Operating Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Operating Segments

Note 21. Operating Segments

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

Primary Operating Segment	Description of Operations	Dominion Energy	Virginia Power
Dominion Energy Virginia	Regulated electric distribution	X	X
	Regulated electric transmission	X	X
	Regulated electric generation fleet(1)	X	X
Dominion Energy South Carolina	Regulated electric distribution	X
	Regulated electric transmission	X
	Regulated electric generation fleet	X
	Regulated gas distribution and storage	X
Contracted Energy(2)	Nonregulated electric generation fleet	X

(1)Includes Virginia Power’s non-jurisdictional solar generation operations.

(2)Includes renewable natural gas operations.

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

Dominion Energy

The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), Questar Gas (through May 2024) and PSNC (through September 2024) Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations (through April 2024) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2023.

In the nine months ended September 30, 2024, Dominion Energy reported after-tax net income of $28 million in the Corporate and Other segment, including $319 million of after-tax net income for specific items with $155 million of after-tax net income attributable to its operating segments. In the nine months ended September 30, 2023, Dominion Energy reported after-tax net loss of $14 million in the Corporate and Other segment, including $245 million of after-tax net income for specific items all of which was attributable to its operating segments.

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

•A $518 million ($402 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Energy ($347 million after-tax); and

•Dominion Energy Virginia ($55 million after-tax);

•A $107 million ($82 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy;

•$60 million ($46 million after-tax) of charges for the impairment of certain nonregulated renewable natural gas facilities, attributable to Contracted Energy;

•A $58 million ($44 million after-tax) charge in connection with the electric base rate case in South Carolina, attributable to Dominion Energy South Carolina;

•A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy; and

•A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs, attributable to Dominion Energy Virginia.

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

•A $335 million ($255 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy;

•A $183 million ($142 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Energy ($124 million after-tax); and

•Dominion Energy Virginia ($18 million after-tax);

•A $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia;

•A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023, attributable to Dominion Energy Virginia; and

•A $31 million ($23 million after-tax) benefit related to real estate transactions, including gains on the transfer of property to satisfy litigation associated with the NND Project, attributable to Dominion Energy South Carolina.

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

	Dominion Energy Virginia			Dominion Energy South Carolina		Contracted Energy		Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions)
Three Months Ended September 30, 2024
Total revenue from external       customers	$	2,760		$	846	$	256	$	79		$	—		$	3,941
Intersegment revenue		2			2		4		252			(260	)		—
Total operating revenue		2,762			848		260		331			(260	)		3,941
Net loss from discontinued       operations		—			—		—		(13	)		—			(13	)
Net income attributable to       Dominion Energy		662			147		83		62			—			954
Three Months Ended September 30, 2023
Total revenue from external       customers	$	2,649		$	944	$	225	$	(8	)	$	—		$	3,810
Intersegment revenue		(4	)		1		6		232			(235	)		—
Total operating revenue		2,645			945		231		224			(235	)		3,810
Net loss from discontinued       operations		—			—		—		(541	)		—			(541	)
Net income (loss) attributable to       Dominion Energy		535			143		52		(573	)		—			157
Nine Months Ended September 30, 2024
Total revenue from external      customers	$	7,786		$	2,496	$	843	$	(66	)	$	—		$	11,059
Intersegment revenue		2			7		9		743			(761	)		—
Total operating revenue		7,788			2,503		852		677			(761	)		11,059
Net income from discontinued      operations		—			—		—		182			—			182
Net income attributable to      Dominion Energy		1,571			296		305		28			—			2,200
Nine Months Ended September 30, 2023
Total revenue from external      customers	$	7,286		$	2,559	$	659	$	355		$	—		$	10,859
Intersegment revenue		(5	)		4		14		694			(707	)		—
Total operating revenue		7,281			2,563		673		1,049			(707	)		10,859
Net loss from discontinued      operations		—			—		—		(92	)		—			(92	)
Net income (loss) attributable to      Dominion Energy		1,315			302		118		(14	)		—			1,721

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

Virginia Power

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

In the nine months ended September 30, 2024, Virginia Power reported after-tax net income of $27 million in the Corporate and Other segment, including $25 million of after-tax net income for specific items all of which was attributable to its operating segment. In the nine months ended September 30, 2023, Virginia Power reported after-tax net expenses of $151 million in the Corporate and Other segment, including $155 million of after-tax net expenses for specific items with $154 million of after-tax net expenses attributable to its operating segment.

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

•A $74 million ($55 million after-tax) gain related to investments in nuclear decommissioning trust funds; and

•A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following item:

•A $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review;

•A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023; and

•A $24 million ($18 million after-tax) gain related to investments in nuclear decommissioning trust funds.

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

	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions)
Three Months Ended September 30, 2024
Operating revenue	$	2,762	$	—		$	2,762
Net income (loss)		662		(8	)		654
Three Months Ended September 30, 2023
Operating revenue	$	2,645	$	—		$	2,645
Net income (loss)		535		(60	)		475
Nine Months Ended September 30, 2024
Operating revenue	$	7,788	$	—		$	7,788
Net income		1,571		27			1,598
Nine Months Ended September 30, 2023
Operating revenue	$	7,281	$	—		$	7,281
Net income (loss)		1,315		(151	)		1,164