Dominion Energy nine-month profit falls to $2.12B
Dominion Energy recorded $1.761 billion in common dividend payments during the nine months ended September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Dominion Energy, Inc. reported third-quarter 2026 operating revenue of $5.617 billion, compared with $4.527 billion in 2025, and net income attributable to Dominion of $1.160 billion, versus $1.006 billion. For the first nine months, operating revenue was $15.116 billion, versus $12.413 billion, while net income attributable to Dominion was $2.121 billion, compared with $2.431 billion.
For the nine months ended September 30, 2026, net cash provided by operating activities was $4.688 billion, compared with $4.374 billion in 2025. Investing activities used $8.749 billion, including $8.576 billion for plant construction and other property additions. Financing activities provided $4.281 billion; cash flows included $6.725 billion from issuance and remarketing of long-term debt and $1.713 billion in long-term debt repayments and repurchases. At September 30, 2026, cash and cash equivalents were $435 million, total assets were $124.784 billion, total liabilities were $90.369 billion, and total long-term debt was $48.939 billion.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter operating revenue was $5.617 billion, versus $4.527 billion in 2025.
- Moderate pointThird-quarter net income attributable to Dominion was $1.160 billion, versus $1.006 billion.
- Moderate pointNine-month operating cash flow was $4.688 billion, versus $4.374 billion.
- Minor pointNine-month operating revenue was $15.116 billion, versus $12.413 billion.
Negative
- Minor pointNine-month net income attributable to Dominion was $2.121 billion, versus $2.431 billion.
Filing Explained
This unaudited quarterly report defines the
Key Figures
Key Terms
regulatory assets financial
securitization bonds financial
noncontrolling interests financial
AFUDC financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did Dominion Energy (D) report?
What was Dominion Energy's (D) net income for the first nine months of 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
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Exact name of registrants as specified in their charters, address of principal executive offices and registrants’ telephone number |
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I.R.S. Employer Identification Number |
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Attn: Corporate Secretary ( |
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State or other jurisdiction of incorporation or organization of the registrants:
Securities registered pursuant to Section 12(b) of the Act:
Registrant |
Trading Symbol |
Title of Each Class |
Name of Each Exchange on Which Registered |
DOMINION ENERGY, INC. |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Dominion Energy, Inc.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Dominion Energy, Inc.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Dominion Energy, Inc.
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Accelerated filer |
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Emerging growth company |
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Non-accelerated filer |
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Smaller reporting company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Virginia Electric and Power Company
Large accelerated filer |
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Accelerated filer |
☐ |
Emerging growth company |
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Smaller reporting company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Dominion Energy, Inc. Yes ☐ No
At October 23, 2026, the latest practicable date for determination, Dominion Energy, Inc. had
This combined Form 10-Q represents separate filings by Dominion Energy, Inc. and Virginia Electric and Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Virginia Electric and Power Company makes no representation as to the information relating to Dominion Energy, Inc.’s other operations.
VIRGINIA ELECTRIC AND POWER COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS FILING THIS FORM 10-Q UNDER THE REDUCED DISCLOSURE FORMAT.
1
COMBINED INDEX
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Page Number |
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Glossary of Terms |
3 |
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PART I. Financial Information |
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Item 1. |
Financial Statements |
7 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
63 |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
77 |
Item 4. |
Controls and Procedures |
78 |
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PART II. Other Information |
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Item 1. |
Legal Proceedings |
79 |
Item 1A. |
Risk Factors |
79 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
79 |
Item 5. |
Other Information |
79 |
Item 6. |
Exhibits |
80 |
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2
GLOSSARY OF TERMS
The following abbreviations or acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym |
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Definition |
2017 Tax Reform Act |
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An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017 |
2025 Biennial Review |
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Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2023 and ending December 31, 2024 and prospective rate base setting for the succeeding annual periods beginning January 1, 2026 and ending December 31, 2027 |
2026 Series A JSNs |
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Dominion Energy’s 2026 Series A Junior Subordinated Notes due 2056 |
2026 Series B JSNs |
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Dominion Energy’s 2026 Series B Junior Subordinated Notes due 2056 |
2027 Biennial Review |
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Future Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2025 and ending December 31, 2026 and prospective rate base setting for the succeeding annual periods beginning January 1, 2028 and ending December 31, 2029 |
AEP |
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The legal entity American Electric Power Company, Inc., one or more of its consolidated subsidiaries, or the entirety of American Electric Power Company, Inc. and its consolidated subsidiaries |
AFUDC |
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Allowance for funds used during construction |
Altavista |
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Altavista biomass power station |
AOCI |
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Accumulated other comprehensive income (loss) |
ARO |
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Asset retirement obligation |
Atlantic Coast Pipeline |
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Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy |
Atlantic Coast Pipeline Project |
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A previously proposed approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which would have been owned by Dominion Energy and Duke Energy |
bcf |
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Billion cubic feet |
Bedford |
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A 70 MW solar generation facility in Chesapeake, Virginia |
BOEM |
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Bureau of Ocean Energy Management |
Brunswick County |
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A 1,376 MW combined-cycle, natural gas-fired power station in Brunswick County, Virginia |
CAA |
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Clean Air Act |
Canadys Station |
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A proposed 2.2 GW advanced class combined cycle natural gas-fired power station in Colleton County, South Carolina, to be jointly owned by DESC and Santee Cooper |
CCR |
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Coal combustion residual |
CEO |
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Chief Executive Officer |
CERCLA |
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Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund |
CFO |
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Chief Financial Officer |
Chesterfield Energy Reliability Center |
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A proposed 944 MW simple-cycle, natural gas-fired power station in Chesterfield County, Virginia |
CO2 |
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Carbon dioxide |
CODM |
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Chief Operating Decision Maker |
Community Energy Act |
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House Bill 2346, known as the Community Energy Act, which was signed into law in the Commonwealth of Virginia in May 2025 |
Companies |
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Dominion Energy and Virginia Power, collectively |
Contracted Energy |
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Contracted Energy operating segment |
Cooling degree days |
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Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day |
Cove Point |
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Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP) |
CPCN |
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Certificate of Public Convenience and Necessity |
CVOW Commercial Project |
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A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia |
3
CVOW Pilot Project |
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A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters |
CWA |
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Clean Water Act |
DES |
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Dominion Energy Services, Inc. |
DESC |
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The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities |
DGI |
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Dominion Generation, Inc. |
Dominion Energy |
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The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries |
Dominion Energy Direct® |
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A dividend reinvestment and open enrollment direct stock purchase plan |
Dominion Energy South Carolina |
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Dominion Energy South Carolina operating segment |
Dominion Energy Virginia |
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Dominion Energy Virginia operating segment |
Dominion Privatization |
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The legal entity Dominion Utility Privatization Holdings, LLC (a joint venture between Dominion Energy and Patriot), one or more of its consolidated subsidiaries, or the entirety of Dominion Utility Privatization Holdings, LLC and its consolidated subsidiaries |
DSM |
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Demand-side management |
DSM Riders |
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Rate adjustment clauses, designated Riders C1A, C2A, C3A and C4A, associated with the recovery of costs related to certain Virginia DSM programs in approved DSM cases |
Dth |
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Dekatherm |
Duke Energy |
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The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries |
Enel |
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The legal entity Enel S.p.A, one or more of its consolidated subsidiaries (including Enel Green Power S.p.A), or the entirety of Enel S.p.A and its consolidated subsidiaries |
EPA |
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U.S. Environmental Protection Agency |
EPS |
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Earnings per common share |
FERC |
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Federal Energy Regulatory Commission |
FirstEnergy |
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The legal entity FirstEnergy Corp., one or more of its consolidated subsidiaries, or the entirety of FirstEnergy Corp. and its consolidated subsidiaries |
First NextEra Energy Merger |
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The transaction whereby Merger Sub Corp will merge with and into Dominion Energy with Dominion Energy continuing as the surviving entity pursuant to the terms and subject to the conditions in the NextEra Energy Merger Agreement and the related plan of merger |
FTRs |
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Financial transmission rights |
GAAP |
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U.S. generally accepted accounting principles |
GHG |
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Greenhouse gas |
Greensville County |
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A 1,605 MW combined-cycle, natural gas-fired power station in Greensville County, Virginia |
GTSA |
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Virginia Grid Transformation and Security Act of 2018 |
GW |
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Gigawatt |
Heating degree days |
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Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day |
Hopewell |
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Polyester biomass power station |
HSR |
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Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended |
IRA |
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An Act to Provide for Reconciliation Pursuant to Title II of Senate Concurrent Resolution 14 of the 117th Congress (also known as the Inflation Reduction Act of 2022) enacted on August 16, 2022 |
ISO |
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Independent system operator |
Jones Act |
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The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce |
kV |
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Kilovolt |
kVA |
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Kilovolt-ampere |
LLC Sub |
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CS Holdco, LLC, a wholly-owned subsidiary of NextEra Energy |
LNG |
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Liquefied natural gas |
MD&A |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Merger Sub Corp |
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WG Development Corp., a wholly-owned subsidiary of NextEra Energy |
MGD |
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Million gallons per day |
Millstone |
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Millstone nuclear power station |
4
MMBtu |
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Metric Million British thermal unit |
Moody’s |
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Moody’s Investors Service |
MW |
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Megawatt |
MWh |
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Megawatt hour |
Natural Gas Rate Stabilization Act |
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Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina |
NAV |
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Net asset value |
NextEra Energy |
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NextEra Energy, Inc., one or more of its consolidated subsidiaries (including Merger Sub Corp and LLC Sub) or operating segments, or the entirety of NextEra Energy, Inc. and its consolidated subsidiaries |
NextEra Energy Merger |
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The First NextEra Energy Merger or First NextEra Energy Merger together with the Second NextEra Energy Merger, as applicable |
NextEra Energy Merger Agreement |
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Agreement and Plan of Merger, dated as of May 15, 2026, by and among NextEra Energy and Dominion Energy |
NND Project |
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V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina |
North Anna |
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North Anna nuclear power station |
North Carolina Commission |
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North Carolina Utilities Commission |
NOX |
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Nitrogen oxide |
NRC |
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U.S. Nuclear Regulatory Commission |
NYSE |
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New York Stock Exchange |
Order 1000 |
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Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development |
OSWP |
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OSW Project LLC, a limited liability company owned by Virginia Power and Stonepeak |
ozone season |
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The period May 1 through September 30, as determined on a federal level |
Patriot |
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Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates |
PJM |
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PJM Interconnection, LLC |
PSD |
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Prevention of significant deterioration |
Pumpkinseed |
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A 60 MW solar generation facility in Emporia, Virginia |
RGGI |
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Regional Greenhouse Gas Initiative |
Rider CCR |
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A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations |
Rider CE |
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A rate adjustment clause associated with the recovery of costs related to certain renewable generation, energy storage and related transmission facilities in Virginia, certain small-scale distributed generation projects and related transmission facilities and, beginning May 2024, power purchase agreements for the energy, capacity, ancillary services and renewable energy credits owned by third parties |
Rider CERC |
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A rate adjustment clause associated with the recovery of costs related to the Chesterfield Energy Reliability Center |
Rider DIST |
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A rate adjustment clause associated with the recovery of costs related to electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA, costs of new underground distribution facilities and, effective June 2026, rural broadband capacity projects |
Rider GEN |
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A rate adjustment clause associated with the recovery of costs related to Altavista, Hopewell, Southampton, Brunswick County, Greensville County, certain solar facilities and the Virginia LNG Storage Facility |
Rider OSW |
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A rate adjustment clause associated with costs incurred to construct, own and operate the CVOW Commercial Project |
Rider RGGI |
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A rate adjustment clause associated with the recovery of costs related to the purchase of allowances through the RGGI market-based trading program for CO2 |
Rider RPS |
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A rate adjustment clause associated with the recovery of costs related to the mandatory renewable portfolio standard program established by the VCEA |
Rider SNA |
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A rate adjustment clause associated with costs relating to the preparation of the applications for subsequent license renewal to the NRC to extend the operating licenses of Surry and North Anna and related projects |
5
Rider T1 |
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A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1 |
ROE |
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Return on equity |
RTO |
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Regional transmission organization |
Santee Cooper |
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South Carolina Public Service Authority |
SCANA |
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The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries |
SCANA Combination |
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Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA |
SCANA Merger Approval Order |
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Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination |
SEC |
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U.S. Securities and Exchange Commission |
Second NextEra Energy Merger |
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The transaction whereby Dominion Energy will, immediately following the First NextEra Energy Merger, merge with and into LLC Sub with LLC Sub continuing as the surviving entity pursuant to the terms and subject to the conditions in the NextEra Energy Merger Agreement and the related plan of merger |
Section 232 |
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Section 232 of the Trade Expansion Act of 1962 |
Series C Preferred Stock |
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Dominion Energy’s 4.35% Series C Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share |
South Carolina Commission |
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Public Service Commission of South Carolina |
Southampton |
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Southampton biomass power station |
Standard & Poor’s |
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Standard & Poor’s Ratings Services, a division of S&P Global Inc. |
Stonepeak |
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The legal entity Stonepeak Partners, LLC, one or more of its affiliated investment vehicles (including Dunedin Member LLC) or the entirety of Stonepeak Partners, LLC and its affiliated investment vehicles |
Summer |
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V.C. Summer nuclear power station |
Surry |
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Surry nuclear power station |
Valley Link |
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Valley Link Transmission Company, LLC, a limited liability company owned by Dominion Energy, AEP and FirstEnergy, one or more of its consolidated subsidiaries or the entirety of Valley Link Transmission Company, LLC and its consolidated subsidiaries |
VCEA |
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Virginia Clean Economy Act of March 2020 |
VEBA |
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Voluntary Employees’ Beneficiary Association |
VIE |
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Variable interest entity |
Virginia Commission |
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Virginia State Corporation Commission |
Virginia LNG Storage Facility |
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A proposed LNG storage facility in Brunswick and Greensville Counties, Virginia |
Virginia Power |
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The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries |
VPFS |
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Virginia Power Fuel Securitization, LLC |
VPP |
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Virtual power plant |
6
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2026 |
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2025 |
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(millions, except per share amounts) |
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Operating Revenue |
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$ |
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$ |
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Operating Expenses |
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Electric fuel and other energy-related purchases |
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Purchased electric capacity |
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Purchased gas |
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Other operations and maintenance |
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Depreciation and amortization |
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Other taxes |
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Impairment of assets and other charges (benefits) |
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Total operating expenses |
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Income from operations |
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Other income (expense) |
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Interest and related charges |
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Income from continuing operations including noncontrolling interests before income |
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Income tax expense |
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Net Income From Continuing Operations Including Noncontrolling Interests |
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Net Income (Loss) From Discontinued Operations Including Noncontrolling |
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Net Income Including Noncontrolling Interests |
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Noncontrolling Interests |
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Net Income Attributable to Dominion Energy |
$ |
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$ |
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$ |
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$ |
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Amounts Attributable to Dominion Energy |
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Net income from continuing operations |
$ |
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$ |
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$ |
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$ |
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Net income (loss) from discontinued operations |
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( |
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Net income attributable to Dominion Energy |
$ |
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$ |
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$ |
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$ |
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EPS - Basic |
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Net income from continuing operations |
$ |
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$ |
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$ |
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$ |
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Net income (loss) from discontinued operations |
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Net income attributable to Dominion Energy |
$ |
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$ |
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$ |
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$ |
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EPS - Diluted |
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Net income from continuing operations |
$ |
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$ |
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$ |
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$ |
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Net income (loss) from discontinued operations |
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Net income attributable to Dominion Energy |
$ |
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$ |
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$ |
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$ |
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The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
7
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(millions) |
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Net income including noncontrolling interests |
$ |
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$ |
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$ |
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$ |
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Other comprehensive income (loss), net of taxes: |
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Net deferred gains (losses) on derivatives-hedging activities(1) |
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Changes in unrealized net gains (losses) on investment securities(2) |
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Changes in net unrecognized pension and other postretirement benefit |
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Amounts reclassified to net income (loss): |
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Net derivative (gains) losses-hedging activities(4) |
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Net realized (gains) losses on investment securities(5) |
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Net pension and other postretirement benefit costs (credits)(6) |
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( |
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( |
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( |
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( |
) |
Total other comprehensive income (loss) |
|
|
|
|
|
|
|
|
||||
Comprehensive income including noncontrolling interests |
|
|
|
|
|
|
|
|
||||
Comprehensive income (loss) attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
||||
Comprehensive income attributable to Dominion Energy |
$ |
|
$ |
|
$ |
|
$ |
|
||||
(1)
(2)
(3)
(4)
(5)
(6)
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
8
DOMINION ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
September 30, 2026 |
|
|
December 31, 2025(1) |
|
||
(millions) |
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash and cash equivalents(2) |
|
$ |
|
|
$ |
|
||
Customer receivables (less allowance for doubtful accounts of $ |
|
|
|
|
|
|
||
Tax receivables |
|
|
|
|
|
|
||
Other receivables (less allowance for doubtful accounts of $ |
|
|
|
|
|
|
||
Inventories |
|
|
|
|
|
|
||
Regulatory assets(2) |
|
|
|
|
|
|
||
Derivative assets |
|
|
|
|
|
|
||
Prepayments(2) |
|
|
|
|
|
|
||
Other(2) |
|
|
|
|
|
|
||
Assets held for sale |
|
|
|
|
|
|
||
Total current assets |
|
|
|
|
|
|
||
Investments |
|
|
|
|
|
|
||
Nuclear decommissioning trust funds |
|
|
|
|
|
|
||
Investment in equity method affiliates |
|
|
|
|
|
|
||
Other(2) |
|
|
|
|
|
|
||
Total investments |
|
|
|
|
|
|
||
Property, Plant and Equipment |
|
|
|
|
|
|
||
Property, plant and equipment(2) |
|
|
|
|
|
|
||
Accumulated depreciation and amortization(2) |
|
|
( |
) |
|
|
( |
) |
Total property, plant and equipment, net |
|
|
|
|
|
|
||
Deferred Charges and Other Assets |
|
|
|
|
|
|
||
Goodwill |
|
|
|
|
|
|
||
Regulatory assets(2) |
|
|
|
|
|
|
||
Other(2) |
|
|
|
|
|
|
||
Total deferred charges and other assets |
|
|
|
|
|
|
||
Total assets |
|
$ |
|
|
$ |
|
||
(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2025 has been derived from the audited Consolidated Balance Sheet at that date.
