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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 June 30, 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 July 25, 2025, the latest practicable date for determination, Dominion Energy, Inc. had 853,433,625 shares of common stock outstanding and Virginia Electric and Power Company had 354,251 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

60

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

75

Item 4.

Controls and Procedures

76

 

 

 

 

PART II. Other Information

 

 

 

 

Item 1.

Legal Proceedings

77

Item 1A.

Risk Factors

77

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

77

Item 5.

Other Information

77

Item 6.

Exhibits

78

 

 

 

 

 

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.

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

North Anna

 

North Anna nuclear power station

NOX

 

Nitrogen oxide

NRC

 

U.S. Nuclear Regulatory Commission

OBBBA

 

An Act to Provide for Reconciliation Pursuant to Title II of House Concurrent Resolution 14 of the 119th Congress (also known as the One Big Beautiful Bill Act) enacted on July 4, 2025

 

4


 

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

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 DIST

 

A rate adjustment clause associated with the recovery of costs previously being recovered under Riders GT and U

Rider GEN

 

A rate adjustment clause associated with recovery of costs previously 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

Rider GV

 

A rate adjustment clause associated with the recovery of costs related to Greensville County

Rider SNA

 

A rate adjustment clause associated with costs relating to the preparation of the applications for subsequent license renewal to the NRC to extend the operating licenses of Surry and North Anna and related projects

Rider T1

 

A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1

Rider U

 

A rate adjustment clause associated with the recovery of costs of new underground distribution facilities

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

SCESA

 

The South Carolina Energy Security Act of May 2025

SEC

 

U.S. Securities and Exchange Commission

 

5


 

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

Surry

 

Surry 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

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenue

 

$

3,810

 

 

$

3,486

 

 

$

7,886

 

 

$

7,118

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

946

 

 

 

918

 

 

 

1,908

 

 

 

1,877

 

Purchased electric capacity

 

 

18

 

 

 

21

 

 

 

27

 

 

 

33

 

Purchased gas

 

 

43

 

 

 

44

 

 

 

190

 

 

 

164

 

Other operations and maintenance

 

 

883

 

 

 

840

 

 

 

1,781

 

 

 

1,695

 

Depreciation and amortization

 

 

580

 

 

 

621

 

 

 

1,162

 

 

 

1,242

 

Other taxes

 

 

194

 

 

 

170

 

 

 

403

 

 

 

372

 

Impairment of assets and other charges

 

 

50

 

 

 

67

 

 

 

96

 

 

 

97

 

Total operating expenses

 

 

2,714

 

 

 

2,681

 

 

 

5,567

 

 

 

5,480

 

Income from operations

 

 

1,096

 

 

 

805

 

 

 

2,319

 

 

 

1,638

 

Other income (expense)

 

 

442

 

 

 

243

 

 

 

452

 

 

 

366

 

Interest and related charges

 

 

505

 

 

 

470

 

 

 

986

 

 

 

1,045

 

Income from continuing operations including noncontrolling interests before income
   tax expense

 

 

1,033

 

 

 

578

 

 

 

1,785

 

 

 

959

 

Income tax expense

 

 

220

 

 

 

112

 

 

 

260

 

 

 

208

 

Net Income From Continuing Operations Including Noncontrolling Interests

 

 

813

 

 

 

466

 

 

 

1,525

 

 

 

751

 

Net Income (Loss) From Discontinued Operations Including Noncontrolling
    Interests
(1)

 

 

1

 

 

 

97

 

 

 

 

 

 

215

 

Net Income Including Noncontrolling Interests

 

 

814

 

 

 

563

 

 

 

1,525

 

 

 

966

 

Noncontrolling Interests

 

 

54

 

 

 

 

 

 

100

 

 

 

 

Net Income Attributable to Dominion Energy

 

$

760

 

 

$

563

 

 

$

1,425

 

 

$

966

 

Amounts Attributable to Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

759

 

 

$

466

 

 

$

1,425

 

 

$

751

 

Net income (loss) from discontinued operations

 

 

1

 

 

 

97

 

 

 

 

 

 

215

 

Net income attributable to Dominion Energy

 

$

760

 

 

$

563

 

 

$

1,425

 

 

$

966

 

EPS - Basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

0.88

 

 

$

0.52

 

 

$

1.65

 

 

$

0.84

 

Net income (loss) from discontinued operations

 

 

 

 

 

0.12

 

 

 

 

 

 

0.26

 

Net income attributable to Dominion Energy

 

$

0.88

 

 

$

0.64

 

 

$

1.65

 

 

$

1.10

 

EPS - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

0.88

 

 

$

0.52

 

 

$

1.65

 

 

$

0.84

 

Net income (loss) from discontinued operations

 

 

 

 

 

0.12

 

 

 

 

 

 

0.26

 

Net income attributable to Dominion Energy

 

$

0.88

 

 

$

0.64

 

 

$

1.65

 

 

$

1.10

 

 

(1)
Includes income tax expense (benefit) of $(3) million and $(14) million for the three months ended June 30, 2025 and 2024, respectively, and $(3) million and $40 million for the six months ended June 30, 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

814

 

 

$

563

 

 

$

1,525

 

 

$

966

 

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Net deferred gains (losses) on derivatives-hedging activities(1)

 

 

 

 

 

2

 

 

 

(16

)

 

 

9

 

Changes in unrealized net gains (losses) on investment securities(2)

 

 

(2

)

 

 

5

 

 

 

9

 

 

 

(17

)

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)

 

 

7

 

 

 

9

 

 

 

15

 

 

 

16

 

Net realized (gains) losses on investment securities(5)

 

 

2

 

 

 

 

 

 

4

 

 

 

6

 

Net pension and other postretirement benefit costs (credits)(6)

 

 

(2

)

 

 

(5

)

 

 

(5

)

 

 

(6

)

Total other comprehensive income (loss)

 

 

5

 

 

 

11

 

 

 

7

 

 

 

8

 

Comprehensive income including noncontrolling interests

 

 

819

 

 

 

574

 

 

 

1,532

 

 

 

974

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

54

 

 

 

 

 

 

100

 

 

 

 

Comprehensive income attributable to Dominion Energy

 

$

765

 

 

$

574

 

 

$

1,432

 

 

$

974

 

 

(1) Net of $ million and $(2) million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $5 million and $(3) million tax for the six months ended June 30, 2025 and 2024, respectively.

(2) Net of $(1) million and $(4) million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $(8) million and $10 million tax for the six months ended June 30, 2025 and 2024, respectively.

(3) Net of $ million and $ million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $ million and $ million tax for the six months ended June 30, 2025 and 2024, respectively.

(4) Net of $(3) million and $(2) million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $(5) million and $(6) million tax for the six months ended June 30, 2025 and 2024, respectively.

(5) Net of $(1) million and $ million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $(1) million and $(2) million tax for the six months ended June 30, 2025 and 2024, respectively.

