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What changed in Dominion Energy's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Dominion Energy's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+351 added−338 removedSource: 10-K (2026-02-23) vs 10-K (2025-02-27)

Top changes in Dominion Energy's 2025 10-K

351 paragraphs added · 338 removed · 297 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

157 edited+30 added−32 removed146 unchanged
Biggest changeConsistent with its ownership percentage, Dominion Energy’s 2023 emissions data reported under its Corporate GHG Inventory includes emissions from its 50% noncontrolling interest in Cove Point (through September 2023), as well as the entire year of operations for the gas entities sold in 2024 as part of the East Ohio, Questar Gas, and PSNC Transactions. • For Dominion Energy’s electric generation operations, total CO 2 equivalent emissions were 27.4 million metric tons in 2023, including 9.2 million metric tons from DESC and 18.2 million metric tons from Virginia Power. • For Dominion Energy’s electric transmission and distribution operations, direct CO 2 equivalent emissions were 0.13 million metric tons in 2023. • For Dominion Energy’s natural gas operations, total CO 2 equivalent emissions were 1.5 million metric tons in 2023, including 1.4 million metric tons associated with East Ohio, Questar Gas and Wexpro and PSNC. • For Dominion Energy’s proportional interest in Cove Point’s operations, total CO 2 equivalent emissions were 0.4 million metric tons in 2023. 31 • For Dominion Energy’s corporate operations, which includes renewable natural gas operations and Dominion Privatization assets, in addition to building heat and Dominion Energy’s vehicle and aviation fleets, total CO 2 equivalent emissions were 0.09 million metric tons in 2023.
Biggest changeDominion Energy’s 2024 emissions data reported under its Corporate GHG Inventory, which excludes the gas entities sold as part of the East Ohio, Questar Gas and PSNC Transactions, are as follows: • For Dominion Energy’s electric generation operations, total CO 2 equivalent emissions were 31.7 million metric tons in 2024, including 9.9 million metric tons from DESC and 21.8 million metric tons from Virginia Power. • For Dominion Energy’s electric transmission and distribution operations, direct CO 2 equivalent emissions were 0.04 million metric tons. • For Dominion Energy’s natural gas operations, total CO 2 equivalent emissions were 0.08 million metric tons. • For Dominion Energy’s corporate operations, which includes renewable natural gas operations and Dominion Privatization assets, in addition to building heat and Dominion Energy’s vehicle and aviation fleets, total CO 2 equivalent emissions were 0.06 million metric tons. 23 EPA Mandatory GHG Reporting Program Dominion Energy has been reporting GHG emissions, including carbon, methane, N 2 O and SF 6 , from its natural gas infrastructure, electric generation and power delivery operations to the EPA since 2011 under the EPA mandatory GHG Reporting Program.
See Federal Regulations in Regulation, Future Issues and Other Matters in Item 7. MD&A and Note 23 to the Consolidated Financial Statements for additional information. Properties For a listing of facilities, see Item 2.
See Federal Regulations in Regulation, Future Issues and Other Matters in Item 7. MD&A and Note 23 to the Consolidated Financial Statements for additional information. Properties For a listing of facilities, see Item 2. Properties.
Relative to Virginia Power’s November 2024 Rider OSW filing, the updated estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs.
Relative to Virginia Power’s November 2024 Rider OSW filing, the estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs.
In addition, beginning with the 2025 Biennial Review, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding.
In addition, beginning with the 2025 Biennial Review, the Virginia Commission may, at 18 its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding.
Variability in earnings may arise when revenues are impacted by factors not reflected in current rates, such as the impact of weather, customer demand or the timing and nature of expenses or outages. Electric operations continue to focus on improving service and experience levels while striving to reduce costs and link investments to operational results.
Variability in earnings may arise when revenues are impacted by factors not reflected in current rates, such as the impact of weather, customer demand or the timing and nature of expenses or outages. 14 Electric operations continue to focus on improving service and experience levels while striving to reduce costs and link investments to operational results.
Coal — DESC primarily obtains coal through short-term and long-term contracts with suppliers located in eastern Kentucky, Tennessee, Virginia and West Virginia that will expire at various times through 2026. Spot market purchases may occur when needed or when prices are believed to be favorable. 20 Nuclear — DESC primarily utilizes long-term contracts to support its nuclear fuel requirements.
DESC primarily obtains coal through short-term and long-term contracts with suppliers located in eastern Kentucky, Tennessee, Virginia and West Virginia that will expire at various times through 2026. Spot market purchases may occur when needed or when prices are believed to be favorable. Nuclear Fuel — DESC primarily utilizes long-term contracts to support its nuclear fuel requirements.
Dominion Energy manages the electric price volatility of Millstone by hedging a substantial portion of its expected near-term energy sales not subject to the Millstone 2019 power purchase agreements with derivative instruments. Dominion Energy’s nonregulated generation fleet includes solar generation facilities in operation or development in five states, including Virginia.
Dominion Energy manages the electric price volatility of Millstone by hedging a substantial portion of its expected near-term energy sales not subject to the Millstone 2019 power purchase agreements with derivative instruments. 16 Dominion Energy’s nonregulated generation fleet includes solar generation facilities in operation or development in five states, including Virginia.
DESC, for itself and as agent for Santee Cooper, and Westinghouse are parties to a fuel alliance agreement and contracts for fuel fabrication and related services. Under these contracts, DESC supplies enriched products to Westinghouse, who in turn supplies nuclear fuel assemblies for Summer. Westinghouse is DESC’s exclusive provider of such fuel assemblies on a cost-plus basis.
DESC, for itself and as agent for Santee Cooper, and Westinghouse are parties to a fuel alliance 15 agreement and contracts for fuel fabrication and related services. Under these contracts, DESC supplies enriched products to Westinghouse, who in turn supplies nuclear fuel assemblies for Summer. Westinghouse is DESC’s exclusive provider of such fuel assemblies on a cost-plus basis.
Virginia Power manages a portfolio of natural gas transportation contracts (capacity) that provides for reliable natural gas deliveries to its gas turbine fleet, while minimizing costs. Virginia Power’s coal supply is obtained through long-term contracts and short-term spot agreements from domestic suppliers. 17 Biomass— Virginia Power’s biomass supply is obtained through long-term contracts and short-term spot agreements from local suppliers.
Virginia Power manages a portfolio of natural gas transportation contracts (capacity) that provides for reliable natural gas deliveries to its gas turbine fleet, while minimizing costs. Virginia Power’s coal supply is obtained through long-term contracts and short-term spot agreements from domestic suppliers. Biomass— Virginia Power’s biomass supply is obtained through long-term contracts and short-term spot agreements from local suppliers.
The CWA and analogous state laws impose restrictions and strict controls regarding discharges of effluent into surface waters and require permits to be obtained from the EPA or the 28 analogous state agency for those discharges. Containment berms and similar structures may be required to help prevent accidental releases.
The CWA and analogous state laws impose restrictions and strict controls regarding discharges of effluent into surface waters and require permits to be obtained from the EPA or the analogous state agency for those discharges. Containment berms and similar structures may be required to help prevent accidental releases.
Ultimately, the suite of species protections may restrict company activities to certain times of year, project modifications may be necessary to avoid harm, or a permit may be needed for unavoidable taking of the species. The authorizing agency may impose mitigation requirements and costs to compensate for harm of a protected species or habitat loss.
Ultimately, the suite of species protections may restrict company activities to certain times of year, project modifications may be necessary to avoid harm or a permit may be needed for unavoidable taking of the species. The 21 authorizing agency may impose mitigation requirements and costs to compensate for harm of a protected species or habitat loss.
The legislation provided that the Virginia Commission establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, and that subsequent to the 2023 Biennial Review the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations.
The legislation provided that the Virginia Commission establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, and that in subsequent biennial reviews the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations.
See Note 13 to the Consolidated Financial Statements for additional information. 25 Electric Regulation in South Carolina DESC’s retail electric base rates in South Carolina are regulated on a cost-of-service/rate-of-return basis subject to South Carolina statutes and the rules and procedures of the South Carolina Commission.
See Note 13 to the Consolidated Financial Statements for additional information. Electric Regulation in South Carolina DESC’s retail electric base rates in South Carolina are regulated on a cost-of-service/rate-of-return basis subject to South Carolina statutes and the rules and procedures of the South Carolina Commission.
In January 2025, DESC received an approval from the South Carolina Commission to pursue the construction of a new natural gas-fired combustion turbine unit at Urquhart to increase reliability, improve operational flexibility and reduce emissions.
In January 2025, DESC received approval from the South Carolina Commission to pursue the construction of a new natural gas-fired combustion turbine unit at Urquhart to increase reliability, improve operational flexibility and reduce emissions.
Other Regulations Other significant environmental regulations to which the Companies are subject include federal and state laws protecting graves, sacred sites, historic sites and cultural resources, including those of American Indian tribal nations and tribal communities.
Other Regulations Other significant regulations to which the Companies are subject include federal and state laws protecting graves, sacred sites, historic sites and cultural resources, including those of American Indian tribal nations and tribal communities.
(2) Excludes ODEC’s 50.0% undivided ownership interest in the Clover power station. (3) Includes solar, biomass and pumped storage. Nuclear Fuel —Virginia Power primarily utilizes long-term contracts to support its nuclear fuel requirements. Worldwide market conditions are continuously evaluated to ensure a range of supply options at reasonable prices which are dependent on the market environment.
(2) Excludes ODEC’s 50.0% undivided ownership interest in the Clover power station. (3) Includes wind, solar, biomass, battery and pumped storage. Nuclear Fuel —Virginia Power primarily utilizes long-term contracts to support its nuclear fuel requirements. Worldwide market conditions are continuously evaluated to ensure a range of supply options at reasonable prices which are dependent on the market environment.
See Note 23 to the Consolidated Financial Statements for additional information on spent nuclear fuel. 27 Cyber Regulations The Companies plan and operate their facilities in compliance with approved government cyber regulatory requirements. The Companies’ employees participate on various regulatory committees, track the development and implementation of standards and maintain proper compliance registration with NERC’s regional organizations.
See Note 23 to the Consolidated Financial Statements for additional information on spent nuclear fuel. Cyber Regulations The Companies plan and operate their facilities in compliance with approved government cyber regulatory requirements. The 20 Companies’ employees participate on various regulatory committees, track the development and implementation of standards and maintain proper compliance registration with NERC’s regional organizations.
The Companies make their SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, available, free of charge, through Dominion Energy’s website, http://www.dominionenergy.com, as soon as reasonably practicable after filing or furnishing the material to the SEC.
The Companies make their SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, available, free of charge, through Dominion Energy’s website, https://www.dominionenergy.com, as soon as reasonably practicable after filing or furnishing the material to the SEC.
The estimated cost to DESC to decommission its 66.7% ownership in Summer is reflected in the table below and is primarily based upon site-specific studies completed in 2020. These cost studies are generally completed every four to five years. Santee Cooper is responsible for the remaining decommissioning costs, proportionate with its 33.3% ownership in Summer.
The estimated cost to DESC to decommission its 66.7% ownership in Summer is reflected in the table below and is primarily based upon site-specific studies completed in 2025. These cost studies are generally completed every four to five years. Santee Cooper is responsible for the remaining decommissioning costs, proportionate with its 33.3% ownership in Summer.
Many of these permits are subject to reissuance and continuing review. Global Climate Change The Companies support a federal climate change program that would provide a consistent, economy-wide approach to addressing this issue. Regardless of federal action, the Companies are seeking to reduce their GHG emissions while meeting the growing needs of their customers.
Many of these permits are subject to reissuance and continuing review. Global Climate Change The Companies support a federal climate change program that would provide a consistent, economy-wide approach to addressing this issue. Regardless of federal action, the Companies are seeking to reduce their GHG emissions while also balancing meeting the growing needs of their customers.
Additionally, Virginia Power has requested cost recovery for phase eight of the program from the Virginia Commission, encompassing approximately 300 miles of converted lines and $240 million in capital spending, recoverable through Rider DIST. See Note 13 to the Consolidated Financial Statements for additional information.
Additionally, Virginia Power has requested cost recovery for phase nine of the program from the Virginia Commission, encompassing approximately 300 miles of converted lines and $240 million in capital spending, recoverable through Rider DIST. See Note 13 to the Consolidated Financial Statements for additional information.
Dominion Energy offers various efficiency programs designed to reduce energy consumption in Virginia, North Carolina and South Carolina, including programs such as: • Energy audits and assessments; • Incentives for customers to upgrade or install certain energy efficient measures and/or systems; • Weatherization assistance to help income-eligible customers reduce their energy usage; • Home energy planning, which provides homeowners with a step-by-step roadmap to efficiency improvements to reduce gas usage; and • Rebates for installing high-efficiency equipment and qualified electric vehicle chargers.
Dominion Energy offers various efficiency programs designed to reduce energy consumption in Virginia, North Carolina and South Carolina, including programs such as: • Energy audits and assessments; • Incentives for customers to upgrade or install certain energy efficient measures and/or systems; • Weatherization assistance to help income-eligible customers reduce their energy usage; • Home energy planning, which provides homeowners with a step-by-step roadmap to efficiency improvements to reduce gas usage; and • Rebates for installing high-efficiency equipment and qualified elect ric vehicle chargers.
(2) Includes solar. Natural gas — DESC purchases natural gas under contracts with producers and marketers on both a short-term and long-term basis at market-based prices. The gas is delivered to DESC through firm transportation agreements with various counterparties, through 2084.
(2) Includes solar. Fossil Fuel — DESC purchases natural gas under contracts with producers and marketers on both a short-term and long-term basis at market-based prices. The gas is delivered to DESC through firm transportation agreements with various counterparties, through 2084 .
The Virginia Commission has approved portions of this plan through 2026. Revenue provided by electric distribution and generation operations is based primarily on rates established by the Virginia and North Carolina Commissions. Approximately 78% of revenue comes from serving Virginia jurisdictional customers.
The Virginia Commission has approved portions of this plan through 2026. Revenue provided by electric distribution and generation operations is based primarily on rates established by the Virginia and North Carolina Commissions. Approximately 80% of revenue comes from serving Virginia jurisdictional customers.
WHERE YOU CAN FIND MORE INFORMATION ABOUT THE COMPANIES The Companies file their annual, quarterly and current reports, proxy statements and other information with the SEC. Their SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov.
Where You Can Find More Information About the Companies The Companies file their annual, quarterly and current reports, proxy statements and other information with the SEC. Their SEC filings are available to the public over the Internet at the SEC’s website at https://www.sec.gov.
The program is designed to reduce restoration outage time by moving Virginia Power’s most outage-prone overhead distribution lines underground, has an annual investment cap of approximately $286 million and is expected to be completed by 2029.
The program is designed to reduce restoration outage time by moving Virginia Power’s most outage-prone overhead distribution lines underground, has an annual investment cap of approximately $387 million and is expected to be completed by 2029.
