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Operating Segments | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Operating Segments | Note 21. Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:
Primary Operating Segment |  | Description of Operations |  | Dominion Energy |  | Virginia Power
Dominion Energy Virginia |  | Regulated electric distribution |  | X |  | X
|  | Regulated electric transmission |  | X |  | X
|  | Regulated electric generation fleet(1) |  | X |  | X
Dominion Energy South Carolina |  | Regulated electric distribution |  | X |  |
|  | Regulated electric transmission |  | X |  |
|  | Regulated electric generation fleet |  | X |  |
|  | Regulated gas distribution and storage |  | X |  |
Contracted Energy(2) |  | Nonregulated electric generation fleet |  | X |  |
(1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations. In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion Energy The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), PSNC and Questar Gas Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2023. In the three months ended March 31, 2024, Dominion Energy reported after-tax net income of $48 million in the Corporate and Other segment, including $191 million of after-tax net income for specific items with $124 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2023, Dominion Energy reported after-tax net income of $393 million in the Corporate and Other segment, including $466 million of after-tax net income for specific items with $304 million of after-tax net income attributable to its operating segments. The net income for specific items attributable to Dominion Energy’s operating segments in 2024 primarily related to the impact of the following items: • A $266 million ($202 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($175 million after-tax); and • Dominion Energy Virginia ($27 million after-tax); • A $61 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; and • A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy. The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items: • A $332 million ($253 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; • A $123 million ($90 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($77 million after-tax); and • Dominion Energy Virginia ($13 million after-tax); and • A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia. The following table presents segment information pertaining to Dominion Energy’s operations:
|  | Dominion Energy Virginia |  |  | Dominion Energy South Carolina |  |  | Contracted Energy |  |  | Corporate and Other |  |  | Adjustments & Eliminations |  |  | Consolidated Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,489 |  |  | $ | 892 |  |  | $ | 306 |  |  | $ | (55 | ) |  | $ | — |  |  | $ | 3,632 |
Intersegment revenue |  |  | — |  |  |  | 1 |  |  |  | 2 |  |  |  | 234 |  |  |  | (237 | ) |  |  | — |
Total operating revenue |  |  | 2,489 |  |  |  | 893 |  |  |  | 308 |  |  |  | 179 |  |  |  | (237 | ) |  |  | 3,632 |
Net income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 114 |  |  |  | — |  |  |  | 114 |
Net income attributable to Dominion Energy |  |  | 424 |  |  |  | 80 |  |  |  | 122 |  |  |  | 48 |  |  |  | — |  |  |  | 674 |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,384 |  |  | $ | 844 |  |  | $ | 308 |  |  | $ | 347 |  |  | $ | — |  |  | $ | 3,883 |
Intersegment revenue |  |  | — |  |  |  | 1 |  |  |  | 3 |  |  |  | 232 |  |  |  | (236 | ) |  |  | — |
Total operating revenue |  |  | 2,384 |  |  |  | 845 |  |  |  | 311 |  |  |  | 579 |  |  |  | (236 | ) |  |  | 3,883 |
Net income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 281 |  |  |  | — |  |  |  | 281 |
Net income attributable to Dominion Energy |  |  | 386 |  |  |  | 91 |  |  |  | 111 |  |  |  | 393 |  |  |  | — |  |  |  | 981 |
Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. In the three months ended March 31, 2024, Virginia Power reported after-tax net income of $41 million in the Corporate and Other segment, including $39 million of after-tax net income for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2023, Virginia Power reported after-tax net expenses of $31 million in the Corporate and Other segment, including $32 million of after-tax net expenses for specific items all of which was attributable to its operating segment. The net income for specific items attributable to Virginia Power’s operating segment in 2024 primarily related to the impact of the following item: • A $37 million ($27 million after-tax) gain related to investments in nuclear decommissioning trust funds. The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following item: • A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review. The following table presents segment information pertaining to Virginia Power’s operations:
|  | Dominion Energy Virginia |  |  | Corporate and Other |  |  | Consolidated Total |
(millions) |  |  |  |  |  |  |  |  |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 2,489 |  |  | $ | — |  |  | $ | 2,489 |
Net income |  |  | 424 |  |  |  | 41 |  |  |  | 465 |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 2,384 |  |  | $ | — |  |  | $ | 2,384 |
Net income (loss) |  |  | 386 |  |  |  | (31 | ) |  |  | 355 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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