D 10-K Fiscal year ended Dec. 31, 2024

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number	Exact name of registrants as specified in their charters	I.R.S. Employer Identification Number
001-08489	DOMINION ENERGY, INC.	54-1229715
000-55337	Virginia ELECTRIC AND POWER COMPANY	54-0418825
	Virginia (S tate or other jurisdiction of incorporation or organization)
	600 EAST CANAL STREET RICHMOND , Virginia (Address of principal executive offices)	23219 (Zip Code)
	( 804 ) 819-2284 (Registrants’ telephone number)

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.	D	Common Stock, no par value	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

VIRGINIA ELECTRIC AND POWER COMPANY

Common Stock, no par value

Indicate by check mark whether the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act.

Dominion Energy, Inc. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Dominion Energy, Inc. Yes ☐ No ☒ Virginia Electric and Power Company Yes ☐ No ☒

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. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

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. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

Virginia Electric and Power Company

Large accelerated filer	☐	Accelerated filer	☐	Emerging growth company		☐
Non-accelerated filer	☒	Smaller reporting company	☐

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Dominion Energy, Inc. ☒ Virginia Electric and Power Company ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Dominion Energy, Inc. ☐ Virginia Electric and Power Company ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Dominion Energy, Inc. ☐ Virginia Electric and Power Company ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act).

Dominion Energy, Inc. Yes ☐ No ☒ Virginia Electric and Power Company Yes ☐ No ☒

The aggregate market value of Dominion Energy, Inc. common stock held by non-affiliates of Dominion Energy, Inc. was approximately $ 41.1 billion based on the closing price of Dominion Energy, Inc.’s common stock as reported on the New York Stock Exchange as of the last day of Dominion Energy, Inc.’s most recently completed second fiscal quarter. Dominion Energy, Inc. is the sole holder of Virginia Electric and Power Company common stock. At February 20, 2025 , Dominion Energy, Inc. had 852,050,458 shares of common stock outstanding and Virginia Electric and Power Company had 324,245 shares of common stock outstanding.

DOCUMENT INCORPORATED BY REFERENCE

This combined Form 10-K 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 representations 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 I(1)(a) AND (b) OF FORM 10-K AND IS FILING THIS FORM 10-K UNDER THE REDUCED DISCLOSURE FORMAT.

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Dominion Energy, Inc. and Virginia Electric and Power Company

Item Number			Page Number
	Glossary of Terms		3
Part I
1.	Business		10
1A.	Risk Factors		33
1B.	Unresolved Staff Comments		43
1C.	Cybersecurity		43
2.	Properties		45
3.	Legal Proceedings		50
4.	Mine Safety Disclosures		50
	Information about our Executive Officers		51
Part II
5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		52
6.	[Reserved]		52
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		53
7A.	Quantitative and Qualitative Disclosures About Market Risk		83
8.	Financial Statements and Supplementary Data		86
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		203
9A.	Controls and Procedures		203
9B.	Other Information		206
9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections		206
Part III
10.	Directors, Executive Officers and Corporate Governance		207
11.	Executive Compensation		207
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		207
13.	Certain Relationships and Related Transactions, and Director Independence		207
14.	Principal Accountant Fees and Services		207
Part IV
15.	Exhibits and Financial Statement Schedules		209
16.	Form 10-K Summary		215

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Glossary of Terms

The following abbreviations or acronyms used in this Form 10-K are defined below:

Abbreviation or Acronym		Definition
2017 Tax Reform Act		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
2019 Equity Units		Dominion Energy’s 2019 Series A Equity Units issued in June 2019, initially in the form of 2019 Series A Corporate Units, which consisted of a stock purchase contract and a 1/10 interest in a share of the Series A Preferred Stock
2021 Triennial Review		Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020
2023 Biennial Review		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, 2021 and ending December 31, 2022 and prospective rate base setting for the succeeding annual periods beginning January 1, 2024 and ending December 31, 2025
2024 Series A JSNs		Dominion Energy’s 2024 Series A Enhanced Junior Subordinated Notes due 2055
2024 Series B JSNs		Dominion Energy’s 2024 Series B Enhanced Junior Subordinated Notes due 2054
2024 Series C JSNs		Dominion Energy’s 2024 Series C Enhanced Junior Subordinated Notes due 2055
2025 Biennial Review		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, 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
2025 Proxy Statement		Dominion Energy 2025 Proxy Statement, File No. 001-08489
ABO		Accumulated benefit obligation
ACE Rule		Affordable Clean Energy Rule
AEP		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
AES		The legal entity The AES Corporation, one or more of its consolidated subsidiaries, or the entirety of The AES Corporation and its consolidated subsidiaries
AFUDC		Allowance for funds used during construction
Align RNG		Align RNG, LLC, a joint venture between Dominion Energy and Smithfield Foods, Inc.
Altavista		Altavista biomass power station
AOCI		Accumulated other comprehensive income (loss)
ARO		Asset retirement obligation
Atlantic Coast Pipeline		Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy
Atlantic Coast Pipeline Project		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		Billion cubic feet
Bear Garden		A 622 MW combined-cycle, natural gas-fired power station in Buckingham County, Virginia
BHE		The legal entity, Berkshire Hathaway Energy Company, one or more of its consolidated subsidiaries (including Eastern Energy Gas Holdings, LLC, Northeast Midstream Partners, LP and Cove Point effective November 2020), or the entirety of Berkshire Hathaway Energy Company and its consolidated subsidiaries
Birdseye		Birdseye Renewable Energy, LLC
BLS Industry Average OSHA Recordable Rate		An average of the OSHA Recordable Rate published by the Bureau of Labor Statistics for electric power generation, transmission and distribution (NAICS code 2211) and natural gas distribution (NAICS code 2212)
BOEM		Bureau of Ocean Energy Management
Brunswick County		A 1,376 MW combined-cycle, natural gas-fired power station in Brunswick County, Virginia
CAA		Clean Air Act
CAISO		California ISO
CAO		Chief Accounting Officer
CCR		Coal combustion residual
CCRO		Customer credit reinvestment offset

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Abbreviation or Acronym		Definition
CEA		Commodity Exchange Act
CEO		Chief Executive Officer
CERCLA		Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund
CFIUS		The Committee on Foreign Investment in the U.S.
CFO		Chief Financial Officer
CH 4		Methane
Chesterfield Energy Reliability Center		A potential 1.0 GW simple-cycle, natural gas-fired power station in Chesterfield County, Virginia
CNG		Consolidated Natural Gas Company
CO 2		Carbon dioxide
CODM		Chief Operating Decision Maker
Companies		Dominion Energy and Virginia Power, collectively
Contracted Energy		Contracted Energy operating segment
COO		Chief Operating Officer
Cooling degree days		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		Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP)
CPCN		Certificate of Public Convenience and Necessity
CVOW Commercial Project		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
CVOW Pilot Project		A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters
CWA		Clean Water Act
DECP Holdings		The legal entity DECP Holdings, Inc., which held Dominion Energy’s noncontrolling interest in Cove Point (through September 2023)
DEQPS		MountainWest Pipeline Services, Inc. (formerly known as Dominion Energy Questar Pipeline Services, Inc.)
DES		Dominion Energy Services, Inc.
DESC		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
DETC		Dominion Energy Terminal Company, Inc.
DGI		Dominion Generation, Inc.
Dodd-Frank Act		The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
DOE		U.S. Department of Energy
Dominion Energy		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 ®		A dividend reinvestment and open enrollment direct stock purchase plan
Dominion Energy Questar Pipeline		The legal entity, MountainWest Pipeline, LLC (formerly known as Dominion Energy Questar Pipeline, LLC), one or more of its consolidated subsidiaries (including its 50% noncontrolling interest in White River Hub), or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries
Dominion Energy South Carolina		Dominion Energy South Carolina operating segment
Dominion Energy Virginia		Dominion Energy Virginia operating segment
Dominion Privatization		Dominion Utility Privatization, LLC, a joint venture between Dominion Energy and Patriot
DSM		Demand-side management
DSM Riders		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		Dekatherm
Duke Energy		The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries
Eagle Solar		Eagle Solar, LLC, a wholly-owned subsidiary of DGI
East Ohio		The East Ohio Gas Company (a subsidiary of Enbridge effective March 2024)

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Abbreviation or Acronym		Definition
East Ohio Transaction		The sale by Dominion Energy to Enbridge of all issued and outstanding capital stock in Dominion Energy Questar Corporation and its consolidated subsidiaries, which following a reorganization included East Ohio and Dominion Energy Gas Distribution, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on March 6, 2024
Enbridge		The legal entity, Enbridge Inc., one or more of its consolidated subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC and Enbridge Quail Holdings, LLC), or the entirety of Enbridge Inc. and its consolidated subsidiaries
EnergySolutions		EnergySolutions, LLC
EPA		U.S. Environmental Protection Agency
EPACT		Energy Policy Act of 2005
EPS		Earnings per common share
ERISA		Employee Retirement Income Security Act of 1974
ESA		Endangered Species Act
Excess Tax Benefits		Benefits of tax deductions in excess of the compensation cost recognized for stock-based compensation
FASB		Financial Accounting Standards Board
FCC		Federal Communications Commission
FERC		Federal Energy Regulatory Commission
FirstEnergy		The legal entity FirstEnergy Corp., one or more of its consolidated subsidiaries, or the entirety of FirstEnergy Corp. and its consolidated subsidiaries
Fitch		Fitch Ratings Ltd.
FTRs		Financial transmission rights
GAAP		U.S. generally accepted accounting principles
GENCO		South Carolina Generating Company, Inc.
GHG		Greenhouse gas
Green Mountain		Green Mountain Power Corporation
Greensville County		A 1,605 MW combined-cycle, natural gas-fired power station in Greensville County, Virginia
GTSA		Virginia Grid Transformation and Security Act of 2018
GW		Gigawatt
Heating degree days		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
Hope		Hope Gas, Inc., doing business as Dominion Energy West Virginia through August 2022
Hopewell		Polyester biomass power station
Idaho Commission		Idaho Public Utilities Commission
IRA		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
IRS		Internal Revenue Service
ISO		Independent system operator
ISO-NE		ISO New England
Jones Act		The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce
Kewaunee		Kewaunee nuclear power station
kV		Kilovolt
LIFO		Last-in-first-out inventory method
LNG		Liquefied natural gas
LTIP		Long-term incentive program
Massachusetts Municipal		Massachusetts Municipal Wholesale Electric Company
mcfe		Thousand cubic feet equivalent
MD&A		Management’s Discussion and Analysis of Financial Condition and Results of Operations
MGD		Million gallons per day
Millstone		Millstone nuclear power station
Millstone 2019 power purchase agreements		Power purchase agreements with Eversource Energy and The United Illuminating Company for Millstone to provide nine million MWh per year of electricity for ten years
Moody’s		Moody’s Investors Service
MW		Megawatt
MWh		Megawatt hour
N 2 O		Nitrous oxide

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Abbreviation or Acronym		Definition
Natural Gas Rate Stabilization Act		Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina
NAV		Net asset value
NEIL		Nuclear Electric Insurance Limited
NERC		North American Electric Reliability Corporation
NND Project		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		North Anna nuclear power station
North Carolina Commission		North Carolina Utilities Commission
NO X		Nitrogen oxide
NRC		U.S. Nuclear Regulatory Commission
NYSE		New York Stock Exchange
October 2014 hybrids		Dominion Energy’s 2014 Series A Enhanced Junior Subordinated Notes due 2054
ODEC		Old Dominion Electric Cooperative
Ohio Commission		Public Utilities Commission of Ohio
Order 1000		Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development
OSHA Recordable Rate		Number of recordable cases, as defined by the Occupational Safety and Health Administration, a division of the U.S. Department of Labor, for every 100 employees over the course of a year
OSWP		OSW Project LLC, a limited liability company owned by Virginia Power and Stonepeak (effective October 2024)
ozone season		The period May 1 through September 30, as determined on a federal level
Patriot		Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates
PFAS		Per- and polyfluorinated substances, a group of widely used chemicals that break down very slowly over time in the environment
PHMSA		Pipeline and Hazardous Materials Safety Administration
PJM		PJM Interconnection, LLC
PSD		Prevention of significant deterioration
PSNC		Public Service Company of North Carolina, Incorporated (a subsidiary of Enbridge effective September 2024)
PSNC Transaction		The sale by Dominion Energy to Enbridge of all of its membership interests in Fall North Carolina Holdco LLC and its consolidated subsidiaries, which following a reorganization included PSNC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on September 30, 2024
Q-Pipe Group		Collectively, Dominion Energy Questar Pipeline, DEQPS and MountainWest Energy Holding Company, LLC (formerly known as QPC Holding Company, LLC and its subsidiary MountainWest Southern Trails Pipeline Company (formerly known as Questar Southern Trails Pipeline Company))
Questar Gas		Questar Gas Company (a subsidiary of Enbridge effective May 2024)
Questar Gas Transaction		The sale by Dominion Energy to Enbridge of all of its membership interests in Fall West Holdco LLC and its consolidated subsidiaries, which following a reorganization included Questar Gas, Wexpro, Wexpro II Company, Wexpro Development Company, Dominion Energy Wexpro Services Company, Questar InfoComm Inc. and Dominion Gas Projects Company, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023, which was completed on May 31, 2024
Regulation Act		Legislation effective July 1, 2007, that amended the Virginia Electric Utility Restructuring Act and fuel factor statute, which legislation is also known as the Virginia Electric Utility Regulation Act, as amended in 2015, 2018 and 2023
RGGI		Regional Greenhouse Gas Initiative
Rider BW		A rate adjustment clause associated with the recovery of costs related to Brunswick County
Rider CCR		A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations

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Abbreviation or Acronym		Definition
Rider CE		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 DIST		A proposed rate adjustment clause associated with the recovery of costs being recovered under Riders GT and U
Rider E		A rate adjustment clause associated with the recovery of costs related to certain capital projects at Virginia Power’s electric generating stations to comply with federal and state environmental laws and regulations
Rider GEN		A proposed rate adjustment clause associated with the recovery of costs being recovered under Riders BW, GV, four other riders associated with generation facilities and the Virginia LNG Storage Facility
Rider GT		A rate adjustment clause associated with the recovery of costs associated with electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA
Rider GV		A rate adjustment clause associated with the recovery of costs related to Greensville County
Rider OSW		A rate adjustment clause associated with costs incurred to construct, own and operate the CVOW Commercial Project
Rider R		A rate adjustment clause associated with the recovery of costs related to Bear Garden
Rider RGGI		A rate adjustment clause associated with the recovery of costs related to the purchase of allowances through the RGGI market-based trading program for CO 2
Rider RPS		A rate adjustment clause associated with the recovery of costs related to the mandatory renewable portfolio standard program established by the VCEA
Rider S		A rate adjustment clause associated with the recovery of costs related to the Virginia City Hybrid Energy Center
Rider SNA		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
Rider T1		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
Rider U		A rate adjustment clause associated with the recovery of costs of new underground distribution facilities
Rider W		A rate adjustment clause associated with the recovery of costs related to Warren County
ROE		Return on equity
ROIC		Return on invested capital
RTEP		Regional transmission expansion plan
RTO		Regional transmission organization
SAIDI		System Average Interruption Duration Index, metric used to measure electric service reliability
Santee Cooper		South Carolina Public Service Authority
SCANA		The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries
SCANA Combination		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		Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination
SCDOR		South Carolina Department of Revenue
Scope 1 emissions		Emissions that are produced directly by an entity’s own operations
Scope 2 emissions		Emissions from electricity a company consumes but does not generate from its own facilities
Scope 3 emissions		Emissions generated downstream of company operations by customers and upstream by suppliers
SEC		U.S. Securities and Exchange Commission
SEEM		Southeast Energy Exchange Market
SERC		Southeast Electric Reliability Council
Series A Preferred Stock		Dominion Energy’s Series A Cumulative Perpetual Convertible Preferred Stock, without par value, with a liquidation preference of $1,000 per share (previously designated the 1.75% Series A Cumulative Perpetual Convertible Preferred Stock)

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Abbreviation or Acronym		Definition
Series B Preferred Stock		Dominion Energy’s 4.65% Series B Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
Series C Preferred Stock		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
SF 6		Sulfur hexafluoride
SO 2		Sulfur dioxide
South Carolina Commission		Public Service Commission of South Carolina
Southampton		Southampton biomass power station
Southern		The legal entity, The Southern Company, one or more of its consolidated subsidiaries, or the entirety of The Southern Company and its consolidated subsidiaries
Spruce Power		The legal entity, Spruce Power Holding Corporation, one or more of its consolidated subsidiaries, or the entirety of Spruce Power Holding Corporation and its consolidated subsidiaries
Standard & Poor’s		Standard & Poor’s Ratings Services, a division of S&P Global Inc.
Stonepeak		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		V.C. Summer nuclear power station
Surry		Surry nuclear power station
Toshiba		Toshiba Corporation, parent company of Westinghouse
Toshiba settlement		Settlement Agreement dated as of July 27, 2017, by and among Toshiba, DESC and Santee Cooper
TSR		Total shareholder return
Ullico		The legal entity, Ullico Inc., one or more of its consolidated subsidiaries, or the entirety of Ullico Inc. and its consolidated subsidiaries
Utah Commission		Utah Public Service Commission
Valley Link		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		Virginia Clean Economy Act of March 2020
VEBA		Voluntary Employees’ Beneficiary Association
VIE		Variable interest entity
Virginia City Hybrid Energy Center		A 610 MW baseload carbon-capture compatible, clean coal powered electric generation facility in Wise County, Virginia
Virginia Commission		Virginia State Corporation Commission
Virginia Facilities		Proposed electric interconnection and transmission facilities in and around Virginia Beach, Virginia, comprising transmission facilities required to interconnect the CVOW Commercial Project reliably with the existing transmission system; including 3 miles of 230 kV offshore export circuits, 4 miles of underground 230 kV onshore export circuits, a new Harpers switching station, 14 miles of three new overhead 230 kV transmission circuits between a new Harpers switching station and the Fentress substation, rebuild eight miles of two existing 230 kV overhead lines and an expansion of the Fentress substation
Virginia LNG Storage Facility		A proposed LNG storage facility in Brunswick and Greensville Counties, Virginia
Virginia Power		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
VOC		Volatile organic compounds
VPFS		Virginia Power Fuel Securitization, LLC
Warren County		A 1,349 MW combined-cycle, natural gas-fired power station in Warren County, Virginia
West Virginia Commission		Public Service Commission of West Virginia
Westinghouse		Westinghouse Electric Company LLC
Wexpro		The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries (a subsidiary of Enbridge effective May 2024)
Wexpro Agreement		An agreement which sets forth the rights of Questar Gas to receive certain benefits from Wexpro’s operations, including cost-of-service gas
Wexpro II Agreement		An agreement with the states of Utah and Wyoming modeled after the Wexpro Agreement that allows for the addition of properties under the cost-of-service methodology for the benefit of Questar Gas customers
Wexpro Agreements		Collectively, the Wexpro Agreement, Wexpro II Agreement and two stipulation agreements approved by the Utah Commission allowing for the inclusion of certain property at Canyon Creek and the Trail Unit under the Wexpro II Agreement

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Abbreviation or Acronym		Definition
White River Hub		MountainWest White River Hub, LLC (formerly known as White River Hub, LLC)
Wisconsin Commission		Public Service Commission of Wisconsin
WP&L		Wisconsin Power and Light Company, a subsidiary of Alliant Energy Corporation
WPSC		Wisconsin Public Service Corporation, a subsidiary of WEC Energy Group
Wrangler		Wrangler Retail Gas Holdings, LLC, a partnership between Dominion Energy (through March 2022) and Interstate Gas Supply, Inc.
Wyoming Commission		Wyoming Public Service Commission

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Part I

Item 1. B usiness

GENERAL

Dominion Energy , headquartered in Richmond, Virginia and incorporated in Virginia in 1983, provides service to approximately 4.1 million primarily electric utility customers in Virginia, North Carolina and South Carolina. As of December 31, 2024, Dominion Energy’s portfolio of assets includes approximately 30.3 GW of electric generating capacity, 10,600 miles of electric transmission lines and 79,700 miles of electric distribution lines. Dominion Energy is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. Dominion Energy’s mission is to provide the reliable, affordable and increasingly clean energy that powers its customers every day.

In connection with the comprehensive business review concluded in March 2024, Dominion Energy entered into agreements in September 2023 to sell all of its regulated gas distribution operations, except for DESC’s, to Enbridge. In addition, Dominion Energy completed the sale in September 2023 of its remaining 50% noncontrolling partnership interest in Cove Point to BHE under an agreement entered into in July 2023. Dominion Energy continues to focus on expanding and improving its regulated electric utilities and long-term contracted businesses while transitioning to a cleaner energy future. Its approximately $50 billion capital expenditure plan for 2025 through 2029 advances its “all-of-the-above” strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability and transmission and distribution resiliency to meet projected demand growth. Renewable generation facilities are expected to include significant investments in utility-scale solar and the CVOW Commercial Project. In addition, Dominion Energy has either received or applied for license extensions for its regulated nuclear power stations in Virginia and South Carolina and intends to apply for license extensions for Millstone.

Dominion Energy currently expects approximately 90% of earnings to come from state-regulated utility operations in Virginia, North Carolina and South Carolina. Dominion Energy’s nonregulated operations consist primarily of long-term contracted electric generation operations. Dominion Energy’s operations are conducted through various subsidiaries, including DESC and Virginia Power. DESC is an SEC registrant; however, its Form 10-K is filed separately and is not combined herein.

Virginia Power , headquartered in Richmond, Virginia and incorporated in Virginia in 1909 as a Virginia public service corporation, is a wholly-owned subsidiary of Dominion Energy and a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina. In Virginia, Virginia Power conducts business under the name “Dominion Energy Virginia” and primarily serves retail customers. In North Carolina, it conducts business under the name “Dominion Energy North Carolina” and serves retail customers located in the northeastern region of the state, excluding certain municipalities. In addition, Virginia Power sells and transmits electricity at wholesale prices to rural electric cooperatives, municipalities and into wholesale electricity markets. All of Virginia Power’s stock is owned by Dominion Energy.

Amounts and information disclosed for Dominion Energy are inclusive of Virginia Power, where applicable.

WHERE YOU CAN FIND MORE INFORMATION ABOUT THE COMPANIES

The Companies file their annual, quarterly and current reports, proxy statements and other information with the SEC. Their SEC filings are available to the public over the Internet at the SEC’s website at http://www.sec.gov.

The Companies make their SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, available, free of charge, through Dominion Energy’s website, http://www.dominionenergy.com, as soon as reasonably practicable after filing or furnishing the material to the SEC. The Companies also make available on the “Investors” page of Dominion Energy’s website additional information which may be important to investors, such as investor presentations, earnings release kits and other materials and presentations. Information contained on Dominion Energy’s website, including, but not limited to reports mentioned in Environmental Strategy , is not incorporated by reference in this report.

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ACQUISITIONS AND DISPOSITIONS

The following acquisitions and divestitures within the last three years are considered significant to the Companies.

Gas Distribution Operations

Sales to Enbridge

In March 2024, Dominion Energy completed the East Ohio Transaction with Enbridge for $4.3 billion in cash consideration and the assumption by Enbridge of approximately $2.3 billion of related long-term debt.

In May 2024, Dominion Energy completed the Questar Gas Transaction with Enbridge for $3.0 billion in cash consideration and the assumption by Enbridge of approximately $1.3 billion of related long-term debt.

In September 2024, Dominion Energy completed the PSNC Transaction with Enbridge for $2.0 billion in cash consideration and the assumption by Enbridge of approximately $1.3 billion of related long-term debt.

See Note 3 to the Consolidated Financial Statements for additional information.

Hope

In August 2022, Dominion Energy completed the sale of 100% of the equity interests in Hope to Ullico for $690 million in cash consideration, subject to customary closing adjustments.

See Note 3 to the Consolidated Financial Statements for additional information.

Electric Generation Facilities

Sale of Noncontrolling Interest in CVOW Commercial Project

In October 2024, Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP. At closing, Virginia Power received $2.6 billion, representing 50% of the CVOW Commercial Project construction costs incurred through closing, less an initial withholding of $145 million.

See Note 10 to the Consolidated Financial Statements for additional information.

Acquisition of Virginia Power Solar Projects

In 2022, Virginia Power entered into and completed the acquisitions of various solar development projects in Virginia. These projects are expected to cost a total of approximately $1.1 billion once constructed, including initial acquisition costs, and generate approximately 537 MW combined. These costs are primarily expected to be recovered under Rider CE.

See Note 13 to the Consolidated Financial Statements for additional information.

Acquisition of Nonregulated Solar Projects

In 2023, Dominion Energy entered into an agreement to acquire a nonregulated solar project in Virginia and completed the acquisition in 2024. The project was completed at a total cost of approximately $195 million, including initial acquisition cost, and generates approximately 83 MW.

In 2022, Dominion Energy entered into an agreement and completed the acquisition of a nonregulated solar project in Ohio. The project was completed at a total cost of approximately $390 million, including initial acquisition cost, and generates approximately 200 MW.

See Note 10 to the Consolidated Financial Statements for additional information.

Acquisition of Offshore Wind Project

In October 2024, Virginia Power completed the acquisition of an approximately 40,000-acre area lease 27 miles off the coast of North Carolina in federal waters and associated project assets in the early stages of development for approximately $160 million.

See Note 10 to the Consolidated Financial Statements for additional information.

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Equity Method Investments

Sale of Interest in Cove Point

In September 2023, Dominion Energy completed the sale of its 50% noncontrolling limited partnership interest in Cove Point to BHE for approximately $3.3 billion in cash proceeds.

See Note 9 to the Consolidated Financial Statements for additional information.

Acquisition of Interest in Dominion Privatization

In February 2022, Dominion Energy entered into an agreement to form Dominion Privatization, a joint venture with Patriot. Under the agreement, during 2022 Dominion Energy contributed its existing privatization operations in Virginia, Texas, Pennsylvania and South Carolina, excluding contracts held by DESC, and Patriot contributed cash. Dominion Energy received total consideration of $335 million, comprised of $168 million in cash proceeds and a 50% noncontrolling ownership interest in Dominion Privatization with an initial fair value of $167 million.

See Note 9 to the Consolidated Financial Statements for additional information.

HUMAN CAPITAL

One of Dominion Energy’s greatest strengths is its employees, and their unique skills, knowledge, expertise and backgrounds allow Dominion Energy to fulfill its mission to provide the reliable, affordable and increasingly clean energy that powers its customers every day. At December 31, 2024, Dominion Energy had approximately 14,700 full-time employees, of which approximately 3,400 are subject to collective bargaining agreements, including approximately 6,600 full-time employees at Virginia Power, of which approximately 2,700 are subject to collective bargaining agreements.

Safety is the highest priority of Dominion Energy’s five core values with the fundamental goal to send every employee home safe and sound every day. In 2024, Dominion Energy experienced an OSHA Recordable Rate of 0.42 compared to 0.45 in 2023 and 0.52 in 2022. These rates reflect Dominion Energy’s dedication to safety when compared to a BLS Industry Average OSHA Recordable Rate of 2.0 in 2023 and 1.7 in 2022. As evidence of Dominion Energy’s commitment to safety, annual incentive plans for all employees, except as restricted by any collective bargaining agreements, include a safety performance measure.

Dominion Energy works to recruit, retain and develop the careers of talented individuals regardless of background who reflect its core values; safety, ethics, excellence, embrace change and one Dominion Energy. These core values support Dominion Energy’s employees in their efforts to optimize performance, collaborate within teams and across the organization and create a respectful, welcoming work environment. As an example, Dominion Energy sponsors nine employee resource groups enabling employees to work together to create community and promote excellent performance. Further, Dominion Energy is an equal opportunity employer committed to non-discrimination in all operations. As part of this, Dominion Energy periodically reviews its workforce representation to ensure it is casting a wide net for the best and brightest talent. In 2024, 2023 and 2022, the percentage of Dominion Energy’s workforce that was diverse was 38.7%, 37.7% and 37.0%, respectively. In 2024, 2023 and 2022, the percentage of new hires that were diverse was 45.3%, 49.0% and 48.9%, respectively. For the purposes of measuring and reporting on diversity as required by federal law, Dominion Energy follows federal EEO-1 guidelines and includes employees who self-identify their gender as female and/or their race/ethnicity as American Indian or Alaskan Native, Asian, Black or African American, Hispanic or Latino, Native Hawaiian or Other Pacific Islander or Two or More Races.

Dominion Energy attracts and retains its employees by offering competitive compensation and benefits packages, including healthcare, retirement, paid time off, parental leave and other benefits. Dominion Energy also offers continuous learning opportunities including tuition assistance programs, professional development resources and leadership development programs. Additionally, Dominion Energy creates opportunities for its employees to engage its leaders and with each other through respectful two-way conversations that help employees and leaders learn from one another, share insights and opinions and broaden the workforce’s perspectives regarding what matters to customers. Dominion Energy prioritizes employee engagement and routinely seeks feedback through surveys, focus groups and other means. Such feedback informs management decisions, enhances support for employees and improves customer service. These resources and programs are designed not only to engage and retain talented employees but also to allow Dominion Energy to meet the needs of its customers in an ever-changing industry with a skilled workforce.

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OPERATING SEGMENTS

Dominion Energy manages its daily operations through three primary operating segments: Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy. See Note 26 to the Consolidated Financial Statements for a summary description of operations within each of the three primary operating segments. Dominion Energy also reports a Corporate and Other segment, which includes its corporate, service companies and other functions (including unallocated debt) as well as Dominion Energy’s noncontrolling interest in Dominion Privatization. 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 operating segments’ performance or in allocating resources. In addition, Corporate and Other includes the net impact of discontinued operations consisting primarily of the operations included in the East Ohio, PSNC and Questar Gas Transactions and Dominion Energy’s equity investment in Atlantic Coast Pipeline as discussed in Notes 3 and 9 to the Consolidated Financial Statements.

Virginia Power manages its daily operations through its primary operating segment: Dominion Energy Virginia. It also reports a Corporate and Other segment that primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.

While daily operations are managed through the operating segments previously discussed, assets remain wholly-owned by the Companies and their respective legal subsidiaries.

DOMINION ENERGY VIRGINIA

Dominion Energy Virginia is composed of Virginia Power’s regulated electric transmission, distribution and generation (regulated electric utility and its related energy supply) operations, which serve approximately 2.8 million residential, commercial, industrial and governmental customers in Virginia and North Carolina.

Dominion Energy Virginia’s capital plan for 2025 through 2029 includes spending approximately $41 billion, net of reimbursements from Stonepeak, to construct new generation capacity, including the CVOW Commercial Project, to continue developments to meet its renewable generation targets and growing electricity demand within its service territory in order to maintain reliability and regulatory compliance and to upgrade or add new transmission lines, distribution lines, substations and other facilities, as well as maintain existing generation capacity. The proposed infrastructure projects and investment commitments are intended to address both continued customer growth and increases in electricity consumption which are primarily driven by new and larger data center customers. See Properties and Environmental Strategy for additional information on this and other utility projects. Data centers, which represent 26% and 24% of Virginia Power’s electricity sales for the years ended December 31, 2024 and 2023, respectively, have been a source of significant increase in demand which is expected to continue over the next decade. The concentration of data centers primarily in Loudoun County, Virginia represents a unique challenge and requires significant investments in electric transmission facilities to meet the growing demand. PJM has projected a 6.3% average peak annual load growth over the next ten years for the PJM DOM Zone, which includes Dominion Energy Virginia’s service territory.

Virginia Power also plans to continue making progress on its ten-year plan through 2028 to transform its electric grid into a smarter, stronger and greener grid. This plan addresses the structural limitations of Virginia Power’s distribution grid in a systematic manner in order to recognize and accommodate fundamental changes and requirements in the energy industry. The objective is to address both customer and system needs by (i) achieving even higher levels of reliability and resiliency against natural and man-made threats, (ii) leveraging technology to enhance the customer experience and improve the operation of the system and (iii) safely and effectively integrating new utility-scale renewable generation and storage as well as customer–level distributed energy resources such as rooftop solar and battery storage. The Virginia Commission has approved portions of this plan through 2026.

Revenue provided by electric distribution and generation operations is based primarily on rates established by the Virginia and North Carolina Commissions. Approximately 78% of revenue comes from serving Virginia jurisdictional customers. Base rates for the Virginia jurisdiction are set using a modified cost-of-service rate model, and are generally designed to allow an opportunity to recover the cost of providing utility service and earn a reasonable return on investments used to provide that service. Variability in earnings is driven primarily by changes in rates, weather, customer growth and other factors impacting consumption such as the economy and energy conservation, in addition to operating and maintenance expenditures. Electric operations continue to focus on improving service and experience levels while striving to reduce costs and link investments to operational results. SAIDI performance results, excluding major events, were 130 minutes for the three-year average ending 2024, consistent with the previous three-year average of 130 minutes.

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Earnings may also reflect variations in the timing or nature of expenses as compared to those contemplated in current rates, such as labor and benefit costs, capacity expenses, the timing, duration and costs of scheduled and unscheduled outages as well as certain customers’ ability to choose a generation service provider. The cost of fuel and purchased power is generally collected through fuel cost-recovery mechanisms established by regulators and does not materially impact net income. The cost of new generation facilities is generally recovered through riders in Virginia. Variability in earnings from riders reflects changes in the authorized ROE and the carrying amount of these facilities, which are largely driven by the timing and amount of capital investments, as well as depreciation. See Note 13 to the Consolidated Financial Statements for additional information.

Revenue provided by Virginia Power’s electric transmission operations is based primarily on rates approved by FERC. The profitability of this business is dependent on its ability, through the rates it is permitted to charge, to recover costs and earn a reasonable ROIC. Variability in earnings primarily results from changes in rates and the timing of property additions, retirements and depreciation.

Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into PJM wholesale electricity markets. Consistent with the increased authority given to NERC by EPACT, Virginia Power is committed to meeting NERC standards, modernizing its infrastructure and maintaining superior system reliability with respect to its electric transmission operations.

Competition

There is no competition for electric distribution service within Virginia Power’s service territory in Virginia and North Carolina and no such competition is currently permitted. Historically, since its electric transmission facilities are integrated into PJM and electric transmission services are administered by PJM, there was no competition in relation to transmission service provided to customers within the PJM region. However, competition from non-incumbent PJM transmission owners for development, construction and ownership of certain transmission facilities in Virginia Power’s service territory is permitted pursuant to Order 1000, subject to state and local siting and permitting approvals. This could result in additional competition to build and own transmission infrastructure in Virginia Power’s service area in the future and could allow Dominion Energy to seek opportunities to build and own facilities in other service territories. Additionally, there is some competition for Virginia Power’s generation operations for Virginia jurisdictional electric utility customers that meet certain size requirements or that currently are purchasing energy from competitive suppliers deemed to be 100% renewable by the Virginia Commission. See Electric under State Regulations in Regulation for additional information. Currently, North Carolina does not offer retail choice to electric customers.

Virginia Power’s non-jurisdictional solar operations are not currently subject to significant competition as the output from these facilities is primarily sold under long-term power purchase agreements with terms generally ranging from 16 to 25 years. However, in the future, such operations may compete with other power generation facilities to serve certain large-scale customers after the power purchase agreements expire.

