

)

 

   Investment tax credit amortization

 

 

(87

)

 

 

(2.4

)

 

 

 

(21

)

 

 

(0.8

)

 

Nontaxable or nondeductible items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Regulatory deferrals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Reversal of excess deferred income taxes

 

 

(62

)

 

 

(1.7

)

 

 

 

(45

)

 

 

(1.7

)

 

      AFUDC—equity

 

 

(28

)

 

 

(0.8

)

 

 

 

(27

)

 

 

(1.0

)

 

   Absence of tax on noncontrolling interest

 

 

(14

)

 

 

(0.4

)

 

 

 

(14

)

 

 

(0.5

)

 

Changes in unrecognized tax benefits

 

 

(28

)

 

 

(0.8

)

 

 

 

1

 

 

 

0.1

 

 

Other adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Qualified nuclear decommissioning trust net gains (losses)

 

 

87

 

 

 

2.4

 

 

 

 

11

 

 

 

0.4

 

 

   Other

 

 

7

 

 

 

0.2

 

 

 

 

(3

)

 

 

(0.3

)

 

Effective tax(2)

 

$

532

 

 

 

14.7

 

%

 

$

448

 

 

 

17.1

 

%
(1)
State taxes in Virginia make up the majority (greater than 50%) of the tax effect in this category.
(2)
The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.

For continuing operations including noncontrolling interests for the years ended December 31, 2024 and 2023, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

 

 

Dominion Energy

 

 

 

Virginia Power

 

 

Year Ended December 31,

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

 

U.S. federal statutory tax
    rate

 

 

21.0

 

%

 

21.0

 

%

 

 

21.0

 

%

 

21.0

 

%

Increases (reductions)
    resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of
    federal benefit

 

 

3.6

 

 

 

3.9

 

 

 

 

4.5

 

 

 

4.7

 

 

Investment tax credits

 

 

(1.6

)

 

 

(1.0

)

 

 

 

(0.9

)

 

 

(0.8

)

 

Production tax credits

 

 

(4.8

)

 

 

(0.6

)

 

 

 

(4.5

)

 

 

(0.8

)

 

Reversal of excess
    deferred income
    taxes

 

 

(3.1

)

 

 

(2.6

)

 

 

 

(2.0

)

 

 

(2.6

)

 

State legislative change

 

 

—

 

 

 

(0.1

)

 

 

 

—

 

 

 

—

 

 

Qualified nuclear
    decommissioning
    trust net gains
    (losses)

 

 

4.4

 

 

 

2.7

 

 

 

 

0.6

 

 

 

0.6

 

 

Changes in state
    deferred taxes
    associated with
    assets held for sale

 

 

—

 

 

 

1.1

 

 

 

 

 

 

 

 

 

AFUDC—equity

 

 

(0.7

)

 

 

—

 

 

 

 

(0.7

)

 

 

—

 

 

Settlements of
    uncertain
    tax positions

 

 

(0.7

)

 

 

(0.4

)

 

 

 

—

 

 

 

—

 

 

Employee stock
    ownership plan
    deduction

 

 

(0.3

)

 

 

(0.3

)

 

 

 

 

 

 

 

 

Other, net

 

 

0.9

 

 

 

(0.1

)

 

 

 

0.6

 

 

 

(0.4

)

 

Effective tax rate

 

 

18.7

 

%

 

23.6

 

%

 

 

18.6

 

%

 

21.7

 

%
Summary of Income Tax Payments (Net of Refunds Received)

The Companies’ income tax payments (net of refunds received and excluding amounts related to transfers of tax credits) for the year ended December 31, 2025, consist of the following:

 

 

Dominion Energy

 

 

Virginia Power(1)

 

(millions)

 

 

 

 

 

 

Federal(2)

 

$

115

 

 

$

348

 

State:

 

 

 

 

 

 

Virginia(3)

 

 

68

 

 

 

36

 

Other states(4)

 

 

3

 

 

 

1

 

Total tax payments

 

$

186

 

 

$

385

 
(1)
Virginia Power income tax payments (net of refunds received) include intercompany tax sharing payments and receipts with Dominion Energy as discussed in Note 2.
(2)
Excludes income taxes paid by qualified nuclear decommissioning trusts of $37 million and $20 million at Dominion Energy and Virginia Power, respectively.
(3)
Virginia income tax payments include Virginia minimum corporate taxes.
(4)
There are no other states for which taxes paid exceeded five percent of total income taxes paid (net of refunds) for the Companies.
Deferred Income Taxes Components

The Companies’ deferred income taxes consist of the following:

Dominion Energy

 

Virginia Power

 

At December 31,

2025

 

2024

 

2025

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes:

 

 

 

 

Total deferred income tax assets

$

2,062

 

 

$

1,854

 

$

1,139

 

$

1,082

 

Total deferred income tax liabilities

 

9,947

 

 

 

8,989

 

 

6,060

 

 

5,558

 

Total net deferred income tax liabilities

$

7,885

 

$

7,135

 

$

4,921

 

$

4,476

 

Total deferred income taxes:

 

 

 

 

Depreciation method and plant basis differences

$

5,557

 

 

$

4,878

 

$

3,899

 

$

3,765

 

Excess deferred income taxes

 

(768

)

 

 

(790

)

 

(570

)

 

(587

)

Unrecovered nuclear plant cost

 

 

391

 

 

 

420

 

 

 

 

 

 

 

DESC rate refund

 

 

(34

)

 

 

(49

)

 

 

 

 

 

 

Toshiba Settlement

 

 

(119

)

 

 

(133

)

 

 

 

 

 

 

Nuclear decommissioning

 

2,038

 

 

 

1,973

 

 

899

 

 

781

 

Deferred state income taxes

 

1,154

 

 

 

1,010

 

 

789

 

 

672

 

Federal benefit of deferred state income taxes

 

(250

)

 

 

(222

)

 

(166

)

 

(141

)

Deferred fuel, purchased energy and gas costs

 

323

 

 

 

189

 

 

315

 

 

178

 

Pension benefits

 

382

 

 

 

345

 

 

(126

)

 

(116

)

Other postretirement benefits

 

226

 

 

 

174

 

 

155

 

 

141

 

Loss and credit carryforwards

 

(790

)

 

 

(680

)

 

—

 

 

—

 

Deferred unamortized investment tax credits

 

 

(352

)

 

 

(250

)

 

 

(153

)

 

 

(159

)

Valuation allowances

 

143

 

 

 

113

 

 

—

 

 

—

 

Partnership basis differences

 

(91

)

 

 

(30

)

 

(159

)

 

 

(98

)

Other

 

75

 

 

 

187

 

 

38

 

 

40

 

Total net deferred income tax liabilities

$

7,885

 

$

7,135

 

$

4,921

 

 

$

4,476

 
Summary of Deductible Loss and Credit Carryforwards

At December 31, 2025, Dominion Energy had the following deductible loss and credit carryforwards:

 

 

Deductible Amount

 

 

Deferred Tax Asset

 

 

Valuation Allowance

 

 

Expiration Period

(millions)

 

 

 

 

 

 

 

 

 

 

Federal losses

$

222

 

$

47

 

$

—

 

 

2037

Federal production and other credits

—

 

 

61

 

—

 

 

2036-2045

State losses

 

2,389

 

 

119

 

 

(63

)

 

2026-2045

State minimum tax credits

—

 

 

444

 

—

 

 

No expiration

State investment and other credits

—

 

 

119

 

 

(69

)

 

2026-2034

Total

$

2,611

 

$

790

 

$

(132

)

 

 

At December 31, 2025, Virginia Power had no deductible loss or credit carryforwards.
Reconciliation of Changes in Unrecognized Tax Benefits

A reconciliation of changes in the Companies’ unrecognized tax benefits follows:

Dominion Energy

 

Virginia Power

 

2025

 

 

2024

 

 

2023

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1,

$

170

 

 

$

194

 

 

$

197

 

$

56

 

 

$

52

 

 

$

50

 

Prior period positions - increases

 

7

 

 

 

13

 

 

 

5

 

 

1

 

 

 

—

 

 

 

—

 

Prior period positions - decreases

 

(45

)

 

 

(18

)

 

 

(12

)

 

—

 

 

 

—

 

 

 

—

 

Current period positions - increases

 

—

 

 

 

8

 

 

 

4

 

 

—

 

 

 

4

 

 

 

2

 

Settlements with tax authorities

 

—

 

 

 

(13

)

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

Expiration of statutes of limitations

 

—

 

 

 

(14

)

 

 

—

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31,

$

132

 

 

$

170

 

 

$

194

 

$

57

 

 

$

56

 

 

$

52

 
Earliest Tax Year Remaining

For each of the major states in which Dominion Energy operates or previously operated, the earliest tax year remaining open for examination is as follows:

State

 

Earliest Open Tax Year

Pennsylvania(1)

2012

Connecticut

2022

Virginia(2)

2022

Utah(1)

2022

South Carolina

2022

 

(1)
Considered a major state for entities presented in discontinued operations.
(2)
Considered a major state for Virginia Power’s operations.
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at December 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

$

224

 

29-111

 

54

 

 

 

 

 

 

 

 

FTRs

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

 

156

 

(3)-19

 

9

 

 

$

156

 

 

(3)-19

 

9

Natural gas(2)

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

 

48

 

(2)-8

 

(1)

 

 

 

48

 

 

(2)-8

 

(1)

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

 

Option model

 

Market price (per Dth)

(3)

 

 

214

 

2-9

 

4

 

 

 

4

 

 

3-8

 

6

 

 

 

 

Price volatility

(4)

 

 

 

0%-76%

 

47%

 

 

 

 

 

10%-64%

 

36%

Total assets

 

 

 

 

$

642

 

 

 

 

 

 

$

208

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

 

15

 

31-117

 

62

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

$

15

 

 

 

 

 

 

 

 

 

 

 

 
(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.
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

87

 

 

$

642

 

 

$

729

 

 

$

—

 

 

$

49

 

 

$

208

 

 

$

257

 

Interest rate

 

 

—

 

 

 

201

 

 

 

—

 

 

 

201

 

 

 

—

 

 

 

197

 

 

 

—

 

 

 

197

 

Foreign currency exchange rate

 

 

—

 

 

 

28

 

 

 

—

 

 

 

28

 

 

 

—

 

 

 

28

 

 

 

—

 

 

 

28

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

6,215

 

 

 

—

 

 

 

—

 

 

 

6,215

 

 

 

3,154

 

 

 

—

 

 

 

—

 

 

 

3,154

 

International

 

 

168

 

 

 

—

 

 

 

—

 

 

 

168

 

 

 

96

 

 

 

—

 

 

 

—

 

 

 

96

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Government securities

 

 

418

 

 

 

74

 

 

 

—

 

 

 

492

 

 

 

332

 

 

 

—

 

 

 

—

 

 

 

332

 

Cash equivalents and other

 

 

46

 

 

 

—

 

 

 

—

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total assets

 

$

6,847

 

 

$

400

 

 

$

642

 

 

$

7,889

 

 

$

3,582

 

 

$

274

 

 

$

208

 

 

$

4,064

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

201

 

 

$

15

 

 

$

216

 

 

$

—

 

 

$

13

 

 

$

—

 

 

$

13

 

Interest rate

 

 

—

 

 

 

19

 

 

 

—

 

 

 

19

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Foreign currency exchange rate

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

Total liabilities

 

$

—

 

 

$

230

 

 

$

15

 

 

$

245

 

 

$

—

 

 

$

31

 

 

$

—

 

 

$

31

 

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 $2.3 billion and $212 million of assets at Dominion Energy, inclusive of $1.3 billion and $76 million at Virginia Power, at December 31, 2025 and 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

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

384

 

 

$

86

 

 

$

422

 

 

$

68

 

 

$

(116

)

 

$

221

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

(21

)

 

 

(6

)

 

 

1

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

276

 

 

 

(172

)

 

 

(273

)

 

 

259

 

 

 

(176

)

 

 

(278

)

Purchased gas

 

 

—

 

 

 

1

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

(4

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

Included in regulatory assets/liabilities

 

 

121

 

 

 

297

 

 

 

(414

)

 

 

145

 

 

 

202

 

 

 

(349

)

Settlements

 

 

(336

)

 

 

77

 

 

 

241

 

 

 

(272

)

 

 

137

 

 

 

255

 

Purchases

 

 

183

 

 

 

112

 

 

 

104

 

 

 

8

 

 

 

21

 

 

 

35

 

Transfers out of Level 3

 

 

20

 

 

 

(7

)

 

 

6

 

 

 

 

 

 

 

 

 

 

Ending balance

 

$

627

 

 

$

384

 

 

$

86

 

 

$

208

 

 

$

68

 

 

$

(116

)
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)

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

38,897

 

 

$

37,481

 

 

$

21,800

 

 

$

20,593

 

Securitization bonds(3)

 

 

1,054

 

 

 

1,076

 

 

 

1,054

 

 

 

1,076

 

Junior subordinated notes(2)

 

 

5,978

 

 

 

6,217

 

 

 

 

 

 

 

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 December 31, 2025 and December 31, 2024.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.25.4
Derivatives and Hedge Accounting Activities (Tables)
 12 Months Ended
Dec. 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 its 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

$

464

 

 

$

4

 

 

$

—

 

 

$

460

 

 

$

239

 

 

$

4

 

 

$

—

 

 

$

235

 

Exchange

 

48

 

 

 

48

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

201

 

 

 

5

 

 

 

—

 

 

 

196

 

 

 

197

 

 

 

4

 

 

 

—

 

 

 

193

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

28

 

 

 

8

 

 

 

—

 

 

 

20

 

 

 

28

 

 

 

8

 

 

 

—

 

 

 

20

 

Total derivatives, subject to a master netting
   or similar arrangement

$

741

 

 

$

65

 

 

$

—

 

 

$

676

 

 

$

464

 

 

$

16

 

 

$

—

 

 

$

448

 

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 $217 million and $242 million at Dominion Energy at December 31, 2025 and 2024, respectively, and $18 million at Virginia Power, at both December 31, 2025 and 2024, which are not subject to master netting or 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

$

38

 

 

$

4

 

 

$

—

 

 

$

34

 

 

$

6

 

 

$

4

 

 

$

—

 

 

$

2

 

Exchange

 

173

 

 

 

48

 

 

 

125

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

19

 

 

 

5

 

 

 

—

 

 

 

14

 

 

 

8

 

 

 

4

 

 

 

—

 

 

 

4

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

10

 

 

 

8

 

 

 

—

 

 

 

2

 

 

 

10

 

 

 

8

 

 

 

—

 

 

 

2

 

Total derivatives, subject to a master netting
   or similar arrangement

$

240

 

 

$

65

 

 

$

125

 

 

$

50

 

 

$

24

 

 

$

16

 

 

$

—

 

 

$

8

 

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 $5 million and $7 million at Dominion Energy and $7 million and $17 million at Virginia Power at December 31, 2025 and 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 December 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 their long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

42

 

 

 

5

 

 

 

37

 

 

 

5

 

Basis(2)

 

 

217

 

 

 

330

 

 

 

164

 

 

 

268

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

9

 

 

 

35

 

 

 

 

 

 

 

FTRs

 

 

40

 

 

 

 

 

 

40

 

 

 

 

Interest rate(3) (in millions)

 

$

3,925

 

 

$

6,821

 

 

$

2,350

 

 

$

5,750

 

Foreign currency exchange rate(3) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

674 kr.

 

 

76 kr.

 

 

674 kr.

 

 

76 kr.

 

Euro

 

€844

 

 

€50

 

 

€844

 

 

€50

 

 

(1)
Includes options at Dominion Energy.
(2)
Includes options.
(3)
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 December 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

 

AOCI After-Tax

 

 

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

 

 

Maximum Term

 

(millions)

 

 

 

 

 

 

 

(months)

 

 

 

 

 

 

 

(months)

 

Interest rate

 

$

(137

)

 

$

(24

)

 

396

 

$

32

 

 

$

1

 

 

 

396

 

Total

 

$

(137

)

 

$

(24

)

 

 

 

$

32

 

 

$

1

 

 

 

 
Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

The following tables present 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 December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Current derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

295

 

 

$

98

 

 

$

172

 

 

$

12

 

Interest rate

 

 

—

 

 

 

3

 

 

 

 

 

 

 

Foreign currency exchange rate

 

 

25

 

 

 

10

 

 

 

25

 

 

 

10

 

Current derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

15

 

 

 

—

 

 

 

15

 

 

 

—

 

Total current derivatives

 

$

335

 

 

$

111

 

 

$

212

 

 

$

22

 

Noncurrent derivatives not under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

434

 

 

$

118

 

 

$

85

 

 

$

1

 

Interest rate

 

 

2

 

 

 

7

 

 

 

 

 

 

 

Foreign currency exchange rate

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

Noncurrent derivatives under cash flow hedge accounting

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

184

 

 

 

9

 

 

 

182

 

 

 

8

 

Total noncurrent derivatives

 

 

623

 

 

 

134

 

 

 

270

 

 

 

9

 

Total derivatives

 

$

958

 

 

$

245

 

 

$

482

 

 

$

31

 

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

 

$

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

 

 

963

 

 

 

305

 

 

 

127

 

 

 

86

 

Total derivatives

 

$

1,399

 

 

$

512

 

 

$

375

 

 

$

225

 
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

7

 

 

$

(39

)

 

$

67

 

 

$

6

 

 

$

1

 

 

$

66

 

Total

 

$

7

 

 

$

(39

)

 

$

67

 

 

$

6

 

 

$

1

 

 

$

66

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

17

 

 

 

(43

)

 

$

189

 

 

$

17

 

 

$

—

 

 

$

188

 

Total

 

$

17

 

 

$

(43

)

 

$

189

 

 

$

17

 

 

$

—

 

 

$

188

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(1

)

 

 

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 

Total

 

$

(1

)

 

$

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 
(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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

(221

)

 

$

116

 

 

$

707

 

 

$

(59

)

 

$

140

 

 

$

27

 

Purchased gas

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

246

 

 

 

(240

)

 

 

(380

)

 

 

229

 

 

 

(244

)

 

 

(384

)

Discontinued operations

 

 

—

 

 

 

(28

)

 

 

86

 

 

 

 

 

 

 

 

 

 

Other operations & maintenance

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

13

 

 

 

(3

)

 

 

84

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

17

 

 

 

 

 

 

 

 

 

 

Total

 

$

37

 

 

$

(155

)

 

$

516

 

 

$

170

 

 

$

(104

)

 

$

(355

)

 

(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.
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Computation

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

 

 

2025

 

 

2024

 

 

2023

 

(millions, except EPS)

 

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from continuing operations

$

3,012

 

 

$

1,837

 

 

$

2,087

 

Preferred stock dividends (See Note 19)

 

(44

)

 

 

(68

)

 

 

(81

)

Preferred stock deemed dividends (See Note 19)

 

—

 

 

 

(10

)

 

 

—

 

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

 

2,968

 

 

 

1,759

 

 

 

2,006

 

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

$

(14

)

 

$

197

 

 

$

(125

)

Average shares of common stock outstanding – Basic

 

854.1

 

 

 

839.2

 

 

 

836.4

 

Net effect of dilutive securities(1)

 

1.2

 

 

 

0.2

 

 

 

0.1

 

Average shares of common stock outstanding – Diluted

 

855.3

 

 

 

839.4

 

 

 

836.5

 

EPS from continuing operations - Basic

$

3.48

 

 

$

2.09

 

 

$

2.40

 

EPS from discontinued operations - Basic

 

(0.02

)

 

 

0.24

 

 

 

(0.15

)

EPS attributable to Dominion Energy - Basic

$

3.46

 

 

$

2.33

 

 

$

2.25

 

EPS from continuing operations - Diluted

$

3.47

 

 

$

2.09

 

 

$

2.40

 

EPS from discontinued operations - Diluted

 

(0.02

)

 

 

0.24

 

 

 

(0.15

)

EPS attributable to Dominion Energy - Diluted

$

3.45

 

 

$

2.33

 

 

$

2.25

 

 

(1)
Dilutive securities for 2025 consists of forward sales agreements entered into in the first, second, and third quarter of 2025 and third and fourth quarter of 2024 with certain of these securities settling in 2025 (applying the treasury stock method). Additionally, dilutive securities for 2024 consists of certain of the forward sales agreements entered into in 2024 with certain of these securities settling in 2024 (applying the treasury stock method). Dilutive securities for 2023 consists primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method).
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,107

 

$

5,052

 

$

(2

)

 

 

 

$

6,157

 

 

$

602

 

$

2,620

 

$

(2

)

 

 

 

$

3,220

 

International

 

44

 

 

122

 

 

—

 

 

 

 

 

166

 

 

 

27

 

 

69

 

 

—

 

 

 

 

 

96

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government securities

 

448

 

 

—

 

 

—

 

 

$

—

 

 

448

 

 

 

332

 

 

—

 

 

—

 

 

$

—

 

 

332

 

Private debt funds(3)

 

2,143

 

 

—

 

 

—

 

 

 

—

 

 

2,143

 

 

 

1,213

 

 

—

 

 

—

 

 

 

—

 

 

1,213

 

Insurance contracts(4)

 

245

 

 

—

 

 

—

 

 

 

—

 

 

245

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and
   other(5)

 

7

 

 

—

 

 

—

 

 

 

—

 

 

7

 

 

 

3

 

 

—

 

 

—

 

 

 

—

 

 

3

 

Total

$

3,994

 

$

5,174

 

$

(2

)

(6)

$

—

 

$

9,166

 

 

$

2,177

 

$

2,689

 

$

(2

)

(6)

$

—

 

$

4,864

 

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(4)

 

239

 

 

—

 

 

—

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and
   other(5)

 

65

 

 

—

 

 

—

 

 

 

—

 

 

65

 

 

 

22

 

 

—

 

 

—

 

 

 

—

 

 

22

 

Total

$

3,828

 

$

4,281

 

$

(58

)

(6)

$

—

 

$

8,051

 

 

$

2,092

 

$

2,227

 

$

(33

)

(6)

$

—

 

$

4,286

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income (expense).
(3)
These private debt funds are generally structured without an explicit termination date. The Companies’ withdrawal and redemption rights begin after an initial multiyear lock-up period. Unless otherwise elected, distributions of income, profits and capital are generally reinvested in the underlying funds. The Companies may elect to receive a portion of future income as cash distributions, subject to fund liquidity restrictions. Generally, the Companies’ interests can be sold in the secondary markets subject to the approval of the general partner. Secondary markets tend to be less liquid especially during periods of market stress.
(4)
Includes company owned life insurance contracts measured at cash surrender value.
(5)
Dominion Energy includes pending purchases of securities of $40 million and pending sales of securities of $35 million at December 31, 2025 and 2024, respectively. Virginia Power includes pending sales of securities of $3 million and $22 million at December 31, 2025 and 2024, respectively.
(6)
Dominion Energy’s fair value of securities in an unrealized loss position was $48 million and $1.4 billion at December 31, 2025 and 2024, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $3 million and $796 million at December 31, 2025 and 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

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized
   during the period

 

$

913

 

 

$

1,020

 

 

$

811

 

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

 

 

(4

)

 

 

(16

)

 

 

(7

)

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

 

$

909

 

 

$

1,004

 

 

$

804

 

 

(1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 

 

Virginia Power

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized
   during the period

 

$

479

 

 

$

532

 

 

$

420

 

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

 

 

(8

)

 

 

(11

)

 

 

7

 

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

 

$

471

 

 

$

521

 

 

$

427

 

(1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 
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 December 31, 2025 by contractual maturity is as follows:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

 

—

 

 

 

—

 

Due after one year through five years

 

 

25

 

 

 

—

 

Due after five years through ten years

 

 

10

 

 

 

—

 

Due after ten years

 

 

413

 

 

 

332

 

Total

 

$

448

 

 

$

332

 
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

 

Year Ended December 31,

2025

 

2024

 

2023

 

(millions)

 

 

 

 

 

 

Proceeds from sales

$

10,492

 

$

3,072

 

$

2,966

 

Realized gains(1)

 

110

 

 

106

 

 

92

 

Realized losses(1)

 

103

 

 

128

 

 

169

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 

 

Virginia Power

 

Year Ended December 31,

2025

 

2024

 

2023

 

(millions)

 

 

 

 

 

 

Proceeds from sales

$

5,741

 

$

1,925

 

$

1,876

 

Realized gains(1)

 

74

 

 

67

 

 

50

 

Realized losses(1)

 

71

 

 

88

 

 

99

 

 

(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Accounts Under Equity Method of Accounting

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:

Company

Ownership%

 

Investment Balance

Description

At December 31,

 

2025

 

2024

 

(millions)

 

 

 

 

Align RNG

 

50

%

$

92

 

$

91

 

 

Renewable
natural gas

Dominion
   Privatization

 

50

%

 

20

 

 

27

 

 

Military
electric and
gas

Other(1)(2)

various

 

 

20

 

 

20

 

 

Total

 

$

132

 

$

138

 

 

(1)
Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $7 million at December 31, 2025 and 2024, respectively, presented in other current liabilities. See discussion below for additional information.
(2)
Includes an inconsequential amount at December 31, 2025 related to Valley Link.
v3.25.4
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment

Major classes of property, plant and equipment and their respective balances for the Companies are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

2025

 

2024

 

2025

 

2024

 

(millions)

 

 

 

 

 

 

 

Utility:

 

 

 

 

Generation

$

28,091

 

$

26,854

 

 

$

20,859

 

$

20,219

 

Transmission

 

19,609

 

 

17,856

 

 

 

17,164

 

 

15,514

 

Distribution

 

25,515

 

 

23,572

 

 

 

18,784

 

 

17,261

 

Nuclear fuel

 

2,439

 

 

2,393

 

 

 

1,936

 

 

1,823

 

General and other

 

1,981

 

 

1,865

 

 

 

1,171

 

 

1,134

 

Plant under
   construction(1)

 

19,199

 

 

13,816

 

 

 

18,382

 

 

12,826

 

Total utility

 

96,834

 

 

86,356

 

 

78,296

 

 

68,777

 

Non-jurisdictional -
   including plant
   under construction

 

 

1,815

 

 

 

1,763

 

 

 

1,815

 

 

 

1,763

 

Nonutility:

 

 

 

 

 

Nonregulated
   generation-
   nuclear

 

2,027

 

 

1,962

 

 

 

—

 

 

—

 

Nonregulated
   generation-solar

 

 

1,594

 

 

 

1,207

 

 

 

—

 

 

—

 

Nuclear fuel

 

 

1,018

 

 

 

1,173

 

 

 

—

 

 

 

—

 

Renewable natural
    gas

 

 

1,734

 

 

 

—

 

 

 

 

 

 

 

Other-including
   plant under
   construction

 

 

1,293

 

 

 

2,383

 

 

 

10

 

 

10

 

Total nonutility

 

 

7,666

 

 

 

6,725

 

 

10

 

 

10

 

Total property, plant
   and equipment

 

$

106,315

 

 

$

94,844

 

$

80,121

 

$

70,550

 
(1)
Includes $8.6 billion and $5.8 billion of costs associated with the CVOW Commercial Project at December 31, 2025 and 2024, respectively. The amounts at December 31, 2025 and 2024 are net of $721 million and $206 million, respectively, of costs not expected to be recovered from customers.
Schedule of Jointly Owned Utility Plants

The Companies’ proportionate share of jointly-owned power stations at December 31, 2025 is as follows:

 

 

Bath County Pumped Storage Station(1)

 

 

North Anna Units 1 and 2(1)

 

 

Clover Power Station(1)

 

 

Millstone Unit 3(2)

 

Summer Unit 1 (2)

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ownership
   interest

 

60

%

 

 

88.4

%

 

 

50

%

 

 

93.5

%

 

66.7

%

Plant in service

 

1,094

 

 

 

3,051

 

 

 

618

 

 

 

1,549

 

 

1,580

 

Accumulated
   depreciation

 

(782

)

 

 

(1,451

)

 

 

(326

)

 

 

(661

)

 

(775

)

Nuclear fuel

 

—

 

 

 

835

 

 

 

—

 

 

 

466

 

 

503

 

Accumulated
   amortization of
   nuclear fuel

 

—

 

 

 

(644

)

 

 

—

 

 

 

(352

)

 

(307

)

Plant under
   construction

 

16

 

 

 

529

 

 

 

13

 

 

 

96

 

 

55

 

 

(1)
Units jointly owned by Virginia Power.
(2)
Units jointly owned by Dominion Energy.
Dominion Energy  
Schedule of Nonregulated Solar Projects

The following table presents acquisitions by Dominion Energy of solar projects (reflected in Contracted Energy unless otherwise noted).

 

Project Name

 

Date Agreement
Entered

 

Date Agreement
Closed

 

Project Location

 

Project Cost
(millions)(1)

 

Date of Commercial
Operations

 

MW Capacity

 

Madison(2)

 

July 2020

 

July 2020

 

Virginia

 

 

165

 

N/A

 

 

62

 

Hardin II

 

August 2020

 

Terminated(3)

 

 

 

 

 

 

 

 

 

Atlanta Farms

 

March 2022

 

May 2022

 

Ohio

 

 

390

 

January 2025(4)

 

 

200

 

Foxhound

 

March 2023

 

February 2024

 

Virginia

 

 

195

 

April 2024(4)

 

 

83

 
(1)
Includes acquisition costs.
(2)
Madison was reflected in the Corporate and Other segment before its sale in April 2024. See Note 3 for discussion.
(3)
In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II.
(4)
Dominion Energy is claiming production tax credits on the energy generated and sold by these projects.
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill And Intangible Assets Disclosure [Abstract]  
Segment allocation of goodwill

The changes in Dominion Energy’s carrying amount and segment allocation of goodwill are presented below:

 

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate and Other

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023(1)

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

No events affecting goodwill

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2024(1)

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

No events affecting goodwill

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2025(1)

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

 

(1)
Goodwill amounts do not contain any accumulated impairment losses.
Components of intangible assets

The components of intangible assets are as follows:

 

 

2025

 

 

2024

 

At December 31,

Gross
Carrying
Amount

 

Accumulated
Amortization

 

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

(millions)

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

Software, licenses and
   other

$

1,950

 

$

820

 

 

$

1,645

 

$

708

 

Renewable energy
   credits(1)

 

552

 

 

—

 

 

 

199

 

 

—

 

Virginia Power

 

 

 

 

 

 

 

 

 

Software, licenses and
   other

$

1,125

 

$

365

 

 

$

911

 

$

291

 

Renewable energy
   credits(1)

 

550

 

 

—

 

 

 

198

 

 

—

 

 

(1)
Includes $342 million and $370 million of renewable energy credits consumed and retired in 2025 and 2024, respectively. All amounts for renewable energy credits were deferred to regulatory assets upon consumption.
Annual amortization expense of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

(millions)

 

2026

 

2027

 

2028

 

2029

 

2030

 

Dominion Energy

 

$

107

 

$

97

 

$

84

 

$

72

 

$

46

 

Virginia Power

 

 

70

 

 

65

 

 

56

 

 

50

 

 

31

 
v3.25.4
Regulatory Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Regulated Operations [Abstract]  
Schedule of Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

213

 

 

$

38

 

 

$

174

 

 

$

3

 

Securitized cost of fuel used in electric generation(2)

 

 

125

 

 

 

124

 

 

 

125

 

 

 

124

 

Riders OSW and CE(3)

 

 

23

 

 

 

7

 

 

 

23

 

 

 

7

 

Other deferred rider costs for Virginia electric utility(4)

 

 

445

 

 

 

286

 

 

 

445

 

 

 

286

 

Ash pond and landfill closure costs(5)

 

 

164

 

 

 

108

 

 

 

164

 

 

 

108

 

Deferred nuclear refueling outage costs(6)

 

 

101

 

 

 

97

 

 

 

101

 

 

 

80

 

NND Project costs(7)

 

 

138

 

 

 

138

 

 

 

 

 

 

 

Derivatives(8)

 

 

3

 

 

 

8

 

 

 

—

 

 

 

6

 

Other

 

 

168

 

 

 

186

 

 

 

78

 

 

 

83

 

Regulatory assets-current

 

 

1,380

 

 

 

992

 

 

 

1,110

 

 

 

697

 

Unrecognized pension and other postretirement benefit costs(9)

 

 

527

 

 

 

486

 

 

 

—

 

 

 

—

 

Riders OSW and CE(3)

 

 

287

 

 

 

117

 

 

 

287

 

 

 

117

 

Other deferred rider costs for Virginia electric utility(4)

 

 

338

 

 

 

534

 

 

 

338

 

 

 

534

 

Interest rate hedges(10)

 

 

165

 

 

 

167

 

 

 

—

 

 

 

—

 

AROs and related funding(11)

 

 

385

 

 

 

387

 

 

 

 

 

 

 

NND Project costs(7)

 

 

1,672

 

 

 

1,811

 

 

 

 

 

 

 

CCR remediation, ash pond and landfill closure costs(5)

 

 

2,868

 

 

 

2,898

 

 

 

2,510

 

 

 

2,560

 

Deferred cost of fuel used in electric generation(1)

 

 

391

 

 

 

—

 

 

 

391

 

 

 

—

 

Securitized cost of fuel used in electric generation(2)

 

 

868

 

 

 

1,040

 

 

 

868

 

 

 

1,040

 

Derivatives(8)

 

 

33

 

 

 

182

 

 

 

—

 

 

 

148

 

Other

 

 

742

 

 

 

666

 

 

 

132

 

 

 

138

 

Regulatory assets-noncurrent

 

 

8,276

 

 

 

8,288

 

 

 

4,526

 

 

 

4,537

 

Total regulatory assets

 

$

9,656

 

 

$

9,280

 

 

$

5,636

 

 

$

5,234

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

 

3

 

 

 

92

 

 

 

3

 

 

 

92

 

Provision for future cost of removal and AROs(12)

 

 

101

 

 

 

119

 

 

 

101

 

 

 

119

 

Reserve for rate credits to electric utility customers(13)

 

 

34

 

 

 

73

 

 

 

—

 

 

 

—

 

Income taxes refundable through future rates(14)

 

 

110

 

 

 

88

 

 

 

77

 

 

 

64

 

Monetization of guarantee settlement(15)

 

 

67

 

 

 

67

 

 

 

 

 

 

 

Derivatives(8)

 

 

158

 

 

 

51

 

 

 

135

 

 

 

30

 

Other

 

 

69

 

 

 

89

 

 

 

58

 

 

 

80

 

Regulatory liabilities-current

 

 

542

 

 

 

579

 

 

 

374

 

 

 

385

 

Income taxes refundable through future rates(14)

 

 

2,854

 

 

 

2,988

 

 

 

2,046

 

 

 

2,168

 

Provision for future cost of removal and AROs(12)

 

 

1,950

 

 

 

1,809

 

 

 

1,346

 

 

 

1,210

 

Nuclear decommissioning trust(16)

 

 

2,494

 

 

 

2,115

 

 

 

2,494

 

 

 

2,115

 

Monetization of guarantee settlement(15)

 

 

501

 

 

 

568

 

 

 

 

 

 

 

Interest rate hedges(10)

 

 

461

 

 

 

406

 

 

 

461

 

 

 

406

 

Reserve for rate credits to electric utility customers(13)

 

 

128

 

 

 

161

 

 

 

—

 

 

 

—

 

Overrecovered other postretirement benefit costs(17)

 

 

209

 

 

 

183

 

 

 

 

 

 

 

Derivatives(8)

 

 

228

 

 

 

248

 

 

 

31

 

 

 

25

 

Other

 

 

247

 

 

 

283

 

 

 

152

 

 

 

215

 

Regulatory liabilities-noncurrent

 

 

9,072

 

 

 

8,761

 

 

 

6,530

 

 

 

6,139

 

Total regulatory liabilities

 

$

9,614

 

 

$

9,340

 

 

$

6,904

 

 

$

6,524

 

 

(1)
Reflects deferred fuel expenses as well as, beginning in June 2025, deferred electric capacity 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. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory. See Note 18 for additional information.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024, which are being amortized into electric fuel and other energy-related purchases. See Note 18 for additional information.
(3)
Deferred balances for Riders OSW and CE include amounts for shortfall or excess in energy sales, capacity revenue, renewable energy credits and production tax credits as such customer benefit amounts are included as a component, including an equity return, of the revenue requirements associated with each rate adjustment clause. In addition, the deferred Rider OSW balance at December 31, 2025 includes $4 million for future decommissioning activities.
(4)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. In 2023, Virginia Power recorded a charge of $36 million ($27 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), for the write-off of certain previously deferred amounts related to rate adjustment clauses associated with the recovery of costs related to Bear Garden, Virginia City Hybrid Energy Center and Warren County in connection with the cessation of such riders effective July 2023. See Note 13 for additional information.
(5)
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, reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14.
(6)
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.
(7)
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.
(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)
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.
(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 24 years for both Dominion Energy and Virginia Power at December 31, 2025.
(11)
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.
(12)
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.
(13)
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.
(14)
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.
(15)
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.
(16)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses, changes in fair value and taxes thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(17)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
v3.25.4
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2025
Public Utilities General Disclosures [Line Items]  
Summary of Significant Virginia Power Electric Transmission Projects Applied

Electric Transmission Projects

Significant Virginia Power electric transmission projects approved or applied for are as follows:

 

Description and Location of Project

 

Application
Date

 

Approval
Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Construct new Aspen and Golden substations, transmission lines and related
   projects in Loudoun County, Virginia

 

March 2024

 

February 2025(2)

 

500-
230 kV

 

10

 

 

705

 

Construct new Apollo-Twin Creeks transmission lines, new substations and
   related projects in Loudoun County, Virginia

 

March 2024

 

February 2025(2)

 

230 kV

 

2

 

 

285

 

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 Harbor-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

 

Partial rebuild, reconductor and construct new New Post transmission lines
   and related projects in the Counties of Caroline and Spotsylvania, Virginia

 

August 2024

 

May 2025

 

230 kV

 

38

 

 

120

 

Construct new Centreport transmission line, substation and related projects in
   Stafford County, Virginia

 

September 2024

 

June 2025

 

230 kV

 

3

 

 

55

 

Partial rebuild and construct new Meadowville transmission lines, substations
   and related projects in Chesterfield County, Virginia

 

October 2024

 

June 2025

 

230 kV

 

11

 

 

190

 

Construct new Carmel Church and Ruther Glen transmission lines, substations
   and related projects in Caroline County, Virginia

 

December 2024

 

September 2025

 

230 kV

 

7

 

 

85

 

Construct new Nebula transmission lines, substation and related projects in
   Mecklenburg County, Virginia

 

January 2025

 

October 2025

 

230 kV

 

15

 

 

130

 

Construct new Culpeper Technology transmission lines, substations and
   related projects in the Counties of Culpeper, Orange and Fauquier and the
   Town of Culpeper, Virginia

 

February 2025

 

Pending

 

230 kV

 

13

 

 

255

 

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

 

March 2025

 

February 2026

 

230 kV

 

5

 

 

60

 

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

 

March 2025

 

December 2025

 

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

 

April 2025

 

February 2026

 

230 kV

 

7

 

 

125

 

Rebuild Chickahominy-Elmont transmission line, new future transmission
   line and related projects in the Counties of Charles City, Henrico and
   Hanover, Virginia

 

May 2025

 

January 2026

 

500-
230 kV

 

28

 

 

190

 

Rebuild Septa-Yadkin transmission line, partial rebuild of Suffolk-Thrasher
   transmission line and related projects in Isle of Wight County and the Cities
   of Chesapeake and Suffolk, Virginia

 

June 2025

 

December 2025

 

500-
230 kV

 

33

 

 

250

 

Partial rebuild Chesterfield-Lanexa transmission lines in the Counties of
   Henrico, Charles City and New Kent, Virginia

 

September 2025

 

Pending

 

230-
115 kV

 

58

 

 

150

 

Rebuild Charlottesville-Dooms transmission lines in the Counties of
   Albemarle and Augusta and the City of Charlottesville, Virginia

 

October 2025

 

Pending

 

230 kV

 

22

 

 

125

 

Construct West Creek transmission line, substation and related projects
   in the County of Goochland, Virginia

 

January 2026

 

Pending

 

230 kV

 

7

 

 

100

 

 

(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 approved during 2025 with aggregate cost estimates of approximately $65 million.
(2)
The final order of the Virginia Commission was appealed to the Supreme Court of Virginia. In February 2026, the Supreme Court of Virginia affirmed the Virginia Commission’s final order.
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Significant Riders Associated With Virginia Power Projects

Significant riders associated with various Virginia Power projects are as follows:

 

Rider Name

 

Application Date

 

Approval Date

 

Rate Year Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
Over Previous Year
(millions)

 

Rider CCR

 

April 2025

 

December 2025

 

January 2026

 

 

166

 

 

 

63

 

Rider CE(2)

 

October 2024

 

April 2025

 

May 2025

 

 

182

 

 

 

49

 

Rider CE(3)

 

October 2025

 

Pending

 

May 2026

 

 

325

 

 

 

143

 

Rider DIST(4)

 

August 2024

 

May 2025

 

June 2025

 

 

267

 

 

N/A

 

Rider DIST(5)

 

August 2025

 

Pending

 

June 2026

 

 

333

 

 

 

66

 

Rider GEN

 

June 2024

 

February 2025

 

April 2025

 

 

438

 

 

N/A

 

Rider GEN

 

June 2024

 

February 2025

 

April 2026

 

 

311

 

 

 

(127

)

Rider OSW(6)

 

November 2024

 

August 2025

 

September 2025

 

 

639

 

 

 

153

 

Rider OSW

 

October 2025

 

Pending

 

September 2026

 

 

665

 

 

 

26

 

Rider RPS

 

December 2024

 

August 2025

 

September 2025

 

 

609

 

 

 

251

 

Rider RPS

 

December 2025

 

Pending

 

September 2026

 

 

442

 

 

 

(167

)

Rider SNA(7)

 

October 2024

 

July 2025

 

September 2025

 

 

207

 

 

 

138

 

Rider SNA

 

October 2025

 

Pending

 

September 2026

 

 

233

 

 

 

26

 

Rider T1(8)

 

May 2025

 

August 2025

 

September 2025

 

 

1,343

 

 

 

173

 

DSM Riders(9)

 

December 2024

 

August 2025

 

September 2025

 

 

