UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants’ telephone number	I.R.S. Employer Identification Number
001-08489	DOMINION ENERGY, INC.	54-1229715
000-55337	VIRGINIA ELECTRIC AND POWER COMPANY	54-0418825
	120 Tredegar Street Richmond, Virginia 23219 (804) 819-2284

State or other jurisdiction of incorporation or organization of the registrants: Virginia

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Trading Symbol	Title of Each Class	Name of Each Exchange on Which Registered
DOMINION ENERGY, INC.	D	Common Stock, no par value	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Dominion Energy, Inc. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Dominion Energy, Inc. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Dominion Energy, Inc.

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Virginia Electric and Power Company

Large accelerated filer	☐	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☒	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Dominion Energy, Inc. Yes ☐ No ☒ Virginia Electric and Power Company Yes ☐ No ☒

At July 26, 2024, the latest practicable date for determination, Dominion Energy, Inc. had 838,938,399 shares of common stock outstanding and Virginia Electric and Power Company had 324,245 shares of common stock outstanding. Dominion Energy, Inc. is the sole holder of Virginia Electric and Power Company’s common stock.

This combined Form 10-Q represents separate filings by Dominion Energy, Inc. and Virginia Electric and Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Virginia Electric and Power Company makes no representation as to the information relating to Dominion Energy, Inc.’s other operations.

VIRGINIA ELECTRIC AND POWER COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS FILING THIS FORM 10-Q UNDER THE REDUCED DISCLOSURE FORMAT.

1

COMBINED INDEX

		Page Number
	Glossary of Terms	3
	PART I. Financial Information
Item 1.	Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	64
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	81
Item 4.	Controls and Procedures	82
	PART II. Other Information
Item 1.	Legal Proceedings	83
Item 1A.	Risk Factors	83
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	83
Item 5.	Other Information	83
Item 6.	Exhibits	84

2

GLOSSARY OF TERMS

The following abbreviations or acronyms used in this Form 10-Q are defined below:

Abbreviation or Acronym	Definition
2017 Tax Reform Act	An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017
2021 Triennial Review	Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020
2023 Biennial Review	Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2021 and ending December 31, 2022 and prospective rate base setting for the succeeding annual periods beginning January 1, 2024 and ending December 31, 2025
2024 EJSNs	2024 Series A EJSNs and 2024 Series B EJSNs
2024 Series A EJSNs	Dominion Energy’s 2024 Series A Enhanced Junior Subordinated Notes due 2055
2024 Series B EJSNs	Dominion Energy’s 2024 Series B Enhanced Junior Subordinated Notes due 2054
2025 Biennial Review	Future Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2023 and ending December 31, 2024 and prospective rate base setting for the succeeding annual periods beginning January 1, 2026 and ending December 31, 2027
ACE Rule	Affordable Clean Energy Rule
AES	The legal entity The AES Corporation, one or more of its consolidated subsidiaries, or the entirety of The AES Corporation and its consolidated subsidiaries
AFUDC	Allowance for funds used during construction
AOCI	Accumulated other comprehensive income (loss)
ARO	Asset retirement obligation
Atlantic Coast Pipeline	Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy
Atlantic Coast Pipeline Project	A previously proposed approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which would have been owned by Dominion Energy and Duke Energy
bcf	Billion cubic feet
BHE	The legal entity, Berkshire Hathaway Energy Company, one or more of its consolidated subsidiaries (including Eastern Energy Gas Holdings, LLC, Northeast Midstream Partners, LP and Cove Point effective November 2020), or the entirety of Berkshire Hathaway Energy Company and its consolidated subsidiaries
Birdseye	Birdseye Renewable Energy, LLC
BOEM	Bureau of Ocean Energy Management
Brunswick County	A 1,376 MW combined-cycle, natural gas-fired power station in Brunswick County, Virginia
CAA	Clean Air Act
CCR	Coal combustion residual
CEO	Chief Executive Officer
CERCLA	Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund
CFIUS	The Committee on Foreign Investment in the U.S.
CFO	Chief Financial Officer

3

CO2	Carbon dioxide
Companies	Dominion Energy and Virginia Power, collectively
Contracted Energy	Contracted Energy operating segment
Cooling degree days	Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day
Cove Point	Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP)
CPCN	Certificate of Public Convenience and Necessity
CVOW Commercial Project	A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia
CVOW Pilot Project	A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters
CWA	Clean Water Act
DES	Dominion Energy Services, Inc.
DESC	The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities
DGI	Dominion Generation, Inc.
DOE	U.S. Department of Energy
Dominion Energy	The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries
Dominion Energy Direct®	A dividend reinvestment and open enrollment direct stock purchase plan
Dominion Energy South Carolina	Dominion Energy South Carolina operating segment
Dominion Energy Virginia	Dominion Energy Virginia operating segment
Dominion Privatization	Dominion Utility Privatization, LLC, a joint venture between Dominion Energy and Patriot
DSM	Demand-side management
DSM Riders	Rate adjustment clauses, designated Riders C1A, C2A, C3A and C4A, associated with the recovery of costs related to certain Virginia DSM programs in approved DSM cases
Dth	Dekatherm
Duke Energy	The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries
Eagle Solar	Eagle Solar, LLC, a wholly-owned subsidiary of DGI
East Ohio	The East Ohio Gas Company (a subsidiary of Enbridge effective March 2024)
East Ohio Transaction	The sale by Dominion Energy to Enbridge of all issued and outstanding capital stock in Dominion Energy Questar Corporation and its consolidated subsidiaries, which following a reorganization included East Ohio and Dominion Energy Gas Distribution, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on March 6, 2024
Enbridge	The legal entity, Enbridge Inc., one or more of its consolidated subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC and Enbridge Quail Holdings, LLC), or the entirety of Enbridge Inc. and its consolidated subsidiaries
EPA	U.S. Environmental Protection Agency
EPS	Earnings per common share

4

FCC	Federal Communications Commission
FERC	Federal Energy Regulatory Commission
FTRs	Financial transmission rights
GAAP	U.S. generally accepted accounting principles
GHG	Greenhouse gas
Greensville County	A 1,605 MW combined-cycle, natural gas-fired power station in Greensville County, Virginia
GTSA	Virginia Grid Transformation and Security Act of 2018
GW	Gigawatt
Heating degree days	Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day
IRA	An Act to Provide for Reconciliation Pursuant to Title II of Senate Concurrent Resolution 14 of the 117th Congress (also known as the Inflation Reduction Act of 2022) enacted on August 16, 2022
ISO	Independent system operator
Jones Act	The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce
kV	Kilovolt
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
MGD	Million gallons per day
Millstone	Millstone nuclear power station
Moody’s	Moody’s Investors Service
MW	Megawatt
MWh	Megawatt hour
Natural Gas Rate Stabilization Act	Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina
NAV	Net asset value
NND Project	V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina
North Anna	North Anna nuclear power station
North Carolina Commission	North Carolina Utilities Commission
NOX	Nitrogen oxide
NRC	U.S. Nuclear Regulatory Commission
Ohio Commission	Public Utilities Commission of Ohio
Order 1000	Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development
ozone season	The period May 1st through September 30th, as determined on a federal level
Patriot	Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates
PFAS	Per- and polyfluorinated substances, a group of widely used chemicals that break down very slowly over time in the environment
PJM	PJM Interconnection, LLC