Regulation

Virginia Power’s electric distribution and generation operations, including the rates it may charge to jurisdictional customers, as well as wholesale electric transmission rates, tariffs and terms of service, are subject to regulation by the Virginia and North Carolina Commissions as well as FERC, NRC, EPA, DOE, U.S. Army Corps of Engineers, BOEM and other federal, state and local authorities. See State Regulations and Federal Regulations in Regulation, Future Issues and Other Matters in Item 7. MD&A and Notes 13 and 23 to the Consolidated Financial Statements for additional information.

Properties

For a description of existing facilities see Item 2. Properties.

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. The Virginia Commission provided such approvals in August 2022, as revised for certain provisions related to rider recovery in December 2022. The 2.6 GW project is expected to be placed in service by the end of 2026 with an estimated total project cost of approximately $10.7 billion, excluding financing costs, that reflects a revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project. 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.

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The expected total project cost reflects increases driven primarily by projections for onshore electrical interconnection costs and network upgrade costs assigned to the project by PJM, specifically incorporating consideration of PJM’s December 2024 publication of potential transmission network upgrades required for certain generation projects and related cost allocations, including those attributable to the CVOW Commercial Project. Relative to Virginia Power’s November 2024 Rider OSW filing, the updated estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs.

Virginia Power has entered into fixed price contracts for the major offshore construction and equipment components. These contracts include services denominated in currencies other than the U.S. dollar for approximately €2.6 billion and 5.1 billion kr., which have been included within the cost estimate above. In addition, certain of the fixed price contracts, approximately €0.7 billion, contain commodity indexing provisions linked to steel. In May 2022, Virginia Power entered into forward purchase agreements with a notional amount of approximately €3.2 billion to hedge its foreign currency rate risk exposure from certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project.

The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 5% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to actual network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs, if any, costs to maintain necessary permits, approvals and authorizations, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife 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 are anticipated to be completed in early 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. During the first installation season which concluded in October 2024, 78 monopiles were installed with the remaining 98 monopiles expected to be installed during the second installation season which runs from May 2025 through October 2025. Transition pieces began to be installed on monopiles near the end of 2024 with all transition pieces expected to be installed by early 2026. The first of three offshore substations is expected to be installed in early 2025. Deepwater cables commenced being laid in late 2024 with four of nine completed through February 2025 and an expected 260 miles of interarray cable ultimately to be laid throughout 2025 and 2026. Turbines are expected to commence installment in the second half of 2025 and be completed by the end of 2026.

In August 2022, the Virginia Commission approved the application for certification of the Virginia Facilities component of the CVOW Commercial Project, the revenue requirement for the initial rate year of Rider OSW, subject to certain performance measures, and noted that no further action was required with respect to Virginia Power’s foreign currency risk mitigation plan. In December 2022, the Virginia Commission approved the settlement agreement filed in October 2022 by Virginia Power, Office of the Attorney General of Virginia and other parties and reinstated its August 2022 order granting approval of Rider OSW. The settlement agreement provides for a voluntary cost sharing mechanism resulting from unforeseen construction cost increases; specifically, that Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no voluntary cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission preceding. The settlement agreement also provides for customers to receive the maximum benefits available under the IRA including that to the extent the IRA reduces the total construction costs, such reductions will also be applied to the cost sharing bands discussed above. In addition, the settlement agreement includes enhanced performance reporting provisions, in lieu of a performance guarantee, for the operation of the CVOW Commercial Project. To the extent the annual net capacity factor is below 42%, as determined on a three-year rolling average, Virginia Power is required to provide detailed explanation of the factors contributing to any shortfall to the Virginia Commission which could determine in a future proceeding a remedy for incremental costs incurred associated with any deemed unreasonable or imprudent actions of Virginia Power. See Note 13 to the Consolidated Financial Statements for additional information on Rider OSW.

In January 2023, following receipt of approval from the Virginia and North Carolina Commissions, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $240 million plus ancillary services. In December 2024, following receipt of approval from the Virginia and North Carolina Commissions, Virginia

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Power amended the lease agreement to potentially accelerate the commencement of the lease term. See additional discussion of the affiliated lease agreement in Note 25 to the Consolidated Financial Statements.

Virginia Power anticipates funding the CVOW Commercial Project consistent with its approved debt to equity capitalization structure. Through December 31, 2024, approximately $6.0 billion of costs had been incurred on the project. See Liquidity – Capital Expenditures in Item 7. M&A for project costs expected to be incurred in 2025 through 2029. In October 2024, Virginia Power closed on the sale of a 50% noncontrolling interest in the project to Stonepeak following satisfaction of regulatory approvals, including from BOEM and the Virginia and North Carolina Commissions. At closing, Virginia Power received $2.6 billion, representing 50% of the CVOW Commercial Project construction costs incurred through closing, less an initial withholding of $145 million. If the total project costs of the CVOW Commercial Project are $9.8 billion, excluding financing costs, or less Virginia Power shall receive $100 million of the initial withholding. Such amount is subject to downward adjustment with Virginia Power receiving no withheld amounts if the total costs, excluding financing costs, of the CVOW Commercial Project exceed $11.3 billion.

Virginia Power and Stonepeak will each contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion. For capital funding necessary, if any, for total project costs, excluding financing costs, of $11.3 billion through $13.7 billion, Stonepeak will have the option to make additional capital contributions. If Stonepeak elects to make additional capital contributions for project costs, excluding financing costs, in excess of $11.3 billion, if any, Virginia Power shall contribute between 67% and 83% of such capital with Stonepeak contributing the remainder. To the extent that Stonepeak elects not to make such contributions, Virginia Power shall receive an increase in its ownership percentage of OSWP for any contributed capital based on a tiered unit price for membership interests in OSWP as set forth in the agreement. Virginia Power and Stonepeak have the right to provide capital contributions for any total project costs, excluding financing costs, in excess of $13.7 billion.

See Note 10 to the Consolidated Financial Statements for additional information. The CVOW Commercial Project is vital for Virginia Power to meet the renewable energy portfolio standard established in the VCEA and is consistent with the criteria within the VCEA for the construction of an offshore wind facility deemed to be in the public interest as well as the guidelines facilitating cost recovery. See additional discussion of the VCEA provisions concerning renewable generation projects in Note 13 to the Consolidated Financial Statements.

Electric Generation and Storage Projects

In addition, Virginia Power is developing, financing and constructing new generation capacity and has also received license extensions on zero carbon nuclear generation facilities to meet its renewable generation targets and growing electricity demand within its service territory. Significant projects under construction or development as well as significant projects under consideration are set forth below:

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Electric Transmission and Distribution Projects

Virginia Power continues to invest in transmission projects that are a part of PJM’s RTEP process which focus on reliability improvements and replacement of aging infrastructure. The projects that have been authorized by PJM are expected to result in future capital expenditures of approximately $4.6 billion from 2025 through 2029.

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 $1.0 billion from 2025 through 2029 in connection with this arrangement.

Virginia legislation provides for the recovery of costs, subject to approval by the Virginia Commission, for Virginia Power to move approximately 4,000 miles of electric distribution lines underground. The program is designed to reduce restoration outage time by moving Virginia Power’s most outage-prone overhead distribution lines underground, has an annual investment cap of approximately $286 million and is expected to be completed by 2029. The Virginia Commission has approved seven phases of the program encompassing approximately 2,200 miles of converted lines and $1.3 billion in capital spending recoverable through Rider U. Additionally, Virginia Power has requested cost recovery for phase eight of the program from the Virginia Commission, encompassing approximately 300 miles of converted lines and $240 million in capital spending, recoverable through Rider DIST.

See Note 13 to the Consolidated Financial Statements for additional information.

Sources of Energy Supply

Virginia Power uses a variety of fuels to power its electric generation fleet and purchases power for utility system load requirements and to satisfy physical forward sale requirements. Some of these agreements have fixed commitments and are detailed further in Fuel and Other Purchase Commitments in Item 7. MD&A.

Presented below is a summary of Virginia Power’s actual system output by energy source:

Source		2024				2023				2022
Natural gas			40		%		36		%		36		%
Nuclear (1)			26				29				28
Purchased power, net			22				25				23
Coal (2)			5				5				8
Renewable and Hydro (3)			7				5				5
Total			100		%		100		%		100		%

Nuclear Fuel —Virginia Power primarily utilizes long-term contracts to support its nuclear fuel requirements. Worldwide market conditions are continuously evaluated to ensure a range of supply options at reasonable prices which are dependent on the market environment. Current agreements, inventories and spot market availability are expected to support current and planned fuel supply needs. Additional fuel is purchased as required to ensure optimal cost and inventory levels.

Fossil Fuel — Virginia Power primarily utilizes natural gas and coal in its fossil fuel plants. All recent fossil fuel plant construction involves natural gas generation.

Virginia Power’s natural gas and oil supply is obtained from various sources including purchases from major and independent producers in the Mid-Continent and Gulf Coast regions, purchases from local producers in the Appalachian area and Marcellus and Utica regions, purchases from gas marketers and withdrawals from underground storage fields owned by third parties. Virginia Power manages a portfolio of natural gas transportation contracts (capacity) that provides for reliable natural gas deliveries to its gas turbine fleet, while minimizing costs.

Virginia Power’s coal supply is obtained through long-term contracts and short-term spot agreements from domestic suppliers.

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Biomass— Virginia Power’s biomass supply is obtained through long-term contracts and short-term spot agreements from local suppliers.

Purchased Power — Virginia Power purchases electricity from the PJM spot market and through power purchase agreements with other suppliers to provide for utility system load requirements.

Seasonality

Virginia Power’s earnings vary seasonally as a result of the impact of changes in temperature, the impact of storms and other catastrophic weather events, and the availability of alternative sources for heating on demand by residential and commercial customers. Generally, the demand for electricity peaks during the summer and winter months to meet cooling and heating needs, respectively. An increase in heating degree days for Virginia Power’s electric utility-related operations does not produce the same increase in revenue as an increase in cooling degree days, due to seasonal pricing differentials and because alternative heating sources are more readily available.

Nuclear Decommissioning

Virginia Power has a total of four licensed, operating nuclear reactors at Surry and North Anna in Virginia.

Decommissioning involves the decontamination and removal of radioactive contaminants from a nuclear power station once operations have ceased, in accordance with standards established by the NRC. Amounts collected from ratepayers have been placed into trusts and are invested to fund the expected future costs of decommissioning the Surry and North Anna units.

Virginia Power believes that the decommissioning funds and their expected earnings for the Surry and North Anna units will be sufficient to cover expected decommissioning costs, particularly when combined with future ratepayer collections and contributions to these decommissioning trusts, if such future collections and contributions are required. This reflects the long-term investment horizon, since the units will not be decommissioned for decades, and a positive long-term outlook for trust fund investment returns. Virginia Power will continue to monitor these trusts to ensure they meet the NRC minimum financial assurance requirements, which may include, if needed, the use of parent company guarantees, surety bonding or other financial instruments recognized by the NRC.

The estimated cost to decommission Virginia Power’s four nuclear units is reflected in the table below and is primarily based upon site-specific studies completed in 2024. These cost studies are generally completed every four to five years. The current cost estimates assume decommissioning activities will begin shortly after cessation of operations, which will occur when the operating licenses expire.

Under the current operating licenses, Virginia Power is scheduled to decommission the Surry and North Anna units during the period 2052 to 2118. NRC regulations allow licensees to apply for extension of an operating license in up to 20-year increments. In 2021, Virginia Power was granted an additional 20 years for its operating licenses for the two units at Surry. Under these license extensions, the two units will be allowed to generate electricity through 2052 and 2053. In 2024, Virginia Power was granted an additional 20 years for its operating licenses for the two units at North Anna. Under these license extensions, the two units will be allowed to generate electricity through 2058 and 2060. Between the four units, Virginia Power estimates that it could spend approximately $5 billion through 2035 on capital improvements. The existing regulatory framework in Virginia provides rate recovery mechanisms for such costs.

The estimated decommissioning costs, funds in trust and current license expiration dates for Surry and North Anna are shown in the following table:

		NRC license expiration year		Most recent cost estimate (2024 dollars) (1)				Funds in trusts at December 31, 2024 (2)
(dollars in millions)
Surry
Unit 1		2052		$	886			$	1,217
Unit 2		2053			886				1,196
North Anna
Unit 1 (3)		2058			839				966
Unit 2 (3)		2060			844				907
Total				$	3,455			$	4,286

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Also see Notes 9, 14 and 23 to the Consolidated Financial Statements for additional information about nuclear decommissioning trust investments, AROs and other aspects of nuclear decommissioning, respectively.

DOMINION ENERGY SOUTH CAROLINA

Dominion Energy South Carolina is composed of DESC’s generation, transmission and distribution of electricity to approximately 0.8 million customers in the central, southern and southwestern portions of South Carolina and the distribution of natural gas to approximately 0.5 million residential, commercial and industrial customers in South Carolina.

Dominion Energy South Carolina’s capital plan for 2025 through 2029 includes spending approximately $6 billion to upgrade existing or add new infrastructure to meet growing energy needs within its service territory and maintain reliability.

Revenue provided by DESC’s electric distribution operations is based primarily on rates established by the South Carolina Commission. Variability in earnings is driven primarily by changes in rates, weather, customer growth and other factors impacting consumption such as the economy and energy conservation, in addition to operating and maintenance expenditures.

DESC’s electric transmission operations serve its electric distribution operations as well as certain wholesale customers. Revenue provided by such electric transmission operations is based on a FERC-approved formula rate mechanism under DESC’s open access transmission tariff or based on retail rates established by the South Carolina Commission.

Revenue provided by DESC’s electric generation operations is primarily derived from the sale of electricity generated by its utility generation assets and is based on rates established by the South Carolina Commission. Variability in earnings may arise when revenues are impacted by factors not reflected in current rates, such as the impact of weather, customer demand or the timing and nature of expenses or outages.

Electric operations continue to focus on improving service and experience levels while striving to reduce costs and link investments to operational results. SAIDI performance results, excluding major events, were 83 minutes for the three-year average ending 2024, up from the previous three-year average of 82 minutes.

Revenue provided by DESC’s natural gas distribution operations primarily results from rates established by the South Carolina Commission. Variability in earnings results from changes in operating and maintenance expenditures, as well as changes in rates and the demand for services, the availability and prices of alternative fuels and the economy.

DESC is a member of the Carolinas Reserve Sharing Group, one of several geographic divisions within the SERC. The SERC is one of seven regional entities with delegated authority from NERC for the purpose of proposing and enforcing reliability standards approved by NERC. In addition, DESC also participates in the SEEM platform, which became operational in November 2022. See Federal Regulations in Regulation for additional information on SEEM.

Competition

There is no competition for electric distribution or generation service within DESC’s retail electric service territory in South Carolina and no such competition is currently permitted. However, competition from third-party owners for development, construction and ownership of certain transmission facilities in DESC’s service territory is permitted pursuant to Order 1000, subject to state and local siting and permitting approvals. This could result in additional competition to build and own transmission infrastructure in DESC’s service area in the future.

Competition in DESC’s natural gas distribution operations is generally based on price and convenience. Large commercial and industrial customers often have the ability to switch from natural gas to an alternate fuel, such as propane or fuel oil. Natural gas competes with these alternate fuels based on price. As a result, any significant disparity between supply and demand, either of natural gas or of alternate fuels, and due either to production or delivery disruptions or other factors, will affect price and the ability to retain large commercial and industrial customers.

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Regulation

DESC’s electric distribution service, including the rates it may charge to jurisdictional customers, is subject to regulation by the South Carolina Commission. DESC’s electric generation operations are subject to regulation by the South Carolina Commission, FERC, NRC, EPA, DOE, U.S. Army Corps of Engineers and other federal, state and local authorities. DESC’s electric transmission service is primarily regulated by FERC and the DOE. DESC’s gas distribution operations are subject to regulation by the South Carolina Commission, as well as PHMSA, the U.S. Department of Transportation and the South Carolina Office of Regulatory Staff for enforcement of federal and state pipeline safety requirements. See State Regulations and Federal Regulations in Regulation, Future Issues and Other Matters in Item 7. MD&A and Notes 13 and 23 to the Consolidated Financial Statements for additional information.

Properties

For a description of existing facilities, see Item 2. Properties.

DESC has the following significant projects under construction or development to better serve customers or expand its service offerings within its service territory:

In January 2022, DESC committed to a plan to retire certain existing gas combustion turbine facilities, including certain units which currently do not have any net summer capability, and replace them with new gas combustion turbine units at the Williams and Parr facilities to increase reliability and reduce emissions. The replacement facility at the Williams facility achieved commercial operation in 2024. The replacement facility at the Parr facility is expected to be placed in service by the end of 2025 at an estimated cost of approximately $220 million, excluding financing costs, and have a total winter generating capacity of approximately 105 MW.

To maintain reliability, DESC commenced development in 2023 of a wastewater treatment facility at the Williams facility. The project will allow DESC to comply with the effluent limitation guidelines and is expected to be placed in service by the end of 2025 at an estimated cost of approximately $160 million, excluding financing costs.

In February 2024, DESC received approval from the South Carolina Commission to provide electric services to two large industrial customers which will require development of new electric transmission facilities.

In January 2025, DESC received an approval from the South Carolina Commission to pursue the construction of a new natural gas-fired combustion turbine unit at Urquhart to increase reliability, improve operational flexibility and reduce emissions. Provided that DESC is able to obtain the necessary permits to commence construction, this facility could be placed in service by the end of 2028 at an estimated cost of $395 million, excluding financing costs, and have a total winter generating capacity of approximately 200 MW. If completed, this project would be expected to replace certain legacy natural gas-fired combustion turbine and natural gas-fired steam generation facilities at the site.

Sources of Energy Supply

DESC uses a variety of fuels to power its electric generation fleet and purchases power for utility system load requirements. Some of these agreements have fixed commitments and are detailed further in Fuel and Other Purchase Commitments in Item 7. MD&A.

Presented below is a summary of DESC’s actual system output by energy source:

Source		2024				2023				2022
Natural gas			47		%		50		%		48		%
Nuclear (1)			21				21				23
Coal			21				18				18
Renewable and Hydro (2)			11				11				11
Total			100		%		100		%		100		%

Natural gas — DESC purchases natural gas under contracts with producers and marketers on both a short-term and long-term basis at market-based prices. The gas is delivered to DESC through firm transportation agreements with various counterparties, through 2084.

Coal — DESC primarily obtains coal through short-term and long-term contracts with suppliers located in eastern Kentucky, Tennessee, Virginia and West Virginia that will expire at various times through 2026. Spot market purchases may occur when needed or when prices are believed to be favorable.

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Nuclear — DESC primarily utilizes long-term contracts to support its nuclear fuel requirements. DESC, for itself and as agent for Santee Cooper, and Westinghouse are parties to a fuel alliance agreement and contracts for fuel fabrication and related services. Under these contracts, DESC supplies enriched products to Westinghouse, who in turn supplies nuclear fuel assemblies for Summer. Westinghouse is DESC’s exclusive provider of such fuel assemblies on a cost-plus basis. The fuel assemblies to be delivered under the contracts are expected to supply the nuclear fuel requirements through 2036.

In addition, DESC has contracts covering its nuclear fuel needs for uranium, conversion services and enrichment services. These contracts have varying expiration dates through 2032. DESC believes that it will be able to renew these contracts as they expire or enter into similar contractual arrangements with other suppliers of nuclear fuel materials and services and that sufficient capacity for nuclear fuel supplies and processing exists to allow for normal operations of its nuclear generating unit. Current agreements, inventories and spot market availability are expected to support current and planned fuel supply needs. Additional fuel is purchased as required to ensure optimal fuel and inventory levels.

Seasonality

DESC’s electric business earnings vary seasonally as a result of the impact of changes in temperature, the impact of storms and other catastrophic weather events and the availability of alternative sources for heating on demand by residential and commercial customers. Generally, the demand for electricity peaks during the summer and winter months to meet cooling and heating needs, respectively. An increase in heating degree days does not produce the same increase in revenue as an increase in cooling degree days, due to seasonal pricing differentials and because alternative heating sources are more readily available.

DESC’s gas distribution and storage business earnings vary seasonally as a result of the impact of changes in temperature on demand by residential and commercial customers for gas to meet heating needs. The majority of these earnings are generated during the heating season, which is generally from November to March; however, South Carolina has certain rate mechanisms designed to reduce the impact of weather-related fluctuations.

Nuclear Decommissioning

DESC has a two-thirds interest in one licensed, operating nuclear reactor at Summer in South Carolina.

Decommissioning involves the decontamination and removal of radioactive contaminants from a nuclear power station once operations have ceased, in accordance with standards established by the NRC. Amounts collected from ratepayers are placed into trusts and are invested to fund the expected future costs of decommissioning Summer.

DESC believes that the decommissioning funds and their expected earnings will be sufficient to cover expected decommissioning costs, particularly when combined with future ratepayer collections and contributions to this trust. DESC will continue to monitor this trust to ensure that it meets the NRC minimum financial assurance requirements, which may include, if needed, the use of parent company guarantees, surety bonding or other financial instruments recognized by the NRC.

The estimated cost to DESC to decommission its 66.7% ownership in Summer is reflected in the table below and is primarily based upon site-specific studies completed in 2020. These cost studies are generally completed every four to five years. Santee Cooper is responsible for the remaining decommissioning costs, proportionate with its 33.3% ownership in Summer. The cost estimates assume decommissioning activities will begin shortly after cessation of operations, which will occur when the operating license expires. NRC regulations allow licensees to apply for extension of an operating license in up to 20-year increments. In August 2023, DESC filed an application with the NRC to renew the operating license for Unit 1 at Summer for an additional 20 years. A relicensing would extend its life through 2062. The existing regulatory framework in South Carolina provides a rate recovery mechanism for costs incurred on the relicensing process.

The estimated decommissioning costs, funds in trust and current license expiration dates for Summer are shown in the following table:

		NRC license expiration year		Most recent cost estimate (2024 dollars) (1)				Funds in trusts at December 31, 2024 (2)
(dollars in millions)
Summer – Unit 1		2042		$	831			$	268

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Also see Notes 9, 14 and 23 to the Consolidated Financial Statements for additional information about nuclear decommissioning trust investments, AROs and other aspects of nuclear decommissioning, respectively.

CONTRACTED ENERGY

Contracted Energy includes the operations of Millstone, and associated energy marketing and price risk activities, and Dominion Energy’s nonregulated long-term contracted renewable electric generation fleet. Contracted Energy also includes nonregulated renewable natural gas facilities in operation and under development, including Dominion Energy’s investment in Align RNG. See Investments below for additional information regarding the Align RNG investment.

Contracted Energy’s capital plan for 2025 through 2029 includes spending approximately $2 billion primarily to support its operations at Millstone and develop renewable natural gas projects.

Contracted Energy derives its earnings primarily from Dominion Energy’s nonregulated generation assets, including associated capacity and ancillary services. Variability in earnings provided by Millstone relates to changes in market-based prices received for electricity and capacity as well as the timing, duration and costs of scheduled and unscheduled outages. Approximately half of Millstone’s output is sold under the Millstone 2019 power purchase agreements, which commenced in October 2019. Market-based prices for electricity are largely dependent on commodity prices and the demand for electricity. Capacity prices are dependent upon resource requirements in relation to the supply available (both existing and new) in the forward capacity auctions, which are held approximately three years in advance of the associated delivery year. Dominion Energy manages the electric price volatility of Millstone by hedging a substantial portion of its expected near-term energy sales not subject to the Millstone 2019 power purchase agreements with derivative instruments.

Dominion Energy’s nonregulated generation fleet includes solar generation facilities in operation or development in five states, including Virginia. The output of these facilities is sold under long-term power purchase agreements with terms generally ranging from 15 to 25 years. Variability in earnings provided by these assets relates to changes in irradiance levels due to changes in weather. See Note 10 to the Consolidated Financial Statements for additional information regarding certain solar projects.

Competition

Contracted Energy’s renewable generation projects are not currently subject to significant competition as the output from these facilities is primarily sold under long-term power purchase agreements with terms generally ranging from 15 to 25 years. However, in the future, such operations may compete with other power generation facilities to serve certain large-scale customers after the power purchase agreements expire. Competition for the nonregulated fleet is impacted by electricity and fuel prices, new market entrants, construction by others of generating assets and transmission capacity, technological advances in power generation, the actions of environmental and other regulatory authorities and other factors. These competitive factors may negatively impact the nonregulated fleet’s ability to profit from the sale of electricity and related products and services.

Millstone is dependent on its ability to operate in a competitive environment and does not have a predetermined rate structure that provides for an ROIC. Millstone operates within a functioning RTO and primarily competes on the basis of price. Competitors include other generating assets bidding to operate within the RTO. Millstone competes in the wholesale market with other generators to sell a variety of products including energy, capacity and ancillary services. It is difficult to compare various types of generation given the wide range of fuels used by generation facilities, fuel procurement strategies, efficiencies and operating characteristics of the fleet within any given RTO. However, Dominion Energy applies its expertise in operations, dispatch and risk management to maximize the degree to which Millstone is competitive compared to similar assets within the region.

Regulation

Contracted Energy’s generation fleet is subject to regulation by the NRC, EPA, DOE, U.S. Army Corps of Engineers and other federal, state and local authorities. See Federal Regulations in Regulation, Future Issues and Other Matters in Item 7. MD&A and Note 23 to the Consolidated Financial Statements for additional information.

Properties

For a listing of facilities, see Item 2. Properties.

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Non-Utility Renewable Natural Gas —In December 2019, Dominion Energy began exploring projects to capture methane from dairy farms and convert it into pipeline quality natural gas. As of December 31, 2024, 18 dairy renewable natural gas projects in Colorado, Georgia, Idaho, Kansas, New Mexico, Nevada and Texas were under construction, including seven of which had begun to produce test gas. Substantially all of the projects are expected to be placed in service in 2025 with an estimated total cost of approximately $1.3 billion, excluding financing costs. Dominion Energy expects to invest approximately $300 million on such facilities in 2025.

Investments

Align RNG —In November 2018, Dominion Energy announced the formation of Align RNG, an equal partnership with Smithfield Foods, Inc. As of December 31, 2024, Align RNG had three projects under construction in North Carolina and Virginia with an estimated total cost of approximately $125 million. These facilities are expected to be placed in service throughout 2025 and 2026.

Leasing Arrangement

In December 2020, Dominion Energy signed an agreement (most recently amended in August 2024) with a lessor to complete construction of and lease a Jones Act compliant offshore wind installation vessel. This vessel is designed to handle current turbine technologies as well as next generation turbines. The lessor is providing equity and has obtained financing commitments from debt investors, totaling $715 million, to fund project costs. Including financing costs, total estimated project costs are approximately $715 million. The completed project is expected to be delivered to the CVOW Commercial Project in the third quarter of 2025. The initial lease term will commence once construction is substantially complete and the vessel is delivered and will mature after five years. See Note 15 to the Consolidated Financial Statements for additional information.

Sources of Energy Supply

Contracted Energy’s renewable fleet utilizes solar energy to power its electric generation while Millstone utilizes nuclear fuel, which is acquired primarily through a series of 5-year contracts, to power its electric generation. In addition, Dominion Energy occasionally purchases electricity from the ISO-NE spot market to satisfy physical forward sale requirements, as described below. Some of these agreements have fixed commitments and are detailed further in Fuel and Other Purchase Commitments in Item 7. MD&A.

Seasonality

Sales of electricity for Contracted Energy are subject to seasonal variation as a result of the weather, partially mitigated by the Millstone 2019 power purchase agreements.

Nuclear Decommissioning

Dominion Energy has two licensed, operating nuclear reactors at Millstone in Connecticut. Dominion Energy intends to seek approval of 20-year license extensions for both Units 2 and 3, which would allow these units to generate electricity through 2055 and 2065, respectively. A third Millstone unit ceased operations before Dominion Energy acquired the power station.

As part of Dominion Energy’s acquisition of Millstone, it acquired decommissioning funds for the related units. Dominion Energy believes that the decommissioning funds and their expected earnings will be sufficient to cover expected decommissioning costs for the Millstone units. Dominion Energy will continue to monitor these trusts to ensure they meet the NRC minimum financial assurance requirements, which may include, if needed, the use of parent company guarantees, surety bonding or other financial instruments recognized by the NRC. The most recent site-specific study completed for Millstone was performed in 2024.

The estimated decommissioning costs, funds in trust and current license expiration dates for Millstone are shown in the following table:

		NRC license expiration year		Most recent cost estimate (2024 dollars) (1)				Funds in trusts at December 31, 2024 (2)
(dollars in millions)
Millstone
Unit 1 (3)		N/A		$	893			$	944
Unit 2		2035			1,076				1,270
Unit 3 (4)		2045			1,190				1,282
Total				$	3,159			$	3,496

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Also see Notes 9, 14 and 23 to the Consolidated Financial Statements for additional information about nuclear decommissioning trust investments, AROs and other aspects of nuclear decommissioning, respectively.

CORPORATE AND OTHER

Corporate and Other Segment-Dominion Energy

Dominion Energy’s Corporate and Other segment includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. 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. In addition, Corporate and Other includes the net impact of discontinued operations consisting primarily of the operations included in the East Ohio, PSNC and Questar Gas Transactions and a noncontrolling interest in Atlantic Coast Pipeline.

Dominion Energy owns a 50% noncontrolling interest in Dominion Privatization, a partnership with Patriot, which maintains and operates electric and gas distribution infrastructure under service concession arrangements with certain U.S. military installations in Pennsylvania, South Carolina, Texas, Washington D.C. and Virginia.

Dominion Energy owns a 53% noncontrolling interest in Atlantic Coast Pipeline. In July 2020, as a result of the continued permitting delays, growing legal uncertainties and the need to incur significant capital expenditures to maintain project timing before such uncertainties could be resolved, Dominion Energy and Duke Energy announced the cancellation of the Atlantic Coast Pipeline Project.

See Notes 3 and 9 to the Consolidated Financial Statements for additional information.

Corporate and Other Segment-Virginia Power

Virginia Power’s Corporate and Other segment primarily includes certain specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.

REGULATION

The Companies are subject to regulation by various federal, state and local authorities, including the state commissions of Virginia, North Carolina and South Carolina, SEC, FERC, EPA, DOE, PHMSA, NRC, U.S. Army Corps of Engineers, BOEM and U.S. Department of Transportation.

State Regulations

Electric

Virginia Power and DESC’s electric utility retail services are subject to regulation by the Virginia and North Carolina Commissions and the South Carolina Commission, respectively.

Virginia Power and DESC hold CPCNs which authorize them to maintain and operate their electric facilities already in operation and to sell electricity to customers. However, Virginia Power and DESC may not construct generating facilities or large capacity transmission lines without the prior approval of various state and federal government agencies. In addition, the Virginia and North Carolina Commissions and the South Carolina Commission regulate Virginia Power and DESC’s transactions, respectively, with affiliates and transfers of certain facilities. The Virginia and South Carolina Commissions also regulate the issuance of certain securities.

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Electric Regulation in Virginia

The Regulation Act provides for a cost-of-service rate model and permits Virginia Power to seek recovery of costs for new generation projects as well as extensions of operating licenses of nuclear power generation facilities, FERC-approved transmission costs, underground distribution lines, certain environmental compliance, conservation, energy efficiency and demand response programs and renewable energy facilities and programs through stand-alone riders, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission. If the Virginia Commission does not allow recovery of costs incurred in providing service on a timely basis, Virginia Power’s future earnings could be negatively impacted.

In April 2020, the VCEA replaced Virginia’s voluntary renewable energy portfolio standard for Virginia Power with a mandatory program setting annual renewable energy portfolio standard requirements based on the percentage of total electric energy sold by Virginia Power, excluding existing nuclear generation and certain new carbon-free resources, reaching 100% by the end of 2045. The VCEA includes related requirements concerning deployment of wind, solar and energy storage resources, as well as provides for certain measures to increase net-metering, including an allocation for low-income customers, incentivizes energy efficiency programs and provides for cost recovery related to participation in a carbon trading program.

In April 2023, legislation was enacted that resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. The legislation provided that the Virginia Commission establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, and that subsequent to the 2023 Biennial Review the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations. In all future biennial reviews, if the Virginia Commission determines that Virginia Power’s existing base rates will, on a going-forward basis, produce revenues that are either in excess of or below its authorized rate of return, the Virginia Commission is authorized to reduce or increase such base rates, as applicable and necessary, to ensure that Virginia Power’s base rates are just and reasonable while still allowing Virginia Power to recover its costs and earn a fair rate of return. In addition, beginning with the 2025 Biennial Review, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding.

The legislation directed that if the Virginia Commission determined as part of the 2023 Biennial Review that Virginia Power had earned more than 70 basis points above its authorized ROE of 9.35% established in the 2021 Triennial Review that 85% of the amount of such earnings above this level be credited to customers’ bills. In future biennial reviews, beginning with the biennial review to be filed in 2025, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE. For the purposes of measuring any bill credits due to customers, associated income taxes are factored into the determination of such amounts. In addition, the legislation eliminated Virginia Power’s ability to utilize Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects as a CCRO to reduce or offset any earnings otherwise eligible for customer credits as previously permitted under the GTSA.

See Note 13 to the Consolidated Financial Statements for additional information.

Electric Regulation in North Carolina

Virginia Power’s retail electric base rates in North Carolina are regulated on a cost-of-service/rate-of-return basis subject to North Carolina statutes and the rules and procedures of the North Carolina Commission. North Carolina base rates are set by a process that allows Virginia Power to recover its operating costs and an ROIC. If retail electric earnings exceed the authorized ROE established by the North Carolina Commission, retail electric rates may be subject to review and possible reduction by the North Carolina Commission, which may decrease Virginia Power’s future earnings. Additionally, if the North Carolina Commission does not allow recovery of costs incurred in providing service on a timely basis, Virginia Power’s future earnings could be negatively impacted. Fuel rates are subject to revision under annual fuel cost adjustment proceedings. Recent North Carolina legislation provides Virginia Power the option to apply for a multi-year rate plan to establish base rates under a performance-based rate plan rather than a general rate case. Under this optional structure, rates would be set for a multi-year period and be subject to revenue decoupling for residential customers, an annual earnings sharing mechanism and performance-based requirements.

Virginia Power’s transmission service rates in North Carolina are regulated by the North Carolina Commission as part of Virginia Power’s bundled retail service to North Carolina customers.

See Note 13 to the Consolidated Financial Statements for additional information.

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Electric Regulation in South Carolina

DESC’s retail electric base rates in South Carolina are regulated on a cost-of-service/rate-of-return basis subject to South Carolina statutes and the rules and procedures of the South Carolina Commission. South Carolina base rates are set by a process that allows DESC to recover its operating costs and an ROIC. If retail electric earnings exceed the authorized ROE established by the South Carolina Commission, retail electric rates may be subject to review and possible reduction, which may decrease DESC’s future earnings. Additionally, if the South Carolina Commission does not allow recovery of costs incurred in providing service on a timely basis, DESC’s future earnings could be negatively impacted. Fuel costs are reviewed annually by the South Carolina Commission, as required by statute, and fuel rates are subject to revision in these annual fuel proceedings. DESC also submits annual filings to the South Carolina Commission for rider recovery related to its DSM programs and pension costs. The DSM rider includes recovery of any net lost revenues and for a shared savings incentive.

Pursuant to the SCANA Merger Approval Order, DESC is recovering capital costs and a return on capital cost rate base related to the NND Project over a 20-year period through a capital cost rider. The capital cost rider also provides for the return to retail electric customers of certain amounts associated with the NND Project. Revenue from the capital cost rider component of retail electric rates will continue to decline over the 20-year period as capital cost rate base is reduced.

