Dominion Energy (D) 10-K risk factor changes: FY2025 vs FY2024

The Companies’ businesses are influenced by many factors that are difficult to predict, involve [added: risks and] uncertainties that may materially affect actual results and are often beyond their control.

For [removed: other factors that may cause actual results to differ materially from those indicated in] [added: additional information concerning] any forward-looking statement or projection contained in this report, see *Forward-Looking Statements* in Item 7.

A failure by the Companies to [removed: support] [added: justify the appropriateness of] these rates or a change in FERC policy [added: or the application of FERC policy] could result in rate decreases from current rate levels, which could adversely affect the Companies’ results of operations, cash flows and financial condition.

At the state level, Virginia Power’s retail base rates, terms and conditions for generation and distribution services to customers in Virginia are reviewed by the Virginia Commission in a [added: biennial] proceeding that involves the determination of Virginia Power’s actual earned ROE during a historic test period, and the determination of Virginia Power’s authorized ROE prospectively.

Virginia Power makes assessments throughout the review period and will record a regulatory liability for refunds to customers in any period [removed: it is] [added: such refunds are] determined probable, which could [removed: be material to] [added: negatively impact] the Companies’ results of operations in the period recognized and to cash flows on completion of any biennial review.

Additionally, if any state utility commission does not allow recovery through base rates, on a timely basis, of costs incurred in providing service, the [removed: Company’s future earnings] [added: Companies’ financial condition, results of operations and/or cash flows] could be negatively impacted.

Such challenges may [added: result in changes to the regulatory framework under which the Companies’ currently operate and/or] lengthen the time, complexity and costs associated with such regulatory reviews or proceedings.

Properly functioning competitive wholesale markets depend upon [removed: FERC’s] [added: FERC, PJM and/or ISO-NE’s] continuation of clearly identified market rules.

From time to [removed: time] [added: time,] FERC may investigate [removed: and authorize RTOs] [added: and/or receive requests from PJM or ISO-NE] to [removed: make] [added: authorize] changes in market design.

[removed: Material changes] [added: Changes] by [removed: FERC] [added: FERC, PJM or ISO-NE] to the design of the wholesale markets or its interpretation of market rules, the Companies’ authority to sell power at market-based rates, or changes to pricing rules or rules involving revenue calculations, could adversely impact the future results of the Companies’ generation business.

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 [added: agencies.]

Such laws and regulations govern the terms and conditions of the services the Companies offer, relationships with [removed: affiliates and] [added: affiliates,] protection of critical electric infrastructure [removed: assets,] [added: assets and mandatory reliability standards and interaction in the wholesale markets,] among other matters.

Management believes that the necessary approvals have been obtained for existing operations and that the [added: Companies’] businesses are conducted in accordance with applicable laws.

The Companies’ businesses are subject to regulatory regimes which could result in substantial monetary penalties if either of the Companies is found not to be in [removed: compliance, including mandatory reliability standards and interaction in the wholesale markets.][added: compliance.]

New laws or regulations, the revision or reinterpretation of existing laws or regulations, the imposition of new [added: tariffs or changes to existing] tariffs, changes in enforcement practices of [removed: regulators,] [added: regulators] or penalties imposed for non-compliance with existing laws or regulations may result in substantial additional expense.

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

Recent legislative and regulatory changes that are impacting [added: or could impact] the Companies include legislation enacted in Virginia in April 2023, the IRA, the VCEA, the 2017 Tax Reform [removed: Act] [added: Act, the OBBBA] and tariffs imposed on [added: various components required for construction of the CVOW Commercial Project or] imported solar panels by the U.S. government in [removed: 2018.][added: 2025 and 2018, respectively.]

Accordingly, actual costs incurred may differ [removed: materially] from insured or reserved amounts and may not be recoverable, in whole or in part, by insurance or in rates from customers.

The outcome of these or future legal proceedings, investigations and examinations, including settlements, may adversely affect the Companies’ financial [removed: condition or] [added: condition,] results of [removed: operation.][added: operation and/or cash flows.]

Compliance with federal and/or state requirements imposing limitations on GHG emissions or efficiency improvements, as well as Dominion Energy’s commitment to achieve net zero carbon and methane emissions by 2050, may result in significant compliance costs, could result in certain of the Companies’ existing electric generation units being uneconomical to maintain or operate and may depend upon technological advancements which may be beyond the Companies’ control. [removed: Virginia has adopted the] [added: The] VCEA [removed: which] establishes renewable energy and CO2 reduction targets for Virginia Power’s generation fleet and grid operations, including the requirement that 100% of Virginia Power’s electricity come from zero-carbon generation by the end of 2045.

In January 2022, the Governor of Virginia issued an executive order which [removed: put directives in place to start the withdrawal of Virginia from RGGI.]

Cost recovery for these initiatives will require approval by the Virginia Commission which may be denied or [removed: materially] altered to the detriment of the Companies.

[removed: In February 2020,] Dominion Energy [removed: announced its commitment] [added: is working] to achieve net zero carbon and methane Scope 1 [added: and Scope 2] emissions [added: and material categories of Scope 3 emissions] by 2050.

To meet this commitment, the Companies expect to construct new electric generation facilities, including renewable facilities such as wind and solar, and [added: have obtained or plan] to seek the extension of operating licenses for the Companies’ nuclear generation facilities.

[added: However,] such actions could render additional existing generation facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ [added: financial condition,] results of [removed: operations, financial performance or liquidity.][added: operations and/or cash flows.]

There are also potential [added: negative] impacts on Dominion Energy’s natural gas business from its net zero emissions commitment as well as federal or state GHG regulations which may require further GHG emission reductions from the natural gas sector which, in addition to resulting in increased costs, could affect demand for natural gas.

Additionally, GHG requirements could result in increased [removed: demand for] energy conservation and [added: adoption of] renewable products, which could impact the natural gas business.

The Companies’ operations and construction activities are subject to a number of environmental laws and regulations which impose significant compliance [removed: costs on the Companies.] [added: costs.] The Companies’ operations and construction activities are subject to extensive federal, state and local environmental statutes, rules and regulations relating to air quality, water quality, waste management, natural [removed: resources,] [added: resources] and health and safety.

The Companies expect that existing environmental laws and regulations may be revised and/or new laws may be [removed: adopted] [added: adopted,] including regulation of GHG [removed: emissions] [added: emissions,] which could have an [added: adverse] impact on the Companies’ [removed: business (risks relating to regulation of GHG emissions from existing fossil fuel-fired electric generating units are discussed in more detail above and below).][added: business.]

Compliance costs cannot be estimated with certainty due to the inability to predict the requirements and timing of implementation of any new [added: or changing] environmental rules or regulations.

However, such expenditures, if [removed: material,] [added: significant,] could make the Companies’ facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ [added: financial condition,] results of [removed: operations, financial performance or liquidity.][added: operations and/or cash flows.]

The ash is stored and managed in impoundments (ash ponds) and landfills located at 11 different facilities, [added: including] eight [removed: of which are] at Virginia Power.

The Companies believe that they may have inactive or closed units or areas that could be subject to the final rule at up to [removed: 19 different locations, including 12 at Virginia Power.]

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

The construction of the CVOW Commercial Project involves significant risks. The CVOW Commercial Project is a large-scale, complex [removed: project that will take several years to complete.][added: project.]

[added: If the] Companies [added: are unable to complete the construction of the CVOW Commercial Project or decide in the future to delay or cancel the project, the Companies] may not be able to recover all or a portion of their investment in the project and may incur substantial cancellation payments under existing contracts or other substantial costs associated with any such delay or cancellation.

[removed: In] addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, [removed: if any.][added: including any potential impact of Section 232 investigations.]

There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission [removed: preceding.][added: proceeding.]

In addition, the timely installation of the turbines is dependent on the [removed: completion and] [added: continued] availability of a Jones Act compliant vessel currently under [removed: construction.][added: a 20-month lease agreement which commenced in September 2025 between Virginia Power and an affiliated entity.]

Commencing construction on announced and future projects may require approvals from applicable state and federal agencies, and such approvals could include mitigation [removed: costs which may be material to the Companies.][added: costs.]

A number of these risks and uncertainties are identified below.

There may be other factors, either not presently known or currently believed not to be material, that may cause actual results to differ materially from those indicated in this report.

Some such legislation and regulation have not yet been finalized and changes in either interpretation or final laws or regulations could have a negative impact on the Companies.

For example, the OBBBA and IRA include various provisions, such as investment and production tax credits and

corporate alternative minimum tax, that the Companies have considered in recording their provisions for income taxes.

The ultimate impact of these tax laws is subject to pending guidance and interpretations that could adversely impact the Companies’ ability to qualify for and maintain tax credits, which could affect the Companies’ results of operations, financial condition and/or cash flows.

For example, the estimated total project cost and expected placed in service date for the CVOW Commercial Project were negatively impacted by projected installation timeline changes arising from the temporary suspension of work from the BOEM Director’s Order issued in December 2025 until a preliminary injunction was granted by the U.S District Court for the Eastern District of Virginia in January 2026, which allowed work to resume.

Any additional suspension of work orders could result in further changes to the estimated total project cost and/or the timeframe turbines are expected to be placed in service.

In

As discussed above, the CVOW Commercial Project experienced a temporary suspension of work which impacted the expected project cost and timeline.

Construction projects necessary to maintain reliability and meet increasing demand may include the construction of dispatchable natural gas generation facilities which may be subject to additional challenges raised by advocacy groups which could adversely impact the timely receipt and maintenance of regulatory

approvals.

If these infrastructure projects are not completed, are delayed or are subject to unanticipated costs, certain costs may not be approved for recovery or otherwise be recoverable through regulatory mechanisms that may be available.

Further, the Companies could become obligated to make delay or termination payments or become obligated for other damages under contracts, could experience the loss or reduction of tax credits or incentives, the inability to transfer related tax credits, or delayed or diminished returns, and could be required to write off all or a portion of their investments in such projects.

In addition, any increase in network upgrade costs allocated to any such new Virginia Power generation project, or delay in the completion of such necessary upgrades could, respectively, increase the associated project development costs and/or delay the project’s ability to participate in PJM’s capacity market as a capacity resource.

Any of these events could adversely affect the Companies’ financial condition, results of operations and/or cash flows.

put directives in place to start the withdrawal of Virginia from RGGI.

Dominion Energy’s renewable natural gas operations could be negatively impacted by factors affecting livestock owned by third-parties, changes in demand for renewable natural gas and/or changes in laws and regulations affecting such facilities.

Risks relating to regulation of GHG emissions from existing fossil fuel-fired electric generating units are discussed in more detail above and below.

19 different locations, including 12 at Virginia Power.

In addition, sustained changes in weather patterns could result in decreased output at the Companies’ renewable generation facilities.

In addition, the Companies’ operations utilize third-party vendors, which may also be subject to cyber security intrusions.

Emerging technologies, such as advanced forms of automation and artificial intelligence, which are subject to limited government oversight and regulations and evolve rapidly, may result in an increase in the frequency and sophistication of cyber attacks.

The widescale implementation of alternative generation methods could negatively impact the

Public sentiment may be affected by certain events outside of the Companies’ control, such as outages caused by severe weather events or increases in approved rates to recover higher than anticipated market rates for fuel used in electric generation.

public statements affecting the Companies.

productivity costs and safety costs, may rise.