(2) See Note 14 for amounts attributable to VIEs.
(3) See Note 9 for amounts attributable to related parties.
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
9
DOMINION ENERGY, INC.
CONSOLIDATED BALANCE SHEETS—(Continued)
(Unaudited)
|
|
September 30, 2026 |
|
|
December 31, 2025(1) |
|
||
(millions) |
|
|
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Securities due within one year(2) |
|
$ |
|
|
$ |
|
||
Supplemental credit facility borrowings |
|
|
|
|
|
|||
Short-term debt |
|
|
|
|
|
|
||
Accounts payable(2) |
|
|
|
|
|
|
||
Accrued interest, payroll and taxes(2) |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Other(2)(3) |
|
|
|
|
|
|
||
Liabilities held for sale |
|
|
|
|
|
|
||
Total current liabilities |
|
|
|
|
|
|
||
Long-Term Debt |
|
|
|
|
|
|
||
Long-term debt |
|
|
|
|
|
|
||
Securitization bonds(2) |
|
|
|
|
|
|
||
Junior subordinated notes |
|
|
|
|
|
|
||
Supplemental credit facility borrowings |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total long-term debt |
|
|
|
|
|
|
||
Deferred Credits and Other Liabilities |
|
|
|
|
|
|
||
Deferred income taxes |
|
|
|
|
|
|
||
Deferred investment tax credits |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total deferred credits and other liabilities |
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
|
|
||
Commitments and Contingencies (see Note 16) |
|
|
|
|
|
|
||
Equity |
|
|
|
|
|
|
||
Preferred stock (see Note 15) |
|
|
|
|
|
|
||
Common stock – no par(4) |
|
|
|
|
|
|
||
Retained earnings |
|
|
|
|
|
|
||
Accumulated other comprehensive loss |
|
|
( |
) |
|
|
( |
) |
Shareholders’ equity |
|
|
|
|
|
|
||
Noncontrolling interests |
|
|
|
|
|
|
||
Total equity |
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
|
|
$ |
|
||
(1)
(2)
(3)
(4)
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
10
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
QUARTER-TO-DATE
|
Preferred Stock |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Retained Earnings |
|
AOCI |
|
Shareholders’ |
|
Noncontrolling |
|
Total |
|
|||||||||
(millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
June 30, 2025 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
Net income including noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Issuance of stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Stock awards (net of change in unearned |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contributions from Stonepeak to OSWP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Distributions from OSWP to Stonepeak |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|||||||
Preferred stock dividends (see Note 15) |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Common stock dividends ($ |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
— |
|
|
( |
) |
|||||
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|||||||
September 30, 2025 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
June 30, 2026 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
Net income including noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Issuance of stock |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stock awards (net of change in unearned |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contributions from Stonepeak to OSWP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Distributions from OSWP to Stonepeak |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|||||||
Preferred stock dividends (see Note 15) |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Common stock dividends ($ |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
September 30, 2026 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
11
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
YEAR-TO-DATE
|
Preferred Stock |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Retained Earnings |
|
AOCI |
|
Shareholders’ |
|
Noncontrolling |
|
Total |
|
|||||||||
(millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2024 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
Net income including noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Issuance of stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Stock awards (net of change in |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sale of noncontrolling interest in OSWP |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Contributions from Stonepeak to OSWP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Distributions from OSWP to Stonepeak |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|||||||
Preferred stock dividends (see |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Common stock dividends ($ |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
— |
|
|
( |
) |
|||||
Other comprehensive income (loss), net of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
||||||||
September 30, 2025 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2025 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
Net income including noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Issuance of stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Stock awards (net of change in |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contributions from Stonepeak to OSWP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Distributions from OSWP to Stonepeak |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|||||||
Preferred stock dividends (see |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Common stock dividends ($ |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Other comprehensive income (loss), net of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
September 30, 2026 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
|
$ |
|
||||||||
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
12
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30, |
|
2026 |
|
|
2025 |
|
||
(millions) |
|
|
|
|
|
|
||
Operating Activities |
|
|
|
|
|
|
||
Net income including noncontrolling interests |
|
$ |
|
|
$ |
|
||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization (including nuclear fuel) |
|
|
|
|
|
|
||
Deferred income taxes |
|
|
|
|
|
|
||
Deferred investment tax credits (benefits) |
|
|
( |
) |
|
|
|
|
Impairment of assets and other charges (benefits) |
|
|
|
|
|
|
||
Net (gains) losses on nuclear decommissioning trust funds and other investments |
|
|
( |
) |
|
|
( |
) |
Other adjustments |
|
|
( |
) |
|
|
( |
) |
Changes in: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
( |
) |
|
|
( |
) |
Inventories |
|
|
( |
) |
|
|
( |
) |
Deferred fuel and purchased gas costs, net |
|
|
( |
) |
|
|
( |
) |
Prepayments and deposits, net |
|
|
( |
) |
|
|
( |
) |
Accounts payable |
|
|
( |
) |
|
|
( |
) |
Accrued interest, payroll and taxes |
|
|
|
|
|
|
||
Net realized and unrealized changes related to derivative activities |
|
|
|
|
|
|
||
Pension and other postretirement benefits |
|
|
( |
) |
|
|
( |
) |
Other operating assets and liabilities |
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
|
|
|
|
|
||
Investing Activities |
|
|
|
|
|
|
||
Plant construction and other property additions (including nuclear fuel) |
|
|
( |
) |
|
|
( |
) |
Acquisition of solar development projects |
|
|
( |
) |
|
|
( |
) |
Proceeds from sales of securities |
|
|
|
|
|
|
||
Purchases of securities |
|
|
( |
) |
|
|
( |
) |
Contributions to equity method affiliates |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
( |
) |
|
|
( |
) |
Net cash used in investing activities |
|
|
( |
) |
|
|
( |
) |
Financing Activities |
|
|
|
|
|
|
||
Issuance (repayment) of short-term debt, net |
|
|
|
|
|
|
||
364-day term loan facility borrowings |
|
|
|
|
|
|
||
Repayment of 364-day term loan facility borrowings |
|
|
( |
) |
|
|
|
|
Issuance and remarketing of long-term debt |
|
|
|
|
|
|
||
Repayment and repurchases of long-term debt |
|
|
( |
) |
|
|
( |
) |
Repayment of securitization bonds |
|
|
( |
) |
|
|
( |
) |
Supplemental credit facility borrowings |
|
|
|
|
|
|
||
Supplemental credit facility repayments |
|
|
( |
) |
|
|
|
|
Proceeds from sale of noncontrolling interest in OSWP |
|
|
|
|
|
( |
) |
|
Contributions from Stonepeak to OSWP |
|
|
|
|
|
|
||
Distributions from OSWP to Stonepeak |
|
|
( |
) |
|
|
( |
) |
Issuance of common stock |
|
|
|
|
|
|
||
Common dividend payments |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
( |
) |
|
|
( |
) |
Net cash provided by financing activities |
|
|
|
|
|
|
||
Increase (decrease) in cash, restricted cash and equivalents |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at beginning of period |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at end of period |
|
$ |
|
|
$ |
|
||
See Note 2 for disclosure of supplemental cash flow information.
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
13
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Revenue(1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchased electric capacity |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operations and maintenance: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliated suppliers |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other taxes |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impairment of assets and other charges (benefits) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and related charges(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income before income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Income Including Noncontrolling Interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noncontrolling Interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Income Attributable to Virginia Power |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
14
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income including noncontrolling interests |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Other comprehensive income (loss), net of taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net deferred gains (losses) on derivatives-hedging activities(1) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Changes in unrealized net gains (losses) on investment securities(2) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Amounts reclassified to net income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net derivative (gains) losses-hedging activities(3) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Net realized (gains) losses on investment securities(4) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total other comprehensive income (loss) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Comprehensive income including noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income (loss) attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income attributable to Virginia Power |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
15
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
September 30, 2026 |
|
|
December 31, 2025(1) |
|
||
(millions) |
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash and cash equivalents(2) |
|
$ |
|
|
$ |
|
||
Customer receivables (less allowance for doubtful accounts of $ |
|
|
|
|
|
|
||
Other receivables (less allowance for doubtful accounts of $ |
|
|
|
|
|
|
||
Affiliated receivables |
|
|
|
|
|
|
||
Inventories (average cost method) |
|
|
|
|
|
|
||
Derivative assets(3) |
|
|
|
|
|
|
||
Regulatory assets(2) |
|
|
|
|
|
|
||
Other(2)(3) |
|
|
|
|
|
|
||
Total current assets |
|
|
|
|
|
|
||
Investments |
|
|
|
|
|
|
||
Nuclear decommissioning trust funds |
|
|
|
|
|
|
||
Other(2) |
|
|
|
|
|
|
||
Total investments |
|
|
|
|
|
|
||
Property, Plant and Equipment |
|
|
|
|
|
|
||
Property, plant and equipment(2) |
|
|
|
|
|
|
||
Accumulated depreciation and amortization(2) |
|
|
( |
) |
|
|
( |
) |
Total property, plant and equipment, net |
|
|
|
|
|
|
||
Deferred Charges and Other Assets |
|
|
|
|
|
|
||
Regulatory assets(2) |
|
|
|
|
|
|
||
Other(2)(3) |
|
|
|
|
|
|
||
Total deferred charges and other assets |
|
|
|
|
|
|
||
Total assets |
|
$ |
|
|
$ |
|
||
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
16
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED BALANCE SHEETS—(Continued)
(Unaudited)
|
|
September 30, 2026 |
|
|
December 31, 2025(1) |
|
||
(millions) |
|
|
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Securities due within one year(2) |
|
$ |
|
|
$ |
|
||
Short-term debt |
|
|
|
|
|
|
||
Accounts payable(2) |
|
|
|
|
|
|
||
Payables to affiliates |
|
|
|
|
|
|
||
Affiliated current borrowings |
|
|
|
|
|
|
||
Accrued interest, payroll and taxes(2) |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Other(2)(3) |
|
|
|
|
|
|
||
Total current liabilities |
|
|
|
|
|
|
||
Long-Term Debt |
|
|
|
|
|
|
||
Long-term debt |
|
|
|
|
|
|
||
Securitization bonds(2) |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total long-term debt |
|
|
|
|
|
|
||
Deferred Credits and Other Liabilities |
|
|
|
|
|
|
||
Deferred income taxes |
|
|
|
|
|
|
||
Deferred investment tax credits |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Other(3) |
|
|
|
|
|
|
||
Total deferred credits and other liabilities |
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
|
|
||
Commitments and Contingencies (see Note 16) |
|
|
|
|
|
|
||
Equity |
|
|
|
|
|
|
||
Common stock – no par(4) |
|
|
|
|
|
|
||
Other paid-in capital |
|
|
|
|
|
|
||
Retained earnings |
|
|
|
|
|
|
||
Accumulated other comprehensive income |
|
|
|
|
|
|
||
Shareholder’s equity |
|
|
|
|
|
|
||
Noncontrolling interests |
|
|
|
|
|
|
||
Total equity |
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
|
|
$ |
|
||
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
17
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
QUARTER-TO-DATE
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Shares |
|
|
Amount |
|
|
Other Paid-In Capital |
|
|
Retained Earnings |
|
|
AOCI |
|
|
Shareholder's Equity |
|
|
Noncontrolling |
|
|
Total Equity |
|
||||||||
(millions, except for shares) |
|
(thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
June 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Net income including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Issuance of stock to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Contributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Distributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||||
Other comprehensive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
June 30, 2026 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Net income including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Distributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||||
Other comprehensive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2026 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
18
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
YEAR-TO-DATE
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Shares |
|
|
Amount |
|
|
Other Paid-In Capital |
|
|
Retained |
|
|
AOCI |
|
|
Shareholder's |
|
|
Noncontrolling |
|
|
Total Equity |
|
||||||||
(millions, except for shares) |
|
(thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Net income including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Issuance of stock to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Sale of noncontrolling |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|||||
Contributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Distributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||||
Other comprehensive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Net income including |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Issuance of stock to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Contributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Distributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||||
Other comprehensive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2026 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
19
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30, |
|
2026 |
|
|
2025 |
|
||
(millions) |
|
|
|
|
|
|
||
Operating Activities |
|
|
|
|
|
|
||
Net income including noncontrolling interests |
|
$ |
|
|
$ |
|
||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization (including nuclear fuel) |
|
|
|
|
|
|
||
Deferred income taxes |
|
|
|
|
|
|
||
Deferred investment tax credits (benefits) |
|
|
( |
) |
|
|
( |
) |
Impairment of assets and other charges (benefits) |
|
|
|
|
|
|
||
Net (gains) losses on nuclear decommissioning trust funds and other investments |
|
|
( |
) |
|
|
( |
) |
Other adjustments |
|
|
( |
) |
|
|
( |
) |
Changes in: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
( |
) |
|
|
( |
) |
Affiliated receivables and payables |
|
|
|
|
|
( |
) |
|
Inventories |
|
|
( |
) |
|
|
( |
) |
Prepayments and deposits, net |
|
|
( |
) |
|
|
( |
) |
Deferred fuel expenses, net |
|
|
( |
) |
|
|
( |
) |
Accounts payable |
|
|
|
|
|
|
||
Accrued interest, payroll and taxes |
|
|
|
|
|
|
||
Net realized and unrealized changes related to derivative activities |
|
|
|
|
|
|
||
Other operating assets and liabilities |
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
|
|
|
|
|
||
Investing Activities |
|
|
|
|
|
|
||
Plant construction and other property additions |
|
|
( |
) |
|
|
( |
) |
Purchases of nuclear fuel |
|
|
( |
) |
|
|
( |
) |
Acquisition of solar development projects |
|
|
( |
) |
|
|
( |
) |
Proceeds from sales of securities |
|
|
|
|
|
|
||
Purchases of securities |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
|
|
|
( |
) |
|
Net cash used in investing activities |
|
|
( |
) |
|
|
( |
) |
Financing Activities |
|
|
|
|
|
|
||
Issuance (repayment) of short-term debt, net |
|
|
( |
) |
|
|
( |
) |
Issuance (repayment) of affiliated current borrowings, net |
|
|
( |
) |
|
|
( |
) |
Issuance and remarketing of long-term debt |
|
|
|
|
|
|
||
Repayment and repurchases of long-term debt |
|
|
( |
) |
|
|
( |
) |
Repayment of securitization bonds |
|
|
( |
) |
|
|
( |
) |
Proceeds from sale of noncontrolling interest in OSWP |
|
|
|
|
|
( |
) |
|
Contributions from Stonepeak to OSWP |
|
|
|
|
|
|
||
Distributions from OSWP to Stonepeak |
|
|
( |
) |
|
|
( |
) |
Issuance of common stock |
|
|
|
|
|
|
||
Common dividend payments to parent |
|
|
|
|
|
( |
) |
|
Other |
|
|
|
|
|
|
||
Net cash provided by financing activities |
|
|
|
|
|
|
||
Increase in cash, restricted cash and equivalents |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at beginning of period |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at end of period |
|
$ |
|
|
$ |
|
||
See Note 2 for disclosure of supplemental cash flow information.
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
20
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Nature of Operations
Dominion Energy, headquartered in Richmond, Virginia, provides primarily regulated electricity service in Virginia, North Carolina and South Carolina through its subsidiaries, Virginia Power and DESC, and 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. Dominion Energy also has nonregulated operations that include long-term contracted electric generation operations.
Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into PJM. All of Virginia Power’s stock is owned by Dominion Energy.
Dominion Energy manages its daily operations through
Proposed Merger
In May 2026, Dominion Energy entered into the NextEra Energy Merger Agreement pursuant to which the Companies will become wholly-owned subsidiaries of NextEra Energy upon closing of the NextEra Energy Merger, which is expected in the second half of 2027, contingent upon receipt of regulatory approvals and the satisfaction of other closing conditions as discussed below. Under the terms of the NextEra Energy Merger Agreement, at closing each outstanding share of Dominion Energy common stock, other than shares to be cancelled as described in the NextEra Energy Merger Agreement, will be converted into the right to receive (i) its pro rata share of an aggregate amount equal to $
The completion of the NextEra Energy Merger is subject to customary closing conditions, including, among others, approval by the holders of Dominion Energy common stock of the NextEra Energy Merger Agreement and the applicable plan of merger, approval by NextEra Energy shareholders of the issuance of NextEra Energy common stock in connection with the NextEra Energy Merger, expiration or termination of the applicable waiting period under the HSR, receipt of specified regulatory approvals, including the obtaining by Dominion Energy and NextEra Energy of consents and approvals required from the (i) FERC, (ii) NRC (iii) Virginia Commission, (iv) North Carolina Commission and (v) South Carolina Commission, approval for listing on the NYSE of the NextEra Energy common stock to be issued in the NextEra Energy Merger, continued effectiveness of the registration statement on Form S-4 filed by NextEra Energy in connection with the NextEra Energy Merger, accuracy of the parties’ representations and warranties, compliance with covenants, and the absence of a material adverse effect on either Dominion Energy or NextEra Energy. In July 2026, Dominion Energy and NextEra Energy filed for review and approval with FERC, the NRC and the Virginia, North Carolina and South Carolina Commissions. Dominion Energy and NextEra Energy received shareholder approvals in September 2026 and filed for clearance under the HSR in October 2026. The July filings with the Virginia, North Carolina and South Carolina Commissions included proposals for an aggregate amount of $
The NextEra Energy Merger Agreement contains customary termination rights for each of Dominion Energy and NextEra Energy, including if the NextEra Energy Merger has not been consummated by November 2027, subject to extension to August 2028 in certain circumstances, if either of the required shareholder approvals had not been obtained, or due to certain breaches of the NextEra Energy Merger Agreement. In certain circumstances in connection with or following termination of the NextEra Energy Merger Agreement, Dominion Energy will be required to pay NextEra
21
Energy a termination fee of $
Note 2. Significant Accounting Policies
As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at September 30, 2026, their results of operations and changes in equity for the three and nine months ended September 30, 2026 and 2025 and their cash flows for the nine months ended September 30, 2026 and 2025. Such adjustments are normal and recurring in nature unless otherwise noted.