As an example, Dominion Energy sponsors nine employee resource groups enabling employees to work together to create community and promote excellent performance. Further, Dominion Energy is an equal opportunity employer committed to non-discrimination in all operations.
As an example, Dominion Energy sponsors ten employee resource groups enabling employees to work together to create community and promote excellent performance. Further, Dominion Energy is an equal opportunity employer committed to non-discrimination in all operations.
The Companies anticipate incurring additional compliance expenditures over the next several years because of the implementation of new cybersecurity programs such as the Transportation Security Administration’s gas sector cyber security directives. In addition, NERC continues to develop additional requirements specifically regarding supply chain standards and control centers that impact the bulk electric system.
The Companies anticipate incurring additional compliance expenditures over the next several years because of the implementation of new cybersecurity programs such as the Transportation Security Administration’s gas sector cybersecurity policies. In addition, NERC continues to develop additional requirements specifically regarding supply chain standards and control centers that impact the bulk electric system.
There is no voluntary cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission preceding.
There is no voluntary cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding.
Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into PJM wholesale electricity markets. Consistent with the increased authority given to NERC by EPACT, Virginia Power is committed to meeting NERC standards, modernizing its infrastructure and maintaining superior system reliability with respect to its electric transmission operations.
Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into PJM. Consistent with the increased authority given to NERC by EPACT, Virginia Power is committed to meeting NERC standards, modernizing its infrastructure and maintaining superior system reliability with respect to its electric transmission operations.
CONTRACTED ENERGY Contracted Energy includes the operations of Millstone, and associated energy marketing and price risk activities, and Dominion Energy’s nonregulated long-term contracted renewable electric generation fleet. Contracted Energy also includes nonregulated renewable natural gas facilities in operation and under development, including Dominion Energy’s investment in Align RNG. See Investments below for additional information regarding the Align RNG investment.
CONTRACTED ENERGY Contracted Energy includes the operations of Millstone, and associated energy marketing and price risk activities, and Dominion Energy’s nonregulated long-term contracted renewable electric generation fleet. Contracted Energy also includes nonregulated renewable natural gas facilities, including Dominion Energy’s investment in Align RNG. See Investments below for additional information regarding the Align RNG investment.
At December 31, 2024, the minority owners held $73 million of trust funds related to Millstone Unit 3 that are not reflected in the table above. Also see Notes 9, 14 and 23 to the Consolidated Financial Statements for additional information about nuclear decommissioning trust investments, AROs and other aspects of nuclear decommissioning, respectively.
At December 31, 2025 , the minority owners held $84 million of trust funds related to Millstone Unit 3 that are not reflected in the table above. Also see Notes 9, 14 and 23 to the Consolidated Financial Statements for additional information about nuclear decommissioning trust investments, AROs and other aspects of nuclear decommissioning, respectively.
These rates reflect Dominion Energy’s dedication to safety when compared to a BLS Industry Average OSHA Recordable Rate of 2.0 in 2023 and 1.7 in 2022. As evidence of Dominion Energy’s commitment to safety, annual incentive plans for all employees, except as restricted by any collective bargaining agreements, include a safety performance measure.
These rates reflect Dominion Energy’s dedication to safety when compared to a BLS Industry Average OSHA Recordable Rate of 1.9 in 2024 and 2.0 in 2023 . As evidence of Dominion Energy’s commitment to safety, annual incentive plans for all employees, except as restricted by any collective bargaining agreements, include a safety performance measure.
(2) Virginia Power did not make any contributions to its nuclear decommissioning trust funds during 2024. (3) North Anna is jointly owned by Virginia Power (88.4%) and ODEC (11.6%). However, Virginia Power is responsible for 89.05% of the decommissioning obligation. Amounts reflect 89.05% of the decommissioning cost for both of North Anna’s units.
(2) Virginia Power did not make any contributions to its nuclear decommissioning trust funds during 2025 . (3) North Anna is jointly owned by Virginia Power (88.4%) and ODEC (11.6%). However, Virginia Power is responsible for 89.26% of the decommissioning obligation. Amounts reflect 89.26% of the decommissioning cost for both of North Anna’s units.
Dominion Energy’s capital expenditure plan for 2025 through 2029 includes a focus on upgrading the electric system in Virginia through investments in renewable generation facilities, smart meters, intelligent grid devices and associated control systems, physical and cyber security investments, strategic undergrounding and energy conservation programs.
Dominion Energy’s capital expenditure plan for 2026 through 2030 includes a focus on upgrading the electric system in Virginia through investments in renewable generation facilities, smart meters, intelligent grid devices and associated control systems, physical and cyber security investments, strategic undergrounding and energy conservation programs.
Dominion Energy expects to invest approximately $1.0 billion from 2025 through 2029 in connection with this arrangement. Virginia legislation provides for the recovery of costs, subject to approval by the Virginia Commission, for Virginia Power to move approximately 4,000 miles of electric distribution lines underground.
Dominion Energy expects to invest approximately $1.0 billion from 2026 through 2030 in connection with this arrangement. Virginia legislation provides for the recovery of costs, subject to approval by the Virginia Commission, for Virginia Power to move approximately 4,000 miles of electric distribution lines underground.
Safety is the highest priority of Dominion Energy’s five core values with the fundamental goal to send every employee home safe and sound every day. In 2024, Dominion Energy experienced an OSHA Recordable Rate of 0.42 compared to 0.45 in 2023 and 0.52 in 2022.
Safety is the highest priority of Dominion Energy’s five core values with the fundamental goal to send every employee home safe and sound every day. In 2025 , Dominion Energy experienced an OSHA Recordable Rate of 0.26 compared to 0.42 in 2024 and 0.45 in 2023 .
Electric Generation and Storage Projects In addition, Virginia Power is developing, financing and constructing new generation capacity and has also received license extensions on zero carbon nuclear generation facilities to meet its renewable generation targets and growing electricity demand within its service territory.
Electric Generation and Storage Projects In addition to the CVOW Commercial Project, Virginia Power is developing, financing and constructing new generation capacity and has also received license extensions on zero carbon nuclear generation facilities to meet its renewable generation targets and growing electricity demand within its service territory.
The Virginia and South Carolina Commissions also regulate the issuance of certain securities. 24 Electric Regulation in Virginia The Regulation Act provides for a cost-of-service rate model and permits Virginia Power to seek recovery of costs for new generation projects as well as extensions of operating licenses of nuclear power generation facilities, FERC-approved transmission costs, underground distribution lines, certain environmental compliance, conservation, energy efficiency and demand response programs and renewable energy facilities and programs through stand-alone riders, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission.
Electric Regulation in Virginia The Regulation Act provides for a cost-of-service rate model and permits Virginia Power to seek recovery of costs for new generation projects as well as extensions of operating licenses of nuclear power generation facilities, FERC-approved transmission costs, underground distribution lines, certain environmental compliance, conservation, energy efficiency and demand response programs and renewable energy facilities and programs through stand-alone riders, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission.
See Note 10 to the Consolidated Financial Statements for additional information. 11 Equity Method Investments Sale of Interest in Cove Point In September 2023, Dominion Energy completed the sale of its 50% noncontrolling limited partnership interest in Cove Point to BHE for approximately $3.3 billion in cash proceeds. See Note 9 to the Consolidated Financial Statements for additional information.
Equity Method Investment Sale of Interest in Cove Point In September 2023, Dominion Energy completed the sale of its 50% noncontrolling limited partnership interest in Cove Point to BHE for approximately $3.3 billion in cash proceeds. See Note 9 to the Consolidated Financial Statements for additional information.
Presented below is a summary of DESC’s actual system output by energy source: Source 2024 2023 2022 Natural gas 47 % 50 % 48 % Nuclear (1) 21 21 23 Coal 21 18 18 Renewable and Hydro (2) 11 11 11 Total 100 % 100 % 100 % (1) Excludes Santee Cooper’s 33.3% undivided ownership interest in Summer.
Presented below is a summary of DESC’s actual system output by energy source: Source 2025 2024 2023 Natural gas 42 % 47 % 50 % Nuclear (1) 23 21 21 Coal 23 21 18 Renewable and hydro (2) 12 11 11 Total 100 % 100 % 100 % (1) Excludes Santee Cooper’s 33.3% undivided ownership interest in Summer.
SAIDI performance results, excluding major events, were 83 minutes for the three-year average ending 2024, up from the previous three-year average of 82 minutes. Revenue provided by DESC’s natural gas distribution operations primarily results from rates established by the South Carolina Commission.
SAIDI performance results, excluding major events, were 84 minutes for the three-year average ending 2025 , up from the previous three-year average of 83 minutes. Revenue provided by DESC’s natural gas distribution operations primarily results from rates established by the South Carolina Commission.
Dominion Energy South Carolina’s capital plan for 2025 through 2029 includes spending approximately $6 billion to upgrade existing or add new infrastructure to meet growing energy needs within its service territory and maintain reliability. Revenue provided by DESC’s electric distribution operations is based primarily on rates established by the South Carolina Commission.
Dominion Energy South Carolina’s capital plan for 2026 through 2030 includes spending approximately $8 billion to upgrade existing or add new infrastructure to meet growing energy needs within its service territory and maintain reliability. Revenue provided by DESC’s electric distribution operations is based primarily on rates established by the South Carolina Commission.
As part of this, Dominion Energy periodically reviews its workforce representation to ensure it is casting a wide net for the best and brightest talent. In 2024, 2023 and 2022, the percentage of Dominion Energy’s workforce that was diverse was 38.7%, 37.7% and 37.0%, respectively.
As part of this, Dominion Energy periodically reviews its workforce representation to ensure it is casting a wide net for the best and brightest talent. In 2025, 2024 and 2023 , the percentage of Dominion Energy’s workforce that was diverse was 39.1%, 38.7% and 37.7%, respectively.
Its approximately $50 billion capital expenditure plan for 2025 through 2029 advances its “all-of-the-above” strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability and transmission and distribution resiliency to meet projected demand growth. Renewable generation facilities are expected to include significant investments in utility-scale solar and the CVOW Commercial Project.
Its approximately $65 billion capital expenditure plan for 2026 through 2030 advances its “all-of-the-above” strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability and transmission and distribution resiliency to meet projected demand growth. Renewable generation facilities are expected to include significant investments in utility-scale solar and the CVOW Commercial Project.
Presented below is a summary of Virginia Power’s actual system output by energy source: Source 2024 2023 2022 Natural gas 40 % 36 % 36 % Nuclear (1) 26 29 28 Purchased power, net 22 25 23 Coal (2) 5 5 8 Renewable and Hydro (3) 7 5 5 Total 100 % 100 % 100 % (1) Excludes ODEC’s 11.6% undivided ownership interest in North Anna.
Presented below is a summary of Virginia Power’s actual system output by energy source: Source 2025 2024 2023 Natural gas 39 % 40 % 36 % Nuclear (1) 25 26 29 Purchased power, net 24 22 25 Coal (2) 7 5 5 Renewable and hydro (3) 5 7 5 Total 100 % 100 % 100 % (1) Excludes ODEC’s 11.6% undivided ownership interest in North Anna.
These enhancements are aimed at meeting Dominion Energy’s continued goal of providing safe, reliable service while addressing increasing electricity consumption, making Dominion Energy’s system more responsive to its customers’ desire to more efficiently manage their energy consumption and transforming its grid to be more adaptive to renewable generation resources and battery technologies.
These enhancements are aimed at meeting Dominion Energy’s continued goal of providing safe, reliable service while addressing increasing electricity consumption, making Dominion Energy’s system more responsive to its customers’ desire to more efficiently manage their energy consumption and transforming its grid to be more adaptive to renewable generation resources and battery technologies. See Operating Segments for additional information.
In addition, Dominion Energy has either received or applied for license extensions for its regulated nuclear power stations in Virginia and South Carolina and intends to apply for license extensions for Millstone. Dominion Energy currently expects approximately 90% of earnings to come from state-regulated utility operations in Virginia, North Carolina and South Carolina.
In addition, Dominion Energy has received license extensions for its regulated nuclear power stations in Virginia and South Carolina and intends to apply for license extensions for Millstone. Dominion Energy currently expects approximately 95% of earnings to come from state-regulated utility operations in Virginia, North Carolina and South Carolina.
Additionally, there is some competition for Virginia Power’s generation operations for Virginia jurisdictional electric utility customers that meet certain size requirements or that currently are purchasing energy from competitive suppliers deemed to be 100% renewable by the Virginia Commission. See Electric under State Regulations in Regulation for additional information. Currently, North Carolina does not offer retail choice to electric customers.
Additionally, there is some competition for Virginia Power’s generation operations for Virginia jurisdictional electric utility customers that meet certain size requirements or that currently are purchasing energy from competitive suppliers deemed to be 100% renewable by the Virginia Commission. See Electric under State Regulations in Regulation for additional information.
In future biennial reviews, beginning with the biennial review to be filed in 2025, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE.
The legislation directed that, beginning with the 2025 Biennial Review, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE.
See Operating Segments for additional information. 30 Conservation and Energy Efficiency Conservation and load management play a significant role in meeting the growing demand for electricity and natural gas, while also helping to reduce the environmental footprint of Dominion Energy’s customers and lower their bills.
Conservation and Energy Efficiency Conservation and load management play a significant role in meeting the growing demand for electricity and natural gas, while also helping to reduce the environmental footprint of Dominion Energy’s customers and lower their bills.
Dominion Energy has set a goal to achieve net zero carbon and methane Scope 1 and Scope 2 emissions and material categories of Scope 3 emissions: electricity purchased to power the grid, fossil fuel purchased for its power stations and gas distribution systems and consumption of sales gas by natural gas customers by 2050.
Dominion Energy is working to achieve its commitment of net zero carbon and methane Scope 1 and Scope 2 emissions and material categories of Scope 3 emissions: electricity purchased to power the grid, fossil fuel purchased for its power stations and gas distribution systems and consumption of sales gas by natural gas customers by 2050.
(2) Excludes any funds held in trust by Santee Cooper. DESC made contributions of $3 million to its nuclear decommissioning trust funds during 2024. 21 Also see Notes 9, 14 and 23 to the Consolidated Financial Statements for additional information about nuclear decommissioning trust investments, AROs and other aspects of nuclear decommissioning, respectively.
(2) Excludes any funds held in trust by Santee Cooper. In 2025, DESC made contributions of $3 million to its nuclear decommissioning trust funds as collected from customers during the year. Also see Notes 9, 14 and 23 to the Consolidated Financial Statements for additional information about nuclear decommissioning trust investments, AROs and other aspects of nuclear decommissioning, respectively.
To meet its customers’ needs for reliable, affordable and increasingly clean energy every day and to reach net zero emissions, in the near term Dominion Energy has sought and received license extensions for its zero-carbon nuclear facilities at Surry and North Anna and is expanding wind and solar generation as well as energy storage, investing in carbon-beneficial renewable natural gas and using low-carbon natural gas to support the integration of wind and solar generation facilities as well as energy storage facilities into the grid and requesting offers for responsibly sourced gas from those suppliers who are committed to net zero.
