Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Assets and Liabilities Recorded in Consolidated Balance Sheets

At December 31, 2024 and 2023, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:

	Dominion Energy				Virginia Power
At December 31,	2024		2023		2024		2023
(millions)
Lease assets:
Operating lease assets(1)	$	588	$	578	$	410	$	393
Finance lease assets(2)		267		258		146		104
Total lease assets	$	855	$	836	$	556	$	497
Lease liabilities:
Operating lease liabilities(3)	$	36	$	36	$	22	$	20
Finance lease liabilities(4)		62		60		35		31
Total lease liabilities - current		98		96		57		51
Operating lease liabilities (5)		644		627		399		377
Finance lease liabilities(6)		214		203		110		72
Total lease liabilities - noncurrent		858		830		509		449
Total lease liabilities	$	956	$	926	$	566	$	500

(1)Dominion Energy includes $588 million and $561 million at December 31, 2024 and 2023, respectively, in other deferred charges and other assets, with the remaining balance at December 31, 2023 in assets held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred charges and other assets in its Consolidated Balance Sheets.

(2)Dominion Energy includes $267 million and $244 million at December 31, 2024 and 2023, respectively, in property, plant and equipment in its Consolidated Balance Sheets, net of $199 million and $142 million at December 31, 2024 and 2023, respectively, of accumulated amortization, with the remaining balance at December 31, 2023 in assets held for sale. Virginia Power’s balances are included in property, plant and equipment in its Consolidated Balance Sheets, net of $88 million and $51 million at December 31, 2024 and 2023, respectively, of accumulated amortization.

(3)Dominion Energy includes $36 million and $32 million at December 31, 2024 and 2023, respectively, in other current liabilities, with the remaining balance at December 31, 2023 in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are in other current liabilities in its Consolidated Balance Sheets.

(4)Dominion Energy includes $62 million and $57 million at December 31, 2024 and 2023, respectively, in securities due within one year, with the remaining balance at December 31, 2023 in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in securities due within one year in its Consolidated Balance Sheets.

(5)Dominion Energy includes $644 million and $610 million at December 31, 2024 and 2023, respectively, in other deferred credits and other liabilities, with the remaining balance at December 31, 2023 in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred credits and other liabilities in its Consolidated Balance Sheets.

(6)Dominion Energy includes $214 million and $192 million at December 31, 2024 and 2023, respectively, in other long-term debt, with the remaining balance in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other long-term debt in its Consolidated Balance Sheets.

Summary of Total Lease Cost

For the years ended December 31, 2024, 2023 and 2022, total lease cost associated with the Companies’ leasing arrangements consisted of the following:

	Dominion Energy						Virginia Power
Year ended December 31,	2024		2023		2022		2024		2023		2022
(millions)
Finance lease cost:
Amortization(1)	$	54	$	50	$	41	$	24	$	24	$	15
Interest(2)		14		13		3		5		4		3
Operating lease cost(3)		81		70		53		60		43		32
Short-term lease cost(4)		22		32		31		16		23		21
Variable lease cost		6		6		4		2		2		1
Total lease cost	$	177	$	171	$	132	$	107	$	96	$	72

(1)Dominion Energy includes $— million, $3 million and $3 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income.

(2)Dominion Energy includes $— million, $1 million and $1 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income.

(3)Dominion Energy includes $— million, $5 million and $6 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income.

(4)Dominion Energy includes $— million, $2 million and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income.

Cash Paid for Amounts Included in Measurement of Lease Liabilities

For the years ended December 31, 2024, 2023 and 2022, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:

	Dominion Energy						Virginia Power
Year ended December 31,	2024		2023		2022		2024		2023		2022
(millions)
Operating cash flows for    finance leases	$	14	$	13	$	3	$	5	$	4	$	3
Operating cash flows for    operating leases		106		105		82		74		64		50
Financing cash flows for    finance leases		50		47		32		23		19		12

Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases

At December 31, 2024 and 2023, the weighted-average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:

	Dominion Energy						Virginia Power
December 31,	2024			2023			2024			2023
Weighted-average remaining lease term -    finance leases	5 years			5 years			5 years			5 years
Weighted-average remaining lease term -    operating leases	31 years			31 years			32 years			33 years
Weighted-average discount rate -    finance leases		5.61	%		7.14	%		6.71	%		7.28	%
Weighted-average discount rate -    operating leases		4.42	%		4.11	%		5.13	%		4.18	%

Scheduled Maturities of Lease Liabilities

The Companies’ lease liabilities have the following maturities:

Maturity of Lease Liabilities	Dominion Energy						Virginia Power
(millions)	Operating			Finance			Operating			Finance
2025	$	41		$	78		$	25		$	43
2026		39			69			23			36
2027		36			64			22			32
2028		35			56			21			26
2029		34			40			20			18
After 2029		1,131			17			740			17
Total undiscounted lease payments		1,316			324			851			172
Present value adjustment		(636	)		(48	)		(430	)		(27	)
Present value of lease liabilities	$	680		$	276		$	421		$	145