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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Note 14. Leases Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. In September 2025, Virginia Power recorded a right-of-use asset and offsetting lease obligation of $228 million upon commencement of an operating lease with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel. For the three and nine months ended September 30, 2025, Virginia Power capitalized $11 million of such affiliated lease cost associated with the CVOW Commercial Project. Dominion Energy’s Consolidated Statements of Income include $6 million and $15 million for the three and nine months ended September 30, 2025, respectively, and $6 million and $15 million for the three and nine months ended September 30, 2024, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $4 million and $9 million for the three and nine months ended September 30, 2025, respectively, and $3 million and $6 million for the three and nine months ended September 30, 2024, respectively, of depreciation expense included in depreciation and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. In April 2024, Dominion Energy agreed to pay $47 million in connection with a settlement of an agreement related to the offshore wind installation vessel under development and recorded a charge of $47 million ($35 million after-tax) in the first quarter of 2024 within impairments and other charges in its Consolidated Statements of Income. Offshore Wind Vessel Leasing Arrangement In December 2020, Dominion Energy signed an agreement (most recently amended in August 2024) with a lessor to complete construction of and lease a Jones Act compliant offshore wind installation vessel. This vessel is designed to handle current turbine technologies as well as next generation turbines. The lessor provided equity and obtained financing commitments from debt investors, totaling $715 million, which funded project costs. In September 2025, the vessel was delivered and the five-year lease term commenced. Upon commencement, the lease for the offshore wind vessel was classified as a finance lease. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional term, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the outstanding project costs or (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the outstanding project costs, Dominion Energy may be required to make a payment to the lessor for the difference between the outstanding project costs and sale proceeds. No end-of-term options were deemed reasonably certain of exercise at commencement date. Dominion Energy is considered the owner of the leased property for tax purposes, and as a result, is entitled to tax deductions for depreciation and interest expense. At commencement, Dominion Energy recorded a right-of-use asset and offsetting lease obligation of $214 million, representing the present value of consideration over the five-year term at the rate implicit in the lease.

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