(6) Net of $1 million and $ million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $1 million and $3 million tax for the six months ended June 30, 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)

 

 

 

June 30, 2025

 

 

December 31, 2024(1)

 

(millions)

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

344

 

 

$

310

 

Customer receivables (less allowance for doubtful accounts of $27 and $30)(2)

 

 

2,294

 

 

 

2,169

 

Other receivables (less allowance for doubtful accounts of $3 and $2)

 

 

275

 

 

 

358

 

Inventories

 

 

1,826

 

 

 

1,764

 

Regulatory assets(2)

 

 

1,232

 

 

 

992

 

Derivative assets

 

 

332

 

 

 

436

 

Other(2)

 

 

653

 

 

 

584

 

Total current assets

 

 

6,956

 

 

 

6,613

 

Investments

 

 

 

 

 

 

Nuclear decommissioning trust funds

 

 

8,437

 

 

 

8,051

 

Investment in equity method affiliates

 

 

139

 

 

 

138

 

Other

 

 

363

 

 

 

361

 

Total investments

 

 

8,939

 

 

 

8,550

 

Property, Plant and Equipment

 

 

 

 

 

 

Property, plant and equipment(2)

 

 

100,064

 

 

 

94,844

 

Accumulated depreciation and amortization

 

 

(26,780

)

 

 

(25,982

)

Total property, plant and equipment, net

 

 

73,284

 

 

 

68,862

 

Deferred Charges and Other Assets

 

 

 

 

 

 

Goodwill

 

 

4,143

 

 

 

4,143

 

Regulatory assets(2)

 

 

8,159

 

 

 

8,288

 

Derivative assets

 

 

414

 

 

 

963

 

Other(2)

 

 

5,546

 

 

 

4,996

 

Total deferred charges and other assets

 

 

18,262

 

 

 

18,390

 

Total assets

 

$

107,441

 

 

$

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)

 

 

 

June 30, 2025

 

 

December 31, 2024(1)

 

(millions)

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Securities due within one year(2)

 

$

2,292

 

 

$

1,725

 

Short-term debt

 

 

3,775

 

 

 

2,500

 

Accounts payable(2)

 

 

1,015

 

 

 

1,149

 

Accrued interest, payroll and taxes(2)

 

 

956

 

 

 

1,045

 

Derivative liabilities

 

 

86

 

 

 

207

 

Regulatory liabilities

 

 

569

 

 

 

579

 

Supplemental credit facility borrowings

 

 

 

 

 

 

Other(2)(3)

 

 

1,754

 

 

 

2,084

 

Total current liabilities

 

 

10,447

 

 

 

9,289

 

Long-Term Debt

 

 

 

 

 

 

Long-term debt

 

 

35,893

 

 

 

33,034

 

Securitization bonds(2)

 

 

969

 

 

 

1,054

 

Junior subordinated notes

 

 

3,223

 

 

 

3,223

 

Supplemental credit facility borrowings

 

 

 

 

 

 

Other

 

 

209

 

 

 

214

 

Total long-term debt

 

 

40,294

 

 

 

37,525

 

Deferred Credits and Other Liabilities

 

 

 

 

 

 

Deferred income taxes

 

 

7,424

 

 

 

7,135

 

Deferred investment tax credits

 

 

1,080

 

 

 

1,070

 

Regulatory liabilities

 

 

8,585

 

 

 

8,761

 

Derivative liabilities

 

 

118

 

 

 

305

 

Other(2)

 

 

8,621

 

 

 

8,528

 

Total deferred credits and other liabilities

 

 

25,828

 

 

 

25,799

 

Total liabilities

 

 

76,569

 

 

 

72,613

 

Commitments and Contingencies (see Note 17)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Preferred stock (see Note 16)

 

 

991

 

 

 

991

 

Common stock – no par(4)

 

 

24,463

 

 

 

24,383

 

Retained earnings

 

 

1,906

 

 

 

1,641

 

Accumulated other comprehensive loss

 

 

(145

)

 

 

(152

)

Shareholders’ equity

 

 

27,215

 

 

 

26,863

 

Noncontrolling interests

 

 

3,657

 

 

 

2,939

 

Total equity

 

 

30,872

 

 

 

29,802

 

Total liabilities and equity

 

$

107,441

 

 

$

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 and 852 million shares outstanding at June 30, 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)

 

QUARTER-TO-DATE

 

 

Preferred Stock

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Retained Earnings

 

AOCI

 

Shareholders’
Equity

 

Noncontrolling
Interests

 

Total
Equity

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

2

 

$

1,783

 

 

838

 

$

23,763

 

$

1,749

 

$

(175

)

$

27,120

 

$

 

$

27,120

 

Net income including noncontrolling interests

 

 

 

 

 

 

 

 

 

563

 

 

 

 

563

 

 

 

 

563

 

Issuance of stock

 

 

 

 

 

1

 

 

36

 

 

 

 

 

 

36

 

 

 

 

36

 

Stock awards (net of change in unearned
   compensation)

 

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

 

 

 

11

 

Repurchase of preferred stock

 

(1

)

 

(435

)

 

 

 

 

 

 

 

 

 

(435

)

 

 

 

(435

)

Preferred stock dividends (see Note 16)

 

 

 

 

 

 

 

 

 

(28

)

 

 

 

(28

)

 

 

 

(28

)

Common stock dividends ($0.6675
   per common share) and distributions

 

 

 

 

 

 

 

 

 

(560

)

 

 

 

(560

)

 

 

 

(560

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

11

 

 

11

 

 

 

 

11

 

Other

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

 

 

 

(1

)

June 30, 2024

 

1

 

$

1,348

 

 

839

 

$

23,809

 

$

1,724

 

$

(164

)

$

26,717

 

$

 

$

26,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

1

 

$

991

 

 

853

 

$

24,424

 

$

1,727

 

$

(150

)

$

26,992

 

$

3,357

 

$

30,349

 

Net income including noncontrolling interests

 

 

 

 

 

 

 

 

 

760

 

 

 

 

760

 

 

54

 

 

814

 

Issuance of stock

 

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

 

 

 

35

 

Stock awards (net of change in unearned
   compensation)

 

 

 

 

 

 

 

10

 

 

 

 

 

 

10

 

 

 

 

10

 

Sale of noncontrolling interest in OSWP

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

 

 

 

(7

)

Contributions from Stonepeak to OSWP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

324

 

 

324

 

Distributions from OSWP to Stonepeak

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78

)

 

(78

)

Preferred stock dividends (see Note 16)

 

 

 

 

 

 

 

 

 

(11

)

 

 

 

(11

)

 

 

 

(11

)

Common stock dividends ($0.6675
   per common share) and distributions

 

 

 

 

 

 

 

 

 

(569

)

 

 

 

(569

)

 

 

 

(569

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

5

 

 

5

 

 

 

 

5

 

Other

 

 

 

 

 

 

 

1

 

 

(1

)

 

 

 

 

 

 

 

 

June 30, 2025

 

1

 

$

991

 

 

853

 

$

24,463

 

$

1,906

 

$

(145

)

$

27,215

 

$

3,657

 

$

30,872

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11


 

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

 

YEAR-TO-DATE

 

 

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

 

$

1,925

 

$

(172

)

$

27,264

 

$

 

$

27,264

 

Net income including noncontrolling
   interests

 

 

 

 

 

 

 

 

 

966

 

 

 

 

966

 

 

 

 

966

 

Issuance of stock

 

 

 

 

 

1

 

 

67

 

 

 

 

 

 

67

 

 

 

 

67

 

Stock awards (net of change in
   unearned compensation)

 

 

 

 

 

 

 

15

 

 

 

 

 

 

15

 

 

 

 

15

 

Repurchase of preferred stock

 

(1

)

 

(435

)

 

 

 

 

 

 

 

 

 

(435

)

 

 

 

(435

)

Preferred stock dividends (see
   Note 16)

 

 

 

 

 

 

 

 

 

(48

)

 

 

 

(48

)

 

 

 

(48

)

Common stock dividends ($1.335
   per common share) and
   distributions

 

 

 

 

 

 

 

 

 

(1,119

)

 

 

 

(1,119

)

 

 

 

(1,119

)

Other comprehensive income (loss), net of
   tax

 

 

 

 

 

 

 

 

 

 

 

8

 

 

8

 

 

 

 

8

 

Other

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

 

 

 

(1

)

June 30, 2024

 

1

 

$

1,348

 

 

839

 

$

23,809

 

$

1,724

 

$

(164

)

$

26,717

 

$

 

$

26,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

1

 

$

991

 

 

852

 

$

24,383

 

$

1,641

 

$

(152

)

$

26,863

 

$

2,939

 

$

29,802

 

Net income including noncontrolling
   interests

 

 

 

 

 

 

 

 

 

1,425

 

 

 

 

