Dominion Energy 10-Q 2022-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

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

For the quarterly period ended March 31, 2022

or

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

For the transition period from to

Commission File Number		Exact name of registrants as specified in their charters, address of principal executive offices and registrants’ telephone number		I.R.S. Employer Identification Number
001-08489		DOMINION ENERGY, INC.		54-1229715
000-55337		VIRGINIA ELECTRIC AND POWER COMPANY		54-0418825
		120 Tredegar Street Richmond, Virginia 23219 (804) 819-2000

State or other jurisdiction of incorporation or organization of the registrants: Virginia

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

Registrant	Trading Symbol	Title of Each Class	Name of Each Exchange on Which Registered
DOMINION ENERGY, INC.	D	Common Stock, no par value	New York Stock Exchange
	DCUE	2019 Series A Corporate Units	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Dominion Energy, Inc.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Virginia Electric and Power Company

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

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

At April 28, 2022, the latest practicable date for determination, Dominion Energy, Inc. had 811,270,354 shares of common stock outstanding and Virginia Electric and Power Company had 274,723 shares of common stock outstanding. Dominion Energy, Inc. is the sole holder of Virginia Electric and Power Company’s common stock.

This combined Form 10-Q represents separate filings by Dominion Energy, Inc. and Virginia Electric and Power Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Virginia Electric and Power Company makes no representation as to the information relating to Dominion Energy, Inc.’s other operations.

VIRGINIA ELECTRIC AND POWER COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND IS FILING THIS FORM 10-Q UNDER THE REDUCED DISCLOSURE FORMAT.

COMBINED INDEX

		Page Number
	Glossary of Terms	3
	PART I. Financial Information
Item 1.	Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	68
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	82
Item 4.	Controls and Procedures	83
	PART II. Other Information
Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
Item 5.	Other Information	84
Item 6.	Exhibits	86

GLOSSARY OF TERMS

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

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, consisting of a stock purchase contract and a 1/10 interest in a share of the Series A Preferred Stock
2017 Tax Reform Act		An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017
2021 Triennial Review		Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020
ACE Rule		Affordable Clean Energy Rule
AFUDC		Allowance for funds used during construction
Align RNG		Align RNG, LLC, a joint venture between Dominion Energy and Smithfield Foods, Inc.
AOCI		Accumulated other comprehensive income (loss)
ARO		Asset retirement obligation
Atlantic Coast Pipeline		Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy
Atlantic Coast Pipeline Project		A previously proposed approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which would have been owned by Dominion Energy and Duke Energy
bcf		Billion cubic feet
Bear Garden		A 622 MW combined-cycle, natural gas-fired power station in Buckingham County, Virginia
CAA		Clean Air Act
CCR		Coal combustion residual
CCRO		Customer credit reinvestment offset
CEO		Chief Executive Officer
CEP		Capital Expenditure Program, as established by House Bill 95, Ohio legislation enacted in 2011, deployed by East Ohio to recover certain costs associated with capital investment
CERCLA		Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund
CFO		Chief Financial Officer
Clearway		The legal entity, Clearway Energy, Inc. (a subsidiary of Global Infrastructure Partners), one or more of its consolidated subsidiaries, or the entirety of Clearway Energy, Inc. and its consolidated subsidiaries
CO2		Carbon dioxide
Colonial Trail West		A 142 MW utility-scale solar power station located in Surry County, Virginia
Companies		Dominion Energy and Virginia Power, collectively
Contracted Assets		Contracted Assets operating segment
Cooling degree days		Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day
Cove Point		Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP)
CPCN		Certificate of Public Convenience and Necessity

CVOW Commercial Project		A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia
CVOW Pilot Project		A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters
CWA		Clean Water Act
DEQPS		MountainWest Pipeline Services, Inc. (formerly known as Dominion Energy Questar Pipeline Services, Inc.)
DES		Dominion Energy Services, Inc.
DESC		The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities
DGI		Dominion Generation, Inc.
DOE		U.S. Department of Energy
Dominion Energy		The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries
Dominion Energy Questar Pipeline		The legal entity, MountainWest Pipeline, LLC (formerly known as Dominion Energy Questar Pipeline, LLC), one or more of its consolidated subsidiaries (including its 50% noncontrolling interest in White River Hub), or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries
Dominion Energy South Carolina		Dominion Energy South Carolina operating segment
Dominion Energy Virginia		Dominion Energy Virginia operating segment
Dominion Privatization		Dominion Utility Privatization, LLC, a partnership between Dominion Energy and Patriot
DSM		Demand-side management
Dth		Dekatherm
Duke Energy		The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries
East Ohio		The East Ohio Gas Company, doing business as Dominion Energy Ohio
EnergySolutions		EnergySolutions, LLC
EPA		U.S. Environmental Protection Agency
EPS		Earnings per common share
FERC		Federal Energy Regulatory Commission
Four Brothers		Four Brothers Solar, LLC, a limited liability company owned by Dominion Energy (through December 2021) and Four Brothers Holdings, LLC, a subsidiary of Clearway
FTRs		Financial transmission rights
GAAP		U.S. generally accepted accounting principles
Gas Distribution		Gas Distribution operating segment
GHG		Greenhouse gas
Granite Mountain		Granite Mountain Holdings, LLC, a limited liability company owned by Dominion Energy (through December 2021) and Granite Mountain Renewables, LLC, a subsidiary of Clearway
GW		Gigawatt
Heating degree days		Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day

Hope		Hope Gas, Inc., doing business as Dominion Energy West Virginia
Iron Springs		Iron Springs Holdings, LLC, a limited liability company owned by Dominion Energy (through December 2021) and Iron Springs Renewables, LLC, a subsidiary of Clearway
ISO		Independent system operator
Jones Act		The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce
Kewaunee		Kewaunee nuclear power station
kV		Kilovolt
LNG		Liquefied natural gas
MD&A		Management’s Discussion and Analysis of Financial Condition and Results of Operations
MGD		Million gallons per day
Millstone		Millstone nuclear power station
MW		Megawatt
MWh		Megawatt hour
NAV		Net asset value
NND Project		V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina
North Anna		North Anna nuclear power station
North Carolina Commission		North Carolina Utilities Commission
NRC		U.S. Nuclear Regulatory Commission
Ohio Commission		Public Utilities Commission of Ohio
Order 1000		Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development
Patriot		Patriot Utility Privatizations, LLC, a partnership between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates
PIR		Pipeline Infrastructure Replacement program deployed by East Ohio
PJM		PJM Interconnection, LLC
PSD		Prevention of significant deterioration
PSNC		Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina
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))
Q-Pipe Transaction		A previously proposed sale by Dominion Energy to Berkshire Hathaway Energy Company of the Q-Pipe Group pursuant to a purchase and sale agreement entered into on October 5, 2020 and terminated on July 9, 2021
Questar Gas		Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho
RGGI		Regional Greenhouse Gas Initiative
Rider CCR		A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations
Rider CE		A rate adjustment clause associated with the recovery of costs related to certain renewable generation facilities in Virginia

