Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

Contents of MD&A

MD&A consists of the following information:

Forward-Looking Statements—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;

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;

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 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;

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

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, 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;

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

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

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;

Adverse outcomes in litigation matters or regulatory proceedings;

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;

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 tariffs, 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, 2024.

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

As of September 30, 2025, 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, 2024. 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 impairment testing, held for sale classification and employee benefit plans.

Results of Operations—Dominion Energy

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

		2025				2024				$ Change
(millions, except EPS)
Third Quarter
Net income attributable to Dominion Energy		$	1,006			$	934			$	72
Diluted EPS			1.16				1.09				0.07
Year-To-Date
Net income attributable to Dominion Energy		$	2,431			$	1,900			$	531
Diluted EPS			2.81				2.19				0.62

Overview

Third Quarter 2025 vs. 2024

Net income attributable to Dominion Energy increased 8%, primarily due to higher rider equity returns reflecting capital investments at Virginia Power and an increase in net investment earnings on nuclear decommissioning trust funds, partially offset by decreased unrealized gains on economic hedging activities and a 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, including impacts of a charge for costs not expected to be recovered from customers.

Year-To-Date 2025 vs. 2024

Net income attributable to Dominion Energy increased 28%, primarily due to the absence of lower market-related impacts on pension and other postretirement plans, higher rider equity returns reflecting capital investments at Virginia Power, an increase in non-fuel base rates associated with the settlement of the 2024 electric base rate case in South Carolina, the absence of an impairment associated with the Questar Gas Transaction, an increase in sales to electric utility retail customers associated with economic and other usage factors and an increase in renewable energy tax credits. These increases were partially offset by a 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, including impacts of charges for costs not expected to be recovered from customers, a decrease in net investment earnings on nuclear decommissioning trust funds, an increase in charges associated with severe weather events, including storm damage and restoration costs, affecting Virginia Power and the closings of the East Ohio, Questar Gas and PSNC Transactions.

Analysis of Consolidated Operations

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

	Third Quarter									Year-To-Date
	2025			2024			$ Change			2025			2024			$ Change
(millions)
Operating revenue	$	4,527		$	3,941		$	586		$	12,413		$	11,059		$	1,354
Electric fuel and other energy-related purchases		1,337			910			427			3,245			2,787			458
Purchased electric capacity		36			24			12			63			57			6
Purchased gas		31			34			(3	)		221			198			23
Other operations and maintenance		850			900			(50	)		2,631			2,595			36
Depreciation and amortization		609			549			60			1,771			1,791			(20	)
Other taxes		195			184			11			598			556			42
Impairment of assets and other charges		130			122			8			226			219			7
Other income (expense)		432			348			84			884			714			170
Interest and related charges		527			404			123			1,513			1,449			64
Income tax expense		216			213			3			476			421			55
Net income (loss) from discontinued operations including noncontrolling interests		—			(15	)		15			—			200			(200	)
Noncontrolling interests		22			—			22			122			—			122

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

Third Quarter 2025 vs. 2024

Operating revenue increased 15%, primarily reflecting:

A $311 million net increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers, including revenue for the deferred fuel securitization;

A $237 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

A $48 million increase in sales to electric utility retail customers associated with economic and other usage factors;

A $45 million increase in non-fuel base rates associated with the settlement of the 2024 electric base rate case in South Carolina;

A $22 million increase due to the absence of one-time credits to customers associated with the 2023 Biennial Review and the 2024 electric base rate case in South Carolina; and

A $21 million increase in sales to electric utility retail customers associated with growth.

These increases were partially offset by:

A $91 million net decrease associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($115 million); and

A $68 million decrease in sales to electric utility retail customers, primarily due to a decrease in cooling degree days.

Electric fuel and other energy-related purchases increased 47%, primarily due to higher commodity costs for electric utilities ($321 million) and an increase in the use of purchased renewable energy credits ($112 million), which are offset in operating revenue and do not impact net income.

Other operations and maintenance decreased 6%, primarily due to a decrease in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($25 million) and a decrease in outage costs, primarily at Millstone ($14 million).

Depreciation and amortization increased 11%, primarily due to various projects being placed into service.

Impairment of assets and other charges increased 7%, primarily due to a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($128 million), partially offset by the absence of a $55 million charge in connection with the 2024 electric base rate case in South Carolina primarily to write down certain materials and supplies inventory, the absence of a charge related to the write-off of certain early-stage development costs at Virginia Power ($30 million) and the absence of a charge for the impairment of certain nonregulated renewable natural gas facilities ($27 million).