5

PSD	Prevention of significant deterioration
PSNC	Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina
PSNC Transaction	The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall North Carolina Holdco LLC and its consolidated subsidiaries, which following a reorganization includes PSNC, pursuant to a purchase and sale agreement entered into on September 5, 2023
Questar Gas	Questar Gas Company (a subsidiary of Enbridge effective May 2024)
Questar Gas Transaction	The sale by Dominion Energy to Enbridge of all of its membership interests in Fall West Holdco LLC and its consolidated subsidiaries, which following a reorganization included Questar Gas, Wexpro, Wexpro II Company, Wexpro Development Company, Dominion Energy Wexpro Services Company, Questar InfoComm Inc. and Dominion Gas Projects Company, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on May 31, 2024
RGGI	Regional Greenhouse Gas Initiative
Rider BW	A rate adjustment clause associated with the recovery of costs related to Brunswick County
Rider CCR	A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations
Rider CE	A rate adjustment clause associated with the recovery of costs related to certain renewable generation, energy storage and related transmission facilities in Virginia, certain small-scale distributed generation projects and related transmission facilities and, beginning May 2024, power purchase agreements for the energy, capacity, ancillary services and renewable energy credits owned by third parties
Rider GEN	A rate adjustment clause associated with recovery of costs being recovered under Riders BW, GV, four other riders associated with generation facilities and the Virginia LNG Storage Facility
Rider GT	A rate adjustment clause associated with the recovery of costs associated with electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA
Rider GV	A rate adjustment clause associated with the recovery of costs related to Greensville County
Rider OSW	A rate adjustment clause associated with costs incurred to construct, own and operate the CVOW Commercial Project
Rider RGGI	A rate adjustment clause associated with the recovery of costs related to the purchase of allowances through the RGGI market-based trading program for CO2
Rider RPS	A rate adjustment clause associated with the recovery of costs related to the mandatory renewable portfolio standard program established by the VCEA
Rider SNA	A rate adjustment clause associated with costs relating to the preparation of the applications for subsequent license renewal to the NRC to extend the operating licenses of Surry and North Anna and related projects
Rider T1	A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1
Rider U	A rate adjustment clause associated with the recovery of costs of new underground distribution facilities
ROE	Return on equity
RTO	Regional transmission organization
Santee Cooper	South Carolina Public Service Authority
SCANA	The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries
SCANA Combination	Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA
SCANA Merger Approval Order	Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination

6

SCDOR	South Carolina Department of Revenue
SEC	U.S. Securities and Exchange Commission
Series B Preferred Stock	Dominion Energy’s 4.65% Series B Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
Series C Preferred Stock	Dominion Energy’s 4.35% Series C Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
South Carolina Commission	Public Service Commission of South Carolina
Standard & Poor’s	Standard & Poor’s Ratings Services, a division of S&P Global Inc.
Stonepeak	The legal entity Stonepeak Partners, LLC, one or more of its affiliated investment vehicles (including Dunedin Members, LLC) or the entirety of Stonepeak Partners, LLC and its affiliated investment vehicles
Summer	V.C. Summer nuclear power station
Surry	Surry nuclear power station
Utah Commission	Utah Public Service Commission
VCEA	Virginia Clean Economy Act of March 2020
VEBA	Voluntary Employees’ Beneficiary Association
VIE	Variable interest entity
Virginia Commission	Virginia State Corporation Commission
Virginia LNG Storage Facility	A proposed LNG storage facility in Brunswick and Greensville Counties, Virginia
Virginia Power	The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries
VPFS	Virginia Power Fuel Securitization, LLC
Wexpro	The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries (a subsidiary of Enbridge effective May 2024)
Wyoming Commission	Wyoming Public Service Commission

7

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
(millions, except per share amounts)
Operating Revenue	$	3,486		$	3,166		$	7,118		$	7,049
Operating Expenses
Electric fuel and other energy-related purchases		918			939			1,877			1,961
Purchased electric capacity		21			15			33			23
Purchased gas		44			49			164			172
Other operations and maintenance		841			782			1,697			1,524
Depreciation and amortization		621			607			1,242			1,229
Other taxes		170			164			372			355
Impairment of assets and other charges		67			37			97			135
Losses (gains) on sales of assets		(1	)		(21	)		(2	)		(23	)
Total operating expenses		2,681			2,572			5,480			5,376
Income from operations		805			594			1,638			1,673
Other income (expense)		250			314			685			590
Interest and related charges		469			395			1,043			874
Income from continuing operations including noncontrolling      interests before income tax expense		586			513			1,280			1,389
Income tax expense		95			98			229			274
Net Income From Continuing Operations		491			415			1,051			1,115
Net Income From Discontinued Operations(1)		81			168			195			449
Net Income Including Noncontrolling Interests		572			583			1,246			1,564
Noncontrolling Interests		—			—			—			—
Net Income Attributable to Dominion Energy	$	572		$	583		$	1,246		$	1,564
Amounts attributable to Dominion Energy
Net income from continuing operations	$	491		$	415		$	1,051		$	1,115
Net income from discontinued operations		81			168			195			449
Net income attributable to Dominion Energy	$	572		$	583		$	1,246		$	1,564
EPS - Basic
Net income from continuing operations	$	0.55		$	0.47		$	1.20		$	1.28
Net income from discontinued operations		0.10			0.20			0.23			0.54
Net income attributable to Dominion Energy	$	0.65		$	0.67		$	1.43		$	1.82
EPS - Diluted
Net income from continuing operations	$	0.55		$	0.47		$	1.20		$	1.28
Net income from discontinued operations		0.10			0.20			0.23			0.54
Net income attributable to Dominion Energy	$	0.65		$	0.67		$	1.43		$	1.82

(1)Includes income tax expense (benefit) of $(19) million and $38 million for the three months ended June 30, 2024 and 2023, respectively, and $32 million and $94 million for the six months ended June 30, 2024 and 2023, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

8

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
(millions)
Net income including noncontrolling interests	$	572		$	583		$	1,246		$	1,564
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging     activities(1)		2			6			9			(3	)
Changes in unrealized net gains (losses) on investment     securities(2)		7			(1	)		(19	)		16
Changes in net unrecognized pension and other     postretirement benefit costs(3)		(16	)		—			(253	)		—
Amounts reclassified to net income (loss):
Net derivative (gains) losses-hedging activities(4)		9			8			16			16
Net realized (gains) losses on investment securities(5)		—			(2	)		6			(1	)
Net pension and other postretirement benefit costs     (credits)(6)		55			(12	)		60			(23	)
Changes in other comprehensive income from equity     method investees(7)		—			—			—			1
Total other comprehensive income (loss)		57			(1	)		(181	)		6
Comprehensive income including noncontrolling interests		629			582			1,065			1,570
Comprehensive income attributable to noncontrolling     interests		—			—			—			—
Comprehensive income attributable to Dominion Energy	$	629		$	582		$	1,065		$	1,570

(1) Net of $(2) million and $(2) million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $(3) million and $1 million tax for the six months ended June 30, 2024 and 2023, respectively.

(2) Net of $(2) million and $3 million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $8 million and $(4) million tax for the six months ended June 30, 2024 and 2023, respectively.

(3) Net of $4 million and $— million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $88 million and $— million tax for the six months ended June 30, 2024 and 2023, respectively.

(4) Net of $(2) million and $(2) million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $(6) million and $(5) million tax for the six months ended June 30, 2024 and 2023, respectively.

(5) Net of $— million and $1 million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $(2) million and $— million tax for the six months ended June 30, 2024 and 2023, respectively.

(6) Net of $(20) million and $4 million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $(21) million and $8 million tax for the six months ended June 30, 2024 and 2023, respectively.

