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Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 10. Investments

Equity and Debt Securities

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $162 million and $160 million at March 31, 2025 and December 31, 2024, respectively.

Decommissioning Trust Securities

The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. The Companies’ decommissioning trust funds are summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Amortized
Cost

 

 

Total
Unrealized
Gains

 

 

Total
Unrealized
Losses

 

 

Allowance
for Credit
Losses

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Total
Unrealized
Gains

 

 

Total
Unrealized
Losses

 

 

 

Allowance
for Credit
Losses

 

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,234

 

 

$

3,927

 

 

$

(5

)

 

 

 

 

$

5,156

 

 

$

704

 

 

$

2,038

 

 

$

(4

)

 

 

 

 

 

$

2,738

 

International

 

 

51

 

 

 

109

 

 

 

—

 

 

 

 

 

 

160

 

 

 

33

 

 

 

65

 

 

 

—

 

 

 

 

 

 

 

98

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

 

516

 

 

 

8

 

 

 

(12

)

 

$

—

 

 

 

512

 

 

 

305

 

 

 

3

 

 

 

(9

)

 

 

$

—

 

 

 

299

 

Government
   securities

 

 

1,765

 

 

 

20

 

 

 

(28

)

 

 

—

 

 

 

1,757

 

 

 

1,057

 

 

 

11

 

 

 

(16

)

 

 

 

—

 

 

 

1,052

 

Insurance
   contracts(3)

 

 

239

 

 

 

—

 

 

 

—

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(4)

 

 

55

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

13

 

Total

 

$

3,860

 

 

$

4,064

 

 

$

(45

)

(5)

$

—

 

 

$

7,879

 

 

$

2,112

 

 

$

2,117

 

 

$

(29

)

(5)

 

$

—

 

 

$

4,200

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,220

 

 

$

4,157

 

 

$

(4

)

 

 

 

 

$

5,373

 

 

$

695

 

 

$

2,155

 

 

$

(3

)

 

 

 

 

 

$

2,847

 

International

 

 

52

 

 

 

111

 

 

 

—

 

 

 

 

 

 

163

 

 

 

34

 

 

 

65

 

 

 

—

 

 

 

 

 

 

 

99

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

 

516

 

 

 

6

 

 

 

(15

)

 

$

—

 

 

 

507

 

 

 

303

 

 

 

3

 

 

 

(12

)

 

 

$

—

 

 

 

294

 

Government
   securities

 

 

1,736

 

 

 

7

 

 

 

(39

)

 

 

—

 

 

 

1,704

 

 

 

1,038

 

 

 

4

 

 

 

(18

)

 

 

 

—

 

 

 

1,024

 

Insurance
   contracts(3)

 

 

239

 

 

 

—

 

 

 

—

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(4)

 

 

65

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

65

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

22

 

Total

 

$

3,828

 

 

$

4,281

 

 

$

(58

)

(5)

$

—

 

 

$

8,051

 

 

$

2,092

 

 

$

2,227

 

 

$

(33

)

(5)

 

$

—

 

 

$

4,286

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
(3)
Includes company owned life insurance contracts measured at cash surrender value.
(4)
Dominion Energy includes pending sales of securities of $25 million and $35 million at March 31, 2025 and December 31, 2024, respectively. Virginia Power includes pending sales of securities of $13 million and $22 million at March 31, 2025, and December 31, 2024, respectively.
(5)
Dominion Energy’s fair value of securities in an unrealized loss position was $779 million and $1.4 billion at March 31, 2025 and December 31, 2024, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $481 million and $796 million at March 31, 2025 and December 31, 2024, respectively.

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized
   during the period

 

$

(239

)

 

$

459

 

 

$

(121

)

 

$

242

 

 

Less: Net (gains) losses recognized
   during the period on securities
   sold during the period

 

 

6

 

 

 

(10

)

 

 

4

 

 

 

(9

)

 

Unrealized gains (losses) recognized
   during the period on securities still
   held at period end(1)

 

$

(233

)

 

$

449

 

 

$

(117

)

 

$

233

 

 

 

(1)
Included in other income (expense) and the nuclear decommissioning trust regulatory liability.

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2025 by contractual maturity is as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

29

 

 

$

19

 

Due after one year through five years

 

 

590

 

 

 

314

 

Due after five years through ten years

 

 

382

 

 

 

172

 

Due after ten years

 

 

1,268

 

 

 

847

 

Total

 

$

2,269

 

 

$

1,352

 

 

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

931

 

 

$

695

 

 

$

568

 

 

$

471

 

Realized gains(1)

 

 

11

 

 

 

32

 

 

 

9

 

 

 

23

 

Realized losses(1)

 

 

20

 

 

 

38

 

 

 

15

 

 

 

23

 

 

(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.

Equity Method Investments

Dominion Energy recorded equity earnings (losses) on its investments of $(7) million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of less than $(1) million and $(10) million for the three months ended March 31, 2025 and 2024, respectively, in discontinued operations, including amounts primarily related to its investment in Atlantic Coast Pipeline discussed below. Dominion Energy received distributions of less than $1 million and $131 million for the three months ended March 31, 2025 and 2024, respectively. Dominion Energy made contributions of $1 million and $3 million for the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025 and December 31, 2024, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $2 million and $5 million, respectively, which is primarily attributable to capitalized interest.

Atlantic Coast Pipeline

A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Dominion Energy recorded equity losses related to Atlantic Coast Pipeline of less than $1 million and $11 million for the three months ended March 31, 2025 and 2024, respectively, in discontinued operations.

At March 31, 2025 and December 31, 2024, Dominion Energy has recorded a liability of $6 million and $7 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs.

Dominion Energy expects it could incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows.

Dominion Privatization

In February 2024, Dominion Energy received a distribution of $126 million from Dominion Privatization, which was accounted for as a return of an investment.