Other income increased 24%, primarily due to an increase in net investment gains on nuclear decommissioning trust funds ($94 million), partially offset by a decrease in non-service components of pension and other postretirement employee benefit plan credits ($36 million).

Interest and related charges increased 30%, primarily due to unrealized losses in 2025 compared to unrealized gains in 2024 associated with freestanding derivatives ($81 million) and an increase in net issuances of long-term debt ($75 million), partially offset by decreased interest expense associated with rider deferrals ($16 million), which is offset in operating revenue and does not impact net income, and the absence of charges incurred due to early debt repayments associated with the business review completed in March 2024 ($13 million).

Income tax expense increased 1%, primarily due to the absence of a benefit associated with the effective settlement of an uncertain tax position ($14 million), higher taxes on earnings within qualified decommissioning trusts ($13 million) and higher pre-tax income ($12 million), partially offset by an increase in renewable energy tax credits ($39 million).

Net income from discontinued operations including noncontrolling interests increased $15 million, primarily due to the absence of a loss on the closing of the PSNC Transaction.

Noncontrolling interests increased $22 million, due to the 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, consisting of Stonepeak’s share of the earnings associated with the CVOW Commercial Project subsequent to closing, which includes a $64 million share of a charge for costs not expected to be recovered from customers on the CVOW Commercial Project.

Year-To-Date 2025 vs. 2024

Operating revenue increased 12%, primarily reflecting:

A $586 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

A $236 million net increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers ($214 million), including revenue for the deferred fuel securitization and electric utility customers who elect to pay market based or other negotiated rates and related settlements of economic hedges at Virginia Power effective March 2024 and an increase in commodity costs associated with sales to gas utility customers ($22 million);

A $150 million increase in non-fuel base rates associated with the settlement of the 2024 electric base rate case in South Carolina;

A $131 million increase in sales to electric utility retail customers associated with economic and other usage factors;

A $62 million net increase associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($103 million);

A $54 million increase in sales to electric utility retail customers associated with growth;

A $40 million increase in transition service agreements primarily associated with the East Ohio, Questar Gas and PSNC Transactions;

A $36 million increase associated with prices from non-jurisdictional solar generation facilities at Virginia Power;

A $22 million increase due to the absence of one-time credits to customers associated with the 2023 Biennial Review and the 2024 electric base rate case in South Carolina; and

A $12 million net increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season ($99 million), partially offset by a decrease in cooling degree days during the cooling season ($87 million).

These increases were partially offset by:

A $29 million decrease associated with severe weather events affecting Virginia Power; and

A $22 million net decrease associated with outages at Millstone attributable to the relative effects of a planned outage ($46 million), partially offset by fewer unplanned outages ($24 million).

Electric fuel and other energy-related purchases increased 16%, primarily due to an increase in the use of purchased renewable energy credits ($227 million) and higher commodity costs for electric utilities ($218 million), which are offset in operating revenue and do not impact net income.

Purchased gas increased 12%, primarily due to an increase in commodity costs for gas utility operations, which are offset in operating revenue and do not impact net income.

Other operations and maintenance increased 1%, primarily due to an increase in charges associated with severe weather events, including storm damage and restoration costs, affecting Virginia Power ($70 million), an increase in outage costs at Millstone ($37 million) and an increase in outside services ($23 million), partially offset by the absence of costs associated with the business review completed in March 2024 ($38 million) and a decrease in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($34 million).

Depreciation and amortization decreased 1%, primarily due to the absence of RGGI-related amortization ($182 million), which is offset in operating revenue and does not impact net income, partially offset by an increase due to various projects being placed into service ($128 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.

Impairment of assets and other charges increased 3%, primarily due to a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($224 million), partially offset by the absence of charges for the impairment of certain nonregulated renewable natural gas facilities ($60 million), the absence of a $55 million charge in connection with the 2024 electric base rate case in South Carolina primarily to write down certain materials and supplies inventory, the absence of a charge in connection with a settlement of an agreement ($47 million), the absence of a charge related to the write-off of certain early-stage development costs at Virginia Power ($30 million) and the absence of an impairment of a corporate office building ($17 million).

