UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants’ telephone number	I.R.S. Employer Identification Number
001-08489	DOMINION ENERGY, INC.	54-1229715
000-55337	VIRGINIA ELECTRIC AND POWER COMPANY	54-0418825
	600 East Canal Street Richmond, Virginia 23219 (804) 819-2284

State or other jurisdiction of incorporation or organization of the registrants: Virginia

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Trading Symbol	Title of Each Class	Name of Each Exchange on Which Registered
DOMINION ENERGY, INC.	D	Common Stock, no par value	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Dominion Energy, Inc. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Dominion Energy, Inc. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Dominion Energy, Inc.

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Virginia Electric and Power Company

Large accelerated filer	☐	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☒	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Dominion Energy, Inc. Yes ☐ No ☒ Virginia Electric and Power Company Yes ☐ No ☒

At April 25, 2025, the latest practicable date for determination, Dominion Energy, Inc. had 852,790,571 shares of common stock outstanding and Virginia Electric and Power Company had 324,245 shares of common stock outstanding. Dominion Energy, Inc. is the sole holder of Virginia Electric and Power Company’s common stock.

This combined Form 10-Q represents separate filings by Dominion Energy, Inc. and Virginia Electric and Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Virginia Electric and Power Company makes no representation as to the information relating to Dominion Energy, Inc.’s other operations.

VIRGINIA ELECTRIC AND POWER COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS FILING THIS FORM 10-Q UNDER THE REDUCED DISCLOSURE FORMAT.

1

COMBINED INDEX

		Page Number
	Glossary of Terms	3
	PART I. Financial Information
Item 1.	Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	Controls and Procedures	62
	PART II. Other Information
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 5.	Other Information	63
Item 6.	Exhibits	64

2

GLOSSARY OF TERMS

The following abbreviations or acronyms used in this Form 10-Q are defined below:

Abbreviation or Acronym	Definition
2017 Tax Reform Act	An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017
2023 Biennial Review	Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2021 and ending December 31, 2022 and prospective rate base setting for the succeeding annual periods beginning January 1, 2024 and ending December 31, 2025
2025 Biennial Review	Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2023 and ending December 31, 2024 and prospective rate base setting for the succeeding annual periods beginning January 1, 2026 and ending December 31, 2027
2027 Biennial Review	Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2025 and ending December 31, 2026 and prospective rate base setting for the succeeding annual periods beginning January 1, 2028 and ending December 31, 2029
AFUDC	Allowance for funds used during construction
AOCI	Accumulated other comprehensive income (loss)
ARO	Asset retirement obligation
Atlantic Coast Pipeline	Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy
Atlantic Coast Pipeline Project	A previously proposed approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which would have been owned by Dominion Energy and Duke Energy
bcf	Billion cubic feet
Birdseye	Birdseye Renewable Energy, LLC
BOEM	Bureau of Ocean Energy Management
Brunswick County	A 1,376 MW combined-cycle, natural gas-fired power station in Brunswick County, Virginia
CAA	Clean Air Act
CCR	Coal combustion residual
CEO	Chief Executive Officer
CERCLA	Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund
CFO	Chief Financial Officer
Chesterfield Energy Reliability Center	A proposed 944 MW simple-cycle, natural gas-fired power station in Chesterfield County, Virginia
CO2	Carbon dioxide
CODM	Chief Operating Decision Maker
Companies	Dominion Energy and Virginia Power, collectively
Contracted Energy	Contracted Energy operating segment
Cooling degree days	Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day
Cove Point	Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP)
CPCN	Certificate of Public Convenience and Necessity
CVOW Commercial Project	A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia
CVOW Pilot Project	A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters
CWA	Clean Water Act
DES	Dominion Energy Services, Inc.
DESC	The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities

3

DGI	Dominion Generation, Inc.
DOE	U.S. Department of Energy
Dominion Energy	The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries
Dominion Energy Direct®	A dividend reinvestment and open enrollment direct stock purchase plan
Dominion Energy South Carolina	Dominion Energy South Carolina operating segment
Dominion Energy Virginia	Dominion Energy Virginia operating segment
Dominion Privatization	Dominion Utility Privatization, LLC, a joint venture between Dominion Energy and Patriot
DSM	Demand-side management
Dth	Dekatherm
Duke Energy	The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries
Eagle Solar	Eagle Solar, LLC, a wholly-owned subsidiary of DGI
East Ohio	The East Ohio Gas Company (a subsidiary of Enbridge effective March 2024)
East Ohio Transaction	The sale by Dominion Energy to Enbridge of all issued and outstanding capital stock in Dominion Energy Questar Corporation and its consolidated subsidiaries, which following a reorganization included East Ohio and Dominion Energy Gas Distribution, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on March 6, 2024
Enbridge	The legal entity, Enbridge Inc., one or more of its consolidated subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC and Enbridge Quail Holdings, LLC), or the entirety of Enbridge Inc. and its consolidated subsidiaries
EPA	U.S. Environmental Protection Agency
EPS	Earnings per common share
FERC	Federal Energy Regulatory Commission
FTRs	Financial transmission rights
GAAP	U.S. generally accepted accounting principles
GENCO	South Carolina Generating Company, Inc.
GHG	Greenhouse gas
Greensville County	A 1,605 MW combined-cycle, natural gas-fired power station in Greensville County, Virginia
GTSA	Virginia Grid Transformation and Security Act of 2018
GW	Gigawatt
Heating degree days	Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day
IRA	An Act to Provide for Reconciliation Pursuant to Title II of Senate Concurrent Resolution 14 of the 117th Congress (also known as the Inflation Reduction Act of 2022) enacted on August 16, 2022
ISO	Independent system operator
kV	Kilovolt
LNG	Liquefied natural gas
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
MGD	Million gallons per day
Millstone	Millstone nuclear power station
Moody’s	Moody’s Investors Service
MW	Megawatt
MWh	Megawatt hour
Natural Gas Rate Stabilization Act	Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina
NAV	Net asset value
NND Project	V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina
NOX	Nitrogen oxide
Order 1000	Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development
OSWP	OSW Project LLC, a limited liability company owned by Virginia Power and Stonepeak
ozone season	The period May 1st through September 30th, as determined on a federal level