Additionally, changes in interest rates will affect the liabilities under Dominion Energy’s pension

The failure of a counterparty to over-the-counter derivative instruments to perform may prevent the Companies from being able to mitigate such risks.

In addition, derivative instruments may require posting cash for margin requirements.

A number of these factors have been identified below.

Legislation enacted in Virginia in April 2023 reset the frequency of base rate reviews to a biennial period commencing with the 2023 Biennial Review.

agencies.

In February 2022, Dominion Energy expanded this commitment to cover Scope 2 emissions and material categories of Scope 3 emissions.

However,

Dominion Energy’s renewable natural gas projects, expected to be a key component of Dominion Energy’s environmental strategy, require approvals from various regulatory bodies for the siting and construction of such facilities.

If the Companies are unable to complete the construction of the CVOW Commercial Project or decide in the future to delay or cancel the project, the

In addition, the techniques used in cyber attacks evolve rapidly, including from emerging technologies, such as advanced forms of automation and artificial intelligence.

such as inflation or increased prices in natural gas.

Such third-party investors have their own interests and

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.

The Dodd-Frank Act was enacted into law in July 2010 in an effort to improve regulation of financial markets.

In addition, the Companies’ swap dealer counterparties may attempt to pass-through additional trading costs in connection with changes to or the elimination of rulemaking that implements Title VII of the Dodd-Frank Act.

MD&A discusses Dominion Energy’s results of operations, general financial condition and liquidity and Virginia Power’s results of operations.

MD&A should be read in conjunction with Item 1.

Business and the Consolidated Financial Statements in Item 8.

Financial Statements and Supplementary Data.

Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.

CONTENTS OF MD&A

MD&A consists of the following information:

Forward-Looking Statements—Dominion Energy and Virginia Power

Accounting Matters—Dominion Energy

Results of Operations—Dominion Energy and Virginia Power

Segment Results of Operations—Dominion Energy

Outlook—Dominion Energy

Liquidity and Capital Resources—Dominion Energy

Future Issues and Other Matters—Dominion Energy

FORWARD-LOOKING STATEMENTS

This report contains statements concerning the Companies’ expectations, plans, objectives, future financial performance and other statements that are not historical facts.

These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

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

The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results.

Factors that may cause actual results to differ are often presented with the forward-looking statements themselves.

Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement.

These factors include but are not limited to:

Unusual weather conditions and their effect on energy sales to customers and energy commodity prices;

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

The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including extended disruption of economic activity in the Companies’ markets and global supply chains;

Federal, state and local legislative and regulatory developments;

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

The direct and indirect impacts of implementing recommendations resulting from the business review concluded in March 2024;

Risks of operating businesses in regulated industries that are subject to changing regulatory structures;

Changes to regulated electric rates collected by the Companies and regulated gas distribution rates collected by Dominion Energy;

Changes in rules for RTOs and ISOs in which the Companies join and/or participate, including changes in rate designs, changes in FERC’s interpretation of market rules and new and evolving capacity models;

Risks associated with Virginia Power’s membership and participation in PJM, including risks related to obligations created by the default of other participants;

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

Timing and receipt of regulatory approvals necessary for planned construction or growth projects and compliance with conditions associated with such regulatory approvals;

The inability to complete planned construction, conversion or growth projects at all, or with the outcomes or within the terms and time frames initially anticipated, including as a result of increased public involvement, intervention or litigation in such projects;

Risks and uncertainties that may impact the Companies’ ability to 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;

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;

Changes to federal, state and local environmental laws and regulations, including those related to climate change, the tightening of emission or discharge limits for GHGs and other substances, more extensive permitting requirements and the regulation of additional substances;

Cost of environmental strategy and compliance, including those costs related to climate change;

Changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities;

The Companies’ financial instruments, commodity contracts and related financial derivative instruments are exposed to potential losses due to adverse changes in commodity prices, interest [added: rates, foreign currency exchange] rates and equity [removed: security] [added: securities] prices as described below.

The following sensitivity [removed: analysis estimates] [added: analyses estimate] the potential loss of future earnings or fair value from market risk sensitive instruments over a selected time period due to a 10% change in commodity prices, interest rates or foreign currency exchange rates.

A hypothetical 10% [removed: increase] [added: decrease] in commodity prices would have resulted in a decrease of [removed: $18] [added: $15] million and [removed: $62] [added: a hypothetical 10% increase in commodity prices would have resulted in a decrease of $18] million in the fair value of Dominion Energy’s commodity-based derivative instruments [removed: as of] [added: at] December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

A hypothetical 10% decrease in commodity prices would have resulted in a decrease of [added: $71 million and] $15 million in the fair value of Virginia Power’s commodity-based derivative instruments [removed: as of] [added: at] December 31, [removed: 2024.][added: 2025 and 2024, respectively.]

For variable rate debt outstanding for Dominion Energy, a hypothetical 10% increase in market interest rates would result in a [removed: $12] [added: $10] million and [removed: $56] [added: $12] million decrease in earnings at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a $7 million [removed: and $5 million] decrease in earnings at [added: both] December 31, [removed: 2024] [added: 2025] and [removed: 2023, respectively.][added: 2024.]

[removed: As of] [added: At] December 31, 2024, Dominion Energy and Virginia Power had $10.8 billion and $3.8 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except [added: in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.]

[added: At December 31, 2025, Dominion Energy and Virginia Power had $10.7 billion and $8.1 billion, respectively,] in [added: aggregate notional amounts of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in] the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.

A hypothetical 10% decrease in market interest rates would have resulted in a decrease of [removed: $120] [added: $459] million and [removed: $151] [added: $382] million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, [removed: 2023.][added: 2025.]

[removed: As of December 31, 2024 and 2023, Dominion Energy had €1.1 billion and €2.1 billion,] respectively, in aggregate notional amounts of these foreign currency forward purchase agreements outstanding.

A hypothetical 10% increase in [added: the U.S. dollar to Euro] exchange [removed: rates] [added: rate] would have resulted in a decrease of [removed: $106] [added: $35] million and [removed: $202] [added: $106] million in the fair value of Dominion Energy’s foreign currency swaps at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

These trust funds primarily hold marketable securities that are reported in the [added: Companies’] Consolidated Balance Sheets at fair value.

Dominion Energy recognized net investment gains [added: (losses)] (including investment income) on nuclear decommissioning and rabbi trust investments of $1.1 billion [removed: and $879 million] for [added: both] the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023, respectively.][added: 2024.]

Dominion Energy recorded, in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of [removed: $(28)] [added: $41] million and [removed: $117] [added: $(28)] million for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Virginia Power recognized net investment gains [added: (losses)] (including investment income) on nuclear decommissioning and rabbi trust investments of [removed: $580] [added: $555] million and [removed: $448] [added: $580] million for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Virginia Power recorded, in AOCI and regulatory liabilities, a net increase in unrealized [removed: (losses)] gains [added: (losses)] on debt investments of [removed: $(10)] [added: $23] million and [removed: $66] [added: $(10)] million for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns of [removed: $738 million and] $1.2 billion [added: and $738 million] in [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively, compared to expected returns of [removed: $982] [added: $835] million and [removed: $1.0 billion,] [added: $982 million,] respectively.

A hypothetical 0.25% decrease in the expected long-term rate of return on plan assets would have had a [added: $28 million and] $31 million impact in [removed: both 2024] [added: the years ending December 31, 2025] and [removed: 2023] [added: 2024, respectively,] to the expected returns on plan assets.

Based on these credit policies and the Companies’ December 31, [removed: 2024] [added: 2025] provision for credit losses, management believes that it is unlikely that a material adverse effect on the Companies’ financial position, results of operations or cash flows would occur as a result of counterparty nonperformance.

At December 31, 2025 and 2024, Dominion Energy had €0.9 billion and €1.1 billion,

Management’s Discussion and Analysis of Financial Condition and Results of Operations, Continued

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

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.

[removed: As of] [added: At] December 31, [removed: 2024,] [added: 2025,] Dominion Energy’s portfolio of assets includes approximately [removed: 30.3] [added: 30.7] GW of electric generating capacity, [removed: 10,600] [added: 10,800] miles of electric transmission lines and [removed: 79,700] [added: 80,400] miles of electric distribution lines.

Its approximately [removed: $50] [added: $65] billion capital expenditure plan for [removed: 2025] [added: 2026] through [removed: 2029] [added: 2030] advances its “all-of-the-above” strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability and transmission and distribution resiliency to meet projected demand growth.

In addition, Dominion Energy has [removed: either] received [removed: or applied for] license extensions for its regulated nuclear power stations in Virginia and South Carolina and intends to apply for license extensions for Millstone.

Dominion Energy currently expects approximately [removed: 90%] [added: 95%] of earnings to come from state-regulated utility operations in Virginia, North Carolina and South Carolina.

Their SEC filings are available to the public over the Internet at the SEC’s website at [removed: http://www.sec.gov.][added: https://www.sec.gov.]

The Companies make their SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, available, free of charge, through Dominion Energy’s website, [removed: http://www.dominionenergy.com,] [added: https://www.dominionenergy.com,] as soon as reasonably practicable after filing or furnishing the material to the SEC.

[removed: *Sales] [added: Sales] to [removed: Enbridge*][added: Enbridge]

See [removed: Note 3] [added: Notes 10 and 13] to the Consolidated Financial Statements for additional information.

[removed: *Sale] [added: Sale] of Noncontrolling Interest in CVOW Commercial [removed: Project*][added: Project]

[removed: *Acquisition] [added: Acquisition] of [removed: Virginia Power] [added: Nonregulated] Solar [removed: Projects*][added: Projects]

See Note [removed: 13] [added: 9] to the Consolidated Financial Statements for additional [removed: information.][added: information about Dominion Energy’s equity method investment in Align RNG.]

[removed: *Acquisition] [added: Acquisition] of Offshore Wind [removed: Project*][added: Project]

Equity Method [removed: Investments][added: Investment]

[removed: *Sale] [added: Sale] of Interest in Cove [removed: Point*][added: Point]

At December 31, [removed: 2024,] [added: 2025,] Dominion Energy had approximately [removed: 14,700] [added: 15,200] full-time employees, of which approximately 3,400 are subject to collective bargaining agreements, including approximately [removed: 6,600] [added: 6,700] full-time employees at Virginia Power, of which approximately 2,700 are subject to collective bargaining agreements.

In [removed: 2024,] [added: 2025,] Dominion Energy experienced an OSHA Recordable Rate of [removed: 0.42] [added: 0.26] compared to [removed: 0.45] [added: 0.42] in [removed: 2023] [added: 2024] and [removed: 0.52] [added: 0.45] in [removed: 2022.][added: 2023.]

These rates reflect Dominion Energy’s dedication to safety when compared to a BLS Industry Average OSHA Recordable Rate of [removed: 2.0] [added: 1.9] in [removed: 2023] [added: 2024] and [removed: 1.7] [added: 2.0] in [removed: 2022.][added: 2023.]

As an example, Dominion Energy sponsors [removed: nine] [added: ten] employee resource groups enabling employees to work together to create community and promote excellent performance.

In [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] the percentage of Dominion Energy’s workforce that was diverse was [removed: 38.7%, 37.7%] [added: 39.1%, 38.7%] and [removed: 37.0%,] [added: 37.7%,] respectively.