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 SNA		A rate adjustment clause associated with costs relating to the preparation of the applications for subsequent license renewal to the NRC to extend the operating licenses of Surry and North Anna and related projects
Rider U		A rate adjustment clause associated with the recovery of costs of new underground distribution facilities
Rider US-3		A rate adjustment clause associated with the recovery of costs related to Colonial Trail West and Spring Grove 1
Rider US-4		A rate adjustment clause associated with the recovery of costs related to Sadler Solar
ROE		Return on equity
RTO		Regional transmission organization
Sadler Solar		A 100 MW utility-scale solar power station located in Greensville County, Virginia, also referred to as Dry Bread
Santee Cooper		South Carolina Public Service Authority
SCANA		The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries
SCANA Combination		Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA
SCANA Merger Approval Order		Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination
SCDOR		South Carolina Department of Revenue
SEC		U.S. Securities and Exchange Commission
Series A Preferred Stock		Dominion Energy’s 1.75% Series A Cumulative Perpetual Convertible Preferred Stock, without par value, with a liquidation preference of $1,000 per share
Series B Preferred Stock		Dominion Energy’s 4.65% Series B Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
Series C Preferred Stock		Dominion Energy’s 4.35% Series C Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
South Carolina Commission		Public Service Commission of South Carolina
Southwest Gas		The legal entity, Southwest Gas Holdings, Inc., one or more of its consolidated subsidiaries, or the entirety of Southwest Gas Holdings, Inc. and its consolidated subsidiaries
Spring Grove 1		A 98 MW utility-scale solar power station located in Surry County, Virginia
Standard & Poor’s		Standard & Poor’s Ratings Services, a division of S&P Global Inc.
Summer		V.C. Summer nuclear power station
Surry		Surry nuclear power station
Terra Nova Renewable Partners		The legal entity, Terra Nova Renewable Partners, LLC, a partnership comprised primarily of institutional investors advised by J.P. Morgan Asset Management-Global Real Assets, or one or more of its consolidated subsidiaries
Three Cedars		Granite Mountain and Iron Springs, collectively
Ullico		The legal entity, Ullico Inc., one or more of its consolidated subsidiaries, or the entirety of Ullico Inc. and its consolidated subsidiaries
Utah Commission		Utah Public Service Commission
VCEA		Virginia Clean Economy Act of March 2020
VEBA		Voluntary Employees’ Beneficiary Association

VIE		Variable interest entity
Virginia Commission		Virginia State Corporation Commission
Virginia Power		The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries
West Virginia Commission		Public Service Commission of West Virginia
Westinghouse		Westinghouse Electric Company LLC
Wexpro		The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries
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. FINANCIAL INFORMATION

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

		Three Months Ended March 31,
		2022				2021
(millions, except per share amounts)
Operating Revenue		$	4,279			$	3,870
Operating Expenses
Electric fuel and other energy-related purchases			678				550
Purchased electric capacity			13				11
Purchased gas			645				484
Other operations and maintenance			1,026				987
Depreciation, depletion and amortization			698				608
Other taxes			253				257
Impairment of assets and other charges (benefits)			(10	)			95
Total operating expenses			3,303				2,992
Income from operations			976				878
Earnings from equity method investees			80				80
Other income			46				287
Interest and related charges			174				53
Income from continuing operations including noncontrolling interests before income tax expense			928				1,192
Income tax expense			236				212
Net Income From Continuing Operations			692				980
Net Income From Discontinued Operations(1)			19				28
Net Income Including Noncontrolling Interests			711				1,008
Noncontrolling Interests			—				—
Net Income Attributable to Dominion Energy		$	711			$	1,008
Amounts attributable to Dominion Energy
Net income from continuing operations		$	692			$	980
Net income from discontinued operations			19				28
Net income attributable to Dominion Energy		$	711			$	1,008
EPS - Basic
Net income from continuing operations		$	0.82			$	1.19
Net income from discontinued operations			0.02				0.04
Net income attributable to Dominion Energy		$	0.84			$	1.23
EPS - Diluted
Net income from continuing operations		$	0.81			$	1.19
Net income from discontinued operations			0.02				0.04
Net income attributable to Dominion Energy		$	0.83			$	1.23

(1)	Includes income tax expense of $6 million and $7 million for the three months ended March 31, 2022 and 2021, respectively.

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

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

		Three Months Ended March 31,
		2022				2021
(millions)
Net income including noncontrolling interests		$	711			$	1,008
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities(1)			25				39
Changes in unrealized net gains (losses) on investment securities(2)			(62	)			(31	)
Changes in net unrecognized pension and other postretirement benefit costs(3)			28				6
Amounts reclassified to net income (loss):
Net derivative (gains) losses-hedging activities(4)			10				13
Net realized (gains) losses on investment securities(5)			3				1
Net pension and other postretirement benefit costs(6)			17				18
Changes in other comprehensive income from equity method investees(7)			1				—
Total other comprehensive income			22				46
Comprehensive income including noncontrolling interests			733				1,054
Comprehensive income attributable to noncontrolling interests			—				—
Comprehensive income attributable to Dominion Energy		$	733			$	1,054

(1)	Net of $(8) million and $(13) million tax for the three months ended March 31, 2022 and 2021, respectively.

(2)	Net of $19 million and $10 million tax for the three months ended March 31, 2022 and 2021, respectively.

(3)	Net of $(10) million and $(4) million tax for the three months ended March 31, 2022 and 2021, respectively.

(4)	Net of $(4) million and $(4) million tax for the three months ended March 31, 2022 and 2021, respectively.

(5)	Net of $(1) million and $— tax for the three months ended March 31, 2022 and 2021, respectively.

(6)	Net of $(6) and $(7) tax for the three months ended March 31, 2022 and 2021, respectively.

(7)	Net of $— and $— million tax for the three months ended March 31, 2022 and 2021, respectively.

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

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

		March 31, 2022				December 31, 2021(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents		$	444			$	283
Customer receivables (less allowance for doubtful accounts of $39 and $40)			2,164				2,219
Other receivables (less allowance for doubtful accounts of $4 at both dates)			341				349
Inventories			1,512				1,631
Regulatory assets			1,477				1,492
Other			1,476				1,270
Current assets held for sale			969				25
Total current assets			8,383				7,269
Investments
Nuclear decommissioning trust funds			7,614				7,950
Investment in equity method affiliates			2,937				2,932
Other			393				394
Total investments			10,944				11,276
Property, Plant and Equipment
Property, plant and equipment			87,107				86,503
Accumulated depreciation, depletion and amortization			(26,986	)			(26,729	)
Total property, plant and equipment, net			60,121				59,774
Deferred Charges and Other Assets
Goodwill			7,297				7,405
Regulatory assets			8,658				8,643
Other			5,449				5,223
Total deferred charges and other assets			21,404				21,271
Total assets		$	100,852			$	99,590

(1)	Dominion Energy’s Consolidated Balance Sheet at December 31, 2021 has been derived from the audited Consolidated Balance Sheet at that date.