To meet its customers’ needs for reliable, affordable and increasingly clean energy every day and to reach net zero emissions, in the near term Dominion Energy has obtained or plans to seek license extensions for its zero-carbon nuclear facilities and is expanding wind and solar generation as well as energy storage, investing in carbon-beneficial renewable natural gas and using dispatchable natural gas generation facilities to support the integration of wind and solar generation facilities as well as energy storage facilities into the grid and requesting offers for responsibly sourced gas from those suppliers who are committed to net zero.
In 2024, 2023 and 2022, the percentage of new hires that were diverse was 45.3%, 49.0% and 48.9%, respectively.
In 2025, 2024 and 2023 , the percentage of new hires that were diverse was 43.9%, 45.3% and 49.0%, respectively.
These can result in compliance and mitigation costs as well as potential adverse effects on project plans and schedules such that the Companies’ businesses may be materially affected. ENVIRONMENTAL STRATEGY Dominion Energy is committed to providing reliable, affordable and increasingly clean energy every day.
These can result in compliance and mitigation costs as well as potential adverse effects on project plans and schedules such that the Companies’ businesses may be materially affected. Environmental Strategy Dominion Energy’s mission is to provide the reliable, affordable, and increasingly clean energy that powers its customers every day.
Dominion Energy’s 2024 emissions data is not yet available. Corporate GHG Inventory Dominion Energy maintains a comprehensive Corporate GHG Inventory, which follows methodologies specified in the EPA’s Mandatory GHG Reporting Rule, 40 Code of Federal Regulations Part 98 for calculating emissions, as well as approved industry protocols.
Corporate GHG Inventory Dominion Energy maintains a comprehensive Corporate GHG Inventory, which follows methodologies specified in the EPA’s Mandatory GHG Reporting Rule, 40 Code of Federal Regulations Part 98 for calculating emissions, as well as approved industry protocols.
In January 2023, following receipt of approval from the Virginia and North Carolina Commissions, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $240 million plus ancillary services.
In January 2023, following receipt of approval from the Virginia and North Carolina Commissions, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel at a total cost of approximately $240 million plus ancillary services.
Under the current operating licenses, Virginia Power is scheduled to decommission the Surry and North Anna units during the period 2052 to 2118. NRC regulations allow licensees to apply for extension of an operating license in up to 20-year increments. In 2021, Virginia Power was granted an additional 20 years for its operating licenses for the two units at Surry.
Under the current operating licenses, Virginia Power is scheduled to decommission the Surry and North Anna units during the period 2052 to 2118. NRC regulations allow licensees to apply for extension of an operating license in up to 20-year increments.
At December 31, 2024, Dominion Energy had approximately 14,700 full-time employees, of which approximately 3,400 are subject to collective bargaining agreements, including approximately 6,600 full-time employees at Virginia Power, of which approximately 2,700 are subject to collective bargaining agreements.
At December 31, 2025 , Dominion Energy had approximately 15,200 full-time employees, of which approximately 3,400 are subject to collective bargaining agreements, including approximately 6,700 full-time employees at Virginia Power, of which approximately 2,700 are subject to collective bargaining agreements.
Virginia Power commenced major offshore construction activities in May 2024 following the receipt of final approval from BOEM authorizing offshore construction and necessary permits from the U.S. Army Corps of Engineers for offshore construction in January 2024.
Virginia Power commenced major offshore construction activities in May 2024 following the receipt of final approval from BOEM authorizing offshore construction and necessary permits from the U.S. Army Corps of Engineers for offshore construction in January 2024. 11 Virginia Power completed the installation of all monopiles in October 2025.
See Nuclear Decommissioning below for additional information on these facilities. • Virginia Power plans to construct and operate an LNG storage facility to serve as a backup fuel source for Brunswick County and Greensville County to support operations and improve system reliability.
See Nuclear Decommissioning below for additional information on these facilities. • Virginia Power has begun constructing an LNG storage facility which it will operate to serve as a backup fuel source for Brunswick County and Greensville County to support operations and improve system reliability.
Acquisition of Offshore Wind Project In October 2024, Virginia Power completed the acquisition of an approximately 40,000-acre area lease 27 miles off the coast of North Carolina in federal waters and associated project assets in the early stages of development for approximately $160 million.
Acquisition of Offshore Wind Project In October 2024, Virginia Power completed the acquisition of an approximately 40,000-acre area lease 27 miles off the coast of North Carolina in federal waters and associated project assets in the early stages of development for approximately $160 million. See Note 10 to the Consolidated Financial Statements for additional information.
(4) Millstone Unit 3 is jointly owned by Dominion Energy Nuclear Connecticut, Inc., with a 6.53% undivided interest in Unit 3 owned by Massachusetts Municipal and Green Mountain. Decommissioning cost is shown at Dominion Energy’s ownership percentage.
(3) Unit 1 permanently ceased operations in 1998, before Dominion Energy’s acquisition of Millstone. (4) Millstone Unit 3 is jointly owned by Dominion Energy Nuclear Connecticut, Inc., with a 6.53% undivided interest in Unit 3 owned by Massachusetts Municipal and Green Mountain. Decommissioning cost is shown at Dominion Energy’s ownership percentage.
ENVIRONMENTAL PROTECTION AND MONITORING EXPENDITURES Dominion Energy incurred $314 million, $269 million and $251 million of expenses (including accretion and depreciation) during 2024, 2023 and 2022 respectively, in connection with environmental protection and monitoring activities. Dominion Energy expects these expenses to be approximately $330 million and $320 million in 2025 and 2026, respectively.
Environmental Protection and Monitoring Expenditures Dominion Energy incurred $324 million, $314 million and $269 million of expenses (including accretion and depreciation) during 2025, 2024 and 2023 respectively, in connection with environmental protection and monitoring activities. Dominion Energy expects these expenses to be approximately $345 million and $340 million in 2026 and 2027, respectively.
Significant projects under construction or development as well as significant projects under consideration are set forth below: • Virginia Power plans to invest approximately $4.0 billion from 2025 through 2029 to acquire or construct several solar facilities to serve utility customers.
Significant projects under construction or development as well as significant projects under consideration are set forth below: • Virginia Power plans to invest approximately $6.9 billion from 2026 through 2030 to acquire or construct several solar facilities to serve utility customers.
Contracted Energy’s capital plan for 2025 through 2029 includes spending approximately $2 billion primarily to support its operations at Millstone and develop renewable natural gas projects. Contracted Energy derives its earnings primarily from Dominion Energy’s nonregulated generation assets, including associated capacity and ancillary services.
Contracted Energy’s capital plan for 2026 through 2030 includes spending approximately $2 billion primarily to support its operations at Millstone. Contracted Energy derives its earnings primarily from Dominion Energy’s nonregulated generation assets, including associated capacity and ancillary services.
Additionally, if the North Carolina Commission does not allow recovery of costs incurred in providing service on a timely basis, Virginia Power’s future earnings could be negatively impacted. Fuel rates are subject to revision under annual fuel cost adjustment proceedings.
Additionally, if the North Carolina Commission does not allow recovery of costs incurred in providing service on a timely basis, Virginia Power’s future earnings could be negatively impacted. Fuel rates are subject to revision under annual fuel cost adjustment proceedings. A change in law in 2025 provides for recovery of purchased electric capacity expenses as a component of fuel.
The estimated decommissioning costs, funds in trust and current license expiration dates for Surry and North Anna are shown in the following table: NRC license expiration year Most recent cost estimate (2024 dollars) (1) Funds in trusts at December 31, 2024 (2) (dollars in millions) Surry Unit 1 2052 $ 886 $ 1,217 Unit 2 2053 886 1,196 North Anna Unit 1 (3) 2058 839 966 Unit 2 (3) 2060 844 907 Total $ 3,455 $ 4,286 18 (1) The cost estimates shown above reflect reductions for the expected future recovery of certain spent fuel costs based on Virginia Power’s contracts with the DOE for disposal of spent nuclear fuel consistent with the reductions reflected in Virginia Power’s nuclear decommissioning AROs.
The estimated decommissioning costs, funds in trust and current license expiration dates for Surry and North Anna are shown in the following table: NRC license expiration year Most recent cost estimate (2025 dollars) (1) Funds in trusts at December 31, 2025 (2) (dollars in millions) Surry Unit 1 2052 $ 907 $ 1,383 Unit 2 2053 906 1,361 North Anna Unit 1 (3) 2058 859 1,095 Unit 2 (3) 2060 864 1,025 Total $ 3,536 $ 4,864 (1) The cost estimates shown above reflect reductions for the expected future recovery of certain spent fuel costs based on Virginia Power’s contracts with the DOE for disposal of spent nuclear fuel consistent with the reductions reflected in Virginia Power’s nuclear decommissioning AROs.
The estimated decommissioning costs, funds in trust and current license expiration dates for Summer are shown in the following table: NRC license expiration year Most recent cost estimate (2024 dollars) (1) Funds in trusts at December 31, 2024 (2) (dollars in millions) Summer – Unit 1 2042 $ 831 $ 268 (1) The cost estimates shown above reflect reductions for the expected future recovery of certain spent fuel costs based on DESC’s contracts with the DOE for disposal of spent nuclear fuel consistent with the reductions reflected in DESC’s nuclear decommissioning AROs and includes the expectation that a 20-year license extension is obtained.
The estimated decommissioning costs, funds in trust and current license expiration dates for Summer are shown in the following table: NRC license expiration year Most recent cost estimate (2025 dollars) (1) Funds in trusts at December 31, 2025 (2) (dollars in millions) Summer – Unit 1 2062 $ 911 $ 291 (1) The cost estimates shown above reflect reductions for the expected future recovery of certain spent fuel costs based on DESC’s contracts with the DOE for disposal of spent nuclear fuel consistent with the reductions reflected in DESC’s nuclear decommissioning AROs.
The Virginia Commission has approved seven phases of the program encompassing approximately 2,200 miles of converted lines and $1.3 billion in capital spending recoverable through Rider U.
The Virginia Commission has approved eight phases of the program encompassing approximately 2,500 miles of converted lines and $1.4 billion in capital spending recoverable through Rider U and Rider DIST.
As of December 31, 2024, Dominion Energy’s portfolio of assets includes approximately 30.3 GW of electric generating capacity, 10,600 miles of electric transmission lines and 79,700 miles of electric distribution lines. Dominion Energy is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England.
At December 31, 2025 , Dominion Energy’s portfolio of assets includes approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines. Dominion Energy is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England.
Acquisition of Nonregulated Solar Projects In 2023, Dominion Energy entered into an agreement to acquire a nonregulated solar project in Virginia and completed the acquisition in 2024. The project was completed at a total cost of approximately $195 million, including initial acquisition cost, and generates approximately 83 MW.
Acquisition of Nonregulated Solar Projects In 2023, Dominion Energy entered into an agreement to acquire a nonregulated solar project in Virginia and completed the acquisition in 2024. The project was completed at a total cost of approximately $195 million, including initial acquisition cost, and generates approximately 83 MW. 8 See Note 10 to the Consolidated Financial Statements for additional information.
This decision does not affect day-to-day operations. The Companies are subject to FERC’s Standards of Conduct that govern conduct between transmission function employees of interstate gas and electricity transmission providers and the marketing function employees of their affiliates.
This change became effective for the delivery year beginning June 2025. This decision does not affect day-to-day operations. The Companies are subject to FERC’s Standards of Conduct that govern conduct between transmission function employees of interstate gas and electricity transmission providers and the marketing function employees of their affiliates.
(2) Totals may not foot due to rounding. Electric Transmission and Distribution Operations – 2023 Emissions Company Subpart DD SF 6 Emissions Subpart DD SF 6 as CO 2 Equivalent Emissions (metric tons) Virginia Power 4.93 112,425 DESC 0.66 15,048 Total (1) 5.59 127,473 (1) Totals may not foot due to rounding.
(2) Totals may not foot due to rounding. Electric Transmission and Distribution Operations Company Subpart DD SF 6 Emissions Subpart DD SF 6 as CO 2 Equivalent Emissions (metric tons) Virginia Power 4.93 115,855 DESC 0.66 15,510 Total (1) 5.59 131,365 (1) Totals may not foot due to rounding.
Dominion Energy commits to respectful stakeholder engagement on decisions regarding the siting and operation of energy infrastructure and strives to include all people and communities, regardless of race, color, national origin or income to ensure a variety of views are considered in its public engagement process. 29 As part of its broader commitment to transparency, Dominion Energy increased its disclosures around carbon and methane emissions.
Dominion Energy commits to respectful stakeholder engagement on decisions regarding the siting and operation of energy infrastructure and strives to include all people and communities, regardless of race, color, national origin or income to ensure a variety of views are considered in its public engagement process.
The strategy to meet these objectives consists of three major elements which will reduce GHG emissions: • Increasingly clean energy; • Innovation and energy infrastructure modernization; and • Conservation and energy efficiency.
The strategy to meet these objectives consists of three major elements which will reduce GHG emissions: • Increasingly clean energy; • Innovation and energy infrastructure modernization; and • Conservation and energy efficiency. Dominion Energy’s path to net zero emissions will not be linear.
An increase in heating degree days for Virginia Power’s electric utility-related operations does not produce the same increase in revenue as an increase in cooling degree days, due to seasonal pricing differentials and because alternative heating sources are more readily available.
Generally, the demand for electricity peaks during the summer and winter months to meet cooling and heating needs, respectively. An increase in heating degree days for Virginia Power’s electric utility-related operations does not produce the same increase in revenue as an increase in cooling degree days, due to seasonal pricing differentials and because alternative heating sources are more readily available.
For the purposes of these calculations and consistent with GHG Protocol requirements for reporting GHG emission reductions over time, both the baseline and 2023 emissions data include the gas entities sold in 2024 as part of the East Ohio, Questar Gas and PSNC Transactions, and exclude Dominion Energy’s 50% noncontrolling interest in Cove Point sold in 2023.
For the purposes of these calculations and consistent with GHG Protocol requirements for reporting GHG emission reductions over time, both the baseline and 2024 emissions data exclude the gas entities sold in 2024 as part of the East Ohio, Questar Gas and PSNC Transactions. Dominion Energy’s 2025 emissions data is not yet available.
In its annual Corporate GHG Inventory, Dominion Energy voluntarily includes greenhouse gas emission estimates from smaller sources that are not required to be included under the EPA’s mandatory GHG Reporting Program, including smaller electric generation, natural gas compressor stations and other sources.
In its annual Corporate GHG Inventory, Dominion Energy voluntarily includes greenhouse gas emission estimates from smaller sources that are not required to be included under the EPA’s mandatory GHG Reporting Program, including smaller electric generation, natural gas operations and other sources. Dominion Energy’s Corporate GHG Inventory also includes emissions sources it voluntarily reports to various programs in which it participates.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeSuch parties could view the Companies’ computer systems, software or networks as attractive targets for cyber attack. For example, malware has been designed to target software that runs the nation’s critical infrastructure such as power transmission grids and gas pipelines.