Other income increased 24%, primarily due to the absence of lower market-related impacts on pension and other postretirement plans ($334 million) and an increase in AFUDC associated with rate-regulated projects ($36 million), partially offset by a decrease in non-service components of pension and other postretirement employee benefit plan credits ($103 million), a decrease in net investment gains on nuclear decommissioning trust funds ($92 million) and a decrease in earnings from other investments ($21 million).

Interest and related charges increased 4%, primarily due to an increase in net issuances of long-term debt ($134 million) and unrealized losses in 2025 compared to unrealized gains in 2024 associated with freestanding derivatives ($65 million), partially offset by variable rate debt repaid from proceeds associated with the business review completed in March 2024 ($69 million), the absence of charges incurred due to early debt repayments associated with the business review completed in March 2024 ($25 million), lower interest rates on commercial paper ($20 million) and decreased interest expense associated with rider deferrals ($18 million), which is offset in operating revenue and does not impact net income.

Income tax expense increased 13%, primarily due to higher pre-tax income ($197 million), partially offset by an increase in renewable energy tax credits ($125 million).

Net income from discontinued operations including noncontrolling interests decreased $200 million, primarily due to the absence of earnings from operations following the closing of the Questar Gas Transaction ($184 million), PSNC Transaction ($138 million) and East Ohio Transaction ($82 million), the absence of a gain on the closing of the Questar Gas Transaction ($34 million) and the absence of a tax benefit associated with the Questar Gas Transaction ($25 million), partially offset by the absence of a loss on the closing of the East Ohio Transaction ($108 million), the absence of an impairment associated with the Questar Gas Transaction ($78 million), the absence of charges for employee benefit items related to the East Ohio Transaction ($33 million), the absence of a loss on the closing of the PSNC Transaction ($31 million) and the absence of tax expense associated with the PSNC Transaction ($16 million).

Noncontrolling interests increased $122 million, due to the 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, consisting of Stonepeak’s share of the earnings associated with the CVOW Commercial Project subsequent to closing, which includes a $112 million share of a charge for costs not expected to be recovered from customers on the CVOW Commercial Project.

Results of Operations—Virginia Power

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

		2025				2024				$ Change
(millions)
Third Quarter
Net income attributable to Virginia Power		$	668			$	650			$	18
Year-To-Date
Net income attributable to Virginia Power		$	1,688			$	1,588			$	100

Overview

Third Quarter 2025 vs. 2024

Net income increased 3%, primarily due to higher rider equity returns reflecting capital investments, partially offset by a 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, including impacts of a charge for costs not expected to be recovered from customers.

Year-To-Date 2025 vs. 2024

Net income increased 6%, primarily due to higher rider equity returns reflecting capital investments and an increase in sales to electric utility retail customers associated with economic and other usage factors, partially offset by a 50%

noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, including impacts of charges for costs not expected to be recovered from customers, an increase in interest on long-term debt borrowings and higher average outstanding principal on commercial paper and intercompany borrowings with Dominion Energy and an increase in charges associated with severe weather events, including storm damage and restoration costs.

Analysis of Consolidated Operations

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

	Third Quarter									Year-To-Date
	2025			2024			$ Change			2025			2024			$ Change
(millions)
Operating revenue	$	3,311		$	2,762		$	549		$	8,788		$	7,788		$	1,000
Electric fuel and other energy-related purchases		1,071			690			381			2,569			2,098			471
Purchased electric capacity		32			24			8			56			53			3
Other operations and maintenance		577			574			3			1,740			1,625			115
Depreciation and amortization		418			375			43			1,212			1,268			(56	)
Other taxes		93			83			10			282			248			34
Impairment of assets and other charges		129			40			89			225			38			187
Other income (expense)		85			59			26			191			162			29
Interest and related charges		235			239			(4	)		729			633			96
Income tax expense		151			146			5			356			399			(43	)
Noncontrolling interests		22			—			22			122			—			122

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

Third Quarter 2025 vs. 2024

Operating revenue increased 20%, primarily reflecting:

A $268 million net increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers, including revenue for the deferred fuel securitization;

A $237 million increase to recover the costs and an authorized return, as applicable, associated with non-fuel riders;

A $42 million increase in sales to electric utility retail customers associated with economic and other usage factors;

A $16 million increase in sales to electric utility retail customers associated with growth;

A $15 million increase due to the absence of one-time credits to customers associated with the 2023 Biennial Review; and

A $10 million increase associated with prices from non-jurisdictional solar generation facilities.

These increases were partially offset by:

A $54 million decrease in sales to electric utility retail customers, primarily due to a decrease in cooling degree days.