4

Patriot	Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates
PJM	PJM Interconnection, LLC
PSD	Prevention of significant deterioration
PSNC	Public Service Company of North Carolina, Incorporated (a subsidiary of Enbridge effective September 2024)
PSNC Transaction	The sale by Dominion Energy to Enbridge of all of its membership interests in Fall North Carolina Holdco LLC and its consolidated subsidiaries, which following a reorganization included PSNC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on September 30, 2024
Questar Gas	Questar Gas Company (a subsidiary of Enbridge effective May 2024)
Questar Gas Transaction	The sale by Dominion Energy to Enbridge of all of its membership interests in Fall West Holdco LLC and its consolidated subsidiaries, which following a reorganization included Questar Gas, Wexpro, Wexpro II Company, Wexpro Development Company, Dominion Energy Wexpro Services Company, Questar InfoComm Inc. and Dominion Gas Projects Company, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on May 31, 2024
RGGI	Regional Greenhouse Gas Initiative
Rider BW	A rate adjustment clause associated with the recovery of costs related to Brunswick County
Rider CCR	A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations
Rider CE	A rate adjustment clause associated with the recovery of costs related to certain renewable generation, energy storage and related transmission facilities in Virginia, certain small-scale distributed generation projects and related transmission facilities and, beginning May 2024, power purchase agreements for the energy, capacity, ancillary services and renewable energy credits owned by third parties
Rider GEN	A proposed rate adjustment clause associated with recovery of costs being recovered under Riders BW, GV, four other riders associated with generation facilities and the Virginia LNG Storage Facility
Rider GT	A rate adjustment clause associated with the recovery of costs associated with electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA
ROE	Return on equity
RTO	Regional transmission organization
Santee Cooper	South Carolina Public Service Authority
SCANA	The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries
SCANA Combination	Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA
SCANA Merger Approval Order	Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination
SEC	U.S. Securities and Exchange Commission
Series B Preferred Stock	Dominion Energy’s 4.65% Series B Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
Series C Preferred Stock	Dominion Energy’s 4.35% Series C Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
South Carolina Commission	Public Service Commission of South Carolina
Standard & Poor’s	Standard & Poor’s Ratings Services, a division of S&P Global Inc.
Stonepeak	The legal entity Stonepeak Partners, LLC, one or more of its affiliated investment vehicles (including Dunedin Member LLC) or the entirety of Stonepeak Partners, LLC and its affiliated investment vehicles
Summer	V.C. Summer nuclear power station
VCEA	Virginia Clean Economy Act of March 2020
VEBA	Voluntary Employees’ Beneficiary Association
VIE	Variable interest entity
Virginia Commission	Virginia State Corporation Commission
Virginia LNG Storage Facility	A proposed LNG storage facility in Brunswick and Greensville Counties, Virginia

5

Virginia Power	The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries
VPFS	Virginia Power Fuel Securitization, LLC
Wexpro	The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries (a subsidiary of Enbridge effective May 2024)

6

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
	2025			2024
(millions, except per share amounts)
Operating Revenue	$	4,076		$	3,632
Operating Expenses
Electric fuel and other energy-related purchases		962			959
Purchased electric capacity		9			12
Purchased gas		147			120
Other operations and maintenance		898			855
Depreciation and amortization		582			621
Other taxes		209			202
Impairment of assets and other charges		46			30
Total operating expenses		2,853			2,799
Income from operations		1,223			833
Other income (expense)		5			119
Interest and related charges		480			574
Income from continuing operations including noncontrolling interests before income tax expense		748			378
Income tax expense		55			55
Net Income From Continuing Operations Including Noncontrolling Interests		693			323
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests(1)		(1	)		118
Net Income Including Noncontrolling Interests		692			441
Noncontrolling Interests		46			—
Net Income Attributable to Dominion Energy	$	646		$	441
Amounts Attributable to Dominion Energy
Net income from continuing operations	$	647		$	323
Net income (loss) from discontinued operations		(1	)		118
Net income attributable to Dominion Energy	$	646		$	441
EPS - Basic
Net income from continuing operations	$	0.75		$	0.36
Net income (loss) from discontinued operations		—			0.14
Net income attributable to Dominion Energy	$	0.75		$	0.50
EPS - Diluted
Net income from continuing operations	$	0.75		$	0.36
Net income (loss) from discontinued operations		—			0.14
Net income attributable to Dominion Energy	$	0.75		$	0.50

(1)Includes income tax expense of less than $1 million and $54 million for the three months ended March 31, 2025 and 2024, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

7

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
	2025			2024
(millions)
Net income including noncontrolling interests	$	692		$	441
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities(1)		(16	)		7
Changes in unrealized net gains (losses) on investment securities(2)		13			(26	)
Changes in net unrecognized pension and other postretirement benefit costs (credits)(3)		—			—
Amounts reclassified to net income (loss):
Net derivative (gains) losses-hedging activities(4)		8			7
Net realized (gains) losses on investment securities(5)		2			6
Net pension and other postretirement benefit costs (credits)(6)		(3	)		(1	)
Total other comprehensive income (loss)		4			(7	)
Comprehensive income including noncontrolling interests		696			434
Comprehensive income (loss) attributable to noncontrolling interests		46			—
Comprehensive income attributable to Dominion Energy	$	650		$	434

(1) Net of $5 million and $(1) million tax for the three months ended March 31, 2025 and 2024, respectively.