(7) Net of $— million and $— million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $— million and $— million tax for the six months ended June 30, 2024 and 2023, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

9

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30, 2024			December 31, 2023(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	139		$	184
Customer receivables (less allowance for doubtful accounts of $29 and $38)		2,256			2,251
Other receivables (less allowance for doubtful accounts of $2 and $1)		238			258
Inventories		1,758			1,698
Regulatory assets(2)		969			1,309
Other(2)		1,284			1,158
Current assets held for sale		4,108			18,529
Total current assets		10,752			25,387
Investments
Nuclear decommissioning trust funds		7,608			6,946
Investment in equity method affiliates		135			268
Other		341			324
Total investments		8,084			7,538
Property, Plant and Equipment
Property, plant and equipment		88,705			83,417
Accumulated depreciation and amortization		(25,342	)		(24,637	)
Total property, plant and equipment, net		63,363			58,780
Deferred Charges and Other Assets
Goodwill		4,143			4,143
Regulatory assets(2)		8,349			8,356
Other		5,726			4,828
Total deferred charges and other assets		18,218			17,327
Total assets	$	100,417		$	109,032

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 15 for amounts attributable to VIEs.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

10

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

	June 30, 2024			December 31, 2023(1)
(millions)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Securities due within one year(2)	$	1,800		$	6,589
Supplemental credit facility borrowings		—			450
Short-term debt		3,162			3,956
Accounts payable		917			921
Accrued interest, payroll and taxes(2)		861			1,075
Regulatory liabilities		835			522
Other(3)		2,101			2,078
Current liabilities held for sale		1,830			8,885
Total current liabilities		11,506			24,476
Long-Term Debt
Long-term debt		32,615			32,368
Securitization bonds(2)		1,136			—
Junior subordinated notes		2,666			688
Other		200			192
Total long-term debt		36,617			33,248
Deferred Credits and Other Liabilities
Deferred income taxes		6,592			6,611
Deferred investment tax credits		1,084			1,098
Regulatory liabilities		8,996			8,674
Asset retirement obligations		6,775			5,641
Other		1,774			1,755
Total deferred credits and other liabilities		25,221			23,779
Total liabilities		73,344			81,503
Commitments and Contingencies (see Note 17)
Shareholders’ Equity
Preferred stock (see Note 16)		1,348			1,783
Common stock – no par(4)		23,809			23,728
Retained earnings		3,603			3,524
Accumulated other comprehensive loss		(1,687	)		(1,506	)
Shareholders’ equity		27,073			27,529
Noncontrolling interests		—			—
Total shareholders’ equity		27,073			27,529
Total liabilities and shareholders’ equity	$	100,417		$	109,032

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 15 for amounts attributable to VIEs.

(3) See Note 10 for amounts attributable to related parties.

(4) 1.8 billion shares authorized; 839 million shares outstanding at June 30, 2024 and 838 million shares outstanding at December 31, 2023.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

11

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

QUARTER-TO-DATE

	Preferred Stock						Common Stock					Dominion Energy Shareholders
	Shares			Amount			Shares		Amount			Retained Earnings			AOCI			Total Shareholders’ Equity			Noncontrolling Interests		Total Equity
(millions, except per share amounts)
March 31, 2023		2		$	1,783			836	$	23,652		$	4,248		$	(1,565	)	$	28,118		$	—	$	28,118
Net income including    noncontrolling interests													583						583			—		583
Issuance of stock								1		42									42					42
Stock awards (net of change in    unearned compensation)										10									10					10
Preferred stock dividends (see    Note 16)													(20	)					(20	)				(20	)
Common stock dividends ($0.6675     per share) and distributions													(558	)					(558	)		—		(558	)
Other comprehensive loss, net of    tax																(1	)		(1	)				(1	)
June 30, 2023		2		$	1,783			837	$	23,704		$	4,253		$	(1,566	)	$	28,174		$	—	$	28,174
March 31, 2024		2		$	1,783			838	$	23,763		$	3,619		$	(1,744	)	$	27,421		$	—	$	27,421
Net income including    noncontrolling interests													572						572			—		572
Issuance of stock								1		36									36					36
Stock awards (net of change in    unearned compensation)								—		11									11					11
Repurchase of preferred stock		(1	)	$	(435	)													(435	)				(435	)
Preferred stock dividends (see    Note 16)													(28	)					(28	)				(28	)
Common stock dividends ($0.6675     per share) and distributions													(560	)					(560	)		—		(560	)
Other comprehensive income, net of    tax																57			57					57
Other										(1	)								(1	)				(1	)
June 30, 2024		1		$	1,348			839	$	23,809		$	3,603		$	(1,687	)	$	27,073		$	—	$	27,073

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

12

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

YEAR-TO-DATE

	Preferred Stock						Common Stock					Dominion Energy Shareholders
	Shares			Amount			Shares		Amount			Retained Earnings			AOCI			Total Shareholders’ Equity			Noncontrolling Interests		Total Equity
(millions, except per share amounts)
December 31, 2022		2		$	1,783			835	$	23,605		$	3,843		$	(1,572	)	$	27,659		$	—	$	27,659
Net income including noncontrolling    interests													1,564						1,564			—		1,564
Issuance of stock								2		85									85					85
Stock awards (net of change in    unearned compensation)										14									14					14
Preferred stock dividends (see    Note 16)													(40	)					(40	)				(40	)
Common stock dividends ($1.335    per common share) and    distributions													(1,115	)					(1,115	)		—		(1,115	)
Other comprehensive income, net of    tax																6			6					6
Other													1						1					1
June 30, 2023		2		$	1,783			837	$	23,704		$	4,253		$	(1,566	)	$	28,174		$	—	$	28,174
December 31, 2023		2		$	1,783			838	$	23,728		$	3,524		$	(1,506	)	$	27,529		$	—	$	27,529
Net income including noncontrolling    interests													1,246						1,246			—		1,246
Issuance of stock								1		67									67					67
Stock awards (net of change in    unearned compensation)								—		15									15					15
Repurchase of preferred stock		(1	)	$	(435	)													(435	)				(435	)
Preferred stock dividends (see    Note 16)													(48	)					(48	)				(48	)
Common stock dividends ($1.335    per common share) and    distributions													(1,119	)					(1,119	)		—		(1,119	)
Other comprehensive loss, net of    tax																(181	)		(181	)				(181	)
Other										(1	)								(1	)				(1	)
June 30, 2024		1		$	1,348			839	$	23,809		$	3,603		$	(1,687	)	$	27,073		$	—	$	27,073

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

13

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30,	2024			2023
(millions)
Operating Activities
Net income including noncontrolling interests	$	1,246		$	1,564
Adjustments to reconcile net income including noncontrolling interests to net cash provided by      operating activities:
Depreciation, depletion and amortization (including nuclear fuel)		1,389			1,563
Deferred income taxes		(54	)		340
Deferred investment tax credits		(15	)		(12	)
Impairment of assets and other charges		128			150
Losses from East Ohio and Questar Gas Transactions		133			—
Gains on sales of assets		—			(31	)
Net gains on nuclear decommissioning trust funds and other investments		(395	)		(308	)
Other adjustments		52			62
Changes in:
Accounts receivable		227			590
Inventories		(24	)		(101	)
Deferred fuel and purchased gas costs, net		699			416
Prepayments and deposits, net		(110	)		285
Accounts payable		—			(694	)
Accrued interest, payroll and taxes		(276	)		(200	)
Net realized and unrealized changes related to derivative activities		355			176
Pension and other postretirement benefits		(224	)		(239	)
Other operating assets and liabilities		(293	)		(367	)
Net cash provided by operating activities		2,838			3,194
Investing Activities
Plant construction and other property additions (including nuclear fuel)		(5,734	)		(4,850	)
Acquisition of solar development projects		(187	)		(12	)
Proceeds from East Ohio and Questar Gas Transactions		7,247			—
Proceeds from sales of securities		1,579			1,138
Purchases of securities		(1,671	)		(1,301	)
Contributions to equity method affiliates		(8	)		(48	)
Distributions from equity method affiliates		126			1
Other		(24	)		58
Net cash provided by (used in) investing activities		1,328			(5,014	)
Financing Activities
Issuance (repayment) of short-term debt, net		(794	)		1,152
364-day term loan facility borrowings		3,000			2,500
Repayment of 364-day term loan facility borrowings		(7,750	)		—
Issuance and remarketing of long-term debt		3,243			1,660
Repayment and repurchase of long-term debt		(1,184	)		(2,394	)
Issuance of securitization bonds		1,282			—
Supplemental credit facility borrowings		—			450
Supplemental credit facility repayments		(450	)		(450	)
Repurchase of preferred stock		(440	)		—
Issuance of common stock		66			85
Common dividend payments		(1,119	)		(1,115	)
Other		(114	)		(94	)
Net cash provided by (used in) financing activities		(4,260	)		1,794
Decrease in cash, restricted cash and equivalents		(94	)		(26	)
Cash, restricted cash and equivalents at beginning of period		301			341
Cash, restricted cash and equivalents at end of period	$	207		$	315

See Note 2 for disclosure of supplemental cash flow information.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

