Operating Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Operating Segments

Note 21. Operating Segments

The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:

Primary Operating Segment	Description of Operations	Dominion Energy	Virginia Power
Dominion Energy    Virginia	Regulated electric distribution	X	X
	Regulated electric transmission	X	X
	Regulated electric generation    fleet(1)	X	X
Dominion Energy    South Carolina	Regulated electric distribution	X
	Regulated electric transmission	X
	Regulated electric generation    fleet	X
	Regulated gas distribution    and storage	X
Contracted Energy(2)	Nonregulated electric    generation fleet	X

(1)Includes Virginia Power’s non-jurisdictional solar generation operations.

(2)Includes renewable natural gas operations.

In addition to the operating segments above, the Companies also report a Corporate and Other segment.

Dominion Energy

The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), Questar Gas (through May 2024) and PSNC (through September 2024) Transactions, certain solar generation facility development operations (through April 2024) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 of this report as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2024.

Dominion Energy’s CODM is the CEO. The Dominion Energy CODM uses net income (loss) as the primary profit or loss measure at each segment. The Dominion Energy CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.

In the three months ended March 31, 2025, Dominion Energy reported after-tax net expenses of $176 million in the Corporate and Other segment, including $157 million of after-tax net expenses for specific items with $151 million of after-tax net expenses attributable to its operating segments. In the three months ended March 31, 2024, Dominion Energy reported after-tax net expenses of $185 million in the Corporate and Other segment, including $44 million of after-tax net expenses for specific items with $124 million of after-tax net income attributable to its operating segments.

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2025 primarily related to the impact of the following items:

•A $132 million ($95 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Energy ($84 million after-tax); and

•Dominion Energy Virginia ($11 million after-tax);

•An $82 million ($61 million after-tax) loss associated with severe weather events, attributable to Dominion Energy Virginia;

•A $28 million ($21 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; and

•A $23 million ($17 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project, attributable to Dominion Energy Virginia.

The net income for specific items attributable to Dominion Energy’s operating segments in 2024 primarily related to the impact of the following items:

•A $266 million ($202 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Energy ($175 million after-tax); and

•Dominion Energy Virginia ($27 million after-tax);

•A $61 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; and

•A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy.

The following table presents segment information pertaining to Dominion Energy’s operations:

Three Months Ended March 31,	Dominion Energy Virginia			Dominion Energy South Carolina			Contracted Energy			Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions)
2025
Total revenue from external customers	$	2,795		$	949		$	304		$	28		$	—		$	4,076
Intersegment revenue		(1	)		2			3			310			(314	)		—
Total Operating Revenue		2,794			951			307			338			(314	)		4,076
Electric fuel and other energy-related purchases(1)		769			167			29			—			(3	)		962
Purchased electric capacity(1)		7			2			—			—			—			9
Purchased gas(1)		—			147			—			—			—			147
Other operations and maintenance(1)(2)		559			178			111			404			(308	)		944
Depreciation and amortization(1)		397			141			22			22			—			582
Other taxes(1)		97			79			15			21			(3	)		209
Total Operating Expenses		1,829			714			177			447			(314	)		2,853
Interest and related charges(1)		245			71			8			205			(49	)		480
Income tax expense (benefit)(1)		132			18			35			(130	)		—			55
Equity in earnings (losses) of equity method    investees(3)		—			—			—			(7	)		—			(7	)
Other income (expense)(3)		35			—			(7	)		(51	)		—			(23	)
Interest income(3)		6			4			29			45			(49	)		35
Net Loss from Discontinued Operations    Including Noncontrolling Interests		—			—			—			(1	)		—			(1	)
Noncontrolling Interests		68			—			—			(22	)		—			46
Net Income (Loss) Attributable to    Dominion Energy		561			152			109			(176	)		—			646
Investment in equity method investees(4)		—			—			91			41			—			132
Capital expenditures		2,724			297			179			14			—			3,214
Total assets (billions)		71.9			18.5			9.8			10.4			(6.0	)		104.6
2024
Total revenue from external customers	$	2,489		$	892		$	306		$	(55	)	$	—		$	3,632
Intersegment revenue		—			1			2			234			(237	)		—
Total Operating Revenue		2,489			893			308			179			(237	)		3,632
Electric fuel and other energy-related purchases(1)		701			233			26			—			(1	)		959
Purchased electric capacity(1)		13			(1	)		—			—			—			12
Purchased gas(1)		—			120			—			—			—			120
Other operations and maintenance(1)(2)		533			166			104			316			(234	)		885
Depreciation and amortization(1)		445			136			18			22			—			621
Other taxes(1)		93			75			14			22			(2	)		202
Total Operating Expenses		1,785			729			162			360			(237	)		2,799
Interest and related charges(1)		192			67			9			342			(36	)		574
Income tax expense (benefit)(1)		116			18			38			(117	)		—			55
Other income (expense)(3)		21			(1	)		(21	)		67			—			66
Interest income(3)		7			2			44			36			(36	)		53
Net Income From Discontinued Operations    Including Noncontrolling Interests		—			—			—			118			—			118
Net Income (Loss) Attributable to    Dominion Energy		424			80			122			(185	)		—			441
Capital expenditures		2,102			268			313			247			—			2,930