96

 

 

 

10

 

DSM Riders(10)

 

December 2025

 

Pending

 

September 2026

 

 

114

 

 

 

18

 

 

(1)
In addition, Virginia Power has riders associated with other projects with an aggregate total annual revenue requirement of approximately $54 million at December 31, 2025 and pending applications associated with such riders, including the Chesterfield Energy Reliability Center described above, which if approved, would result in a net increase of approximately $50 million.
(2)
Associated with two solar generation projects, two small-scale solar projects and 19 purchased power agreements in addition to previously approved Rider CE projects.
(3)
Associated with six solar generation projects, including Bedford and Pumpkinseed (non-jurisdictional generation facilities with an aggregate recorded cost of $251 million at September 30, 2025), two energy storage projects, three small-scale solar projects, 10 purchased power agreements and certain costs associated with expanding solar and storage facilities in addition to previously approved Rider CE projects.
(4)
Rider DIST consists of $100 million in total revenue requirement for certain previously approved electric distribution grid transformation projects and $167 million for previously approved phases and proposed phase eight of certain new underground distribution facilities.
(5)
This application includes $120 million in total revenue requirement for certain previously approved electric distribution grid transformation projects, $178 million for previously approved phases and proposed phase nine of certain new underground distribution facilities and $35 million for certain previously approved rural broadband capacity projects, including $25 million being collected under a rider associated with rural broadband capacity. If approved, the rider associated with the rural broadband capacity projects would be consolidated into Rider DIST and separate collection of rates under the rural broadband rider would cease effective June 1, 2026.
(6)
The Virginia Commission also approved the establishment of a decommissioning trust fund associated with the CVOW Commercial Project. As a result, the applicable amount included within the total revenue requirement for Rider OSW will be allocated for such purposes.
(7)
The Virginia Commission also approved Virginia Power’s request for cost recovery of approximately $1.7 billion through Rider SNA for the second phase of the nuclear life extension program which includes investments for calendar years 2025 through 2027.
(8)
Consists of $561 million for the transmission component of Virginia Power’s base rates and $782 million for Rider T1.
(9)
Associated with three redesigned energy efficiency programs and one new and two redesigned demand response programs with a $218 million cost cap, with the ability to exceed the cost cap by no more than 15%.
(10)
Associated with two redesigned energy efficiency programs and seven new demand response programs with a $221 million cost cap, with the ability to exceed the cost cap by no more than 15%. Also in December 2025, Virginia Power filed a petition requesting Virginia Commission approval to conduct a pilot program to evaluate methods to optimize system demand through various technology applications and distributed energy resources, including the establishment of a VPP, as required by the Community Energy Act. In its petition, Virginia Power seeks to utilize certain programs previously approved by the Virginia Commission and incorporate newly proposed programs associated with the DSM Riders. The DSM Riders cost cap includes $64 million associated with the proposed VPP pilot program. The Virginia Commission has consolidated the DSM Riders and VPP pilot program petitions. This matter is pending.
v3.25.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 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:

 

 

December 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Prepayments

 

$

1

 

 

$

—

 

Regulatory assets-current

 

 

125

 

 

 

124

 

Other current assets(1)

 

 

51

 

 

 

41

 

Regulatory assets-noncurrent

 

 

868

 

 

 

1,040

 

    Total assets

 

$

1,045

 

 

$

1,205

 

Liabilities

 

 

 

 

 

 

Securities due within one
    year

 

$

171

 

 

$

163

 

Accrued interest, payroll
    and taxes

 

 

9

 

 

 

10

 

Securitization bonds

 

 

883

 

 

 

1,054

 

    Total liabilities

 

$

1,063

 

 

$

1,227

 
(1)
See Note 2 for additional information about restricted cash and equivalents at VPFS.
The Companies’ Consolidated Balance Sheets included balances for OSWP as follows:

 

 

December 31, 2025

 

 

December 31, 2024

 

(millions)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

149

 

 

$

70

 

Customer receivables

 

 

—

 

 

 

—

 

Prepayments

 

 

—

 

 

 

10

 

Regulatory assets-current

 

 

15

 

 

 

6

 

Property, plant and equipment

 

 

8,799

 

 

 

5,844

 

Regulatory assets-noncurrent

 

 

150

 

 

 

52

 

Other deferred charges and
    other assets

 

 

9

 

 

 

—

 

       Total assets

 

$

9,122

 

 

$

5,982

 

Liabilities

 

 

 

 

 

 

Accounts payable

 

$

2

 

 

$

—

 

Accrued interest, payroll
    and taxes

 

 

2

 

 

 

—

 

Other current liabilities

 

 

16

 

 

 

—

 

Asset retirement obligations-
    noncurrent

 

 

220

 

 

 

38

 

Other deferred credits and
    other liabilities

 

 

—

 

 

 

—

 

       Total liabilities

 

$

240

 

 

$

38

 
v3.25.4
Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Changes to Asset Retirement Obligations

The changes to AROs during 2024 and 2025 were as follows:

(millions)

Dominion
Energy

 

 

Virginia
Power

 

AROs at December 31, 2023

$

6,075

 

 

$

4,653

 

Obligations incurred during the period(1)

 

1,126

 

 

 

469

 

Obligations settled during the period

 

(347

)

 

 

(259

)

Revisions in estimated cash flows(2)

 

300

 

 

 

342

 

Accretion

 

272

 

 

 

192

 

AROs at December 31, 2024(3)

$

7,426

 

 

$

5,397

 

Obligations incurred during the period(4)

 

252

 

 

 

195

 

Obligations settled during the period

 

(351

)

 

 

(307

)

Revisions in estimated cash flows(5)

 

(69

)

 

 

(32

)

Accretion

 

329

 

 

 

227

 

AROs at December 31, 2025(3)

$

7,587

 

 

$

5,480

 

 

(1)
Primarily reflects AROs related to CCR remediation as discussed below.
(2)
Primarily reflects revisions for increased costs related to the completion of nuclear decommissioning cost studies for Millstone, Surry and North Anna inclusive of a charge of $122 million ($89 million after-tax) within impairment of assets and other charges in Dominion Energy’s Consolidated Statements of Income (reflected in the Corporate and Other segment). In addition, there were downward revisions for CCR remediation costs at Dominion Energy and future ash pond and landfill closure costs of certain electric generation facilities at Virginia Power.
(3)
Includes $352 million and $383 million reported in other current liabilities for Dominion Energy at December 31, 2024 and 2025, respectively.
(4)
Primarily reflects obligations incurred during construction of the CVOW Commercial Project.
(5)
Primarily reflects revisions for expected costs related to the completion of a nuclear decommissioning cost study for Summer resulting in a downward adjustment of $37 million and for Virginia Power’s future ash pond and landfill closure costs discussed below.
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets

At December 31, 2025 and 2024, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:

 

 

Dominion Energy

 

 

Virginia Power(1)

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Lease assets:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease assets(2)

 

$

639

 

 

$

588

 

 

$

644

 

 

$

410

 

Finance lease assets(3)

 

 

541

 

 

 

267

 

 

 

239

 

 

 

146

 

Total lease assets

 

$

1,180

 

 

$

855

 

 

$

883

 

 

$

556

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities(4)

 

$

39

 

 

$

36

 

 

$

163

 

 

$

22

 

Finance lease liabilities(5)

 

 

119

 

 

 

62

 

 

 

45

 

 

 

35

 

Total lease liabilities -
    current

 

 

158

 

 

 

98

 

 

 

208

 

 

 

57

 

Operating lease liabilities(6)

 

 

697

 

 

 

644

 

 

 

500

 

 

 

399

 

Finance lease liabilities(7)

 

 

436

 

 

 

214

 

 

 

194

 

 

 

110

 

Total lease liabilities -
   noncurrent

 

 

1,133

 

 

 

858

 

 

 

694

 

 

 

509

 

Total lease liabilities

 

$

1,291

 

 

$

956

 

 

$

902

 

 

$

566

 
(1)
See Note 25 for additional information about Virginia Power’s operating lease assets and liabilities with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel.
(2)
Balances are included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets
(3)
Balances are included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $251 million and $199 million for Dominion Energy, and $105 million and $88 million for Virginia Power, at December 31, 2025 and 2024, respectively, of accumulated amortization.
(4)
Balances are in other current liabilities in the Companies’ Consolidated Balance Sheets.
(5)
Balances are included in securities due within one year in the Companies’ Consolidated Balance Sheets
(6)
Balances are included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
(7)
Balances are included in other long-term debt in the Companies’ Consolidated Balance Sheets.
Summary of Total Lease Cost

For the years ended December 31, 2025, 2024 and 2023, total lease cost associated with the Companies’ leasing arrangements consisted of the following:

 

 

Dominion Energy

 

 

Virginia Power(1)

 

Year Ended
December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization(2)

 

$

56

 

 

$

54

 

 

$

50

 

 

$

28

 

 

$

24

 

 

$

24

 

Interest(3)

 

 

10

 

 

 

14

 

 

 

13

 

 

 

5

 

 

 

5

 

 

 

4

 

Operating lease cost(4)

 

 

92

 

 

 

81

 

 

 

70

 

 

 

72

 

 

 

60

 

 

 

43

 

Short-term lease cost(5)

 

 

22

 

 

 

22

 

 

 

32

 

 

 

58

 

 

 

16

 

 

 

23

 

Variable lease cost

 

 

5

 

 

 

6

 

 

 

6

 

 

 

2

 

 

 

2

 

 

 

2

 

Total lease cost

 

$

185

 

 

$

177

 

 

$

171

 

 

$

165

 

 

$

107

 

 

$

96

 
(1)
See Note 25 for additional information about Virginia Power’s operating lease cost for an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel.
(2)
Dominion Energy includes $3 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
(3)
Dominion Energy includes $1 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
(4)
Dominion Energy includes $5 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
(5)
Dominion Energy includes $2 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
Cash Paid for Amounts Included in Measurement of Lease Liabilities

For the years ended December 31, 2025, 2024 and 2023, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended
December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash
   flows for
   finance leases

 

$

14

 

 

$

14

 

 

$

13

 

 

$

5

 

 

$

5

 

 

$

4

 

Operating cash
   flows for
   operating
   leases

 

 

117

 

 

 

106

 

 

 

105

 

 

 

125

 

 

 

74

 

 

 

64

 

Financing cash
   flows for
   finance leases

 

 

70

 

 

 

50

 

 

 

47

 

 

 

28

 

 

 

23

 

 

 

19

 
Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases

At December 31, 2025 and 2024, the weighted-average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:

 

 

Dominion Energy

 

Virginia Power

December 31,

 

2025

 

2024

 

2025

 

2024

Weighted-average
   remaining lease term -
   finance leases

 

7 years

 

5 years

 

11 years

 

5 years

Weighted-average
   remaining lease term -
   operating leases

 

31 years

 

31 years

 

23 years

 

32 years

Weighted-average
   discount rate - finance
   leases

 

6.19%

 

5.61%

 

6.95%

 

6.71%

Weighted-average
   discount rate -
   operating leases

 

4.52%

 

4.42%

 

4.66%

 

5.13%
Scheduled Maturities of Lease Liabilities

The Companies’ lease liabilities have the following maturities:

Maturity of Lease Liabilities

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

Operating

 

 

Finance

 

 

Operating

 

 

Finance

 

2026

 

$

48

 

 

$

131

 

 

$

66

 

 

$

58

 

2027

 

 

70

 

 

 

135

 

 

 

200

 

 

 

50

 

2028

 

 

38

 

 

 

126

 

 

 

70

 

 

 

43

 

2029

 

 

45

 

 

 

109

 

 

 

31

 

 

 

35

 

2030

 

 

35

 

 

 

76

 

 

 

21

 

 

 

25

 

After 2030

 

 

1,116

 

 

 

201

 

 

 

727

 

 

 

200

 

Total undiscounted
   lease payments

 

 

1,352

 

 

 

778

 

 

 

1,115

 

 

 

411

 

Present value
   adjustment

 

 

(616

)

 

 

(223

)

 

 

(452

)

 

 

(172

)

Present value of
   lease liabilities

 

$

736

 

 

$

555

 

 

$

663

 

 

$

239

 
v3.25.4
Short Term Debt and Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility discussed above and its 364-day revolving credit agreement, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper(1)

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

$

7,000

 

 

$

2,035

 

 

$

1

 

 

$

4,964

 

364-day revolving credit
   facility(3)

 

 

1,000

 

 

 

—

 

 

 

 

 

 

1,000

 

Total

 

$

8,000

 

 

$

2,035

 

 

$

1

 

 

$

5,964

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

$

6,000

 

 

$

2,061

 

 

$

10

 

 

$

3,929

 

Total

 

$

6,000

 

 

$

2,061

 

 

$

10

 

 

$

3,929

 

(1) The weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s joint revolving credit facility was 4.08% and 4.74% at December 31, 2025 and 2024, respectively.

(2)
This credit facility 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, for working capital and other general corporate purposes. Through February 2026, Dominion Energy had $14 million in letters of credit issued and outstanding under this facility.
(3)
This credit facility, entered into in April 2025 with certain lenders, matures in April 2026 and contains a maximum allowed total debt to total capital ratio consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. This credit facility can be used to support bank borrowings and the issuance of commercial paper.
Virginia Electric and Power Company  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC were as follows:

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper(1)

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

At December 31, 2025

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

$

7,000

 

 

$

675

 

 

$

—

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

Joint revolving credit
   facility(2)

 

 

6,000

 

 

 

950

 

 

 

10

 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 4.04% and 4.73% at December 31, 2025 and 2024, respectively.
(2)
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 December 31, 2025, the sub-limit for Virginia Power was $4.0 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 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, for working capital and other general corporate purposes.
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long term Debt

 

2025
Weighted-
average
Coupon(1)

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sustainability Revolving Credit Agreement, variable rate, due 2028(2)

 

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Unsecured Senior Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.45% to 7.00%, due 2025 to 2052(3)

 

4.36

%

 

 

12,526

 

 

 

11,176

 

 

 

 

 

 

 

Junior Subordinated Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to Affiliated Trust, 8.40%, due 2031

 

8.40

%

 

 

10

 

 

 

10

 

 

 

 

 

 

 

6.00% to 7.00%, due 2054 to 2056

 

6.48

%

 

 

6,025

 

 

 

3,250

 

 

 

 

 

 

 

Virginia Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes, 2.30% to 8.875%, due 2025 to 2055

 

4.53

%

 

 

21,385

 

 

 

18,785

 

 

$

21,385

 

 

$

18,785

 

Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041(4)

 

3.52

%

 

 

625

 

 

 

625

 

 

 

625

 

 

 

625

 

Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029
   and 2033

 

4.92

%

 

 

1,054

 

 

 

1,217

 

 

 

1,054

 

 

 

1,217

 

DESC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Mortgage Bonds, 2.30% to 6.625%, due 2028 to 2065

 

5.24

%

 

 

4,584

 

 

 

4,134

 

 

 

 

 

 

 

Tax-Exempt Financings(5):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate due 2038

 

3.36

%

 

 

35

 

 

 

35

 

 

 

 

 

 

 

3.625% and 4.00%, due 2028 and 2033

 

3.90

%

 

 

54

 

 

 

54

 

 

 

 

 

 

 

GENCO, variable rate due 2038

 

3.36

%

 

 

33

 

 

 

33

 

 

 

 

 

 

 

Other

 

3.56

%

 

 

1

 

 

 

1

 

 

 

 

 

 

 

Total Principal

 

 

 

$

46,332

 

 

$

39,320

 

 

$

23,064

 

 

$

20,627

 

Securities due within one year(6)

 

 

 

 

(2,290

)

 

 

(1,662

)

 

 

(1,321

)

 

 

(513

)

Unamortized discount, premium and debt issuance costs, net

 

 

 

 

(403

)

 

 

(347

)

 

 

(209

)

 

 

(186

)

Finance leases

 

 

 

 

436

 

 

 

214

 

 

 

194

 

 

 

110

 

Total long-term debt

 

 

 

$

44,075

 

 

$

37,525

 

 

$

21,728

 

 

$

20,038

 

 

(1)
Represents weighted-average coupon rates for debt outstanding at December 31, 2025.
(2)
This $1.0 billion supplemental credit facility, entered in 2021, most recently amended in April 2025, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corporate purposes, but such proceeds are not eligible for a reduced interest rate margin. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In May 2024, Dominion Energy repaid $450 million borrowed to support environmental sustainability and social investment initiatives. In April 2025, the facility 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. In February 2026, Dominion Energy borrowed $500 million with the proceeds used to support environmental sustainability and social investment initiatives.
(3)
Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
(4)
These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
(5)
Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2026.
(6)
Dominion Energy and Virginia Power’s weighted-average rate for securities due within one year was 2.80% and 3.34%, respectively, at December 31, 2025.
Schedule Of Principal Payments Of Long Term Debt

Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2025 were as follows:

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Mortgage Bonds

 

$

—

 

 

$

—

 

 

$

53

 

 

$

—

 

 

$

—

 

 

$

4,531

 

 

$

4,584

 

Unsecured Senior Notes

 

 

2,120

 

 

 

1,783

 

 

 

2,195

 

 

 

500

 

 

 

2,300

 

 

 

25,014

 

 

 

33,912

 

Senior Secured Deferred Fuel Cost Bonds

 

 

171

 

 

 

180

 

 

 

190

 

 

 

198

 

 

 

208

 

 

 

107

 

 

 

1,054

 

Tax-Exempt Financings

 

 

—

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

—

 

 

 

708

 

 

 

747

 

Junior Subordinated Notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,035

 

 

 

6,035

 

Total

 

$

2,291

 

 

$

1,963

 

 

$

2,477

 

 

$

698

 

 

$

2,508

 

 

$

36,395

 

 

$

46,332

 

Weighted-average Coupon

 

 

2.80

%

 

 

3.86

%

 

 

4.31

%

 

 

3.44

%

 

 

4.02

%

 

 

5.09

%

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes

 

$

1,150

 

 

$

1,350

 

 

$

700

 

 

$

500

 

 

$

—

 

 

$

17,685

 

 

$

21,385

 

Senior Secured Deferred Fuel Cost Bonds

 

 

171

 

 

 

180

 

 

 

190

 

 

 

198

 

 

 

208

 

 

 

107

 

 

 

1,054

 

Tax-Exempt Financings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

625

 

 

 

625

 

Total

 

$

1,321

 

 

$

1,530

 

 

$

890

 

 

$

698

 

 

$

208

 

 

$

18,417

 

 

$

23,064

 

Weighted-average Coupon

 

 

3.34

%

 

 

3.77

%

 

 

4.03

%

 

 

3.44

%

 

 

4.88

%

 

 

4.73

%

 

 

 
v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 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)

 

 

Investment
Securities

 

 

Pension and other
postretirement benefit costs(2)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(229

)

 

$

(19

)

 

$

38

 

 

$

(210

)

Beginning balance, tax

 

58

 

 

9

 

 

 

(9

)

 

58

 

Beginning balance, net of tax

 

 

(171

)

 

 

(10

)

 

 

29

 

 

 

(152

)

Other comprehensive income before reclassifications: gains (losses)

 

 

5

 

 

 

15

 

 

 

—

 

 

 

20

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

39

 

 

 

 

 

 

 

 

 

39

 

Other income (expense)

 

 

 

 

 

(7

)

 

 

(12

)

 

 

(19

)

Total

 

 

39

 

 

 

(7

)

 

 

(12

)

 

 

20

 

Income tax expense (benefit)

 

 

(10

)

 

 

2

 

 

 

2

 

 

 

(6

)

Total, net of tax

 

 

29

 

 

 

(5

)

 

 

(10

)

 

 

14

 

Net current period other comprehensive income (loss)

 

 

34

 

 

 

10

 

 

 

(10

)

 

 

34

 

Ending balance, net of tax

 

 

(137

)

 

 

—

 

 

 

19

 

 

 

(118

)

Ending balance, tax

 

 

46

 

 

 

—

 

 

 

(7

)

 

 

39

 

Ending balance

 

$

(183

)

 

$

—

 

 

$

26

 

 

$

(157

)

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(289

)

 

$

2

 

 

$

57

 

 

$

(230

)

Beginning balance, tax

 

 

73

 

 

 

(1

)

 

 

(14

)

 

 

58

 

Beginning balance, net of tax

 

 

(216

)

 

 

1

 

 

 

43

 

 

 

(172

)

Other comprehensive income before reclassifications: gains (losses)

 

 

13

 

 

 

(19

)

 

 

(2

)

 

 

(8

)

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

43

 

 

 

 

 

 

 

 

 

43

 

Other income (expense)

 

 

—

 

 

 

11

 

 

 

(16

)

 

 

(5

)

Total

 

 

43

 

 

 

11

 

 

 

(16

)

 

 

38

 

Income tax expense (benefit)

 

 

(11

)

 

 

(3

)

 

 

4

 

 

 

(10

)

Total, net of tax

 

 

32

 

 

 

8

 

 

 

(12

)

 

 

28

 

Net current period other comprehensive income (loss)

 

 

45

 

 

 

(11

)

 

 

(14

)

 

 

20

 

Ending balance, net of tax

 

 

(171

)

 

 

(10

)

 

 

29

 

 

 

(152

)

Ending balance, tax

 

 

58

 

 

 

9

 

 

 

(9

)

 

 

58

 

Ending balance

 

$

(229

)

 

$

(19

)

 

$

38

 

 

$

(210

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Comprised entirely of prior service cost. See Note 22 for additional information.
Summary of Restricted Stock Activity

The following table provides a summary of restricted stock activity for the years ended December 31, 2025, 2024 and 2023:

 

 

Shares (millions)

 

 

Weighted-average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

1.4

 

 

$

75.56

 

Granted

 

1.0

 

 

 

48.99

 

Vested

 

(0.4

)

 

 

79.89

 

Cancelled and forfeited

 

(0.1

)

 

 

53.36

 

Nonvested at December 31, 2023

 

1.9

 

 

$

61.34

 

Granted

 

0.7

 

 

 

55.58

 

Vested

 

(0.5

)

 

 

71.05

 

Cancelled and forfeited

 

(0.2

)

 

 

43.13

 

Nonvested at December 31, 2024

 

1.9

 

 

$

57.10

 

Granted

 

0.5

 

 

 

59.19

 

Vested

 

(0.4

)

 

 

73.43

 

Cancelled and forfeited

 

(0.1

)

 

 

58.03

 

Nonvested at December 31, 2025

 

 

1.9

 

 

$

53.94

 
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 reclassification out of AOCI by component:

 

 

 

Total Derivative-
Hedging Activities(1)

 

 

Investment
Securities

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

38

 

 

$

(1

)

 

$

37

 

Beginning balance, tax

 

 

(10

)

 

 

1

 

 

 

(9

)

Beginning balance, net of tax

 

 

28

 

 

 

—

 

 

 

28

 

Other comprehensive income before reclassifications: gains (losses)

 

 

5

 

 

 

—

 

 

 

5

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

(1

)

 

 

 

 

 

(1

)

Other income (expense)

 

 

 

 

 

1

 

 

 

1

 

Total

 

 

(1

)

 

 

1

 

 

 

—

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

(1

)

 

 

—

 

 

 

(1

)

Net current period other comprehensive income (loss)

 

 

4

 

 

 

—

 

 

 

4

 

Ending balance, net of tax

 

 

32

 

 

 

—

 

 

 

32

 

Ending balance, tax

 

 

(11

)

 

 

—

 

 

 

(11

)

Ending balance

 

 

43

 

 

 

—

 

 

 

43

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

20

 

 

$

1

 

 

$

21

 

Beginning balance, tax

 

 

(5

)

 

 

1

 

 

 

(4

)

Beginning balance, net of tax

 

 

15

 

 

 

2

 

 

 

17

 

Other comprehensive income before reclassifications: gains (losses)

 

 

13

 

 

 

(5

)

 

 

8

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

—

 

 

 

4

 

 

 

4

 

Total

 

 

—

 

 

 

4

 

 

 

4

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

3

 

 

 

3

 

Net current period other comprehensive income (loss)

 

 

13

 

 

 

(2

)

 

 

11

 

Ending balance, net of tax

 

 

28

 

 

 

—

 

 

 

28

 

Ending balance, tax

 

 

(10

)

 

 

1

 

 

 

(9

)

Ending balance

 

$

38

 

 

$

(1

)

 

$

37

 
Comprised entirely of interest rate derivative hedging activities.
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension Plan and Other Postretirement Benefit Plan Obligations and Plan Assets and Includes a Statement of the Plans Funded Status

The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Changes in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

7,652

 

 

$

8,431

 

 

$

1,018

 

 

$

1,109

 

Service cost

 

 

76

 

 

 

83

 

 

 

11

 

 

 

11

 

Interest cost

 

 

433

 

 

 

431

 

 

 

57

 

 

 

57

 

Benefits paid

 

 

(533

)

 

 

(504

)

 

 

(82

)

 

 

(88

)

Actuarial loss (gain) during the year

 

 

241

 

 

 

(404

)

 

 

(17

)

 

 

(43

)

Plan amendments

 

 

(5

)

 

 

30

 

 

 

—

 

 

 

—

 

Settlements and curtailments(1)

 

 

(13

)

 

 

(415

)

 

 

—

 

 

 

(28

)

Benefit obligation at end of year

 

$

7,851

 

 

$

7,652

 

 

$

987

 

 

$

1,018

 

Changes in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

8,478

 

 

$

9,087

 

 

$

2,203

 

 

$

2,062

 

Actual return gain on plan assets

 

 

931

 

 

 

503

 

 

 

254

 

 

 

235

 

Employer contributions

 

 

33

 

 

 

76

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(533

)

 

 

(504

)

 

 

(63

)

 

 

(54

)

Plan amendments

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

—

 

Settlements(2)

 

 

(13

)

 

 

(684

)

 

 

—

 

 

 

(40

)

Fair value of plan assets at end of year

 

$

8,891

 

 

$

8,478

 

 

$

2,394

 

 

$

2,203

 

Funded status at end of year

 

$

1,040

 

 

$

826

 

 

$

1,407

 

 

$

1,185

 

Amounts recognized in the Consolidated Balance Sheets at December 31:

 

 

 

 

 

 

 

 

 

 

Noncurrent pension and other postretirement benefit assets

 

$

1,073

 

 

$

883

 

 

$

1,585

 

 

$

1,356

 

Other current liabilities

 

 

(5

)

 

 

(7

)

 

 

(13

)

 

 

(13

)

Noncurrent pension and other postretirement benefit liabilities(3)

 

 

(28

)

 

 

(50

)

 

 

(165

)

 

 

(158

)

Net amount recognized

 

$

1,040

 

 

$

826

 

 

$

1,407

 

 

$

1,185

 

Significant assumptions used to determine benefit obligations at December 31:

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.59%-5.69%

 

 

5.84%-5.87%

 

 

5.60%-5.66%

 

 

5.83%-5.86%

 

Weighted-average rate of increase for compensation

 

4.38%

 

 

4.40%

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and similar plans

 

4.34%-4.44%

 

 

4.59%-4.62%

 

 

n/a

 

 

n/a

 
(1)
2025 and 2024 include amounts related to settlements of nonqualified pension obligations. Additionally, 2024 amounts include settlements and curtailment related to the East Ohio and Questar Gas Transactions.
(2)
2025 and 2024 include amounts related to settlements of nonqualified pension obligations. Additionally, 2024 amounts include settlements related to the East Ohio and Questar Gas Transactions.
(3)
Presented within other deferred credits and other liabilities in Dominion Energy's Consolidated Balance Sheets.
Benefit Obligation in Excess of Plan Asset

The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation

 

$

718

 

 

$

724

 

 

$

177

 

 

$

171

 

Fair value of plan assets

 

 

685

 

 

 

666

 

 

 

—

 

 

 

—

 

 
Accumulated Benefit Obligation in Excess of Plan Assets

The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Accumulated benefit obligation

 

$

26

 

 

$

715

 

Fair value of plan assets

 

 

—

 

 

 

666

 
Benefit Payments Expected Future Service

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s plans:

 

 

 

Estimated Future Benefit Payments

 

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

(millions)

 

 

 

 

 

 

2026

 

$

545

 

 

$

83

 

2027

 

 

553

 

 

 

82

 

2028

 

 

560

 

 

 

80

 

2029

 

 

568

 

 

 

80

 

2030

 

 

573

 

 

 

79

 

2031-2035

 

 

2,913

 

 

 

386

 
Fair Values of Pension and Post Retirement Plan Assets by Asset Category

The fair values of Dominion Energy’s pension plan assets by asset category are as follows:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

1

 

 

$

2

 

 

$

—

 

 

$

3

 

 

$

395

 

 

$

—

 

 

$

—

 

 

$

395

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

565

 

 

 

—

 

 

 

—

 

 

 

565

 

 

 

1,004

 

 

 

—

 

 

 

—

 

 

 

1,004

 

International

 

 

604

 

 

 

—

 

 

 

—

 

 

 

604

 

 

 

723

 

 

 

1

 

 

 

—

 

 

 

724

 

Insurance contracts

 

 

—

 

 

 

135

 

 

 

73

 

 

 

208

 

 

 

—

 

 

 

139

 

 

 

73

 

 

 

212

 

Corporate debt instruments

 

 

113

 

 

 

870

 

 

 

—

 

 

 

983

 

 

 

70

 

 

 

486

 

 

 

11

 

 

 

567

 

Government securities

 

 

61

 

 

 

2,027

 

 

 

—

 

 

 

2,088

 

 

 

16

 

 

 

1,303

 

 

 

—

 

 

 

1,319

 

Total recorded at fair value

 

$

1,344

 

 

$

3,034

 

 

$

73

 

 

$

4,451

 

 

$

2,208

 

 

$

1,929

 

 

$

84

 

 

$

4,221

 

Assets recorded at NAV(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

2,025

 

 

 

 

 

 

 

 

 

 

 

 

1,771

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

37

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

1,449

 

 

 

 

 

 

 

 

 

 

 

 

1,304

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

205

 

 

 

 

 

 

 

 

 

 

 

 

188

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

613

 

 

 

 

 

 

 

 

 

 

 

 

319

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

4,317

 

 

 

 

 

 

 

 

 

 

 

$

3,619

 

Total investments(2)

 

 

 

 

 

 

 

 

 

 

$

8,768

 

 

 

 

 

 

 

 

 

 

 

$

7,840

 

 

(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(2)
Excludes net assets related to non interest-bearing cash of $39 million, pending sales of securities and advanced subscription of $64 million and net accrued income of $34 million, and includes net assets related to pending purchases of securities of $14 million at December 31, 2025. Excludes net assets related to pending sales of securities of $633 million and net accrued income of $21 million, and includes net assets related to pending purchases of securities of $16 million at December 31, 2024.

The fair values of Dominion Energy’s other postretirement plan assets by asset category are as follows:

 

At December 31,

 

2025

 

 

2024

 

(millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

7

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

498

 

 

 

—

 

 

 

—

 

 

 

498

 

 

 

946

 

 

 

—

 

 

 

—

 

 

 

946

 

International

 

 

60

 

 

 

—

 

 

 

—

 

 

 

60

 

 

 

74

 

 

 

—

 

 

 

—

 

 

 

74

 

Insurance contracts

 

 

—

 

 

 

8

 

 

 

4

 

 

 

12

 

 

 

—

 

 

 

8

 

 

 

5

 

 

 

13

 

Corporate debt instruments

 

 

173

 

 

 

51

 

 

 

—

 

 

 

224

 

 

 

183

 

 

 

30

 

 

 

1

 

 

 

214

 

Government securities

 

 

416

 

 

 

394

 

 

 

—

 

 

 

810

 

 

 

165

 

 

 

82

 

 

 

—

 

 

 

247

 

Total recorded at fair value

 

$

1,147

 

 

$

453

 

 

$

4

 

 

$

1,604

 

 

$

1,375

 

 

$

120

 

 

$

6

 

 

$

1,501

 

Assets recorded at NAV(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

433

 

 

 

 

 

 

 

 

 

 

 

 

495

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

172

 

 

 

 

 

 

 

 

 

 

 

 

147

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

 

 

 

 

 

 

12

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

768

 

 

 

 

 

 

 

 

 

 

 

$

683

 

Total investments(2)

 

 

 

 

 

 

 

 

 

 

$

2,372

 

 

 

 

 

 

 

 

 

 

 

$

2,184

 

 

(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(2)
Excludes net assets related to non interest-bearing cash of $2 million, pending sales of securities and advanced subscription of $15 million and net accrued income of $7 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2025. Excludes net assets related to pending sales of securities and advanced subscription of $19 million and net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2024.
Schedule of Net Change In Pension And Other Postretirement Plan Assets Included in Level 3 Fair Value

The following table presents the net change in the Dominion Energy’s pension and other postretirement plan assets included in the Level 3 fair value category:

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

(millions)

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

Beginning balance

 

$

84

 

 

$

—

 

 

$

—

 

 

$

6

 

 

$

—

 

 

$

—

 

Total realized and
   unrealized (losses) gains

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

Purchases

 

 

—

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

Sales

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

Transfers into Level 3

 

 

—

 

 

 

73

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

—

 

Ending balance

 

$

73

 

 

$

84

 

 

$

—

 

 

$

4

 

 

$

6

 

 

$

—

 
Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy plans are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

76

 

 

$

83

 

 

$

96

 

 

$

11

 

 

$

11

 

 

$

14

 

Interest cost

 

 

433

 

 

 

431

 

 

 

442

 

 

 

57

 

 

 

57

 

 

 

61

 

Expected return on plan assets

 

 

(676

)

 

 

(811

)

 

 

(864

)

 

 

(159

)

 

 

(171

)

 

 

(151

)

Amortization of prior service cost (credit)

 

 

1

 

 

 

1

 

 

 

—

 

 

 

(26

)

 

 

(36

)

 

 

(36

)

Net actuarial (gain) loss(1)

 

 

(14

)

 

 

(96

)

 

 

304

 

 

 

(112

)

 

 

(107

)

 

 

(125

)

Settlements, curtailments and special
   termination benefits(2)

 

 

—

 

 

 

(56

)

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

—

 

Plan amendment

 

 

—

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(180

)

 

$

(426

)

 

$

(22

)

 

$

(229

)

 

$

(250

)

 

$

(237

)

Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:

 

Prior service cost

 

 

—

 

 

 

6

 

 

 

2

 

 

 

—

 

 

 

4

 

 

 

—

 

Less amounts included in net periodic
   benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service (cost) credit

 

 

(1

)

 

 

(1

)

 

 

—

 

 

 

26

 

 

 

36

 

 

 

36

 

Total recognized in other comprehensive
   income and regulatory assets and liabilities

 

$

(1

)

 

$

5

 

 

$

2

 

 

$

26

 

 

$

40

 

 

$

36

 

Significant assumptions used to determine periodic cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.84%-5.87%

 

 

5.37%-5.75%

 

 

5.65%-5.75%

 

 

5.83%-5.86%

 

 

5.40%-5.74%

 

 

5.69%-5.70%

 

Expected long-term rate of return on plan
   assets

 

7.35%

 

 

7.00%-8.35%

 

 

7.00%-8.35%

 

 

7.35%

 

 

8.35%

 

 

8.35%

 

Weighted-average rate of increase for
   compensation

 

4.40%

 

 

4.28%

 

 

4.38%

 

 

n/a

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and
   similar plans

 

4.59%-4.62%

 

 

4.12%-4.50%

 

 

4.40%-4.50%

 

 

n/a

 

 

n/a

 

 

n/a

 

Healthcare cost trend rate(3)

 

 

 

 

 

 

 

 

 

 

7.00%

 

 

7.00%

 

 

7.00%

 

Rate to which the cost trend rate is assumed
   to decline (the ultimate trend rate)(3)

 

 

 

 

 

 

 

 

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

Year that the rate reaches the ultimate trend
   rate(3)

 

 

 

 

 

 

 

 

 

 

2032

 

 

2031

 

 

2030

 
(1)
Excludes amortization expense (benefit) from regulatory assets and liabilities of $7 million, $2 million and $39 million for the years ended December 31, 2025, 2024 and 2023, respectively, reflected in other income (expense) in Dominion Energy’s Consolidated Statement of Income.
(2)
2024 amounts relate primarily to the East Ohio Transaction.
(3)
Assumptions used to determine net periodic cost for the following year.
Components of AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost

The components of AOCI and regulatory assets and liabilities for Dominion Energy’s plans that have not been recognized as components of net periodic benefit (credit) cost are as follows:

 

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

At December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory assets and
   liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

523

 

 

$

496

 

 

$

(99

)

 

$

(65

)

Prior service cost (credit)

 

 

7

 

 

 

8

 

 

 

(27

)

 

 

(41

)

AOCI:

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

 

2

 

 

 

2

 

 

 

(28

)

 

 

(40

)

Total

 

$

532

 

 

$

506

 

 

$

(154

)

 

$

(146

)
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Long-term Purchase Commitment

At December 31, 2025, Dominion Energy had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services:

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased
   electric
   capacity(1)

 

$

85

 

 

$

86

 

 

$

85

 

 

$

84

 

 

$

85

 

 

$

456

 

 

$

881

 
(1)
Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2040. Energy payments are generally based on fixed dollar amounts per month and totaled $71 million and $60 million for the years ended December 31, 2025 and 2024, respectively.
Schedule of Subsidiary Guarantees

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

 

 

 

Maximum Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,878

 

Nuclear obligations(2)

 

 

198

 

Solar(3)

 

 

85

 

Other(4)

 

 

366

 

Total(5)(6)

 

$

3,527

 
(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.
(6)
In July 2016, Dominion Energy signed an agreement 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.
v3.25.4
Related-Party Transactions (Tables)
 12 Months Ended
Dec. 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:

 

Year Ended December 31,

 

2025

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

941

 

 

$

585

 

 

$

582

 

Services provided by affiliates(1)(2)

 

 

823

 

 

 

667

 

 

 

605

 

Services provided to affiliates

 

 

16

 

 

 

22

 

 

 

20

 

 

(1)
Includes capitalized expenditures of $305 million, $234 million and $210 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)
Excludes amounts related to Virginia Power's operating lease with an affiliated entity as discussed below and in Note 15.
v3.25.4
Operating Segments (Tables)
 12 Months Ended
Dec. 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 and offshore wind installation vessel operations.
Schedule of Segment Reporting Information, by Segment

The following table presents segment information pertaining to Dominion Energy’s 2025 operations:

 

Year Ended December 31, 2025

 

Dominion
Energy Virginia

 

 

Dominion
Energy
South Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

11,843

 

 

$

3,568

 

 

$

1,140

 

 

$

(45

)

 

$

—

 

 

$

16,506

 

Intersegment revenue

 

 

(3

)

 

 

10

 

 

 

39

 

 

 

1,217

 

 

 

(1,263

)

 

 

—

 

Total Operating Revenue

 

 

11,840

 

 

 

3,578

 

 

 

1,179

 

 

 

1,172

 

 

 

(1,263

)

 

 

16,506

 

Electric fuel and other energy-related
    purchases(1)

 

 

3,591

 

 

 

795

 

 

 

114

 

 

 

—

 

 

 

(11

)

 

 

4,489

 

Purchased electric capacity(1)

 

 

71

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

82

 

Purchased gas(1)

 

 

—

 

 

 

291

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

297

 

Other operations and maintenance(1)(2)

 

 

2,264

 

 

 

691

 

 

 

532

 

 

 

1,806

 

 

 

(1,229

)

 

 

4,064

 

Depreciation and amortization(1)

 

 

1,623

 

 

 

569

 

 

 

118

 

 

 

91

 

 

 

(14

)

 

 

2,387

 

Other taxes(1)

 

 

361

 

 

 

303

 

 

 

58

 

 

 

62

 

 

 

(11

)

 

 

773

 

Total Operating Expenses

 

 

7,910

 

 

 

2,662

 

 

 

828

 

 

 

1,959

 

 

 

(1,267

)

 

 

12,092

 

Interest and related charges(1)

 

 

957

 

 

 

273

 

 

 

55

 

 

 

939

 

 

 

(202

)

 

 

2,022

 

Income tax expense (benefit)(1)

 

 

514

 

 

 

123

 

 

 

(22

)

 

 

(83

)

 

 

—

 

 

 

532

 

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

 

 

—

 

 

 

—

 

 

 

1

 

 

 

(7

)

 

 

—

 

 

 

(6

)

Other income (expense)(3)

 

 

167

 

 

 

1

 

 

 

(6

)

 

 

933

 

 

 

(9

)

 

 

1,086

 

Interest income(3)

 

 

23

 

 

 

14

 

 

 

125

 

 

 

174

 

 

 

(197

)

 

 

139

 

Net Loss from Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14

)

 

 

—

 

 

 

(14

)

Noncontrolling Interests(3)

 

 

324

 

 

 

—

 

 

 

—

 

 

 

(257

)

 

 

—

 

 

 

67

 

Net Income (Loss) Attributable to Dominion
    Energy

 

 

2,325

 

 

 

535

 

 

 

438

 

 

 

(300

)

 

 

—

 

 

 

2,998

 

Investment in equity method investees(4)

 

 

—

 

 

 

—

 

 

 

92

 

 

 

40

 

 

 

—

 

 

 

132

 

Capital expenditures

 

 

10,548

 

 

 

1,174

 

 

 

831

 

 

 

101

 

 

 

(1

)

 

 

12,653

 

Total assets (billions)

 

 

80.8

 

 

 

19.3

 

 

 

12.1

 

 

 

10.2

 

 

 

(6.5

)

 

 

115.9

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.
(4)
Excludes liability to Atlantic Coast Pipeline.