See Note 13 to the Consolidated Financial Statements for additional information.

Gas

DESC is subject to regulation of rates and other aspects of its natural gas distribution service by the South Carolina Commission. DESC provides retail natural gas service to customers in areas in which it has received authorization from the South Carolina Commission and in municipalities in which it holds a franchise. DESC’s base rates can be adjusted annually, pursuant to the Natural Gas Rate Stabilization Act, for recovery of costs related to natural gas infrastructure. Base rates are set based on the cost-of-service by rate class approved by the South Carolina Commission in the latest general rate case. Base rates for DESC are based primarily on a rate design methodology in which the majority of operating costs are recovered through volumetric charges. DESC also utilizes a weather normalization adjustment to adjust its base rates during the winter billing months for residential and commercial customers to mitigate the effects of unusually cold or warm weather.

DESC’s natural gas tariffs include a purchased gas adjustment that provides for the recovery of prudently incurred gas costs, including transportation costs. DESC is authorized to adjust its purchased gas rates monthly and makes routine filings with the South Carolina Commission to provide notification of changes in these rates. Costs that are under or over recovered are deferred as regulatory assets or liabilities, respectively, and considered in subsequent purchased gas adjustments. The purchased gas adjustment filings cover a prospective twelve-month period. Increases or decreases in purchased gas costs can result in corresponding changes in purchased gas adjustment rates and the revenue generated by those rates. The South Carolina Commission reviews DESC’s gas purchasing policies and practices, including its administration of the purchased gas adjustment, annually. DESC has also received approval from the South Carolina Commission to recover gas DSM program costs and a shared savings incentive from residential and commercial natural gas customers under a rider to retail gas rates. The South Carolina Commission approved DESC to recover net lost revenues resulting from the gas DSM programs through its annual Natural Gas Rate Stabilization Act proceeding.

See Note 13 to the Consolidated Financial Statements for additional information.

Federal Regulations

Federal Energy Regulatory Commission

Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Virginia Power purchases and, under its market-based rate authority, sells electricity in the PJM wholesale market and to wholesale purchasers in Virginia and North Carolina. Dominion Energy’s nonregulated generators sell electricity in the PJM, CAISO and ISO-NE wholesale markets, and to wholesale purchasers in the states of Virginia, North Carolina, Ohio, Connecticut, California and South Carolina, under Dominion Energy’s market-based sales tariffs authorized by FERC or pursuant to FERC authority to sell as a qualified facility. DESC may make wholesale sales at market-based rates outside its balancing authority pursuant to its market-based sales tariff authorized by FERC. In addition, DESC has FERC approved tariffs to sell wholesale power at capped rates based on its embedded cost of generation. These cost-based sales tariffs could be used to sell to loads within or outside DESC’s service territory. Any such sales are voluntary. FERC also regulates the issuance of certain securities by DESC.

Through June 2022, Virginia Power satisfied its capacity requirements as a Fixed Resource Requirement Entity that self-supplied the capacity needed to serve load. In April 2024, Virginia Power notified PJM that it was changing its election to satisfy its capacity requirements by returning to PJM’s Reliability Pricing Model capacity market, planning to purchase capacity rather than satisfying

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this requirement by self-supplying the capacity needed to serve load. This change will become effective for the delivery year beginning June 2025. This decision does not affect day-to-day operations.

The Companies are subject to FERC’s Standards of Conduct that govern conduct between transmission function employees of interstate gas and electricity transmission providers and the marketing function employees of their affiliates. The rule defines the scope of transmission and marketing-related functions that are covered by the standards and is designed to prevent transmission providers from giving their affiliates undue preferences.

The Companies are also subject to FERC’s affiliate restrictions that (1) prohibit power sales between nonregulated plants and utility plants without first receiving FERC authorization, (2) require the nonregulated and utility plants to conduct their wholesale power sales operations separately and (3) prohibit utilities from sharing market information with nonregulated plant operating personnel. The rules are designed to prohibit utilities from giving the nonregulated plants a competitive advantage.

EPACT included provisions to create an Electric Reliability Organization, which is required to promulgate mandatory reliability standards governing the operation of the bulk power system in the U.S. FERC has certified NERC as the Electric Reliability Organization and also issued an initial order approving many reliability standards that went into effect in 2007. Entities that violate standards will be subject to fines of up to $1.6 million per day, per violation and can also be assessed non-monetary penalties, depending upon the nature and severity of the violation.

In April 2008, FERC granted an application for Virginia Power’s electric transmission operations to establish a forward-looking formula rate mechanism that updates transmission rates on an annual basis and approved an ROE effective as of January 1, 2008. The formula rate is designed to recover the expected revenue requirement for each calendar year and is updated based on actual costs. The FERC-approved formula method, which is based on projected costs, allows Virginia Power to earn a current return on its growing investment in electric transmission infrastructure.

In October 2011, FERC issued an order approving the settlement of DESC’s formula rate that updates transmission rates on an annual basis, including its ROE. The formula rate is designed to recover the expected revenue requirement for the calendar year and is updated annually based on actual costs. This FERC accepted formula rate enables DESC to earn a return on its investment in electric transmission infrastructure.

In February 2021, DESC and the other members of the SEEM submitted the Southeast Energy Exchange Market Agreement to FERC for authorization. This agreement sets forth the framework and rules for establishing and maintaining a new voluntary electronic trading platform designed to enhance the existing bilateral market in the Southeast utilizing zero-charge transmission service. That transmission service, in turn, will be voluntarily provided by participating transmission service providers, including DESC. In October 2021, the Southeast Energy Exchange Market Agreement became effective by operation of law as a result of a split FERC vote. The SEEM platform became operational in November 2022. Certain parties appealed FERC's authorization of SEEM to the U.S. Court of Appeals for the District of Columbia. In July 2023, the U.S. Court of Appeals for the District of Columbia remanded the authorization of SEEM to FERC for further proceedings. This matter is pending.

Nuclear Regulatory Commission

All aspects of the operation and maintenance of the Companies’ nuclear power stations are regulated by the NRC. Operating licenses issued by the NRC are subject to revocation, suspension or modification, and the operation of a nuclear unit may be suspended if the NRC determines that the public interest, health or safety so requires.

From time to time, the NRC adopts new requirements for the operation and maintenance of nuclear facilities. In many cases, these new regulations require changes in the design, operation and maintenance of existing nuclear facilities. If the NRC adopts such requirements in the future, it could result in substantial increases in the cost of operating and maintaining the Companies’ nuclear generating units. See Note 23 to the Consolidated Financial Statements for additional information.

The NRC also requires the Companies to decontaminate their nuclear facilities once operations cease. This process is referred to as decommissioning, and the Companies are required by the NRC to be financially prepared. For information on decommissioning trusts, see Dominion Energy Virginia-Nuclear Decommissioning , Dominion Energy South Carolina-Nuclear Decommissioning, and Contracted Energy-Nuclear Decommissioning above and Notes 3 and 9 to the Consolidated Financial Statements. See Note 23 to the Consolidated Financial Statements for additional information on spent nuclear fuel.

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Cyber Regulations

The Companies plan and operate their facilities in compliance with approved government cyber regulatory requirements. The Companies’ employees participate on various regulatory committees, track the development and implementation of standards and maintain proper compliance registration with NERC’s regional organizations. The Companies anticipate incurring additional compliance expenditures over the next several years because of the implementation of new cybersecurity programs such as the Transportation Security Administration’s gas sector cyber security directives. In addition, NERC continues to develop additional requirements specifically regarding supply chain standards and control centers that impact the bulk electric system. While the Companies expect to incur additional compliance costs in connection with NERC, Transportation Security Administration and other governmental agency regulations, such expenses are not expected to significantly affect results of operations.

Safety Regulations

Dominion Energy is also subject to federal and state pipeline safety laws and regulations which set forth numerous operation, maintenance and inspection and repair regulations designed to ensure the safety and integrity of Dominion Energy’s pipeline and storage infrastructure.

The Companies are subject to a number of federal and state laws and regulations, including Occupational Safety and Health Administration, and comparable state statutes, whose purpose is to protect the health and safety of workers. The Companies have an internal safety, health and security program designed to monitor and enforce compliance with worker safety requirements, which is routinely reviewed and considered for improvement. The Companies believe that they are in material compliance with all applicable laws and regulations related to worker health and safety. Notwithstanding these preventive measures, incidents may occur that are outside of the Companies’ control.

Environmental Regulations

Each of the Companies’ operating segments is subject to substantial laws, regulations and compliance costs with respect to environmental matters. In addition to imposing continuing compliance obligations, these laws and regulations authorize the imposition of significant penalties for noncompliance, including fines, injunctive relief and other sanctions. The cost of complying with applicable environmental laws, regulations and rules is material to the Companies. If compliance expenditures and associated operating costs are not recoverable from customers through regulated rates (in regulated businesses) or market prices (in unregulated businesses), those costs could adversely affect future results of operations and cash flows. The Companies have applied for or obtained the necessary environmental permits for the construction and operation of their facilities. Many of these permits are subject to reissuance and continuing review.

Global Climate Change

The Companies support a federal climate change program that would provide a consistent, economy-wide approach to addressing this issue. Regardless of federal action, the Companies are seeking to reduce their GHG emissions while meeting the growing needs of their customers. In 2020, Virginia enacted the VCEA which addresses climate change matters such as the reduction of GHG emissions and renewable energy portfolio standards. Dominion Energy’s CEO and executive operational leadership within each operating segment are responsible for compliance with the laws and regulations governing environmental matters, including GHG emissions, and Dominion Energy’s Board of Directors receives periodic updates on these matters. See State Regulations—Electric—Electric Regulation in Virginia above, Environmental Strategy below , Environmental Matters in Future Issues and Other Matters in Item 7. MD&A and Notes 13 and 23 to the Consolidated Financial Statements for additional information on climate change legislation and regulation.

Air

The CAA is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. Regulated emissions include, but are not limited to, carbon, methane, VOC, NO X , other GHGs, mercury, other toxic metals, hydrogen chloride, SO 2 and particulate matter. At a minimum, delegated states are required to establish regulatory programs 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.

Water

The CWA 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 CWA and analogous state laws impose restrictions and strict controls regarding discharges of effluent into surface waters and require permits to be obtained from the EPA or the

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analogous state agency for those discharges. Containment berms and similar structures may be required to help prevent accidental releases. The Companies must comply with applicable CWA requirements at their current and former operating facilities. Stormwater related to construction activities is also regulated under the CWA and by state and local stormwater management and erosion and sediment control laws. From time to time, the Companies’ projects and operations may impact tidal and non-tidal wetlands. In these instances, the Companies must obtain authorization from the appropriate federal, state and local agencies prior to impacting wetlands. The authorizing agency may impose significant direct or indirect mitigation costs to compensate for such impacts to wetlands.

Protected Species

The ESA and analogous state laws prohibit activities that can result in harm to specific species of plants and animals, as well as impacts to the habitat on which those species depend. In addition to ESA programs, the Migratory Bird Treaty Act of 1918 and Bald and Golden Eagle Protection Act establish broader prohibitions on harm to protected birds. Many of the Companies’ facilities are subject to requirements of the ESA, Migratory Bird Treaty Act of 1918 and Bald and Golden Eagle Protection Act. The ESA and Bald and Golden Eagle Protection Act require potentially lengthy coordination with the state and federal agencies to ensure potentially affected species are protected. Ultimately, the suite of species protections may restrict company activities to certain times of year, project modifications may be necessary to avoid harm, or a permit may be needed for unavoidable taking of the species. The authorizing agency may impose mitigation requirements and costs to compensate for harm of a protected species or habitat loss. These requirements and time of year restrictions can result in adverse impacts on project plans and schedules such that the Companies’ businesses may be materially affected.

Other Regulations

Other significant environmental regulations to which the Companies are subject include federal and state laws protecting graves, sacred sites, historic sites and cultural resources, including those of American Indian tribal nations and tribal communities. These can result in compliance and mitigation costs as well as potential adverse effects on project plans and schedules such that the Companies’ businesses may be materially affected.

ENVIRONMENTAL STRATEGY

Dominion Energy is committed to providing reliable, affordable and increasingly clean energy every day. Dominion Energy has set a goal to achieve net zero carbon and methane Scope 1 and Scope 2 emissions and material categories of Scope 3 emissions: electricity purchased to power the grid, fossil fuel purchased for its power stations and gas distribution systems and consumption of sales gas by natural gas customers by 2050.

To meet its customers’ needs for reliable, affordable and increasingly clean energy every day and to reach net zero emissions, in the near term Dominion Energy has sought and received license extensions for its zero-carbon nuclear facilities at Surry and North Anna and is expanding wind and solar generation as well as energy storage, investing in carbon-beneficial renewable natural gas and using low-carbon natural gas to support the integration of wind and solar generation facilities as well as energy storage facilities into the grid and requesting offers for responsibly sourced gas from those suppliers who are committed to net zero. The strategy to meet these objectives consists of three major elements which will reduce GHG emissions:

Over the long term, Dominion Energy’s ability to meet its customers’ needs for reliable, affordable and increasingly clean energy and achieve net zero emissions will require supportive legislative and regulatory policies, advancements in technology and broader investments across the economy. Dominion Energy will pursue solutions, including pilot programs, of technologies such as large-scale battery storage, carbon capture and storage, small modular reactors and hydrogen if and when they become technologically and economically feasible.

Dominion Energy seeks to build partnerships and engage with local communities, stakeholders and customers on environmental issues important to them, including considerations such as fair treatment, representative involvement and effective communication. Dominion Energy commits to respectful stakeholder engagement on decisions regarding the siting and operation of energy infrastructure and strives to include all people and communities, regardless of race, color, national origin or income to ensure a variety of views are considered in its public engagement process.

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As part of its broader commitment to transparency, Dominion Energy increased its disclosures around carbon and methane emissions. Dominion Energy discloses its environmental commitments, policies and initiatives in a Sustainability and Corporate Responsibility Report as well as a Climate Report in addition to other reports included on Dominion Energy’s dedicated Sustainability website.

Increasingly Clean Energy

To achieve its net zero commitment while maintaining reliability, Dominion Energy utilizes an “all-of-the-above” strategy of cleaner, more efficient and lower-emitting methods of generating and delivering energy, while advancing measures to continue reducing emissions from traditional generation and delivery. Diversifying the energy portfolio enables Dominion Energy to provide customers with cleaner options while protecting the power supply from potential disruption.

Over the past two decades, Dominion Energy has changed the fuel mix it uses to generate electricity to support a cleaner future. In addition to reducing GHG emissions, Dominion Energy has also achieved measurable reductions of other air pollutants such as NO X , SO 2 and mercury and reduced the amount of coal ash generated and the amount of water withdrawn. Dominion Energy achieved GHG and other air pollutant reductions by implementing an integrated approach to environmental stewardship that addresses electric energy production and delivery and energy management. As part of this effort, Dominion Energy has retired, or committed to retire, several of its fossil fuel electric generating facilities, including those powered by coal, oil and gas, with the replacement of this capacity coming from the development of increasingly clean and renewable energy facilities.

Renewable energy is an important component of an “all-of-the-above” strategy designed to meet Dominion Energy’s customers’ needs for safe, reliable and affordable energy. As of December 31, 2024, Dominion Energy had 2.9 GW of solar generation capacity in operation across five states and several projects under various stages of development which represented a potential generating capacity of approximately 6.8 GW. Dominion Energy has commenced construction of the CVOW Commercial Project, expected to be placed in service by the end of 2026, along with the CVOW Pilot Project which achieved commercial operation in January 2021. As of December 31, 2024, Virginia Power had energy storage projects under various stages of development which represented a potential storage capacity of approximately 1.0 GW.

Preservation of Dominion Energy’s existing carbon-free baseload nuclear generation is also an important component of Dominion Energy’s GHG emissions reduction strategy. Virginia Power has received 20-year extensions of the operating licenses for its two units at Surry and for its two units at North Anna. In addition, DESC has commenced the process to extend the operating license for one unit at Summer. Dominion Energy also intends to commence the process to extend the operating licenses for two units at Millstone.

Dominion Energy expects to operate renewable natural gas facilities in collaboration with the Dairy Farmers of America to develop projects to capture and convert methane emissions from dairy farms.

See Operating Segments and Item 2. Properties for additional information.

The IRA provides additional incentives designed to encourage production of clean energy, reduce carbon emissions, and promote domestic manufacturing. The IRA significantly extends the investment and production tax credits for renewable technologies including wind and solar, and expands the qualifying technologies to include stand-alone storage, hydrogen, renewable natural gas, nuclear and, after 2024, other zero-emissions facilities. The IRA supersedes certain prior renewable energy legislation and contains a two-tiered credit system applicable to both the production and investment tax credits with a lower base credit amount that can be increased up to five times if the taxpayer can satisfy certain labor requirements. See Note 5 to the Consolidated Financial Statements and Future Issues and Other Matters in Item 7. MD&A for additional information on the IRA.

Innovation and Energy Infrastructure Modernization

One of the pillars of Dominion Energy’s net zero strategy is a focus on innovation as a way to advance technology and sustainability. This includes investing in and building upon previously proven technology, including large-scale battery storage, hydrogen and advanced nuclear technology. Dominion Energy’s capital expenditure plan for 2025 through 2029 includes a focus on upgrading the electric system in Virginia through investments in renewable generation facilities, smart meters, intelligent grid devices and associated control systems, physical and cyber security investments, strategic undergrounding and energy conservation programs. Dominion Energy also plans to upgrade its gas and electric transmission and distribution networks and meet environmental requirements and standards set by various regulatory bodies. These enhancements are aimed at meeting Dominion Energy’s continued goal of providing safe, reliable service while addressing increasing electricity consumption, making Dominion Energy’s system more responsive to its customers’ desire to more efficiently manage their energy consumption and transforming its grid to be more adaptive to renewable generation resources and battery technologies.

See Operating Segments for additional information.

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Conservation and Energy Efficiency

Conservation and load management play a significant role in meeting the growing demand for electricity and natural gas, while also helping to reduce the environmental footprint of Dominion Energy’s customers and lower their bills. Dominion Energy offers various efficiency programs designed to reduce energy consumption in Virginia, North Carolina and South Carolina, including programs such as:

GHG Emissions

Dominion Energy continues to make progress on achieving its net zero emissions commitment. Through 2023, Dominion Energy has reduced direct Scope 1 CO 2 equivalent carbon and methane emissions by 52%. Through 2023, Dominion Energy has reduced direct carbon emissions from electric generation by 53% since 2005 and reduced methane emissions from its natural gas infrastructure operations by 50% since 2010. For the purposes of these calculations and consistent with GHG Protocol requirements for reporting GHG emission reductions over time, both the baseline and 2023 emissions data include the gas entities sold in 2024 as part of the East Ohio, Questar Gas and PSNC Transactions, and exclude Dominion Energy’s 50% noncontrolling interest in Cove Point sold in 2023.

Dominion Energy’s 2024 emissions data is not yet available.

Corporate GHG Inventory

Dominion Energy maintains a comprehensive Corporate GHG Inventory, which follows methodologies specified in the EPA’s Mandatory GHG Reporting Rule, 40 Code of Federal Regulations Part 98 for calculating emissions, as well as approved industry protocols. In its annual Corporate GHG Inventory, Dominion Energy voluntarily includes greenhouse gas emission estimates from smaller sources that are not required to be included under the EPA’s mandatory GHG Reporting Program, including smaller electric generation, natural gas compressor stations and other sources. Dominion Energy’s Corporate GHG Inventory also includes emissions sources it voluntarily reports to various programs in which it participates. As a result, Dominion Energy’s reported GHG emissions in its Corporate GHG Inventory are higher than what is reported to the EPA. Dominion Energy includes emissions data in its Corporate GHG Inventory based on its ownership percentage of the associated assets and for the period in which the operations are owned by Dominion Energy.

Total direct Scope 1 CO 2 equivalent emissions reported under Dominion Energy’s Corporate GHG Inventory were 29.5 million metric tons in 2023. Reported CO 2 equivalent emissions include CO 2 , CH 4 , N 2 O and SF 6 emissions from Dominion Energy’s electric generation operations, electric transmission and distribution operations, natural gas operations and corporate operations. Consistent with its ownership percentage, Dominion Energy’s 2023 emissions data reported under its Corporate GHG Inventory includes emissions from its 50% noncontrolling interest in Cove Point (through September 2023), as well as the entire year of operations for the gas entities sold in 2024 as part of the East Ohio, Questar Gas, and PSNC Transactions.

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EPA Mandatory GHG Reporting Program

Dominion Energy has been reporting GHG emissions, including carbon, methane, N 2 O and SF 6 , from its natural gas infrastructure, electric generation and power delivery operations to the EPA since 2011 under the EPA mandatory GHG Reporting Program. The EPA’s mandatory GHG Reporting Program requires annual reporting of emissions from assets operated by Dominion Energy based on full equity asset ownership at the end of the calendar year. Dominion Energy’s 2023 GHG emissions reported under various subparts of the EPA’s Mandatory GHG Reporting Program as of December 31, 2023, which includes the gas entities sold as part of the East Ohio, Questar Gas and PSNC Transactions are as follows:

Natural Gas Operations – 2023 Emissions

Segment		Subparts W & C CH 4 Emissions				Subparts W & C CO 2 Emissions				Subparts W & C N 2 O Emissions				Subparts W & C as CO 2 Equivalent Emissions
(metric tons)
Distribution			29,602				2,328				—				742,378
Production			2,238				16,131				0.06				72,098
Transmission compressor stations			112				38,871				0.07				41,685
Gathering and boosting			2,334				88,628				0.17				147,037
Storage			322				37,060				0.07				45,130
LNG storage			10				639				—				885
Total (1)			34,618				183,657				0.38				1,049,214

Electric Generation Operations – 2023 Emissions

Company		Subparts C & D CO 2 Emissions				Subparts C & D CH 4 Emissions				Subparts C & D N 2 O Emissions				Subparts C & D CH 4 Emissions as CO 2 Equivalent Emissions				Subparts C & D N 2 O Emissions as CO 2 Equivalent Emissions				Subparts C & D as CO 2 Equivalent Emissions
(metric tons)
Virginia Power (1)			18,118,397				843				115				21,075				34,249				18,173,721
DESC			9,007,608				572				79				14,296				23,540				9,045,444
Total (2)			27,126,005				1,415				194				35,371				57,789				27,219,165

Electric Transmission and Distribution Operations – 2023 Emissions

Company		Subpart DD SF 6 Emissions				Subpart DD SF 6 as CO 2 Equivalent Emissions
(metric tons)
Virginia Power			4.93				112,425
DESC			0.66				15,048
Total (1)			5.59				127,473

ENVIRONMENTAL PROTECTION AND MONITORING EXPENDITURES

Dominion Energy incurred $314 million, $269 million and $251 million of expenses (including accretion and depreciation) during 2024, 2023 and 2022 respectively, in connection with environmental protection and monitoring activities. Dominion Energy expects these expenses to be approximately $330 million and $320 million in 2025 and 2026, respectively. In addition, capital expenditures related to environmental controls were $216 million, $132 million and $91 million for 2024, 2023 and 2022, respectively. Dominion Energy expects these expenditures to be approximately $200 million and $180 million for 2025 and 2026, respectively.

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Item 1A. Ris k Factors

The Companies’ businesses are influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond their control. A number of these factors have been identified below. 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 Item 7. MD&A.

Regulatory, Legislative and Legal Risks

The rates of the Companies’ principal electric transmission, distribution and generation operations and gas distribution operations are subject to regulatory review. Revenue provided by the Companies’ electric transmission, distribution and generation operations and by gas distribution operations is based primarily on rates approved by state and federal regulatory agencies. The profitability of the Companies’ businesses is dependent on their ability, through the rates that they are permitted to charge, to recover costs and earn a reasonable rate of return on their capital investment.

At the federal level, the Companies’ wholesale rates for electric transmission service are regulated by FERC. Rates for electric transmission services are updated annually according to a FERC-approved formula rate mechanism, and may be subject to additional prospective adjustments and retroactive corrections. A failure by the Companies to support these rates or a change in FERC policy could result in rate decreases from current rate levels, which could adversely affect the Companies’ results of operations, cash flows and financial condition.

At the state level, Virginia Power’s retail base rates, terms and conditions for generation and distribution services to customers in Virginia are reviewed by the Virginia Commission in a proceeding that involves the determination of Virginia Power’s actual earned ROE during a historic test period, and the determination of Virginia Power’s authorized ROE prospectively. Legislation enacted in Virginia in April 2023 reset the frequency of base rate reviews to a biennial period commencing with the 2023 Biennial Review. Under certain circumstances described in the Regulation Act, Virginia Power may be required to refund a portion of its earnings to customers through a refund process and to reduce its rates. Virginia Power makes assessments throughout the review period and will record a regulatory liability for refunds to customers in any period it is determined probable, which could be material to the Companies’ results of operations in the period recognized and to cash flows on completion of any biennial review.

In states other than Virginia, the Companies’ retail electric base rates for generation and distribution services to customers are regulated on a cost-of-service/rate-of-return basis subject to the statutes, rules and procedures of such states. Dominion Energy’s rates for gas distribution to retail customers are similarly regulated at the state level. If retail electric or gas earnings exceed the returns established by state utility commissions, retail electric rates or gas rates may be subject to review and possible reduction, which may decrease the Companies’ future earnings. Additionally, if any state utility commission does not allow recovery through base rates, on a timely basis, of costs incurred in providing service, the Company’s future earnings could be negatively impacted.

Under certain circumstances, state utility regulators may impose a moratorium on increases to retail base rates for a specified period of time, which could delay recovery of costs incurred in providing service. Additionally, governmental officials, stakeholders and advocacy groups may challenge any of the regulatory reviews or proceedings referred to above. Such challenges may lengthen the time, complexity and costs associated with such regulatory reviews or proceedings.

The Companies’ generation business may be negatively affected by possible FERC actions that could change market design in the wholesale markets or affect pricing rules or revenue calculations in the RTO markets. The Companies’ generation stations operating in RTO markets sell capacity, energy and ancillary services into wholesale electricity markets regulated by FERC. The wholesale markets allow these generation stations to take advantage of market price opportunities, but also expose them to market risk. Properly functioning competitive wholesale markets depend upon FERC’s continuation of clearly identified market rules. From time to time FERC may investigate and authorize RTOs to make changes in market design. FERC also periodically reviews the Companies’ authority to sell at market-based rates. Material changes by FERC to the design of the wholesale markets or its interpretation of market rules, the Companies’ authority to sell power at market-based rates, or changes to pricing rules or rules involving revenue calculations, could adversely impact the future results of the Companies’ generation business. For example, in April 2024, FERC issued an order that accepted proposed changes to the PJM wholesale capacity market that significantly changed how a generation resource’s capacity value is calculated and decreased the total amount of capacity recognized in the PJM region as eligible to meet reserve requirements. In addition, changes to the interpretation and application of FERC’s market manipulation rules may occur from time to time. A failure to comply with these market manipulation rules could lead to civil and criminal penalties.

The Companies are subject to complex governmental regulation, including tax regulation, that could adversely affect their results of operations and subject the Companies to monetary penalties. The Companies’ operations are subject to extensive federal, state and local laws and regulations and require numerous permits, approvals and certificates from various governmental

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agencies. Such laws and regulations govern the terms and conditions of the services the Companies offer, relationships with affiliates and protection of critical electric infrastructure assets, among other matters. The Companies are also subject to legislation and associated regulation governing taxation at the federal, state and local level. They must also comply with environmental legislation and associated regulations. Management believes that the necessary approvals have been obtained for existing operations and that the businesses are conducted in accordance with applicable laws. The Companies’ businesses are subject to regulatory regimes which could result in substantial monetary penalties if either of the Companies is found not to be in compliance, including mandatory reliability standards and interaction in the wholesale markets. New laws or regulations, the revision or reinterpretation of existing laws or regulations, the imposition of new tariffs, changes in enforcement practices of regulators, or penalties imposed for non-compliance with existing laws or regulations may result in substantial additional expense. Adverse developments in tax laws, credits or other incentives including changes in legislation, administrative interpretations or judicial determinations could result in material modifications to business models or otherwise negatively affect the Companies’ results of operations, financial condition and/or cash flows. Recent legislative and regulatory changes that are impacting the Companies include legislation enacted in Virginia in April 2023, the IRA, the VCEA, the 2017 Tax Reform Act and tariffs imposed on imported solar panels by the U.S. government in 2018.

The Companies have been and may continue to be or become subject to legal proceedings and governmental investigations and examinations. The Companies may from time to time be subject to various legal proceedings and governmental investigations and examinations. For example, Dominion Energy, following the SCANA Combination, was subject to numerous federal and state legal proceedings and governmental investigations relating to the decision of SCANA and DESC to abandon construction at the NND Project. Dominion Energy spent substantial amounts of time and money defending these lawsuits and proceedings and on related investigations. In addition, juries have demonstrated a willingness to grant large awards in certain cases, including personal injury claims. Accordingly, actual costs incurred may differ materially from insured or reserved amounts and may not be recoverable, in whole or in part, by insurance or in rates from customers. The outcome of these or future legal proceedings, investigations and examinations, including settlements, may adversely affect the Companies’ financial condition or results of operation.

Environmental Risks

Compliance with federal and/or state requirements imposing limitations on GHG emissions or efficiency improvements, as well as Dominion Energy’s commitment to achieve net zero carbon and methane emissions by 2050, may result in significant compliance costs, could result in certain of the Companies’ existing electric generation units being uneconomical to maintain or operate and may depend upon technological advancements which may be beyond the Companies’ control. Virginia has adopted the VCEA which establishes renewable energy and CO 2 reduction targets for Virginia Power’s generation fleet and grid operations, including the requirement that 100% of Virginia Power’s electricity come from zero-carbon generation by the end of 2045. The legislation mandates the development of 16.1 GW of solar or onshore wind capacity by the end of 2035, which includes specific requirements for utility-scale solar of 3.0 GW by the end of 2024, up to 15.0 GW by the end of 2035 and 1.1 GW of small-scale solar by the end of 2035. The legislation also deems 5.2 GW of offshore wind capacity before 2035 and 2.7 GW of energy storage by the end of 2035 to be in the public interest. The VCEA and related legislation also authorizes Virginia to participate in a program consistent with RGGI, requiring the purchase of carbon credits to offset emissions from Virginia Power’s generating fleet within the state. In January 2022, the Governor of Virginia issued an executive order which put directives in place to start the withdrawal of Virginia from RGGI. In December 2023, the withdrawal took effect. Cost recovery for these initiatives will require approval by the Virginia Commission which may be denied or materially altered to the detriment of the Companies. For example, the Companies recorded charges in 2022 associated with the Virginia Commission’s approval in June 2022 of Virginia Power’s petition that RGGI compliance costs incurred and unrecovered through July 2022 be recovered through existing base rates in effect during the period incurred. In addition, permitting and other project execution challenges may hinder Virginia Power’s ability to meet the requirements of the VCEA. The Companies could face similar risks if there is further legislation at the federal and/or state level mandating additional limitations on GHG emissions or requiring additional efficiency improvements.

In February 2020, Dominion Energy announced its commitment to achieve net zero carbon and methane Scope 1 emissions by 2050. In February 2022, Dominion Energy expanded this commitment to cover Scope 2 emissions and material categories of Scope 3 emissions. To meet this commitment, the Companies expect to construct new electric generation facilities, including renewable facilities such as wind and solar, and to seek the extension of operating licenses for the Companies’ nuclear generation facilities. The Companies also need to depend on technological improvements not currently in commercial development. Additionally, actions taken in furtherance of Dominion Energy’s net zero commitment may impact existing generation facilities, including as a result of fuel switching and/or the retirement of high-emitting generation facilities and their potential replacement with lower-emitting generation facilities. Further, the ability to realize this commitment will require the Companies to be able to obtain significant financing. These efforts will require approvals from various regulatory bodies for the siting and construction of such new facilities and a determination by the applicable state commissions that costs related to the construction are prudent. Given these and other uncertainties associated with the implementation of Dominion Energy’s net zero commitment, the Companies cannot estimate the aggregate effect of future actions taken in furtherance of this commitment on their results of operations or financial condition or on their customers. However,

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such actions could render additional existing generation facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ results of operations, financial performance or liquidity.

There are also potential impacts on Dominion Energy’s natural gas business from its net zero emissions commitment as well as federal or state GHG regulations which may require further GHG emission reductions from the natural gas sector which, in addition to resulting in increased costs, could affect demand for natural gas. Additionally, GHG requirements could result in increased demand for energy conservation and renewable products, which could impact the natural gas business. Dominion Energy’s renewable natural gas projects, expected to be a key component of Dominion Energy’s environmental strategy, require approvals from various regulatory bodies for the siting and construction of such facilities.

The Companies’ operations and construction activities are subject to a number of environmental laws and regulations which impose significant compliance costs on the Companies. The Companies’ operations and construction activities are subject to extensive federal, state and local environmental statutes, rules and regulations relating to air quality, water quality, waste management, natural resources, and health and safety. Compliance with these legal requirements requires the Companies to commit significant capital toward permitting, emission fees, environmental monitoring, installation and operation of environmental control equipment and purchase of allowances and/or offsets. Additionally, the Companies could be responsible for expenses relating to remediation and containment obligations, including at sites where they have been identified by a regulatory agency as a potentially responsible party. Expenditures relating to environmental compliance have been significant in the past, and the Companies expect that they will remain significant in the future. Certain facilities have become uneconomical to operate and have been shut down, converted to new fuel types or sold. These types of events could occur again in the future.

The Companies expect that existing environmental laws and regulations may be revised and/or new laws may be adopted including regulation of GHG emissions which could have an impact on the Companies’ business (risks relating to regulation of GHG emissions from existing fossil fuel-fired electric generating units are discussed in more detail above and below). In addition, further regulation of air quality and GHG emissions under the CAA may be imposed on the natural gas sector. The Companies are also subject to federal water and waste regulations, including regulations concerning cooling water intake structures, coal combustion by-product handling and disposal practices, wastewater discharges from steam electric generating stations, management and disposal of hydraulic fracturing fluids and the potential further regulation of polychlorinated biphenyls.

Compliance costs cannot be estimated with certainty due to the inability to predict the requirements and timing of implementation of any new environmental rules or regulations. Other factors which affect the ability to predict future environmental expenditures with certainty include the difficulty in estimating clean-up costs and quantifying liabilities under environmental laws that impose joint and several liabilities on all responsible parties. However, such expenditures, if material, could make the Companies’ facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ results of operations, financial performance or liquidity.

The Companies are subject to risks associated with the disposal and storage of coal ash. The Companies historically produced and continue to produce coal ash, or CCRs, as a by-product of their coal-fired generation operations. The ash is stored and managed in impoundments (ash ponds) and landfills located at 11 different facilities, eight of which are at Virginia Power.

The EPA has issued regulations concerning the management and storage of CCRs, which Virginia has adopted. These CCR regulations require the Companies to make additional capital expenditures and increase operating and maintenance expenses. In addition, the Companies will incur expenses and other costs associated with closing, corrective action and ongoing monitoring of certain ash ponds and landfills. The EPA’s May 2024 final rule regulates inactive surface impoundments located at the retired generation stations that contained CCR and liquids after 2015, and certain other inactive or previously closed surface impoundments, landfills or other areas that contain accumulations of CCR. The Companies believe that they may have inactive or closed units or areas that could be subject to the final rule at up to 19 different locations, including 12 at Virginia Power. The Companies also may face litigation concerning their coal ash facilities.

