Dominion Energy (D) 10-K risk factor changes: FY2024 vs FY2023

A failure by the Companies to support these rates [added: 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.

[added: In addition,] changes to the interpretation and application of FERC’s market manipulation rules may occur from time to time.

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 [removed: agencies.]

Such laws and regulations govern the terms and conditions of the services the Companies offer, relationships with [removed: affiliates,] [added: affiliates and] protection of critical electric infrastructure [removed: assets and pipeline safety,] [added: assets,] among other matters.

New laws or regulations, the revision or reinterpretation of existing laws or regulations, [added: 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.

These efforts will require approvals from various regulatory bodies for the siting and construction of such new facilities and a determination [added: by the applicable state commissions that costs related to the construction are prudent.]

[removed: However,] 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.

The [removed: development and] 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.

If the Companies are unable to complete the [removed: development and] construction of the CVOW Commercial Project or decide in the future to delay or cancel the project, the [removed: Companies may not be able to recover all or a portion of their investment in the project and may]

[added: 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 [removed: development and] construction of the CVOW Commercial Project is dependent on the Companies’ ability to [removed: obtain and] maintain various local, state and federal permits, rights of way and other regulatory [removed: approvals,] [added: approvals and authorizations,] including Virginia Commission approval for rider recovery of project costs.

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 [removed: impact the timing and receipt of] [added: seek to challenge] permits or other regulatory approvals [removed: or otherwise] [added: received, including for routing of onshore electric transmission, which could] delay or increase the cost of the project.

In accordance with the Virginia Commission’s [removed: order in] December [removed: 2022,] [added: 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.

The [removed: development and] 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.

Certain of the fixed price contracts for major offshore construction and equipment components are denominated in Euros and Danish [removed: kroner, including those which contain commodity indexing provisions linked to steel.][added: kroner.]

Similarly, adverse fluctuations in the price of [removed: certain raw materials, including steel,] [added: fuel used for transportation and installation,] would [removed: likely, to the extent not hedged by the Companies,] [added: likely] adversely affect the overall costs [removed: incurred] to [removed: develop and] construct the project.

The [removed: development and] construction of the CVOW Commercial Project involves the use of evolving turbine technology and [removed: will take] [added: takes] place in a marine environment, which presents unique challenges and [removed: will require] [added: requires] the use of a specialized workforce and specialized equipment.

The timeline for [removed: development and] 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.

[added: 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.

The Companies may not complete the facility construction, [removed: pipeline,] 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 [removed: large] [added: large-] and [removed: small scale] [added: small-scale] projects have been announced, including the CVOW [added: Commercial Project, electric transmission lines, facility expansions or renewed licensing, conversions and other infrastructure developments or construction.]

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, [added: 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, [added: the impact of applicable tariffs] or other factors beyond the Companies’ control.

Even if facility construction, [removed: pipeline,] 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.

Any of these or other factors could adversely affect the Companies’ ability to realize the anticipated benefits from the facility construction, [removed: pipeline,] electric transmission line, expansion, conversion and other infrastructure 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 [removed: Coastal Virginia Offshore Wind projects.][added: CVOW Commercial Project.]

Given that these projects provide the foundation for the Companies’ strategic growth [removed: plan,] [added: 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 [removed: environmental justice,] [added: 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.

Further, an inability to obtain financing or otherwise provide liquidity for the projects on acceptable [removed: terms, including any potential adverse conditions arising from or in connection with the comprehensive business review announced in November 2022,] [added: 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.

In addition, severe weather or acts of nature, including hurricanes, winter storms, [added: 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.

[added: 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.

The Companies’ financial results can be adversely affected by various factors driving supply and demand for electricity and [removed: gas 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 [removed: territory] [added: 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 [removed: required by federal laws mandate new levels of] [added: 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, [removed: certain] regulatory [removed: and] [added: and/or] legislative bodies [removed: have introduced or are considering] [added: could introduce] requirements and/or incentives to reduce energy [removed: consumption by a fixed date.][added: consumption.]

Consumer demand for the Companies’ services may also be impacted by any price increases, including those driven by factors beyond the Companies’ control [removed: such as inflation or increased prices in natural gas.]

Increased energy demand or significant accelerated growth in demand due to new data centers, [added: expanded use of artificial intelligence,] widespread adoption of electric vehicles or other customer changes could require enhancements to the Companies’ infrastructure.

Alternatively, reduced energy demand or significantly slowed growth in demand due to customer adoption of energy efficient technology, conservation, distributed generation, regional economic [added: 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.]

In addition, there are many risks associated with the Companies’ principal operations [removed: and the transportation and storage of natural gas] 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.

Further, the location of [removed: natural gas pipelines and associated distribution facilities, or] electric generation, transmission, substations and distribution facilities [added: 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.

Any failure by Dominion Energy to realize its commitments to achieve net zero carbon and methane emissions by 2050, [removed: increase workforce diversity,] enhance the customer experience or other long-term goals could lead to adverse press coverage and other adverse public statements affecting the Companies.

[removed: For example,] Dominion Energy is [added: also] dependent on the actions of third parties to meet the expanded commitment regarding Scope 2 emissions and Scope 3 emissions.

[added: 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.

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.

agencies.

Adverse developments in tax laws, credits or other incentives including changes in legislation, administrative interpretations or judicial determinations could result in material modifications to business models or otherwise negatively affect the Companies’ results of operations, financial condition and/or cash flows.

However,

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.

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.

In addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, if any.

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.

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.

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.

Similarly, certain stakeholder groups oppose new natural gas generation facilities, such as the proposed Chesterfield Energy Reliability Center.

such as inflation or increased prices in natural gas.

Such third-party investors have their own interests and

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.

In addition, the amount and scope of insurance coverage

increase their cost of borrowing or restrict their ability to access one or more financial markets.

As discussed in *Future Issues* in Item 7.

MD&A, Dominion Energy has commenced a comprehensive business review.

The outcomes of the business review and the implementation of the resulting recommendations may be subject to various risks and uncertainties (some of which may include the risks and uncertainties discussed below or other risks and uncertainties that cannot yet be determined) that could have a material impact on the Companies’ future results of operations, cash flows and/or financial condition.

The GTSA reinstated base rate reviews commencing with the 2021 Triennial Review.

For example, in September 2021, FERC issued a final order that allows distributed energy resource aggregators to compete in regional wholesale electric markets.

This rule followed a previous order which mandated that distributed energy resources be allowed to participate in wholesale markets.

RTOs, including PJM, are responsible for issuing implementation rules to FERC for approval.

In addition,

by the applicable state commissions that costs related to the construction are prudent.

In addition, the design and route of the project’s onshore electric transmission, network upgrades and other facilities remain subject to regulatory and PJM review and approval.

Changes in the design and route of these onshore facilities, including an increase in amount of undergrounding, would likely increase project costs.

In connection with the February 2024 agreement to sell a 50% noncontrolling interest to Stonepeak, certain activities prior to closing require the consent of Stonepeak.

Commercial Project, electric transmission lines, pipeline replacements, facility expansions or renewed licensing, conversions and other infrastructure developments or construction.

Additional projects may be considered in the future.

Furthermore, the Companies’ operations could be adversely affected and their physical plant placed at

Likewise, certain regulatory and legislative bodies have introduced or are considering actions which could limit the use or installation of new natural gas appliances.

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 failure of Dominion Energy to maintain,

Dominion Energy may be unable to complete one or all the proposed sales of certain regulated gas distribution operations to Enbridge under the current terms and/or expected timing. The ability of Dominion Energy to complete the East Ohio, PSNC and Questar Gas Transactions, each of which are not conditioned upon the completion of the others, is dependent upon receiving clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and applicable state utility commissions, including the North Carolina, Utah and Wyoming Commissions, as well as other customary closing and regulatory conditions.

The ability to obtain any remaining requisite regulatory approvals for each sale as well as the timing of such approvals is outside of Dominion Energy’s control.

In addition, the terms and conditions associated with such approvals may result in additional requirements or obligations which may be burdensome or potentially result in the inability to complete one or all of the proposed sales under the current terms and/or expected timing.

Such events could negatively impact Dominion Energy’s ability to implement certain of the recommendations in connection with the comprehensive business review announced in November 2022 as well as have a material adverse effect on Dominion Energy’s reputation, its financial condition, results of operations or cash flows.

The Companies may be unable to complete the proposed sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak under the current terms and/or expected timing. The ability of Virginia Power to complete the proposed sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP, is dependent upon receiving approval from the Virginia and North Carolina Commissions, consent from BOEM and other customary closing and regulatory conditions.

The ability to obtain requisite regulatory approval as well as the timing of such approvals is outside of the Companies’ control.

In addition, the terms and conditions associated with such approvals may result in additional requirements or obligations which may be burdensome or potentially result in the inability to complete the proposed transaction under the current terms and/or expected timing.

Such events could negatively impact Dominion Energy’s ability to implement certain of the recommendations in connection with the comprehensive business review announced in November 2022 as well as have a material adverse effect on the Companies’ reputation, its financial condition, results of operations or cash flows.

In addition, any potential adverse conditions arising from or in connection with the comprehensive business review announced in November 2022 could affect the availability and/or cost of capital.

In addition, Dominion Energy recorded a $286

In most cases, the reader can identify these forward-looking statements by such words as [added: “path,”] “anticipate,” “estimate,” “forecast,” “expect,” “believe,” “should,” “could,” “plan,” “may,” “continue,” “target” or other similar words.

Extreme weather events and other natural disasters, including, but not limited to, hurricanes, high winds, severe storms, earthquakes, flooding, [added: wildfires,] climate changes and changes in water temperatures and availability that can cause outages and property damage to facilities;

Federal, state and local legislative and regulatory [removed: developments, including changes in or interpretations of federal and state tax laws and regulations;][added: developments;]

The direct and indirect impacts of implementing recommendations resulting from the business review [removed: announced] [added: concluded] in [removed: November 2022;][added: March 2024;]

Changes to regulated electric rates collected by the Companies and regulated gas [removed: distribution, transportation and storage] [added: distribution] rates collected by Dominion Energy;

Risks associated with entities in which [removed: Dominion Energy shares] [added: the Companies share] ownership with third parties, [added: such as Stonepeak’s noncontrolling interest in the CVOW Commercial Project,] including risks that result from lack of sole [removed: decision making] [added: decision-making] authority, disputes that may arise between [removed: Dominion Energy] [added: the Companies] and third party participants and difficulties in exiting these arrangements;

Risks and uncertainties that may impact the Companies’ ability to [removed: develop and] construct the CVOW Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers;

The impact of operational hazards, including adverse developments with respect to [removed: pipeline and] plant safety or integrity, equipment loss, malfunction or failure, operator error and other catastrophic events;

Changes in demand for the Companies’ services, including industrial, commercial and residential growth or decline in the Companies’ service areas, [removed: changes in supplies of natural gas delivered to Dominion Energy’s pipeline system,] failure to maintain or replace customer contracts on favorable terms, changes in customer growth or usage patterns, including as a result of energy conservation programs, the availability of energy efficient devices and the use of distributed generation methods;

Political and economic conditions, including [added: tariffs,] inflation and deflation;

In connection with the [removed: 2023] [added: future 2025] Biennial Review, the Companies [removed: have] concluded that it [removed: is] [added: was] not probable that Virginia Power [removed: will] [added: would] have earnings in excess of [removed: 70 basis points above its authorized ROE for the period January 1, 2021 through December 31, 2022 currently under review with the Virginia Commission or in excess of] an expected authorized ROE of 9.70% for the period January 1, 2023 through December 31, [removed: 2024 in connection with the future 2025 Biennial Review.][added: 2024.]

As a result, no regulatory liability for Virginia Power ratepayer credits to customers has been recorded at December 31, [removed: 2023.][added: 2024.]

At [removed: both] December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Dominion Energy’s nuclear decommissioning AROs totaled [added: $2.6 billion and] $1.9 [removed: billion.][added: billion, respectively.]