Biggest changeFor example, malware has been designed to target software that runs the nation’s critical infrastructure such as power transmission grids and gas pipelines. Emerging technologies, such as advanced forms of automation and artificial intelligence, which are subject to limited government oversight and regulations and evolve rapidly, may result in an increase in the frequency and sophistication of cyber attacks.
If the decommissioning trust funds and benefit plan assets are negatively impacted by market fluctuations or other factors, the Companies’ results of operations, financial condition and/or cash flows could be negatively affected. The use of derivative instruments could result in financial losses and liquidity constraints.
If the decommissioning trust funds and benefit plan assets are negatively impacted by market fluctuations or other factors, the Companies’ financial condition, results of operations and/or cash flows could be negatively affected. The use of derivative instruments could result in financial losses and liquidity constraints.
Given that these projects provide the foundation for the Companies’ strategic growth plan and to meet projected growth, if the Companies are unable to obtain or maintain the required regulatory and other, including PJM, approvals, develop the necessary technical expertise, allocate and coordinate sufficient resources, adhere to budgets and timelines, effectively handle public outreach efforts, including its commitment to fair treatment, community involvement and effective communication, or otherwise fail to successfully execute the projects, there could be an adverse impact to the Companies’ financial position, results of operations and cash flows.
Given that these projects provide the foundation for the Companies’ strategic growth plan and are necessary to meet projected demand, if the Companies are unable to obtain or maintain the required regulatory and other, including PJM, approvals, develop the necessary technical expertise, allocate and coordinate sufficient resources, adhere to budgets and timelines, effectively handle public outreach efforts, including its commitment to fair treatment, community involvement and effective communication, or otherwise fail to successfully execute the projects, there could be an adverse impact to the Companies’ financial position, results of operations and cash flows.
Operation of the Companies’ facilities involves risk, including the risk of potential breakdown or failure of equipment or processes due to aging infrastructure, fuel supply, pipeline integrity or transportation disruptions, accidents, labor disputes or work stoppages by employees, acts of terrorism or sabotage, construction delays or cost overruns, shortages of or delays in obtaining equipment, material and labor, operational restrictions resulting from environmental limitations and governmental interventions, changes to the environment and performance below expected levels.
Operation of the Companies’ facilities involves risk, including the risk of potential breakdown or failure of equipment or processes due to aging infrastructure, fuel supply, pipeline integrity or transportation disruptions, accidents, labor disputes or work stoppages by employees, acts of terrorism or sabotage, construction delays or cost overruns, shortages of or delays in obtaining equipment, material and labor, operational restrictions resulting from environmental limitations and governmental policies or interventions, changes to the environment and performance below expected levels.
Consumer demand for the Companies’ services may also be impacted by any price increases, including those driven by factors beyond the Companies’ control 38 such as inflation or increased prices in natural gas. Further, Virginia Power’s business model is premised upon the cost efficiency of the production, transmission and distribution of large-scale centralized utility generation.
Consumer demand for the Companies’ services may also be impacted by any price increases, including those driven by factors beyond the Companies’ control such as inflation or increased prices in natural gas. Further, Virginia Power’s business model is premised upon the cost efficiency of the production, transmission and distribution of large-scale centralized utility generation.
Such third-party investors have their own interests and 39 objectives which may differ from those of the Companies and, accordingly, disputes may arise amongst the owners of such partnership arrangements that may result in delays, litigation or operational impasses. The Companies may be materially adversely affected by negative publicity or the inability of Dominion Energy to meet its stated commitments.
Such third-party investors have their own interests and objectives which may differ from those of the Companies and, accordingly, disputes may arise amongst the owners of such partnership arrangements that may result in delays, litigation or operational impasses. The Companies may be materially adversely affected by negative publicity or the inability of Dominion Energy to meet its stated commitments.
The Companies expect that existing environmental laws and regulations may be revised and/or new laws may be adopted including regulation of GHG emissions which could have an impact on the Companies’ business (risks relating to regulation of GHG emissions from existing fossil fuel-fired electric generating units are discussed in more detail above and below).
The Companies expect that existing environmental laws and regulations may be revised and/or new laws may be adopted, including regulation of GHG emissions, which could have an adverse impact on the Companies’ business. Risks relating to regulation of GHG emissions from existing fossil fuel-fired electric generating units are discussed in more detail above and below.
The VCEA and related legislation also authorizes Virginia to participate in a program consistent with RGGI, requiring the purchase of carbon credits to offset emissions from Virginia Power’s generating fleet within the state. In January 2022, the Governor of Virginia issued an executive order which put directives in place to start the withdrawal of Virginia from RGGI.
The VCEA and related legislation also authorizes Virginia to participate in a program consistent with RGGI, requiring the purchase of carbon credits to offset emissions from Virginia Power’s generating fleet within the state. In January 2022, the Governor of Virginia issued an executive order which 28 put directives in place to start the withdrawal of Virginia from RGGI.
There are also potential impacts on Dominion Energy’s natural gas business from its net zero emissions commitment as well as federal or state GHG regulations which may require further GHG emission reductions from the natural gas sector which, in addition to resulting in increased costs, could affect demand for natural gas.
There are also potential negative impacts on Dominion Energy’s natural gas business from its net zero emissions commitment as well as federal or state GHG regulations which may require further GHG emission reductions from the natural gas sector which, in addition to resulting in increased costs, could affect demand for natural gas.
If the Companies are unable to complete the construction of the CVOW Commercial Project or decide in the future to delay or cancel the project, the 35 Companies may not be able to recover all or a portion of their investment in the project and may incur substantial cancellation payments under existing contracts or other substantial costs associated with any such delay or cancellation.
If the Companies are unable to complete the construction of the CVOW Commercial Project or decide in the future to delay or cancel the project, the Companies may not be able to recover all or a portion of their investment in the project and may incur substantial cancellation payments under existing contracts or other substantial costs associated with any such delay or cancellation.
In this case, costs, including costs for contractors to replace employees, productivity costs and safety costs, may rise. Failure to hire and adequately train replacement employees, including the transfer of significant internal historical knowledge and expertise to new employees, or future availability and cost of contract labor may adversely affect the ability to manage and operate the Companies’ business.
In this case, costs, including costs for contractors to replace employees, 32 productivity costs and safety costs, may rise. Failure to hire and adequately train replacement employees, including the transfer of significant internal historical knowledge and expertise to new employees, or future availability and cost of contract labor may adversely affect the ability to manage and operate the Companies’ business.
The advancement of the Companies’ ventures is also affected by the interventions, litigation or other activities of stakeholder and advocacy groups, some of which oppose natural gas-related and energy infrastructure projects. For example, certain stakeholder groups oppose solar farms due to the increasing quantities of land tracts required for these facilities.
The advancement of the Companies’ infrastructure projects is also affected by the interventions, litigation or other activities of stakeholder and advocacy groups, some of which oppose natural gas-related and energy infrastructure projects. For example, certain stakeholder groups oppose solar farms due to the increasing quantities of land tracts required for these facilities.
Failure to comply with regulatory approval conditions or an adverse ruling in any future litigation could adversely affect the Companies’ ability to execute their business plan. 37 The Companies are dependent on their contractors for the successful and timely completion of large-scale infrastructure projects.
Failure to comply with regulatory approval conditions or an adverse ruling in any future litigation could adversely affect the Companies’ ability to execute their business plan. The Companies are dependent on their contractors for the successful and timely completion of large-scale infrastructure projects.
The widescale implementation of alternative generation methods could negatively impact the reliability of the Companies’ electric grid and/or result in significant costs to enhance the grid. Virginia Power has an exclusive franchise to serve retail electric customers in Virginia. However, Virginia’s Retail Access Statutes allow certain electric generation customers exceptions to this franchise.
The widescale implementation of alternative generation methods could negatively impact the 30 reliability of the Companies’ electric grid and/or result in significant costs to enhance the grid. Virginia Power has an exclusive franchise to serve retail electric customers in Virginia. However, Virginia’s Retail Access Statutes allow certain electric generation customers exceptions to this franchise.
At the state level, Virginia Power’s retail base rates, terms and conditions for generation and distribution services to customers in Virginia are reviewed by the Virginia Commission in a proceeding that involves the determination of Virginia Power’s actual earned ROE during a historic test period, and the determination of Virginia Power’s authorized ROE prospectively.
At the state level, Virginia Power’s retail base rates, terms and conditions for generation and distribution services to customers in Virginia are reviewed by the Virginia Commission in a biennial proceeding that involves the determination of Virginia Power’s actual earned ROE during a historic test period, and the determination of Virginia Power’s authorized ROE prospectively.
Deterioration in the Companies’ creditworthiness, as evaluated by credit rating agencies or otherwise, or declines in market reputation either for the Companies or their industry in general, or general financial market disruptions outside of the Companies’ control could 41 increase their cost of borrowing or restrict their ability to access one or more financial markets.
Deterioration in the Companies’ creditworthiness, as evaluated by credit rating agencies or otherwise, or declines in market reputation either for the Companies or their industry in general, or general financial market disruptions outside of the Companies’ control could increase their cost of borrowing or restrict their ability to access one or more financial markets.
The Companies are subject to complex governmental regulation, including tax regulation, that could adversely affect their results of operations and subject the Companies to monetary penalties. The Companies’ operations are subject to extensive federal, state and local laws and regulations and require numerous permits, approvals and certificates from various governmental 33 agencies.
The Companies are subject to complex governmental regulation, including tax regulation, that could adversely affect their results of operations and subject the Companies to monetary penalties. The Companies’ operations are subject to extensive federal, state and local laws and regulations and require numerous permits, approvals and certificates from various governmental agencies.
Adverse developments in tax laws, credits or other incentives including changes in legislation, administrative interpretations or judicial determinations could result in material modifications to business models or otherwise negatively affect the Companies’ results of operations, financial condition and/or cash flows.
Adverse developments in tax laws, credits or other incentives including changes in legislation, administrative interpretations or judicial determinations could result in modifications to business models or otherwise negatively affect the Companies’ financial condition, results of operations and/or cash flows.
The Companies believe that they may have inactive or closed units or areas that could be subject to the final rule at up to 19 different locations, including 12 at Virginia Power. The Companies also may face litigation concerning their coal ash facilities.
The Companies believe that they may have inactive or closed units or areas that could be subject to the final rule at up to 29 19 different locations, including 12 at Virginia Power. The Companies also may face litigation concerning their coal ash facilities.
In addition, the amount and scope of insurance coverage 40 maintained against losses resulting from any such attack may not be sufficient to cover such losses or otherwise adequately compensate for any business disruptions that could result.
In addition, the amount and scope of insurance coverage maintained against losses resulting from any such attack may not be sufficient to cover such losses or otherwise adequately compensate for any business disruptions that could result.
In December 2023, the withdrawal took effect. Cost recovery for these initiatives will require approval by the Virginia Commission which may be denied or materially altered to the detriment of the Companies.
In December 2023, the withdrawal took effect. Cost recovery for these initiatives will require approval by the Virginia Commission which may be denied or altered to the detriment of the Companies.
New laws or regulations, the revision or reinterpretation of existing laws or regulations, the imposition of new tariffs, changes in enforcement practices of regulators, or penalties imposed for non-compliance with existing laws or regulations may result in substantial additional expense.
New laws or regulations, the revision or reinterpretation of existing laws or regulations, the imposition of new tariffs or changes to existing tariffs, changes in enforcement practices of regulators or penalties imposed for non-compliance with existing laws or regulations may result in substantial additional expense.
Additionally, changes in interest rates will affect the liabilities under Dominion Energy’s pension and other postretirement benefit plans; as interest rates decrease, the liabilities increase, potentially requiring additional funding.
Additionally, changes in interest rates will affect the liabilities under Dominion Energy’s pension 33 and other postretirement benefit plans; as interest rates decrease, the liabilities increase, potentially requiring additional funding.
Compliance costs cannot be estimated with certainty due to the inability to predict the requirements and timing of implementation of any new environmental rules or regulations.
Compliance costs cannot be estimated with certainty due to the inability to predict the requirements and timing of implementation of any new or changing environmental rules or regulations.
The Companies historically produced and continue to produce coal ash, or CCRs, as a by-product of their coal-fired generation operations. The ash is stored and managed in impoundments (ash ponds) and landfills located at 11 different facilities, eight of which are at Virginia Power. The EPA has issued regulations concerning the management and storage of CCRs, which Virginia has adopted.
The Companies historically produced and continue to produce coal ash, or CCRs, as a by-product of their coal-fired generation operations. The ash is stored and managed in impoundments (ash ponds) and landfills located at 11 different facilities, including eight at Virginia Power. The EPA has issued regulations concerning the management and storage of CCRs, which Virginia has adopted.
As discussed above, the ability of the Companies to construct new facilities is dependent upon factors outside of their control, including obtaining regulatory approvals, environmental and other permits. Any delays in, or inability to complete, construction of new facilities or expand and/or renew existing facilities could have an adverse effect on the Companies’ financial results.
As discussed above, the ability of the Companies to construct new facilities is dependent upon factors outside of their control, including obtaining and maintaining regulatory approvals and environmental and other permits. Any delays in, or inability to complete, construction or integration of new facilities or expand and/or renew existing facilities could have an adverse effect on the Companies’ financial results.
If Dominion Energy’s goodwill or the Companies’ other intangible assets or long-lived assets are in the future determined to be impaired, the applicable registrant would be required during the period in which the impairment is determined to record a noncash charge to earnings that may have a material adverse effect on the registrant’s results of operations.
If Dominion Energy’s goodwill or the Companies’ other intangible assets or long-lived assets are in the future determined to be impaired, the applicable registrant would be required during the period in which the impairment is determined to record a noncash charge to earnings that may have a material adverse effect on its results of operations.
Instability in financial markets as a result of terrorism, war, intentional acts, pandemic, credit crises, recession or other factors could result in a significant decline in the U.S. economy and/or increase the cost or limit the availability of insurance or adversely impact the Companies’ ability to access capital on acceptable terms.
Instability in financial markets as a result of terrorism, war, intentional acts, pandemic, credit crises, recession or other factors could result in a significant decline in the U.S. economy and/or increase the cost or limit the availability of insurance or adversely impact the Companies’ ability to access capital on acceptable terms, or at all.
There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission preceding. In addition, the order includes enhanced performance reporting provisions for the operation of the CVOW Commercial Project.
There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding. In addition, the order includes enhanced performance reporting provisions for the operation of the CVOW Commercial Project.
Dominion Energy is also dependent on the actions of third parties to meet the expanded commitment regarding Scope 2 emissions and Scope 3 emissions. If downstream customers or upstream suppliers do not sufficiently reduce their GHG emissions, Dominion Energy may not achieve its net zero emissions goal.
Dominion Energy is also dependent on the actions of third parties to meet its commitment regarding Scope 2 and Scope 3 emissions. If downstream customers or upstream suppliers do not sufficiently reduce their GHG emissions, Dominion Energy may not achieve its net zero emissions commitment.