In [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] the percentage of new hires that were diverse was [removed: 45.3%, 49.0%] [added: 43.9%, 45.3%] and [removed: 48.9%,] [added: 49.0%,] respectively.

Dominion Energy Virginia is composed of Virginia Power’s regulated electric transmission, distribution and generation (regulated electric utility and its related energy supply) operations, which serve approximately 2.8 million residential, commercial, [added: high load (including certain data centers),] industrial and governmental customers in Virginia and North Carolina.

Dominion Energy Virginia’s capital plan for [removed: 2025] [added: 2026] through [removed: 2029] [added: 2030] includes spending approximately [removed: $41] [added: $55] billion, net of reimbursements from Stonepeak, to construct new generation capacity, including the CVOW Commercial [removed: Project,] [added: Project and dispatchable generation facilities,] to continue developments to meet its renewable generation targets and growing electricity demand within its service territory in order to maintain reliability and regulatory compliance and to upgrade or add new transmission lines, distribution lines, substations and other facilities, as well as maintain existing generation capacity.

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

The concentration of data centers primarily in Loudoun County, Virginia represents a unique challenge and requires significant investments in electric transmission [added: and generation] facilities to meet the growing demand.

PJM has projected a [removed: 6.3%] [added: 5.4%] average peak annual load growth over the next ten years for the PJM DOM Zone, which includes Dominion Energy Virginia’s service territory.

Approximately [removed: 78%] [added: 80%] of revenue comes from serving Virginia jurisdictional customers.

SAIDI performance results, excluding major events, were [removed: 130] [added: 133] minutes for the three-year average ending [removed: 2024, consistent with] [added: 2025, up from] the previous three-year average of 130 minutes.

Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into [removed: PJM wholesale electricity markets.][added: PJM.]

This could result in additional competition to build and own transmission infrastructure in [removed: Virginia Power’s] [added: DESC’s] service area in the future [removed: and] [added: and, as noted previously,] could allow Dominion Energy to seek opportunities to build and own facilities in other service territories.

[removed: *CVOW] [added: CVOW] Commercial [removed: Project*][added: Project]

The [removed: 2.6 GW project is expected to be placed in service by the end of 2026 with an] estimated total project cost [removed: of] [added: is] approximately [removed: $10.7 billion, excluding] [added: $11.5 billion (excluding] financing [removed: costs, that] [added: costs) which] reflects a [added: temporary suspension of work order and an estimated impact of certain tariffs which became effective during 2025 as well as the previously included] revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project.

Virginia Power’s estimate for the project’s projected levelized cost of energy, including renewable energy credits, is approximately [removed: $62/MWh,] [added: $84/MWh,] compared to the initial filing submission of $80-90/MWh.

[removed: The] [added: As previously considered in Virginia Power’s February 2025 construction update filing, the] expected total project cost reflects [removed: 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 [removed: 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 [removed: 5%] [added: 7%] 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 [removed: tariffs, if any,] [added: tariffs including any potential impact of Section 232 investigations and litigation ruled on by the U.S. Supreme Court on February 20, 2026,] costs to maintain necessary permits, approvals and authorizations, [added: any additional suspension of work orders,] ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events.

Transition pieces began to be installed on monopiles near the end of 2024 with [removed: all] [added: 126] transition pieces [added: installed through February 2026 and the remaining 50] expected to be installed [removed: by] [added: in] early 2026.

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 [removed: preceding.][added: proceeding.]

In January 2023, following receipt of approval from the Virginia and North Carolina Commissions, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel [removed: 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.

Through December 31, [removed: 2024,] [added: 2025,] approximately [removed: $6.0] [added: $9.3] billion of costs had been incurred on the project.

Data centers represent 28% and 26% of Virginia Power’s electricity sales for the years ended December 31, 2025 and 2024, respectively.

Virginia Power has implemented requirements over the years intended to ensure that its project queue is firm, such as requiring deposits for expensive long lead-time equipment along with reimbursement clauses for canceled projects.

In addition, Virginia Power will, in accordance with the terms of the 2025 Biennial Review order, begin in January 2027 to require a 14-year contract, collateral over that period and demand minimums for distribution, transmission and generation revenues for high load customers at connection.

All of these contract provisions are designed to minimize both cross-rate class subsidies and stranded costs.

This increase is primarily due to increased storm activity.

This has resulted in additional competition to build and own transmission infrastructure in Virginia Power’s service area and allows Dominion Energy to seek opportunities to build and own facilities in other service territories, for example, through Valley Link.

The majority of turbines comprising the 2.6 GW project are expected to be placed in service by the end of 2026 with the remainder in early 2027.

The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs.

The expected total project cost reflects an increase of $0.2 billion, relative to Virginia Power’s October 2025 Rider OSW filing, associated with projected installation timeline changes arising from the temporary suspension of work from the BOEM Director’s Order issued in December 2025 until a preliminary injunction was granted by the U.S District Court for the Eastern District of Virginia in January 2026, which allowed work to resume.

The estimated total project costs also include $0.6 billion of tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries and on equipment expected to be delivered from March 2025 through early 2027 that contains steel.

Such amount is inclusive of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling on February 20, 2026.

The actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component.

In January 2026, the interconnection agreement between PJM and Virginia Power for the CVOW Commercial Project was filed with FERC.

Onshore construction activities to support first power delivery were completed in December 2025 with remaining project activities to support commercial operations anticipated to be completed by mid-2026.

Virginia Power completed the installation of all monopiles in October 2025.

The first of three offshore substations was installed in March 2025, with the second installed in November 2025 and the third installed in February 2026.

Deepwater cables commenced being laid in late 2024 with the last of nine completed in July 2025.

Of the 176 segments of interarray cable, expected to total 260 miles, 59 have been installed through February 2026 with the remaining expected to be laid throughout 2026.

Installation commenced on turbines in December 2025 prior to being delayed by the temporary suspension of work order, with one of 176 completed through February 2026.

The vessel was delivered and the 20-month lease term commenced in September 2025.

The project is

Virginia Power plans to invest approximately $8.3 billion from 2026 to 2030 to develop additional dispatchable natural gas generation facilities to enhance reliability for utility customers.

| | | | | | | | |

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

| Unit 1 | | 2052 | | $ | 907 | | | $ | 1,383 | |

| Unit 2 | | 2053 | | | 906 | | | | 1,361 | |

| Unit 1(3) | | 2058 | | | 859 | | | | 1,095 | |

| Unit 2(3) | | 2060 | | | 864 | | | | 1,025 | |

| Total | | | | $ | 3,536 | | | $ | 4,864 | |

In December 2025, DESC, along with Santee Cooper, requested approval for the joint construction and operation of a combined cycle electric generating plant and associated facilities with a net capacity of approximately 2.2 GW.

The project is currently expected to cost approximately $5 billion in total, excluding financing costs, with costs split equally between the joint owners, and is expected to be placed in service by 2033.

These estimates are subject to refinement through the permitting process and the negotiation of contracts for major construction suppliers.

The project reflects DESC’s commitment to reliable, affordable and cleaner energy while reinvesting in the local community.

| Source | | 2025 | | | | 2024 | | | | 2023 | | | |

agreement and contracts for fuel fabrication and related services.

In 2025, the NRC approved DESC’s request for an additional 20 years for its operating license for Unit 1 at Summer, allowing for generation through 2062.

| | | NRC license expiration year | | Most recent cost estimate (2025 dollars)(1) | | | | Funds in trusts at December 31, 2025(2) | | |

| Summer – Unit 1 | | 2062 | | $ | 911 | | | $ | 291 | |

*Align RNG*—In November 2018, Dominion Energy announced the formation of Align RNG, an equal partnership with Smithfield Foods, Inc. to capture methane from swine farms across various states and convert it into pipeline quality natural gas.

At December 31, 2025, substantially all projects were complete.

Hope

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

In 2022, Virginia Power entered into and completed the acquisitions of various solar development projects in Virginia.

These projects are expected to cost a total of approximately $1.1 billion once constructed, including initial acquisition costs, and generate approximately 537 MW combined.

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

*Acquisition of Nonregulated Solar Projects*

In 2022, Dominion Energy entered into an agreement and completed the acquisition of a nonregulated solar project in Ohio.

The project was completed at a total cost of approximately $390 million, including initial acquisition cost, and generates approximately 200 MW.

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

*Acquisition of Interest in Dominion Privatization*

In February 2022, Dominion Energy entered into an agreement to form Dominion Privatization, a joint venture with Patriot.

Under the agreement, during 2022 Dominion Energy contributed its existing privatization operations in Virginia, Texas, Pennsylvania and South Carolina, excluding contracts held by DESC, and Patriot contributed cash.

Dominion Energy received total consideration of $335 million, comprised of $168 million in cash proceeds and a 50% noncontrolling ownership interest in Dominion Privatization with an initial fair value of $167 million.

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

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.

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.

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

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

In 2021, Virginia Power was granted an additional 20 years for its operating licenses for the two units at Surry.

Under these license extensions, the two units will be allowed to generate electricity through 2052 and 2053.

In 2024, Virginia Power was granted an additional 20 years for its operating licenses for the two units at North Anna.

| Unit 1 | | 2052 | | $ | 886 | | | $ | 1,217 | |

| Unit 2 | | 2053 | | | 886 | | | | 1,196 | |

| Unit 1(3) | | 2058 | | | 839 | | | | 966 | |

| Unit 2(3) | | 2060 | | | 844 | | | | 907 | |

| Total | | | | $ | 3,455 | | | $ | 4,286 | |

This could result in additional competition to build and own transmission infrastructure in DESC’s service area in the future.

In January 2022, DESC committed to a plan to retire certain existing gas combustion turbine facilities, including certain units which currently do not have any net summer capability, and replace them with new gas combustion turbine units at the Williams and Parr facilities to increase reliability and reduce emissions.

The replacement facility at the Williams facility achieved commercial operation in 2024.

To maintain reliability, DESC commenced development in 2023 of a wastewater treatment facility at the Williams facility.

The project will allow DESC to comply with the effluent limitation guidelines and is expected to be placed in service by the end of 2025 at an estimated cost of approximately $160 million, excluding financing costs.

Provided that DESC is able to obtain the necessary permits to commence construction, this facility could be placed in service by the end of 2028 at an estimated cost of $395 million, excluding financing costs, and have a total winter generating capacity of approximately 200 MW.

In August 2023, DESC filed an application with the NRC to renew the operating license for Unit 1 at Summer for an additional 20 years.

A relicensing would extend its life through 2062.

| Summer – Unit 1 | | 2042 | | $ | 831 | | | $ | 268 | |

[removed: ☒] [added: | ☒ |] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [added: |]

[removed: For] [added: For] the fiscal year ended December [removed: 31, 2024][added: 31, 2025]

[removed: ☐] [added: | ☐ |] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [added: |]

| | Virginia [removed: (S*tate] [added: *(State] or other jurisdiction of incorporation or organization)* | |

[removed: Dominion] [added: Dominion] Energy, Inc. [removed: ☐] [added: and] Virginia Electric and Power [removed: Company ☐][added: Company]

The aggregate market value of Dominion Energy, Inc. common stock held by non-affiliates of Dominion Energy, Inc. was approximately [removed: $41.1] [added: $48.2] 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: 20, 2025,] [added: 16, 2026,] Dominion Energy, Inc. had [removed: 852,050,458] [added: 878,785,631] shares of common stock outstanding and Virginia Electric and Power Company had [removed: 324,245] [added: 373,881] shares of common stock outstanding.