14

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024			2023
(millions)
Operating Revenue(1)	$	2,537	$	2,252	$	5,026		$	4,636
Operating Expenses
Electric fuel and other energy-related purchases(1)		707		707		1,408			1,506
Purchased electric capacity		16		10		29			18
Other operations and maintenance:
Affiliated suppliers		113		99		215			192
Other		407		345		836			693
Depreciation and amortization		445		432		893			879
Other taxes		72		67		165			152
Impairment of assets and other charges (benefits)		15		38		(2	)		45
Total operating expenses		1,775		1,698		3,544			3,485
Income from operations		762		554		1,482			1,151
Other income (expense)		38		48		101			84
Interest and related charges(1)		204		182		394			363
Income before income tax expense		596		420		1,189			872
Income tax expense		117		86		245			183
Net Income	$	479	$	334	$	944		$	689

(1)See Note 19 for amounts attributable to affiliates.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

15

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2024		2023			2024			2023
(millions)
Net income	$	479	$	334		$	944		$	689
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging     activities(1)		2		6			9			(3	)
Changes in unrealized net gains (losses) on investment     securities(2)		1		(1	)		(4	)		3
Amounts reclassified to net income:
Net realized (gains) losses on investment securities(3)		1		—			2			—
Total other comprehensive income (loss)		4		5			7			—
Comprehensive income	$	483	$	339		$	951		$	689

(1)Net of $(2) million and $(2) million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $(3) million and $1 million tax for the six months ended June 30, 2024 and 2023, respectively.

(2)Net of $— million and $1 million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $1 million and $— million tax for the six months ended June 30, 2024 and 2023, respectively.

(3)Net of $1 million and $— million tax for the three months ended June 30, 2024 and 2023, respectively, and net of $— million and $— million tax for the six months ended June 30, 2024 and 2023, respectively.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

16

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30, 2024			December 31, 2023(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	41		$	90
Customer receivables (less allowance for doubtful accounts of $22 and $30)		1,737			1,728
Other receivables (less allowance for doubtful accounts of $2 and $1)		108			121
Affiliated receivables		47			50
Inventories (average cost method)		1,107			1,085
Regulatory assets(2)		662			868
Other(2)(3)		444			375
Total current assets		4,146			4,317
Investments
Nuclear decommissioning trust funds		4,059			3,716
Other		4			4
Total investments		4,063			3,720
Property, Plant and Equipment
Property, plant and equipment		65,250			60,963
Accumulated depreciation and amortization		(17,663	)		(17,096	)
Total property, plant and equipment, net		47,587			43,867
Deferred Charges and Other Assets
Regulatory assets(2)		4,593			4,317
Other(3)		2,810			2,397
Total deferred charges and other assets		7,403			6,714
Total assets	$	63,199		$	58,618

(1)Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.

(2)See Note 15 for amounts attributable to VIEs.

(3)See Note 19 for amounts attributable to affiliates.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

17

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

	June 30, 2024		December 31, 2023(1)
(millions)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Securities due within one year(2)	$	531	$	381
Short-term debt		—		455
Accounts payable		601		597
Payables to affiliates		112		111
Affiliated current borrowings		1,505		500
Accrued interest, payroll and taxes(2)		356		293
Regulatory liabilities		612		321
Derivative liabilities(3)		124		244
Other		1,369		1,285
Total current liabilities		5,210		4,187
Long-Term Debt
Long-term debt		17,684		17,043
Securitization bonds(2)		1,136		—
Other		88		72
Total long-term debt		18,908		17,115
Deferred Credits and Other Liabilities
Deferred income taxes		3,964		3,624
Deferred investment tax credits		649		656
Regulatory liabilities		6,298		5,978
Asset retirement obligations		4,726		4,276
Other(3)		1,085		1,125
Total deferred credits and other liabilities		16,722		15,659
Total liabilities		40,840		36,961
Commitments and Contingencies (see Note 17)
Common Shareholder’s Equity
Common stock – no par(4)		8,987		8,987
Other paid-in capital		1,113		1,113
Retained earnings		12,236		11,541
Accumulated other comprehensive income		23		16
Total common shareholder’s equity		22,359		21,657
Total liabilities and shareholder’s equity	$	63,199	$	58,618

(1)Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.

(2)See Note 15 for amounts attributable to VIEs.

(3)See Note 19 for amounts attributable to affiliates.

(4)500,000 shares authorized; 324,245 shares outstanding at both June 30, 2024 and December 31, 2023.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

18

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY

(Unaudited)

QUARTER-TO-DATE

	Common Stock
	Shares		Amount		Other Paid-In Capital		Retained Earnings		AOCI		Total
(millions, except for shares)	(thousands)
March 31, 2023		275	$	5,738	$	1,113	$	10,444	$	4	$	17,299
Net income								334				334
Other comprehensive income, net of tax										5		5
June 30, 2023		275	$	5,738	$	1,113	$	10,778	$	9	$	17,638
March 31, 2024		324	$	8,987	$	1,113	$	11,757	$	19	$	21,876
Net income								479				479
Other comprehensive income, net of tax										4		4
June 30, 2024		324	$	8,987	$	1,113	$	12,236	$	23	$	22,359

YEAR-TO-DATE

	Common Stock
	Shares		Amount		Other Paid-In Capital		Retained Earnings			AOCI		Total
(millions, except for shares)	(thousands)
December 31, 2022		275	$	5,738	$	1,113	$	10,089		$	9	$	16,949
Net income								689					689
Other comprehensive loss, net of tax											—		—
June 30, 2023		275	$	5,738	$	1,113	$	10,778		$	9	$	17,638
December 31, 2023		324	$	8,987	$	1,113	$	11,541		$	16	$	21,657
Net income								944					944
Dividends								(250	)				(250	)
Other comprehensive income, net of tax											7		7
Other								1					1
June 30, 2024		324	$	8,987	$	1,113	$	12,236		$	23	$	22,359

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

19

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30,	2024			2023
(millions)
Operating Activities
Net income	$	944		$	689
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)		968			961
Deferred income taxes		296			111
Deferred investment tax benefits		(8	)		(8	)
Impairment of assets and other charges (benefits)		(2	)		44
Net (gains) on nuclear decommissioning trust funds and other investments		(52	)		(45	)
Other adjustments		(12	)		(5	)
Changes in:
Accounts receivable		(17	)		4
Affiliated receivables and payables		5			(224	)
Inventories		(22	)		(88	)
Prepayments and deposits, net		23			286
Deferred fuel expenses, net		254			386
Accounts payable		39			(27	)
Accrued interest, payroll and taxes		62			27
Net realized and unrealized changes related to derivative activities		89			472
Other operating assets and liabilities		(133	)		(130	)
Net cash provided by operating activities		2,434			2,453
Investing Activities
Plant construction and other property additions		(4,489	)		(3,236	)
Purchases of nuclear fuel		(71	)		(100	)
Acquisition of solar development projects		(12	)		(12	)
Proceeds from sales of securities		1,073			719
Purchases of securities		(1,133	)		(824	)
Other		(3	)		55
Net cash used in investing activities		(4,635	)		(3,398	)
Financing Activities
Issuance (repayment) of short-term debt, net		(455	)		324
Issuance of affiliated current borrowings, net		1,005			306
Issuance and remarketing of long-term debt		1,243			1,660
Repayment and repurchase of long-term debt		(593	)		(1,308	)
Issuance of securitization bonds		1,282			—
Common dividend payments to parent		(250	)		—
Other		(35	)		(42	)
Net cash provided by financing activities		2,197			940
Decrease in cash, restricted cash and equivalents		(4	)		(5	)
Cash, restricted cash and equivalents at beginning of period		90			24
Cash, restricted cash and equivalents at end of period	$	86		$	19

See Note 2 for disclosure of supplemental cash flow information.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

20

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations in the southeastern region of the U.S. and nonregulated electric generation. See Note 3 for a description of the sale of regulated gas distribution operations to Enbridge including the East Ohio Transaction, which was completed in March 2024, the Questar Gas Transaction, which was completed in May 2024, and the planned PSNC Transaction.

Note 2. Significant Accounting Policies

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at June 30, 2024, their results of operations and changes in equity for the three and six months ended June 30, 2024 and 2023 and their cash flows for the six months ended June 30, 2024 and 2023. Such adjustments are normal and recurring in nature unless otherwise noted.