The Companies’ operations and construction activities are subject to a number of environmental laws and regulations which impose significant compliance costs on the Companies. The Companies’ operations and construction activities are subject to extensive federal, state and local environmental statutes, rules and regulations relating to air quality, water quality, waste management, natural resources, and health and safety.
The Companies’ operations and construction activities are subject to a number of environmental laws and regulations which impose significant compliance costs. The Companies’ operations and construction activities are subject to extensive federal, state and local environmental statutes, rules and regulations relating to air quality, water quality, waste management, natural resources and health and safety.
Similarly, certain stakeholder groups oppose new natural gas generation facilities, such as the proposed Chesterfield Energy Reliability Center.
Similarly, certain stakeholder groups oppose new natural gas generation facilities, such as the Chesterfield Energy Reliability Center.
In addition, certain specialized knowledge is required of the Companies’ technical employees for construction and operation of transmission, generation and distribution assets. The Companies’ inability to attract and retain these employees could adversely affect their business and future operating results.
In addition, certain specialized knowledge is required of the Companies’ technical employees for construction and operation of transmission, generation and distribution assets. An inability to attract and retain these employees could adversely affect the Companies’ business and future operating results.
For example, Dominion Energy has been involved with projects which have experienced certain delays in obtaining and maintaining permits necessary for construction along with construction delays due to judicial actions which impacted the cost and schedule such as the Atlantic Coast Pipeline Project and ultimately led to its cancellation in July 2020.
In addition, Dominion Energy has been involved with other projects which have experienced certain delays in obtaining and maintaining permits necessary for construction along with construction delays due to judicial actions which impacted the cost and schedule such as the Atlantic Coast Pipeline Project and ultimately led to its cancellation in July 2020.
Certain of the Companies’ operations, including the CVOW Commercial Project, are conducted through entities subject to partnership arrangements under which Dominion Energy or Virginia Power has significant influence but does not control the operations of such entities or in which Dominion Energy or Virginia Power’s control over such entities may be subject to certain rights of third-party investors.
Certain of the Companies’ operations, including the CVOW Commercial Project and Valley Link, are conducted through entities subject to partnership arrangements under which Dominion Energy or Virginia Power has significant influence but does not control the operations of such entities or in which Dominion Energy or Virginia Power’s control over such entities may be subject to certain rights of third-party investors.
Further, while the Companies operate their ash ponds and landfills in compliance with applicable state safety regulations, a release of coal ash with a significant environmental impact could result in remediation costs, civil and/or criminal penalties, claims, litigation, increased regulation and compliance costs, and reputational damage, and could impact the financial condition of the Companies.
Further, while the Companies believe that they operate their ash ponds and landfills in compliance with applicable state safety regulations, a release of coal ash with a significant environmental impact could result in significant remediation costs, civil and/or criminal penalties, claims, litigation, increased regulation and compliance costs, and reputational damage, and could impact the financial condition of the Companies.
Item 1A. Ris k Factors The Companies’ businesses are influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond their control. A number of these factors have been identified below.
Item 1A. Ris k Factors The Companies’ businesses are influenced by many factors that are difficult to predict, involve risks and uncertainties that may materially affect actual results and are often beyond their control. A number of these risks and uncertainties are identified below.
The Companies’ key executive officers are the CEO, CFO, COO and presidents and those responsible for financial, operational, legal, regulatory, accounting, tax, information technology and cybersecurity functions. Competition for skilled management employees in these areas of the Companies’ business operations is high.
The Companies’ key executive officers include the CEO, CFO and presidents and those responsible for financial, operational, legal, regulatory, accounting, tax, information technology and cybersecurity functions. Competition for skilled management employees in these areas of the Companies’ business operations is high.
Virginia has adopted the VCEA which establishes renewable energy and CO 2 reduction targets for Virginia Power’s generation fleet and grid operations, including the requirement that 100% of Virginia Power’s electricity come from zero-carbon generation by the end of 2045.
The VCEA establishes renewable energy and CO 2 reduction targets for Virginia Power’s generation fleet and grid operations, including the requirement that 100% of Virginia Power’s electricity come from zero-carbon generation by the end of 2045.
If the Companies’ decommissioning trust funds are insufficient, and they are not allowed to recover the additional costs incurred through insurance or regulatory mechanisms, their results of operations could be negatively impacted. The Companies’ nuclear facilities are also subject to complex government regulation which could negatively impact their results of operations.
If the Companies’ decommissioning trust funds are insufficient, and they are not allowed to recover the additional costs incurred through insurance or regulatory mechanisms, their results of operations could be negatively impacted. The Companies’ nuclear facilities are also subject to complex government regulation which could negatively impact their financial condition, results of operations and/or cash flows.
To meet this commitment, the Companies expect to construct new electric generation facilities, including renewable facilities such as wind and solar, and to seek the extension of operating licenses for the Companies’ nuclear generation facilities. The Companies also need to depend on technological improvements not currently in commercial development.
To meet this commitment, the Companies expect to construct new electric generation facilities, including renewable facilities such as wind and solar, and have obtained or plan to seek the extension of operating licenses for the Companies’ nuclear generation facilities. The Companies also need to depend on technological improvements not currently in commercial development.
A failure by the Companies to support these rates or a change in FERC policy could result in rate decreases from current rate levels, which could adversely affect the Companies’ results of operations, cash flows and financial condition.
A failure by the Companies to justify the appropriateness of these rates or a change in FERC policy or the application of FERC policy could result in rate decreases from current rate levels, which could adversely affect the Companies’ results of operations, cash flows and financial condition.
Material changes by FERC to the design of the wholesale markets or its interpretation of market rules, the Companies’ authority to sell power at market-based rates, or changes to pricing rules or rules involving revenue calculations, could adversely impact the future results of the Companies’ generation business.
Changes by FERC, PJM or ISO-NE to the design of the wholesale markets or its interpretation of market rules, the Companies’ authority to sell power at market-based rates, or changes to pricing rules or rules involving revenue calculations, could adversely impact the future results of the Companies’ generation business.
A reduction in the Companies’ credit ratings could result in an increase in borrowing costs, loss of access to certain markets, or both, thus adversely affecting operating results and could require the Companies to post additional collateral in connection with some of its price risk management activities.
A reduction in the Companies’ credit ratings, including due to a change in rating methodologies, could result in an increase in borrowing costs, loss of access to certain markets, or both, thus adversely affecting operating results and could require the Companies to post additional collateral in connection with some of its price risk management activities.
For these reasons, a significant cyber incident could materially and adversely affect the Companies’ business, financial condition and results of operations. The Companies’ financial results can be adversely affected by various factors driving supply and demand for electricity and related services.
For these reasons, a significant cyber incident could adversely affect the Companies’ business, financial condition, results of operations and/or cash flows. The Companies’ financial results can be adversely affected by various factors driving supply and demand for electricity and related services.
Projects may not be able to be completed on time or in accordance with estimated costs as a result of weather conditions, need for new land and right of ways, delays in obtaining or failure to obtain regulatory and other, including PJM, approvals, changes in laws or regulations, delays in obtaining key materials, labor difficulties, difficulties with partners or potential partners, concerns raised during stakeholder engagement, a decline in the credit strength of counterparties or vendors, inflation, the impact of applicable tariffs or other factors beyond the Companies’ control.
Projects may not be able to be completed on time or in accordance with estimated costs as a result of weather conditions, need for new land and right of ways, delays in obtaining or failure to obtain or maintain regulatory and other, including PJM, approvals, changes in laws or regulations or other regulatory or administrative action or inaction, the outcome of legal proceedings and judicial actions, delays in obtaining key materials, labor difficulties, difficulties with partners or potential partners, concerns raised during stakeholder engagement, a decline in the credit strength of counterparties or vendors, inflation, the impact of applicable tariffs or other factors beyond the Companies’ control.
It may also have a negative impact on the Companies’ ability to take timely advantage of various business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have a material adverse effect on the Companies’ business, financial condition and results of operations.
It may also have a negative impact on the Companies’ ability to take timely advantage of various business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have an adverse effect on the Companies’ business, financial condition, results of operations and/or cash flows.
Management believes that the necessary approvals have been obtained for existing operations and that the businesses are conducted in accordance with applicable laws. The Companies’ businesses are subject to regulatory regimes which could result in substantial monetary penalties if either of the Companies is found not to be in compliance, including mandatory reliability standards and interaction in the wholesale markets.
Management believes that the necessary approvals have been obtained for existing operations and that the Companies’ businesses are conducted in accordance with applicable laws. The Companies’ businesses are subject to regulatory regimes which could result in substantial monetary penalties if either of the Companies is found not to be in compliance.
Increased costs and restrictions on the Companies’ ability to access financial markets may be severe enough to affect their ability to execute their business plans as scheduled. Dominion Energy is a holding company that conducts all of its operations through its subsidiaries.
Increased costs and restrictions on the Companies’ ability to access financial markets, including as a result of compliance with certain provisions of the OBBBA, may be severe enough to affect their ability to execute their business plans as scheduled. Dominion Energy is a holding company that conducts all of its operations through its subsidiaries.
However, such expenditures, if material, could make the Companies’ facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ results of operations, financial performance or liquidity. The Companies are subject to risks associated with the disposal and storage of coal ash.
However, such expenditures, if significant, could make the Companies’ facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ financial condition, results of operations and/or cash flows. The Companies are subject to risks associated with the disposal and storage of coal ash.
Similarly, adverse fluctuations in the price of fuel used for transportation and installation, would likely adversely affect the overall costs to construct the project. In addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, if any.
Similarly, adverse fluctuations in the price of fuel used for transportation and installation, would likely adversely affect the overall costs to construct the project. In 26 addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, including any potential impact of Section 232 investigations.
Virginia Power makes assessments throughout the review period and will record a regulatory liability for refunds to customers in any period it is determined probable, which could be material to the Companies’ results of operations in the period recognized and to cash flows on completion of any biennial review.
Virginia Power makes assessments throughout the review period and will record a regulatory liability for refunds to customers in any period such refunds are determined probable, which could negatively impact the Companies’ results of operations in the period recognized and to cash flows on completion of any biennial review.
However, 34 such actions could render additional existing generation facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ results of operations, financial performance or liquidity.
However, such actions could render additional existing generation facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ financial condition, results of operations and/or cash flows.
Such laws and regulations govern the terms and conditions of the services the Companies offer, relationships with affiliates and protection of critical electric infrastructure assets, among other matters. The Companies are also subject to legislation and associated regulation governing taxation at the federal, state and local level. They must also comply with environmental legislation and associated regulations.
Such laws and regulations govern the terms and conditions of the services the Companies offer, relationships with affiliates, protection of critical electric infrastructure assets and mandatory reliability standards and interaction in the wholesale markets, among other matters. The Companies are also subject to legislation and associated regulation governing taxation at the federal, state and local level.
Commencing construction on announced and future projects may require approvals from applicable state and federal agencies, and such approvals could include mitigation costs which may be material to the Companies.
Commencing construction on announced and future projects may require approvals from applicable state and federal agencies, and such approvals could include mitigation costs.
The CEA, as amended by Title VII of the Dodd-Frank Act, requires certain over-the-counter derivatives, or swaps, to be cleared through a derivatives clearing organization and, if the swap is subject to a clearing requirement, to be executed on a designated contract market or swap execution facility.
The CEA requires certain over-the-counter derivatives, or swaps, to be cleared through a derivatives clearing organization and, if the swap is subject to a clearing requirement, to be executed on a designated contract market or swap execution facility.
Changes in weather conditions can result in reduced water levels or changes in water temperatures that could adversely affect operations at some of the Companies’ power stations.
Changes in weather conditions can result in reduced water levels or changes in water temperatures that could adversely affect operations at some of the Companies’ power stations. In addition, sustained changes in weather patterns could result in decreased output at the Companies’ renewable generation facilities.
The construction of such projects is expected to take several years, is typically confined within a limited geographic area or difficult environments and could be subject to delays, supply chain disruption, cost overruns, inflation, labor disputes or shortages and other factors that could cause the total cost of the project to exceed the anticipated amount and adversely affect the Companies’ financial performance and/or impair the Companies’ ability to execute the business plan for the project as scheduled.
The construction of such projects is expected to take several years, is typically confined within a limited geographic area or difficult environments and could be subject to delays, supply chain disruption, availability of critical components, cost overruns, inflation, labor disputes or shortages and other factors that could cause the total cost of the project to exceed the anticipated amount .
Any failure by Dominion Energy to realize its commitments to achieve net zero carbon and methane emissions by 2050, enhance the customer experience or other long-term goals could lead to adverse press coverage and other adverse public statements affecting the Companies. The ability to comply with some or all of Dominion Energy’s voluntary commitments may be outside of its control.
Any failure by Dominion Energy to realize its commitments to achieve net zero carbon and methane emissions by 2050, enhance the customer experience or other long-term goals could lead to adverse press coverage and other adverse 31 public statements affecting the Companies.
The Companies’ businesses are dependent upon sophisticated information technology systems and network infrastructure, the failure of which could prevent them from accomplishing critical business functions.
The Companies’ businesses are dependent upon sophisticated information technology systems and network infrastructure, some of which are provided by third-party vendors under service contracts, the failure of which could prevent them from accomplishing critical business functions.
Revenue provided by the Companies’ electric transmission, distribution and generation operations and by gas distribution operations is based primarily on rates approved by state and federal regulatory agencies.
Regulatory, Legislative and Legal Risks The rates of the Companies’ principal electric transmission, distribution and generation operations and gas distribution operations are subject to regulatory review. Revenue provided by the Companies’ electric transmission, distribution and generation operations and by gas distribution operations is based primarily on rates approved by state and federal regulatory agencies.
Additionally, if any state utility commission does not allow recovery through base rates, on a timely basis, of costs incurred in providing service, the Company’s future earnings could be negatively impacted.
Additionally, if any state utility commission does not allow recovery through base rates, on a timely basis, of costs incurred in providing service, the Companies’ financial condition, results of operations and/or cash flows could be negatively impacted.
Any delays in the timely completion of necessary PJM interconnection projects for new electric generation facilities under development by Virginia Power, including the CVOW Commercial Project, may result in capacity constraints if, and until, such projects are completed. Further, regulators may disallow recovery of some of the costs of a project if they are deemed not to be prudently incurred.
Any delays in the timely completion of necessary PJM interconnection projects for new electric generation facilities under development by Virginia Power, including the CVOW Commercial Project, may result in project delays and/or capacity constraints if, and until, such projects are completed.
To achieve Dominion Energy’s commitment to net zero emissions by 2050 and comply with the requirements of the VCEA, the Companies are currently simultaneously developing or constructing several electric generation projects, including subsequent license renewal projects at Surry and North Anna, the CVOW Commercial Project, several electric transmission projects and various solar projects.