(2) Net of $(5) million and $10 million tax for the three months ended March 31, 2025 and 2024, respectively.

(3) Net of $— million and $— million tax for the three months ended March 31, 2025 and 2024, respectively.

(4) Net of $(2) million and $(4) million tax for the three months ended March 31, 2025 and 2024, respectively.

(5) Net of $— million and $(2) million tax for the three months ended March 31, 2025 and 2024, respectively.

(6) Net of $— million and $3 million tax for the three months ended March 31, 2025 and 2024, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

8

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2025			December 31, 2024(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents(2)	$	355		$	310
Customer receivables (less allowance for doubtful accounts of $30 at both periods)(2)		2,045			2,169
Other receivables (less allowance for doubtful accounts of $2 at both periods)		323			358
Inventories		1,765			1,764
Regulatory assets(2)		996			992
Derivative assets		251			436
Other(2)		671			584
Total current assets		6,406			6,613
Investments
Nuclear decommissioning trust funds		7,879			8,051
Investment in equity method affiliates		132			138
Other		360			361
Total investments		8,371			8,550
Property, Plant and Equipment
Property, plant and equipment(2)		97,574			94,844
Accumulated depreciation and amortization		(26,405	)		(25,982	)
Total property, plant and equipment, net		71,169			68,862
Deferred Charges and Other Assets
Goodwill		4,143			4,143
Regulatory assets(2)		8,341			8,288
Other(2)		6,125			5,959
Total deferred charges and other assets		18,609			18,390
Total assets	$	104,555		$	102,415

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 15 for amounts attributable to VIEs.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

9

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

	March 31, 2025			December 31, 2024(1)
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year(2)	$	2,070		$	1,725
Short-term debt		2,084			2,500
Accounts payable		995			1,149
Accrued interest, payroll and taxes(2)		897			1,045
Regulatory liabilities		512			579
Supplemental credit facility borrowings		—			—
Other(3)		2,220			2,291
Total current liabilities		8,778			9,289
Long-Term Debt
Long-term debt		35,457			33,034
Securitization bonds(2)		1,054			1,054
Junior subordinated notes		3,222			3,223
Supplemental credit facility borrowings		—			—
Other		216			214
Total long-term debt		39,949			37,525
Deferred Credits and Other Liabilities
Deferred income taxes		6,522			6,412
Deferred investment tax credits		1,089			1,070
Regulatory liabilities		8,793			9,196
Other(2)		8,702			8,731
Total deferred credits and other liabilities		25,106			25,409
Total liabilities		73,833			72,223
Commitments and Contingencies (see Note 17)
Equity
Preferred stock (see Note 16)		991			991
Common stock – no par(4)		24,424			24,383
Retained earnings		2,102			2,035
Accumulated other comprehensive loss		(152	)		(156	)
Shareholders’ equity		27,365			27,253
Noncontrolling interests		3,357			2,939
Total equity		30,722			30,192
Total liabilities and equity	$	104,555		$	102,415

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 15 for amounts attributable to VIEs.

(3) See Note 10 for amounts attributable to related parties.

(4) 1.8 billion shares authorized; 853 million shares and 852 million shares outstanding at March 31, 2025 and December 31, 2024, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

10

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

	Preferred Stock				Common Stock
	Shares		Amount		Shares		Amount		Retained Earnings			AOCI			Shareholders’ Equity			Noncontrolling Interests			Total Equity
(millions, except per share amounts)
December 31, 2023		2	$	1,783		838	$	23,728	$	2,229		$	(173	)	$	27,567		$	—		$	27,567
Net income including noncontrolling interests										441						441			—			441
Issuance of stock						—		31								31						31
Stock awards (net of change in unearned    compensation)						—		4								4						4
Preferred stock dividends (see Note 16)										(20	)					(20	)					(20	)
Common stock dividends ($0.6675    per common share) and distributions										(559	)					(559	)		—			(559	)
Other comprehensive loss, net of tax													(7	)		(7	)					(7	)
Other										—						—						0
March 31, 2024		2	$	1,783		838	$	23,763	$	2,091		$	(180	)	$	27,457		$	—		$	27,457
December 31, 2024		1	$	991		852	$	24,383	$	2,035		$	(156	)	$	27,253		$	2,939		$	30,192
Net income including noncontrolling interests										646						646			46			692
Issuance of stock						1		35								35						35
Stock awards (net of change in unearned    compensation)						—		6								6						6
Contributions from Stonepeak to OSWP																			400			400
Distributions from OSWP to Stonepeak																			(28	)		(28	)
Preferred stock dividends (see Note 16)										(11	)					(11	)					(11	)
Common stock dividends ($0.6675    per common share) and distributions										(569	)					(569	)		—			(569	)
Other comprehensive loss, net of tax													4			4						4
Other										1						1						1
March 31, 2025		1	$	991		853	$	24,424	$	2,102		$	(152	)	$	27,365		$	3,357		$	30,722

