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Significant Accounting Policies (Policies) | 9 Months Ended
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Sep. 30, 2025
Accounting Policies [Abstract] |
Basis of Accounting | As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at September 30, 2025, their results of operations and changes in equity for the three and nine months ended September 30, 2025 and 2024 and their cash flows for the nine months ended September 30, 2025 and 2024. Such adjustments are normal and recurring in nature unless otherwise noted.
Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.
Consolidation | The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. Stonepeak’s 50% ownership interest in OSWP is reflected as noncontrolling interest in the Companies’ Consolidated Financial Statements.
Reclassifications | Certain amounts in the Companies’ 2024 Consolidated Financial Statements and Notes have been reclassified to conform to the 2025 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, with the exception of the items described below. Revision of Previously Issued Consolidated Financial Statements During the second quarter of 2025, the Companies identified misstatements in their previously issued consolidated financial statements related to income taxes associated with investments held within their qualified nuclear decommissioning trusts, primarily a net understatement of deferred income taxes associated with unrealized gains and losses (reflected in the Corporate and Other segment and attributable to Contracted Energy and Dominion Energy Virginia). The Companies assessed the impacts of the misstatements from both quantitative and qualitative perspectives and determined that the related impacts were not material to any of the Companies' previously issued consolidated financial statements. As a result, the Companies will revise their previously issued consolidated financial statements. Accordingly, all consolidated financial information contained in these consolidated financial statements and the accompanying notes has been revised to reflect the correction. The Companies will present the revision of their previously issued consolidated financial statements for the years ended December 31, 2024 and 2023 in connection with the future filing of their Annual Report on Form 10-K for the year ended December 31, 2025. Additionally, the Companies will present the revision of their previously issued consolidated financial statements for the three months ended March 31, 2025 in connection with the future filing of their Quarterly Report on Form 10-Q for the three months ended March 31, 2026. The following tables detail the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Income and Statements of Comprehensive Income for the periods presented:
|  | Dominion Energy |
|  | Quarter-to-Date |  |  | Year-to-Date |
Period Ended September 30, 2024 |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |  |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
(millions, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  | $ | 343 |  |  | $ | 5 |  |  | $ | 348 |  |  | $ | 700 |  |  | $ | 14 |  |  | $ | 714 |
Interest and related charges |  |  | 403 |  |  |  | 1 |  |  |  | 404 |  |  |  | 1,446 |  |  |  | 3 |  |  |  | 1,449 |
Income from continuing operations including noncontrolling interests before income tax expense |  |  | 1,158 |  |  |  | 4 |  |  |  | 1,162 |  |  |  | 2,110 |  |  |  | 11 |  |  |  | 2,121 |
Income tax expense |  |  | 185 |  |  |  | 28 |  |  |  | 213 |  |  |  | 331 |  |  |  | 90 |  |  |  | 421 |