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

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

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

Certain amounts in the Companies’ 2023 Consolidated Financial Statements and Notes have been reclassified to conform to the 2024 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, with the exception of the items described below.

21

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023:

	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	June 30, 2024		June 30, 2023		December 31, 2023		December 31, 2022
(millions)
Dominion Energy
Cash and cash equivalents(1)	$	140	$	137	$	217	$	153
Restricted cash and equivalents(2)(4)		67		178		84		188
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	207	$	315	$	301	$	341
Virginia Power
Cash and cash equivalents	$	41	$	19	$	90	$	22
Restricted cash and equivalents(3)(4)		45		—		—		2
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	86	$	19	$	90	$	24

(1)At June 30, 2024, June 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $1 million, $29 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.

(2)At June 30, 2024, June 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had less than $1 million, $3 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.

(3)Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.

(4)Includes $40 million attributable to VIEs at June 30, 2024.

Supplemental Cash Flow Information

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

Six Months Ended June 30,	2024		2023
(millions)
Significant noncash investing and financing activities:(1)
Accrued capital expenditures	$	929	$	713
Leases(2)		196		279

(1)See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the Questar Gas Transaction and the transfer of property associated with the settlement of litigation.

(2)Includes $51 million and $40 million of financing leases at June 30, 2024 and 2023, respectively, and $145 million and $239 million of operating leases at June 30, 2024 and 2023, respectively.

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

Six Months Ended June 30,	2024		2023
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	749	$	550
Leases(1)		171		242

(1)Includes $42 million and $36 million of financing leases at June 30, 2024 and 2023, respectively, and $129 million and $206 million of operating leases at June 30, 2024 and 2023, respectively.

Asset Retirement Obligations

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 connection with this rule, in the second

22

quarter of 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 non-jurisdictional customers at Virginia Power. The actual AROs related to CCRs may vary substantially from the estimates used to record the obligation.

New Accounting Standards

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, which is currently subject to a stay issued by the SEC, would be effective for the fiscal year beginning January 1, 2025. The Companies expect this guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.

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 16 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 $102 million ($113 million after-tax) upon the closing of the transaction, including the write-off of $1.5 billion of goodwill which was not deductible for tax purposes and including the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $29 million to reflect the recognition of deferred taxes on the outside basis of East Ohio’s stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 upon closing of the sale and became a component of current income tax expense on the loss on sale disclosed above. See Note 5 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 includes the sale of PSNC and is valued at approximately $3.1 billion, consisting of a purchase price of approximately $2.2 billion in cash and approximately $1.0 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. The sale will be treated as a stock sale for tax purposes and is expected to close in the third quarter of 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and North Carolina Commission as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS, which was received in January 2024. In January 2024, Dominion Energy filed for approval with the FCC which was also received in January 2024. In October 2023, Dominion Energy filed for approval from the North Carolina Commission. In May 2024, a settlement stipulation supporting approval of the PSNC Transaction was filed with the North Carolina Commission. The internal reorganization in connection with the PSNC Transaction was

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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.

Upon closing, Dominion Energy will retain 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. The PSNC Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $78 million due to Dominion Energy under certain conditions. Based on the recorded balances at June 30, 2024, Dominion Energy expects to recognize a pre-tax gain of approximately $70 million ($50 million after-tax) upon closing, including the write-off of $0.7 billion of goodwill which is not deductible for tax purposes but excluding 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 will reverse upon closing of the sale and become a component of current income tax expense on the gain on sale.

At the closing of the PSNC Transaction, Dominion Energy and Enbridge will enter 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 16 for additional information. The purchase price is 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 loss of $31 million ($17 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 but excluding the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $284 million ($279 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 $462 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 $22 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 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.

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Financial Statement Information for Business Review Dispositions

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

	Three Months Ended June 30, 2024									Six Months Ended June 30, 2024
		PSNC Transaction		Questar Gas Transaction(1)			Other			East Ohio Transaction(1)			PSNC Transaction		Questar Gas Transaction(1)		Other
(millions)
Operating revenue		$	109	$	199		$	—		$	229		$	407	$	894	$	—
Operating expense(2)			63		171			(9	)		254			221		746		(8	)
Other income (expense)			3		1			—			(17	)		6		2		—
Interest and related charges			14		9			—			15			28		25		—
Income (loss) before income taxes			35		20			9			(57	)		164		125		8
Income tax expense (benefit)			22		(36	)		—			9			53		46		—
Net income (loss) attributable to Dominion Energy(3)		$	13	$	56		$	9		$	(66	)	$	111	$	79	$	8

(1)Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 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 20 for further information on these transactions.

(3)Excludes $(4) million and $(73) million of income tax expense (benefit) attributable to consolidated state adjustments for the three and six months ended June 30, 2024, respectively.

	Three Months Ended June 30, 2023									Six Months Ended June 30, 2023
	East Ohio Transaction		PSNC Transaction		Questar Gas Transaction		Other			East Ohio Transaction		PSNC Transaction		Questar Gas Transaction		Other
(millions)
Operating revenue	$	235	$	120	$	271	$	2		$	547	$	446	$	1,001	$	3
Operating expense		153		98		233		19			369		306		812		22
Other income (expense)		7		3		2		—			15		5		3		—
Interest and related charges		17		12		17		1			32		25		33		1
Income (loss) before income taxes		72		13		23		(18	)		161		120		159		(20	)
Income tax expense (benefit)		6		2		3		(4	)		19		26		32		(5	)
Net income (loss) attributable to Dominion Energy(1)	$	66	$	11	$	20	$	(14	)	$	142	$	94	$	127	$	(15	)

(1)Excludes $5 million and $(4) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for the three and six months ended June 30, 2023, respectively.

The carrying value of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows:

	At June 30, 2024		At December 31, 2023
	PSNC Transaction		East Ohio Transaction		PSNC Transaction		Questar Gas Transaction		Other
(millions)
Current assets(1)	$	213	$	497	$	336	$	764	$	1
Property, plant and equipment, net		3,004		5,443		2,806		4,369		26
Other deferred charges and other assets,    including goodwill(2) and intangible assets		827		2,659		834		766		—
Current liabilities(3)		172		560		224		389		7
Long-term debt(4)		948		2,286		948		1,205		—
Other deferred credits and liabilities(5)		710		1,437		711		1,116		2

(1)Includes cash and cash equivalents of $1 million and $2 million within the PSNC Transaction at June 30, 2024 and December 31, 2023, respectively. Also includes regulatory assets of $81 million and $89 million within the PSNC Transaction at June 30, 2024 and December 31, 2023, respectively. In addition, includes cash and cash equivalents of $4 million and regulatory assets of $75 million within the East Ohio Transaction and cash and cash equivalents of $26 million and regulatory assets of $297 million within the Questar Gas Transaction at December 31, 2023.

(2)Includes goodwill of $673 million at both June 30, 2024 and December 31, 2023 within the PSNC Transaction. Also includes regulatory assets of $81 million and $86 million within the PSNC Transaction at June 30, 2024 and December 31, 2023, respectively. In addition, includes goodwill of $1.5 billion and regulatory assets of $781 million within the East Ohio Transaction and goodwill of $720 million and regulatory assets of $(39) million within the Questar Gas Transaction at December 31, 2023.

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(3)Includes regulatory liabilities of $32 million and $44 million within the PSNC Transaction at June 30, 2024 and December 31, 2023, respectively. In addition, includes regulatory liabilities of $54 million within the East Ohio Transaction and $55 million within the Questar Gas Transaction at December 31, 2023.

(4)Excludes PSNC’s issuance in July 2024 through private placement of $150 million of 5.65% senior notes and $150 million of 6.04% senior notes that mature in 2034 and 2054, respectively.

(5)Includes regulatory liabilities of $427 million and $435 million within the PSNC Transaction at June 30, 2024 and December 31, 2023, respectively. In addition includes regulatory liabilities of $711 million within the East Ohio Transaction and $502 million within the Questar Gas Transaction at December 31, 2023.