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

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

		March 31, 2022				December 31, 2021(1)
(millions)
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current Liabilities
Securities due within one year		$	2,550			$	841
Short-term debt			2,548				2,314
Accounts payable			1,090				1,197
Accrued interest, payroll and taxes			968				1,

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OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MD&A discusses Dominion Energy’s results of operations and general financial condition and Virginia Power’s results of operations. MD&A should be read in conjunction with the Companies’ Consolidated Financial Statements. Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.

Contents of MD&A

MD&A consists of the following information:

•	Forward-Looking Statements

•	Accounting Matters – Dominion Energy

•	Dominion Energy

	•	Results of Operations

	•	Outlook

	•	Segment Results of Operations

•	Virginia Power

	•	Results of Operations

•	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 “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, 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 current pandemic health event resulting from COVID-19, and their collateral consequences, including extended disruption of economic activity in our markets and global supply chains;

•	Federal, state and local legislative and regulatory developments, including changes in or interpretations of federal and state tax laws and regulations;

•	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, transportation and storage 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 Dominion Energy shares ownership with third parties, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy and third party participants and difficulties in exiting these arrangements;

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

•	Impacts to Dominion Energy’s noncontrolling interest in Cove Point from fluctuations in future volumes of LNG imports or exports from the U.S. and other countries worldwide or demand for, purchases of and prices related to natural gas or LNG;

•	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 develop and construct the CVOW Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers;

•	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;

•	Difficulty in anticipating mitigation requirements associated with environmental and other regulatory approvals or related appeals;

•	Unplanned outages at facilities in which the Companies have an ownership interest;

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

•	Risks associated with the operation of nuclear facilities, including costs associated with the disposal of spent nuclear fuel, decommissioning, plant maintenance and changes in existing regulations governing such facilities;

•	Changes in operating, maintenance and construction costs;

•	Domestic terrorism and other threats to the Companies’ physical and intangible assets, as well as threats to cybersecurity;

•

Additional competition in industries in which the Companies operate, including in electric markets in which Dominion Energy’s nonregulated generation facilities operate and potential competition from the development and deployment of alternative energy sources, such as self-generation and distributed generation technologies, and availability of market alternatives to large commercial and industrial customers;

•	Competition in the development, construction and ownership of certain electric transmission facilities in the Companies’ service territory in connection with Order 1000;

•	Changes in technology, particularly with respect to new, developing or alternative sources of generation and smart grid technologies;

•

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

•	Receipt of approvals for, and timing of, closing dates for acquisitions and divestitures;

•	Impacts of acquisitions, divestitures, transfers of assets to joint ventures and retirements of assets based on asset portfolio reviews;

•	The expected timing and likelihood of the completion of the proposed sales of Kewaunee and Hope, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such regulatory approvals;

•	Adverse outcomes in litigation matters or regulatory proceedings, including matters acquired in the SCANA Combination;

•	Counterparty credit and performance risk;

•	Fluctuations in the value of investments held in nuclear decommissioning trusts by the Companies and in benefit plan trusts by Dominion Energy;

•	Fluctuations in energy-related commodity prices and the effect these could have on Dominion Energy’s earnings and the Companies’ liquidity position and the underlying value of their assets;

•	Fluctuations in interest rates;

•	Fluctuations in currency exchange rates of the Euro or Danish Krone associated with the CVOW Commercial Project;

•	Changes in rating agency requirements or credit ratings and their effect on availability and cost of capital;

•	Global capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms;

•	Political and economic conditions, including inflation and deflation;

•	Employee workforce factors including collective bargaining agreements and labor negotiations with union employees; and

•	Changes in financial or regulatory accounting principles or policies imposed by governing bodies.

Additionally, other risks that could cause actual results to differ from predicted results are set forth in Part I. Item 1A. Risk Factors in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021.

The Companies’ forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. The Companies caution the reader not to place undue reliance on their forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. The Companies undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

Accounting Matters

Critical Accounting Policies and Estimates

As of March 31, 2022, there have been no significant changes with regard to the critical accounting policies and estimates disclosed in MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021. The policies disclosed included the accounting for regulated operations, AROs, income taxes, accounting for derivative contracts and financial instruments at fair value, use of estimates in goodwill impairment testing, use of estimates in long-lived asset and equity method investment impairment testing, employee benefit plans and held for sale classification.

Dominion Energy

Results of Operations

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

		2022				2021				$ Change
(millions, except EPS)
First Quarter
Net income attributable to Dominion Energy		$	711			$	1,008			$	(297	)
Diluted EPS			0.83				1.23				(0.40	)

Overview

First Quarter 2022 vs. 2021

Net income attributable to Dominion Energy decreased 29%, primarily due to a decrease in net investment earnings on nuclear decommissioning trust funds and a charge to reflect the recognition of deferred taxes on the outside basis of Hope’s stock upon meeting the classification as held for sale.

Analysis of Consolidated Operations

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

		First Quarter
		2022				2021				$ Change
(millions)
Operating revenue		$	4,279			$	3,870			$	409
Electric fuel and other energy-related purchases			678				550				128
Purchased electric capacity			13				11				2
Purchased gas			645				484				161
Other operations and maintenance			1,026				987				39
Depreciation, depletion and amortization			698				608				90
Other taxes			253				257				(4	)
Impairment of assets and other charges (benefits)			(10	)			95				(105	)
Earnings from equity method investees			80				80				—
Other income			46				287				(241	)
Interest and related charges			174				53				121
Income tax expense			236				212				24
Net income from discontinued operations including noncontrolling interests			19				28				(9	)

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

First Quarter 2022 vs. 2021

Operating revenue increased 11%, primarily reflecting:

•	A $312 million increase in the fuel cost component included in utility rates as a result of an increase in commodity costs associated with sales to gas utility customers ($193 million) and electric utility retail customers ($119 million);

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

•	A $69 million increase from Virginia Power riders;

•	A $37 million increase following the approved base rate case for PSNC;

•	A $21 million increase in sales to electric utility retail customers associated with economic and other usage factors; and

•	A $20 million increase in sales to electric utility retail customers, primarily due to an increase in heating degree days.

These increases were partially offset by:

•	A $112 million decrease associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($249 million);

•	A $51 million decrease as a result of the contribution of certain nonregulated gas retail energy contracts to Wrangler;

•	A $40 million decrease associated with settlements of economic hedges of certain Virginia Power regulated electric sales;

•	A $29 million decrease from an unplanned outage at Millstone; and

•	A $29 million decrease from the sale of non-wholly-owned nonregulated solar facilities.

Electric fuel and other energy-related purchases increased 23%, primarily due to higher commodity costs for electric utilities, which are offset in operating revenue and do not impact net income.

