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Related-Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 19. Related-Party Transactions

Dominion Energy’s transactions with equity method investments are described in Note 10. Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. A discussion of Virginia Power’s significant related-party transactions follows.

Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At September 30, 2025, Virginia Power’s derivative assets and liabilities with affiliates were $24 million and $15 million, respectively. At December 31, 2024, Virginia Power’s derivative assets and liabilities with affiliates were $19 million and $17 million, respectively. See Note 9 for additional information.

Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 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, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $572 million and $505 million, respectively. At September 30, 2025 and December 31, 2024, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $707 million and $663 million, respectively.

DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage.

The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies

underlying the allocation of general corporate overhead expenses are reasonable.

Presented below are Virginia Power’s significant transactions with DES and other affiliates:

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Commodity purchases
    from affiliates

 

$

221

 

 

$

147

 

 

$

734

 

 

$

453

 

Services provided
    by affiliates(1)(2)

 

 

203

 

 

 

169

 

 

 

608

 

 

 

495

 

Services provided
    to affiliates

 

 

4

 

 

 

4

 

 

 

11

 

 

 

12

 

 

(1)
Includes capitalized expenditures of $76 million and $59 million for the three months ended September 30, 2025 and 2024, respectively, and $222 million and $170 million for the nine months ended September 30, 2025 and 2024, respectively.
(2)
Excludes amounts related to Virginia Power's operating lease with an affiliated entity as discussed in Note 14.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were less than $1 million and $500 million in short-term demand note borrowings from Dominion Energy as of September 30, 2025 and December 31, 2024, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of September 30, 2025 and December 31, 2024. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $4 million and $17 million for the three months ended September 30, 2025 and 2024, respectively, and $40 million and $23 million for the nine months ended September 30, 2025 and 2024, respectively.

In the fourth quarter of 2024, Virginia Power declared a dividend of $407 million, which was paid in March 2025.

In June 2025 and August 2025, Virginia Power issued common stock to Dominion Energy as discussed in Note 16. There were no such issuances of Virginia Power common stock to Dominion Energy in 2024.

See Note 14 for discussion of Virginia Power’s lease, classified as an operating lease with a 20-month term, with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel. As of September 30, 2025, Virginia Power’s Consolidated Balance Sheet reflects $221 million of affiliated lease payables comprised of $138 million presented in other current liabilities and $83 million presented in other deferred credits and other liabilities.