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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at September 30, 2024. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

				Dominion Energy						Virginia Power
	Valuation Techniques	Unobservable Input		Fair Value (millions)			Range	Weighted Average(1)		Fair Value (millions)			Range	Weighted Average(1)
Assets
Physical and financial forwards:
Natural gas(2)	Discounted    cash flow	Market price    (per Dth)	(3)	$	8		(2)-4	(1)		$	8		(2)-3	(1)
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		72		(4)-11	4			72		(4)-11	4
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		186		27-118	48
Physical options:
Natural gas(2)	Option model	Market price    (per Dth)	(3)		16		1-5	3			13		1-5	3
		Price volatility	(4)				10%-71%	46%					14%-71%	52%
Total assets				$	282					$	93
Liabilities
Physical and financial forwards:
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		1		(6)-7	1			1		(6)-7	1
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		11		35-118	62
Physical options:
Natural gas(2)	Option model	Market price (per Dth)	(3)		1		1-3	2			1		1-3	2
		Price volatility	(4)				44%-54%	50%					44%-54%	50%
Total liabilities				$	13					$	2

(1)Averages weighted by volume.

(2)Includes basis.

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

Represents volatilities unrepresented in published markets.

Fair Value, Option, Qualitative Disclosures

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

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

Fair Value, by Balance Sheet Grouping

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

		Dominion Energy																Virginia Power
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
(millions)
September 30, 2024
Assets
Derivatives:
Commodity		$	—			$	168			$	282			$	450			$	—			$	53			$	93			$	146
Interest rate			—				702				—				702				—				45				—				45
Foreign currency exchange rate			—				8				—				8				—				8				—				8
Investments(1):
Equity securities:
U.S.			5,473				—				—				5,473				2,818				—				—				2,818
Fixed income:
Corporate debt instruments			—				578				—				578				—				351				—				351
Government securities			—				1,605				—				1,605				—				912				—				912
Other			141				—				—				141				96				—				—				96
Cash equivalents and other			—				2				—				2				—				2				—				2
Total assets		$	5,614			$	3,063			$	282			$	8,959			$	2,914			$	1,371			$	93			$	4,378
Liabilities
Derivatives:
Commodity		$	—			$	96			$	13			$	109			$	—			$	58			$	2			$	60
Interest rate			—				20				—				20				—				—				—				—
Foreign currency exchange rate			—				52				—				52				—				52				—				52
Total liabilities		$	—			$	168			$	13			$	181			$	—			$	110			$	2			$	112
December 31, 2023
Assets
Derivatives:
Commodity		$	—			$	325			$	225			$	550			$	—			$	96			$	21			$	117
Interest rate			—				800				—				800				—				181				—				181
Investments(1):
Equity securities:
U.S.			4,527				—				—				4,527				2,362				—				—				2,362
Fixed income:
Corporate debt instruments			—				500				—				500				—				274				—				274
Government securities			219				1,238				—				1,457				129				687				—				816
Cash equivalents and other			31				—				—				31				20				—				—				20
Total assets		$	4,777			$	2,863			$	225			$	7,865			$	2,511			$	1,238			$	21			$	3,770
Liabilities
Derivatives:
Commodity		$	—			$	160			$	139			$	299			$	—			$	95			$	137			$	232
Interest rate			—				359				—				359				—				45				—				45
Foreign currency exchange rate			—				39				—				39				—				39				—				39
Total liabilities		$	—			$	558			$	139			$	697			$	—			$	179			$	137			$	316

(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $211 million and $457 million of assets at Dominion Energy, inclusive of $77 million and $217 million at Virginia Power, at September 30, 2024 and December 31, 2023, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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

		Dominion Energy																Virginia Power
		Quarter-to-Date								Year-to-Date								Quarter-to-Date								Year-to-Date
Period Ended September 30,		2024				2023				2024				2023				2024				2023				2024				2023
(millions)
Beginning balance		$	360			$	134			$	86			$	422			$	105			$	(3	)		$	(116	)		$	221
Total realized and unrealized gains (losses):
Included in earnings:
Operating revenue			13				(10	)			7				(8	)
Electric fuel and other energy- related purchases			14				(103	)			(134	)			(191	)			10				(107	)			(136	)			(195	)
Discontinued operations			(3	)			1				(4	)			1
Included in regulatory assets/     liabilities			(77	)			(174	)			230				(463	)			(7	)			(176	)			219				(400	)
Settlements			(40	)			103				54				174				(17	)			107				103				179
Purchases			2				—				30				16				—				—				21				16
Ending balance		$	269			$	(49	)		$	269			$	(49	)		$	91			$	(179	)		$	91			$	(179	)

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

		Dominion Energy								Virginia Power
		Carrying Amount				Estimated Fair Value(1)				Carrying Amount				Estimated Fair Value(1)
(millions)
September 30, 2024
Long-term debt(2)		$	34,555			$	33,818			$	19,221			$	18,571
Supplemental credit facility borrowings			—				—
Securitization bonds(3)			1,282				1,315				1,282				1,315
Junior subordinated notes(2)			2,666				2,853
December 31, 2023
Long-term debt(2)		$	42,526			$	40,539			$	17,392			$	16,418
Supplemental credit facility borrowings			450				450
Junior subordinated notes(2)			1,388				1,374

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

(2)Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at September 30, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at December 31, 2023.

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

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