Derivatives and Hedge Accounting Activities (Tables)

12 Months Ended

Dec. 31, 2024

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


	Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet								Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts		Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts
(millions)
December 31, 2024
Commodity contracts:
Over-the-counter	$	197	$	20	$	—	$	177	$	95	$	14	$	—	$	81
Exchange		55		54		—		1		2		1		—		1
Interest rate contracts:
Over-the-counter		875		197		—		678		230		—		—		230
Foreign currency exchange rate contracts:
Over-the-counter		30		30		—		—		30		30		—		—
Total derivatives, subject to a master netting or similar arrangement	$	1,157	$	301	$	—	$	856	$	357	$	45	$	—	$	312
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 $242 million and $143 million at Dominion Energy, and $18 million and $1 million at Virginia Power, at December 31, 2024 and 2023, respectively, which are not subject to master netting or similar arrangements.

Offsetting Liabilities


	Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet								Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Liabilities Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Paid		Net Amounts		Gross Liabilities Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Paid		Net Amounts
(millions)
December 31, 2024
Commodity contracts:
Over-the-counter	$	42	$	20	$	—	$	22	$	15	$	14	$	—	$	1
Exchange		74		54		20		—		1		1		—		—
Interest rate contracts:
Over-the-counter		197		197		—		—		—		—		—		—
Foreign currency exchange rate contracts:
Over-the-counter		192		30		—		162		192		30		—		162
Total derivatives, subject to a master netting or similar arrangement	$	505	$	301	$	20	$	184	$	208	$	45	$	—	$	163
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 $7 million at Dominion Energy at December 31, 2024, 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. Excludes derivative liabilities of $17 million and $76 million at Virginia Power at December 31, 2024 and 2023, respectively, which are not subject to master netting or similar arrangements.

Schedule of Volume of Derivative Activity

The following table presents the volume of the Companies’ derivative activity as of December 31, 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 their long and short positions.


	Dominion Energy				Virginia Power
	Current		Noncurrent		Current		Noncurrent
Natural Gas (bcf):
Fixed price(1)		31		21		31		21
Basis(2)		178		333		146		303
Electricity (MWh in millions):
Fixed price		18		30		9		—
FTRs		45		—		45		—
Interest rate(3) (in millions)	$	2,078	$	8,735	$	1,077	$	2,673
Foreign currency exchange rate(3) (in millions)
Danish Krone	1,741 kr.		826 kr.		1,741 kr.		826 kr.
Euro	€293		€832		€293		€832

(1)

Includes options at Dominion Energy.

(2)

Includes options.

(3)

Maturity is determined based on final settlement period.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at December 31, 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)							(months)					(months)
Interest rate	$	(171	)	$	(29	)	384	$	28	$	1	384
Total	$	(171	)	$	(29	)		$	28	$	1

Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

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


	Dominion Energy				Virginia Power
	Assets		Liabilities		Assets		Liabilities
(millions)
At December 31, 2024
Current derivatives not under cash flow hedge accounting
Commodity	$	171	$	78	$	84	$	32
Interest rate		101		22
Foreign currency exchange rate		27		107		27		107
Current derivatives under cash flow hedge accounting
Interest rate		137		—		137		—
Total current derivatives	$	436	$	207	$	248	$	139
Noncurrent derivatives not under cash flow hedge accounting
Commodity	$	323	$	45	$	31	$	1
Interest rate		544		175
Foreign currency exchange rate		3		85		3		85
Noncurrent derivatives under cash flow hedge accounting
Interest rate		93		—		93		—
Total noncurrent derivatives(1)		963		305		127		86
Total derivatives	$	1,399	$	512	$	375	$	225
At December 31, 2023
Current derivatives not under cash flow hedge accounting
Commodity	$	312	$	244	$	91	$	188
Interest rate		298		76		—		—
Foreign currency exchange rate		—		11		—		11
Current derivatives under cash flow hedge accounting
Interest rate		143		45		143		45
Total current derivatives(2)	$	753	$	376	$	234	$	244
Noncurrent derivatives not under cash flow hedge accounting
Commodity	$	238	$	55	$	26	$	44
Interest rate		321		238		—		—
Foreign currency exchange rate		—		28		—		28
Noncurrent derivatives under cash flow hedge accounting
Interest rate		38		—		38		—
Total noncurrent derivatives(1)		597		321		64		72
Total derivatives	$	1,350	$	697	$	298	$	316

(1)

Noncurrent derivative assets are presented in other deferred charges and other assets and noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.

(2)

Includes $54 million recorded in assets held for sale and $30 million recorded in liabilities held for sale in Dominion Energy's Consolidated Balance Sheets.

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

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


	Dominion Energy								Virginia Power
Derivatives in cash flow hedging relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives(1)			Amount of Gain (Loss) Reclassified from AOCI to Income			Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2)		Amount of Gain (Loss) Recognized in AOCI on Derivatives(1)			Amount of Gain (Loss) Reclassified from AOCI to Income			Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2)
(millions)
Year Ended December 31, 2024
Derivative type and location of gains (losses):
Interest rate(3)	$	17		$	(43	)	$	189	$	17		$	—		$	188
Total	$	17		$	(43	)	$	189	$	17		$	—		$	188
Year Ended December 31, 2023
Derivative type and location of gains (losses):
Interest rate(3)	$	(1	)		(43	)	$	5	$	(1	)	$	(1	)	$	4
Total	$	(1	)	$	(43	)	$	5	$	(1	)	$	(1	)	$	4
Year Ended December 31, 2022
Derivative type and location of gains (losses):
Interest rate(3)	$	89			(57	)	$	855	$	80		$	(2	)	$	854
Total	$	89		$	(57	)	$	855	$	80		$	(2	)	$	854

(1)

Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.

(2)

Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.

(3)

Amounts recorded in the Companies’ Consolidated Statements of Income are classified in interest and related charges.

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance


	Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)
Derivatives not designated as hedging instruments	Dominion Energy									Virginia Power
Year Ended December 31,	2024			2023			2022			2024			2023			2022
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue	$	116		$	707		$	(729	)	$	140		$	27		$	(303	)
Purchased gas		—			—			13
Electric fuel and other energy-related purchases		(240	)		(380	)		514			(244	)		(384	)		453
Discontinued operations		(28	)		86			8
Other operations & maintenance		—			2			—			—			2			—
Interest rate:
Interest and related charges		(3	)		84			406
Discontinued operations		—			17			244
Total	$	(155	)	$	516		$	456		$	(104	)	$	(355	)	$	150

(1)

Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.

(2)

Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.