The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates.
The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. Stonepeak’s
The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors.
Certain amounts in the Companies’ 2025 Consolidated Financial Statements have been reclassified to conform to the 2026 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.
Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, with the exception of the items described below.
Cash, Restricted Cash and Equivalents
Restricted Cash and Equivalents
The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025:
|
|
Cash, Restricted |
|
|
Cash, Restricted |
|
||||||||||
|
|
September |
|
|
September 30, 2025 |
|
|
December |
|
|
December |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dominion Energy |
|
|
|
|
|
|
|
|||||||||
Cash and cash |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Restricted cash and |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash, restricted cash |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Virginia Power |
|
|
|
|
|
|
|
|||||||||
Cash and cash |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Restricted cash and |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash, restricted cash |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Supplemental Cash Flow Information
The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
Nine Months Ended September 30, |
|
2026 |
|
|
2025 |
|
||
(millions) |
|
|
|
|
|
|
||
Significant noncash investing |
|
|
|
|
|
|
||
Accrued capital expenditures |
|
$ |
|
|
$ |
|
||
Leases(1) |
|
|
|
|
|
|
||
22
The following table provides supplemental disclosure of cash flow information related to Virginia Power:
Nine Months Ended September 30, |
|
2026 |
|
|
2025 |
|
||
(millions) |
|
|
|
|
|
|
||
Significant noncash investing |
|
|
|
|
|
|
||
Accrued capital expenditures |
|
$ |
|
|
$ |
|
||
Leases(1) |
|
|
|
|
|
|
||
Asset Retirement Obligations
In the second quarter of 2026, Dominion Energy revised its estimated cash flow projections associated with the recovery of spent nuclear fuel costs for its AROs associated with the decommissioning of Millstone, which resulted in a decrease of $
Also in the second quarter of 2026, Dominion Energy revised its estimated cash flow projections for its AROs to reflect updated information concerning two facilities related to CCR remediation. As a result, Dominion Energy recorded a $
Note 3. Operating Revenue
The Companies’ operating revenue consists of the following:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
||||||||||||||||||||
Period Ended September 30, |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Regulated electric sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
High load(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Government and other retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nonregulated electric sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Regulated gas sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Regulated gas transportation and storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other regulated revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other nonregulated revenues(2)(3)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total operating revenue from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other revenues(2)(5) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total operating revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at September 30, 2026.
At September 30, 2026 and December 31, 2025, Dominion Energy’s contract liability balances were $
23
Note 4. Income Taxes
Other than the following matters, there have been no significant developments regarding the Companies’ provision for income taxes, tax-related assets and liabilities and/or unrecognized tax benefits disclosed in Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
For continuing operations including noncontrolling interests for the nine months ended September 30, 2026, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
|
|
Dominion Energy |
|
|
|
Virginia Power |
|
|
||||||||||
(millions, except percentages) |
|
Amount |
|
|
Rate |
|
|
|
Amount |
|
|
Rate |
|
|
||||
U.S. federal statutory tax |
|
$ |
|
|
|
|
|
|
$ |
|
|
|
|
% |
||||
State and local income taxes, net of federal income tax effect(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tax credits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Production tax credits(2) |
|
|
( |
) |
|
|
( |
) |
|
|
|
( |
) |
|
|
( |
) |
|
Investment tax credit amortization |
|
|
( |
) |
|
|
( |
) |
|
|
|
( |
) |
|
|
( |
) |
|
Nontaxable or nondeductible items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regulatory deferrals: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reversal of excess deferred income taxes |
|
|
( |
) |
|
|
( |
) |
|
|
|
( |
) |
|
|
( |
) |
|
AFUDC—equity |
|
|
( |
) |
|
|
( |
) |
|
|
|
( |
) |
|
|
( |
) |
|
Absence of tax on noncontrolling interest |
|
|
( |
) |
|
|
( |
) |
|
|
|
( |
) |
|
|
( |
) |
|
Other adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Qualified nuclear decommissioning trust net gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
( |
) |
|
|
( |
) |
|
|
|
( |
) |
|
|
|
|
|
Effective tax(3) |
|
$ |
|
|
|
|
% |
|
$ |
|
|
|
|
% |
||||
For continuing operations, including noncontrolling interests for the nine months ended September 30, 2025, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||
U.S. federal statutory tax rate |
|
|
|
|
||||
Increases (reductions) resulting from: |
|
|
|
|
|
|
||
State taxes, net of federal benefit |
|
|
|
|
|
|
||
Investment tax credits |
|
|
( |
) |
|
|
( |
) |
Production tax credits(1) |
|
|
( |
) |
|
|
( |
) |
Reversal of excess deferred income taxes |
|
|
( |
) |
|
|
( |
) |
Qualified nuclear decommissioning trust net gains (losses) |
|
|
|
|
|
|
||
Remeasurements and settlements of uncertain tax positions |
|
|
( |
) |
|
|
|
|
AFUDC—equity |
|
|
( |
) |
|
|
( |
) |
Absence of tax on noncontrolling interest |
|
|
( |
) |
|
|
( |
) |
Other, net |
|
|
( |
) |
|
|
( |
) |
Effective tax rate |
|
|
% |
|
|
% |
||
During the second quarter of 2026, Dominion Energy determined that it is expected to be subject to the corporate alternative minimum tax in 2026. At September 30, 2026, Dominion Energy’s Consolidated Balance Sheet reflects a corporate alternative minimum tax liability of $
During the nine months ended September 30, 2026, Dominion Energy and Virginia Power entered into agreements with third parties to transfer tax credits generated in 2025 and 2026. Dominion Energy received cash proceeds of $
24
Note 5. Earnings Per Share
The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
||||||||||
Period Ended September 30, |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Dominion Energy from continuing operations |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Preferred stock dividends (see Note 15) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net income attributable to Dominion Energy from continuing operations - Basic & Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Average shares of common stock outstanding - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net effect of dilutive securities(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average shares of common stock outstanding - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EPS from continuing operations - Basic |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
EPS from discontinued operations - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EPS attributable to Dominion Energy - Basic |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
EPS from continuing operations - Diluted |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
EPS from discontinued operations - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EPS attributable to Dominion Energy - Diluted |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Forward sales agreements entered into the second quarter of 2026 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the three months ended September 30, 2026, and certain of the forward sales agreements entered into the first and second quarters of 2026 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the nine months ended September 30, 2026 as the dilutive stock price threshold was not met. Certain of the forward sales agreements entered into in the first quarter of 2025 and the third and fourth quarters of 2024 were potentially dilutive securities, but were excluded from the calculation of diluted EPS from continuing operations for the nine months ended September 30, 2025 as the dilutive stock price threshold was not met.
25
Note 6. Accumulated Other Comprehensive Income (Loss)
Dominion Energy
The following tables present Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
|
|
Total Derivative-Hedging Activities(1) |
|
|
Investment Securities |
|
|
Pension and other postretirement benefit costs(2) |
|
|
Total |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Beginning balance, tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Beginning balance, net of tax |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Other comprehensive income (loss) before |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|
|
|
||||||
Interest and related charges |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Total |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Income tax expense (benefit) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Total, net of tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Net current period other comprehensive income (loss) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
Ending balance, net of tax |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance, tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Ending balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
||
Beginning balance, tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Beginning balance, net of tax |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Other comprehensive income (loss) before |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|
|
|
||||||
Interest and related charges |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
Total |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
Income tax expense (benefit) |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Total, net of tax |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
Net current period other comprehensive income (loss) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Ending balance, net of tax |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Ending balance, tax |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
Ending balance |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
||
26
|
|
Total Derivative-Hedging Activities(1) |
|
|
Investment |
|
|
Pension and other postretirement benefit costs(2) |
|
|
Total |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
||
Beginning balance, tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Beginning balance, net of tax |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Other comprehensive income (loss) before |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and related charges |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Total |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Income tax expense (benefit) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Total, net of tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Net current period other comprehensive income (loss) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
Ending balance, net of tax |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance, tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Ending balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Beginning balance, tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Beginning balance, net of tax |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Other comprehensive income (loss) before |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and related charges |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Total |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Income tax expense (benefit) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Total, net of tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Net current period other comprehensive income (loss) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Ending balance, net of tax |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Ending balance, tax |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
||
Ending balance |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
||
(1)
(2)
27
Virginia Power
The following tables present Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
|
|
Total Derivative-Hedging Activities(1) |
|
|
Investment Securities |
|
|
Total |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Three Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
|
|||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Beginning balance, tax |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Beginning balance, net of tax |
|
|
|
|
|
|
|
|
|
|||
Other comprehensive income (loss) before |
|
|
|
|
|
( |
) |
|
|
|
||
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|
|
|||
Other income (expense) |
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|||
Total, net of tax |
|
|
|
|
|
|
|
|
|
|||
Net current period other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|||
Ending balance, net of tax |
|
|
|
|
|
|
|
|
|
|||
Ending balance, tax |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|||
Beginning balance |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Beginning balance, tax |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Beginning balance, net of tax |
|
|
|
|
|
|
|
|||||
Other comprehensive income (loss) before |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|
|
|
|
|||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|||
Total, net of tax |
|
|
|
|
|
|
|
|
|
|||
Net current period other comprehensive income (loss) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance, net of tax |
|
|
|
|
|
|
|
|
|
|||
Ending balance, tax |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|||
28
|
|
Total Derivative-Hedging Activities(1) |
|
|
Investment |
|
|
Total |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
|
|||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Beginning balance, tax |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Beginning balance, net of tax |
|
|
|
|
|
|
|
|
|
|||
Other comprehensive income (loss) before |
|
|
|
|
|
( |
) |
|
|
|
||
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|
|
|||
Interest and related charges |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
( |
) |
|
|
|
|
|
|
||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|||
Total, net of tax |
|
|
( |
) |
|
|
|
|
|
|
||
Net current period other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|||
Ending balance, net of tax |
|
|
|
|
|
— |
|
|
|
|
||
Ending balance, tax |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|||
Beginning balance |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Beginning balance, tax |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Beginning balance, net of tax |
|
|
|
|
|
|
|
|
|
|||
Other comprehensive income (loss) before |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|
|
|
|
|||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|||
Total, net of tax |
|
|
|
|
|
|
|
|
|
|||
Net current period other comprehensive income (loss) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance, net of tax |
|
|
|
|
|
|
|
|
|
|||
Ending balance, tax |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|||
(1)
Note 7. Fair Value Measurements
The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. See Note 8 for additional information about the Companies’ derivatives and hedge accounting activities.
The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices, implied price volatilities and credit spreads are considered unobservable.
29
The following table presents the Companies’ quantitative information about Level 3 fair value measurements at September 30, 2026. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility and credit spreads.
|
|
|
|
|
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||
|
|
|
Valuation |
|
Unobservable |
|
Fair Value |
|
|
Range |
|
Weighted -average(1) |
|
|
Fair Value |
|
|
Range |
|
Weighted -average(1) |
|
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Physical and financial forwards: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural gas(2) |
|
|
Discounted cash flow |
|
Market price (per Dth)(3) |
|
$ |
|
|
( |
|
|
|
|
$ |
|
|
( |
|
|
( |
) |
|||
FTRs |
|
|
Discounted cash flow |
|
Market price (per MWh)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electricity |
|
|
Discounted cash flow |
|
Market price (per MWh)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Physical options: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Natural gas(2) |
|
|
Option model |
|
Market price (per Dth)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Credit spread(4) |
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
Price volatility(5) |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
||||||
Total assets |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Physical and financial forwards: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FTRs |
|
|
Discounted cash flow |
|
Market price (per MWh)(3) |
|
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
|
||||
Electricity |
|
|
Discounted cash flow |
|
Market price (per MWh)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Physical options: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas(2) |
|
|
Option model |
|
Market price (per Dth)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
Credit spread(4) |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
||||||
|
|
|
|
|
Price volatility(5) |
|
|
|
|
|
|
% |
|
|
|
|
|
|
% |
||||||
Total liabilities |
|
|
|
$ |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|||||||
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Significant Unobservable Inputs |
|
Position |
|
Change to Input |
|
Impact on Fair Value Measurement |
Market price |
|
Buy |
|
Increase (decrease) |
|
Gain (loss) |
Market price |
|
Sell |
|
Increase (decrease) |
|
Loss (gain) |
Credit spread |
|
Asset |
|
Increase (decrease) |
|
Loss (gain) |
Credit spread |
|
Liability |
|
Increase (decrease) |
|
Gain (loss) |
Price volatility |
|
Buy |
|
Increase (decrease) |
|
Gain (loss) |
Price volatility |
|
Sell |
|
Increase (decrease) |
|
Loss (gain) |
Nonrecurring Fair Value Measurements
See Note 10 for information regarding impairment charges recorded by Dominion Energy associated with certain nonregulated solar generation facilities and nonregulated renewable natural gas facilities.
30
Recurring Fair Value Measurements
The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investments(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Government securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Private debt funds – liquid investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investments(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Government securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
31
The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
||||||||||||||||||||
Period Ended September 30, |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Total realized and unrealized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchased electric capacity |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||||
Electric fuel and other energy-related purchases |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Purchased gas |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Included in regulatory assets/liabilities |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|||
Settlements |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
||
Purchases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
Transfers out of Level 3 |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Dominion Energy had $(
Fair Value of Financial Instruments
Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments.
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
|
|
Carrying |
|
|
Estimated |
|
|
Carrying |
|
|
Estimated |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt(2) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Securitization |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Junior subordinated |
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt(2) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Securitization |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Junior subordinated |
|
|
|
|
|
|
|
|
|
|
|
|
||||
32
Note 8. Derivatives and Hedge Accounting Activities
The Companies’ accounting policies, objectives and strategies for using derivative instruments and cash collateral or other instruments under master netting or similar arrangements are discussed in Notes 2 and 7 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. See Note 7 for additional information about fair value measurements and associated valuation methods for derivatives. See Note 17 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.
Balance Sheet Presentation
The tables below present the Companies’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
|
|
Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
|
Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
||||||||||||||||||||||||||
|
|
Gross Assets |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
|
Gross Assets |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total derivatives, subject to a master |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total derivatives, subject to a master |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
33
|
|
Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
|
Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
||||||||||||||||||||||||||
|
|
Gross Liabilities |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
|
Gross Liabilities |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total derivatives, subject to a master |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total derivatives, subject to a master |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Volumes
The following table presents the volume of the Companies’ derivative activity at September 30, 2026. These volumes are based on open derivative positions and represent the 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.
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
|
|
Current |
|
|
Noncurrent |
|
|
Current |
|
|
Noncurrent |
|
||||
Natural Gas (bcf): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed price(1) |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Basis(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electricity (MWh in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed price |
|
|
|
|
|
|
|
|
|
|
|
|
||||
FTRs |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate(2) (in millions) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Foreign currency exchange rate(2) (in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Danish Krone |
|
|
|
|
|
|
|
|
||||||||
Euro |
|
€ |
|
|
€ |
|
|
€ |
|
|
€ |
|
||||
34
AOCI
The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at September 30, 2026:
|
|
Dominion Energy |
|
Virginia Power |
||||||||||||||||
|
|
AOCI After-Tax |
|
|
Amounts Expected to be |
|
|
Maximum Term (months) |
|
AOCI After-Tax |
|
|
Amounts Expected to be |
|
|
Maximum Term (months) |
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
$ |
|
|
$ |
|
|
||||
Total |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
$ |
|
|
$ |
|
|
|
||
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates.
Fair Value and Gains and Losses on Derivative Instruments
The following table presents the fair values of the Companies’ derivatives and where they are presented in their Consolidated Balance Sheets:
|
Dominion Energy |
|
Virginia Power |
|
||||||||
|
Assets |
|
Liabilities |
|
Assets |
|
Liabilities |
|
||||
(millions) |
|
|
|
|
|
|
|
|
||||
At September 30, 2026 |
|
|
|
|
|
|
|
|
||||
Current derivatives not under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Commodity |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
||||
Current derivatives under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Total current derivatives(1) |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Noncurrent derivatives not under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Commodity |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
||||
Noncurrent derivatives under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Total noncurrent derivatives(2) |
|
|
|
|
|
|
|
|
||||
Total derivatives |
$ |
|
$ |
|
$ |
|
$ |
|
||||
At December 31, 2025 |
|
|
|
|
|
|
|
|
||||
Current derivatives not under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Commodity |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
||||
Current derivatives under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Total current derivatives(1) |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Noncurrent derivatives not under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Commodity |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
||||
Noncurrent derivatives under cash flow hedge accounting |
|
|
|
|
|
|
|
|
||||
Interest rate |
|
|
|
|
|
|
|
|
||||
Total noncurrent derivatives(2) |
|
|
|
|
|
|
|
|
||||
Total derivatives |
$ |
|
$ |
|
$ |
|
$ |
|
||||
(1) The Companies’ current derivative liabilities are presented in other current liabilities in their Consolidated Balance Sheets.
(2) The Companies’ noncurrent derivative assets and liabilities are presented in other deferred charges and other assets and other deferred credits and other liabilities, respectively, in their Consolidated Balance Sheets.
35
The following tables present the gains and losses on the Companies’ derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||
Derivatives in cash flow hedging relationships |
|
Amount of |
|
|
Amount of |
|
|
Increase (Decrease) |
|
|
Amount of |
|
|
Amount of |
|
|
Increase (Decrease) |
|
||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate(3) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Total |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate(3) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Total |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate(3) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Total |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate(3) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Total |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
|
|
Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2) |
|
|||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments |
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
||||||||||||||||||||
Period Ended September 30, |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
Purchased gas |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchased electric capacity |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||||
Electric fuel and other energy-related purchases |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Interest rate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest and related charges |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
the CVOW Commercial Project is placed in service.
