Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

The changes to AROs during 2023 and 2024 were as follows:


(millions)	Dominion Energy			Virginia Power
AROs at December 31, 2022	$	5,427		$	4,093
Obligations incurred during the period		16			9
Obligations settled during the period		(193	)		(169	)
Revisions in estimated cash flows(1)		603			564
Accretion		222			156
AROs at December 31, 2023(2)	$	6,075		$	4,653
Obligations incurred during the period(3)		1,126			469
Obligations settled during the period		(347	)		(259	)
Revisions in estimated cash flows(4)		300			342
Accretion		272			192
AROs at December 31, 2024(2)	$	7,426		$	5,397

(1)

Primarily reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities at Virginia Power as discussed below. In addition, Dominion Energy recorded a $48 million increase to its AROs to reflect a revision in the estimated cash flows following the approval of closure plans for a DESC generation facility previously taken out of service. Dominion Energy also recorded a decrease of $125 million to its AROs due to a revision in the timing of expected cash flows associated with the expected approval of a 20-year useful life extension of Millstone Units 2 and 3. Concurrently, Dominion Energy reevaluated its estimated cash flows associated with Millstone Unit 1, which resulted in an increase to its AROs of $83 million. As a result, Dominion Energy recorded a charge of $83 million ($60 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).

(2)

Includes $434 million and $352 million reported in other current liabilities for Dominion Energy at December 31, 2023 and 2024, respectively.

(3)

Primarily reflects AROs related to CCR remediation as discussed below.

(4)

Primarily reflects revisions for increased costs related to the completion of nuclear decommissioning cost studies for Millstone, Surry and North Anna inclusive of a charge of $122 million ($89 million after-tax) within impairment of assets and other charges in Dominion Energy’s Consolidated Statements of Income (reflected in the Corporate and Other segment). In addition, there were downward revisions for CCR remediation costs at Dominion Energy and future ash pond and landfill closure costs of certain electric generation facilities at Virginia Power.