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

	Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
	East Ohio Transaction(1)		PSNC Transaction		Questar Gas Transaction(1)		Other		East Ohio Transaction		PSNC Transaction		Questar Gas Transaction		Other
(millions)
Capital expenditures	$	65	$	189	$	160	$	—	$	215	$	99	$	177	$	—
Significant noncash items
Depreciation, depletion    and amortization		—		—		—		—		71		44		86		2
Accrued capital expenditures				57						48		19		32		—

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

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

	Dominion Energy								Virginia Power
	Quarter-to-Date				Year-to-Date				Quarter-to-Date				Year-to-Date
Period Ended June 30,	2024		2023		2024		2023		2024		2023		2024		2023
(millions)
Regulated electric sales:
Residential	$	1,284	$	1,124	$	2,649	$	2,410	$	976	$	832	$	2,028	$	1,842
Commercial		1,191		1,147		2,285		2,217		972		917		1,853		1,783
Industrial		213		211		426		431		111		99		217		215
Government and other retail		252		232		509		476		237		213		478		442
Wholesale		33		36		69		80		24		22		53		51
Nonregulated electric sales		234		125		454		382		25		22		39		33
Regulated gas sales:
Residential		42		43		193		179
Commercial		28		28		76		81
Other		16		16		35		39
Regulated gas transportation and storage		5		5		9		9
Other regulated revenue		118		65		206		143		114		62		198		136
Other nonregulated revenues(1)(2)		39		48		68		85		9		22		19		33
Total operating revenue from contracts with customers		3,455		3,080		6,979		6,532		2,468		2,189		4,885		4,535
Other revenues(1)(3)		31		86		139		517		69		63		141		101
Total operating revenue	$	3,486	$	3,166	$	7,118	$	7,049	$	2,537	$	2,252	$	5,026	$	4,636

(1)See Note 19 for amounts attributable to affiliates.

(2)Sales of renewable energy credits were $7 million and $24 million for the three months ended June 30, 2024 and 2023, respectively, and $12 million and $29 million for the six months ended June 30, 2024 and 2023, respectively, at Dominion Energy and $3 million and $19 million for the three months ended June 30, 2024 and 2023, respectively, and $5 million and $22 million for the six months ended June 30, 2024 and 2023, respectively, at Virginia Power.

(3)Includes alternative revenue of $33 million and $50 million for the three months ended June 30, 2024 and 2023, respectively, and $61 million and $77 million for the six months ended June 30, 2024 and 2023, respectively, at both Dominion Energy and Virginia Power.

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at June 30, 2024.

At June 30, 2024 and December 31, 2023, Dominion Energy’s contract liability balances were $51 million and $47 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At June 30, 2024 and December 31, 2023, Virginia Power’s contract liability balances were $43 million and $40 million,

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respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the six months ended June 30, 2024 and 2023, Dominion Energy recognized revenue of $44 million and $47 million, respectively, from the beginning contract liability balances. During the six months ended June 30, 2024 and 2023, Virginia Power recognized $40 million and $39 million, respectively, from the beginning contract liability balances.

Note 5. Income Taxes

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

	Dominion Energy						Virginia Power
Six Months Ended June 30,	2024			2023			2024			2023
U.S. statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
Increases (reductions) resulting from:
State taxes, net of federal benefit		3.2			3.8			4.4			4.6
Investment tax credits		(1.3	)		(1.2	)		(0.8	)		(0.8	)
Production tax credits		(2.2	)		(0.5	)		(2.0	)		(0.8	)
Reversal of excess deferred income taxes		(2.5	)		(2.0	)		(1.8	)		(2.3	)
AFUDC - equity		(0.7	)		(0.1	)		(0.6	)		(0.1	)
Other, net		0.4			(1.3	)		0.4			(0.5	)
Effective tax rate		17.9	%		19.7	%		20.6	%		21.1	%

The IRA created a nuclear production tax credit for electricity produced and sold beginning in 2024. The amount of the credit to be realized, if any, is a function of annual qualified production levels and gross receipts determined for each of the Companies’ nuclear units that cannot be fully determined until the completion of the calendar year. For the six months ended June 30, 2024, Virginia Power recorded a $17 million tax benefit which represents a prorated portion of the estimated net realizable value of the nuclear production tax credit. The ultimate nuclear production tax credit realized by the Companies could vary significantly based on actual market prices, qualifying production and/or final computational U.S. Treasury guidance.

As of June 30, 2024, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these unrecognized tax benefits.

Discontinued operations

Income tax expense reflected in discontinued operations is $32 million and $94 million for the six months ended June 30, 2024 and 2023, respectively. Dominion Energy entered into agreements for the East Ohio, PSNC and Questar Gas Transactions in September 2023, each of which was or will be treated as a stock sale for income tax purposes. During 2023 in connection with the pending sales, Dominion Energy recorded a charge of $825 million to establish deferred tax liabilities to reflect the excess of financial reporting basis over tax basis in stock of the entities to be sold. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these transactions.

Dominion Energy recorded tax expense of $11 million for the six months ended June 30, 2024, including the reversal of $29 million of these previously established deferred tax liabilities associated with East Ohio through income tax expense. Following the internal reorganization discussed in Note 3 and upon closing of the East Ohio and Questar Gas Transactions, Dominion Energy recorded a tax benefit of $75 million, including the reversal of $462 million of these previously established deferred tax liabilities associated with Questar Gas, Wexpro and related affiliates through income tax expense. In addition, Dominion Energy recorded a charge of $16 million to remeasure deferred tax liabilities reflecting the excess of financial reporting basis over tax basis for PSNC. These deferred taxes will reverse upon closing of the PSNC Transaction, which is expected to occur in the third quarter of 2024.

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Note 6. Earnings Per Share

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

	Quarter-to-Date						Year-to-Date
Period Ended June 30,	2024			2023			2024			2023
(millions, except EPS)
Net income attributable to Dominion Energy from    continuing operations	$	491		$	415		$	1,051		$	1,115
Preferred stock dividends (see Note 16)		(19	)		(20	)		(39	)		(40	)
Preferred stock deemed dividends (see Note 16)		(9	)		—			(9	)		—
Net income attributable to Dominion Energy from    continuing operations - Basic & Diluted		463			395		$	1,003		$	1,075
Net income (loss) attributable to Dominion Energy from    discontinued operations - Basic & Diluted	$	81		$	168		$	195		$	449
Average shares of common stock outstanding - Basic		838.3			836.0			838.0			835.6
Net effect of dilutive securities(1)		—			0.2			—			0.3
Average shares of common stock outstanding - Diluted		838.3			836.2			838.0			835.9
EPS from continuing operations - Basic	$	0.55		$	0.47		$	1.20		$	1.28
EPS from discontinued operations - Basic		0.10			0.20		$	0.23			0.54
EPS attributable to Dominion Energy - Basic	$	0.65		$	0.67		$	1.43		$	1.82
EPS from continuing operations - Diluted	$	0.55		$	0.47		$	1.20		$	1.28
EPS from discontinued operations - Diluted		0.10			0.20		$	0.23			0.54
EPS attributable to Dominion Energy - Diluted	$	0.65		$	0.67		$	1.43		$	1.82

(1)Certain of the forward sales agreements entered into in the second quarter of 2024 are considered dilutive securities but have an inconsequential impact for the three and six months ended June 30, 2024 (applying the treasury stock method). Dilutive securities for the three and six months ended June 30, 2023 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Notes 16 and 17 for additional information.

Certain of the forward sales agreements entered into in the second quarter of 2024 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for three and six months ended June 30, 2024 as the dilutive stock price threshold was not met.