 

The following table presents segment information pertaining to Dominion Energy’s 2024 operations:

 

Year Ended December 31, 2024

 

Dominion
Energy Virginia

 

 

Dominion
Energy
South Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

10,226

 

 

$

3,295

 

 

$

1,099

 

 

$

(161

)

 

$

—

 

 

$

14,459

 

Intersegment revenue

 

 

9

 

 

 

9

 

 

 

10

 

 

 

1,002

 

 

 

(1,030

)

 

 

—

 

Total Operating Revenue

 

 

10,235

 

 

 

3,304

 

 

 

1,109

 

 

 

841

 

 

 

(1,030

)

 

 

14,459

 

Electric fuel and other energy-related
    purchases(1)

 

 

2,743

 

 

 

775

 

 

 

102

 

 

 

—

 

 

 

(6

)

 

 

3,614

 

Purchased electric capacity(1)

 

 

68

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

74

 

Purchased gas(1)

 

 

—

 

 

 

260

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

260

 

Other operations and maintenance(1)(2)

 

 

2,217

 

 

 

671

 

 

 

487

 

 

 

1,827

 

 

 

(1,014

)

 

 

4,188

 

Depreciation and amortization(1)

 

 

1,635

 

 

 

546

 

 

 

76

 

 

 

88

 

 

 

—

 

 

 

2,345

 

Other taxes(1)

 

 

332

 

 

 

292

 

 

 

53

 

 

 

62

 

 

 

(8

)

 

 

731

 

Total Operating Expenses

 

 

6,995

 

 

 

2,552

 

 

 

718

 

 

 

1,977

 

 

 

(1,030

)

 

 

11,212

 

Interest and related charges(1)

 

 

856

 

 

 

276

 

 

 

36

 

 

 

912

 

 

 

(187

)

 

 

1,893

 

Income tax expense (benefit)(1)

 

 

446

 

 

 

80

 

 

 

121

 

 

 

(236

)

 

 

—

 

 

 

411

 

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

 

 

—

 

 

 

—

 

 

 

9

 

 

 

(6

)

 

 

—

 

 

 

3

 

Other income (expense)(3)

 

 

100

 

 

 

(5

)

 

 

(15

)

 

 

614

 

 

 

—

 

 

 

694

 

Interest income(3)

 

 

23

 

 

 

7

 

 

 

131

 

 

 

170

 

 

 

(187

)

 

 

144

 

Net Income from Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

197

 

 

 

—

 

 

 

197

 

Noncontrolling Interests(3)

 

 

50

 

 

 

—

 

 

 

—

 

 

 

(103

)

 

 

—

 

 

 

(53

)

Net Income (Loss) Attributable to Dominion
    Energy

 

 

2,011

 

 

 

398

 

 

 

359

 

 

 

(734

)

 

 

—

 

 

 

2,034

 

Investment in equity method investees(4)

 

 

—

 

 

 

—

 

 

 

91

 

 

 

47

 

 

 

—

 

 

 

138

 

Capital expenditures

 

 

9,968

 

 

 

1,105

 

 

 

772

 

 

 

582

 

 

 

—

 

 

 

12,427

 

Total assets (billions)

 

 

70.0

 

 

 

18.4

 

 

 

9.5

 

 

 

10.2

 

 

 

(5.7

)

 

 

102.4

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.
(4)
Excludes liability to Atlantic Coast Pipeline.

 

The following table presents segment information pertaining to Dominion Energy’s 2023 operations:

 

Year Ended December 31, 2023

 

Dominion
Energy Virginia

 

 

Dominion
Energy
South Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

9,575

 

 

$

3,369

 

 

$

835

 

 

$

614

 

 

$

—

 

 

$

14,393

 

Intersegment revenue

 

 

(2

)

 

 

6

 

 

 

16

 

 

 

939

 

 

 

(959

)

 

 

—

 

Total Operating Revenue

 

 

9,573

 

 

 

3,375

 

 

 

851

 

 

 

1,553

 

 

 

(959

)

 

 

14,393

 

Electric fuel and other energy-related
   purchases(1)

 

 

2,918

 

 

 

947

 

 

 

80

 

 

 

—

 

 

 

(10

)

 

 

3,935

 

Purchased electric capacity(1)

 

 

46

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

55

 

Purchased gas(1)

 

 

—

 

 

 

285

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

285

 

Other operations and maintenance(1)(2)

 

 

1,842

 

 

 

612

 

 

 

544

 

 

 

1,381

 

 

 

(939

)

 

 

3,440

 

Depreciation and amortization(1)

 

 

1,622

 

 

 

531

 

 

 

105

 

 

 

322

 

 

 

—

 

 

 

2,580

 

Other taxes(1)

 

 

298

 

 

 

285

 

 

 

48

 

 

 

60

 

 

 

(7

)

 

 

684

 

Total Operating Expenses

 

 

6,726

 

 

 

2,672

 

 

 

777

 

 

 

1,763

 

 

 

(959

)

 

 

10,979

 

Interest and related charges(1)

 

 

772

 

 

 

249

 

 

 

44

 

 

 

820

 

 

 

(206

)

 

 

1,679

 

Income tax expense(1)

 

 

473

 

 

 

79

 

 

 

25

 

 

 

67

 

 

 

—

 

 

 

644

 

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

 

 

—

 

 

 

—

 

 

 

(34

)

 

 

8

 

 

 

—

 

 

 

(26

)

Other income (expense)(3)

 

 

65

 

 

 

(4

)

 

 

22

 

 

 

820

 

 

 

—

 

 

 

903

 

Interest income(3)

 

 

17

 

 

 

6

 

 

 

106

 

 

 

196

 

 

 

(206

)

 

 

119

 

Net Loss From Discontinued Operations
   Including Noncontrolling Interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(125

)

 

 

—

 

 

 

(125

)

Net Income (Loss) Attributable to Dominion
   Energy

 

 

1,684

 

 

 

377

 

 

 

99

 

 

 

(198

)

 

 

—

 

 

 

1,962

 

Capital expenditures

 

 

7,196

 

 

 

957

 

 

 

740

 

 

 

1,342

 

 

 

—

 

 

 

10,235

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.
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:

 

 

 

Dominion Energy
Virginia

 

 

Corporate and
Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

11,841

 

 

$

(29

)

 

$

11,812

 

Electric fuel and other energy-related purchases(1)

 

 

3,591

 

 

 

—

 

 

 

3,591

 

Purchased electric capacity(1)

 

 

71

 

 

 

—

 

 

 

71

 

Other operations and maintenance(1)(2)

 

 

2,264

 

 

 

582

 

 

 

2,846

 

Depreciation and amortization(1)

 

 

1,623

 

 

 

7

 

 

 

1,630

 

Other taxes(1)

 

 

361

 

 

 

1

 

 

 

362

 

Total Operating Expenses

 

 

7,910

 

 

 

590

 

 

 

8,500

 

Interest and related charges(1)

 

 

957

 

 

 

(6

)

 

 

951

 

Income tax expense (benefit)(1)

 

 

514

 

 

 

(66

)

 

 

448

 

Other income (expense)(3)

 

 

167

 

 

 

63

 

 

 

230

 

Interest income(3)

 

 

23

 

 

 

2

 

 

 

25

 

Noncontrolling Interests(3)

 

 

324

 

 

 

(257

)

 

 

67

 

Net Income (Loss) Attributable to Virginia Power

 

 

2,326

 

 

 

(225

)

 

 

2,101

 

Capital expenditures

 

 

10,544

 

 

 

—

 

 

 

10,544

 

Total assets (billions)

 

 

79.2

 

 

 

—

 

 

 

79.2

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

10,235

 

 

$

—

 

 

$

10,235

 

Electric fuel and other energy-related purchases(1)

 

 

2,743

 

 

 

—

 

 

 

2,743

 

Purchased electric capacity(1)

 

 

68

 

 

 

—

 

 

 

68

 

Other operations and maintenance(1)(2)

 

 

2,217

 

 

 

312

 

 

 

2,529

 

Depreciation and amortization(1)

 

 

1,635

 

 

 

9

 

 

 

1,644

 

Other taxes(1)

 

 

332

 

 

 

1

 

 

 

333

 

Total Operating Expenses

 

 

6,995

 

 

 

322

 

 

 

7,317

 

Interest and related charges(1)

 

 

856

 

 

 

(7

)

 

 

849

 

Income tax expense (benefit)(1)

 

 

446

 

 

 

(23

)

 

 

423

 

Other income (expense)(3)

 

 

100

 

 

 

69

 

 

 

169

 

Interest income(3)

 

 

23

 

 

 

6

 

 

 

29

 

Noncontrolling Interests(3)

 

 

50

 

 

 

(103

)

 

 

(53

)

Net Income (Loss) Attributable to Virginia Power

 

 

2,011

 

 

 

(114

)

 

 

1,897

 

Capital expenditures

 

 

9,968

 

 

 

—

 

 

 

9,968

 

Total assets (billions)

 

 

68.4

 

 

 

—

 

 

 

68.4

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

9,573

 

 

$

—

 

 

$

9,573

 

Electric fuel and other energy-related purchases(1)

 

 

2,918

 

 

 

—

 

 

 

2,918

 

Purchased electric capacity(1)

 

 

46

 

 

 

—

 

 

 

46

 

Other operations and maintenance(1)(2)

 

 

1,842

 

 

 

124

 

 

 

1,966

 

Depreciation and amortization(1)

 

 

1,622

 

 

 

249

 

 

 

1,871

 

Other taxes(1)

 

 

298

 

 

 

—

 

 

 

298

 

Total Operating Expenses

 

 

6,726

 

 

 

373

 

 

 

7,099

 

Interest and related charges(1)

 

 

772

 

 

 

(7

)

 

 

765

 

Income tax expense (benefit)(1)

 

 

473

 

 

 

(73

)

 

 

400

 

Other income (expense)(3)

 

 

65

 

 

 

51

 

 

 

116

 

Interest income(3)

 

 

17

 

 

 

—

 

 

 

17

 

Net Income (Loss) Attributable to Virginia Power

 

 

1,684

 

 

 

(242

)

 

 

1,442

 

Capital expenditures

 

 

7,196

 

 

 

—

 

 

 

7,196

 

 

(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.
(3)
Items designated are other segment items for each reportable segment.
v3.25.4
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Results of Operations A summary of the Companies’ quarterly results of operations for the years ended December 31, 2025 and 2024 is as follows.

Dominion Energy

 

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

4,076

 

 

$

3,810

 

 

$

4,527

 

 

$

4,093

 

Income from continuing operations

 

 

1,223

 

 

 

1,096

 

 

 

1,339

 

 

 

756

 

Net income from continuing operations including noncontrolling interests

 

 

712

 

 

 

813

 

 

 

1,028

 

 

 

526

 

Net income (loss) from discontinued operations including noncontrolling interest

 

 

(1

)

 

 

1

 

 

 

—

 

 

 

(14

)

Net income including noncontrolling interests

 

 

711

 

 

 

814

 

 

 

1,028

 

 

 

512

 

Noncontrolling interests

 

 

46

 

 

 

54

 

 

 

22

 

 

 

(55

)

Net income attributable to Dominion Energy

 

 

665

 

 

 

760

 

 

 

1,006

 

 

 

567

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.77

 

 

 

0.88

 

 

 

1.17

 

 

 

0.66

 

Net income (loss) from discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.01

)

Net income attributable to Dominion Energy

 

 

0.77

 

 

 

0.88

 

 

 

1.17

 

 

 

0.65

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.77

 

 

 

0.88

 

 

 

1.16

 

 

 

0.66

 

Net income (loss) from discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.01

)

Net income attributable to Dominion Energy

 

 

0.77

 

 

 

0.88

 

 

 

1.16

 

 

 

0.65

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,632

 

 

$

3,486

 

 

$

3,941

 

 

$

3,400

 

Income from continuing operations

 

 

833

 

 

 

805

 

 

 

1,218

 

 

 

391

 

Net income from continuing operations including noncontrolling interests

 

 

285

 

 

 

466

 

 

 

949

 

 

 

84

 

Net income (loss) from discontinued operations including noncontrolling interest

 

 

118

 

 

 

97

 

 

 

(15

)

 

 

(3

)

Net income including noncontrolling interests

 

 

403

 

 

 

563

 

 

 

934

 

 

 

81

 

Noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(53

)

Net income attributable to Dominion Energy

 

 

403

 

 

 

563

 

 

 

934

 

 

 

134

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.32

 

 

 

0.52

 

 

 

1.11

 

 

 

0.14

 

Net income (loss) from discontinued operations

 

 

0.14

 

 

 

0.12

 

 

 

(0.02

)

 

 

—

 

Net income attributable to Dominion Energy

 

 

0.46

 

 

 

0.64

 

 

 

1.09

 

 

 

0.14

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.32

 

 

 

0.52

 

 

 

1.11

 

 

 

0.14

 

Net income (loss) from discontinued operations

 

 

0.14

 

 

 

0.12

 

 

 

(0.02

)

 

 

—

 

Net income attributable to Dominion Energy

 

 

0.46

 

 

 

0.64

 

 

 

1.09

 

 

 

0.14

 

Dividends declared per preferred share (Series B)(1)

 

 

11.625

 

 

 

9.922

 

 

 

11.625

 

 

 

9.688

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

(1)
See Note 19 for a discussion of repurchases and redemptions during the second and fourth quarters.

Virginia Power

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,765

 

 

$

2,712

 

 

$

3,311

 

 

$

3,024

 

Income from operations

 

 

838

 

 

 

875

 

 

 

991

 

 

 

608

 

Net income including
    noncontrolling interests

 

 

531

 

 

 

589

 

 

 

690

 

 

 

358

 

Noncontrolling interests

 

 

46

 

 

 

54

 

 

 

22

 

 

 

(55

)

Net income attributable
    to Virginia Power

 

 

485

 

 

 

535

 

 

 

668

 

 

 

413

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,489

 

 

$

2,537

 

 

$

2,762

 

 

$

2,447

 

Income from operations

 

 

720

 

 

 

762

 

 

 

976

 

 

 

460

 

Net income including
    noncontrolling interests

 

 

461

 

 

 

477

 

 

 

650

 

 

 

256

 

Noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(53

)

Net income attributable
    to Virginia Power

 

 

461

 

 

 

477

 

 

 

650

 

 

 