Electric fuel and other energy-related purchases increased 55%, primarily due to higher commodity costs for electric utilities ($278 million) and an increase in the use of purchased renewable energy credits ($112 million), which are offset in operating revenue and do not impact net income.

Other operations and maintenance increased 1%, primarily due to an increase in salaries, wages and benefits and administrative costs ($39 million) and an increase in outside services ($18 million), partially offset by a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($25 million).

Depreciation and amortization increased 11%, primarily due to an increase due to various projects being placed into service ($29 million) and an increase in amortization associated with non-fuel riders ($12 million), which is offset in operating revenue and does not impact net income.

Other taxes increased 12%, primarily due to an increase in property taxes.

Impairment of assets and other charges increased $89 million, primarily due to a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($128 million), partially offset by the absence of a charge related to the write-off of certain early-stage development costs ($30 million).

Other income increased 44%, primarily due to an increase in AFUDC associated with rate-regulated projects.

Interest and related charges decreased 2%, primarily due to decreased interest expense associated with rider deferrals ($16 million), which is offset in operating revenue and does not impact net income, partially offset by an increase in long-term debt borrowings ($22 million).

Noncontrolling interests increased $22 million, due to the 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, consisting of Stonepeak’s share of the earnings associated with the CVOW Commercial Project subsequent to closing, which includes a $64 million share of a charge for costs not expected to be recovered from customers on the CVOW Commercial Project.

Year-To-Date 2025 vs. 2024

Operating revenue increased 13%, primarily reflecting:

A $586 million increase to recover the costs and an authorized return, as applicable, associated with non-fuel riders;

A $223 million net increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers, including revenue for the deferred fuel securitization and electric utility customers who elect to pay market based or other

negotiated rates and related settlements of economic hedges effective March 2024;

A $116 million increase in sales to electric utility retail customers associated with economic and other usage factors;

A $45 million increase in sales to electric utility retail customers associated with growth;

A $36 million increase associated with prices from non-jurisdictional solar generation facilities;

A $15 million increase due to the absence of one-time credits to customers associated with the 2023 Biennial Review; and

A $3 million net increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season ($73 million), partially offset by a decrease in cooling degree days during the cooling season ($70 million).

These increases were partially offset by:

A $29 million decrease associated with severe weather events.

Electric fuel and other energy-related purchases increased 22%, primarily due to an increase in the use of purchased renewable energy credits ($227 million) and higher commodity costs for electric utilities ($227 million), which are offset in operating revenue and do not impact net income.

Other operations and maintenance increased 7%, primarily due to an increase in salaries, wages and benefits and administrative costs ($109 million), an increase in charges associated with severe weather events, including storm damage and restoration costs ($70 million) and an increase in outside services ($33 million), partially offset by a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($34 million) and a decrease in outage costs ($10 million).

Depreciation and amortization decreased 4%, primarily due to the absence of RGGI-related amortization ($182 million), which is offset in operating revenue and does not impact net income, partially offset by an increase due to various projects being placed into service ($93 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.

Other taxes increased 14%, primarily due to an increase in property taxes.

Impairment of assets and other charges increased $187 million, primarily due to a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($224 million), partially offset by the absence of a charge related to the write-off of certain early-stage development costs ($30 million).

Other income increased 18%, primarily due to an increase in AFUDC associated with rate-regulated projects ($44 million), partially offset by a decrease in net investment gains on nuclear decommissioning trust funds ($15 million).

Interest and related charges increased 15%, primarily due to an increase in long-term debt borrowings ($76 million) and higher average outstanding principal on commercial paper and intercompany borrowings with Dominion Energy ($42 million), partially offset by decreased interest expense associated with rider deferrals ($18 million), which is offset in operating revenue and does not impact net income.

Income tax expense decreased 11%, primarily due to an increase in renewable energy tax credits.

Noncontrolling interests increased $122 million, due to the 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, consisting of Stonepeak’s share of the earnings associated with the CVOW Commercial Project subsequent to closing, which includes a $112 million share of a charge for costs not expected to be recovered from customers on the CVOW Commercial Project.