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Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

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

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Pension and other postretirement benefit costs(4)			Equity Method Investees(5)			Total
(millions)
Three Months Ended June 30, 2024
Beginning balance	$	(202	)	$	(20	)	$	(1,522	)	$	—		$	(1,744	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		2			7			(16	)		—			(7	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		11			—			—			—			11
Other income (expense)		—			—			75			—			75
Total		11			—			75			—			86
Income tax expense (benefit)		(2	)		—			(20	)		—			(22	)
Total, net of tax		9			—			55			—			64
Net current period other comprehensive     income (loss)		11			7			39			—			57
Ending balance	$	(191	)	$	(13	)	$	(1,483	)	$	—		$	(1,687	)
Three Months Ended June 30, 2023
Beginning balance	$	(250	)	$	(26	)	$	(1,287	)	$	(2	)	$	(1,565	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		6			(1	)		—			—			5
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		10			—			—			—			10
Other income (expense)		—			(3	)		(16	)		—			(19	)
Total		10			(3	)		(16	)		—			(9	)
Income tax expense (benefit)		(2	)		1			4			—			3
Total, net of tax		8			(2	)		(12	)		—			(6	)
Net current period other comprehensive     income (loss)		14			(3	)		(12	)		—			(1	)
Ending balance	$	(236	)	$	(29	)	$	(1,299	)	$	(2	)	$	(1,566	)

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

(2)Net of $64 million, $68 million, $79 million and $83 million tax at June 30, 2024, March 31, 2024, June 30, 2023 and March 31, 2023, respectively.

(3)Net of $3 million, $6 million, $9 million and $6 million tax at June 30, 2024, March 31, 2024, June 30, 2023 and March 31, 2023, respectively.

(4)Net of $522 million, $538 million, $453 million and $449 million tax at June 30, 2024, March 31, 2024, June 30, 2023 and March 31, 2023, respectively.

(5)Net of $— million tax at June 30, 2024, March 31, 2024, June 30, 2023 and March 31, 2023, respectively.

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	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Pension and other postretirement benefit costs(4)			Equity Method Investees(5)			Total
(millions)
Six Months Ended June 30, 2024
Beginning balance	$	(216	)	$	—		$	(1,290	)	$	—		$	(1,506	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		9			(19	)		(253	)		—			(263	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		22			—			—			—			22
Other income (expense)		—			8			81			—			89
Total		22			8			81			—			111
Income tax expense (benefit)		(6	)		(2	)		(21	)		—			(29	)
Total, net of tax		16			6			60			—			82
Net current period other comprehensive     income (loss)		25			(13	)		(193	)		—			(181	)
Ending balance	$	(191	)	$	(13	)	$	(1,483	)	$	—		$	(1,687	)
Six Months Ended June 30, 2023
Beginning balance	$	(249	)	$	(44	)	$	(1,276	)	$	(3	)	$	(1,572	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		(3	)		16			—			1			14
Amounts reclassified from AOCI: (gains) losses											—
Interest and related charges		21			—			—			—			21
Other income (expense)		—			(1	)		(31	)		—			(32	)
Total		21			(1	)		(31	)		—			(11	)
Income tax expense (benefit)		(5	)		—			8			—			3
Total, net of tax		16			(1	)		(23	)		—			(8	)
Net current period other comprehensive     income (loss)		13			15			(23	)		1			6
Ending balance	$	(236	)	$	(29	)	$	(1,299	)	$	(2	)	$	(1,566	)

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

(2)Net of $64 million, $73 million, $79 million and $83 million tax at June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022, respectively.

(3)Net of $3 million, $(2) million, $9 million and $13 million tax at June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022, respectively.

(4)Net of $522 million, $456 million, $453 million and $445 million tax at June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022, respectively.

(5)Net of $— million tax at June 30, 2024, December 31, 2023, June 30, 2023 and $1 million tax at December 31, 2022, respectively.

30

Virginia Power

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

	Total Derivative-Hedging Activities(1)(2)		Investment Securities(3)			Total
(millions)
Three Months Ended June 30, 2024
Beginning balance	$	22	$	(3	)	$	19
Other comprehensive income (loss) before     reclassifications: gains (losses)		2		1			3
Amounts reclassified from AOCI: (gains) losses
Total		—		—			—
Income tax expense (benefit)		—		1			1
Total, net of tax		—		1			1
Net current period other comprehensive income (loss)		2		2			4
Ending balance	$	24	$	(1	)	$	23
Three Months Ended June 30, 2023
Beginning balance	$	7	$	(3	)	$	4
Other comprehensive income (loss) before     reclassifications: gains (losses)		6		(1	)		5
Amounts reclassified from AOCI: (gains) losses
Total		—		—			—
Income tax expense (benefit)		—		—			—
Total, net of tax		—		—			—
Net current period other comprehensive income (loss)		6		(1	)		5
Ending balance	$	13	$	(4	)	$	9

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

(2)Net of $(8) million, $(7) million, $(4) million and $(2) million tax at June 30, 2024, March 31, 2024, June 30, 2023 and March 31, 2023, respectively.

(3)Net of $— million tax at June 30, 2024 and $1 million tax at March 31, 2024, June 30, 2023, and March 31, 2023, respectively.

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Total
(millions)
Six Months Ended June 30, 2024
Beginning balance	$	15		$	1		$	16
Other comprehensive income (loss) before     reclassifications: gains (losses)		9			(4	)		5
Amounts reclassified from AOCI: (gains) losses
Other income (expense)		—			2			2
Total		—			2			2
Income tax expense (benefit)		—			—			—
Total, net of tax		—			2			2
Net current period other comprehensive income (loss)		9			(2	)		7
Ending balance	$	24		$	(1	)	$	23
Six Months Ended June 30, 2023
Beginning balance	$	16		$	(7	)	$	9
Other comprehensive income (loss) before     reclassifications: gains (losses)		(3	)		3			—
Amounts reclassified from AOCI: (gains) losses
Total		—			—			—
Income tax expense (benefit)		—			—			—
Total, net of tax		—			—			—
Net current period other comprehensive income (loss)		(3	)		3			—
Ending balance	$	13		$	(4	)	$	9

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

31

(2)Net of $(8) million, $(5) million, $(4) million and $(5) million tax at June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022, respectively.

(3)Net of $— million, $— million, $1 million and $2 million tax at June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022, respectively.

Note 8. Fair Value Measurements

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. See Note 9 in this report for additional information about the Companies’ derivatives and hedge accounting activities.

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

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at June 30, 2024. 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:
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		89	(6)-13	4		89	(6)-13	4
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		253	28-111	53
Physical options:
Natural gas(2)	Option model	Market price    (per Dth)	(3)		43	1-7	3		21	1-6	3
		Price volatility	(4)			10%-75%	45%			19%-72%	52%
Total assets				$	385			$	110
Liabilities
Physical and financial forwards:
Natural gas(2)	Discounted    cash flow	Market price    (per Dth)	(3)	$	3	(2)-2	(1)	$	3	(2)-2	(1)
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		2	(6)-13	(1)		2	(6)-13	(1)
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		20	34-126	66
Total liabilities				$	25			$	5

(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)

32

Nonrecurring Fair Value Measurements

See Note 11 for information regarding impairment charges recorded by Dominion Energy associated with corporate office buildings and nonregulated renewable natural gas facilities.

In the second quarter of 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 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, these assets were sold in August 2023.

Recurring Fair Value Measurements

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

	Dominion Energy								Virginia Power
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
(millions)
June 30, 2024
Assets
Derivatives:
Commodity	$	—	$	200	$	385	$	585	$	—	$	70	$	110	$	180
Interest rate		—		998		—		998		—		208		—		208
Foreign currency exchange rate		—		1		—		1		—		1		—		1
Investments(1):
Equity securities:
U.S.		5,163		—		—		5,163		2,662		—		—		2,662
Fixed income:
Corporate debt instruments		—		581		—		581		—		347		—		347
Government securities		237		1,267		—		1,504		140		724		—		864
Other		132		—		—		132		80		—		—		80
Total assets	$	5,532	$	3,047	$	385	$	8,964	$	2,882	$	1,350	$	110	$	4,342
Liabilities
Derivatives:
Commodity	$	—	$	166	$	25	$	191	$	—	$	71	$	5	$	76
Interest rate		—		536		—		536		—		11		—		11
Foreign currency exchange rate		—		112		—		112		—		112		—		112
Total liabilities	$	—	$	814	$	25	$	839	$	—	$	194	$	5	$	199
December 31, 2023
Assets
Derivatives:
Commodity	$	—	$	325	$	225	$	550	$	—	$	96	$	21	$	117
Interest rate		—		800		—		800		—		181		—		181
Investments(1):
Equity securities:
U.S.		4,527		—		—		4,527		2,362		—		—		2,362
Fixed income:
Corporate debt instruments		—		500		—		500		—		274		—		274
Government securities		219		1,238		—		1,457		129		687		—		816
Cash equivalents and other		31		—		—		31		20		—		—		20
Total assets	$	4,777	$	2,863	$	225	$	7,865	$	2,511	$	1,238	$	21	$	3,770
Liabilities
Derivatives:
Commodity	$	—	$	160	$	139	$	299	$	—	$	95	$	137	$	232
Interest rate		—		359		—		359		—		45		—		45
Foreign currency exchange rate		—		39		—		39		—		39		—		39
Total liabilities	$	—	$	558	$	139	$	697	$	—	$	179	$	137	$	316