36
Note 9. Investments
Equity and Debt Securities
Rabbi Trust Securities
Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $
Decommissioning Trust Securities
The Companies maintain nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants as summarized below:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||||||||||||||||||
|
|
Amortized |
|
|
Total |
|
|
Total |
|
|
Allowance |
|
|
Fair |
|
|
Amortized |
|
|
Total |
|
|
Total |
|
|
Allowance |
|
|
Fair |
|
||||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity securities:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
|
||||||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income securities:(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government |
|
|
|
|
|
|
|
|
( |
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
$ |
|
|
|
|
||||||||
Corporate debt |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
||||||||
Private debt funds(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
(6) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
(6) |
$ |
|
|
$ |
|
||||||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity securities:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
|
|
|
$ |
|
||||||||
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income securities:(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government |
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
||||||||||
Private debt funds(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
(6) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
(6) |
$ |
|
|
$ |
|
||||||||
37
The portion of unrealized gains and losses that relates to equity securities held within the Companies’ nuclear decommissioning trusts is summarized below:
|
Dominion Energy |
|
||||||||||
|
Quarter-to-Date |
|
Year-to-Date |
|
||||||||
Period Ended September 30, |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
||||
Net gains (losses) recognized during |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Less: Net (gains) losses recognized |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
Unrealized gains (losses) recognized |
$ |
|
$ |
|
$ |
|
$ |
|
||||
|
Virginia Power |
|
||||||||||
|
Quarter-to-Date |
|
Year-to-Date |
|
||||||||
Period Ended September 30, |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
||||
Net gains (losses) recognized during |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Less: Net (gains) losses recognized |
|
( |
) |
|
|
|
( |
) |
|
|
||
Unrealized gains (losses) recognized |
$ |
|
$ |
|
$ |
|
$ |
|
||||
The fair value of the Companies’ fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2026 by contractual maturity is as follows:
|
Dominion Energy |
|
Virginia Power |
|
||
(millions) |
|
|
|
|
||
Due in one year or less |
$ |
|
$ |
|
||
Due after one year through five years |
|
|
|
|
||
Due after five years through ten years |
|
|
|
|
||
Due after ten years |
|
|
|
|
||
Total |
$ |
|
$ |
|
||
Presented below is selected information regarding the Companies’ equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
|
Dominion Energy |
|
||||||||||
|
Quarter-to-Date |
|
Year to Date |
|
||||||||
Period Ended September 30, |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
||||
Proceeds from sales |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Realized gains(1) |
|
|
|
|
|
|
|
|
||||
Realized losses(1) |
|
|
|
|
|
|
|
|
||||
|
Virginia Power |
|
||||||||||
|
Quarter-to-Date |
|
Year to Date |
|
||||||||
Period Ended September 30, |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
||||
Proceeds from sales |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Realized gains(1) |
|
|
|
|
|
|
|
|
||||
Realized losses(1) |
|
|
|
|
|
|
|
|
||||
Equity Method Investments
There have been no significant changes to the equity method investments included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 except as described below.
Atlantic Coast Pipeline
A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. Dominion Energy expects it could incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows. As a result of its share of equity losses exceeding its investment, Dominion Energy’s Consolidated Balance Sheets at September 30, 2026 and December 31, 2025 include a liability of $
Dominion Privatization
At September 30, 2026 and December 31, 2025, Dominion Privatization had $
Note 10. Property, Plant and Equipment
CVOW Commercial Project – Estimated Total Project Cost
As discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Virginia Power is constructing the CVOW Commercial Project. Installation of the final turbines comprising the
38
tariffs which became effective in April 2026 and updated turbine installation projections as well as previously included estimated impacts of a temporary suspension of work order, certain tariffs including those which became effective during 2025, the impact of the U.S. Supreme Court’s ruling in late February 2026 and tariffs which became effective in late February 2026. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs.
The expected total project cost is unchanged from Virginia Power’s July 2026 construction update filing and reflects a decrease of approximately $
As a result of the current total project cost estimates and cost sharing mechanism, for the nine months ended September 30, 2026 Virginia Power recorded a net charge for costs not expected to be recovered from customers of $
The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately
Nonregulated Solar Generation Facilities
In March 2026, Dominion Energy committed to a plan to sell certain nonregulated solar generation facilities within its Contracted Energy segment. As a result of meeting the requirements to be classified as held for sale, Dominion Energy recorded an impairment charge of $
39
property, plant and equipment, operating lease assets, deferred investment tax credits and operating lease liabilities. At September 30, 2026, the carrying amounts of major classes of assets remaining in held for sale are composed primarily of $
Nonregulated Renewable Natural Gas Facilities
In April 2026, Dominion Energy commenced an evaluation of its long-term intentions for its nonregulated renewable natural gas facilities within Contracted Energy. In connection with that evaluation, Dominion Energy expects that it is more likely than not that the nonregulated renewable natural gas facilities will be sold before the end of their useful lives and therefore evaluated the associated long-lived assets for recoverability during the second quarter of 2026. Using a probability-weighted approach, Dominion Energy determined Contracted Energy’s nonregulated renewable natural gas facilities were impaired and recorded a charge of $
40
Note 11. Regulatory Assets and Liabilities
Regulatory assets and liabilities include the following:
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||
|
September 30, |
|
December 31, |
|
|
September 30, |
|
December 31, |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
||||
Regulatory assets: |
|
|
|
|
|
|
|
|
|
||||
Deferred cost of fuel used in electric generation(1) |
$ |
|
$ |
|
|
$ |
|
$ |
|
||||
Securitized cost of fuel used in electric generation(2) |
|
|
|
|
|
|
|
|
|
||||
Riders OSW and CE(3) |
|
|
|
|
|
|
|
|
|
||||
Other deferred rider costs for Virginia electric utility(4) |
|
|
|
|
|
|
|
|
|
||||
Ash pond and landfill closure costs(5) |
|
|
|
|
|
|
|
|
|
||||
Deferred nuclear refueling outage costs(6) |
|
|
|
|
|
|
|
|
|
||||
NND Project costs(7) |
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
||||
Regulatory assets-current |
|
|
|
|
|
|
|
|
|
||||
Unrecognized pension and other postretirement benefit costs(8) |
|
|
|
|
|
— |
|
|
|||||
Riders OSW and CE(3) |
|
|
|
|
|
|
|
|
|
||||
Other deferred rider costs for Virginia electric utility(4) |
|
|
|
|
|
|
|
|
|
||||
Interest rate hedges(9) |
|
|
|
|
|
|
|
|
|||||
AROs and related funding(10) |
|
|
|
|
|
|
|
|
|
||||
NND Project costs(7) |
|
|
|
|
|
|
|
|
|
||||
CCR remediation, ash pond and landfill closure costs(5) |
|
|
|
|
|
|
|
|
|
||||
Deferred cost of fuel used in electric generation(1) |
|
|
|
|
|
|
|
|
|
||||
Securitized cost of fuel used in electric generation(2) |
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
||||
Regulatory assets-noncurrent |
|
|
|
|
|
|
|
|
|
||||
Total regulatory assets |
$ |
|
$ |
|
|
$ |
|
$ |
|
||||
Regulatory liabilities: |
|
|
|
|
|
|
|
|
|
||||
Deferred cost of fuel used in electric generation(1) |
|
|
|
|
|
|
|
|
|
||||
Provision for future cost of removal and AROs(11) |
|
|
|
|
|
|
|
|
|
||||
Reserve for rate credits to electric utility customers(12) |
|
|
|
|
|
|
|
|
|
||||
Income taxes refundable through future rates(13) |
|
|
|
|
|
|
|
|
|
||||
Monetization of guarantee settlement(14) |
|
|
|
|
|
|
|
|
|
||||
Derivatives(15) |
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
||||
Regulatory liabilities-current |
|
|
|
|
|
|
|
|
|
||||
Income taxes refundable through future rates(13) |
|
|
|
|
|
|
|
|
|
||||
Provision for future cost of removal and AROs(11) |
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust(16) |
|
|
|
|
|
|
|
|
|
||||
Monetization of guarantee settlement(14) |
|
|
|
|
|
|
|
|
|
||||
Interest rate hedges(9) |
|
|
|
|
|
|
|
|
|
||||
Reserve for rate credits to electric utility customers(12) |
|
|
|
|
|
|
|
|
|
||||
Overrecovered other postretirement benefit costs(17) |
|
|
|
|
|
|
|
|
|
||||
Derivatives(15) |
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
||||
Regulatory liabilities-noncurrent |
|
|
|
|
|
|
|
|
|
||||
Total regulatory liabilities |
$ |
|
$ |
|
|
$ |
|
$ |
|
||||
41
At September 30, 2026, Dominion Energy and Virginia Power regulatory assets include $
42
Note 12. Regulatory Matters
Regulatory Matters Involving Potential Loss Contingencies
As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.
Other Regulatory Matters
Other than the following matters, there have been no significant developments regarding key legislation affecting operations or key regulatory developments disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Virginia Regulation - Updates to Key Legislation Affecting Operations
Virginia 2020 Legislation
Renewable generation: In April 2026, the Governor of Virginia signed into law legislation which deems
Carbon trading program: In April 2026, the Governor of Virginia signed into law legislation that requires Virginia to establish and maintain a market-based carbon trading program consistent with RGGI, effective July 2026. All costs of the carbon trading program are recoverable through an environmental rider. In June 2026, the Governor of Virginia signed into law legislation that requires
Virginia Regulation - Recent Developments
2025 Biennial Review
In November 2025, the Virginia Commission approved a base rate increase of $
Virginia Fuel Expenses
In May 2026, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $
43
Commission issued an order finalizing these rates for the remainder of the fuel period. In May 2026, in accordance with legislation enacted in Virginia in May 2026 discussed above, Virginia Power filed an application with the Virginia Commission for approval of a financing order to securitize the projected $
Virginia Power Equity Application
In March 2026, Virginia Power requested approval from the Virginia Commission to issue and sell to Dominion Energy up to $
Renewable Generation Projects
In October 2025, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate six utility-scale projects totaling approximately
GTSA Filing
In March 2026, Virginia Power filed a petition with the Virginia Commission for approval of Phase IV, covering 2027 through 2029, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan proposes to continue the mainfeeder hardening project on
Riders
Other than the following matters, there have been no significant developments regarding the significant riders associated with various Virginia Power projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Rider Name |
|
Application |
|
Approval |
|
Rate Year |
|
Total Revenue |
|
|
Increase (Decrease) |
|
||
Rider CCR |
|
|
|
|
$ |
|
|
$ |
|
|||||
Rider CE(2) |
|
|
|
|
|
|
|
|
|
|||||
Rider CERC |
|
|
|
|
|
|
|
|
|
|||||
Rider DIST(3) |
|
|
|
|
|
|
|
|
|
|||||
Rider DIST(4) |
|
|
|
|
|
|
|
|
|
|||||
Rider GEN |
|
|
|
|
|
|
|
|
|
|||||
Rider GEN |
|
|
|
|
|
|
|
|
( |
) |
||||
Rider OSW |
|
|
|
|
|
|
|
|
|
|||||
Rider OSW |
|
|
|
|
|
|
|
|
( |
) |
||||
Rider RGGI(5) |
|
|
|
|
|
|
|
N/A |
|
|||||
Rider RPS |
|
|
|
|
|
|
|
|
( |
) |
||||
Rider SNA |
|
|
|
|
|
|
|
|
|
|||||
Rider SNA |
|
|
|
|
|
|
|
|
|
|||||
Rider T1(6) |
|
|
|
|
|
|
|
|
|
|||||
DSM Riders(7) |
|
|
|
|
|
|
|
|
|
|||||
44
Electric Transmission Projects
Other than the following matters, there have been no significant developments regarding the significant Virginia Power electric transmission projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Description and Location of Project |
|
Application |
|
Approval |
|
Type of |
|
Miles of |
|
Cost Estimate |
|
|
Construct new Culpeper Technology transmission lines, substations and related |
|
|
|
|
|
$ |
|
|||||
Construct new Golden-Mars transmission lines and related projects in Loudoun |
|
|
(2) |
|
|
|
|
|
||||
Partial rebuild Chesterfield-Lanexa transmission lines in the Counties of Henrico, |
|
|
|
|
|
|
|
|
||||
Rebuild Charlottesville-Dooms transmission lines in the Counties of Albemarle |
|
|
|
|
|
|
|
|||||
Construct West Creek transmission line, substation and related projects |
|
|
(3) |
|
|
|
|
|||||
Construct Morrisville-Wishing Star transmission lines and related projects in the |
|
|
Pending |
|
|
|
|
|
|
|||
Rebuild Charlottesville-Gordonsville transmission lines and related projects in the |
|
|
Pending |
|
|
|
|
|
||||
Construct Firehouse transmission lines, substation and related projects in the |
|
|
Pending |
|
|
|
|
|
||||
Construct Aspen-Doubs and Goose Creek-Woodside transmission lines, |
|
|
Pending |
|
|
|
|
|
||||
Construct new Allman Station switching station and related projects in the City |
|
|
Pending |
|
|
|
|
|
||||
Install underbuilt transmission line on existing 500 kV Elmont-Ladysmith line |
|
|
Pending |
|
|
|
|
|
||||
45
North Carolina Regulation - Recent Developments
Base Rate Case
In April 2026, Virginia Power filed its base rate case with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $
Fuel Filings
2025 Fuel Filing
In August 2026, Virginia Power’s revenue requirement for the fuel component of its electric rates increased by $
2026 Fuel Filing
In August 2026, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates for the rate year beginning
South Carolina Regulation - Recent Developments
Electric Base Rate Case
In January 2026, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $
In May 2026, DESC, the South Carolina Office of Regulatory Staff and other parties of record filed a stipulation agreement with the South Carolina Commission for approval. The stipulation agreement provides for a non-fuel, base rate increase of $
Cost of Fuel
DESC’s retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In
Electric DSM Programs
DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2026, DESC filed an application with the South Carolina Commission seeking approval to recover $
46
Canadys Station
In December 2025, DESC and Santee Cooper filed an application with the South Carolina Commission for approval of a CPCN to jointly construct and operate Canadys Station. Upon completion, DESC and Santee Cooper will each own a
Electric - Transmission Project
In
Natural Gas Rates
In June 2026, DESC filed with the South Carolina Commission its monitoring report for the 12-month period ended March 31, 2026 with a total revenue requirement of $
Note 13. Leases
Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
During the second quarter of 2026, Virginia Power recorded a right-of-use asset and offsetting lease obligation upon commencement of an operating lease for an energy storage facility with a term of approximately
Dominion Energy’s Consolidated Statements of Income include $
Note 14. Variable Interest Entities
There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Virginia Power
Virginia Power purchased shared services from DES, an affiliated VIE, of $
47
As described in Note 18 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Virginia Power formed VPFS in October 2023, a wholly-owned special purpose subsidiary which is considered to be a VIE, for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of senior secured deferred fuel cost bonds.
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
(millions) |
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Prepayments(1) |
|
$ |
|
|
$ |
|
||
Regulatory assets-current |
|
|
|
|
|
|
||
Other current assets(2) |
|
|
|
|
|
|
||
Regulatory assets-noncurrent |
|
|
|
|
|
|
||
Total assets |
|
$ |
|
|
$ |
|
||
Liabilities |
|
|
|
|
|
|
||
Securities due within one |
|
$ |
|
|
$ |
|
||
Accrued interest, payroll |
|
|
|
|
|
|
||
Securitization bonds |
|
|
|
|
|
|
||
Total liabilities |
|
$ |
|
|
$ |
|
||
As described in Note 10 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, in October 2024 Virginia Power completed the sale of a
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
(millions) |
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
||
Other receivables |
|
|
|
|
|
|
||
Regulatory assets-current |
|
|
|
|
|
|
||
Other investments |
|
|
|
|
|
|
||
Property, plant and |
|
|
|
|
|
|
||
Accumulated depreciation |
|
|
( |
) |
|
|
|
|
Regulatory assets-noncurrent |
|
|
|
|
|
|
||
Other deferred charges and |
|
|
|
|
|
|
||
Total assets |
|
$ |
|
|
$ |
|
||
Liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
|
|
$ |
|
||
Accrued interest, payroll |
|
|
|
|
|
|
||
Other current liabilities |
|
|
|
|
|
|
||
Asset retirement obligations- |
|
|
|
|
|
|
||
Total liabilities |
|
$ |
|
|
$ |
|
||
Note 15. Significant Financing Transactions
Credit Facilities and Short-term Debt
The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Dominion Energy
Dominion Energy’s short-term financing is primarily supported by its joint revolving credit facility.
|
Facility |
|
Outstanding |
|
Outstanding |
|
Facility |
|
||||
(millions) |
|
|
|
|
|
|
|
|
||||
Joint revolving credit |
$ |
|
$ |
|
$ |
|
$ |
|
||||
Supplemental revolving |
|
|
|
|
|
|
|
|
||||
Total |
$ |
|
$ |
|
$ |
|
$ |
|
||||
In addition to the credit facilities mentioned above, Dominion Energy’s credit facilities and agreements also consist of the following:
48
September 2025, subsequently amended in December 2025, which it expects to allow it to issue up to $
Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $
In February 2026, Dominion Energy entered into an approximately $
Virginia Power
Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $
At September 30, 2026, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC was as follows:
|
Facility |
|
Outstanding |
|
Outstanding |
|
|||
(millions) |
|
|
|
|
|
|
|||
Joint revolving credit |
$ |
|
$ |
|
$ |
|
|||
In addition to the credit facility mentioned above, Virginia Power’s credit facilities and agreements also consist of the following:
49
Long-term Debt
Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt.
