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Derivatives and Hedge Accounting Activities (Tables)

3 Months Ended

Mar. 31, 2025

The tables below present the Companies’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:


	Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet								Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts		Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts
(millions)
March 31, 2025
Commodity contracts:
Over-the-counter	$	153	$	8	$	—	$	145	$	32	$	7	$	—	$	25
Exchange		82		82		—		—		1		1		—		—
Interest rate contracts:
Over-the-counter		654		178		—		476		40		1		—		39
Foreign currency exchange rate contracts:
Over-the-counter		9		9		—		—		9		9		—		—
Total derivatives, subject to a master netting or similar arrangement	$	898	$	277	$	—	$	621	$	82	$	18	$	—	$	64
December 31, 2024
Commodity contracts:
Over-the-counter	$	197	$	20	$	—	$	177	$	95	$	14	$	—	$	81
Exchange		55		54		—		1		2		1		—		1
Interest rate contracts:
Over-the-counter		875		197		—		678		230		—		—		230
Foreign currency exchange rate contracts:
Over-the-counter		30		30		—		—		30		30		—		—
Total derivatives, subject to a master netting or similar arrangement	$	1,157	$	301	$	—	$	856	$	357	$	45	$	—	$	312

(1)

Excludes derivative assets of $166 million and $242 million at Dominion Energy and $30 million and $18 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or other similar arrangements.

Offsetting Liabilities


	Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet								Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Liabilities Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Paid		Net Amounts		Gross Liabilities Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Paid		Net Amounts
(millions)
March 31, 2025
Commodity contracts:
Over-the-counter	$	44	$	8	$	—	$	36	$	40	$	7	$	—	$	33
Exchange		96		82		14		—		2		1		1		—
Interest rate contracts:
Over-the-counter		204		178		—		26		17		1		—		16
Foreign currency exchange rate contracts:
Over-the-counter		121		9		—		112		121		9		—		112
Total derivatives, subject to a master netting or similar arrangement	$	465	$	277	$	14	$	174	$	180	$	18	$	1	$	161
December 31, 2024
Commodity contracts:
Over-the-counter	$	42	$	20	$	—	$	22	$	15	$	14	$	—	$	1
Exchange		74		54		20		—		1		1		—		—
Interest rate contracts:
Over-the-counter		197		197		—		—		—		—		—		—
Foreign currency exchange rate contracts:
Over-the-counter		192		30		—		162		192		30		—		162
Total derivatives, subject to a master netting or similar arrangement	$	505	$	301	$	20	$	184	$	208	$	45	$	—	$	163

(1)

Excludes derivative liabilities of $10 million and $7 million at Dominion Energy and $3 million and $17 million at Virginia Power at March 31, 2025 and December 31, 2024, respectively, which are not subject to master netting or similar arrangements.

Schedule of Volume of Derivative Activity

The following table presents the volume of the Companies’ derivative activity at March 31, 2025. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.


	Dominion Energy				Virginia Power
	Current		Noncurrent		Current		Noncurrent
Natural Gas (bcf):
Fixed price		23		18		23		18
Basis(1)		192		352		151		321
Electricity (MWh in millions):
Fixed price		16		32		7
FTRs		18				18
Interest rate(2) (in millions)	$	1,137	$	12,476	$	112	$	3,363
Foreign currency exchange rate(2) (in millions)
Danish Krone	1,944 kr.		419 kr.		1,944 kr.		419 kr.
Euro	€106		€832		€106		€832

(1)

Includes options.

(2)

Maturity is determined based on final settlement period.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at March 31, 2025:


	Dominion Energy							Virginia Power
	AOCI After-Tax			Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax			Maximum Term (months)	AOCI After-Tax		Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax		Maximum Term (months)
(millions)
Interest rate	$	(179	)	$	(28	)	381	$	21	$	1	381
Total	$	(179	)	$	(28	)		$	21	$	1

Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of the Companies’ derivatives and where they are presented in their Consolidated Balance Sheets:


	Dominion Energy				Virginia Power
	Assets		Liabilities		Assets		Liabilities
(millions)
At March 31, 2025
Current derivatives not under cash flow hedge accounting
Commodity	$	145	$	117	$	40	$	44
Interest rate		92		12
Foreign currency exchange rate		9		78		9		78
Current derivatives under cash flow hedge accounting
Interest rate		5		—		5		—
Total current derivatives(1)	$	251	$	207	$	54	$	122
Noncurrent derivatives not under cash flow hedge accounting
Commodity	$	256	$	33	$	23	$	1
Interest rate		522		162
Foreign currency exchange rate		—		43		—		43
Noncurrent derivatives under cash flow hedge accounting
Interest rate		35		30		35		17
Total noncurrent derivatives(2)		813		268		58		61
Total derivatives	$	1,064	$	475	$	112	$	183
At December 31, 2024
Current derivatives not under cash flow hedge accounting
Commodity	$	171	$	78	$	84	$	32
Interest rate		101		22
Foreign currency exchange rate		27		107		27		107
Current derivatives under cash flow hedge accounting
Interest rate		137		—		137		—
Total current derivatives(1)	$	436	$	207	$	248	$	139
Noncurrent derivatives not under cash flow hedge accounting
Commodity	$	323	$	45	$	31	$	1
Interest rate		544		175
Foreign currency exchange rate		3		85		3		85
Noncurrent derivatives under cash flow hedge accounting
Interest rate		93		—		93		—
Total noncurrent derivatives(2)		963		305		127		86
Total derivatives	$	1,399	$	512	$	375	$	225

(1)

Current derivative liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets.

(2)

Noncurrent derivative assets are presented in other deferred charges and other assets and noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables present the gains and losses on the Companies’ derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.


	Dominion Energy									Virginia Power
Derivatives in cash flow hedging relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives(1)			Amount of Gain (Loss) Reclassified from AOCI to Income			Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2)			Amount of Gain (Loss) Recognized in AOCI on Derivatives(1)			Amount of Gain (Loss) Reclassified from AOCI to Income		Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2)
(millions)
Three Months Ended March 31, 2025
Derivative type and location of gains (losses):
Interest rate(3)	$	(21	)	$	(10	)	$	(100	)	$	(9	)	$	—	$	(101	)
Total	$	(21	)	$	(10	)	$	(100	)	$	(9	)	$	—	$	(101	)
Three Months Ended March 31, 2024
Derivative type and location of gains (losses):
Interest rate(3)	$	8		$	(11	)	$	88		$	8		$	—	$	88
Total	$	8		$	(11	)	$	88		$	8		$	—	$	88

(1)

Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.

(2)

Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.

(3)

Amounts recorded in the Companies’ Consolidated Statements of Income are classified in interest and related charges.

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance


	Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)
Derivatives not designated as hedging instruments	Dominion Energy						Virginia Power
Period Ended March 31,	2025			2024			2025			2024
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue	$	(39	)	$	76		$	(10	)	$	41
Electric fuel and other energy-related purchases		(34	)		(148	)		(36	)		(146	)
Discontinued operations		—			(24	)
Interest rate:
Interest and related charges		3			(78	)
Total	$	(70	)	$	(174	)	$	(46	)	$	(105	)

(1)

Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.

(2)

Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.