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)**
		2025				2024				$ Change				2025				2024				$ Change
(millions, except EPS)
Third Quarter
Dominion Energy Virginia		$	679			$	662			$	17			$	0.79			$	0.79			$	—
Dominion Energy South Carolina			168				147				21				0.20				0.18				0.02
Contracted Energy			165				83				82				0.19				0.10				0.09
Corporate and Other			(6	)			42				(48	)			(0.02	)			0.02				(0.04	)
Consolidated		$	1,006			$	934			$	72			$	1.16			$	1.09			$	0.07
Year-To-Date
Dominion Energy Virginia		$	1,789			$	1,571			$	218			$	2.10			$	1.88			$	0.22
Dominion Energy South Carolina			429				296				133				0.50				0.35				0.15
Contracted Energy			321				305				16				0.38				0.36				0.02
Corporate and Other			(108	)			(272	)			164				(0.17	)			(0.40	)			0.23
Consolidated		$	2,431			$	1,900			$	531			$	2.81			$	2.19			$	0.62

(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:

		Third Quarter												Year-To-Date
		2025				2024				% Change				2025				2024				% Change
Electricity delivered (million MWh)			27.0				26.0				4		%		76.1				72.0				6		%
Electricity supplied (million MWh):
Utility			27.1				26.2				3				76.2				72.2				6
Non-Jurisdictional			0.5				0.5				—				1.4				1.4				—
Degree days (electric distribution and utility service area):
Cooling			1,066				1,205				(12	)			1,698				1,857				(9	)
Heating			—				—				—				2,118				1,838				15
Average electric distribution customer accounts (thousands)			2,811				2,786				1				2,805				2,778				1

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

		Third Quarter 2025 vs. 2024 Increase (Decrease)								Year-To-Date 2025 vs. 2024 Increase (Decrease)
		Amount				EPS				Amount				EPS
(millions, except EPS)
Weather		$	(40	)		$	(0.05	)		$	2			$	—
Customer usage and other factors			54				0.06				131				0.16
Customer-elected rate impacts			—				—				(7	)			(0.01	)
Rider equity return			135				0.16				411				0.49
Storm damage and restoration costs			5				0.01				11				0.01
Planned outage costs			4				—				8				0.01
Nuclear production tax credit			(13	)			(0.02	)			6				0.01
Sale of noncontrolling interest			(86	)			(0.10	)			(234	)			(0.28	)
Depreciation and amortization			(10	)			(0.01	)			(22	)			(0.03	)
Interest expense, net			(4	)			—				(44	)			(0.05	)
Other			(28	)			(0.04	)			(44	)			(0.06	)
Share dilution			—				(0.01	)			—				(0.03	)
Change in net income contribution		$	17			$	—			$	218			$	0.22

Dominion Energy South Carolina

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

		Third Quarter												Year-To-Date
		2025				2024				% Change				2025				2024				% Change
Electricity delivered (million MWh)			6.4				6.5				(2	)	%		17.2				17.0				1		%
Electricity supplied (million MWh)			6.7				6.7				—				18.0				17.8				1
Degree days (electric distribution service areas):
Cooling			498				569				(12	)			767				850				(10	)
Heating			—				—				—				853				640				33
Gas distribution throughput (bcf):
Sales			13				13				—				50				45				11
Average distribution customer accounts (thousands):
Electric			822				810				1				816				805				1
Gas			474				461				3				471				458				3

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

		Third Quarter 2025 vs. 2024 Increase (Decrease)								Year-To-Date 2025 vs. 2024 Increase (Decrease)
		Amount				EPS				Amount				EPS
(millions, except EPS)
Weather		$	(10	)		$	(0.01	)		$	7			$	0.01
Customer usage and other factors			16				0.02				31				0.04
Customer-elected rate impacts			2				—				9				0.01
Base rate case & Natural Gas Rate Stabilization Act impacts			40				0.05				124				0.15
Capital cost rider			(2	)			—				(6	)			(0.01	)
Depreciation and amortization			(4	)			—				(12	)			(0.01	)
Interest expense, net			—				—				(4	)			—
Other			(21	)			(0.03	)			(16	)			(0.03	)
Share dilution			—				(0.01	)			—				(0.01	)
Change in net income contribution		$	21			$	0.02			$	133			$	0.15

Contracted Energy

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

		Third Quarter												Year-To-Date
		2025				2024				% Change				2025				2024				% Change
Electricity supplied (million MWh)			5.0				4.5				11		%		13.9				14.0				(1	)	%