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

11

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31,	2025			2024
(millions)
Operating Activities
Net income including noncontrolling interests	$	692		$	441
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)		660			694
Deferred income taxes		82			(237	)
Deferred investment tax benefits		(10	)		(10	)
Impairment of assets and other charges		46			109
Loss from East Ohio Transaction		—			96
Net (gains) losses on nuclear decommissioning trust funds and other investments		116			(294	)
Other adjustments		(7	)		59
Changes in:
Accounts receivable		137			133
Inventories		2			16
Deferred fuel and purchased gas costs, net		(368	)		495
Prepayments and deposits, net		(14	)		42
Accounts payable		(41	)		(126	)
Accrued interest, payroll and taxes		(148	)		153
Net realized and unrealized changes related to derivative activities		123			257
Pension and other postretirement benefits		(70	)		201
Other operating assets and liabilities		(17	)		(47	)
Net cash provided by operating activities		1,183			1,982
Investing Activities
Plant construction and other property additions (including nuclear fuel)		(3,213	)		(2,769	)
Acquisition of solar development projects		(1	)		(161	)
Proceeds from East Ohio Transaction		—			4,275
Proceeds from sales of securities		931			695
Purchases of securities		(955	)		(757	)
Contributions to equity method affiliates		(3	)		(7	)
Distributions from equity method affiliates		—			126
Other		3			(17	)
Net cash provided by (used in) investing activities		(3,238	)		1,385
Financing Activities
Repayment of short-term debt, net		(416	)		(330	)
364-day term loan facility borrowings		—			3,000
Repayment of 364-day term loan facility borrowings		—			(6,774	)
Issuance of long-term debt		3,200			1,000
Repayment and repurchase of long-term debt		(400	)		(942	)
Issuance of securitization bonds		—			1,282
Contributions from Stonepeak to OSWP		400			—
Distributions from OSWP to Stonepeak		(28	)		—
Issuance of common stock		35			31
Common dividend payments		(569	)		(559	)
Other		(55	)		(40	)
Net cash provided by (used in) financing activities		2,167			(3,332	)
Increase in cash, restricted cash and equivalents		112			35
Cash, restricted cash and equivalents at beginning of period		365			301
Cash, restricted cash and equivalents at end of period	$	477		$	336

See Note 2 for disclosure of supplemental cash flow information.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

12

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
	2025		2024
(millions)
Operating Revenue(1)	$	2,765	$	2,489
Operating Expenses
Electric fuel and other energy-related purchases(1)		769		701
Purchased electric capacity		7		13
Other operations and maintenance:
Affiliated suppliers		134		102
Other		476		429
Depreciation and amortization		398		448
Other taxes		97		93
Impairment of assets and other charges (benefits)		46		(17	)
Total operating expenses		1,927		1,769
Income from operations		838		720
Other income (expense)		25		63
Interest and related charges(1)		243		190
Income before income tax expense		620		593
Income tax expense		92		128
Net Income Including Noncontrolling Interests	$	528	$	465
Noncontrolling Interests		46		—
Net Income Attributable to Virginia Power	$	482	$	465

(1)See Note 19 for amounts attributable to affiliates.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

13

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
	2025			2024
(millions)
Net income including noncontrolling interests	$	528		$	465
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging     activities(1)		(7	)		7
Changes in unrealized net gains (losses) on investment     securities(2)		2			(5	)
Amounts reclassified to net income:
Net realized (gains) losses on investment securities(3)		—			1
Total other comprehensive income (loss)		(5	)		3
Comprehensive income including noncontrolling interests		523			468
Comprehensive income (loss) attributable to noncontrolling interests		46			—
Comprehensive income attributable to Virginia Power	$	477		$	468

(1)Net of $2 million and $(1) million tax for the three months ended March 31, 2025 and 2024, respectively.

(2)Net of $— million and $1 million tax for the three months ended March 31, 2025 and 2024, respectively.

(3)Net of $— million and $(1) million tax for the three months ended March 31, 2025 and 2024, respectively.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

14

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2025			December 31, 2024(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents(2)	$	180		$	160
Customer receivables (less allowance for doubtful accounts of $22 and $23)(2)		1,551			1,612
Other receivables (less allowance for doubtful accounts of $2 at both periods)		157			168
Affiliated receivables		32			27
Inventories (average cost method)		1,134			1,148
Derivative assets(3)		54			248
Regulatory assets(2)		659			697
Other(2)		267			194
Total current assets		4,034			4,254
Investments
Nuclear decommissioning trust funds		4,200			4,286
Other		4			4
Total investments		4,204			4,290
Property, Plant and Equipment
Property, plant and equipment(2)		72,852			70,550
Accumulated depreciation and amortization		(18,338	)		(18,033	)
Total property, plant and equipment, net		54,514			52,517
Deferred Charges and Other Assets
Regulatory assets(2)		4,565			4,537
Other(2)(3)		2,986			2,789
Total deferred charges and other assets		7,551			7,326
Total assets	$	70,303		$	68,387

(1)Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.

(2)See Note 15 for amounts attributable to VIEs.

(3)See Note 19 for amounts attributable to affiliates.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

15

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

	March 31, 2025		December 31, 2024(1)
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year(2)	$	1,298	$	548
Short-term debt		244		950
Accounts payable		612		660
Payables to affiliates		162		133
Accrued dividend(3)		—		407
Affiliated current borrowings		1,675		500
Accrued interest, payroll and taxes(2)		453		366
Regulatory liabilities		294		385
Other(2)(3)		1,613		1,688
Total current liabilities		6,351		5,637
Long-Term Debt
Long-term debt		19,361		18,874
Securitization bonds(2)		1,054		1,054
Other		112		110
Total long-term debt		20,527		20,038
Deferred Credits and Other Liabilities
Deferred income taxes		4,145		4,045
Deferred investment tax credits		634		640
Regulatory liabilities		6,277		6,574
Other(2)(3)		6,320		6,300
Total deferred credits and other liabilities		17,376		17,559
Total liabilities		44,254		43,234
Commitments and Contingencies (see Note 17)
Equity
Common stock – no par(4)		8,987		8,987
Other paid-in capital		1,006		1,006
Retained earnings		12,677		12,194
Accumulated other comprehensive income		22		27
Shareholder’s equity		22,692		22,214
Noncontrolling interests		3,357		2,939
Total equity		26,049		25,153
Total liabilities and equity	$	70,303	$	68,387

(1)Virginia Power’s Consolidated Balance Sheet at December 31, 2024 has been derived from the audited Consolidated Balance Sheet at that date.

