XML 45 R24.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Property, Plant and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | NOTE 10. PROPERTY, PLANT AND EQUIPMENT Major classes of property, plant and equipment and their respective balances for the Companies are as follows:
|  | Dominion Energy |  |  | Virginia Power |
At December 31, |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Utility: |  |  |  |  |  |  |  |  |  |  |  |
Generation |  | $ | 26,854 |  |  | $ | 24,903 |  |  | $ | 20,219 |  |  | $ | 18,580 |
Transmission |  |  | 17,856 |  |  |  | 16,540 |  |  |  | 15,514 |  |  |  | 14,268 |
Distribution |  |  | 23,572 |  |  |  | 21,836 |  |  |  | 17,261 |  |  |  | 15,934 |
Nuclear fuel |  |  | 2,393 |  |  |  | 2,424 |  |  |  | 1,823 |  |  |  | 1,815 |
General and other |  |  | 1,865 |  |  |  | 1,758 |  |  |  | 1,134 |  |  |  | 1,036 |
Plant under construction(1) |  |  | 13,816 |  |  |  | 8,230 |  |  |  | 12,826 |  |  |  | 7,548 |
Total utility |  |  | 86,356 |  |  |  | 75,691 |  |  |  | 68,777 |  |  |  | 59,181 |
Non-jurisdictional - including plant under construction |  |  | 1,763 |  |  |  | 1,772 |  |  |  | 1,763 |  |  |  | 1,772 |
Nonutility: |  |  |  |  |  |  |  |  |  |  |  |
Nonregulated generation-nuclear |  |  | 1,962 |  |  |  | 1,855 |  |  |  | — |  |  |  | — |
Nonregulated generation-solar |  |  | 1,207 |  |  |  | 945 |  |  |  | — |  |  |  | — |
Nuclear fuel |  |  | 1,173 |  |  |  | 1,009 |  |  |  | — |  |  |  | — |
Other-including plant under construction |  |  | 2,383 |  |  |  | 2,145 |  |  |  | 10 |  |  |  | 10 |
Total nonutility |  |  | 6,725 |  |  |  | 5,954 |  |  |  | 10 |  |  |  | 10 |
Total property, plant and equipment |  | $ | 94,844 |  |  | $ | 83,417 |  |  | $ | 70,550 |  |  | $ | 60,963 |
(1) Includes $5.8 billion and $2.9 billion of costs associated with the CVOW Commercial Project at December 31, 2024 and 2023, respectively. The amount at December 31, 2024 is net of $206 million of costs not expected to be recovered from customers. Jointly-Owned Power Stations The Companies’ proportionate share of jointly-owned power stations at December 31, 2024 is as follows:
|  | Bath County Pumped Storage Station(1) |  |  | North Anna Units 1 and 2(1) |  |  | Clover Power Station(1) |  |  | Millstone Unit 3(2) |  |  | Summer Unit 1 (2) |
(millions, except percentages) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership interest |  |  | 60 | % |  |  | 88.4 | % |  |  | 50 | % |  |  | 93.5 | % |  |  | 66.7 | %
Plant in service |  |  | 1,069 |  |  |  | 2,906 |  |  |  | 616 |  |  |  | 1,528 |  |  |  | 1,598 |
Accumulated depreciation |  |  | (774 | ) |  |  | (1,403 | ) |  |  | (312 | ) |  |  | (628 | ) |  |  | (755 | )
Nuclear fuel |  |  | — |  |  |  | 767 |  |  |  | — |  |  |  | 619 |  |  |  | 570 |
Accumulated amortization of nuclear fuel |  |  | — |  |  |  | (620 | ) |  |  | — |  |  |  | (475 | ) |  |  | (345 | )
Plant under construction |  |  | 12 |  |  |  | 408 |  |  |  | 9 |  |  |  | 93 |  |  |  | 58 |
(1) Units jointly owned by Virginia Power. (2) Units jointly owned by Dominion Energy. The co-owners are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. The Companies report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation and amortization, other taxes and other applicable accounts) in the Consolidated Statements of Income. CVOW Commercial Project – Estimated Total Project Cost In September 2019, Virginia Power filed applications with PJM for the CVOW Commercial Project and for certain approvals and rider recovery from the Virginia Commission in November 2021. The Virginia Commission provided such approvals in August 2022, as revised for certain provisions related to rider recovery in December 2022. The 2.6 GW project is expected to be placed in service by the end of 2026 with an estimated total project cost of approximately $10.7 billion, excluding financing costs, that reflects a revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project. The expected total project cost reflects increases driven primarily by projections for onshore electrical interconnection costs and network upgrade costs assigned to the project by PJM, specifically incorporating consideration of PJM’s December 2024 publication of potential transmission network upgrades required for certain generation projects and related cost allocations, including those attributable to the CVOW Commercial Project. Relative to Virginia Power’s November 2024 Rider OSW filing, the updated estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs. Virginia Power has entered into fixed price contracts for the major offshore construction and equipment components. The contracts include services denominated in currencies other than the U.S. dollar, for which Virginia Power has entered forward contracts to economically hedge. In accordance with the Virginia Commission’s December 2022 order, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding. In October 2024, Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak as discussed below. As a result of the revised total project cost estimate and cost sharing mechanism, in the fourth quarter of 2024 Virginia Power recorded a charge for costs