309

 
v3.25.4
Nature of Operations (Details) - Segment
 12 Months Ended
Dec. 31, 2025
Sep. 30, 2023
Jul. 31, 2023
Segment Reporting Information [Line Items]      
Number of operating segments 3    
Number of Reportable Segments 3    
Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
Number of operating segments 1    
Number of Reportable Segments 1    
Cove Point | GT&S Transaction | BHE      
Segment Reporting Information [Line Items]      
Percentage of noncontrolling limited partnership interest retained   50.00% 50.00%
v3.25.4
Significant Accounting Policies (Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Significant Accounting Policies [Line Items]    
Accrued unbilled revenue $ 955 $ 797
Virginia Electric and Power Company    
Significant Accounting Policies [Line Items]    
Accrued unbilled revenue $ 763 $ 611
Stonepeak | OSWP    
Significant Accounting Policies [Line Items]    
Percentage of equity interest sold to noncontrolling interest owners 50.00%  
v3.25.4
Significant Accounting Policies (Narrative) (Detail 1)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 29, 2024
USD ($)
Jan. 31, 2024
USD ($)
$ / shares
Sep. 30, 2019
USD ($)
Dec. 31, 2024
USD ($)
MWh
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
MWh
Dec. 31, 2023
USD ($)
MWh
$ / shares
Significant Accounting Policies [Line Items]              
Margin deposit assets       $ 104,000,000 $ 181,000,000 $ 104,000,000  
Margin liabilities       $ 3,000,000   3,000,000  
Impairment of assets and other charges         $ 517,000,000 $ 600,000,000 $ 307,000,000
Finite Lived Intangible Asset Useful Life         35 years    
Estimated proved developed or proved gas and oil reserves rate per unit | MWh       1.83   1.83 1.73
Revision of Estimated Useful Life | Non-jurisdictional and Certain Nonutility Solar Generation Facilities              
Significant Accounting Policies [Line Items]              
Increase (decrease) in depreciation expense   $ (17,000,000)         $ (35,000,000)
Increase (decrease) in depreciation expense, after tax   $ (13,000,000)         $ (26,000,000)
Increase in EPS | $ / shares   $ 0.02         $ 0.03
Maximum              
Significant Accounting Policies [Line Items]              
Margin liabilities         $ 1,000,000    
Virginia Electric and Power Company              
Significant Accounting Policies [Line Items]              
Percentage of fuel currently subject to deferred fuel accounting         87.00%    
Estimated under-recovered balances $ 1,300,000,000         $ 1,300,000,000  
Margin deposit assets       $ 1,000,000   1,000,000  
Margin liabilities       0   0  
AFUDC recorded as regulatory asset       3,000,000 $ 12,000,000 3,000,000  
Impairment of assets and other charges         $ 516,000,000 292,000,000 $ 115,000,000
Finite Lived Intangible Asset Useful Life         35 years    
Estimated project costs includes tariffs on equipment         $ 600,000,000    
Approximate tariffs on equipment included in estimated project costs         $ 200,000,000    
Percentage of remaining construction costs, including contingency         7.00%    
Expected disallowance charge       103,000,000      
Expected disallowance charge after tax       77,000,000      
Virginia Electric and Power Company | CVOW Commercial Project              
Significant Accounting Policies [Line Items]              
Anticipated projected cost     $ 600,000,000   $ 11,500,000,000    
Increase for increased contingency for remaining construction activities     $ 300,000,000        
Percentage of remaining construction costs, including contingency         7.00%    
Charge for costs not expected to be recovered       206,000,000 $ 258,000,000    
Charge for costs not expected to be recovered, after tax         192,000,000    
Virginia Electric and Power Company | Electric Generation Facilities              
Significant Accounting Policies [Line Items]              
Charges recorded with dismantling           40,000,000 25,000,000
Charges recorded with dismantling after tax           30,000,000 19,000,000
Virginia Electric and Power Company | Maximum              
Significant Accounting Policies [Line Items]              
Margin deposit assets         1,000,000    
Margin liabilities         1,000,000    
AFUDC recorded as regulatory asset             $ 1,000,000
Virginia Electric and Power Company | Impairment of Assets and Other Charges              
Significant Accounting Policies [Line Items]              
Impairment of assets and other charges           25,000,000  
Impairment of assets and other charges after tax           18,000,000  
Virginia Electric and Power Company | October 2025 Rider OSW Filing              
Significant Accounting Policies [Line Items]              
Increase in anticipated project cost         200,000,000    
Virginia Electric and Power Company | November 2024 Rider OSW Filing              
Significant Accounting Policies [Line Items]              
Increase in anticipated project cost         600,000,000    
Increase for increased contingency for remaining construction activities         300,000,000    
Virginia Electric and Power Company | Affiliated Entity              
Significant Accounting Policies [Line Items]              
Income taxes receivable       26,000,000 31,000,000 26,000,000  
Virginia Electric and Power Company | Affiliated Entity | Federal              
Significant Accounting Policies [Line Items]              
Income taxes receivable       21,000,000 26,000,000 21,000,000  
Virginia Electric and Power Company | Affiliated Entity | State              
Significant Accounting Policies [Line Items]              
Income taxes receivable       $ 5,000,000 $ 5,000,000 $ 5,000,000  
v3.25.4
Significant Accounting Policies (Narrative) (Detail 2) - USD ($)
 1 Months Ended 12 Months Ended
Apr. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Significant Accounting Policies [Line Items]      
Finite Lived Intangible Asset Useful Life   35 years  
Impairment of goodwill   $ 0 $ 0
Minimum      
Significant Accounting Policies [Line Items]      
Lease extend term   1 year  
Maximum      
Significant Accounting Policies [Line Items]      
Lease extend term   70 years  
Virginia Electric and Power Company      
Significant Accounting Policies [Line Items]      
Finite Lived Intangible Asset Useful Life   35 years  
Virginia Electric and Power Company | Biennial Review      
Significant Accounting Policies [Line Items]      
Authorized return percentage 9.35% 9.80%  
Virginia Electric and Power Company | Other Deferred Credits and Other Liabilities      
Significant Accounting Policies [Line Items]      
Deposits received   $ 321,000,000  
v3.25.4
Significant Accounting Policies (Schedule of Revision of Previously Issued Consolidated Statements of Income and Statements of Comprehensive Income) (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Other income (expense)                 $ 1,219 $ 841 $ 996
Interest and related charges                 2,022 [1] 1,893 [2] 1,679 [3]
Income from continuing operations including noncontrolling interests before income tax expense                 3,611 2,195 2,731
Income tax expense                 532 [1],[4] 411 [2] 644 [3]
Net income from continuing operations including noncontrolling interests $ 526 $ 1,028 $ 813 $ 712 $ 84 $ 949 $ 466 $ 285 3,079 1,784 2,087
Net income including noncontrolling interests 512 1,028 814 711 81 934 563 403 3,065 1,981 1,962
Net income attributable to Dominion Energy 567 1,006 760 665 134 934 563 403 2,998 2,034 1,962
Amounts Attributable to Dominion Energy                      
Net income from continuing operations                 3,012 1,837 2,087
Net Income (Loss) $ 567 $ 1,006 $ 760 $ 665 $ 134 $ 934 $ 563 $ 403 $ 2,998 $ 2,034 $ 1,962
EPS - Basic                      
Net income from continuing operations $ 0.66 $ 1.17 $ 0.88 $ 0.77 $ 0.14 $ 1.11 $ 0.52 $ 0.32 $ 3.48 $ 2.09 $ 2.4
Net income attributable to Dominion Energy 0.65 1.17 0.88 0.77 0.14 1.09 0.64 0.46 3.46 2.33 2.25
EPS - Diluted                      
Net income from continuing operations 0.66 1.16 0.88 0.77 0.14 1.11 0.52 0.32 3.47 2.09 2.4
Net income attributable to Dominion Energy $ 0.65 $ 1.16 $ 0.88 $ 0.77 $ 0.14 $ 1.09 $ 0.64 $ 0.46 $ 3.45 $ 2.33 $ 2.25
Comprehensive Income                      
Changes in unrealized net gains (losses) on investment securities                 $ 15 $ (19) [5] $ 47 [5]
Total other comprehensive income (loss)                 34 20 59
Comprehensive income including noncontrolling interests                 3,099 2,001 2,021
Comprehensive income                 3,032 2,054 2,021
As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Other income (expense)                   822 984
Interest and related charges                   1,887 1,674
Income from continuing operations including noncontrolling interests before income tax expense                   2,182 2,724
Income tax expense                   308 568
Net income from continuing operations including noncontrolling interests                   1,874 2,156
Net income including noncontrolling interests                   2,071 2,031
Net income attributable to Dominion Energy                   2,124 2,031
Amounts Attributable to Dominion Energy                      
Net income from continuing operations                   1,927 2,156
Net Income (Loss)                   $ 2,124 $ 2,031
EPS - Basic                      
Net income from continuing operations                   $ 2.2 $ 2.48
Net income attributable to Dominion Energy                   2.44 2.33
EPS - Diluted                      
Net income from continuing operations                   2.2 2.48
Net income attributable to Dominion Energy                   $ 2.44 $ 2.33
Comprehensive Income                      
Changes in unrealized net gains (losses) on investment securities [5]                   $ (22) $ 55
Total other comprehensive income (loss)                   17 67
Comprehensive income including noncontrolling interests                   2,088 2,098
Comprehensive income                   2,141 2,098
Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Other income (expense)                   19 12
Interest and related charges                   6 5
Income from continuing operations including noncontrolling interests before income tax expense                   13 7
Income tax expense                   103 76
Net income from continuing operations including noncontrolling interests                   (90) (69)
Net income including noncontrolling interests                   (90) (69)
Net income attributable to Dominion Energy                   (90) (69)
Amounts Attributable to Dominion Energy                      
Net income from continuing operations                   (90) (69)
Net Income (Loss)                   $ (90) $ (69)
EPS - Basic                      
Net income from continuing operations                   $ (0.11) $ (0.08)
Net income attributable to Dominion Energy                   (0.11) (0.08)
EPS - Diluted                      
Net income from continuing operations                   (0.11) (0.08)
Net income attributable to Dominion Energy                   $ (0.11) $ (0.08)
Comprehensive Income                      
Changes in unrealized net gains (losses) on investment securities [5]                   $ 3 $ (8)
Total other comprehensive income (loss)                   3 (8)
Comprehensive income including noncontrolling interests                   (87) (77)
Comprehensive income                   (87) (77)
Virginia Electric and Power Company                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Other income (expense)                 255 198 133
Interest and related charges [6],[7]                 951 849 765
Income before income tax expense                 2,616 2,267 1,842
Income tax expense [7]                 448 [4] 423 400
Net income including noncontrolling interests $ 358 $ 690 $ 589 $ 531 $ 256 $ 650 $ 477 $ 461 2,168 1,844 1,442
Net income attributable to Dominion Energy 413 668 535 485 309 650 477 461 2,101 1,897 1,442
Amounts Attributable to Dominion Energy                      
Net Income (Loss) $ 413 $ 668 $ 535 $ 485 $ 309 $ 650 $ 477 $ 461 2,101 1,897 1,442
Comprehensive Income                      
Changes in unrealized net gains (losses) on investment securities                 0 (5) [8] 6 [8]
Total other comprehensive income (loss)                 4 11 6
Comprehensive income including noncontrolling interests                 2,172 1,855 1,448
Comprehensive income                 $ 2,105 1,908 1,448
Virginia Electric and Power Company | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Other income (expense)                   195 131
Interest and related charges                   848 764
Income before income tax expense                   2,265 1,841
Income tax expense                   408 389
Net income including noncontrolling interests                   1,857 1,452
Net income attributable to Dominion Energy                   1,910 1,452
Amounts Attributable to Dominion Energy                      
Net Income (Loss)                   1,910 1,452
Comprehensive Income                      
Changes in unrealized net gains (losses) on investment securities [8]                   (5) 7
Total other comprehensive income (loss)                   11 7
Comprehensive income including noncontrolling interests                   1,868 1,459
Comprehensive income                   1,921 1,459
Virginia Electric and Power Company | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Other income (expense)                   3 2
Interest and related charges                   1 1
Income before income tax expense                   2 1
Income tax expense                   15 11
Net income including noncontrolling interests                   (13) (10)
Net income attributable to Dominion Energy                   (13) (10)
Amounts Attributable to Dominion Energy                      
Net Income (Loss)                   (13) (10)
Comprehensive Income                      
Changes in unrealized net gains (losses) on investment securities [8]                     (1)
Total other comprehensive income (loss)                     (1)
Comprehensive income including noncontrolling interests                   (13) (11)
Comprehensive income                   $ (13) $ (11)
[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 Dominion Energy’s CODM.
[3] 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.
[4] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[5] As previously reported, net of $10 million and $(19) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $13 million ($3 million adjustment) and $(27) million ($(8) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.
[6] See Note 25 for amounts attributable to affiliates.
[7] 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.
[8] As previously reported, net of $2 million and $(3) million tax for the years ended December 31, 2024 and 2023, respectively. As revised, net of $2 million ($— million adjustment) and $(4) million ($(1) million adjustment) tax for the years ended December 31, 2024 and 2023, respectively.
v3.25.4
Significant Accounting Policies (Schedule of Revision of Previously Issued Consolidated Statements of Income and Statements of Comprehensive Income) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Changes in unrealized net gains (losses) on investment securities, tax $ (11) $ 13 $ (27)
Virginia Electric and Power Company      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Changes in unrealized net gains (losses) on investment securities, tax $ 0 2 (4)
As Previously Reported      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Changes in unrealized net gains (losses) on investment securities, tax   10 (19)
As Previously Reported | Virginia Electric and Power Company      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Changes in unrealized net gains (losses) on investment securities, tax   2 (3)
Adjustments      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Changes in unrealized net gains (losses) on investment securities, tax   3 (8)
Adjustments | Virginia Electric and Power Company      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Changes in unrealized net gains (losses) on investment securities, tax   $ 0 $ (1)
v3.25.4
Significant Accounting Policies (Schedule of Revision of Previously Issued Consolidated Balance Sheets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Deferred Income Tax Liabilities, Net $ 7,885 $ 7,135    
Regulatory liabilities-noncurrent 9,072 8,761    
Other deferred credits and other liabilities 2,035 1,454 [1]    
Total deferred credits and other liabilities 27,921 25,799    
Total liabilities 82,440 72,613    
Retained earnings 2,318 1,641    
Accumulated other comprehensive income (loss) (118) (152)    
Shareholders' equity 29,083 26,863    
Total equity 33,417 29,802 $ 27,264 $ 27,433
As Previously Reported        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Deferred Income Tax Liabilities, Net   6,412    
Regulatory liabilities-noncurrent   9,196    
Other deferred credits and other liabilities [1]   1,352    
Total deferred credits and other liabilities   25,409    
Total liabilities   72,223    
Retained earnings   2,035    
Accumulated other comprehensive income (loss)   (156)    
Shareholders' equity   27,253    
Total equity   30,192 27,567 27,659
Adjustments        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Deferred Income Tax Liabilities, Net   723    
Regulatory liabilities-noncurrent   (435)    
Other deferred credits and other liabilities [1]   102    
Total deferred credits and other liabilities   390    
Total liabilities   390    
Retained earnings   (394)    
Accumulated other comprehensive income (loss)   4    
Shareholders' equity   (390)    
Total equity   (390) (303) (226)
Virginia Electric and Power Company        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Deferred Income Tax Liabilities, Net 4,921 4,476    
Regulatory liabilities-noncurrent 6,530 6,139    
Other deferred credits and other liabilities [2],[3] 1,817 1,199 [1]    
Total deferred credits and other liabilities 19,001 17,616    
Total liabilities 47,704 43,291    
Retained earnings 13,687 12,136    
Accumulated other comprehensive income (loss) 32 28    
Shareholders' equity 27,205 22,157    
Total equity $ 31,539 25,096 21,613 16,916
Virginia Electric and Power Company | As Previously Reported        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Deferred Income Tax Liabilities, Net   4,045    
Regulatory liabilities-noncurrent   6,574    
Other deferred credits and other liabilities [1]   1,138    
Total deferred credits and other liabilities   17,559    
Total liabilities   43,234    
Retained earnings   12,194    
Accumulated other comprehensive income (loss)   27    
Shareholders' equity   22,214    
Total equity   25,153 21,657 16,949
Virginia Electric and Power Company | Adjustments        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Deferred Income Tax Liabilities, Net   431    
Regulatory liabilities-noncurrent   (435)    
Other deferred credits and other liabilities [1]   61    
Total deferred credits and other liabilities   57    
Total liabilities   57    
Retained earnings   (58)    
Accumulated other comprehensive income (loss)   1    
Shareholders' equity   (57)    
Total equity   $ (57) $ (44) $ (33)
[1] Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.
[2] See Note 16 for amounts attributable to VIEs.
[3] See Note 25 for amounts attributable to affiliates.
v3.25.4
Significant Accounting Policies (Schedule of Revision of Previously Issued Consolidated Statements of Equity) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       $ 29,802       $ 27,264 $ 29,802 $ 27,264 $ 27,433
Net income including noncontrolling interests $ 512 $ 1,028 $ 814 711 $ 81 $ 934 $ 563 403 3,065 1,981 1,962
Other comprehensive income (loss), net of tax                 34 20 59
Ending balance 33,417       29,802       33,417 29,802 27,264
As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       30,192       27,567 30,192 27,567 27,659
Net income including noncontrolling interests                   2,071 2,031
Other comprehensive income (loss), net of tax                   17 67
Ending balance         30,192         30,192 27,567
Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       (390)       (303) (390) (303) (226)
Net income including noncontrolling interests                   (90) (69)
Other comprehensive income (loss), net of tax                   3 (8)
Ending balance         (390)         (390) (303)
Retained Earnings                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       1,641       1,925 1,641 1,925 2,276
Net income including noncontrolling interests                 2,998 2,034 1,962
Ending balance 2,318       1,641       2,318 1,641 1,925
Retained Earnings | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       2,035       2,229 2,035 2,229 2,511
Net income including noncontrolling interests                   2,124 2,031
Ending balance         2,035         2,035 2,229
Retained Earnings | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       (394)       (304) (394) (304) (235)
Net income including noncontrolling interests                   (90) (69)
Ending balance         (394)         (394) (304)
Accumulated other comprehensive income (loss)                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       (152)       (172) (152) (172) (231)
Other comprehensive income (loss), net of tax                 34 20 59
Ending balance (118)       (152)       (118) (152) (172)
Accumulated other comprehensive income (loss) | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       (156)       (173) (156) (173) (240)
Other comprehensive income (loss), net of tax                   17 67
Ending balance         (156)         (156) (173)
Accumulated other comprehensive income (loss) | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       4       1 4 1 9
Other comprehensive income (loss), net of tax                   3 (8)
Ending balance         4         4 1
Shareholders' Equity                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       26,863       27,264 26,863 27,264 27,433
Net income including noncontrolling interests                 2,998 2,034 1,962
Other comprehensive income (loss), net of tax                 34 20 59
Ending balance 29,083       26,863       29,083 26,863 27,264
Shareholders' Equity | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       27,253       27,567 27,253 27,567 27,659
Net income including noncontrolling interests                   2,124 2,031
Other comprehensive income (loss), net of tax                   17 67
Ending balance         27,253         27,253 27,567
Shareholders' Equity | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       (390)       (303) (390) (303) (226)
Net income including noncontrolling interests                   (90) (69)
Other comprehensive income (loss), net of tax                   3 (8)
Ending balance         (390)         (390) (303)
Virginia Electric and Power Company                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       25,096       21,613 25,096 21,613 16,916
Net income including noncontrolling interests 358 $ 690 $ 589 531 256 $ 650 $ 477 461 2,168 1,844 1,442
Other comprehensive income (loss), net of tax                 4 11 6
Ending balance 31,539       25,096       31,539 25,096 21,613
Virginia Electric and Power Company | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       25,153       21,657 25,153 21,657 16,949
Net income including noncontrolling interests                   1,857 1,452
Other comprehensive income (loss), net of tax                   11 7
Ending balance         25,153         25,153 21,657
Virginia Electric and Power Company | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       (57)       (44) (57) (44) (33)
Net income including noncontrolling interests                   (13) (10)
Other comprehensive income (loss), net of tax                     (1)
Ending balance         (57)         (57) (44)
Virginia Electric and Power Company | Retained Earnings                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       12,136       11,496 12,136 11,496 10,054
Net income including noncontrolling interests                 2,101 1,897 1,442
Ending balance 13,687       12,136       13,687 12,136 11,496
Virginia Electric and Power Company | Retained Earnings | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       12,194       11,541 12,194 11,541 10,089
Net income including noncontrolling interests                   1,910 1,452
Ending balance         12,194         12,194 11,541
Virginia Electric and Power Company | Retained Earnings | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       (58)       (45) (58) (45) (35)
Net income including noncontrolling interests                   (13) (10)
Ending balance         (58)         (58) (45)
Virginia Electric and Power Company | Accumulated other comprehensive income (loss)                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       28       17 28 17 11
Other comprehensive income (loss), net of tax                 4 11 6
Ending balance 32       28       32 28 17
Virginia Electric and Power Company | Accumulated other comprehensive income (loss) | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       27       16 27 16 9
Other comprehensive income (loss), net of tax                   11 7
Ending balance         27         27 16
Virginia Electric and Power Company | Accumulated other comprehensive income (loss) | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       1       1 1 1 2
Other comprehensive income (loss), net of tax                     (1)
Ending balance         1         1 1
Virginia Electric and Power Company | Shareholders' Equity                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       22,157       21,613 22,157 21,613 16,916
Net income including noncontrolling interests                 2,101 1,897 1,442
Other comprehensive income (loss), net of tax                 4 11 6
Ending balance $ 27,205       22,157       27,205 22,157 21,613
Virginia Electric and Power Company | Shareholders' Equity | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       22,214       21,657 22,214 21,657 16,949
Net income including noncontrolling interests                   1,910 1,452
Other comprehensive income (loss), net of tax                   11 7
Ending balance         22,214         22,214 21,657
Virginia Electric and Power Company | Shareholders' Equity | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Beginning balance       $ (57)       $ (44) $ (57) (44) (33)
Net income including noncontrolling interests                   (13) (10)
Other comprehensive income (loss), net of tax                     (1)
Ending balance         $ (57)         $ (57) $ (44)
v3.25.4
Significant Accounting Policies (Schedule of Revision of Previously Issued Consolidated Statements of Cash Flows) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Net income including noncontrolling interests $ 512 $ 1,028 $ 814 $ 711 $ 81 $ 934 $ 563 $ 403 $ 3,065 $ 1,981 $ 1,962
Operating Activities                      
Deferred income taxes                 568 (235) 1,527
Other operating assets and liabilities                 29 (212) (548)
Net cash provided by operating activities                 5,361 5,018 6,572
As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Net income including noncontrolling interests                   2,071 2,031
Operating Activities                      
Deferred income taxes                   (302) 1,474
Other operating assets and liabilities                   (235) (564)
Net cash provided by operating activities                   5,018 6,572
Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Net income including noncontrolling interests                   (90) (69)
Operating Activities                      
Deferred income taxes                   67 53
Other operating assets and liabilities                   23 16
Virginia Electric And Power Company [Member]                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Net income including noncontrolling interests $ 358 $ 690 $ 589 $ 531 $ 256 $ 650 $ 477 $ 461 2,168 1,844 1,442
Operating Activities                      
Deferred income taxes                 270 381 502
Other operating assets and liabilities                 257 (147) (363)
Net cash provided by operating activities                 $ 3,856 4,586 4,815
Virginia Electric And Power Company [Member] | As Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Net income including noncontrolling interests                   1,857 1,452
Operating Activities                      
Deferred income taxes                   384 504
Other operating assets and liabilities                   (163) (375)
Net cash provided by operating activities                   4,586 4,815
Virginia Electric And Power Company [Member] | Adjustments                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Net income including noncontrolling interests                   (13) (10)
Operating Activities                      
Deferred income taxes                   (3) (2)
Other operating assets and liabilities                   $ 16 $ 12
v3.25.4
Significant Accounting Policies (Checks the Outstanding Accounts Payable but not yet Presented for Payment and Recorded) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts Payable [Line Items]    
Accounts payable for checks outstanding $ 64 $ 52
Virginia Electric and Power Company    
Accounts Payable [Line Items]    
Accounts payable for checks outstanding $ 46 $ 23
v3.25.4
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [1] $ 250 $ 310 $ 217 $ 153
Cash and cash equivalents [2] 250 310    
Restricted cash and equivalents [3],[4] 93 55 84 188
Restricted cash and equivalents     4 2
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 343 365 301 341
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 170 [5] 160 [5] 90 22
Restricted cash and equivalents [4],[6] 61 46   2
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 231 $ 206 $ 90 $ 24
[1] At December 31, 2023 and 2022, Dominion Energy had $33 million and $34 million, respectively, of cash and cash equivalents included in assets held for sale.
[2] See Note 16 for amounts attributable to VIEs
[3] At December 31, 2023 and 2022, Dominion Energy had $4 million and $2 million, respectively, of restricted cash and equivalents included in assets held for sale. The remaining balances are presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
[4] Includes $51 million and $41 million at VPFS attributable to VIEs at December 31, 2025 and 2024, respectively.
[5] See Note 16 for amounts attributable to VIEs.
[6] Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
v3.25.4
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [1] $ 250 $ 310    
Restricted cash and equivalents     $ 4 $ 2
VIE        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Restricted cash and equivalents $ 51 $ 41    
Assets Held For Sale        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents     $ 33 $ 34
[1] See Note 16 for amounts attributable to VIEs
v3.25.4
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule Of Supplemental Cash Flow Information [Line Items]      
Interest and related charges, excluding capitalized amounts $ 1,799 $ 1,900 $ 1,991
Income taxes [1] 186 840 286
Significant noncash investing and financing activities:      
Accrued capital expenditures [2] 1,699 1,268 1,085
Leases [3] 338 233 255
Virginia Electric and Power Company      
Schedule Of Supplemental Cash Flow Information [Line Items]      
Interest and related charges, excluding capitalized amounts 901 786 709
Income taxes [4] 385 25 (47)
Significant noncash investing and financing activities:      
Accrued capital expenditures [5] 1,469 992 807
Leases [6] $ 320 $ 201 $ 203
[1] Excludes cash proceeds received of $184 million from the transfer of tax credits to third-parties and $13 million of purchases of tax credits from Align RNG for the year ended December 31, 2025. See Notes 5 and 9 for more information.
[2] See Notes 3, 10 and 23 for noncash financing activities related to debt assumed with closing of the East Ohio, Questar Gas and PSNC Transactions, the sale of noncontrolling interest in the CVOW Commercial Project and transfer of property associated with the settlement of litigation.
[3] Includes $77 million of finance leases and $261 million of operating leases entered in 2025, $93 million of finance leases and $140 million of operating leases entered in 2024 and $44 million of finance leases and $211 million of operating leases entered in 2023.
[4] Excludes cash proceeds received of $168 million from the transfer of tax credits to third-parties for the year ended December 31, 2025. See Note 5 for more information.
[5] See Note 10 for noncash financing activities related to the sale of noncontrolling interest in the CVOW Commercial Project.
[6] Includes $61 million of finance leases and $259 million of operating leases entered in 2025, $77 million of finance leases and $124 million of operating leases entered in 2024 and $30 million of finance leases and $173 million of operating leases entered in 2023.
v3.25.4
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule Of Supplemental Cash Flow Information [Line Items]      
Proceeds from tax credits $ 184    
Purchases of tax credits from Align RNG 13    
Financing leases 77 $ 93 $ 44
Operating leases 261 140 211
Virginia Electric and Power Company      
Schedule Of Supplemental Cash Flow Information [Line Items]      
Proceeds from tax credits 168    
Financing leases 61 77 30
Operating leases $ 259 $ 124 $ 173
v3.25.4
Significant Accounting Policies - Schedule of Capitalized to Property Plant and Equipment for Capitalized Interest Costs and AFUDC (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]      
Capitalized interest costs and AFUDC debt $ 169 $ 152 $ 109
AFUDC equity [1] 152 109 50
Virginia Power      
Public Utility, Property, Plant and Equipment [Line Items]      
Capitalized interest costs and AFUDC debt 73 46 47
AFUDC equity [1] $ 151 $ 96 $ 39
[1] The Companies include AFUDC equity in other adjustments within operating activities in their Consolidated Statements of Cash Flows.
v3.25.4
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Detail)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Nonregulated Generation-Nuclear | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 54 years    
Nonregulated Generation-Nuclear | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 64 years    
Nonregulated Generation Solar | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 30 years    
Nonregulated Generation Solar | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 35 years    
General and Other | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 5 years    
General and Other | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 50 years    
Generation      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 2.71% 2.59% 2.65%
Generation | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.79% 2.66% 2.75%
Transmission      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 2.32% 2.32% 2.32%
Transmission | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.28% 2.29% 2.29%
Distribution      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 2.78% 2.73% 2.72%
Distribution | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.83% 2.77% 2.78%
General and Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 3.21% 3.97% 4.20%
General and Other | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 3.26% 4.29% 4.60%
[1] The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.
[2] Excludes rates for depreciation reported as discontinued operations.
v3.25.4
Acquisitions and Dispositions (Business Review Dispositions) (Narrative) (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 29, 2024
Sep. 30, 2023
Aug. 31, 2023
Business Acquisition And Dispositions [Line Items]                
State     $ 61,000,000 $ 52,000,000 $ 270,000,000      
Deferred taxes     568,000,000 (235,000,000) 1,527,000,000      
Income tax expense (benefit)     532,000,000 [1],[2] 411,000,000 [3] 644,000,000 [4]      
Impairment of goodwill     $ 0 0        
East Ohio | Enbridge                
Business Acquisition And Dispositions [Line Items]                
Disposal group, total value of consideration             $ 6,600,000,000  
Disposal group, cash consideration             4,300,000,000  
Disposal group, indebtedness             2,300,000,000  
Disposal group, recognized a pre-tax gain (loss) $ (97,000,000)              
Disposal group, gain (loss) recorded after tax (109,000,000)              
Goodwill write-off 1,500,000,000              
Deferred taxes         29,000,000      
Disposal group, transition services description     At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.          
Impairment of goodwill         50,000,000      
Goodwill impairment after tax         45,000,000      
PSNC | Enbridge                
Business Acquisition And Dispositions [Line Items]                
Disposal group, total value of consideration             3,300,000,000  
Disposal group, cash consideration             2,000,000,000  
Disposal group, indebtedness             1,300,000,000  
Disposal group, recognized a pre-tax gain (loss)     $ (35,000,000)          
Disposal group, gain (loss) recorded after tax     (31,000,000)          
Goodwill write-off     $ 700,000,000          
Deferred taxes         334,000,000      
Deferred tax of classified held for sale       $ 16,000,000        
Disposal group, transition services description     At the closing of the PSNC Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.          
Questar Gas and Wexpro | Enbridge                
Business Acquisition And Dispositions [Line Items]                
Disposal group, total value of consideration             4,300,000,000  
Disposal group, cash consideration             3,000,000,000  
Disposal group, indebtedness             $ 1,300,000,000  
Disposal group, recognized a pre-tax gain (loss) 78,000,000   $ 2,000,000   236,000,000      
Disposal group, gain (loss) recorded after tax 78,000,000   42,000,000   231,000,000      
Goodwill write-off     $ 700,000,000          
Deferred taxes 10,000,000       472,000,000      
Income tax expense (benefit) $ (5,000,000)              
Disposal group, transition services description     At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.          
Impairment of goodwill         236,000,000      
Goodwill impairment after tax         $ 231,000,000      
Other Sales | Tredegar Solar Fund I, LLC                
Business Acquisition And Dispositions [Line Items]                
Disposal group, cash consideration               $ 21,000,000
Realizable fair value charge   $ 68,000,000            
Realizable fair value charge net of tax   $ 51,000,000            
Other Sales | Birdseye and Madison                
Business Acquisition And Dispositions [Line Items]                
Disposal group, cash consideration           $ 17,000,000    
[1] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[2] 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.
[3] 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.
[4] 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.
v3.25.4
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Income tax expense (benefit) $ 5 $ 31 $ 1,300
Net income (loss) attributable to Dominion Energy $ (14) 197 (125)
East Ohio | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue   229 [1] 1,037
Operating expense   247 [1],[2] 701 [3]
Other income (expense)   (17) [1] 30
Interest and related charges   15 [1] 71
Income (loss) before income taxes   (50) [1] 295
Income tax expense (benefit)   11 [1] 69 [4]
Net income (loss) attributable to Dominion Energy   (61) [1],[5] 226 [6]
PSNC | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue   488 [1] 743
Operating expense   313 [1],[2] 517 [3]
Other income (expense)   11 [1] 11
Interest and related charges   44 [1] 52
Income (loss) before income taxes   142 [1] 185
Income tax expense (benefit)   44 [1] 431 [4]
Net income (loss) attributable to Dominion Energy   98 [1],[5] (246) [6]
Questar Gas and Wexpro | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue   894 [1] 1,679
Operating expense   724 [1],[2] 1,554 [3]
Other income (expense)   2 [1] 8
Interest and related charges   25 [1] 68
Income (loss) before income taxes   147 [1] 65
Income tax expense (benefit)   54 [1] 531 [4]
Net income (loss) attributable to Dominion Energy   93 [1],[5] (466) [6]
Other Sales      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue     15
Operating expense   (8) [2] 111 [3]
Other income (expense)     0
Interest and related charges     1
Income (loss) before income taxes   8 (97)
Income tax expense (benefit) [4]     (38)
Net income (loss) attributable to Dominion Energy   $ 8 [5] $ (59) [6]
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 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 22 for further information on these transactions.
[3] East Ohio Transaction includes a charge of $50 million ($45 million after-tax) primarily for an impairment of associated goodwill, Questar Gas Transaction includes a charge of $236 million ($231 million after-tax) primarily for an impairment of associated goodwill and Other includes a charge of $68 million ($51 million after-tax) associated with the impairment of nonregulated solar generation facility development operations and a charge of $15 million ($11 million after-tax) associated with the impairment of certain nonregulated solar assets.
[4] Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
[5] Excludes $(69) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2024.
[6] Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2023.
v3.25.4
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Employee benefit plans $ 90,000,000 $ 82,000,000 $ 85,000,000
Impairment of goodwill 0 0  
Income tax expense (benefit) 5,000,000 31,000,000 1,300,000,000
Impairment of assets and other charges $ 517,000,000 600,000,000 307,000,000
East Ohio | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Employee benefit plans   45,000,000  
Employee benefit plans after tax   33,000,000  
Impairment of goodwill     $ 50,000,000
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]     Impairment of assets and other charges
Goodwill impairment after tax     $ 45,000,000
Income tax expense (benefit)   11,000,000 [1] 69,000,000 [2]
Questar Gas and Wexpro | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Impairment of goodwill     $ 236,000,000
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]     Impairment of assets and other charges
Goodwill impairment after tax     $ 231,000,000
Income tax expense (benefit)   54,000,000 [1] 531,000,000 [2]
Other      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Income tax expense (benefit) [2]     (38,000,000)
Other | Nonregulated Solar Assets      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Impairment of assets and other charges     68,000,000
Impairment of assets and other charges after tax     51,000,000
Other | Nonregulated Solar Generation Facility      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Impairment of assets and other charges     15,000,000
Impairment of assets and other charges after tax     11,000,000
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)   $ (69,000,000) $ (3,000,000)
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.
[2] Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
v3.25.4
Acquisitions and Dispositions - (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Significant noncash items      
Depreciation, depletion and amortization $ 2,387 [1] $ 2,345 [2] $ 2,580 [3]
Accrued capital expenditures [4] $ 1,699 1,268 1,085
Other Sales      
Significant noncash items      
Depreciation, depletion and amortization     2
Enbridge | East Ohio      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Capital expenditures   65 [5] 507
Significant noncash items      
Depreciation, depletion and amortization     148
Accrued capital expenditures     42
Enbridge | PSNC      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Capital expenditures   287 [5] 233
Significant noncash items      
Depreciation, depletion and amortization     90
Accrued capital expenditures     43
Enbridge | Questar Gas and Wexpro      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Capital expenditures   $ 160 [5] 449
Significant noncash items      
Depreciation, depletion and amortization     175
Accrued capital expenditures     $ 32
[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 Dominion Energy’s CODM.
[3] 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.
[4] See Notes 3, 10 and 23 for noncash financing activities related to debt assumed with closing of the East Ohio, Questar Gas and PSNC Transactions, the sale of noncontrolling interest in the CVOW Commercial Project and transfer of property associated with the settlement of litigation.
[5] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.
v3.25.4
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers $ 16,523 $ 14,182 $ 13,487
Other revenues [1],[2] (17) 277 906
Total operating revenue 16,506 14,459 14,393
Regulated Electric Sales | Residential      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 6,080 5,436 5,141
Regulated Electric Sales | Commercial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 4,050 3,446 3,406
Regulated Electric Sales | High Load      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers [3] 1,811 1,362 1,308
Regulated Electric Sales | Industrial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 729 716 729
Regulated Electric Sales | Government and Other Retail      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 1,284 1,081 1,036
Regulated Electric Sales | Wholesale      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 179 136 176
Nonregulated Electric Sales      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 1,239 933 758
Regulated Gas Sales | Residential      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 352 309 293
Regulated Gas Sales | Commercial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 142 136 145
Regulated Gas Sales | Other      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 46 67 79
Regulated Gas Transportation and Storage      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 36 21 18
Other Regulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 309 372 253
Other Nonregulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers [2],[4],[5] 266 167 145
Virginia Electric and Power Company      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 11,692 9,959 9,372
Other revenues [1],[2] 120 276 201
Total operating revenue 11,812 10,235 9,573
Virginia Electric and Power Company | Regulated Electric Sales | Residential      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 4,631 4,133 3,863
Virginia Electric and Power Company | Regulated Electric Sales | Commercial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 3,113 2,553 2,482
Virginia Electric and Power Company | Regulated Electric Sales | High Load      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers [3] 1,811 1,362 1,308
Virginia Electric and Power Company | Regulated Electric Sales | Industrial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 301 300 282
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 1,211 1,015 965
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 141 105 116
Virginia Electric and Power Company | Nonregulated Electric Sales      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 127 86 65
Virginia Electric and Power Company | Other Regulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 291 359 238
Virginia Electric and Power Company | Other Nonregulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers [2],[4],[5] $ 66 $ 46 $ 53
[1] Includes alternative revenue of $167 million, $129 million and $162 million at both Dominion Energy and Virginia Power for years ended December 31, 2025, 2024 and 2023, respectively.
[2] See Note 25 for amounts attributable to affiliates.
[3] Represents customers in Virginia, including certain data centers, with actual or anticipated forecast demand of 25 MW or higher and annual load factor of 75% or higher.
[4] Includes revenue from transition services agreements of $99 million, $61 million and $18 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy.
[5] Includes sales of renewable energy credits of $57 million, $31 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy and $16 million, $12 million and $29 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Virginia Power.
v3.25.4
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers $ 16,523 $ 14,182 $ 13,487
Renewable Energy Investment Tax Credits      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers   31 44
Transition services agreements      
Public Utilities General Disclosures [Line Items]      
Other revenues 99 61 18
Alternative Revenue Programs      
Public Utilities General Disclosures [Line Items]      
Other revenues 167 129 162
Virginia Electric and Power Company      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 11,692 9,959 9,372
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 16 12 29
Virginia Electric and Power Company | Alternative Revenue Programs      
Public Utilities General Disclosures [Line Items]      
Other revenues $ 167 $ 129 $ 162
v3.25.4
Operating Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues From Contract With Customer [Line Items]    
Contract liability balances $ 45 $ 52
Revenue recognized from contract liability balances 50 45
Virginia Electric and Power Company    
Revenues From Contract With Customer [Line Items]    
Contract liability balances 38 46
Revenue recognized from contract liability balances $ 46 $ 40
v3.25.4
Income Taxes (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]        
Tax receivables   $ 402    
Income tax expense (benefit)   532 [1],[2] $ 411 [3] $ 644 [4]
Production tax credit   79    
Proceeds from transfer of tax credits   184    
Nuclear production and other tax credits additional cash received   108    
Income tax expense (benefit) from discontinued operations   5 31 1,300
Unrecognized tax benefits that would impact effective tax rate   59 87 104
Cove Point        
Income Taxes [Line Items]        
Income tax expense (benefit) from discontinued operations       $ 31
East Ohio, PSNC and Questar Gas | Cove Point        
Income Taxes [Line Items]        
Percentage of noncontrolling limited partnership interest retained 50.00%     50.00%
Income tax expense (benefit)       $ 29
Virginia Electric and Power Company        
Income Taxes [Line Items]        
Income tax expense (benefit) [5]   448 [1] 423 400
Production tax credit   89 89  
Proceeds from transfer of tax credits   168    
Nuclear production and other tax credits additional cash received   18    
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits   1    
Unrecognized tax benefits that would impact effective tax rate   36 35 32
Discontinued operations        
Income Taxes [Line Items]        
Unrecognized tax benefits that would impact effective tax rate   30 32 38
Continuing Operations        
Income Taxes [Line Items]        
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits   $ (28) $ (19) $ (7)
BHE | East Ohio, PSNC and Questar Gas | Cove Point        
Income Taxes [Line Items]        
Income tax expense (benefit) from discontinued operations $ 278      
[1] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[2] 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.
[3] 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.
[4] 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.
[5] 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.
v3.25.4
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ (580) $ (204) $ (361)
State 54 37 (97)
Total current expense (benefit) (526) (167) (458)
Deferred:      
Taxes before operating loss carryforwards and investment tax credits 539 521 815
Tax utilization expense of operating loss carryforwards 35 40 45
State 61 52 270
Total deferred expense 635 613 1,130
Investment tax credits 423 (35) (28)
Income tax expense (benefit) 532 [1],[2] 411 [3] 644 [4]
Virginia Electric and Power Company      
Current:      
Federal 163 (6) (102)
State 39 67 6
Total current expense (benefit) 202 61 (96)
Deferred:      
Taxes before operating loss carryforwards and investment tax credits 167 324 403
Tax utilization expense of operating loss carryforwards 0 0 0
State 103 59 107
Total deferred expense 270 383 510
Investment tax credits (24) (21) (14)
Income tax expense (benefit) [5] $ 448 [1] $ 423 $ 400
[1] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[2] 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.
[3] 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.
[4] 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.
[5] 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.
v3.25.4
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Computation [Line Items]      
U.S. federal statutory tax, Amount $ 758    
State and local income taxes, net of federal income tax effect, Amount [1] 109    
Production tax credits, Amount (210)    
Investment tax credit amortization, Amount (87)    
Reversal of excess deferred income taxes, Amount (62)    
AFUDC - equity, Amount (28)    
Absence of tax on noncontrolling interest, Amount (14)    
Changes in unrecognized tax benefits, Amount (28)    
Qualified nuclear decommissioning trust net gains (losses), Amount 87    
Other, net, Amount 7    
Income tax expense (benefit) $ 532 [2],[3] $ 411 [4] $ 644 [5]
U.S. federal statutory tax, Percent 21.00% 21.00% 21.00%
Increases (reductions) resulting from:      
State and local income taxes, net of federal income tax effect, Percent 3.00% [1] 3.60% 3.90%
Production tax credits, Percent (5.80%) (4.80%) (0.60%)
Investment tax credit amortization, Percent (2.40%) (1.60%) (1.00%)
Changes in unrecognized tax benefits, Percent (0.80%)    
Reversal of excess deferred income taxes, Percent (1.70%) (3.10%) (2.60%)
AFUDC - equity, Percent (0.80%) (0.70%) 0.00%
Absence of tax on noncontrolling interest, Percent (0.40%)    
State legislative change, Percent   0.00% (0.10%)
Changes in state deferred taxes associated with assets held for sale, Percent   0.00% 1.10%
Qualified nuclear decommissioning trust net gains (losses), Percent 2.40% 4.40% 2.70%
Settlements of uncertain tax positions, Percent   (0.70%) (0.40%)
Employee stock ownership plan deduction, Percent   (0.30%) (0.30%)
Other, net, Percent 0.20% 0.90% (0.10%)
Effective tax rate, Percent 14.70% [2] 18.70% 23.60%
Virginia Electric and Power Company      
Effective Income Tax Computation [Line Items]      
U.S. federal statutory tax, Amount $ 549    
State and local income taxes, net of federal income tax effect, Amount [1] 112    
Production tax credits, Amount (115)    
Investment tax credit amortization, Amount (21)    
Reversal of excess deferred income taxes, Amount (45)    
AFUDC - equity, Amount (27)    
Absence of tax on noncontrolling interest, Amount (14)    
Changes in unrecognized tax benefits, Amount 1    
Qualified nuclear decommissioning trust net gains (losses), Amount 11    
Other, net, Amount (3)    
Income tax expense (benefit) [6] $ 448 [2] $ 423 $ 400
U.S. federal statutory tax, Percent 21.00% 21.00% 21.00%
Increases (reductions) resulting from:      
State and local income taxes, net of federal income tax effect, Percent 4.30% [1] 4.50% 4.70%
Production tax credits, Percent (4.40%) (4.50%) (0.80%)
Investment tax credit amortization, Percent (0.80%) (0.90%) (0.80%)
Changes in unrecognized tax benefits, Percent 0.10%    
Reversal of excess deferred income taxes, Percent (1.70%) (2.00%) (2.60%)
AFUDC - equity, Percent (1.00%) (0.70%) 0.00%
Absence of tax on noncontrolling interest, Percent (0.50%)    
State legislative change, Percent   0.00% 0.00%
Qualified nuclear decommissioning trust net gains (losses), Percent 0.40% 0.60% 0.60%
Settlements of uncertain tax positions, Percent   0.00% 0.00%
Other, net, Percent (0.30%) 0.60% (0.40%)
Effective tax rate, Percent 17.10% [2] 18.60% 21.70%
[1] State taxes in Virginia make up the majority (greater than 50%) of the tax effect in this category.
[2] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[3] 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.
[4] 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.
[5] 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.
[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.
v3.25.4
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Parenthetical) (Details)
 12 Months Ended
Dec. 31, 2025
 [1]
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Computation [Line Items]      
State taxes 3.00% 3.60% 3.90%
Virginia Power      
Effective Income Tax Computation [Line Items]      
State taxes 4.30% 4.50% 4.70%
[1] State taxes in Virginia make up the majority (greater than 50%) of the tax effect in this category.
v3.25.4
Income Taxes - Summary of Income Tax Payments (Net of Refunds Received) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Federal $ 115 [1]
Total tax payments 186
Virginia  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
State 68 [2]
Other States  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
State 3 [3]
Virginia Power  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Federal 348 [1],[4]
Total tax payments 385 [4]
Virginia Power | Virginia  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
State 36 [2],[4]
Virginia Power | Other States  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
State $ 1 [3],[4]
[1] Excludes income taxes paid by qualified nuclear decommissioning trusts of $37 million and $20 million at Dominion Energy and Virginia Power, respectively.
[2] Virginia income tax payments include Virginia minimum corporate taxes.
[3] There are no other states for which taxes paid exceeded five percent of total income taxes paid (net of refunds) for the Companies.
[4] Virginia Power income tax payments (net of refunds received) include intercompany tax sharing payments and receipts with Dominion Energy as discussed in Note 2.
v3.25.4
Income Taxes - Summary of Income Tax Payments (Net of Funds Received (Parenthetical) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Income taxes paid by qualified nuclear decommissioning trusts $ 37
Virginia Power  
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Income taxes paid by qualified nuclear decommissioning trusts $ 20
v3.25.4
Income Taxes (Schedule of Deferred Income Taxes) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred income taxes:    
Total deferred income tax assets $ 2,062 $ 1,854
Total deferred income tax liabilities 9,947 8,989
Total net deferred income tax liabilities 7,885 7,135
Depreciation method and plant basis differences 5,557 4,878
Excess deferred income taxes (768) (790)
Unrecovered nuclear plant cost 391 420
DESC rate refund (34) (49)
Toshiba Settlement (119) (133)
Nuclear decommissioning 2,038 1,973
Deferred state income taxes 1,154 1,010
Federal benefit of deferred state income taxes (250) (222)
Deferred fuel, purchased energy and gas costs 323 189
Pension benefits 382 345
Other postretirement benefits 226 174
Loss and credit carryforwards (790) (680)
Deferred unamortized investment tax credits (352) (250)
Valuation allowances 143 113
Partnership basis differences (91) (30)
Other 75 187
Total net deferred income tax liabilities 7,885 7,135
Virginia Electric and Power Company    
Deferred income taxes:    
Total deferred income tax assets 1,139 1,082
Total deferred income tax liabilities 6,060 5,558
Total net deferred income tax liabilities 4,921 4,476
Depreciation method and plant basis differences 3,899 3,765
Excess deferred income taxes (570) (587)
Nuclear decommissioning 899 781
Deferred state income taxes 789 672
Federal benefit of deferred state income taxes (166) (141)
Deferred fuel, purchased energy and gas costs 315 178
Pension benefits (126) (116)
Other postretirement benefits 155 141
Loss and credit carryforwards 0 0
Deferred unamortized investment tax credits (153) (159)
Valuation allowances (0) (0)
Partnership basis differences (159) (98)
Other 38 40
Total net deferred income tax liabilities $ 4,921 $ 4,476
v3.25.4
Income Taxes (Schedule of Deductible Loss and Credit Carryforwards) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 2,611
Losses, Deferred tax asset 790
Losses, Valuation allowance (132)
Federal  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount 222
Losses, Deferred tax asset 47
Losses, Valuation allowance $ 0
Losses, Expiration Period 2037
Federal | Federal Production and Other Credits  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 0
Losses, Valuation allowance 0
Tax credits, Deferred tax asset $ 61
Federal | Federal Production and Other Credits | Earliest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2036
Federal | Federal Production and Other Credits | Latest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2045