(2)See Note 15 for amounts attributable to VIEs.

(3)See Note 19 for amounts attributable to affiliates.

(4)500,000 shares authorized; 324,245 shares outstanding at both March 31, 2025 and December 31, 2024.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

16

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

	Common Stock
	Shares		Amount		Other Paid- In Capital		Retained Earnings			AOCI			Shareholder's Equity			Noncontrolling Interests			Total Equity
(millions, except for shares)	(thousands)
December 31, 2023		324	$	8,987	$	1,113	$	11,541		$	16		$	21,657		$	—		$	21,657
Net income								465						465						465
Dividends								(250	)					(250	)					(250	)
Other comprehensive    income, net of tax											3			3						3
Other								1						1						1
March 31, 2024		324	$	8,987	$	1,113	$	11,757		$	19		$	21,876		$	—		$	21,876
																			0
December 31, 2024		324	$	8,987	$	1,006	$	12,194		$	27		$	22,214		$	2,939		$	25,153
Net income including     noncontrolling interests								482						482			46			528
Contributions from Stonepeak     to OSWP																	400			400
Distributions from OSWP     to Stonepeak																	(28	)		(28	)
Other comprehensive    income, net of tax											(5	)		(5	)					(5	)
Other								1						1						1
March 31, 2025		324	$	8,987	$	1,006	$	12,677		$	22		$	22,692		$	3,357		$	26,049

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

17

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31,	2025			2024
(millions)
Operating Activities
Net income including noncontrolling interests	$	528		$	465
Adjustments to reconcile net income including noncontrolling interests to    net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)		439			486
Deferred income taxes		75			284
Deferred investment tax benefits		(6	)		(6	)
Impairment of assets and other charges (benefits)		46			(17	)
Net (gains) losses on nuclear decommissioning trust funds and other investments		11			(39	)
Other adjustments		(26	)		(3	)
Changes in:
Accounts receivable		66			109
Affiliated receivables and payables		24			(177	)
Inventories		13			(13	)
Prepayments and deposits, net		1			34
Deferred fuel expenses, net		(323	)		131
Accounts payable		39			(64	)
Accrued interest, payroll and taxes		87			121
Net realized and unrealized changes related to derivative activities		121			107
Other operating assets and liabilities		47			57
Net cash provided by operating activities		1,142			1,475
Investing Activities
Plant construction and other property additions		(2,669	)		(2,058	)
Purchases of nuclear fuel		(54	)		(44	)
Acquisition of solar development projects		(1	)		—
Proceeds from sales of securities		568			471
Purchases of securities		(588	)		(516	)
Other		16			2
Net cash used in investing activities		(2,728	)		(2,145	)
Financing Activities
Repayment of short-term debt, net		(706	)		(455	)
Issuance (repayment) of affiliated current borrowings, net		1,175			(499	)
Issuance of long-term debt		1,250			1,000
Repayment of long-term debt		—			(350	)
Issuance of securitization bonds		—			1,282
Contributions from Stonepeak to OSWP		400			—
Distributions from OSWP to Stonepeak		(28	)		—
Common dividend payments to parent		(407	)		(250	)
Other		(10	)		(23	)
Net cash provided by financing activities		1,674			705
Increase in cash, restricted cash and equivalents		88			35
Cash, restricted cash and equivalents at beginning of period		206			90
Cash, restricted cash and equivalents at end of period	$	294		$	125

See Note 2 for disclosure of supplemental cash flow information.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

18

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England, and serves primarily electric utility customers in Virginia, North Carolina and South Carolina through its subsidiaries, Virginia Power and DESC. Dominion Energy also has nonregulated operations that consist primarily of long-term contracted electric generation operations.

Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into the PJM wholesale electricity markets. All of Virginia Power’s stock is owned by Dominion Energy.

Note 2. Significant Accounting Policies

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2025 and results of operations, changes in equity and cash flows for the three months ended March 31, 2025 and 2024. Such adjustments are normal and recurring in nature unless otherwise noted.

The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. Stonepeak’s 50% ownership interest in OSWP is reflected as noncontrolling interest in the Companies’ Consolidated Financial Statements.

The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors.

Certain amounts in the Companies’ 2024 Consolidated Financial Statements and Notes have been reclassified to conform to the 2025 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, with the exception of the items described below.

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024:

	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	March 31, 2025		March 31, 2024		December 31, 2024		December 31, 2023
(millions)
Dominion Energy
Cash and cash equivalents(1)	$	355	$	306	$	310	$	217
Restricted cash and    equivalents(2)(3)(4)		122		30		55		84
Cash, restricted cash and    equivalents shown in the    Consolidated Statements    of Cash Flows	$	477	$	336	$	365	$	301
Virginia Power
Cash and cash equivalents	$	180	$	119	$	160	$	90
Restricted cash and    equivalents(3)(4)		114		6		46		—
Cash, restricted cash and    equivalents shown in the    Consolidated Statements    of Cash Flows	$	294	$	125	$	206	$	90

(1)At March 31, 2024 and December 31, 2023, Dominion Energy had $41 million and $33 million, respectively, of cash and cash equivalents included in assets held for sale.

(2)At both March 31, 2024 and December 31, 2023, Dominion Energy had $4 million of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other assets in Dominion Energy’s Consolidated Balance Sheets.

(3)Includes $108 million, $41 million and $6 million at VPFS attributable to VIEs at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

19

(4)Unless otherwise noted, restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.

