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Operating Segments | 9 Months Ended
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Sep. 30, 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), Questar Gas (through May 2024) and PSNC (through September 2024) Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations (through April 2024) 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 nine months ended September 30, 2024, Dominion Energy reported after-tax net income of $28 million in the Corporate and Other segment, including $319 million of after-tax net income for specific items with $155 million of after-tax net income attributable to its operating segments. In the nine months ended September 30, 2023, Dominion Energy reported after-tax net loss of $14 million in the Corporate and Other segment, including $245 million of after-tax net income for specific items all of which was 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 $518 million ($402 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($347 million after-tax); and • Dominion Energy Virginia ($55 million after-tax); • A $107 million ($82 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; • $60 million ($46 million after-tax) of charges for the impairment of certain nonregulated renewable natural gas facilities, attributable to Contracted Energy; • A $58 million ($44 million after-tax) charge in connection with the electric base rate case in South Carolina, attributable to Dominion Energy South Carolina; • A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy; and • A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs, attributable to Dominion Energy Virginia. 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 $335 million ($255 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; • A $183 million ($142 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($124 million after-tax); and • Dominion Energy Virginia ($18 million after-tax); • A $183 million ($136 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; • A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023, attributable to Dominion Energy Virginia; and • A $31 million ($23 million after-tax) benefit related to real estate transactions, including gains on the transfer of property to satisfy litigation associated with the NND Project, attributable to Dominion Energy South Carolina. 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 September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,760 |  |  | $ | 846 |  |  | $ | 256 |  |  | $ | 79 |  |  | $ | — |  |  | $ | 3,941 |
Intersegment revenue |  |  | 2 |  |  |  | 2 |  |  |  | 4 |  |  |  | 252 |  |  |  | (260 | ) |  |  | — |
Total operating revenue |  |  | 2,762 |  |  |  | 848 |  |  |  | 260 |  |  |  | 331 |  |  |  | (260 | ) |  |  | 3,941 |
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | — |  |  |  | (13 | )
Net income attributable to Dominion Energy |  |  | 662 |  |  |  | 147 |  |  |  | 83 |  |  |  | 62 |  |  |  | — |  |  |  | 954 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,649 |  |  | $ | 944 |  |  | $ | 225 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | 3,810 |
Intersegment revenue |  |  | (4 | ) |  |  | 1 |  |  |  | 6 |  |  |  | 232 |  |  |  | (235 | ) |  |  | — |
Total operating revenue |  |  | 2,645 |  |  |  | 945 |  |  |  | 231 |  |  |  | 224 |  |  |  | (235 | ) |  |  | 3,810 |
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (541 | ) |  |  | — |  |  |  | (541 | )
Net income (loss) attributable to Dominion Energy |  |  | 535 |  |  |  | 143 |  |  |  | 52 |  |  |  | (573 | ) |  |  | — |  |  |  | 157 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 7,786 |  |  | $ | 2,496 |  |  | $ | 843 |  |  | $ | (66 | ) |  | $ | — |  |  | $ | 11,059 |
Intersegment revenue |  |  | 2 |  |  |  | 7 |  |  |  | 9 |  |  |  | 743 |  |  |  | (761 | ) |  |  | — |
Total operating revenue |  |  | 7,788 |  |  |  | 2,503 |  |  |  | 852 |  |  |  | 677 |  |  |  | (761 | ) |  |  | 11,059 |
Net income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 182 |  |  |  | — |  |  |  | 182 |
Net income attributable to Dominion Energy |  |  | 1,571 |  |  |  | 296 |  |  |  | 305 |  |  |  | 28 |  |  |  | — |  |  |  | 2,200 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 7,286 |  |  | $ | 2,559 |  |  | $ | 659 |  |  | $ | 355 |  |  | $ | — |  |  | $ | 10,859 |
Intersegment revenue |  |  | (5 | ) |  |  | 4 |  |  |  | 14 |  |  |  | 694 |  |  |  | (707 | ) |  |  | — |
Total operating revenue |  |  | 7,281 |  |  |  | 2,563 |  |  |  | 673 |  |  |  | 1,049 |  |  |  | (707 | ) |  |  | 10,859 |
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (92 | ) |  |  | — |  |  |  | (92 | )
Net income (loss) attributable to Dominion Energy |  |  | 1,315 |  |  |  | 302 |  |  |  | 118 |  |  |  | (14 | ) |  |  | — |  |  |  | 1,721 |
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 nine months ended September 30, 2024, Virginia Power reported after-tax net income of $27 million in the Corporate and Other segment, including $25 million of after-tax net income for specific items all of which was attributable to its operating segment. In the nine months ended September 30, 2023, Virginia Power reported after-tax net expenses of $151 million in the Corporate and Other segment, including $155 million of after-tax net expenses for specific items with $154 million of after-tax net expenses 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 items: • A $74 million ($55 million after-tax) gain related to investments in nuclear decommissioning trust funds; and • A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs. 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 $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review; • A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023; and • A $24 million ($18 million after-tax) gain related to investments in nuclear decommissioning trust funds. The following table presents segment information pertaining to Virginia Power’s operations:
|  | Dominion Energy Virginia |  |  | Corporate and Other |  |  | Consolidated Total |
(millions) |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 2,762 |  |  | $ | — |  |  | $ | 2,762 |
Net income (loss) |  |  | 662 |  |  |  | (8 | ) |  |  | 654 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 2,645 |  |  | $ | — |  |  | $ | 2,645 |
Net income (loss) |  |  | 535 |  |  |  | (60 | ) |  |  | 475 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 7,788 |  |  | $ | — |  |  | $ | 7,788 |
Net income |  |  | 1,571 |  |  |  | 27 |  |  |  | 1,598 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 7,281 |  |  | $ | — |  |  | $ | 7,281 |
Net income (loss) |  |  | 1,315 |  |  |  | (151 | ) |  |  | 1,164 |

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