In February 2026, Dominion Energy borrowed $
In March 2026, Virginia Power issued $
In June 2026, Dominion Energy issued $
In June 2026, Dominion Energy issued $
In August 2026, Virginia Power issued $
In September 2026, DESC issued $
In October 2026, DESC renewed letters of credit securing industrial revenue bonds totaling $
Preferred Stock
Dominion Energy is authorized to issue up to
Dominion Energy recorded dividends on the Series C Preferred Stock of $
Issuance of Common Stock
Dominion Energy recorded, net of fees and commissions, $
In June 2026, Virginia Power issued
50
under its intercompany credit facility with Dominion Energy. Virginia Power issued the shares pursuant to a Virginia Commission order authorizing the issuance of up to $
In June 2025, Virginia Power issued
At-the-Market Programs
May 2024 At-the-Market Program
In May 2024, Dominion Energy entered into sales agency agreements to effect sales under an existing at-the-market program. During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately
February 2025 At-the-Market Program
In February 2025, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. During the second quarter of 2025, Dominion Energy entered into forward sale agreements for approximately
In October 2025, Dominion Energy increased the maximum amount of capacity available under this at-the-market program by $
During the first quarter of 2026, Dominion Energy entered into forward sale agreements for approximately
Repurchase of Common Stock
In November 2020, the Board of Directors authorized the repurchase of up to $
Dominion Energy did
Dividend Restrictions
As discussed in Note 1, Dominion Energy may be required to obtain the consent of NextEra Energy related to the payment of dividends in excess of $
Note 16. Commitments and Contingencies
As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability
51
insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.
Environmental Matters
The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations.
Air
The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. At a minimum, state-established regulatory programs are required to meet applicable requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements.
Ozone Standards
The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which was applicable in August 2023 for certain states, including Virginia. The interstate federal implementation plan imposes tighter NOX emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Unless and until implementation plans for the 2015 ozone standards are fully developed and approved and in effect for all states in which the Companies operate, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations, financial condition and/or cash flows.
Carbon Regulations
In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and exceed a significant emissions rate of
Water
The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities.
Regulation 316(b)
In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of
52
Effluent Limitations Guidelines
In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule established updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. In April 2017, the EPA granted
Waste Management and Remediation
The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups.
From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows.
Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At
Other Legal Matters
The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the
53
potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows.
Guarantees, Surety Bonds and Letters of Credit
|
|
Maximum |
|
|
(millions) |
|
|
|
|
Commodity transactions(1) |
|
$ |
|
|
Nuclear obligations(2) |
|
|
|
|
Solar(3) |
|
|
|
|
Other(4) |
|
|
|
|
Total(5)(6)(7) |
|
$ |
|
|
In addition, Dominion Energy had issued an additional $
Dominion Energy has entered into two guarantee agreements to support a portion of Valley Link’s financing obligations under a $
Dominion Energy also had issued three guarantees at September 30, 2026 related to Cove Point, previously an equity method investment, in support of terminal services and transportation. Two of the Cove Point guarantees have a cumulative maximum exposure of $
Additionally, at September 30, 2026, Dominion Energy had purchased $
Note 17. Credit Risk
The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. Virginia Power’s largest customer comprised
54
At September 30, 2026, Dominion Energy’s credit exposure totaled $
Credit-Related Contingent Provisions
Certain of Dominion Energy and Virginia Power’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy and Virginia Power to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered, Dominion Energy would have been required to post additional collateral to its counterparties of $
See Note 8 for additional information about derivative instruments.
Note 18. Related-Party Transactions
Dominion Energy’s transactions with equity method investments are described in Note 9. Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. A discussion of Virginia Power’s significant related-party transactions follows.
Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At September 30, 2026, Virginia Power’s derivative assets and liabilities with affiliates were $
Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. At September 30, 2026 and December 31, 2025, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $
DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage.
The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies
55
underlying the allocation of general corporate overhead expenses are reasonable.
Presented below are Virginia Power’s significant transactions with DES and other affiliates:
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
||||||||||
Period Ended September 30, |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity purchases from |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Services provided by |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Services provided to affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $
In the second quarter of 2026 and the second and third quarters of 2025, Virginia Power issued common stock to Dominion Energy as discussed in Note 15.
In September 2025, Virginia Power commenced a
Note 19. Employee Benefit Plans
Net Periodic Benefit (Credit) Cost
The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income.
|
|
Pension Benefits |
|
|
Other Postretirement Benefits |
|
||||||||||||||||||||||||||
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
||||||||||||||||||||
Period Ended September 30, |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Service cost |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Interest cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Expected return on plan assets |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Amortization of prior service (credit) cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
||||
Net periodic benefit (credit) cost |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Employer Contributions
During the three and nine months ended September 30, 2026, Dominion Energy made $
56
Note 20. Operating Segments
The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:
Primary Operating Segment |
|
Description of Operations |
|
Dominion |
|
Virginia |
Dominion Energy |
|
Regulated electric distribution |
|
X |
|
X |
|
|
Regulated electric transmission |
|
X |
|
X |
|
|
Regulated electric generation |
|
X |
|
X |
Dominion Energy |
|
Regulated electric distribution |
|
X |
|
|
|
|
Regulated electric transmission |
|
X |
|
|
|
|
Regulated electric generation |
|
X |
|
|
|
|
Regulated gas distribution |
|
X |
|
|
Contracted Energy(2) |
|
Nonregulated electric |
|
X |
|
|
In addition to the operating segments above, the Companies also report a Corporate and Other segment.
Dominion Energy
The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes a noncontrolling interest in Atlantic Coast Pipeline, as discussed in Note 9 of this report as well as Note 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2025.
Dominion Energy’s CODM is the CEO. The Dominion Energy CODM uses net income (loss) as the primary profit or loss measure at each segment. The Dominion Energy CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.
In the nine months ended September 30, 2026, Dominion Energy reported after-tax net expenses of $
The net expenses for specific items attributable to Dominion Energy’s operating segments in 2026 primarily related to the impact of the following items:
The net income for specific items attributable to Dominion Energy’s operating segments in 2025 primarily related to the impact of the following items:
57
The following tables present segment information pertaining to Dominion Energy’s operations:
Three Months Ended September 30, |
Dominion Energy Virginia |
|
|
Dominion Energy South Carolina |
|
|
Contracted Energy |
|
|
Corporate |
|
|
Adjustments & |
|
|
Consolidated |
|
||||||
(millions, unless otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenue from external customers |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||
Intersegment revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased gas(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Interest and related charges(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Income tax expense (benefit)(1) |
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
||||
Equity in earnings (losses) of equity method investees(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other income (expense)(3) |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Net Income (Loss) From Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
Noncontrolling Interests(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net Income (Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Investment in equity method investees(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total assets (billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenue from external customers |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||
Intersegment revenue |
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Total Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased gas(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Interest and related charges(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Income tax expense (benefit)(1) |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||||
Equity in earnings (losses) of equity method investees(3) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Other income (expense)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Net Income (Loss) From Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noncontrolling Interests(3) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Net Income (Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
58
Nine Months Ended September 30, |
Dominion Energy Virginia |
|
|
Dominion Energy South Carolina |
|
|
Contracted Energy |
|
|
Corporate |
|
|
Adjustments & |
|
|
Consolidated |
|
||||||
(millions, unless otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenue from external customers |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||
Intersegment revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased gas(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Interest and related charges(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Income tax expense (benefit)(1) |
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
||||
Equity in earnings (losses) of equity method investees(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other income (expense)(3) |
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Net Income (Loss) From Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
Noncontrolling Interests(3) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Net Income (Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Investment in equity method investees(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total assets (billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenue from external customers |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Intersegment revenue |
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Total Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Purchased gas(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Interest and related charges(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Income tax expense (benefit)(1) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Equity in earnings (losses) of equity method investees(3) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
Other income (expense)(3) |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Net Income (Loss) From Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noncontrolling Interests(3) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Net Income (Loss) Attributable to |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations.
59
Virginia Power
The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.
Virginia Power’s CODM is the CEO. The Virginia Power CODM uses net income (loss) as the primary profit or loss measure at each segment. The Virginia Power CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.
In the nine months ended September 30, 2026, Virginia Power reported after-tax net expenses of $
The net expenses for specific items attributable to Virginia Power’s operating segment in 2026 primarily related to the impact of the following items:
The net expenses for specific items attributable to Virginia Power’s operating segment in 2025 primarily related to the impact of the following items:
60
The following tables present segment information pertaining to Virginia Power’s operations:
Three Months Ended September 30, |
|
Dominion Energy Virginia |
|
|
Corporate and Other |
|
|
Consolidated |
|
|||
(millions, unless otherwise noted) |
|
|
|
|
|
|
|
|
|
|||
2026 |
|
|
|
|
|
|
|
|
|
|||
Operating Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|||
Interest and related charges(1) |
|
|
|
|
|
|
|
|
|
|||
Income tax expense (benefit)(1) |
|
|
|
|
|
( |
) |
|
|
|
||
Other income (expense)(3) |
|
|
|
|
|
|
|
|
|
|||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|||
Noncontrolling Interests(3) |
|
|
|
|
|
|
|
|
|
|||
Net Income Attributable to Virginia Power |
|
|
|
|
|
|
|
|
|
|||
Total assets (billions) |
|
|
|
|
|
|
|
|
|
|||
2025 |
|
|
|
|
|
|
|
|
|
|||
Operating Revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|||
Interest and related charges(1) |
|
|
|
|
|
( |
) |
|
|
|
||
Income tax expense (benefit)(1) |
|
|
|
|
|
( |
) |
|
|
|
||
Other income (expense)(3) |
|
|
|
|
|
|
|
|
|
|||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|||
Noncontrolling Interests(3) |
|
|
|
|
|
( |
) |
|
|
|
||
Net Income (Loss) Attributable to Virginia Power |
|
|
|
|
|
( |
) |
|
|
|
||
61
Nine Months Ended September 30, |
|
Dominion Energy Virginia |
|
|
Corporate and Other |
|
|
Consolidated |
|
|||
(millions, unless otherwise noted) |
|
|
|
|
|
|
|
|
|
|||
2026 |
|
|
|
|
|
|
|
|
|
|||
Operating Revenue |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|||
Interest and related charges(1) |
|
|
|
|
|
|
|
|
|
|||
Income tax expense (benefit)(1) |
|
|
|
|
|
( |
) |
|
|
|
||
Other income (expense)(3) |
|
|
|
|
|
|
|
|
|
|||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|||
Noncontrolling Interests(3) |
|
|
|
|
|
( |
) |
|
|
|
||
Net Income (Loss) Attributable to Virginia Power |
|
|
|
|
|
( |
) |
|
|
|
||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|||
Total assets (billions) |
|
|
|
|
|
|
|
|
|
|||
2025 |
|
|
|
|
|
|
|
|
|
|||
Operating Revenue |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
|
|
|
|||
Purchased electric capacity(1) |
|
|
|
|
|
|
|
|
|
|||
Other operations and maintenance(1)(2) |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization(1) |
|
|
|
|
|
|
|
|
|
|||
Other taxes(1) |
|
|
|
|
|
|
|
|
|
|||
Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|||
Interest and related charges(1) |
|
|
|
|
|
( |
) |
|
|
|
||
Income tax expense (benefit)(1) |
|
|
|
|
|
( |
) |
|
|
|
||
Other income (expense)(3) |
|
|
|
|
|
|
|
|
|
|||
Interest income(3) |
|
|
|
|
|
|
|
|
|
|||
Noncontrolling Interests(3) |
|
|
|
|
|
( |
) |
|
|
|
||
Net Income (Loss) Attributable to Virginia Power |
|
|
|
|
|
( |
) |
|
|
|
||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|||
62
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MD&A discusses Dominion Energy’s results of operations, general financial condition and liquidity and Virginia Power’s results of operations. MD&A should be read in conjunction with the Companies’ Consolidated Financial Statements. Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.
Contents of MD&A
MD&A consists of the following information:
Forward-Looking Statements
This report contains statements concerning the Companies’ expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In most cases, the reader can identify these forward-looking statements by such words as “path”, “anticipate”, “believe”, “forecast”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “outlook”, “predict”, “project”, “should”, “strategy”, “continue”, “target”, “will”, “potential” or other similar words.
The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement. These factors include but are not limited to:
63
Additionally, other risks that may cause actual results to differ materially from predicted results are set forth in Part I. Item 1A. Risk Factors in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 and Part II Item 1A. Risk Factors in this report.
The Companies’ forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. The Companies caution the reader not to place undue reliance on their forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. The Companies undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.
Accounting Matters
At September 30, 2026, there have been no significant changes with regard to the critical accounting policies and estimates disclosed in MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. The policies disclosed included the accounting for regulated operations, AROs, income taxes, accounting for derivative contracts and financial instruments at fair value, use of estimates in goodwill impairment testing, use of estimates in
64
long-lived asset impairment testing, and employee benefit plans.
Results of Operations—Dominion Energy
Presented below is a summary of Dominion Energy’s consolidated results:
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|||
Third Quarter |
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Dominion |
|
$ |
1,160 |
|
|
$ |
1,006 |
|
|
$ |
154 |
|
Diluted EPS |
|
|
1.30 |
|
|
|
1.16 |
|
|
|
0.14 |
|
Year-to-Date |
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Dominion |
|
$ |
2,121 |
|
|
$ |
2,431 |
|
|
$ |
(310 |
) |
Diluted EPS |
|
|
2.37 |
|
|
|
2.81 |
|
|
|
(0.44 |
) |
Overview
Third Quarter 2026 vs. 2025
Net income attributable to Dominion Energy increased 15%, primarily due to higher rider equity returns reflecting capital investments at Virginia Power and the impacts of the 2025 Biennial Review at Virginia Power, partially offset by a decrease in net investment earnings on nuclear decommissioning trust funds.
Year-to-Date 2026 vs. 2025
Net income attributable to Dominion Energy decreased 13%, primarily due to impairment charges associated with nonregulated renewable natural gas facilities and certain nonregulated solar generation facilities, higher interest on long-term debt, increased unrealized losses on economic hedging activities and increased capacity expense. These decreases were partially offset by a benefit related to the revision of AROs for Millstone Unit 1, higher rider equity returns reflecting capital investments at Virginia Power and the impacts of the 2025 Biennial Review at Virginia Power.
Analysis of Consolidated Operations
Presented below are selected amounts related to Dominion Energy’s results of operations:
|
|
Third Quarter |
|
Year-to-Date |
|
||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
2026 |
|
2025 |
|
$ Change |
|
||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating revenue |
|
$ |
5,617 |
|
|
$ |
4,527 |
|
|
$ |
1,090 |
|
$ |
15,116 |
|
$ |
12,413 |
|
$ |
2,703 |
|
Electric fuel and |
|
|
1,603 |
|
|
|
1,337 |
|
|
|
266 |
|
|
4,524 |
|
|
3,245 |
|
|
1,279 |
|
Purchased electric |
|
|
106 |
|
|
|
36 |
|
|
|
70 |
|
|
255 |
|
|
63 |
|
|
192 |
|
Purchased gas |
|
|
40 |
|
|
|
31 |
|
|
|
9 |
|
|
236 |
|
|
221 |
|
|
15 |
|
Other operations |
|
|
1,070 |
|
|
|
850 |
|
|
|
220 |
|
|
3,039 |
|
|
2,631 |
|
|
408 |
|
Depreciation and |
|
|
722 |
|
|
|
609 |
|
|
|
113 |
|
|
1,968 |
|
|
1,771 |
|
|
197 |
|
Other taxes |
|
|
215 |
|
|
|
195 |
|
|
|
20 |
|
|
653 |
|
|
598 |
|
|
55 |
|
Impairment of |
|
|
19 |
|
|
|
130 |
|
|
|
(111 |
) |
|
878 |
|
|
226 |
|
|
652 |
|
Other income |
|
|
271 |
|
|
|
432 |
|
|
|
(161 |
) |
|
952 |
|
|
884 |
|
|
68 |
|
Interest and |
|
|
623 |
|
|
|
527 |
|
|
|
96 |
|
|
1,739 |
|
|
1,513 |
|
|
226 |
|
Income tax |
|
|
215 |
|
|
|
216 |
|
|
|
(1 |
) |
|
385 |
|
|
476 |
|
|
(91 |
) |
Net income |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
(3 |
) |
|
— |
|
|
(3 |
) |
Noncontrolling |
|
|
114 |
|
|
|
22 |
|
|
|
92 |
|
|
267 |
|
|
122 |
|
|
145 |
|
An analysis of Dominion Energy’s results of operations follows:
Third Quarter 2026 vs. 2025
Operating revenue increased 24%, primarily reflecting:
65
Electric fuel and other energy-related purchases increased 20%, primarily due to higher commodity costs for electric utilities ($363 million), partially offset by a decrease in the use of purchased renewable energy credits ($110 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain Virginia Power generation facilities subject to cost recovery through base rates ($60 million).
Purchased electric capacity increased $70 million, primarily due to an increase related to the net impact from the annual PJM capacity markets at Virginia Power ($97 million), partially offset by a decrease associated with supplemental capacity purchase agreements at Virginia Power ($22 million).
Other operations and maintenance increased 26%, primarily due to an increase in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($79 million), an increase in storm damage and restoration costs ($25 million), merger-related costs associated with the proposed NextEra Energy Merger ($23 million), renewable natural gas projects placed in service in late 2025 ($24 million) and an increase in outside services ($22 million).
Depreciation and amortization increased 19%, primarily due to various projects being placed into service ($67 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.
Other taxes increased 10%, primarily due to an increase in property taxes.
Impairment of assets and other charges decreased 85%, primarily due to the absence of a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project.
Other income decreased 37%, primarily due to a decrease in net investment gains on nuclear decommissioning trust funds.
Interest and related charges increased 18%, primarily due to net issuances of long-term debt ($95 million) and increased interest expense associated with rider deferrals ($17 million), which is offset in operating revenue and does not impact net income, partially offset by net unrealized gains in 2026 compared to net unrealized losses in 2025 associated with freestanding derivatives ($22 million).
Noncontrolling interests increased $92 million, due to an increase in earnings from the CVOW Commercial Project, including the absence of a share of a charge for costs not expected to be recovered from customers.
Year-to-Date 2026 vs. 2025
Operating revenue increased 22%, primarily reflecting:
These increases were partially offset by:
Electric fuel and other energy-related purchases increased 39%, primarily due to higher commodity costs for electric utilities ($1.2 billion) and an increase in the use of purchased renewable energy credits ($15 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain Virginia Power generation facilities subject to cost recovery through base rates ($60 million).