Supplemental Cash Flow Information

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:

Three Months Ended March 31,	2025		2024
(millions)
Significant noncash investing    and financing activities:(1)
Accrued capital expenditures	$	1,037	$	753
Leases(2)		68		161

(1)See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio Transaction.

(2)Includes $11 million and $26 million of financing leases at March 31, 2025 and 2024, respectively, and $57 million and $135 million of operating leases at March 31, 2025 and 2024, respectively.

The following table provides supplemental disclosure of cash flow information related to Virginia Power:

Three Months Ended March 31,	2025		2024
(millions)
Significant noncash investing    and financing activities:
Accrued capital expenditures	$	851	$	566
Leases(1)		50		142

(1)Includes $9 million and $22 million of financing leases at March 31, 2025 and 2024, respectively, and $41 million and $120 million of operating leases at March 31, 2025 and 2024, respectively.

Note 3. Acquisitions and Dispositions

Business Review Dispositions

Sale of East Ohio

In September 2023, Dominion Energy entered into an agreement with Enbridge for the East Ohio Transaction, which included the sale of East Ohio and was valued at approximately $6.6 billion, consisting of a purchase price of approximately $4.3 billion in cash and approximately $2.3 billion of assumed indebtedness. The sale closed in March 2024 after all customary closing and regulatory conditions were satisfied, including completion of an internal reorganization, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. Dominion Energy utilized the after-tax proceeds, as required, to repay outstanding borrowings under 364-day term loan facilities. See Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information. The purchase price was subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. The transaction was structured as a stock sale for tax purposes.

Dominion Energy retained the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants in both East Ohio’s union pension and other postretirement benefit plans and retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. Dominion Energy recognized a pre-tax loss of $97 million ($109 million after-tax) upon the closing of the transaction, including the write-off of $1.5 billion of goodwill which was not deductible for tax purposes and including the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $29 million to reflect the recognition of deferred taxes on the outside basis of East Ohio’s stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 upon closing of the sale and became a component of current income tax expense on the loss on sale disclosed above. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.

At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Sale of PSNC

In September 2024, after satisfying all customary closing and regulatory conditions as well as the completion of an internal reorganization, Dominion Energy completed the PSNC Transaction entered in September 2023 and entered into a transition services agreement with Enbridge, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Sale of Questar Gas and Wexpro

In May 2024, after satisfying all customary closing and regulatory conditions as well as the completion of an internal reorganization, Dominion Energy completed the Questar Gas Transaction entered in September 2023 and entered into a transition services agreement with Enbridge, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

In 2023, Dominion Energy recorded a charge of $236 million ($231 million after-tax), including amounts associated with an impairment of goodwill. Based on the recorded balances at March 31, 2024, Dominion Energy recorded an additional charge of $78 million ($78 million after-tax), including amounts associated with an impairment of goodwill, in the first quarter of 2024. Following the internal reorganization noted above and upon closing of the East Ohio Transaction, Dominion Energy recorded a tax benefit of $5 million. In 2023, Dominion Energy recorded a charge of $472 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 and became a component of current income tax expense. In addition, Dominion Energy recorded an incremental deferred tax benefit of $10 million to reflect the deferred taxes on the outside basis

20

of Questar Gas, Wexpro and related affiliates’ stock in the first quarter of 2024. These deferred taxes reversed in the second quarter of 2024 upon closing of the sale and became a component of current income tax expense on the pre-tax loss on sale. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.

Other Sales

In April 2024, Dominion Energy completed the sale of Birdseye and the Madison solar project, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Financial Statement Information for Business Review Dispositions

The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:

	Three Months Ended March 31, 2024
	East Ohio Transaction(1)			PSNC Transaction		Questar Gas Transaction		Other
(millions)
Operating revenue	$	229		$	298	$	695	$	—
Operating expense(2)		247			158		575		1
Other income    (expense)		(17	)		3		1		—
Interest and related    charges		15			14		16		—
Income (loss) before    income taxes		(50	)		129		105		(1	)
Income tax expense    (benefit)		11			31		84		—
Net income (loss)    attributable to    Dominion Energy(3)	$	(61	)	$	98	$	21	$	(1	)

(1)Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.

(2)East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.

(3)Excludes $(69) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024.

Capital expenditures and significant noncash items relating to the disposal groups included the following:

	Three Months Ended March 31, 2024
	East Ohio Transaction(1)		PSNC Transaction		Questar Gas Transaction		Other
(millions)
Capital expenditures	$	65	$	82	$	100	$	—
Significant noncash    items
Depreciation,    depletion and    amortization		—		—		—		—
Accrued capital    expenditures				55		20		—

(1)Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.

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.

21

Note 5. Income Taxes

For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

	Dominion Energy						Virginia Power
Three Months Ended March 31,	2025			2024			2025			2024
U.S. statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
Increases (reductions) resulting from:
State taxes, net of federal    benefit		4.8			2.8			4.4			4.4
Investment tax credits		(3.1	)		(2.4	)		(0.9	)		(0.7	)
Production tax credits		(6.1	)		(1.8	)		(4.4	)		(0.9	)
Reversal of excess deferred    income taxes		(2.1	)		(3.9	)		(1.9	)		(1.7	)
Remeasurements and     settlements of uncertain     tax positions		(4.0	)		—			—			—
AFUDC - equity		(1.0	)		(1.3	)		(1.1	)		(0.7	)
Absence of tax on     noncontrolling interest		(2.2	)		—			(2.5	)
Other, net		0.1			0.1			0.2			0.2
Effective tax rate		7.4	%		14.5	%		14.8	%		21.6	%

The IRA created a nuclear production tax credit for electricity produced and sold beginning in 2024 and a clean fuel production tax credit for clean fuel produced and sold beginning in 2025. For the three months ended March 31, 2025, Dominion Energy’s and Virginia Power’s effective tax rate includes a $19 million income tax benefit for the nuclear production tax credit. For the same period, Dominion Energy’s effective tax rate includes a $14 million income tax benefit for the clean fuel production tax credit. The ultimate nuclear and clean fuel production tax credits realized by the Companies could vary significantly based on pending final U.S. Treasury guidance. No amounts were realized for the three months ended March 31, 2024.