Portions of Dominion Energy, Inc.’s [removed: 2025] [added: 2026] Proxy Statement are incorporated by reference in Part III.

| | [Glossary of [removed: Terms](#glossary_terms)] [added: Terms](#glossary_of_terms)] | | 3 |

[removed: | [Part I](#part_i) | | | |][added: Part I]

| 1. | [Business](#item_1_business) | | [removed: 10] [added: 8] |

| 1A. | [Risk Factors](#item_1a_risk_factors) | | [removed: 33] [added: 25] |

| 1B. | [Unresolved Staff Comments](#item_1b_unresolved_staff_comments) | | [removed: 43] [added: 34] |

| 1C. | [Cybersecurity](#item1c_cybersecurity) | | [removed: 43] [added: 35] |

| 2. | [Properties](#item_2_properties) | | [removed: 45] [added: 36] |

| 3. | [Legal Proceedings](#item_3_legal_proceedings) | | [removed: 50] [added: 41] |

| 4. | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | | [removed: 50] [added: 41] |

| | [Information about our Executive Officers](#executive_ficers_dominion) | | [removed: 51] [added: 41] |

| 5. | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#item_5_market_for_registrants_common_equ) | | [removed: 52] [added: 42] |

| 6. | [removed: [\[Reserved\]](#item_6_reserved)] [added: [\[Reserved\]](#item_6_selected_financial_data)] | | [removed: 52] [added: 42] |

| 7. | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#item_7_managements_discussion_analysis_f)] [added: Operations](#item_7_management_discussion)] | | [removed: 53] [added: 43] |

| 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#item_7a_quantitative_qualitative_disclos) | | [removed: 83] [added: 63] |

| 8. | [Financial Statements and Supplementary [removed: Data](#item_8_financial_statements_supplementar)] [added: Data](#item_8_financial_statement)] | | [removed: 86] [added: 65] |

| 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item_9_changes_in_disagreements_with_acc) | | [removed: 203] [added: 158] |

| 9A. | [Controls and Procedures](#item_9a_controls_procedures) | | [removed: 203] [added: 158] |

| 9B. | [Other Information](#item_9b_or_information) | | [removed: 206] [added: 160] |

| 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item9c_foreign_jurisdictions) | | [removed: 206] [added: 160] |

| 10. | [Directors, Executive Officers and Corporate Governance](#item_10_directors_executive_ficers_corpo) | | [removed: 207] [added: 161] |

| 11. | [Executive Compensation](#item_11_executive_compensation) | | [removed: 207] [added: 161] |

| 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item_12_security_ownership_certain_benef) | | [removed: 207] [added: 161] |

| 13. | [Certain Relationships and Related Transactions, and Director Independence](#item_13_certain_relationships_related_tr) | | [removed: 207] [added: 161] |

| 14. | [Principal Accountant Fees and Services](#item_14_principal_accountant_fees_servic) | | [removed: 207] [added: 161] |

| 15. | [Exhibits and Financial Statement [removed: Schedules](#item_15_exhibits_financial_statement_sch)] [added: Schedules](#item_15_exhibits)] | | [removed: 209] [added: 162] |

| 16. | [Form 10-K Summary](#item_16_form_10k_summary) | | [removed: 215] [added: 167] |

[removed: Glossary] [added: Glossary] of [removed: Terms][added: Terms]

| 2025 Biennial Review | | [removed: Future] Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2023 and ending December 31, 2024 and prospective rate base setting for the succeeding annual periods beginning January 1, 2026 and ending December 31, 2027 |

| [removed: 2025] [added: 2026] Proxy Statement | | Dominion Energy [removed: 2025] [added: 2026] Proxy Statement, File No. 001-08489 |

| BOEM | | [added: U.S. Department of Interior’s] Bureau of Ocean Energy Management |

| Chesterfield Energy Reliability Center | | A [removed: potential 1.0 GW] [added: proposed 944 MW] simple-cycle, natural gas-fired power station in Chesterfield County, Virginia |

| Eagle Solar | | Eagle Solar, LLC, a wholly-owned subsidiary of [removed: DGI] [added: Dominion Generation, Inc.] |

| | |

| --- | --- |

| | |

| --- | --- |

| [Part I](#item_1_business) | | | |

| [Part II](#item_5_market_for_registrants_common_equ) | | | |

| [Part III](#item_10_directors_executive_ficers_corpo) | | | |

| [Part IV](#item_15_exhibits) | | | |

| 2025 Series A JSNs | | Dominion Energy’s 2025 Series A Junior Subordinated Notes due 2056 |

| 2025 Series B JSNs | | Dominion Energy’s 2025 Series B Junior Subordinated Notes due 2056 |

| 2027 Biennial Review | | Future Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2025 and ending December 31, 2026 and prospective rate base setting for the succeeding annual periods beginning January 1, 2028 and ending December 31, 2029 |

| Bedford | | A 70 MW solar generation facility in Chesapeake, Virginia |

| Canadys Station | | A proposed 2.2 GW advanced class combined cycle natural gas-fired power station in Colleton County, South Carolina, to be jointly owned by DESC and Santee Cooper |

| Community Energy Act | | House Bill 2346, known as the Community Energy Act, which was signed into law in the Commonwealth of Virginia in May 2025 |

| MMBtu | | Metric Million British thermal unit |

| OBBBA | | An Act to Provide for Reconciliation Pursuant to Title II of House Concurrent Resolution 14 of the 119th Congress (also known as the One Big Beautiful Bill Act) enacted on July 4, 2025 |

| Pumpkinseed | | A 60 MW solar generation facility in Emporia, Virginia |

| SCESA | | South Carolina Energy Security Act |

| Section 232 | | Section 232 of the Trade Expansion Act of 1962 |

| VPP | | Virtual power plant |

| | | |

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

Dominion Energy, Inc. and Virginia Electric and Power Company

| [Part II](#part_ii) | | | |

| [Part III](#part_iii) | | | |

| [Part IV](#part_iv) | | | |

| Abbreviation or Acronym | | Definition |

| 2019 Equity Units | | Dominion Energy’s 2019 Series A Equity Units issued in June 2019, initially in the form of 2019 Series A Corporate Units, which consisted of a stock purchase contract and a 1/10 interest in a share of the Series A Preferred Stock |

| ACE Rule | | Affordable Clean Energy Rule |

| COO | | Chief Operating Officer |

| DEQPS | | MountainWest Pipeline Services, Inc. (formerly known as Dominion Energy Questar Pipeline Services, Inc.) |

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

| DGI | | Dominion Generation, Inc. |

| Dominion Energy Questar Pipeline | | The legal entity, MountainWest Pipeline, LLC (formerly known as Dominion Energy Questar Pipeline, LLC), one or more of its consolidated subsidiaries (including its 50% noncontrolling interest in White River Hub), or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries |

| EnergySolutions | | EnergySolutions, LLC |

| Hope | | Hope Gas, Inc., doing business as Dominion Energy West Virginia through August 2022 |

| Kewaunee | | Kewaunee nuclear power station |

| LIFO | | Last-in-first-out inventory method |

| Q-Pipe Group | | Collectively, Dominion Energy Questar Pipeline, DEQPS and MountainWest Energy Holding Company, LLC (formerly known as QPC Holding Company, LLC and its subsidiary MountainWest Southern Trails Pipeline Company (formerly known as Questar Southern Trails Pipeline Company)) |

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

| Rider E | | A rate adjustment clause associated with the recovery of costs related to certain capital projects at Virginia Power’s electric generating stations to comply with federal and state environmental laws and regulations |

| Rider GEN | | A proposed rate adjustment clause associated with the recovery of costs being recovered under Riders BW, GV, four other riders associated with generation facilities and the Virginia LNG Storage Facility |

| Rider GV | | A rate adjustment clause associated with the recovery of costs related to Greensville County |

| Rider R | | A rate adjustment clause associated with the recovery of costs related to Bear Garden |

| Rider RGGI | | A rate adjustment clause associated with the recovery of costs related to the purchase of allowances through the RGGI market-based trading program for CO2 |

| Rider S | | A rate adjustment clause associated with the recovery of costs related to the Virginia City Hybrid Energy Center |

| Rider W | | A rate adjustment clause associated with the recovery of costs related to Warren County |

| Series A Preferred Stock | | Dominion Energy’s Series A Cumulative Perpetual Convertible Preferred Stock, without par value, with a liquidation preference of $1,000 per share (previously designated the 1.75% Series A Cumulative Perpetual Convertible Preferred Stock) |

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

| West Virginia Commission | | Public Service Commission of West Virginia |

| Wexpro Agreement | | An agreement which sets forth the rights of Questar Gas to receive certain benefits from Wexpro’s operations, including cost-of-service gas |

| Wexpro II Agreement | | An agreement with the states of Utah and Wyoming modeled after the Wexpro Agreement that allows for the addition of properties under the cost-of-service methodology for the benefit of Questar Gas customers |

| Wexpro Agreements | | Collectively, the Wexpro Agreement, Wexpro II Agreement and two stipulation agreements approved by the Utah Commission allowing for the inclusion of certain property at Canyon Creek and the Trail Unit under the Wexpro II Agreement |

| White River Hub | | MountainWest White River Hub, LLC (formerly known as White River Hub, LLC) |

| Wisconsin Commission | | Public Service Commission of Wisconsin |

| WP&L | | Wisconsin Power and Light Company, a subsidiary of Alliant Energy Corporation |

| WPSC | | Wisconsin Public Service Corporation, a subsidiary of WEC Energy Group |

| Wrangler | | Wrangler Retail Gas Holdings, LLC, a partnership between Dominion Energy (through March 2022) and Interstate Gas Supply, Inc. |

Part I

[removed: *Risk] [added: Risk] Management [removed: and Strategy*][added: And Strategy]

[removed: *Governance*][added: Governance]

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

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

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 [added: industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in 2025 of its fourth annual practical exercise with external federal, state and local incident response partners.]

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

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

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

As necessary, the [removed: COO,] [added: chief administrative and projects officer,] CFO and chief legal officer will advise the CEO on any incidents which could potentially have a material effect on the Companies’ business operations, results of operations or financial condition.

industry, policies and practices, industry trends, threat environment and vulnerability assessments and specific and ongoing efforts to prevent, detect and respond to internal and external critical threats, including management’s hosting in 2024 of its third practical exercise with external federal, state and local incident response partners.

There were no bonds outstanding [removed: as of] [added: at] December 31, [removed: 2024;] [added: 2025;] however, by leaving the indenture open, Virginia Power retains the flexibility to issue mortgage bonds in the future.

Virginia Power has approximately [removed: 6,800] [added: 7,000] miles of electric transmission lines of 69 kV or more located in [added: Virginia,] North [removed: Carolina, Virginia] [added: Carolina] and West Virginia.

In addition, Virginia Power’s electric distribution network includes approximately [removed: 60,600] [added: 61,000] miles of distribution lines, exclusive of service level lines, in Virginia and North Carolina.