Further, while the Companies operate their ash ponds and landfills in compliance with applicable state safety regulations, a release of coal ash with a significant environmental impact could result in remediation costs, civil and/or criminal penalties, claims, litigation, increased regulation and compliance costs, and reputational damage, and could impact the financial condition of the Companies.

Construction Risks

The construction of the CVOW Commercial Project involves significant risks. The CVOW Commercial Project is a large-scale, complex project that will take several years to complete. Significant delays or cost increases, or an inability to recover certain project costs, could have an adverse effect on the Companies’ financial condition, cash flows and results of operations. If the Companies are unable to complete the construction of the CVOW Commercial Project or decide in the future to delay or cancel the project, the

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Companies may not be able to recover all or a portion of their investment in the project and may incur substantial cancellation payments under existing contracts or other substantial costs associated with any such delay or cancellation. The Companies’ ability to complete the CVOW Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates is subject to various risks and uncertainties, certain of which are beyond the Companies’ control.

The construction of the CVOW Commercial Project is dependent on the Companies’ ability to maintain various local, state and federal permits, rights of way and other regulatory approvals and authorizations, including Virginia Commission approval for rider recovery of project costs. In addition, determination of costs allocated by PJM to the project for network upgrades remains subject to change, even after the CVOW Commercial Project is placed in service, as such amounts are driven by the ultimate costs of development of the transmission lines and related facilities that PJM determines is necessary to support various generation facilities within PJM, including the CVOW Commercial Project. The final determination of such costs is outside the control of the CVOW Commercial Project and may be impacted by events affecting the developers of such transmission lines, including any increases in costs for permitting, inflation, tariffs, supply chain constraints or other factors affecting the ultimate costs to complete such facilities. Also, the CVOW Commercial Project may become the subject of litigation or other forms of intervention by third parties, including stakeholders or advocacy groups, that may seek to challenge permits or other regulatory approvals received, including for routing of onshore electric transmission, which could delay or increase the cost of the project.

The construction of the CVOW Commercial Project is also dependent on the ability of certain key suppliers and contractors to timely satisfy their obligations under contracts entered into or expected to be entered into. Given the unique equipment and expertise required for this project, the Companies may not be able to remedy in a timely and cost-effective manner, if at all, any failure by one or more of these suppliers or contractors to timely satisfy their contractual obligations. Certain of the fixed price contracts for major offshore construction and equipment components are denominated in Euros and Danish kroner. In May 2022, Virginia Power entered into forward purchase agreements with a notional amount of approximately €3.2 billion. Accordingly, to the extent the instruments do not effectively hedge the Companies’ exposure to these currencies, including by default of the counterparty, adverse fluctuations in the applicable exchange rates would likely adversely affect the cost of the CVOW Commercial Project. Similarly, adverse fluctuations in the price of fuel used for transportation and installation, would likely adversely affect the overall costs to construct the project. In addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, if any.

The Companies’ ability to recover unforeseen cost increases associated with construction of the CVOW Commercial Project is potentially limited which could negatively impact the Companies’ future financial condition, results of operations and/or cash flows. In accordance with the Virginia Commission’s December 2022 order, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission preceding. In addition, the order includes enhanced performance reporting provisions for the operation of the CVOW Commercial Project. To the extent the net annual net capacity factor is below 42%, as determined on a three-year rolling average, Virginia Power is required to provide detailed explanation of the factors contributing to any shortfall to the Virginia Commission which could determine in a future proceeding a remedy for incremental costs incurred associated with any deemed unreasonable or imprudent actions of Virginia Power. Any such action by the Virginia Commission could adversely impact the Companies’ future financial condition, results of operations and/or cash flows.

The Companies’ ability to invest the significant financial resources necessary for the CVOW Commercial Project is dependent on the Companies’ access to the financial markets in a timely and cost-effective manner. A decline in the Companies’ credit worthiness, an unfavorable market reputation of either the Companies or their industry or general market disruptions could adversely impact financing costs and increase the overall cost of the project.

In October 2024, Virginia Power completed the sale of a 50% noncontrolling interest to Stonepeak. Virginia Power and Stonepeak will each contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion. For capital funding necessary, if any, for total project costs, excluding financing costs, of $11.3 billion through $13.7 billion, Stonepeak will have the option to make additional capital contributions. If Stonepeak elects to make additional capital contributions for project costs, excluding financing costs, in excess of $11.3 billion, if any, Virginia Power shall contribute between 67% and 83% of such capital with Stonepeak contributing the remainder. To the extent that Stonepeak elects not to make such contributions, Virginia Power shall receive an increase in its ownership percentage of OSWP for any contributed capital based on a tiered unit price for membership interests in OSWP as set forth in the agreement. Virginia Power and Stonepeak have the right to provide capital contributions for any total project costs, excluding financing costs, in excess of $13.7 billion. The inability of Stonepeak to satisfy its share of funding requirements in a timely manner could have a negative effect on the Companies. In addition, Stonepeak’s interests and objectives may differ from those of the Companies and, accordingly, disputes may arise that may result in delays, litigation or operational impasses.

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The construction of the CVOW Commercial Project involves the use of evolving turbine technology and takes place in a marine environment, which presents unique challenges and requires the use of a specialized workforce and specialized equipment. In addition, the timely installation of the turbines is dependent on the completion and availability of a Jones Act compliant vessel currently under construction.

The timeline for construction of the CVOW Commercial Project may also be negatively impacted by severe weather events or marine wildlife, including migration patterns of endangered and protected species, both of which are outside of the control of the Companies and their contractors.

The Companies’ infrastructure build and expansion plans often require regulatory approval, including environmental permits, before commencing construction and completing projects. The Companies may not complete the facility construction, conversion or other infrastructure projects that they commence, or they may complete projects on materially different terms, costs or timing than initially estimated or anticipated, and they may not be able to achieve the intended benefits of any such project, if completed. A number of large- and small-scale projects have been announced, including the CVOW Commercial Project, electric transmission lines, facility expansions or renewed licensing, conversions and other infrastructure developments or construction. Additional projects may be considered in the future, such as those necessary to meet the projected demand growth driven by data centers and artificial intelligence, including to address the concentration of data centers primarily in Loudoun County, Virginia. The Companies compete for projects with companies of varying size and financial capabilities, including some that may have competitive advantages. Commencing construction on announced and future projects may require approvals from applicable state and federal agencies, and such approvals could include mitigation costs which may be material to the Companies. Projects may not be able to be completed on time or in accordance with estimated costs as a result of weather conditions, need for new land and right of ways, delays in obtaining or failure to obtain regulatory and other, including PJM, approvals, changes in laws or regulations, delays in obtaining key materials, labor difficulties, difficulties with partners or potential partners, concerns raised during stakeholder engagement, a decline in the credit strength of counterparties or vendors, inflation, the impact of applicable tariffs or other factors beyond the Companies’ control. For example, Dominion Energy has been involved with projects which have experienced certain delays in obtaining and maintaining permits necessary for construction along with construction delays due to judicial actions which impacted the cost and schedule such as the Atlantic Coast Pipeline Project and ultimately led to its cancellation in July 2020. Even if facility construction, expansion, electric transmission line, conversion and other infrastructure projects are completed, the total costs of the projects may be higher than anticipated and the performance of the business of the Companies following completion of the projects may not meet expectations.

Start-up and operational issues can arise in connection with the commencement of commercial operations at the Companies’ facilities. Such issues may include failure to meet specific operating parameters, which may require adjustments to meet or amend these operating parameters. Additionally, the Companies may not be able to timely and effectively integrate the projects into their operations and such integration may result in unforeseen operating difficulties or unanticipated costs. Any delays in the timely completion of necessary PJM interconnection projects for new electric generation facilities under development by Virginia Power, including the CVOW Commercial Project, may result in capacity constraints if, and until, such projects are completed. Further, regulators may disallow recovery of some of the costs of a project if they are deemed not to be prudently incurred. Any of these or other factors could adversely affect the Companies’ ability to realize the anticipated benefits from the facility construction, electric transmission line, expansion, conversion and other infrastructure projects.

The development, construction and commissioning of several large-scale infrastructure projects simultaneously involves significant execution risk. To achieve Dominion Energy’s commitment to net zero emissions by 2050 and comply with the requirements of the VCEA, the Companies are currently simultaneously developing or constructing several electric generation projects, including subsequent license renewal projects at Surry and North Anna, the CVOW Commercial Project, several electric transmission projects and various solar projects. Several of the Companies’ key projects are increasingly large-scale, complex and being constructed in constrained geographic areas or in unfamiliar environments such as the marine environment for the CVOW Commercial Project. The advancement of the Companies’ ventures is also affected by the interventions, litigation or other activities of stakeholder and advocacy groups, some of which oppose natural gas-related and energy infrastructure projects. For example, certain stakeholder groups oppose solar farms due to the increasing quantities of land tracts required for these facilities. Similarly, certain stakeholder groups oppose new natural gas generation facilities, such as the proposed Chesterfield Energy Reliability Center. Given that these projects provide the foundation for the Companies’ strategic growth plan and to meet projected growth, if the Companies are unable to obtain or maintain the required regulatory and other, including PJM, approvals, develop the necessary technical expertise, allocate and coordinate sufficient resources, adhere to budgets and timelines, effectively handle public outreach efforts, including its commitment to fair treatment, community involvement and effective communication, or otherwise fail to successfully execute the projects, there could be an adverse impact to the Companies’ financial position, results of operations and cash flows. Failure to comply with regulatory approval conditions or an adverse ruling in any future litigation could adversely affect the Companies’ ability to execute their business plan.

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The Companies are dependent on their contractors for the successful and timely completion of large-scale infrastructure projects. The construction of such projects is expected to take several years, is typically confined within a limited geographic area or difficult environments and could be subject to delays, supply chain disruption, cost overruns, inflation, labor disputes or shortages and other factors that could cause the total cost of the project to exceed the anticipated amount and adversely affect the Companies’ financial performance and/or impair the Companies’ ability to execute the business plan for the project as scheduled.

Further, an inability to obtain financing or otherwise provide liquidity for the projects on acceptable terms could negatively affect the Companies’ financial condition, cash flows, the projects’ anticipated financial results and/or impair the Companies’ ability to execute the business plan for the projects as scheduled.

Operational Risks

The Companies’ financial performance and condition can be affected by changes in the weather, including the effects of global climate change. Fluctuations in weather can affect demand for the Companies’ services. For example, milder than normal weather can reduce demand for electricity and gas distribution services. In addition, severe weather or acts of nature, including hurricanes, winter storms, wildfires, earthquakes, floods and other natural disasters can stress systems, disrupt operation of the Companies’ facilities and cause service outages, production delays and property damage that require incurring additional expenses. Changes in weather conditions can result in reduced water levels or changes in water temperatures that could adversely affect operations at some of the Companies’ power stations. Furthermore, the Companies’ operations could be adversely affected and their physical plant placed at greater risk of damage should changes in global climate produce, among other possible conditions, unusual variations in temperature and weather patterns, resulting in more intense, frequent and extreme weather events, abnormal levels of precipitation and, for operations located on or near coastlines, a change in sea level or sea temperatures. Due to the location of the Companies’ electric utility service territories and a number of its other facilities in the eastern portions of the states of South Carolina, North Carolina and Virginia which are frequently in the path of hurricanes, the Companies experience the consequences of these weather events to a greater degree than many industry peers.

Hostile cyber intrusions could severely impair the Companies’ operations, lead to the disclosure of confidential information, damage the reputation of the Companies and otherwise have an adverse effect on the Companies’ business. The Companies own assets deemed as critical infrastructure, the operation of which is dependent on information technology systems. Further, the computer systems that run the Companies’ facilities are not completely isolated from external networks. There appears to be an increasing level of activity, sophistication and maturity of threat actors, in particular nation state actors, that wish to disrupt the U.S. bulk power system and the U.S. gas transmission or distribution system. Such parties could view the Companies’ computer systems, software or networks as attractive targets for cyber attack. For example, malware has been designed to target software that runs the nation’s critical infrastructure such as power transmission grids and gas pipelines. In addition, the techniques used in cyber attacks evolve rapidly, including from emerging technologies, such as advanced forms of automation and artificial intelligence. The Companies’ businesses also require that they and their vendors collect and maintain sensitive customer data, as well as confidential employee and shareholder information, which is subject to electronic theft or loss.

A successful cyber attack through third-party or insider action on the systems that control the Companies’ electric generation, electric transmission, electric distribution or gas distribution assets could severely disrupt business operations, preventing the Companies from serving customers or collecting revenues. The breach of certain business systems could affect the Companies’ ability to correctly record, process and report financial information. A major cyber incident could result in significant expenses to investigate and repair security breaches or system damage and could lead to litigation, fines, other remedial action, heightened regulatory scrutiny and damage to the Companies’ reputation. In addition, the misappropriation, corruption or loss of personally identifiable information and other confidential data at the Companies or one of their vendors could lead to significant breach notification expenses and mitigation expenses such as credit monitoring. If a significant breach were to occur, the reputation of the Companies also could be adversely affected. While the Companies maintain property and casualty insurance, along with other contractual provisions, that may cover certain damage caused by potential cyber incidents, all damage and claims arising from such incidents may not be covered or may exceed the amount of any insurance available. For these reasons, a significant cyber incident could materially and adversely affect the Companies’ business, financial condition and results of operations.

The Companies’ financial results can be adversely affected by various factors driving supply and demand for electricity and related services. Demand for the Companies’ services can be driven by changing populations within its utility service territories, significant new commercial or industrial customers or other changes in consumer habits. For example, data centers in Virginia Power’s service territory, particularly in Loudoun County, Virginia, have been a source of significant increase in demand which is expected to continue over the next decade. Technological advances may enhance energy efficiency in end-use devices, including lighting, furnaces and electric heat pumps and could lead to declines in per capita energy consumption. Additionally, regulatory and/or legislative bodies could introduce requirements and/or incentives to reduce energy consumption. Consumer demand for the Companies’ services may also be impacted by any price increases, including those driven by factors beyond the Companies’ control

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such as inflation or increased prices in natural gas. Further, Virginia Power’s business model is premised upon the cost efficiency of the production, transmission and distribution of large-scale centralized utility generation. However, advances in distributed generation technologies, such as solar cells, gas microturbines, battery storage and fuel cells, may make these alternative generation methods competitive with large-scale utility generation, and change how customers acquire or use the Companies’ services. The widescale implementation of alternative generation methods could negatively impact the reliability of the Companies’ electric grid and/or result in significant costs to enhance the grid. Virginia Power has an exclusive franchise to serve retail electric customers in Virginia. However, Virginia’s Retail Access Statutes allow certain electric generation customers exceptions to this franchise. As market conditions change, Virginia Power’s customers may further pursue exceptions and Virginia Power’s exclusive franchise may erode.

Increased energy demand or significant accelerated growth in demand due to new data centers, expanded use of artificial intelligence, widespread adoption of electric vehicles or other customer changes could require enhancements to the Companies’ infrastructure. As discussed above, the ability of the Companies to construct new facilities is dependent upon factors outside of their control, including obtaining regulatory approvals, environmental and other permits. Any delays in, or inability to complete, construction of new facilities or expand and/or renew existing facilities could have an adverse effect on the Companies’ financial results. In addition, purchased power from PJM or others may be from generation sources which emit more emissions than the Companies’ facilities, which could negatively impact Dominion Energy’s ability to meet its commitment to net zero emissions. Alternatively, reduced energy demand or significantly slowed growth in demand due to customer adoption of energy efficient technology, conservation, distributed generation, regional economic conditions, or the impact of additional compliance obligations, unless substantially offset through regulatory cost allocations, could adversely impact the value of the Companies’ business activities.

The Companies’ operations are subject to operational hazards, equipment failures, supply chain disruptions and personnel issues which could negatively affect the Companies. Operation of the Companies’ facilities involves risk, including the risk of potential breakdown or failure of equipment or processes due to aging infrastructure, fuel supply, pipeline integrity or transportation disruptions, accidents, labor disputes or work stoppages by employees, acts of terrorism or sabotage, construction delays or cost overruns, shortages of or delays in obtaining equipment, material and labor, operational restrictions resulting from environmental limitations and governmental interventions, changes to the environment and performance below expected levels. The Companies’ businesses are dependent upon sophisticated information technology systems and network infrastructure, the failure of which could prevent them from accomplishing critical business functions. Because the Companies’ transmission facilities, pipelines and other facilities are interconnected with those of third parties, the operation of their facilities and pipelines could be adversely affected by unexpected or uncontrollable events occurring on the systems of such third parties.

Operation of the Companies’ facilities below expected capacity levels could result in lost revenues and increased expenses, including higher maintenance costs. Unplanned outages of the Companies’ facilities and extensions of scheduled outages due to mechanical failures or other problems occur from time to time and are an inherent risk of the Companies’ business. Unplanned outages typically increase the Companies’ operation and maintenance expenses and may reduce their revenues as a result of selling less output or may require the Companies to incur significant costs as a result of operating higher cost units or obtaining replacement output from third parties in the open market to satisfy forward energy and capacity or other contractual obligations. Moreover, if the Companies are unable to perform their contractual obligations, penalties or liability for damages could result.

In addition, there are many risks associated with the Companies’ principal operations including nuclear accidents, fires, explosions, uncontrolled release of natural gas and other environmental hazards, pole strikes, electric contact cases, the collision of third party equipment with pipelines and avian and other wildlife impacts. Such incidents could result in loss of human life or injuries among employees, customers or the public in general, environmental pollution, damage or destruction of facilities or business interruptions and associated public or employee safety impacts, loss of revenues, increased liabilities, heightened regulatory scrutiny and reputational risk. Further, the location of electric generation, transmission, substations and distribution facilities or natural gas distribution facilities near populated areas, including residential areas, commercial business centers and industrial sites, could increase the level of damages resulting from these risks.

The Companies conduct certain operations through partnership arrangements involving third-party investors which may limit the Companies’ operational flexibility or result in an adverse impact on its financial results. Certain of the Companies’ operations, including the CVOW Commercial Project, are conducted through entities subject to partnership arrangements under which Dominion Energy or Virginia Power has significant influence but does not control the operations of such entities or in which Dominion Energy or Virginia Power’s control over such entities may be subject to certain rights of third-party investors. Accordingly, while Dominion Energy or Virginia Power may have a certain level of control or influence over these entities, it may not have unilateral, or any, control over the day-to-day operations of these entities or over decisions that may have a material financial impact on the partnership participants, including the Companies. In each case such partnership arrangements operate in accordance with their respective governance documents, and the Companies are dependent upon third parties satisfying their respective obligations, including, as applicable, funding of their required share of capital expenditures. Such third-party investors have their own interests and

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objectives which may differ from those of the Companies and, accordingly, disputes may arise amongst the owners of such partnership arrangements that may result in delays, litigation or operational impasses.

The Companies may be materially adversely affected by negative publicity or the inability of Dominion Energy to meet its stated commitments. From time to time, political and public sentiment may result in a significant amount of adverse press coverage and other adverse public statements affecting the Companies. Any failure by Dominion Energy to realize its commitments to achieve net zero carbon and methane emissions by 2050, enhance the customer experience or other long-term goals could lead to adverse press coverage and other adverse public statements affecting the Companies. The ability to comply with some or all of Dominion Energy’s voluntary commitments may be outside of its control. For example, the ability to reduce emissions while meeting the Companies’ increasing demand growth is expected to be dependent on the technological and economic feasibility of large-scale battery storage, carbon capture and storage, small modular reactors, hydrogen and/or other clean energy technologies. Dominion Energy is also dependent on the actions of third parties to meet the expanded commitment regarding Scope 2 emissions and Scope 3 emissions. If downstream customers or upstream suppliers do not sufficiently reduce their GHG emissions, Dominion Energy may not achieve its net zero emissions goal. In addition, while the Atlantic Coast Pipeline Project was cancelled in July 2020 and the legal proceedings and governmental investigations relating to the abandonment of the NND Project have been resolved, there is a risk that lingering negative publicity may continue. Adverse press coverage and other adverse statements, whether or not driven by political or public sentiment, may also result in investigations by regulators, legislators and law enforcement officials or in legal claims as well as adverse outcomes.

Addressing any adverse publicity, governmental scrutiny or enforcement or other legal proceedings is time consuming and expensive and, regardless of the factual basis for the assertions being made, can have a negative impact on the reputation of the Companies, on the morale and performance of their employees and on their relationships with their respective regulators, customers and commercial counterparties. It may also have a negative impact on the Companies’ ability to take timely advantage of various business and market opportunities. The direct and indirect effects of negative publicity, and the demands of responding to and addressing it, may have a material adverse effect on the Companies’ business, financial condition and results of operations.

Dominion Energy’s nonregulated generation business operates in a challenging market, which could adversely affect its results of operations and future growth. The success of Dominion Energy’s contracted generation business depends upon favorable market conditions including the ability to sell power at prices sufficient to cover its operating costs. Dominion Energy operates in active wholesale markets that expose it to price volatility for electricity and nuclear fuel as well as the credit risk of counterparties. Dominion Energy attempts to manage its price risk by entering into long-term power purchase agreements with customers as well as hedging transactions, including short-term and long-term fixed price sales and purchase contracts. The failure of Dominion Energy to maintain, renew or replace its existing long-term contracts on similar terms or with counterparties with similar credit profiles could result in a loss of revenue and/or decreased earnings and cash flows for Dominion Energy.

In these wholesale markets, the spot market price of electricity for each hour is generally determined by the cost of supplying the next unit of electricity to the market during that hour. In many cases, the next unit of electricity supplied would be provided by generating stations that consume fossil fuels, primarily natural gas. Consequently, the open market wholesale price for electricity generally reflects the cost of natural gas plus the cost to convert the fuel to electricity. Therefore, changes in the price of natural gas generally affect the open market wholesale price of electricity. To the extent Dominion Energy does not enter into long-term power purchase agreements or otherwise effectively hedge its output, these changes in market prices could adversely affect its financial results.

Dominion Energy purchases nuclear fuel primarily under long-term contracts. Dominion Energy is exposed to nuclear fuel cost volatility for the portion of its nuclear fuel obtained through short-term contracts or on the spot market, including as a result of market supply shortages. Nuclear fuel prices can be volatile and the price that can be obtained for power produced may not change at the same rate as nuclear fuel costs, thus adversely impacting Dominion Energy’s financial results. In addition, in the event that any of the contracted generation facilities experience a forced outage, Dominion Energy may not receive the level of revenue it anticipated.

War, acts and threats of terrorism, intentional acts and other significant events could adversely affect the Companies’ operations. The Companies cannot predict the impact that any future terrorist attacks or retaliatory military or other action may have on the energy industry in general or on the Companies’ businesses in particular. Any such future attacks or retaliatory action may adversely affect the Companies’ operations in a variety of ways, including by disrupting the power, fuel and other markets in which the Companies operate or requiring the implementation of additional, more costly security guidelines and measures. The Companies’ infrastructure facilities, including nuclear facilities and projects under construction, could be direct targets or indirect casualties of an act of terror or other physical attack. Any physical compromise of the Companies’ facilities could adversely affect the Companies’ ability to generate, purchase, transmit or distribute electricity, distribute natural gas or otherwise operate their respective facilities in the most efficient manner or at all. For example, in December 2022 electric utilities in North Carolina and Washington experienced physical attacks on substations with the damage causing power outages. In addition, the amount and scope of insurance coverage

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maintained against losses resulting from any such attack may not be sufficient to cover such losses or otherwise adequately compensate for any business disruptions that could result.

Instability in financial markets as a result of terrorism, war, intentional acts, pandemic, credit crises, recession or other factors could result in a significant decline in the U.S. economy and/or increase the cost or limit the availability of insurance or adversely impact the Companies’ ability to access capital on acceptable terms.

Failure to attract and retain key executive officers and an appropriately qualified workforce could have an adverse effect on the Companies’ operations. The Companies’ business strategy is dependent on their ability to recruit, retain and motivate employees. The Companies’ key executive officers are the CEO, CFO, COO and presidents and those responsible for financial, operational, legal, regulatory, accounting, tax, information technology and cybersecurity functions. Competition for skilled management employees in these areas of the Companies’ business operations is high. Certain events, such as an aging workforce, mismatch of skill set, or unavailability of contract resources may lead to operating challenges and increased costs. The challenges include lack of resources, loss of knowledge base and the length of time required for skill development. In this case, costs, including costs for contractors to replace employees, productivity costs and safety costs, may rise. Failure to hire and adequately train replacement employees, including the transfer of significant internal historical knowledge and expertise to new employees, or future availability and cost of contract labor may adversely affect the ability to manage and operate the Companies’ business. In addition, certain specialized knowledge is required of the Companies’ technical employees for construction and operation of transmission, generation and distribution assets. The Companies’ inability to attract and retain these employees could adversely affect their business and future operating results.

Nuclear Generation Risks

The Companies have substantial ownership interests in and operate nuclear generating units; as a result, each may incur substantial costs and liabilities. The Companies’ nuclear facilities are subject to operational, environmental, health and financial risks such as the on-site storage of spent nuclear fuel, the ability to dispose of such spent nuclear fuel, the ability to maintain adequate reserves for decommissioning, limitations on the amounts and types of insurance available, potential operational liabilities and extended outages, the costs of replacement power, the costs of maintenance and the costs of securing the facilities against possible terrorist attacks. The Companies maintain decommissioning trusts and external insurance coverage to minimize the financial exposure to these risks; however, it is possible that future decommissioning costs could exceed amounts in the decommissioning trusts and/or damages could exceed the amount of insurance coverage. If the Companies’ decommissioning trust funds are insufficient, and they are not allowed to recover the additional costs incurred through insurance or regulatory mechanisms, their results of operations could be negatively impacted.

The Companies’ nuclear facilities are also subject to complex government regulation which could negatively impact their results of operations. The NRC has broad authority under federal law to impose licensing and safety-related requirements for the operation of nuclear generating facilities. In the event of noncompliance, the NRC has the authority to impose fines, set license conditions, shut down a nuclear unit, or take some combination of these actions, depending on its assessment of the severity of the situation, until compliance is achieved. Revised safety requirements promulgated by the NRC could require the Companies to make substantial expenditures at their nuclear plants. In addition, although the Companies have no reason to anticipate a serious nuclear incident at their plants, if an incident did occur, it could materially and adversely affect their results of operations and/or financial condition. A major incident at a nuclear facility anywhere in the world, such as the nuclear events in Japan in 2011, could cause the NRC to adopt increased safety regulations or otherwise limit or restrict the operation or licensing of domestic nuclear units.

Financial, Economic and Market Risks

Changing rating agency requirements could negatively affect the Companies’ growth and business strategy. In order to maintain appropriate credit ratings to obtain needed credit at a reasonable cost in light of existing or future rating agency requirements, the Companies may find it necessary to take steps or change their business plans in ways that may adversely affect their growth and earnings. A reduction in the Companies’ credit ratings could result in an increase in borrowing costs, loss of access to certain markets, or both, thus adversely affecting operating results and could require the Companies to post additional collateral in connection with some of its price risk management activities.

An inability to access financial markets and, in the case of Dominion Energy, obtain cash from subsidiaries could adversely affect the execution of the Companies’ business plans. The Companies rely on access to short-term money markets and longer-term capital markets as significant sources of funding and liquidity for business plans with increasing capital expenditure needs, normal working capital and collateral requirements related to hedges of future sales and purchases of energy-related commodities. Deterioration in the Companies’ creditworthiness, as evaluated by credit rating agencies or otherwise, or declines in market reputation either for the Companies or their industry in general, or general financial market disruptions outside of the Companies’ control could

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increase their cost of borrowing or restrict their ability to access one or more financial markets. Market disruptions could stem from general market disruption due to general credit market or political events, the reform or replacement of benchmark rates, the failure of financial institutions on which the Companies rely or the bankruptcy of an unrelated company. Increased costs and restrictions on the Companies’ ability to access financial markets may be severe enough to affect their ability to execute their business plans as scheduled.

Dominion Energy is a holding company that conducts all of its operations through its subsidiaries. Accordingly, Dominion Energy’s ability to execute its business plan is further subject to the earnings and cash flows of its subsidiaries and the ability of its subsidiaries to pay dividends or advance or repay funds to it, which may, from time to time, be subject to certain contractual restrictions or restrictions imposed by regulators.

Market performance, interest rates and other changes may decrease the value of the Companies’ decommissioning trust funds and Dominion Energy’s benefit plan assets or increase Dominion Energy’s liabilities, which could then require significant additional funding. The performance of the capital markets affects the value of the assets that are held in trusts to satisfy future obligations to decommission the Companies’ nuclear plants and under Dominion Energy’s pension and other postretirement benefit plans. The Companies have significant obligations in these areas and hold significant assets in these trusts. These assets are subject to market fluctuation and will yield uncertain returns, which may fall below expected return rates.

With respect to decommissioning trust funds, a decline in the market value of these assets may increase the funding requirements of the obligations to decommission the Companies’ nuclear plants or require additional NRC-approved funding assurance.

A decline in the market value of the assets held in trusts to satisfy future obligations under Dominion Energy’s pension and other postretirement benefit plans may increase the funding requirements under such plans. Additionally, changes in interest rates will affect the liabilities under Dominion Energy’s pension and other postretirement benefit plans; as interest rates decrease, the liabilities increase, potentially requiring additional funding. Further, changes in demographics, including increased numbers of retirements or changes in mortality assumptions, may also increase the funding requirements of the obligations related to the pension and other postretirement benefit plans.

If the decommissioning trust funds and benefit plan assets are negatively impacted by market fluctuations or other factors, the Companies’ results of operations, financial condition and/or cash flows could be negatively affected.

The use of derivative instruments could result in financial losses and liquidity constraints. The Companies use derivative instruments, including futures, swaps, forwards, options and FTRs, to manage commodity, interest rate and/or foreign currency exchange rate risks.

The Dodd-Frank Act was enacted into law in July 2010 in an effort to improve regulation of financial markets. The CEA, as amended by Title VII of the Dodd-Frank Act, requires certain over-the-counter derivatives, or swaps, to be cleared through a derivatives clearing organization and, if the swap is subject to a clearing requirement, to be executed on a designated contract market or swap execution facility. Non-financial entities that use swaps to hedge or mitigate commercial risk, often referred to as end users, may elect the end-user exception to the CEA’s clearing requirements. The Companies have elected to exempt their swaps from the CEA’s clearing requirements. If, as a result of changes to the rulemaking process, the Companies’ derivative activities are not exempted from the clearing, exchange trading or margin requirements, the Companies could be subject to higher costs due to decreased market liquidity or increased margin payments. In addition, the Companies’ swap dealer counterparties may attempt to pass-through additional trading costs in connection with changes to or the elimination of rulemaking that implements Title VII of the Dodd-Frank Act.

Future impairments of goodwill or other intangible assets or long-lived assets may have a material adverse effect on the Companies’ results of operations. Goodwill is evaluated for impairment annually or more frequently if an event or circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Other intangible assets and long-lived assets are evaluated for impairment on an annual basis or more frequently whenever events or circumstances indicate that an asset’s carrying value may not be recoverable. If Dominion Energy’s goodwill or the Companies’ other intangible assets or long-lived assets are in the future determined to be impaired, the applicable registrant would be required during the period in which the impairment is determined to record a noncash charge to earnings that may have a material adverse effect on the registrant’s results of operations. For example, in the fourth quarter of 2022, Dominion Energy determined that its nonregulated solar generation assets within Contracted Energy were impaired, resulting in a $685 million after-tax charge. In addition, Dominion Energy recorded an aggregate $309 million after-tax charge in the fourth quarter of 2023 and first quarter of 2024 for the impairment of certain goodwill associated with the Questar Gas Transaction.

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Exposure to counterparty performance may adversely affect the Companies’ financial results of operations. The Companies are exposed to credit risks of their counterparties and the risk that one or more counterparties may fail or delay the performance of their contractual obligations, including but not limited to payment for services. Some of Dominion Energy’s operations are conducted through partnership arrangements, as noted above. Counterparties could fail or delay the performance of their contractual obligations for a number of reasons, including the effect of regulations on their operations. Defaults or failure to perform by customers, suppliers, contractors, joint venture partners, financial institutions or other third parties may adversely affect the Companies’ financial results.

Public health crises and epidemics or pandemics could adversely affect the Companies’ business, results of operations, financial condition, liquidity and/or cash flows. The effects of an outbreak of a pandemic, such as COVID-19, and related government responses could include extended disruptions to supply chains and capital markets, reduced labor availability and productivity and a prolonged reduction in economic activity. The effects could also have a variety of adverse impacts on the Companies, including reduced demand for energy, particularly from commercial and industrial customers, impairment of goodwill or long-lived assets and diminished ability of the Companies to access funds from financial institutions and capital markets. Certain measures or restrictions taken to control a pandemic or similar event, such as travel bans and restrictions, quarantines, shelter-in-place orders and shutdowns, may cause operational interruptions and delays in construction projects. In addition, legislative or government action, such as legislation enacted in Virginia in November 2020, may limit the Companies’ ability to collect overdue accounts or disconnect services for non-payment, which may cause a decrease in the Companies’ results of operations and cash flows.

Item 1B. Unresolve d Staff Comments

None.

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Item 2. Pr operties

Dominion Energy owns five corporate offices in Richmond, Virginia and other cities in which its subsidiaries operate. Dominion Energy also leases corporate offices in Richmond, Virginia and other cities in which its subsidiaries operate, including its principal executive office in Richmond, Virginia. Virginia Power shares Dominion Energy’s principal executive office in Richmond, Virginia. In addition, Virginia Power leases certain buildings and equipment.

Dominion Energy’s assets consist primarily of its investments in its subsidiaries, the principal properties of which are described below by operating segment.

Certain of Virginia Power’s properties are subject to the lien of the Indenture of Mortgage securing its First and Refunding Mortgage Bonds. There were no bonds outstanding as of December 31, 2024; however, by leaving the indenture open, Virginia Power retains the flexibility to issue mortgage bonds in the future. Additionally, DESC’s bond indenture, which secures its first mortgage bonds, constitutes a direct mortgage lien on substantially all of its electric utility property.

DOMINION ENERGY VIRGINIA

Virginia Power has approximately 6,800 miles of electric transmission lines of 69 kV or more located in North Carolina, Virginia and West Virginia. Portions of Virginia Power’s electric transmission lines cross national parks and forests under permits entitling the federal government to use, at specified charges, any surplus capacity that may exist in these lines. While Virginia Power owns and maintains its electric transmission facilities, they are a part of PJM, which coordinates the planning, operation, emergency assistance and exchange of capacity and energy for such facilities.

In addition, Virginia Power’s electric distribution network includes approximately 60,600 miles of distribution lines, exclusive of service level lines, in Virginia and North Carolina. The grants for most of its electric lines contain rights-of-way that have been obtained from the apparent owners of real estate, but underlying titles have not been examined. Where rights-of-way have not been obtained, they could be acquired from private owners by condemnation, if necessary. Many electric lines are on publicly-owned property, where permission to operate can be revoked. In addition, Virginia Power owns 486 substations.

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The following tables list Virginia Power’s generating units and capability as of December 31, 2024.