Purchased electric capacity increased $192 million, primarily due to an increase related to the net impact from the annual PJM capacity markets at Virginia Power ($162 million) and an increase due to clean energy rider costs ($20 million), which is offset in operating revenue and does not impact net income.
Other operations and maintenance increased 16%, primarily reflecting:
66
Depreciation and amortization increased 11%, primarily due to various projects being placed into service.
Impairment of assets and other charges increased $652 million, primarily due to a charge associated with nonregulated renewable natural gas facilities ($820 million), charges associated with certain nonregulated solar generation facilities ($79 million) and the disallowance of certain strategic undergrounding costs ($23 million), partially offset by a benefit related to the revision of AROs for Millstone Unit 1 ($195 million) and a decrease in net charges for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($95 million).
Other income increased 8%, primarily due to an increase in net investment gains on nuclear decommissioning trust funds ($32 million), an increase in AFUDC associated with rate-regulated projects ($27 million) and an increase related to offshore wind installation vessel operations ($18 million), partially offset by a decrease in non-service components of pension and other postretirement employee benefit plan credits ($25 million).
Interest and related charges increased 15%, primarily due to net issuances of long-term debt ($284 million) and an increase in interest on variable rate debt ($17 million), partially offset by net unrealized gains in 2026 compared to net unrealized losses in 2025 associated with freestanding derivatives ($80 million).
Income tax expense decreased 19%, primarily due to lower pre-tax income.
Noncontrolling interests increased $145 million, due to an increase in earnings associated with the CVOW Commercial Project, which includes the share of decreased charges for costs not expected to be recovered from customers.
Results of Operations—Virginia Power
Presented below is a summary of Virginia Power’s consolidated results:
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Third Quarter |
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Virginia |
|
$ |
880 |
|
|
$ |
668 |
|
|
$ |
212 |
|
Year-to-Date |
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Virginia |
|
$ |
2,100 |
|
|
$ |
1,688 |
|
|
$ |
412 |
|
Overview
Third Quarter 2026 vs. 2025
Net income increased 32%, primarily due to higher rider equity returns reflecting capital investments and the impacts of the 2025 Biennial Review.
Year-to-Date 2026 vs. 2025
Net income increased 24%, primarily due to higher rider equity returns reflecting capital investments and the impacts of the 2025 Biennial Review, partially offset by higher interest on long-term debt and increased capacity expense.
Analysis of Consolidated Operations
Presented below are selected amounts related to Virginia Power’s results of operations:
|
Third Quarter |
|
Year-to-Date |
|
||||||||||||||
|
2026 |
|
2025 |
|
$ Change |
|
2026 |
|
2025 |
|
$ Change |
|
||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating revenue |
$ |
4,218 |
|
$ |
3,311 |
|
$ |
907 |
|
$ |
11,335 |
|
$ |
8,788 |
|
$ |
2,547 |
|
Electric fuel and |
|
1,296 |
|
|
1,071 |
|
|
225 |
|
|
3,739 |
|
|
2,569 |
|
|
1,170 |
|
Purchased electric |
|
103 |
|
|
32 |
|
|
71 |
|
|
246 |
|
|
56 |
|
|
190 |
|
Other operations |
|
744 |
|
|
577 |
|
|
167 |
|
|
2,039 |
|
|
1,740 |
|
|
299 |
|
Depreciation and |
|
509 |
|
|
418 |
|
|
91 |
|
|
1,347 |
|
|
1,212 |
|
|
135 |
|
Other taxes |
|
104 |
|
|
93 |
|
|
11 |
|
|
309 |
|
|
282 |
|
|
27 |
|
Impairment of |
|
3 |
|
|
129 |
|
|
(126 |
) |
|
157 |
|
|
225 |
|
|
(68 |
) |
Other income |
|
67 |
|
|
85 |
|
|
(18 |
) |
|
221 |
|
|
191 |
|
|
30 |
|
Interest and related |
|
312 |
|
|
235 |
|
|
77 |
|
|
833 |
|
|
729 |
|
|
104 |
|
Income tax expense |
|
220 |
|
|
151 |
|
|
69 |
|
|
519 |
|
|
356 |
|
|
163 |
|
Noncontrolling |
|
114 |
|
|
22 |
|
|
92 |
|
|
267 |
|
|
122 |
|
|
145 |
|
An analysis of Virginia Power’s results of operations follows:
Third Quarter 2026 vs. 2025
Operating revenue increased 27%, primarily reflecting:
67
Electric fuel and other energy-related purchases increased 21%, primarily due to higher commodity costs for electric utilities ($329 million), partially offset by a decrease in the use of purchased renewable energy credits ($110 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain generation facilities subject to cost recovery through base rates ($60 million).
Purchased electric capacity increased $71 million, primarily due to an increase related to the net impact from the annual PJM capacity markets ($97 million), partially offset by a decrease associated with supplemental capacity purchase agreements ($22 million).
Other operations and maintenance increased 29%, primarily due to an increase in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($79 million), an increase in salaries, wages and benefits and administrative costs ($51 million), an increase in storm damage and restoration costs ($24 million) and an increase in outside services primarily attributable to a service contract with a government entity which commenced in late 2025 ($10 million).
Depreciation and amortization increased 22%, primarily due to various projects being placed into service ($53 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.
Other taxes increased 12%, primarily due to an increase in property taxes.
Impairment of assets and other charges decreased 98%, primarily due to the absence of a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project.
Other income decreased 21%, primarily due to a decrease in net investment gains on nuclear decommissioning trust funds.
Interest and related charges increased 33%, primarily due to an increase in long-term debt borrowings ($50 million) and increased interest expense associated with rider deferrals ($17 million), which is offset in operating revenue and does not impact net income.
Income tax expense increased 46%, primarily due to higher pre-tax income.
Noncontrolling interests increased $92 million, due to an increase in earnings from the CVOW Commercial Project, including the absence of a share of a charge for costs not expected to be recovered from customers.
Year-to-Date 2026 vs. 2025
Operating revenue increased 29%, primarily reflecting:
These increases were partially offset by:
Electric fuel and other energy-related purchases increased 46%, primarily due to higher commodity costs for electric utilities ($1.2 billion) and an increase in the use of purchased renewable energy credits ($15 million), which are offset in operating revenue and do not impact net income with the exception of the reduction in purchased renewable energy credits resulting from the utilization of such credits generated by certain generation facilities subject to cost recovery through base rates ($60 million).
Purchased electric capacity increased $190 million, primarily due to an increase related to the net impact from the annual PJM capacity markets ($162 million) and an increase due to clean energy rider costs ($20 million), which is offset in operating revenue and does not impact net income.
Other operations and maintenance increased 17%, primarily reflecting:
68
Depreciation and amortization increased 11%, primarily due to various projects being placed into service.
Other taxes increased 10%, primarily due to an increase in property taxes.
Impairment of assets and other charges decreased 30%, primarily due to a decrease in net charges for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($95 million), partially offset by the disallowance of certain strategic undergrounding costs ($23 million).
Other income increased 16%, primarily due to an increase in AFUDC associated with rate-regulated projects.
Interest and related charges increased 14%, primarily due to an increase in long-term debt borrowings ($117 million), partially offset by lower interest rates on commercial paper and intercompany borrowings with Dominion Energy ($10 million).
Income tax expense increased 46%, primarily due to higher pre-tax income.
Noncontrolling interests increased $145 million, due to an increase in earnings associated with the CVOW Commercial Project, which includes the share of decreased charges for costs not expected to be recovered from customers.
Segment Results of Operations
Segment results include the impact of intersegment revenues and expenses, which may result in intersegment profit and loss. Presented below is a summary of contributions by Dominion Energy’s operating segments to net income (loss) attributable to Dominion Energy:
|
|
Net Income (Loss) Attributable to |
|
|
EPS(1) |
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
||||||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Third Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Dominion Energy Virginia |
|
$ |
862 |
|
|
$ |
679 |
|
|
$ |
183 |
|
|
$ |
0.98 |
|
|
$ |
0.79 |
|
|
$ |
0.19 |
|
Dominion Energy South Carolina |
|
|
230 |
|
|
|
168 |
|
|
|
62 |
|
|
|
0.26 |
|
|
|
0.20 |
|
|
|
0.06 |
|
Contracted Energy |
|
|
134 |
|
|
|
165 |
|
|
|
(31 |
) |
|
|
0.15 |
|
|
|
0.19 |
|
|
|
(0.04 |
) |
Corporate and Other |
|
|
(66 |
) |
|
|
(6 |
) |
|
|
(60 |
) |
|
|
(0.09 |
) |
|
|
(0.02 |
) |
|
|
(0.07 |
) |
Consolidated |
|
$ |
1,160 |
|
|
$ |
1,006 |
|
|
$ |
154 |
|
|
$ |
1.30 |
|
|
$ |
1.16 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year-to-Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Dominion Energy Virginia |
|
$ |
2,202 |
|
|
$ |
1,789 |
|
|
$ |
413 |
|
|
$ |
2.51 |
|
|
$ |
2.10 |
|
|
$ |
0.41 |
|
Dominion Energy South Carolina |
|
|
461 |
|
|
|
429 |
|
|
|
32 |
|
|
|
0.52 |
|
|
|
0.50 |
|
|
|
0.02 |
|
Contracted Energy |
|
|
284 |
|
|
|
321 |
|
|
|
(37 |
) |
|
|
0.32 |
|
|
|
0.38 |
|
|
|
(0.06 |
) |
Corporate and Other |
|
|
(826 |
) |
|
|
(108 |
) |
|
|
(718 |
) |
|
|
(0.98 |
) |
|
|
(0.17 |
) |
|
|
(0.81 |
) |
Consolidated |
|
$ |
2,121 |
|
|
$ |
2,431 |
|
|
$ |
(310 |
) |
|
$ |
2.37 |
|
|
$ |
2.81 |
|
|
$ |
(0.44 |
) |
Dominion Energy Virginia
Presented below are selected operating statistics related to Dominion Energy Virginia’s operations:
|
|
Third Quarter |
|
|
Year-to-Date |
|
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
||||||
Electricity delivered (million MWh) |
|
|
29.4 |
|
|
|
27.0 |
|
|
|
9 |
|
% |
|
80.6 |
|
|
|
76.1 |
|
|
|
6 |
|
% |
Electricity supplied (million MWh): |
|||||||||||||||||||||||||
Utility |
|
|
29.4 |
|
|
|
27.1 |
|
|
|
8 |
|
|
|
80.6 |
|
|
|
76.2 |
|
|
|
6 |
|
|
Non-Jurisdictional |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
(20 |
) |
|
|
1.3 |
|
|
|
1.4 |
|
|
|
(7 |
) |
|
Degree days (electric distribution and utility service area): |
|
|
|||||||||||||||||||||||
Cooling |
|
|
1,313 |
|
|
|
1,066 |
|
|
|
23 |
|
|
|
1,925 |
|
|
|
1,698 |
|
|
|
13 |
|
|
Heating |
|
|
8 |
|
|
|
— |
|
|
N/A |
|
|
|
2,277 |
|
|
|
2,118 |
|
|
|
8 |
|
|
|
Average electric distribution customer accounts |
|
|
2,835 |
|
|
|
2,811 |
|
|
|
1 |
|
|
|
2,830 |
|
|
|
2,805 |
|
|
|
1 |
|
|
69
Presented below, on an after-tax basis, are the key factors impacting Dominion Energy Virginia’s net income contribution:
|
|
Third Quarter |
|
|
Year-to-Date |
|
||||||||||
|
|
Amount |
|
|
EPS |
|
|
Amount |
|
|
EPS |
|
||||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weather |
|
$ |
55 |
|
|
$ |
0.06 |
|
|
$ |
84 |
|
|
$ |
0.10 |
|
Customer usage and other factors |
|
|
19 |
|
|
|
0.02 |
|
|
|
44 |
|
|
|
0.05 |
|
2025 Biennial Review impacts(1) |
|
|
137 |
|
|
|
0.16 |
|
|
|
347 |
|
|
|
0.41 |
|
Rider equity return |
|
|
112 |
|
|
|
0.13 |
|
|
|
275 |
|
|
|
0.32 |
|
Electric capacity |
|
|
(48 |
) |
|
|
(0.06 |
) |
|
|
(124 |
) |
|
|
(0.15 |
) |
Storm damage and restoration costs |
|
|
(16 |
) |
|
|
(0.02 |
) |
|
|
(30 |
) |
|
|
(0.04 |
) |
Planned outage costs |
|
|
(6 |
) |
|
|
(0.01 |
) |
|
|
(18 |
) |
|
|
(0.02 |
) |
Nuclear production tax credit |
|
|
(17 |
) |
|
|
(0.02 |
) |
|
|
(48 |
) |
|
|
(0.06 |
) |
Depreciation and amortization |
|
|
(16 |
) |
|
|
(0.02 |
) |
|
|
(36 |
) |
|
|
(0.04 |
) |
Salaries, wages and benefits & administrative costs |
|
|
(33 |
) |
|
|
(0.04 |
) |
|
|
(81 |
) |
|
|
(0.09 |
) |
Interest expense, net |
|
|
(12 |
) |
|
|
(0.01 |
) |
|
|
(5 |
) |
|
|
(0.01 |
) |
Other |
|
|
8 |
|
|
|
0.03 |
|
|
|
5 |
|
|
|
0.02 |
|
Share dilution |
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.08 |
) |
Change in net income contribution |
|
$ |
183 |
|
|
$ |
0.19 |
|
|
$ |
413 |
|
|
$ |
0.41 |
|
Dominion Energy South Carolina
Presented below are selected operating statistics related to Dominion Energy South Carolina’s operations:
|
|
Third Quarter |
|
|
Year-to-Date |
|
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
||||||
Electricity delivered (million MWh) |
|
|
7.1 |
|
|
|
6.4 |
|
|
|
11 |
|
% |
|
18.0 |
|
|
|
17.2 |
|
|
|
5 |
|
% |
Electricity supplied (million MWh) |
|
|
7.4 |
|
|
|
6.7 |
|
|
|
10 |
|
|
|
18.9 |
|
|
|
18.0 |
|
|
|
5 |
|
|
Degree days (electric distribution service areas): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cooling |
|
|
748 |
|
|
|
498 |
|
|
|
50 |
|
|
|
1,004 |
|
|
|
767 |
|
|
|
31 |
|
|
Heating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
821 |
|
|
|
853 |
|
|
|
(4 |
) |
|
Gas distribution throughput (bcf): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales |
|
|
15 |
|
|
|
13 |
|
|
|
15 |
|
|
|
53 |
|
|
|
50 |
|
|
|
6 |
|
|
Average distribution customer accounts (thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Electric |
|
|
834 |
|
|
|
822 |
|
|
|
1 |
|
|
|
831 |
|
|
|
816 |
|
|
|
2 |
|
|
Gas |
|
|
486 |
|
|
|
474 |
|
|
|
3 |
|
|
|
483 |
|
|
|
471 |
|
|
|
3 |
|
|
Presented below, on an after-tax basis, are the key factors impacting Dominion Energy South Carolina’s net income contribution:
|
|
Third Quarter |
|
|
Year-to-Date |
|
||||||||||
|
|
Amount |
|
|
EPS |
|
|
Amount |
|
|
EPS |
|
||||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weather |
|
$ |
36 |
|
|
$ |
0.04 |
|
|
$ |
31 |
|
|
$ |
0.04 |
|
Customer usage and other factors |
|
|
19 |
|
|
|
0.02 |
|
|
|
42 |
|
|
|
0.05 |
|
Customer-elected rate impacts |
|
|
1 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
Base rate case & Natural Gas Rate Stabilization Act impacts |
|
|
46 |
|
|
|
0.05 |
|
|
|
59 |
|
|
|
0.07 |
|
Capital cost rider |
|
|
(1 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
(0.01 |
) |
Depreciation and amortization |
|
|
(16 |
) |
|
|
(0.02 |
) |
|
|
(29 |
) |
|
|
(0.03 |
) |
Salaries, wages and benefits & administrative costs |
|
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
Interest expense, net |
|
|
(7 |
) |
|
|
(0.01 |
) |
|
|
(11 |
) |
|
|
(0.01 |
) |
Other |
|
|
(13 |
) |
|
|
(0.01 |
) |
|
|
(51 |
) |
|
|
(0.07 |
) |
Share dilution |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.02 |
) |
Change in net income contribution |
|
$ |
62 |
|
|
$ |
0.06 |
|
|
$ |
32 |
|
|
$ |
0.02 |
|
Contracted Energy
Presented below are selected operating statistics related to Contracted Energy’s operations:
|
|
Third Quarter |
|
|
Year-to-Date |
|
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
||||||
Electricity supplied (million MWh) |
|
|
5.1 |
|
|
|
5.0 |
|
|
|
2 |
|
% |
|
14.2 |
|
|
|
13.9 |
|
|
|
2 |
|
% |
Renewable natural gas supplied (million MMBtu) |
|
|
0.5 |
|
|
|
— |
|
|
N/A |
|
|
|
1.4 |
|
|
|
— |
|
|
N/A |
|
|
||
70
Presented below, on an after-tax basis, are the key factors impacting Contracted Energy’s net income contribution:
|
|
Third Quarter |
|
|
Year-to-Date |
|
||||||||||
|
|
Amount |
|
|
EPS |
|
|
Amount |
|
|
EPS |
|
||||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Margin |
|
$ |
22 |
|
|
$ |
0.03 |
|
|
$ |
100 |
|
|
$ |
0.12 |
|
Planned Millstone outages(1) |
|
|
3 |
|
|
|
— |
|
|
|
7 |
|
|
|
0.01 |
|
Unplanned Millstone outages(1) |
|
|
(2 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
(0.01 |
) |
Depreciation and amortization |
|
|
(7 |
) |
|
|
(0.01 |
) |
|
|
(39 |
) |
|
|
(0.05 |
) |
Renewable energy investment tax credits |
|
|
(43 |
) |
|
|
(0.05 |
) |
|
|
(33 |
) |
|
|
(0.04 |
) |
Renewable energy production tax credits(2) |
|
|
36 |
|
|
|
0.04 |
|
|
|
57 |
|
|
|
0.07 |
|
Salaries, wages and benefits & administrative costs |
|
|
(3 |
) |
|
|
— |
|
|
|
(11 |
) |
|
|
(0.01 |
) |
Interest expense, net |
|
|
(10 |
) |
|
|
(0.01 |
) |
|
|
(41 |
) |
|
|
(0.05 |
) |
Other |
|
|
(27 |
) |
|
|
(0.04 |
) |
|
|
(72 |
) |
|
|
(0.09 |
) |
Share dilution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
Change in net income contribution |
|
$ |
(31 |
) |
|
$ |
(0.04 |
) |
|
$ |
(37 |
) |
|
$ |
(0.06 |
) |
Corporate and Other
Presented below are the Corporate and Other segment’s after-tax results:
|
|
Third Quarter |
|
|
Year-to-Date |
|
||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
||||||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Specific items attributable to operating segments |
|
$ |
35 |
|
|
$ |
88 |
|
|
$ |
(53 |
) |
|
$ |
(572 |
) |
|
$ |
81 |
|
|
$ |
(653 |
) |
Specific items attributable to Corporate and Other |
|
|
(14 |
) |
|
|
(3 |
) |
|
|
(11 |
) |
|
|
(5 |
) |
|
|
(23 |
) |
|
|
18 |
|
Net income (expense) from specific items |
|
|
21 |
|
|
|
85 |
|
|
|
(64 |
) |
|
|
(577 |
) |
|
|
58 |
|
|
|
(635 |
) |
Corporate and other operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense, net |
|
|
(166 |
) |
|
|
(147 |
) |
|
|
(19 |
) |
|
|
(485 |
) |
|
|
(370 |
) |
|
|
(115 |
) |
Equity method investments |
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
|
|
(5 |
) |
|
|
7 |
|
Pension and other postretirement benefit plans |
|
|
62 |
|
|
|
58 |
|
|
|
4 |
|
|
|
187 |
|
|
|
172 |
|
|
|
15 |
|
Corporate service company costs |
|
|
(16 |
) |
|
|
(14 |
) |
|
|
(2 |
) |
|
|
(43 |
) |
|
|
(39 |
) |
|
|
(4 |
) |
Other |
|
|
31 |
|
|
|
12 |
|
|
|
19 |
|
|
|
90 |
|
|
|
76 |
|
|
|
14 |
|
Net expense from corporate and other operations |
|
|
(87 |
) |
|
|
(91 |
) |
|
|
4 |
|
|
|
(249 |
) |
|
|
(166 |
) |
|
|
(83 |
) |
Total net expense |
|
$ |
(66 |
) |
|
$ |
(6 |
) |
|
$ |
(60 |
) |
|
$ |
(826 |
) |
|
$ |
(108 |
) |
|
$ |
(718 |
) |
EPS impact |
|
$ |
(0.09 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.98 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.81 |
) |
Corporate and Other includes specific items attributable to Dominion Energy’s primary operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources. See Note 20 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment. For the three months ended September 30, 2026, this primarily included $25 million of after-tax charges for merger-related costs. For the nine months ended September 30, 2026, this primarily included $37 million of after-tax charges for merger-related costs and $36 million after-tax benefit for derivative mark-to-market changes. For the three months ended September 30, 2025, Dominion Energy reported an insignificant amount of specific items in the Corporate and Other segment. For the nine months ended September 30, 2025, this primarily included $23 million after-tax loss for derivative mark-to-market changes.