The following tables list Virginia Power’s generating units and capability [removed: as of] [added: at] December 31, [removed: 2024.][added: 2025.]

| Plant | | Location | | Net Summer Capability (MW) | | [removed: | |] Percentage Net Summer Capability | | [removed: | |]

| Gas | | | | | | | | [removed: | | | |]

| Greensville County (CC) | | Greensville County, VA | | [removed: |] 1,605 | | | | [removed: | | |]

| Brunswick County (CC) | | Brunswick County, VA | | [removed: |] 1,376 | | | | [removed: | | |]

| Warren County (CC) | | Warren County, VA | | [removed: |] 1,349 | | | | [removed: | | |]

| Ladysmith (CT) | | Ladysmith, VA | | [removed: |] 782 | | | | [removed: | | |]

| Bear Garden (CC) | | Buckingham County, VA | | [removed: |] 622 | | | | [removed: | | |]

| Remington (CT) | | Remington, VA | | [removed: |] 619 | | | | [removed: | | |]

| Possum Point [removed: (CC)] [added: (CT)] | | Dumfries, VA | | [removed: | 573 | | |] [added: 72] | | | |

| Chesterfield (CC) | | Chester, VA | | [removed: |] 386 | | | | [removed: | | |]

| Elizabeth River (CT) | | Chesapeake, VA | | [removed: |] 327 | | | | [removed: | | |]

| Gordonsville Energy (CC) | | Gordonsville, VA | | [removed: |] 218 | | | | [removed: | | |]

| Gravel Neck (CT) | | Surry, VA | | [removed: |] 170 | | | | [removed: | | |]

| Darbytown (CT) | | Richmond, VA | | [removed: |] 168 | | | | [removed: | | |]

| Total Gas | | | | [removed: | 8,195 | |] [added: 8,193] | | 42 | [removed: |] % |

| Nuclear | | | | | | | | [removed: | | | |]

| Surry | | Surry, VA | | [removed: |] 1,676 | | | | [removed: | | |]

| North Anna | | Mineral, VA | | [removed: |] 1,672 | [removed: |] (1) | | | [removed: | |]

| Total Nuclear | | | | [removed: |] 3,348 | | [removed: | |] 17 | | [removed: |]

| Coal | | | | | | | | [removed: | | | |]

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

| Virginia City Hybrid Energy Center | | Wise County, VA | | [removed: |] 610 | | | | [removed: | | |]

| Clover | | Clover, VA | | [removed: |] 439 | [removed: |] (2) | | | [removed: | |]

| Total Coal | | | | [removed: |] 2,663 | | [removed: | |] 13 | | [removed: |]

| Hydro | | | | | | | | [removed: | | | |]

| Bath County | | Warm Springs, VA | | [removed: | 1,808 |] [added: 1,758] | (3) | | | [removed: | |]

| Gaston | | Roanoke Rapids, NC | | [removed: |] 220 | | | | [removed: | | |]

| Roanoke Rapids | | Roanoke Rapids, NC | | [removed: |] 95 | | | | [removed: | | |]

| Other | | | | [removed: |] 1 | | | | [removed: | | |]

| Total Hydro | | | | [removed: | 2,124 | |] [added: 2,074] | | 11 | | [removed: |]

| Oil | | | | | | | | [removed: | | | |]

| Gravel Neck (CT) | | Surry, VA | | [removed: |] 198 | | | | [removed: | | |]

| Rosemary (CC) | | Roanoke Rapids, NC | | [removed: |] 155 | | | | [removed: | | |]

| Possum Point [removed: (CT)] [added: (CC)] | | Dumfries, VA | | [removed: | 72 | | |] [added: 571] | | | |

| Low Moor (CT) | | Covington, VA | | [removed: |] 48 | | | | [removed: | | |]

| Northern Neck (CT) | | Lively, VA | | [removed: |] 47 | | | | [removed: | | |]

| | | | | | | | |

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

| Darbytown (CT) | | Richmond, VA | | 168 | | | |

| North Ridge | | Powhatan, VA | | 20 | | | |

| Quillwort | | Powhatan, VA | | 18 | | | |

| Sebera | | Prince George, VA | | 18 | | | |

| | | | | | | | |

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

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

| Total Excluding Power Purchase Agreements | | | | 18,154 | | | |

*Virginia Power in October 2025 proposed to recover the cost of this facility through Rider CE.

If approved by the Virginia Commission, this facility will be considered Utility Generation.*

| | | | | | | | |

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

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

| Gas | | | | | | | |

| Parr (CT) (1) | | Jenkinsville, SC | | 84 | | | |

| Coal | | | | | | | |

| Hydro | | | | | | | |

| Nuclear | | | | | | | |

| Total Excluding Power Purchase Agreements | | | | 5,680 | | | |

| Atlanta Farms | | Pickaway County, OH | | | 200 | | | | | | |

*(2)*

Additionally, Dominion Energy’s renewable natural gas facilities include 21 facilities in Colorado, Georgia, Idaho, Kansas, New Mexico, Nevada and Texas, which capture methane from dairy farms and convert it into pipeline quality natural gas.

These facilities produce approximately 5,500 MMBtu per day.

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

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

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

| Coit (CT) (1)(2) | | Columbia, SC | | | 26 | | | | | | |

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

*Expected to be retired by the end of 2025.*

*(5)*

[removed: Information] [added: Information] about our Executive [removed: Officers][added: Officers]

| [removed: Name] [added: Name] and [removed: Age] [added: Age] | | [removed: Business] [added: Business] Experience Past Five [removed: Years(1)] [added: Years(1)] |

| Robert M. Blue [removed: (57)] [added: (58)] | | Chair of the Board of Directors from April 2021 to present; President and CEO from October 2020 to present; Director from November 2020 to [removed: present; Executive Vice President and Co-COO from December 2019 to September 2020.] [added: present.] |

| Edward H. Baine [removed: (51)] [added: (52)] | | [added: Executive Vice] President—Utility Operations and [added: President—Dominion Energy Virginia from July 2025 to present; President—Utility Operations and] Dominion Energy Virginia from January 2025 to [removed: present;] [added: June 2025;] President—Dominion Energy Virginia from October 2020 to December [removed: 2024; Senior Vice President—Power Delivery of Virginia Power from December 2019 to September 2020.] [added: 2024.] |

| Carlos M. Brown [removed: (50)] [added: (51)] | | [added: Executive Vice President, Chief Administrative and Projects Officer, and Corporate Secretary and] President—DES [added: from June 2025 to present; President—DES] and Executive Vice President, Chief Legal Officer and Corporate Secretary from January 2024 to [removed: present;] [added: May 2025;] Senior Vice President, Chief Legal Officer and General Counsel from September 2022 to December 2023; Senior Vice President, General Counsel and Chief Compliance Officer from December 2019 to August 2022. |

| Eric S. Carr [removed: (51)] [added: (52)] | | Chief Nuclear Officer and President—Nuclear Operations and Contracted Energy from January 2025 to present; President—Nuclear Operations and Chief Nuclear Officer from July 2023 to December 2024; President—Nuclear Operations during June 2023; President and Chief Nuclear Officer for PSEG Nuclear, LLC, a subsidiary of Public Service Enterprise Group, Incorporated, from July 2019 to May 2023. |

| W. Keller Kissam [removed: (58)] [added: (59)] | | President—Dominion Energy South Carolina from January 2022 to present; President—Electric Operations of DESC from January 2019 to December 2021. |

| Steven D. Ridge [removed: (44)] [added: (45)] | | Executive Vice President and CFO from January 2024 to present; Senior Vice President and CFO from November 2022 to December 2023; President of Questar Gas from October 2022 to November 2022; Vice President and General Manager—Western Distribution from October 2021 to September 2022; Vice President—Investor Relations of DES from April 2019 to September 2021. |

[removed: Part II][added: Part II]

| Regina J. Elbert (45) | | Senior Vice President and Chief Legal and Human Resources Officer from June 2025 to present; Senior Vice President and Chief Human Resources Officer from January 2024 to May 2025; Senior Vice President—Human Resources from April 2022 to December 2023; Vice President—Human Resources Business Services from March 2019 to March 2022. |

| Gary G. Ratliff (47) | | Vice President, Controller and CAO from October 2025 to present; Vice President—Accounting from April 2025 to September 2025; Controller—Corporate Research & Reporting from February 2024 to March 2025; Director—Accounting from September 2015 to January 2024. |

| | | |

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

At February [removed: 21, 2025,] [added: 16, 2026,] there were approximately [removed: 112,000] [added: 106,000] record holders of Dominion Energy’s common stock.

| [removed: Period] [added: Period] | | [removed: Total] [added: Total] Number of Shares (or Units) [removed: Purchased (1)] [added: Purchased (1)] | | | | [removed: Average] [added: Average] Price Paid per Share (or [removed: Unit)(2)] [added: Unit)(2)] | | | | [removed: Total] [added: Total] Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or [removed: Programs] [added: Programs] | | | | [removed: Maximum] [added: Maximum] Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased under the Plans or [removed: Programs(3)] [added: Programs(3)] |

| Total | | | [removed: 66,954] [added: 71,574] | | | $ | [removed: 58.26] [added: 60.88] | | | | — | | | $ 0.92 billion |

Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other [removed: factors.*][added: factors.]

Virginia Power may pay cash dividends in [removed: 2025] [added: 2026] but is neither required to nor restricted, except as described in Note 21 to the Consolidated Financial Statements, from making such payments.

| 10/1/25-10/31/25 | | | 68,646 | | | $ | 60.90 | | | | — | | | $ 0.92 billion |

| 11/1/25-11/30/25 | | | 412 | | | | 58.69 | | | | — | | | 0.92 billion |

| 12/1/25-12/31/25 | | | 2,516 | | | | 60.80 | | | | — | | | 0.92 billion |

At December 31, 2025, approximately $920 million remained available under the program.*

| 10/1/24-10/31/24 | | | 64,345 | | | $ | 58.24 | | | | — | | | $ 0.92 billion |

| 11/1/24-11/30/24 | | | 415 | | | | 58.99 | | | | — | | | 0.92 billion |

| 12/1/24-12/31/24 | | | 2,194 | | | | 58.70 | | | | — | | | 0.92 billion |

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

MD&A discusses Dominion Energy’s results of operations, general financial condition and liquidity and Virginia Power’s results of operations.

MD&A should be read in conjunction with Item 1.

Business and the Consolidated Financial Statements in Item 8.

Financial Statements and Supplementary Data.

Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.

Contents of MD&A

MD&A consists of the following information:

Forward-Looking Statements—Dominion Energy and Virginia Power

Accounting Matters—Dominion Energy

Results of Operations—Dominion Energy and Virginia Power

Segment Results of Operations—Dominion Energy

Outlook—Dominion Energy

Liquidity and Capital Resources—Dominion Energy

Future Issues and Other Matters—Dominion Energy

Forward-Looking Statements

This report contains statements concerning the Companies’ expectations, plans, objectives, future financial performance and other statements that are not historical facts.

These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

In most cases, the reader can identify these forward-looking statements by such words as “path”, “anticipate”, “believe”, “forecast”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “outlook”, “predict”, “project”, “should”, “strategy”, “continue”, “target”, “will”, “potential” or other similar words.

The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results.

Factors that may cause actual results to differ are often presented with the forward-looking statements themselves.

Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement.