VIRGINIA POWER UTILITY GENERATION

Plant		Location		Net Summer Capability (MW)				Percentage Net Summer Capability
Gas
Greensville County (CC)		Greensville County, VA			1,605
Brunswick County (CC)		Brunswick County, VA			1,376
Warren County (CC)		Warren County, VA			1,349
Ladysmith (CT)		Ladysmith, VA			782
Bear Garden (CC)		Buckingham County, VA			622
Remington (CT)		Remington, VA			619
Possum Point (CC)		Dumfries, VA			573
Chesterfield (CC)		Chester, VA			386
Elizabeth River (CT)		Chesapeake, VA			327
Gordonsville Energy (CC)		Gordonsville, VA			218
Gravel Neck (CT)		Surry, VA			170
Darbytown (CT)		Richmond, VA			168
Total Gas					8,195				42		%
Nuclear
Surry		Surry, VA			1,676
North Anna		Mineral, VA			1,672		(1)
Total Nuclear					3,348				17
Coal
Mt. Storm		Mt. Storm, WV			1,614
Virginia City Hybrid Energy Center		Wise County, VA			610
Clover		Clover, VA			439		(2)
Total Coal					2,663				13
Hydro
Bath County		Warm Springs, VA			1,808		(3)
Gaston		Roanoke Rapids, NC			220
Roanoke Rapids		Roanoke Rapids, NC			95
Other					1
Total Hydro					2,124				11
Oil
Gravel Neck (CT)		Surry, VA			198
Darbytown (CT)		Richmond, VA			168
Rosemary (CC)		Roanoke Rapids, NC			155
Possum Point (CT)		Dumfries, VA			72
Low Moor (CT)		Covington, VA			48
Northern Neck (CT)		Lively, VA			47
Chesapeake (CT)		Chesapeake, VA			39
Total Oil					727				4
Solar (4)
Colonial Trail West		Surry County, VA			142
Bookers Mill		Farnham, VA			127
Sadler Solar		Emporia, VA			100
Spring Grove		Surry County, VA			98
Fountain Creek		Greensville, VA			80
Piney Creek		Halifax, VA			80
Otter Creek		Mecklenburg County, VA			60
Sycamore		Gretna, VA			42
Camellia		Gloucester County, VA			20
Grassfield		Chesapeake, VA			20
Norge		Williamsburg, VA			20
Solidago		Windsor, VA			20
Whitehouse Solar		Louisa County, VA			20
Winterberry		Gloucester County, VA			20
Woodland Solar		Isle of Wight County, VA			19
Scott Solar		Powhatan, VA			17
Total Solar					885				4

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Plant		Location		Net Summer Capability (MW)				Percentage Net Summer Capability
Biomass
Altavista		Altavista, VA			51
Polyester		Hopewell, VA			51
Southampton		Southampton, VA			51
Total Biomass					153				1
Battery
Dry Bridge		Chesterfield, VA			20
Scott Battery		Powhatan, VA			12
Total Battery					32				—
Wind
CVOW Pilot Project		Virginia Beach, VA			12				—
Various
Mt. Storm (CT)		Mt. Storm, WV			11				—
					18,150
Power Purchase Agreements					1,488				8
Total Utility Generation					19,638				100		%

Note: (CT) denotes combustion turbine and (CC) denotes combined cycle.

VIRGINIA POWER NON-JURISDICTIONAL GENERATION

Plant		Location		Net Summer Capability (MW)
Solar (1)
Ft. Powhatan		Disputanta, VA			150
Maplewood		Chatham, VA			120
Belcher		Louisa, VA			88
Gutenberg		Garysburg, NC			80
Grasshopper		Chase City, VA			80
Pecan		Pleasant Hill, NC			75
Chestnut		Halifax County, NC			75
Bedford		Chesapeake, VA			70
Pumpkinseed		Emporia, VA			60
Gloucester		Gloucester County, VA			20
Montross		Westmoreland County, VA			20
Morgans Corner		Pasquotank County, NC			20
Remington		Fauquier County, VA			20
Rochambeau		James City County, VA			20
Oceana		Virginia Beach, VA			18
Hollyfield		Manquin, VA			17
Puller		Topping, VA			15
Total Non-Jurisdictional Generation					948

DOMINION ENERGY SOUTH CAROLINA

DESC has approximately 3,800 miles and 19,100 miles of electric transmission and distribution lines, respectively, exclusive of service level lines, in South Carolina. The grants for most of DESC’s electric lines contain rights-of-way that have been obtained from the apparent owners of real estate, but underlying property titles have not been examined. Where rights-of-way have not been obtained, they could be acquired from private owners by condemnation, if necessary. Many electric lines are on publicly-owned property, where permission to operate can be revoked. In addition, DESC owns 455 substations.

DESC’s natural gas system includes approximately 19,500 miles of distribution mains and related service facilities, which are supported by approximately 400 miles of transmission pipeline.

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DESC owns two LNG facilities, one located near Charleston, South Carolina, and the other in Salley, South Carolina. The Charleston facility can store the liquefied equivalent of approximately 1.0 bcf of natural gas, can regasify approximately 6% of its storage capacity per day and can liquefy less than 1% of its storage capacity per day. The Salley facility can store the liquefied equivalent of approximately 0.9 bcf of natural gas and can regasify approximately 10% of its storage capacity per day. The Salley facility has no liquefying capabilities.

The following table lists DESC’s generating units and capability as of December 31, 2024.

Plant		Location		Net Summer Capability (MW)				Percentage Net Summer Capability
Gas
Jasper (CC) (1)		Hardeeville, SC			902
Columbia Energy Center (CC) (1)		Gaston, SC			522
Urquhart (CC) (1)		Beech Island, SC			458
McMeekin		Irmo, SC			250
Hagood (CT) (1)		Charleston, SC			118
Urquhart Unit 3		Beech Island, SC			95
Urquhart (CT) (1)		Beech Island, SC			87
Bushy Park (CT) (1)		Goose Creek, SC			42
Coit (CT) (1)(2)		Columbia, SC			26
Total Gas					2,500				37		%
Coal
Wateree		Eastover, SC			684
Williams		Goose Creek, SC			595
Cope (3)		Cope, SC			415
Total Coal					1,694				25
Hydro
Fairfield		Jenkinsville, SC			576
Saluda		Irmo, SC			190
Other		Various			18
Total Hydro					784				12
Nuclear
Summer		Jenkinsville, SC			644		(4)		10
					5,622
Power Purchase Agreements					1,112		(5)		16
Total Utility Generation					6,734				100		%

Note: (CT) denotes combustion turbine and (CC) denotes combined cycle.

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CONTRACTED ENERGY

The following table lists Contracted Energy’s generating units and capability as of December 31, 2024.

Plant		Location		Net Summer Capability (MW)				Percentage Net Summer Capability
Nuclear
Millstone		Waterford, CT			2,013		(1)
Total Nuclear					2,013				65		%
Solar (2)
Hardin I		Hardin County, OH			150
Amazon Solar Farm Virginia – Southampton		Newsoms, VA			100
Foxhound Solar		Clover, VA			83
Amazon Solar Farm Virginia – Accomack		Oak Hall, VA			80
Greensville		Greensville County, VA			80
Innovative Solar 37		Morven, NC			79
Wilkinson		Pantego, NC			74
Seabrook		Beaufort County, SC			73
Moffett Solar 1		Ridgeland, SC			71
Summit Farms Solar		Moyock, NC			60
Midway II		Calipatria, CA			30
Amazon Solar Farm Virginia – Buckingham		Cumberland, VA			20
Amazon Solar Farm Virginia – Correctional		Barhamsville, VA			20
Hecate Cherrydale		Cape Charles, VA			20
Amazon Solar Farm Virginia – Sussex Drive		Stoney Creek, VA			20
Amazon Solar Farm Virginia – Scott II		Powhatan, VA			20
Myrtle		Suffolk, VA			15
Trask		Beaufort County, SC			12
Hecate Energy Clarke County		White Post, VA			10
Ridgeland Solar Farm I		Ridgeland, SC			10
Yemassee		Hampton County, SC			10
Blackville		Blackville, SC			7
Denmark		Denmark, SC			6
Other		Various			35
Total Solar					1,085				35
Total Nonregulated Generation					3,098				100		%

CORPORATE AND OTHER

Dominion Energy owns various solar facilities, primarily at schools in Virginia, with an aggregate generation capacity of 28 MW.

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Item 3. 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 Notes 13 and 23 to the Consolidated Financial Statements, which information is incorporated herein by reference, for discussion of certain legal, environmental and other regulatory proceedings to which the Companies are a party.

Item 4. Mine Saf ety Disclosures

Not applicable.

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Information about our Executive Office rs

Information concerning the executive officers of Dominion Energy, each of whom is elected annually, is as follows:

Name and Age		Business Experience Past Five Years (1)
Robert M. Blue (57)		Chair of the Board of Directors from April 2021 to present; President and CEO from October 2020 to present; Director from November 2020 to present; Executive Vice President and Co-COO from December 2019 to September 2020.
Edward H. Baine (51)		President—Utility Operations and Dominion Energy Virginia from January 2025 to present; President—Dominion Energy Virginia from October 2020 to December 2024; Senior Vice President—Power Delivery of Virginia Power from December 2019 to September 2020.
Carlos M. Brown (50)		President—DES and Executive Vice President, Chief Legal Officer and Corporate Secretary from January 2024 to present; Senior Vice President, Chief Legal Officer and General Counsel from September 2022 to December 2023; Senior Vice President, General Counsel and Chief Compliance Officer from December 2019 to August 2022.
Michele L. Cardiff (57)		Senior Vice President, Controller and CAO from October 2020 to present; Vice President, Controller and CAO from April 2014 to September 2020.
Eric S. Carr (51)		Chief Nuclear Officer and President—Nuclear Operations and Contracted Energy from January 2025 to present; President—Nuclear Operations and Chief Nuclear Officer from July 2023 to December 2024; President—Nuclear Operations during June 2023; President and Chief Nuclear Officer for PSEG Nuclear, LLC, a subsidiary of Public Service Enterprise Group, Incorporated, from July 2019 to May 2023.
W. Keller Kissam (58)		President—Dominion Energy South Carolina from January 2022 to present; President—Electric Operations of DESC from January 2019 to December 2021.
Steven D. Ridge (44)		Executive Vice President and CFO from January 2024 to present; Senior Vice President and CFO from November 2022 to December 2023; President of Questar Gas from October 2022 to November 2022; Vice President and General Manager—Western Distribution from October 2021 to September 2022; Vice President—Investor Relations of DES from April 2019 to September 2021.

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Part II

Item 5. Market for Registrant’s Common Equity, Related St ockholder Matters and Issuer Purchases of Equity Securities

DOMINION ENERGY

Dominion Energy’s common stock is listed on the NYSE under the ticker symbol D. At February 21, 2025, there were approximately 112,000 record holders of Dominion Energy’s common stock. The number of record holders is comprised of individual shareholder accounts maintained on Dominion Energy’s transfer agent records and includes accounts with shares held in (1) certificate form, (2) book-entry in the Direct Registration System and (3) book-entry under Dominion Energy Direct ® . Discussions of expected dividend payments required by this Item are contained in Liquidity and Capital Resources in Item 7. MD&A.

Purchases of Equity Securities

Period		Total Number of Shares (or Units) Purchased (1)				Average Price Paid per Share (or Unit) (2)				Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs				Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased under the Plans or Programs (3)
10/1/24-10/31/24			64,345			$	58.24				—			$ 0.92 billion
11/1/24-11/30/24			415				58.99				—			0.92 billion
12/1/24-12/31/24			2,194				58.70				—			0.92 billion
Total			66,954			$	58.26				—			$ 0.92 billion

VIRGINIA POWER

There is no established public trading market for Virginia Power’s common stock, all of which is owned by Dominion Energy. Virginia Power may pay cash dividends in 2025 but is neither required to nor restricted, except as described in Note 21 to the Consolidated Financial Statements, from making such payments.

Item 6. [Re ser ved]

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Item 7. 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 Item 1. Business and the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data. 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,” “estimate,” “forecast,” “expect,” “believe,” “should,” “could,” “plan,” “may,” “continue,” “target” 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:

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Additionally, other risks that could cause actual results to differ from predicted results are set forth in Item 1A. Risk Factors.

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

Critical Accounting Policies and Estimates

Dominion Energy has identified the following accounting policies, including certain inherent estimates, that as a result of the judgments, uncertainties, uniqueness and complexities of the underlying accounting standards and operations involved, could result in material changes to its financial condition or results of operations under different conditions or using different assumptions. Dominion Energy has discussed the development, selection and disclosure of each of these policies with the Audit Committee of its Board of Directors.

Accounting for Regulated Operations

The accounting for Dominion Energy’s regulated electric and gas operations differs from the accounting for nonregulated operations in that Dominion Energy is required to reflect the effect of rate regulation in its Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds or other benefits through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. In addition, a loss is recognized if it becomes probable that capital expenditures will be disallowed for ratemaking purposes and if a reasonable estimate of the amount of the disallowance can be made.

In the fourth quarter of 2024, the Companies recorded a net $103 million ($77 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project as a result of a revised total project cost estimate of approximately $10.7 billion, excluding financing costs, that reflects a revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project and cost sharing mechanism included in the Virginia Commission’s December 2022 order. The expected total project cost reflects increases driven primarily by projections for onshore electrical interconnection costs and network upgrade costs assigned to the project by PJM, specifically incorporating consideration of PJM’s December 2024 publication of potential transmission network upgrades required for certain generation projects and related cost allocations, including those

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attributable to the CVOW Commercial Project. Relative to Virginia Power’s November 2024 Rider OSW filing, the updated estimated total project cost reflects an approximately $0.6 billion increase for such onshore and network upgrade costs and an approximately $0.3 billion increase for increased contingency for remaining construction activities, completion of the removal of unexploded ordnance, undersea cable protection system design enhancements, commodity prices for transportation fuel, updates for sea fastener fabrication and installation and other construction and equipment supplier costs.

The estimated total project cost reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 5% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to actual network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs, if any, costs to maintain necessary permits, approvals and authorizations, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events. Any additional increase in such costs in excess of the contingency included in the estimated total project cost would be subject to the cost sharing mechanisms described above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows. See Note 10 to the Consolidated Financial Statements for additional information.

Dominion Energy evaluates whether or not recovery of its regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and makes various assumptions in its analyses. These analyses are generally based on:

If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. In connection with the future 2025 Biennial Review, the Companies concluded that it was not probable that Virginia Power would have earnings in excess of an expected authorized ROE of 9.70% for the period January 1, 2023 through December 31, 2024. As a result, no regulatory liability for Virginia Power ratepayer credits to customers has been recorded at December 31, 2024. See Note 13 to the Consolidated Financial Statements for additional information.

Asset Retirement Obligations

Dominion Energy recognizes liabilities for the expected cost of retiring tangible long-lived assets for which a legal obligation exists and the ARO can be reasonably estimated. These AROs are recognized at fair value as incurred or when sufficient information becomes available to determine fair value and are generally capitalized as part of the cost of the related long-lived assets. In the absence of quoted market prices, Dominion Energy estimates the fair value of its AROs using present value techniques, in which it makes various assumptions including estimates of the amounts and timing of future cash flows associated with retirement activities, credit-adjusted risk free rates and cost escalation rates. The impact on measurements of new AROs or remeasurements of existing AROs, using different cost escalation or credit-adjusted risk free rates in the future, may be significant. When Dominion Energy revises any assumptions used to calculate the fair value of existing AROs, it adjusts the carrying amount of both the ARO liability and the related long-lived asset for assets that are in service; for assets that have ceased or are expected to cease operations, Dominion Energy adjusts the carrying amount of the ARO liability with such changes either recognized in income or as a regulatory asset.

Dominion Energy’s AROs include a significant balance related to the future decommissioning of its nonregulated and utility nuclear facilities. At December 31, 2024 and 2023, Dominion Energy’s nuclear decommissioning AROs totaled $2.6 billion and $1.9 billion, respectively. The following discusses critical assumptions inherent in determining the fair value of AROs associated with Dominion Energy’s nuclear decommissioning obligations.

Dominion Energy obtains from third-party specialists periodic site-specific base year cost studies in order to estimate the nature, cost and timing of planned decommissioning activities for its nuclear plants. These cost studies are based on relevant information available at the time they are performed; however, estimates of future cash flows for extended periods of time are by nature highly uncertain and may vary significantly from actual results. These cash flows include estimates on timing of decommissioning, which for regulated nuclear units factors in the probability of NRC approval for license extensions. In addition, Dominion Energy’s cost estimates include cost escalation rates that are applied to the base year costs. Dominion Energy determines cost escalation rates, which represent projected cost increases over time due to both general inflation and increases in the cost of specific decommissioning activities, for each nuclear facility. The selection of these cost escalation rates is dependent on subjective factors which are considered to be critical assumptions. At December 31, 2024, a 0.25% increase in cost escalation rates would have resulted in an approximate $440 million increase in Dominion Energy’s nuclear decommissioning AROs.

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At December 31, 2024, Dominion Energy’s AROs also include $828 million for future CCR remediation at retired generating stations and other inactive or previously closed surface impoundments, landfills or other areas in connection with the EPA’s May 2024 rule as described in Note 14. Dominion Energy developed cost estimates related to this CCR remediation, which were based on the estimated quantity of CCRs that would be discovered, if any, at locations which are subject to the regulation. The determination of how much CCR, if any, that exists at an individual location is a critical assumption in the development of the Companies’ AROs. The results of the searches of internally and externally available information regarding the existence and quantity of CCR at specific locations, as well as physical searches for CCR, may cause actual results to vary significantly from expectations.

Income Taxes

Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws and associated regulations involves uncertainty since tax authorities may interpret the laws differently. Ultimate resolution or clarification of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to tax-related assets and liabilities could be material.

Given the uncertainty and judgment involved in the determination and filing of income taxes, there are standards for recognition and measurement in financial statements of positions taken or expected to be taken by an entity in its income tax returns. Positions taken by an entity in its income tax returns that are recognized in the financial statements must satisfy a more-likely-than-not recognition threshold, assuming that the position will be examined by tax authorities with full knowledge of all relevant information. At December 31, 2024 and 2023, Dominion Energy had $78 million and $110 million, respectively, of unrecognized tax benefits. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations.

Deferred income tax assets and liabilities are recorded representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Dominion Energy evaluates quarterly the probability of realizing deferred tax assets by considering current and historical financial results, expectations for future taxable income and the availability of tax planning strategies that can be implemented, if necessary, to realize deferred tax assets. Failure to achieve forecasted taxable income or successfully implement tax planning strategies may affect the realization of deferred tax assets. In addition, changes in tax laws or tax rates may require reconsideration of the realizability of existing deferred tax assets. Dominion Energy establishes a valuation allowance when it is more-likely-than-not that all or a portion of a deferred tax asset will not be realized. At December 31, 2024 and 2023, Dominion Energy had established $113 million and $130 million, respectively, of valuation allowances.

Accounting for Derivative Contracts and Financial Instruments at Fair Value

Dominion Energy uses derivative contracts such as physical and financial forwards, futures, swaps, options and FTRs to manage commodity, interest rate and/or foreign currency exchange rate risks of its business operations. Derivative contracts, with certain exceptions, are reported in the Consolidated Balance Sheets at fair value. The majority of investments held in Dominion Energy’s nuclear decommissioning and rabbi trusts and pension and other postretirement funds are also subject to fair value accounting. See Notes 6 and 22 to the Consolidated Financial Statements for further information on these fair value measurements.

Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, management seeks indicative price information from external sources, including broker quotes and industry publications. When evaluating pricing information provided by brokers and other pricing services, Dominion Energy considers whether the broker is willing and able to trade at the quoted price, if the broker quotes are based on an active market or an inactive market and the extent to which brokers are utilizing a particular model if pricing is not readily available. If pricing information from external sources is not available, or if Dominion Energy believes that observable pricing information is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases, Dominion Energy must estimate prices based on available historical and near-term future price information and use of statistical methods, including regression analysis, that reflect its market assumptions.

Dominion Energy maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. See Note 6 to the Consolidated Financial Statements for quantitative information on unobservable inputs utilized in Dominion Energy’s fair value measurements of certain derivative contracts.

Use of Estimates in Goodwill Impairment Testing

In April of each year, Dominion Energy tests its goodwill for potential impairment, and performs additional tests more frequently if an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. The 2024, 2023 and 2022 annual test did not result in the recognition of any goodwill impairment.

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In general, Dominion Energy estimates the fair value of its reporting units by using a combination of discounted cash flows and other valuation techniques that use multiples of earnings for peer group companies and analyses of recent business combinations involving peer group companies. Fair value estimates are dependent on subjective factors such as Dominion Energy’s estimate of future cash flows, the selection of appropriate discount and growth rates and the selection of peer group companies and recent transactions. These underlying assumptions and estimates are made as of a point in time; subsequent modifications, particularly changes in discount rates or growth rates inherent in Dominion Energy’s estimates of future cash flows, could result in a future impairment of goodwill. Although Dominion Energy has consistently applied the same methods in developing the assumptions and estimates that underlie the fair value calculations, such as estimates of future cash flows, and based those estimates on relevant information available at the time, such cash flow estimates are highly uncertain by nature and may vary significantly from actual results. If the estimates of future cash flows used in the most recent test had been 10% lower or if the discount rate had been 0.25% higher, the resulting fair values would have still been greater than the carrying values of each of those reporting units tested, indicating that no impairment was present.

In addition to the annual goodwill impairment testing described above, Dominion Energy’s calculations during the fourth quarter of 2023 and first quarter of 2024 of the expected gain or loss on the Questar Gas and East Ohio Transactions resulted in an impairment of the related goodwill totaling $238 million and $78 million, respectively, reflected in discontinued operations in Dominion Energy’s Consolidated Statements of Income.

See Notes 2 and 11 to the Consolidated Financial Statements for additional information.

Use of Estimates in Long-Lived Asset Impairment Testing

Impairment testing for an individual or group of long-lived assets, including intangible assets with definite lives, is required when circumstances indicate those assets may be impaired. When a long-lived asset’s carrying amount exceeds the undiscounted estimated future cash flows associated with the asset, the asset is considered impaired to the extent that the asset’s fair value is less than its carrying amount. Performing an impairment test on long-lived assets involves judgment in areas such as identifying if circumstances indicate an impairment may exist, identifying and grouping affected assets in the case of long-lived assets and developing the undiscounted and discounted estimated future cash flows (used to estimate fair value in the absence of a market-based value) associated with the asset, including probability weighting such cash flows to reflect expectations about possible variations in their amounts or timing, expectations about the operations of the long-lived assets and the selection of an appropriate discount rate. When determining whether a long-lived asset or asset group has been impaired, management groups assets at the lowest level that has identifiable cash flows. Although cash flow estimates are based on relevant information available at the time the estimates are made, estimates of future cash flows are, by nature, highly uncertain and may vary significantly from actual results. For example, estimates of future cash flows would contemplate factors which may change over time, such as the expected use of the asset or underlying assets of equity method investees, including future production and sales levels, expected fluctuations of prices of commodities sold and consumed and expected proceeds from dispositions. In 2022, Dominion Energy determined that its nonregulated solar generation assets within Contracted Energy were impaired. The estimates of future cash flows and selection of a discount rate are considered to be critical assumptions. A 10% decrease in projected future pre-tax cash flows would have resulted in a $52 million increase to the impairment charge recorded. A 0.25% increase in the discount rate would have resulted in a $9 million increase to the impairment charge recorded. See Note 10 to the Consolidated Financial Statements for further information concerning the impairment related to certain of Dominion Energy’s nonregulated solar generation assets. There were no tests performed in 2024 or 2023 of long-lived assets which could have resulted in material impairments.

Held for Sale Classification

Dominion Energy recognizes the assets and liabilities of a disposal group as held for sale in the period (i) it has approved and committed to a plan to sell the disposal group, (ii) the disposal group is available for immediate sale in its present condition, (iii) an active program to locate a buyer and other actions required to sell the disposal group have been initiated, (iv) the sale of the disposal group is probable, (v) the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Dominion Energy initially measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until closing. Upon designation as held for sale, Dominion Energy stops recording depreciation expense and assesses the fair value of the disposal group less any costs to sell at each reporting period and until it is no longer classified as held for sale.

The determination as to whether the sale of the disposal group is probable may include significant judgments from management related to the expectation of obtaining approvals from applicable regulatory agencies such as state utility regulatory commissions,

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FERC or the U.S. Federal Trade Commission. This analysis is generally based on orders issued by regulatory commissions, past experience and discussions with applicable regulatory authorities and legal counsel.

See Note 3 to the Consolidated Financial Statements for additional information.

Employee Benefit Plans

Dominion Energy sponsors noncontributory defined benefit pension plans and other postretirement benefit plans for eligible active employees, retirees and qualifying dependents. The projected costs of providing benefits under these plans are dependent, in part, on historical information such as employee demographics, the level of contributions made to the plans and earnings on plan assets. Assumptions about the future, including the expected long-term rate of return on plan assets, discount rates applied to benefit obligations, mortality rates and the anticipated rate of increase in healthcare costs and participant compensation, also have a significant impact on employee benefit costs. The impact of changes in these factors, as well as differences between Dominion Energy’s assumptions and actual experience, is immediately recognized in earnings annually in the fourth quarter of each fiscal year as well as whenever a triggering event occurs that is determined to require remeasurement. Actuarial losses attributable to Dominion Energy’s rate regulated operations are deferred to regulatory assets when it is probable that regulators will permit them to be recovered from customers in future rates. Likewise, actuarial gains attributable to Dominion Energy’s rate regulated operations are deferred to regulatory liabilities when it is probable that regulators will require customer refunds or other benefits through future rates.

The expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and mortality rates are critical assumptions. Dominion Energy determines the expected long-term rates of return on plan assets for pension plans and other postretirement benefit plans by using a combination of:

Strategic investment policies are established for Dominion Energy’s prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include those mentioned above such as employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans’ strategic allocation are a function of Dominion Energy’s assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans’ actual asset allocations varying from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the targets. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns.

Dominion Energy develops its critical assumptions, which are then compared to the forecasts of an independent investment advisor or an independent actuary, as applicable, to ensure reasonableness. An internal committee selects the final assumptions. Dominion Energy calculated its pension cost using an expected long-term rate of return on plan assets assumption that ranged from 7.00% to 8.35% for each of 2024, 2023 and 2022. For 2025, the expected long-term rate of return for the pension cost assumption is 7.35% for Dominion Energy’s plans held as of December 31, 2024. Dominion Energy calculated its other postretirement benefit cost using an expected long-term rate of return on plan assets assumption of 8.35% for each of 2024, 2023 and 2022. For 2025, the expected long-term rate of return for other postretirement benefit cost assumption is 7.35%.

Dominion Energy determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans. The discount rates used to calculate pension cost and other postretirement benefit cost ranged from 5.37% to 5.75% for pension plans and 5.40% to 5.74% for other postretirement benefit plans in 2024, ranged from 5.65% to 5.75% for pension plans and 5.69% to 5.70% for other postretirement benefit plans in 2023 and ranged from 3.06% to 3.19% for pension plans and 3.04% to 5.03% for other postretirement benefit plans in 2022. Dominion Energy selected a discount rate ranging from 5.84% to

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5.87% for pension plans and 5.83% to 5.86% for other postretirement benefit plans for determining its December 31, 2024 projected benefit obligations.

Dominion Energy establishes the healthcare cost trend rate assumption based on analyses of various factors including the specific provisions of its medical plans, actual cost trends experienced and projected and demographics of plan participants. Dominion Energy’s healthcare cost trend rate assumption as of December 31, 2024 was 7.00% and is expected to gradually decrease to 5.00% by 2032 and continue at that rate for years thereafter.

The following table illustrates the effect on cost of changing the critical actuarial assumptions discussed above, while holding all other assumptions constant:

			Increase in 2024 Net Periodic Cost
	Change in Actuarial Assumptions		Pension Benefits				Other Postretirement Benefits
(millions, except percentages)
Discount rate	(0.25)%		$	11			$	1
Long-term rate of return on plan assets	(0.25)%			26				5
Health care cost trend rate	1%		N/A					8

In addition to the effects on cost, a 0.25% decrease in the discount rate would increase Dominion Energy’s projected pension benefit obligation at December 31, 2024 by $187 million and its accumulated postretirement benefit obligation at December 31, 2024 by $23 million, while a 1.00% increase in the healthcare cost trend rate would increase its accumulated postretirement benefit obligation at December 31, 2024 by $61 million.

See Note 22 to the Consolidated Financial Statements for additional information on Dominion Energy’s employee benefit plans.

New Accounting Standards

See Note 2 to the Consolidated Financial Statements for a discussion of new accounting standards.

RESULTS OF OPERATIONS

Dominion Energy

Presented below is a summary of Dominion Energy’s consolidated results:

Year Ended December 31,		2024				$ Change				2023				$ Change				2022
(millions, except EPS)
Net income attributable to Dominion Energy		$	2,124			$	93			$	2,031			$	840			$	1,191
Diluted EPS			2.44				0.11				2.33				1.00				1.33

Overview

2024 VS. 2023

Net income attributable to Dominion Energy increased 5%, primarily due to the absence of a charge to reflect the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale, a decrease in impairments associated with the East Ohio and Questar Gas Transactions, an increase in net investment earnings on nuclear decommissioning trust funds, the absence of depreciation expense associated with the East Ohio, PSNC and Questar Gas Transactions upon meeting the classification as held for sale, higher rider equity returns reflecting increased capital investments at Virginia Power, an increase in sales to electric utility customers attributable to weather and the absence of amortization associated with the 2021 Triennial Review. These increases were partially offset by the closings of the East Ohio, PSNC and Questar Gas Transactions, a charge for costs not expected to be recovered from customers on the CVOW Commercial Project, the absence of a gain and equity method earnings from the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point, increased unrealized losses on economic hedging activities, lower market related impacts on pension and other postretirement plans and the impact of 2023 Virginia legislation.

2023 VS. 2022

Net income attributable to Dominion Energy increased 71%, primarily due to the absences of a charge associated with the impairment of certain nonregulated solar generation facilities, a loss associated with the sale of Kewaunee, a charge for RGGI compliance costs deemed recovered through base rates and a charge in connection with a comprehensive settlement agreement for Virginia fuel

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expenses. In addition, there was an increase in net investment earnings on nuclear decommissioning trust funds, a gain on the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point, increased unrealized gains on economic hedging activities, a net decrease in dismantling costs associated with the early retirement of certain electric generation facilities at Virginia Power and higher market related impacts on pension and other postretirement plans. These increases were partially offset by a charge to reflect the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale, an impairment associated with the East Ohio and Questar Gas Transactions, a decrease in sales to electric utility customers attributable to weather and a decrease from the impact of 2023 Virginia legislation.

Analysis of Consolidated Operations

Presented below are selected amounts related to Dominion Energy’s results of operations:

Year Ended December 31,		2024				$ Change				2023				$ Change				2022
(millions)
Operating revenue		$	14,459			$	66			$	14,393			$	455			$	13,938
Electric fuel and other energy-related purchases			3,614				(321	)			3,935				224				3,711
Purchased electric capacity			74				19				55				(4	)			59
Purchased gas			260				(25	)			285				(141	)			426
Other operations and maintenance			3,589				429				3,160				(205	)			3,365
Depreciation and amortization			2,345				(235	)			2,580				138				2,442
Other taxes			731				47				684				9				675
Impairment of assets and other charges			600				293				307				(1,094	)			1,401
Losses (gains) on sales of assets			(1	)			26				(27	)			(439	)			412
Other income (expense)			822				(162	)			984				1,101				(117	)
Interest and related charges			1,887				213				1,674				672				1,002
Income tax expense			308				(260	)			568				509				59
Net income (loss) from discontinued operations including noncontrolling interests			197				322				(125	)			(1,047	)			922
Noncontrolling interests			(53	)			(53	)			—				—				—

An analysis of Dominion Energy’s results of operations follows:

2024 VS. 2023

Operating revenue remained substantially consistent, primarily reflecting:

These increases were substantially offset by:

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Electric fuel and other energy-related purchases decreased 8%, primarily due to lower commodity costs for electric utilities ($408 million), partially offset by an increase in the use of purchased renewable energy credits at Virginia Power ($47 million), which are offset in operating revenue and do not impact net income.

Other operations and maintenance increased 14%, primarily reflecting:

These increases were partially offset by:

Depreciation and amortization decreased 9%, primarily reflecting:

These decreases were partially offset by:

Impairment of assets and other charges increased 95%, primarily reflecting:

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These increases were partially offset by:

Gains on sales of assets decreased 96%, primarily due to the absence of a gain on the transfer of certain utility property in South Carolina.

Other income decreased 16%, primarily due to lower market related impacts on pension and other postretirement plans ($351 million) and an increase in charitable commitments ($58 million), partially offset by an increase in net investment gains on nuclear decommissioning trust funds ($164 million), an increase in earnings from other investments ($42 million), the absence of Dominion Energy’s share of an impairment of certain property, plant and equipment at Align RNG ($35 million) and an increase in AFUDC associated with rate-regulated projects ($35 million).

Interest and related charges increased 13%, primarily reflecting:

These increases were partially offset by:

Income tax expense decreased 46%, primarily due to lower pre-tax income ($128 million) and an increase in a nuclear production tax credit ($89 million).

Net income from discontinued operations including noncontrolling interests increased $322 million, primarily due to the absence of charges reflecting the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale ($835 million), a decrease in impairments associated with the East Ohio and Questar Gas Transactions ($197 million), the absence of depreciation expense associated with the East Ohio, PSNC and Questar Gas Transactions upon meeting the classification as held for sale ($211 million), the absence of interest expense on variable rate debt secured by Dominion Energy’s interest in Cove Point ($72 million), a gain upon the closing of the Questar Gas Transaction ($42 million), the absence of an impairment charge associated with the impairment of Birdseye ($34 million), the absence of charges associated with the impairment of the Madison solar project ($19 million) and the absence of an impairment charge of certain nonregulated solar assets ($11 million), partially offset by the absence of a gain on the sale of Dominion Energy’s remaining

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noncontrolling interest in Cove Point ($348 million), the absence of earnings from operations following the closing of the East Ohio Transaction ($299 million) and Questar Gas Transaction ($138 million), the absence of equity method earnings from the sale of Dominion Energy’s noncontrolling interest in Cove Point ($163 million), a loss on the closing of the East Ohio Transaction ($109 million), charges for employee benefit items related to the East Ohio Transaction ($33 million), a loss on the closing of the PSNC Transaction ($31 million) and higher tax expense associated with the PSNC Transaction ($16 million).

Noncontrolling interests decreased $53 million, due to the 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, consisting of Stonepeak’s share of a charge for costs not expected to be recovered from customers on the CVOW Commercial Project ($103 million) partially offset by its share of the remaining earnings associated with the CVOW Commercial Project subsequent to closing.

2023 VS. 2022

Operating revenue increased 3%, primarily reflecting:

These increases were partially offset by:

Electric fuel and other energy-related purchases increased 6%, primarily due to higher commodity costs for electric utilities ($223 million) and an increase in the use of purchased renewable energy credits at Virginia Power ($55 million), partially offset by a decrease in PJM off-system sales at Virginia Power ($27 million); all of which are offset in operating revenue and do not impact net income.

Purchased gas decreased 33%, primarily due to a decrease in commodity costs for gas utility operations ($98 million), which are offset in operating revenue and do not impact net income, and a decrease from the sale of Hope ($43 million).

