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Regulatory Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Regulated Operations [Abstract] |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities include the following:
|  | Dominion Energy |  |  | Virginia Power |
At December 31, |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets: |  |  |  |  |  |  |  |  |  |  |  |
Deferred cost of fuel used in electric generation(1) |  | $ | 38 |  |  | $ | 245 |  |  | $ | 3 |  |  | $ | 95 |
Securitized cost of fuel used in electric generation(2) |  |  | 124 |  |  |  | — |  |  |  | 124 |  |  |  | — |
Deferred rider costs for Virginia electric utility(3) |  |  | 293 |  |  |  | 270 |  |  |  | 293 |  |  |  | 270 |
Ash pond and landfill closure costs(4) |  |  | 108 |  |  |  | 200 |  |  |  | 108 |  |  |  | 200 |
Deferred nuclear refueling outage costs(5) |  |  | 97 |  |  |  | 63 |  |  |  | 80 |  |  |  | 63 |
NND Project costs(6) |  |  | 138 |  |  |  | 138 |  |  |  |  |  |  |
Derivatives(7) |  |  | 8 |  |  |  | 162 |  |  |  | 6 |  |  |  | 160 |
Other |  |  | 186 |  |  |  | 231 |  |  |  | 83 |  |  |  | 80 |
Regulatory assets-current |  |  | 992 |  |  |  | 1,309 |  |  |  | 697 |  |  |  | 868 |
Unrecognized pension and other postretirement benefit costs(8) |  |  | 486 |  |  |  | 1,036 |  |  |  | — |  |  |  | — |
Deferred rider costs for Virginia electric utility(3) |  |  | 651 |  |  |  | 496 |  |  |  | 651 |  |  |  | 496 |
Interest rate hedges(9) |  |  | 167 |  |  |  | 168 |  |  |  | — |  |  |  | — |
AROs and related funding(10) |  |  | 387 |  |  |  | 379 |  |  |  |  |  |  |
NND Project costs(6) |  |  | 1,811 |  |  |  | 1,949 |  |  |  |  |  |  |
CCR remediation, ash pond and landfill closure costs(4) |  |  | 2,898 |  |  |  | 2,410 |  |  |  | 2,560 |  |  |  | 2,407 |
Deferred cost of fuel used in electric generation(1) |  |  | — |  |  |  | 1,221 |  |  |  | — |  |  |  | 1,221 |
Securitized cost of fuel used in electric generation(2) |  |  | 1,040 |  |  |  | — |  |  |  | 1,040 |  |  |  | — |
Derivatives(7) |  |  | 182 |  |  |  | 107 |  |  |  | 148 |  |  |  | 66 |
Other |  |  | 666 |  |  |  | 590 |  |  |  | 138 |  |  |  | 127 |
Regulatory assets-noncurrent |  |  | 8,288 |  |  |  | 8,356 |  |  |  | 4,537 |  |  |  | 4,317 |
Total regulatory assets |  | $ | 9,280 |  |  | $ | 9,665 |  |  | $ | 5,234 |  |  | $ | 5,185 |
Regulatory liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Deferred cost of fuel used in electric generation(1) |  | 92 |  |  |  | — |  |  | 92 |  |  |  | — |
Provision for future cost of removal and AROs(11) |  |  | 119 |  |  |  | 118 |  |  |  | 119 |  |  |  | 118 |
Reserve for rate credits to electric utility customers(12) |  |  | 73 |  |  |  | 83 |  |  |  | — |  |  |  | — |
Income taxes refundable through future rates(13) |  |  | 88 |  |  |  | 107 |  |  |  | 64 |  |  |  | 70 |
Monetization of guarantee settlement(14) |  |  | 67 |  |  |  | 67 |  |  |  |  |  |  |
Derivatives(7) |  |  | 51 |  |  |  | 7 |  |  |  | 30 |  |  |  | — |
Other |  |  | 89 |  |  |  | 140 |  |  |  | 80 |  |  |  | 133 |
Regulatory liabilities-current |  |  | 579 |  |  |  | 522 |  |  |  | 385 |  |  |  | 321 |
Income taxes refundable through future rates(13) |  |  | 2,988 |  |  |  | 3,076 |  |  |  | 2,168 |  |  |  | 2,237 |
Provision for future cost of removal and AROs(11) |  |  | 1,809 |  |  |  | 1,818 |  |  |  | 1,210 |  |  |  | 1,185 |
Nuclear decommissioning trust(15) |  |  | 2,550 |  |  |  | 2,098 |  |  |  | 2,550 |  |  |  | 2,098 |
Monetization of guarantee settlement(14) |  |  | 568 |  |  |  | 635 |  |  |  |  |  |  |
Interest rate hedges(9) |  |  | 406 |  |  |  | 233 |  |  |  | 406 |  |  |  | 233 |
Reserve for rate credits to electric utility customers(12) |  |  | 161 |  |  |  | 237 |  |  |  | — |  |  |  | — |
Overrecovered other postretirement benefit costs(16) |  |  | 183 |  |  |  | 155 |  |  |  |  |  |  |
Derivatives(7) |  |  | 248 |  |  |  | 136 |  |  |  | 25 |  |  |  | — |
Other |  |  | 283 |  |  |  | 286 |  |  |  | 215 |  |  |  | 225 |
Regulatory liabilities-noncurrent |  |  | 9,196 |  |  |  | 8,674 |  |  |  | 6,574 |  |  |  | 5,978 |
Total regulatory liabilities |  | $ | 9,775 |  |  | $ | 9,196 |  |  | $ | 6,959 |  |  | $ | 6,299 |
(1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory. See Notes 13 and 18 for additional information. (2) Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Notes 13, 16 and 18 for additional information. (3) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. In 2023, Virginia Power recorded a charge of $36 million ($27 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), for the write-off of certain previously deferred amounts related to Riders R, S and W in connection with the cessation of such riders effective July 2023. See Note 13 for additional information. (4) Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. In addition, the balance at December 31, 2024 reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14. (5) Primarily reflects deferred operation and maintenance costs at Virginia Power incurred in connection with the refueling of any nuclear-powered generating plant as required by Virginia legislation. Virginia Power deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (6) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. (7) Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers. (8) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. Includes regulatory assets of $215 million and regulatory liabilities of $12 million in aggregate at December 31, 2023 related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, Questar Gas and PSNC Transactions which were reclassified to into other income (expense) in the Consolidated Statement of Income upon closing of each transaction. (9) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of December 31, 2024. (10) Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years. (11) Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted-average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (14) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. (15) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. (16) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

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