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Operating Revenue
3 Months Ended
Mar. 31, 2025
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,569

 

 

$

1,365

 

 

$

1,224

 

 

$

1,052

 

Commercial(1)

 

 

1,238

 

 

 

1,094

 

 

 

1,027

 

 

 

881

 

Industrial

 

 

194

 

 

 

213

 

 

 

97

 

 

 

106

 

Government and other retail

 

 

308

 

 

 

257

 

 

 

291

 

 

 

241

 

Wholesale

 

 

43

 

 

 

36

 

 

 

37

 

 

 

29

 

Nonregulated electric sales

 

 

372

 

 

 

220

 

 

 

23

 

 

 

14

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

172

 

 

 

151

 

 

 

 

 

 

 

Commercial

 

 

53

 

 

 

48

 

 

 

 

 

 

 

Other

 

 

27

 

 

 

19

 

 

 

 

 

 

 

Regulated gas transportation and
   storage

 

 

6

 

 

 

4

 

 

 

 

 

 

 

Other regulated revenue

 

 

44

 

 

 

88

 

 

 

39

 

 

 

84

 

Other nonregulated revenues(2)(3)(4)

 

 

59

 

 

 

29

 

 

 

13

 

 

 

10

 

Total operating revenue
   from contracts with
   customers

 

 

4,085

 

 

 

3,524

 

 

 

2,751

 

 

 

2,417

 

Other revenues(2)(5)

 

 

(9

)

 

 

108

 

 

 

14

 

 

 

72

 

Total operating revenue

 

$

4,076

 

 

$

3,632

 

 

$

2,765

 

 

$

2,489

 

 

(1)
Includes large scale users including certain data center customers.
(2)
See Note 19 for amounts attributable to affiliates.
(3)
Includes sales of renewable energy credits of $10 million and $5 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy and $4 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, at Virginia Power.
(4)
Includes revenue from transition services agreements of $27 million and $4 million for the three months ended March 31, 2025 and 2024, respectively, at Dominion Energy.
(5)
Includes alternative revenue of $22 million and $28 million for the three months ended March 31, 2025 and 2024, respectively, at both Dominion Energy and Virginia Power.

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2025.

At March 31, 2025 and December 31, 2024, Dominion Energy’s contract liability balances were $39 million and $52 million, respectively. At March 31, 2025 and December 31, 2024, Virginia Power’s contract liability balances were $34 million and $46 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and liabilities in the Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2025 and 2024, Dominion Energy recognized revenue of $49 million and $43 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2025 and 2024, Virginia Power recognized $46 million and $40 million, respectively, from the beginning contract liability balances.