Other operations and maintenance decreased 6%, primarily reflecting:

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These decreases were partially offset by:

Depreciation and amortization increased 6%, primarily due to various projects being placed into service ($159 million), partially offset by decrease due to the impairment of certain nonregulated solar generation facilities in 2022 ($19 million).

Impairment of assets and other charges decreased 78%, primarily reflecting:

These decreases were partially offset by:

Gains on sales of assets increased $439 million, primarily due to the absence of a loss associated with the sale of Kewaunee ($649 million), partially offset by the absence of a gain on the contribution of certain privatization operations to Dominion Privatization ($155 million).

Other income increased $1.1 billion, primarily due to net investment gains in 2023 compared to net investment losses in 2022 on nuclear decommissioning trust funds ($968 million) and higher market related impacts on pension and other postretirement plans ($218 million), partially offset by Dominion Energy’s share of an impairment of certain property, plant and equipment at Align RNG ($35 million).

Interest and related charges increased 67%, primarily due to increased commercial paper and long-term debt borrowings ($198 million), higher interest rates on commercial paper and long-term debt ($178 million), lower unrealized gains in 2023 compared to 2022 associated with freestanding derivatives ($173 million), higher interest rates on variable rate debt and cash flow interest rate swaps ($124 million), lower premiums received on interest rate derivatives ($60 million), and the absence of benefits associated with the early redemption of certain securities in the third and fourth quarters of 2022 ($35 million), partially offset by increased interest costs subject to recovery through riders ($38 million).

Income tax expense increased $509 million, primarily due to higher pre-tax income ($573 million) and an increase in consolidated state deferred income taxes associated with the East Ohio, PSNC and Questar Gas Transactions and the sale of Dominion Energy’s 50% noncontrolling interest in Cove Point ($29 million), partially offset by the absence of tax expense on the sale of Hope’s stock ($90 million) and decreased consolidated state deferred income taxes on pre-tax gains from nuclear decommissioning trusts and economic hedges ($12 million).

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Net income from discontinued operations including noncontrolling interests decreased $1.0 billion, primarily due to charges reflecting the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale that will reverse when the sale is completed ($835 million), an impairment associated with the East Ohio and Questar Gas Transactions ($275 million), lower unrealized gains in 2023 compared to 2022 on interest rate derivatives for economic hedging of debt secured by Dominion Energy’s interest in Cove Point ($169 million), a decrease in equity method earnings from the sale of Dominion Energy’s noncontrolling interest in Cove Point ($44 million), a charge associated with the impairment of Birdseye ($34 million), an increase in interest expense primarily associated with debt issuances in 2022 ($31 million), the absence of a gain associated with the Q-Pipe Group for the finalization of the working capital adjustment in the first quarter of 2022 ($20 million) and an impairment charge of certain nonregulated solar assets ($11 million), partially offset by the gain on the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point ($348 million), a net decrease in charges associated with the impairment of the Madison solar project ($57 million) and an increase following the approved base rate case for Questar Gas ($42 million).

Virginia Power

Presented below is a summary of Virginia Power’s consolidated results:

Year Ended December 31,		2024				$ Change				2023				$ Change				2022
(millions)
Net income attributable to Virginia Power		$	1,910			$	458			$	1,452			$	340			$	1,112

Overview

2024 VS. 2023

Net income attributable to Virginia Power increased 32%, primarily due to the absence of amortization associated with the 2021 Triennial Review, higher rider equity returns reflecting increased capital investments and an increase in sales to electric utility customers attributable to weather and other customer-related factors, partially offset by a charge for costs not expected to be recovered from customers on the CVOW Commercial Project and the impact of 2023 Virginia legislation.

2023 VS. 2022

Net income attributable to Virginia Power increased 31%, primarily due to the absences of a charge for RGGI compliance costs deemed recovered through base rates and a charge in connection with a comprehensive settlement agreement for Virginia fuel expenses as well as an increase in net investment earnings on nuclear decommissioning trust funds, a decrease in storm damage and service restoration costs and a net decrease in dismantling costs associated with the early retirement of certain electric generation facilities, partially offset by a decrease in sales to electric utility customers attributable to weather and the impact of 2023 Virginia legislation.

Analysis of Consolidated Operations

Presented below are selected amounts related to Virginia Power’s results of operations:

Year Ended December 31,		2024				$ Change				2023				$ Change				2022
(millions)
Operating revenue		$	10,235			$	662			$	9,573			$	(81	)		$	9,654
Electric fuel and other energy-related purchases			2,743				(175	)			2,918				5				2,913
Purchased electric capacity			68				22				46				—				46
Other operations and maintenance			2,237				386				1,851				(200	)			2,051
Depreciation and amortization			1,644				(227	)			1,871				135				1,736
Other taxes			333				35				298				(5	)			303
Impairment of assets and other charges			292				177				115				(442	)			557
Other income (expense)			195				64				131				131				—
Interest and related charges			848				84				764				122				642
Income tax expense			408				19				389				95				294
Noncontrolling interests			(53	)			(53	)			—				—				—

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An analysis of Virginia Power’s results of operations follows:

2024 VS. 2023

Operating revenue increased 7%, primarily reflecting:

These increases were partially offset by:

Electric fuel and other energy-related purchases decreased 6%, primarily due to lower commodity costs for electric utilities ($226 million), partially offset by an increase in the use of purchased renewable energy credits ($47 million), which are offset in operating revenue and do not impact net income.

Purchased electric capacity increased 48%, primarily due to new capacity contracts and changes in existing capacity contracts.

Other operations and maintenance increased 21%, primarily reflecting:

These increases were partially offset by:

Depreciation and amortization decreased 12%, primarily reflecting:

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These decreases were partially offset by:

Other taxes increased 12%, primarily due to higher property taxes .

Impairment of assets and other charges increased $177 million, primarily reflecting:

These increases were partially offset by:

Other income increased 49%, primarily due to an increase in AFUDC associated with rate-regulated projects ($33 million) and an increase in net investment gains on nuclear decommissioning trust funds ($29 million).

Interest and related charges increased 11%, primarily due to an increase in long-term debt borrowings ($178 million) and increased interest expense associated with rider deferrals ($13 million), which is offset in operating revenue and does not impact net income, partially offset by a decrease in principal on commercial paper and intercompany borrowings with Dominion Energy ($89 million) and lower interest rates on commercial paper, long-term debt and intercompany borrowings with Dominion Energy ($23 million).

Income tax expense increased 5%, primarily due to higher pre-tax income ($106 million), partially offset by a nuclear production tax credit ($89 million).

Noncontrolling interests decreased $53 million, due to the 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, consisting of Stonepeak’s share of a charge for costs not expected to be recovered from customers on the CVOW Commercial Project ($103 million) partially offset by its share of the remaining earnings associated with the CVOW Commercial Project subsequent to closing.

2023 VS. 2022

Operating revenue decreased 1%, primarily reflecting:

These decreases were partially offset by:

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Electric fuel and other energy-related purchases increased $5 million, primarily due to an increase in the use of purchased renewable energy credits ($55 million), partially offset by a decrease in PJM off-system sales ($27 million); both of which are offset in operating revenue and do not impact net income and a decrease in purchased power costs ($13 million).

Other operations and maintenance decreased 10%, primarily reflecting:

These decreases were partially offset by:

Impairment of assets and other charges (benefits) decreased 79%, primarily reflecting:

These decreases were partially offset by:

Other income increased $131 million, primarily due to net investment gains in 2023 compared to net investment losses in 2022 on nuclear decommissioning trust funds.

Interest and related charges increased 19%, primarily due to an increase in the average outstanding balance of commercial paper and intercompany borrowings with Dominion Energy, and increased long-term debt ($124 million) and higher interest rates on commercial paper, long-term debt and intercompany borrowings with Dominion Energy ($39 million), partially offset by increased interest costs subject to recovery through riders ($38 million).

Income tax expense increased 32%, primarily due to higher pre-tax income ($117 million) and lower investment tax credits ($17 million), partially offset by the absence of the recognition of a deferred intercompany gain related to the transfer and subsequent contribution of existing privatization operations in Virginia to Dominion Privatization ($34 million).

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SEGMENT RESULTS OF OPERATIONS

Segment results include the impact of intersegment revenues and expenses, which may result in intersegment profit or loss. Presented below is a summary of contributions by Dominion Energy’s operating segments to net income (loss) attributable to Dominion Energy:

Year Ended December 31,		2024								2023								2022
		Net income (loss) attributable to Dominion Energy				EPS (1)				Net income (loss) attributable to Dominion Energy				EPS (1)				Net income (loss) attributable to Dominion Energy				EPS (1)
(millions, except EPS)
Dominion Energy Virginia		$	2,011			$	2.40			$	1,684			$	2.01			$	1,905			$	2.31
Dominion Energy South Carolina			398				0.47				377				0.45				505				0.61
Contracted Energy			359				0.43				99				0.12				188				0.23
Corporate and Other			(644	)			(0.86	)			(129	)			(0.25	)			(1,407	)			(1.82	)
Consolidated		$	2,124			$	2.44			$	2,031			$	2.33			$	1,191			$	1.33

Dominion Energy Virginia

Presented below are operating statistics related to Dominion Energy Virginia’s operations:

Year Ended December 31,		2024				% Change				2023				% Change				2022
Electricity delivered (million MWh)			94.5				5		%		89.9				—		%		90.0
Electricity supplied (million MWh):
Utility			94.6				5				90.0				—				90.2
Non-Jurisdictional			1.7				6				1.6				7				1.5
Degree days (electric distribution and utility service area):
Cooling			1,928				17				1,643				(7	)			1,765
Heating			2,969				5				2,830				(20	)			3,555
Average electric distribution customer accounts (thousands)			2,782				1				2,752				1				2,724

Presented below, on an after-tax basis, are the key factors impacting Dominion Energy Virginia’s net income contribution:

2024 VS. 2023

		Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Weather		$	92			$	0.11
Customer usage and other factors			(6	)			(0.01	)
Customer-elected rate impacts			63				0.08
Impact of 2023 Virginia legislation			(142	)			(0.17	)
Rider equity return			349				0.42
Electric capacity			(19	)			(0.02	)
Storm damage and restoration costs			(12	)			(0.01	)
Planned outage costs			(24	)			(0.03	)
Nuclear production tax credit			89				0.11
Sale of noncontrolling interest			(50	)			(0.06	)
Depreciation and amortization			(2	)			—
Interest expense, net			39				0.05
Other			(50	)			(0.07	)
Share dilution			—				(0.01	)
Change in net income contribution		$	327			$	0.39

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2023 VS. 2022

		Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Weather		$	(126	)		$	(0.15	)
Customer usage and other factors			123				0.15
Customer-elected rate impacts			(64	)			(0.08	)
Impact of 2023 Virginia legislation			(155	)			(0.19	)
Rider equity return			146				0.18
Storm damage and restoration costs			12				0.01
Depreciation and amortization			(27	)			(0.03	)
Renewable energy investment tax credits			(17	)			(0.02	)
Interest expense, net			(38	)			(0.05	)
Other			(75	)			(0.09	)
Share dilution			—				(0.03	)
Change in net income contribution		$	(221	)		$	(0.30	)

Dominion Energy South Carolina

Presented below are selected operating statistics related to Dominion Energy South Carolina’s operations:

Year Ended December 31,		2024				% Change				2023				% Change				2022
Electricity delivered (million MWh)			22.0				—		%		21.9				(5	)	%		23.0
Electricity supplied (million MWh)			23.1				—				23.0				(5	)			24.1
Degree days (electric and gas distribution service areas):
Cooling			855				18				725				(5	)			767
Heating			1,078				18				917				(29	)			1,294
Average electric distribution customer accounts (thousands)			806				2				790				2				777
Gas distribution throughput (bcf):
Sales			63				(5	)			66				(3	)			68
Average gas distribution customer accounts (thousands)			460				4				443				4				427

Presented below, on an after-tax basis, are the key factors impacting Dominion Energy South Carolina’s net income contribution:

2024 VS. 2023

		Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Weather		$	37			$	0.04
Customer usage and other factors			27				0.03
Customer-elected rate impacts			4				—
Base rate case & Natural Gas Rate Stabilization Act impacts			41				0.05
Capital cost rider			(6	)			(0.01	)
Depreciation and amortization			(12	)			(0.01	)
Interest expense, net			(21	)			(0.03	)
Other			(49	)			(0.05	)
Share dilution			—				—
Change in net income contribution		$	21			$	0.02

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2023 VS. 2022

		Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Weather		$	(34	)		$	(0.04	)
Customer usage and other factors			11				0.01
Customer-elected rate impacts			(37	)			(0.04	)
Base rate case & Natural Gas Rate Stabilization Act impacts			5				0.01
Capital cost rider			(8	)			(0.01	)
Gains on sales of property			(32	)			(0.04	)
Depreciation and amortization			(18	)			(0.02	)
Interest expense, net			(25	)			(0.03	)
Other			10				—
Share dilution			—				—
Change in net income contribution		$	(128	)		$	(0.16	)

Contracted Energy

Presented below are selected operating statistics related to Contracted Energy’s operations:

Year Ended December 31,		2024				% Change				2023				% Change				2022
Electricity supplied (million MWh)			18.0				22		%		14.8				(17	)	%		17.8

Presented below, on an after-tax basis, are the key factors impacting Contracted Energy’s net income contribution:

2024 VS. 2023

		Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Margin		$	103			$	0.12
Planned Millstone outages (1)(2)			119				0.14
Unplanned Millstone outages (1)			16				0.02
Depreciation and amortization			22				0.03
Interest expense, net			14				0.02
Other			(14	)			(0.02	)
Share dilution			—				—
Change in net income contribution		$	260			$	0.31

2023 VS. 2022

		Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Margin		$	83			$	0.10
Planned Millstone outages (1) (2)			(111	)			(0.13	)
Unplanned Millstone outages (1)			(52	)			(0.06	)
Depreciation and amortization			14				0.02
Other			(23	)			(0.04	)
Share dilution			—				—
Change in net income contribution		$	(89	)		$	(0.11	)

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Corporate and Other

Presented below are the Corporate and Other segment’s after-tax results:

Year Ended December 31,		2024				2023				2022
(millions, except EPS)
Specific items attributable to operating segments		$	(132	)		$	405			$	(2,386	)
Specific items attributable to Corporate and Other segment			(136	)			(89	)			860
Net income (expense) from specific items			(268	)			316				(1,526	)
Corporate and other operations:
Interest expense, net			(537	)			(564	)			(332	)
Equity method investments (1)			(5	)			6				138
Pension and other postretirement benefit plans			277				232				337
Corporate service company costs			(79	)			(126	)			(127	)
Other			(32	)			7				103
Net income (expense) from corporate and other operations			(376	)			(445	)			119
Total net expense			(644	)			(129	)			(1,407	)
EPS impact		$	(0.86	)		$	(0.25	)		$	(1.82	)

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 26 to the Consolidated Financial Statements for discussion of these items in more detail. Corporate and Other also includes specific items attributable to the Corporate and Other segment. In 2024, this primarily included a $278 million after-tax loss associated with lower market related impacts on pension and other postretirement plans, $197 million net income from discontinued operations, primarily associated with operations included in the East Ohio, PSNC and Questar Gas Transactions, including the loss on sale associated with the East Ohio and PSNC Transactions, as well as an impairment charge associated with the Questar Gas Transaction, $69 million in after-tax costs associated with the business review completed in March 2024 and a $27 million after-tax benefit for derivative mark-to-market changes. In 2023, this primarily included an $835 million charge to reflect the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale that reversed when the sales were completed, $710 million net income from discontinued operations, primarily associated with operations included in the East Ohio, PSNC and Questar Gas Transactions and Dominion Energy’s noncontrolling interest in Cove Point, including the gain on sale, as well as an impairment charge associated with the East Ohio and Questar Gas Transactions, a $127 million after-tax benefit for derivative mark-to-market changes, a $69 million after-tax charge associated with the impairment of a corporate office building and a $27 million after-tax benefit for higher market related impacts on pension and other postretirement plans. In 2022, this primarily included $922 million net income from discontinued operations, primarily associated with operations included in the East Ohio, PSNC and Questar Gas Transactions and Dominion Energy’s noncontrolling interest in Cove Point, a $254 million after-tax benefit for derivative mark-to-market changes, a $251 million after-tax loss for lower market related impacts on pension and other postretirement plans and a $67 million loss associated with the sale of Hope.

OUTLOOK

Dominion Energy’s 2025 net income is expected to increase on a per share basis as compared to 2024 primarily from the following:

These increases are expected to be partially offset by the following:

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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.

Analysis of Cash Flows

Presented below are selected amounts related to Dominion Energy’s cash flows:

Year Ended December 31,		2024				2023				2022
(millions)
Cash, restricted cash and equivalents at beginning of year		$	301			$	341			$	408
Cash flows provided by (used in):
Operating activities (1)			5,018				6,572				3,700
Investing activities			(3,183	)			(7,207	)			(6,746	)
Financing activities			(1,771	)			595				2,979
Net increase (decrease) in cash, restricted cash and equivalents			64				(40	)			(67	)
Cash, restricted cash and equivalents at end of year		$	365			$	301			$	341

Operating Cash Flows

Net cash provided by Dominion Energy’s operating activities decreased $1.6 billion, inclusive of a $448 million decrease from discontinued operations. Net cash provided by continuing operations decreased $1.1 billion primarily due higher net prepayments and deposits ($606 million), lower deferred fuel and purchased gas cost recoveries ($464 million), settlements of interest rate swaps ($232 million), higher income tax payments ($73 million) and $169 million primarily due to lower operating cash flows from electric utility operations, partially offset by an increase from changes in working capital ($437 million).

Investing Cash Flows

Net cash used in Dominion Energy’s investing activities decreased $4.0 billion, primarily due to net proceeds from the East Ohio, Questar Gas and PSNC Transactions ($9.2 billion) and an increase in distributions from equity method affiliates ($125 million), partially offset by the absence of the net proceeds from the sale of the remaining noncontrolling interest in Cove Point ($3.3 billion), an increase in plant construction and other property additions ($2.0 billion) and higher acquisitions of solar development projects ($205 million).

Financing Cash Flows

Net cash from Dominion Energy’s financing activities decreased $2.4 billion, primarily due to a $9.5 billion decrease due to net repayments on 364-day term loan facilities in 2024 versus net issuances in 2023, net repayments of short-term debt ($2.0 billion), the repurchase and redemption of the Series B Preferred Stock ($801 million) and net repayment of supplemental credit facility borrowings ($450 million), partially offset by a $6.8 billion increase due to net issuances of long-term debt in 2024 versus net repayments in 2023, an increase from the sale of a noncontrolling interest in, as well as capital contributions from Stonepeak to, OSWP ($2.9 billion) and an increase in the issuance of common stock ($638 million).

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Credit Facilities and Short-Term Debt

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. A description of Dominion Energy’s primary available sources of short-term liquidity follows.

Joint Revolving Credit Facility

Dominion Energy maintains a $6.0 billion joint revolving credit facility which provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives.

Dominion Energy’s commercial paper and letters of credit outstanding, as well as capacity available under its credit facility were as follows:

		Facility Limit				Outstanding Commercial Paper (1)				Outstanding Letters of Credit				Facility Capacity Available
(millions)
At December 31, 2024
Joint revolving credit facility (2)(3)		$	6,000			$	2,061			$	10			$	3,929

Dominion Energy Reliability Investment SM Program

Dominion Energy has an effective 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 Investment SM . The registration statement 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 December 31, 2024, Dominion Energy’s Consolidated Balance Sheets include $439 million presented within short-term debt, with a weighted-average interest rate of 4.50%. 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 17 to the Consolidated Financial Statements.

In March 2024, Dominion Energy repaid the full $2.5 billion outstanding under its $2.5 billion 364-day term loan facility entered into in January 2023 as amended in January 2024, using after-tax proceeds received in connection with the East Ohio Transaction. The debt was scheduled to mature in July 2024.

In March 2024, Dominion Energy repaid $1.8 billion of its $2.25 billion 364-day term loan facility entered into in October 2023, using after-tax proceeds received in connection with the East Ohio Transaction. Subsequently in March 2024, Dominion Energy requested and received a $500 million increase to the amount of the facility and concurrently borrowed $500 million with the proceeds used for general corporate purposes. In May 2024, Dominion Energy repaid the full $976 million outstanding under the facility, using after-tax proceeds received in connection with the Questar Gas Transaction. The debt was scheduled to mature in October 2024.

Long-Term Debt

Sustainability Revolving Credit Agreement

Dominion Energy maintains a $900 million Sustainability Revolving Credit Agreement which, following an amendment in June 2024, matures in June 2025, bears interest at a variable rate and is described in Note 18 to the Consolidated Financial Statements. The facility offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. In May 2024, Dominion Energy used a portion of the proceeds from the issuance of the 2024 Series A

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JSNs and the 2024 Series B JSNs to repay the outstanding balance of $450 million under the Sustainability Revolving Credit Agreement.

Issuances and Borrowings of Long-Term Debt

During 2024, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds were used for the repayment of existing long-term indebtedness and for general corporate purposes. See Note 18 to the Consolidated Financial Statements for additional information including use of proceeds and repayment provisions on the securitization bonds issued in February 2024 and the use of proceeds on the 2024 Series A JSNs and 2024 Series B JSNs issued in May 2024.

Month		Type		Public / Private		Entity		Principal				Rate				Stated Maturity
								(millions)
January		Senior notes		Public		Virginia Power		$	500				5.000	%		2034
January		Senior notes		Public		Virginia Power			500				5.350	%		2054
February		Senior secured deferred fuel cost bonds		Public		VPFS			439				5.088	%		2029
February		Senior secured deferred fuel cost bonds		Public		VPFS			843				4.877	%		2033
May		Junior subordinated notes		Public		Dominion Energy			1,000				6.875	%	(1)	2055
May		Junior subordinated notes		Public		Dominion Energy			1,000				7.000	%	(1)	2054
July		Senior notes		Private		PSNC			150		(2)		5.650	%		2034
July		Senior notes		Private		PSNC			150		(2)		6.040	%		2054
August		Senior notes		Public		Virginia Power			600				5.050	%		2034
August		Senior notes		Public		Virginia Power			600				5.550	%		2054
November		Junior subordinated notes		Public		Dominion Energy			1,250				6.625	%	(1)	2055
Total issuances and borrowings								$	7,032

In January 2025, DESC issued $450 million of 5.30% first mortgage bonds that mature in 2035. The proceeds were used for general corporate purposes and/or to repay short-term debt.

Dominion Energy currently meets the definition of a well-known seasoned issuer under SEC rules governing the registration, communications 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 $5.5 billion and $8.0 billion of long-term debt during 2025, inclusive of the issuance of bonds at DESC discussed 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 in 2024:

Month		Type		Entity		Principal			(1)	Rate				Stated Maturity
						(millions)
Debt scheduled to mature in 2024						$	1,429			various
Early repurchases & redemptions
February		Senior secured notes		Eagle Solar			279				4.820	%		2042
October		Tax-exempt bonds		DETC			27				3.800	%		2033
October		Junior subordinated notes		Dominion Energy			685				5.750	%		2054
Total repayments, repurchases and redemptions						$	2,420

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See Note 18 to the Consolidated Financial Statements for additional information regarding scheduled maturities and other cancellations of Dominion Energy’s long-term debt, including related average interest rates.

Remarketing of Long-Term Debt

In May 2024, Virginia Power remarketed three series of tax-exempt bonds, with an aggregate outstanding principal of $243 million to new investors. All three series of bonds will bear interest at a coupon of 3.80% until May 2027, after which they will bear interest at a market rate to be determined at that time.

In 2025, Dominion Energy expects to remarket approximately $225 million of its tax-exempt bonds.

Credit Ratings

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.

Credit ratings and outlooks as of February 20, 2025 are as follows:

		Moody’s		Standard & Poor’s		Fitch
Dominion Energy
Corporate/Issuer		Baa2		BBB+		BBB+
Senior unsecured debt securities		Baa2		BBB		BBB+
Junior subordinated notes		Baa3		BBB-		BBB-
Preferred stock		Ba1		BBB-		BBB-
Commercial paper		P-2		A-2		F2
Outlook		Stable		Stable		Stable

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.

Financial Covenants

As part of borrowing funds and issuing both short-term and long-term debt or preferred securities, Dominion Energy must enter into enabling agreements. These agreements contain customary covenants that, in the event of default, could result in the acceleration of principal and interest payments; restrictions on distributions related to capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments; and in some cases, the termination of credit commitments unless a waiver of such requirements is agreed to by the lenders/security holders. These provisions are customary, with each agreement specifying which covenants apply. These provisions are not necessarily unique to Dominion Energy.

Dominion Energy is required to pay annual commitment fees to maintain its joint revolving credit facility. In addition, the credit agreement contains various terms and conditions that could affect Dominion Energy’s ability to borrow under the facility. They include a maximum debt to total capital ratio, which is also included in Dominion Energy’s Sustainability Revolving Credit Agreement entered into in 2021 and amended in June 2024, and cross-default provisions.

As of December 31, 2024, the calculated total debt to total capital ratio, pursuant to the terms of the agreements, was as follows:

Company		Maximum Allowed Ratio				Actual Ratio (1)
Dominion Energy			67.5	%			54.9	%

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If Dominion Energy or any of its material subsidiaries fails to make payment on various debt obligations in excess of $100 million, the lenders could require the defaulting company, if it is a borrower under Dominion Energy’s joint revolving credit facility, to accelerate its repayment of any outstanding borrowings and the lenders could terminate their commitments, if any, to lend funds to that company under the credit facility. In addition, if the defaulting company is Virginia Power, Dominion Energy’s obligations to repay any outstanding borrowing under the credit facility could also be accelerated and the lenders’ commitments to Dominion Energy could terminate.

Dominion Energy monitors compliance with these covenants on a regular basis in order to ensure that events of default will not occur. As of December 31, 2024, there have been no events of default under Dominion Energy’s covenants.

Common Stock, Preferred Stock and Other Equity Securities

Issuances of Equity Securities

Dominion Energy maintains Dominion Energy Direct ® and a number of employee savings plans through which contributions may be invested in Dominion Energy’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In August 2023, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans, and in March 2024, began issuing new shares of common stock. During 2024, Dominion Energy issued 2.7 million of such shares and received proceeds of $138 million.

Dominion Energy also maintains sales agency agreements to effect sales under an at-the-market program. Under the sales agency agreements, Dominion Energy is able, from time to time, to offer and sell shares of its common stock through the sales agents or enter into one or more forward sale agreements with respect to shares of its common stock. In May 2024, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program, and through August 2024 entered forward sale agreements for approximately 11.4 million shares of its common stock at a weighted-average initial forward price of $53.23 per share. In December 2024, Dominion Energy provided notice to elect physical settlement of the forward sale agreements and in December 2024 settled the agreements at a weighted-average final forward price of $52.20 and received total proceeds of $594 million. Additionally, from September through December 2024, Dominion Energy entered forward sale agreements for approximately 9.7 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $57.78 per share.

Dominion Energy expects to issue equity through programs such as Dominion Energy Direct ® and employee savings plans of approximately $200 million in 2025. In addition, Dominion Energy expects to issue equity, excluding potential opportunistic offerings, through an at-the-market program, including any related forward-sale agreements, of approximately $800 million to $1.0 billion in 2025, inclusive of the shares expected to settle in the fourth quarter of 2025 discussed above. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.

Repurchases and Redemptions of Equity Securities

As discussed in Note 19 to the Consolidated Financial Statements, in June 2024, Dominion Energy completed a tender offer repurchasing 0.4 million shares of Series B Preferred Stock, and in December 2024 redeemed the remaining 0.4 million shares outstanding.

In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock. This repurchase program does not include a specific timetable or price or volume targets and may be modified, suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors. At December 31, 2024, Dominion Energy had $920 million of available capacity under this authorization.

Dominion Energy does not plan to repurchase shares of common stock in 2025, 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.

Capital Expenditures

See Note 26 to the Consolidated Financial Statements for Dominion Energy’s historical capital expenditures by segment. In February 2025, Dominion Energy announced an updated $50.1 billion capital expenditure plan for 2025 through 2029, which includes the impact of Stonepeak’s 50% noncontrolling interest in the CVOW Commercial Project, representing significant investments in reliable,

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affordable and increasingly clean energy to advance an “all-of-the-above” strategy to address projected demand growth. Dominion Energy’s total planned capital expenditures for each segment for the next five years are presented in the table below:

		2025				2026				2027				2028				2029				Total
(billions)
Dominion Energy Virginia (1)		$	10.2			$	8.6			$	7.8			$	8.3			$	8.5			$	43.4
Dominion Energy South Carolina			1.2				1.3				1.2				1.2				1.3				6.2
Contracted Energy			0.5				0.3				0.3				0.5				0.4				2.0
Corporate and Other segment			0.1				0.1				0.1				0.1				0.1				0.7
Total (2)		$	12.1			$	10.2			$	9.5			$	10.2			$	10.3			$	52.3

Dominion Energy’s planned growth expenditures are subject to approval by the Board of Directors as well as potentially by regulatory bodies based on the individual project and are expected to include significant investments in support of its clean energy profile. See Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy in Item 1. Business for additional discussion of various significant capital projects currently under development. The above estimates are based on a capital expenditures plan reviewed and endorsed by Dominion Energy’s Board of Directors in early 2025 and are subject to continuing review and adjustment. Actual capital expenditures may vary from these estimates. Dominion Energy may also choose to postpone or cancel certain planned capital expenditures in order to mitigate the need for future debt financings and equity issuances.

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. In December 2024, Dominion Energy’s Board of Directors established an annual dividend rate for 2025 of $2.67 per share of common stock, consistent with the 2024 rate. Dividends are subject to declaration by the Board of Directors. In January 2025, Dominion Energy’s Board of Directors declared dividends payable in March 2025 of 66.75 cents per share of common stock.

See Note 19 to the Consolidated Financial Statements for a discussion of Dominion Energy’s outstanding preferred stock and associated dividend rates.

Subsidiary Dividend Restrictions

Certain of Dominion Energy’s subsidiaries may, from time to time, be subject to certain restrictions imposed by regulators or financing arrangements on their ability to pay dividends, or to advance or repay funds, to Dominion Energy. At December 31, 2024, these restrictions did not have a significant impact on Dominion Energy’s ability to pay dividends on its common or preferred stock or meet its other cash obligations.

See Note 21 to the Consolidated Financial Statements for a description of such restrictions and any other restrictions on Dominion Energy’s ability to pay dividends.

Collateral and Credit Risk

Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. In connection with commodity hedging activities, Dominion Energy is required to provide collateral to counterparties under some circumstances. Under certain collateral arrangements, Dominion Energy may satisfy these requirements by electing to either deposit cash, post letters of credit or, in some cases, utilize other forms of security. From time to time, Dominion Energy may vary the form of collateral provided to counterparties after weighing the costs and benefits of various factors associated with the different forms of collateral. These factors include short-term borrowing and short-term investment rates, the spread over these short-term rates at which Dominion Energy can issue commercial paper, balance sheet impacts, the costs and fees of alternative collateral postings with these and other counterparties and overall liquidity management objectives.

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 as of December 31, 2024 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.

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		Gross Credit Exposure				Credit Collateral				Net Credit Exposure
(millions)
Investment grade (1)		$	83			$	—			$	83
Non-Investment grade (2)			11				—				11
No external ratings:
Internally rated—investment grade (3)			56				—				56
Internally rated—non-investment grade (4)			24				2				22
Total (5)		$	174			$	2			$	172

Fuel and Other Purchase Commitments

Dominion Energy is party to various contracts for fuel and purchased power commitments related to both its regulated and nonregulated operations. Total estimated costs at December 31, 2024 for such commitments are presented in the table below. These costs represent estimated minimum obligations for various purchased power and capacity agreements and actual costs may differ from amounts presented below depending on actual quantities purchased and prices paid.

			2025			2026				2027				2028				2029				Total
(millions)
Purchased electric capacity for utility operations		$	70			$	71			$	72			$	71			$	71			$	355
Fuel commitments for utility operations			1,336				673				420				455				414				3,298
Fuel commitments for nonregulated operations			80				73				69				51				86				359
Pipeline transportation and storage			410				380				344				330				313				1,777
Total		$	1,896			$	1,197			$	905			$	907			$	884			$	5,789

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 Sheets at December 31, 2024. 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 and Notes 13 and 23 to the Consolidated Financial Statements for additional information on various environmental, regulatory, legal and other matters that may impact future results of operations, financial condition and/or cash flows.

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Future Environmental Regulations

Climate Change

The federal government and states in which Dominion Energy operates have announced various commitments to achieving carbon reduction goals. In February 2021, the U.S. rejoined the Paris Agreement, which establishes a universal framework for addressing GHG emissions. In January 2025, the U.S. announced its intention to withdrawal from the Paris Agreement. States may enact legislation relating to climate change matters such as the reduction of GHG emissions and renewable energy portfolio standards, similar to the VCEA. To the extent legislation is enacted at the federal or state level that is more restrictive than the VCEA and/or Dominion Energy’s commitment to achieving net zero emissions by 2050, compliance with such legislation could have a material impact to Dominion Energy’s financial condition and/or cash flows.

Inflation Reduction Act

The IRA includes provisions which impose an annual fee for waste methane emissions from the oil and natural gas industry beginning with emissions reported in calendar year 2024 to the extent that an entity’s emissions exceed a stated threshold, with implementation to be addressed by future rulemaking by the EPA. Pending the completion of such rulemaking, Dominion Energy currently does not expect these provisions to materially affect its future results of operations, financial condition and/or cash flows.

Recently Issued EPA Rules

In May 2024, the EPA released a final rule to tighten aspects of the Mercury and Air Toxics Standards Risk and Technology Review, including the reduction of emissions limits for filterable particulate matter, and requiring the use of continuous emissions monitoring systems to demonstrate compliance. In May 2024, the EPA finalized a package of rules designed to reduce CO 2 emissions from certain fossil fuel-fired electric generating units. The final rule sets standards of performance and emission guidelines for CO 2 emissions from new and reconstructed gas-fired combustion turbines and modified coal-fired steam generating units. The rulemaking package also includes emission guidelines, including emission limits, for existing coal, oil and gas-fired steam generating units. In addition, in March 2024, the EPA published a final rule strengthening the national air quality annual standard for fine particulate matter. Further, Dominion Energy anticipates that the EPA will release additional rulemakings as part of an overall strategy to identify and mitigate PFAS exposure, beyond the national drinking water standards for PFAS issued in April 2024. Until specific state implementation plans are developed for final rules and/or Dominion Energy has sufficient time to develop implementation strategies for these final rules, Dominion Energy is unable to predict whether or to what extent the new rules will ultimately require additional controls or other actions. The expenditures required to implement additional controls or other actions could have a material impact on Dominion Energy’s financial condition and cash flows.

Dodd-Frank Act

The CEA, as amended by Title VII of the Dodd-Frank Act, requires certain over-the counter derivatives, or swaps, to be cleared through a derivatives clearing organization and, if the swap is subject to a clearing requirement, to be executed on a designated contract market or swap execution facility. Non-financial entities that use swaps to hedge or mitigate commercial risk may elect the end-user exception to the CEA’s clearing requirements. Dominion Energy utilizes the end-user exception with respect to its swaps. If, as a result of changes to the rulemaking process, Dominion Energy can no longer utilize the end-user exception or otherwise becomes subject to mandatory clearing, exchange trading or margin requirements, it could be subject to higher costs due to decreased market liquidity or increased margin payments. In addition, Dominion Energy’s swap dealer counterparties may attempt to pass-through additional trading costs in connection with changes to the rulemaking process. Due to the evolving rulemaking process, Dominion Energy is currently unable to assess the potential impact of the Dodd-Frank Act’s derivative-related provisions on its financial condition, results of operations or cash flows.

