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Operating Segments | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Operating Segments | Note 21. Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:
Primary Operating Segment |  | Description of Operations |  | Dominion Energy |  | Virginia Power
Dominion Energy Virginia |  | Regulated electric distribution |  | X |  | X
|  | Regulated electric transmission |  | X |  | X
|  | Regulated electric generation fleet(1) |  | X |  | X
Dominion Energy South Carolina |  | Regulated electric distribution |  | X |  |
|  | Regulated electric transmission |  | X |  |
|  | Regulated electric generation fleet |  | X |  |
|  | Regulated gas distribution and storage |  | X |  |
Contracted Energy(2) |  | Nonregulated electric generation fleet |  | X |  |
(1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations. In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion Energy The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), Questar Gas (through May 2024) and PSNC (through September 2024) Transactions, certain solar generation facility development operations (through April 2024) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 of this report as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2024. Dominion Energy’s CODM is the CEO. The Dominion Energy CODM uses net income (loss) as the primary profit or loss measure at each segment. The Dominion Energy CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees. In the three months ended March 31, 2025, Dominion Energy reported after-tax net expenses of $176 million in the Corporate and Other segment, including $157 million of after-tax net expenses for specific items with $151 million of after-tax net expenses attributable to its operating segments. In the three months ended March 31, 2024, Dominion Energy reported after-tax net expenses of $185 million in the Corporate and Other segment, including $44 million of after-tax net expenses for specific items with $124 million of after-tax net income attributable to its operating segments. The net expenses for specific items attributable to Dominion Energy’s operating segments in 2025 primarily related to the impact of the following items: • A $132 million ($95 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($84 million after-tax); and • Dominion Energy Virginia ($11 million after-tax); • An $82 million ($61 million after-tax) loss associated with severe weather events, attributable to Dominion Energy Virginia; • A $28 million ($21 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; and • A $23 million ($17 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project, attributable to Dominion Energy Virginia. The net income for specific items attributable to Dominion Energy’s operating segments in 2024 primarily related to the impact of the following items: • A $266 million ($202 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($175 million after-tax); and • Dominion Energy Virginia ($27 million after-tax); • A $61 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; and • A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy. The following table presents segment information pertaining to Dominion Energy’s operations:
Three Months Ended March 31, |  | Dominion Energy Virginia |  |  | Dominion Energy South Carolina |  |  | Contracted Energy |  |  | Corporate and Other |  |  | Adjustments & Eliminations |  |  | Consolidated Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,795 |  |  | $ | 949 |  |  | $ | 304 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 4,076 |
Intersegment revenue |  |  | (1 | ) |  |  | 2 |  |  |  | 3 |  |  |  | 310 |  |  |  | (314 | ) |  |  | — |
Total Operating Revenue |  |  | 2,794 |  |  |  | 951 |  |  |  | 307 |  |  |  | 338 |  |  |  | (314 | ) |  |  | 4,076 |
Electric fuel and other energy-related purchases(1) |  |  | 769 |  |  |  | 167 |  |  |  | 29 |  |  |  | — |  |  |  | (3 | ) |  |  | 962 |
Purchased electric capacity(1) |  |  | 7 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |
Purchased gas(1) |  |  | — |  |  |  | 147 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 147 |
Other operations and maintenance(1)(2) |  |  | 559 |  |  |  | 178 |  |  |  | 111 |  |  |  | 404 |  |  |  | (308 | ) |  |  | 944 |
Depreciation and amortization(1) |  |  | 397 |  |  |  | 141 |  |  |  | 22 |  |  |  | 22 |  |  |  | — |  |  |  | 582 |
Other taxes(1) |  |  | 97 |  |  |  | 79 |  |  |  | 15 |  |  |  | 21 |  |  |  | (3 | ) |  |  | 209 |
Total Operating Expenses |  |  | 1,829 |  |  |  | 714 |  |  |  | 177 |  |  |  | 447 |  |  |  | (314 | ) |  |  | 2,853 |
Interest and related charges(1) |  |  | 245 |  |  |  | 71 |  |  |  | 8 |  |  |  | 205 |  |  |  | (49 | ) |  |  | 480 |
Income tax expense (benefit)(1) |  |  | 132 |  |  |  | 18 |  |  |  | 35 |  |  |  | (130 | ) |  |  | — |  |  |  | 55 |
Equity in earnings (losses) of equity method investees(3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | (7 | )
Other income (expense)(3) |  |  | 35 |  |  |  | — |  |  |  | (7 | ) |  |  | (51 | ) |  |  | — |  |  |  | (23 | )
Interest income(3) |  |  | 6 |  |  |  | 4 |  |  |  | 29 |  |  |  | 45 |  |  |  | (49 | ) |  |  | 35 |
Net Loss from Discontinued Operations Including Noncontrolling Interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Noncontrolling Interests |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | (22 | ) |  |  | — |  |  |  | 46 |
Net Income (Loss) Attributable to Dominion Energy |  |  | 561 |  |  |  | 152 |  |  |  | 109 |  |  |  | (176 | ) |  |  | — |  |  |  | 646 |
Investment in equity method investees(4) |  |  | — |  |  |  | — |  |  |  | 91 |  |  |  | 41 |  |  |  | — |  |  |  | 132 |
Capital expenditures |  |  | 2,724 |  |  |  | 297 |  |  |  | 179 |  |  |  | 14 |  |  |  | — |  |  |  | 3,214 |
Total assets (billions) |  |  | 71.9 |  |  |  | 18.5 |  |  |  | 9.8 |  |  |  | 10.4 |  |  |  | (6.0 | ) |  |  | 104.6 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,489 |  |  | $ | 892 |  |  | $ | 306 |  |  | $ | (55 | ) |  | $ | — |  |  | $ | 3,632 |
Intersegment revenue |  |  | — |  |  |  | 1 |  |  |  | 2 |  |  |  | 234 |  |  |  | (237 | ) |  |  | — |
Total Operating Revenue |  |  | 2,489 |  |  |  | 893 |  |  |  | 308 |  |  |  | 179 |  |  |  | (237 | ) |  |  | 3,632 |
Electric fuel and other energy-related purchases(1) |  |  | 701 |  |  |  | 233 |  |  |  | 26 |  |  |  | — |  |  |  | (1 | ) |  |  | 959 |
Purchased electric capacity(1) |  |  | 13 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |
Purchased gas(1) |  |  | — |  |  |  | 120 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 120 |
Other operations and maintenance(1)(2) |  |  | 533 |  |  |  | 166 |  |  |  | 104 |  |  |  | 316 |  |  |  | (234 | ) |  |  | 885 |
Depreciation and amortization(1) |  |  | 445 |  |  |  | 136 |  |  |  | 18 |  |  |  | 22 |  |  |  | — |  |  |  | 621 |
Other taxes(1) |  |  | 93 |  |  |  | 75 |  |  |  | 14 |  |  |  | 22 |  |  |  | (2 | ) |  |  | 202 |
Total Operating Expenses |  |  | 1,785 |  |  |  | 729 |  |  |  | 162 |  |  |  | 360 |  |  |  | (237 | ) |  |  | 2,799 |
Interest and related charges(1) |  |  | 192 |  |  |  | 67 |  |  |  | 9 |  |  |  | 342 |  |  |  | (36 | ) |  |  | 574 |
Income tax expense (benefit)(1) |  |  | 116 |  |  |  | 18 |  |  |  | 38 |  |  |  | (117 | ) |  |  | — |  |  |  | 55 |
Other income (expense)(3) |  |  | 21 |  |  |  | (1 | ) |  |  | (21 | ) |  |  | 67 |  |  |  | — |  |  |  | 66 |
Interest income(3) |  |  | 7 |  |  |  | 2 |  |  |  | 44 |  |  |  | 36 |  |  |  | (36 | ) |  |  | 53 |
Net Income From Discontinued Operations Including Noncontrolling Interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 118 |  |  |  | — |  |  |  | 118 |
Net Income (Loss) Attributable to Dominion Energy |  |  | 424 |  |  |  | 80 |  |  |  | 122 |  |  |  | (185 | ) |  |  | — |  |  |  | 441 |
Capital expenditures |  |  | 2,102 |  |  |  | 268 |  |  |  | 313 |  |  |  | 247 |  |  |  | — |  |  |  | 2,930 |