At December 31, [removed: 2023,] [added: 2024,] a 0.25% increase in cost escalation rates would have resulted in an approximate [removed: $390] [added: $440] million increase in Dominion Energy’s nuclear decommissioning AROs.

At December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Dominion Energy had [removed: $110] [added: $78] million and [removed: $117] [added: $110] million, respectively, of unrecognized tax benefits.

[added: 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, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Dominion Energy had established [removed: $130] [added: $113] million and [removed: $137] [added: $130] million, respectively, of valuation allowances.

The [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] annual test did not result in the recognition of any goodwill impairment.

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 [removed: rates,] [added: rates] and the selection of peer group companies and recent transactions.

In addition to the annual goodwill impairment testing described above, [removed: in December 2023,] Dominion Energy’s [removed: current period calculation] [added: calculations during the fourth quarter] of [added: 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 [removed: $286] [added: $238 million and $78] million, [added: respectively,] reflected in discontinued operations in Dominion Energy’s Consolidated Statements of Income.

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 [added: 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 [removed: assets,] [added: 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.

There were no tests performed in [added: 2024 or] 2023 of long-lived assets which could have resulted in material impairments.

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, [removed: FERC or the U.S. Federal Trade Commission.]

[removed: The] [added: Through December 2024, Dominion Energy’s] long-term strategic target asset allocation [removed: for Dominion Energy’s pension funds is] [added: was] 26% U.S. equity, 19% non-U.S. equity, 32% fixed income, 3% real assets and 20% other alternative [removed: investments, such as private equity] investments.

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 [removed: 2023, 7.00% to 8.35% for 2022] [added: each of 2024, 2023] and [removed: 7.00% to 8.45% for 2021.][added: 2022.]

For [removed: 2024,] [added: 2025,] the expected long-term rate of return for the pension cost assumption [removed: ranged from 7.00% to 8.35%] [added: is 7.35%] for Dominion Energy’s plans held as of December 31, [removed: 2023.][added: 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 [removed: 2023, 8.35% for 2022] [added: each of 2024, 2023] and [removed: 8.45% for 2021.][added: 2022.]

For [removed: 2024,] [added: 2025,] the expected long-term rate of return for other postretirement benefit cost assumption is [removed: 8.35%.][added: 7.35%.]

The discount rates used to calculate pension cost and other postretirement benefit cost ranged from [removed: 5.65%] [added: 5.37%] to 5.75% for pension plans and [removed: 5.69%] [added: 5.40%] to [removed: 5.70%] [added: 5.74%] for other postretirement benefit plans in [removed: 2023,] [added: 2024,] ranged from [removed: 3.06%] [added: 5.65%] to [removed: 3.19%] [added: 5.75%] for pension plans and [removed: 3.04%] [added: 5.69%] to [removed: 5.03%] [added: 5.70%] for other postretirement benefit plans in [removed: 2022] [added: 2023] and ranged from [removed: 2.73%] [added: 3.06%] to [removed: 3.29%] [added: 3.19%] for pension plans and [removed: 2.69%] [added: 3.04%] to [removed: 2.80%] [added: 5.03%] for other postretirement benefit plans in [removed: 2021.][added: 2022.]

[removed: Dominion Energy selected a discount rate ranging from 5.37% to 5.47%] [added: 5.87%] for pension plans and [removed: 5.40%] [added: 5.83%] to [removed: 5.42%] [added: 5.86%] for other postretirement benefit plans for determining its December 31, [removed: 2023] [added: 2024] projected benefit obligations.

Dominion Energy’s healthcare cost trend rate assumption as of December 31, [removed: 2023] [added: 2024] was 7.00% and is expected to gradually decrease to 5.00% by [removed: 2031] [added: 2032] and continue at that rate for years thereafter.

| | | | Increase [removed: (Decrease)] in [removed: 2023] [added: 2024] Net Periodic Cost | | | | | | |

| Discount rate | (0.25)% | | $ | [removed: (5] [added: 11] | [removed: )] | | $ | [removed: 2] [added: 1] | |

| Health care cost trend rate | 1% | | N/A | | | | | [removed: 12] [added: 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, [removed: 2023] [added: 2024] by [removed: $224] [added: $187] million and its accumulated postretirement benefit obligation at December 31, [removed: 2023] [added: 2024] by [removed: $26] [added: $23] million, while a 1.00% increase in the healthcare cost trend rate would increase its accumulated postretirement benefit obligation at December 31, [removed: 2023] [added: 2024] by [removed: $72] [added: $61] million.

| Year Ended December 31, | | [removed: 2023] [added: 2024] | | | | $ Change | | | | [removed: 2022] [added: 2023] | | | | $ Change | | | | [removed: 2021] [added: 2022] | | |

Net income attributable to Dominion Energy increased [removed: 51%,] [added: 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 [removed: 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 [removed: activities and] [added: activities,] a net decrease in dismantling costs associated with the early retirement of certain electric generation facilities at Virginia [removed: Power.][added: Power and higher market related impacts on pension and other postretirement plans.]

Net income attributable to [removed: Dominion Energy decreased 61%,] [added: Virginia Power increased 31%,] primarily due to [removed: a charge associated with] the [removed: impairment of certain nonregulated solar generation facilities, a loss associated with the sale of Kewaunee, a decrease in net investment earnings on nuclear decommissioning trust funds, a net decrease associated with the impacts] [added: absences] of [removed: Virginia Power’s 2021 Triennial Review,] a charge for RGGI compliance costs deemed recovered through base [removed: rates,] [added: rates and] a charge in connection with a comprehensive settlement agreement for Virginia fuel expenses [added: as well as an increase in net investment earnings on nuclear decommissioning trust funds, a decrease in storm damage] and [added: service restoration costs and a net decrease in] dismantling costs associated with the early retirement of certain electric generation [removed: facilities at] [added: facilities, partially offset by a decrease in sales to electric utility customers attributable to weather and the impact of 2023] Virginia [removed: Power.][added: legislation.]

Changes in or interpretations of federal and state tax laws and regulations, including those related to tax credits or other incentives;

Risks and uncertainties associated with the timely receipt of future capital contributions, including optional capital contributions, if any, from Stonepeak associated with the construction of the CVOW Commercial Project;

The availability of nuclear fuel, natural gas, purchased power or other materials utilized by the Companies to provide electric generation, transmission and distribution and/or gas distribution services to their customers;

Risks and uncertainties associated with increased energy demand or significant accelerated growth in demand due to new data centers, including the concentration of data centers primarily in Loudoun County, Virginia and the ability to obtain regulatory approvals, environmental and other permits to construct new facilities in a timely manner;

The technological and economic feasibility of large-scale battery storage, carbon capture and storage, small modular reactors, hydrogen and/or other clean energy technologies;

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

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.

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.

FERC or the U.S. Federal Trade Commission.

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.

In December 2024, Dominion Energy revised its long-term strategic target asset allocation for its pension funds to 30% public equity (inclusive of both U.S. equity and non-U.S. equity), 27% fixed income and 43% other alternative investments, such as private equity, private debt and hedge fund investments.

Dominion Energy selected a discount rate ranging from 5.84% to

| 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 | |

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.

expenses.

| Other income (expense) | | | 822 | | | | (162 | ) | | | 984 | | | | 1,101 | | | | (117 | ) |

| Income tax expense | | | 308 | | | | (260 | ) | | | 568 | | | | 509 | | | | 59 | |

2024 VS. 2023

A $124 million increase from fewer outages at Millstone, including the relative effect of fewer planned outages ($100 million) and unplanned outages ($24 million);

A $43 million net increase in transition service agreements primarily associated with the East Ohio, Questar Gas and PSNC Transactions.

These increases were substantially offset by:

A $336 million net decrease in fuel-related revenue as a result of a decrease in commodity costs associated with sales to electric utility retail customers, including revenue for the deferred fuel securitization and electric utility customers who elect to pay market based or other negotiated rates and related settlements of economic hedges at Virginia Power effective March 2024;

A $22 million decrease due to one-time credits to customers associated with the 2023 Biennial Review and the electric base rate case in South Carolina.

A $71 million increase in salaries, wages and benefits;

A $63 million increase in costs associated with the business review completed in March 2024;

A $43 million increase from the combination of certain riders into base rates as a result of 2023 Virginia legislation;

A $25 million increase associated with an accrual for remediation costs at a manufactured gas plant site at Virginia Power.

Changes in future levels of domestic and international natural gas production, supply or consumption;

The expected timing and likelihood of the completion of any or all of the East Ohio, PSNC and Questar Gas Transactions, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such approvals;

The expected timing and likelihood of the completion of the proposed sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such approvals;

The effectiveness to which existing economic hedging instruments mitigate fluctuations in currency exchange rates of the Euro and Danish Krone associated with certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project;

These nuclear decommissioning AROs are reported in Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy.

Dominion Energy establishes a

Until each of the Questar Gas, PSNC and East Ohio Transactions are complete, the current financial position of each disposal group relative to the expected purchase price, including related post-closing adjustments, could result in significant fluctuations potentially resulting in additional impairment of the related goodwill balances, which are reflected in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets.

carrying amount.

The impact of changes in these factors, as well as differences between Dominion Energy’s assumptions and actual experience, is generally recognized in the Consolidated Statements of Income over the remaining average service period of plan participants, rather than immediately.

| Net income attributable to Dominion Energy | | $ | 1,994 | | | $ | 673 | | | $ | 1,321 | | | $ | (2,078 | ) | | $ | 3,399 | |

| Diluted EPS | | | 2.29 | | | | 0.80 | | | | 1.49 | | | | (2.63 | ) | | | 4.12 | |

2022 VS. 2021

These decreases were partially offset by the absence of charges associated with the settlement of the South Carolina electric base rate case and increased unrealized gains on economic hedging activities.

| Other income (expense) | | | 992 | | | | 883 | | | | 109 | | | | (1,030 | ) | | | 1,139 | |

| Income tax expense (benefit) | | | 575 | | | | 462 | | | | 113 | | | | 294 | | | | (181 | ) |

impairment of the Madison solar project ($57 million) and an increase following the approved base rate case for Questar Gas ($42 million).

The absence of a $356 million decrease for refunds provided to retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review;

The absence of a $151 million decrease from an unbilled revenue reduction at Virginia Power;

A $155 million decrease from the sale of non-wholly-owned nonregulated solar facilities;

An $80 million decrease as a result of the contribution of certain nonregulated gas retail energy contracts to Wrangler;

A $55 million decrease reflecting a reduction in base rates associated with the settlement of the 2021 Triennial Review;

A $49 million decrease from the sale of Hope;

A $26 million decrease from a planned outage at Millstone; and

A $20 million decrease associated with storm damage primarily from winter storms in Virginia.

A $51 million increase in storm damage and restoration costs primarily from winter storms in Virginia Power’s service territory;

The absence of a $44 million charge related to a revision in estimated recovery of spent nuclear fuel costs associated with the decommissioning of Kewaunee; and

A $31 million decrease in merger and integration-related costs associated with the SCANA Combination.

Depreciation and amortization increased 15%, primarily due to various projects being placed into service ($183 million), an increase for amortization of a regulatory asset established in the settlement of the 2021 Triennial Review ($183 million), and an increase in RGGI-related amortization ($128 million), which except for the suspended period of Rider RGGI is offset in operating revenue and does not impact net income, partially offset by depreciation rates revised in the first quarter of 2022 at Virginia Power ($82 million) and a decrease from the sale of non-wholly-owned nonregulated solar facilities ($45 million).

The absence of a benefit from the establishment of a regulatory asset associated with the early retirement of certain coal- and oil-fired generating units associated with the settlement of the 2021 Triennial Review ($549 million);

A charge for RGGI compliance costs deemed recovered through base rates at Virginia Power ($180 million);

A charge for the write-off of inventory ($40 million).