North Anna

Virginia Power is considering the construction of a third nuclear unit at a site located at North Anna. If Virginia Power decides to build a new unit, it would require a Combined Construction Permit and Operating License from the NRC, approval of the Virginia Commission and certain environmental permits and other approvals. In June 2017, the NRC issued the Combined Construction Permit and Operating License. Virginia Power has not yet committed to building a new nuclear unit at North Anna.

Federal Income Tax Laws

Inflation Reduction Act

The IRA imposes a 15% alternative minimum tax on GAAP net income, as adjusted for certain items, of corporations in excess of $1 billion, for tax years beginning after December 31, 2022. Entities that are subject to the alternative minimum tax may use tax credits to

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reduce the liability by up to 75% and will receive a tax credit carryforward with an indefinite life that can be claimed against the regular tax in future years. Pending final guidance, the alternative minimum tax is not expected to have an effect on the assessment of the realizability of Dominion Energy’s deferred tax assets or a material impact on Dominion Energy’s future results of operations or cash flows.

Tax Repairs Guidance

In April 2023, the IRS issued safe harbor guidance to taxpayers on the treatment of amounts paid to repair, maintain, replace, or improve natural gas distribution property, including whether expenditures should be deducted as repairs or capitalized and depreciated on tax returns. The guidance includes safe harbor tax accounting methods which a taxpayer may choose to elect and provides special transition rules and incentives that vary depending on which tax year is the year of change. Dominion Energy is evaluating this guidance and while it cannot currently estimate the potential financial statement impacts, it does not expect a material impact to its results of operations.

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Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk

The matters discussed in this Item may contain “forward-looking statements” as described in the introductory paragraphs of Item 7. MD&A. The reader’s attention is directed to those paragraphs and Item 1A. Risk Factors 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 and equity security 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 analysis estimates the potential loss of future earnings or fair value from market risk sensitive instruments over a selected time period due to a 10% change in commodity prices, interest rates or foreign currency exchange rates.

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% increase in commodity prices would have resulted in a decrease of $18 million and $62 million in the fair value of Dominion Energy’s commodity-based derivative instruments as of December 31, 2024 and 2023, respectively.

A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $15 million in the fair value of Virginia Power’s commodity-based derivative instruments as of December 31, 2024. A hypothetical 10% increase in commodity prices would have resulted in a decrease of $24 million in the fair value of Virginia Power’s commodity-based derivative instruments as of December 31, 2023.

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 $12 million and $56 million decrease in earnings at December 31, 2024 and 2023, respectively. For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a $7 million and $5 million decrease in earnings at December 31, 2024 and 2023, respectively.

The Companies also use interest rate derivatives, including forward-starting swaps, interest rate swaps and interest rate lock agreements to manage interest rate risk. As of December 31, 2024, Dominion Energy and Virginia Power had $10.8 billion and $3.8 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except

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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 $157 million and $155 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2024. As of December 31, 2023, Dominion Energy and Virginia Power had $16.3 billion and $3.3 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $120 million and $151 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2023.

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. As of December 31, 2024 and 2023, Dominion Energy had €1.1 billion and €2.1 billion, respectively, in aggregate notional amounts of these foreign currency forward purchase agreements outstanding. A hypothetical 10% increase in exchange rates would have resulted in a decrease of $106 million and $202 million in the fair value of Dominion Energy’s foreign currency swaps at December 31, 2024 and 2023, respectively.

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 Consolidated Balance Sheets at fair value.

Dominion Energy recognized net investment gains (including investment income) on nuclear decommissioning and rabbi trust investments of $1.1 billion and $879 million for the years ended December 31, 2024 and 2023, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Dominion Energy recorded, in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of $(28) million and $117 million for the years ended December 31, 2024 and 2023, respectively.

Virginia Power recognized net investment gains (including investment income) on nuclear decommissioning and rabbi trust investments of $580 million and $448 million for the years ended December 31, 2024 and 2023, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Virginia Power recorded, in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of $(10) million and $66 million for the years ended December 31, 2024 and 2023, respectively.

Dominion Energy sponsors pension and other postretirement employee benefit plans that hold investments in trusts to fund employee benefit payments. Virginia Power employees participate in these plans. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns of $738 million and $1.2 billion in 2024 and 2023, respectively, compared to expected returns of $982 million and $1.0 billion, respectively. 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 had a $31 million impact in both 2024 and 2023 to the expected returns on plan assets.

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Risk Management Policies

The Companies have established operating procedures with corporate management to ensure that proper internal controls are maintained. In addition, Dominion Energy has established an independent function at the corporate level to monitor compliance with the credit and commodity risk management policies of all subsidiaries, including Virginia Power. Dominion Energy maintains credit policies that include the evaluation of a prospective counterparty’s financial condition, collateral requirements where deemed necessary and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, Dominion Energy also monitors the financial condition of existing counterparties on an ongoing basis. Based on these credit policies and the Companies’ December 31, 2024 provision for credit losses, management believes that it is unlikely that a material adverse effect on the Companies’ financial position, results of operations or cash flows would occur as a result of counterparty nonperformance.

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Item 8. Financi al Statement s and Supplementary Data

	Page Number
Dominion Energy, Inc.
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 )	87
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022	90
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022	91
Consolidated Balance Sheets at December 31, 2024 and 2023	92
Consolidated Statements of Equity at December 31, 2024, 2023 and 2022 and for the years then ended	94
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022	95
Virginia Electric and Power Company
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 )	96
Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022	99
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022	100
Consolidated Balance Sheets at December 31, 2024 and 2023	101
Consolidated Statements of Equity at December 31, 2024, 2023 and 2022 and for the years then ended	103
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022	104
Combined Notes to Consolidated Financial Statements	105

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REPORT OF INDEPENDENT REGIST ERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Dominion Energy, Inc.

Change in Accounting Principle

As discussed in Note 2 to the consolidated financial statements, Dominion Energy has elected to change its method of accounting for the recognition of actuarial gains and losses on its defined benefit pension and other postretirement benefit plans into earnings from an amortization approach to immediate recognition, which has been retrospectively applied in the consolidated financial statements at December 31, 2024 and 2023 and for the three years ended December 31, 2024.

Basis for Opinion

These consolidated financial statements are the responsibility of Dominion Energy’s management. Our responsibility is to express an opinion on Dominion Energy’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to Dominion Energy in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Regulatory Assets and Liabilities - Impact of Rate Regulation on the Consolidated Financial Statements — Refer to Notes 2, 12 and 13 to the Consolidated Financial Statements

Critical Audit Matter Description

Dominion Energy, through its regulated electric and gas subsidiaries, is subject to rate regulation by certain state public utility commissions and the Federal Energy Regulatory Commission (“FERC”) (collectively, the “relevant commissions”) which have jurisdiction with respect to the rates of electric utility companies. Management has determined its rate-regulated subsidiaries meet the requirements under accounting principles generally accepted in the United States of America to apply the specialized rules to account for the effects of cost-based rate regulation. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant and equipment, net; regulatory assets; regulatory liabilities; operating revenues; electric fuel and other energy-related purchases; purchased gas; other operations and maintenance expense; depreciation and amortization expense; and impairment of assets and other charges, collectively, the “financial statement impacts of rate regulation.”

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Revenue provided by Dominion Energy’s electric transmission, distribution and generation operations and its gas distribution operations is primarily based on rates approved by the relevant commissions. Further, Virginia Electric and Power Company’s (“Virginia Power”) retail base rates, terms and conditions for generation and distribution services to customers in Virginia are reviewed by the Virginia State Corporation Commission (the “Virginia Commission”) in a proceeding that involves the determination of Virginia Power’s actual earned return on equity (“ROE”) during a historic test period, and determination of Virginia Power’s authorized ROE prospectively. Under certain circumstances, Virginia Power may be required to credit a portion of its earnings to customers.

When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds or other benefits through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. In addition, a loss is recognized if it becomes probable that capital expenditures will be disallowed for ratemaking purposes and if a reasonable estimate of the amount of the disallowance can be made. Dominion Energy evaluates whether recovery of its regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and makes various assumptions in its analyses. These analyses are generally based on orders issued by regulatory commissions, legislation and judicial actions; past experience; discussions with applicable regulatory authorities and legal counsel; estimated construction costs; forecasted earnings; and considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters, and unplanned outages of facilities.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about the financial statement impacts of rate regulation. Management judgments include assessing the likelihood of (1) recovery of its regulatory assets through future rates and (2) whether a regulatory liability is due to customers. Given management’s accounting judgments are based on assumptions about the outcome of future decisions by the relevant commissions, auditing these judgments required specialized knowledge of the accounting for rate regulation and the rate setting process due to its inherent complexities.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the assessment of whether recovery of regulatory assets through future rates or a regulatory liability due to customers is probable included the following, among others:

Coastal Virginia Offshore Wind (“CVOW”) Commercial Project – Estimated Total Project Cost – Refer to Note 10 to the Consolidated Financial Statements

Critical Audit Matter Description

As discussed in Note 10, Virginia Power’s CVOW Commercial Project is expected to be placed in service by the end of 2026 with an estimated total project cost of approximately $10.7 billion, excluding financing costs. The expected total project cost reflects increases driven primarily by projections for onshore electrical interconnection costs and network upgrade costs assigned by PJM.

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Relative to Virginia Power’s previous cost estimate, the updated estimated total project cost reflects an approximately $0.6 billion increase for such onshore costs and network upgrade costs assigned to the project by PJM and an approximately $0.3 billion increase for increased contingency for remaining construction activities and other factors.

Virginia Power is subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding. In October 2024, Virginia Power closed on the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak Partners, LLC (Stonepeak) pursuant to which Stonepeak will contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion.

As a result of the revised total project cost estimate and cost sharing mechanism, in the fourth quarter of 2024 Virginia Power recorded a charge for costs not expected to be recovered from customers of $206 million within impairment of assets and other charges, which includes $103 million attributable to noncontrolling interests, and an associated income tax benefit of $26 million, in Dominion Energy’s Consolidated Statements of Income.

We identified the auditing of management’s anticipated allocated network upgrade costs and project contingency cost components of the revised total project cost estimate as a critical audit matter because of the judgments management made to determine those components of the expected total project cost. This required a high degree of auditor judgment and subjectivity, and a significant extent of effort, including the need to involve our construction specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the reasonableness of the anticipated allocated network upgrade costs and total project contingency components included the following, among others:

/s/ Deloitte & Touche LLP

Richmond, Virginia

February 27, 2025

We have served as Dominion Energy’s auditor since 1988.

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Dominion Energy, Inc.

Consolidated Stat e ments of Income

Year Ended December 31,		2024				2023				2022
(millions, except per share amounts)
Operating Revenue		$	14,459			$	14,393			$	13,938
Operating Expenses
Electric fuel and other energy-related purchases			3,614				3,935				3,711
Purchased electric capacity			74				55				59
Purchased gas			260				285				426
Other operations and maintenance			3,589				3,160				3,365
Depreciation and amortization			2,345				2,580				2,442
Other taxes			731				684				675
Impairment of assets and other charges			600				307				1,401
Losses (gains) on sales of assets			( 1	)			( 27	)			412
Total operating expenses			11,212				10,979				12,491
Income from operations			3,247				3,414				1,447
Other income (expense)			822				984				( 117	)
Interest and related charges			1,887				1,674				1,002
Income from continuing operations including noncontrolling interests before income tax expense			2,182				2,724				328
Income tax expense			308				568				59
Net Income From Continuing Operations Including Noncontrolling Interests			1,874				2,156				269
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests (1)			197				( 125	)			922
Net Income Including Noncontrolling Interests			2,071				2,031				1,191
Noncontrolling Interests			( 53	)			—				—
Net Income Attributable to Dominion Energy		$	2,124			$	2,031			$	1,191
Amounts attributable to Dominion Energy
Net income from continuing operations		$	1,927			$	2,156			$	269
Net income (loss) from discontinued operations			197				( 125	)			922
Net income attributable to Dominion Energy		$	2,124			$	2,031			$	1,191
EPS - Basic
Net income from continuing operations		$	2.20			$	2.48			$	0.22
Net income (loss) from discontinued operations			0.24				( 0.15	)			1.11
Net income attributable to Dominion Energy		$	2.44			$	2.33			$	1.33
EPS - Diluted
Net income from continuing operations		$	2.20			$	2.48			$	0.22
Net income (loss) from discontinued operations			0.24				( 0.15	)			1.11
Net income attributable to Dominion Energy		$	2.44			$	2.33			$	1.33

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

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Dominion Energy, Inc.

Consolidated Statements of Comprehensive Income

Year Ended December 31,		2024				2023				2022
(millions)
Net income including noncontrolling interests		$	2,071			$	2,031			$	1,191
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities, net of $( 4 ), $ 1 and $( 22 ) tax			13				—				67
Changes in unrealized net gains (losses) on investment securities, net of $ 10 , $( 19 ) and $ 29 tax			( 22	)			55				( 100	)
Changes in net unrecognized pension and other postretirement benefit costs (credits) , net of $ 1 , $— and $ 1 tax			( 2	)			—				—
Amounts reclassified to net income (loss):
Net derivative (gains) losses-hedging activities, net of $( 11 ), $( 10 ) and $( 15 ) tax			32				33				42
Net realized (gains) losses on investment securities, net of $( 3 ), $ 3 and $( 6 ) tax			8				( 11	)			19
Net pension and other postretirement benefit costs (credits), net of $ 4 , $ 5 and $ 5 tax			( 12	)			( 13	)			( 13	)
Net earnings from equity method investees, net of $—, $( 1 ) and $— tax			—				3				—
Changes in other comprehensive income from equity method investees, net of $—, $— and $— tax			—				—				1
Total other comprehensive income (loss)			17				67				16
Comprehensive income including noncontrolling interests			2,088				2,098				1,207
Comprehensive income (loss) attributable to noncontrolling interests			( 53	)			—				—
Comprehensive income attributable to Dominion Energy		$	2,141			$	2,098			$	1,207

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

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Dominion Energy, Inc.

Consolidated B alance Sheets

At December 31,		2024				2023
(millions)
ASSETS
Current Assets
Cash and cash equivalents (1)		$	310			$	184
Customer receivables (less allowance for doubtful accounts of $ 30 and $ 38 ) (1)			2,169				2,251
Other receivables (less allowance for doubtful accounts of $ 2 and $ 1 )			358				258
Inventories:
Materials and supplies			1,360				1,251
Fossil fuel			382				417
Gas stored			22				30
Derivative assets			436				699
Margin deposit assets			104				38
Prepayments (1)			315				246
Regulatory assets (1)			992				1,309
Other (1)			165				175
Assets held for sale			—				18,577
Total current assets			6,613				25,435
Investments
Nuclear decommissioning trust funds			8,051				6,946
Investment in equity method affiliates			138				268
Other			361				324
Total investments			8,550				7,538
Property, Plant and Equipment
Property, plant and equipment (1)			94,844				83,417
Accumulated depreciation and amortization			( 25,982	)			( 24,637	)
Total property, plant and equipment, net			68,862				58,780
Deferred Charges and Other Assets
Goodwill			4,143				4,143
Pension and other postretirement benefit assets			2,240				1,779
Intangible assets, net			1,136				945
Derivative assets			963				597
Regulatory assets (1)			8,288				8,356
Other (1)			1,620				1,507
Total deferred charges and other assets			18,390				17,327
Total assets		$	102,415			$	109,080

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

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At December 31,		2024				2023
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year (1)		$	1,725			$	6,589
Supplemental credit facility borrowings			—				450
Short-term debt			2,500				3,956
Accounts payable			1,149				921
Accrued interest, payroll and taxes (1)			1,045				1,075
Derivative liabilities			207				346
Regulatory liabilities			579				522
Other (2)			2,084				1,732
Liabilities held for sale			—				8,885
Total current liabilities			9,289				24,476
Long-Term Debt
Long-term debt			33,034				32,368
Securitization bonds (1)			1,054				—
Junior subordinated notes			3,223				688
Supplemental credit facility borrowings			—				—
Other			214				192
Total long-term debt			37,525				33,248
Deferred Credits and Other Liabilities
Deferred income taxes			6,412				6,621
Deferred investment tax credits			1,070				1,098
Regulatory liabilities			9,196				8,674
Asset retirement obligations (1)			7,074				5,641
Derivative liabilities			305				321
Other			1,352				1,434
Total deferred credits and other liabilities			25,409				23,789
Total liabilities			72,223				81,513
Commitments and Contingencies (see Note 23)
Equity
Preferred stock (See Note 19)			991				1,783
Common stock – no par (3)			24,383				23,728
Retained earnings			2,035				2,229
Accumulated other comprehensive loss			( 156	)			( 173	)
Shareholders’ equity			27,253				27,567
Noncontrolling interests			2,939				—
Total equity			30,192				27,567
Total liabilities and equity		$	102,415			$	109,080

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

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Dominion Energy, Inc.

Consolidated St atements of Equity

	Preferred Stock						Common Stock
	Shares			Amount			Shares			Amount			Retained Earnings			AOCI			Shareholders’ Equity			Noncontrolling Interests			Total Equity
(millions except per share amounts)
December 31, 2021		2		$	1,783			810		$	21,610		$	4,824		$	( 1,458	)	$	26,759		$	—		$	26,759
Cumulative-effect of a change in accounting principle														( 1,202	)		1,202			—						—
Net income including noncontrolling interests														1,191						1,191						1,191
Issuance of stock								25			1,969									1,969						1,969
Stock awards (net of change in unearned compensation)											26									26						26
Preferred stock dividends (See Note 19)														( 93	)					( 93	)					( 93	)
Common dividends ($ 2.67 per common share) and distributions														( 2,209	)					( 2,209	)					( 2,209	)
Other comprehensive income, net of tax																	16			16						16
December 31, 2022		2		$	1,783			835		$	23,605		$	2,511		$	( 240	)	$	27,659		$	—		$	27,659
Net income including noncontrolling interests														2,031						2,031						2,031
Issuance of stock								2			94									94						94
Stock awards (net of change in unearned compensation)								1			30									30						30
Preferred stock dividends (See Note 19)														( 81	)					( 81	)					( 81	)
Common dividends ($ 2.67 per common share)														( 2,233	)					( 2,233	)					( 2,233	)
Other comprehensive income, net of tax																	67			67						67
Other											( 1	)		1						—						—
December 31, 2023		2		$	1,783			838		$	23,728		$	2,229		$	( 173	)	$	27,567		$	—		$	27,567
Net income including noncontrolling interests														2,124						2,124			( 53	)		2,071
Issuance of stock								14			732									732						732
Sale of noncontrolling interest in OSWP											( 107	)								( 107	)		2,615			2,508
Contributions from Stonepeak to OSWP																							377			377
Stock awards (net of change in unearned compensation)								—			30									30						30
Repurchase and redemption of preferred stock		( 1	)		( 791	)														( 791	)					( 791	)
Preferred stock dividends (See Note 19)														( 78	)					( 78	)					( 78	)
Common dividends ($ 2.67 per common share)														( 2,239	)					( 2,239	)					( 2,239	)
Other comprehensive income, net of tax																	17			17						17
Other					( 1	)								( 1	)					( 2	)					( 2	)
December 31, 2024		1		$	991			852		$	24,383		$	2,035		$	( 156	)	$	27,253		$	2,939		$	30,192

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

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Dominion Energy, Inc.

Consolidated St atements of Cash Flows

Year Ended December 31,		2024				2023				2022
(millions)
Operating Activities
Net income including noncontrolling interests		$	2,071			$	2,031			$	1,191
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)			2,639				3,128				3,113
Deferred income taxes			( 302	)			1,474				58
Deferred investment tax credits (benefits)			( 32	)			( 37	)			141
Impairment of assets and other charges			639				695				1,435
Losses (gains) on the East Ohio, Questar Gas and PSNC Transactions			130				—				—
Losses (gains) on sales of assets and equity method investments (including Cove Point)			—				( 657	)			467
Net (gains) losses on nuclear decommissioning trusts funds and other investments			( 669	)			( 474	)			505
Other adjustments			18				378				( 62	)
Changes in:
Accounts receivable			208				147				( 985	)
Inventories			( 87	)			( 198	)			( 216	)
Deferred fuel and purchased gas costs, net			727				975				( 2,021	)
Prepayments and deposits, net			( 108	)			516				145
Accounts payable			76				( 506	)			556
Accrued interest, payroll and taxes			( 85	)			175				41
Net realized and unrealized changes related to derivative activities			236				( 35	)			( 47	)
Pension and other postretirement benefits			( 208	)			( 476	)			( 274	)
Other operating assets and liabilities			( 235	)			( 564	)			( 347	)
Net cash provided by operating activities			5,018				6,572				3,700
Investing Activities
Plant construction and other property additions (including nuclear fuel)			( 12,198	)			( 10,211	)			( 7,591	)
Acquisition of solar development projects			( 229	)			( 24	)			( 167	)
Proceeds from sale of noncontrolling interest in Cove Point			—				3,293				—
Proceeds from sale of Hope			—				—				727
Proceeds from East Ohio, Questar Gas and PSNC Transactions			9,243				—				—
Proceeds from sales of securities			3,072				2,966				3,282
Purchases of securities			( 3,213	)			( 3,152	)			( 3,067	)
Proceeds from sales of assets			35				47				252
Contributions to equity method affiliates			( 20	)			( 104	)			( 43	)
Distributions from equity method affiliates			126				1				3
Short-term deposit			—				—				( 2,000	)
Return of short-term deposit			—				—				2,000
Other			1				( 23	)			( 142	)
Net cash used in investing activities			( 3,183	)			( 7,207	)			( 6,746	)
Financing Activities
Issuance (repayment) of short-term debt, net			( 1,456	)			533				1,109
364-day term loan facility borrowings			3,000				5,725				—
Repayment of 364-day term loan facility borrowings			( 7,750	)			( 975	)			—
Issuance and remarketing of long-term debt			5,993				3,310				4,965
Repayment and repurchase of long-term debt			( 2,740	)			( 5,673	)			( 1,388	)
Issuance of securitization bonds			1,282				—				—
Repayment of securitization bonds			( 65	)			—				—
Supplemental credit facility borrowings			—				900				900
Supplemental credit facility repayments			( 450	)			( 900	)			( 450	)
Proceeds from sale of noncontrolling interest in OSWP			2,558				—				—
Contributions from Stonepeak to OSWP			377				—				—
Series B Preferred Stock repurchase and redemption			( 801	)			—				—
Series A Preferred Stock redemption			—				—				( 1,610	)
Issuance of common stock			732				94				1,866
Common dividend payments			( 2,239	)			( 2,233	)			( 2,209	)
Other			( 212	)			( 186	)			( 204	)
Net cash provided by (used in) financing activities			( 1,771	)			595				2,979
Increase (decrease) in cash, restricted cash and equivalents			64				( 40	)			( 67	)
Cash, restricted cash and equivalents at beginning of period			301				341				408
Cash, restricted cash and equivalents at end of period		$	365			$	301			$	341

See Note 2 for disclosure of supplemental cash flow information.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

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REPORT OF INDEPENDENT REGIST ERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholder of Virginia Electric and Power Company

Basis for Opinion

These consolidated financial statements are the responsibility of Virginia Power’s management. Our responsibility is to express an opinion on Virginia Power’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Virginia Power in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Virginia Power is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of Virginia Power’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Regulatory Assets and Liabilities - Impact of Rate Regulation on the Consolidated Financial Statements — Refer to Notes 2, 12 and 13 to the Consolidated Financial Statements

Critical Audit Matter Description

Virginia Power is subject to utility rate regulation by certain state public utility commissions and the Federal Energy Regulatory Commission (“FERC”) (collectively, the “relevant commissions”), which have jurisdiction with respect to the rates of electric utility companies in the territories Virginia Power serves. Management has determined Virginia Power meets the requirements under accounting principles generally accepted in the United States of America to apply the specialized rules to account for the effects of cost-based rate regulation. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures such as property, plant, and equipment, net; regulatory assets; regulatory liabilities; operating revenues; electric fuel and other energy-related purchases; other operations and maintenance expense; depreciation and amortization expense; and impairment of assets and other charges (benefits), collectively, the “financial statement impacts of rate regulation”.

Revenue provided by Virginia Power’s electric transmission, distribution and generation operations is primarily based on rates approved by the relevant commissions. Further, Virginia Power’s retail base rates, terms and conditions for generation and distribution services to customers in Virginia are reviewed by the Virginia State Corporation Commission (the “Virginia Commission”) in a proceeding that involves the determination of Virginia Power’s actual earned return on equity (“ROE”) during a historic test period

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and determination of Virginia Power’s authorized ROE prospectively. Under certain circumstances, Virginia Power may be required to credit a portion of its earnings to customers.

When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds or other benefits through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. In addition, a loss is recognized if it becomes probable that capital expenditures will be disallowed for ratemaking purposes and if a reasonable estimate of the amount of the disallowance can be made. Virginia Power evaluates whether recovery of its regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and makes various assumptions in its analyses. These analyses are generally based on orders issued by regulatory commissions, legislation and judicial actions; past experience; discussions with applicable regulatory authorities and legal counsel; estimated construction costs; forecasted earnings; and considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events, and other natural disasters, and unplanned outages of facilities.

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to support its assertions about the financial statement impacts of rate regulation. Management judgments include assessing the likelihood of (1) recovery of its regulatory assets through future rates and (2) whether a regulatory liability is due to customers. Given management’s accounting judgments are based on assumptions about the outcome of future decisions by the relevant commissions, auditing these judgments required specialized knowledge of the accounting for rate regulation and the rate setting process due to its inherent complexities.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the assessment of whether recovery of regulatory assets through future rates or a regulatory liability due to customers is probable included the following, among others:

Coastal Virginia Offshore Wind (“CVOW”) Commercial Project – Estimated Total Project Cost – Refer to Note 10 to the Consolidated Financial Statements

Critical Audit Matter Description

As discussed in Note 10, Virginia Power’s CVOW Commercial Project is expected to be placed in service by the end of 2026 with an estimated total project cost of approximately $10.7 billion, excluding financing costs. The expected total project cost reflects increases driven primarily by projections for onshore electrical interconnection costs and network upgrade costs assigned by PJM. Relative to Virginia Power’s previous cost estimate, the updated estimated total project cost reflects an approximately $0.6 billion increase for such onshore costs and network upgrade costs assigned to the project by PJM and an approximately $0.3 billion increase for increased contingency for remaining construction activities and other factors.

Virginia Power is subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion

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and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding. In October 2024, Virginia Power closed on the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak Partners, LLC (Stonepeak) pursuant to which Stonepeak will contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion.

As a result of the revised total project cost estimate and cost sharing mechanism, in the fourth quarter of 2024 Virginia Power recorded a charge for costs not expected to be recovered from customers of $206 million within impairment of assets and other charges, which includes $103 million attributable to noncontrolling interests, and an associated income tax benefit of $26 million, in Virginia Power’s Consolidated Statements of Income.

We identified the auditing of management’s anticipated allocated network upgrade costs and project contingency cost components of the revised total project cost estimate as a critical audit matter because of the judgments management made to determine those components of the expected total project cost. This required a high degree of auditor judgment and subjectivity, and a significant extent of effort, including the need to involve our construction specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the reasonableness of the anticipated allocated network upgrade costs and total project contingency components included the following, among others:

/s/ Deloitte & Touche LLP

Richmond, Virginia

February 27, 2025

We have served as Virginia Power’s auditor since 1988.

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Virginia Electric and Power Company

Consolidated Stateme nts of Income

Year Ended December 31,		2024				2023				2022
(millions)
Operating Revenue (1)		$	10,235			$	9,573			$	9,654
Operating Expenses
Electric fuel and other energy-related purchases (1)			2,743				2,918				2,913
Purchased electric capacity			68				46				46
Other operations and maintenance:
Affiliated suppliers			433				395				342
Other			1,804				1,456				1,709
Depreciation and amortization			1,644				1,871				1,736
Other taxes			333				298				303
Impairment of assets and other charges			292				115				557
Total operating expenses			7,317				7,099				7,606
Income from operations			2,918				2,474				2,048
Other income (expense)			195				131				—
Interest and related charges (1)			848				764				642
Income before income tax expense			2,265				1,841				1,406
Income tax expense			408				389				294
Net Income Including Noncontrolling Interests		$	1,857			$	1,452			$	1,112
Noncontrolling Interests			( 53	)			—				—
Net Income Attributable to Virginia Power		$	1,910			$	1,452			$	1,112

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

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Virginia Electric and Power Company

Consolidated Statements o f Comprehensive Income

Year Ended December 31,		2024				2023				2022
(millions)
Net income including noncontrolling interests		$	1,857			$	1,452			$	1,112
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities, net of $( 4 ), $ — and $( 20 ) tax			13				( 1	)			60
Changes in unrealized net gains (losses) on investment securities, net of $ 2 , $( 3 ) and $ 4 tax			( 5	)			7				( 11	)
Amounts reclassified to net income (loss):
Net derivative (gains) losses-hedging activities, net of $ — , $( 1 ) and $( 1 ) tax			—				—				1
Net realized (gains) losses on investment securities, net of $( 1 ), $ — and $ — tax			3				1				—
Total other comprehensive income (loss)			11				7				50
Comprehensive income including noncontrolling interests		$	1,868			$	1,459			$	1,162
Comprehensive income (loss) attributable to noncontrolling interests			( 53	)			—				—
Comprehensive income attributable to Virginia Power		$	1,921			$	1,459			$	1,162

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

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Virginia Electric and Power Company

Consolidated B alance Sheets

At December 31,		2024				2023
(millions)
ASSETS
Current Assets
Cash and cash equivalents (1)		$	160			$	90
Customer receivables (less allowance for doubtful accounts of $ 23 and $ 30 ) (1)			1,612				1,728
Other receivables (less allowance for doubtful accounts of $ 2 and $ 1 )			168				121
Affiliated receivables			27				50
Inventories (average cost method)
Materials and supplies			849				761
Fossil fuel			299				324
Derivative assets (2)			248				234
Margin deposit assets			1				35
Prepayments (1)			64				46
Regulatory assets (1)			697				868
Other (1)			129				60
Total current assets			4,254				4,317
Investments
Nuclear decommissioning trust funds			4,286				3,716
Other			4				4
Total investments			4,290				3,720
Property, Plant and Equipment
Property, plant and equipment (1)			70,550				60,963
Accumulated depreciation and amortization			( 18,033	)			( 17,096	)
Total property, plant and equipment, net			52,517				43,867
Deferred Charges and Other Assets
Pension and other postretirement benefit assets (2)			663				584
Intangible assets, net			818				653
Regulatory assets (1)			4,537				4,317
Other (1)(2)			1,308				1,160
Total deferred charges and other assets			7,326				6,714
Total assets		$	68,387			$	58,618

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

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At December 31,		2024				2023
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year (1)		$	548			$	381
Short-term debt			950				455
Accounts payable			660				597
Payables to affiliates			133				111
Accrued dividend (2)			407				—
Affiliated current borrowings			500				500
Accrued interest, payroll and taxes (1)			366				293
Asset retirement obligations			321				377
Regulatory liabilities			385				321
Derivative liabilities (2)			139				244
Other			1,228				908
Total current liabilities			5,637				4,187
Long-Term Debt
Long-term debt			18,874				17,043
Securitization bonds (1)			1,054				—
Other			110				72
Total long-term debt			20,038				17,115
Deferred Credits and Other Liabilities
Deferred income taxes			4,045				3,624
Deferred investment tax credits			640				656
Asset retirement obligations (1)			5,076				4,276
Regulatory liabilities			6,574				5,978
Other (2)			1,224				1,125
Total deferred credits and other liabilities			17,559				15,659
Total liabilities			43,234				36,961
Commitments and Contingencies (see Note 23)
Equity
Common stock – no par (3)			8,987				8,987
Other paid-in capital			1,006				1,113
Retained earnings			12,194				11,541
Accumulated other comprehensive income			27				16
Shareholder’s equity			22,214				21,657
Noncontrolling interests			2,939				—
Total equity			25,153				21,657
Total liabilities and equity		$	68,387			$	58,618

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

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Virginia Electric and Power Company

Consolidated Statements of Equity

		Common Stock
		Shares				Amount				Other Paid-In Capital				Retained Earnings				AOCI				Shareholder's Equity				Noncontrolling Interests				Total Equity
(millions, except for shares)		(thousands)
December 31, 2021			275			$	5,738			$	1,113			$	8,977			$	( 41	)		$	15,787			$	—			$	15,787
Net income															1,112								1,112								1,112
Other comprehensive income, net of tax																			50				50								50
December 31, 2022			275				5,738				1,113				10,089				9				16,949				—				16,949
Net income															1,452								1,452								1,452
Issuance of stock to Dominion Energy			49				3,250																3,250								3,250
Other comprehensive income, net of tax																			7				7								7
Other							( 1	)															( 1	)							( 1	)
December 31, 2023			324				8,987				1,113				11,541				16				21,657				—				21,657
Net income including noncontrolling interests															1,910								1,910				( 53	)			1,857
Sale of noncontrolling interest in OSWP											( 107	)											( 107	)			2,615				2,508
Contributions from Stonepeak to OSWP																											377				377
Dividends															( 1,257	)							( 1,257	)							( 1,257	)
Other comprehensive income, net of tax																			11				11								11
December 31, 2024			324			$	8,987			$	1,006			$	12,194			$	27			$	22,214			$	2,939			$	25,153

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

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Virginia Electric and Power Company

Consolidated Sta tements of Cash Flows

Year Ended December 31,		2024				2023				2022
(millions)
Operating Activities
Net income including noncontrolling interests		$	1,857			$	1,452			$	1,112
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)			1,802				2,034				1,892
Deferred income taxes			384				504				141
Deferred investment tax credits (benefits)			( 20	)			( 5	)			153
Impairment of assets and other charges			292				130				493
Net (gains) losses on nuclear decommissioning trust funds and other investments			( 97	)			( 68	)			66
Other adjustments			( 44	)			237				( 42	)
Changes in:
Accounts receivable			51				1				( 629	)
Affiliated receivables and payables			46				( 188	)			165
Inventories			( 65	)			( 165	)			( 71	)
Prepayments and deposits, net			34				289				( 150	)
Deferred fuel expenses, net			304				538				( 1,393	)
Accounts payable			( 21	)			( 43	)			145
Accrued interest, payroll and taxes			73				23				( 4	)
Net realized and unrealized changes related to derivative activities			153				451				109
Other operating assets and liabilities			( 163	)			( 375	)			( 159	)
Net cash provided by operating activities			4,586				4,815				1,828
Investing Activities
Plant construction and other property additions			( 9,760	)			( 6,978	)			( 4,909	)
Purchases of nuclear fuel			( 168	)			( 194	)			( 201	)
Acquisition of solar development projects			( 40	)			( 24	)			( 77	)
Proceeds from sales of securities			1,925				1,876				1,538
Purchases of securities			( 2,011	)			( 1,987	)			( 1,580	)
Other			8				19				34
Net cash used in investing activities			( 10,046	)			( 7,288	)			( 5,195	)
Financing Activities
Issuance (repayment) of short-term debt, net			495				( 486	)			196
Issuance (repayment) of affiliated current borrowings, net			—				( 1,524	)			1,325
Issuance and remarketing of long-term debt			2,443				2,660				2,338
Repayment and repurchase of long-term debt			( 593	)			( 1,308	)			( 438	)
Issuance of common stock			—				3,250				—
Issuance of securitization bonds			1,282				—				—
Repayment of securitization bonds			( 65	)			—				—
Proceeds from sale of noncontrolling interest in OSWP			2,558				—				—
Contributions from Stonepeak to OSWP			377				—				—
Common dividend payments to parent			( 850	)			—				—
Other			( 71	)			( 53	)			( 56	)
Net cash provided by financing activities			5,576				2,539				3,365
Increase (decrease) in cash, restricted cash and equivalents			116				66				( 2	)
Cash, restricted cash and equivalents at beginning of year			90				24				26
Cash, restricted cash and equivalents at end of year		$	206			$	90			$	24

See Note 2 for disclosure of supplemental cash flow information.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

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Combined Notes to Consolida ted Financial Statements

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Item 9. Changes in and Disagreements With Acco untants on Accounting and Financial Disclosure

None.