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

		Third Quarter 2025 vs. 2024 Increase (Decrease)								Year-To-Date 2025 vs. 2024 Increase (Decrease)
		Amount				EPS				Amount				EPS
(millions, except EPS)
Margin		$	11			$	0.01			$	7			$	0.01
Planned Millstone outages(1)			7				0.01				(57	)			(0.07	)
Unplanned Millstone outages(1)			8				0.01				18				0.02
Depreciation and amortization			(8	)			(0.01	)			(13	)			(0.02	)
Renewable energy investment tax credits			41				0.05				42				0.05
Renewable energy production tax credits(2)			29				0.03				47				0.06
Interest expense, net			(5	)			(0.01	)			(2	)			—
Other			(1	)			—				(26	)			(0.02	)
Share dilution			—				—				—				(0.01	)
Change in net income contribution		$	82			$	0.09			$	16			$	0.02

(1)

Includes earnings impact from outage costs and lower energy margins.

(2)

Includes an increase from renewable natural gas facilities of $25 million and $36 million for the quarter and year-to-date periods, respectively.

Corporate and Other

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

			Third Quarter												Year-To-Date
			2025				2024				$ Change				2025				2024				$ Change
(millions, except EPS)
Specific items attributable to operating segments			$	88			$	57			$	31			$	81			$	76			$	5
Specific items attributable to Corporate and Other segment				(3	)			41				(44	)			(23	)			(64	)			41
Net income from specific items				85				98				(13	)			58				12				46
Corporate and other operations:
Interest expense, net				(147	)			(118	)			(29	)			(370	)			(435	)			65
Equity method investments				—				(2	)			2				(5	)			(2	)			(3	)
Pension and other postretirement benefit plans				58				70				(12	)			172				207				(35	)
Corporate service company costs				(14	)			(16	)			2				(39	)			(68	)			29
Other				12				10				2				76				14				62
Net expense from corporate and other operations				(91	)			(56	)			(35	)			(166	)			(284	)			118
Total net income (expense)			$	(6	)		$	42			$	(48	)		$	(108	)		$	(272	)		$	164
EPS impact			$	(0.02	)		$	0.02			$	(0.04	)		$	(0.17	)		$	(0.40	)		$	0.23

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. For the three months ended September 30, 2025, Dominion Energy reported an insignificant amount of specific items in the Corporate and Other segment. For the nine months ended September 30, 2025, this primarily included $23 million after-tax loss for derivative mark-to-market changes.

For the three months ended September 30, 2024, this primarily included a $57 million after-tax gain for derivative mark-to-market changes and $15 million net loss from discontinued operations, primarily associated with operations included in the PSNC Transaction, including the loss on sale. For the nine months ended September 30, 2024, this primarily included a $246 million after-tax loss associated with lower market-related impacts on pension and other postretirement plans, $200 million net income from discontinued operations, primarily associated with operations included in the East Ohio, PSNC and Questar Gas Transactions, including the loss on sale associated with the East Ohio and PSNC Transactions, gain on sale associated with the Questar Gas Transaction, as well as an impairment charge associated with the Questar Gas Transaction, $30 million in after-tax costs associated with the business review completed in March 2024 and a $23 million after-tax gain for derivative mark-to-market changes.

Outlook

As of September 30, 2025, there have been no material changes to Dominion Energy’s 2025 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. See Future Issues and Other Matters for a discussion of certain items that may have an impact on Dominion Energy’s 2025 net income on a per share basis.

Liquidity and Capital Resources

Dominion Energy depends on both cash generated from operations and external sources of liquidity to provide working capital and as a bridge to long-term financings. Dominion Energy’s material cash requirements include capital and investment expenditures, repaying short-term and long-term debt obligations and paying dividends on its common and preferred stock.

Analysis of Cash Flows

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

		2025				2024
(millions)
Cash, restricted cash and equivalents at January 1		$	365			$	301
Cash flows provided by (used in):
Operating activities(1)			4,374				4,377
Investing activities			(9,501	)			293
Financing activities			5,828				(3,069	)
Net increase in cash, restricted cash and equivalents			701				1,601
Cash, restricted cash and equivalents at September 30		$	1,066			$	1,902

(1)

Includes cash outflows of $55 million and $60 million for energy efficiency programs in Virginia for the nine months ended September 30, 2025 and 2024, respectively, and $19 million for DSM programs in South Carolina for both the nine months ended September 30, 2025 and 2024.