Purchased gas increased 33%, primarily due to an increase in commodity costs for gas utilities ($193 million), which are offset in operating revenue and do not impact net income, partially offset by a decrease as a result of the contribution of certain nonregulated natural gas retail energy contracts to Wrangler ($40 million).

Other operations and maintenance increased 4%, primarily reflecting:

•	A $41 million increase in storm damage and restoration costs in Virginia Power’s service territory;

•	A $32 million increase in outside services; and

•	A $15 million increase in outage costs at Virginia Power ($9 million) and Millstone ($6 million); partially offset by

•	A $23 million gain on the contribution of certain privatization operations to Dominion Privatization.

Depreciation, depletion and amortization increased 15%, primarily due to an increase for amortization of a regulatory asset established in the settlement of the 2021 Triennial Review ($61 million), an increase in RGGI related amortization ($45 million), which are offset in operating revenue and do not impact net income, and an increase due to various projects being placed into service ($32 million), partially offset by depreciation rates revised in the first quarter of 2022 at Virginia Power ($21 million) and a decrease from the sale of non-wholly-owned nonregulated solar facilities ($14 million).

Impairment of assets and other charges decreased $105 million, primarily due to the absence of a charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process ($76 million), the absence of a charge for corporate office lease termination ($71 million) and the absence of charges associated with litigation acquired in the SCANA Combination ($60 million), partially offset by the absence of a benefit for a change in the CCRO reserve associated with the 2021 Triennial Review ($130 million).

Other income decreased 84%, primarily due to net investment losses in 2022 compared to net investment gains in 2021 on nuclear decommissioning trust funds.

Interest and related charges increased $121 million, primarily due to lower unrealized gains associated with freestanding derivatives ($138 million) and higher long-term debt interest expense resulting from net debt issuances ($32 million), partially offset by lower interest expense on junior subordinated notes due to repayments in 2021 ($25 million) and higher premiums received on interest rate derivatives ($14 million).

Income tax expense increased 11%, primarily due to a charge to reflect the recognition of deferred taxes on the outside basis of Hope’s stock upon meeting the classification as held for sale that will reverse when the sale is completed ($87 million), partially offset by lower pre-tax income ($64 million).

Outlook

As of March 31, 2022, there have been no material changes to Dominion Energy’s 2022 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021.

Segment Results of Operations

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

		Net Income (Loss) Attributable to Dominion Energy												EPS(1)
		2022				2021				$ Change				2022				2021				$ Change
(millions, except EPS)
First Quarter
Dominion Energy Virginia		$	518			$	434			$	84			$	0.64			$	0.54			$	0.10
Gas Distribution			294				251				43				0.36				0.31				0.05
Dominion Energy South Carolina			109				102				7				0.13				0.13				—
Contracted Assets			101				150				(49	)			0.13				0.18				(0.05	)
Corporate and Other			(311	)			71				(382	)			(0.43	)			0.07				(0.50	)
Consolidated		$	711			$	1,008			$	(297	)		$	0.83			$	1.23			$	(0.40	)

*(*1)	Consolidated results are presented on a diluted EPS basis. The dilutive impacts, primarily consisting of potential shares which had not yet been issued, are included within the results of the Corporate and Other segment. EPS contributions for Dominion Energy’s operating segments are presented utilizing basic average shares outstanding for the period.

Dominion Energy Virginia

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

		First Quarter
		2022				2021				% Change
Electricity delivered (million MWh)			22.3				21.7				3	%
Electricity supplied (million MWh):
Utility			22.3				21.9				2
Non-Jurisdictional			0.3				0.2				50
Degree days (electric distribution and utility service area):
Cooling			11				11				—
Heating			1,895				1,889				—
Average electric distribution customer accounts (thousands)			2,716				2,684				1

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

		First Quarter 2022 vs. 2021 Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Regulated electric sales:
Weather		$	14			$	0.02
Other			(9	)			(0.01	)
Rider equity return			16				0.02
Electric capacity			(8	)			(0.01	)
Planned outage costs			(7	)			(0.01	)
Depreciation and amortization			7				0.01
Renewable energy investment tax credits			61				0.08
Other			10				0.01
Share dilution			—				(0.01	)
Change in net income contribution		$	84			$	0.10

Gas Distribution

Presented below are selected operating statistics related to Gas Distribution’s operations:

		First Quarter
		2022				2021				% Change
Gas distribution throughput (bcf):
Sales			89				86				3	%
Transportation			301				273				10
Heating degree days (gas distribution service area):
North Carolina			1,583				1,692				(6	)
Ohio and West Virginia			2,912				2,758				6
Utah, Wyoming and Idaho			2,478				2,398				3
Average gas distribution customer accounts (thousands):
Sales			1,965				1,922				2
Transportation			1,140				1,137				—

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

		First Quarter 2022 vs. 2021 Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Regulated gas sales:
Weather		$	2			$	—
Other			34				0.04
Rider equity return			8				0.01
Interest expense, net			1				—
Other			(2	)			—
Share dilution			—				—
Change in net income contribution		$	43			$	0.05

Dominion Energy South Carolina

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

		First Quarter
		2022				2021				% Change
Electricity delivered (million MWh)			5.2				5.3				(2	%)
Electricity supplied (million MWh)			5.5				5.6				(2	)
Degree days (electric distribution service areas):
Cooling			—				1				(100	)
Heating			750				786				(5	)
Average electric distribution customer accounts (thousands)			772				761				1
Gas distribution throughput (bcf):
Sales			20				20				—
Average gas distribution customer accounts (thousands)			422				408				3

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

		First Quarter 2022 vs. 2021 Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Regulated electric sales:
Weather		$	1			$	—
Other			15				0.02
Capital cost rider			(2	)			—
Regulated gas sales			3				—
Other			(10	)			(0.02	)
Share dilution			—				—
Change in net income contribution		$	7			$	—

Contracted Assets

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

		First Quarter
		2022				2021				% Change
Electricity supplied (million MWh)			4.6				5.1				(10	%)

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

		First Quarter 2022 vs. 2021 Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Margin(1)		$	(24	)		$	(0.03	)
Planned outage costs			(4	)			—
Renewable energy investment tax credits			(29	)			(0.04	)
Depreciation and amortization			12				0.02
Other			(4	)			—
Share dilution			—				—
Change in net income contribution		$	(49	)		$	(0.05	)

(1)	Includes earnings associated with a 50% noncontrolling interest in Cove Point.