State  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 2,389
Losses, Deferred tax asset 119
Losses, Valuation allowance (63)
State minimum tax credits $ 444
State | Earliest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Losses, Expiration Period 2026
State | Latest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Losses, Expiration Period 2045
State | Minimum Tax Credits  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 0
Losses, Valuation allowance 0
State | Investment and Other Credits  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount 0
Losses, Valuation allowance (69)
Tax credits, Deferred tax asset $ 119
State | Investment and Other Credits | Earliest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2026
State | Investment and Other Credits | Latest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2034
v3.25.4
Income Taxes (Unrecognized Tax Benefits) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at January 1, $ 170 $ 194 $ 197
Prior period positions - increases 7 13 5
Prior period positions - decreases (45) (18) (12)
Current period positions - increases 0 8 4
Settlements with tax authorities 0 (13) 0
Expiration of statutes of limitations 0 (14) 0
Balance at December 31, 132 170 194
Virginia Power      
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at January 1, 56 52 50
Prior period positions - increases 1 0 0
Prior period positions - decreases 0 0 0
Current period positions - increases 0 4 2
Settlements with tax authorities 0 0 0
Expiration of statutes of limitations 0 0 0
Balance at December 31, $ 57 $ 56 $ 52
v3.25.4
Income Taxes (Earliest Tax Year) (Detail)
 12 Months Ended
Dec. 31, 2025
Pennsylvania  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2012 [1]
Connecticut  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2022
Virginia  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2022 [2]
Utah  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2022 [1]
South Carolina  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2022
[1] Considered a major state for entities presented in discontinued operations.
[2] Considered a major state for Virginia Power’s operations.
v3.25.4
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / MMBTU
$ / MWh
Dec. 31, 2024
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets $ 958 $ 1,399
Fair Value of Derivative Liabilities 245 512
Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 482 375
Fair Value of Derivative Liabilities 31 225
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 7,889 9,259
Total liabilities 245 512
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 4,064 4,563
Total liabilities 31 225
Fair Value, Measurements, Recurring | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 729 494
Fair Value of Derivative Liabilities 216 123
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 257 115
Fair Value of Derivative Liabilities 13 33
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 642 399
Total liabilities 15 15
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 208 70
Total liabilities   2
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 642 399
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 208 70
Fair Value of Derivative Liabilities   $ 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 Liabilities [1],[2] 48  
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 Liabilities [1],[2] $ 48  
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] 8  
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] 8  
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] $ 156  
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] $ 156  
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] (3)  
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] (3)  
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] 19  
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] 19  
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 | $ / MWh [2],[3] 9  
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 | $ / MWh [2],[3] 9  
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] $ 224  
Fair Value of Derivative Liabilities [2] $ 15  
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 | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 31  
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] 111  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Derivative Financial Instruments, 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 | $ / MWh [2],[3] 54  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 62  
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] $ 214  
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 Assets [1],[2] $ 4  
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] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model | 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] 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) [4] 0.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 10.00%  
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] 9  
Fair Value, Measurements, Recurring | Level 3 | Option Model | 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] 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) [4] 76.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 64.00%  
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 | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 6  
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) [3],[4] 47.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [3],[4] 36.00%  
[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.
v3.25.4
Fair Value Measurements (Narrative) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment of assets and other charges $ 517,000,000 $ 600,000,000 $ 307,000,000
Unrealized gains (losses) included in earnings in Level 3 fair value category 1,000,000 (5,000,000) 7,000,000
Virginia Electric and Power Company      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment of assets and other charges 516,000,000 292,000,000 115,000,000
Unrealized gains (losses) included in earnings in Level 3 fair value category $ 0 0 0
Virginia Electric and Power Company | Impairment of Assets and Other Charges      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment of assets and other charges   25,000,000  
Asset impairment charges after tax   $ 18,000,000  
Nonregulated Solar Assets | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-lived assets, estimated fair value     22,000,000
Nonregulated Solar Assets | Impairment of Assets and Other Charges      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment of assets and other charges     15,000,000
Asset impairment charges after tax     $ 11,000,000
v3.25.4
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets $ 958 $ 1,399
Derivative Liabilities 245 512
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 482 375
Derivative Liabilities 31 225
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 7,889 9,259
Total liabilities 245 512
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 4,064 4,563
Total liabilities 31 225
Fair Value, Measurements, Recurring | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 6,215 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] 3,154 2,771
Fair Value, Measurements, Recurring | Equity securities: | International    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 168 165
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] 96 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] 10 518
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]   294
Fair Value, Measurements, Recurring | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 492 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] 332 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] 46 29
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 28 30
Derivative Liabilities 10 192
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]    
Derivatives Assets 28 30
Derivative Liabilities 10 192
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 729 494
Derivative Liabilities 216 123
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 257 115
Derivative Liabilities 13 33
Fair Value, Measurements, Recurring | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 201 875
Derivative Liabilities 19 197
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 197 230
Derivative Liabilities 8  
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 6,847 5,735
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 3,582 2,953
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] 6,215 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] 3,154 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] 168 165
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] 96 99
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] 418 138
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] 332 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] 46 29
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 400 3,125
Total liabilities 230 497
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 274 1,540
Total liabilities 31 223
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
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
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] 10 518
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]   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] 74 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]   939
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 28 30
Derivative Liabilities 10 192
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]    
Derivatives Assets 28 30
Derivative Liabilities 10 192
Fair Value, Measurements, Recurring | Level 2 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 87 95
Derivative Liabilities 201 108
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]    
Derivatives Assets 49 45
Derivative Liabilities 13 31
Fair Value, Measurements, Recurring | Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 201 875
Derivative Liabilities 19 197
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]    
Derivatives Assets 197 230
Derivative Liabilities 8  
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 642 399
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 208 70
Total liabilities   2
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 642 399
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]    
Derivatives Assets $ 208 70
Derivative Liabilities   $ 2
[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $2.3 billion and $212 million of assets at Dominion Energy, inclusive of $1.3 billion and $76 million at Virginia Power, at December 31, 2025 and 2024, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
v3.25.4
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 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 $ 2,300 $ 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 $ 1,300 $ 76
v3.25.4
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
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance $ 384 $ 86 $ 422
Total realized and unrealized gains (losses):      
Operating revenue (21) (6) 1
Included in earnings 276 (172) (273)
Purchased gas $ 0 $ 1 $ 0
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 Electric Fuel And Other Energy Related Purchases
Included in regulatory assets/liabilities $ 121 $ 297 $ (414)
Settlements (336) 77 241
Purchases 183 112 104
Transfers out of Level 3 20 (7) 6
Ending balance 627 384 86
Virginia Electric and Power Company      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance 68 (116) 221
Total realized and unrealized gains (losses):      
Included in earnings $ 259 $ (176) $ (278)
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 Electric Fuel And Other Energy Related Purchases
Included in regulatory assets/liabilities $ 145 $ 202 $ (349)
Settlements (272) 137 255
Purchases 8 21 35
Ending balance 208 68 (116)
Discontinued operations      
Total realized and unrealized gains (losses):      
Included in earnings $ 0 $ (4) $ (1)
v3.25.4
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] $ 38,897 $ 34,533
Securitization bonds [2] 1,054 1,217
Junior subordinated notes [1] 5,978 3,223
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[3] 37,481 32,167
Securitization bonds [2],[3] 1,076 1,218
Junior subordinated notes [1],[3] 6,217 3,372
Virginia Electric and Power Company | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 21,800 19,224
Securitization bonds [2] 1,054 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],[3] 20,593 17,578
Securitization bonds [2],[3] $ 1,076 $ 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 December 31, 2025 and December 31, 2024.
[2] Carrying amount includes current portions included in securities due within one year.
[3] 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.
v3.25.4
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Valuation of certain fair value hedges associated with fixed rate debt $ 0 $ 0
Supplemental line of credit facility borrowings expiration period 1 year  
v3.25.4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] $ 741 $ 1,157
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 65 301
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 676 856
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 464 357
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 16 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 448 312
Commodity Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 464 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 20
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 460 177
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 239 95
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 14
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 235 81
Commodity Contract | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 48 55
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 48 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] 0 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 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] 201 875
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 196 678
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 197 230
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 193 230
Foreign Currency Exchange Rate Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 28 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 20 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] 28 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts $ 20 $ 0
[1] Excludes derivative assets of $217 million and $242 million at Dominion Energy at December 31, 2025 and 2024, respectively, and $18 million at Virginia Power, at both December 31, 2025 and 2024, which are not subject to master netting or similar arrangements.
v3.25.4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 217 $ 242
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 18 $ 18
v3.25.4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] $ 240 $ 505
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 65 301
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 125 20
Net Amounts 50 184
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 24 208
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 16 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 8 163
Commodity Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 38 42
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 20
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 34 22
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 6 15
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 14
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 2 1
Commodity Contract | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 173 74
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 48 54
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 125 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] 0 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 0
Interest Rate Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 19 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 197
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 14 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] 8 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 4 0
Foreign Currency Exchange Rate Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 10 192
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 2 162
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] 10 192
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 2 $ 162
[1] Excludes derivative liabilities of $5 million and $7 million at Dominion Energy and $7 million and $17 million at Virginia Power at December 31, 2025 and 2024, respectively, which are not subject to master netting or similar arrangements.
v3.25.4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 5 $ 7
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 7 $ 17
v3.25.4
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 12 months ended Dec. 31, 2025
USD ($)
MWh
Bcf
DKK (kr)
EUR (€)
Fixed Price - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [1] 42    
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [1] 37    
Basis - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [2] 217    
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [2] 164    
Fixed Price - Electricity - Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 9    
Financial Transmission Rights - Electricity- Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 40    
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 40    
Interest Rate - Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 3,925    
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 2,350    
Foreign Currency Exchange Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment [3]   kr 674,000,000 € 844,000,000
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [3]   674,000,000 844,000,000
Fixed Price - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [1] 5    
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [1] 5    
Basis - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [2] 330    
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [2] 268    
Fixed Price - Electricity - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 35    
Interest Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [3] $ 6,821,000,000    
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [3] $ 5,750,000,000    
Foreign Currency Exchange Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment [3]   76,000,000 50,000,000
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [3]   kr 76,000,000 € 50,000,000
[1] Includes options at Dominion Energy.
[2] Includes options.
[3] Maturity is determined based on final settlement period.
v3.25.4
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (137)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (24)
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax 32
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 (137)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (24)
Maximum Term 396 months
Interest Rate Contract | Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 32
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 1
Maximum Term 396 months
v3.25.4
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives Fair Value [Line Items]    
Total current derivative assets $ 335 $ 436
Total noncurrent derivative assets 623 963
Total derivative assets 958 1,399
Total current derivative liabilities 111 207
Total noncurrent derivative liabilities 134 305
Total derivative liabilities 245 512
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 212 248
Total noncurrent derivative assets 270 127
Total derivative assets 482 375
Total current derivative liabilities 22 139
Total noncurrent derivative liabilities 9 86
Total derivative liabilities 31 225
Designated as Hedging Instrument | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 15 137
Total noncurrent derivative assets 184 93
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 9 0
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 15 137
Total noncurrent derivative assets 182 93
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 8 0
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 295 171
Total noncurrent derivative assets 434 323
Total current derivative liabilities 98 78
Total noncurrent derivative liabilities 118 45
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 172 84
Total noncurrent derivative assets 85 31
Total current derivative liabilities 12 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   101
Total noncurrent derivative assets 2 544
Total current derivative liabilities 3 22
Total noncurrent derivative liabilities 7 175
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 25 27
Total noncurrent derivative assets 3 3
Total current derivative liabilities 10 107
Total noncurrent derivative liabilities 0 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 25 27
Total noncurrent derivative assets 3 3
Total current derivative liabilities 10 107
Total noncurrent derivative liabilities $ 0 $ 85
v3.25.4
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] $ 7 $ 17 $ (1)
Amount of Gain (Loss) Reclassified From AOCI to Income (39) (43) (43)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 67 189 5
Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] 6 17 (1)
Amount of Gain (Loss) Reclassified From AOCI to Income 1 0 (1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 66 188 4
Interest Rate      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] 7 17 (1)
Amount of Gain (Loss) Reclassified From AOCI to Income [3] (39) (43) (43)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] 67 189 5
Interest Rate | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] 6 17 (1)
Amount of Gain (Loss) Reclassified From AOCI to Income [3] 1 0 (1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] $ 66 $ 188 $ 4
[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
v3.25.4
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ 37 $ (155) $ 516
Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 170 (104) (355)
Commodity | Operating Revenue      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (221) 116 707
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] (59) 140 27
Commodity | Purchased Gas      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (1) 0 0
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] 246 (240) (380)
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] 229 (244) (384)
Commodity | Discontinued operations      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 (28) 86
Commodity | Other operations & maintenance      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 0 2
Commodity | Other operations & maintenance | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 0 2
Interest Rate | Discontinued operations      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 0 17
Interest Rate | Interest and Related Charges      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ 13 $ (3) $ 84
[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.
v3.25.4
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]                      
Net income attributable to Dominion Energy from continuing operations                 $ 3,012 $ 1,837 $ 2,087
Preferred stock dividends (See Note 19)                 (44) (68) (81)
Preferred stock deemed dividends (See Note 19)                 0 (10) 0
Net income attributable to Dominion Energy from continuing operations - Basic                 2,968 1,759 2,006
Net income attributable to Dominion Energy from continuing operations - Diluted                 2,968 1,759 2,006
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted                 $ (14) $ 197 $ (125)
Average shares of common stock outstanding – Basic                 854.1 839.2 836.4
Net effect of dilutive securities [1]                 1.2 0.2 0.1
Average shares of common stock outstanding – Diluted                 855.3 839.4 836.5
EPS from continuing operations - Basic $ 0.66 $ 1.17 $ 0.88 $ 0.77 $ 0.14 $ 1.11 $ 0.52 $ 0.32 $ 3.48 $ 2.09 $ 2.4
EPS from discontinued operations - Basic (0.01) 0 0 0 0 (0.02) 0.12 0.14 (0.02) 0.24 (0.15)
Net income attributable to Dominion Energy 0.65 1.17 0.88 0.77 0.14 1.09 0.64 0.46 3.46 2.33 2.25
EPS from continuing operations - Diluted 0.66 1.16 0.88 0.77 0.14 1.11 0.52 0.32 3.47 2.09 2.4
EPS from discontinued operations - Diluted (0.01) 0 0 0 0 (0.02) 0.12 0.14 (0.02) 0.24 (0.15)
Net income attributable to Dominion Energy $ 0.65 $ 1.16 $ 0.88 $ 0.77 $ 0.14 $ 1.09 $ 0.64 $ 0.46 $ 3.45 $ 2.33 $ 2.25
[1] Dilutive securities for 2025 consists of forward sales agreements entered into in the first, second, and third quarter of 2025 and third and fourth quarter of 2024 with certain of these securities settling in 2025 (applying the treasury stock method). Additionally, dilutive securities for 2024 consists of certain of the forward sales agreements entered into in 2024 with certain of these securities settling in 2024 (applying the treasury stock method). Dilutive securities for 2023 consists primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method).
v3.25.4
Investments (Narrative) (Detail 1) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]                      
Earnings (losses) from equity method investees                 $ (6) [1] $ 3 [2] $ (26) [3]
Net earnings (losses) from discontinued operations including noncontrolling interest $ (14) $ 0 $ 1 $ (1) $ (3) $ (15) $ 97 $ 118 (14) [4] 197 [4] (125) [4]
Distributions received from investment                 6 140 245
Finite Lived Equity Method Investment Basis Difference                      
Schedule of Equity Method Investments [Line Items]                      
Carrying amount of investment that exceeded share of underlying equity 5       5       5 5  
Discontinued operations                      
Schedule of Equity Method Investments [Line Items]                      
Net earnings (losses) from discontinued operations including noncontrolling interest                 (6) (12) $ 235
Trading Securities                      
Schedule of Equity Method Investments [Line Items]                      
Rabbi trust securities $ 181       $ 160       $ 181 $ 160  
[1] Items designated are other segment items for each reportable segment.
[2] Items designated are other segment items for each reportable segment.
[3] Items designated are other segment items for each reportable segment.
[4] Includes income tax expense of $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Investments (Narrative) (Detail 2) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 29, 2024
Sep. 30, 2023
Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]              
Earnings (losses) from equity method investees   $ (6,000,000) [1] $ 3,000,000 [2] $ (26,000,000) [3]      
Distributions received from investment   6,000,000 140,000,000 245,000,000      
Income tax expense (benefit) from discontinued operations   5,000,000 31,000,000 1,300,000,000      
Contributions to equity method affiliates   24,000,000 20,000,000 104,000,000      
Facility Limit $ 600,000,000 8,000,000,000 6,000,000,000        
Impairment of certain property, plant and equipment   (517,000,000) (600,000,000) (307,000,000)      
Investment company received distribution amount         $ 126,000,000    
364 Term loan facility              
Schedule of Equity Method Investments [Line Items]              
Credit facility, outstanding amount 2,200,000,000            
364 Term Loan Facility One              
Schedule of Equity Method Investments [Line Items]              
Credit facility, outstanding amount 750,000,000            
Cove Point              
Schedule of Equity Method Investments [Line Items]              
Distributions received from investment       227,000,000      
Income tax expense (benefit) from discontinued operations       31,000,000      
Discontinued operations, interest expense       120,000,000      
Cove Point | Discontinued operations              
Schedule of Equity Method Investments [Line Items]              
Earnings (losses) from equity method investees       218,000,000      
Cove Point | Cove Point | GT&S Transaction              
Schedule of Equity Method Investments [Line Items]              
Percentage of noncontrolling limited partnership interest retained           50.00%  
Cove Point | BHE | GT&S Transaction              
Schedule of Equity Method Investments [Line Items]              
Cash consideration from sale of noncontrolling interest $ 3,300,000,000            
Percentage of noncontrolling limited partnership interest retained 50.00%         50.00%  
Amount of gain from sale $ 626,000,000            
Amount of gain from sale, after tax 348,000,000            
Proceeds from settlement of related interest rate derivatives, fair value $ 199,000,000            
Cove Point | East Ohio, PSNC and Questar Gas | GT&S Transaction              
Schedule of Equity Method Investments [Line Items]              
Percentage of noncontrolling limited partnership interest retained           50.00%  
Atlantic Coast Pipeline              
Schedule of Equity Method Investments [Line Items]              
Earnings (losses) from equity method investees   (6,000,000) (13,000,000) 15,000,000      
Contributions to equity method affiliates   10,000,000 12,000,000 95,000,000      
Equity in earnings (losses) on investments after tax   (4,000,000) (10,000,000) 11,000,000      
Atlantic Coast Pipeline | Other Current Liabilities              
Schedule of Equity Method Investments [Line Items]              
Current liabilities   $ 4,000,000 $ 7,000,000        
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage acquired             5.00%
Percentage ownership in total units             53.00%
Align RNG, LLC              
Schedule of Equity Method Investments [Line Items]              
Percentage of noncontrolling limited partnership interest retained   50.00%          
Impairment of certain property, plant and equipment       (35,000,000)      
Asset impairment charges after tax       $ 26,000,000      
Dominion Privatization              
Schedule of Equity Method Investments [Line Items]              
Maximum investment commitments as credit facility   $ 50,000,000          
Dominion Privatization | Other Receivables              
Schedule of Equity Method Investments [Line Items]              
Loans receivable   $ 10,000,000          
[1] Items designated are other segment items for each reportable segment.
[2] Items designated are other segment items for each reportable segment.
[3] Items designated are other segment items for each reportable segment.
v3.25.4
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value $ 448  
Cash equivalents and other, Amortized Cost [1] 7 $ 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] 7 65
Amortized Cost, Total 3,994 3,828
Total Unrealized Gains 5,174 4,281
Total Unrealized Losses [2] (2) (58)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 9,166 8,051
Fair value of securities in an unrealized loss position 48 1,400
Net assets related to pending purchase of securities 40 35
Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value 332  
Cash equivalents and other, Amortized Cost [1] 22 3
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] 3 22
Amortized Cost, Total 2,177 2,092
Total Unrealized Gains 2,689 2,227
Total Unrealized Losses [2] (2) (33)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 4,864 4,286
Fair value of securities in an unrealized loss position 3 796
Net assets related to pending sale of securities 3 22
Corporate Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3]   516
Fixed income securities Total Unrealized Gains [3]   6
Fixed income securities Total Unrealized Losses [3]   (15)
Fixed income securities Allowance for Credit Losses [3]   0
Fixed income securities Fair Value [3]   507
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3]   1,038
Fixed income securities Total Unrealized Gains [3]   3
Fixed income securities Total Unrealized Losses [3]   (12)
Fixed income securities Allowance for Credit Losses [3]   0
Fixed income securities Fair Value [3]   294
Government Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3] 448 1,736
Fixed income securities Total Unrealized Gains [3] 0 7
Fixed income securities Total Unrealized Losses [3] 0 (39)
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] 448 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 [3] 332 303
Fixed income securities Total Unrealized Gains [3] 0 4
Fixed income securities Total Unrealized Losses [3] 0 (18)
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] 332 1,024
Private Debt Funds    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [4] 2,143  
Fixed income securities Total Unrealized Gains [4] 0  
Fixed income securities Total Unrealized Losses [4] 0  
Fixed income securities Allowance for Credit Losses [4] 0  
Fixed income securities Fair Value [4] 2,143  
Private Debt Funds | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [4] 1,213  
Fixed income securities Total Unrealized Gains [4] 0  
Fixed income securities Total Unrealized Losses [4] 0  
Fixed income securities Allowance for Credit Losses [4] 0  
Fixed income securities Fair Value [4] 1,213  
Insurance Contracts    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 245 239
Fixed income securities Total Unrealized Gains [5] 0 0
Fixed income securities Total Unrealized Losses [5] 0 0
Fixed income securities Allowance for Credit Losses [5] 0  
Fixed income securities Fair Value [5] 245 239
U.S.    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 1,107 1,220
Equity securities Total Unrealized Gains [6] 5,052 4,157
Equity securities Total Unrealized Losses [6] (2) (4)
Equity securities Fair Value [6] 6,157 5,373
U.S. | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 602 695
Equity securities Total Unrealized Gains [6] 2,620 2,155
Equity securities Total Unrealized Losses [6] (2) (3)
Equity securities Fair Value [6] 3,220 2,847
International    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 44 52
Equity securities Total Unrealized Gains [6] 122 111
Equity securities Total Unrealized Losses [6] 0 0
Equity securities Fair Value [6] 166 163
International | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 27 34
Equity securities Total Unrealized Gains [6] 69 65
Equity securities Total Unrealized Losses [6] 0 0
Equity securities Fair Value [6] $ 96 $ 99
[1] Dominion Energy includes pending purchases of securities of $40 million and pending sales of securities of $35 million at December 31, 2025 and 2024, respectively. Virginia Power includes pending sales of securities of $3 million and $22 million at December 31, 2025 and 2024, respectively.
[2] Dominion Energy’s fair value of securities in an unrealized loss position was $48 million and $1.4 billion at December 31, 2025 and 2024, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $3 million and $796 million at December 31, 2025 and 2024, respectively.
[3] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income (expense)
[4] These private debt funds are generally structured without an explicit termination date. The Companies’ withdrawal and redemption rights begin after an initial multiyear lock-up period. Unless otherwise elected, distributions of income, profits and capital are generally reinvested in the underlying funds. The Companies may elect to receive a portion of future income as cash distributions, subject to fund liquidity restrictions. Generally, the Companies’ interests can be sold in the secondary markets subject to the approval of the general partner. Secondary markets tend to be less liquid especially during periods of market stress.
[5] Includes company owned life insurance contracts measured at cash surrender value.
[6] Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
v3.25.4
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]      
Net gains (losses) recognized during the period $ 913 $ 1,020 $ 811
Less: Net (gains) losses recognized during the period on securities sold during the period (4) (16) (7)
Unrealized gains (losses) recognized during the period on securities still held at period end [1] 909 1,004 804
Virginia Electric and Power Company      
Debt Securities, Available-for-Sale [Line Items]      
Net gains (losses) recognized during the period 479 532 420
Less: Net (gains) losses recognized during the period on securities sold during the period (8) (11) 7
Unrealized gains (losses) recognized during the period on securities still held at period end [2] $ 471 $ 521 $ 427
[1] Included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
[2] Included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
v3.25.4
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 0
Due after one year through five years 25
Due after five years through ten years 10
Due after ten years 413
Total 448
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 0
Due after one year through five years 0
Due after five years through ten years 0
Due after ten years 332
Total $ 332
v3.25.4
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]      
Proceeds from sales $ 10,492 $ 3,072 $ 2,966
Realized gains [1] 110 106 92
Realized losses [1] 103 128 169
Virginia Electric and Power Company      
Schedule of Available-for-sale Securities [Line Items]      
Proceeds from sales 5,741 1,925 1,876
Realized gains [2] 74 67 50
Realized losses [2] $ 71 $ 88 $ 99
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
[2] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
v3.25.4
Investments (Investments Under Equity Method of Accounting) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Investment in equity method affiliates $ 132 $ 138
Align RNG, LLC    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Percentage 50.00%  
Investment in equity method affiliates $ 92 91
Description Renewable natural gas  
Acquisition of tax credits $ 13  
Dominion Energy Virginia    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Percentage 50.00%  
Investment in equity method affiliates $ 20 27
Description Military electric and gas  
Other Investment    
Schedule of Equity Method Investments [Line Items]    
Investment in equity method affiliates [1],[2] $ 20 $ 20
Ownership% [1],[2] various  
[1] Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $7 million at December 31, 2025 and 2024, respectively, presented in other current liabilities. See discussion below for additional information.
[2] Includes an inconsequential amount at December 31, 2025 related to Valley Link
v3.25.4
Investments (Investments Under Equity Method of Accounting) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Atlantic Coast Pipeline | Other Current Liabilities    
Schedule of Equity Method Investments [Line Items]    
Liability associated with its investment $ 4 $ 7
v3.25.4
Property, Plant and Equipment (Property, Plant and Equipment) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Utility:    
Generation $ 28,091 $ 26,854
Transmission 19,609 17,856
Distribution 25,515 23,572
Nuclear fuel 2,439 2,393
General and other 1,981 1,865
Plant under construction [1] 19,199 13,816
Total utility 96,834 86,356
Non-jurisdictional - including plant under construction 1,815 1,763
Nonutility:    
Nonregulated generation-nuclear 2,027 1,962
Nonregulated generation-solar 1,594 1,207
Nuclear fuel 1,018 1,173
Renewable natural gas 1,734 0
Other-including plant under construction 1,293 2,383
Total nonutility 7,666 6,725
Total property, plant and equipment [2] 106,315 94,844
Virginia Electric and Power Company    
Utility:    
Generation 20,859 20,219
Transmission 17,164 15,514
Distribution 18,784 17,261
Nuclear fuel 1,936 1,823
General and other 1,171 1,134
Plant under construction [1] 18,382 12,826
Total utility 78,296 68,777
Non-jurisdictional - including plant under construction 1,815 1,763
Nonutility:    
Nonregulated generation-nuclear 0 0
Nonregulated generation-solar 0 0
Nuclear fuel 0 0
Other-including plant under construction 10 10
Total nonutility 10 10
Total property, plant and equipment [3] $ 80,121 $ 70,550
[1] Includes $8.6 billion and $5.8 billion of costs associated with the CVOW Commercial Project at December 31, 2025 and 2024, respectively. The amounts at December 31, 2025 and 2024 are net of $721 million and $206 million, respectively, of costs not expected to be recovered from customers.
[2] See Note 16 for amounts attributable to VIEs
[3] See Note 16 for amounts attributable to VIEs.
v3.25.4
Property, Plant and Equipment (Property, Plant and Equipment) (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Plant under construction [1] $ 19,199 $ 13,816
Virginia Electric and Power Company    
Property, Plant and Equipment [Line Items]    
Plant under construction [1] 18,382 12,826
Project costs not expected to be recovered 721 206
Virginia Electric and Power Company | CVOW Commercial Project    
Property, Plant and Equipment [Line Items]    
Plant under construction $ 8,600 $ 5,800
[1] Includes $8.6 billion and $5.8 billion of costs associated with the CVOW Commercial Project at December 31, 2025 and 2024, respectively. The amounts at December 31, 2025 and 2024 are net of $721 million and $206 million, respectively, of costs not expected to be recovered from customers.
v3.25.4
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Bath Country Pumped Storage Station  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 60.00% [1]
Plant in service $ 1,094 [1]
Accumulated depreciation (782) [1]
Nuclear fuel 0 [1]
Accumulated amortization of nuclear fuel 0 [1]
Plant under construction $ 16 [1]
North Anna  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 88.40% [1]
Plant in service $ 3,051 [1]
Accumulated depreciation (1,451) [1]
Nuclear fuel 835 [1]
Accumulated amortization of nuclear fuel (644) [1]
Plant under construction $ 529 [1]
Clover Power Station  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 50.00% [1]
Plant in service $ 618 [1]
Accumulated depreciation (326) [1]
Nuclear fuel 0 [1]
Accumulated amortization of nuclear fuel 0 [1]
Plant under construction $ 13 [1]
Millstone Unit  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 93.50% [2]
Plant in service $ 1,549 [2]
Accumulated depreciation (661) [2]
Nuclear fuel 466 [2]
Accumulated amortization of nuclear fuel (352) [2]
Plant under construction $ 96 [2]
Summer Unit  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 66.70% [2]
Plant in service $ 1,580 [2]
Accumulated depreciation (775) [2]
Nuclear fuel 503 [2]
Accumulated amortization of nuclear fuel (307) [2]
Plant under construction $ 55 [2]
[1] Units jointly owned by Virginia Power.
[2] Units jointly owned by Dominion Energy.
v3.25.4
Property, Plant and Equipment (Schedule of Nonregulated Solar Projects) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
MW
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Property Plant And Equipment [Line Items]      
Project Cost $ 12 $ 229 $ 24
Acquisition of Solar Project Hardin I in Ohio      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2020-08    
Date Agreement Closed [1] Terminated    
Acquisition of Solar Project Madison in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered [2] 2020-07    
Date Agreement Closed [2] 2020-07    
Project Cost [2],[3] $ 165    
MW Capacity | MW [2] 62    
Acquisition Of Solar Project Atlanta Farms In Ohio      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2022-03    
Date Agreement Closed 2022-05    
Project Cost [3] $ 390    
Date of Commercial Operations [4] January 2025    
MW Capacity | MW 200    
Acquisition of Solar Project Foxhound in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2023-03    
Date Agreement Closed 2024-02    
Project Cost [3] $ 195    
Date of Commercial Operations [4] April 2024    
MW Capacity | MW 83    
[1] In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II.
[2] Madison was reflected in the Corporate and Other segment before its sale in April 2024. See Note 3 for discussion.
[3] Includes acquisition costs.
[4] Dominion Energy is claiming production tax credits on the energy generated and sold by these projects.
v3.25.4
Property, Plant and Equipment (Narrative) (Detail)
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Nov. 08, 2023
USD ($)
Nov. 30, 2025
USD ($)
a
Oct. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
a
mi
MW
Feb. 29, 2024
USD ($)
Sep. 30, 2019
USD ($)
MW
Jan. 31, 2026
USD ($)
MW
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
MW
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Property Plant And Equipment [Line Items]                                    
Plant under construction [1]               $ 19,199,000,000       $ 13,816,000,000       $ 19,199,000,000 $ 13,816,000,000  
Income tax expense (benefit)                               532,000,000 [2],[3] 411,000,000 [4] $ 644,000,000 [5]
Noncontrolling interests               (55,000,000) $ 22,000,000 $ 54,000,000 $ 46,000,000 (53,000,000) $ 0 $ 0 $ 0 67,000,000 [6] (53,000,000) [6] 0
Other current liabilities [7]               2,343,000,000       2,084,000,000       2,343,000,000 2,084,000,000  
Impairment of assets and other charges                               517,000,000 600,000,000 307,000,000
CVOW Commercial Project Excluding Financing Costs                                    
Property Plant And Equipment [Line Items]                                    
Total project costs     $ 9,800,000,000                              
Maximum                                    
Property Plant And Equipment [Line Items]                                    
Additional capital contribution percentage         83.00%                          
Maximum | CVOW Commercial Project Excluding Financing Costs Condition Two                                    
Property Plant And Equipment [Line Items]                                    
Total project costs     $ 11,300,000,000                              
Minimum                                    
Property Plant And Equipment [Line Items]                                    
Additional capital contribution percentage         67.00%                          
Virginia Power and Stonepeak | CVOW Commercial Project                                    
Property Plant And Equipment [Line Items]                                    
Remaining capital percentage         50.00%                          
Virginia Power and Stonepeak | Maximum                                    
Property Plant And Equipment [Line Items]                                    
Total project costs         $ 11,300,000,000                          
Corporate Office Building                                    
Property Plant And Equipment [Line Items]                                    
Sale of office building                                   40,000,000
Sale of utility property                       19,000,000            
Level 3 | Corporate Office Building                                    
Property Plant And Equipment [Line Items]                                    
Long-lived assets, estimated fair value                           23,000,000       35,000,000
Level 3 | Nonregulated renewable natural gas facilities | Minimum                                    
Property Plant And Equipment [Line Items]                                    
Long-lived assets, estimated fair value                         1,000,000 1,000,000        
Impairment of Assets and Other Charges | Corporate Office Building                                    
Property Plant And Equipment [Line Items]                                    
Impairment of assets and other charges                           17,000,000       93,000,000
Asset impairment charges after tax                           12,000,000       69,000,000
Impairment of Assets and Other Charges | Nonregulated renewable natural gas facilities                                    
Property Plant And Equipment [Line Items]                                    
Impairment of assets and other charges                         27,000,000 33,000,000        
Asset impairment charges after tax                         21,000,000 25,000,000        
Acquisition of Wind Project                                    
Property Plant And Equipment [Line Items]                                    
Offshore wind project price expected       $ 160,000,000                            
Dominion Energy South Carolina Inc | South Carolina Regulation | Canadys Gas Plant Project                                    
Property Plant And Equipment [Line Items]                                    
Plant under construction               10,000,000               10,000,000    
Virginia Electric and Power Company                                    
Property Plant And Equipment [Line Items]                                    
Plant under construction [1]               $ 18,382,000,000       12,826,000,000       18,382,000,000 12,826,000,000  
Income tax expense (benefit) [8]                               $ 448,000,000 [2] 423,000,000 400,000,000
Percentage of remaining construction costs, including contingency               7.00%               7.00%    
Noncontrolling interests               $ (55,000,000) $ 22,000,000 $ 54,000,000 $ 46,000,000 (53,000,000) $ 0 $ 0 $ 0 $ 67,000,000 [9] (53,000,000) [9]  
Percentage of proceeds from sale of non controlling interests in CVOW commercial project     50.00%                              
Other current liabilities [10],[11]               $ 1,506,000,000       1,228,000,000       1,506,000,000 1,228,000,000  
Impairment of assets and other charges                               516,000,000 292,000,000 115,000,000
Project easement cost paid $ 65,000,000                                  
Easement charges before tax 65,000,000                                  
Easement charges after tax $ 49,000,000                                  
Virginia Electric and Power Company | CVOW Commercial Project                                    
Property Plant And Equipment [Line Items]                                    
Ownership percentage     50.00%   50.00%                          
Income tax expense (benefit)                       (26,000,000)       (66,000,000)    
Charge for costs not expected to be recovered                       206,000,000       258,000,000    
Charge for costs not expected to be recovered including noncontrolling portion                               $ 515,000,000    
Percentage of remaining construction costs, including contingency               7.00%               7.00%    
Noncontrolling interests                       $ 103,000,000       $ 257,000,000    
Anticipated projected cost           $ 600,000,000   $ 11,500,000,000               11,500,000,000    
Increase for increased contingency for remaining construction activities           $ 300,000,000                        
Virginia Electric and Power Company | CVOW Commercial Project Excluding Financing Costs                                    
Property Plant And Equipment [Line Items]                                    
Initial withholding amount     $ 100,000,000                              
Virginia Electric and Power Company | CVOW Commercial Project Excluding Financing Costs Condition Two                                    
Property Plant And Equipment [Line Items]                                    
Proceeds from sale of non controlling interests in CVOW commercial project     2,600,000,000                              
Virginia Electric and Power Company | Maximum | CVOW Commercial Project                                    
Property Plant And Equipment [Line Items]                                    
Incremental cost recovery amount                               11,300,000,000    
Incremental cost excluded from recovery amount                               13,700,000,000    
Construction costs                               13,700,000,000    
Virginia Electric and Power Company | Minimum                                    
Property Plant And Equipment [Line Items]                                    
Total project costs         $ 13,700,000,000                          
Virginia Electric and Power Company | Minimum | CVOW Commercial Project                                    
Property Plant And Equipment [Line Items]                                    
Initial withholding amount     $ 145,000,000                              
Incremental cost recovery amount                               10,300,000,000    
Incremental cost excluded from recovery amount                               11,300,000,000    
Virginia Electric and Power Company | Rider OSW One                                    
Property Plant And Equipment [Line Items]                                    
Excepted total project cost                               200,000,000    
Tariffs cost on equipment expected to be delivered                               600,000,000    
Approximate tariffs cost on equipment expected to be delivered                               200,000,000    
Virginia Electric and Power Company | Impairment of Assets and Other Charges                                    
Property Plant And Equipment [Line Items]                                    
Impairment of assets and other charges                                 25,000,000  
Asset impairment charges after tax                                 $ 18,000,000  
Virginia Electric and Power Company | Acquisition of Early Stage Generation Facility                                    
Property Plant And Equipment [Line Items]                                    
Potential future payments to acquire generation facility through 2028   $ 13,000,000                                
Other current liabilities               25,000,000               25,000,000    
Other deferred credits and other liabilities               75,000,000               75,000,000    
Date Agreement Entered   2025-11                                
Acres Of Area Acquired | a   1,200                                
Offshore wind project price expected   $ 113,000,000                                
Virginia Electric and Power Company | End of 2026 | CVOW Commercial Project                                    
Property Plant And Equipment [Line Items]                                    
Targeted capacity provided by legislation | MW           2,600                        
Virginia Electric and Power Company | Early 2027 | CVOW Commercial Project                                    
Property Plant And Equipment [Line Items]                                    
Anticipated projected cost           $ 11,500,000,000                        
Stonepeak | Maximum                                    
Property Plant And Equipment [Line Items]                                    
Total project costs         13,700,000,000                          
Additional capital costs         11,300,000,000                          
Stonepeak | Minimum                                    
Property Plant And Equipment [Line Items]                                    
Total project costs         $ 11,300,000,000                          
Acquisition of Solar Project at Schools in Virginia                                    
Property Plant And Equipment [Line Items]                                    
Anticipated projected cost               10,000,000               $ 10,000,000    
Aggregate generation capacity | MW                               4    
Project cost               $ 9,000,000               $ 9,000,000    
Aggregate generation capacity of service solar facilities | MW                               4    
Utility Property                                    
Property Plant And Equipment [Line Items]                                    
Sale of utility property                                   12,000,000
Gain on sale of asset                                   11,000,000
Gain on sale of asset after tax                                   $ 8,000,000
Acquisition of Solar Generation Facilities | Virginia Electric and Power Company | Subsequent Event                                    
Property Plant And Equipment [Line Items]                                    
Projected purchase price of solar generation facilities             $ 1,300,000,000                      
Power generating capacity | MW             400                      
Acquisition of Offshore Wind Project                                    
Property Plant And Equipment [Line Items]                                    
Date Agreement Entered       2024-07                            
Acres Of Area Acquired | a       40,000                            
Miles Of Area Acquired | mi       27                            
Date Agreement Closed                               October 2024    
Power generating capacity | MW       800                            
[1] Includes $8.6 billion and $5.8 billion of costs associated with the CVOW Commercial Project at December 31, 2025 and 2024, respectively. The amounts at December 31, 2025 and 2024 are net of $721 million and $206 million, respectively, of costs not expected to be recovered from customers.
[2] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[3] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[4] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[5] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[6] Items designated are other segment items for each reportable segment.
[7] See Note 9 for amounts attributable to related parties.
[8] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
[9] Items designated are other segment items for each reportable segment.
[10] See Note 16 for amounts attributable to VIEs.
[11] See Note 25 for amounts attributable to affiliates.
v3.25.4
Goodwill and Intangible Assets (Goodwill) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] $ 4,143 $ 4,143
No events affecting goodwill 0 0
Goodwill, Ending Balance [1] 4,143 4,143
Operating Segments | Dominion Energy Virginia    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 2,106 2,106
No events affecting goodwill 0 0
Goodwill, Ending Balance [1] 2,106 2,106
Operating Segments | Dominion Energy South Carolina    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 1,521 1,521
No events affecting goodwill 0 0
Goodwill, Ending Balance [1] 1,521 1,521
Operating Segments | Contracted Energy    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 516 516
No events affecting goodwill 0 0
Goodwill, Ending Balance [1] 516 516
Operating Segments | Corporate and Other    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 0 0
No events affecting goodwill 0 0
Goodwill, Ending Balance [1] $ 0 $ 0
[1] Goodwill amounts do not contain any accumulated impairment losses.
v3.25.4
Goodwill and Intangible Assets (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Acquisition of intangible assets $ 962    
Weighted-average amortization period (years) 4 years    
Software, Licenses and Other      
Goodwill [Line Items]      
Amortization expense for intangible assets $ 111 $ 87 $ 160
Virginia Electric and Power Company      
Goodwill [Line Items]      
Acquisition of intangible assets $ 872    
Weighted-average amortization period (years) 3 years    
Virginia Electric and Power Company | Software, Licenses and Other      
Goodwill [Line Items]      
Amortization expense for intangible assets $ 74 $ 51 $ 123
v3.25.4
Goodwill and Intangible Assets (Components of Intangible Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Software, Licenses and Other    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,950 $ 1,645
Accumulated Amortization 820 708
Renewable Energy Credits    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 552 199
Accumulated Amortization [1] 0 0
Virginia Electric and Power Company | Software, Licenses and Other    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,125 911
Accumulated Amortization 365 291
Virginia Electric and Power Company | Renewable Energy Credits    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 550 198
Accumulated Amortization [1] $ 0 $ 0
[1] Includes $342 million and $370 million of renewable energy credits consumed and retired in 2025 and 2024, respectively. All amounts for renewable energy credits were deferred to regulatory assets upon consumption.
v3.25.4
Goodwill and Intangible Assets (Components of Intangible Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill And Intangible Assets Disclosure [Abstract]    
Renewable energy credits consumed $ 342 $ 370
v3.25.4
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Finite Lived Intangible Assets [Line Items]  
2026 $ 107
2027 97
2028 84
2029 72
2030 46
Virginia Electric and Power Company  
Finite Lived Intangible Assets [Line Items]  
2026 70
2027 65
2028 56
2029 50
2030 $ 31
v3.25.4
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Regulatory Assets [Line Items]        
Regulatory assets-current [1]   $ 1,380 $ 992  
Regulatory assets-noncurrent [1]   8,276 8,288  
Total regulatory assets   9,656 9,280  
Impairment of assets and other charges   517 600 $ 307
Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [2]   1,110 697  
Regulatory assets-noncurrent [2]   4,526 4,537  
Total regulatory assets   5,636 5,234  
Estimated under-recovered balances $ 1,300   1,300  
Future decommissioning activities   4,000    
