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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 5. Income Taxes For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
|  | Dominion Energy |  |  | Virginia Power |
Nine Months Ended September 30, |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
U.S. statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increases (reductions) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 3.9 |  |  |  | 3.2 |  |  |  | 4.4 |  |  |  | 4.4 |
Investment tax credits |  |  | (2.4 | ) |  |  | (1.4 | ) |  |  | (0.8 | ) |  |  | (0.8 | )
Production tax credits |  |  | (4.7 | ) |  |  | (3.2 | ) |  |  | (4.1 | ) |  |  | (3.0 | )
Reversal of excess deferred income taxes |  |  | (1.6 | ) |  |  | (2.7 | ) |  |  | (1.7 | ) |  |  | (1.8 | )
Qualified nuclear decommissioning trust net gains (losses) |  |  | 2.5 |  |  |  | 4.0 |  |  |  | 0.5 |  |  |  | 0.6 |
Remeasurements and settlements of uncertain tax positions |  |  | (1.0 | ) |  |  | — |  |  |  | — |  |  |  | — |
AFUDC - equity |  |  | (0.7 | ) |  |  | (0.7 | ) |  |  | (1.0 | ) |  |  | (0.6 | )
Absence of tax on noncontrolling interest |  |  | (1.2 | ) |  |  | — |  |  |  | (1.8 | ) |  |  | — |
Other, net |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (0.1 | ) |  |  | 0.3 |
Effective tax rate |  |  | 15.7 | % |  |  | 19.9 | % |  |  | 16.4 | % |  |  | 20.1 | %
The IRA created a nuclear production tax credit for electricity produced and sold beginning in 2024 and a clean fuel production tax credit for clean fuel produced and sold beginning in 2025. For the nine months ended September 30, 2025, Dominion Energy and Virginia Power’s effective tax rate includes a $66 million income tax benefit for the nuclear production tax credit and Dominion Energy’s effective tax rate also includes a $50 million income tax benefit for the clean fuel production tax credit. For the nine months ended September 30, 2024, Virginia Power recorded a $53 million tax benefit which represented a prorated portion of the estimated net realizable value of the nuclear production tax credit. The ultimate nuclear and clean fuel production tax credits realized by the Companies could vary significantly based on pending final U.S. Treasury guidance. In September 2025, Virginia Power entered into an agreement and completed the transfer of nuclear production tax credits for which it received cash of $48 million. In October 2025, Virginia Power entered into a separate agreement and completed the transfer of nuclear production tax credits for which it received cash of $24 million. Any discount between the generated credit value and proceeds from transfer is recognized as a reduction in the benefit associated with such tax credits reflected in the Companies’ income tax expense. As of September 30, 2025, Dominion Energy’s effective tax rate reflects an income tax net benefit of $18 million reflecting a $30 million remeasurement of an unrecognized tax benefit partially deferred to regulatory liabilities. A reconciliation of changes in Dominion Energy’s and Virginia Power’s unrecognized tax benefits follows for the current period:
|  | Dominion Energy |  |  | Virginia Power |
(millions) |  |  |  |  |  |
Balance at January 1, 2025 |  | $ | 170 |  |  | $ | 56 |
Prior period positions - increases |  |  | — |  |  |  | — |
Prior period positions - decreases |  |  | (38 | ) |  |  | — |
Current period positions - increases |  |  | 3 |  |  |  | 2 |
Settlements with tax authorities |  |  | — |  |  |  | — |
Expiration of statutes of limitations |  |  | — |  |  |  | — |
Balance at September 30, 2025 |  | $ | 135 |  |  | $ | 58 |
Discontinued operations Income tax expense (benefit) reflected in discontinued operations is $(5) million and $31 million for the nine months ended September 30, 2025 and 2024, respectively. See Note 3 for a discussion of tax expense reflected in discontinued operations during the nine months ended September 30, 2024.

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