(1) The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM. (2) Includes impairment of assets and other charges (benefits). (3) Items designated are other segment items for each reportable segment. (4) Excludes liability to Atlantic Coast Pipeline. Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. Virginia Power’s CODM is the CEO. The Virginia Power CODM uses net income (loss) as the primary profit or loss measure at each segment. The Virginia Power CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees. In the three months ended March 31, 2025, Virginia Power reported after-tax net expenses of $79 million in the Corporate and Other segment, including $88 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2024, Virginia Power reported after-tax net income of $41 million in the Corporate and Other segment, including $39 million of after-tax net income for specific items all of which was attributable to its operating segment. The net expenses for specific items attributable to Virginia Power’s operating segment in 2025 primarily related to the impact of the following items: • An $82 million ($61 million after-tax) loss associated with severe weather events; • A $23 million ($17 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project; and • A $14 million ($11 million after-tax) loss related to investments in nuclear decommissioning trust funds. The net income for specific items attributable to Virginia Power’s operating segment in 2024 primarily related to the impact of the following item: • A $37 million ($27 million after-tax) gain related to investments in nuclear decommissioning trust funds. The following table presents segment information pertaining to Virginia Power’s operations:
Three Months Ended March 31, |  | Dominion Energy Virginia |  |  | Corporate and Other |  |  | Consolidated Total |
(millions) |  |  |  |  |  |  |  |  |
2025 |  |  |  |  |  |  |  |  |
Operating Revenue |  | $ | 2,794 |  |  | $ | (29 | ) |  | $ | 2,765 |
Electric fuel and other energy-related purchases(1) |  |  | 769 |  |  |  | — |  |  |  | 769 |
Purchased electric capacity(1) |  |  | 7 |  |  |  | — |  |  |  | 7 |
Other operations and maintenance(1)(2) |  |  | 559 |  |  |  | 97 |  |  |  | 656 |
Depreciation and amortization(1) |  |  | 397 |  |  |  | 1 |  |  |  | 398 |
Other taxes(1) |  |  | 97 |  |  |  | — |  |  |  | 97 |
Total Operating Expenses |  |  | 1,829 |  |  |  | 98 |  |  |  | 1,927 |
Interest and related charges(1) |  |  | 245 |  |  |  | (2 | ) |  |  | 243 |
Income tax expense (benefit)(1) |  |  | 132 |  |  |  | (40 | ) |  |  | 92 |
Other income (expense)(3) |  |  | 35 |  |  |  | (16 | ) |  |  | 19 |
Interest income(3) |  |  | 6 |  |  |  | — |  |  |  | 6 |
Noncontrolling Interests |  |  | 68 |  |  |  | (22 | ) |  |  | 46 |
Net Income (Loss) Attributable to Virginia Power |  |  | 561 |  |  |  | (79 | ) |  |  | 482 |
Capital expenditures |  |  | 2,724 |  |  |  | — |  |  |  | 2,724 |
Total assets (billions) |  |  | 70.3 |  |  |  | — |  |  |  | 70.3 |
2024 |  |  |  |  |  |  |  |  |
Operating Revenue |  | $ | 2,489 |  |  | $ | — |  |  | $ | 2,489 |
Electric fuel and other energy-related purchases(1) |  |  | 701 |  |  |  | — |  |  |  | 701 |
Purchased electric capacity(1) |  |  | 13 |  |  |  | — |  |  |  | 13 |
Other operations and maintenance(1)(2) |  |  | 533 |  |  |  | (19 | ) |  |  | 514 |
Depreciation and amortization(1) |  |  | 445 |  |  |  | 3 |  |  |  | 448 |
Other taxes(1) |  |  | 93 |  |  |  | — |  |  |  | 93 |
Total Operating Expenses |  |  | 1,785 |  |  |  | (16 | ) |  |  | 1,769 |
Interest and related charges(1) |  |  | 192 |  |  |  | (2 | ) |  |  | 190 |
Income tax expense(1) |  |  | 116 |  |  |  | 12 |  |  |  | 128 |
Other income(3) |  |  | 21 |  |  |  | 29 |  |  |  | 50 |
Interest income(3) |  |  | 7 |  |  |  | 6 |  |  |  | 13 |
Net Income Attributable to Virginia Power |  |  | 424 |  |  |  | 41 |  |  |  | 465 |
Capital expenditures |  |  | 2,102 |  |  |  | — |  |  |  | 2,102 |
(1) The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM. (2) Includes impairment of assets and other charges (benefits). (3) Items designated are other segment items for each reportable segment.

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