The absence of charges associated with the settlement of the South Carolina electric base rate case ($249 million);

The absence of charges for CCRO benefits provided to retail electric customers in Virginia associated with Virginia Power’s 2021 Triennial Review ($188 million);

A decrease in charges associated with litigation acquired in the SCANA Combination ($97 million);

The absence of a charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process ($77 million);

The absence of a charge for corporate office lease termination ($62 million); and

The absence of a write-off of nonregulated retail software development assets ($20 million).

Losses on sales of assets increased 3%, primarily due to a loss associated with the sale of Kewaunee ($649 million) and the absence of gains on the sale of nonregulated retail energy marketing assets ($87 million), partially offset by the absence of a net loss on the sales of non-wholly-owned nonregulated solar facilities ($513 million), a gain on the contribution of certain privatization operations to Dominion Privatization ($155 million), a gain on the transfer of certain non-utility and utility property in South Carolina ($20 million) and a gain on the sale of certain utility property in South Carolina ($20 million).

Other income decreased 90%, primarily due to net investment losses in 2022 compared to net investment gains in 2021 on nuclear decommissioning trust funds ($1.1 billion), partially offset by an increase in non-service components of pension and other postretirement employee benefit plan credits ($100 million) and the absence of charges associated with the settlement of the South Carolina electric base rate case ($18 million).

Interest and related charges decreased 20%, primarily due to higher unrealized gains associated with freestanding derivatives ($270 million), higher premiums received on interest rate derivatives ($60 million), a decrease due to junior subordinated note repayments in 2021 ($52 million), benefits associated with the early redemption of certain securities in the third and fourth quarters of 2022 ($35 million) and the absence of charges associated with the early redemption of certain securities in the third quarter of 2021 ($23 million), partially offset by an increase from net debt issuances ($90 million), higher interest rates on commercial paper borrowings ($51 million), higher interest rates on variable rate debt and cash flow interest rate swaps ($41 million) and the absence of a benefit associated with the effective settlement of uncertain tax positions ($21 million).

A hypothetical 10% increase in commodity prices would have resulted in a decrease of [removed: $62] [added: $18] million and [removed: $52] [added: $62] million in the fair value of Dominion Energy’s commodity-based derivative instruments as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

A hypothetical 10% increase in commodity prices would have resulted in a decrease of $24 million [removed: and $25 million] in the fair value of Virginia Power’s commodity-based derivative instruments as of December 31, [removed: 2023 and 2022, respectively.][added: 2023.]

For variable rate debt outstanding for Dominion Energy, a hypothetical 10% increase in market interest rates would result in a [removed: $56] [added: $12] million and [removed: $37] [added: $56] million decrease in earnings at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a [removed: $5] [added: $7] million and [removed: $14] [added: $5] million decrease in earnings at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

As of December 31, [added: 2024 and] 2023, Dominion Energy [removed: and Virginia Power] had [removed: $16.3] [added: €1.1] billion and [removed: $3.3] [added: €2.1] billion, respectively, in aggregate notional amounts of these [removed: interest rate derivatives] [added: foreign currency forward purchase agreements] outstanding.

A hypothetical 10% decrease in market interest rates would have resulted in a decrease of [removed: $274] [added: $157] million and [removed: $156] [added: $155] million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, [removed: 2022.][added: 2024.]

A hypothetical 10% increase in exchange rates would have resulted in a decrease of [removed: $202] [added: $106] million and [removed: $284] [added: $202] million in the fair value of Dominion Energy’s foreign currency swaps at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Dominion Energy recognized net investment gains (including investment income) on nuclear decommissioning and rabbi trust investments of [removed: $879 million and net investment losses (including investment income) on nuclear decommissioning] [added: $1.1 billion] and [removed: rabbi trust investments of $888] [added: $879] million for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Dominion Energy recorded, in AOCI and regulatory liabilities, a net increase in unrealized [added: (losses)] gains on debt investments of [removed: $117] [added: $(28)] million and [removed: a net decrease in unrealized gains on debt investments of $196] [added: $117] million for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Virginia Power recognized net investment gains (including investment income) on nuclear decommissioning and rabbi trust investments of [removed: $448] [added: $580] million and [removed: net investment losses (including investment income) on nuclear decommissioning and rabbi trust investments of $426] [added: $448] million for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Virginia Power recorded, in AOCI and regulatory liabilities, a net increase in unrealized [added: (losses)] gains on debt investments of [removed: $66] [added: $(10)] million and [removed: a net decrease in unrealized gains on debt investments of $106] [added: $66] million for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns [removed: (losses)] of [removed: $1.2 billion] [added: $738 million] and [removed: $(3.0)] [added: $1.2] billion in [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively, [removed: versus] [added: compared to] expected returns of [removed: $1.0 billion] [added: $982 million] and [removed: $1.1] [added: $1.0] billion, respectively.

Based on these credit policies and the Companies’ December 31, [removed: 2023] [added: 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.

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.

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

in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.

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.

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.

As of December 31, 2022, Dominion Energy and

Virginia Power had $12.7 billion and $3.6 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding.

As of December 31, 2023 and 2022, Dominion Energy had €2.1 billion and €2.9 billion, respectively, in aggregate notional amounts of these foreign currency forward purchase agreements outstanding.

Differences between actual and expected returns on plan assets are accumulated and amortized during future periods.

As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans.

A hypothetical 0.25% decrease in the assumed long-term rates of return on Dominion Energy’s plan assets would result in an increase in the following year’s net periodic cost of $26 million as of both December 31, 2023 and 2022, for pension benefits and $5 million as of both December 31, 2023 and 2022, respectively, for other postretirement benefits.

In connection with the comprehensive business [removed: review,] [added: 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 [removed: the] [added: an] agreement entered into in July 2023.

[removed: Pending the final results of the business review,] 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.

Dominion Energy currently expects approximately 90% of earnings [removed: from its primary operating segments] to come from state-regulated [removed: primarily electric] utility [removed: businesses.][added: operations in Virginia, North Carolina and South Carolina.]

In [removed: September 2023,] [added: March 2024,] Dominion Energy [removed: entered into an agreement for] [added: 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 September [removed: 2023,] [added: 2024,] Dominion Energy [removed: entered into an agreement for] [added: completed] the PSNC Transaction with Enbridge for [removed: $2.2] [added: $2.0] billion in cash consideration and the assumption by Enbridge of approximately [removed: $1.0] [added: $1.3] billion of related long-term debt.

In [removed: September 2023,] [added: May 2024,] Dominion Energy [removed: entered into an agreement for] [added: 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.

See Note [removed: 3] [added: 10] to the Consolidated Financial Statements for additional information.

See Note [removed: 13] [added: 10] to the Consolidated Financial Statements for additional [removed: information.][added: information regarding certain solar projects.]

The project [removed: is expected to cost] [added: was completed at] a total [added: cost] of [removed: $205 million once constructed,] [added: approximately $195 million,] including [removed: the] initial acquisition cost, and [removed: generate] [added: generates] approximately 83 MW.

The project [removed: is expected to cost] [added: was completed at] a total [added: cost] of [added: approximately] $390 [removed: million once constructed,] [added: million,] including [removed: the] initial acquisition cost, and [removed: generate] [added: generates] approximately 200 MW.

See [added: additional discussion of the affiliated lease agreement in] Note [removed: 9] [added: 25] to the Consolidated Financial [removed: Statements for additional information.][added: Statements.]

At December 31, [removed: 2023,] [added: 2024,] Dominion Energy had approximately [removed: 17,700] [added: 14,700] full-time employees, of which approximately [removed: 4,600] [added: 3,400] are subject to collective bargaining agreements, including approximately [removed: 6,400] [added: 6,600] full-time employees at Virginia Power, of which approximately [removed: 2,600] [added: 2,700] are subject to collective bargaining agreements.

In [removed: 2023,] [added: 2024,] Dominion Energy experienced an OSHA Recordable Rate of [removed: 0.45] [added: 0.42] compared to [removed: 0.52] [added: 0.45] in [removed: 2022] [added: 2023] and [removed: 0.46] [added: 0.52] in [removed: 2021.][added: 2022.]

These rates reflect Dominion Energy’s dedication to safety when compared to a BLS Industry Average OSHA Recordable Rate of [removed: 1.7] [added: 2.0] in [removed: both 2022] [added: 2023] and [removed: 2021.][added: 1.7 in 2022.]

Dominion Energy works to recruit, retain and develop the careers of talented individuals [added: regardless of background] who reflect [removed: the communities it serves.][added: its core values; safety, ethics, excellence, embrace change and one Dominion Energy.]

For the purposes of measuring [removed: diversity,] [added: and reporting on diversity as required by federal law,] Dominion Energy [added: follows federal EEO-1 guidelines and] includes employees who [removed: identify] [added: self-identify] their gender as female and/or their race/ethnicity as [added: American Indian or Alaskan Native, Asian, Black or African American, Hispanic or Latino, Native Hawaiian or Other Pacific Islander or Two or More Races.]

In [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] the percentage of new hires that [removed: are] [added: were] diverse was [removed: 49.0%, 48.9%] [added: 45.3%, 49.0%] and [removed: 57.5%,] [added: 48.9%,] respectively.

[added: As an example,] Dominion Energy sponsors nine employee resource groups [removed: to support and reinforce its culture of inclusiveness by] enabling employees [removed: with shared interests and backgrounds] to work together to create [removed: community, provide networking opportunities] [added: community] and [removed: encourage professional development.][added: promote excellent performance.]

[removed: To this end,] Dominion Energy [added: also] offers continuous learning opportunities including tuition assistance programs, professional development [removed: resources, access to a career center] [added: resources] and [removed: a self-guided training program for independent learning as well as] leadership development programs.

Dominion Energy Virginia’s capital plan for [removed: 2024] [added: 2025 through 2029] includes spending approximately [removed: $9 billion] [added: $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, [removed: substations,] [added: substations] and other facilities, as well as maintain existing generation capacity.

Data centers, which represent [removed: 24%] [added: 26%] and [removed: 21%] [added: 24%] of Virginia Power’s electricity sales for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively, have been a source of significant increase in demand which is expected to continue over the next decade.

Approximately [removed: 79%] [added: 78%] of revenue comes from serving Virginia jurisdictional customers.

SAIDI performance results, excluding major events, were [removed: 130] [added: 83] minutes for the three-year average ending [removed: 2023, down] [added: 2024, up] from the previous three-year average of [removed: 136] [added: 82] minutes.

However, competition from non-incumbent PJM transmission owners for development, construction and [added: 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.]

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 [removed: Engineers] [added: Engineers, BOEM] and other federal, state and local authorities.

[removed: The total cost] [added: Substantially all] of the [removed: project is estimated] [added: projects are expected] to be [added: placed in service in 2025 with an estimated total cost of] approximately [removed: $10] [added: $1.3] billion, excluding financing costs.

Virginia Power’s estimate for the [removed: 2.6 GW] project’s projected levelized cost of [added: energy, including renewable] energy [added: credits,] is approximately [removed: $75-85/MWh.][added: $62/MWh, compared to the initial filing submission of $80-90/MWh.]

[removed: Following a competitive procurement process,] Virginia Power has entered into fixed price contracts for the major offshore construction and equipment components.

[removed: The] [added: 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 January 2023, [added: following receipt of approval from the] Virginia [added: and North Carolina Commissions, Virginia] Power entered into [removed: the] [added: a] lease contract with [added: 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 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 [removed: OSW] [added: 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 [removed: October] [added: December] 2022, [added: the] Virginia [added: Commission approved the settlement agreement filed in October 2022 by Virginia] Power, Office of the Attorney General of Virginia and other parties [removed: filed a settlement agreement with the Virginia Commission for approval.][added: and reinstated its August 2022 order granting approval of Rider OSW.]

[added: 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.

Virginia Power commenced major onshore construction activities [added: for the CVOW Commercial Project] in November 2023 following the receipt of a record of decision from BOEM in October 2023 for [removed: construction of the CVOW Commercial Project.][added: construction.]

