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Significant Financing Transactions | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Significant Financing Transactions | Note 16. Significant Financing Transactions Credit Facilities and Short-term Debt The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. Dominion Energy Dominion Energy’s short-term financing is primarily supported by its joint revolving credit facility. In April 2025, Dominion Energy amended its joint revolving credit facility to, among other things, increase the facility limit from $6.0 billion to $7.0 billion, increase the letters of credit support from $2.0 billion to $3.0 billion and extend the maturity date from June 2026 to April 2030. The key financial covenants in the facility are unchanged except for a technical clarification to the calculation of equity utilized in the total debt to total capital ratio. At September 30, 2025, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility discussed above and its 364-day revolving credit agreement, were as follows:
| Facility Limit |  | Outstanding Commercial Paper |  | Outstanding Letters of Credit |  | Facility Capacity Available |
(millions) |  |  |  |  |  |  |  |
Joint revolving credit facility(1) | $ | 7,000 |  | $ | 2,071 |  | $ | 1 |  | $ | 4,928 |
364-day revolving credit facility(2) |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Total | $ | 8,000 |  | $ | 2,071 |  | $ | 1 |  | $ | 5,928 |
(1) This credit facility matures in April 2030, with the potential to be extended by the borrowers to April 2032, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $3.0 billion of letters of credit. (2) This credit facility, entered into in April 2025 with certain lenders, matures in April 2026, bears interest at a variable rate and contains a maximum allowed total debt to total capital ratio consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. This credit facility can be used to support bank borrowings and the issuance of commercial paper. DESC’s short-term financing is supported through its access as co-borrower to the joint revolving credit facility discussed above with the Companies. In April 2025, the sub-limit for DESC was increased from $500 million to $1.0 billion. In July 2025, the sub-limit was decreased to $900 million. In March 2025, FERC granted DESC authority through March 2027 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $1.8 billion outstanding with maturity dates of one year or less. In addition, in March 2025, FERC granted GENCO authority through March 2027 to issue short-term indebtedness not to exceed $300 million outstanding with maturity dates of one year or less. In addition to the credit facilities mentioned above, Dominion Energy’s credit facilities and agreements also consist of the following: • An agreement entered into with a financial institution in March 2023, which it expects to allow it to issue up to $100 million in letters of credit. At September 30, 2025 and December 31, 2024, $86 million and $48 million in letters of credit were issued and outstanding under this agreement, respectively. • An agreement entered into with a financial institution in June 2024, subsequently amended in January 2025, which it expects to allow it to issue up to a combined $275 million in letters of credit at either Dominion Energy or Virginia Power. At September 30, 2025 and December 31, 2024, Dominion Energy had $89 million and $88 million in letters of credit issued and outstanding under this agreement, including $78 million and $77 million for Virginia Power, respectively. • An agreement entered into with a financial institution in January 2025, which it expects to allow it to issue up to a combined $150 million in letters of credit, with $50 million available to Dominion Energy and $100 million available to Virginia Power. At September 30, 2025, Dominion Energy had $52 million in letters of credit issued and outstanding under this agreement, including $50 million for Virginia Power. In October 2025, an additional $50 million in letters of credit were issued under this agreement for Virginia Power. Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability Investment SM as disclosed in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. At September 30, 2025 and December 31, 2024, Dominion Energy’s Consolidated Balance Sheets include $451 million and $439 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $7.0 billion joint revolving credit facility, as amended in April 2025. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. At September 30, 2025, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC was as follows:
| Facility Limit |  | Outstanding Commercial Paper |  | Outstanding Letters of Credit |
(millions) |  |  |  |  |  |
Joint revolving credit facility(1) | $ | 7,000 |  | $ | — |  | $ | — |
(1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. In April 2025, the sub-limit for Virginia Power was increased from $1.75 billion to $3.0 billion. In July 2025, the sub-limit was increased to $4.0 billion. If Virginia Power has liquidity needs in excess of its current sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in April 2030, with the potential to be extended by the borrowers to April 2032. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $3.0 billion (or the sub-limit, whichever is less) of letters of credit. In addition to the credit facility mentioned above, Virginia Power’s credit facilities and agreements also consist of the following: • An agreement entered into with a financial institution in March 2023, which it expects to allow it to issue up to $300 million in letters of credit. At September 30, 2025 and December 31, 2024, $208 million and $112 million, respectively, in letters of credit were issued and outstanding under this agreement. • An agreement entered into with a financial institution in June 2024, subsequently amended in January 2025, which it expects to allow it to issue up to a combined $275 million in letters of credit at either Dominion Energy or Virginia Power. At September 30, 2025 and December 31, 2024, Virginia Power had $78 million and $77 million, out of Dominion Energy’s total $89 million and $88 million, respectively, in letters of credit issued and outstanding under this agreement. • An agreement entered into with a financial institution in January 2025, which it expects to allow it to issue up to a combined $150 million in letters of credit, with $50 million available to Dominion Energy and $100 million available to Virginia Power. At September 30, 2025, Virginia Power had $50 million in letters of credit issued and outstanding under this agreement. In October 2025, an additional $50 million in letters of credit were issued under this agreement for Virginia Power. • An agreement entered into with a financial institution in September 2025, which allows it to issue up to $300 million in letters of credit. At September 30, 2025, Virginia Power had no letters of credit issued and outstanding under this agreement. In October 2025, $262 million of letters of credit were issued under this agreement. • Agreements entered into with financial institutions in September 2025, which it expects to allow it to issue up to $2.2 billion in letters of credit. At September 30, 2025, Virginia Power had no letters of credit issued and outstanding under these agreements. In October 2025, $1.1 billion of letters of credit were issued under these agreements. Long-term Debt Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt. In April 2025, the Sustainability Revolving Credit Agreement, which is described in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, was amended