Outlook
At September 30, 2026, there have been no material changes to Dominion Energy’s 2026 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. See Future Issues and Other Matters for a discussion of certain items that may have an impact on Dominion Energy’s 2026 net income on a per share basis.
Liquidity and Capital Resources
Dominion Energy depends on both cash generated from operations and external sources of liquidity to provide working capital and as a bridge to long-term financings. Dominion Energy’s material cash requirements include capital and investment expenditures, repaying short-term and long-term debt obligations and paying dividends on its common and preferred stock.
71
Analysis of Cash Flows
Presented below are selected amounts related to Dominion Energy’s cash flows:
|
|
2026 |
|
|
2025 |
|
||
(millions) |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at |
|
$ |
343 |
|
|
$ |
365 |
|
Cash flows provided by (used in): |
|
|
|
|
|
|
||
Operating activities(1) |
|
|
4,688 |
|
|
|
4,374 |
|
Investing activities |
|
|
(8,749 |
) |
|
|
(9,501 |
) |
Financing activities |
|
|
4,281 |
|
|
|
5,828 |
|
Net increase in cash, restricted cash |
|
|
220 |
|
|
|
701 |
|
Cash, restricted cash and equivalents at |
|
$ |
563 |
|
|
$ |
1,066 |
|
Operating Cash Flows
Net cash provided by Dominion Energy’s operating activities increased $314 million, primarily due to higher operating cash flows from electric utility operations driven by riders and impacts from the 2025 Biennial Review ($733 million) and lower net prepayments and deposits ($371 million), partially offset by an increase in interest payments primarily driven by higher borrowings ($430 million), a decrease from changes in working capital ($205 million) and lower settlements of interest rate swaps ($155 million).
Investing Cash Flows
Net cash used in Dominion Energy’s investing activities decreased $752 million, primarily due to timing of payments for plant construction and other property additions.
Financing Cash Flows
Net cash from Dominion Energy's financing activities decreased $1.5 billion, primarily due to a decrease in net issuances of long-term debt ($1.7 billion) and a decrease in capital contributions from Stonepeak to OSWP, net of distributions from OSWP to Stonepeak ($714 million), partially offset by an increase in net issuances of short-term debt ($829 million) and the absence of impacts from the sale of a noncontrolling interest in OSWP ($88 million).
Credit Facilities and Short-Term Debt
As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy’s use of credit facilities and/or short-term debt during the nine months ended September 30, 2026.
Revolving Credit Facilities
Dominion Energy’s short-term financing is primarily supported by its $7.0 billion joint revolving credit facility. At September 30, 2026, Dominion Energy had $5.1 billion of unused capacity under its revolving credit facilities. In April 2026, Dominion Energy’s $1.0 billion 364-day revolving credit facility matured. Subsequently, in April 2026, Dominion Energy entered into a $1.0 billion supplemental revolving credit facility which matures in April 2028. This credit facility can be used to support bank borrowings and the issuance of commercial paper. See Note 15 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding and for additional information on the revolving credit facilities.
Dominion Energy Reliability InvestmentSM Program
Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At September 30, 2026, Dominion Energy’s Consolidated Balance Sheet included $369 million presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.
Other Facilities
In addition to the primary sources of short-term liquidity discussed above, from time to time Dominion Energy enters into separate supplementary credit facilities or term loans as discussed in Note 15 to the Consolidated Financial Statements in this report. In February 2026, Dominion Energy entered into an approximately $1.3 billion 364-day term loan facility as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. Prior to the termination of the facility in August 2026, Dominion Energy borrowed and repaid the full capacity of the facility with the proceeds used to repay existing debt and for general corporate purposes.
Long-Term Debt
Sustainability Revolving Credit Agreement
Dominion Energy maintains a Sustainability Revolving Credit Agreement which is described in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. At September 30, 2026, Dominion Energy had no borrowings outstanding under this facility. See Note 15 to the Consolidated Financial Statements in this report for borrowings and repayments made during the nine months ended September 30, 2026.
72
Issuances and Borrowings of Long-Term Debt
During the nine months ended September 30, 2026, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds were used for the repayment of existing indebtedness and for general corporate purposes.
Month |
|
Type |
|
Public / Private |
|
Entity |
|
Principal |
|
|
Rate |
|
|
|
Stated Maturity |
||
|
|
|
|
|
|
|
|
(millions) |
|
|
|
|
|
|
|
||
March |
|
Senior notes |
|
Public |
|
Virginia Power |
|
$ |
1,300 |
|
|
|
4.950 |
|
% |
|
2036 |
March |
|
Senior notes |
|
Public |
|
Virginia Power |
|
|
850 |
|
|
|
5.700 |
|
% |
|
2056 |
June |
|
Senior notes |
|
Public |
|
Dominion Energy |
|
|
825 |
|
|
|
5.350 |
|
% |
|
2036 |
June |
|
Junior subordinated notes |
|
Public |
|
Dominion Energy |
|
|
1,000 |
|
|
|
6.150 |
|
% |
(1) |
2056 |
June |
|
Junior subordinated notes |
|
Public |
|
Dominion Energy |
|
|
500 |
|
|
|
6.250 |
|
% |
(1) |
2056 |
August |
|
Senior notes |
|
Public |
|
Virginia Power |
|
|
1,250 |
|
|
|
5.650 |
|
% |
|
2036 |
August |
|
Senior notes |
|
Public |
|
Virginia Power |
|
|
700 |
|
|
|
6.300 |
|
% |
|
2056 |
September |
|
First mortgage bonds |
|
Public |
|
DESC |
|
|
300 |
|
|
|
6.150 |
|
% |
|
2056 |
Total issuances and borrowings |
|
|
|
|
|
$ |
6,725 |
|
|
|
|
|
|
|
|||
Dominion Energy currently meets the definition of a well-known seasoned issuer under SEC rules governing the registration, communication and offering processes under the Securities Act of 1933, as amended. The rules provide for a streamlined shelf registration process to provide registrants with timely access to capital. This allows Dominion Energy to use automatic shelf registration statements to register any offering of securities, other than those for exchange offers or business combination transactions.
Dominion Energy anticipates, excluding potential opportunistic financings, issuing between approximately $6.0 billion and $9.5 billion of long-term debt during 2026, inclusive of amounts issued through September 30, 2026 as shown in the table above. Dominion Energy expects to issue long-term debt to satisfy cash needs for capital expenditures, net of reimbursements from Stonepeak for the CVOW Commercial Project, and maturing long-term debt to the extent such amounts are not satisfied from cash available from operations following the payment of dividends and any borrowings made from unused capacity of Dominion Energy’s credit facilities discussed above. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.
Repayments, Repurchases and Redemptions of Long-Term Debt
Dominion Energy may from time to time reduce its outstanding debt and level of interest expense through redemption of debt securities prior to maturity or repurchases of debt securities in the open market, in privately negotiated transactions, through tender offers or otherwise.
The following long-term debt was repaid, repurchased or redeemed during the nine months ended September 30, 2026:
Month |
|
Type |
|
Entity |
|
Principal (1) |
|
|
Rate |
|
Stated Maturity |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
Debt scheduled to mature in 2026 |
|
|
|
Multiple |
|
$ |
1,798 |
|
|
various |
|
|
Early repurchases and redemptions |
|
|
|
|
|
|
|
|
|
|
|
|
None |
|
|
|
|
|
|
|
|
|
|
|
|
Total repayments, repurchases and redemptions |
|
|
|
|
|
$ |
1,798 |
|
|
|
|
|
See Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding scheduled maturities of Dominion Energy’s long-term debt, including related average interest rates.
Remarketing of Long-Term Debt
During the nine months ended September 30, 2026, Dominion Energy was not required to and did not complete the remarketing of any of its long-term debt. In 2026, Dominion Energy does not expect to remarket any of its tax-exempt bonds.
Credit Ratings
As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy’s credit ratings affect its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer its debt securities. The credit ratings for Dominion Energy are affected by its financial profile, mix of regulated and nonregulated businesses and respective cash flows, changes in methodologies used by the rating agencies and event risk, if applicable, such as major acquisitions or dispositions. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. Ratings are subject to revision or withdrawal at any time by the applicable rating organization. In May 2026, Dominion Energy’s credit ratings were revised as follows: Moody’s affirmed its credit ratings and revised its outlook from negative to positive; Standard & Poor’s affirmed its credit ratings and revised its outlook from stable to positive; and Fitch affirmed its credit ratings and revised its outlook from stable to positive watch. At September 30, 2026, there have been no other changes in Dominion Energy’s credit ratings from those described in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
73
Financial Covenants
As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy is subject to various covenants present in the agreements underlying Dominion Energy’s debt. At September 30, 2026, there have been no material changes to these covenants, nor any events of default under these covenants.
As discussed in Note 15 to the Consolidated Financial Statements of this report, in April 2026, Dominion Energy entered into a new $1.0 billion credit facility, which includes a maximum allowed total debt to total capital ratio that is consistent with the allowed ratio under its joint revolving credit facility.
Common Stock, Preferred Stock and Other Equity Securities
In the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, there is a discussion of Dominion Energy’s existing equity financing programs, including Dominion Energy Direct®. In May 2026, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans. During the nine months ended September 30, 2026, Dominion Energy issued $40 million of stock through these programs, net of fees and commissions.
During the third quarter of 2025, Dominion Energy entered into forward sale agreements under its May 2024 at-the-market program for approximately 2.4 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $59.91 per share.
In February 2025, Dominion Energy entered into a new at-the-market-program, and during the second quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 11.0 million shares of its common stock expected to be settled in the fourth quarter of 2026 at a weighted-average initial forward price of $55.83 per share. During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 9.6 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $61.11 per share. In December 2025, Dominion Energy provided notice to elect physical settlement of approximately 5.4 million shares under these forward sales agreements, and in December 2025 settled the agreements at a weighted-average final forward price of $60.44 per share.
In October 2025, Dominion Energy increased the maximum amount of capacity available under its February 2025 at-the-market program by $1.8 billion.
During the first quarter of 2026, Dominion Energy entered into forward sale agreements under its February 2025 at-the-market program for approximately 3.2 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $62.96 per share. During the second quarter of 2026, Dominion Energy entered into forward sale agreements for approximately 7.9 million shares of its common stock expected to be settled by the fourth quarter of 2026 at a weighted-average initial forward price of $67.88 per share. See Note 15 to the Consolidated Financial Statements in this report for additional information.
Through September 30, 2026, Dominion Energy has not repurchased and does not plan to repurchase shares of common stock in 2026, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which does not impact the available capacity under its stock repurchase authorization. See Note 15 to the Consolidated Financial Statements in this report for additional information.
Capital Expenditures
At September 30, 2026, there have been no material changes to Dominion Energy’s expectation for planned capital expenditures as disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Dividends
Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares. See Notes 1 and 15 to the Consolidated Financial Statements in this report for additional information regarding certain dividend restrictions under the NextEra Energy Merger Agreement and Dominion Energy’s outstanding preferred stock and associated dividend rate, respectively.
Subsidiary Dividend Restrictions
At September 30, 2026, there have been no material changes to the subsidiary dividend restrictions disclosed in the Subsidiary Dividend Restrictions section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Collateral and Credit Risk
Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. At September 30, 2026, there have been no material changes to the collateral requirements disclosed in the Collateral and Credit Risk section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Dominion Energy’s exposure to potential concentrations of credit risk results primarily from its energy marketing and price risk management activities. Presented below is a summary of Dominion Energy’s credit exposure at September 30, 2026 for these activities. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights.
|
|
Gross Credit |
|
|
Credit |
|
|
Net Credit |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Investment grade(1) |
|
$ |
485 |
|
|
$ |
— |
|
|
$ |
485 |
|
Non-investment grade(2) |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
No external ratings: |
|
|
|
|
|
|
|
|
|
|||
Internally rated—investment grade(3) |
|
|
305 |
|
|
|
10 |
|
|
|
295 |
|
Internally rated—non-investment grade(4) |
|
|
8 |
|
|
|
3 |
|
|
|
5 |
|
Total(5) |
|
$ |
799 |
|
|
$ |
13 |
|
|
$ |
786 |
|
74
Fuel and Other Purchase Commitments
There have been no material changes outside of the ordinary course of business to Dominion Energy’s fuel and other purchase commitments included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.
Other Material Cash Requirements
In addition to the financing arrangements discussed above, Dominion Energy is party to numerous contracts and arrangements obligating it to make cash payments in future years. Dominion Energy expects current liabilities to be paid within the next twelve months. In addition to the items already discussed, the following represent material expected cash requirements recorded on Dominion Energy’s Consolidated Balance Sheet at September 30, 2026. Such obligations include:
In addition, Dominion Energy is party to contracts and arrangements which may require it to make material cash payments in future years that are not recorded on its Consolidated Balance Sheets. Such obligations include:
Future Issues and Other Matters
See Item 1. Business, Future Issues and Other Matters in MD&A and Notes 13 and 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Future Issues and Other Matters in the Companies’ Quarterly Report on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and Notes 1, 12 and 16 to the Consolidated Financial Statements in this report for additional information on the proposed NextEra Energy Merger as well as various environmental, regulatory, legal and other matters that may impact future results of operations, financial condition and/or cash flows.
CVOW Commercial Project
In September 2019, Virginia Power filed applications with PJM for the CVOW Commercial Project and for certain approvals and rider recovery from the Virginia Commission in November 2021. Installation of the final turbines comprising the 2.6 GW project is expected to be completed by the end of 2027. The estimated total project cost is approximately $11.7 billion (excluding financing costs and including $0.1 billion of contingency) which continues to reflect revised network upgrade costs assigned by PJM to the CVOW Commercial Project, an estimated impact of certain tariffs which became effective in April 2026 and updated turbine installation projections as well as previously included estimated impacts of a temporary suspension of work order, certain tariffs including those which became effective during 2025, the impact of the U.S. Supreme Court’s ruling in late February 2026 and tariffs which became effective in late February 2026. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs. Virginia Power’s estimate for the project’s projected levelized cost of energy, including renewable energy credits, is approximately $62/MWh, compared to the initial filing submission of $80-90/MWh.