1,425

 

 

100

 

 

1,525

 

Issuance of stock

 

 

 

 

 

1

 

 

70

 

 

 

 

 

 

70

 

 

 

 

70

 

Stock awards (net of change in
   unearned compensation)

 

 

 

 

 

 

 

16

 

 

 

 

 

 

16

 

 

 

 

16

 

Sale of noncontrolling interest in OSWP

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

 

 

 

(7

)

Contributions from Stonepeak to OSWP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

724

 

 

724

 

Distributions from OSWP to Stonepeak

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(106

)

 

(106

)

Preferred stock dividends (see
   Note 16)

 

 

 

 

 

 

 

 

 

(22

)

 

 

 

(22

)

 

 

 

(22

)

Common stock dividends ($1.335
   per common share) and
   distributions

 

 

 

 

 

 

 

 

 

(1,138

)

 

 

 

(1,138

)

 

 

 

(1,138

)

Other comprehensive income (loss), net of
   tax

 

 

 

 

 

 

 

 

 

 

 

7

 

 

7

 

 

 

 

7

 

Other

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

 

 

 

1

 

June 30, 2025

 

1

 

$

991

 

 

853

 

$

24,463

 

$

1,906

 

$

(145

)

$

27,215

 

$

3,657

 

$

30,872

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

12


 

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Six Months Ended June 30,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Operating Activities

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

1,525

 

 

$

966

 

Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation, depletion and amortization (including nuclear fuel)

 

 

1,316

 

 

 

1,389

 

Deferred income taxes

 

 

192

 

 

 

(74

)

Deferred investment tax benefits

 

 

(19

)

 

 

(15

)

Impairment of assets and other charges

 

 

97

 

 

 

128

 

Losses from East Ohio and Questar Gas Transactions

 

 

 

 

 

105

 

Net (gains) losses on nuclear decommissioning trust funds and other investments

 

 

(173

)

 

 

(395

)

Other adjustments

 

 

(12

)

 

 

52

 

Changes in:

 

 

 

 

 

 

Accounts receivable

 

 

(8

)

 

 

227

 

Inventories

 

 

(56

)

 

 

(24

)

Deferred fuel and purchased gas costs, net

 

 

(553

)

 

 

699

 

Prepayments and deposits, net

 

 

(99

)

 

 

(110

)

Accounts payable

 

 

14

 

 

 

 

Accrued interest, payroll and taxes

 

 

(89

)

 

 

(276

)

Net realized and unrealized changes related to derivative activities

 

 

481

 

 

 

355

 

Pension and other postretirement benefits

 

 

(141

)

 

 

103

 

Other operating assets and liabilities

 

 

(46

)

 

 

(292

)

Net cash provided by operating activities

 

 

2,429

 

 

 

2,838

 

Investing Activities

 

 

 

 

 

 

Plant construction and other property additions (including nuclear fuel)

 

 

(6,216

)

 

 

(5,734

)

Acquisition of solar development projects

 

 

(10

)

 

 

(187

)

Proceeds from East Ohio and Questar Gas Transactions

 

 

2

 

 

 

7,247

 

Proceeds from sales of securities

 

 

1,694

 

 

 

1,579

 

Purchases of securities

 

 

(1,748

)

 

 

(1,671

)

Contributions to equity method affiliates

 

 

(17

)

 

 

(8

)

Distributions from equity method affiliates

 

 

 

 

 

126

 

Other

 

 

(90

)

 

 

(24

)

Net cash provided by (used in) investing activities

 

 

(6,385

)

 

 

1,328

 

Financing Activities

 

 

 

 

 

 

Issuance (repayment) of short-term debt, net

 

 

1,275

 

 

 

(794

)

364-day term loan facility borrowings

 

 

 

 

 

3,000

 

Repayment of 364-day term loan facility borrowings

 

 

 

 

 

(7,750

)

Issuance and remarketing of long-term debt

 

 

4,200

 

 

 

3,243

 

Repayment and repurchase of long-term debt

 

 

(750

)

 

 

(1,184

)

Issuance of securitization bonds

 

 

 

 

 

1,282

 

Repayment of securitization bonds

 

 

(80

)

 

 

 

Supplemental credit facility repayments

 

 

 

 

 

(450

)

Proceeds from sale of noncontrolling interest in OSWP

 

 

(88

)

 

 

 

Contributions from Stonepeak to OSWP

 

 

724

 

 

 

 

Distributions from OSWP to Stonepeak

 

 

(106

)

 

 

 

Repurchase of preferred stock

 

 

 

 

 

(440

)

Issuance of common stock

 

 

70

 

 

 

66

 

Common dividend payments

 

 

(1,138

)

 

 

(1,119

)

Other

 

 

(103

)

 

 

(114

)

Net cash provided by (used in) financing activities

 

 

4,004

 

 

 

(4,260

)

Increase (decrease) in cash, restricted cash and equivalents

 

 

48

 

 

 

(94

)

Cash, restricted cash and equivalents at beginning of period

 

 

365

 

 

 

301

 

Cash, restricted cash and equivalents at end of period

 

$

413

 

 

$

207

 

 

See Note 2 for disclosure of supplemental cash flow information.

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

 

13


 

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenue(1)

 

$

2,712

 

 

$

2,537

 

 

$

5,477

 

 

$

5,026

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases(1)

 

 

729

 

 

 

707

 

 

 

1,498

 

 

 

1,408

 

Purchased electric capacity

 

 

17

 

 

 

16

 

 

 

24

 

 

 

29

 

Other operations and maintenance:

 

 

 

 

 

 

 

 

 

 

 

 

Affiliated suppliers

 

 

125

 

 

 

113

 

 

 

259

 

 

 

215

 

Other

 

 

428

 

 

 

407

 

 

 

904

 

 

 

836

 

Depreciation and amortization

 

 

396

 

 

 

445

 

 

 

794

 

 

 

893

 

Other taxes

 

 

92

 

 

 

72

 

 

 

189

 

 

 

165

 

Impairment of assets and other charges (benefits)

 

 

50

 

 

 

15

 

 

 

96

 

 

 

(2

)

Total operating expenses

 

 

1,837

 

 

 

1,775

 

 

 

3,764

 

 

 

3,544

 

Income from operations

 

 

875

 

 

 

762

 

 

 

1,713

 

 

 

1,482

 

Other income (expense)

 

 

80

 

 

 

39

 

 

 

106

 

 

 

103

 

Interest and related charges(1)

 

 

251

 

 

 

204

 

 

 

494

 

 

 

394

 

Income before income tax expense

 

 

704

 

 

 

597

 

 

 

1,325

 

 

 

1,191

 

Income tax expense

 

 

115

 

 

 

120

 

 

 

205

 

 

 

253

 

Net Income Including Noncontrolling Interests

 

 

589

 

 

 

477

 

 

 

1,120

 

 

 

938

 

Noncontrolling Interests

 

 

54

 

 

 

 

 

 

100

 

 

 

 

Net Income Attributable to Virginia Power

 

$

535

 

 

$

477

 

 

$

1,020

 

 

$

938

 

 

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

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

 

14


 

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

589

 

 

$

477

 

 

$

1,120

 

 

$

938

 

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Net deferred gains (losses) on derivatives-hedging activities(1)

 

 

2

 

 

 

2

 

 

 

(5

)

 

 

9

 

Changes in unrealized net gains (losses) on investment securities(2)

 

 

(2

)

 

 

 

 

 

 

 

 

(4

)

Amounts reclassified to net income:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (gains) losses on investment securities(3)

 

 

 

 

 

1

 

 

 

 

 

 

2

 

Total other comprehensive income (loss)

 

 

 

 

 

3

 

 

 

(5

)

 

 

7

 

Comprehensive income including noncontrolling interests

 

 

589

 

 

 

480

 

 

 

1,115

 

 

 

945

 

Comprehensive income (loss) attributable to noncontrolling interests

 

 

54

 

 

 

 

 

 

100

 

 

 

 

Comprehensive income attributable to Virginia Power

 

$

535

 

 

$

480

 

 

$

1,015

 

 

$

945

 

 

(1)
Net of $ million and $(2) million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $2 million and $(3) million tax for the six months ended June 30, 2025 and 2024, respectively.
(2)
Net of $ million and $(1) million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $ million and $1 million tax for the six months ended June 30, 2025 and 2024, respectively.
(3)
Net of $ million and $1 million tax for the three months ended June 30, 2025 and 2024, respectively, and net of $ million and $ million tax for the six months ended June 30, 2025 and 2024, respectively.