As of March 31, 2025, Dominion Energy’s effective tax rate reflects an income tax net benefit of $18 million reflecting a $30 million remeasurement of an unrecognized tax benefit partially deferred to regulatory liabilities. During the first quarter of 2025, Dominion Energy realized substantially all of its unrecognized tax benefits in continuing operations that were outstanding as of December 31, 2024. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of these unrecognized tax benefits.

Discontinued operations

Income tax expense reflected in discontinued operations is less than $1 million and $54 million for the three months ended March 31, 2025 and 2024, respectively. See Note 3 for a discussion of tax expense reflected in discontinued operations during the first quarter of 2024.

Note 6. Earnings Per Share

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:

	Year-to-Date
Three Months Ended March 31,	2025			2024
(millions, except EPS)
Net income attributable to Dominion Energy from    continuing operations	$	647		$	323
Preferred stock dividends (see Note 16)		(11	)		(20	)
Net income attributable to Dominion Energy from    continuing operations - Basic & Diluted		636			303
Net income (loss) attributable to Dominion Energy from    discontinued operations - Basic & Diluted	$	(1	)	$	118
Average shares of common stock outstanding - Basic		852.2			837.6
Net effect of dilutive securities(1)		—			—
Average shares of common stock outstanding - Diluted		852.2			837.6
EPS from continuing operations - Basic	$	0.75		$	0.36
EPS from discontinued operations - Basic	$	—			0.14
EPS attributable to Dominion Energy - Basic	$	0.75		$	0.50
EPS from continuing operations - Diluted	$	0.75		$	0.36
EPS from discontinued operations - Diluted	$	—			0.14
EPS attributable to Dominion Energy - Diluted	$	0.75		$	0.50

(1)Dilutive securities for 2025 consists of certain forward sales agreements entered into in the fourth quarter of 2024 and first quarter of 2025 (applying the treasury stock method).

Certain of the forward sales agreements entered into in the fourth quarter of 2024 and first quarter of 2025 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 2025 as the dilutive stock price threshold was not met.

22

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Pension and other postretirement benefit costs(4)(5)			Total
(millions)
Three Months Ended March 31, 2025
Beginning balance	$	(171	)	$	(14	)	$	29		$	(156	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		(16	)		13			—			(3	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		10			—			—			10
Other income (expense)		—			2			(3	)		(1	)
Total		10			2			(3	)		9
Income tax expense (benefit)		(2	)		—			—			(2	)
Total, net of tax		8			2			(3	)		7
Net current period other comprehensive income (loss)		(8	)		15			(3	)		4
Ending balance	$	(179	)	$	1		$	26		$	(152	)
Three Months Ended March 31, 2024
Beginning balance	$	(216	)	$	—		$	43		$	(173	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		7			(26	)		—			(19	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		11			—			—			11
Other income (expense)		—			8			(4	)		4
Total		11			8			(4	)		15
Income tax expense (benefit)		(4	)		(2	)		3			(3	)
Total, net of tax		7			6			(1	)		12
Net current period other comprehensive income (loss)		14			(20	)		(1	)		(7	)
Ending balance	$	(202	)	$	(20	)	$	42		$	(180	)

(1)Comprised entirely of interest rate derivative hedging activities.

(2)Net of $61 million, $58 million, $68 million and $73 million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.

(3)Net of $— million, $5 million, $6 million and $(2) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.

(4)Comprised entirely of prior service cost.

(5)Net of $(9) million, $(9) million, $(10) million and $(14) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.

23

Virginia Power

The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Total
(millions)
Three Months Ended March 31, 2025
Beginning balance	$	28		$	(1	)	$	27
Other comprehensive income (loss) before     reclassifications: gains (losses)		(7	)		2			(5	)
Amounts reclassified from AOCI: (gains) losses
Other income (expense)		—			—			—
Total		—			—			—
Income tax expense (benefit)		—			—			—
Total, net of tax		—			—			—
Net current period other comprehensive income (loss)		(7	)		2			(5	)
Ending balance	$	21		$	1		$	22
Three Months Ended March 31, 2024
Beginning balance	$	15		$	1		$	16
Other comprehensive income (loss) before reclassifications: gains (losses)		7			(5	)		2
Amounts reclassified from AOCI: (gains) losses
Other income (expense)		—			2			2
Total		—			2			2
Income tax expense (benefit)		—			(1	)		(1	)
Total, net of tax		—			1			1
Net current period other comprehensive income (loss)		7			(4	)		3
Ending balance	$	22		$	(3	)	$	19

(1)Comprised entirely of interest rate derivative hedging activities.

(2)Net of $(7) million, $(10) million, $(7) million and $(5) million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.

(3)Net of $— million, $— million, $1 million and $— million tax at March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.

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Note 8. Fair Value Measurements

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. See Note 9 for additional information about the Companies’ derivatives and hedge accounting activities.

The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable.

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at March 31, 2025. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility.

