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Long-Term Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 18. LONG-TERM DEBT
|  | 2024 Weighted- average Coupon(1) |  |  |  | Dominion Energy |  |  | Virginia Power |
At December 31, |  |  |  |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(millions, except percentages) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term Loans, variable rate, due 2024 |  |  |  |  |  | $ | — |  |  | $ | 4,750 |  |  |  |  |  |  |
Sustainability Revolving Credit Agreement, variable rate, due 2025(2) |  |  |  |  |  |  | — |  |  |  | 450 |  |  |  |  |  |  |
Unsecured Senior Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1.45% to 7.00%, due 2024 to 2052(3) |  |  | 4.16 | % |  |  |  | 11,176 |  |  |  | 11,476 |  |  |  |  |  |  |
Junior Subordinated Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.071% due 2024 |  |  |  |  |  |  | — |  |  |  | 700 |  |  |  |  |  |  |
Payable to Affiliated Trust, 8.4%, due 2031 |  |  | 8.40 | % |  |  |  | 10 |  |  |  | 10 |  |  |  |  |  |  |
5.75% to 7.0% due 2054 to 2055(4) |  |  | 6.82 | % |  |  |  | 3,250 |  |  |  | 685 |  |  |  |  |  |  |
Virginia Electric and Power Company: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Senior Notes, 2.30% to 8.875%, due 2024 to 2054 |  |  | 4.38 | % |  |  |  | 18,785 |  |  |  | 16,935 |  |  | $ | 18,785 |  |  | $ | 16,935 |
Tax-Exempt Financings, 0.75% to 3.80%, due 2032 to 2041(5) |  |  | 2.68 | % |  |  |  | 625 |  |  |  | 625 |  |  |  | 625 |  |  |  | 625 |
Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033 |  |  | 4.94 | % |  |  |  | 1,217 |  |  |  | — |  |  |  | 1,217 |  |  |  | — |
DESC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Mortgage Bonds, 2.30% to 6.625%, due 2028 to 2065 |  |  | 5.23 | % |  |  |  | 4,134 |  |  |  | 4,134 |  |  |  |  |  |  |
Tax-Exempt Financings(6): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable rate due 2038 |  |  | 3.70 | % |  |  |  | 35 |  |  |  | 35 |  |  |  |  |  |  |
3.625% and 4.00%, due 2028 and 2033 |  |  | 3.90 | % |  |  |  | 54 |  |  |  | 54 |  |  |  |  |  |  |
GENCO, variable rate due 2038 |  |  | 3.70 | % |  |  |  | 33 |  |  |  | 33 |  |  |  |  |  |  |
Other |  |  | 3.58 | % |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |
Secured Senior Notes, 4.82%, due 2042(7) |  |  |  |  |  |  | — |  |  |  | 291 |  |  |  |  |  |  |
Tax-Exempt Financing, 3.80% due 2033(8) |  |  |  |  |  |  | — |  |  |  | 27 |  |  |  |  |  |  |
Total Principal |  |  |  |  |  | $ | 39,320 |  |  | $ | 40,206 |  |  | $ | 20,627 |  |  | $ | 17,560 |
Securities due within one year and supplemental credit facility borrowings(7)(9) |  |  |  |  |  |  | (1,662 | ) |  |  | (6,839 | ) |  |  | (513 | ) |  |  | (350 | )
Unamortized discount, premium and debt issuance costs, net |  |  |  |  |  |  | (347 | ) |  |  | (311 | ) |  |  | (186 | ) |  |  | (167 | )
Finance leases |  |  |  |  |  |  | 214 |  |  |  | 192 |  |  |  | 110 |  |  |  | 72 |
Total long-term debt |  |  |  |  |  | $ | 37,525 |  |  | $ | 33,248 |  |  | $ | 20,038 |  |  | $ | 17,115 |
(1) Represents weighted-average coupon rates for debt outstanding as of December 31, 2024. (2) This $900 million supplemental credit facility, entered in 2021, and amended in June 2024, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corp orate purposes, but such proceeds are not eligible for a reduced interest rate margin. In May 2022, Dominion Energy borrowed $900 million. The proceeds from these borrowings were used to support environmental sustainability and social investment initiatives ($450 million) and for general corporate purposes ($450 million). In June 2022, Dominion Energy repaid $450 million borrowed for general corporate purposes. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In May 2024, Dominion Energy repaid $450 million borrowed to support environmental sustainability and social investment initiatives. In June 2024, the facility was amended to extend the maturity date to June 2025. (3) Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary. (4) In October 2024, Dominion Energy redeemed all $685 million in outstanding principal amount of its October 2014 hybrids at par plus accrued interest including interest accrued at a floating rate effective October 2024. The notes would have otherwise matured in 2054. (5) These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. In May 2024, Virginia Power remarketed three series of tax-exempt bonds, with an aggregate outstanding principal of $243 million to new investors. All three bonds will bear interest at a coupon of 3.80% until May 2027, after which they will bear interest at a market rate to be determined at that time. (6) Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2025. (7) Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023. Dominion Energy recognized a charge of $10 million during the year ended December 31, 2024 within interest expense in its Consolidated Statements of Income in connection with the early redemption of these notes. (8) In October 2024, Dominion Energy redeemed all $27 million in outstanding principal amount of its 3.80% Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds at par plus accrued interest. The bonds would have otherwise matured in 2033. (9) Dominion Energy and Virginia Power’s weighted-average rate for securities due within one year was 3.70% and 3.73%, respectively, as of December 31, 2024. Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2024 were as follows:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total |
