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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
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 corporate 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.
Schedule Of Principal Payments Of Long Term Debt

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

%