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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at September 30, 2025. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility.

						Dominion Energy								Virginia Power
		Valuation Techniques		Unobservable Input		Fair Value (millions)				Range		Weighted -average(1)		Fair Value (millions)				Range		Weighted -average(1)
Assets
Physical and financial forwards:
Natural gas(2)		Discounted cash flow		Market price (per Dth)(3)		$	41			(2)-4		(1)		$	41			(2)-2		(1)
FTRs		Discounted cash flow		Market price (per MWh)(3)			119			(4)-15		7			119			(4)-15		7
Electricity		Discounted cash flow		Market price (per MWh)(3)			230			30-116		54
Physical options:
Natural gas(2)		Option model		Market price (per Dth)(3)			56			1-9		4			8			3-8		5
				Price volatility(4)						11%-73%		44%						14%-71%		41%
Total assets						$	446							$	168
Liabilities
Physical and financial forwards:
Electricity		Discounted cash flow		Market price (per MWh)(3)			35			30-123		66
Total liabilities						$	35

(1)Averages weighted by volume.

(2)Includes basis.

(3)Represents market prices beyond defined terms for Levels 1 and 2.

Represents volatilities unrepresented in published markets.

Fair Value, Option, Qualitative Disclosures

Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:

Significant Unobservable Inputs		Position		Change to Input		Impact on Fair Value Measurement
Market price		Buy		Increase (decrease)		Gain (loss)
Market price		Sell		Increase (decrease)		Loss (gain)
Price volatility		Buy		Increase (decrease)		Gain (loss)
Price volatility		Sell		Increase (decrease)		Loss (gain)

Fair Value, by Balance Sheet Grouping

The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:

		Dominion Energy																Virginia Power
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
(millions)
September 30, 2025
Assets
Derivatives:
Commodity		$	—			$	82			$	446			$	528			$	—			$	27			$	168			$	195
Interest rate			—				190				—				190				—				77				—				77
Foreign currency exchange rate			—				32				—				32				—				32				—				32
Investments(1):
Equity securities:
U.S.			6,205				2				—				6,207				3,187				2				—				3,189
International			180				—				—				180				105				—				—				105
Fixed income:
Corporate debt instruments			—				512				—				512				—				288				—				288
Government securities			161				1,689				—				1,850				91				993				—				1,084
Cash equivalents and other			33				—				—				33				—				—				—				—
Total assets		$	6,579			$	2,507			$	446			$	9,532			$	3,383			$	1,419			$	168			$	4,970
Liabilities
Derivatives:
Commodity		$	—			$	108			$	35			$	143			$	—			$	25			$	—			$	25
Interest rate			—				114				—				114				—				55				—				55
Foreign currency exchange rate			—				10				—				10				—				10				—				10
Total liabilities		$	—			$	232			$	35			$	267			$	—			$	90			$	—			$	90
December 31, 2024
Assets
Derivatives:
Commodity		$	—			$	95			$	399			$	494			$	—			$	45			$	70			$	115
Interest rate			—				875				—				875				—				230				—				230
Foreign currency exchange rate			—				30				—				30				—				30				—				30
Investments(1):
Equity securities:
U.S.			5,403				2				—				5,405				2,769				2				—				2,771
International			165				—				—				165				99				—				—				99
Fixed income:
Corporate debt instruments			—				518				—				518				—				294				—				294
Government securities			138				1,605				—				1,743				85				939				—				1,024
Cash equivalents and other			29				—				—				29				—				—				—				—
Total assets		$	5,735			$	3,125			$	399			$	9,259			$	2,953			$	1,540			$	70			$	4,563
Liabilities
Derivatives:
Commodity		$	—			$	108			$	15			$	123			$	—			$	31			$	2			$	33
Interest rate			—				197				—				197				—				—				—				—
Foreign currency exchange rate			—				192				—				192				—				192				—				192
Total liabilities		$	—			$	497			$	15			$	512			$	—			$	223			$	2			$	225

(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $205 million and $212 million of assets at Dominion Energy, inclusive of $71 million and $76 million at Virginia Power, at September 30, 2025 and December 31, 2024, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:

		Dominion Energy																Virginia Power
		Quarter-to-Date								Year-to-Date								Quarter-to-Date								Year-to-Date
Period Ended September 30,		2025				2024				2025				2024				2025				2024				2025				2024
(millions)
Beginning balance		$	414			$	360			$	384			$	86			$	179			$	105			$	68			$	(116	)
Total realized and unrealized gains (losses):
Included in earnings:
Operating revenue			(24	)			13				(14	)			7
Electric fuel and other energy-related purchases			115				14				233				(134	)			106				10				222				(136	)
Discontinued operations			—				(3	)			—				(4	)
Included in regulatory assets/liabilities			33				(77	)			76				230				(11	)			(7	)			102				219
Settlements			(126	)			(40	)			(275	)			54				(106	)			(17	)			(232	)			103
Purchases			—				2				8				30				—				—				8				21
Transfers out of Level 3			(1	)			—				(1	)			—
Ending balance		$	411			$	269			$	411			$	269			$	168			$	91			$	168			$	91

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

		Dominion Energy								Virginia Power
		Carrying Amount				Estimated Fair Value(1)				Carrying Amount				Estimated Fair Value(1)
(millions)
September 30, 2025
Long-term debt(2)		$	39,642			$	38,383			$	21,798			$	20,725
Securitization bonds(3)			1,136				1,158				1,136				1,158
Junior subordinated notes(2)			4,731				4,981
December 31, 2024
Long-term debt(2)		$	34,533			$	32,167			$	19,224			$	17,578
Securitization bonds(3)			1,217				1,218				1,217				1,218
Junior subordinated notes(2)			3,223				3,372

(1)Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.

(2)Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at September 30, 2025 and December 31, 2024.

(3)Carrying amount includes current portions included in securities due within one year.

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