[removed: In January 2024,] Virginia Power [removed: received] [added: commenced major offshore construction activities in May 2024 following] the [added: receipt of] final approval from BOEM authorizing offshore construction and necessary permits from the U.S. Army Corps of Engineers for offshore [removed: construction.][added: construction in January 2024.]

Virginia Power anticipates funding the [removed: project] [added: CVOW Commercial Project] consistent with its approved debt to equity capitalization structure.

In [removed: February] [added: October] 2024, Virginia Power [removed: entered into an agreement to sell] [added: completed the sale of] a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP.

In addition, Virginia Power is developing, financing and constructing new generation capacity [removed: as well as seeking] [added: 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.

Virginia Power plans to invest approximately [removed: $1.1] [added: $4.0] billion [removed: in 2024] [added: from 2025 through 2029] to acquire or construct several solar facilities to serve utility customers.

*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.

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.

*Sale of Noncontrolling Interest in CVOW Commercial Project*

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.

These costs are primarily expected to be recovered under Rider CE.

*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.

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.

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.

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.

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.

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.

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.

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.

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.

Onshore construction activities are anticipated to be completed in early 2026.

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 December 2024, following receipt of approval from the Virginia and North Carolina Commissions, Virginia

Power amended the lease agreement to potentially accelerate the commencement of the lease term.

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.

*Dominion Energy*, headquartered in Richmond, Virginia and incorporated in Virginia in 1983, is one of the nation’s largest producers and distributors of energy.

Dominion Energy is committed to providing reliable, affordable and increasingly clean energy every day and to achieving net zero carbon emissions by 2050.

Dominion Energy’s strategy is to be a leading provider of electricity, natural gas and related services to customers primarily in the eastern region of the U.S. As of December 31, 2023, Dominion Energy’s portfolio of assets includes approximately 29.5 GW of electric generating capacity, 10,600 miles of electric transmission lines, 79,300 miles of electric distribution lines and 94,800 miles of gas distribution mains and related service facilities, which are supported by 4,000 miles of gas transmission, gathering and storage pipeline.

As of December 31, 2023, Dominion Energy operates in 15 states and serves approximately 7 million customers.

Such amounts are inclusive of Dominion Energy’s gas distribution operations expected to be sold to Enbridge during 2024.

Dominion Energy is in the final stages of its comprehensive business review announced in November 2022 as discussed in *Future Issues and Other Matters* in Item 7.

Its capital expenditure plan for 2024 includes a focus on upgrading the electric system in Virginia through investments in additional renewable generation facilities, strategic undergrounding and energy conservation programs as well as upgrades to its electric transmission and distribution networks while also meeting environmental requirements and standards set by various regulatory bodies.

This transaction is expected to close in 2024, contingent on meeting regulatory conditions, including receipt of any remaining approvals.

Gas Transmission and Storage Operations

*Sale to Southwest Gas*

In December 2021, Dominion Energy completed the sale of the Q-Pipe Group to Southwest Gas for approximately $1.5 billion in cash proceeds and the assumption by Southwest Gas of $430 million of related long-term debt.

In 2022 and 2021, Virginia Power entered into and completed the acquisitions of several primarily early-stage solar development projects in Virginia, which are primarily expected to be recovered under Rider CE.

In 2021, Virginia Power entered into and completed the acquisition of various solar development projects in Virginia.

These projects are expected to cost a total of approximately $1.4 billion once constructed, including initial acquisition costs, and generate approximately 697 MW combined.

*Sale of Non-Wholly-Owned Nonregulated Solar Facilities*

In 2021, Dominion Energy completed the sale of SBL Holdco, which held Dominion Energy’s remaining 67% controlling interest in certain nonregulated solar projects, to Terra Nova Renewable Partners for cash proceeds of $209 million and the assumption by Terra Nova Renewable Partners of $265 million of related long-term debt.

In 2021, Dominion Energy completed the sale of its remaining 50% controlling interest in Four Brothers and Three Cedars to Clearway for cash proceeds of $331 million.

*Contributions to and Disposition of Interest in Wrangler*

Dominion Energy completed a final contribution to Wrangler in December 2021 of its remaining nonregulated natural gas retail energy marketing operations receiving $127 million in cash, while maintaining its 20% noncontrolling interest in Wrangler.

Subsequently in December 2021 and March 2022, Dominion Energy sold 5% and the remaining 15%, respectively, of its noncontrolling ownership interest in Wrangler to Interstate Gas Supply, Inc. for cash consideration of $33 million and $85 million, respectively.

One of Dominion Energy’s greatest strengths is its employees and Dominion Energy is committed to providing them with a safe, diverse and inclusive workplace.

The ability to attract, develop and retain a diverse workforce is integral to the long-term success of Dominion Energy.

In addition, Dominion Energy was proactive in protecting its workforce during the global COVID-19 pandemic by establishing safety protocols and adapting its approach as the pandemic evolved.

Dominion Energy also facilitated telecommuting and hybrid work options for many employees and expanded paid time off and other benefits to help employees cope with disruptions caused by the pandemic.

To cultivate this diversified workforce, Dominion Energy focuses on workforce diversity, equity and inclusion while fostering an environment where employees can utilize their unique strengths, skills, personalities and life experiences.

Dominion Energy is committed to increasing its diverse workforce representation to 40% by year-end 2026; to be adjusted as necessary based on position and market availability.

During 2023, Dominion Energy increased diverse representation within its workforce from 37.0% to 37.7%, following an increase during 2022 from 35.5% to 37.0% and an increase during 2021 from 34.7% to 35.5%.

American Indian or Alaskan Native, Asian, Black or African American, Hispanic or Latino, Native Hawaiian or Other Pacific Islander or Two or More Races.

The employee resource groups are aligned to support various forms of diversity, equity and inclusion, including gender, sexual orientation, gender identity and expression, race, veteran status, age, ability and cultural heritage.

To further advance these initiatives, annual incentive plans for all employees, except as restricted by any collective bargaining agreements, include a performance measure for participation in diversity, equity and inclusion training.

Dominion Energy also offers a variety of training and development opportunities for all employees with the goal to provide a consistent and progressive approach to training that engages the workforce and fosters a culture of learning.

This decrease is primarily due to decreased storm activity.

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.

As a result, any changes in applicable exchange rates or commodity indices, if not mitigated, could result in a change to the ultimate cost of the project.

As of December 31, 2023, approximately 92% of the costs subject to exchange rate or commodity indices have been fixed.

In March 2022, the Virginia Commission approved Virginia Power’s application filed in December 2021 for approval of a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development.

In April 2022, Virginia Power filed an application with the North Carolina Commission for approval of the same lease contract and received approval in January 2023.

The Virginia Commission also included a performance standard for operation of the CVOW Commercial Project, which would require that customers be held harmless for any shortfall in energy production below an annual net capacity factor of 42%, as determined on a three-year rolling average, with details on the implementation of such standard to be determined in a future proceeding.

Also in August 2022, Virginia Power filed a petition for limited reconsideration relating to the performance standard for operation of the CVOW Commercial Project included in the Virginia Commission’s August order.

The Virginia Commission granted reconsideration and suspended in part the August order pending its reconsideration with Rider OSW approved on an interim basis.

For the fiscal year ended December [removed: 31, 2023][added: 31, 2024]

| | [removed: 120 TREDEGAR] [added: 600 EAST CANAL] STREET RICHMOND, Virginia *(Address of principal executive offices)* | 23219 *(Zip Code)* |

The aggregate market value of Dominion Energy, Inc. common stock held by non-affiliates of Dominion Energy, Inc. was approximately [removed: $43.3] [added: $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.

At February [removed: 19, 2024,] [added: 20, 2025,] Dominion Energy, Inc. had [removed: 837,443,257] [added: 852,050,458] shares of common stock outstanding and Virginia Electric and Power Company had 324,245 shares of common stock outstanding.

Portions of Dominion Energy, Inc.’s [removed: 2024] [added: 2025] Proxy Statement are incorporated by reference in Part III.

| 1. | [Business](#item_1_business) | | [removed: 11] [added: 10] |

| 1A. | [Risk Factors](#item_1a_risk_factors) | | [removed: 36] [added: 33] |

| 1B. | [Unresolved Staff Comments](#item_1b_unresolved_staff_comments) | | [removed: 46] [added: 43] |

| 1C. | [Cybersecurity](#item1c_cybersecurity) | | [removed: 46] [added: 43] |

| 2. | [Properties](#item_2_properties) | | [removed: 48] [added: 45] |

| 3. | [Legal Proceedings](#item_3_legal_proceedings) | | [removed: 53] [added: 50] |

| 4. | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | | [removed: 53] [added: 50] |

| | [Information about our Executive Officers](#executive_ficers_dominion) | | [removed: 54] [added: 51] |

| 5. | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#item_5_market_for_registrants_common_equ) | | [removed: 55] [added: 52] |

| 6. | [\[Reserved\]](#item_6_reserved) | | [removed: 55] [added: 52] |

| 7. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_7_managements_discussion_analysis_f) | | [removed: 56] [added: 53] |

| 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#item_7a_quantitative_qualitative_disclos) | | [removed: 85] [added: 83] |

| 8. | [Financial Statements and Supplementary Data](#item_8_financial_statements_supplementar) | | [removed: 88] [added: 86] |

| 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item_9_changes_in_disagreements_with_acc) | | [removed: 202] [added: 203] |

| 9A. | [Controls and Procedures](#item_9a_controls_procedures) | | [removed: 202] [added: 203] |

| 9B. | [Other Information](#item_9b_or_information) | | [removed: 205] [added: 206] |

| 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item9c_foreign_jurisdictions) | | [removed: 205] [added: 206] |

| 10. | [Directors, Executive Officers and Corporate Governance](#item_10_directors_executive_ficers_corpo) | | [removed: 206] [added: 207] |

| 11. | [Executive Compensation](#item_11_executive_compensation) | | [removed: 206] [added: 207] |

| 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item_12_security_ownership_certain_benef) | | [removed: 206] [added: 207] |

| 13. | [Certain Relationships and Related Transactions, and Director Independence](#item_13_certain_relationships_related_tr) | | [removed: 206] [added: 207] |

| 14. | [Principal Accountant Fees and Services](#item_14_principal_accountant_fees_servic) | | [removed: 206] [added: 207] |

| 15. | [Exhibits and Financial Statement Schedules](#item_15_exhibits_financial_statement_sch) | | [removed: 208] [added: 209] |

| 16. | [Form 10-K Summary](#item_16_form_10k_summary) | | [removed: 214] [added: 215] |

| [removed: 2024] [added: 2025] Proxy Statement | | Dominion Energy [removed: 2024] [added: 2025] Proxy Statement, File No. 001-08489 |

| [removed: Clearway] [added: FirstEnergy] | | The legal [removed: entity, Clearway Energy, Inc. (a subsidiary of Global Infrastructure Partners),] [added: entity FirstEnergy Corp.,] one or more of its consolidated subsidiaries, or the entirety of [removed: Clearway Energy, Inc.] [added: FirstEnergy Corp.] and its consolidated subsidiaries |

| Contracted Energy | | Contracted Energy operating [removed: segment, formerly known as the Contracted Assets operating] segment |

| [removed: DCP] [added: Enbridge] | | The legal entity, [removed: CPMLP Holding Company, LLC (formerly known as Dominion Cove Point, LLC),] [added: Enbridge Inc.,] one or more of its consolidated subsidiaries (including [removed: Dominion Energy Midstream),] [added: Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC and Enbridge Quail Holdings, LLC),] or the entirety of [removed: CPMLP Holding Company, LLC] [added: Enbridge Inc.] and its consolidated subsidiaries |

| [removed: Dominion Energy Gas] [added: SCANA] | | The legal entity, [removed: Eastern Energy Gas Holdings, LLC (formerly known as Dominion Energy Gas Holdings, LLC),] [added: SCANA Corporation,] one or more of its consolidated [removed: subsidiaries (consisting of DETI, DCP, DMLPHCII and Dominion Iroquois),] [added: subsidiaries,] or the entirety of [removed: Eastern Energy Gas Holdings, LLC] [added: SCANA Corporation] and its consolidated subsidiaries |