To achieve Dominion Energy’s commitment to net zero emissions by 2050 and comply with the requirements of the VCEA and projected demand while maintaining reliability, the Companies are currently simultaneously developing or constructing several electric generation projects, including subsequent license renewal projects at nuclear facilities in Virginia and South Carolina, the CVOW Commercial Project, the Chesterfield Energy Reliability Center, several electric transmission projects and various solar projects.
Public health crises and epidemics or pandemics could adversely affect the Companies’ business, results of operations, financial condition, liquidity and/or cash flows. The effects of an outbreak of a pandemic, such as COVID-19, and related government responses could include extended disruptions to supply chains and capital markets, reduced labor availability and productivity and a prolonged reduction in economic activity.
The effects of an outbreak of a pandemic, such as COVID-19, and related government responses could include extended disruptions to supply chains and capital markets, reduced labor availability and productivity and a prolonged reduction in economic activity.
Goodwill is evaluated for impairment annually or more frequently if an event or circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
Future impairments of goodwill or other intangible assets or long-lived assets may have a material adverse effect on the Companies’ results of operations. Goodwill is evaluated for impairment annually or more frequently if an event or circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
The Companies may from time to time be subject to various legal proceedings and governmental investigations and examinations. For example, Dominion Energy, following the SCANA Combination, was subject to numerous federal and state legal proceedings and governmental investigations relating to the decision of SCANA and DESC to abandon construction at the NND Project.
For example, Dominion Energy, following the SCANA Combination, was subject to numerous federal and state legal proceedings and governmental investigations relating to the decision of SCANA and DESC to abandon construction at the NND Project. Dominion Energy spent substantial amounts of time and money defending these lawsuits and proceedings and on related investigations.
Legislation enacted in Virginia in April 2023 reset the frequency of base rate reviews to a biennial period commencing with the 2023 Biennial Review. Under certain circumstances described in the Regulation Act, Virginia Power may be required to refund a portion of its earnings to customers through a refund process and to reduce its rates.
Under certain circumstances described in the Regulation Act, Virginia Power may be required to refund a portion of its earnings to customers through a refund process and to reduce its rates.
The Companies are exposed to credit risks of their counterparties and the risk that one or more counterparties may fail or delay the performance of their contractual obligations, including but not limited to payment for services. Some of Dominion Energy’s operations are conducted through partnership arrangements, as noted above.
Exposure to counterparty performance may adversely affect the Companies’ financial results of operations. The Companies are exposed to credit risks of their counterparties and the risk that one or more counterparties may fail or delay the performance of their contractual obligations, including but not limited to payment for services.
Further, the computer systems that run the Companies’ facilities are not completely isolated from external networks. There appears to be an increasing level of activity, sophistication and maturity of threat actors, in particular nation state actors, that wish to disrupt the U.S. bulk power system and the U.S. gas transmission or distribution system.
There appears to be an increasing level of activity, sophistication and maturity of threat actors, in particular nation state actors, that wish to disrupt the U.S. bulk power system and the U.S. gas transmission or distribution system. Such parties could view the Companies’ computer systems, software or networks as attractive targets for cyber attack.
Construction Risks The construction of the CVOW Commercial Project involves significant risks. The CVOW Commercial Project is a large-scale, complex project that will take several years to complete. Significant delays or cost increases, or an inability to recover certain project costs, could have an adverse effect on the Companies’ financial condition, cash flows and results of operations.
Significant delays or cost increases, or an inability to recover certain project costs, could have an adverse effect on the Companies’ financial condition, cash flows and results of operations.
In February 2020, Dominion Energy announced its commitment to achieve net zero carbon and methane Scope 1 emissions by 2050. In February 2022, Dominion Energy expanded this commitment to cover Scope 2 emissions and material categories of Scope 3 emissions.
Dominion Energy is working to achieve net zero carbon and methane Scope 1 and Scope 2 emissions and material categories of Scope 3 emissions by 2050.
In addition, the techniques used in cyber attacks evolve rapidly, including from emerging technologies, such as advanced forms of automation and artificial intelligence. The Companies’ businesses also require that they and their vendors collect and maintain sensitive customer data, as well as confidential employee and shareholder information, which is subject to electronic theft or loss.
The Companies’ businesses also require that they and their vendors collect and maintain sensitive customer data, as well as confidential employee and shareholder information, which is subject to electronic theft or loss.
Such challenges may lengthen the time, complexity and costs associated with such regulatory reviews or proceedings. The Companies’ generation business may be negatively affected by possible FERC actions that could change market design in the wholesale markets or affect pricing rules or revenue calculations in the RTO markets.
The Companies’ generation business may be negatively affected by possible FERC actions that could change market design in the wholesale markets or affect pricing rules or revenue calculations in the RTO markets. The Companies’ generation stations operating in RTO markets sell capacity, energy and ancillary services into wholesale electricity markets regulated by FERC.
In addition, Stonepeak’s interests and objectives may differ from those of the Companies and, accordingly, disputes may arise that may result in delays, litigation or operational impasses. 36 The construction of the CVOW Commercial Project involves the use of evolving turbine technology and takes place in a marine environment, which presents unique challenges and requires the use of a specialized workforce and specialized equipment.
The construction of the CVOW Commercial Project involves the use of evolving turbine technology and takes place in a marine environment, which presents unique challenges and requires the use of a specialized workforce and specialized equipment.
Recent legislative and regulatory changes that are impacting the Companies include legislation enacted in Virginia in April 2023, the IRA, the VCEA, the 2017 Tax Reform Act and tariffs imposed on imported solar panels by the U.S. government in 2018. The Companies have been and may continue to be or become subject to legal proceedings and governmental investigations and examinations.
Recent legislative and regulatory changes that are impacting or could impact the Companies include legislation enacted in Virginia in April 2023, the IRA, the VCEA, the 2017 Tax Reform Act, the OBBBA and tariffs imposed on various components required for construction of the CVOW Commercial Project or imported solar panels by the U.S. government in 2025 and 2018, respectively.
For example, in the fourth quarter of 2022, Dominion Energy determined that its nonregulated solar generation assets within Contracted Energy were impaired, resulting in a $685 million after-tax charge.
For example, in 2022, Dominion Energy determined that its nonregulated solar generation assets within Contracted Energy were impaired. In addition, Dominion Energy recorded an aggregate $309 million after-tax charge in the fourth quarter of 2023 and first quarter of 2024 for the impairment of certain goodwill associated with the Questar Gas Transaction.
From time to time FERC may investigate and authorize RTOs to make changes in market design. FERC also periodically reviews the Companies’ authority to sell at market-based rates.
FERC also periodically reviews the Companies’ authority to sell at market-based rates.
The Companies’ generation stations operating in RTO markets sell capacity, energy and ancillary services into wholesale electricity markets regulated by FERC. The wholesale markets allow these generation stations to take advantage of market price opportunities, but also expose them to market risk. Properly functioning competitive wholesale markets depend upon FERC’s continuation of clearly identified market rules.
The wholesale markets allow these generation stations to take advantage of market price opportunities, but also expose them to market risk. Properly functioning competitive wholesale markets depend upon FERC, PJM and/or ISO-NE’s continuation of clearly identified market rules. From time to time, FERC may investigate and/or receive requests from PJM or ISO-NE to authorize changes in market design.
In addition, the timely installation of the turbines is dependent on the completion and availability of a Jones Act compliant vessel currently under construction.
In addition, the timely installation of the turbines is dependent on the continued availability of a Jones Act compliant vessel currently under a 20-month lease agreement which commenced in September 2025 between Virginia Power and an affiliated entity.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeDominion Energy’s Board of Directors as well as its operations committee (effective in July 2024, previously its finance and risk oversight committee) receive presentations and reports throughout the year on cybersecurity and information security risk from management, including Dominion Energy’s chief security officer, director of cybersecurity (CISO) and chief information officer.
Biggest changeGovernance Dominion Energy’s Board of Directors, including its operations committee, provides oversight of the Companies’ risks from cybersecurity threats. Dominion Energy’s Board of Directors as well as its operations committee receive presentations and reports throughout the year on cybersecurity and information security risk from management, including Dominion Energy’s chief security officer, vice president of cybersecurity (CISO) and chief information officer.
The chief security officer and chief information officer are supported by the senior vice president of administrative services as well as the Companies’ operations, compliance, legal, audit, corporate risk, supply chain, human resources and accounting departments in executing its cybersecurity program.
The chief security officer, vice president of cybersecurity (CISO) and chief information officer are supported by the senior vice president of administrative services as well as the Companies’ operations, compliance, legal, audit, corporate risk, supply chain, human resources and accounting departments in executing its cybersecurity program.
Item 1C. Cybe rsecurity Risk Management and Strategy In an effort to reduce the likelihood and severity of cyber intrusions, the Companies have a comprehensive cybersecurity program designed to protect and preserve the confidentiality, integrity and availability of data and systems.
Item 1C. Cybersecurity Risk Management And Strategy In an effort to reduce the likelihood and severity of cyber intrusions, the Companies have a comprehensive cybersecurity program designed to protect and preserve the confidentiality, integrity and availability of data and systems.
The director of cybersecurity (CISO) has over 30 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management, as well as cybersecurity. The director of cybersecurity (CISO) has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures.
The vice president of cybersecurity (CISO) has over 30 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management, as well as cybersecurity. The vice president of cybersecurity (CISO) has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures.
These presentations and reports address a broad range of topics, including the Companies’ cyber risk management program, updates on recent cybersecurity threats and incidents across the 43 industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in 2024 of its third practical exercise with external federal, state and local incident response partners.
These presentations and reports address a broad range of topics, including the Companies’ cyber risk management program, updates on recent cybersecurity threats and incidents across the industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in 2025 of its fourth annual practical exercise with external federal, state and local incident response partners.
As necessary, the COO, CFO and chief legal officer will advise the CEO on any incidents which could potentially have a material effect on the Companies’ business operations, results of operations or financial condition. 44
As necessary, the chief administrative and projects officer, CFO and chief legal officer will advise the CEO on any incidents which could potentially have a material effect on the Companies’ business operations, results of operations or financial condition.
In addition, the chief security officer and chief information officer provide periodic updates concerning recent developments affecting cybersecurity and privacy risk to the Companies’ executive cyber risk council, which includes executive officers responsible for administrative services, corporate affairs, supply chain, corporate secretary and corporate risk along with legal counsel.
In addition, the chief security officer and chief information officer provide periodic updates concerning recent developments affecting cybersecurity and privacy risk to the Companies’ executive cyber risk council, which includes executive officers responsible for administrative services, corporate affairs, supply chain, corporate secretary and corporate risk along with legal counsel. 35 The Companies maintain a robust, tested and regularly revised Cyber Security Incident Response Plan and a Vendor Compromise Response Plan.
The Companies maintain a robust, tested and regularly revised Cyber Security Incident Response Plan and a Vendor Compromise Response Plan. These plans detail roles, responsibilities and actions to be taken in response to a detected event whether internal or associated with a third-party service provider.
These plans detail roles, responsibilities and actions to be taken in response to a detected event whether internal or associated with a third-party service provider.
Removed
Governance Dominion Energy’s Board of Directors, including its operations committee (effective in July 2024, previously its finance and risk oversight committee), provides oversight of the Companies’ risks from cybersecurity threats.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeWhere rights-of-way have not been obtained, they could be acquired from private owners by condemnation, if necessary. Many electric lines are on publicly-owned property, where permission to operate can be revoked. In addition, DESC owns 455 substations.
Biggest changeThe grants for most of DESC’s electric lines contain rights-of-way that have been obtained from the apparent owners of real estate, but underlying property titles have not been examined. Where rights-of-way have not been obtained, they could be acquired from private owners by condemnation, if necessary. Many electric lines are on publicly-owned property, where permission to operate can be revoked.
Powhatan Disputanta, VA 150 Maplewood Chatham, VA 120 Belcher Louisa, VA 88 Gutenberg Garysburg, NC 80 Grasshopper Chase City, VA 80 Pecan Pleasant Hill, NC 75 Chestnut Halifax County, NC 75 Bedford Chesapeake, VA 70 Pumpkinseed Emporia, VA 60 Gloucester Gloucester County, VA 20 Montross Westmoreland County, VA 20 Morgans Corner Pasquotank County, NC 20 Remington Fauquier County, VA 20 Rochambeau James City County, VA 20 Oceana Virginia Beach, VA 18 Hollyfield Manquin, VA 17 Puller Topping, VA 15 Total Non-Jurisdictional Generation 948 (1) All solar facilities are alternating current.
Powhatan Disputanta, VA 150 Maplewood Chatham, VA 120 Belcher Louisa, VA 88 Gutenberg Garysburg, NC 80 Grasshopper Chase City, VA 80 Pecan Pleasant Hill, NC 75 Chestnut Halifax County, NC 75 Bedford (2) Chesapeake, VA 70 Pumpkinseed (2) Emporia, VA 60 Gloucester Gloucester County, VA 20 Montross Westmoreland County, VA 20 Morgans Corner Pasquotank County, NC 20 Remington Fauquier County, VA 20 Rochambeau James City County, VA 20 Oceana Virginia Beach, VA 18 Hollyfield Manquin, VA 17 Puller Topping, VA 15 Total Non-Jurisdictional Generation 948 (1) All solar facilities are alternating current.
DOMINION ENERGY VIRGINIA Virginia Power has approximately 6,800 miles of electric transmission lines of 69 kV or more located in North Carolina, Virginia and West Virginia. Portions of Virginia Power’s electric transmission lines cross national parks and forests under permits entitling the federal government to use, at specified charges, any surplus capacity that may exist in these lines.
Dominion Energy Virginia Virginia Power has approximately 7,000 miles of electric transmission lines of 69 kV or more located in Virginia, North Carolina and West Virginia. Portions of Virginia Power’s electric transmission lines cross national parks and forests under permits entitling the federal government to use, at specified charges, any surplus capacity that may exist in these lines.
Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Nuclear Millstone Waterford, CT 2,013 (1) Total Nuclear 2,013 65 % Solar (2) Hardin I Hardin County, OH 150 Amazon Solar Farm Virginia – Southampton Newsoms, VA 100 Foxhound Solar Clover, VA 83 Amazon Solar Farm Virginia – Accomack Oak Hall, VA 80 Greensville Greensville County, VA 80 Innovative Solar 37 Morven, NC 79 Wilkinson Pantego, NC 74 Seabrook Beaufort County, SC 73 Moffett Solar 1 Ridgeland, SC 71 Summit Farms Solar Moyock, NC 60 Midway II Calipatria, CA 30 Amazon Solar Farm Virginia – Buckingham Cumberland, VA 20 Amazon Solar Farm Virginia – Correctional Barhamsville, VA 20 Hecate Cherrydale Cape Charles, VA 20 Amazon Solar Farm Virginia – Sussex Drive Stoney Creek, VA 20 Amazon Solar Farm Virginia – Scott II Powhatan, VA 20 Myrtle Suffolk, VA 15 Trask Beaufort County, SC 12 Hecate Energy Clarke County White Post, VA 10 Ridgeland Solar Farm I Ridgeland, SC 10 Yemassee Hampton County, SC 10 Blackville Blackville, SC 7 Denmark Denmark, SC 6 Other Various 35 Total Solar 1,085 35 Total Nonregulated Generation 3,098 100 % (1) Excludes 6.53% undivided interest in Unit 3 owned by Massachusetts Municipal and Green Mountain.
Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Nuclear Millstone Waterford, CT 2,013 (1) Total Nuclear 2,013 61 % Solar (2) Atlanta Farms Pickaway County, OH 200 Hardin I Hardin County, OH 150 Amazon Solar Farm Virginia – Southampton Newsoms, VA 100 Foxhound Solar Clover, VA 83 Amazon Solar Farm Virginia – Accomack Oak Hall, VA 80 Greensville Greensville County, VA 80 Innovative Solar 37 Morven, NC 79 Wilkinson Pantego, NC 74 Seabrook Beaufort County, SC 73 Moffett Solar 1 Ridgeland, SC 71 Summit Farms Solar Moyock, NC 60 Midway II Calipatria, CA 30 Amazon Solar Farm Virginia – Buckingham Cumberland, VA 20 Amazon Solar Farm Virginia – Correctional Barhamsville, VA 20 Hecate Cherrydale Cape Charles, VA 20 Amazon Solar Farm Virginia – Sussex Drive Stoney Creek, VA 20 Amazon Solar Farm Virginia – Scott II Powhatan, VA 20 Myrtle Suffolk, VA 15 Trask Beaufort County, SC 12 Hecate Energy Clarke County White Post, VA 10 Ridgeland Solar Farm I Ridgeland, SC 10 Yemassee Hampton County, SC 10 Blackville Blackville, SC 7 Denmark Denmark, SC 6 Other Various 35 Total Solar 1,285 39 Total Nonregulated Generation 3,298 100 % (1) Excludes 6.53% undivided interest in Unit 3 owned by Massachusetts Municipal and Green Mountain.
While Virginia Power owns and maintains its electric transmission facilities, they are a part of PJM, which coordinates the planning, operation, emergency assistance and exchange of capacity and energy for such facilities. In addition, Virginia Power’s electric distribution network includes approximately 60,600 miles of distribution lines, exclusive of service level lines, in Virginia and North Carolina.
While Virginia Power owns and maintains its electric transmission facilities, they are a part of PJM, which coordinates the planning, operation, emergency assistance and exchange of capacity and energy for such facilities. In addition, Virginia Power’s electric distribution network includes approximately 61,000 miles of distribution lines, exclusive of service level lines, in Virginia and North Carolina.
There were no bonds outstanding as of December 31, 2024; however, by leaving the indenture open, Virginia Power retains the flexibility to issue mortgage bonds in the future. Additionally, DESC’s bond indenture, which secures its first mortgage bonds, constitutes a direct mortgage lien on substantially all of its electric utility property.
There were no bonds outstanding at December 31, 2025 ; however, by leaving the indenture open, Virginia Power retains the flexibility to issue mortgage bonds in the future. Additionally, DESC’s bond indenture, which secures its first mortgage bonds, constitutes a direct mortgage lien on substantially all of its electric utility property.
Item 2. Pr operties Dominion Energy owns five corporate offices in Richmond, Virginia and other cities in which its subsidiaries operate. Dominion Energy also leases corporate offices in Richmond, Virginia and other cities in which its subsidiaries operate, including its principal executive office in Richmond, Virginia. Virginia Power shares Dominion Energy’s principal executive office in Richmond, Virginia.
ITEM 2. PROPERTIES Dominion Energy owns five corporate offices in Richmond, Virginia and other cities in which its subsidiaries operate. Dominion Energy also leases corporate offices in Richmond, Virginia and other cities in which its subsidiaries operate, including its principal executive office in Richmond, Virginia. Virginia Power shares Dominion Energy’s principal executive office in Richmond, Virginia.
Storm, WV 1,614 Virginia City Hybrid Energy Center Wise County, VA 610 Clover Clover, VA 439 (2) Total Coal 2,663 13 Hydro Bath County Warm Springs, VA 1,808 (3) Gaston Roanoke Rapids, NC 220 Roanoke Rapids Roanoke Rapids, NC 95 Other 1 Total Hydro 2,124 11 Oil Gravel Neck (CT) Surry, VA 198 Darbytown (CT) Richmond, VA 168 Rosemary (CC) Roanoke Rapids, NC 155 Possum Point (CT) Dumfries, VA 72 Low Moor (CT) Covington, VA 48 Northern Neck (CT) Lively, VA 47 Chesapeake (CT) Chesapeake, VA 39 Total Oil 727 4 Solar (4) Colonial Trail West Surry County, VA 142 Bookers Mill Farnham, VA 127 Sadler Solar Emporia, VA 100 Spring Grove Surry County, VA 98 Fountain Creek Greensville, VA 80 Piney Creek Halifax, VA 80 Otter Creek Mecklenburg County, VA 60 Sycamore Gretna, VA 42 Camellia Gloucester County, VA 20 Grassfield Chesapeake, VA 20 Norge Williamsburg, VA 20 Solidago Windsor, VA 20 Whitehouse Solar Louisa County, VA 20 Winterberry Gloucester County, VA 20 Woodland Solar Isle of Wight County, VA 19 Scott Solar Powhatan, VA 17 Total Solar 885 4 46 Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Biomass Altavista Altavista, VA 51 Polyester Hopewell, VA 51 Southampton Southampton, VA 51 Total Biomass 153 1 Battery Dry Bridge Chesterfield, VA 20 Scott Battery Powhatan, VA 12 Total Battery 32 — Wind CVOW Pilot Project Virginia Beach, VA 12 — Various Mt.
Storm, WV 1,614 Virginia City Hybrid Energy Center Wise County, VA 610 Clover Clover, VA 439 (2) Total Coal 2,663 13 Hydro Bath County Warm Springs, VA 1,758 (3) Gaston Roanoke Rapids, NC 220 Roanoke Rapids Roanoke Rapids, NC 95 Other 1 Total Hydro 2,074 11 Oil Gravel Neck (CT) Surry, VA 198 Darbytown (CT) Richmond, VA 168 Rosemary (CC) Roanoke Rapids, NC 155 Possum Point (CT) Dumfries, VA 72 Low Moor (CT) Covington, VA 48 Northern Neck (CT) Lively, VA 47 Chesapeake (CT) Chesapeake, VA 39 Total Oil 727 4 Solar (4) Colonial Trail West Surry County, VA 142 Bookers Mill Farnham, VA 127 Sadler Solar Emporia, VA 100 Spring Grove Surry County, VA 98 Fountain Creek Greensville, VA 80 Piney Creek Halifax, VA 80 Otter Creek Mecklenburg County, VA 60 Sycamore Gretna, VA 42 Camellia Gloucester County, VA 20 Grassfield Chesapeake, VA 20 Norge Williamsburg, VA 20 North Ridge Powhatan, VA 20 Solidago Windsor, VA 20 Whitehouse Solar Louisa County, VA 20 Winterberry Gloucester County, VA 20 Woodland Solar Isle of Wight County, VA 19 Quillwort Powhatan, VA 18 Sebera Prince George, VA 18 Scott Solar Powhatan, VA 17 Total Solar 941 4 37 Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Biomass Altavista Altavista, VA 51 Polyester Hopewell, VA 51 Southampton Southampton, VA 51 Total Biomass 153 1 Battery Dry Bridge Chesterfield, VA 20 Scott Battery Powhatan, VA 12 Total Battery 32 — Wind CVOW Pilot Project Virginia Beach, VA 12 — Various Mt.
The Salley facility can store the liquefied equivalent of approximately 0.9 bcf of natural gas and can regasify approximately 10% of its storage capacity per day. The Salley facility has no liquefying capabilities. The following table lists DESC’s generating units and capability as of December 31, 2024.
The Salley facility can store the liquefied equivalent of approximately 0.9 bcf of natural gas and can regasify approximately 10% of its storage capacity per day. The Salley facility has no liquefying capabilities. The following table lists DESC’s generating units and capability at December 31, 2025 .
Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Gas Jasper (CC) (1) Hardeeville, SC 902 Columbia Energy Center (CC) (1) Gaston, SC 522 Urquhart (CC) (1) Beech Island, SC 458 McMeekin Irmo, SC 250 Hagood (CT) (1) Charleston, SC 118 Urquhart Unit 3 Beech Island, SC 95 Urquhart (CT) (1) Beech Island, SC 87 Bushy Park (CT) (1) Goose Creek, SC 42 Coit (CT) (1)(2) Columbia, SC 26 Total Gas 2,500 37 % Coal Wateree Eastover, SC 684 Williams Goose Creek, SC 595 Cope (3) Cope, SC 415 Total Coal 1,694 25 Hydro Fairfield Jenkinsville, SC 576 Saluda Irmo, SC 190 Other Various 18 Total Hydro 784 12 Nuclear Summer Jenkinsville, SC 644 (4) 10 5,622 Power Purchase Agreements 1,112 (5) 16 Total Utility Generation 6,734 100 % Note: (CT) denotes combustion turbine and (CC) denotes combined cycle.
Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Gas Jasper (CC) (1) Hardeeville, SC 902 Columbia Energy Center (CC) (1) Gaston, SC 522 Urquhart (CC) (1) Beech Island, SC 458 McMeekin Irmo, SC 250 Hagood (CT) (1) Charleston, SC 118 Urquhart Unit 3 Beech Island, SC 95 Urquhart (CT) (1) Beech Island, SC 87 Parr (CT) (1) Jenkinsville, SC 84 Bushy Park (CT) (1) Goose Creek, SC 42 Total Gas 2,558 37 % Coal Wateree Eastover, SC 684 Williams Goose Creek, SC 595 Cope (2) Cope, SC 415 Total Coal 1,694 25 Hydro Fairfield Jenkinsville, SC 576 Saluda Irmo, SC 190 Other Various 18 Total Hydro 784 12 Nuclear Summer Jenkinsville, SC 644 (3) 9 Total Excluding Power Purchase Agreements 5,680 Power Purchase Agreements 1,187 (4) 17 Total Utility Generation 6,867 100 % Note: (CT) denotes combustion turbine and (CC) denotes combined cycle.
Storm (CT) Mt. Storm, WV 11 — 18,150 Power Purchase Agreements 1,488 8 Total Utility Generation 19,638 100 % Note: (CT) denotes combustion turbine and (CC) denotes combined cycle. (1) Excludes 11.6% undivided interest owned by ODEC. (2) Excludes 50% undivided interest owned by ODEC.
Storm (CT) Mt. Storm, WV 11 — Total Excluding Power Purchase Agreements 18,154 Power Purchase Agreements 1,560 8 Total Utility Generation 19,714 100 % Note: (CT) denotes combustion turbine and (CC) denotes combined cycle. (1) Excludes 11.6% undivided interest owned by ODEC. (2) Excludes 50% undivided interest owned by ODEC.
DESC’s natural gas system includes approximately 19,500 miles of distribution mains and related service facilities, which are supported by approximately 400 miles of transmission pipeline. 47 DESC owns two LNG facilities, one located near Charleston, South Carolina, and the other in Salley, South Carolina.
In addition, DESC owns 454 substations. DESC’s natural gas system includes approximately 20,000 miles of distribution mains and related service facilities, which are supported by approximately 400 miles of transmission pipeline. DESC owns two LNG facilities, one located near Charleston, South Carolina, and the other in Salley, South Carolina.
VIRGINIA POWER UTILITY GENERATION Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Gas Greensville County (CC) Greensville County, VA 1,605 Brunswick County (CC) Brunswick County, VA 1,376 Warren County (CC) Warren County, VA 1,349 Ladysmith (CT) Ladysmith, VA 782 Bear Garden (CC) Buckingham County, VA 622 Remington (CT) Remington, VA 619 Possum Point (CC) Dumfries, VA 573 Chesterfield (CC) Chester, VA 386 Elizabeth River (CT) Chesapeake, VA 327 Gordonsville Energy (CC) Gordonsville, VA 218 Gravel Neck (CT) Surry, VA 170 Darbytown (CT) Richmond, VA 168 Total Gas 8,195 42 % Nuclear Surry Surry, VA 1,676 North Anna Mineral, VA 1,672 (1) Total Nuclear 3,348 17 Coal Mt.
The following tables list Virginia Power’s generating units and capability at December 31, 2025 . 36 Virginia Power Utility Generation Plant Location Net Summer Capability (MW) Percentage Net Summer Capability Gas Greensville County (CC) Greensville County, VA 1,605 Brunswick County (CC) Brunswick County, VA 1,376 Warren County (CC) Warren County, VA 1,349 Ladysmith (CT) Ladysmith, VA 782 Bear Garden (CC) Buckingham County, VA 622 Remington (CT) Remington, VA 619 Possum Point (CC) Dumfries, VA 571 Chesterfield (CC) Chester, VA 386 Elizabeth River (CT) Chesapeake, VA 327 Gordonsville Energy (CC) Gordonsville, VA 218 Gravel Neck (CT) Surry, VA 170 Darbytown (CT) Richmond, VA 168 Total Gas 8,193 42 % Nuclear Surry Surry, VA 1,676 North Anna Mineral, VA 1,672 (1) Total Nuclear 3,348 17 Coal Mt.
(2) All solar facilities are alternating current. CORPORATE AND OTHER Dominion Energy owns various solar facilities, primarily at schools in Virginia, with an aggregate generation capacity of 28 MW. 49
Corporate And Other Dominion Energy owns various solar facilities, primarily at schools in Virginia, with an aggregate generation capacity of 33 MW. 40
(5) Includes 189 MW from agreements with certain solar facilities within Contracted Energy. 48 CONTRACTED ENERGY The following table lists Contracted Energy’s generating units and capability as of December 31, 2024.
(1) Capable of burning fuel oil as a secondary source. (2) Capable of burning natural gas as a secondary source. (3) Excludes 33.3% undivided interest owned by Santee Cooper. (4) Includes 189 MW from agreements with certain solar facilities within Contracted Energy. 39 Contracted Energy The following table lists Contracted Energy’s generating units and capability at December 31, 2025 .
Removed
In addition, Virginia Power owns 486 substations. 45 The following tables list Virginia Power’s generating units and capability as of December 31, 2024.
Added
(2) Virginia Power in October 2025 proposed to recover the cost of this facility through Rider CE. If approved by the Virginia Commission, this facility will be considered Utility Generation. 38 Dominion Energy South Carolina DESC has approximately 3,800 miles and 19,400 miles of electric transmission and distribution lines, respectively, exclusive of service level lines, in South Carolina.
Removed
DOMINION ENERGY SOUTH CAROLINA DESC has approximately 3,800 miles and 19,100 miles of electric transmission and distribution lines, respectively, exclusive of service level lines, in South Carolina. The grants for most of DESC’s electric lines contain rights-of-way that have been obtained from the apparent owners of real estate, but underlying property titles have not been examined.