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

 

15


 

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

June 30, 2025

 

 

December 31, 2024(1)

 

(millions)

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

157

 

 

$

160

 

Customer receivables (less allowance for doubtful accounts of $19 and $23)(2)

 

 

1,752

 

 

 

1,612

 

Other receivables (less allowance for doubtful accounts of $3 and $2)

 

 

143

 

 

 

168

 

Affiliated receivables

 

 

140

 

 

 

27

 

Inventories (average cost method)

 

 

1,191

 

 

 

1,148

 

Derivative assets(3)

 

 

230

 

 

 

248

 

Regulatory assets(2)

 

 

914

 

 

 

697

 

Other(2)

 

 

215

 

 

 

194

 

Total current assets

 

 

4,742

 

 

 

4,254

 

Investments

 

 

 

 

 

 

Nuclear decommissioning trust funds

 

 

4,482

 

 

 

4,286

 

Other

 

 

4

 

 

 

4

 

Total investments

 

 

4,486

 

 

 

4,290

 

Property, Plant and Equipment

 

 

 

 

 

 

Property, plant and equipment(2)

 

 

74,940

 

 

 

70,550

 

Accumulated depreciation and amortization

 

 

(18,660

)

 

 

(18,033

)

Total property, plant and equipment, net

 

 

56,280

 

 

 

52,517

 

Deferred Charges and Other Assets

 

 

 

 

 

 

Derivative assets(3)

 

 

91

 

 

 

127

 

Regulatory assets(2)

 

 

4,403

 

 

 

4,537

 

Other(2)(3)

 

 

3,094

 

 

 

2,662

 

Total deferred charges and other assets

 

 

7,588

 

 

 

7,326

 

Total assets

 

$

73,096

 

 

$

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.

 

16


 

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

 

 

 

June 30, 2025

 

 

December 31, 2024(1)

 

(millions)

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Securities due within one year(2)

 

$

957

 

 

$

548

 

Short-term debt

 

 

1,745

 

 

 

950

 

Accounts payable(2)

 

 

647

 

 

 

660

 

Payables to affiliates

 

 

143

 

 

 

133

 

Accrued dividend(3)

 

 

 

 

 

407

 

Affiliated current borrowings

 

 

177

 

 

 

500

 

Accrued interest, payroll and taxes(2)

 

 

419

 

 

 

366

 

Regulatory liabilities

 

 

387

 

 

 

385

 

Derivative liabilities(3)

 

 

38

 

 

 

139

 

Other(2)

 

 

1,337

 

 

 

1,549

 

Total current liabilities

 

 

5,850

 

 

 

5,637

 

Long-Term Debt

 

 

 

 

 

 

Long-term debt

 

 

19,364

 

 

 

18,874

 

Securitization bonds(2)

 

 

969

 

 

 

1,054

 

Other

 

 

110

 

 

 

110

 

Total long-term debt

 

 

20,443

 

 

 

20,038

 

Deferred Credits and Other Liabilities

 

 

 

 

 

 

Deferred income taxes

 

 

4,735

 

 

 

4,476

 

Deferred investment tax credits

 

 

628

 

 

 

640

 

Regulatory liabilities

 

 

6,087

 

 

 

6,139

 

Derivative liabilities(3)

 

 

25

 

 

 

86

 

Other(2)(3)

 

 

6,406

 

 

 

6,275

 

Total deferred credits and other liabilities

 

 

17,881

 

 

 

17,616

 

Total liabilities

 

 

44,174

 

 

 

43,291

 

Commitments and Contingencies (see Note 17)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Common stock – no par(4)

 

 

11,087

 

 

 

8,987

 

Other paid-in capital

 

 

999

 

 

 

1,006

 

Retained earnings

 

 

13,156

 

 

 

12,136

 

Accumulated other comprehensive income

 

 

23

 

 

 

28

 

Shareholder’s equity

 

 

25,265

 

 

 

22,157

 

Noncontrolling interests

 

 

3,657

 

 

 

2,939

 

Total equity

 

 

28,922

 

 

 

25,096

 

Total liabilities and equity

 

$

73,096

 

 

$

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; 354,251 and 324,245 shares outstanding at June 30, 2025 and December 31, 2024, respectively.

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

 

17


 

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

 

QUARTER-TO-DATE

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Other Paid-In Capital

 

 

Retained Earnings

 

 

AOCI

 

 

Shareholder's Equity

 

 

Noncontrolling
 Interests

 

 

Total Equity

 

(millions, except for shares)

 

(thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

324

 

 

$

8,987

 

 

$

1,113

 

 

$

11,708

 

 

$

21

 

 

$

21,829

 

 

$

 

 

$

21,829

 

Net income

 

 

 

 

 

 

 

 

 

 

 

477

 

 

 

 

 

 

477

 

 

 

 

 

 

477

 

Other comprehensive
   income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

 

 

 

 

 

3

 

June 30, 2024

 

 

324

 

 

$

8,987

 

 

$

1,113

 

 

$

12,185

 

 

$

24

 

 

$

22,309

 

 

$

 

 

$

22,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

324

 

 

$

8,987

 

 

$

1,006

 

 

$

12,622

 

 

$

23

 

 

$

22,638

 

 

$

3,357

 

 

$

25,995

 

Net income including
    noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

535

 

 

 

 

 

 

535

 

 

 

54

 

 

 

589

 

Issuance of stock to Dominion
    Energy

 

30

 

 

 

2,100

 

 

 

 

 

 

 

 

 

 

 

 

2,100

 

 

 

 

 

 

2,100

 

Sale of noncontrolling interest
    in OSWP

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Contributions from Stonepeak
    to OSWP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

324

 

 

 

324

 

Distributions from OSWP
    to Stonepeak

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78

)

 

 

(78

)

Other comprehensive
   income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

June 30, 2025

 

 

354

 

 

$

11,087

 

 

$

999

 

 

$

13,156

 

 

$

23

 

 

$

25,265

 

 

$

3,657

 

 

$

28,922

 

 

YEAR-TO-DATE

 

 

 

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

 

 

$

11,496

 

 

$

17

 

 

$

21,613

 

 

$

 

 

$

21,613

 

Net income

 

 

 

 

 

 

 

 

 

 

 

938

 

 

 

 

 

 

938

 

 

 

 

 

 

938

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

(250

)

 

 

 

 

 

(250

)

 

 

 

 

 

(250

)

Other comprehensive
   income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

7

 

 

 

 

 

 

7

 

Other

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

June 30, 2024

 

 

324

 

 

$

8,987

 

 

$

1,113

 

 

$

12,185

 

 

$

24

 

 

$

22,309

 

 

$

 

 

$

22,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

324

 

 

$

8,987

 

 

$

1,006

 

 

$

12,136

 

 

$

28

 

 

$

22,157

 

 

$

2,939

 

 

$

25,096

 

Net income including
    noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

1,020

 

 

 

 

 

 

1,020

 

 

 

100

 

 

 

1,120

 

Issuance of stock to Dominion
    Energy

 

30

 

 

 

2,100

 

 

 

 

 

 

 

 

 

 

 

 

2,100

 

 

 

 

 

 

2,100

 

