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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets | At December 31, 2024 and 2023, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:
| Dominion Energy |  |  | Virginia Power |
At December 31, | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(millions) |  |  |  |  |  |  |  |  |  |  |
Lease assets: |  |  |  |  |  |  |  |  |  |  |
Operating lease assets(1) | $ | 588 |  |  | $ | 578 |  |  | $ | 410 |  |  | $ | 393 |
Finance lease assets(2) |  | 267 |  |  |  | 258 |  |  |  | 146 |  |  |  | 104 |
Total lease assets | $ | 855 |  |  | $ | 836 |  |  | $ | 556 |  |  | $ | 497 |
Lease liabilities: |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities(3) | $ | 36 |  |  | $ | 36 |  |  | $ | 22 |  |  | $ | 20 |
Finance lease liabilities(4) |  | 62 |  |  |  | 60 |  |  |  | 35 |  |  |  | 31 |
Total lease liabilities - current |  | 98 |  |  |  | 96 |  |  |  | 57 |  |  |  | 51 |
Operating lease liabilities (5) |  | 644 |  |  |  | 627 |  |  |  | 399 |  |  |  | 377 |
Finance lease liabilities(6) |  | 214 |  |  |  | 203 |  |  |  | 110 |  |  |  | 72 |
Total lease liabilities - noncurrent |  | 858 |  |  |  | 830 |  |  |  | 509 |  |  |  | 449 |
Total lease liabilities | $ | 956 |  |  | $ | 926 |  |  | $ | 566 |  |  | $ | 500 |
(1) Dominion Energy includes $588 million and $561 million at December 31, 2024 and 2023, respectively, in other deferred charges and other assets, with the remaining balance at December 31, 2023 in assets held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred charges and other assets in its Consolidated Balance Sheets. (2) Dominion Energy includes $267 million and $244 million at December 31, 2024 and 2023, respectively, in property, plant and equipment in its Consolidated Balance Sheets, net of $199 million and $142 million at December 31, 2024 and 2023, respectively, of accumulated amortization, with the remaining balance at December 31, 2023 in assets held for sale. Virginia Power’s balances are included in property, plant and equipment in its Consolidated Balance Sheets, net of $88 million and $51 million at December 31, 2024 and 2023, respectively, of accumulated amortization. (3) Dominion Energy includes $36 million and $32 million at December 31, 2024 and 2023, respectively, in other current liabilities, with the remaining balance at December 31, 2023 in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are in other current liabilities in its Consolidated Balance Sheets. (4) Dominion Energy includes $62 million and $57 million at December 31, 2024 and 2023, respectively, in securities due within one year, with the remaining balance at December 31, 2023 in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in securities due within one year in its Consolidated Balance Sheets. (5) Dominion Energy includes $644 million and $610 million at December 31, 2024 and 2023, respectively, in other deferred credits and other liabilities, with the remaining balance at December 31, 2023 in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred credits and other liabilities in its Consolidated Balance Sheets. (6) Dominion Energy includes $214 million and $192 million at December 31, 2024 and 2023, respectively, in other long-term debt, with the remaining balance in liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other long-term debt in its Consolidated Balance Sheets.
Summary of Total Lease Cost | For the years ended December 31, 2024, 2023 and 2022, total lease cost associated with the Companies’ leasing arrangements consisted of the following:
| Dominion Energy |  |  | Virginia Power |
Year ended December 31, | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization(1) | $ | 54 |  |  | $ | 50 |  |  | $ | 41 |  |  | $ | 24 |  |  | $ | 24 |  |  | $ | 15 |
Interest(2) |  | 14 |  |  |  | 13 |  |  |  | 3 |  |  |  | 5 |  |  |  | 4 |  |  |  | 3 |
Operating lease cost(3) |  | 81 |  |  |  | 70 |  |  |  | 53 |  |  |  | 60 |  |  |  | 43 |  |  |  | 32 |
Short-term lease cost(4) |  | 22 |  |  |  | 32 |  |  |  | 31 |  |  |  | 16 |  |  |  | 23 |  |  |  | 21 |
Variable lease cost |  | 6 |  |  |  | 6 |  |  |  | 4 |  |  |  | 2 |  |  |  | 2 |  |  |  | 1 |
Total lease cost | $ | 177 |  |  | $ | 171 |  |  | $ | 132 |  |  | $ | 107 |  |  | $ | 96 |  |  | $ | 72 |
(1) Dominion Energy includes $— million, $3 million and $3 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income. (2) Dominion Energy includes $— million, $1 million and $1 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income. (3) Dominion Energy includes $— million, $5 million and $6 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income. (4) Dominion Energy includes $— million, $2 million and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively, reflected in discontinued operations in its Consolidated Statements of Income.
Cash Paid for Amounts Included in Measurement of Lease Liabilities | For the years ended December 31, 2024, 2023 and 2022, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:
| Dominion Energy |  |  | Virginia Power |
Year ended December 31, | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows for finance leases | $ | 14 |  |  | $ | 13 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 3 |
Operating cash flows for operating leases |  | 106 |  |  |  | 105 |  |  |  | 82 |  |  |  | 74 |  |  |  | 64 |  |  |  | 50 |
Financing cash flows for finance leases |  | 50 |  |  |  | 47 |  |  |  | 32 |  |  |  | 23 |  |  |  | 19 |  |  |  | 12 |
Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases | At December 31, 2024 and 2023, the weighted-average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:
| Dominion Energy |  |  | Virginia Power |
December 31, | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Weighted-average remaining lease term - finance leases | 5 years |  |  | 5 years |  |  | 5 years |  |  | 5 years |
Weighted-average remaining lease term - operating leases | 31 years |  |  | 31 years |  |  | 32 years |  |  | 33 years |
Weighted-average discount rate - finance leases |  | 5.61 | % |  |  | 7.14 | % |  |  | 6.71 | % |  |  | 7.28 | %
Weighted-average discount rate - operating leases |  | 4.42 | % |  |  | 4.11 | % |  |  | 5.13 | % |  |  | 4.18 | %
Scheduled Maturities of Lease Liabilities | The Companies’ lease liabilities have the following maturities:
Maturity of Lease Liabilities |  | Dominion Energy |  |  | Virginia Power |
(millions) |  | Operating |  |  | Finance |  |  | Operating |  |  | Finance |
2025 |  | $ | 41 |  |  | $ | 78 |  |  | $ | 25 |  |  | $ | 43 |
2026 |  |  | 39 |  |  |  | 69 |  |  |  | 23 |  |  |  | 36 |
2027 |  |  | 36 |  |  |  | 64 |  |  |  | 22 |  |  |  | 32 |
2028 |  |  | 35 |  |  |  | 56 |  |  |  | 21 |  |  |  | 26 |
2029 |  |  | 34 |  |  |  | 40 |  |  |  | 20 |  |  |  | 18 |
After 2029 |  |  | 1,131 |  |  |  | 17 |  |  |  | 740 |  |  |  | 17 |
Total undiscounted lease payments |  |  | 1,316 |  |  |  | 324 |  |  |  | 851 |  |  |  | 172 |
Present value adjustment |  |  | (636 | ) |  |  | (48 | ) |  |  | (430 | ) |  |  | (27 | )
Present value of lease liabilities |  | $ | 680 |  |  | $ | 276 |  |  | $ | 421 |  |  | $ | 145 |

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- Definition Summary of cash paid for amounts included in measurement of lease liabilities in consolidated statements of cash flows. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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