The expected total project cost is unchanged from Virginia Power’s July 2026 construction update filing and reflects a decrease of approximately $0.4 billion relative to Virginia Power’s January 2026 construction update filing, associated with a revision to projected onshore electrical interconnection costs and network upgrade costs allocated by PJM to the CVOW Commercial Project. The expected total project cost also reflects an increase of approximately $0.4 billion, relative to Virginia Power’s January 2026 construction update filing, $0.3 billion of which is associated with updated projections for turbine installations reflecting weather and other conditions with the remainder associated with other factors experienced, including increased fuel costs, during installations completed through July 2026. Relative to Virginia Power’s January 2026 construction update filing, the expected impact of tariffs on the expected total project cost is a net increase of approximately $0.1 billion as the increase of approximately $0.2 billion associated with revised Section 232 tariffs enacted in April 2026 on equipment expected to be delivered from April 2026 through the end of 2027 that contains steel, aluminum and/or copper products, including the associated impact such revised tariffs had on tariffs enacted in late February 2026 on equipment expected to be delivered
75
from February 2026 through July 2026 that originates from Mexico, Canada, a European Union member or other applicable countries is partially offset by the reversal of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling in late February 2026, and the estimated impact of new tariffs subsequently enacted in late February 2026 on equipment expected to be delivered from February 2026 through July 2026 that originates from Mexico, Canada, a European Union member or other applicable countries. The actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component.
The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 8% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to fuel for transportation and installation, the impact of applicable tariffs including any potential impact of Section 232 investigations, costs to maintain necessary permits, approvals and authorizations, any additional suspension of work orders, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife, actual network upgrade costs allocated by PJM, adverse weather and/or any severe weather events.
Virginia Power commenced major onshore construction activities for the CVOW Commercial Project in November 2023 following the receipt of a record of decision from BOEM in October 2023 for construction. Onshore construction activities to support first power delivery were completed in December 2025 with remaining project activities to support commercial operations substantially completed in October 2026. 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 completed the installation of all monopiles in October 2025 and of all transition pieces in April 2026. The first of three offshore substations was installed in March 2025, with the second installed in November 2025 and the third installed in February 2026. Deepwater cables commenced being laid in late 2024 with the last of nine completed in July 2025. Of the 176 segments of interarray cable, expected to total 260 miles, 143 have been installed through October 2026 with the remaining expected to be laid throughout 2026. Installation commenced on turbines in December 2025 prior to being delayed by the temporary suspension of work order, with 44 of 176 completed through October 2026. The first turbines and associated infrastructure of the CVOW Commercial Project commenced operations in March 2026.
Proposed and/or Recently Issued EPA Rules
In September 2026, the EPA finalized a rule repealing the majority of a package of rules the EPA finalized in May 2024 designed to reduce CO2 emissions from certain fossil fuel-fired electric generating units. The May 2024 final rule set standards of performance and emission guidelines for CO2 emissions from new and reconstructed gas-fired combustion turbines and modified coal-fired steam generating units. The May 2024 rulemaking package also included emission guidelines, including emission limits, for existing coal, oil and gas-fired steam generating units. Until the EPA ultimately takes final action on the proposed rulemakings included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 within Future Issues and Other Matters in MD&A and publishes all final rules in the federal register, Dominion Energy is unable to predict whether or to what extent the new rules will ultimately require additional controls or other actions. The effects of these proposed rulemakings could have a material impact on Dominion Energy’s financial condition and cash flows.
Investment in Valley Link
In October 2024, Dominion Energy announced a joint planning initiative with AEP and FirstEnergy. As part of the initiative, the companies jointly submitted initial project proposals for high-voltage transmission lines in Virginia, Maryland and West Virginia to PJM. In February 2025, Dominion Energy, AEP and FirstEnergy entered into an agreement for the operation of Valley Link to undertake a multi-year process to develop, construct and subsequently operate the new transmission line projects selected by PJM. Under the terms of the joint venture agreement, Dominion Energy will hold a 30% initial interest in Valley Link. Dominion Energy expects to invest approximately $1.5 billion from 2026 through 2030 in connection with this arrangement.
76
ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
The matters discussed in this Item may contain “forward-looking statements” as described in the introductory paragraphs under Part I., Item 2. MD&A in this report. The reader’s attention is directed to those paragraphs for discussion of various risks and uncertainties that may impact the Companies.
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. Commodity price risk is present in the Companies’ electric operations and Dominion Energy’s natural gas procurement and marketing operations due to the exposure to market shifts in prices received and paid for electricity, natural gas and other commodities. The Companies use commodity derivative contracts to manage price risk exposures for these operations. Interest rate risk is generally related to their outstanding debt and future issuances of debt. In addition, the Companies are exposed to investment price risk through various portfolios of equity and debt securities. The Companies’ exposure to foreign currency exchange rate risk is related to certain fixed price contracts associated with the CVOW Commercial Project which it manages through foreign currency exchange rate derivatives. The contracts include services denominated in currencies other than the U.S. dollar for approximately €2.6 billion and 5.1 billion kr. 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.
Commodity Price Risk
To manage price risk, the Companies hold commodity-based derivative instruments held for non-trading purposes associated with purchases and sales of electricity, natural gas and other energy-related products.
The derivatives used to manage commodity price risk are executed within established policies and procedures and may include instruments such as futures, forwards, swaps, options and FTRs that are sensitive to changes in the related commodity prices. For sensitivity analysis purposes, the hypothetical change in market prices of commodity-based derivative instruments is determined based on models that consider the market prices of commodities in future periods, the volatility of the market prices in each period, as well as the time value factors of the derivative instruments. Prices and volatility are principally determined based on observable market prices.
A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $47 million and $15 million in the fair value of Dominion Energy’s commodity-based derivative instruments at September 30, 2026 and December 31, 2025, respectively.
A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $96 million and $71 million in the fair value of Virginia Power’s commodity-based derivative instruments at September 30, 2026 and December 31, 2025, respectively.
The impact of a change in energy commodity prices on the Companies’ commodity-based derivative instruments at a point in time is not necessarily representative of the results that will be realized when the contracts are ultimately settled. Net losses from commodity-based financial derivative instruments used for hedging purposes, to the extent realized, will generally be offset by recognition of the hedged transaction, such as revenue from physical sales of the commodity.
Interest Rate Risk
The Companies manage their interest rate risk exposure predominantly by maintaining a balance of fixed and variable rate debt. For variable rate debt outstanding for Dominion Energy, a hypothetical 10% increase in market interest rates would result in a $14 million and $10 million decrease in earnings at September 30, 2026 and December 31, 2025, respectively. For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a $4 million and $7 million decrease in earnings at September 30, 2026 and December 31, 2025, 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. At September 30, 2026, Dominion Energy and Virginia Power had $8.5 billion and $7.4 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. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $408 million and $372 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at September 30, 2026. At December 31, 2025, Dominion Energy and Virginia Power had $10.7 billion and $8.1 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. 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.
77
The impact of a change in interest rates on the Companies’ interest rate-based financial derivative instruments at a point in time is not necessarily representative of the results that will be realized when the contracts are ultimately settled. Net gains and/or losses from interest rate derivative instruments used for hedging purposes, to the extent realized, will generally be offset by recognition of the hedged transaction.
Foreign Currency Exchange Rate Risk
The Companies utilize foreign currency exchange rate swaps to economically hedge the foreign currency exchange risk associated with fixed price contracts related to the CVOW Commercial Project denominated in foreign currencies. At September 30, 2026 and December 31, 2025, Dominion Energy had €0.1 billion and €0.9 billion in aggregate notional amounts of these foreign currency forward purchase agreements outstanding, respectively. A hypothetical 10% increase in the U.S. dollar to Euro exchange rate would have resulted in a decrease of $11 million and $35 million in the fair value of Dominion Energy’s foreign currency swaps at September 30, 2026 and December 31, 2025, respectively.
The impact of a change in exchange rates on the Companies’ foreign currency-based financial derivative instruments at a point in time is not necessarily representative of the results that will be realized when the contracts are ultimately settled. Net gains and/or losses from foreign exchange derivative instruments used for hedging purposes, to the extent realized, will generally be offset by recognition of the hedged transaction.
Investment Price Risk
The Companies are subject to investment price risk due to securities held as investments in nuclear decommissioning and rabbi trust funds that are managed by third-party investment managers. 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 $944 million, $854 million and $1.1 billion for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025, 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 $(9) million, $52 million and $41 million for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025, respectively.
Virginia Power recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $500 million, $436 million and $555 million for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025, 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 recorded in AOCI and regulatory liabilities, a net increase in unrealized gains (losses) on debt investments of $(6) million, $23 million and $23 million for the nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025, respectively.
Dominion Energy sponsors pension and other postretirement employee benefit plans that hold investments in trusts to fund employee benefit payments. Virginia Power employees participate in these plans. Differences between actual and expected returns on plan assets are immediately recognized in earnings annually in the fourth quarter of each fiscal year as well as whenever a plan is determined to qualify for a remeasurement. A hypothetical 0.25% decrease in the expected long-term rate of return on plan assets would have a $27 million impact for the year ending December 31, 2026, and would have had a $28 million impact for the year ended December 31, 2025, to the expected returns on plan assets, respectively.
ITEM 4. CONTROLS AND PROCEDURES
Senior management of both Dominion Energy and Virginia Power, including Dominion Energy and Virginia Power’s CEO and CFO, evaluated the effectiveness of each company’s disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation process, each of Dominion Energy and Virginia Power’s CEO and CFO have concluded that each company’s disclosure controls and procedures are effective.
There were no changes that occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, Dominion Energy or Virginia Power’s internal control over financial reporting.
78
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, the Companies are parties to various legal, environmental or other regulatory proceedings, including in the ordinary course of business. SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Companies reasonably believe will exceed a specified threshold. Pursuant to the SEC regulations, the Companies use a threshold of $1 million for such proceedings.
See the following for discussions on various legal, environmental and other regulatory proceedings to which the Companies are a party, which information is incorporated herein by reference:
ITEM 1A. RISK 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 the Companies’ control. A number of these risks and uncertainties have been identified in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 and updated in the Companies’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which should be taken into consideration when reviewing the information contained in this report. There have been no material changes with regard to the risk factors previously disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 and in the Companies’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. For other factors that may cause actual results to differ materially from those indicated in any forward-looking statement or projection contained in this report, see Forward-Looking Statements in MD&A in this report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Dominion Energy
Purchases of Equity Securities
Period |
|
Total Number of |
|
|
Average |
|
|
Total Number |
|
|
Maximum Number (or |
||||
7/1/26 - 7/31/26 |
|
|
485 |
|
|
$ |
67.79 |
|
|
|
— |
|
|
$ |
0.92 billion |
8/1/26 - 8/31/26 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.92 billion |
9/1/26 - 9/30/26 |
|
|
992 |
|
|
|
66.38 |
|
|
|
— |
|
|
|
0.92 billion |
Total |
|
|
1,477 |
|
|
$ |
66.84 |
|
|
|
— |
|
|
$ |
0.92 billion |
ITEM 5. OTHER INFORMATION
During the last fiscal quarter, none of the Companies’ directors or officers (as defined in Rule 16a-1(f) under the Exchange Act)
79
ITEM 6. EXHIBITS
Exhibit Number |
|
Description |
|
Dominion Energy |
|
Virginia Power |
|
|
|
|
|
|
|
2.1 |
|
Agreement and Plan of Merger, dated as of May 15, 2026, by and among NextEra Energy, Inc., WG Development Corp., CS Holdco, LLC and Dominion Energy, Inc. (Exhibit 2.1, Form 8-K filed May 18, 2026, File No. 1-8489). |
|
X |
|
|
|
|
|
|
|
|
|
3.1.a |
|
Dominion Energy, Inc. Amended and Restated Articles of Incorporation, dated as of December 17, 2024 (Exhibit 3.1, Form 8-K filed December 17, 2024, File No.1-8489). |
|
X |
|
|
|
|
|
|
|
|
|
3.1.b |
|
Virginia Electric and Power Company Amended and Restated Articles of Incorporation, as in effect on October 30, 2014 (Exhibit 3.1.b, Form 10-Q filed November 3, 2014, File No. 1-2255). |
|
|
|
X |
|
|
|
|
|
|
|
3.2.a |
|
Dominion Energy, Inc. Bylaws, as amended and restated, effective June 26, 2025 (Exhibit 3.1, Form 8-K filed June 27, 2025, File No. 1-8489). |
|
X |
|
|
|
|
|
|
|
|
|
3.2.b |
|
Virginia Electric and Power Company Amended and Restated Bylaws, effective June 1, 2009 (Exhibit 3.1, Form 8-K filed June 3, 2009, File No. 1-2255). |
|
|
|
X |
|
|
|
|
|
|
|
4 |
|
Dominion Energy, Inc. and Virginia Electric and Power Company agree to furnish to the Securities and Exchange Commission upon request any other instrument with respect to long-term debt as to which the total amount of securities authorized does not exceed 10% of any of their total consolidated assets. |
|
X |
|
X |
|
|
|
|
|
|
|
4.1 |
|
Senior Indenture, dated as of September 1, 2017, between Virginia Electric and Power Company and U.S. Bank National Association, as Trustee (Exhibit 4.1, Form 8-K filed September 13, 2017, File No.000-55337); First Supplemental Indenture, dated as of September 1, 2017 (Exhibit 4.2, Form 8-K filed September 13, 2017, File No.000-55337); Second Supplemental Indenture, dated as of March 1, 2018 (Exhibit 4.2, Form 8-K filed March 22, 2018, File No. 000-55337); Third Supplemental Indenture, dated as of November 1, 2018 (Exhibit 4.2, Form 8-K filed November 28, 2018, File No. 000-55337); Fourth Supplemental Indenture, dated as of July 1, 2019 (Exhibit 4.2, Form 8-K filed July 10, 2019, File No. 00-55337); Fifth Supplemental Indenture, dated as of December 1, 2019 (Exhibit 4.2, Form 8-K filed December 5, 2019, File No. 000-55337); Sixth Supplemental Indenture, dated as of December 1, 2020 (Exhibit 4.2, Form 8-K filed December 15, 2020, File No. 00-55337); Seventh Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.2, Form 8-K filed November 22, 2021, File No.000-55337); Eighth Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.3, Form 8-K filed November 22, 2021, File No.000-55337); Ninth Supplemental Indenture, dated as of January 1, 2022 (Exhibit 4.3, Form 8-K filed January 13, 2022, File No.000-55337); Tenth Supplemental Indenture, dated as of May 1, 2022 (Exhibit 4.2, Form 8-K filed May 31, 2022, File No. 000-55337); Eleventh Supplemental Indenture, dated as of May 1, 2022 (Exhibit 4.3, Form 8-K filed May 31, 2022, File No. 000-55337); Twelfth Supplemental Indenture, dated as of March 1, 2023 (Exhibit 4.2. Form 8-K filed March 30, 2023, File No. 000-55337); Thirteenth Supplemental Indenture, dated as of March 1, 2023 (Exhibit 4.3. Form 8-K filed March 30, 2023, File No. 000-55337); Fourteenth Supplemental Indenture, dated as of August 1, 2023 (Exhibit 4.2. Form 8-K filed August 10, 2023, File No. 000-55337); Fifteenth Supplemental Indenture, dated as of August 1, 2023 (Exhibit 4.3. Form 8-K filed August 10, 2023, File No. 000-55337); Sixteenth Supplemental Indenture, dated as of January 1, 2024 (Exhibit 4.2. Form 8-K filed January 8, 2024, File No. 000-55337); Seventeenth Supplemental Indenture, dated as of January 1, 2024 (Exhibit 4.3. Form 8-K filed January 8, 2024, File No. 000-55337); Eighteenth Supplemental Indenture, dated as of August 1, 2024 (Exhibit 4.2, Form 8-K filed August 12, 2024, File No. 000-55337); Nineteenth Supplemental Indenture, dated as of August 1, 2024 (Exhibit 4.3, Form 8-K filed August 12, 2024, File No. 000-55337); Twentieth Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.2, Form 8-K filed March 3, 2025, File No. 000-55337); Twenty-First Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.3, Form 8-K filed March 3, 2025, File No. 000-55337); Twenty-Second Supplemental Indenture, dated as of September 1, 2025 (Exhibit 4.2, Form 8-K filed September 10, 2025, File No. 000-55337); Twenty-Third Supplemental Indenture, dated as of September 1, 2025 (Exhibit 4.3, Form 8-K filed September 10, 2025, File No. 000-55337); Twenty-Fourth Supplemental Indenture, dated as of March 1, 2026 (Exhibit 4.2, Form 8-K filed March 2, 2026, File No. 000-55337); Twenty-Fifth Supplemental Indenture, dated as of March 1, 2026 (Exhibit 4.3, Form 8-K filed March 2, 2026, File No. 000-55337); Twenty-Sixth Supplemental Indenture, dated as of August 1, 2026 (Exhibit 4.2, Form 8-K filed August 17, 2026, File No. |
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X |
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X |
80
Exhibit Number |
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Description |
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Dominion Energy |
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Virginia Power |
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000-55337); Twenty-Seventh Supplemental Indenture, dated as of August 1, 2026 (Exhibit 4.3, Form 8-K filed August 17, 2026, File No. 000-55337). |
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31.a |
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Certification by Chief Executive Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
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X |
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31.b |
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Certification by Chief Financial Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
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X |
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31.c |
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Certification by Chief Executive Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
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X |
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31.d |
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Certification by Chief Financial Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
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X |
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32.a |
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Certification to the Securities and Exchange Commission by Chief Executive Officer and Chief Financial Officer of Dominion Energy, Inc. as required by Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
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X |
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32.b |
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Certification to the Securities and Exchange Commission by Chief Executive Officer and Chief Financial Officer of Virginia Electric and Power Company as required by Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
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X |
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99 |
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Condensed consolidated earnings statements (filed herewith). |
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X |
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X |
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101 |
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The following financial statements from Dominion Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed on October 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements from Virginia Electric and Power Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed on October 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. |
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X |
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X |
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104 |
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Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101. |
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X |
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X |
81
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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DOMINION ENERGY, INC. Registrant |
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October 30, 2026 |
/s/ Gary G. Ratliff, Jr. |
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Gary G. Ratliff, Jr. Vice President, Controller and Chief Accounting Officer |
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VIRGINIA ELECTRIC AND POWER COMPANY Registrant |
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October 30, 2026 |
/s/ Gary G. Ratliff, Jr. |
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Gary G. Ratliff, Jr. Vice President, Controller and Chief Accounting Officer |
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82