Sale of noncontrolling interest
    in OSWP

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Contributions from Stonepeak
    to OSWP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

724

 

 

 

724

 

Distributions from OSWP
    to Stonepeak

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(106

)

 

 

(106

)

Other comprehensive
   income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

 

 

 

 

 

(5

)

June 30, 2025

 

 

354

 

 

$

11,087

 

 

$

999

 

 

$

13,156

 

 

$

23

 

 

$

25,265

 

 

$

3,657

 

 

$

28,922

 

 

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

 

18


 

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Six Months Ended June 30,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Operating Activities

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

1,120

 

 

$

938

 

Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization (including nuclear fuel)

 

 

879

 

 

 

968

 

Deferred income taxes

 

 

176

 

 

 

302

 

Deferred investment tax benefits

 

 

(12

)

 

 

(8

)

Impairment of assets and other charges (benefits)

 

 

97

 

 

 

(2

)

Net (gains) losses on nuclear decommissioning trust funds and other investments

 

 

(24

)

 

 

(52

)

Other adjustments

 

 

(45

)

 

 

(12

)

Changes in:

 

 

 

 

 

 

Accounts receivable

 

 

(57

)

 

 

(17

)

Affiliated receivables and payables

 

 

(103

)

 

 

5

 

Inventories

 

 

(44

)

 

 

(22

)

Prepayments and deposits, net

 

 

(53

)

 

 

23

 

Deferred fuel expenses, net

 

 

(502

)

 

 

254

 

Accounts payable

 

 

113

 

 

 

39

 

Accrued interest, payroll and taxes

 

 

53

 

 

 

62

 

Net realized and unrealized changes related to derivative activities

 

 

93

 

 

 

89

 

Other operating assets and liabilities

 

 

143

 

 

 

(133

)

Net cash provided by operating activities

 

 

1,834

 

 

 

2,434

 

Investing Activities

 

 

 

 

 

 

Plant construction and other property additions

 

 

(5,103

)

 

 

(4,489

)

Purchases of nuclear fuel

 

 

(120

)

 

 

(71

)

Acquisition of solar development projects

 

 

(10

)

 

 

(12

)

Proceeds from sales of securities

 

 

923

 

 

 

1,073

 

Purchases of securities

 

 

(966

)

 

 

(1,133

)

Other

 

 

(39

)

 

 

(3

)

Net cash used in investing activities

 

 

(5,315

)

 

 

(4,635

)

Financing Activities

 

 

 

 

 

 

Issuance (repayment) of short-term debt, net

 

 

795

 

 

 

(455

)

Issuance (repayment) of affiliated current borrowings, net

 

 

(323

)

 

 

1,005

 

Issuance and remarketing of long-term debt

 

 

1,250

 

 

 

1,243

 

Repayment and repurchase of long-term debt

 

 

(350

)

 

 

(593

)

Issuance of securitization bonds

 

 

 

 

 

1,282

 

Repayment of securitization bonds

 

 

(80

)

 

 

 

Proceeds from sale of noncontrolling interest in OSWP

 

 

(88

)

 

 

 

Contributions from Stonepeak to OSWP

 

 

724

 

 

 

 

Distributions from OSWP to Stonepeak

 

 

(106

)

 

 

 

Issuance of common stock

 

 

2,100

 

 

 

 

Common dividend payments to parent

 

 

(407

)

 

 

(250

)

Other

 

 

(22

)

 

 

(35

)

Net cash provided by financing activities

 

 

3,493

 

 

 

2,197

 

Increase (decrease) in cash, restricted cash and equivalents

 

 

12

 

 

 

(4

)

Cash, restricted cash and equivalents at beginning of period

 

 

206

 

 

 

90

 

Cash, restricted cash and equivalents at end of period

 

$

218

 

 

$

86

 

 

See Note 2 for disclosure of supplemental cash flow information.

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

 

19


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 June 30, 2025, their results of operations and changes in equity for the three and six months ended June 30, 2025 and 2024 and their cash flows for the six months ended June 30, 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.

Revision of Previously Issued Consolidated Financial Statements

During the second quarter of 2025, the Companies identified misstatements in their previously issued consolidated financial statements related to income taxes associated with investments held within their qualified nuclear decommissioning trusts, primarily a net understatement of deferred income taxes associated with unrealized gains and losses (reflected in the Corporate and Other segment and attributable to Contracted Energy and Dominion Energy Virginia). The Companies assessed the impacts of the misstatements from both quantitative and qualitative perspectives and determined that the related impacts were not material to any of the Companies' previously issued consolidated financial statements.

As a result, the Companies will revise their previously issued consolidated financial statements. Accordingly, all consolidated financial information contained in these consolidated financial statements and the accompanying notes has been revised to reflect the correction. The Companies will present the revision of their previously issued consolidated financial statements for the years ended December 31, 2024 and 2023 in connection with the future filing of their Annual Report on Form 10-K for the year ended December 31, 2025. Additionally, the Companies will present the revision of their previously issued consolidated financial statements for the three months ended March 31, 2025 and for the three and nine months ended September 30, 2024 in connection with future filings of their Quarterly Reports on Form 10-Q.

 

20


 

 

The following tables detail the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Income and Statements of Comprehensive Income for the periods presented:

 

 

Dominion Energy

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended June 30, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

238

 

 

$

5

 

 

$

243

 

 

$

357

 

 

$

9

 

 

$

366

 

Interest and related charges

 

 

469

 

 

 

1

 

 

 

470

 

 

 

1,043

 

 

 

2

 

 

 

1,045

 

Income from continuing operations including
     noncontrolling interests before income tax expense

 

 

574

 

 

 

4

 

 

 

578

 

 

 

952

 

 

 

7

 

 

 

959

 

Income tax expense

 

 

91

 

 

 

21

 

 

 

112

 

 

 

146

 

 

 

62

 

 

 

208

 

Net Income From Continuing Operations Including
     Noncontrolling Interests

 

 

483

 

 

 

(17

)

 

 

466

 

 

 

806

 

 

 

(55

)

 

 

751

 

Net Income Including Noncontrolling Interests

 

 

580

 

 

 

(17

)

 

 

563

 

 

 

1,021

 

 

 

(55

)

 

 

966

 

Net Income Attributable to Dominion Energy

 

 

580

 

 

 

(17

)

 

 

563

 

 

 

1,021

 

 

 

(55

)

 

 

966

 

Amounts Attributable to Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

483

 

 

 

(17

)

 

 

466

 

 

 

806

 

 

 

(55

)

 

 

751

 

Net income attributable to Dominion Energy

 

 

580

 

 

 

(17

)

 

 

563

 

 

 

1,021

 

 

 

(55

)

 

 

966

 

EPS - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.54

 

 

 

(0.02

)

 

 

0.52

 

 

 

0.90

 

 

 

(0.06

)

 

 

0.84

 

Net income attributable to Dominion Energy

 

 

0.66

 

 

 

(0.02

)

 

 

0.64

 

 

 

1.16

 

 

 

(0.06

)

 

 

1.10

 

EPS - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.54

 

 

 

(0.02

)

 

 

0.52

 

 

 

0.90

 

 

 

(0.06

)

 

 

0.84

 

Net income attributable to Dominion Energy

 

 

0.66

 

 

 

(0.02

)

 

 

0.64

 

 

 

1.16

 

 

 

(0.06

)

 

 

1.10

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
     securities
(1)

 

 

7

 

 

 

(2

)

 

 

5

 

 

 

(19

)

 

 

2

 

 

 

(17

)

Total other comprehensive income (loss)

 

 

13

 

 

 

(2

)

 

 

11

 

 

 

6

 

 

 

2

 

 

 

8

 

Comprehensive income including noncontrolling interests

 

 

593

 

 

 

(19

)

 

 

574

 

 

 

1,027

 

 

 

(53

)

 

 

974

 

Comprehensive income attributable to Dominion Energy

 

 

593

 

 

 

(19

)

 

 

574

 

 

 

1,027

 

 

 

(53

)

 

 

974

 

(1)
As previously reported, net of $(2) million and $8 million tax for the three and six months ended June 30, 2024, respectively. As revised, net of $(4) million ($(2) million adjustment) and $10 million ($2 million adjustment) tax for the three and six months ended June 30, 2024, respectively.