Impairment of assets and other charges   $ 516 292 115
Weighted Average        
Regulatory Assets [Line Items]        
Weighted average useful life   24 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 [3]   $ 213 38  
Regulatory assets-noncurrent [3]   391 0  
Deferred Cost of Fuel Used in Electric Generation | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [3]   174 3  
Regulatory assets-noncurrent [3]   391 0  
Securitized Cost of Fuel Used in Electric Generation        
Regulatory Assets [Line Items]        
Regulatory assets-current [4]   125 124  
Regulatory assets-noncurrent [4]   868 1,040  
Securitized Cost of Fuel Used in Electric Generation | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [4]   125 124  
Regulatory assets-noncurrent [4]   868 1,040  
Riders OSW and CE        
Regulatory Assets [Line Items]        
Regulatory assets-current [5]   23 7  
Regulatory assets-noncurrent [5]   287 117  
Riders OSW and CE | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [5]   23 7  
Regulatory assets-noncurrent [5]   287 117  
Other Deferred Rider Costs for Virginia Electric Utility        
Regulatory Assets [Line Items]        
Regulatory assets-current [6]   445 286  
Regulatory assets-noncurrent [6]   338 534  
Other Deferred Rider Costs for Virginia Electric Utility | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [6]   445 286  
Regulatory assets-noncurrent [6]   338 534  
Unrecognized Pension and Other Postretirement Benefit Costs        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [7]   527 486  
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [7]   0 0  
Deferred Rider Costs for Virginia Electric Utility | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Impairment of assets and other charges after tax       27
Impairment of assets and other charges       $ 36
Ash Pond and Landfill Closure Costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [8]   $ 164 108  
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]   $ 164 108  
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]   $ 101 97  
Deferred Nuclear Refueling Outage Costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [9]   101 80  
Interest Rate Hedges        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [10]   165 167  
Interest Rate Hedges | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [10]   0 0  
AROs and Related Funding        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [11]   $ 385 387  
Amortization period for deferred costs   105 years    
NND Project Costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [12]   $ 138 138  
Regulatory assets-noncurrent [12]   1,672 1,811  
CCR Remediation, Ash Pond and Landfill Closure Costs        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [8]   2,868 2,898  
CCR Remediation, Ash Pond and Landfill Closure Costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [8]   2,510 2,560  
Derivatives        
Regulatory Assets [Line Items]        
Regulatory assets-current [13]   3 8  
Regulatory assets-noncurrent [13]   33 182  
Derivatives | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [13]   0 6  
Regulatory assets-noncurrent [13]   0 148  
Other        
Regulatory Assets [Line Items]        
Regulatory assets-current   168 186  
Regulatory assets-noncurrent   742 666  
Other | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current   78 83  
Regulatory assets-noncurrent   $ 132 $ 138  
Deferred Project Costs | Maximum        
Regulatory Assets [Line Items]        
Amortization period for deferred costs   18 months    
[1] See Note 16 for amounts attributable to VIEs
[2] See Note 16 for amounts attributable to VIEs.
[3] Reflects deferred fuel expenses as well as, beginning in June 2025, deferred electric capacity 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. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory. See Note 18 for additional information.
[4] Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024, which are being amortized into electric fuel and other energy-related purchases. See Note 18 for additional information.
[5] Deferred balances for Riders OSW and CE include amounts for shortfall or excess in energy sales, capacity revenue, renewable energy credits and production tax credits as such customer benefit amounts are included as a component, including an equity return, of the revenue requirements associated with each rate adjustment clause. In addition, the deferred Rider OSW balance at December 31, 2025 includes $4 million for future decommissioning activities.
[6] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. In 2023, Virginia Power recorded a charge of $36 million ($27 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), for the write-off of certain previously deferred amounts related to rate adjustment clauses associated with the recovery of costs related to Bear Garden, Virginia City Hybrid Energy Center and Warren County in connection with the cessation of such riders effective July 2023. See Note 13 for additional information.
[7] 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.
[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, reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14.
[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 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 24 years for both Dominion Energy and Virginia Power at December 31, 2025.
[11] 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.
[12] 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.
[13] 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.
v3.25.4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 542 $ 579
Regulatory liabilities-noncurrent 9,072 8,761
Total regulatory liabilities 9,614 9,340
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 374 385
Regulatory liabilities-noncurrent 6,530 6,139
Total regulatory liabilities $ 6,904 6,524
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 [1] $ 3 92
Deferred Cost of Fuel Used in Electric Generation | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [1] 3 92
Provision for Future Cost of Removal and AROs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [2] 101 119
Regulatory liabilities-noncurrent [2] 1,950 1,809
Provision for Future Cost of Removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [2] 101 119
Regulatory liabilities-noncurrent [2] 1,346 1,210
Reserve for Rate Credits to Electric Utility Customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 34 73
Regulatory liabilities-noncurrent [3] 128 161
Reserve for Rate Credits to Electric Utility Customers | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 0 0
Regulatory liabilities-noncurrent [3] 0 0
Income Taxes Refundable through Future Rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 110 88
Regulatory liabilities-noncurrent [4] 2,854 2,988
Income Taxes Refundable through Future Rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 77 64
Regulatory liabilities-noncurrent [4] 2,046 2,168
Nuclear Decommissioning Trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [5] 2,494 2,115
Nuclear Decommissioning Trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [5] 2,494 2,115
Monetization of Guarantee Settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 67 67
Regulatory liabilities-noncurrent [6] $ 501 568
Electric service customers over period 20 years  
Interest Rate Hedges    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [7] $ 461 406
Interest Rate Hedges | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [7] 461 406
Overrecovered Other Postretirement Benefit Costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [8] 209 183
Derivatives    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [9] 158 51
Regulatory liabilities-noncurrent [9] 228 248
Derivatives | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [9] 135 30
Regulatory liabilities-noncurrent [9] 31 25
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 69 89
Regulatory liabilities-noncurrent 247 283
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 58 80
Regulatory liabilities-noncurrent $ 152 $ 215
[1] Reflects deferred fuel expenses as well as, beginning in June 2025, deferred electric capacity 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. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory. See Note 18 for additional information.
[2] 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.
[3] 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.
[4] 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.
[5] Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses, changes in fair value and taxes thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
[6] 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.
[7] 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 24 years for both Dominion Energy and Virginia Power at December 31, 2025.
[8] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
[9] 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.
v3.25.4
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Billions
Dec. 31, 2025
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 5.8
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 $ 4.1
v3.25.4
Regulatory Matters (Narrative) (Detail 1)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2026
USD ($)
Nov. 30, 2025
USD ($)
Oct. 31, 2025
USD ($)
MW
Aug. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Components
Project
MW
Oct. 31, 2024
USD ($)
MW
Feb. 29, 2024
USD ($)
Oct. 31, 2023
USD ($)
Apr. 30, 2023
USD ($)
Dec. 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
MW
Nov. 30, 2013
mi
kV
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
USD ($)
Dec. 31, 2021
USD ($)
Apr. 30, 2025
USD ($)
$ / shares
Virginia Regulation                                  
Public Utilities General Disclosures [Line Items]                                  
Cap on revenue reductions in triennial review                               $ 50,000,000  
Percentage of electric energy excluding existing nuclear generation and certain new carbon resources                     100.00%            
Cap on revenue reductions in the first triennial                     $ 50,000,000            
Virginia Regulation | 2025 Biennial Review                                  
Public Utilities General Disclosures [Line Items]                                  
Authorized return percentage   9.80%                       9.70%      
Base rate increase effective January 2026   $ 566,000,000   $ 706,000,000 $ 822,000,000                        
Base rate increase effective January 2027   $ 210,000,000   $ 256,000,000 345,000,000                        
Requested alternative amount base rate increase effective January 2026         458,000,000                        
Requested alternative amount base rate increase effective January 2027         $ 173,000,000                        
Common equity capitalization to total capitalization ratio                           10.40%      
Proposed base rates reflect an ROE                           52.10%      
Percentage of earned return                           7.77%      
Virginia Electric and Power Company                                  
Public Utilities General Disclosures [Line Items]                                  
Estimated under-recovered balances             $ 1,300,000,000               $ 1,300,000,000    
Common stock shares authorized but unissued shares                                 $ 3,500,000,000
Common stock par value | $ / shares                                 $ 0
Virginia Electric and Power Company | Income Payment Program                                  
Public Utilities General Disclosures [Line Items]                                  
Total revenue requirement                   $ 93,000,000              
Universal service fee               $ 71,000,000                  
Virginia Electric and Power Company | Utility Scale Solar                                  
Public Utilities General Disclosures [Line Items]                                  
Proposed cost of project           $ 605,000,000                      
Targeted capacity provided by legislation | MW     845     208                      
Virginia Electric and Power Company | Energy Storage                                  
Public Utilities General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW     155                            
Virginia Electric and Power Company | GTSA Filing                                  
Public Utilities General Disclosures [Line Items]                                  
Number of Mainfeeders Requested Approval for power undertook | Components         3                        
Number of additional feeders request approval | Components         20                        
New project on remote sensing, image management and analytical program | Project         1                        
Proposed capital investment         $ 278,000,000                        
Proposed operations and maintenance investment         5,000,000                        
Virginia Electric and Power Company | Chesterfield Energy Reliability Center                                  
Public Utilities General Disclosures [Line Items]                                  
Proposed cost of project         $ 1,500,000,000                        
Targeted capacity provided by legislation | MW         944                        
Virginia Electric and Power Company | Utility Scale Solar and Energy Storage                                  
Public Utilities General Disclosures [Line Items]                                  
Proposed cost of project     $ 2,900,000,000                            
Virginia Electric and Power Company | Virginia Regulation                                  
Public Utilities General Disclosures [Line Items]                                  
Authorized return percentage                 9.70%                
Authorized return percentage credited to customers bills                 1.50%                
Credited to customers bills percentage                 100.00%                
Capitalization ratio                 52.10%       52.10%        
Virginia Electric and Power Company | Virginia Regulation | Base Rate Case                                  
Public Utilities General Disclosures [Line Items]                                  
Total revenue requirement                 $ 350,000,000                
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor                                  
Public Utilities General Disclosures [Line Items]                                  
Total revenue requirement         $ 2,600,000,000                        
Rate year beginning         2025-07                        
Estimated under-recovered balances         $ 205,000,000                        
Purchased capacity expense         120,000,000                        
Increase (decrease) in revenue requirement         $ 860,000,000                        
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line                                  
Public Utilities General Disclosures [Line Items]                                  
Miles of Lines | mi                       7          
Type of Line | kV                       500          
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation                                  
Public Utilities General Disclosures [Line Items]                                  
Miles of Lines | mi                       20          
Type of Line | kV                       230          
Virginia Electric and Power Company | Virginia Regulation | Forecast | Annual Fuel Factor                                  
Public Utilities General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement $ 739,000,000                                
Virginia Electric and Power Company | Virginia Regulation | Solar And Onshore Wind | End of Year 2035                                  
Public Utilities General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW                     16,100            
Virginia Electric and Power Company | Virginia Regulation | Utility Scale Solar                                  
Public Utilities General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW                     3,000            
Virginia Electric and Power Company | Virginia Regulation | Small-scale Solar | End of Year 2035                                  
Public Utilities General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW                     1,100            
Virginia Electric and Power Company | Virginia Regulation | Energy Storage | End of Year 2035                                  
Public Utilities General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW                     2,700            
Virginia Electric and Power Company | Triennial Review                                  
Public Utilities General Disclosures [Line Items]                                  
Authorized return percentage                 70.00%                
Credited to customers bills percentage                 85.00%                
Virginia Electric and Power Company | Biennial Review                                  
Public Utilities General Disclosures [Line Items]                                  
Authorized return percentage                 9.35%         9.80%      
Authorized return percentage credited to customers bills                 1.50%                
Credited to customers bills percentage                 85.00%                
v3.25.4
Regulatory Matters (Narrative) (Detail 2)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2026
USD ($)
Feb. 28, 2026
USD ($)
Jan. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
kV
Oct. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Feb. 28, 2025
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
mi
kV
Sep. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Electric Base Rate Case | Subsequent Event                          
Public Utilities, General Disclosures [Line Items]                          
Percentage of earned return     4.78%                    
Percentage of proposed earned return     10.50%                    
Authorized return percentage     9.94%                    
North Carolina Regulation | Virginia Power Fuel Filing                          
Public Utilities, General Disclosures [Line Items]                          
Increase (Decrease) In fuel component of electric rates         $ 49                
North Carolina Regulation | Virginia Power Fuel Filing | Subsequent Event                          
Public Utilities, General Disclosures [Line Items]                          
Increase (Decrease) In fuel component of electric rates     $ 48                    
South Carolina Regulation                          
Public Utilities, General Disclosures [Line Items]                          
Materials and supplies inventory write down                     $ 50    
South Carolina Regulation | Operating Segments                          
Public Utilities, General Disclosures [Line Items]                          
Charge in connection with the electric base rate case                     58    
Charge in connection with the electric base rate case, after tax                     $ 44    
Dominion Energy South Carolina Inc | Electric Base Rate Case | Subsequent Event                          
Public Utilities, General Disclosures [Line Items]                          
Increase (decrease) in revenue requirement     331                    
Dominion Energy South Carolina Inc | Natural Gas Rates                          
Public Utilities, General Disclosures [Line Items]                          
Total revenue requirement           $ 594 $ 596            
Base rate increase effective January 2026             $ 17            
Approved base rate increase effective January 2026           $ 15              
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 | Electric DSM Programs | Subsequent Event                          
Public Utilities, General Disclosures [Line Items]                          
Public energy efficiency programs cost rate adjustment approval request to recover amount     54                    
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Base Rate Case | Subsequent Event                          
Public Utilities, General Disclosures [Line Items]                          
Increase (decrease) in net of storm damage     $ 9                    
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel                          
Public Utilities, General Disclosures [Line Items]                          
Application date               2025-02          
Rate year beginning               2025-05          
Proposed increase (decrease) in annual base fuel component recoveries                         $ 154
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel | Subsequent Event                          
Public Utilities, General Disclosures [Line Items]                          
Increase (decrease) in annual base fuel component recoveries   $ 36                      
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Project                          
Public Utilities, General Disclosures [Line Items]                          
Application date                   2024-12      
Cost Estimate                   $ 55      
Miles of Lines | mi                   17      
Type of Line | kV                   230      
Dominion Energy South Carolina Inc | South Carolina Regulation | Canadys Station                          
Public Utilities, General Disclosures [Line Items]                          
Percentage of undivided interest owned in the plant and electrical output       50.00%                  
Facility expected cost, excluding financing costs       $ 5,000                  
Kilo Volt Switchyard Approval Requested for Construction | kV       230                  
Proposed cost of project       $ 100                 $ 100
GW facility                         2.2
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)  
Forecast | Dominion Energy South Carolina Inc | Electric Base Rate Case                          
Public Utilities, General Disclosures [Line Items]                          
Increase (decrease) in revenue requirement $ 322                        
Increase in proposed base rate percentage 12.70%                        
v3.25.4
Regulatory Matters (Narrative) (Detail 3) - MW
 1 Months Ended
Oct. 31, 2025
Feb. 28, 2025
Oct. 31, 2024
Apr. 30, 2020
Target to Reach by End of 2025        
Public Utilities, General Disclosures [Line Items]        
Energy efficiency target percentage. based on energy savings from 2019 baseline       5.00%
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 | Utility-scale Solar        
Public Utilities, General Disclosures [Line Items]        
Targeted capacity provided by legislation 845   208  
Virginia Electric and Power Company | Virginia Regulation | Offshore Wind Facility | End of Year 2035 | Maximum        
Public Utilities, General Disclosures [Line Items]        
Constructed by utility capacity       3,000
Virginia Electric and Power Company | Virginia Regulation | Offshore Wind Facility | End of Year 2035 | Minimum        
Public Utilities, General Disclosures [Line Items]        
Constructed by utility capacity       2,500
Virginia Electric and Power Company | Virginia Regulation | Offshore Wind Facility | Before 2035 | Maximum        
Public Utilities, General Disclosures [Line Items]        
Targeted capacity provided by legislation       5,200
Virginia Electric and Power Company | Virginia Regulation | Utility-scale Solar        
Public Utilities, General Disclosures [Line Items]        
Targeted capacity provided by legislation       3,000
Virginia Electric and Power Company | Virginia Regulation | Utility-scale Solar | End of Year 2035 | Maximum        
Public Utilities, General Disclosures [Line Items]        
Targeted capacity provided by legislation       15,000
Virginia Electric and Power Company | Virginia Regulation | Pumped Storage | End of Year 2035 | Maximum        
Public Utilities, General Disclosures [Line Items]        
Targeted capacity provided by legislation       800
v3.25.4
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Rider CCR  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-04
Approval Date December 2025
Rate Year Beginning 2026-01
Total Revenue Requirement (millions) $ 166 [1]
Increase (decrease) in revenue requirement $ 63
Rider CE  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-10 [2]
Approval Date April 2025 [2]
Rate Year Beginning 2025-05 [2]
Total Revenue Requirement (millions) $ 182 [1],[2]
Increase (decrease) in revenue requirement $ 49 [2]
Rider CE One  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-10 [3]
Approval Date Pending [3]
Rate Year Beginning 2026-05 [3]
Total Revenue Requirement (millions) $ 325 [1],[3]
Increase (decrease) in revenue requirement $ 143 [3]
Rider DIST  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-08 [4]
Approval Date May 2025 [4]
Rate Year Beginning 2025-06 [4]
Total Revenue Requirement (millions) $ 267 [1],[4]
Rider DIST One  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-08 [5]
Approval Date Pending [5]
Rate Year Beginning 2026-06 [5]
Total Revenue Requirement (millions) $ 333 [1],[5]
Increase (decrease) in revenue requirement $ 66 [5]
Rider GEN  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-06
Approval Date February 2025
Rate Year Beginning 2025-04
Total Revenue Requirement (millions) $ 438 [1]
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 [1]
Increase (decrease) in revenue requirement $ (127)
Rider OSW  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-11 [6]
Approval Date August 2025 [6]
Rate Year Beginning 2025-09 [6]
Total Revenue Requirement (millions) $ 639 [1],[6]
Increase (decrease) in revenue requirement $ 153 [6]
Rider OSW One  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-10
Approval Date Pending
Rate Year Beginning 2026-09
Total Revenue Requirement (millions) $ 665 [1]
Increase (decrease) in revenue requirement $ 26
Rider RPS  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-12
Approval Date August 2025
Rate Year Beginning 2025-09
Total Revenue Requirement (millions) $ 609 [1]
Increase (decrease) in revenue requirement $ 251
Rider RPS One  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-12
Approval Date Pending
Rate Year Beginning 2026-09
Total Revenue Requirement (millions) $ 442 [1]
Increase (decrease) in revenue requirement $ (167)
Rider SNA  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-10 [7]
Approval Date July 2025 [7]
Rate Year Beginning 2025-09 [7]
Total Revenue Requirement (millions) $ 207 [1],[7]
Increase (decrease) in revenue requirement $ 138 [7]
Rider SNA One  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-10
Approval Date Pending
Rate Year Beginning 2026-09
Total Revenue Requirement (millions) $ 233 [1]
Increase (decrease) in revenue requirement $ 26
Rider T1  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-05 [8]
Approval Date August 2025 [8]
Rate Year Beginning 2025-09 [8]
Total Revenue Requirement (millions) $ 1,343 [1],[8]
Increase (decrease) in revenue requirement $ 173 [8]
DSM Riders  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-12 [9]
Approval Date August 2025 [9]
Rate Year Beginning 2025-09 [9]
Total Revenue Requirement (millions) $ 96 [1],[9]
Increase (decrease) in revenue requirement $ 10 [9]
DSM Riders One  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-12 [10]
Approval Date Pending [10]
Rate Year Beginning 2026-09 [10]
Total Revenue Requirement (millions) $ 114 [1],[10]
Increase (decrease) in revenue requirement $ 18 [10]
[1] In addition, Virginia Power has riders associated with other projects with an aggregate total annual revenue requirement of approximately $54 million at December 31, 2025 and pending applications associated with such riders, including the Chesterfield Energy Reliability Center described above, which if approved, would result in a net increase of approximately $50 million.
[2] Associated with two solar generation projects, two small-scale solar projects and 19 purchased power agreements in addition to previously approved Rider CE projects.
[3] Associated with six solar generation projects, including Bedford and Pumpkinseed (non-jurisdictional generation facilities with an aggregate recorded cost of $251 million at September 30, 2025), two energy storage projects, three small-scale solar projects, 10 purchased power agreements and certain costs associated with expanding solar and storage facilities in addition to previously approved Rider CE projects.
[4] Rider DIST consists of $100 million in total revenue requirement for certain previously approved electric distribution grid transformation projects and $167 million for previously approved phases and proposed phase eight of certain new underground distribution facilities.
[5] This application includes $120 million in total revenue requirement for certain previously approved electric distribution grid transformation projects, $178 million for previously approved phases and proposed phase nine of certain new underground distribution facilities and $35 million for certain previously approved rural broadband capacity projects, including $25 million being collected under a rider associated with rural broadband capacity. If approved, the rider associated with the rural broadband capacity projects would be consolidated into Rider DIST and separate collection of rates under the rural broadband rider would cease effective June 1, 2026.
[6] The Virginia Commission also approved the establishment of a decommissioning trust fund associated with the CVOW Commercial Project. As a result, the applicable amount included within the total revenue requirement for Rider OSW will be allocated for such purposes.
[7] The Virginia Commission also approved Virginia Power’s request for cost recovery of approximately $1.7 billion through Rider SNA for the second phase of the nuclear life extension program which includes investments for calendar years 2025 through 2027.
[8] Consists of $561 million for the transmission component of Virginia Power’s base rates and $782 million for Rider T1.
[9] Associated with three redesigned energy efficiency programs and one new and two redesigned demand response programs with a $218 million cost cap, with the ability to exceed the cost cap by no more than 15%.
[10] Associated with two redesigned energy efficiency programs and seven new demand response programs with a $221 million cost cap, with the ability to exceed the cost cap by no more than 15%. Also in December 2025, Virginia Power filed a petition requesting Virginia Commission approval to conduct a pilot program to evaluate methods to optimize system demand through various technology applications and distributed energy resources, including the establishment of a VPP, as required by the Community Energy Act. In its petition, Virginia Power seeks to utilize certain programs previously approved by the Virginia Commission and incorporate newly proposed programs associated with the DSM Riders. The DSM Riders cost cap includes $64 million associated with the proposed VPP pilot program. The Virginia Commission has consolidated the DSM Riders and VPP pilot program petitions. This matter is pending.
v3.25.4
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail) - Virginia Electric and Power Company
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Project
Agreement
Program
Public Utilities General Disclosures [Line Items]  
Additional total revenue requirement $ 54
Public utilities requested rate increase annual revenue of pending applications approval $ 50
Rider CE  
Public Utilities General Disclosures [Line Items]  
Public utilities number of solar generation projects | Project 2
Public utilities number of small scale solar project | Agreement 2
Public utilities number of power purchase agreements | Agreement 19
Total revenue requirement $ 182 [1],[2]
Rider CE One  
Public Utilities General Disclosures [Line Items]  
Public utilities number of solar generation projects | Project 6
Public utilities number of small scale solar project | Project 3
Public utilities number of power purchase agreements | Agreement 10
Public utilities number of energy storage project | Project 2
Non-jurisdictional generation facilities aggregate recorded cost $ 251
Rider SNA  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 207 [2],[3]
Rider T1  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 1,343 [2],[4]
DSM Riders  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 96 [2],[5]
DSM Riders One  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 114 [2],[6]
Electric Distribution Grid Transformation Projects  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 100
Electric Distribution Grid Transformation Projects  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 120
Rider Associated With Rural Broadband Capacity Project  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 25
Rural Broadband Capacity Projects  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 35
Underground Distribution Facilities  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 167
Underground Distribution Facilities  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 178
Virginia Regulation | Rider SNA | Operating Segments | Second Phase Of Nuclear Life Extension Program  
Public Utilities General Disclosures [Line Items]  
Projected capital investment 1,700
Virginia Regulation | Rider T1 | Operating Segments  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 782
Virginia Regulation | Rider T1 | Operating Segments | Transmission Component Of Virginia Powers  
Public Utilities General Disclosures [Line Items]  
Total revenue requirement 561
Virginia Regulation | DSM Riders  
Public Utilities General Disclosures [Line Items]  
Amount of cost cap recovery $ 218
Public utilities energy efficiency program cost exceed percentage 15.00%
Virginia Regulation | DSM Riders | Operating Segments  
Public Utilities General Disclosures [Line Items]  
Number of new demand response programs | Program 1
Number of new redesigned demand response programs | Program 2
Virginia Regulation | DSM Riders | Operating Segments | Energy Efficiency Program  
Public Utilities General Disclosures [Line Items]  
Number of redesigned energy efficiency programs | Program 3
Virginia Regulation | DSM Riders One  
Public Utilities General Disclosures [Line Items]  
Amount of cost cap recovery $ 221
Public utilities energy efficiency program cost exceed percentage 15.00%
Virginia Regulation | DSM Riders One | Virtual Power Plant Pilot Program  
Public Utilities General Disclosures [Line Items]  
Amount of cost cap recovery $ 64
Virginia Regulation | DSM Riders One | Operating Segments  
Public Utilities General Disclosures [Line Items]  
Number of new demand response programs | Program 7
Virginia Regulation | DSM Riders One | Operating Segments | Energy Efficiency Program  
Public Utilities General Disclosures [Line Items]  
Number of redesigned energy efficiency programs | Program 2
[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 riders associated with other projects with an aggregate total annual revenue requirement of approximately $54 million at December 31, 2025 and pending applications associated with such riders, including the Chesterfield Energy Reliability Center described above, which if approved, would result in a net increase of approximately $50 million.
[3] The Virginia Commission also approved Virginia Power’s request for cost recovery of approximately $1.7 billion through Rider SNA for the second phase of the nuclear life extension program which includes investments for calendar years 2025 through 2027.
[4] Consists of $561 million for the transmission component of Virginia Power’s base rates and $782 million for Rider T1.
[5] Associated with three redesigned energy efficiency programs and one new and two redesigned demand response programs with a $218 million cost cap, with the ability to exceed the cost cap by no more than 15%.
[6] Associated with two redesigned energy efficiency programs and seven new demand response programs with a $221 million cost cap, with the ability to exceed the cost cap by no more than 15%. Also in December 2025, Virginia Power filed a petition requesting Virginia Commission approval to conduct a pilot program to evaluate methods to optimize system demand through various technology applications and distributed energy resources, including the establishment of a VPP, as required by the Community Energy Act. In its petition, Virginia Power seeks to utilize certain programs previously approved by the Virginia Commission and incorporate newly proposed programs associated with the DSM Riders. The DSM Riders cost cap includes $64 million associated with the proposed VPP pilot program. The Virginia Commission has consolidated the DSM Riders and VPP pilot program petitions. This matter is pending.
v3.25.4
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
mi
kV
Construct new Aspen and Golden substations, transmission lines and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Approval Date 2025-02 [1]
Type of Line 500-230 kV
Miles of Lines | mi 10
Cost Estimate | $ $ 705 [2]
Construct new Apollo-Twin Creeks transmission lines, new substations and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Approval Date 2025-02 [1]
Type of Line | kV 230
Miles of Lines | mi 2
Cost Estimate | $ $ 285 [2]
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 [2]
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 [2]
Rebuild Aquia Harbor-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 [2]
Partial rebuild, reconductor and construct new New Post transmission lines and related projects in the Counties of Caroline and Spotsylvania, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-08
Approval Date 2025-05
Type of Line | kV 230
Miles of Lines | mi 38
Cost Estimate | $ $ 120 [2]
Construct new Centreport transmission line, substation and related projects in Stafford County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-09
Approval Date 2025-06
Type of Line | kV 230
Miles of Lines | mi 3
Cost Estimate | $ $ 55 [2]
Partial rebuild and construct new Meadowville transmission lines, substations and related projects in Chesterfield County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-10
Approval Date 2025-06
Type of Line | kV 230
Miles of Lines | mi 11
Cost Estimate | $ $ 190 [2]
Construct new Carmel Church and Ruther Glen transmission lines, substations and related projects in Caroline County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-12
Approval Date 2025-09
Type of Line | kV 230
Miles of Lines | mi 7
Cost Estimate | $ $ 85 [2]
Construct new Nebula transmission lines, substation and related projects in Mecklenburg County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-01
Approval Date 2025-10
Type of Line | kV 230
Miles of Lines | mi 15
Cost Estimate | $ $ 130 [2]
Construct new Culpeper Technology transmission lines, substations and related projects in the Counties of Culpeper, Orange and Fauquier and the Town of Culpeper, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-02
Type of Line | kV 230
Miles of Lines | mi 13
Cost Estimate | $ $ 255 [2]
Construct new Technology Boulevard transmission lines, substation and related projects in Henrico County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-03
Approval Date 2026-02
Type of Line | kV 230
Miles of Lines | mi 5
Cost Estimate | $ $ 60 [2]
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
Approval Date 2025-12
Type of Line | kV 230
Miles of Lines | mi 5
Cost Estimate | $ $ 95 [2]
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 [2]
Construct New Duval Midlothian Transmission Lines, Substation And Related Projects In Chesterfield County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-04
Approval Date 2026-02
Type of Line | kV 230
Miles of Lines | mi 7
Cost Estimate | $ $ 125 [2]
Rebuild Chickahominy-Elmont Transmission Line, New Future Transmission Line and Related Projects in the Countries of Charles City, Henrico and Hanover, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-05
Approval Date 2026-01
Type of Line 500-230 kV
Miles of Lines | mi 28
Cost Estimate | $ $ 190 [2]
Rebuild Septa-Yadkin transmission line, partial rebuild of Suffolk-Thrasher transmission line and related projects in Isle of Wight County and the Cities of Chesapeake and Suffolk, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-06
Approval Date 2025-12
Type of Line 500-230 kV
Miles of Lines | mi 33
Cost Estimate | $ $ 250 [2]
Partial rebuild Chesterfield-Lanexa transmission lines in the Counties of Henrico, Charles City and New Kent, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-09
Type of Line 230-115 kV
Miles of Lines | mi 58
Cost Estimate | $ $ 150 [2]
Rebuild Charlottesville-Dooms transmission lines in the Counties of Albemarle and Augusta and the City of Charlottesville, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2025-10
Type of Line | kV 230
Miles of Lines | mi 22
Cost Estimate | $ $ 125 [2]
Construct West Creek transmission line, substation and related projects in the County of Goochland, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2026-01
Type of Line | kV 230
Miles of Lines | mi 7
Cost Estimate | $ $ 100 [2]
[1] The final order of the Virginia Commission was appealed to the Supreme Court of Virginia. In February 2026, the Supreme Court of Virginia affirmed the Virginia Commission’s final order.
[2] 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 approved during 2025 with aggregate cost estimates of approximately $65 million.
v3.25.4
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Parenthetical) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Virginia Electric and Power Company | Other Transmission Projects Approved  
Public Utilities, General Disclosures [Line Items]  
Cost Estimate $ 65
v3.25.4
Asset Retirement Obligations (Changes to AROs) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Asset Retirement Obligations [Line Items]    
AROs, Beginning balance $ 7,426 [1] $ 6,075
Obligations incurred during the period 252 [2] 1,126 [3]
Obligations settled during the period (351) (347)
Revisions in estimated cash flows (69) [4] 300 [5]
Accretion 329 272
AROs, Ending balance [1] 7,587 7,426
Virginia Electric and Power Company    
Asset Retirement Obligations [Line Items]    
AROs, Beginning balance 5,397 [1] 4,653
Obligations incurred during the period 195 [2] 469 [3]
Obligations settled during the period (307) (259)
Revisions in estimated cash flows (32) [4] 342 [5]
Accretion 227 192
AROs, Ending balance [1] $ 5,480 $ 5,397
[1] Includes $352 million and $383 million reported in other current liabilities for Dominion Energy at December 31, 2024 and 2025, respectively.
[2] Primarily reflects obligations incurred during construction of the CVOW Commercial Project.
[3] Primarily reflects AROs related to CCR remediation as discussed below.
[4] Primarily reflects revisions for expected costs related to the completion of a nuclear decommissioning cost study for Summer resulting in a downward adjustment of $37 million and for Virginia Power’s future ash pond and landfill closure costs discussed below.
[5] Primarily reflects revisions for increased costs related to the completion of nuclear decommissioning cost studies for Millstone, Surry and North Anna inclusive of a charge of $122 million ($89 million after-tax) within impairment of assets and other charges in Dominion Energy’s Consolidated Statements of Income (reflected in the Corporate and Other segment). In addition, there were downward revisions for CCR remediation costs at Dominion Energy and future ash pond and landfill closure costs of certain electric generation facilities at Virginia Power.
v3.25.4
Asset Retirement Obligations (Changes to AROs) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Asset Retirement Obligations [Line Items]    
Millstone inclusive charge within impairment of assets and other charge   $ 122
Millstone inclusive charge within impairment of assets and other charge net of tax   89
Millstone inclusive charge within impairment of assets and other charge $ 37  
Other Current Liabilities    
Asset Retirement Obligations [Line Items]    
Asset retirement obligations $ 383 $ 352
v3.25.4
Asset Retirement Obligations (Narrative) (Detail)
$ in Millions
 1 Months Ended 12 Months Ended
May 31, 2024
Station
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   $ 252 [1] $ 1,126 [2]
Number of stations maintains inactive or closed units expected to be subject to final rule | Station 19    
Nuclear decommissioning trust funds   $ 9,166 8,051
Useful Life Extension Of Estimated Cash Flows   20 years  
Increase In Cash Flows Associated With Milestone Unit One   $ 83  
Cash flows charged within impairment of assets and other charges net of tax   60  
Decommissioning of CVOW Commercial Project      
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   220 38
Dominion Energy      
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   2,600 2,600
Increase in property, plant, and equipment     505
Increase (decrease) in asset retirement obligation     1,100
Increase (decrease) in regulatory assets     536
Dominion Energy | Facility One      
Asset Retirement Obligations [Line Items]      
Increase in property, plant, and equipment     215
Dominion Energy | CCR Remediation Activities      
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   889 441
D Virginia Electric And Power Company      
Asset Retirement Obligations [Line Items]      
Increase (decrease) in asset retirement obligation     (64)
Increase (decrease) in regulatory assets     (56)
Increase (decrease) in other deferred charges and other assets     (8)
D Virginia Electric And Power Company | Future Decommissioning Of Nuclear Facilities      
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   1,500 1,400
D Virginia Electric And Power Company | D Cost Of Landfills And Beneficial Reuse      
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   3,100 3,200
Increase (decrease) in asset retirement obligation   (31)  
Virginia Electric and Power Company      
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   195 [1] 469 [2]
Nuclear decommissioning trust funds   4,864 4,286
Virginia Power      
Asset Retirement Obligations [Line Items]      
Number of stations maintains inactive or closed units expected to be subject to final rule | Station 12    
Increase in property, plant, and equipment     152
Increase (decrease) in asset retirement obligation   16 420
Increase (decrease) in regulatory assets     234
Increase (decrease) in other deferred charges and other assets     34
Virginia Power | CCR Remediation Activities      
Asset Retirement Obligations [Line Items]      
Asset retirement obligation, liabilities incurred   $ 828 $ 404
[1] Primarily reflects obligations incurred during construction of the CVOW Commercial Project.
[2] Primarily reflects AROs related to CCR remediation as discussed below.
v3.25.4
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee Lease Disclosure [Line Items]    
Operating lease assets [1] $ 639 $ 588
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Deferred Charges Regulatory Assets And Other Assets Noncurrent Deferred Charges Regulatory Assets And Other Assets Noncurrent
Finance lease assets [2] $ 541 $ 267
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment Property, plant and equipment
Total lease assets $ 1,180 $ 855
Operating lease liabilities [3] $ 39 $ 36
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance lease liabilities [4] $ 119 $ 62
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Securities due within one year Securities due within one year
Total lease liabilities - current $ 158 $ 98
Operating lease liabilities [5] $ 697 $ 644
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total deferred credits and other liabilities Total deferred credits and other liabilities
Finance lease liabilities [6] $ 436 $ 214
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Other
Total lease liabilities - noncurrent $ 1,133 $ 858
Total lease liabilities 1,291 956
Virginia Electric and Power Company    
Lessee Lease Disclosure [Line Items]    
Operating lease assets [1] $ 644 $ 410 [7]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Deferred Charges Regulatory Assets And Other Assets Noncurrent Deferred Charges Regulatory Assets And Other Assets Noncurrent
Finance lease assets [2] $ 239 $ 146 [7]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment Property, plant and equipment
Total lease assets $ 883 $ 556 [7]
Operating lease liabilities [3] $ 163 $ 22 [7]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance lease liabilities [4] $ 45 $ 35 [7]
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Securities due within one year Securities due within one year
Total lease liabilities - current $ 208 $ 57 [7]
Operating lease liabilities [5] $ 500 $ 399 [7]
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total deferred credits and other liabilities Total deferred credits and other liabilities
Finance lease liabilities [6] $ 194 $ 110 [7]
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Other
Total lease liabilities - noncurrent $ 694 $ 509 [7]
Total lease liabilities $ 902 $ 566 [7]
[1] Balances are included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets
[2] Balances are included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $251 million and $199 million for Dominion Energy, and $105 million and $88 million for Virginia Power, at December 31, 2025 and 2024, respectively, of accumulated amortization.
[3] Balances are in other current liabilities in the Companies’ Consolidated Balance Sheets.
[4] Balances are included in securities due within one year in the Companies’ Consolidated Balance Sheets
[5] Balances are included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
[6] Balances are included in other long-term debt in the Companies’ Consolidated Balance Sheets.
[7] See Note 25 for additional information about Virginia Power’s operating lease assets and liabilities with an affiliated entity for the
v3.25.4
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee Lease Disclosure [Line Items]    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Gross Property, Plant and Equipment, Gross
Finance lease assets, accumulated amortization $ 199 $ 199
Property, Plant and Equipment    
Lessee Lease Disclosure [Line Items]    
Finance lease assets, accumulated amortization $ 251 $ 251
Virginia Electric and Power Company    
Lessee Lease Disclosure [Line Items]    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Gross Property, Plant and Equipment, Gross
Finance lease assets, accumulated amortization $ 105 $ 88
v3.25.4
Leases (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2025
Dec. 31, 2020
Leases Disclosure [Line Items]              
Property, plant and equipment     $ 78,967 $ 68,862      
Accumulated depreciation and amortization     27,348 25,982      
Operating Lease, Cost [1]     $ 92 81 $ 70    
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          
Agreement with Lessor to Complete Construction and Lease Jones Act Compliant Offshore Wind Installation Vessel              
Leases Disclosure [Line Items]              
Lease agreement maturity period     5 years        
Rate implicit term in lease     5 years        
Lessor | Agreement with Lessor to Complete Construction and Lease Jones Act Compliant Offshore Wind Installation Vessel              
Leases Disclosure [Line Items]              
Amount of financing commitments to fund estimated project costs             $ 715
Right-of-use asset and offsetting lease obligation     $ 214        
Virginia Electric and Power Company              
Leases Disclosure [Line Items]              
Property, plant and equipment     60,964 52,517      
Accumulated depreciation and amortization     19,157 18,033      
Operating Lease, Cost [1]     72 60 43 [2]    
Right-of-use asset and offsetting lease obligation           $ 228  
Power Purchase Arrangement [Member]              
Leases Disclosure [Line Items]              
Property, plant and equipment     374 382      
Accumulated depreciation and amortization     48 38      
Rental revenue     $ 18 $ 18 $ 21    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Revenues Revenues Revenues    
Depreciation expense     $ 10 $ 10 $ 10    
[1] Dominion Energy includes $5 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[2] See Note 25 for additional information about Virginia Power’s operating lease cost for an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel.
v3.25.4
Leases (Summary of Total Lease Cost) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finance lease cost:      
Finance lease cost, Amortization [1] $ 56 $ 54 $ 50
Finance lease cost, Interest [2] 10 14 13
Operating lease cost [3] 92 81 70
Short-term lease cost [4] 22 22 32
Variable lease cost 5 6 6
Total lease cost 185 177 171
Virginia Electric and Power Company      
Finance lease cost:      
Finance lease cost, Amortization [1] 28 24 24 [5]
Finance lease cost, Interest [2] 5 5 4 [5]
Operating lease cost [3] 72 60 43 [5]
Short-term lease cost [4] 58 16 23 [5]
Variable lease cost 2 2 2 [5]
Total lease cost $ 165 $ 107 $ 96 [5]
[1] Dominion Energy includes $3 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[2] Dominion Energy includes $1 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[3] Dominion Energy includes $5 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[4] Dominion Energy includes $2 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[5] See Note 25 for additional information about Virginia Power’s operating lease cost for an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel.
v3.25.4
Leases (Summary of Total Lease Cost) (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee Lease Disclosure [Line Items]      
Finance lease cost, Amortization [1] $ 56 $ 54 $ 50
Finance lease cost, Interest [2] 10 14 13
Operating lease cost [3] 92 81 70
Short-term lease cost [4] $ 22 $ 22 32
Discontinued Operations      
Lessee Lease Disclosure [Line Items]      
Finance lease cost, Amortization     3
Finance lease cost, Interest     1
Operating lease cost     5
Short-term lease cost     $ 2
[1] Dominion Energy includes $3 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[2] Dominion Energy includes $1 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[3] Dominion Energy includes $5 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
[4] Dominion Energy includes $2 million for the year ended December 31, 2023, reflected in discontinued operations in its Consolidated Statements of Income.
v3.25.4
Leases (Cash Paid for Amounts Included in Measurement of Lease Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee Lease Disclosure [Line Items]      
Operating cash flows for finance leases $ 14 $ 14 $ 13
Operating cash flows for operating leases 117 106 105
Financing cash flows for finance leases 70 50 47
Virginia Electric and Power Company      
Lessee Lease Disclosure [Line Items]      
Operating cash flows for finance leases 5 5 4
Operating cash flows for operating leases 125 74 64
Financing cash flows for finance leases $ 28 $ 23 $ 19
v3.25.4
Leases (Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases) (Detail)
Dec. 31, 2025
Dec. 31, 2024
Lessee Lease Disclosure [Line Items]    
Weighted average remaining lease term - finance leases 7 years 5 years
Weighted average remaining lease term - operating leases 31 years 31 years
Weighted average discount rate - finance leases 6.19% 5.61%
Weighted average discount rate - operating leases 4.52% 4.42%
Virginia Electric and Power Company    
Lessee Lease Disclosure [Line Items]    
Weighted average remaining lease term - finance leases 11 years 5 years
Weighted average remaining lease term - operating leases 23 years 32 years
Weighted average discount rate - finance leases 6.95% 6.71%
Weighted average discount rate - operating leases 4.66% 5.13%
v3.25.4
Leases (Scheduled Maturities of Lease Liabilities) (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Lessee Lease Disclosure [Line Items]  
Maturity of Lease Liabilities, Operating, 2026 $ 48
Maturity of Lease Liabilities, Operating, 2027 70
Maturity of Lease Liabilities, Operating, 2028 38
Maturity of Lease Liabilities, Operating, 2029 45
Maturity of Lease Liabilities, Operating, 2030 35
Maturity of Lease Liabilities, Operating, After 2030 1,116
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments 1,352
Present value adjustment, Operating (616)
Present value of lease liabilities, Operating 736
Maturity of Lease Liabilities, Finance, 2026 131
Maturity of Lease Liabilities, Finance, 2027 135
Maturity of Lease Liabilities, Finance, 2028 126
Maturity of Lease Liabilities, Finance, 2029 109
Maturity of Lease Liabilities, Finance, 2030 76
Maturity of Lease Liabilities, Finance, After 2030 201
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments 778
Present value adjustment, Finance (223)
Present value of lease liabilities, Finance 555
Virginia Electric and Power Company  
Lessee Lease Disclosure [Line Items]  
Maturity of Lease Liabilities, Operating, 2026 66
Maturity of Lease Liabilities, Operating, 2027 200
Maturity of Lease Liabilities, Operating, 2028 70
Maturity of Lease Liabilities, Operating, 2029 31
Maturity of Lease Liabilities, Operating, 2030 21
Maturity of Lease Liabilities, Operating, After 2030 727
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments 1,115
Present value adjustment, Operating (452)
Present value of lease liabilities, Operating 663
Maturity of Lease Liabilities, Finance, 2026 58
Maturity of Lease Liabilities, Finance, 2027 50
Maturity of Lease Liabilities, Finance, 2028 43
Maturity of Lease Liabilities, Finance, 2029 35
Maturity of Lease Liabilities, Finance, 2030 25
Maturity of Lease Liabilities, Finance, After 2030 200
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments 411
Present value adjustment, Finance (172)
Present value of lease liabilities, Finance $ 239
v3.25.4
Variable Interest Entities (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Oct. 31, 2024
Feb. 29, 2024
Variable Interest Entity [Line Items]          
Payable to affiliates [1] $ 2,343 $ 2,084      
Virginia Electric and Power Company          
Variable Interest Entity [Line Items]          
Payable to affiliates [2],[3] $ 1,506 1,228      
Virginia Electric and Power Company | CVOW Commercial Project          
Variable Interest Entity [Line Items]          
Ownership percentage       50.00% 50.00%
Variable Interest Entity Not Primary Beneficiary | Distribution | Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline          
Variable Interest Entity [Line Items]          
Initial membership interest percentage 53.00%        
Variable Interest Entity Not Primary Beneficiary | Distribution | Valley Link | Pipelines | Jointly Owned Natural Gas Pipeline          
Variable Interest Entity [Line Items]          
Initial membership interest percentage 30.00%        
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES          
Variable Interest Entity [Line Items]          
Shared Services Purchased $ 597 494 $ 463    
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | Related Party          
Variable Interest Entity [Line Items]          
Payable to affiliates 46 38      
Variable Interest Entity Not Primary Beneficiary | OSWP          
Variable Interest Entity [Line Items]          
Payable to affiliates $ 16 $ 0      
[1] See Note 9 for amounts attributable to related parties.
[2] See Note 16 for amounts attributable to VIEs.
[3] See Note 25 for amounts attributable to affiliates.
v3.25.4
Variable Interest Entities - Schedule of Balance Sheet Included Balances for VPFS and OSWP (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets [Abstract]        
Cash and cash equivalents [1] $ 250 $ 310    
Customer receivables [1] 2,531 2,169    
Prepayments [1] 377 315    
Regulatory assets-current [1] 1,380 992    
Property, plant and equipment 78,967 68,862    
Other current assets [1] 180 165    
Regulatory assets-noncurrent [1] 8,276 8,288    
Other deferred charges and other assets [1] 1,761 1,620    
Total assets 115,857 102,415    
Liabilities [Abstract]        
Securities due within one year [2] 2,409 1,725    
Accounts payable 1,338 1,149    
Accrued interest, payroll and taxes [2] 1,244 1,045    
Other current liabilities [3] 2,343 2,084    
Securitization bonds 44,075 37,525    
Asset retirement obligations - noncurrent [2] 7,204 7,074    
Other deferred credits and other liabilities 2,035 1,454 [4]    
Total liabilities 82,440 72,613    
Virginia Electric and Power Company        
Assets [Abstract]        
Cash and cash equivalents 170 [5] 160 [5] $ 90 $ 22
Customer receivables [5] 1,930 1,612    
Prepayments [5] 63 64    
Regulatory assets-current [5] 1,110 697    
Property, plant and equipment 60,964 52,517    
Other current assets [5] 103 130    
Regulatory assets-noncurrent [5] 4,526 4,537    
Other deferred charges and other assets [5],[6] 1,451 1,181    
Total assets 79,243 68,387    
Liabilities [Abstract]        
Securities due within one year [7] 1,366 548    