to, among other things, extend the maturity date from June 2025 to April 2028, increase the commitment from $900 million to $1.0 billion and update certain pricing terms. At September 30, 2025 and December 31, 2024, Dominion Energy had no borrowings outstanding under this facility. In January 2025, DESC issued $450 million of 5.30% first mortgage bonds that mature in 2035. In March 2025, Dominion Energy issued $800 million of 5.00% senior notes and $700 million of 5.45% senior notes that mature in 2030 and 2035, respectively. In March 2025, Virginia Power issued $625 million of 5.15% senior notes and $625 million of 5.65% senior notes that mature in 2035 and 2055, respectively. In May 2025, Dominion Energy issued $1.0 billion of 4.60% senior notes that mature in 2028. In August 2025, Dominion Energy issued $1.5 billion of junior subordinated notes, consisting of $825 million of 2025 Series A JSNs and $700 million of 2025 Series B JSNs that both mature in 2056. The 2025 Series A JSNs will bear interest at 6.00% until February 15, 2031. The interest rate will reset every five years beginning on February 15, 2031, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.262%, provided that the interest rate will not reset below 6.00%. The 2025 Series B JSNs will bear interest at 6.20% until February 15, 2036. The interest rate will reset every five years beginning on February 15, 2036, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.006%, provided that the interest rate will not reset below 6.20%. Dominion Energy may defer interest payments on the 2025 Series A JSNs and/or 2025 Series B JSNs on one or more occasions for up to 10 consecutive years. If interest payments on the 2025 Series A JSNs or the 2025 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 2025 Series A JSNs and the 2025 Series B JSNs. In September 2025, Virginia Power issued $825 million of 4.90% senior notes and $875 million of 5.60% senior notes that mature in 2035 and 2055, respectively. In September 2025, Virginia Power remarketed two series of tax-exempt bonds, with an aggregate outstanding principal of $222 million to new investors. Each series of bonds bear interest at a coupon of 3.125% until October 2030, after which they will bear interest at a market rate to be determined at that time. In October 2025, Dominion Energy issued an additional $1.3 billion of junior subordinated notes, consisting of $625 million of each of 2025 Series A JSNs and 2025 Series B JSNs. See above for further information on the 2025 Series A JSNs and 2025 Series B JSNs. Dominion Energy recognized a charge of $10 million during the nine months ended September 30, 2024 within interest expense in its Consolidated Statements of Income in connection with the early redemption of Eagle Solar’s secured senior notes in February 2024. Preferred Stock Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At both September 30, 2025 and December 31, 2024, Dominion Energy had issued and outstanding 1.0 million shares of the Series C Preferred Stock. Dominion Energy recorded dividends on the Series C Preferred Stock of $11 million ($10.875 per share) for both the three months ended September 30, 2025 and 2024 and $33 million ($32.625 per share) for both the nine months ended September 30, 2025 and 2024, respectively. There have been no significant changes to Dominion Energy’s Series C Preferred Stock as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. In June 2024, Dominion Energy completed a tender offer repurchasing 0.4 million of the 0.8 million shares of Series B Preferred Stock issued and outstanding representing $440 million in aggregate liquidation preference. Dominion Energy recorded dividends on the Series B Preferred Stock of $4 million ($11.625 per share) and $21 million ($33.172 per share) for the three and nine months ended September 30, 2024, respectively, prior to its repurchase described above and redemption as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. These amounts exclude a deemed dividend of $9 million representing deferred issuance costs, legal and bank fees and excise tax associated with the shares of Series B Preferred Stock repurchased in June 2024. Issuance of Common Stock Dominion Energy recorded, net of fees and commissions, $105 million from the issuance of two million shares of common stock for the nine months ended September 30, 2025 and $102 million from the issuance of two million shares of common stock for the nine months ended September 30, 2024, through various programs including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. In August 2023, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans and, in March 2024, began issuing new shares of common stock. In June 2025, Virginia Power issued 30,006 shares of its common stock to Dominion Energy for $2.1 billion and in August 2025, issued 19,630 shares of its common stock to Dominion Energy for $1.4 billion. The proceeds for both issuances were utilized to reduce the aggregate amount outstanding under its intercompany credit facility with Dominion Energy. Virginia Power issued the shares pursuant to a Virginia Commission order authorizing the issuance of up to $3.5 billion of common stock through the end of 2025 in order to maintain adequate credit metrics and efficient access to capital markets while funding necessary capital expenditures, as discussed in Note 13. Virginia Power did no t issue any shares of its common stock to Dominion Energy in 2024. At-the-Market Program In May 2024, Dominion Energy entered into sales agency agreements to effect sales under an existing at-the-market program as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. During the first quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 8.8 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $55.34 per share. Including the forward sale agreements entered into from September through December 2024, Dominion Energy has entered into forward sale agreements for approximately 18.5 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $56.62 per share. During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 2.4 million shares of its common stock expected to be settled by the fourth quarter of 2027, at a weighted-average initial forward price of $59.91 per share. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements. In February 2025, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program. Under the sales agency agreements, Dominion Energy may, from time to time, offer and sell shares of its common stock through the sales agents or enter into one or more forward sale agreements with respect to shares of its common stock. Sales by Dominion Energy through the sales agents or by forward sellers pursuant to the forward sale agreements cannot exceed $1.2 billion in the aggregate, with Dominion Energy having the ability from time to time to increase such amount at its option. During the second quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 11 million shares of its common stock expected to be settled in the fourth quarter of 2026 at a weighted-average initial forward price of $55.83 per share. During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 9.6 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $61.11 per share. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements. Repurchase of Common Stock In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock, with $0.9 billion available as of September 30, 2025. Dominion Energy did no t repurchase any shares of common stock during the nine months ended September 30, 2025, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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