Net Income From Continuing Operations Including Noncontrolling Interests |  |  | 973 |  |  |  | (24 | ) |  |  | 949 |  |  |  | 1,779 |  |  |  | (79 | ) |  |  | 1,700 |
Net Income Including Noncontrolling Interests |  |  | 958 |  |  |  | (24 | ) |  |  | 934 |  |  |  | 1,979 |  |  |  | (79 | ) |  |  | 1,900 |
Net Income Attributable to Dominion Energy |  |  | 958 |  |  |  | (24 | ) |  |  | 934 |  |  |  | 1,979 |  |  |  | (79 | ) |  |  | 1,900 |
Amounts Attributable to Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  |  | 973 |  |  |  | (24 | ) |  |  | 949 |  |  |  | 1,779 |  |  |  | (79 | ) |  |  | 1,700 |
Net income attributable to Dominion Energy |  |  | 958 |  |  |  | (24 | ) |  |  | 934 |  |  |  | 1,979 |  |  |  | (79 | ) |  |  | 1,900 |
EPS - Basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  |  | 1.14 |  |  |  | (0.03 | ) |  |  | 1.11 |  |  |  | 2.05 |  |  |  | (0.10 | ) |  |  | 1.95 |
Net income attributable to Dominion Energy |  |  | 1.12 |  |  |  | (0.03 | ) |  |  | 1.09 |  |  |  | 2.29 |  |  |  | (0.10 | ) |  |  | 2.19 |
EPS - Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  |  | 1.14 |  |  |  | (0.03 | ) |  |  | 1.11 |  |  |  | 2.05 |  |  |  | (0.10 | ) |  |  | 1.95 |
Net income attributable to Dominion Energy |  |  | 1.12 |  |  |  | (0.03 | ) |  |  | 1.09 |  |  |  | 2.29 |  |  |  | (0.10 | ) |  |  | 2.19 |
Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in unrealized net gains (losses) on investment securities(1) |  |  | 32 |  |  |  | (5 | ) |  |  | 27 |  |  |  | 13 |  |  |  | (3 | ) |  |  | 10 |
Total other comprehensive income (loss) |  |  | 29 |  |  |  | (5 | ) |  |  | 24 |  |  |  | 35 |  |  |  | (3 | ) |  |  | 32 |
Comprehensive income including noncontrolling interests |  |  | 987 |  |  |  | (29 | ) |  |  | 958 |  |  |  | 2,014 |  |  |  | (82 | ) |  |  | 1,932 |
Comprehensive income attributable to Dominion Energy |  |  | 987 |  |  |  | (29 | ) |  |  | 958 |  |  |  | 2,014 |  |  |  | (82 | ) |  |  | 1,932 |
(1) As previously reported, net of $(10) million and $(2) million tax for the three and nine months ended September 30, 2024, respectively. As revised, net of $(15) million ($(5) million adjustment) and $(5) million ($(3) million adjustment) tax for the three and nine months ended September 30, 2024, respectively.
|  | Virginia Power |
|  | Quarter-to-Date |  |  | Year-to-Date |
Period Ended September 30, 2024 |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |  |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  | $ | 58 |  |  | $ | 1 |  |  | $ | 59 |  |  | $ | 159 |  |  | $ | 3 |  |  | $ | 162 |
Interest and related charges |  |  | 239 |  |  |  | — |  |  |  | 239 |  |  |  | 633 |  |  |  | — |  |  |  | 633 |
Income before income tax expense |  |  | 795 |  |  |  | 1 |  |  |  | 796 |  |  |  | 1,984 |  |  |  | 3 |  |  |  | 1,987 |
Income tax expense |  |  | 141 |  |  |  | 5 |  |  |  | 146 |  |  |  | 386 |  |  |  | 13 |  |  |  | 399 |
Net Income Including Noncontrolling Interests |  |  | 654 |  |  |  | (4 | ) |  |  | 650 |  |  |  | 1,598 |  |  |  | (10 | ) |  |  | 1,588 |
Net Income Attributable to Virginia Power |  |  | 654 |  |  |  | (4 | ) |  |  | 650 |  |  |  | 1,598 |  |  |  | (10 | ) |  |  | 1,588 |
Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in unrealized net gains (losses) on investment securities(1) |  |  | 6 |  |  |  | (1 | ) |  |  | 5 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 1 |
Total other comprehensive income (loss) |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | ) |  |  | 5 |  |  |  | (1 | ) |  |  | 4 |
Comprehensive income including noncontrolling interests |  |  | 652 |  |  |  | (5 | ) |  |  | 647 |  |  |  | 1,603 |  |  |  | (11 | ) |  |  | 1,592 |