Accounts payable [7] 821 660    
Accrued interest, payroll and taxes [7] 450 366    
Other current liabilities [7],[8] 1,506 1,228    
Securitization bonds 21,728 20,038    
Asset retirement obligations - noncurrent [7] 5,108 5,076    
Other deferred credits and other liabilities [7],[8] 1,817 1,199 [4]    
Total liabilities 47,704 43,291    
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company        
Assets [Abstract]        
Prepayments 1 0    
Regulatory assets-current 125 124    
Other current assets [9] 51 41    
Regulatory assets-noncurrent 868 1,040    
Total assets 1,045 1,205    
Liabilities [Abstract]        
Securities due within one year 171 163    
Accrued interest, payroll and taxes 9 10    
Securitization bonds 883 1,054    
Total liabilities 1,063 1,227    
Variable Interest Entity Not Primary Beneficiary | OSWP        
Assets [Abstract]        
Cash and cash equivalents 149 70    
Customer receivables 0 0    
Prepayments 0 10    
Regulatory assets-current 15 6    
Property, plant and equipment 8,799 5,844    
Regulatory assets-noncurrent 150 52    
Other deferred charges and other assets 9 0    
Total assets 9,122 5,982    
Liabilities [Abstract]        
Accounts payable 2 0    
Accrued interest, payroll and taxes 2 0    
Other current liabilities 16 0    
Asset retirement obligations - noncurrent 220 38    
Other deferred credits and other liabilities 0 0    
Total liabilities $ 240 $ 38    
[1] See Note 16 for amounts attributable to VIEs
[2] See Note 16 for amounts attributable to VIEs.
[3] See Note 9 for amounts attributable to related parties.
[4] Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.
[5] See Note 16 for amounts attributable to VIEs.
[6] See Note 25 for amounts attributable to affiliates.
[7] See Note 16 for amounts attributable to VIEs.
[8] See Note 25 for amounts attributable to affiliates.
[9] See Note 2 for additional information about restricted cash and equivalents at VPFS.
v3.25.4
Short-Term Debt and Credit Agreements (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2026
Apr. 30, 2025
Mar. 31, 2025
May 31, 2024
Mar. 31, 2024
Oct. 31, 2023
Sep. 30, 2023
Jul. 31, 2023
Jan. 31, 2023
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2026
Sep. 30, 2025
Jan. 31, 2025
Nov. 30, 2023
Mar. 31, 2023
Feb. 28, 2023
Nov. 30, 2022
Oct. 31, 2020
Nov. 30, 2017
Debt Instrument [Line Items]                                            
Facility Limit               $ 600,000,000     $ 8,000,000,000 $ 6,000,000,000                    
Line of credit issued                     0 3,000,000,000 $ 5,725,000,000                  
Short-term debt                     2,457,000,000 2,500,000,000                    
Floating Rate Demand Notes                                            
Debt Instrument [Line Items]                                            
Short-term debt                     $ 422,000,000 $ 439,000,000                    
Weighted-average percentage interest rates                     3.75% 4.50%                    
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes                                            
Debt Instrument [Line Items]                                            
Facility Limit                                           $ 3,000,000,000
Debt instrument, maximum principal outstanding amount                                         $ 1,000,000,000  
Dominion Energy South Carolina Inc                                            
Debt Instrument [Line Items]                                            
Facility Limit                     $ 900,000,000                      
Short-term indebtedness outstanding     $ 1,800,000,000                                      
GENCO                                            
Debt Instrument [Line Items]                                            
Short-term indebtedness outstanding     300,000,000                                      
Virginia Electric and Power Company                                            
Debt Instrument [Line Items]                                            
Facility Limit [1]                     7,000,000,000 $ 6,000,000,000                    
Short-term debt                     $ 675,000,000 $ 950,000,000                    
Weighted-average percentage interest rates                     4.04% 4.73%                    
Revolving Credit Facility                                            
Debt Instrument [Line Items]                                            
Facility Limit   $ 7,000,000,000 6,000,000,000             $ 6,000,000,000                        
Revolving Credit Facility | Virginia Electric and Power Company                                            
Debt Instrument [Line Items]                                            
Facility Limit                                       $ 3,000,000,000    
Credit facility, maturity date                       Dec. 31, 2027                    
Letter of Credit                                            
Debt Instrument [Line Items]                                            
Facility Limit                                   $ 100,000,000        
Letters of credit issued and outstanding                     $ 26,000,000 $ 48,000,000                    
Letter of Credit | Forecast                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding $ 14,000,000                                          
Letter of Credit | Credit Facility Maturing In June 2026                                            
Debt Instrument [Line Items]                                            
Facility Limit     $ 2,000,000,000             $ 2,000,000,000                        
Credit facility, maturity date                   Jun. 30, 2026                        
Letter of Credit | Credit Facility Maturing In April 2030                                            
Debt Instrument [Line Items]                                            
Facility Limit   $ 3,000,000,000                                        
Credit facility, maturity date   Apr. 30, 2030                                        
Letter of Credit | Credit Facility in June 2024                                            
Debt Instrument [Line Items]                                            
Facility Limit                     275,000,000                      
Letters of credit issued and outstanding                     102,000,000 88,000,000                    
Letter of Credit | Credit Facility in January 2025                                            
Debt Instrument [Line Items]                                            
Facility Limit                               $ 150,000,000            
Letters of credit issued and outstanding                     150,000,000                      
Letter of Credit | Credit Facility In January 2026 | Subsequent Event                                            
Debt Instrument [Line Items]                                            
Facility Limit                           $ 250,000,000                
Letter of Credit | Credit Facility One in September 2025                                            
Debt Instrument [Line Items]                                            
Facility Limit                             $ 500,000,000              
Letter of Credit | Dominion Energy South Carolina Inc | Credit Facility in June 2024                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding                     102,000,000 88,000,000                    
Letter of Credit | Dominion Energy South Carolina Inc | Credit Facility in June 2024 | Forecast                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding 157,000,000                                          
Letter of Credit | Dominion Energy South Carolina Inc | Credit Facility in January 2025                                            
Debt Instrument [Line Items]                                            
Facility Limit                               50,000,000            
Letter of Credit | Dominion Energy South Carolina Inc | Credit Facility In January 2026 | Forecast                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding 250,000,000                                          
Letter of Credit | Dominion Energy South Carolina Inc | Credit Facility In January 2026 | Subsequent Event                                            
Debt Instrument [Line Items]                                            
Facility Limit                           50,000,000                
Letter of Credit | Dominion Energy South Carolina Inc | Credit Facility One in September 2025                                            
Debt Instrument [Line Items]                                            
Facility Limit                             100,000,000              
Letter of Credit | Dominion Energy South Carolina Inc | Credit Facility One in September 2025 | Forecast                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding 358,000,000                                          
Letter of Credit | Virginia Electric and Power Company                                            
Debt Instrument [Line Items]                                            
Facility Limit                                   300,000,000        
Line of credit issued                     281,000,000 112,000,000                    
Letter of Credit | Virginia Electric and Power Company | Credit Facility in June 2024                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding                     81,000,000 $ 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         $ 100,000,000            
Letters of credit issued and outstanding                     100,000,000                      
Letter of Credit | Virginia Electric and Power Company | Credit Facility In January 2026 | Forecast                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding 200,000,000                                          
Letter of Credit | Virginia Electric and Power Company | Credit Facility In January 2026 | Subsequent Event                                            
Debt Instrument [Line Items]                                            
Facility Limit                           $ 200,000,000                
Letter of Credit | Virginia Electric and Power Company | Credit Facility One in September 2025                                            
Debt Instrument [Line Items]                                            
Facility Limit                             400,000,000              
Letters of credit issued and outstanding                     379,000,000                      
Letter of Credit | Virginia Electric and Power Company | Credit Facility One in September 2025 | Forecast                                            
Debt Instrument [Line Items]                                            
Letters of credit issued and outstanding 351,000,000                                          
Letter of Credit | Virginia Electric and Power Company | Credit Facility Two in September 2025                                            
Debt Instrument [Line Items]                                            
Facility Limit                     $ 1,000,000,000       $ 2,000,000,000              
Letter of Credit | Virginia Electric and Power Company | Credit Facility Two in September 2025 | Forecast                                            
Debt Instrument [Line Items]                                            
Facility Limit 1,400,000,000                                          
364 Term loan facility                                            
Debt Instrument [Line Items]                                            
Facility Limit           $ 500,000,000     $ 2,500,000,000                          
Credit facility, outstanding amount             $ 225,000,000 750,000,000 $ 1,000,000,000                 $ 1,000,000,000 $ 500,000,000      
Credit facility, maturity date                 Jan. 31, 2024                          
Repayments of borrowings             $ 750,000,000                              
Line of credit facility remaining borrowing and terminated           225,000,000                                
364 Term loan facility | Forecast                                            
Debt Instrument [Line Items]                                            
Facility Limit 1,300,000,000                                          
Line of credit issued $ 300,000,000                                          
Credit facility, maturity date Feb. 28, 2027                                          
364 Term loan facility | Term Loan Facility, Maturing in July 2024                                            
Debt Instrument [Line Items]                                            
Facility Limit               $ 600,000,000                            
Credit facility, maturity date               Jul. 31, 2024                            
Repayments of borrowings         $ 2,500,000,000                                  
364 Term loan facility | Term Loan Facility, Maturing in Oct 2024                                            
Debt Instrument [Line Items]                                            
Facility Limit           $ 2,250,000,000                                
Line of credit issued         500,000,000                                  
Credit facility, maturity date           Oct. 31, 2024                                
Repayments of borrowings       $ 976,000,000 1,800,000,000                                  
364 Term loan facility | General Corporate                                            
Debt Instrument [Line Items]                                            
Credit facility, outstanding amount                 $ 1,000,000,000       $ 750,000,000       $ 500,000,000          
364 Term loan facility | General Corporate | Forecast                                            
Debt Instrument [Line Items]                                            
Line of credit issued $ 500,000,000                                          
364 Term loan facility | General Corporate | Term Loan Facility, Maturing in Oct 2024                                            
Debt Instrument [Line Items]                                            
Line of credit issued         $ 500,000,000                                  
[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 December 31, 2025, the sub-limit for Virginia Power was $4.0 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 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 $3.0 billion (or the sub-limit, whichever is less) of letters of credit, for working capital and other general corporate purposes.
v3.25.4
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Jul. 31, 2023
Line of Credit Facility [Line Items]      
Facility Limit $ 8,000,000,000 $ 6,000,000,000 $ 600,000,000
Outstanding Commercial Paper [1] 2,035,000,000 2,061,000,000  
Outstanding Letters of Credit 1,000,000 10,000,000  
Facility Capacity Available 5,964,000,000 3,929,000,000  
364-Day Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Facility Limit [2] 1,000,000,000    
Outstanding Commercial Paper [1],[2] 0    
Facility Capacity Available [2] 1,000,000,000    
Joint Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Facility Limit [3] 7,000,000,000 6,000,000,000  
Outstanding Commercial Paper [1],[3] 2,035,000,000 2,061,000,000  
Outstanding Letters of Credit [3] 1,000,000 10,000,000  
Facility Capacity Available [3] 4,964,000,000 3,929,000,000  
Virginia Electric and Power Company      
Line of Credit Facility [Line Items]      
Facility Limit [4] 7,000,000,000 6,000,000,000  
Outstanding Commercial Paper [4],[5] 675,000,000 950,000,000  
Outstanding Letters of Credit [4] $ 0 $ 10,000,000  
[1] The weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s joint revolving credit facility was 4.08% and 4.74% at December 31, 2025 and 2024, respectively.
[2] This credit facility, entered into in April 2025 with certain lenders, matures in April 2026 and contains a maximum allowed total debt to total capital ratio consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. This credit facility can be used to support bank borrowings and the issuance of commercial paper.
[3] This credit facility 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, for working capital and other general corporate purposes. Through February 2026, Dominion Energy had $14 million in letters of credit issued and outstanding under this facility.
[4] 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 December 31, 2025, the sub-limit for Virginia Power was $4.0 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 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 $3.0 billion (or the sub-limit, whichever is less) of letters of credit, for working capital and other general corporate purposes.
[5] The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 4.04% and 4.73% at December 31, 2025 and 2024, respectively.
v3.25.4
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) - USD ($)
Feb. 28, 2026
Dec. 31, 2025
Dec. 31, 2024
Jul. 31, 2023
Mar. 31, 2023
Line of Credit Facility [Line Items]          
Facility Limit   $ 8,000,000,000 $ 6,000,000,000 $ 600,000,000  
Virginia Electric and Power Company          
Line of Credit Facility [Line Items]          
Weighted-average percentage interest rates   4.04% 4.73%    
Facility Limit [1]   $ 7,000,000,000 $ 6,000,000,000    
Joint Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Weighted-average percentage interest rates   4.08% 4.74%    
Facility Limit [2]   $ 7,000,000,000 $ 6,000,000,000    
Letter of Credit          
Line of Credit Facility [Line Items]          
Facility Limit         $ 100,000,000
Letters of credit issued and outstanding   26,000,000 $ 48,000,000    
Letter of Credit | Forecast          
Line of Credit Facility [Line Items]          
Letters of credit issued and outstanding $ 14,000,000        
Letter of Credit | Virginia Electric and Power Company          
Line of Credit Facility [Line Items]          
Facility Limit         $ 300,000,000
Letter of Credit | Virginia Electric and Power Company | Maximum          
Line of Credit Facility [Line Items]          
Facility Limit   3,000,000,000      
Letter of Credit Matures in April 2032          
Line of Credit Facility [Line Items]          
Facility Limit   3,000,000,000      
Letter of Credit Matures in April 2032 | Virginia Electric and Power Company          
Line of Credit Facility [Line Items]          
Facility Limit   $ 4,000,000,000      
[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 December 31, 2025, the sub-limit for Virginia Power was $4.0 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 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, for working capital and other general corporate purposes.
[2] This credit facility 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, for working capital and other general corporate purposes. Through February 2026, Dominion Energy had $14 million in letters of credit issued and outstanding under this facility.
v3.25.4
Long-Term Debt (Total Long Term Debt) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total principal $ 46,332 $ 39,320
Securities due within one year [1] (2,290) (1,662)
Unamortized discount, premium and debt issuances costs, net (403) (347)
Finance lease liabilities [2] 436 214
Total long-term debt 44,075 37,525
Long-term Debt    
Debt Instrument [Line Items]    
Finance lease liabilities 436 214
Sustainability Revolving Credit Agreement, variable rate, due 2028    
Debt Instrument [Line Items]    
Total principal [3] $ 0 0
Senior Notes | 1.45% to 7.00%, due 2025 to 2052    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [4],[5] 4.36%  
Total principal [4] $ 12,526 11,176
Senior Notes | 2.30% to 8.875%, due 2025 to 2055    
Debt Instrument [Line Items]    
Total principal $ 21,385 18,785
Junior Subordinated Notes | 8.40%, due 2031    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 8.40%  
Total principal $ 10 10
Junior Subordinated Notes | 6.00% to 7.00% due 2054 to 2056    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 6.48%  
Total principal $ 6,025 3,250
Tax-Exempt Financings | Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041    
Debt Instrument [Line Items]    
Total principal [6] 625 625
Tax-Exempt Financings | Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033    
Debt Instrument [Line Items]    
Total principal $ 1,054 1,217
Tax-Exempt Financings | Variable Rate Due 2038    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[7] 3.36%  
Total principal [7] $ 35 35
Tax-Exempt Financings | GENCO variable rate due 2038    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[7] 3.36%  
Total principal [7] $ 33 33
Tax-Exempt Financings | 3.625% and 4.00%, due 2028 and 2033    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[7] 3.90%  
Total principal [7] $ 54 54
Tax-Exempt Financings | Other    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[7] 3.56%  
Total principal [7] $ 1 1
DESC | First mortgage bonds, 2.30% to 6.625%, due 2028 to 2065    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 5.24%  
Total principal $ 4,584 $ 4,134
Virginia Electric and Power Company    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates 4.04% 4.73%
Total principal $ 23,064 $ 20,627
Securities due within one year [1] (1,321) (513)
Unamortized discount, premium and debt issuances costs, net (209) (186)
Finance lease liabilities [2] 194 110 [8]
Total long-term debt $ 21,728 20,038
Virginia Electric and Power Company | Senior Notes | 2.30% to 8.875%, due 2025 to 2055    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 4.53%  
Total principal $ 21,385 18,785
Virginia Electric and Power Company | Tax-Exempt Financings | Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[6] 3.52%  
Total principal [6] $ 625 625
Virginia Electric and Power Company | Tax-Exempt Financings | Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 4.92%  
Total principal $ 1,054 $ 1,217
[1] Dominion Energy and Virginia Power’s weighted-average rate for securities due within one year was 2.80% and 3.34%, respectively, at December 31, 2025.
[2] Balances are included in other long-term debt in the Companies’ Consolidated Balance Sheets.
[3] This $1.0 billion supplemental credit facility, entered in 2021, most recently amended in April 2025, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corporate purposes, but such proceeds are not eligible for a reduced interest rate margin. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In May 2024, Dominion Energy repaid $450 million borrowed to support environmental sustainability and social investment initiatives. In April 2025, the facility 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. In February 2026, Dominion Energy borrowed $500 million with the proceeds used to support environmental sustainability and social investment initiatives.
[4] Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
[5] Represents weighted-average coupon rates for debt outstanding at December 31, 2025.
[6] These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
[7] Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2026.
[8] See Note 25 for additional information about Virginia Power’s operating lease assets and liabilities with an affiliated entity for the
v3.25.4
Long-Term Debt (Total Long Term Debt) (Parenthetical) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2026
May 31, 2024
Oct. 31, 2023
Sep. 30, 2023
Apr. 30, 2023
Dec. 31, 2024
Dec. 31, 2025
Apr. 30, 2025
Mar. 31, 2023
Dec. 31, 2021
Debt Instrument [Line Items]                    
Aggregate outstanding principal           $ 39,320 $ 46,332      
March 2023                    
Debt Instrument [Line Items]                    
Debt, amount redeemed                 $ 450  
Environmental Sustainability And Social Investment Initiatives | Sustainability Revolving Credit Agreement | Subsequent Event                    
Debt Instrument [Line Items]                    
Repayments of borrowings $ 500                  
Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal           $ 20,627 $ 23,064      
Weighted-average percentage interest rates           4.73% 4.04%      
Dominion Energy | Sustainability Revolving Credit Agreement                    
Debt Instrument [Line Items]                    
Debt instrument, face amount               $ 1,000   $ 900
Dominion Energy | Environmental Sustainability And Social Investment Initiatives | Sustainability Revolving Credit Agreement                    
Debt Instrument [Line Items]                    
Repayments of borrowings   $ 450                
Dominion Energy | General Corporate | Sustainability Revolving Credit Agreement                    
Debt Instrument [Line Items]                    
Repayments of borrowings     $ 450 $ 450 $ 450          
1.45% to 7.00%, due 2025 to 2052 | Senior Notes                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal [1]           $ 11,176 $ 12,526      
Weighted-average percentage interest rates [1],[2]             4.36%      
1.45% to 7.00%, due 2025 to 2052 | Minimum | Senior Notes                    
Debt Instrument [Line Items]                    
Interest Rate             1.45%      
1.45% to 7.00%, due 2025 to 2052 | Maximum | Senior Notes                    
Debt Instrument [Line Items]                    
Interest Rate             7.00%      
8.40%, due 2031 | Junior Subordinated Notes                    
Debt Instrument [Line Items]                    
Interest Rate             8.40%      
Aggregate outstanding principal           10 $ 10      
Weighted-average percentage interest rates [2]             8.40%      
6.00% to 7.00% due 2054 to 2056 | Junior Subordinated Notes                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal           3,250 $ 6,025      
Weighted-average percentage interest rates [2]             6.48%      
6.00% to 7.00% due 2054 to 2056 | Minimum | Junior Subordinated Notes                    
Debt Instrument [Line Items]                    
Interest Rate             6.00%      
6.00% to 7.00% due 2054 to 2056 | Maximum | Junior Subordinated Notes                    
Debt Instrument [Line Items]                    
Interest Rate             7.00%      
Unsecured Senior Notes, 2.30% to 8.875%, due 2025 to 2055 | Senior Notes                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal           18,785 $ 21,385      
Unsecured Senior Notes, 2.30% to 8.875%, due 2025 to 2055 | Virginia Electric and Power Company | Senior Notes                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal           18,785 $ 21,385      
Weighted-average percentage interest rates [2]             4.53%      
Unsecured Senior Notes, 2.30% to 8.875%, due 2025 to 2055 | Minimum | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Interest Rate             2.30%      
Unsecured Senior Notes, 2.30% to 8.875%, due 2025 to 2055 | Maximum | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Interest Rate             8.875%      
Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041 | Tax-Exempt Financings                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal [3]           625 $ 625      
Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041 | Virginia Electric and Power Company | Tax-Exempt Financings                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal [3]           625 $ 625      
Weighted-average percentage interest rates [2],[3]             3.52%      
Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041 | Minimum | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Interest Rate             3.125%      
Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041 | Maximum | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Interest Rate             3.80%      
Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033 | Tax-Exempt Financings                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal           1,217 $ 1,054      
Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033 | Virginia Electric and Power Company | Tax-Exempt Financings                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal           1,217 $ 1,054      
Weighted-average percentage interest rates [2]             4.92%      
Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033 | Minimum | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Interest Rate             4.877%      
Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033 | Maximum | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Interest Rate             5.088%      
First mortgage bonds, 2.30% to 6.625%, due 2028 to 2065 | Minimum | DESC                    
Debt Instrument [Line Items]                    
Interest Rate             2.30%      
First mortgage bonds, 2.30% to 6.625%, due 2028 to 2065 | Maximum | DESC                    
Debt Instrument [Line Items]                    
Interest Rate             6.625%      
3.625% and 4.00%, due 2028 and 2033 | Tax-Exempt Financings                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal [4]           54 $ 54      
Weighted-average percentage interest rates [2],[4]             3.90%      
3.625% and 4.00%, due 2028 and 2033 | Minimum | Tax-Exempt Financings                    
Debt Instrument [Line Items]                    
Interest Rate             3.625%      
3.625% and 4.00%, due 2028 and 2033 | Maximum | Tax-Exempt Financings                    
Debt Instrument [Line Items]                    
Interest Rate             4.00%      
4.82%, due 2042 | Dominion Energy                    
Debt Instrument [Line Items]                    
Recorded interest expense           $ 10        
Industrial Revenue Bonds                    
Debt Instrument [Line Items]                    
Aggregate outstanding principal             $ 68      
Long term debt due within one year | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Weighted-average percentage interest rates             3.34%      
Long term debt due within one year | Dominion Energy                    
Debt Instrument [Line Items]                    
Weighted-average percentage interest rates             2.80%      
[1] Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
[2] Represents weighted-average coupon rates for debt outstanding at December 31, 2025.
[3] These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
[4] Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2026.
v3.25.4
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 2,291
2027 1,963
2028 2,477
2029 698
2030 2,508
Thereafter 36,395
Total $ 46,332
Weighted- average coupon, 2026 2.80%
Weighted- average coupon, 2027 3.86%
Weighted- average coupon, 2028 4.31%
Weighted- average coupon, 2029 3.44%
Weighted- average coupon, 2030 4.02%
Weighted- average coupon, Thereafter 5.09%
First mortgage bonds  
Debt Instrument [Line Items]  
2026 $ 0
2027 0
2028 53
2029 0
2030 0
Thereafter 4,531
Total 4,584
Unsecured senior notes  
Debt Instrument [Line Items]  
2026 2,120
2027 1,783
2028 2,195
2029 500
2030 2,300
Thereafter 25,014
Total 33,912
Senior secured deferred fuel cost bonds  
Debt Instrument [Line Items]  
2026 171
2027 180
2028 190
2029 198
2030 208
Thereafter 107
Total 1,054
Tax-exempt financings  
Debt Instrument [Line Items]  
2026 0
2027 0
2028 39
2029 0
2030 0
Thereafter 708
Total 747
Junior Subordinated Notes  
Debt Instrument [Line Items]  
2026 0
2027 0
2028 0
2029 0
2030 0
Thereafter 6,035
Total 6,035
Virginia Electric and Power Company  
Debt Instrument [Line Items]  
2026 1,321
2027 1,530
2028 890
2029 698
2030 208
Thereafter 18,417
Total $ 23,064
Weighted- average coupon, 2026 3.34%
Weighted- average coupon, 2027 3.77%
Weighted- average coupon, 2028 4.03%
Weighted- average coupon, 2029 3.44%
Weighted- average coupon, 2030 4.88%
Weighted- average coupon, Thereafter 4.73%
Virginia Electric and Power Company | Unsecured senior notes  
Debt Instrument [Line Items]  
2026 $ 1,150
2027 1,350
2028 700
2029 500
2030 0
Thereafter 17,685
Total 21,385
Virginia Electric and Power Company | Senior secured deferred fuel cost bonds  
Debt Instrument [Line Items]  
2026 171
2027 180
2028 190
2029 198
2030 208
Thereafter 107
Total 1,054
Virginia Electric and Power Company | Tax-exempt financings  
Debt Instrument [Line Items]  
2026 0
2027 0
2028 0
2029 0
2030 0
Thereafter 625
Total $ 625
v3.25.4
Long-Term Debt (Narrative) (Detail) - USD ($)
 1 Months Ended 5 Months Ended
Feb. 23, 2024
Aug. 31, 2025
Nov. 30, 2024
Oct. 31, 2024
May 31, 2024
Aug. 31, 2020
Jun. 30, 2020
May 31, 2024
Dec. 31, 2025
Oct. 31, 2025
Dec. 31, 2024
Feb. 29, 2024
Mar. 31, 2023
Oct. 31, 2014
Debt Instrument [Line Items]                            
Debt, redeemed remaining principal outstanding                     $ 144,000,000      
Period of deferral         10 years                  
Other long-term debt                 $ 436,000,000   214,000,000      
Virginia Electric and Power Company                            
Debt Instrument [Line Items]                            
Other long-term debt                 $ 194,000,000   $ 110,000,000      
Dominion Energy | Series A JSN                            
Debt Instrument [Line Items]                            
Interest rate percentage   6.00%     6.875%     6.875%            
Debt instrument maturity year   2056           2055            
Period of deferral   10 years                        
Interest reset period   5 years     5 years                  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:UsTreasuryUstInterestRateMember           us-gaap:UsTreasuryUstInterestRateMember            
Interest rate spread   2.262%           2.386%            
Interest rate minimum reset         6.875%     6.875%            
Dominion Energy | Series B JSN                            
Debt Instrument [Line Items]                            
Interest rate percentage   6.20%     7.00%     7.00%            
Debt instrument maturity year   2056           2054            
Period of deferral   10 years                        
Interest reset period   5 years     5 years                  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:UsTreasuryUstInterestRateMember           us-gaap:UsTreasuryUstInterestRateMember            
Interest rate spread   2.006%     2.511%                  
Interest rate minimum reset         7.00%     7.00%            
Dominion Energy | 2024 Series C JSN                            
Debt Instrument [Line Items]                            
Junior subordinated notes     $ 1,250,000,000                      
Interest rate percentage     6.625%                      
Debt instrument maturity year               2055            
Period of deferral     10 years                      
Interest reset period     5 years                      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:UsTreasuryUstInterestRateMember                      
Interest rate spread     2.207%                      
Interest Rate Swap                            
Debt Instrument [Line Items]                            
Derivative notional value             $ 2,000,000,000              
Derivative maturity month and year             2024-12              
Other long-term debt           $ 443,000,000 $ 326,000,000              
Derivative imputed interest rate             1.19%              
Interest Rate Swap | Virginia Electric and Power Company                            
Debt Instrument [Line Items]                            
Debt, redeemed remaining principal outstanding                         $ 448,000,000  
Derivative notional value           $ 900,000,000                
Derivative maturity month and year           2023-12                
Derivative maturity year           2020                
Derivative imputed interest rate           0.34%                
Maximum | Dominion Energy | Series A JSN                            
Debt Instrument [Line Items]                            
Interest rate minimum reset   6.00%                        
Maximum | Dominion Energy | Series B JSN                            
Debt Instrument [Line Items]                            
Interest rate minimum reset   6.20%                        
Junior Subordinated Debt | Dominion Energy                            
Debt Instrument [Line Items]                            
Junior subordinated notes   $ 1,500,000,000     $ 2,000,000,000     $ 2,000,000,000   $ 1,300,000,000        
Debt, redeemed remaining principal outstanding       $ 685,000,000                    
Debt instrument maturity year       2054                    
Early redemption charges paid       $ 7,000,000                    
Early redemption charges paid after tax       5,000,000                    
Junior Subordinated Debt | Dominion Energy | Series A JSN                            
Debt Instrument [Line Items]                            
Junior subordinated notes   825,000,000     1,000,000,000     1,000,000,000   625,000,000        
Junior Subordinated Debt | Dominion Energy | Series B JSN                            
Debt Instrument [Line Items]                            
Junior subordinated notes   $ 700,000,000     $ 1,000,000,000     $ 1,000,000,000   $ 625,000,000        
October 2014 Hybrids | Junior Subordinated Debt                            
Debt Instrument [Line Items]                            
Junior subordinated notes                           $ 685,000,000
Interest rate percentage                           5.75%
Senior Secured Deferred Fuel Cost Bonds due in May 2029 | Virginia Electric and Power Company                            
Debt Instrument [Line Items]                            
Interest rate percentage                       5.088%    
Debt instrument, face amount                       $ 439,000,000    
Senior Secured Deferred Fuel Cost Bonds due in May 2033 | Virginia Electric and Power Company                            
Debt Instrument [Line Items]                            
Interest rate percentage                       4.877%    
Debt instrument, face amount                       $ 843,000,000    
4.82%, due 2042 | Eagle Solar, LLC                            
Debt Instrument [Line Items]                            
Debt, redeemed remaining principal outstanding $ 279,000,000                          
Interest rate percentage 4.82%                          
Debt instrument maturity year 2042                          
3.80% Peninsula Ports Authority Due in 2033 | Tax-Exempt Financings | Dominion Energy                            
Debt Instrument [Line Items]                            
Debt, redeemed remaining principal outstanding       $ 27,000,000                    
Interest rate percentage       3.80%                    
Debt instrument maturity year       2033                    
v3.25.4
Preferred Stock (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2021
Dec. 31, 2019
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 15, 2027
Dec. 15, 2024
Class of Stock [Line Items]                  
Preferred stock shares authorized         20,000,000        
Total Preferred Stock $ 991,000,000       $ 991,000,000 $ 991,000,000      
Dividend stock         $ 44,000,000 78,000,000 $ 81,000,000    
Debt, amount redeemed $ 144,000,000         $ 144,000,000      
Series B Preferred Stock                  
Class of Stock [Line Items]                  
Preferred stock, redemption price per share                 $ 1,000
Series C Preferred Stock                  
Class of Stock [Line Items]                  
Preferred stock, redemption price per share     $ 1,020 $ 1,020          
Series C Preferred Stock | Forecast                  
Class of Stock [Line Items]                  
Preferred stock, redemption price per share               $ 1,000  
Dominion Energy | Series B Preferred Stock                  
Class of Stock [Line Items]                  
Preferred stock shares issued       800,000          
Total Preferred Stock       $ 791,000,000          
Issuance of costs       9,000,000          
Preferred stock liquidation value       $ 1,000          
Dividend rate percentage       4.65%   2.993%      
Stock repurchased, shares   400,000              
Dividend stock           $ 24,000,000 $ 37,000,000    
Redemption of shares 400,000                
Preferred stock dividend per share           $ 42.86 $ 46.5    
Deemed dividends           $ 10,000,000      
Dominion Energy | Series C Preferred Stock                  
Class of Stock [Line Items]                  
Preferred stock shares issued 1,000,000       1,000,000 1,000,000      
Preferred stock shares outstanding 1,000,000       1,000,000 1,000,000      
Issuance of costs     $ 8,000,000            
Preferred stock liquidation value     $ 1,000            
Dividend rate percentage       4.35% 3.195%        
Dividend stock         $ 44,000,000 $ 44,000,000 $ 44,000,000    
Dividends per share         $ 43.5 $ 43.5 $ 43.5    
Preferred stock shares issued to public     750,000            
Preferred stock value issued to public     $ 742,000,000            
Issuance of shares to qualified benefit pension plan     250,000            
Defined Benefit Pension plans     $ 250,000,000            
DESC                  
Class of Stock [Line Items]                  
Preferred stock shares authorized         20,000,000        
SCANA                  
Class of Stock [Line Items]                  
Preferred Stock Held By SCANA 1,000       1,000 1,000      
Virginia Electric and Power Company                  
Class of Stock [Line Items]                  
Preferred stock shares authorized 10,000,000       10,000,000 10,000,000      
Preferred stock shares issued 0       0 0      
Preferred stock shares outstanding 0       0 0      
Liquidation preference $ 100       $ 100 $ 100      
v3.25.4
Equity (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 31, 2025
Feb. 28, 2025
May 31, 2024
Apr. 30, 2023
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Aug. 31, 2024
Nov. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of common stock           $ 1,488,000,000 $ 732,000,000 $ 94,000,000            
Issuance of stock to Dominion Energy           1,488,000,000 732,000,000 94,000,000            
Compensation cost related to stock-based compensation           46,000,000 53,000,000 44,000,000            
Tax benefit from stock awards and stock options exercised           $ 10,000,000 12,000,000 10,000,000            
Vesting period           3 years                
Cash Based Performance Grant | Officer                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Cash-based performance grants minimum percentage           0.00%                
Cash-based performance grants maximum percentage           200.00%                
February 2022 Cash Based Performance Grant | Officer | Grant Date Three                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Targeted amount of the grant             5,000,000              
February 2023 Cash Based Performance Grant | Officer | Grant Date Three                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Targeted amount of the grant           $ 8,000,000                
February 2024 Cash Based Performance Grant | Officer | Grant Date Three                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Targeted amount of the grant           18,000,000                
Liability accrued for award           13,000,000                
February 2025 Cash Based Performance Grant | Officer | Grant Date Three                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Targeted amount of the grant           22,000,000                
Liability accrued for award           $ 7,000,000                
Stock Based Awards                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Shares were available for future grants           26,000,000                
Restricted Stock                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Unrecognized compensation cost related to nonvested awards           $ 61,000,000                
Expected weighted-average period recognized for the unrecognized compensation cost           1 year 10 months 24 days                
Fair value of restricted stock awards that vested           $ 27,000,000 $ 25,000,000 $ 20,000,000            
Maximum | Stock Based Awards                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Maximum term of stock based awards           8 years                
Common Stock                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of stock (in shares)           27,000,000 14,000,000 2,000,000            
Issuance of stock to Dominion Energy           $ 1,488,000,000 $ 732,000,000 $ 94,000,000            
Stock repurchased, shares           0 0 0            
Stock repurchase program, authorized amount           $ 900,000,000               $ 1,000,000,000
Dominion Energy Direct                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of common stock           $ 139,000,000 $ 138,000,000 $ 94,000,000            
Issuance of stock (in shares)           2,500,000 2,700,000 1,700,000            
Virginia Electric and Power Company                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of common stock         $ 3,250,000,000 $ 3,500,000,000 $ 0 $ 3,250,000,000            
Issuance of stock (in shares)             0              
Issuance of stock to Dominion Energy           $ 3,500,000,000   $ 3,250,000,000            
Virginia Electric and Power Company | Virginia Regulation                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Capitalization ratio       52.10% 52.10%                  
Virginia Electric and Power Company | Common Stock                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of stock (in shares)         49,522 49,636 0 49,000            
Issuance of stock to Dominion Energy           $ 3,500,000,000   $ 3,250,000,000            
Various Programs                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of common stock           $ 1,500,000,000 $ 732,000,000 $ 94,000,000            
Issuance of stock (in shares)           27,000,000 14,000,000 2,000,000            
Sales Agency Agreements to Effect Sales Under At-the-market Program | Maximum                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Sale of stock authorized amount $ 1,800,000,000                          
Sales Agency Agreements to Effect Sales Under At-the-market Program | May 2024 At-the-Market Program [Member] | Maximum                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Sale of stock authorized amount     $ 1,800,000,000                      
Sales Agency Agreements to Effect Sales Under At-the-market Program | February 2025 At-the-Market Program [Member] | Maximum                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Sale of stock authorized amount   $ 1,200,000,000                        
Forward Sale Agreements | May 2024 At-the-Market Program [Member]                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of common stock           $ 1,000,000,000 $ 594,000,000              
Forward sale agreements, number of shares of common stock to be settled                 2,400,000   8,800,000 9,700,000 11,400,000  
Weighted average initial forward price                 $ 59.91   $ 55.34 $ 57.78 $ 53.23  
Forward Sale Agreements | May 2024 At-the-Market Program [Member] | Weighted Average                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Weighted average final forward price           $ 55.26 $ 52.2              
Forward Sale Agreements | February 2025 At-the-Market Program [Member]                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Forward sale agreements, number of shares of common stock to be settled                 9,600,000 11,000,000        
Weighted average initial forward price                 $ 61.11 $ 55.83        
Aggregate Forward Sale Agreement | February 2025 At-the-Market Program [Member]                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Issuance of common stock           $ 325,000,000                
Forward sale agreements, number of shares of common stock to be settled           5,400,000                
Aggregate Forward Sale Agreement | February 2025 At-the-Market Program [Member] | Weighted Average                            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                            
Weighted average final forward price           $ 60.44                
v3.25.4
Equity (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance, net of tax $ 26,863    
Total other comprehensive income (loss) 34 $ 20 $ 59
Ending balance, net of tax 29,083 26,863  
Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance, net of tax 22,157    
Total other comprehensive income (loss) 4 11 6
Ending balance, net of tax 27,205 22,157  
Total Derivative-Hedging Activities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [1] (229) (289)  
Beginning balance, tax [1] 58 73  
Beginning balance, net of tax [1] (171) (216)  
Other comprehensive income before reclassifications: gains (losses) [1] 5 13  
Total other comprehensive income (loss) [1] 34 45  
Ending balance, net of tax [1] (137) (171) (216)
Ending balance, tax [1] 46 58 73
Ending balance [1] (183) (229) (289)
Total Derivative-Hedging Activities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [2] 38 20  
Beginning balance, tax [2] (10) (5)  
Beginning balance, net of tax [2] 28 15  
Other comprehensive income before reclassifications: gains (losses) [2] 5 13  
Total other comprehensive income (loss) [2] 4 13  
Ending balance, net of tax [2] 32 28 15
Ending balance, tax [2] (11) (10) (5)
Ending balance [2] 43 38 20
Total Derivative-Hedging Activities | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges [1] 39 43  
Income (loss) before income tax expense [1] 39 43  
Income tax expense (benefit) [1] (10) (11)  
Total, net of tax [1] 29 32  
Total Derivative-Hedging Activities | Amounts reclassified from AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges [2] (1)    
Other income (expense) [2]   0  
Income (loss) before income tax expense [2] (1) 0  
Income tax expense (benefit) [2] 0 0  
Total, net of tax (1) [2] 0  
Investment Securities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (19) 2  
Beginning balance, tax 9 (1)  
Beginning balance, net of tax (10) 1  
Other comprehensive income before reclassifications: gains (losses) 15 (19)  
Total other comprehensive income (loss) 10 (11)  
Ending balance, net of tax (0) (10) 1
Ending balance, tax 0 9 (1)
Ending balance 0 (19) 2
Investment Securities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (1) 1  
Beginning balance, tax 1 1  
Beginning balance, net of tax 0 2  
Other comprehensive income before reclassifications: gains (losses) 0 (5)  
Total other comprehensive income (loss) 0 (2)  
Ending balance, net of tax 0 0 2
Ending balance, tax 0 1 1
Ending balance 0 (1) 1
Investment Securities | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Other income (expense) (7) 11  
Income (loss) before income tax expense (7) 11  
Income tax expense (benefit) 2 (3)  
Total, net of tax (5) 8  
Investment Securities | Amounts reclassified from AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Other income (expense) 1 4  
Income (loss) before income tax expense 1 4  
Income tax expense (benefit) (1) (1) [2]  
Total, net of tax 0 3  
Pension and Other Postretirement Benefit Costs      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [3] 38 57  
Beginning balance, tax [3] (9) (14)  
Beginning balance, net of tax [3] 29 43  
Other comprehensive income before reclassifications: gains (losses) [3] 0 (2)  
Total other comprehensive income (loss) [3] (10) (14)  
Ending balance, net of tax [3] 19 29 43
Ending balance, tax [3] (7) (9) (14)
Ending balance [3] 26 38 57
Pension and Other Postretirement Benefit Costs | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Other income (expense) [3] (12) (16)  
Income (loss) before income tax expense [3] (12) (16)  
Income tax expense (benefit) [3] 2 4  
Total, net of tax [3] (10) (12)  
AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (210) (230)  
Beginning balance, tax 58 58  
Beginning balance, net of tax (152) (172)  
Other comprehensive income before reclassifications: gains (losses) 20 (8)  
Total other comprehensive income (loss) 34 20 59
Ending balance, net of tax (118) (152) (172)
Ending balance, tax 39 58 58
Ending balance (157) (210) (230)
AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance 37 21  
Beginning balance, tax (9) (4)  
Beginning balance, net of tax 28 17  
Other comprehensive income before reclassifications: gains (losses) 5 8  
Total other comprehensive income (loss) 4 11 6
Ending balance, net of tax 32 28 17
Ending balance, tax (11) (9) (4)
Ending balance 43 37 $ 21
AOCI | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges 39 43  
Other income (expense) (19) (5)  
Income (loss) before income tax expense 20 38  
Income tax expense (benefit) (6) (10)  
Total, net of tax 14 28  
AOCI | Amounts reclassified from AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges (1)    
Other income (expense) 1 4  
Income (loss) before income tax expense 0 4  
Income tax expense (benefit) (1) (1)  
Total, net of tax $ (1) $ 3  
[1] Comprised entirely of interest rate derivative hedging activities.
[2] Comprised entirely of interest rate derivative hedging activities.
[3] Comprised entirely of prior service cost. See Note 22 for additional information.
v3.25.4
Equity (Summary of Restricted Stock and Goal-Based Stock Activity) (Detail) - Restricted Stock - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested beginning (in shares) 1.9 1.9 1.4
Granted (in shares) 0.5 0.7 1.0
Vested (in shares) (0.4) (0.5) (0.4)
Cancelled and forfeited (in shares) (0.1) (0.2) (0.1)
Nonvested ending (in shares) 1.9 1.9 1.9
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Nonvested beginning, Weighted-average Grant Date Fair Value (in dollars per share) $ 57.1 $ 61.34 $ 75.56
Granted, Weighted-average Grant Date Fair Value (in dollars per share) 59.19 55.58 48.99
Vested, Weighted-average Grant Date Fair Value (in dollars per share) 73.43 71.05 79.89
Cancelled and forfeited, Weighted-average Grant Date Fair Value (in dollars per share) 58.03 43.13 53.36
Nonvested ending, Weighted-average Grant Date Fair Value (in dollars per share) $ 53.94 $ 57.1 $ 61.34
v3.25.4
Dividend Restrictions (Narrative) (Detail) - Virginia Power and PSNC
 12 Months Ended
Dec. 31, 2025
Dividend Restrictions [Line Items]  
Regulatory restrictions on payment of dividends In addition, notice to the North Carolina Commission is required if payment of dividends causes the equity component of Virginia Power’s capital structure to fall below 45%.
Required equity capital percentage 45.00%
v3.25.4
Employee Benefit Plans (Narrative) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Accumulated benefit obligation   $ 7,600,000,000 $ 7,400,000,000    
Defined contribution plan, employer matching contributions   90,000,000 82,000,000 $ 85,000,000  
Defined contribution plan operating expenses within discontinued operations     23,000,000    
Defined contribution plan operating expenses within discontinued operations after tax     17,000,000    
Defined contribution plan other operations and maintenance expense     13,000,000    
Defined contribution plan other operations and maintenance expense after tax     10,000,000    
East Ohio and Questar Gas Transactions          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasured pension and other postretirement benefit plans amount     217,000,000    
Remeasured pension and other postretirement benefit plans after tax amount     162,000,000    
Discontinued operations          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Service cost     5,000,000 18,000,000  
Non-service cost (credit)     (12,000,000) (46,000,000)  
Virginia Electric and Power Company          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Defined contribution plan, employer matching contributions   32,000,000 29,000,000 26,000,000  
Pension Plans and Post Retirement Benefit Plan          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Actual return (loss) on pension and other postretirement plan assets   1,200,000,000 738,000,000    
Expected return on pension and other postretirement plan assets   835,000,000 982,000,000    
Pension Benefits          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Actual return (loss) on pension and other postretirement plan assets   931,000,000 503,000,000    
Expected return on pension and other postretirement plan assets   676,000,000 811,000,000 864,000,000  
Increase to net periodic benefit cost (credit)   (180,000,000) (426,000,000) (22,000,000)  
Actuarial gains (losses) from increase decrease in discount rate   (241,000,000) 404,000,000    
Service cost   76,000,000 $ 83,000,000 96,000,000  
Pension Benefits | Closure of East Ohio Transaction          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate     5.62%    
Pension Benefits | Questar Gas Transactions          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate     5.75%    
Pension Benefits | Forecast          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Expected contributions to qualified defined benefit pension plans in next fiscal year $ 24,000,000        
Pension Benefits | Virginia Electric and Power Company | Other Operations and Maintenance          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Increase to net periodic benefit cost (credit)   $ 89,000,000 $ 49,000,000 34,000,000  
Pension Benefits | Minimum          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate   5.59% 5.84%    
Pension Benefits | Maximum          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate   5.69% 5.87%    
Other Postretirement Benefits Plan          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Actual return (loss) on pension and other postretirement plan assets   $ 254,000,000 $ 235,000,000    
Expected return on pension and other postretirement plan assets   159,000,000 171,000,000 151,000,000  
Increase to net periodic benefit cost (credit)   (229,000,000) (250,000,000) (237,000,000)  
Actuarial gains (losses) from increase decrease in capital claims expense and other expense     43,000,000    
Actuarial gains (losses) from increase decrease in discount rate   17,000,000      
Contribution to voluntary employees beneficiary association         $ 0
Service cost   11,000,000 $ 11,000,000 14,000,000  
Other Postretirement Benefits Plan | Questar Gas Transactions          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate     5.74%    
Other Postretirement Benefits Plan | Virginia Electric and Power Company          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Contribution to voluntary employees beneficiary association   0 $ 0 0  
Other Postretirement Benefits Plan | Virginia Electric and Power Company | Forecast          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Contribution to voluntary employees beneficiary association $ 0        
Other Postretirement Benefits Plan | Virginia Electric and Power Company | Other Operations and Maintenance | Dominion Energy Retiree Health And Welfare Plan [Member]          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Increase to net periodic benefit cost (credit)   $ (64,000,000) $ (72,000,000) $ (60,000,000)  
Other Postretirement Benefits Plan | Minimum          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate   5.60% 5.83%    
Other Postretirement Benefits Plan | Minimum | Closure of East Ohio Transaction          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate     5.61%    
Other Postretirement Benefits Plan | Maximum          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate   5.66% 5.86%    
Other Postretirement Benefits Plan | Maximum | Closure of East Ohio Transaction          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Remeasurement, discount rate     5.62%    
Revised Long-term Strategic Target Asset | Public equity          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Defined benefit plan, actual plan asset allocation percentages     30.00%    
Revised Long-term Strategic Target Asset | Fixed Income Funds          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Defined benefit plan, actual plan asset allocation percentages     27.00%    
Revised Long-term Strategic Target Asset | Other than Securities Investment          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]          
Defined benefit plan, actual plan asset allocation percentages     43.00%    
v3.25.4
Employee Benefit Plans (Summary of Changes in Pension and Other Postretirement Benefit Plans) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amounts recognized in the Consolidated Balance Sheets at December 31:      
Noncurrent pension and other postretirement benefit assets $ 2,658 $ 2,240  
Pension Benefits      
Changes in benefit obligation:      
Benefit obligation at beginning of year 7,652 8,431  
Service cost $ 76 $ 83 $ 96
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) Other Nonoperating Income (Expense)
Interest cost $ 433 $ 431 $ 442
Benefits paid (533) (504)  
Actuarial loss (gain) during the year 241 (404)  
Plan amendments (5) 30  
Settlements and curtailments [1] (13) (415)  
