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Investments (Tables)

12 Months Ended

Dec. 31, 2024

Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds

The Companies’ decommissioning trust funds are summarized below:


			Dominion Energy										Virginia Power
	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value		Amortized Cost		Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value
(millions)
December 31, 2024
Equity securities:(1)
U.S.	$	1,220	$	4,157	$	(4	)				$	5,373	$	695	$	2,155	$	(3	)				$	2,847
International		52		111		—						163		34		65		—						99
Fixed income securities:(2)
Corporate debt instruments		516		6		(15	)		$	—		507		303		3		(12	)		$	—		294
Government securities		1,736		7		(39	)			—		1,704		1,038		4		(18	)			—		1,024
Insurance contracts(3)		239		—		—						239
Cash equivalents and other(4)		65		—		—				—		65		22		—		—				—		22
Total	$	3,828	$	4,281	$	(58	)	(5)	$	—	$	8,051	$	2,092	$	2,227	$	(33	)	(5)	$	—	$	4,286
December 31, 2023
Equity securities:(1)
U.S.	$	1,276	$	3,270	$	(10	)				$	4,536	$	759	$	1,706	$	(10	)				$	2,455
Fixed income securities:(2)
Corporate debt instruments		508		10		(27	)		$	—		491		292		3		(21	)		$	—		274
Government securities		1,426		28		(24	)			—		1,430		811		17		(12	)			—		816
Common/ collective trust funds		161		—		—				—		161		124		—		—				—		124
Insurance contracts(3)		244		—		—						244
Cash equivalents and other(4)		84		—		—				—		84		47		—		—				—		47
Total	$	3,699	$	3,308	$	(61	)	(5)	$	—	$	6,946	$	2,033	$	1,726	$	(43	)	(5)	$	—	$	3,716

(1)

Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income (expense).

(3)

Includes company owned life insurance contracts measured at cash surrender value.

(4)

Dominion Energy includes pending sales of securities of $35 million and $49 million at December 31, 2024 and 2023, respectively. Virginia Power includes pending sales of securities of $22 million and $27 million at December 31, 2024 and 2023, respectively.

(5)

Dominion Energy’s fair value of securities in an unrealized loss position was $1.4 billion and $764 million at December 31, 2024 and 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $796 million and $384 million at December 31, 2024 and 2023, respectively.

Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:


	Dominion Energy									Virginia Power
Year Ended December 31,	2024			2023			2022			2024			2023		2022
(millions)
Net gains (losses) recognized during the period	$	1,020		$	811		$	(848	)	$	532		$	420	$	(436	)
Less: Net (gains) losses recognized during the period on securities sold during the period		(16	)		(7	)		8			(11	)		7		(7	)
Unrealized gains (losses) recognized during the period on securities still held at period end(1)	$	1,004		$	804		$	(840	)	$	521		$	427	$	(443	)

(1)

Included in other income (expense) and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2024 by contractual maturity is as follows:


	Dominion Energy		Virginia Power
(millions)
Due in one year or less	$	7	$	7
Due after one year through five years		565		294
Due after five years through ten years		441		251
Due after ten years		1,198		766
Total	$	2,211	$	1,318

Marketable Securities

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.


	Dominion Energy						Virginia Power
Year Ended December 31,	2024		2023		2022		2024		2023		2022
(millions)
Proceeds from sales	$	3,072	$	2,966	$	3,282	$	1,925	$	1,876	$	1,538
Realized gains(1)		106		92		143		67		50		48
Realized losses(1)		128		169		296		88		99		107

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Accounts Under Equity Method of Accounting

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:


				Investment
Company	Ownership%			Balance					Description
As of December 31,				2024		2023
(millions)
Align RNG		50	%	$	91	$	80		Renewable natural gas
Dominion Privatization		50	%		27		172		Military electric and gas
Other(1)	various				20		59	(2)
Total				$	138	$	311

(1)

Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $7 million and $4 million at December 31, 2024 and 2023, respectively, presented in other current liabilities. See discussion below for additional information.

(2)

Dominion Energy’s Consolidated Balance Sheets includes balances presented in assets held for sale of $43 million for December 31, 2023.