Corporate and Other

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

		First Quarter
		2022				2021				$ Change
(millions, except EPS)
Specific items attributable to operating segments		$	(269	)		$	(87	)		$	(182	)
Specific items attributable to Corporate and Other segment			(20	)			202				(222	)
Total specific items			(289	)			115				(404	)
Other corporate operations:
Interest expense, net			(79	)			(111	)			32
Other			57				67				(10	)
Total other corporate operations			(22	)			(44	)			22
Total net income (expense)		$	(311	)		$	71			$	(382	)
EPS impact		$	(0.43	)		$	0.07			$	(0.50	)

Total Specific Items

Corporate and Other includes specific items attributable to Dominion Energy’s primary operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. See Note 21 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment. In 2022, this primarily included a $87 million charge to reflect the recognition of deferred taxes on the outside basis of Hope’s stock upon meeting the classification as held for sale that will reverse when the sale is completed, a $52 million after-tax benefit for derivative mark-to-market changes and $19 million net income from discontinued operations, primarily associated with the Q-Pipe Group. In 2021, this primarily included a $234 million after-tax benefit for derivative mark-to-market changes, a $53 million after-tax charge for corporate office lease termination associated with workplace realignment and $28 million net income from discontinued operations, primarily associated with the Q-Pipe Group.

Virginia Power

Results of Operations

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

		First Quarter
		2022				2021				$ Change
(millions)
Net income		$	357			$	374			$	(17	)

Overview

First Quarter 2022 vs. 2021

Net income decreased 5% with no transactions or events contributing to a significant change in net income.

Analysis of Consolidated Operations

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

		First Quarter
		2022				2021				$ Change
(millions)
Operating revenue		$	2,167			$	1,830			$	337
Electric fuel and other energy-related purchases			516				406				110
Purchased (excess) electric capacity			11				(3	)			14
Other operations and maintenance			570				513				57
Depreciation and amortization			429				324				105
Other taxes			75				93				(18	)
Impairment of assets and other charges (benefit)			4				(51	)			55
Other income			4				32				(28	)
Interest and related charges			148				136				12
Income tax expense			61				70				(9	)

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

First Quarter 2022 vs. 2021

Operating revenue increased 18%, primarily reflecting:

•	The absence of a $151 million decrease from an unbilled revenue reduction;

•	A $108 million increase in the fuel cost component included in utility rates as a result of a net increase in commodity costs associated with sales to electric utility retail customers;

•	A $69 million increase from riders;

•	A $35 million increase in sales to electric utility retail customers associated with economic and other usage factors; and

•	A $19 million increase in sales to retail customers, primarily due to an increase in heating degree days.

These increases were partially offset by:

•	A $40 million decrease associated with settlements of economic hedges of certain regulated electric sales; and

•	A $15 million decrease reflecting a reduction in base rates associated with the settlement of the 2021 Triennial Review.

Electric fuel and other energy-related purchases increased 27%, primarily due to higher commodity costs for electric utilities, which are offset in operating revenue and do not impact net income.

Purchased electric capacity increased $14 million, primarily due to an increase in expense related to the annual PJM capacity performance market effective June 2021.

Other operations and maintenance increased 11%, primarily reflecting:

•	A $41 million increase in storm damage and service restoration costs;

•	A $17 million increase in outside services; and

•	The absence of a $10 million reduction in bad debt expense due to the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process; partially offset by

•	A $14 million decrease in certain expenses which are primarily recovered through state- and FERC-regulated rates and do not impact net income; and

•	A $11 million decrease in salaries, wages and benefits.

Depreciation and amortization increased 32%, primarily due to an increase for amortization of a regulatory asset established in the settlement of the 2021 Triennial Review ($61 million), an increase in RGGI related amortization ($45 million), which are offset in operating revenue and do not impact net income, and an increase due to various projects being placed into service ($22 million), partially offset by depreciation rates revised in the first quarter of 2022 ($21 million).

Other taxes decreased 19%, primarily due to lower property taxes recorded in 2022 ($6 million) and lower business and occupational taxes as a result of a West Virginia legislative change ($5 million).

Impairment of assets and other charges increased $55 million, primarily due to the absence of a benefit for a change in the CCRO reserve associated with the 2021 Triennial Review ($130 million), partially offset by the absence of a charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process ($76 million).

Other income decreased 88%, primarily due to net investment losses in 2022 compared to net investment gains in 2021 on nuclear decommissioning trust funds.

Interest and related charges increased 9%, primarily due to higher long-term debt interest expense resulting from net debt issuances in 2022 and 2021.

Income tax expense decreased 13%, primarily due to lower pre-tax income.

Liquidity and Capital Resources

Dominion Energy depends on both cash generated from operations and external sources of liquidity to provide working capital and as a bridge to long-term financings. Dominion Energy’s material cash requirements include capital and investment expenditures, repaying short-term and long-term debt obligations and paying dividends on its common and preferred stock. This section should be read in conjunction with Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021.

Analysis of Cash Flows

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

		2022				2021
(millions)
Cash, restricted cash and equivalents at January 1		$	408			$	247
Cash flows provided by (used in):
Operating activities			1,125				1,452
Investing activities			(1,574	)			(2,308	)
Financing activities			635				1,171
Net increase in cash, restricted cash and equivalents			186				315
Cash, restricted cash and equivalents at March 31		$	594			$	562

Operating Cash Flows

Net cash provided by Dominion Energy's operating activities decreased $327 million, inclusive of a $12 million decrease from discontinued operations, primarily due to current year refund payments to Virginia electric customers associated with the settlement of the 2021 Triennial Review ($190 million), lower deferred fuel cost recoveries ($108 million) and changes in working capital ($134 million).

Investing Cash Flows

Net cash used in Dominion Energy’s investing activities decreased $734 million, primarily due to a decrease in contributions to equity method affiliates including Atlantic Coast Pipeline ($962 million) and proceeds from the sale of assets and equity method investments ($146 million), partially offset by an increase in plant construction and other property additions ($294 million).

Financing Cash Flows

Net cash provided by Dominion Energy's financing activities decreased $536 million primarily due to lower net issuances of short-term debt ($1.7 billion), partially offset by higher issuances, net of repayments and redemptions, of long-term debt ($1.0 billion) and the absence of repayment of the 364-day revolving supplemental credit facility borrowings ($225 million).

Credit Facilities and Short-Term Debt

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy’s use of credit facilities and/or short-term debt during the three months ended March 31, 2022.

Dominion Energy Reliability InvestmentSM Program

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At March 31, 2022, Dominion Energy’s Consolidated Balance Sheets include $473 million with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Credit Facilities

Dominion Energy maintains a $6.0 billion joint revolving credit facility which provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives. At March 31, 2022, Dominion Energy had $3.8 billion of unused capacity under its joint revolving credit facility. See Note 16 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding.

In addition to the primary sources of short-term liquidity discussed above, from time to time Dominion Energy enters into separate supplementary credit facilities or term loans as discussed in Note 16 to the Consolidated Financial Statements in this report.

Long-Term Debt

Issuances and Borrowings of Long-Term Debt

Through March 31, 2022, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds were used for the repayment of existing long-term indebtedness and for general corporate purposes.