Comprehensive income attributable to Virginia Power |  |  | 652 |  |  |  | (5 | ) |  |  | 647 |  |  |  | 1,603 |  |  |  | (11 | ) |  |  | 1,592 |
(1) As previously reported, net of $(2) million and $(1) million tax for the three and nine months ended September 30, 2024, respectively. As revised, net of $(3) million ($(1) million adjustment) and $(2) million ($(1) million adjustment) tax for the three and nine months ended September 30, 2024, respectively. The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Balance Sheets for the periods presented:
|  | Dominion Energy |  |  | Virginia Power |
December 31, 2024 |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |  |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | $ | 6,412 |  |  | $ | 723 |  |  | $ | 7,135 |  |  | $ | 4,045 |  |  | $ | 431 |  |  | $ | 4,476 |
Regulatory liabilities - noncurrent |  |  | 9,196 |  |  |  | (435 | ) |  |  | 8,761 |  |  |  | 6,574 |  |  |  | (435 | ) |  |  | 6,139 |
Other deferred credits and other liabilities |  |  | 8,426 |  |  |  | 102 |  |  |  | 8,528 |  |  |  | 6,214 |  |  |  | 61 |  |  |  | 6,275 |
Total deferred credits and other liabilities |  |  | 25,409 |  |  |  | 390 |  |  |  | 25,799 |  |  |  | 17,559 |  |  |  | 57 |  |  |  | 17,616 |
Total liabilities |  |  | 72,223 |  |  |  | 390 |  |  |  | 72,613 |  |  |  | 43,234 |  |  |  | 57 |  |  |  | 43,291 |
Retained earnings |  |  | 2,035 |  |  |  | (394 | ) |  |  | 1,641 |  |  |  | 12,194 |  |  |  | (58 | ) |  |  | 12,136 |
Accumulated other comprehensive income (loss) |  |  | (156 | ) |  |  | 4 |  |  |  | (152 | ) |  |  | 27 |  |  |  | 1 |  |  |  | 28 |
Shareholders' equity |  |  | 27,253 |  |  |  | (390 | ) |  |  | 26,863 |  |  |  | 22,214 |  |  |  | (57 | ) |  |  | 22,157 |
Total equity |  |  | 30,192 |  |  |  | (390 | ) |  |  | 29,802 |  |  |  | 25,153 |  |  |  | (57 | ) |  |  | 25,096 |
The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Equity for the periods presented:
|  | Dominion Energy |  |  | Virginia Power |
Three Months Ended September 30, 2024 |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |  |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2024 |  | $ | 2,083 |  |  | $ | (359 | ) |  | $ | 1,724 |  |  | $ | 12,236 |  |  | $ | (51 | ) |  | $ | 12,185 |
Net income including noncontrolling interests |  |  | 958 |  |  |  | (24 | ) |  |  | 934 |  |  |  | 654 |  |  |  | (4 | ) |  |  | 650 |
Balance at September 30, 2024 |  |  | 2,467 |  |  |  | (383 | ) |  |  | 2,084 |  |  |  | 12,889 |  |  |  | (55 | ) |  |  | 12,834 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2024 |  |  | (167 | ) |  |  | 3 |  |  |  | (164 | ) |  |  | 23 |  |  |  | 1 |  |  |  | 24 |
Other comprehensive income (loss), net of tax |  |  | 29 |  |  |  | (5 | ) |  |  | 24 |  |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | )
Balance at September 30, 2024 |  |  | (138 | ) |  |  | (2 | ) |  |  | (140 | ) |  |  | 21 |  |  |  | — |  |  |  | 21 |
Shareholders' equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2024 |  |  | 27,073 |  |  |  | (356 | ) |  |  | 26,717 |  |  |  | 22,359 |  |  |  | (50 | ) |  |  | 22,309 |
Net income including noncontrolling interests |  |  | 958 |  |  |  | (24 | ) |  |  | 934 |  |  |  | 654 |  |  |  | (4 | ) |  |  | 650 |
Other comprehensive income (loss), net of tax |  |  | 29 |  |  |  | (5 | ) |  |  | 24 |  |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | )
Balance at September 30, 2024 |  |  | 27,531 |  |  |  | (385 | ) |  |  | 27,146 |  |  |  | 23,010 |  |  |  | (55 | ) |  |  | 22,955 |
Total equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2024 |  |  | 27,073 |  |  |  | (356 | ) |  |  | 26,717 |  |  |  | 22,359 |  |  |  | (50 | ) |  |  | 22,309 |