These factors include but are not limited to:

Unusual weather conditions and their effect on energy sales to customers and energy commodity prices;

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

The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including extended disruption of economic activity in the Companies’ markets and global supply chains;

Federal, state and local legislative and regulatory developments;

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

Risks of operating businesses in regulated industries that are subject to changing regulatory structures;

Changes to regulated electric rates collected by the Companies and regulated gas distribution rates collected by Dominion Energy;

Changes in rules for RTOs and ISOs in which the Companies join and/or participate, including changes in rate designs, changes in FERC’s interpretation of market rules and new and evolving capacity models;

Risks associated with Virginia Power’s membership and participation in PJM, including risks related to obligations created by the default of other participants;

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

Timing and receipt of regulatory approvals necessary for planned construction or growth projects and compliance with conditions associated with such regulatory approvals;

The inability to complete planned construction, conversion or growth projects at all, or with the outcomes or within the terms and time frames initially anticipated, including as a result of increased public involvement, intervention or litigation in such projects;

Risks and uncertainties that may impact the Companies’ ability to 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;

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;

Changes to federal, state and local environmental laws and regulations, including those related to climate change, the tightening of emission or discharge limits for GHGs and other substances, more extensive permitting requirements and the regulation of additional substances;

Cost of environmental strategy and compliance, including those costs related to climate change;

| [Report of Independent Registered Public Accounting Firm](#report_independent_registered_public_1) (PCAOB ID No. 34) | [removed: 87] [added: 66] |

| [Consolidated Statements of Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#consolidated_statements_income)] [added: 2023](#consolidated_statements_income)] | [removed: 90] [added: 68] |

| [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#consolidated_statements_comprehensive_in)] [added: 2023](#consolidated_statements_comprehensive_in)] | [removed: 91] [added: 69] |

| [Consolidated Balance Sheets at December 31, [removed: 2024] [added: 2025] and [removed: 2023](#d_bs)] [added: 2024](#d_bs)] | [removed: 92] [added: 70] |

| [Consolidated Statements of Equity at December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] and for the years then ended](#d_soe) | [removed: 94] [added: 72] |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#d_socf)] [added: 2023](#d_socf)] | [removed: 95] [added: 73] |

| [Report of Independent Registered Public Accounting Firm](#report_independent_retered_public_acc_2) (PCAOB ID No. 34) | [removed: 96] [added: 74] |

| [Consolidated Statements of Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#vp_is_consolidated_statements_of_income)] [added: 2023](#vp_is_consolidated_statements_of_income)] | [removed: 99] [added: 76] |

| [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#vp_consolidated_statements_of_compr)] [added: 2023](#vp_consolidated_statements_of_compr)] | [removed: 100] [added: 77] |

| [Consolidated Balance Sheets at December 31, [removed: 2024] [added: 2025] and [removed: 2023](#vp_consolidated_balance_sheets)] [added: 2024](#vp_consolidated_balance_sheets)] | [removed: 101] [added: 78] |

| [Consolidated Statements of Equity at December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] and for the years then ended](#vp_consolidated_statements_shareequ) | [removed: 103] [added: 80] |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#vp_consolidated_statements_of_cash_flows)] [added: 2023](#cf_ve)] | [removed: 104] [added: 81] |

[removed: | [Combined] [added: Combined] Notes to Consolidated Financial [removed: Statements](#combined_notes_to_consolidated_financial) | 105 |][added: Statements]

[removed: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM][added: Report of Independent Registered Public Accounting Firm]

We have audited the accompanying consolidated balance sheets of Dominion Energy, Inc. and subsidiaries ("Dominion Energy") at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 27, 2025,] [added: 23, 2026,] expressed an unqualified opinion on Dominion Energy’s internal control over financial reporting.

Critical Audit [removed: Matters][added: Matter]

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current-period audit of the [added: consolidated] financial statements that were communicated or required to be communicated to the audit committee and that (1) [removed: relate] [added: relates] to accounts or disclosures that are material to the [added: consolidated] 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 [added: consolidated] financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

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

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 [added: and gas] utility 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 [added: electric capacity; purchased] gas; other operations and maintenance expense; depreciation and amortization expense; and impairment of assets and other charges, collectively, the “financial statement impacts of rate regulation.”

We identified the impact of rate regulation as a critical audit matter due to the significant judgments made by management to [removed: support its assertions about the financial statement impacts of rate regulation.]

[removed: Management judgments include assessing the likelihood] of (1) recovery of its regulatory assets through future rates and (2) whether a regulatory liability is due to customers.

We considered the likelihood of (1) recovery of regulatory assets through future rates and (2) whether a regulatory liability is due to customers based on precedents established by the relevant commissions’ previous orders and Dominion Energy’s past experience with the relevant [removed: commissions.][added: commissions, which included testing Dominion Energy’s recorded charges for costs not expected to be recovered from customers on the CVOW Commercial Project.]

Relative to Virginia Power’s [removed: previous cost estimate,] [added: November 2024 Rider OSW filing,] the [removed: updated] estimated total project cost reflects an approximately $0.6 billion increase for such onshore [removed: costs] and network upgrade costs [removed: assigned to the project by PJM] and an approximately $0.3 billion increase for increased contingency for remaining construction [removed: activities] [added: 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 [added: installation and] other [removed: factors.][added: construction and equipment supplier costs.]

As a result of the revised total project cost [removed: estimate] [added: estimates] and cost sharing mechanism, [removed: in the fourth quarter of 2024] [added: during 2025] Virginia Power recorded [removed: a charge] [added: charges] for costs not expected to be recovered from customers of [added: $515 million within impairments of assets and other charges, which includes $257 million attributable to noncontrolling interests, and an associated income tax benefit of $66 million, in addition to recording in the fourth quarter of 2024 a] $206 million [added: charge] within [removed: impairment] [added: impairments] of assets and other charges, which includes $103 million attributable to noncontrolling interests, and an associated income tax benefit of $26 million, [added: all reflected] in [removed: Dominion Energy’s Consolidated Statements of Income.][added: the Corporate and Other segment, in the Companies’]

[removed: February 27,] [added: *February] 2025 [added: At-the-Market Program*]

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

| (millions, except per share amounts) | | | | | | | | | | | | | [added: | | | | | | | | | | | |]

| Operating Revenue | | $ | [removed: 14,459] [added: 16,506] | | | $ | [removed: 14,393] [added: 14,459] | | | $ | [removed: 13,938] [added: 14,393] | |

| Electric fuel and other energy-related purchases | | | [removed: 3,614] [added: 4,489] | | | | [removed: 3,935] [added: 3,614] | | | | [removed: 3,711] [added: 3,935] | |

| Purchased electric capacity | | | [removed: 74] [added: 82] | | | | [removed: 55] [added: 74] | | | | [removed: 59] [added: 55] | |

| Purchased gas | | | [removed: 260] [added: 297] | | | | [removed: 285] [added: 260] | | | | [removed: 426] [added: 285] | |

| Other operations [removed: and] [added: &] maintenance | | | [removed: 3,589] [added: —] | | | | [removed: 3,160] [added: —] | | | | [removed: 3,365] [added: 2] | | [added: | | — | | | | — | | | | 2 | |]

| Depreciation and amortization | | | [removed: 2,345] [added: 2,387] | | | | [removed: 2,580] [added: 2,345] | | | | [removed: 2,442] [added: 2,580] | |

| Other taxes | | | [removed: 731] [added: 773] | | | | [removed: 684] [added: 731] | | | | [removed: 675] [added: 684] | |

| Impairment of assets and other charges | | | [removed: 600] [added: 517] | | | | [removed: 307] [added: 600] | | | | [removed: 1,401] [added: 307] | |

| Total operating expenses | | | [removed: 11,212] [added: 12,092] | | | | [removed: 10,979] [added: 11,212] | | | | [removed: 12,491] [added: 10,979] | |

| [Combined Notes to Consolidated Financial Statements](#note_1_natur) | 82 |

support its assertions about the financial statement impacts of rate regulation.

| Income from continuing operations including noncontrolling interests before income tax expense | | | 3,611 | | | | 2,195 | | | | 2,731 | |

| Income tax expense | | | 532 | | | | 411 | | | | 644 | |

| Net Income Including Noncontrolling Interests | | | 3,065 | | | | 1,981 | | | | 1,962 | |

| Net income including noncontrolling interests | | $ | 3,065 | | | $ | 1,981 | | | $ | 1,962 | |

| Comprehensive income including noncontrolling interests | | | 3,099 | | | | 2,001 | | | | 2,021 | |

| Comprehensive income attributable to Dominion Energy | | $ | 3,032 | | | $ | 2,054 | | | $ | 2,021 | |

| Tax receivables | | | 434 | | | | — | |

| Property, plant and equipment(1) | | | 106,315 | | | | 94,844 | |

| Regulatory liabilities | | | 9,072 | | | | 8,761 | |

| Other | | | 2,035 | | | | 1,454 | |

| Retained earnings | | | 2,318 | | | | 1,641 | |

| Accumulated other comprehensive loss | | | (118 | ) | | | (152 | ) |

| Shareholders’ equity | | | 29,083 | | | | 26,863 | |

| Total equity | | | 33,417 | | | | 29,802 | |

*See Note 9 for amounts attributable to related parties.*

| Sale of noncontrolling interest in OSWP | | | | | | | | | | | (7 | ) | | | | | | | | (7 | ) | | | | | (7 | ) |

| Contributions from Stonepeak to OSWP | | | | | | | | | | | | | | | | | | | | | | | 1,569 | | | 1,569 | |

| Distributions from OSWP to Stonepeak | | | | | | | | | | | | | | | | | | | | | | | (241 | ) | | (241 | ) |

| December 31, 2025 | | 1 | | $ | 991 | | | 879 | | $ | 25,892 | | $ | 2,318 | | $ | (118 | ) | $ | 29,083 | | $ | 4,334 | | $ | 33,417 | |

| Net income including noncontrolling interests | | $ | 3,065 | | | $ | 1,981 | | | $ | 1,962 | |

| Deferred income taxes | | | 568 | | | | (235 | ) | | | 1,527 | |

| Other operating assets and liabilities | | | 29 | | | | (212 | ) | | | (548 | ) |

| Net cash provided by operating activities | | | 5,361 | | | | 5,018 | | | | 6,572 | |

| Distributions from OSWP to Stonepeak | | | (241 | ) | | | — | | | | — | |

Report of Independent Registered Public Accounting Firm

The critical audit matter communicated below is a matter arising from the current-period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the consolidated 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 consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Management judgments include assessing the likelihood

February 23, 2026

| Income before income tax expense | | | 2,616 | | | | 2,267 | | | | 1,842 | |

| Income tax expense | | | 448 | | | | 423 | | | | 400 | |

| Net Income Including Noncontrolling Interests | | $ | 2,168 | | | $ | 1,844 | | | $ | 1,442 | |

| Net income including noncontrolling interests | | $ | 2,168 | | | $ | 1,844 | | | $ | 1,442 | |

| Comprehensive income including noncontrolling interests | | $ | 2,172 | | | $ | 1,855 | | | $ | 1,448 | |

| Comprehensive income (loss) attributable to noncontrolling interests | | | 67 | | | | (53 | ) | | | — | |

| Comprehensive income attributable to Virginia Power | | $ | 2,105 | | | $ | 1,908 | | | $ | 1,448 | |

| Other(1) | | | 103 | | | | 130 | |

| Derivative assets(2) | | | 270 | | | | 127 | |

Change in Accounting Principle

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

*How the Critical Audit Matter Was Addressed in the Audit*

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.

Virginia Power is subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion.

There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding.