			Dominion Energy				Virginia Power
	Valuation Techniques	Unobservable Input	Fair Value (millions)		Range	Weighted -average(1)	Fair Value (millions)		Range	Weighted -average(1)
Assets
Physical and financial forwards:
Natural gas(2)	Discounted cash flow	Market price (per Dth)(3)	$	11	(2)-5	(1)	$	11	(2)-4	(1)
FTRs	Discounted cash flow	Market price (per MWh)(3)		19	(4)-8	4		19	(4)-8	4
Electricity	Discounted cash flow	Market price (per MWh)(3)		178	29-117	48
Physical options:
Natural gas(2)	Option model	Market price (per Dth)(3)		76	3-8	4
		Price volatility(4)			11%-74%	44%
Total assets			$	284			$	30
Liabilities
Physical and financial forwards:
Natural gas(2)	Discounted cash flow	Market price (per Dth)(3)	$	2	(2)-4	(1)	$	2	(2)-4	(1)
FTRs	Discounted cash flow	Market price (per MWh)(3)		2	(6)-6	2		2	(6)-6	2
Electricity	Discounted cash flow	Market price (per MWh)(3)		11	30-117	55
Total liabilities			$	15			$	4

(1)Averages weighted by volume.

(2)Includes basis.

(3)Represents market prices beyond defined terms for Levels 1 and 2.

(4)Represents volatilities unrepresented in published markets.

Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:

Significant Unobservable Inputs	Position	Change to Input	Impact on Fair Value Measurement
Market price	Buy	Increase (decrease)	Gain (loss)
Market price	Sell	Increase (decrease)	Loss (gain)
Price volatility	Buy	Increase (decrease)	Gain (loss)
Price volatility	Sell	Increase (decrease)	Loss (gain)

25

Recurring Fair Value Measurements

The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:

	Dominion Energy								Virginia Power
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
(millions)
March 31, 2025
Assets
Derivatives:
Commodity	$	—	$	117	$	284	$	401	$	—	$	33	$	30	$	63
Interest rate		—		654		—		654		—		40		—		40
Foreign currency exchange rate		—		9		—		9		—		9		—		9
Investments(1):
Equity securities:
U.S.		5,186		2		—		5,188		2,662		2		—		2,664
International		162		—		—		162		97		—		—		97
Fixed income:
Corporate debt instruments		—		522		—		522		—		299		—		299
Government securities		150		1,650		—		1,800		91		961		—		1,052
Cash equivalents and other		29		—		—		29		—		—		—		—
Total assets	$	5,527	$	2,954	$	284	$	8,765	$	2,850	$	1,344	$	30	$	4,224
Liabilities
Derivatives:
Commodity	$	—	$	135	$	15	$	150	$	—	$	41	$	4	$	45
Interest rate		—		204		—		204		—		17		—		17
Foreign currency exchange rate		—		121		—		121		—		121		—		121
Total liabilities	$	—	$	460	$	15	$	475	$	—	$	179	$	4	$	183
December 31, 2024
Assets
Derivatives:
Commodity	$	—	$	95	$	399	$	494	$	—	$	45	$	70	$	115
Interest rate		—		875		—		875		—		230		—		230
Foreign currency exchange rate		—		30		—		30		—		30		—		30
Investments(1):
Equity securities:
U.S.		5,403		2		—		5,405		2,769		2		—		2,771
International		165		—		—		165		99		—		—		99
Fixed income:
Corporate debt instruments		—		518		—		518		—		294		—		294
Government securities		138		1,605		—		1,743		85		939		—		1,024
Cash equivalents and other		29		—		—		29		—		—		—		—
Total assets	$	5,735	$	3,125	$	399	$	9,259	$	2,953	$	1,540	$	70	$	4,563
Liabilities
Derivatives:
Commodity	$	—	$	108	$	15	$	123	$	—	$	31	$	2	$	33
Interest rate		—		197		—		197		—		—		—		—
Foreign currency exchange rate		—		192		—		192		—		192		—		192
Total liabilities	$	—	$	497	$	15	$	512	$	—	$	223	$	2	$	225

(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $209 million and $212 million of assets at Dominion Energy, inclusive of $75 million and $76 million at Virginia Power, at March 31, 2025 and December 31, 2024, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

26

The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:

	Dominion Energy						Virginia Power
Period Ended March 31,	2025			2024			2025			2024
(millions)
Beginning balance	$	384		$	86		$	68		$	(116	)
Total realized and unrealized    gains (losses):
Included in earnings:
Operating revenue		13			(8	)
Electric fuel and other energy- related purchases		(25	)		(121	)		(27	)		(119	)
Discontinued operations		—			(1	)
Included in regulatory assets/     liabilities		(107	)		131			(32	)		77
Settlements		4			76			17			100
Purchases		—			27			—			20
Ending balance	$	269		$	190		$	26		$	(38	)

Dominion Energy had $13 million and $(8) million of unrealized gains (losses) included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2025 and 2024, respectively. Virginia Power had no unrealized gains or losses for the three months ended March 31, 2025 and 2024.

Fair Value of Financial Instruments

Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

	Dominion Energy				Virginia Power
	Carrying Amount		Estimated Fair Value(1)		Carrying Amount		Estimated Fair Value(1)
(millions)
March 31, 2025
Long-term debt(2)	$	37,306	$	35,292	$	20,461	$	19,010
Securitization bonds(3)		1,217		1,231		1,217		1,231
Junior subordinated notes(2)		3,222		3,337
December 31, 2024
Long-term debt(2)	$	34,533	$	32,167	$	19,224	$	17,578
Securitization bonds(3)		1,217		1,218	$	1,217	$	1,218
Junior subordinated notes(2)		3,223		3,372

(1)Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.

(2)Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at March 31, 2025 and December 31, 2024.

(3)Carrying amount includes current portions included in securities due within one year.

27

Note 9. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments and cash collateral or other instruments under master netting or similar arrangements are discussed in Notes 2 and 7 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. See Note 8 for additional information about fair value measurements and associated valuation methods for derivatives. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.

Balance Sheet Presentation

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.

28

	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.

Volumes

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.

29

AOCI

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

The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates.

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.

30

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.

	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.

31

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	)				$