not expected to be recovered from customers of $206 million within impairment of assets and other charges, which includes $103 million attributable to noncontrolling interests, and an associated income tax benefit of $26 million, all reflected in the Corporate and Other segment, in the Companies’ Consolidated Statements of Income. The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 5% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to actual network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs, if any, costs to maintain necessary permits, approvals and authorizations, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events. Any additional increase in such costs in excess of the contingency included in the estimated total project cost would be subject to the cost sharing mechanisms described above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows. Sale of Noncontrolling Interest in CVOW Commercial Project In February 2024, Virginia Power entered into an agreement to sell a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP. In October 2024, Virginia Power and Stonepeak closed on the agreement following the receipt of consent by BOEM and satisfaction of other customary closing and regulatory conditions. Consistent with the terms of the agreement, Virginia Power contributed the CVOW Commercial Project and Stonepeak contributed cash to OSWP. The contribution of the CVOW Commercial Project required approvals from the Virginia and North Carolina Commissions, which were received in September 2024. At closing, Virginia Power received $2.6 billion, subject to customary post-closing adjustments, representing 50% of the CVOW Commercial Project construction costs incurred through closing, less an initial withholding of $145 million. If the total project costs of the CVOW Commercial Project are $9.8 billion, excluding financing costs, or less Virginia Power shall receive $100 million of the initial withholding. Such amount is subject to downward adjustment with Virginia Power receiving no withheld amounts if the total costs, excluding financing costs, of the CVOW Commercial Project exceed $11.3 billion. Virginia Power and Stonepeak will each contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion. For capital funding necessary, if any, for total project costs, excluding financing costs, of $11.3 billion through $13.7 billion, Stonepeak will have the option to make additional capital contributions. If Stonepeak elects to make additional capital contributions for project costs, excluding financing costs, in excess of $11.3 billion, if any, Virginia Power shall contribute between 67% and 83% of such capital with Stonepeak contributing the remainder. To the extent that Stonepeak elects not to make such contributions, Virginia Power shall receive an increase in its ownership percentage of OSWP for any contributed capital based on a tiered unit price for membership interests in OSWP as set forth in the agreement. Virginia Power and Stonepeak have the right to provide capital contributions for any total project costs, excluding financing costs, in excess of $13.7 billion. OSWP is considered to be a VIE primarily because its equity capitalization is insufficient to support its operations. Virginia Power is considered to be the primary beneficiary and consolidates OSWP with Stonepeak’s interests reflected as noncontrolling interests beginning in the fourth quarter of 2024 as Virginia Power has the power to direct the most significant activities of OSWP, including construction and operation of the CVOW Commercial Project. In the event that OSWP ceases to be a VIE, Virginia Power expects to continue to consolidate OSWP as its ownership interest is expected to be considered a controlling financial interest over the entity through its rights to control operations. Virginia Power Easement Agreement In November 2023, Virginia Power entered into an agreement to pay $65 million for an easement related to the CVOW Commercial Project for which it will not seek recovery and therefore recorded a charge of $65 million ($49 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment). Nonregulated Solar Projects The following table presents acquisitions by Virginia Power of non-jurisdictional solar projects (reflected in Dominion Energy Virginia). Virginia Power has claimed federal investment tax credits on the projects, except as otherwise noted.
Project Name |  | Date Agreement Entered |  | Date Agreement Closed |  | Project Location |  | Project Cost (millions)(1) |  |  | Date of Commercial Operations |  | MW Capacity |
Ft. Powhatan |  | June 2019 |  | June 2019 |  | Virginia |  | $ | 267 |  |  | January 2022 |  |  | 150 |
Maplewood |  | October 2019 |  | October 2019 |  | Virginia |  |  | 210 |  |  | December 2022 |  |  | 120 |
Pumpkinseed |  | May 2020 |  | May 2020 |  | Virginia |  |  | 138 |  |  | September 2022 |  |  | 60 |
(1) Includes acquisition costs. In addition, the following table presents acquisitions by Dominion Energy of solar projects (reflected in Contracted Energy unless otherwise noted). Dominion Energy has claimed or expects to claim federal tax credits on the projects.