 

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended June 30, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

$

38

 

 

$

1

 

 

$

39

 

 

$

101

 

 

$

2

 

 

$

103

 

Interest and related charges

 

 

204

 

 

 

 

 

 

204

 

 

 

394

 

 

 

 

 

 

394

 

Income before income tax expense

 

 

596

 

 

 

1

 

 

 

597

 

 

 

1,189

 

 

 

2

 

 

 

1,191

 

Income tax expense

 

 

117

 

 

 

3

 

 

 

120

 

 

 

245

 

 

 

8

 

 

 

253

 

Net Income Including Noncontrolling Interests

 

 

479

 

 

 

(2

)

 

 

477

 

 

 

944

 

 

 

(6

)

 

 

938

 

Net Income Attributable to Virginia Power

 

 

479

 

 

 

(2

)

 

 

477

 

 

 

944

 

 

 

(6

)

 

 

938

 

Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized net gains (losses) on investment
     securities
(1)

 

 

1

 

 

 

(1

)

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Total other comprehensive income (loss)

 

 

4

 

 

 

(1

)

 

 

3

 

 

 

7

 

 

 

 

 

 

7

 

Comprehensive income including noncontrolling interests

 

 

483

 

 

 

(3

)

 

 

480

 

 

 

951

 

 

 

(6

)

 

 

945

 

Comprehensive income attributable to Virginia Power

 

 

483

 

 

 

(3

)

 

 

480

 

 

 

951

 

 

 

(6

)

 

 

945

 

(1)
As previously reported, net of $- million and $1 million tax for the three and six months ended June 30, 2024, respectively. As revised, net of $(1) million ($(1) million adjustment) and $1 million ($- million adjustment) tax for the three and six months ended June 30, 2024, respectively.

 

21


 

 

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Balance Sheets for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

December 31, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

$

6,412

 

 

$

723

 

 

$

7,135

 

 

$

4,045

 

 

$

431

 

 

$

4,476

 

Regulatory liabilities - noncurrent

 

 

9,196

 

 

 

(435

)

 

 

8,761

 

 

 

6,574

 

 

 

(435

)

 

 

6,139

 

Other deferred credits and other liabilities

 

 

8,426

 

 

 

102

 

 

 

8,528

 

 

 

6,214

 

 

 

61

 

 

 

6,275

 

Total deferred credits and other liabilities

 

 

25,409

 

 

 

390

 

 

 

25,799

 

 

 

17,559

 

 

 

57

 

 

 

17,616

 

Total liabilities

 

 

72,223

 

 

 

390

 

 

 

72,613

 

 

 

43,234

 

 

 

57

 

 

 

43,291

 

Retained earnings

 

 

2,035

 

 

 

(394

)

 

 

1,641

 

 

 

12,194

 

 

 

(58

)

 

 

12,136

 

Accumulated other comprehensive income (loss)

 

 

(156

)

 

 

4

 

 

 

(152

)

 

 

27

 

 

 

1

 

 

 

28

 

Shareholders' equity

 

 

27,253

 

 

 

(390

)

 

 

26,863

 

 

 

22,214

 

 

 

(57

)

 

 

22,157

 

Total equity

 

 

30,192

 

 

 

(390

)

 

 

29,802

 

 

 

25,153

 

 

 

(57

)

 

 

25,096

 

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Equity for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended June 30, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2024

 

$

2,091

 

 

$

(342

)

 

$

1,749

 

 

$

11,757

 

 

$

(49

)

 

$

11,708

 

Net income including noncontrolling interests

 

 

580

 

 

 

(17

)

 

 

563

 

 

 

479

 

 

 

(2

)

 

 

477

 

Balance at June 30, 2024

 

 

2,083

 

 

 

(359

)

 

 

1,724

 

 

 

12,236

 

 

 

(51

)

 

 

12,185

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2024

 

 

(180

)

 

 

5

 

 

 

(175

)

 

 

19

 

 

 

2

 

 

 

21

 

Other comprehensive income (loss), net of tax

 

 

13

 

 

 

(2

)

 

 

11

 

 

 

4

 

 

 

(1

)

 

 

3

 

Balance at June 30, 2024

 

 

(167

)

 

 

3

 

 

 

(164

)

 

 

23

 

 

 

1

 

 

 

24

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2024

 

 

27,457

 

 

 

(337

)

 

 

27,120

 

 

 

21,876

 

 

 

(47

)

 

 

21,829

 

Net income including noncontrolling interests

 

 

580

 

 

 

(17

)

 

 

563

 

 

 

479

 

 

 

(2

)

 

 

477

 

Other comprehensive income (loss), net of tax

 

 

13

 

 

 

(2

)

 

 

11

 

 

 

4

 

 

 

(1

)

 

 

3

 

Balance at June 30, 2024

 

 

27,073

 

 

 

(356

)

 

 

26,717

 

 

 

22,359

 

 

 

(50

)

 

 

22,309

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2024

 

 

27,457

 

 

 

(337

)

 

 

27,120

 

 

 

21,876

 

 

 

(47

)

 

 

21,829

 

Net income including noncontrolling interests

 

 

580

 

 

 

(17

)

 

 

563

 

 

 

479

 

 

 

(2

)

 

 

477

 

Other comprehensive income (loss), net of tax

 

 

13

 

 

 

(2

)

 

 

11

 

 

 

4

 

 

 

(1

)

 

 

3

 

Balance at June 30, 2024

 

 

27,073

 

 

 

(356

)

 

 

26,717

 

 

 

22,359

 

 

 

(50

)

 

 

22,309

 

 

 

22


 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Six Months Ended June 30, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

2,229

 

 

$

(304

)

 

$

1,925

 

 

$

11,541

 

 

$

(45

)

 

$

11,496

 

Net income including noncontrolling interests

 

 

1,021

 

 

 

(55

)

 

 

966

 

 

 

944

 

 

 

(6

)

 

 

938

 

Balance at June 30, 2024

 

 

2,083

 

 

 

(359

)

 

 

1,724

 

 

 

12,236

 

 

 

(51

)

 

 

12,185

 

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

(173

)

 

 

1

 

 

 

(172

)

 

 

16

 

 

 

1

 

 

 

17

 

Other comprehensive income (loss), net of tax

 

 

6

 

 

 

2

 

 

 

8

 

 

 

7

 

 

 

 

 

 

7

 

Balance at June 30, 2024

 

 

(167

)

 

 

3

 

 

 

(164

)

 

 

23

 

 

 

1

 

 

 

24

 

Shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

1,021

 

 

 

(55

)

 

 

966

 

 

 

944

 

 

 

(6

)

 

 

938

 

Other comprehensive income (loss), net of tax

 

 

6

 

 

 

2

 

 

 

8

 

 

 

7

 

 

 

 

 

 

7

 

Balance at June 30, 2024

 

 

27,073

 

 

 

(356

)

 

 

26,717

 

 

 

22,359

 

 

 

(50

)

 

 

22,309

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

27,567

 

 

 

(303

)

 

 

27,264

 

 

 

21,657

 

 

 

(44

)

 

 

21,613

 

Net income including noncontrolling interests

 

 

1,021

 

 

 

(55

)

 

 

966

 

 

 

944

 

 

 

(6

)

 

 

938

 

Other comprehensive income (loss), net of tax

 

 

6

 

 

 

2

 

 

 

8

 

 

 

7

 

 

 

 

 

 

7

 

Balance at June 30, 2024

 

 

27,073

 

 

 

(356

)

 

 

26,717

 

 

 

22,359

 

 

 

(50

)

 

 

22,309

 

The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Cash Flows for the periods presented:

 

 

Dominion Energy

 

 

Virginia Power

 

Six Months Ended June 30, 2024

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

 

As Previously Reported

 

 

Adjustments

 

 

As Revised

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income including noncontrolling interests

 

$

1,021

 

 

$

(55

)

 

$

966

 

 

$

944

 

 

$

(6

)

 

$

938

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(128

)

 

 

54

 

 

 

(74

)

 

 

296

 

 

 

6

 

 

 

302

 

Other operating assets and liabilities

 

 

(293

)

 

 

1

 

 

 

(292

)

 

 

(133

)

 

 

 

 

 

(133

)

Net cash provided by operating activities

 

 

2,838

 

 

 

 

 

 

2,838

 

 

 

2,434

 

 

 

 

 

 

2,434

 

 

 

23


 

 

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 six months ended June 30, 2025 and 2024:

 

 

 

Cash, Restricted
Cash and
Equivalents
at End of Period

 

 

Cash, Restricted
Cash and
Equivalents
at Beginning of Period

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

December 31, 2024

 

 

December 31, 2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

344

 

 

$

140

 

 

$

310

 

 

$

217

 

Restricted cash and
   equivalents
(2)(3)(4)

 

 

69

 

 

 

67

 

 

 

55

 

 

 

84

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

413

 

 

$

207

 

 

$

365

 

 

$

301

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

157

 

 

$

41

 

 

$

160

 

 

$

90

 

Restricted cash and
   equivalents
(3)(4)

 

 

61

 

 

 

45

 

 

 

46

 

 

 

 

Cash, restricted cash and
   equivalents shown in the
   Consolidated Statements
   of Cash Flows

 

$

218

 

 

$

86

 

 

$

206

 

 

$

90

 

 

 

(1)
At June 30, 2024 and December 31, 2023, Dominion Energy had $1 million and $33 million, respectively, of cash and cash equivalents included in assets held for sale.
(2)
At June 30, 2024 and December 31, 2023, Dominion Energy had less than $1 million and $4 million, respectively, of restricted cash and equivalents included in assets held for sale.
(3)
Includes $51 million, $41 million and $40 million at VPFS attributable to VIEs at June 30, 2025, December 31, 2024 and June 30, 2024, respectively.
(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:

 

Six Months Ended June 30,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:
(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

871

 

 

$

929

 

Leases(2)

 

 

37

 

 

 

196

 

 

(1)
See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio and Questar Gas Transactions.
(2)
Includes $25 million and $51 million of financing leases at June 30, 2025 and 2024, respectively, and $12 million and $145 million of operating leases at June 30, 2025 and 2024, respectively.

 

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

 

Six Months Ended June 30,

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

Significant noncash investing
   and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

685

 

 

$

749

 

Leases(1)

 

 

29

 

 

 

171

 

 

(1)
Includes $22 million and $42 million of financing leases at June 30, 2025 and 2024, respectively, and $7 million and $129 million of operating leases at June 30, 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 gain/loss on sale disclosed above. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K

 

24


 

 

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.

In 2023, Dominion Energy recorded a charge of $334 million to reflect the deferred taxes on the outside basis of PSNC’s stock upon meeting the classification as held for sale. Dominion Energy recorded an additional charge of $16 million to adjust these deferred taxes to recorded balances as of June 30, 2024. These deferred taxes reversed in the third quarter of 2024 upon closing of the sale and became a component of current income tax expense. 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.

Sale of Questar Gas and Wexpro

In September 2023, Dominion Energy entered into an agreement with Enbridge for the Questar Gas Transaction, which included the sale of Questar Gas, Wexpro and related affiliates and was valued at approximately $4.3 billion, consisting of a purchase price of approximately $3.0 billion in cash and approximately $1.3 billion of assumed indebtedness. The sale closed in May 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 a 364-day term loan facility. 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 the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. Dominion Energy recognized a pre-tax loss of $9 million ($33 million after-tax gain) upon the closing of the transaction, including the write-off of $0.7 billion of goodwill which was not deductible for tax purposes but excluding final closing adjustments. 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 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 gain/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.

At the closing of the Questar Gas 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.

Other Sales

In April 2024, Dominion Energy completed the sale of Birdseye and the Madison solar project for approximately $17 million in cash and recognized an inconsequential gain 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.

 

25


 

 

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 June 30, 2024

 

 

Six Months Ended June 30, 2024

 

 

 

PSNC Transaction

 

Questar Gas
Transaction
(1)

 

Other

 

 

East Ohio
Transaction
(1)

 

PSNC
Transaction

 

Questar Gas
Transaction
(1)

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

109

 

$

199

 

$

 

 

$

229

 

$

407

 

$

894

 

$

 

Operating expense(2)

 

 

63

 

 

149

 

 

(9

)

 

 

247

 

 

221

 

 

724

 

 

(8

)

Other income (expense)

 

 

3

 

 

1

 

 

 

 

 

(17

)

 

6

 

 

2

 

 

 

Interest and related charges

 

 

14

 

 

9

 

 

 

 

 

15

 

 

28

 

 

25

 

 

 

Income (loss) before
   income taxes

 

 

35

 

 

42

 

 

9

 

 

 

(50

)

 

164

 

 

147

 

 

8

 

Income tax expense (benefit)

 

 

22

 

 

(30

)

 

 

 

 

11

 

 

53

 

 

54

 

 

 

Net income (loss) attributable to
   Dominion Energy
(3)

 

$

13

 

$

72

 

$

9

 

 

$

(61

)

$

111

 

$

93

 

$

8

 

 

(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024 and the Questar Gas Transaction which closed on May 31, 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 $(4) million and $(73) million of income tax expense (benefit) attributable to consolidated state adjustments for the three and six months ended June 30, 2024, respectively.

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

 

 

Six Months Ended June 30, 2024

 

 

East Ohio
Transaction
(1)

 

PSNC
Transaction

 

Questar Gas
Transaction
(1)

 

Other

 

(millions)

 

 

 

 

 

 

 

 

Capital expenditures

$

65

 

$

189

 

$

160

 

$

 

Significant noncash items

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

 

57

 

 

 

 

 

 

(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024 and the Questar Gas Transaction which closed on May 31, 2024.

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended June 30,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,347

 

 

$

1,284

 

 

$

2,916

 

 

$

2,649

 

 

$

991

 

 

$

976

 

 

$

2,215

 

 

$

2,028

 

Commercial(1)

 

 

1,346

 

 

 

1,191

 

 

 

2,584

 

 

 

2,285

 

 

 

1,109

 

 

 

972

 

 

 

2,136

 

 

 

1,853

 

Industrial

 

 

210

 

 

 

213

 

 

 

404

 

 

 

426

 

 

 

100

 

 

 

111

 

 

 

197

 

 

 

217

 

Government and other retail

 

 

302

 

 

 

252

 

 

 

610

 

 

 

509

 

 

 

285

 

 

 

237

 

 

 

576

 

 

 

478

 

Wholesale

 

 

38

 

 

 

33

 

 

 

81

 

 

 

69

 

 

 

29

 

 

 

24

 

 

 

66

 

 

 

53

 

Nonregulated electric sales

 

 

238

 

 

 

234

 

 

 

610

 

 

 

454

 

 

 

42

 

 

 

25

 

 

 

65

 

 

 

39

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

45

 

 

 

42

 

 

 

217

 

 

 

193

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

28

 

 

 

28

 

 

 

81

 

 

 

76

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

5

 

 

 

16

 

 

 

32

 

 

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

10

 

 

 

5

 

 

 

16

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

Other regulated revenue

 

 

99

 

 

 

118

 

 

 

143

 

 

 

206

 

 

 

95

 

 

 

114

 

 

 

134

 

 

 

198

 

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

 

 

50

 

 

 

39

 

 

 

109

 

 

 

68

 

 

 

9

 

 

 

9

 

 

 

22

 

 

 

19

 

Total operating revenue from contracts
   with customers

 

 

3,718

 

 

 

3,455

 

 

 

7,803

 

 

 

6,979

 

 

 

2,660

 

 

 

2,468

 

 

 

5,411

 

 

 

4,885

 

Other revenues(2)(5)

 

 

92

 

 

 

31

 

 

 

83

 

 

 

139

 

 

 

52

 

 

 

69

 

 

 

66

 

 

 

141

 

Total operating revenue

 

$

3,810

 

 

$

3,486

 

 

$

7,886

 

 

$

7,118

 

 

$

2,712

 

 

$

2,537

 

 

$

5,477

 

 

$

5,026

 

 

(1)
Includes large scale users including certain data center customers.
(2)
See Note 19 for amounts attributable to affiliates.