(millions, except percentages) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Mortgage Bonds | $ | — |  | $ | — |  | $ | — |  | $ | 53 |  | $ | — |  | $ | 4,081 |  | $ | 4,134 |
Unsecured Senior Notes |  | 1,500 |  |  | 2,120 |  |  | 1,783 |  |  | 1,195 |  |  | 500 |  |  | 22,864 |  |  | 29,962 |
Senior Secured Deferred Fuel Cost Bonds |  | 163 |  |  | 171 |  |  | 180 |  |  | 190 |  |  | 198 |  |  | 315 |  |  | 1,217 |
Tax-Exempt Financings |  | — |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 708 |  |  | 747 |
Junior Subordinated Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,260 |  |  | 3,260 |
Total | $ | 1,663 |  | $ | 2,291 |  | $ | 1,963 |  | $ | 1,477 |  | $ | 698 |  | $ | 31,228 |  | $ | 39,320 |
Weighted-average Coupon |  | 3.70 | % |  | 2.80 | % |  | 3.86 | % |  | 4.11 | % |  | 3.44 | % |  | 4.87 | % |  |
Virginia Power |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Senior Notes | $ | 350 |  | $ | 1,150 |  | $ | 1,350 |  | $ | 700 |  | $ | 500 |  | $ | 14,735 |  | $ | 18,785 |
Senior Secured Deferred Fuel Cost Bonds |  | 163 |  |  | 171 |  |  | 180 |  |  | 190 |  |  | 198 |  |  | 315 |  |  | 1,217 |
Tax-Exempt Financings |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 625 |  |  | 625 |
Total | $ | 513 |  | $ | 1,321 |  | $ | 1,530 |  | $ | 890 |  | $ | 698 |  | $ | 15,675 |  | $ | 20,627 |
Weighted-average Coupon |  | 3.73 | % |  | 3.34 | % |  | 3.77 | % |  | 4.03 | % |  | 3.44 | % |  | 4.58 | % |  |
The Companies’ credit facilities and debt agreements, both short-term and long-term, contain customary covenants and default provisions. As of December 31, 2024, there were no events of default under these covenants. First Mortgage Bonds In January 2025, DESC issued $450 million of 5.30% first mortgage bonds that mature in 2035. The proceeds were used for general corporate purposes and/or to repay short-term debt. Senior Secured Deferred Fuel Cost Bonds In February 2024, VPFS issued $439 million of 5.088% senior secured deferred fuel cost bonds with a scheduled final payment date of May 2027 and a final maturity date of May 2029 and $843 million of 4.877% senior secured deferred fuel cost bonds with a scheduled final payment date of May 2031 and a final maturity date of May 2033. The full principal of each tranche of bonds is payable semi-annually according to a sinking fund schedule. Interest on each tranche of bonds accrues from the date of issuance and is payable semi-annually. Payment on the bonds commenced in November 2024. The scheduled final payment date for the applicable tranche is the date by which all interest and principal for such tranche is expected to be paid in full. The final maturity date of the applicable tranche is the legal maturity date for such tranche. The bonds are not subject to optional redemption prior to their stated maturity. VPFS as the issuer of the bonds is a bankruptcy remote, wholly-owned special purpose subsidiary of Virginia Power formed in October 2023 for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of deferred fuel cost bonds. VPFS is considered to be a VIE primarily because its equity capitalization is insufficient to support its operations. Virginia Power is considered the primary beneficiary and consolidates VPFS as it has the power to direct the most significant activities of VPFS, including performing servicing activities such as billing and collecting the deferred fuel cost charges. Pursuant to the financing order issued by the Virginia Commission in November 2023, Virginia Power sold to VPFS its right to receive revenues from the non-bypassable deferred fuel cost charges from Virginia Power’s retail customers in Virginia, except for certain exempt customers, as deferred fuel cost property. The securitization bondholders have recourse solely with respect to the deferred fuel cost property owned by VPFS and no recourse to any other assets of Dominion Energy or Virginia Power. Any deferred fuel cost charges collected by Virginia Power to pay for bond servicing and other qualified costs are deferred fuel cost property solely owned by VPFS. Any deferred fuel cost charges collected by Virginia Power are remitted to a trustee and are not available to other creditors of Virginia Power or Dominion Energy. Junior Subordinated Notes In October 2014, Dominion Energy issued $685 million of October 2014 hybrids that bore interest at 5.75% per year until October 1, 2024. In October 2024, Dominion Energy redeemed all $685 million in outstanding principal amount at par plus accrued interest including interest accrued at a floating rate effective October 2024. The notes would have otherwise matured in 2054. Dominion Energy recorded a charge of $7 million ($5 million after-tax) within interest expense in its Consolidated Statements of Income in connection with this early redemption. In May 2024, Dominion Energy issued $2.0 billion of junior subordinated notes, consisting of $1.0 billion of 2024 Series A JSNs and $1.0 billion of 2024 Series B JSNs that mature in 2055 and 2054, respectively. The 2024 Series A JSNs will bear interest at 6.875% until February 1, 2030. The interest rate will reset every five years beginning on February 1, 2030, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.386%, provided that the interest rate will not reset below 6.875%. The 2024 Series B JSNs will bear interest at 7.0% until June 1, 2034. The interest rate will reset every five years beginning on June 1, 2034, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.511%, provided that the interest rate will not reset below 7.0%. Dominion Energy may defer interest payments on the 2024 Series A JSNs or 2024 Series B JSNs on one or more occasions for up to 10 consecutive years. If interest payments on the 2024 Series A JSNs and the 2024 Series B JSNs are deferred, Dominion Energy may not, subject to certain limited exceptions, declare or pay any dividends or other distributions on, or redeem, repurchase or otherwise acquire any of its capital stock during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities or make any payments under any guarantee of debt that, in each case, is equal or junior in right of payment to the 2024 Series A JSNs and the 2024 Series B JSNs. Dominion Energy used the proceeds from this issuance for general corporate purposes including the repayment of short-term debt, the repayment of amounts outstanding under the Sustainability Revolving Credit Agreement as discussed above and the repurchase of Series B Preferred Stock as discussed in Note 19. In November 2024, Dominion Energy issued $1.25 billion of 2024 Series C JSNs that mature in 2055. The 2024 Series C JSNs will bear interest at 6.625% until May 15, 2035. The interest rate will reset every five years beginning on May 15, 2035, to equal the then-current-five-year U.S. Treasury rate plus a spread of 2.207%. Dominion Energy may defer interest payments on the 2024 Series C JSNs on one or more occasions for up to 10 consecutive years. If interest payments on the 2024 Series C JSNs are deferred, Dominion Energy may not, subject to certain limited exceptions, declare or pay any dividends or other distributions on, or redeem, repurchase or otherwise acquire any of its capital stock during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities or make any payments under any guarantee of debt that, in each case, is equal or junior in right of payment to the 2024 Series C JSNs. Dominion Energy used the proceeds from the issuance for general corporate purposes and to repay short-term debt. Derivative Restructuring In June 2020, Dominion Energy amended a portfolio of interest rate swaps with a notional value of $2.0 billion, extending the mandatory termination dates from 2020 and 2021 to December 2024. As a result of this noncash financing activity with an embedded interest rate swap, Dominion Energy recorded $326 million in other long-term debt representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 1.19%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. In August 2021, Dominion Energy settled certain of the outstanding interest rate swaps which would have otherwise matured in December 2024, resulting in a $39 million reduction in other long-term debt. In August 2022, Dominion Energy settled certain of the outstanding interest rate swaps which would have otherwise matured in December 2024, resulting in a $154 million reduction in other long-term debt. In December 2024, Dominion Energy settled the remaining outstanding interest rate swaps resulting in a $144 million reduction in securities due within one year. In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates from 2020 to December 2023. As a result of this noncash financing activity with an embedded interest rate swap, Virginia Power recorded $443 million in other long-term debt representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 0.34%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. The interest rate swaps were in a hedge relationship prior to the transaction. Virginia Power de-designated the hedge relationships prior to the transaction and then designated the new interest rate swap in a hedge relationship after the transaction. In March 2023, Virginia Power settled the remaining outstanding interest rate swaps which would have otherwise matured in December 2023, resulting in a $448 million reduction in securities due within one year.

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