In October 2024, Virginia Power closed on the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak Partners, LLC (Stonepeak) pursuant to which Stonepeak will contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion.

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.

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

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

| Losses (gains) on sales of assets | | | (1 | ) | | | (27 | ) | | | 412 | |

*(1)*

| Assets held for sale | | | — | | | | 18,577 | |

| Liabilities held for sale | | | — | | | | 8,885 | |

| Regulatory liabilities | | | 9,196 | | | | 8,674 | |

| Other | | | 1,352 | | | | 1,434 | |

*(2)*

*(3)*

| December 31, 2021 | | 2 | | $ | 1,783 | | | 810 | | $ | 21,610 | | $ | 4,824 | | $ | (1,458 | ) | $ | 26,759 | | $ | — | | $ | 26,759 | |

| Cumulative-effect of a change in accounting principle | | | | | | | | | | | | | | (1,202 | ) | | 1,202 | | | — | | | | | | — | |

| Proceeds from sale of Hope | | | — | | | | — | | | | 727 | |

| Short-term deposit | | | — | | | | — | | | | (2,000 | ) |

| Return of short-term deposit | | | — | | | | — | | | | 2,000 | |

| Series A Preferred Stock redemption | | | — | | | | — | | | | (1,610 | ) |

and determination of Virginia Power’s authorized ROE prospectively.

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.

| Margin deposit assets | | | 1 | | | | 35 | |

| Other(1) | | | 129 | | | | 60 | |

| Other(1)(2) | | | 1,308 | | | | 1,160 | |

SEC rules implementing Section 404 of the Sarbanes-Oxley Act of 2002 require Dominion Energy’s [removed: 2024] [added: 2025] 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: 2024,] [added: 2025,] Dominion Energy makes the following assertions:

Management evaluated Dominion Energy’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this assessment, management believes that Dominion Energy maintained effective internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

We have audited the internal control over financial reporting of Dominion Energy, Inc. and subsidiaries (“Dominion Energy”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, Dominion Energy maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] of Dominion Energy and our report dated February [removed: 27, 2025,] [added: 23, 2026,] expressed an unqualified opinion on those consolidated financial [removed: statements and included an explanatory paragraph regarding Dominion Energy’s election to change its method of accounting for the recognition of actuarial gains and losses on its defined benefit pension and other postretirement benefit plans into earnings from an amortization approach to immediate recognition.][added: statements.]

SEC rules implementing Section 404 of the Sarbanes-Oxley Act require Virginia Power’s [removed: 2024] [added: 2025] Annual Report to contain a management’s report regarding the effectiveness of internal control.

Based on the assessment as of December 31, [removed: 2024,] [added: 2025,] Virginia Power makes the following assertions:

Management evaluated Virginia Power’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this assessment, management believes that Virginia Power maintained effective internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

February 23, 2026

February 23, 2026

Part III

February 23, 2026

February 27, 2025

During the last fiscal [removed: year,] [added: quarter,] 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.

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Part III

The information required by this item is incorporated by reference to the sections entitled *Item 1—Election of [removed: Directors*, *Corporate] [added: Directors, Corporate] Governance—The Committees of the Board, [removed: Other Information – Delinquent Section 16(a) Reports,] Corporate [removed: Governance*—*Other] [added: Governance—Other] Governance Practices and [removed: Policies*—*Code] [added: Policies—Code] of Ethics and Business [removed: Conduct*] [added: Conduct] and [removed: *Corporate] [added: Corporate] Governance—Other Governance Practices and Policies—Securities Trading Policy* in the Dominion Energy [removed: 2025] [added: 2026] Proxy Statement.

The information required by this item is incorporated by reference to the [removed: section] [added: sections] entitled *Executive Compensation, Compensation of Non-Employee Directors and Corporate Governance—The Committees of the Board—Compensation [added: and Talent Development Committee—Compensation] Committee Interlocks and Insider Participation* in the [removed: 2025] [added: 2026] 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: 2025] [added: 2026] Proxy Statement.

The information required by this item is incorporated by reference to the sections entitled *Corporate Governance*—*Other Governance Practices and Policies —Certain Relationships and Related Party Transactions* and *Corporate Governance —Director Independence* in the [removed: 2025] [added: 2026] Proxy Statement.

The information required by this item is incorporated by reference to the section entitled [removed: *Audit-Related] [added: *Audit Committee] Matters—Auditor Fees and Pre-Approval Policy* in the [removed: 2025] [added: 2026] 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: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

| Type of Fees | | [removed: 2024] [added: 2025] | | | | [removed: 2023] [added: 2024] | | |

| Audit fees | | $ | [removed: 3.22] [added: 3.50] | | | $ | [removed: 2.53] [added: 3.22] | |

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

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

| Total Fees | | $ | [removed: 3.37] [added: 3.50] | | | $ | [removed: 2.73] [added: 3.37] | |

All services performed in [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] by the independent auditor were approved by the Dominion Energy Audit Committee pursuant to the pre-approval policy.

[removed: Part IV][added: Part IV]

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

See Index on page [removed: 86.][added: 65.]

| 2.1.b | | [Purchase and Sale Agreement, dated as of September 5, 2023, by and between Dominion Energy, Inc. and Enbridge Parrot Holdings, LLC (Exhibit 2.2, Form 8-K filed September 5, 2023, File No. [removed: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312523228542/d437307dex22.htm)] [added: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312523228542/d437307dex22.htm).] | | X | | |

| 3.2.a | | [Dominion Energy, Inc. Bylaws, as amended and restated, effective [removed: February 21, 2024] [added: June 26, 2025] (Exhibit [removed: 3.2.a,] [added: 3.1,] Form [removed: 10-K for the fiscal year ended December 31, 2023] [added: 8-K] filed [removed: February 23, 2024,] [added: June 27, 2025,] File [removed: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex3_2a.htm)] [added: No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex3_2a.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 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) [removed: [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) [removed: [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)] [added: [Thirty-Second](https://www.sec.gov/Archives/edgar/data/103682/000119312516769407/d293400dex43.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. 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. [removed: 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312524198455/d831402dex43.htm).] [added: 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312524198455/d831402dex43.htm); [Twentieth Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.2, Form 8-K filed March 5, 2025, File No. 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312525046394/d828769dex42.htm); [Twenty-First Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.3, Form 8-K filed March 5, 2025, File No. 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312525046394/d828769dex43.htm); [Twenty-Second Supplemental Indenture, dated as of September 1, 2025 (Exhibit 4.2, Form 8-K filed September 10, 2025, File No. 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312525199708/d942009dex42.htm); [Twenty-Third Supplemental Indenture, dated as of September 1, 2025 (Exhibit 4.3, Form 8-K filed September 10, 2025, File No. 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312525199708/d942009dex43.htm).] | | X | | X |

| 4.8 | | [Indenture, dated as of June 1, 2015, between Dominion Resources, Inc. and Deutsche Bank Trust Company Americas, as Trustee (Exhibit 4.1, Form 8-K filed June 15, 2015, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312515222766/d941911dex41.htm) [Second Supplemental Indenture, dated as of September 1, 2015 (Exhibit 4.2, Form 8-K filed September 24, 2015, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312515326953/d72279dex42.htm) [Sixth Supplemental Indenture, dated as of August 1, 2016 (Exhibit 4.4, Form 8-K filed August 9, 2016, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312516676084/d223375dex44.htm) [Eleventh Supplemental Indenture, dated as of March 1, 2017 (Exhibit 4.3, Form 10-Q filed May 4, 2017, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/103682/000119312517157920/d377987dex43.htm) [Fifteenth Supplemental Indenture, dated June 1, 2018 (Exhibit 4.2, Form 8-K, filed June 5, 2018, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312518183987/d572920dex42.htm) [Sixteenth Supplemental Indenture, dated March 1, 2019 (Exhibit 4.2, Form 8-K filed March 13, 2019, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312519072807/d657413dex42.htm) [removed: [Seventeenth Supplemental Indenture, dated as of August 1, 2019 (Exhibit 4.2, Form 10-Q filed November 1, 2019, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/103682/000156459019039434/d-ex42_314.htm)] [Eighteenth Supplemental Indenture, dated as of March 1, 2020 (Exhibit 4.2, Form 8-K, filed March 19, 2020, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312520078397/d851198dex42.htm) [Nineteenth Supplemental Indenture, dated as of March 1, 2020 (Exhibit 4.3, Form 8-K, filed March 19, 2020, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312520078397/d851198dex43.htm) [Twentieth Supplemental Indenture, dated as of April 1, 2020 (Exhibit 4.2, Form 8-K, filed April 3, 2020, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000156459020015128/d-ex42_7.htm) [removed: [Twenty-First Supplemental Indenture, dated as of September 1, 2020 (Exhibit 4.2, Form 8-K, filed September 17, 2020, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312520247676/d32772dex42.htm)] [Twenty-Second Supplemental Indenture, dated as of April 1, 2021 (Exhibit 4.2, Form 8-K, filed April 5, 2021, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312521105699/d826762dex42.htm) [Twenty-Third Supplemental Indenture, dated as of April 1, 2021 (Exhibit 4.3, Form 8-K, filed April 5, 2021, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312521105699/d826762dex43.htm) [Twenty-Fourth Supplemental Indenture, dated as of August 1, 2021 (Exhibit 4.2, Form 8-K filed August 12, 2021, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312521244034/d340627dex42.htm) [Twenty-Fifth Supplemental Indenture, dated as of August 1, 2022 (Exhibit 4.2, Form 8-K filed August 19, 2022, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312522224679/d346547dex42.htm) [Twenty-Sixth Supplemental Indenture, dated as of August 1, 2022 (Exhibit 4.3, Form 8-K filed August 19, 2022, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312522224679/d346547dex43.htm) [Twenty-Seventh Supplemental Indenture, dated as of November 1, 2022 (Exhibit 4.2, Form 8-K filed November 18, 2022, File No. [removed: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312522288395/d422097dex42.htm)] [added: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312522288395/d422097dex42.htm); [Twenty-Eighth Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.2, Form 8-K filed March 11, 2025, File No. 1-8489](https://www.sec.gov/Archives/edgar/data/715957/000119312525051568/d933177dex42.htm); [Twenty-Ninth Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.3, Form 8-K filed March 11, 2025, File No. 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312525051568/d933177dex43.htm); [Thirtieth Supplemental Indenture, dated as of May 1, 2025 (Exhibit 4.2, Form 8-K filed May 13, 2025, File No. 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312525118430/d916638dex42.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. 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. [removed: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312524260494/d649938dex43.htm).] [added: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312524260494/d649938dex43.htm); [Nineteenth Supplemental Indenture, dated as of August 1, 2025 (Exhibit 4.3, Form 8-K filed August 6, 2025, File No. 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312525174076/d87769dex43.htm); [Twentieth Supplemental Indenture, dated as of August 1, 2025 (Exhibit 4.4, Form 8-K filed August 6, 2025, File No. 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312525174076/d87769dex44.htm).] | | X | | |

| 4.10 | | [Description of Dominion Energy, Inc.’s Common Stock [removed: (Filed herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex4_10.htm)] [added: (filed herewith).](https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-ex4_10.htm)] | | X | | |