(1)The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.

(2)Includes impairment of assets and other charges (benefits).

(3)Items designated are other segment items for each reportable segment.

(4)Excludes liability to Atlantic Coast Pipeline.

Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations.

Virginia Power

The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.

Virginia Power’s CODM is the CEO. The Virginia Power CODM uses net income (loss) as the primary profit or loss measure at each segment. The Virginia Power CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.

In the three months ended March 31, 2025, Virginia Power reported after-tax net expenses of $79 million in the Corporate and Other segment, including $88 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2024, Virginia Power reported after-tax net income of $41 million in the Corporate and Other segment, including $39 million of after-tax net income for specific items all of which was attributable to its operating segment.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2025 primarily related to the impact of the following items:

•An $82 million ($61 million after-tax) loss associated with severe weather events;

•A $23 million ($17 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project; and

•A $14 million ($11 million after-tax) loss related to investments in nuclear decommissioning trust funds.

The net income for specific items attributable to Virginia Power’s operating segment in 2024 primarily related to the impact of the following item:

•A $37 million ($27 million after-tax) gain related to investments in nuclear decommissioning trust funds.

The following table presents segment information pertaining to Virginia Power’s operations:

Three Months Ended March 31,	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions)
2025
Operating Revenue	$	2,794	$	(29	)	$	2,765
Electric fuel and other energy-related purchases(1)		769		—			769
Purchased electric capacity(1)		7		—			7
Other operations and maintenance(1)(2)		559		97			656
Depreciation and amortization(1)		397		1			398
Other taxes(1)		97		—			97
Total Operating Expenses		1,829		98			1,927
Interest and related charges(1)		245		(2	)		243
Income tax expense (benefit)(1)		132		(40	)		92
Other income (expense)(3)		35		(16	)		19
Interest income(3)		6		—			6
Noncontrolling Interests		68		(22	)		46
Net Income (Loss) Attributable to Virginia Power		561		(79	)		482
Capital expenditures		2,724		—			2,724
Total assets (billions)		70.3		—			70.3
2024
Operating Revenue	$	2,489	$	—		$	2,489
Electric fuel and other energy-related purchases(1)		701		—			701
Purchased electric capacity(1)		13		—			13
Other operations and maintenance(1)(2)		533		(19	)		514
Depreciation and amortization(1)		445		3			448
Other taxes(1)		93		—			93
Total Operating Expenses		1,785		(16	)		1,769
Interest and related charges(1)		192		(2	)		190
Income tax expense(1)		116		12			128
Other income(3)		21		29			50
Interest income(3)		7		6			13
Net Income Attributable to Virginia Power		424		41			465
Capital expenditures		2,102		—			2,102

(1)The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.

(2)Includes impairment of assets and other charges (benefits).

(3)Items designated are other segment items for each reportable segment.