Net income including noncontrolling interests |  |  | 958 |  |  |  | (24 | ) |  |  | 934 |  |  |  | 654 |  |  |  | (4 | ) |  |  | 650 |
Other comprehensive income (loss), net of tax |  |  | 29 |  |  |  | (5 | ) |  |  | 24 |  |  |  | (2 | ) |  |  | (1 | ) |  |  | (3 | )
Balance at September 30, 2024 |  |  | 27,531 |  |  |  | (385 | ) |  |  | 27,146 |  |  |  | 23,010 |  |  |  | (55 | ) |  |  | 22,955 |
|  | Dominion Energy |  |  | Virginia Power |
Nine Months Ended September 30, 2024 |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |  |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 |  | $ | 2,229 |  |  | $ | (304 | ) |  | $ | 1,925 |  |  | $ | 11,541 |  |  | $ | (45 | ) |  | $ | 11,496 |
Net income including noncontrolling interests |  |  | 1,979 |  |  |  | (79 | ) |  |  | 1,900 |  |  |  | 1,598 |  |  |  | (10 | ) |  |  | 1,588 |
Balance at September 30, 2024 |  |  | 2,467 |  |  |  | (383 | ) |  |  | 2,084 |  |  |  | 12,889 |  |  |  | (55 | ) |  |  | 12,834 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 |  |  | (173 | ) |  |  | 1 |  |  |  | (172 | ) |  |  | 16 |  |  |  | 1 |  |  |  | 17 |
Other comprehensive income (loss), net of tax |  |  | 35 |  |  |  | (3 | ) |  |  | 32 |  |  |  | 5 |  |  |  | (1 | ) |  |  | 4 |
Balance at September 30, 2024 |  |  | (138 | ) |  |  | (2 | ) |  |  | (140 | ) |  |  | 21 |  |  |  | — |  |  |  | 21 |
Shareholders' equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 |  |  | 27,567 |  |  |  | (303 | ) |  |  | 27,264 |  |  |  | 21,657 |  |  |  | (44 | ) |  |  | 21,613 |
Net income including noncontrolling interests |  |  | 1,979 |  |  |  | (79 | ) |  |  | 1,900 |  |  |  | 1,598 |  |  |  | (10 | ) |  |  | 1,588 |
Other comprehensive income (loss), net of tax |  |  | 35 |  |  |  | (3 | ) |  |  | 32 |  |  |  | 5 |  |  |  | (1 | ) |  |  | 4 |
Balance at September 30, 2024 |  |  | 27,531 |  |  |  | (385 | ) |  |  | 27,146 |  |  |  | 23,010 |  |  |  | (55 | ) |  |  | 22,955 |
Total equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 |  |  | 27,567 |  |  |  | (303 | ) |  |  | 27,264 |  |  |  | 21,657 |  |  |  | (44 | ) |  |  | 21,613 |
Net income including noncontrolling interests |  |  | 1,979 |  |  |  | (79 | ) |  |  | 1,900 |  |  |  | 1,598 |  |  |  | (10 | ) |  |  | 1,588 |
Other comprehensive income (loss), net of tax |  |  | 35 |  |  |  | (3 | ) |  |  | 32 |  |  |  | 5 |  |  |  | (1 | ) |  |  | 4 |
Balance at September 30, 2024 |  |  | 27,531 |  |  |  | (385 | ) |  |  | 27,146 |  |  |  | 23,010 |  |  |  | (55 | ) |  |  | 22,955 |
The following table details the impact of the restatement adjustment to each affected line item in the Companies' Consolidated Statements of Cash Flows for the periods presented:
|  | Dominion Energy |  |  | Virginia Power |
Nine Months Ended September 30, 2024 |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |  |  | As Previously Reported |  |  | Adjustments |  |  | As Revised |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income including noncontrolling interests |  | $ | 1,979 |  |  | $ | (79 | ) |  | $ | 1,900 |  |  | $ | 1,598 |  |  | $ | (10 | ) |  | $ | 1,588 |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  |  | (346 | ) |  |  | 65 |  |  |  | (281 | ) |  |  | 381 |  |  |  | — |  |  |  | 381 |
Other operating assets and liabilities |  |  | (230 | ) |  |  | 14 |  |  |  | (216 | ) |  |  | (94 | ) |  |  | 10 |  |  |  | (84 | )
Net cash provided by operating activities |  |  | 4,377 |  |  |  | — |  |  |  | 4,377 |  |  |  | 3,935 |  |  |  | — |  |  |  | 3,935 |