Added
(2) All solar facilities are alternating current. Additionally, Dominion Energy’s renewable natural gas facilities include 21 facilities in Colorado, Georgia, Idaho, Kansas, New Mexico, Nevada and Texas, which capture methane from dairy farms and convert it into pipeline quality natural gas. These facilities produce approximately 5,500 MMBtu per day.
Removed
(1) Capable of burning fuel oil as a secondary source. (2) Expected to be retired by the end of 2025. (3) Capable of burning natural gas as a secondary source. (4) Excludes 33.3% undivided interest owned by Santee Cooper.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeBrown (50) President—DES and Executive Vice President, Chief Legal Officer and Corporate Secretary from January 2024 to present; Senior Vice President, Chief Legal Officer and General Counsel from September 2022 to December 2023; Senior Vice President, General Counsel and Chief Compliance Officer from December 2019 to August 2022. Michele L.
Biggest changeBrown (51) Executive Vice President, Chief Administrative and Projects Officer, and Corporate Secretary and President—DES from June 2025 to present; President—DES and Executive Vice President, Chief Legal Officer and Corporate Secretary from January 2024 to May 2025; Senior Vice President, Chief Legal Officer and General Counsel from September 2022 to December 2023; Senior Vice President, General Counsel and Chief Compliance Officer from December 2019 to August 2022.
Item 4. Mine Saf ety Disclosures Not applicable. 50 Information about our Executive Office rs Information concerning the executive officers of Dominion Energy, each of whom is elected annually, is as follows: Name and Age Business Experience Past Five Years (1) Robert M.
Item 4. Mine Saf ety Disclosures Not applicable. Information about our Executive Office rs Information concerning the executive officers of Dominion Energy, each of whom is elected annually, is as follows: Name and Age Business Experience Past Five Years (1) Robert M.
Ridge (44) Executive Vice President and CFO from January 2024 to present; Senior Vice President and CFO from November 2022 to December 2023; President of Questar Gas from October 2022 to November 2022; Vice President and General Manager—Western Distribution from October 2021 to September 2022; Vice President—Investor Relations of DES from April 2019 to September 2021.
Ridge (45) Executive Vice President and CFO from January 2024 to present; Senior Vice President and CFO from November 2022 to December 2023; President of Questar Gas from October 2022 to November 2022; Vice President and General Manager—Western Distribution from October 2021 to September 2022; Vice President—Investor Relations of DES from April 2019 to September 2021.
(1) All positions held at Dominion Energy, unless otherwise noted. Any service listed for Virginia Power, DESC, Questar Gas and DES reflects service at a subsidiary of Dominion Energy. 51 Part II
(1) All positions held at Dominion Energy, unless otherwise noted. Any service listed for Virginia Power, DESC, Questar Gas and DES reflects service at a subsidiary of Dominion Energy. 41 Part II
Carr (51) Chief Nuclear Officer and President—Nuclear Operations and Contracted Energy from January 2025 to present; President—Nuclear Operations and Chief Nuclear Officer from July 2023 to December 2024; President—Nuclear Operations during June 2023; President and Chief Nuclear Officer for PSEG Nuclear, LLC, a subsidiary of Public Service Enterprise Group, Incorporated, from July 2019 to May 2023. W.
Eric S. Carr (52) Chief Nuclear Officer and President—Nuclear Operations and Contracted Energy from January 2025 to present; President—Nuclear Operations and Chief Nuclear Officer from July 2023 to December 2024; President—Nuclear Operations during June 2023; President and Chief Nuclear Officer for PSEG Nuclear, LLC, a subsidiary of Public Service Enterprise Group, Incorporated, from July 2019 to May 2023. Regina J.
Keller Kissam (58) President—Dominion Energy South Carolina from January 2022 to present; President—Electric Operations of DESC from January 2019 to December 2021. Steven D.
Keller Kissam (59) President—Dominion Energy South Carolina from January 2022 to present; President—Electric Operations of DESC from January 2019 to December 2021. Gary G.
Blue (57) Chair of the Board of Directors from April 2021 to present; President and CEO from October 2020 to present; Director from November 2020 to present; Executive Vice President and Co-COO from December 2019 to September 2020. Edward H.
Blue (58) Chair of the Board of Directors from April 2021 to present; President and CEO from October 2020 to present; Director from November 2020 to present. Edward H.
Baine (51) President—Utility Operations and Dominion Energy Virginia from January 2025 to present; President—Dominion Energy Virginia from October 2020 to December 2024; Senior Vice President—Power Delivery of Virginia Power from December 2019 to September 2020. Carlos M.
Baine (52) Executive Vice President—Utility Operations and President—Dominion Energy Virginia from July 2025 to present; President—Utility Operations and Dominion Energy Virginia from January 2025 to June 2025; President—Dominion Energy Virginia from October 2020 to December 2024. Carlos M.
Removed
Cardiff (57) Senior Vice President, Controller and CAO from October 2020 to present; Vice President, Controller and CAO from April 2014 to September 2020. Eric S.
Added
Elbert (45) Senior Vice President and Chief Legal and Human Resources Officer from June 2025 to present; Senior Vice President and Chief Human Resources Officer from January 2024 to May 2025; Senior Vice President—Human Resources from April 2022 to December 2023; Vice President—Human Resources Business Services from March 2019 to March 2022. W.
Added
Ratliff (47) Vice President, Controller and CAO from October 2025 to present; Vice President—Accounting from April 2025 to September 2025; Controller—Corporate Research & Reporting from February 2024 to March 2025; Director—Accounting from September 2015 to January 2024. Steven D.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeVirginia Power may pay cash dividends in 2025 but is neither required to nor restricted, except as described in Note 21 to the Consolidated Financial Statements, from making such payments.
Biggest changeVirginia Power There is no established public trading market for Virginia Power’s common stock, all of which is owned by Dominion Energy. Virginia Power may pay cash dividends in 2026 but is neither required to nor restricted, except as described in Note 21 to the Consolidated Financial Statements, from making such payments.
Item 5. Market for Registrant’s Common Equity, Related St ockholder Matters and Issuer Purchases of Equity Securities DOMINION ENERGY Dominion Energy’s common stock is listed on the NYSE under the ticker symbol D. At February 21, 2025, there were approximately 112,000 record holders of Dominion Energy’s common stock.
Item 5. Market for Registrant’s Common Equity, Related St ockholder Matters and Issuer Purchases of Equity Securities Dominion Energy Dominion Energy’s common stock is listed on the NYSE under the ticker symbol D. At February 16, 2026 , there were approximately 106,000 record holders of Dominion Energy’s common stock.
Purchases of Equity Securities Period Total Number of Shares (or Units) Purchased (1) Average Price Paid per Share (or Unit) (2) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased under the Plans or Programs (3) 10/1/24-10/31/24 64,345 $ 58.24 — $ 0.92 billion 11/1/24-11/30/24 415 58.99 — 0.92 billion 12/1/24-12/31/24 2,194 58.70 — 0.92 billion Total 66,954 $ 58.26 — $ 0.92 billion (1) Represents shares of common stock that were tendered by employees to satisfy tax withholding obligations on vested restricted stock.
Purchases of Equity Securities Period Total Number of Shares (or Units) Purchased (1) Average Price Paid per Share (or Unit) (2) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased under the Plans or Programs (3) 10/1/25-10/31/25 68,646 $ 60.90 — $ 0.92 billion 11/1/25-11/30/25 412 58.69 — 0.92 billion 12/1/25-12/31/25 2,516 60.80 — 0.92 billion Total 71,574 $ 60.88 — $ 0.92 billion (1) Represents shares of common stock that were tendered by employees to satisfy tax withholding obligations on vested restricted stock.
Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors. VIRGINIA POWER There is no established public trading market for Virginia Power’s common stock, all of which is owned by Dominion Energy.
Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors. At December 31, 2025, approximately $920 million remained available under the program.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeA hypothetical 0.25% decrease in the expected long-term rate of return on plan assets would have had a $31 million impact in both 2024 and 2023 to the expected returns on plan assets. 84 Risk Management Policies The Companies have established operating procedures with corporate management to ensure that proper internal controls are maintained.
Biggest changeA hypothetical 0.25% decrease in the expected long-term rate of return on plan assets would have had a $28 million and $31 million impact in the years ending December 31, 2025 and 2024 , respectively, to the expected returns on plan assets.
As of December 31, 2024, Dominion Energy and Virginia Power had $10.8 billion and $3.8 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except 83 in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
At December 31, 2024 , Dominion Energy and Virginia Power had $10.8 billion and $3.8 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
In addition, certain of the fixed price contracts, approximately €0.7 billion, contain commodity indexing provisions linked to steel. The following sensitivity analysis estimates the potential loss of future earnings or fair value from market risk sensitive instruments over a selected time period due to a 10% change in commodity prices, interest rates or foreign currency exchange rates.
In addition, certain of the fixed price contracts, approximately €0.7 billion, contain commodity indexing provisions linked to steel. The following sensitivity analyses estimate the potential loss of future earnings or fair value from market risk sensitive instruments over a selected time period due to a 10% change in commodity prices, interest rates or foreign currency exchange rates.
Virginia Power recorded, in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of $(10) million and $66 million for the years ended December 31, 2024 and 2023, respectively. Dominion Energy sponsors pension and other postretirement employee benefit plans that hold investments in trusts to fund employee benefit payments.
Virginia Power recorded, in AOCI and regulatory liabilities, a net increase in unrealized gains (losses) on debt investments of $23 million and $(10) million for the years ended December 31, 2025 and 2024 , respectively. Dominion Energy sponsors pension and other postretirement employee benefit plans that hold investments in trusts to fund employee benefit payments.
Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Dominion Energy recorded, in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of $(28) million and $117 million for the years ended December 31, 2024 and 2023, respectively.
Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Dominion Energy recorded, in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of $41 million and $(28) million for the years ended December 31, 2025 and 2024 , respectively.
Virginia Power recognized net investment gains (including investment income) on nuclear decommissioning and rabbi trust investments of $580 million and $448 million for the years ended December 31, 2024 and 2023, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value.
Virginia Power recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $555 million and $580 million for the years ended December 31, 2025 and 2024 , respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value.
Based on these credit policies and the Companies’ December 31, 2024 provision for credit losses, management believes that it is unlikely that a material adverse effect on the Companies’ financial position, results of operations or cash flows would occur as a result of counterparty nonperformance. 85
Based on these credit policies and the Companies’ December 31, 2025 provision for credit losses, management believes that it is unlikely that a material adverse effect on the Companies’ financial position, results of operations or cash flows would occur as a result of counterparty nonperformance. 64
For variable rate debt outstanding for Dominion Energy, a hypothetical 10% increase in market interest rates would result in a $12 million and $56 million decrease in earnings at December 31, 2024 and 2023, respectively.
For variable rate debt outstanding for Dominion Energy, a hypothetical 10% increase in market interest rates would result in a $10 million and $12 million decrease in earnings at December 31, 2025 and 2024 , respectively.
For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a $7 million and $5 million decrease in earnings at December 31, 2024 and 2023, respectively. The Companies also use interest rate derivatives, including forward-starting swaps, interest rate swaps and interest rate lock agreements to manage interest rate risk.
For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a $7 million decrease in earnings at both December 31, 2025 and 2024 . The Companies also use interest rate derivatives, including forward-starting swaps, interest rate swaps and interest rate lock agreements to manage interest rate risk.
Virginia Power employees participate in these plans. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns of $738 million and $1.2 billion in 2024 and 2023, respectively, compared to expected returns of $982 million and $1.0 billion, respectively.
Virginia Power employees participate in these plans. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns of $1.2 billion and $738 million in 2025 and 2024 , respectively, compared to expected returns of $835 million and $982 million, respectively.
MARKET RISK SENSITIVE INSTRUMENTS AND RISK MANAGEMENT The Companies’ financial instruments, commodity contracts and related financial derivative instruments are exposed to potential losses due to adverse changes in commodity prices, interest rates and equity security prices as described below.
Market Risk Sensitive Instruments and Risk Management The Companies’ financial instruments, commodity contracts and related financial derivative instruments are exposed to potential losses due to adverse changes in commodity prices, interest rates, foreign currency exchange rates and equity securities prices as described below.
These trust funds primarily hold marketable securities that are reported in the Consolidated Balance Sheets at fair value. Dominion Energy recognized net investment gains (including investment income) on nuclear decommissioning and rabbi trust investments of $1.1 billion and $879 million for the years ended December 31, 2024 and 2023, respectively.
These trust funds primarily hold marketable securities that are reported in the Companies’ Consolidated Balance Sheets at fair value. Dominion Energy recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $1.1 billion for both the years ended December 31, 2025 and 2024 .
A hypothetical 10% increase in commodity prices would have resulted in a decrease of $18 million and $62 million in the fair value of Dominion Energy’s commodity-based derivative instruments as of December 31, 2024 and 2023, respectively.
A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $15 million and a hypothetical 10% increase in commodity prices would have resulted in a decrease of $18 million in the fair value of Dominion Energy’s commodity-based derivative instruments at December 31, 2025 and 2024 , respectively.
A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $120 million and $151 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2023.
A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $459 million and $382 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2025 .
A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $15 million in the fair value of Virginia Power’s commodity-based derivative instruments as of December 31, 2024.
A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $71 million and $15 million in the fair value of Virginia Power’s commodity-based derivative instruments at December 31, 2025 and 2024 , respectively.
As of December 31, 2023, Dominion Energy and Virginia Power had $16.3 billion and $3.3 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
At December 31, 2025 , Dominion Energy and Virginia Power had $10.7 billion and $8.1 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
In addition, Dominion Energy has established an independent function at the corporate level to monitor compliance with the credit and commodity risk management policies of all subsidiaries, including Virginia Power.
Risk Management Policies The Companies have established operating procedures with corporate management to ensure that proper internal controls are maintained. In addition, Dominion Energy has established an independent function at the corporate level to monitor compliance with the credit and commodity risk management policies of all subsidiaries, including Virginia Power.
A hypothetical 10% increase in exchange rates would have resulted in a decrease of $106 million and $202 million in the fair value of Dominion Energy’s foreign currency swaps at December 31, 2024 and 2023, respectively.
A hypothetical 10% increase in the U.S. dollar to Euro exchange rate would have resulted in a decrease of $35 million and $106 million in the fair value of Dominion Energy’s foreign currency swaps at December 31, 2025 and 2024 , respectively.
As of December 31, 2024 and 2023, Dominion Energy had €1.1 billion and €2.1 billion, respectively, in aggregate notional amounts of these foreign currency forward purchase agreements outstanding.
At December 31, 2025 and 2024 , Dominion Energy had €0.9 billion and €1.1 billion, 63 Management’s Discussion and Analysis of Financial Condition and Results of Operations, Continued respectively, in aggregate notional amounts of these foreign currency forward purchase agreements outstanding.
Removed
A hypothetical 10% increase in commodity prices would have resulted in a decrease of $24 million in the fair value of Virginia Power’s commodity-based derivative instruments as of December 31, 2023.

Other D 10-K year-over-year comparisons