Operating Cash Flows

Net cash provided by Dominion Energy’s operating activities decreased $3 million, inclusive of a $537 million decrease from discontinued operations. Net cash provided by continuing operations increased $534 million, primarily due to higher operating cash flows from electric utility operations driven by riders, customer usage and other factors ($1.1 billion) and settlements of interest rate swaps ($653 million), partially offset by lower deferred fuel and purchased gas cost

recoveries ($963 million) and a decrease from changes in working capital ($230 million).

Investing Cash Flows

Net cash from Dominion Energy’s investing activities decreased $9.8 billion, primarily due to the absence of net proceeds from the East Ohio, Questar Gas and PSNC Transactions in 2024 ($9.2 billion), an increase in plant construction and other property additions ($536 million) and the absence of distributions from equity method affiliates in 2024 ($126 million), partially offset by lower acquisitions of solar development projects ($190 million).

Financing Cash Flows

Net cash from Dominion Energy’s financing activities increased $8.9 billion, primarily due to the absence of net repayments on 364-day term loan facilities in 2024 ($4.8 billion), an increase in net issuances of long-term debt ($3.8 billion), capital contributions from Stonepeak to OSWP ($1.1 billion), the absence of supplemental credit facility repayments in 2024 ($450 million) and the absence of the partial repurchase of Series B Preferred Stock in 2024 ($440 million), partially offset by a $1.4 billion decrease due to repayments of securitization bonds in 2025 which were issued in 2024, distributions from OSWP to Stonepeak ($167 million), a decrease in net issuances of short-term debt ($126 million) and impacts from the sale of a noncontrolling interest in OSWP ($88 million).

Credit Facilities and Short-Term Debt

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy’s use of credit facilities and/or short-term debt during the nine months ended September 30, 2025.

Revolving Credit Facilities

Dominion Energy’s short-term financing is primarily supported by its joint revolving credit facility. In April 2025, Dominion Energy amended its joint revolving credit facility to, among other things, increase the facility limit from $6.0 billion to $7.0 billion and extend the maturity date from June 2026 to April 2030. In addition, in April 2025, Dominion Energy entered into a $1.0 billion 364-day revolving credit agreement. At September 30, 2025, Dominion Energy had $5.9 billion of unused capacity under these revolving credit facilities. See Note 16 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding.

Dominion Energy Reliability Investment**SM Program

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At September 30, 2025, Dominion Energy’s Consolidated Balance Sheet included $451 million presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Other Facilities

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

Long-Term Debt

Sustainability Revolving Credit Agreement

In April 2025, the Sustainability Revolving Credit Agreement, which is described in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, was amended to, among other things, increase the facility limit from $900 million to $1.0 billion and extend the maturity date from June 2025 to April 2028. At September 30, 2025, Dominion Energy had no borrowings outstanding under this facility. See Note 16 to the Consolidated Financial Statements in this report for additional information.

Issuances and Borrowings of Long-Term Debt

During the nine months ended September 30, 2025, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds were used for the repayment of existing indebtedness and for general corporate purposes.

Month		Type		Public / Private		Entity		Principal				Rate					Stated Maturity
								(millions)
January		First mortgage bonds		Public		DESC		$	450				5.300		%		2035
March		Senior notes		Public		Virginia Power			625				5.150		%		2035
March		Senior notes		Public		Virginia Power			625				5.650		%		2055
March		Senior notes		Public		Dominion Energy			800				5.000		%		2030
March		Senior notes		Public		Dominion Energy			700				5.450		%		2035
May		Senior notes		Public		Dominion Energy			1,000				4.600		%		2028
August		Junior subordinated notes		Public		Dominion Energy			825				6.000		%	(1)	2056
August		Junior subordinated notes		Public		Dominion Energy			700				6.200		%	(1)	2056
September		Senior notes		Public		Virginia Power			825				4.900		%		2035
September		Senior notes		Public		Virginia Power			875				5.600		%		2055
Total issuances and borrowings								$	7,425

(1)

Rate subject to periodic reset as described in Note 16 to the Consolidated Financial Statements in this report.

In October 2025, Dominion Energy issued $1.3 billion of junior subordinated notes, consisting of $625 million of each of the 2025 Series A JSNs and 2025 Series B JSNs. See Note 16 to the Consolidated Financial Statements in this report for additional information.

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 does not anticipate, excluding potential opportunistic financings, the issuance of any additional long-term debt in 2025.