| [removed: Dominion Energy Midstream] [added: AEP] | | The legal [removed: entity, Northeast Midstream Partners, LP (formerly known as Dominion Energy Midstream Partners, LP),] [added: entity American Electric Power Company, Inc.,] one or more of its consolidated subsidiaries, or the entirety of [removed: Northeast Midstream Partners, LP] [added: American Electric Power Company, Inc.] and its consolidated subsidiaries |

| East Ohio Transaction | | The [removed: proposed] 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 [removed: proposed] reorganization [removed: will include] [added: included] East Ohio and Dominion Energy Gas Distribution, LLC, pursuant to a purchase and sale agreement entered into on September 5, [removed: 2023] [added: 2023, which was completed on March 6, 2024] |

| [removed: Enbridge] [added: Wexpro] | | The legal entity, [removed: Enbridge Inc.,] [added: Wexpro Company,] one or more of its consolidated [removed: subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC, and Enbridge Quail Holdings, LLC),] [added: subsidiaries,] or the entirety of [removed: Enbridge Inc.] [added: Wexpro Company] and its consolidated subsidiaries [added: (a subsidiary of Enbridge effective May 2024)] |

| [removed: ESA] Excess Tax Benefits | | [removed: Endangered Species Act] Benefits of tax deductions in excess of the compensation cost recognized for stock-based compensation |

| [removed: July 2016 hybrids] [added: 2024 Series A JSNs] | | Dominion Energy’s [removed: 2016] [added: 2024] Series A Enhanced Junior Subordinated Notes due [removed: 2076] [added: 2055] |

| OSHA Recordable Rate | | Number of recordable cases, as defined by the Occupational [removed: Health and] Safety [added: and Health] Administration, a division of the U.S. Department of Labor, for every 100 employees over the course of a year |

| 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 |

| Chesterfield Energy Reliability Center | | A potential 1.0 GW simple-cycle, natural gas-fired power station in Chesterfield County, Virginia |

| DETC | | Dominion Energy Terminal Company, Inc. |

| East Ohio | | The East Ohio Gas Company (a subsidiary of Enbridge effective March 2024) |

| ESA | | Endangered Species Act |

| Questar Gas | | Questar Gas Company (a subsidiary of Enbridge effective May 2024) |

| Rider DIST | | A proposed rate adjustment clause associated with the recovery of costs being recovered under Riders GT and U |

| 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 |

| 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 |

| Virginia LNG Storage Facility | | A proposed LNG storage facility in Brunswick and Greensville Counties, Virginia |

| | | |

| | | | |

| --- | --- | --- | --- |

| AMI | | Advanced Metering Infrastructure |

| CEP | | Capital Expenditure Program, as established by House Bill 95, Ohio legislation enacted in 2011, deployed by East Ohio to recover certain costs associated with capital investment |

| DECGS | | Carolina Gas Services, Inc. (formerly known as Dominion Energy Carolina Gas Services, Inc.) |

| DETI | | Eastern Gas Transmission and Storage, Inc. (formerly known as Dominion Energy Transmission, Inc.) |

| DGP | | Eastern Gathering and Processing, Inc. (formerly known as Dominion Gathering and Processing, Inc.) |

| DMLPHCII | | Eastern MLP Holding Company II, LLC (formerly known as Dominion MLP Holding Company II, LLC) |

| Dominion Iroquois | | The legal entity Iroquois Inc. (formerly known as Dominion Iroquois Inc.), one or more of its consolidated subsidiaries, or the entirety of Iroquois, Inc. and its consolidated subsidiaries, which held a 50% noncontrolling interest in Iroquois |

| East Ohio | | The East Ohio Gas Company, doing business as Dominion Energy Ohio |

| FILOT | | Fee in lieu of taxes |

| Four Brothers | | Four Brothers Solar, LLC, a limited liability company owned by Dominion Energy (through December 2021) and Four Brothers Holdings, LLC, a subsidiary of Clearway |

| Granite Mountain | | Granite Mountain Holdings, LLC, a limited liability company owned by Dominion Energy (through December 2021) and Granite Mountain Renewables, LLC, a subsidiary of Clearway |

| GT&S Transaction | | The sale by Dominion Energy to BHE of Dominion Energy Gas, DGP, DECGS, Eastern Energy Field Services, Inc. (formerly known as Dominion Energy Field Services, Inc.) and Modular LNG Holdings, Inc. (formerly known as Dominion Modular LNG Holdings, Inc.) (which holds a 50% noncontrolling interest in JAX LNG) pursuant to a purchase and sale agreement entered into on July 3, 2020, which was completed on November 1, 2020 |

| Iron Springs | | Iron Springs Holdings, LLC, a limited liability company owned by Dominion Energy (through December 2021) and Iron Springs Renewables, LLC, a subsidiary of Clearway |

| Iroquois | | Iroquois Gas Transmission System, L.P. |

| JAX LNG | | JAX LNG, LLC, an LNG supplier in Florida serving the marine and LNG markets |

| NGL | | Natural gas liquid |

| PIPP | | Percentage of Income Payment Plan deployed by East Ohio |

| PIR | | Pipeline Infrastructure Replacement program deployed by East Ohio |

| Q-Pipe Transaction | | A previously proposed sale by Dominion Energy to BHE of the Q-Pipe Group pursuant to a purchase and sale agreement entered into on October 5, 2020 and terminated on July 9, 2021 |

| Questar Gas | | Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho |

| Abbreviation or Acronym | | | Definition |

| Rider D | | A rate mechanism which allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales | |

| SBL Holdco | | SBL Holdco, LLC, a wholly-owned subsidiary of DGI through December 2021 | |

| SCANA | | The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries | |

| SOFR | | Secured Overnight Financing Rate |

| Southwest Gas | | The legal entity, Southwest Gas Holdings, Inc., one or more of its consolidated subsidiaries, or the entirety of Southwest Gas Holdings, Inc. and its consolidated subsidiaries |

| Terra Nova Renewable Partners | | The legal entity, Terra Nova Renewable Partners, LLC, a partnership comprised primarily of institutional investors advised by J.P. Morgan Asset Management-Global Real Assets, or one or more of its consolidated subsidiaries |

| Three Cedars | | Granite Mountain and Iron Springs, collectively |

| UEX | | Uncollectible Expense Rider deployed by East Ohio |

| Wexpro | | The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries |

Dominion Energy’s Board of Directors, including its [added: operations committee (effective in July 2024, previously its] finance and risk oversight [removed: committee,] [added: committee),] provides oversight of the Companies’ risks from cybersecurity threats.

Dominion Energy’s Board of Directors as well as its [added: operations committee (effective in July 2024, previously its] finance and risk oversight [removed: committee] [added: committee)] receive presentations and reports throughout the year on cybersecurity and information security risk from management, including Dominion [added: Energy’s chief security officer, director of cybersecurity (CISO) and chief information officer.]

[removed: These presentations and reports address a broad range of topics, including the Companies’ cyber risk management program, updates on recent cybersecurity threats and incidents across the] industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in [removed: 2023] [added: 2024] of its [removed: second] [added: third] practical exercise with external federal, state and local incident response partners.

In addition, Dominion Energy’s Board of Directors receives briefings from time to time from outside experts for an independent view on cybersecurity risks, including [removed: an assessment] [added: assessments] by [removed: an] independent consulting [removed: firm] [added: firms and legal counsel] of [removed: management’s response in a ransomware tabletop drill.][added: the Companies’ readiness and resilience.]

The director of cybersecurity [added: (CISO)] has over 30 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management, as well as cybersecurity.

The director of cybersecurity [added: (CISO)] has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures.

The chief security officer and chief information officer are supported by the senior vice president of administrative services as well as the Companies’ operations, [added: compliance,] legal, audit, corporate risk, supply chain, human resources and accounting departments in executing its cybersecurity program.

These plans detail roles, [removed: responsibilities,] [added: responsibilities] and actions to be taken in response to a detected event whether internal or associated with a third-party service provider.

These presentations and reports address a broad range of topics, including the Companies’ cyber risk management program, updates on recent cybersecurity threats and incidents across the

Energy’s chief security officer, director of cybersecurity and chief information officer.

[removed: As of December 31, 2023,] Dominion Energy [removed: owned] [added: also leases corporate offices in Richmond, Virginia and other cities in which] its [added: subsidiaries operate, including its] principal executive office in Richmond, [removed: Virginia and five other corporate offices.][added: Virginia.]

Dominion Energy [removed: also leases] [added: owns five] corporate offices in Richmond, Virginia and other cities in which its subsidiaries operate.

There were no bonds outstanding as of December 31, [removed: 2023;] [added: 2024;] however, by leaving the indenture open, Virginia Power retains the flexibility to issue mortgage bonds in the future.

Virginia Power has approximately [removed: 6,700] [added: 6,800] miles of electric transmission lines of 69 kV or more located in North Carolina, Virginia and West Virginia.

In addition, Virginia Power’s electric distribution network includes approximately [removed: 60,300] [added: 60,600] miles of distribution lines, exclusive of service level lines, in Virginia and North Carolina.

In addition, Virginia Power owns [removed: 484] [added: 486] substations.

The following tables list Virginia Power’s generating units and capability as of December 31, [removed: 2023.][added: 2024.]

| Total Gas | | | | | 8,195 | | | | [removed: 43] [added: 42] | | % |

| Mt. Storm | | Mt. Storm, WV | | | [removed: 1,617] [added: 1,614] | | | | | | |

| Total Coal | | | | | [removed: 2,666] [added: 2,663] | | | | [removed: 14] [added: 13] | | |

| Total Solar | | | | | [removed: 598] [added: 885] | | | | [removed: 3] [added: 4] | | |

| Dry Bridge | | Chesterfield, VA | | | 20 | | | | [removed: —] | | |

| Power Purchase Agreements | | | | | [removed: 1,289] [added: 1,488] | | | | [removed: 7] [added: 8] | | |

| Total Utility Generation | | | | | [removed: 19,143] [added: 19,638] | | | | 100 | | % |

*Excludes 23.75% undivided interest owned by LS Power Equity Advisors LLC and 16.25% undivided interest owned by Allegheny Generating Company, a subsidiary of [removed: FirstEnergy Corp.*][added: FirstEnergy.*]

| [removed: Fort] [added: Ft.] Powhatan | | Disputanta, VA | | | 150 | |

| [removed: Butcher Creek] [added: Grasshopper] | | Chase City, VA | | | 80 | |

DESC has approximately [removed: 3,900] [added: 3,800] miles and [removed: 19,000] [added: 19,100] miles of electric transmission and distribution lines, respectively, exclusive of service level lines, in South Carolina.

In addition, DESC owns [removed: 457] [added: 455] substations.

DESC’s natural gas system includes approximately [removed: 18,800] [added: 19,500] miles of distribution mains and related service facilities, which are supported by approximately 400 miles of transmission pipeline.