| 10.1 | | [removed: [$6,000,000,000 Fifth] [added: [$7,000,000,000 Sixth] Amended and Restated Revolving Credit Agreement, dated [removed: June 9, 2021,] [added: as of April 8, 2025,] among Dominion Energy, Inc., Virginia Electric and Power Company, [removed: Questar Gas Company,] Dominion Energy South Carolina, Inc., JPMorgan Chase Bank, N.A., as Administrative Agent, Mizuho Bank, Ltd., Bank of America, N.A., The Bank of Nova Scotia and Wells Fargo Bank, N.A., as Syndication Agents, [removed: J.P. Morgan Securities LLC and] [added: JPMorgan Chase Bank, N.A.,] Mizuho Bank, [removed: Ltd., as Co-Sustainability Structuring Agent,] [added: LTD., BOFA Securities, Inc., The Bank of Nova Scotia] and [removed: other lenders named therein (Exhibit 10.1, Form 8-K filed June 10, 2021, File No. 1-8489);](https://www.sec.gov/Archives/edgar/data/103682/000119312521187873/d32137dex101.htm) [as amended by the First Amendment, dated September 28, 2022, to the Fifth Amended] [added: Wells Fargo Securities, LLC, as Joint Lead Arrangers] and [removed: Restated Revolving Credit Agreement (Exhibit 10.1, Form 8-K filed September 30, 2022, File No. 1-8489] [added: Joint Bookrunners,] and [removed: File No. 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312522255571/d334841dex101.htm) [and] the [removed: Second Amendment, dated May 30, 2024, to the Fifth Amended] [added: other agents] and [removed: Restated Revolving Credit Agreement] [added: lenders thereto] (Exhibit 10.1, Form 8-K filed [removed: June 3, 2024, File No. 1-8489 and] [added: April 9, 2025,] File No. [removed: 000-55337)](https://www.sec.gov/Archives/edgar/data/103682/000119312524153042/d838354dex101.htm).] [added: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312525076871/d933759dex101.htm)] | | X | | X |

| 10.2 | | [removed: [$900,000,000 Sustainability] [added: [Sustainability] Revolving Credit Agreement, dated as of June 9, 2021, among Dominion Energy, Inc., Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sustainability Coordinator, Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and The Toronto- Dominion Bank, New York Branch, as Joint Lead Arrangers and Joint Bookrunners, and the other lenders named therein (Exhibit 10.2, Form 8-K filed June 10, 2021, File No. [removed: 1-8489);](https://www.sec.gov/Archives/edgar/data/715957/000119312521187869/d179382dex102.htm)] [added: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312521187869/d179382dex102.htm);] [as amended by the First Amendment, dated October 12, 2022, to the Sustainability Revolving Credit Agreement (Exhibit 10.1, Form 8-K filed October 14, 2022, File No. [removed: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312522262987/d295093dex101.htm) [and the] [added: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312522262987/d295093dex101.htm), [the] Second Amendment, dated June 7, 2024, to the Sustainability Revolving Credit Agreement (Exhibit 10.1, Form 8-K filed June 7, 2024 (File No. [removed: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312524157379/d806801dex101.htm).] [added: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000119312524157379/d806801dex101.htm) [and the Third Amendment, dated as of April 8, 2025, to the Sustainability Revolving Credit Agreement (Exhibit 10.2, Form 8-K filed April 9, 2025, File No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000119312525076871/d933759dex102.htm)] | | X | | |

| [removed: 10.18*] [added: 10.20*] | | [removed: [Restricted] [added: [Form of Restricted] Stock Agreement [removed: for Steven D. Ridge] [added: under the 2024 Long-Term Incentive Program approved January 25, 2024] (Exhibit [removed: 10.24,] [added: 10.27,] Form 10-K for the fiscal year ended December 31, [removed: 2022] [added: 2023] filed February [removed: 21, 2023,] [added: 23, 2024,] File No. [removed: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017023003287/d-ex10_24.htm)] [added: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_27.htm)] | | X | | |

| [removed: 10.19*] [added: 10.18*] | | [Form of [removed: 2023] [added: 2024] Performance Grant [removed: Plan] [added: Agreement] under the [removed: 2023] [added: 2024] Long-Term Incentive Program approved January [removed: 26, 2023, as amended February 9, 2023] [added: 25, 2024] (Exhibit 10.25, Form 10-K for the fiscal year ended December 31, [removed: 2022 filed February 21, 2023, File No. 1-8489),](https://www.sec.gov/Archives/edgar/data/715957/000095017023003287/d-ex10_25.htm) [as amended December 13,] 2023 [removed: (Exhibit 10.21, Form 10-K for the fiscal year ended December 31, 2023] filed February 23, 2024, File [removed: No.1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_21.htm).] [added: No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_25.htm)] | | X | | |

| [removed: 10.20*] [added: 10.19*] | | [Form of [removed: 2023 Goal-Based Stock] [added: 2024 Performance Share] Award Agreement under the [removed: 2023] [added: 2024] Long-Term Incentive Program approved January [removed: 26, 2023] [added: 25, 2024] (Exhibit 10.26, Form 10-K for the fiscal year ended December 31, [removed: 2022 filed February 21, 2023, File No. 1-8489),](https://www.sec.gov/Archives/edgar/data/715957/000095017023003287/d-ex10_26.htm) [as amended December 13,] 2023 [removed: (Exhibit 10.22, Form 10-K for the fiscal year ended December 31, 2023] filed February 23, 2024, File No. [removed: 1-8489)](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_22.htm).] [added: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_26.htm)] | | X | | |

| [removed: 10.21*] [added: 10.26*] | | [Form of [added: 2025] Restricted Stock Agreement under the [removed: 2023] [added: 2025] Long-Term Incentive Program approved January [removed: 26, 2023] [added: 23, 2025] (Exhibit [removed: 10.27,] [added: 10.31,] Form 10-K for the fiscal year ended December 31, [removed: 2022] [added: 2024] filed February [removed: 21, 2023,] [added: 27, 2025,] File [removed: No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017023003287/d-ex10_27.htm)] [added: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_31.htm)] | | X | | |

| [removed: 10.22*] [added: 10.21*] | | [removed: [2023 Goal-Based Stock] [added: [2024 Performance Share] Award Agreement for Robert M. Blue under the [removed: 2023] [added: 2024] Long-Term Incentive Program approved [removed: February 9, 2023] [added: January 25, 2024] (Exhibit 10.28, Form 10-K for the fiscal year ended December 31, [removed: 2022] [added: 2023] filed February [removed: 21, 2023,] [added: 23, 2024,] File No. [removed: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017023003287/d-ex10_28.htm)] [added: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_28.htm)] | | X | | |

| [removed: 10.23*] [added: 10.22*] | | [removed: [Form of 2024] [added: [2024] Performance Grant Agreement [added: for Robert M. Blue] under the 2024 Long-Term Incentive Program approved January 25, 2024 (Exhibit [removed: 10.25,] [added: 10.29,] Form 10-K for the fiscal year ended December 31, 2023 filed February 23, 2024, File No. [removed: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_25.htm)] [added: 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_29.htm)] | | X | | |

| [removed: 10.24*] [added: 10.25*] | | [Form of [removed: 2024] [added: 2025] Performance Share Award Agreement under the [removed: 2024] [added: 2025] Long-Term Incentive Program approved January [removed: 25, 2024] [added: 23, 2025] (Exhibit [removed: 10.26,] [added: 10.30,] Form 10-K for the fiscal year ended December 31, [removed: 2023] [added: 2024] filed February [removed: 23, 2024,] [added: 27, 2025,] File [removed: No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_26.htm)] [added: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_30.htm)] | | X | | |

| [removed: 10.25*] [added: 10.24*] | | [Form of [removed: Restricted Stock] [added: 2025 Performance Grant] Agreement under the [removed: 2024] [added: 2025] Long-Term Incentive Program approved January [removed: 25, 2024] [added: 23, 2025] (Exhibit [removed: 10.27,] [added: 10.29,] Form 10-K for the fiscal year ended December 31, [removed: 2023] [added: 2024] filed February [removed: 23, 2024,] [added: 27, 2025,] File [removed: No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_27.htm)] [added: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_29.htm)] | | X | | |

| [removed: 10.26*] [added: 10.27*] | | [removed: [2024] [added: [2025] Performance Share Award Agreement for Robert M. Blue under the [removed: 2024] [added: 2025] Long-Term Incentive Program approved January [removed: 25, 2024] [added: 23, 2025] (Exhibit [removed: 10.28,] [added: 10.32,] Form 10-K for the fiscal year ended December 31, [removed: 2023] [added: 2024] filed February [removed: 23, 2024,] [added: 27, 2025,] File [removed: No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_28.htm)] [added: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_32.htm)] | | X | | |

| [removed: 10.27*] [added: 10.28*] | | [removed: [2024] [added: [2025] Performance Grant Agreement for Robert M. Blue under the [removed: 2024] [added: 2025] Long-Term Incentive Program approved January [removed: 25, 2024] [added: 23, 2025] (Exhibit [removed: 10.29,] [added: 10.33,] Form 10-K for the fiscal year ended December 31, [removed: 2023] [added: 2024] filed February [removed: 23, 2024,] [added: 27, 2025,] File [removed: No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017024019110/d-ex10_29.htm)] [added: No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_33.htm)] | | X | | |

| [removed: 10.28*] [added: 10.23*] | | [Dominion Energy, Inc. 2024 Incentive Compensation Plan, effective May 7, 2024 (Exhibit 10.1, Form 8-K filed May 8, 2024, File No. 1-2255).](https://www.sec.gov/Archives/edgar/data/715957/000119312524134271/d829516dex101.htm) | | X | | |

| [removed: 10.34*] [added: 10.29*] | | [Form of 2025 Key Contributor Restricted Stock Recognition Award [removed: (filed herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_34.htm)] [added: (Exhibit 10.34, Form 10-K for the fiscal year ended December 31, 2024 filed February 27, 2025, File No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_34.htm)] | | X | | |

| [removed: 10.35*] [added: 10.30*] | | [Form of 2025 Key Contributor Cash Recognition Award [removed: (filed herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_35.htm)] [added: (Exhibit 10.35, Form 10-K for the fiscal year ended December 31, 2024 filed February 27, 2025, File No.1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex10_35.htm)] | | X | | |

| [removed: 18] [added: 21] | | [removed: [Deloitte & Touche LLP letter, dated February 27, 2025, related to] [added: [Subsidiaries of] Dominion Energy, [removed: Inc.’s financial information] [added: Inc.] (filed [removed: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex18.htm)] [added: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-ex21.htm)] | | X | | |

| 19 | | [Securities Trading Policy [removed: (filed herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex19.htm)] [added: (Exhibit 19, Form 10-K for the fiscal year ended December 31, 2024 filed February 27, 2025, File No. 1-8489).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex19.htm)] | | X | | |

| 23 | | [Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm for Dominion Energy, Inc. and Virginia Electric and Power Company (filed [removed: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex23.htm)] [added: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-ex23.htm)] | | X | | X |

| 31.a | | [Certification by Chief Executive Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed [removed: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex31_a.htm)] [added: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-ex31_a.htm)] | | X | | |

| 31.b | | [Certification by Chief Financial Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed [removed: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex31_b.htm)] [added: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-ex31_b.htm)] | | X | | |

| 31.c | | [Certification by Chief Executive Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed [removed: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000095017025028387/d-ex31_c.htm)] [added: herewith).](https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-ex31_c.htm)] | | | | X |