Month of Issuance		Type		Public / Private		Issuer / Borrowing Entity		Principal				Rate				Stated Maturity
								(millions)
January		Senior notes		Public		Virginia Power		$	600				2.400	%		2032
January		Senior notes		Public		Virginia Power			400				2.950	%		2051
Total issuances and borrowings								$	1,000

Dominion Energy currently meets the definition of a well-known seasoned issuer under SEC rules governing the registration, communication and offering processes under the Securities Act of 1933, as amended. The rules provide for a streamlined shelf registration process to provide registrants with timely access to capital. This allows Dominion Energy to use automatic shelf registration statements to register any offering of securities, other than those for exchange offers or business combination transactions.

Dominion Energy maintains a $900 million Sustainability Revolving Credit Facility which matures in 2024 and bears interest at a variable rate for amounts borrowed for general corporate purposes. The facility also offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. At March 31, 2022, Dominion Energy had no amounts outstanding under this supplemental credit facility. In May 2022, Dominion Energy provided notice of its intention to borrow $900 million under the facility.

Dominion Energy anticipates, excluding potential opportunistic financings, issuing between approximately $3.2 billion and $4.4 billion of long-term debt during 2022, inclusive of amounts issued through March 31, 2022 as shown above. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.

Repayment, Repurchases and Redemptions of Long-Term Debt

Dominion Energy may from time to time reduce its outstanding debt and level of interest expense through redemption of debt securities prior to maturity or repurchases of debt securities in the open market, in privately negotiated transactions, through tender offers or otherwise.

The following long-term debt was repaid, repurchased or redeemed through March 31, 2022:

Month of Redemption		Type		Entity		Principal		(1)	Rate		Stated Maturity
						(millions)
Debt scheduled to mature in 2022						$	39		various
Early redemptions
None
Total repayments, repurchases and redemptions						$	39

(1)	Total amount redeemed prior to maturity includes remaining principal plus accrued interest.

See Note 16 to the Consolidated Financial Statements in this report and Note 18 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for additional information regarding scheduled maturities of Dominion Energy’s long-term debt, including related average interest rates.

Remarketing of Long-Term Debt

Through March 31, 2022, Dominion Energy was not required to and did not complete the remarketing of any of its long-term debt. In 2022, Dominion Energy expects to remarket approximately $165 million of its senior notes and tax-exempt bonds, inclusive of $138 million of Virginia Power’s tax-exempt bonds remarketed in April 2022.

Credit Ratings

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, Dominion Energy’s credit ratings affect its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer debt securities. The credit ratings for Dominion Energy are affected by its financial profile, mix of regulated and nonregulated businesses and respective cash flows, changes in methodologies used by the ratings agencies and event risk, if applicable, such as major acquisitions or dispositions. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. As of March 31, 2022, there have been no changes in Dominion Energy’s credit ratings.

Financial Covenants

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, Dominion Energy is subject to various covenants present in the enabling agreements underlying Dominion Energy’s debt. As of March 31, 2022, there have been no material changes to covenants, nor any events of default under Dominion Energy’s covenants.

Common Stock, Preferred Stock and Other Equity Securities

In the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, there is a discussion of Dominion Energy’s existing equity financing programs, including an at-the-market program and Dominion Energy Direct®. Through March 31, 2022, Dominion Energy has issued $45 million of stock through these programs. See Note 16 to the Consolidated Financial Statements in

this report for additional information. Dominion Energy anticipates raising between $300 million and $500 million of capital through the issuance of common stock in 2022 and may issue up to $150 million of stock under settlement agreements associated with litigation acquired in the SCANA Combination as discussed in Note 17 to the Consolidated Financial Statements in this report, inclusive of 0.9 million shares of its common stock, valued at $72 million, issued in May 2022 to partially satisfy DESC’s remaining obligation under a settlement agreement with the SCDOR. As discussed in Note 16 to the Consolidated Financial Statements in this report, in June 2022, Dominion Energy will settle the stock purchase contract component of the 2019 Equity Units which is expected to result in proceeds in the event of a successful remarketing of $1.6 billion and the issuance of up to 21.8 million shares, subject to a formula based on the average closing price of Dominion Energy common stock. As discussed in Note 16 to the Consolidated Financial Statements in this report, Dominion Energy, subject to approval by its Board of Directors and the settlement of a successful remarketing, will redeem all outstanding shares of the Series A Preferred Stock in September 2022.

Through March 31, 2022, Dominion Energy has not repurchased and does not plan to repurchase in 2022 any shares of common stock, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock.

Capital Expenditures

As of March 31, 2022, there have been no material changes to Dominion Energy’s total planned capital expenditures for each segment through 2026 as disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021.

Dividends

Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares. See Note 16 to the Consolidated Financial Statements in this report for additional information regarding Dominion Energy’s outstanding preferred stock and associated dividend rates.

Subsidiary Dividend Restrictions

As of March 31, 2022, there have been no material changes to the subsidiary dividend restrictions disclosed in the Dividends section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021

Credit Risk

Dominion Energy’s exposure to potential concentrations of credit risk results primarily from its energy marketing and price risk management activities. Presented below is a summary of Dominion Energy’s credit exposure as March 31, 2022 for these activities. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights.

		Gross Credit Exposure				Credit Collateral				Net Credit Exposure
(millions)
Investment grade(1)		$	54			$	—			$	54
Non-investment grade(2)			15				14				1
No external ratings:
Internally rated—investment grade(3)			27				—				27
Internally rated—non-investment grade(4)			14				—				14
Total		$	110			$	14			$	96

(1)	Designations as investment grade are based upon minimum credit ratings assigned by Moody’s Investors Service and Standard & Poor’s. The five largest counterparty exposures, combined, for this category represented approximately 45% of the total net credit exposure.

(2)	The five largest counterparty exposures, combined, for this category represented less than 1% of the total net credit exposure.

(3)	The five largest counterparty exposures, combined, for this category represented approximately 28% of the total net credit exposure.

(4)	The five largest counterparty exposures, combined, for this category represented approximately 7% of the total net credit exposure.

Fuel and Other Purchase Commitments

There have been no material changes outside of the ordinary course of business to Dominion Energy’s fuel and other purchase commitments included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021.

Other Material Cash Requirements

As of March 31, 2022, there have been no material changes outside of the ordinary course of business to Dominion Energy’s other material cash requirements included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021. Such obligations include:

	•	Operating and finance lease obligations – See Note 14 to the Consolidated Financial Statements in this report;

	•	Regulatory liabilities – See Note 12 to the Consolidated Financial Statements in this report;

	•	AROs – See Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021;

	•	Employee benefit plan obligations – See Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021;

	•	Charitable commitments – See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021;

	•	Off-balance sheet leasing arrangements – See Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021; and

	•	Guarantees – See Note 17 to the Consolidated Financial Statements in this report.

Future Issues and Other Matters

See Item 1. Business, Future Issues and Other Matters in MD&A and Notes 13 and 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021 and Notes 13 and 17 to the Consolidated Financial Statements in this report for additional information on various environmental, regulatory, legal and other matters that may impact future results of operations, financial condition and/or cash flows.