Benefit obligation at end of year 7,851 7,652 8,431
Changes in fair value of plan assets:      
Fair value of plan assets at beginning of year 8,478 9,087  
Actual return gain on plan assets 931 503  
Employer contributions 33 76  
Benefits paid (533) (504)  
Plan amendments (5) 0  
Settlements [2] (13) (684)  
Fair value of plan assets at end of year 8,891 8,478 9,087
Funded status at end of year 1,040 826  
Amounts recognized in the Consolidated Balance Sheets at December 31:      
Noncurrent pension and other postretirement benefit assets 1,073 883  
Other current liabilities (5) (7)  
Noncurrent pension and other postretirement benefit liabilities [3] (28) (50)  
Net amount recognized $ 1,040 $ 826  
Significant assumptions used to determine benefit obligations as of December 31:      
Weighted average rate of increase for compensation 4.38% 4.40%  
Pension Benefits | Minimum      
Significant assumptions used to determine benefit obligations as of December 31:      
Discount rate 5.59% 5.84%  
Crediting interest rate for cash balance and similar plans 4.34% 4.59%  
Pension Benefits | Maximum      
Significant assumptions used to determine benefit obligations as of December 31:      
Discount rate 5.69% 5.87%  
Crediting interest rate for cash balance and similar plans 4.44% 4.62%  
Other Postretirement Benefits      
Changes in benefit obligation:      
Benefit obligation at beginning of year $ 1,018 $ 1,109  
Service cost $ 11 $ 11 $ 14
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) Other Nonoperating Income (Expense)
Interest cost $ 57 $ 57 $ 61
Benefits paid (82) (88)  
Actuarial loss (gain) during the year (17) (43)  
Plan amendments 0 0  
Settlements and curtailments [1] 0 (28)  
Benefit obligation at end of year 987 1,018 1,109
Changes in fair value of plan assets:      
Fair value of plan assets at beginning of year 2,203 2,062  
Actual return gain on plan assets 254 235  
Employer contributions 0 0  
Benefits paid (63) (54)  
Plan amendments 0 0  
Settlements [2] 0 (40)  
Fair value of plan assets at end of year 2,394 2,203 $ 2,062
Funded status at end of year 1,407 1,185  
Amounts recognized in the Consolidated Balance Sheets at December 31:      
Noncurrent pension and other postretirement benefit assets 1,585 1,356  
Other current liabilities (13) (13)  
Noncurrent pension and other postretirement benefit liabilities [3] (165) (158)  
Net amount recognized $ 1,407 $ 1,185  
Other Postretirement Benefits | Minimum      
Significant assumptions used to determine benefit obligations as of December 31:      
Discount rate 5.60% 5.83%  
Other Postretirement Benefits | Maximum      
Significant assumptions used to determine benefit obligations as of December 31:      
Discount rate 5.66% 5.86%  
[1] 2025 and 2024 include amounts related to settlements of nonqualified pension obligations. Additionally, 2024 amounts include settlements and curtailment related to the East Ohio and Questar Gas Transactions.
[2] 2025 and 2024 include amounts related to settlements of nonqualified pension obligations. Additionally, 2024 amounts include settlements related to the East Ohio and Questar Gas Transactions.
[3] Presented within other deferred credits and other liabilities in Dominion Energy's Consolidated Balance Sheets.
v3.25.4
Employee Benefit Plans (Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation $ 718 $ 724
Fair value of plan assets 685 666
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation 177 171
Fair value of plan assets $ 0 $ 0
v3.25.4
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
General Discussion Of Pension And Other Postretirement Benefits [Abstract]    
Accumulated benefit obligation $ 26 $ 715
Fair value of plan assets $ 0 $ 666
v3.25.4
Employee Benefit Plans (Benefit Payments Expected Future Service) (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 545
2027 553
2028 568
2029 560
2030 573
2031-2035 2,913
Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2026 83
2027 82
2028 80
2029 80
2030 79
2031-2035 $ 386
v3.25.4
Employee Benefit Plans (Fair Values of Pension and Post Retirement Plan Assets by Asset Category) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [1] $ 8,768 $ 7,840
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [2] 2,372 2,184
Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1,344 2,208
Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1,147 1,375
Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 3,034 1,929
Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 453 120
Level 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 73 84
Level 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 4 6
Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 4,451 4,221
Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1,604 1,501
NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 4,317 3,619
Cash equivalents and other | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1 395
Cash equivalents and other | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 0 7
Cash equivalents and other | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 2  
Cash equivalents and other | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 3 395
Cash equivalents and other | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 0 7
US Equity Securities | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 565 1,004
US Equity Securities | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 498 946
US Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 565 1,004
US Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 498 946
Foreign Equity Securities | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 604 723
Foreign Equity Securities | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 60 74
Foreign Equity Securities | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 0 1
Foreign Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 604 724
Foreign Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 60 74
Insurance Contracts | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 135 139
Insurance Contracts | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 8 8
Insurance Contracts | Level 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 73 73
Insurance Contracts | Level 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 4 5
Insurance Contracts | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 208 212
Insurance Contracts | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 12 13
Corporate debt instruments | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 113 70
Corporate debt instruments | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 173 183
Corporate debt instruments | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 870 486
Corporate debt instruments | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 51 30
Corporate debt instruments | Level 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 0 11
Corporate debt instruments | Level 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 0 1
Corporate debt instruments | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 983 567
Corporate debt instruments | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 224 214
Government securities | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 61 16
Government securities | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 416 165
Government securities | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 2,027 1,303
Government securities | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 394 82
Government securities | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 2,088 1,319
Government securities | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 810 247
Commingled funds/collective trust funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 2,025 1,771
Commingled funds/collective trust funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] 433 495
Real Estate Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 25 37
Real Estate Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] 7 9
Private Equity Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 1,449 1,304
Private Equity Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] 172 147
Fixed Income Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 205 188
Fixed Income Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] 16 12
Hedge Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 613 319
Hedge Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] 140 20
Investments Measured At Fair Value Including Excluding Pending Purchases Sales And Accrued Income | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] $ 768 $ 683
[1] Excludes net assets related to non interest-bearing cash of $39 million, pending sales of securities and advanced subscription of $64 million and net accrued income of $34 million, and includes net assets related to pending purchases of securities of $14 million at December 31, 2025. Excludes net assets related to pending sales of securities of $633 million and net accrued income of $21 million, and includes net assets related to pending purchases of securities of $16 million at December 31, 2024.
[2] Excludes net assets related to non interest-bearing cash of $2 million, pending sales of securities and advanced subscription of $15 million and net accrued income of $7 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2025. Excludes net assets related to pending sales of securities and advanced subscription of $19 million and net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2024.
[3] These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
[4] These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
v3.25.4
Employee Benefit Plans (Fair Values of Pension and Post Retirement Plan Assets by Asset Category) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Non interest-bearing cash $ 39  
Pending sales of securities and advanced subscriptions 64 $ 633
Net accrued income 34 21
Pending purchases of securities 14 16
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Non interest-bearing cash 2  
Pending sales of securities and advanced subscriptions 15 19
Net accrued income 7 2
Pending purchases of securities $ 2 $ 2
v3.25.4
Employee Benefit Plans (Schedule of Net Change In Pension And Other Postretirement Plan Assets Included in Level 3 Fair Value) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]    
Fair value of plan assets at beginning of year $ 8,478 $ 9,087
Fair value of plan assets at end of year 8,891 8,478
Pension Benefits | Level 3    
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]    
Fair value of plan assets at beginning of year 84 0
Total realized and unrealized (losses) gains 0 0
Purchases 0 11
Sales (11) 0
Transfers into Level 3 0 73
Fair value of plan assets at end of year 73 84
Other Postretirement Benefits    
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]    
Fair value of plan assets at beginning of year 2,203 2,062
Fair value of plan assets at end of year 2,394 2,203
Other Postretirement Benefits | Level 3    
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items]    
Fair value of plan assets at beginning of year 6 0
Total realized and unrealized (losses) gains (1) 0
Purchases 0 1
Sales (1) 0
Transfers into Level 3 0 5
Fair value of plan assets at end of year $ 4 $ 6
v3.25.4
Employee Benefit Plans (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 76 $ 83 $ 96
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) Other Nonoperating Income (Expense)
Interest cost $ 433 $ 431 $ 442
Expected return on plan assets (676) (811) (864)
Amortization of prior service (cost) credit 1 1  
Net actuarial (gain) loss [1] (14) (96) 304
Settlements, curtailments and special termination benefits [2]   (56)  
Plan amendment   22  
Net periodic benefit (credit) cost (180) (426) (22)
Changes in plan assets and benefit obligations recognized in [other comprehensive income] and regulatory assets and liabilities:      
Prior service cost   6 2
Amortization of prior service cost (credit) (1) (1)  
Total recognized in other comprehensive income and regulatory assets and liabilities $ (1) $ 5 $ 2
Significant assumptions used to determine periodic cost:      
Expected long-term rate of return on plan assets 7.35%    
Weighted average rate of increase for compensation 4.40% 4.28% 4.38%
Pension Benefits | Minimum      
Significant assumptions used to determine periodic cost:      
Discount rate 5.84% 5.37% 5.65%
Expected long-term rate of return on plan assets   7.00% 7.00%
Crediting interest rate for cash balance and similar plans 4.59% 4.12% 4.40%
Pension Benefits | Maximum      
Significant assumptions used to determine periodic cost:      
Discount rate 5.87% 5.75% 5.75%
Expected long-term rate of return on plan assets   8.35% 8.35%
Crediting interest rate for cash balance and similar plans 4.62% 4.50% 4.50%
Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 11 $ 11 $ 14
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) Other Nonoperating Income (Expense)
Interest cost $ 57 $ 57 $ 61
Expected return on plan assets (159) (171) (151)
Amortization of prior service (cost) credit (26) (36) (36)
Net actuarial (gain) loss [1] (112) (107) (125)
Settlements, curtailments and special termination benefits [2] 0 (4)  
Net periodic benefit (credit) cost (229) (250) (237)
Changes in plan assets and benefit obligations recognized in [other comprehensive income] and regulatory assets and liabilities:      
Prior service cost 0 4  
Amortization of prior service cost (credit) 26 36 36
Total recognized in other comprehensive income and regulatory assets and liabilities $ 26 $ 40 $ 36
Significant assumptions used to determine periodic cost:      
Expected long-term rate of return on plan assets 7.35% 8.35% 8.35%
Health care cost trend rate [3] 7.00% 7.00% 7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) [3] 5.00% 5.00% 5.00%
Year that the rate reaches the ultimate trend rate [3] 2032 2031 2030
Other Postretirement Benefits | Minimum      
Significant assumptions used to determine periodic cost:      
Discount rate 5.83% 5.40% 5.69%
Other Postretirement Benefits | Maximum      
Significant assumptions used to determine periodic cost:      
Discount rate 5.86% 5.74% 5.70%
[1] Excludes amortization expense (benefit) from regulatory assets and liabilities of $7 million, $2 million and $39 million for the years ended December 31, 2025, 2024 and 2023, respectively, reflected in other income (expense) in Dominion Energy’s Consolidated Statement of Income.
[2] 2024 amounts relate primarily to the East Ohio Transaction.
[3] Assumptions used to determine net periodic cost for the following year.
v3.25.4
Employee Benefit Plans - (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Postemployment Benefits [Abstract]      
Amortization expense (benefit) from regulatory assets and liabilities $ 7 $ 2 $ 39
v3.25.4
Employee Benefit Plans (AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Regulatory assets and liabilities, net actuarial loss (gain) $ 523 $ 496
Regulatory assets and liabilities, prior service cost (credit) 7 8
AOCI, prior service cost (credit) 2 2
Total 532 506
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Regulatory assets and liabilities, net actuarial loss (gain) (99) (65)
Regulatory assets and liabilities, prior service cost (credit) (27) (41)
AOCI, prior service cost (credit) (28) (40)
Total $ (154) $ (146)
v3.25.4
Commitments and Contingencies (Environmental Matters) (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2024
Jul. 31, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Oct. 31, 2020
Jun. 30, 2018
USD ($)
Apr. 30, 2017
Petition
Aug. 31, 2016
T
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Site
Facility
Indicator
gal
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
Jun. 30, 2023
USD ($)
Loss Contingencies [Line Items]                                              
Income Tax, Penalty Recognition, Classification [Extensible Enumeration]                                       Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)  
Net Income From Continuing Operations Including Noncontrolling Interests                     $ 526 $ 1,028 $ 813 $ 712 $ 84 $ 949 $ 466 $ 285 $ 3,079 $ 1,784 $ 2,087    
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                            
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                                     $ 53 56      
Environmental remediation reserves charge                                     25        
Environmental remediation reserves after tax                                     $ 19        
Minimum | CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                              
Loss Contingencies [Line Items]                                              
Loss contingencies individual circumstances period 2029           2021                                
Maximum | CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                              
Loss Contingencies [Line Items]                                              
Loss contingencies individual circumstances period 2034           2028                                
Virginia Electric and Power Company | Environmental Protection Agency And State Regulatory Agencies                                              
Loss Contingencies [Line Items]                                              
Number of facilities to assess the applicability of section 316(b) | Facility                                     3        
Virginia Electric and Power Company | CWA | Unfavorable Regulatory Action                                              
Loss Contingencies [Line Items]                                              
Number of facilities that are subject to final regulations | Facility                                     8        
Virginia Electric and Power Company | Waste Management and Remediation | Unfavorable Regulatory Action | EPA                                              
Loss Contingencies [Line Items]                                              
Number of sites with remediation plans | Site                                     1        
Number of additional sites which are not under investigation | Site                                     2        
Virginia Electric and Power Company | 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                                     $ 48 50      
Hydroelectric Facilities | Environmental Protection Agency And State Regulatory Agencies                                              
Loss Contingencies [Line Items]                                              
Number of facilities to assess the applicability of section 316(b) | Facility                                     8        
Dominion Energy South Carolina Inc | California Franchise Tax Board                                              
Loss Contingencies [Line Items]                                              
Proposed assessment amount from audit               $ 410                              
Proportional share of NND project               100.00%                              
Litigation settlement paid       $ 51   $ 165                                  
Dominion Energy South Carolina Inc | Minimum | California Franchise Tax Board                                              
Loss Contingencies [Line Items]                                              
Initial litigation settlement amount through stock issuance         $ 43                                    
Dominion Energy South Carolina Inc | Maximum | California Franchise Tax Board                                              
Loss Contingencies [Line Items]                                              
Cash payment for remaining obligation   $ 1                                          
East Ohio | Other Legal Matters                                              
Loss Contingencies [Line Items]                                              
Offsetting reserve and insurance receivable                             $ 30         $ 30      
Corporate Segment and Other Operating Segment | California Franchise Tax Board                                              
Loss Contingencies [Line Items]                                              
Gain upon completion of remaining transfer of utility properties                                             $ 11
Fair value of utility property transferred     $ 10                                        
Corporate Segment and Other Operating Segment | California Franchise Tax Board | Utility Property Transferred                                              
Loss Contingencies [Line Items]                                              
Net Income From Continuing Operations Including Noncontrolling Interests                                         7    
Gain on sales of assets                                         9    
Corporate Segment and Other Operating Segment | California Franchise Tax Board | Remaining Utility Property Transferred                                              
Loss Contingencies [Line Items]                                              
Net Income From Continuing Operations Including Noncontrolling Interests                                         8    
Gain on sales of assets                                         $ 11    
v3.25.4
Commitments and Contingencies (Nuclear Operations) (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Mar. 31, 2024
Jan. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Loss Contingencies [Line Items]          
Minimum financial assurance     $ 3,500,000,000    
NRC minimum requirement for nuclear power plant licensees     1,060,000,000.00    
Maximum assessment for premiums on insurance policy     39,000,000    
Maximum assessment for insurance policy     58,000,000    
Receivables for spent nuclear fuel     70,000,000 $ 83,000,000  
Maximum          
Loss Contingencies [Line Items]          
Amount that could be assessed for each licensed reactor     166,000,000    
Amount that could be assessed for each licensed reactor per reactor     25,000,000    
Nuclear Obligations          
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident amount     16,300,000,000    
Nuclear Obligations | Secondary Financial Protection Program          
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident amount $ 16,300,000,000 $ 16,200,000,000      
Virginia Electric and Power Company          
Loss Contingencies [Line Items]          
Minimum financial assurance     2,000,000,000    
Maximum assessment for premiums on insurance policy     11,000,000    
Maximum assessment for insurance policy     31,000,000    
Receivables for spent nuclear fuel     53,000,000 62,000,000  
DESC | Non-nuclear Obligation | European Mutual Association          
Loss Contingencies [Line Items]          
Property insurance coverage     1,000,000    
Surry and North Anna          
Loss Contingencies [Line Items]          
Settlement amount awarded from other party     26,000,000 16,000,000 $ 22,000,000
Millstone          
Loss Contingencies [Line Items]          
Settlement amount awarded from other party     14,000,000 11,000,000 8,000,000
Summer          
Loss Contingencies [Line Items]          
Settlement amount awarded from other party     3,000,000 $ 2,000,000 $ 6,000,000
Millstone, Summer, Surry and North Anna          
Loss Contingencies [Line Items]          
Amount of coverage purchased from commercial insurance pools     500,000,000    
Property insurance coverage     $ 1,060,000,000.00    
v3.25.4
Commitments and Contingencies (Offshore Wind Decommissioning) (Narrative) (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Expected decommissioning financial assurance $ 1.6
v3.25.4
Commitments and Contingencies (Schedule of Long Term Purchase Commitments) (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
 [1]
Long-term Purchase Commitment [Line Items]  
2026 $ 85
2027 86
2028 85
2029 84
2030 85
Thereafter 456
Total $ 881
[1] Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2040. Energy payments are generally based on fixed dollar amounts per month and totaled $71 million and $60 million for the years ended December 31, 2025 and 2024, respectively.
v3.25.4
Commitments and Contingencies (Schedule of Long Term Purchase Commitments) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Power Purchase Contracts [Abstract]    
Energy payments $ 71 $ 60
v3.25.4
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail)
 12 Months Ended
Dec. 31, 2025
USD ($)
Guarantee Obligations [Line Items]  
Guarantee obligations additional guarantees $ 20,000,000
Guarantee liability 3,527,000,000 [1],[2]
Cove Point  
Guarantee Obligations [Line Items]  
Guarantee obligations cumulative maximum exposure $ 1,900,000,000
Valley Link  
Guarantee Obligations [Line Items]  
Guarantee obligation, maximum potential loss exposure, outstanding borrowings limited percentage 30.00%
Valley Link | Revolving Credit Facility  
Guarantee Obligations [Line Items]  
Guarantee agreement, financing obligation $ 180,000,000
Credit facility, amount borrowed 41,000,000
Valley Link | Letter of Credit  
Guarantee Obligations [Line Items]  
Guarantee agreement, financing obligation 120,000,000
Credit facility, amount borrowed 90,000,000
Surety Bond  
Guarantee Obligations [Line Items]  
Guarantee liability 528,000,000
Surety Bond | Virginia Electric and Power Company  
Guarantee Obligations [Line Items]  
Guarantee liability $ 456,000,000
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15.
[2] In July 2016, Dominion Energy signed an agreement 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.
v3.25.4
Commitments and Contingencies (Schedule of Subsidiary Guarantees) (Detail)
Dec. 31, 2025
USD ($)
Guarantee Obligations [Line Items]  
Maximum Exposure $ 3,527,000,000 [1],[2]
Commodity Transactions  
Guarantee Obligations [Line Items]  
Maximum Exposure 2,878,000,000 [3]
Nuclear Obligations  
Guarantee Obligations [Line Items]  
Maximum Exposure 198,000,000 [4]
Solar  
Guarantee Obligations [Line Items]  
Maximum Exposure 85,000,000 [5]
Other  
Guarantee Obligations [Line Items]  
Maximum Exposure $ 366,000,000 [6]
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15.
[2] In July 2016, Dominion Energy signed an agreement 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.
v3.25.4
Commitments and Contingencies (Schedule of Subsidiary Guarantees) (Parenthetical) (Detail)
 1 Months Ended
Jul. 31, 2024
Jul. 31, 2016
Dec. 31, 2025
Minimum      
Guarantee Obligations [Line Items]      
Lease extend term     1 year
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property      
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    
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property | Minimum      
Guarantee Obligations [Line Items]      
Lease extend term 1 year    
v3.25.4
Commitments and Contingencies (Charitable Commitments) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Other Deferred Credits and Other Liabilities    
Recorded Unconditional Purchase Obligation [Line Items]    
Charitable commitments $ 43 $ 32
Other Current Liabilities    
Recorded Unconditional Purchase Obligation [Line Items]    
Charitable commitments 15 21
Other Income    
Recorded Unconditional Purchase Obligation [Line Items]    
Charitable expenses 42 72
Charitable expenses after tax $ 42 $ 54
v3.25.4
Credit Risk (Narrative) (Detail)
 12 Months Ended
Dec. 31, 2025
USD ($)
Counterparty
Dec. 31, 2024
USD ($)
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 223,000,000  
Amount of exposure for single counterparty $ 143,000,000  
Number of counterparties | Counterparty 0  
Letter of credit as collateral posted for derivatives in liability position $ 0  
Additional collateral to be posted if the credit related contingent features were triggered 29,000,000 $ 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 29,000,000 13,000,000
Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure 16,000,000  
Amount of exposure for single counterparty $ 3,000,000  
Number of counterparties | Counterparty 0  
Letter of credit as collateral posted for derivatives in liability position   0
Additional collateral to be posted if the credit related contingent features were triggered $ 0 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 $ 0 $ 12,000,000
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 57.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 92.00%  
v3.25.4
Related-Party Transactions (Narrative) (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2025
Mar. 31, 2025
Jul. 31, 2023
Nov. 30, 2022
Related Party Transaction [Line Items]                
Revolving credit facility maximum borrowing capacity $ 6,000,000,000 $ 8,000,000,000 $ 6,000,000,000       $ 600,000,000  
Borrowing Interest Charges   42,000,000 29,000,000 $ 80,000,000        
Dividend paid   2,278,000,000 2,239,000,000 $ 2,233,000,000        
Revolving Credit Facility                
Related Party Transaction [Line Items]                
Revolving credit facility maximum borrowing capacity         $ 7,000,000,000 $ 6,000,000,000    
Virginia Electric and Power Company                
Related Party Transaction [Line Items]                
Revolving credit facility maximum borrowing capacity [1] 6,000,000,000 7,000,000,000 6,000,000,000          
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries 0 0 $ 0          
Issuance of stock (in shares)     0          
Dividend paid 407,000,000 550,000,000            
Affiliated current borrowings 500,000,000 1,173,000,000 $ 500,000,000          
Other deferred charges and other assets of right-of-use asset   185,000,000            
Affiliated Lease Payables   188,000,000            
Virginia Electric and Power Company | CVOW Commercial Project                
Related Party Transaction [Line Items]                
Capitalized affiliates lease cost   18,000,000            
Virginia Electric and Power Company | Affiliated Entity                
Related Party Transaction [Line Items]                
Derivative assets 19,000,000 22,000,000 19,000,000          
Derivative liabilities 17,000,000 12,000,000 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 505,000,000 594,000,000 505,000,000          
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 $ 663,000,000 $ 729,000,000 $ 663,000,000          
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements                
Related Party Transaction [Line Items]                
Weighted- average interest rate percentage 4.71% 4.03% 4.71%          
Affiliated current borrowings $ 500,000,000 $ 1,200,000,000 $ 500,000,000          
Virginia Electric and Power Company | Other Current Liabilities                
Related Party Transaction [Line Items]                
Affiliated Lease Payables   141,000,000            
Virginia Electric and Power Company | Other Deferred Credits and Other Liabilities                
Related Party Transaction [Line Items]                
Affiliated Lease Payables   $ 47,000,000            
Virginia Electric and Power Company | Revolving Credit Facility                
Related Party Transaction [Line Items]                
Revolving credit facility maximum borrowing capacity               $ 3,000,000,000
Credit facility, maturity date     Dec. 31, 2027          
[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 December 31, 2025, the sub-limit for Virginia Power was $4.0 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 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 $3.0 billion (or the sub-limit, whichever is less) of letters of credit, for working capital and other general corporate purposes.
v3.25.4
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]                      
Services provided to affiliates $ 4,093 $ 4,527 $ 3,810 $ 4,076 $ 3,400 $ 3,941 $ 3,486 $ 3,632 $ 16,506 $ 14,459 $ 14,393
Virginia Electric and Power Company                      
Related Party Transaction [Line Items]                      
Commodity purchases from affiliates                 941 585 582
Services provided to affiliates $ 3,024 $ 3,311 $ 2,712 $ 2,765 $ 2,447 $ 2,762 $ 2,537 $ 2,489 11,812 [1] 10,235 [1] 9,573 [1]
Virginia Electric and Power Company | Related Party                      
Related Party Transaction [Line Items]                      
Services provided by affiliates [2],[3]                 823 667 605
Services provided to affiliates                 $ 16 $ 22 $ 20
[1] See Note 25 for amounts attributable to affiliates.
[2] Excludes amounts related to Virginia Power's operating lease with an affiliated entity as discussed below and in Note 15.
[3] Includes capitalized expenditures of $305 million, $234 million and $210 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Capital expenditures $ 10,333 $ 9,760 $ 6,978
Services provided by affiliates | Affiliated Entity      
Related Party Transaction [Line Items]      
Capital expenditures $ 305 $ 234 $ 210
v3.25.4
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]                  
Gain (loss) on investments             $ 546 $ 669 $ 474
Gain (loss) on investments, after tax $ 79 $ 168 $ 164 $ 76 $ 108 $ 164      
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]  
Charge for the write-off of certain previously deferred amounts             $ 517 $ 600 307
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)             (28) (222) 336
Gain (loss) on investments             507 559 406
Gain (loss) on investments, after tax             $ 335 $ 344 $ 236
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member]           Nuclear Decommissioning Trust Fund [Member] 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)             $ (300) $ (734) $ (198)
After- tax net benefits (expenses) for specific items             32 (358) 247
Dominion Energy South Carolina | Operating Segments                  
Segment Reporting Information [Line Items]                  
Benefit related to real estate transactions                 28
Benefit related to real estate transactions, after tax                 21
Charge in connection with the electric base rate case               58  
Charge in connection with the electric base rate case, after tax               44  
Dominion Energy Virginia | Operating Segments                  
Segment Reporting Information [Line Items]                  
Gain (loss) on investments, after tax             45 $ 49 33
Investment, Type [Extensible Enumeration]               Nuclear Decommissioning Trust Fund [Member]  
Charge for amortization of a regulatory asset, 2021 Triennial Review                 244
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax                 182
Share of costs not expected to be recovered from customers on the CVOW commercial project             258 $ 103  
Share of costs not expected to be recovered from customers on the CVOW commercial project, after tax             192 77  
Easement charge related to CVOW Commercial Project                 65
Easement charge related to CVOW Commercial Project, after tax                 48
Loss associated with severe weather events             106    
Loss associated with severe weather events, after-tax             79    
Charges for Dismantling cost               40  
Charges for Dismantling cost, after tax               30  
Charge related to the abandonment of certain regulated solar generation facilities and other facilities                 25
Charge related to the abandonment of certain regulated solar generation facilities and other facilities, after tax                 19
Charge related to write-off of certain early stage development costs               30  
Charge related to write-off of certain early stage development costs after tax               22  
Charge associated with an accrual for remediation costs               25  
Charge associated with an accrual for remediation costs after tax               19  
Dominion Energy Virginia | Operating Segments | Deferred Rider Costs for Virginia Electric Utility                  
Segment Reporting Information [Line Items]                  
Charge for the write-off of certain previously deferred amounts                 36
Charge for the write-off of certain previously deferred amounts, after tax                 27
Contracted Energy | Operating Segments                  
Segment Reporting Information [Line Items]                  
Gain (loss) on investments, after tax             290 295 203
Net unrealized loss related to economic hedging activities             124 232  
Net unrealized loss related to economic hedging activities, after tax             $ 94 176  
Charges related to revision of AROs               122 83
Charges related to revision of AROs, after tax               89 60
Net unrealized gain related to economic hedging activities                 586
Net unrealized gain related to economic hedging activities, after tax                 447
Charge related to impairment of certain property, plant and equipment                 35
Charge related to impairment of certain property, plant and equipment, net of tax                 $ 26
Charge for impairment of nonregulated renewable natural gas facilities               60  
Charge for impairment of nonregulated renewable natural gas facilities after tax               46  
Charge in connection with settlement of an agreement               47  
Charge in connection with settlement of an agreement, after tax               $ 35  
v3.25.4
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]                      
Total Operating Revenue $ 4,093 $ 4,527 $ 3,810 $ 4,076 $ 3,400 $ 3,941 $ 3,486 $ 3,632 $ 16,506 $ 14,459 $ 14,393
Electric fuel and other energy-related purchases                 4,489 [1] 3,614 [2] 3,935 [3]
Purchased electric capacity                 82 [1] 74 [2] 55 [3]
Purchased gas                 297 [1] 260 [2] 285 [3]
Other operations and maintenance                 4,064 [1],[4] 4,188 [2],[5] 3,440 [3],[6]
Depreciation and amortization                 2,387 [1] 2,345 [2] 2,580 [3]
Other taxes                 773 [1] 731 [2] 684 [3]
Total operating expenses                 12,092 11,212 10,979
Interest and related charges                 2,022 [1] 1,893 [2] 1,679 [3]
Income tax expense (benefit)                 532 [1],[7] 411 [2] 644 [3]
Equity in earnings (losses) of equity method investees                 (6) [8] 3 [9] (26) [10]
Other income (expense)                 1,086 [8] 694 [9] 903 [10]
Interest income                 139 [8] 144 [9] 119 [10]
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests (14) 0 1 (1) (3) (15) 97 118 (14) [11] 197 [11] (125) [11]
Noncontrolling Interests (55) 22 54 46 (53) 0 0 0 67 [8] (53) [8] 0
Net Income 567 $ 1,006 $ 760 $ 665 134 $ 934 $ 563 $ 403 2,998 2,034 1,962
Investment in equity method investees 132 [12]       138 [13]       132 [12] 138 [13]  
Capital expenditures                 12,653 12,427 10,235
Total assets (billions) 115,857       102,415       115,857 102,415  
Operating Segments                      
Segment Reporting Information [Line Items]                      
Total revenue from external customers                 16,506 14,459 14,393
Adjustments & Eliminations                      
Segment Reporting Information [Line Items]                      
Total revenue from external customers                 (0) 0 0
Total Operating Revenue                 (1,263) (1,030) (959)
Adjustments & Eliminations                      
Segment Reporting Information [Line Items]                      
Electric fuel and other energy-related purchases                 (11) [1] (6) [2] (10) [3]
Purchased electric capacity                 (2) [1] (2) [2] (3) [3]
Purchased gas                 0 [1] 0 [2] 0 [3]
Other operations and maintenance                 (1,229) [1],[4] (1,014) [2],[5] (939) [3],[6]
Depreciation and amortization                 (14) [1] 0 [2] 0 [3]
Other taxes                 (11) [1] (8) [2] (7) [3]
Total operating expenses                 (1,267) (1,030) (959)
Interest and related charges                 (202) [1] (187) [2] (206) [3]
Income tax expense (benefit)                 0 [1] 0 [2] 0 [3]
Equity in earnings (losses) of equity method investees                 0 [8] 0 [9] 0 [10]
Other income (expense)                 (9) [8] 0 [9] 0 [10]
Interest income                 (197) [8] (187) [9] (206) [10]
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests                 0 0 0
Noncontrolling Interests [8]                 0 0  
Net Income                 0 0 0
Investment in equity method investees 0 [12]       0 [13]       0 [12] 0 [13]  
Capital expenditures                 (1) 0 0
Total assets (billions) (6,500)       (5,700)       (6,500) (5,700)  
Intersegment revenue                      
Segment Reporting Information [Line Items]                      
Total Operating Revenue                 0 0 0
Intersegment revenue                      
Segment Reporting Information [Line Items]                      
Total Operating Revenue                 (1,263) (1,030) (959)
Dominion Energy Virginia | Operating Segments                      
Segment Reporting Information [Line Items]                      
Total revenue from external customers                 11,843 10,226 9,575
Total Operating Revenue                 11,840 10,235 9,573
Electric fuel and other energy-related purchases                 3,591 [1] 2,743 [2] 2,918 [3]
Purchased electric capacity                 71 [1] 68 [2] 46 [3]
Purchased gas                 0 [1] 0 [2] 0 [3]
Other operations and maintenance                 2,264 [1],[4] 2,217 [2],[5] 1,842 [3],[6]
Depreciation and amortization                 1,623 [1] 1,635 [2] 1,622 [3]
Other taxes                 361 [1] 332 [2] 298 [3]
Total operating expenses                 7,910 6,995 6,726
Interest and related charges                 957 [1] 856 [2] 772 [3]
Income tax expense (benefit)                 514 [1] 446 [2] 473 [3]
Equity in earnings (losses) of equity method investees                 0 [8] 0 [9] 0 [10]
Other income (expense)                 167 [8] 100 [9] 65 [10]
Interest income                 23 [8] 23 [9] 17 [10]
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests                 0 0 0
Noncontrolling Interests [8]                 324 50  
Net Income                 2,325 2,011 1,684
Investment in equity method investees 0 [12]       0 [13]       0 [12] 0 [13]  
Capital expenditures                 10,548 9,968 7,196
Total assets (billions) 80,800       70,000       80,800 70,000  
Dominion Energy Virginia | Intersegment revenue                      
Segment Reporting Information [Line Items]                      
Total Operating Revenue                 (3) 9 (2)
Dominion Energy South Carolina | Operating Segments                      
Segment Reporting Information [Line Items]                      
Total revenue from external customers                 3,568 3,295 3,369
Total Operating Revenue                 3,578 3,304 3,375
Electric fuel and other energy-related purchases                 795 [1] 775 [2] 947 [3]
Purchased electric capacity                 13 [1] 8 [2] 12 [3]
Purchased gas                 291 [1] 260 [2] 285 [3]
Other operations and maintenance                 691 [1],[4] 671 [2],[5] 612 [3],[6]
Depreciation and amortization                 569 [1] 546 [2] 531 [3]
Other taxes                 303 [1] 292 [2] 285 [3]
Total operating expenses                 2,662 2,552 2,672
Interest and related charges                 273 [1] 276 [2] 249 [3]
Income tax expense (benefit)                 123 [1] 80 [2] 79 [3]
Equity in earnings (losses) of equity method investees                 0 [8] 0 [9] 0 [10]
Other income (expense)                 1 [8] (5) [9] (4) [10]
Interest income                 14 [8] 7 [9] 6 [10]
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests                 0 0 0
Noncontrolling Interests [8]                 0 0  
Net Income                 535 398 377
Investment in equity method investees 0 [12]       0 [13]       0 [12] 0 [13]  
Capital expenditures                 1,174 1,105 957
Total assets (billions) 19,300       18,400       19,300 18,400  
Dominion Energy South Carolina | Intersegment revenue                      
Segment Reporting Information [Line Items]                      
Total Operating Revenue                 10 9 6
Contracted Energy | Operating Segments                      
Segment Reporting Information [Line Items]                      
Total revenue from external customers                 1,140 1,099 835
Total Operating Revenue                 1,179 1,109 851
Electric fuel and other energy-related purchases                 114 [1] 102 [2] 80 [3]
Purchased electric capacity                 0 [1] 0 [2] 0 [3]
Purchased gas                 6 [1] 0 [2] 0 [3]
Other operations and maintenance                 532 [1],[4] 487 [2],[5] 544 [3],[6]
Depreciation and amortization                 118 [1] 76 [2] 105 [3]
Other taxes                 58 [1] 53 [2] 48 [3]
Total operating expenses                 828 718 777
Interest and related charges                 55 [1] 36 [2] 44 [3]
Income tax expense (benefit)                 (22) [1] 121 [2] 25 [3]
Equity in earnings (losses) of equity method investees                 1 [8] 9 [9] (34) [10]
Other income (expense)                 (6) [8] (15) [9] 22 [10]
Interest income                 125 [8] 131 [9] 106 [10]
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests                 0 0 0
Noncontrolling Interests [8]                 0 0  
Net Income                 438 359 99
Investment in equity method investees 92 [12]       91 [13]       92 [12] 91 [13]  
Capital expenditures                 831 772 740
Total assets (billions) 12,100       9,500       12,100 9,500  
Contracted Energy | Intersegment revenue                      
Segment Reporting Information [Line Items]                      
Total Operating Revenue                 39 10 16
Corporate and Other | Operating Segments                      
Segment Reporting Information [Line Items]                      
Total revenue from external customers                 (45) (161) 614
Total Operating Revenue                 1,172 841 1,553
Electric fuel and other energy-related purchases                 0 [1] 0 [2] 0 [3]
Purchased electric capacity                 0 [1] 0 [2] 0 [3]
Purchased gas                 0 [1] 0 [2] 0 [3]
Other operations and maintenance                 1,806 [1],[4] 1,827 [2],[5] 1,381 [3],[6]
Depreciation and amortization                 91 [1] 88 [2] 322 [3]
Other taxes                 62 [1] 62 [2] 60 [3]
Total operating expenses                 1,959 1,977 1,763
Interest and related charges                 939 [1] 912 [2] 820 [3]
Income tax expense (benefit)                 (83) [1] (236) [2] 67 [3]
Equity in earnings (losses) of equity method investees                 (7) [8] (6) [9] 8 [10]
Other income (expense)                 933 [8] 614 [9] 820 [10]
Interest income                 174 [8] 170 [9] 196 [10]
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests                 (14) 197 (125)
Noncontrolling Interests [8]                 (257) (103)  
Net Income                 (300) (734) (198)
Investment in equity method investees 40 [12]       47 [13]       40 [12] 47 [13]  
Capital expenditures                 101 582 1,342
Total assets (billions) $ 10,200       $ 10,200       10,200 10,200  
Corporate and Other | Intersegment revenue                      
Segment Reporting Information [Line Items]                      
Total Operating Revenue                 $ 1,217 $ 1,002 $ 939
[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 Dominion Energy’s CODM.
[3] 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.
[4] Includes impairment of assets and other charges.
[5] Includes impairment of assets and other charges.
[6] Includes impairment of assets and other charges.
[7] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[8] Items designated are other segment items for each reportable segment.
[9] Items designated are other segment items for each reportable segment.
[10] Items designated are other segment items for each reportable segment.
[11] Includes income tax expense of $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
[12] Excludes liability to Atlantic Coast Pipeline.
[13] Excludes liability to Atlantic Coast Pipeline.
v3.25.4
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]                  
Gain (loss) on investments             $ 546 $ 669 $ 474
Gain (loss) on investments, after tax $ 79 $ 168 $ 164 $ 76 $ 108 $ 164      
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]  
Charge for the write-off of certain previously deferred amounts             $ 517 $ 600 307
Virginia Electric and Power Company                  
Segment Reporting Information [Line Items]                  
Gain (loss) on investments             81 97 68
Charge for the write-off of certain previously deferred amounts             516 292 115
Virginia Electric and Power Company | Deferred Rider Costs for Virginia Electric Utility                  
Segment Reporting Information [Line Items]                  
Charge for the write-off of certain previously deferred amounts                 36
Charge for the write-off of certain previously deferred amounts, after tax                 27
Operating Segments                  
Segment Reporting Information [Line Items]                  
After- tax net income (expenses)             (28) (222) 336
Gain (loss) on investments             507 559 406
Gain (loss) on investments, after tax             $ 335 $ 344 $ 236
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member]           Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Operating Segments | Virginia Electric and Power Company                  
Segment Reporting Information [Line Items]                  
Easement charge related to CVOW Commercial Project                 $ 65
Easement charge related to CVOW Commercial Project, after tax                 48
Amortization of regulatory asset                 244
Amortization of regulatory asset after tax                 182
Gain (loss) on investments             $ 72 $ 82 58
Gain (loss) on investments, after tax             $ 45 $ 49 $ 33
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member]           Nuclear Decommissioning Trust Fund [Member] 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             $ 258 $ 103  
Share of costs not expected to be recovered from customers on the CVOW commercial project, after tax             192 77  
Charges for Dismantling cost               40  
Charges for Dismantling cost, after tax               30  
Charge related to the abandonment of certain regulated solar generation facilities and other facilities                 $ 25
Charge related to the abandonment of certain regulated solar generation facilities and other facilities, after tax                 19
Charge for write-off of certain early stage development costs               30  
Charge for write-off of certain early stage development costs after tax               22  
Charge associated with an accrual for remediation costs               25  
Loss associated with severe weather events             106    
Loss associated with severe weather events, after-tax             79    
Charge associated with an accrual for remediation costs after tax               19  
Operating Segments | Virginia Electric and Power Company | Deferred Rider Costs for Virginia Electric Utility                  
Segment Reporting Information [Line Items]                  
Charge for the write-off of certain previously deferred amounts                 36
Charge for the write-off of certain previously deferred amounts, after tax                 27
Operating Segments | Corporate and Other                  
Segment Reporting Information [Line Items]                  
After- tax net income (expenses)             (300) (734) (198)
After- tax net income (expenses) for specific items             32 (358) 247
Operating Segments | Corporate and Other | Virginia Electric and Power Company                  
Segment Reporting Information [Line Items]                  
After- tax net income (expenses)             (225) (114) (242)
After- tax net income (expenses) for specific items             $ (225) $ (115) $ (242)
v3.25.4
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]                      
Operating Revenue $ 4,093 $ 4,527 $ 3,810 $ 4,076 $ 3,400 $ 3,941 $ 3,486 $ 3,632 $ 16,506 $ 14,459 $ 14,393
Electric fuel and other energy-related purchases                 4,489 [1] 3,614 [2] 3,935 [3]
Purchased electric capacity                 82 [1] 74 [2] 55 [3]
Other operations and maintenance                 4,064 [1],[4] 4,188 [2],[5] 3,440 [3],[6]
Depreciation and amortization                 2,387 [1] 2,345 [2] 2,580 [3]
Other taxes                 773 [1] 731 [2] 684 [3]
Total operating expenses                 12,092 11,212 10,979
Interest and related charges (benefit)                 2,022 [1] 1,893 [2] 1,679 [3]
Income tax expense (benefit)                 532 [1],[7] 411 [2] 644 [3]
Other income (expense)                 1,086 [8] 694 [9] 903 [10]
Interest income                 139 [8] 144 [9] 119 [10]
Noncontrolling Interests (55) 22 54 46 (53) 0 0 0 67 [8] (53) [8] 0
Net Income (Loss) 567 1,006 760 665 134 934 563 403 2,998 2,034 1,962
Capital expenditures                 12,653 12,427 10,235
Total assets (billions) 115,857       102,415       115,857 102,415  
Virginia Electric and Power Company                      
Segment Reporting Information [Line Items]                      
Operating Revenue 3,024 3,311 2,712 2,765 2,447 2,762 2,537 2,489 11,812 [11] 10,235 [11] 9,573 [11]
Electric fuel and other energy-related purchases [11],[12]                 3,591 2,743 2,918
Purchased electric capacity [12]                 71 68 46
Other operations and maintenance [12],[13]                 2,846 2,529 1,966
Depreciation and amortization [12]                 1,630 1,644 1,871
Other taxes [12]                 362 333 298
Total operating expenses                 8,500 7,317 7,099
Interest and related charges (benefit) [11],[12]                 951 849 765
Income tax expense (benefit) [12]                 448 [7] 423 400
Other income (expense) [14]                 230 169 116
Interest income [14]                 25 29 17
Noncontrolling Interests (55) 22 54 46 (53) 0 0 0 67 [14] (53) [14]  
Net Income (Loss) 413 $ 668 $ 535 $ 485 309 $ 650 $ 477 $ 461 2,101 1,897 1,442
Capital expenditures                 10,544 9,968 7,196
Total assets (billions) 79,243       68,387       79,243 68,387  
Virginia Electric and Power Company | Dominion Energy Virginia                      
Segment Reporting Information [Line Items]                      
Operating Revenue                 11,841 10,235 9,573
Electric fuel and other energy-related purchases [12]                 3,591 2,743 2,918
Purchased electric capacity [12]                 71 68 46
Other operations and maintenance [12],[13]                 2,264 2,217 1,842
Depreciation and amortization [12]                 1,623 1,635 1,622
Other taxes [12]                 361 332 298
Total operating expenses                 7,910 6,995 6,726
Interest and related charges (benefit) [12]                 957 856 772
Income tax expense (benefit) [12]                 514 446 473
Other income (expense) [14]                 167 100 65
Interest income [14]                 23 23 17
Noncontrolling Interests [14]                 324 50  
Net Income (Loss)                 2,326 2,011 1,684
Capital expenditures                 10,544 9,968 7,196
Total assets (billions) 79,200       68,400       79,200 68,400  
Virginia Electric and Power Company | Corporate and Other                      
Segment Reporting Information [Line Items]                      
Operating Revenue                 (29) 0 0
Electric fuel and other energy-related purchases [12]                 0 0 0
Purchased electric capacity [12]                 0 0 0
Other operations and maintenance [12],[13]                 582 312 124
Depreciation and amortization [12]                 7 9 249
Other taxes [12]                 1 1 0
Total operating expenses                 590 322 373
Interest and related charges (benefit) [12]                 (6) (7) (7)
Income tax expense (benefit) [12]                 (66) (23) (73)
Other income (expense) [14]                 63 69 51
Interest income [14]                 2 6 0
Noncontrolling Interests [14]                 (257) (103)  
Net Income (Loss)                 (225) (114) (242)
Capital expenditures                 0 0 $ 0
Total assets (billions) $ 0       $ 0       $ 0 $ 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] 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.
[3] 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.
[4] Includes impairment of assets and other charges.
[5] Includes impairment of assets and other charges.
[6] Includes impairment of assets and other charges.
[7] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[8] Items designated are other segment items for each reportable segment.
[9] Items designated are other segment items for each reportable segment.
[10] Items designated are other segment items for each reportable segment.
[11] See Note 25 for amounts attributable to affiliates.
[12] 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.
[13] Includes impairment of assets and other charges.
[14] Items designated are other segment items for each reportable segment.
v3.25.4
Quarterly Financial Data (Unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Quarterly Financial Information Disclosure [Line Items]                      
Operating Revenue $ 4,093 $ 4,527 $ 3,810 $ 4,076 $ 3,400 $ 3,941 $ 3,486 $ 3,632 $ 16,506 $ 14,459 $ 14,393
Income from continuing operations 756 1,339 1,096 1,223 391 1,218 805 833 4,414 3,247 3,414
Net income (loss) from continuing operations including noncontrolling interests 526 1,028 813 712 84 949 466 285 3,079 1,784 2,087
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests (14) 0 1 (1) (3) (15) 97 118 (14) [1] 197 [1] (125) [1]
Net Income Including Noncontrolling Interests 512 1,028 814 711 81 934 563 403 3,065 1,981 1,962
Noncontrolling Interests (55) 22 54 46 (53) 0 0 0 67 [2] (53) [2] 0
Net Income $ 567 $ 1,006 $ 760 $ 665 $ 134 $ 934 $ 563 $ 403 $ 2,998 $ 2,034 $ 1,962
Net income from continuing operations $ 0.66 $ 1.17 $ 0.88 $ 0.77 $ 0.14 $ 1.11 $ 0.52 $ 0.32 $ 3.48 $ 2.09 $ 2.4
Net income (loss) from discontinued operations (0.01) 0 0 0 0 (0.02) 0.12 0.14 (0.02) 0.24 (0.15)
Net income attributable to Dominion Energy 0.65 1.17 0.88 0.77 0.14 1.09 0.64 0.46 3.46 2.33 2.25
Net income from continuing operations 0.66 1.16 0.88 0.77 0.14 1.11 0.52 0.32 3.47 2.09 2.4
Net income (loss) from discontinued operations (0.01) 0 0 0 0 (0.02) 0.12 0.14 (0.02) 0.24 (0.15)
Net income attributable to Dominion Energy 0.65 1.16 0.88 0.77 0.14 1.09 0.64 0.46 3.45 2.33 2.25
Dividends declared per common share 0.6675 0.6675 0.6675 0.6675 0.6675 0.6675 0.6675 0.6675 $ 2.67 $ 2.67 $ 2.67
Series B Preferred Stock                      
Quarterly Financial Information Disclosure [Line Items]                      
Dividends declared per preferred share [3]         9.688 11.625 9.922 11.625      
Series C Preferred Stock                      
Quarterly Financial Information Disclosure [Line Items]                      
Dividends declared per preferred share $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875      
Virginia Power                      
Quarterly Financial Information Disclosure [Line Items]                      
Operating Revenue $ 3,024 $ 3,311 $ 2,712 $ 2,765 $ 2,447 $ 2,762 $ 2,537 $ 2,489 $ 11,812 [4] $ 10,235 [4] $ 9,573 [4]
Income from continuing operations 608 991 875 838 460 976 762 720 3,312 2,918 2,474
Net Income Including Noncontrolling Interests 358 690 589 531 256 650 477 461 2,168 1,844 1,442
Noncontrolling Interests (55) 22 54 46 (53) 0 0 0 67 [5] (53) [5]  
Net Income $ 413 $ 668 $ 535 $ 485 $ 309 $ 650 $ 477 $ 461 $ 2,101 $ 1,897 $ 1,442
[1] Includes income tax expense of $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
[2] Items designated are other segment items for each reportable segment.
[3] See Note 19 for a discussion of repurchases and redemptions during the second and fourth quarters
[4] See Note 25 for amounts attributable to affiliates.
[5] Items designated are other segment items for each reportable segment.
v3.25.4
Quarterly Financial Data (Unaudited) (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Quarterly Financial Information Disclosure [Line Items]              
Gains from higher market returns on pension and other postretirement plan assets after tax $ 97            
Losses from lower market returns on pension and other postretirement plan assets after tax             $ 238
Gain (loss) on investments, after tax $ 79 $ 168 $ 164 $ 76   $ 108 $ 164
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Gain (loss) related to mark-to-market impact economic hedging activities after tax $ (81)       $ (93) $ 103  
Expected to be recovered from customers charge after tax 108       77    
Impairment charge associated with the East Ohio Transaction, after-tax             $ 108
Virginia Power              
Quarterly Financial Information Disclosure [Line Items]              
Expected to be recovered from customers charge after tax $ 108       $ 77