The following table lists DESC’s generating units and capability as of December 31, [removed: 2023.][added: 2024.]

| Columbia Energy Center (CC) (1) | | Gaston, SC | | | [removed: 520] [added: 522] | | | | | | |

| Hagood (CT) (1) | | Charleston, SC | | | [removed: 126] [added: 118] | | | | | | |

| Total Gas | | | | | [removed: 2,464] [added: 2,500] | | | | [removed: 38] [added: 37] | | % |

| Total Coal | | | | | 1,694 | | | | [removed: 26] [added: 25] | | |

| Saluda | | Irmo, SC | | | [removed: 198] [added: 190] | | | | | | |

| Total Hydro | | | | | [removed: 792] [added: 784] | | | | 12 | | |

| Power Purchase Agreements | | | | | [removed: 973] [added: 1,112] | | (5) | | [removed: 14] [added: 16] | | |

| Total Utility Generation | | | | | [removed: 6,567] [added: 6,734] | | | | 100 | | % |

The following table lists Contracted Energy’s generating units and capability as of December 31, [removed: 2023.][added: 2024.]

| Total Nuclear | | | | | 2,013 | | | | [removed: 67] [added: 65] | | % |

| Amazon Solar Farm Virginia – Southampton | | Newsoms, VA | | | 100 | | [removed: (3)] | | | | |

| Amazon Solar Farm Virginia – Accomack | | Oak Hall, VA | | | 80 | | [removed: (3)] | | | | |

| Innovative Solar 37 | | Morven, NC | | | 79 | | [removed: (3)] | | | | |

| Moffett Solar 1 | | Ridgeland, SC | | | 71 | | [removed: (3)] | | | | |

| Summit Farms Solar | | Moyock, NC | | | 60 | | [removed: (3)] | | | | |

| Midway II | | Calipatria, CA | | | 30 | | [removed: (3)] | | | | |

| Amazon Solar Farm Virginia – Buckingham | | Cumberland, VA | | | 20 | | [removed: (3)] | | | | |

| Amazon Solar Farm Virginia – Correctional | | Barhamsville, VA | | | 20 | | [removed: (3)] | | | | |

| Hecate Cherrydale | | Cape Charles, VA | | | 20 | | [removed: (3)] | | | | |

| Bookers Mill | | Farnham, VA | | | 127 | | | | | | |

| Fountain Creek | | Greensville, VA | | | 80 | | | | | | |

| Otter Creek | | Mecklenburg County, VA | | | 60 | | | | | | |

| Camellia | | Gloucester County, VA | | | 20 | | | | | | |

| Scott Battery | | Powhatan, VA | | | 12 | | | | | | |

| Total Battery | | | | | 32 | | | | — | | |

| | | | | | 18,150 | | | | | | |

| Belcher | | Louisa, VA | | | 88 | |

| Bushy Park (CT) (1) | | Goose Creek, SC | | | 42 | | | | | | |

| | | | | | 5,622 | | | | | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Plant | | Location | | Net Summer Capability (MW) | | | | Percentage Net Summer Capability | | | |

| Foxhound Solar | | Clover, VA | | | 83 | | | | | | |

Certain of Dominion Energy’s nonregulated generation facilities are also subject to liens.

Where rights-of-way have not been obtained, they could be acquired from private owners by condemnation, if necessary.

| | | | | | 17,854 | | | | | | |

*(3)*

| Desper | | Louisa, VA | | | 88 | |

| | | | | | 5,594 | | | | | | |

*Dominion Energy’s interest was subject to a lien securing Eagle Solar’s debt prior to its redemption in February 2024.*

The operations included in the East Ohio, PSNC and Questar Gas Transactions are located in Ohio, North Carolina, Utah, southwestern Wyoming and southeastern Idaho.

This network includes approximately 76,000 miles of distribution mains and related service facilities which are supported by approximately 3,600 miles of transmission, gathering and storage pipeline.

The right-of-way grants for many natural gas pipelines have been obtained from the actual owners of real estate, as underlying titles have been examined.

Many natural gas pipelines are on publicly-owned property, where company rights and actions are determined on a case-by-case basis, with results that range from reimbursed relocation to revocation of permission to operate.

East Ohio’s integrated underground storage facilities have more than 60 bcf of working gas capacity to serve base and peak demand.

PSNC owns one LNG facility that stores the liquefied equivalent of 1.0 bcf of natural gas, can regasify approximately 10% of its storage capacity per day and can liquefy less than 1% of its storage capacity per day.

Questar Gas also owns one LNG facility that stores the liquefied equivalent of 1.2 bcf of natural gas, can regasify approximately 12% of its storage capacity per day and can liquefy less than 1% of its storage capacity per day.

| Robert M. Blue [removed: (56)] [added: (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 [removed: 2020; Executive Vice President and President & CEO—Power Delivery Group from May 2017 to November 2019.] [added: 2020.] |

| Edward H. Baine [removed: (50)] [added: (51)] | | [added: President—Utility Operations and Dominion Energy Virginia from January 2025 to present;] President—Dominion Energy Virginia from October 2020 to [removed: present;] [added: December 2024;] Senior Vice President—Power Delivery of Virginia Power from December 2019 to September [removed: 2020; Senior Vice President—Distribution of Virginia Power from February 2016 to November 2019.] [added: 2020.] |

| [removed: P. Rodney Blevins (59)] [added: W. Keller Kissam (58)] | | [removed: President—Gas Distribution from January 2022 to present;] President—Dominion Energy South Carolina from [removed: December 2019] [added: January 2022] to [removed: December 2021; President & CEO—Southeast Energy Group] [added: present; President—Electric Operations of DESC] from January 2019 to [removed: November 2019.] [added: December 2021.] |

| Carlos M. Brown [removed: (49)] [added: (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 [removed: 2022; Senior Vice President and General Counsel from January 2019 to November 2019.] [added: 2022.] |

| Michele L. Cardiff [removed: (56)] [added: (57)] | | Senior Vice President, Controller and CAO from October 2020 to present; Vice President, Controller and CAO from April 2014 to September 2020. |

| Steven D. Ridge [removed: (43)] [added: (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 [removed: 2021; Director—Investor Relations of DES from October 2017 to March 2019.] [added: 2021.] |

| 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 (57) | | President—Dominion Energy South Carolina from January 2022 to present; President—Electric Operations of DESC from January 2019 to December 2021. |

| Diane Leopold (57) | | Executive Vice President, COO and President—Contracted Energy from August 2023 to present; Executive Vice President and COO from October 2020 to July 2023; Executive Vice President and Co-COO from December 2019 to September 2020; Executive Vice President and President & CEO—Gas Infrastructure Group from May 2017 to November 2019. |

At February [removed: 19, 2024,] [added: 21, 2025,] there were approximately [removed: 117,000] [added: 112,000] record holders of Dominion Energy’s common stock.

| [removed: 11/1/23-11/30/23] [added: 10/1/24-10/31/24] | | | [removed: —] [added: 64,345] | | | [added: $] | [removed: —] [added: 58.24] | | | | — | | | [added: $] 0.92 billion |

| Total | | | [removed: 78,125] [added: 66,954] | | | $ | [removed: 44.70] [added: 58.26] | | | | — | | | $ 0.92 billion |

This repurchase program has no expiration date or price or volume targets and may be [removed: modified] [added: modified,] suspended or terminated at any time.

Virginia Power may pay cash dividends in [removed: 2024] [added: 2025] but is neither required to nor restricted, except as described in Note 21 to the Consolidated Financial Statements, from making such payments.

| 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 |

| 10/1/23-10/31/23 | | | 77,065 | | | $ | 44.67 | | | | — | | | $ 0.92 billion |

| 12/1/23-12/31/23 | | | 1,060 | | | | 46.67 | | | | — | | | 0.92 billion |

| [Report of Independent Registered Public Accounting Firm](#report_independent_registered_public_1) (PCAOB ID No. 34) | [removed: 89] [added: 87] |

| [Consolidated Statements of Income for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#consolidated_statements_income)] [added: 2022](#consolidated_statements_income)] | [removed: 91] [added: 90] |

| [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#consolidated_statements_comprehensive_in)] [added: 2022](#consolidated_statements_comprehensive_in)] | [removed: 92] [added: 91] |

| [Consolidated Balance Sheets at December 31, [removed: 2023] [added: 2024] and [removed: 2022](#d_bs)] [added: 2023](#d_bs)] | [removed: 93] [added: 92] |

| [Consolidated Statements of Equity at December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] and for the years then ended](#d_soe) | [removed: 95] [added: 94] |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#d_socf)] [added: 2022](#d_socf)] | [removed: 96] [added: 95] |

| [Report of Independent Registered Public Accounting Firm](#report_independent_retered_public_acc_2) (PCAOB ID No. 34) | [removed: 97] [added: 96] |

| [Consolidated Statements of Income for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#vp_is_consolidated_statements_of_income)] [added: 2022](#vp_is_consolidated_statements_of_income)] | 99 |

| [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#vp_consolidated_statements_of_compr)] [added: 2022](#vp_consolidated_statements_of_compr)] | 100 |

| [Consolidated Balance Sheets at December 31, [removed: 2023] [added: 2024] and [removed: 2022](#vp_consolidated_balance_sheets)] [added: 2023](#vp_consolidated_balance_sheets)] | 101 |

| [Consolidated Statements of [removed: Common Shareholder’s] Equity at December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] and for the years then ended](#vp_consolidated_statements_shareequ) | 103 |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#vp_consolidated_statements_of_cash_flows)] [added: 2022](#vp_consolidated_statements_of_cash_flows)] | 104 |

We have audited the accompanying consolidated balance sheets of Dominion Energy, Inc. and subsidiaries ("Dominion Energy") at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Dominion Energy at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), Dominion Energy’s internal control over financial reporting at December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 23, 2024,] [added: 27, 2025,] expressed an unqualified opinion on Dominion Energy’s internal control over financial reporting.

[removed: Change] [added: | Cumulative-effect of a change] in [removed: Accounting Principle][added: accounting principle | | | | | | | | | | | | | | (1,202 | ) | | 1,202 | | | — | | | | | | — | |]

As discussed in Note 2 to the consolidated financial statements, Dominion Energy has elected to change its method of accounting for [removed: investment tax credits from] the [removed: flow-through method] [added: recognition of actuarial gains and losses on its defined benefit pension and other postretirement benefit plans into earnings from an amortization approach] to [removed: the deferral method,] [added: immediate recognition,] which has been retrospectively applied in the consolidated financial statements at December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] and for the three years ended December 31, [removed: 2023.][added: 2024.]

[removed: Critical] [added: *Critical] Audit [removed: Matter][added: Matter Description*]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current-period audit of the financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that (1) [removed: relates] [added: 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 [removed: matter] [added: matters] below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit [removed: matter] [added: matters] or on the accounts or disclosures to which [removed: it relates.][added: they relate.]

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 [removed: and natural gas distribution] companies.

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; [removed: depreciation, depletion] [added: depreciation] and amortization expense; and impairment of assets and other charges, collectively, the “financial statement impacts of rate regulation.”

Revenue provided by Dominion Energy’s electric transmission, distribution and generation operations and its gas distribution operations is [removed: based] primarily [added: based] on rates approved by the relevant commissions.

We read and evaluated orders issued by the relevant commissions, as well as relevant regulatory statutes, interpretations, procedural memorandums, [removed: filings made by interveners,] existing laws and other publicly available information to assess whether this external information was properly considered by management in concluding upon the financial statement impacts of rate regulation.

| Year Ended December 31, | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | | | [removed: 2021] [added: 2022] | | |

| Operating Revenue | | $ | [removed: 14,393] [added: 14,459] | | | $ | [removed: 13,938] [added: 14,393] | | | $ | [removed: 11,419] [added: 13,938] | |

| Electric fuel and other energy-related purchases | | | [removed: 3,935] [added: 3,614] | | | | [removed: 3,711] [added: 3,935] | | | | [removed: 2,368] [added: 3,711] | |

| Purchased electric capacity | | | [removed: 55] [added: 74] | | | | [removed: 59] [added: 55] | | | | [removed: 70] [added: 59] | |

| Purchased gas | | | [removed: 285] [added: 260] | | | | [removed: 426] [added: 285] | | | | [removed: 392] [added: 426] | |

| Other operations and maintenance | | | [removed: 3,160] [added: 3,589] | | | | [removed: 3,365] [added: 3,160] | | | | [removed: 3,177] [added: 3,365] | |

| Depreciation and amortization | | | [removed: 2,580] [added: 2,345] | | | | [removed: 2,442] [added: 2,580] | | | | [removed: 2,117] [added: 2,442] | |

| Other taxes | | | [removed: 684] [added: 731] | | | | [removed: 675] [added: 684] | | | | [removed: 690] [added: 675] | |

| Impairment of assets and other charges | | | [removed: 307] [added: 600] | | | | [removed: 1,401] [added: 307] | | | | [removed: 194] [added: 1,401] | |

| Losses (gains) on sales of assets | | | [removed: (27] [added: (1] | ) | | | [removed: 426] [added: (27] | [added: )] | | | [removed: 415] [added: 412] | |

| Total operating expenses | | | [removed: 10,979] [added: 11,212] | | | | [removed: 12,505] [added: 10,979] | | | | [removed: 9,423] [added: 12,491] | |

| Income from operations | | | [removed: 3,414] [added: 3,247] | | | | [removed: 1,433] [added: 3,414] | | | | [removed: 1,996] [added: 1,447] | |

| Other income (expense) | | | [removed: 992] [added: (17] | [added: )] | | | [removed: 109] [added: 11] | | | | [removed: 1,139] [added: 2] | | [added: | | — | |]

| Interest and related charges | | | [removed: 1,674] [added: 1,887] | | | | [removed: 1,002] [added: 1,674] | | | | [removed: 1,255] [added: 1,002] | |

| Income from continuing operations including noncontrolling interests before income tax expense [removed: (benefit)] | | | [removed: 2,732] [added: 2,182] | | | | [removed: 540] [added: 2,724] | | | | [removed: 1,880] [added: 328] | |

| Income tax expense (benefit) | | | [removed: 575] [added: (11] | [added: )] | | | [removed: 113] [added: (3] | [added: )] | | | [removed: (181] [added: 4] | [removed: )] | [added: | | | | | | (10 | ) |]

Critical Audit Matters

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

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 and $13.7 billion.