Project Name |  | Date Agreement Entered |  | Date Agreement Closed |  | Project Location |  | Project Cost (millions)(1) |  |  | Date of Commercial Operations |  | MW Capacity |
Madison(2) |  | July 2020 |  | July 2020 |  | Virginia |  |  | 165 |  |  | N/A |  |  | 62 |
Hardin II |  | August 2020 |  | Terminated(3) |  |  |  |  |  |  |  |  |  |
Atlanta Farms |  | March 2022 |  | May 2022 |  | Ohio |  |  | 390 |  |  | January 2025(4) |  |  | 200 |
Foxhound |  | March 2023 |  | February 2024 |  | Virginia |  |  | 195 |  |  | April 2024(4) |  |  | 83 |
(1) Includes acquisition costs. (2) Madison was reflected in the Corporate and Other segment before its sale 2024. See Note 3 for discussion. (3) In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II. (4) Dominion Energy expects to claim production tax credits on the energy generated and sold by these projects. In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities (reflected in the Corporate and Other segment), primarily at schools in Virginia. As of December 31, 2024, Dominion Energy has in service solar facilities with an aggregate generation capacity of 7 MW at a cost of $16 million and anticipates placing additional facilities in service by the end of 2025 with an estimated total projected cost of approximately $5 million and an aggregate generation capacity of 3 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Impairment In the fourth quarter of 2022, Dominion Energy modified its intentions for the ongoing growth and development of its nonregulated solar generation assets as part of the preliminary stages of its comprehensive business review announced in November 2022. In connection with that determination, Dominion Energy expects that it is more likely than not that the nonregulated solar generation projects within Contracted Energy will be sold before the end of their useful lives and therefore evaluated the associated long-lived assets for recoverability. Given their strategic alignment with Virginia Power’s operations, the non-jurisdictional solar generation projects reflected in Dominion Energy Virginia were not further evaluated for recoverability. Using a probability-weighted approach, Dominion Energy determined Contracted Energy’s nonregulated solar generation assets were impaired and recorded a charge of $908 million ($685 million after-tax) primarily in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2022 to adjust the property, plant and equipment, intangible assets and right-of-use lease assets down to an estimated fair value of $665 million in aggregate. The fair value was estimated using an income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices. Acquisition of Offshore Wind Project In July 2024, Virginia Power entered into an agreement to acquire an approximately 40,000-acre area lease 27 miles off the coast of North Carolina in federal waters and associated project assets in the early stages of development for approximately $160 million. The transaction closed in October 2024 following the receipt of approval from BOEM and other customary regulatory approvals. The CVOW South project, if constructed, is expected to have a generating capacity of 800 MW with ultimate development of the project dependent upon the receipt of approvals from the Virginia Commission and other permitting entities. The project would support Virginia Power’s ability to meet the renewable energy portfolio standards established in the VCEA. Sales of Corporate Office Buildings In 2023, Dominion Energy entered into an agreement for the sale of a corporate office building for total cash consideration of $40 million. The corporate office building is reflected in the Corporate and Other segment and was presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023. In the second quarter of 2024, Dominion Energy recorded a charge of $17 million ($12 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust the corporate office building down to its estimated fair value, using a market approach, of $23 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. In the third quarter of 2024, Dominion Energy entered into a new agreement to sell the corporate office building, which closed in December 2024 for $19 million, and recorded an inconsequential loss upon closing. In 2023, Dominion Energy recorded a charge of $93 million ($69 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. The corporate office building is reflected in the Corporate and Other segment and is presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023. Dominion Energy completed the sale in July 2024. Nonregulated Renewable Natural Gas Facilities Dominion Energy recorded impairment charges of $33 million ($25 million after-tax) and $27 million ($21 million after-tax) in the second and third quarters of 2024, respectively, in impairment of assets and other charges in the Consolidated Statements of Income reflected in the Corporate and Other segment, to write down the long-lived assets of certain nonregulated renewable natural gas facilities under development to their estimated fair values which were each less than $1 million. The fair values were estimated using an income approach. The valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in future cash flows and market prices. Sale of Utility Property In 2023, Dominion Energy completed the sales of certain utility property in South Carolina, as approved by the South Carolina Commission in February 2023, for total cash consideration of $12 million. In connection with the sales, Dominion Energy recognized a gain of $11 million ($8 million after-tax), recorded in losses (gains) on sales of assets, in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2023. In 2022, Dominion Energy completed the sales of certain utility property in South Carolina, as approved by the South Carolina Commission, for total cash consideration of $20 million. In connection with the sales, Dominion Energy recognized a gain of $20 million ($15 million after-tax), recorded in losses (gains) on sales of assets, in its Consolidated Statements of Income (reflected in Dominion Energy South Carolina) for the year ended December 31, 2022.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration