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Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2024
Results of Operations Reported within Discontinued Operations

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

Year Ended December 31, 2024

 

East Ohio Transaction(1)

 

 

PSNC Transaction(1)

 

 

Questar Gas Transaction(1)

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

229

 

 

$

488

 

 

$

894

 

 

$

—

 

Operating expense(2)

 

 

247

 

 

 

313

 

 

 

724

 

 

 

(8

)

Other income (expense)

 

 

(17

)

 

 

11

 

 

 

2

 

 

 

—

 

Interest and related charges

 

 

15

 

 

 

44

 

 

 

25

 

 

 

—

 

Income (loss) before income taxes

 

 

(50

)

 

 

142

 

 

 

147

 

 

 

8

 

Income tax expense

 

 

11

 

 

 

44

 

 

 

54

 

 

 

—

 

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

 

$

(61

)

 

$

98

 

 

$

93

 

 

$

8

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.
(2)
East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 22 for further information on these transactions.
(3)
Excludes $(69) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2024.

 

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,037

 

 

$

743

 

 

$

1,679

 

 

$

15

 

Operating expense(1)

 

 

701

 

 

 

517

 

 

 

1,554

 

 

 

111

 

Other income (expense)

 

 

30

 

 

 

11

 

 

 

8

 

 

 

—

 

Interest and related charges

 

 

71

 

 

 

52

 

 

 

68

 

 

 

1

 

Income (loss) before income taxes

 

 

295

 

 

 

185

 

 

 

65

 

 

 

(97

)

Income tax expense(2)

 

 

69

 

 

 

431

 

 

 

531

 

 

 

(38

)

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

 

$

226

 

 

$

(246

)

 

$

(466

)

 

$

(59

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

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,043

 

 

$

841

 

 

$

1,341

 

 

$

11

 

Operating expense(1)

 

 

702

 

 

 

648

 

 

 

1,043

 

 

 

118

 

Other income (expense)

 

 

28

 

 

 

9

 

 

 

37

 

 

 

—

 

Interest and related charges

 

 

36

 

 

 

43

 

 

 

45

 

 

 

—

 

Income (loss) before income taxes

 

 

333

 

 

 

159

 

 

 

290

 

 

 

(107

)

Income tax expense

 

 

45

 

 

 

34

 

 

 

60

 

 

 

(28

)

Net income (loss) attributable to Dominion Energy(2)

 

$

288

 

 

$

125

 

 

$

230

 

 

$

(79

)
(1)
Other includes a charge of $103 million ($76 million after-tax) associated with the impairment of a nonregulated solar generation asset.
(2)
Excludes $(4) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2022.
Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups

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

Year Ended December 31, 2024

 

East Ohio Transaction(1)

 

 

PSNC Transaction(1)

 

 

Questar Gas Transaction(1)

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

65

 

 

$

287

 

 

$

160

 

 

$

—

 

Significant noncash item

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

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

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

507

 

 

$

233

 

 

$

449

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

148

 

 

 

90

 

 

 

175

 

 

 

2

 

Accrued capital expenditures

 

 

42

 

 

 

43

 

 

 

32

 

 

 

—

 

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

456

 

 

$

153

 

 

$

438

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

134

 

 

 

87

 

 

 

163

 

 

 

4

 

Accrued capital expenditures

 

 

53

 

 

 

16

 

 

 

31

 

 

 

—

 
Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale

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 Sheet were as follows:

 

At December 31, 2023

 

East Ohio
Transaction

 

 

PSNC Transaction

 

 

Questar Gas
Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Current assets(1)

 

$

497

 

 

$

336

 

 

$

764

 

 

$

1

 

Property, plant and equipment, net

 

 

5,443

 

 

 

2,806

 

 

 

4,369

 

 

 

26

 

Other deferred charges and other assets,
   including goodwill(2) and intangible assets

 

 

2,659

 

 

 

834

 

 

 

814

 

 

 

—

 

Current liabilities(3)(4)

 

 

560

 

 

 

224

 

 

 

389

 

 

 

7

 

Long-term debt(5)

 

 

2,286

 

 

 

948

 

 

 

1,205

 

 

 

—

 

Other deferred credits and liabilities(6)

 

 

1,437

 

 

 

711

 

 

 

1,116

 

 

 

2

 
(1)
Includes cash and cash equivalents of $4 million, $2 million and $26 million within the East Ohio, PSNC and Questar Gas Transactions, respectively. Also includes regulatory assets of $75 million, $89 million and $297 million within the East Ohio, PSNC and Questar Gas Transactions, respectively.
(2)
Includes goodwill of $1.5 billion, $673 million and $768 million within the East Ohio, PSNC and Questar Gas Transactions, respectively. Also includes regulatory assets of $781 million, $86 million and $(39) million within the East Ohio, PSNC and Questar Gas Transactions, respectively.
(3)
Includes regulatory liabilities of $54 million, $44 million and $55 million within the East Ohio, PSNC and Questar Gas Transactions, respectively.
(4)
Questar Gas Transaction includes $40 million of 2.98% unsecured senior notes at December 31, 2023, which were scheduled to mature in December 2024.
(5)
Includes East Ohio Unsecured Senior Notes due 2025 to 2052 at rates from 1.30% to 6.38% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.13%; PSNC Unsecured Senior Notes due 2026 to 2053 at rates from 3.10% to 7.45% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 4.67%; and Questar Gas Unsecured Senior Notes due 2024 to 2052 at rates from 2.21% to 7.20% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.99%; in the East Ohio, PSNC and Questar Gas Transactions, respectively.
(6)
Includes regulatory liabilities of $711 million, $435 million and $502 million within the East Ohio, PSNC and Questar Gas Transactions, respectively.