33

(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $222 million and $457 million of assets at Dominion Energy, inclusive of $88 million and $217 million at Virginia Power, at June 30, 2024 and December 31, 2023, 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
	Quarter-to-Date						Year-to-Date						Quarter-to-Date						Year-to-Date
Period Ended June 30,	2024			2023			2024			2023			2024			2023			2024			2023
(millions)
Beginning balance	$	190		$	206		$	86		$	422		$	(38	)	$	55		$	(116	)	$	221
Total realized and unrealized gains     (losses):
Included in earnings:
Operating revenue		2			2			(6	)		2
Electric fuel and other energy- related purchases		(27	)		(36	)		(148	)		(87	)		(27	)		(36	)		(146	)		(88	)
Discontinued operations		—			—			(1	)		—
Included in regulatory assets/     liabilities		176			(74	)		307			(290	)		149			(58	)		226			(224	)
Settlements		18			36			94			71			20			36			120			72
Purchases		1			—			28			16			1			—			21			16
Ending balance	$	360		$	134		$	360		$	134		$	105		$	(3	)	$	105		$	(3	)

Dominion Energy had $2 million and $(6) million of unrealized gains (losses) included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three and six months ended June 30, 2024, respectively, and $2 million of unrealized gains included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three and six months ended June 30, 2023. Virginia Power had no unrealized gains or losses for the three and six months ended June 30, 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)
June 30, 2024
Long-term debt(2)	$	34,311	$	31,558	$	18,033	$	16,301
Supplemental credit facility borrowings		—		—
Securitization bonds(3)		1,282		1,278		1,282		1,278
Junior subordinated notes(2)		3,367		3,450
December 31, 2023
Long-term debt(2)	$	42,526	$	40,539	$	17,392	$	16,418
Supplemental credit facility borrowings		450		450
Junior subordinated notes(2)		1,388		1,374

(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 June 30, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both June 30, 2024 and December 31, 2023.

34

(3)Carrying amount includes current portions included in securities due within one year.

Note 9. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments and cash collateral or other instruments under master netting or similar arrangements are discussed in Notes 2 and 7 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.

Balance Sheet Presentation

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

	Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet								Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts		Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts
(millions)
June 30, 2024
Commodity contracts:
Over-the-counter	$	253	$	41	$	—	$	212	$	160	$	19	$	—	$	141
Exchange		100		95		—		5		4		4		—		—
Interest rate contracts:
Over-the-counter		998		374		—		624		208		1		—		207
Foreign currency exchange rate contracts:
Over-the-counter		1		1		—		—		1		1		—		—
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,352	$	511	$	—	$	841	$	373	$	25	$	—	$	348
December 31, 2023
Commodity contracts:
Over-the-counter	$	289	$	26	$	—	$	263	$	112	$	13	$	—	$	99
Exchange		118		33		15		70		4		3		—		1
Interest rate contracts:
Over-the-counter		800		191		—		609		181		11		—		170
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,207	$	250	$	15	$	942	$	297	$	27	$	—	$	270

(1)Excludes derivative assets of $232 million and $143 million at Dominion Energy and $16 million and $1 million at Virginia Power at June 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or other similar arrangements.

35

	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)
June 30, 2024
Commodity contracts:
Over-the-counter	$	92	$	39	$	—	$	53	$	25	$	17	$	—	$	8
Exchange		95		95		—		—		4		4		—		—
Interest rate contracts:
Over-the-counter		536		376		—		160		11		3		—		8
Foreign currency exchange rate contracts:
Over-the-counter		112		1		—		111		112		1		—		111
Total derivatives,    subject to a    master netting    or similar    arrangement	$	835	$	511	$	—	$	324	$	152	$	25	$	—	$	127
December 31, 2023
Commodity contracts:
Over-the-counter	$	266	$	26	$	30	$	210	$	153	$	13	$	30	$	110
Exchange		33		33		—		—		3		3		—		—
Interest rate contracts:
Over-the-counter		359		186		—		173		45		6		—		39
Foreign currency exchange rate contracts:
Over-the-counter		39		5		—		34		39		5		—		34
Total derivatives,    subject to a    master netting    or similar    arrangement	$	697	$	250	$	30	$	417	$	240	$	27	$	30	$	183

(1)Excludes derivative liabilities of $4 million at Dominion Energy at June 30, 2024 and $47 million and $76 million at Virginia Power at June 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 which were not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of the Companies’ derivative activity at June 30, 2024. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

	Dominion Energy				Virginia Power
	Current		Noncurrent		Current		Noncurrent
Natural Gas (bcf):
Fixed price(1)		41		10		37		10
Basis(2)		195		329		163		329
Electricity (MWh in millions):
Fixed price		18		38		8		4
FTRs		100				100
Interest rate(3) (in millions)	$	3,862	$	10,112	$	1,200	$	1,050
Foreign currency exchange rate(3) (in millions)
Danish Krone	1,486 kr.		1,983 kr.		1,486 kr.		1,983 kr.
Euro	€861		€832		€861		€832

(1)Includes options at Dominion Energy.

(2)Includes options.

(3)Maturity is determined based on final settlement period.

36

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 June 30, 2024:

	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)
Interest rate	$	(191	)	$	(30	)	378 months	$	24	$	—	378 months
Total	$	(191	)	$	(30	)		$	24	$	—

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.

37

Fair Value and Gains and Losses on Derivative Instruments

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

	Dominion Energy						Virginia Power
	Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value		Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value
(millions)
At June 30, 2024
ASSETS
Current Assets
Commodity	$	—	$	288	$	288	$	—	$	166	$	166
Interest rate		109		352		461		109		—		109
Total current derivative assets(1)		109		640		749		109		166		275
Noncurrent Assets
Commodity		—		297		297		—		14		14
Interest rate		99		438		537		99		—		99
Foreign currency    exchange rate		—		1		1		—		1		1
Total noncurrent derivative assets(2)		99		736		835		99		15		114
Total derivative assets	$	208	$	1,376	$	1,584	$	208	$	181	$	389
LIABILITIES
Current Liabilities
Commodity	$	—	$	123	$	123	$	—	$	61	$	61
Interest rate		11		132		143		11		—		11
Foreign currency exchange rate		—		52		52		—		52		52
Total current derivative liabilities(3)		11		307		318		11		113		124
Noncurrent Liabilities
Commodity		—		68		68		—		15		15
Interest rate		—		393		393		—		—		—
Foreign currency exchange rate		—		60		60		—		60		60
Total noncurrent derivative liabilities(4)		—		521		521		—		75		75
Total derivative liabilities	$	11	$	828	$	839	$	11	$	188	$	199
December 31, 2023
ASSETS
Current Assets
Commodity	$	—	$	312	$	312	$	—	$	91	$	91
Interest rate		143		298		441		143		—		143
Total current derivative assets(1)		143		610		753		143		91		234
Noncurrent Assets
Commodity		—		238		238		—		26		26
Interest rate		38		321		359		38		—		38
Total noncurrent derivative assets(2)		38		559		597		38		26		64
Total derivative assets	$	181	$	1,169	$	1,350	$	181	$	117	$	298
LIABILITIES
Current Liabilities
Commodity	$	—	$	244	$	244	$	—	$	188	$	188
Interest rate		45		76		121		45		—		45
Foreign currency exchange rate		—		11		11		—		11		11
Total current derivative liabilities(3)		45