 

26


 

 

(3)
Includes sales of renewable energy credits of $5 million and $7 million for the three months ended June 30, 2025 and 2024, respectively, and $15 million and $12 million for the six months ended June 30, 2025 and 2024, respectively, at Dominion Energy and $2 million and $3 million for the three months ended June 30, 2025 and 2024, respectively, and $6 million and $5 million for the six months ended June 30, 2025 and 2024, respectively, at Virginia Power.
(4)
Includes revenue from transition services agreements of $24 million and $13 million for the three months ended June 30, 2025 and 2024, respectively, and $51 million and $17 million for the six months ended June 30, 2025 and 2024, respectively, at Dominion Energy.
(5)
Includes alternative revenue of $60 million and $33 million for the three months ended June 30, 2025 and 2024, respectively, and $82 million and $61 million for the six months ended June 30, 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 June 30, 2025.

At June 30, 2025 and December 31, 2024, Dominion Energy’s contract liability balances were $54 million and $52 million, respectively. At June 30, 2025 and December 31, 2024, Virginia Power’s contract liability balances were $48 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 six months ended June 30, 2025 and 2024, Dominion Energy recognized revenue of $50 million and $44 million, respectively, from the beginning contract liability balances. During the six months ended June 30, 2025 and 2024, Virginia Power recognized $46 million and $40 million, respectively, from the beginning contract liability balances.

 

 

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

 

Six Months Ended June 30,

 

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

 

 

4.7

 

 

 

2.8

 

 

 

4.4

 

 

 

4.4

 

Investment tax credits

 

 

(2.5

)

 

 

(1.8

)

 

 

(0.8

)

 

 

(0.8

)

Production tax credits

 

 

(4.9

)

 

 

(3.0

)

 

 

(4.1

)

 

 

(2.0

)

Reversal of excess
   deferred income taxes

 

 

(1.7

)

 

 

(3.2

)

 

 

(1.7

)

 

 

(1.7

)

Qualified nuclear
   decommissioning trust
   net gains (losses)

 

 

2.0

 

 

 

6.0

 

 

 

 

 

 

 

Remeasurements and
    settlements of uncertain
    tax positions

 

 

(1.6

)

 

 

 

 

 

 

 

 

 

AFUDC - equity

 

 

(0.8

)

 

 

(0.9

)

 

 

(1.0

)

 

 

(0.6

)

Absence of tax on
    noncontrolling interest

 

 

(1.6

)

 

 

 

 

 

(2.3

)

 

 

 

Other, net

 

 

(0.1

)

 

 

0.8

 

 

 

(0.1

)

 

 

1.0

 

Effective tax rate

 

 

14.5

%

 

 

21.7

%

 

 

15.4

%

 

 

21.3

%

 

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 six months ended June 30, 2025, Dominion Energy’s and Virginia Power’s effective tax rate includes a $40 million income tax benefit for the nuclear production tax credit. For the same period, Dominion

 

 

 

 

Energy’s effective tax rate includes a $27 million income tax benefit for the clean fuel production tax credit. For the six months ended June 30, 2024, Virginia Power recorded a $17 million tax benefit which represented a prorated portion of the estimated net realizable value of the nuclear 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.

As of June 30, 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. A reconciliation of changes in Dominion Energy’s and Virginia Power’s unrecognized tax benefits follows for the current period:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Balance at January 1, 2025

 

$

170

 

 

$

56

 

Prior period positions - increases

 

 

 

 

 

 

Prior period positions - decreases

 

 

(38

)

 

 

 

Current period positions - increases

 

 

3

 

 

 

2

 

Settlements with tax authorities

 

 

 

 

 

 

Expiration of statutes of limitations

 

 

 

 

 

 

Balance at June 30, 2025

 

$

135

 

 

$

58

 

Discontinued operations

Income tax expense (benefit) reflected in discontinued operations is $(3) million and $40 million for the six months ended June 30, 2025 and 2024, respectively. See Note 3 for a discussion of tax expense reflected in discontinued operations during the second quarter of 2024.

 

27


 

 

 

Note 6. Earnings Per Share

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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended June 30,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from continuing operations

 

$

759

 

 

$

466

 

 

$

1,425

 

 

$

751

 

Preferred stock dividends (see Note 16)

 

 

(11

)

 

 

(19

)

 

 

(22

)

 

 

(39

)

Preferred stock deemed dividends (see Note 16)

 

 

 

 

 

(9

)

 

 

 

 

 

(9

)

Net income attributable to Dominion Energy from continuing operations - Basic & Diluted

 

 

748

 

 

 

438

 

 

 

1,403

 

 

 

703

 

Net income (loss) attributable to Dominion Energy from discontinued operations - Basic &
   Diluted

 

$

1

 

 

$

97

 

 

$

 

 

$

215

 

Average shares of common stock outstanding - Basic

 

 

852.9

 

 

 

838.3

 

 

 

852.5

 

 

 

838.0

 

Net effect of dilutive securities(1)

 

 

0.3

 

 

 

 

 

 

0.2

 

 

 

 

Average shares of common stock outstanding - Diluted

 

 

853.2

 

 

 

838.3

 

 

 

852.7

 

 

 

838.0

 

EPS from continuing operations - Basic

 

$

0.88

 

 

$

0.52

 

 

$

1.65

 

 

$

0.84

 

EPS from discontinued operations - Basic

 

 

 

 

 

0.12

 

 

 

 

 

 

0.26

 

EPS attributable to Dominion Energy - Basic

 

$

0.88

 

 

$

0.64

 

 

$

1.65

 

 

$

1.10

 

EPS from continuing operations - Diluted

 

$

0.88

 

 

$

0.52

 

 

$

1.65

 

 

$

0.84

 

EPS from discontinued operations - Diluted

 

 

 

 

 

0.12

 

 

 

 

 

 

0.26

 

EPS attributable to Dominion Energy - Diluted

 

$

0.88

 

 

$

0.64

 

 

$

1.65

 

 

$

1.10

 

 

(1)
Dilutive securities for 2025 consists of forward sales agreements entered into in the first and second quarter of 2025 and certain forward sales agreements entered into in the fourth quarter of 2024 (applying the treasury stock method). Additionally, certain of the forward sales agreements entered into in the second quarter of 2024 are considered dilutive securities but have an inconsequential impact for the three and six months ended June 30, 2024 (applying the treasury stock method). See Note 16 for additional information.

The forward sales agreements entered into in the third quarter of 2024 and certain of the forward sales agreements entered into in the fourth quarter of 2024 were potentially dilutive securities, but were excluded from the calculation of diluted EPS from continuing operations for the three and six months ended June 30, 2025 as the dilutive stock price threshold was not met. Additionally, certain of the forward sales agreements entered into in the second quarter of 2024 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for three and six months ended June 30, 2024 as the dilutive stock price threshold was not met.

 

28


 

 

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

The following tables present 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)