CVOW Commercial Project

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

In May 2022, Virginia Power entered into forward purchase agreements with a notional amount of approximately €3.2 billion to hedge its foreign currency rate risk exposure to certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project.

QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

The matters discussed in this Item may contain “forward-looking statements” as described in the introductory paragraphs under Part I., Item 2. MD&A in this report. The reader’s attention is directed to those paragraphs for discussion of various risks and uncertainties that may impact the Companies.

Market Risk Sensitive Instruments and Risk Management

The Companies’ financial instruments, commodity contracts and related financial derivative instruments are exposed to potential losses due to adverse changes in commodity prices, interest rates and equity security prices as described below. Commodity price risk is present in the Companies’ electric operations and Dominion Energy’s natural gas procurement and marketing operations due to the exposure to market shifts in prices received and paid for electricity, natural gas and other commodities. The Companies use commodity derivative contracts to manage price risk exposures for these operations. Interest rate risk is generally related to their outstanding debt and future issuances of debt. In addition, the Companies are exposed to investment price risk through various portfolios of equity and debt securities. The Companies’ exposure to foreign currency exchange rate risk is related to certain fixed price contracts entered into in 2021 in connection with the CVOW Commercial Project. The contracts include services denominated in currencies other than the U.S. dollar for approximately €2.6 billion and 5.1 billion kr. In addition, certain of the fixed price contracts, approximately €0.7 billion, contain commodity indexing provisions linked to steel. As a result, any changes in applicable exchange rates or commodity indices could result in a change to the ultimate cost of the project. In May 2022, Virginia Power entered into forward purchase agreements with a notional amount of approximately €3.2 billion to hedge its foreign currency rate risk exposure to certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project.

The following sensitivity analysis estimates the potential loss of future earnings or fair value from market risk sensitive instruments over a selected time period due to a 10% change in commodity prices or interest rates.

Commodity Price Risk

To manage price risk, the Companies hold commodity-based derivative instruments held for non-trading purposes associated with purchases and sales of electricity, natural gas and other energy-related products.

The derivatives used to manage commodity price risk are executed within established policies and procedures and may include instruments such as futures, forwards, swaps, options and FTRs that are sensitive to changes in the related commodity prices. For sensitivity analysis purposes, the hypothetical change in market prices of commodity-based derivative instruments is determined based on models that consider the market prices of commodities in future periods, the volatility of the market prices in each period, as well as the time value factors of the derivative instruments. Prices and volatility are principally determined based on observable market prices.

A hypothetical 10% increase in commodity prices would have resulted in a decrease of $78 million and $16 million in the fair value of Dominion Energy’s commodity-based derivative instruments as of March 31, 2022 and December 31, 2021, respectively.

A hypothetical 10% increase in commodity prices would have resulted in a decrease of $38 million and $6 million in the fair value of Virginia Power’s commodity-based derivative instruments as of March 31, 2022 and December 31, 2021, respectively.

The impact of a change in energy commodity prices on the Companies' commodity-based derivative instruments at a point in time is not necessarily representative of the results that will be realized when the contracts are ultimately settled. Net losses from commodity-based financial derivative instruments used for hedging purposes, to the extent realized, will generally be offset by recognition of the hedged transaction, such as revenue from physical sales of the commodity.

Interest Rate Risk

The Companies manage their interest rate risk exposure predominantly by maintaining a balance of fixed and variable rate debt. They also enter into interest rate sensitive derivatives, including interest rate swaps and interest rate lock agreements. For variable rate debt outstanding for Dominion Energy and Virginia Power, a hypothetical 10% increase in market interest rates would not have resulted in a material change in earnings at March 31, 2022 or December 31, 2021.

The Companies also use interest rate derivatives, including forward-starting swaps, interest rate swaps and interest rate lock agreements to manage interest rate risk. As of March 31, 2022, Dominion Energy and Virginia Power had $14.4 billion and $3.9 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $228 million and $141 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at March 31, 2022. As of December 31, 2021, Dominion Energy and Virginia Power had $11.4 billion and $2.8 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding. A

hypothetical 10% decrease in market interest rates would have resulted in a decrease of $191 million and $111 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2021.

The impact of a change in interest rates on the Companies’ interest rate-based financial derivative instruments at a point in time is not necessarily representative of the results that will be realized when the contracts are ultimately settled. Net gains and/or losses from interest rate derivative instruments used for hedging purposes, to the extent realized, will generally be offset by recognition of the hedged transaction.

Investment Price Risk

The Companies are subject to investment price risk due to securities held as investments in nuclear decommissioning and rabbi trust funds that are managed by third-party investment managers. These trust funds primarily hold marketable securities that are reported in the Companies’ Consolidated Balance Sheets at fair value.

Dominion Energy recognized net investment losses (including investment income) on nuclear decommissioning and rabbi trust investments of $197 million for the three months ended March 31, 2022, and net investment gains (including investment income) on nuclear decommissioning and rabbi trust investments of $304 million and $1.1 billion for the three months ended March 31, 2021 and the year ended December 31, 2021, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Dominion Energy recorded in AOCI and regulatory liabilities, a net decrease in unrealized gains on debt investments of $134 million, $64 million and $64 million for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021, respectively.

Virginia Power recognized net investment losses (including investment income) on nuclear decommissioning trust investments of $89 million for the three months ended March 31, 2022, and net investment gains (including investment income) on nuclear decommissioning trust investments of $153 million and $568 million for the three months ended March 31, 2021 and the year ended December 31, 2021, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Virginia Power recorded in AOCI and regulatory liabilities, a net decrease in unrealized gains on debt investments of $68 million, $28 million and $31 million for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021, respectively.

Dominion Energy sponsors pension and other postretirement employee benefit plans that hold investments in trusts to fund employee benefit payments. Virginia Power employees participate in these plans. Differences between actual and expected returns on plan assets are accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans.

Senior management of both Dominion Energy and Virginia Power, including Dominion Energy and Virginia Power’s CEO and CFO, evaluated the effectiveness of each company’s disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation process, each of Dominion Energy and Virginia Power’s CEO and CFO have concluded that each company’s disclosure controls and procedures are effective.

There were no changes that occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, Dominion Energy or Virginia Power’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Companies are parties to various legal, environmental or other regulatory proceedings, including in the ordinary course of business. SEC regulations require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Companies reasonably believe will exceed a specified threshold. Pursuant to the SEC regulations, the Companies use a threshold of $1 million for such proceedings.

See the following for discussions on various legal, environmental and other regulatory proceedings to which the Companies are a party, which information is incorporated herein by reference:

•	Notes 13 and 23 to the Consolidated Financial Statements and Future Issues and Other Matters in MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021.

•	Notes 13 and 17 to the Consolidated Financial Statements in this report.