Cash, Restricted Cash and Equivalents | Cash, Restricted Cash and Equivalents Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024:
|  | Cash, Restricted Cash and Equivalents at End of Period |  |  | Cash, Restricted Cash and Equivalents at Beginning of Period |
|  | September 30, 2025 |  |  | September 30, 2024 |  |  | December 31, 2024 |  |  | December 31, 2023 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) |  | $ | 932 |  |  | $ | 1,776 |  |  | $ | 310 |  |  | $ | 217 |
Restricted cash and equivalents(2)(3)(4) |  |  | 134 |  |  |  | 126 |  |  |  | 55 |  |  |  | 84 |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |  | $ | 1,066 |  |  | $ | 1,902 |  |  | $ | 365 |  |  | $ | 301 |
Virginia Power |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 646 |  |  | $ | 28 |  |  | $ | 160 |  |  | $ | 90 |
Restricted cash and equivalents(3)(4) |  |  | 125 |  |  |  | 104 |  |  |  | 46 |  |  |  | — |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |  | $ | 771 |  |  | $ | 132 |  |  | $ | 206 |  |  | $ | 90 |
(1) At December 31, 2023, Dominion Energy had $33 million of cash and cash equivalents included in assets held for sale. (2) At December 31, 2023, Dominion Energy had $4 million of restricted cash and equivalents included in assets held for sale. (3) Includes $115 million, $41 million and $100 million at VPFS attributable to VIEs at September 30, 2025, December 31, 2024 and September 30, 2024, respectively. (4) Unless otherwise noted, restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. Supplemental Cash Flow Information The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
Nine Months Ended September 30, |  | 2025 |  |  | 2024 |
(millions) |  |  |  |  |  |
Significant noncash investing and financing activities:(1) |  |  |  |  |  |
Accrued capital expenditures |  | $ | 891 |  |  | $ | 930 |
Leases(2) |  |  | 315 |  |  |  | 183 |
(1) See Note 3 for noncash financing activities related to debt assumed with the closing of the East Ohio, Questar Gas and PSNC Transactions. (2) Includes $281 million and $100 million of financing leases entered in during the nine months ended September 30, 2025 and 2024, respectively, and $34 million and $83 million of operating leases entered in during the nine months ended September 30, 2025 and 2024, respectively. The following table provides supplemental disclosure of cash flow information related to Virginia Power:
Nine Months Ended September 30, |  | 2025 |  |  | 2024 |
(millions) |  |  |  |  |  |
Significant noncash investing and financing activities: |  |  |  |  |  |
Accrued capital expenditures |  | $ | 727 |  |  | $ | 738 |
Leases(1) |  |  | 317 |  |  |  | 156 |
(1) Includes $62 million and $89 million of financing leases entered in during the nine months ended September 30, 2025 and 2024, respectively, and $255 million and $67 million of operating leases entered in during the nine months ended September 30, 2025 and 2024, respectively.
Property, Plant and Equipment | Property, Plant and Equipment Virginia Power recorded a $25 million ($18 million after-tax) charge during the third quarter of 2024 within impairment of assets and other charges in its Consolidated Statements of Income related to the write-off of early-stage development costs associated with a hydroelectric pumped storage facility that it is no longer considering constructing.
Fair Value Measurements | The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable.
Commitments and Contingencies | As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.
Guarantees, Surety Bonds and Letters of Credit | Dominion Energy enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.

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