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.

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

We tested the effectiveness of internal controls over management’s calculation of estimated total project costs, including those over the determination of anticipated allocated network upgrade costs and the estimate of total project contingency.

We evaluated management’s ability to accurately forecast contingency by performing a retrospective review of the project’s historical contingency utilization, reviewing internal communications relevant to the project, reading public information included in press releases and regulatory filings.

With the assistance of our construction specialists, we evaluated the reasonableness of the (1) contingency methodology (2) percentage complete of certain significant project components and (3) overall contingency percentage.

We obtained an understanding of management’s cost model for the network upgrade costs.

We audited key inputs to the model and associated allocated cost estimate as it relates to the network upgrade costs, including generator participation and other expected transmission projects.

We selected a sample of project costs associated with the network upgrade cost and compared our selections to realized costs of comparable historical projects.

February 27, 2025

| Total assets | | $ | 102,415 | | | $ | 109,080 | |

| Securitization bonds(1) | | | 1,054 | | | | — | |

| Total liabilities | | | 72,223 | | | | 81,513 | |

| Equity | | | | | | | | |

| Retained earnings | | | 2,035 | | | | 2,229 | |

| Noncontrolling interests | | | 2,939 | | | | — | |

| Total equity | | | 30,192 | | | | 27,567 | |

*See Note 16 for amounts attributable to VIEs.*

| Sale of noncontrolling interest in OSWP | | | | | | | | | | | (107 | ) | | | | | | | | (107 | ) | | 2,615 | | | 2,508 | |

| Contributions from Stonepeak to OSWP | | | | | | | | | | | | | | | | | | | | | | | 377 | | | 377 | |

| Repurchase and redemption of preferred stock | | (1 | ) | | (791 | ) | | | | | | | | | | | | | | (791 | ) | | | | | (791 | ) |

| Common dividends ($2.67 per common share) | | | | | | | | | | | | | | (2,239 | ) | | | | | (2,239 | ) | | | | | (2,239 | ) |

| December 31, 2024 | | 1 | | $ | 991 | | | 852 | | $ | 24,383 | | $ | 2,035 | | $ | (156 | ) | $ | 27,253 | | $ | 2,939 | | $ | 30,192 | |

| Net income including noncontrolling interests | | $ | 2,071 | | | $ | 2,031 | | | $ | 1,191 | |

| Deferred income taxes | | | (302 | ) | | | 1,474 | | | | 58 | |

| Losses (gains) on the East Ohio, Questar Gas and PSNC Transactions | | | 130 | | | | — | | | | — | |

| Prepayments and deposits, net | | | (108 | ) | | | 516 | | | | 145 | |

| Pension and other postretirement benefits | | | (208 | ) | | | (476 | ) | | | (274 | ) |

| Proceeds from East Ohio, Questar Gas and PSNC Transactions | | | 9,243 | | | | — | | | | — | |

| Distributions from equity method affiliates | | | 126 | | | | 1 | | | | 3 | |

| Issuance of securitization bonds | | | 1,282 | | | | — | | | | — | |

| Repayment of securitization bonds | | | (65 | ) | | | — | | | | — | |

We have also inquired with counsel on relevant matters.

February 23, 2024

| Total assets | | $ | 109,032 | | | $ | 104,795 | |

| Retained earnings | | | 3,524 | | | | 3,843 | |

| Shareholders’ equity | | | 27,529 | | | | 27,659 | |

| Total shareholders’ equity | | | 27,529 | | | | 27,659 | |

| December 31, 2020 | | 2 | | $ | 2,387 | | | 806 | | $ | 21,258 | | $ | 4,189 | | $ | (1,717 | ) | $ | 26,117 | | $ | 344 | | $ | 26,461 | |

| Cumulative-effect of changes in accounting principles | | | | | | | | | | | | | | (660 | ) | | | | | (660 | ) | | 223 | | | (437 | ) |

| Common dividends ($2.52 per common share) and distributions | | | | | | | | | | | | | | (2,036 | ) | | | | | (2,036 | ) | | (47 | ) | | (2,083 | ) |

| Sale of non-wholly-owned nonregulated solar facilities | | | | | | | | | | | | | | | | | | | | — | | | (540 | ) | | (540 | ) |

| Deferred income taxes | | | 1,471 | | | | 102 | | | | 409 | |

| Gain from sale of Q-Pipe Group and GT&S Transaction | | | — | | | | (27 | ) | | | (685 | ) |

| Net loss on sale of interest in renewable generation facilities | | | — | | | | — | | | | 514 | |

| Margin deposit assets and liabilities | | | 456 | | | | 198 | | | | (664 | ) |

| Proceeds from sale of Q-Pipe Group | | | — | | | | 19 | | | | 1,522 | |

| Repayment of Q-Pipe Transaction deposit | | | — | | | | — | | | | (1,265 | ) |

| Proceeds from sale of non-wholly-owned nonregulated solar facilities | | | — | | | | — | | | | 495 | |

| Other | | | (22 | ) | | | (158 | ) | | | (122 | ) |

| Supplemental credit facility repayments | | | (900 | ) | | | (450 | ) | | | (900 | ) |

| Issuance of preferred stock | | | — | | | | — | | | | 742 | |

As discussed in Note 2 to the consolidated financial statements, Virginia Power has elected to change its method of accounting for investment tax credits from the flow-through method to the deferral method, which has been retrospectively applied in the consolidated financial statements at December 31, 2023 and 2022 and for the three years ended December 31, 2023.

| Prepayments | | | 46 | | | | 43 | |

| Other | | | 4 | | | | 3 | |

| Total assets | | $ | 58,618 | | | $ | 53,194 | |

| Other current liabilities | | | 908 | | | | 826 | |

| Other | | | 72 | | | | 65 | |

| Cumulative-effect of changes in accounting principles | | | | | | | | | | | | | | | (143 | ) | | | | | | | (143 | ) |

| Net income | | | | | | | | | | | | | | | 1,662 | | | | | | | | 1,662 | |

| Dividends | | | | | | | | | | | | | | | (300 | ) | | | | | | | (300 | ) |

| Net income | | | | | | | | | | | | | | | 1,112 | | | | | | | | 1,112 | |

| December 31, 2022 | | | 275 | | | | 5,738 | | | | 1,113 | | | | 10,089 | | | | 9 | | | | 16,949 | |

| Net income | | | | | | | | | | | | | | | 1,452 | | | | | | | | 1,452 | |

| Other | | | | | | | (1 | ) | | | | | | | | | | | | | | | (1 | ) |

| Provision for refunds to customers | | | — | | | | — | | | | 356 | |

| Prepayments | | | (3 | ) | | | (7 | ) | | | (4 | ) |

| Margin deposit assets and liabilities | | | 274 | | | | (143 | ) | | | (166 | ) |

| Other | | | 19 | | | | 34 | | | | — | |

| Other | | | (53 | ) | | | (56 | ) | | | (21 | ) |

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy.

Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power.

SEC rules implementing Section 404 of the Sarbanes-Oxley Act of 2002 require Dominion Energy’s [removed: 2023] [added: 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.

Based on its assessment as of December 31, [removed: 2023,] [added: 2024,] Dominion Energy makes the following assertions:

Management evaluated Dominion Energy’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on this assessment, management believes that Dominion Energy maintained effective internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

We have audited the internal control over financial reporting of Dominion Energy, Inc. and subsidiaries (“Dominion Energy”) [removed: at] [added: as of] December 31, [removed: 2023,] [added: 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 [removed: at] [added: as of] December 31, [removed: 2023,] [added: 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, [removed: 2023,] [added: 2024,] of Dominion Energy and our report dated February [removed: 23, 2024,] [added: 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 [removed: investment tax credits from] the [removed: flow-through method] [added: recognition of actuarial gains and losses on its defined benefit pension and other postretirement benefit plans into earnings from an amortization approach] to [removed: the deferral method.][added: immediate recognition.]

SEC rules implementing Section 404 of the Sarbanes-Oxley Act require Virginia Power’s [removed: 2023] [added: 2024] Annual Report to contain a management’s report regarding the effectiveness of internal control.

Based on the assessment as of December 31, [removed: 2023,] [added: 2024,] Virginia Power makes the following assertions:

Management evaluated Virginia Power’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on this assessment, management believes that Virginia Power maintained effective internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

February 27, 2025

February 27, 2025

February 27, 2025

February 23, 2024

During the last fiscal year, none 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.

*Explanatory Note: The following information is filed in this Form 10-K in lieu of being filed pursuant to Item 5.03 in a Form 8-K.

The date of the events reported below was February 21, 2024.*

On February 21, 2024, the Board of Directors of Dominion Energy, as part of a periodic review of Dominion Energy’s governance documents, amended the exclusive forum provision set forth in Article XXXVI of Dominion Energy’s Bylaws, effective as of February 21, 2024, to provide that any federal or state court located within the Commonwealth of Virginia shall serve as the sole and exclusive forum for the adjudication of certain internal corporate claims involving Dominion Energy or its directors, officers or shareholders.

The foregoing description of the amendment to Dominion Energy’s Bylaws is qualified in its entirety by reference to the full text of Dominion Energy’s Bylaws, a copy of which is attached hereto as Exhibit 3.2.a and is incorporated herein by reference.

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) [removed: Reports* and *Corporate] [added: Reports, Corporate] Governance*—*Other Governance [removed: Policies] [added: Practices] and [removed: Practices*—*Code] [added: Policies*—*Code] of Ethics and Business Conduct* [added: and *Corporate Governance—Other Governance Practices and Policies—Securities Trading Policy*] in the Dominion Energy [removed: 2024] [added: 2025] Proxy Statement.

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 [removed: 2024] [added: 2025] Proxy Statement*.*

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 [removed: 2024] [added: 2025] Proxy Statement.

The information required by this item is incorporated by reference to the sections entitled *Corporate Governance*—*Other Governance [removed: Policies and] Practices [added: and Policies] —Certain Relationships and Related Party Transactions* and *Corporate Governance —Director Independence* in the [removed: 2024] [added: 2025] Proxy Statement.

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 [removed: 2024] [added: 2025] Proxy Statement.

The following table presents fees paid to Deloitte & Touche LLP for services related to Virginia Power for the fiscal years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

| Type of Fees | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | |

| Audit fees | | $ | [removed: 2.53] [added: 3.22] | | | $ | [removed: 2.44] [added: 2.53] | |

| Audit-related fees | | | [removed: 0.01] [added: 0.15] | | | | [removed: 0.08] [added: 0.01] | |

| All other fees | | | [removed: 0.19] [added: —] | | | | [removed: —] [added: 0.19] | |

| Total Fees | | $ | [removed: 2.73] [added: 3.37] | | | $ | [removed: 2.52] [added: 2.73] | |

All services performed in [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] by the independent auditor were approved by the Dominion Energy Audit Committee pursuant to the pre-approval policy.