The Companies’ businesses are influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond the Companies’ control. A number of these risk factors have been identified in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, which should be taken into consideration when reviewing the information contained in this report. There have been no material changes with regard to the risk factors previously disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021. For other factors that may cause actual results to differ materially from those indicated in any forward-looking statement or projection contained in this report, see Forward-Looking Statements in MD&A in this report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Dominion Energy

Purchases of Equity Securities

Period		Total Number of Shares (or Units) Purchased(1)				Average Price Paid per Share (or Unit)(2)				Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs				Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased under the Plans or Programs(3)
1/1/22 - 1/31/22			3,942			$	78.64				—			$ 0.92 billion
2/1/22 - 2/28/22			59,592				80.00				—			0.92 billion
3/1/22 - 3/31/22			6,111				79.29				—			0.92 billion
Total			69,645				79.86				—			$ 0.92 billion

(1)	Represents shares of common stock that were tendered by employees to satisfy tax withholding obligations on vested restricted stock.

(2)	Represents the weighted-average price paid per share.

(3)

In November 2020, the Dominion Energy Board of Directors authorized the repurchase of up to $1.0 billion of shares of common stock. This repurchase program has no expiration date or price or volume targets and may be modified, suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors.

On May 5, 2022, Dominion Energy filed a prospectus supplement to its effective registration statement on Form S-3 (File No. 333-239467) filed with the SEC on June 26, 2020 for purposes of registering the offer and resale of certain shares of its common stock previously issued and delivered to SCDOR in accordance with the terms of a settlement agreement as discussed in Note 17 to the Consolidated Financial Statements in this report. The registration rights agreement and opinion of counsel relating to the registration and validity of such shares are filed as Exhibits 4.2 and 5.1, respectively, to this Quarterly Report on Form 10-Q for the purpose of incorporating such exhibits by reference into the registration statement and the related prospectus contained therein, as supplemented by the prospectus supplement.

On May 5, 2022, Dominion Energy notified applicable holders that it will conduct a final remarketing of shares of Series A Preferred Stock during a final remarketing period beginning on May 23, 2022 and ending on May 27, 2022. Dominion Energy has received a commitment from a financial institution to purchase at a price of $1,000 per share any shares of Series A Preferred Stock included in the final remarketing that are not sold to other purchasers through a marketed process based on an annual dividend rate of 1.75% for the June 1, 2022 through August 31, 2022 dividend period, which annual dividend rate will increase to 6.75% effective September 1, 2022. In connection with this commitment, Dominion Energy has agreed to redeem all outstanding shares of Series A Preferred Stock on September 1, 2022, assuming settlement of the final remarketing and subject to approval by Dominion Energy’s Board of Directors, a determination that Dominion Energy has funds legally available for the redemption as required by Virginia law and the terms of the Series A Preferred Stock and the issuance of a redemption notice as required by the terms of the Series A Preferred Stock.

Exhibit Number		Description						Dominion Energy		Virginia Power
3.1.a		Dominion Energy, Inc. Articles of Incorporation, as amended, effective December 9, 2021 (Exhibit 3.1, Form 8-K filed December 9, 2021, File No. 1-8489).						X
3.1.b		Virginia Electric and Power Company Amended and Restated Articles of Incorporation, as in effect on October 30, 2014 (Exhibit 3.1.b, Form 10-Q filed November 3, 2014, File No. 1-2255).								X
3.2.a		Dominion Energy, Inc. Bylaws, as amended and restated, effective May 5, 2021 (Exhibit 3.1, Form 8-K filed May 6, 2021, File No. 1-8489).						X
3.2.b		Virginia Electric and Power Company Amended and Restated Bylaws, effective June 1, 2009 (Exhibit 3.1, Form 8-K filed June 3, 2009, File No. 1-2255).								X
4		Dominion Energy, Inc. and Virginia Electric and Power Company agree to furnish to the Securities and Exchange Commission upon request any other instrument with respect to long-term debt as to which the total amount of securities authorized does not exceed 10% of any of their total consolidated assets.						X		X
4.1		Senior Indenture, dated as of September 1, 2017, between Virginia Electric and Power Company and U.S. Bank National Association, as Trustee (Exhibit 4.1, Form 8-K filed September 13, 2017, File No.000-55337); First Supplemental Indenture, dated as of September 1, 2017 (Exhibit 4.2, Form 8-K filed September 13, 2017, File No.000-55337); Second Supplemental Indenture, dated as of March 1, 2018 (Exhibit 4.2, Form 8-K filed March 22, 2018, File No. 000-55337); Third Supplemental Indenture, dated as of November 1, 2018 (Exhibit 4.2, Form 8-K filed November 28, 2018, File No. 000-55337); Fourth Supplemental Indenture, dated as of July 1, 2019 (Exhibit 4.2, Form 8-K filed July 10, 2019, File No. 00-55337); Fifth Supplemental Indenture, dated as of December 1, 2019 (Exhibit 4.2, Form 8-K filed December 5, 2019, File No. 000-55337); Sixth Supplemental Indenture, dated as of December 1, 2020 (Exhibit 4.2, Form 8-K filed December 15, 2020, File No. 00-55337); Seventh Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.2, Form 8-K filed November 22, 2021, File No.000-55337); Eighth Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.3, Form 8-K filed November 22, 2021, File No.000-55337); Ninth Supplemental Indenture, dated as of January 1, 2022 (Exhibit 4.2, Form 8-K filed January 13, 2022, File No.000-55337).						X		X
4.2		Registration Rights Agreement, dated May 5, 2022, by and between Dominion Energy, Inc. and South Carolina Department of Revenue (filed herewith).						X
5.1		Opinion of McGuireWoods LLP (filed herewith).						X
31.a		Certification by Chief Executive Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).						X
31.b		Certification by Chief Financial Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).						X
31.c		Certification by Chief Executive Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).								X
31.d		Certification by Chief Financial Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).								X
32.a		Certification to the Securities and Exchange Commission by Chief Executive Officer and Chief Financial Officer of Dominion Energy, Inc. as required by Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).						X
32.b		Certification to the Securities and Exchange Commission by Chief Executive Officer and Chief Financial Officer of Virginia Electric and Power Company as required by Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).								X
99		Condensed consolidated earnings statements (filed herewith).						X		X

Exhibit Number		Description						Dominion Energy		Virginia Power
101		The following financial statements from Dominion Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed on May 5, 2022, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements from Virginia Electric and Power Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed on May 5, 2022, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Common Shareholder’s Equity (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.						X		X
104		Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.						X		X

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DOMINION ENERGY, INC. Registrant
May 5, 2022	/s/ Michele L. Cardiff
	Michele L. Cardiff Senior Vice President, Controller and Chief Accounting Officer
	VIRGINIA ELECTRIC AND POWER COMPANY Registrant
May 5, 2022	/s/ Michele L. Cardiff
	Michele L. Cardiff Senior Vice President, Controller and Chief Accounting Officer