Item 9A. Control s and Procedures

Dominion Energy

Senior management of Dominion Energy, including Dominion Energy’s CEO and CFO, evaluated the effectiveness of Dominion Energy’s disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation process, Dominion Energy’s CEO and CFO have concluded that Dominion Energy’s disclosure controls and procedures are effective. There were no changes that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Dominion Energy’s internal control over financial reporting.

Management’s Annual Report on Internal Control over Financial Reporting

Management of Dominion Energy understands and accepts responsibility for Dominion Energy’s financial statements and related disclosures and the effectiveness of internal control over financial reporting (internal control). Dominion Energy continuously strives to identify opportunities to enhance the effectiveness and efficiency of internal control, just as Dominion Energy does throughout all aspects of its business.

Dominion Energy maintains a system of internal control designed to provide reasonable assurance, at a reasonable cost, that its assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed and recorded in accordance with established procedures. This system includes written policies, an organizational structure designed to ensure appropriate segregation of responsibilities, careful selection and training of qualified personnel and internal audits.

The Audit Committee of the Board of Directors of Dominion Energy, composed entirely of independent directors, meets periodically with the independent registered public accounting firm, the internal auditors and management to discuss auditing, internal control, and financial reporting matters of Dominion Energy and to ensure that each is properly discharging its responsibilities. Both the independent registered public accounting firm and the internal auditors periodically meet alone with the Audit Committee and have free access to the Audit Committee at any time.

SEC rules implementing Section 404 of the Sarbanes-Oxley Act of 2002 require Dominion Energy’s 2024 Annual Report to contain a management’s report and a report of the independent registered public accounting firm regarding the effectiveness of internal control. As a basis for the report, Dominion Energy tested and evaluated the design and operating effectiveness of internal controls. Based on its assessment as of December 31, 2024, Dominion Energy makes the following assertions:

Management is responsible for establishing and maintaining effective internal control over financial reporting of Dominion Energy.

There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control may vary over time.

Management evaluated Dominion Energy’s internal control over financial reporting as of December 31, 2024. This assessment was based on criteria for effective internal control over financial reporting described in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management believes that Dominion Energy maintained effective internal control over financial reporting as of December 31, 2024.

Dominion Energy’s independent registered public accounting firm is engaged to express an opinion on Dominion Energy’s internal control over financial reporting, as stated in their report which is included herein.

February 27, 2025

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Dominion Energy, Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Dominion Energy, Inc. and subsidiaries (“Dominion Energy”) as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, Dominion Energy maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements at and for the year ended December 31, 2024, of Dominion Energy and our report dated February 27, 2025, expressed an unqualified opinion on those consolidated financial statements and included an explanatory paragraph regarding Dominion Energy’s election to change its method of accounting for the recognition of actuarial gains and losses on its defined benefit pension and other postretirement benefit plans into earnings from an amortization approach to immediate recognition.

Basis for Opinion

Dominion Energy’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Dominion Energy’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to Dominion Energy in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

Richmond, Virginia

February 27, 2025

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Virginia Power

Senior management of Virginia Power, including Virginia Power’s CEO and CFO, evaluated the effectiveness of Virginia Power’s disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation process, Virginia Power’s CEO and CFO have concluded that Virginia Power’s disclosure controls and procedures are effective. There were no changes that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Virginia Power’s internal control over financial reporting.

Management’s Annual Report on Internal Control over Financial Reporting

Management of Virginia Power understands and accepts responsibility for Virginia Power’s financial statements and related disclosures and the effectiveness of internal control over financial reporting (internal control). Virginia Power continuously strives to identify opportunities to enhance the effectiveness and efficiency of internal control, just as it does throughout all aspects of its business.

Virginia Power maintains a system of internal control designed to provide reasonable assurance, at a reasonable cost, that its assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed and recorded in accordance with established procedures. This system includes written policies, an organizational structure designed to ensure appropriate segregation of responsibilities, careful selection and training of qualified personnel and internal audits.

The Board of Directors also serves as Virginia Power’s Audit Committee and meets periodically with the independent registered public accounting firm, the internal auditors and management to discuss Virginia Power’s auditing, internal accounting control and financial reporting matters and to ensure that each is properly discharging its responsibilities.

SEC rules implementing Section 404 of the Sarbanes-Oxley Act require Virginia Power’s 2024 Annual Report to contain a management’s report regarding the effectiveness of internal control. As a basis for the report, Virginia Power tested and evaluated the design and operating effectiveness of internal controls. Based on the assessment as of December 31, 2024, Virginia Power makes the following assertions:

Management is responsible for establishing and maintaining effective internal control over financial reporting of Virginia Power.

There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control may vary over time.

Management evaluated Virginia Power’s internal control over financial reporting as of December 31, 2024. This assessment was based on criteria for effective internal control over financial reporting described in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management believes that Virginia Power maintained effective internal control over financial reporting as of December 31, 2024.

This annual report does not include an attestation report of Virginia Power’s registered public accounting firm regarding internal control over financial reporting. Management’s report is not subject to attestation by Virginia Power’s independent registered public accounting firm pursuant to a permanent exemption under the Dodd-Frank Act.

February 27, 2025

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Item 9B. Othe r Information

During the last fiscal year, no ne of the Companies’ directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

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Part III

Item 10. Directors, Executive Of ficers and Corporate Governance

DOMINION ENERGY

The information required by this item is incorporated by reference to the sections entitled Item 1—Election of Directors , Corporate Governance—The Committees of the Board, Other Information – Delinquent Section 16(a) Reports, Corporate Governance — Other Governance Practices and Policies — Code of Ethics and Business Conduct and Corporate Governance—Other Governance Practices and Policies—Securities Trading Policy in the Dominion Energy 2025 Proxy Statement.

The information concerning the executive officers of Dominion Energy required by this item is included in Part I of this Form 10-K under the caption Information about our Executive Officers . Each executive officer of Dominion Energy is elected annually.

Item 11. Executi ve Compensation

DOMINION ENERGY

The information required by this item is incorporated by reference to the section entitled Executive Compensation, Compensation of Non-Employee Directors and Corporate Governance—The Committees of the Board—Compensation Committee Interlocks and Insider Participation in the 2025 Proxy Statement .

Item 12. Security Ownership of Certain Beneficial Ow ners and Management and Related Stockholder Matters

DOMINION ENERGY

The information required by this item is incorporated by reference to the sections entitled Security Ownership of Certain Beneficial Owners and Management and Executive Compensation—Equity Compensation Plans in the 2025 Proxy Statement.

Item 13. Certain Relationships and Relate d Transactions, and Director Independence

DOMINION ENERGY

The information required by this item is incorporated by reference to the sections entitled Corporate Governance — Other Governance Practices and Policies —Certain Relationships and Related Party Transactions and Corporate Governance —Director Independence in the 2025 Proxy Statement.

Item 14. Principal Accou ntant Fees and Services

DOMINION ENERGY

The information required by this item is incorporated by reference to the section entitled Audit-Related Matters—Auditor Fees and Pre-Approval Policy in the 2025 Proxy Statement.

VIRGINIA POWER

The following table presents fees paid to Deloitte & Touche LLP for services related to Virginia Power for the fiscal years ended December 31, 2024 and 2023.

Type of Fees		2024				2023
(millions)
Virginia Power
Audit fees		$	3.22			$	2.53
Audit-related fees			0.15				0.01
Tax fees			—				—
All other fees			—				0.19
Total Fees		$	3.37			$	2.73

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Audit fees represent fees of Deloitte & Touche LLP for the audit of Virginia Power’s annual consolidated financial statements, the review of financial statements included in Virginia Power’s quarterly Form 10-Q reports, and the services that an independent auditor would customarily provide in connection with subsidiary audits, statutory requirements, regulatory filings and similar engagements for the fiscal year, such as comfort letters, attest services, consents and assistance with review of documents filed with the SEC.

Audit-related fees consist of assurance and related services that are reasonably related to the performance of the audit or review of Virginia Power’s consolidated financial statements or internal control over financial reporting. This category may include fees related to the performance of audits and attest services not required by statute or regulations, due diligence related to mergers, acquisitions and investments, and accounting consultations about the application of GAAP to proposed transactions.

All other fees for 2023 consist of permissible advisory services associated with a new system pre-implementation review.

Virginia Power’s Board of Directors has adopted the Dominion Energy Audit Committee pre-approval policy for their independent auditor’s services and fees and have delegated the execution of this policy to the Dominion Energy Audit Committee. All services performed in 2024 and 2023 by the independent auditor were approved by the Dominion Energy Audit Committee pursuant to the pre-approval policy.

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Part IV

Item 15. Exhibits and Finan cial Statement Schedules

(a) Certain documents are filed as part of this Form 10-K and are incorporated by reference and found on the pages noted.

1. Financial Statements

See Index on page 86 .

2. All schedules are omitted because they are not applicable, or the required information is either not material or is shown in the financial statements or the related notes.

3. Exhibits (incorporated by reference unless otherwise noted)

Exhibit Number		Description		Dominion Energy		Virginia Power
2.1.a		Purchase and Sale Agreement, dated as of September 5, 2023, by and between Dominion Energy, Inc. and Enbridge Elephant Holdings, LLC (Exhibit 2.1, Form 8-K filed September 5, 2023, File No. 1-8489).		X
2.1.b		Purchase and Sale Agreement, dated as of September 5, 2023, by and between Dominion Energy, Inc. and Enbridge Parrot Holdings, LLC (Exhibit 2.2, Form 8-K filed September 5, 2023, File No. 1-8489).		X
2.1.c		Purchase and Sale Agreement, dated as of September 5, 2023, by and between Dominion Energy, Inc. and Enbridge Quail Holdings, LLC (Exhibit 2.3, Form 8-K filed September 5, 2023, File No. 1-8489).		X
2.2		Equity Capital Contribution Agreement, dated as of February 21, 2024, by and between Virginia Electric and Power Company and Dunedin Member LLC (Exhibit 2.1, Form 8-K filed February 26, 2024, File No. 1-8489 and File No. 000-55337).		X		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 February 21, 2024 (Exhibit 3.2.a, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, 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.a		See Exhibit 3.1.a above.		X
4.1.b		See Exhibit 3.1.b above.				X
4.2		Indenture of Mortgage of Virginia Electric and Power Company, dated November 1, 1935, as supplemented and modified by Fifty-Eighth Supplemental Indenture (Exhibit 4(ii), Form 10-K for the fiscal year ended December 31, 1985, File No. 1-2255); Ninety-Second Supplemental Indenture, dated as of July 1, 2012 (Exhibit 4.1, Form 10-Q for the quarter ended June 30, 2012 filed August 1, 2012, File No. 1-2255).		X		X

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Exhibit Number		Description		Dominion Energy		Virginia Power
4.3		Form of Senior Indenture, dated June 1, 1998, between Virginia Electric and Power Company and The Bank of New York Mellon (as successor trustee to JP Morgan Chase Bank (formerly The Chase Manhattan Bank)), as Trustee (Exhibit 4(iii), Form S-3 Registration Statement filed February 27, 1998, File No. 333-47119); Form of Thirteenth Supplemental Indenture, dated as of January 1, 2006 (Exhibit 4.3, Form 8-K filed January 12, 2006, File No. 1-2255); Form of Fourteenth Supplemental Indenture, dated May 1, 2007 (Exhibit 4.2, Form 8-K filed May 16, 2007, File No. 1-2255); Form of Seventeenth Supplemental Indenture, dated November 1, 2007 (Exhibit 4.3, Form 8-K filed November 30, 2007, File No. 1-2255); Form of Nineteenth Supplemental and Amending Indenture, dated November 1, 2008 (Exhibit 4.2, Form 8-K filed November 5, 2008, File No. 1-2255); Twenty-Fourth Supplemental Indenture, dated as of January 1, 2013 (Exhibit 4.4, Form 8-K filed January 8, 2013, File No. 1-2255); Twenty-Fifth Supplemental Indenture, dated as of March 1, 2013 (Exhibit 4.3, Form 8-K filed March 14, 2013, File No. 1-2255); Twenty-Sixth Supplemental Indenture, dated as of August 1, 2013 (Exhibit 4.3, Form 8-K filed August 15, 2013, File No. 1-2255); Twenty-Seventh Supplemental Indenture, dated February 1, 2014 (Exhibit 4.3, Form 8-K filed February 7, 2014, File No. 1-2255); Twenty-Eighth Supplemental Indenture, dated February 1, 2014 (Exhibit 4.4, Form 8-K filed February 7, 2014, File No. 1-2255); Twenty-Ninth Supplemental Indenture, dated May 1, 2015 (Exhibit 4.3, Form 8-K filed May 13, 2015, File No. 1-02255); Thirtieth Supplemental Indenture, dated May 1, 2015 (Exhibit 4.4, Form 8-K filed May 13, 2015, File No. 1-02255); Thirty-First Supplemental Indenture, dated January 1, 2016 (Exhibit 4.3, Form 8-K filed January 14, 2016, File No. 000-55337); Thirty-Second Supplemental Indenture, dated November 1, 2016 (Exhibit 4.3, Form 8-K filed November 16, 2016, File No. 000-55337); Thirty-Third Supplemental Indenture, dated November 1, 2016 (Exhibit 4.4, Form 8-K filed November 16, 2016, File No. 000-55337); Thirty-Fourth Supplemental Indenture, dated March 1, 2017 (Exhibit 4.3, Form 8-K filed March 16, 2017; File No. 000-55337).		X		X
4.4		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) .		X		X
4.5		Indenture, Junior Subordinated Debentures, dated December 1, 1997, between Dominion Resources, Inc. and The Bank of New York Mellon (as successor trustee to JP Morgan Chase Bank (formerly The Chase Manhattan Bank)) as supplemented by a Form of Second Supplemental Indenture, dated January 1, 2001 (Exhibit 4.6, Form 8-K filed January 12, 2001, File No. 1-8489).		X

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Exhibit Number		Description		Dominion Energy		Virginia Power
4.6		Indenture, dated April 1, 1995, between Consolidated Natural Gas Company and The Bank of New York Mellon (as successor trustee to United States Trust Company of New York) (Exhibit (4), Certificate of Notification No. 1 filed April 19, 1995, File No. 70-8107); Securities Resolution No. 2 effective as of October 16, 1996 (Exhibit 2, Form 8-A filed October 18, 1996, File No. 1-3196 and relating to the 6 7/8% Debentures Due October 15, 2026); Securities Resolution No. 4 effective as of December 9, 1997 (Exhibit 2, Form 8-A filed December 12, 1997, File No. 1-3196 and relating to the 6.80% Debentures Due December 15, 2027).		X
4.7		Form of Senior Indenture, dated June 1, 2000, between Dominion Resources, Inc. and The Bank of New York Mellon (as successor trustee to JP Morgan Chase Bank (formerly The Chase Manhattan Bank)), as Trustee (Exhibit 4(iii), Form S-3 Registration Statement filed December 21, 1999, File No. 333-93187); Form of Sixteenth Supplemental Indenture, dated December 1, 2002 (Exhibit 4.3, Form 8-K filed December 13, 2002, File No. 1-8489); Form of Twenty-First Supplemental Indenture, dated March 1, 2003 (Exhibits 4.3, Form 8-K filed March 4, 2003, File No. 1-8489); Form of Twenty-Second Supplemental Indenture, dated July 1, 2003 (Exhibit 4.2, Form 8-K filed July 22, 2003, File No. 1-8489); Form of Twenty-Ninth Supplemental Indenture, dated June 1, 2005 (Exhibit 4.3, Form 8-K filed June 17, 2005, File No. 1-8489); Form of Thirty-Sixth Supplemental Indentures, dated June 1, 2008 (Exhibit 4.3, Form 8-K filed June 16, 2008, File No. 1-8489); Forty-Third Supplemental Indenture, dated August 1, 2011 (Exhibit 4.3, Form 8-K, filed August 5, 2011, File No. 1-8489); Forty-Seventh Supplemental Indenture, dated September 1, 2012 (Exhibit 4.5, Form 8-K, filed September 13, 2012, File No. 1-8489); Fifty-First Supplemental Indenture, dated November 1, 2014 (Exhibit 4.5, Form 8-K, filed November 25, 2014, File No. 1-8489).		X
4.8		Indenture, dated as of June 1, 2015, between Dominion Resources, Inc. and Deutsche Bank Trust Company Americas, as Trustee (Exhibit 4.1, Form 8-K filed June 15, 2015, File No. 1-8489); Second Supplemental Indenture, dated as of September 1, 2015 (Exhibit 4.2, Form 8-K filed September 24, 2015, File No. 1-8489); Sixth Supplemental Indenture, dated as of August 1, 2016 (Exhibit 4.4, Form 8-K filed August 9, 2016, File No. 1-8489); Eleventh Supplemental Indenture, dated as of March 1, 2017 (Exhibit 4.3, Form 10-Q filed May 4, 2017, File No. 1-8489); Fifteenth Supplemental Indenture, dated June 1, 2018 (Exhibit 4.2, Form 8-K, filed June 5, 2018, File No. 1-8489); Sixteenth Supplemental Indenture, dated March 1, 2019 (Exhibit 4.2, Form 8-K filed March 13, 2019, File No. 1-8489); Seventeenth Supplemental Indenture, dated as of August 1, 2019 (Exhibit 4.2, Form 10-Q filed November 1, 2019, File No. 1-8489); Eighteenth Supplemental Indenture, dated as of March 1, 2020 (Exhibit 4.2, Form 8-K, filed March 19, 2020, File No. 1-8489); Nineteenth Supplemental Indenture, dated as of March 1, 2020 (Exhibit 4.3, Form 8-K, filed March 19, 2020, File No. 1-8489); Twentieth Supplemental Indenture, dated as of April 1, 2020 (Exhibit 4.2, Form 8-K, filed April 3, 2020, File No. 1-8489); Twenty-First Supplemental Indenture, dated as of September 1, 2020 (Exhibit 4.2, Form 8-K, filed September 17, 2020, File No. 1-8489); Twenty-Second Supplemental Indenture, dated as of April 1, 2021 (Exhibit 4.2, Form 8-K, filed April 5, 2021, File No. 1-8489); Twenty-Third Supplemental Indenture, dated as of April 1, 2021 (Exhibit 4.3, Form 8-K, filed April 5, 2021, File No. 1-8489); Twenty-Fourth Supplemental Indenture, dated as of August 1, 2021 (Exhibit 4.2, Form 8-K filed August 12, 2021, File No. 1-8489); Twenty-Fifth Supplemental Indenture, dated as of August 1, 2022 (Exhibit 4.2, Form 8-K filed August 19, 2022, File No. 1-8489); Twenty-Sixth Supplemental Indenture, dated as of August 1, 2022 (Exhibit 4.3, Form 8-K filed August 19, 2022, File No. 1-8489); Twenty-Seventh Supplemental Indenture, dated as of November 1, 2022 (Exhibit 4.2, Form 8-K filed November 18, 2022, File No. 1-8489).		X

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Exhibit Number		Description		Dominion Energy		Virginia Power
4.9		Junior Subordinated Indenture II, dated June 1, 2006, between Dominion Resources, Inc. and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A.), as Trustee (Exhibit 4.1, Form 10-Q for the quarter ended June 30, 2006 filed August 3, 2006, File No. 1-8489); Third Supplemental and Amending Indenture, dated as of June 1, 2009 (Exhibit 4.2, Form 8-K filed June 15, 2009, File No. 1-8489); Seventh Supplemental Indenture, dated as of September 1, 2014 (Exhibit 4.3, Form 8-K filed October 3, 2013, File No. 1-8489); Fifteenth Supplemental Indenture, dated June 27, 2019 (Exhibit 4.6, Form 8-K filed June 27, 2019, File No. 1-8489) ; Sixteenth Supplemental Indenture, dated as of May 1, 2024 (Exhibit 4.3, Form 8-K filed May 20, 2024, File No. 1-8489) ; Seventeenth Supplemental Indenture, dated as of May 1, 2024 (Exhibit 4.4, Form 8-K filed May 20, 2024, File No. 1-8489) ; Eighteenth Supplemental Indenture, dated as of November 1, 2024 (Exhibit 4.3, Form 8-K filed November 18, 2024, File No. 1-8489) .		X
4.10		Description of Dominion Energy, Inc.’s Common Stock (Filed herewith).		X
4.11		Description of Virginia Electric and Power Company’s Common Stock (Exhibit 4.19, Form 10-K for the fiscal year ended December 31, 2019 filed February 28, 2020, File No.1-8489).				X
10.1		$6,000,000,000 Fifth Amended and Restated Revolving Credit Agreement, dated June 9, 2021, among Dominion Energy, Inc., Virginia Electric and Power Company, Questar Gas Company, Dominion Energy South Carolina, Inc., JPMorgan Chase Bank, N.A., as Administrative Agent, Mizuho Bank, Ltd., Bank of America, N.A., The Bank of Nova Scotia and Wells Fargo Bank, N.A., as Syndication Agents, J.P. Morgan Securities LLC and Mizuho Bank, Ltd., as Co-Sustainability Structuring Agent, and other lenders named therein (Exhibit 10.1, Form 8-K filed June 10, 2021, File No. 1-8489); as amended by the First Amendment, dated September 28, 2022, to the Fifth Amended and Restated Revolving Credit Agreement (Exhibit 10.1, Form 8-K filed September 30, 2022, File No. 1-8489 and File No. 000-55337) and the Second Amendment, dated May 30, 2024, to the Fifth Amended and Restated Revolving Credit Agreement (Exhibit 10.1, Form 8-K filed June 3, 2024, File No. 1-8489 and File No. 000-55337) .		X		X
10.2		$900,000,000 Sustainability Revolving Credit Agreement, dated as of June 9, 2021, among Dominion Energy, Inc., Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sustainability Coordinator, Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and The Toronto- Dominion Bank, New York Branch, as Joint Lead Arrangers and Joint Bookrunners, and the other lenders named therein (Exhibit 10.2, Form 8-K filed June 10, 2021, File No. 1-8489); as amended by the First Amendment, dated October 12, 2022, to the Sustainability Revolving Credit Agreement (Exhibit 10.1, Form 8-K filed October 14, 2022, File No. 1-8489) and the Second Amendment, dated June 7, 2024, to the Sustainability Revolving Credit Agreement (Exhibit 10.1, Form 8-K filed June 7, 2024 (File No. 1-8489) .		X
10.3		DRS Services Agreement, dated January 1, 2003, between Dominion Resources, Inc. and Dominion Resources Services, Inc. (Exhibit 10.1, Form 10-K for the fiscal year ended December 31, 2011 filed February 28, 2012, File No. 1-8489).		X
10.4		DES Services Agreement, dated January 1, 2024, between Dominion Energy Services, Inc. and Virginia Electric and Power Company (Exhibit 10.4, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No.1-8489).				X
10.5		Agreement between PJM Interconnection, L.L.C. and Virginia Electric and Power Company (Exhibit 10.1, Form 8-K filed April 26, 2005, File No. 1-2255 and File No. 1-8489).		X		X
10.6		Form of Settlement Agreement in the form of a proposed Consent Decree among the United States of America, on behalf of the United States Environmental Protection Agency, the State of New York, the State of New Jersey, the State of Connecticut, the Commonwealth of Virginia and the State of West Virginia and Virginia Electric and Power Company (Exhibit 10, Form 10-Q for the quarter ended March 31, 2003 filed May 9, 2003, File No. 1-8489 and File No. 1-2255).		X		X
10.7		Limited Liability Company Agreement of OSW Project LLC, dated as of October 22, 2024 (Exhibit 10.1, Form 8-K filed October 25, 2024, File No. 1-8489 and File No. 000-55337) .		X		X
10.8*		Form of Employment Continuity Agreement for certain officers of Dominion Resources, Inc., amended and restated July 15, 2003 (Exhibit 10.1, Form 10-Q for the quarter ended June 30, 2003 filed August 11, 2003, File No. 1-8489) , as amended, March 31, 2006 (Exhibit 10.1, Form 8-K filed April 4, 2006, File No. 1-8489).		X

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Exhibit Number		Description		Dominion Energy		Virginia Power
10.9*		Form of Employment Continuity Agreement for certain officers of Dominion Resources, Inc. dated January 24, 2013 (effective for certain officers elected subsequent to February 1, 2013) (Exhibit 10.9, Form 10-K for the fiscal year ended December 31, 2013 filed February 28, 2014, File No. 1-8489 and File No. 1-2255).		X
10.10*		Dominion Resources, Inc. Executives’ Deferred Compensation Plan, amended and restated effective December 31, 2004 (Exhibit 10.7, Form 8-K filed December 23, 2004, File No. 1-8489).		X
10.11*		Dominion Resources, Inc. New Executive Supplemental Retirement Plan, as amended and restated effective July 1, 2013 (Exhibit 10.2, Form 10-Q for the quarter ended June 30, 2013 filed August 6, 2013 File No. 1-8489), as amended September 26, 2014 (Exhibit 10.3, Form 10-Q for the fiscal quarter ended September 30, 2014 filed November 3, 2014), as amended effective October 1, 2019 (Exhibit 10.1, Form 8-K filed October 2, 2019, File No. 1-8489), as amended December 11, 2020 (Exhibit 10.9, Form 10-K for the fiscal year ended December 31, 2020 filed February 25, 2021, File No.1-8489), as amended June 21, 2024 (Exhibit 10.4, Form 10-Q for the fiscal quarter ended June 30, 2024 filed August 1, 2024, File No. 1-8489) .		X
10.12*		Dominion Resources, Inc. New Retirement Benefit Restoration Plan, as amended and restated effective January 1, 2009 (Exhibit 10.17, Form 10-K for the fiscal year ended December 31, 2008 filed February 26, 2009, File No. 1-8489, as amended September 26, 2014 (Exhibit 10.4, Form 10-Q for the fiscal quarter ended September 30, 2014 filed November 3, 2014), File No. 1-8489), as amended June 21, 2024 (Exhibit 10.5, Form 10-Q for the fiscal quarter ended June 30, 2024 filed August 1, 2024, File No. 1-8489).		X
10.13*		Dominion Resources, Inc. Non-Employee Directors’ Compensation Plan, effective January 1, 2005, as amended and restated effective December 15, 2021 (Exhibit 10.13, Form 10-K for the fiscal year ended December 31, 2021 filed February 24, 2022, File No. 1-8489).		X
10.14*		Dominion Resources, Inc. Executive Stock Purchase Tool Kit, effective September 1, 2001, amended and restated May 7, 2014 (Exhibit 10.4, Form 10-Q for the fiscal quarter ended June 30, 2014 filed July 30, 2014, File No. 1-8489) , as amended and restated May 7, 2024 (Exhibit 10.6, Form 10-Q for the fiscal quarter ended June 30, 2024 filed August 1, 2024, File No. 1-8489) .		X
10.15*		Form of Advancement of Expenses for certain directors and officers of Dominion Energy, Inc., approved by the Dominion Energy, Inc. Board of Directors on October 24, 2008 (Exhibit 10.2, Form 10-Q for the quarter ended September 30, 2008 filed October 30, 2008, File No. 1-8489).		X
10.16*		Dominion Resources, Inc. 2014 Incentive Compensation Plan, effective May 7, 2014 (Exhibit 10.1, Form 8-K filed May 7, 2014, File No. 1-8489).		X
10.17*		Dominion Energy, Inc. Deferred Compensation Plan, effective July 1, 2021 (Exhibit 10.18, Form 10-K for the fiscal year ended December 31, 2020, filed February 25, 2021, File No. 1-8489), as amended September 23, 2021 (Exhibit 10.1, Form 10-Q filed November 5, 2021, File No. 1-8489), as amended May 10, 2023 (Exhibit 10.1, Form 10-Q filed August 4, 2023, File No. 1-8489).		X
10.18*		Restricted Stock Agreement for Steven D. Ridge (Exhibit 10.24, Form 10-K for the fiscal year ended December 31, 2022 filed February 21, 2023, File No. 1-8489).		X
10.19*		Form of 2023 Performance Grant Plan under the 2023 Long-Term Incentive Program approved January 26, 2023, as amended February 9, 2023 (Exhibit 10.25, Form 10-K for the fiscal year ended December 31, 2022 filed February 21, 2023, File No. 1-8489), as amended December 13, 2023 (Exhibit 10.21, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No.1-8489) .		X
10.20*		Form of 2023 Goal-Based Stock Award Agreement under the 2023 Long-Term Incentive Program approved January 26, 2023 (Exhibit 10.26, Form 10-K for the fiscal year ended December 31, 2022 filed February 21, 2023, File No. 1-8489), as amended December 13, 2023 (Exhibit 10.22, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. 1-8489) .		X
10.21*		Form of Restricted Stock Agreement under the 2023 Long-Term Incentive Program approved January 26, 2023 (Exhibit 10.27, Form 10-K for the fiscal year ended December 31, 2022 filed February 21, 2023, File No. 1-8489).		X

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Exhibit Number		Description		Dominion Energy		Virginia Power
10.22*		2023 Goal-Based Stock Award Agreement for Robert M. Blue under the 2023 Long-Term Incentive Program approved February 9, 2023 (Exhibit 10.28, Form 10-K for the fiscal year ended December 31, 2022 filed February 21, 2023, File No. 1-8489).		X
10.23*		Form of 2024 Performance Grant Agreement under the 2024 Long-Term Incentive Program approved January 25, 2024 (Exhibit 10.25, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. 1-8489).		X
10.24*		Form of 2024 Performance Share Award Agreement under the 2024 Long-Term Incentive Program approved January 25, 2024 (Exhibit 10.26, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. 1-8489).		X
10.25*		Form of Restricted Stock Agreement under the 2024 Long-Term Incentive Program approved January 25, 2024 (Exhibit 10.27, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. 1-8489).		X
10.26*		2024 Performance Share Award Agreement for Robert M. Blue under the 2024 Long-Term Incentive Program approved January 25, 2024 (Exhibit 10.28, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. 1-8489).		X
10.27*		2024 Performance Grant Agreement for Robert M. Blue under the 2024 Long-Term Incentive Program approved January 25, 2024 (Exhibit 10.29, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. 1-8489).		X
10.28*		Dominion Energy, Inc. 2024 Incentive Compensation Plan, effective May 7, 2024 (Exhibit 10.1, Form 8-K filed May 8, 2024, File No. 1-2255).		X
10.29*		Form of 2025 Performance Grant Agreement under the 2025 Long-Term Incentive Program approved January 23, 2025 (filed herewith).		X
10.30*		Form of 2025 Performance Share Award Agreement under the 2025 Long-Term Incentive Program approved January 23, 2025 (filed herewith).		X
10.31*		Form of 2025 Restricted Stock Agreement under the 2025 Long-Term Incentive Program approved January 23, 2025 (filed herewith).		X
10.32*		2025 Performance Share Award Agreement for Robert M. Blue under the 2025 Long-Term Incentive Program approved January 23, 2025 (filed herewith).		X
10.33*		2025 Performance Grant Agreement for Robert M. Blue under the 2025 Long-Term Incentive Program approved January 23, 2025 (filed herewith).		X
10.34*		Form of 2025 Key Contributor Restricted Stock Recognition Award (filed herewith).		X
10.35*		Form of 2025 Key Contributor Cash Recognition Award (filed herewith).		X
18		Deloitte & Touche LLP letter, dated February 27, 2025, related to Dominion Energy, Inc.’s financial information (filed herewith).		X
19		Securities Trading Policy (filed herewith).		X
21		Subsidiaries of Dominion Energy, Inc. (filed herewith).		X
23		Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm for Dominion Energy, Inc. and Virginia Electric and Power Company (filed herewith).		X		X
31.a		Certification by Chief Executive Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).		X
31.b		Certification by Chief Financial Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).		X
31.c		Certification by Chief Executive Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).				X
31.d		Certification by Chief Financial Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).				X

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Exhibit Number		Description		Dominion Energy		Virginia Power
32.a		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).		X
32.b		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).				X
97		Dominion Energy, Inc. Policy for Recovery of Previously Awarded Compensation effective October 2, 2023 (Exhibit 97, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. 1-8489).		X
101		The following financial statements from Dominion Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, 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 Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, 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.		X		X
104		Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.		X		X

* Indicates management contract or compensatory plan or arrangement.

Item 16. Form 10-K Summary

None.

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Signat ures

D OMINION ENERGY

Pursuant to the requirements of Section 13 or 15(d) 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.

DOMINION ENERGY, INC.
By:	/s/ Robert M. Blue
	(Robert M. Blue, President and Chief Executive Officer)

Date: February 27, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on the 27 th day of February, 2025.

Signature		Title
/s/ Robert M. Blue Robert M. Blue	Chair of the Board of Directors, President and Chief Executive Officer
/s/ James A. Bennett James A. Bennett	Director
/s/ Paul M. Dabbar Paul M. Dabbar	Director
/s/ D. Maybank Hagood	Director
D. Maybank Hagood
/s/ Mark J. Kington Mark J. Kington	Director
/s/ Kristin G. Lovejoy	Director
Kristin G. Lovejoy
/s/ Joseph M. Rigby Joseph M. Rigby	Director
/s/ Pamela J. Royal Pamela J. Royal	Director
/s/ Robert H. Spilman, Jr. Robert H. Spilman, Jr.	Director
/s/ Susan N. Story Susan N. Story	Director
/s/ Vanessa Allen Sutherland Vanessa Allen Sutherland	Director
/s/ Steven D. Ridge Steven D. Ridge	Executive Vice President and Chief Financial Officer
/s/ Michele L. Cardiff Michele L. Cardiff	Senior Vice President, Controller and Chief Accounting Officer

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Virginia Power

Pursuant to the requirements of Section 13 or 15(d) 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.

VIRGINIA ELECTRIC AND POWER COMPANY
By:	/s/ Robert M. Blue
	(Robert M. Blue, Chief Executive Officer)

Date: February 27, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on the 27 th day of February, 2025.

Signature	Title
/s/ Edward H. Baine Edward H. Baine	Director
/s/ Robert M. Blue Robert M. Blue	Director and Chief Executive Officer
/s/ Carlos M. Brown Carlos M. Brown	Director
/s/ Steven D. Ridge Steven D. Ridge	Executive Vice President and Chief Financial Officer
/s/ Michele L. Cardiff Michele L. Cardiff	Senior Vice President, Controller and Chief Accounting Officer

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