See Index on page [removed: 88.][added: 86.]

| 3.1.a | | [Dominion Energy, Inc. Amended and Restated Articles of Incorporation, dated as of [removed: September 2, 2022] [added: December 17, 2024] (Exhibit 3.1, Form 8-K filed [removed: September 2, 2022,] [added: December 17, 2024,] File [removed: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312522237917/d289136dex31.htm)] [added: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312524280528/d861247dex31.htm)] | | X | | |

| 3.2.a | | [Dominion Energy, Inc. Bylaws, as amended and restated, effective February 21, 2024 [removed: (filed herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex3_2a.htm)] [added: (Exhibit 3.2.a, Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex3_2a.htm)] | | X | | |

| 4.1.a | | [See Exhibit 3.1.a [removed: above.](https://www.sec.gov/Archives/edgar/data/715957/000119312522237917/d289136dex31.htm)] [added: above.](https://www.sec.gov/Archives/edgar/data/715957/000119312524280528/d861247dex31.htm)] | | X | | |

| 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);](https://www.sec.gov/Archives/edgar/data/103682/0000916641-98-000175.txt) [Form of Thirteenth Supplemental Indenture, dated as [removed: of](https://www.sec.gov/Archives/edgar/data/103682/000119312506005547/dex43.htm)] [added: of January 1, 2006 (Exhibit 4.3, Form 8-K filed January 12, 2006, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312506005547/dex43.htm) [Form of Fourteenth Supplemental Indenture, dated May 1, 2007 (Exhibit 4.2, Form 8-K filed May 16, 2007, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312507116897/dex42.htm) [Form of Seventeenth Supplemental Indenture, dated November 1, 2007 (Exhibit 4.3, Form 8-K filed November 30, 2007, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312507256327/dex43.htm) [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);](https://www.sec.gov/Archives/edgar/data/103682/000119312508226107/dex42.htm) [Twenty-Fourth Supplemental Indenture, dated as of January 1, 2013 (Exhibit 4.4, Form 8-K filed January 8, 2013, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312513006236/d462869dex44.htm) [Twenty-Fifth Supplemental Indenture, dated as of March 1, 2013 (Exhibit 4.3, Form 8-K filed March 14, 2013, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312513106283/d501787dex43.htm) [Twenty-Sixth Supplemental Indenture, dated as of August 1, 2013 (Exhibit 4.3, Form 8-K filed August 15, 2013, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312513335769/d584908dex43.htm) [Twenty-Seventh Supplemental Indenture, dated February 1, 2014 (Exhibit 4.3, Form 8-K filed February 7, 2014, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312514039859/d671980dex43.htm) [Twenty-Eighth Supplemental Indenture, dated February 1, 2014 (Exhibit 4.4, Form 8-K filed February 7, 2014, File No. 1-2255);](https://www.sec.gov/Archives/edgar/data/103682/000119312514039859/d671980dex44.htm) [Twenty-Ninth Supplemental Indenture, dated May 1, 2015 (Exhibit 4.3, Form 8-K filed May 13, 2015, File No. 1-02255);](https://www.sec.gov/Archives/edgar/data/103682/000119312515185055/d924574dex43.htm) [Thirtieth Supplemental Indenture, dated May 1, 2015 (Exhibit 4.4, Form 8-K filed May 13, 2015, File No. 1-02255);](https://www.sec.gov/Archives/edgar/data/103682/000119312515185055/d924574dex44.htm) [Thirty-First Supplemental Indenture, dated January 1, 2016 (Exhibit 4.3, Form 8-K filed January 14, 2016, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312516429474/d101959dex43.htm) [Thirty-Second Supplemental Indenture, dated November 1, 2016 (Exhibit 4.3, Form 8-K filed November 16, 2016, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312516769407/d293400dex43.htm) [Thirty-Third Supplemental Indenture, dated November 1, 2016 (Exhibit 4.4, Form 8-K filed November 16, 2016, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312516769407/d293400dex44.htm) [Thirty-Fourth Supplemental Indenture, dated March 1, 2017 (Exhibit 4.3, Form 8-K filed March 16, 2017; File No. 000-55337).](https://www.sec.gov/Archives/edgar/data/103682/000119312517084540/d350158dex43.htm)] | | 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);](https://www.sec.gov/Archives/edgar/data/103682/000119312517283322/d455905dex41.htm) [First Supplemental Indenture, dated as of September 1, 2017 (Exhibit 4.2, Form 8-K filed September 13, 2017, File No.000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312517283322/d455905dex42.htm) [Second Supplemental Indenture, dated as of March 1, 2018 (Exhibit 4.2, Form 8-K filed March 22, 2018, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312518091459/d505966dex42.htm) [Third Supplemental Indenture, dated as of November 1, 2018 (Exhibit 4.2, Form 8-K filed November 28, 2018, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312518335979/d664753dex42.htm) [Fourth Supplemental Indenture, dated as of July 1, 2019 (Exhibit 4.2, Form 8-K filed July 10, 2019, File No. 00-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312519191600/d774260dex42.htm) [Fifth Supplemental Indenture, dated as of December 1, 2019 (Exhibit 4.2, Form 8-K filed December 5, 2019, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312519306830/d844388dex42.htm) [Sixth Supplemental Indenture, dated as of December 1, 2020 (Exhibit 4.2, Form 8-K filed December 15, 2020, File No. 00-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312520317616/d43032dex42.htm) [Seventh Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.2, Form 8-K filed November 22, 2021, File No.000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312521335993/d587053dex42.htm) [Eighth Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.3, Form 8-K filed November 22, 2021, File No.000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312521335993/d587053dex43.htm) [Ninth Supplemental Indenture, dated as of January 1, 2022 (Exhibit 4.3, Form 8-K filed January 13, 2022, File No.000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312522008315/d292649dex43.htm) [Tenth Supplemental Indenture, dated as of May 1, 2022 (Exhibit 4.2, Form 8-K filed May 31, 2022, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312522163181/d309103dex42.htm) [Eleventh Supplemental Indenture, dated as of May 1, 2022 (Exhibit 4.3, Form 8-K filed May 31, 2022, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312522163181/d309103dex43.htm) [Twelfth Supplemental Indenture, dated as of March 1, 2023 (Exhibit 4.2. Form 8-K filed March 30, 2023, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312523084700/d469223dex42.htm) [Thirteenth Supplemental Indenture, dated as of March 1, 2023 (Exhibit 4.3. Form 8-K filed March 30, 2023, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312523084700/d469223dex43.htm) [Fourteenth Supplemental Indenture, dated as of August 1, 2023 (Exhibit 4.2. Form 8-K filed August 10, 2023, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312523208187/d522260dex42.htm) [Fifteenth Supplemental Indenture, dated as of August 1, 2023 (Exhibit 4.3. Form 8-K filed August 10, 2023, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312523208187/d522260dex43.htm) [Sixteenth Supplemental Indenture, dated as of January 1, 2024 (Exhibit 4.2. Form 8-K filed January 8, 2024, File No. 000-55337);](https://www.sec.gov/Archives/edgar/data/103682/000119312524004011/d625305dex42.htm) [Seventeenth Supplemental Indenture, dated as of January 1, 2024 (Exhibit 4.3. Form 8-K filed January 8, 2024, File No. [removed: 000-55337).](https://www.sec.gov/Archives/edgar/data/103682/000119312524004011/d625305dex43.htm)] [added: 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312524004011/d625305dex43.htm); [Eighteenth Supplemental Indenture, dated as of August 1, 2024 (Exhibit 4.2, Form 8-K filed August 12, 2024, File No. 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312524198455/d831402dex42.htm); [Nineteenth Supplemental Indenture, dated as of August 1, 2024 (Exhibit 4.3, Form 8-K filed August 12, 2024, File No. 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312524198455/d831402dex43.htm).] | | X | | X |

| 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 [removed: (4),](https://www.sec.gov/Archives/edgar/data/23738/0000023738-95-000033.txt)] [added: (4), Certificate of Notification No. 1 filed April 19, 1995, File No. 70-8107);](https://www.sec.gov/Archives/edgar/data/23738/0000023738-95-000033.txt) [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);](https://www.sec.gov/Archives/edgar/data/23738/0000950162-96-000554.txt) [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).](https://www.sec.gov/Archives/edgar/data/23738/0000950162-97-001001.txt)] | | 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);](https://www.sec.gov/Archives/edgar/data/715957/000095013299001046/0000950132-99-001046.txt) [Form of Sixteenth Supplemental Indenture, dated December 1, 2002 (Exhibit 4.3, Form 8-K filed December 13, 2002, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000091664102002109/dex43.txt) [Form of Twenty-First Supplemental Indenture, dated March 1, 2003 (Exhibits 4.3, Form 8-K filed March 4, 2003, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000095016803000605/dex43.htm) [Form of Twenty-Second Supplemental Indenture, dated July 1, 2003 (Exhibit 4.2, Form 8-K filed July 22, 2003, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312503022296/dex42.txt) [Form of Twenty-Ninth Supplemental Indenture, dated June 1, 2005 (Exhibit 4.3, Form 8-K filed June 17, 2005, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312505127179/dex43.htm) [Form of Thirty-Sixth Supplemental Indentures, dated June 1, 2008 (Exhibit 4.3, Form 8-K filed June 16, 2008, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312508134396/dex43.htm) [Forty-Third Supplemental Indenture, dated August 1, 2011 (Exhibit 4.3, Form 8-K, filed August 5, 2011, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312511211493/dex43.htm) [removed: [Forty-Sixth Supplemental Indenture, dated September 1, 2012 (Exhibit 4.4, Form 8-K, filed September 13, 2012, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312512390336/d411520dex44.htm)] [Forty-Seventh Supplemental Indenture, dated September 1, 2012 (Exhibit 4.5, Form 8-K, filed September 13, 2012, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312512390336/d411520dex45.htm) [Fifty-First Supplemental Indenture, dated November 1, 2014 (Exhibit 4.5, Form 8-K, filed November 25, 2014, File No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312514424234/d826069dex45.htm) | | X | | |

| 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);](https://www.sec.gov/Archives/edgar/data/715957/000002373806000014/exhibit_41.htm) [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);](https://www.sec.gov/Archives/edgar/data/715957/000119312509131022/dex42.htm) [Seventh Supplemental Indenture, dated as of September 1, 2014 (Exhibit 4.3, Form 8-K filed October 3, 2013, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312514362815/d799138dex43.htm) [Fifteenth Supplemental Indenture, dated June 27, 2019 (Exhibit 4.6, Form 8-K filed June 27, 2019, File No. [removed: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312519183848/d732675dex46.htm)] [added: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312519183848/d732675dex46.htm); [Sixteenth Supplemental Indenture, dated as of May 1, 2024 (Exhibit 4.3, Form 8-K filed May 20, 2024, File No. 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312524142333/d783716dex43.htm); [Seventeenth Supplemental Indenture, dated as of May 1, 2024 (Exhibit 4.4, Form 8-K filed May 20, 2024, File No. 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312524142333/d783716dex44.htm); [Eighteenth Supplemental Indenture, dated as of November 1, 2024 (Exhibit 4.3, Form 8-K filed November 18, 2024, File No. 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312524260494/d649938dex43.htm).] | | X | | |

| [removed: 4.10] [added: 10.18*] | | [removed: [Description of Dominion Energy, Inc.’s Common] [added: [Restricted] Stock [added: Agreement for Steven D. Ridge] (Exhibit [removed: 4.13,] [added: 10.24,] Form 10-K for the fiscal year ended December 31, 2022 filed February 21, 2023, File No. [removed: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017023003287/d-ex4_13.htm)] [added: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017023003287/d-ex10_24.htm)] | | X | | |