Repayments, Repurchases and Redemptions of Long-Term Debt

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

The following long-term debt was repaid, repurchased or redeemed during the nine months ended September 30, 2025:

Month		Type		Entity		Principal (1)				Rate		Stated Maturity
(millions)
Debt scheduled to mature in 2025				Multiple		$	830			various
Early repurchases and redemptions
None
Total repayments, repurchases and redemptions						$	830

(1)

Total amount redeemed prior to maturity, if any, includes remaining principal plus accrued interest.

See Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding scheduled maturities of Dominion Energy’s long-term debt, including related average interest rates.

Remarketing of Long-Term Debt

In September 2025, Virginia Power remarketed two series of tax-exempt bonds, with an aggregate outstanding principal of $222 million to new investors. Both series of bonds bear interest at a coupon of 3.125% until October 2030, after which they will bear interest at a market rate to be determined at that time.

Credit Ratings

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Dominion Energy’s credit ratings affect its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer its debt securities. The credit ratings for Dominion Energy are affected by its financial profile, mix of regulated and nonregulated businesses and respective cash flows, changes in methodologies used by the rating agencies and event risk, if applicable, such as major acquisitions or dispositions. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. Ratings are subject to revision or withdrawal at any time by the applicable rating organization. In May 2025, Moody’s affirmed its credit ratings but revised its outlook for Dominion Energy from stable to negative. As of September 30, 2025, there have been no other changes in Dominion Energy’s credit ratings from those described in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Financial Covenants

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Dominion Energy is subject to various covenants present in the agreements underlying Dominion Energy’s debt. As of September 30, 2025, there have been no material changes to these covenants, nor any events of default under these covenants except the following changes. As discussed in Note 16 to the Consolidated Financial Statements of this report, Dominion Energy entered into an amended joint revolving credit facility as well as an amended Sustainability Revolving Credit Agreement. Within both agreements, the calculation of equity utilized in the total debt to total capital ratio was updated for a technical clarification. In addition, under the amended joint revolving credit facility, if Dominion Energy or any of its material subsidiaries failed to make payment on various debt obligations in excess of $250 million, or $150 million for DESC, the lenders could require the defaulting company, if it is a borrower under Dominion Energy’s joint revolving credit facility, to accelerate its repayment of any outstanding borrowings and the lenders could terminate their commitments, if any, to lend funds to that company under the credit facility.

As discussed in Note 16 to the Consolidated Financial Statements of this report, in April 2025, Dominion Energy also entered into a $1.0 billion 364-day revolving credit agreement, which includes a maximum allowed total debt to total capital ratio that is consistent with the allowed ratio under these two facilities.

Common Stock, Preferred Stock and Other Equity Securities

In the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, there is a discussion of Dominion Energy’s existing equity financing programs, including Dominion Energy Direct®. During the nine months ended September 30, 2025, Dominion Energy issued $105 million of stock through these programs, net of fees and commissions.

During the first quarter of 2025, Dominion Energy entered into forward sale agreements under its May 2024 at-the-market program for approximately 8.8 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $55.34 per share. Including the forward sale agreements entered into from September through December 2024, Dominion Energy has entered into forward sale agreements for approximately 18.5 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $56.62 per share. During the third quarter of 2025, Dominion Energy entered into forward sale agreements under its May 2024 at-the-market program for approximately 2.4 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $59.91 per share.

In February 2025, Dominion Energy entered into a new at-the-market-program, and during the second quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 11.0 million shares of its common stock expected to be settled in the fourth quarter of 2026 at a weighted-average initial forward price of $55.83 per share. During the third quarter of 2025, Dominion Energy entered into forward sale agreements under its February 2025 at-the-market program for approximately 9.6 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $61.11 per share. See Note 16 to the Consolidated Financial Statements in this report for additional information.

Through September 30, 2025, Dominion Energy has not repurchased and does not plan to repurchase shares of common stock in 2025, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which does not impact the available capacity under its stock repurchase authorization. See Note 16 to the Consolidated Financial Statements in this report for additional information.

Capital Expenditures

As of September 30, 2025, there have been no material changes to Dominion Energy’s expectation for planned capital expenditures as disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

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 rate.

Subsidiary Dividend Restrictions

As of September 30, 2025, there have been no material changes to the subsidiary dividend restrictions disclosed in the Subsidiary Dividend Restrictions section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Collateral and Credit Risk

Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. As of September 30, 2025, there have been no material changes to the collateral requirements disclosed in the Collateral and Credit Risk section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

Dominion Energy’s exposure to potential concentrations of credit risk results primarily from its energy marketing and price risk management activities. Presented below is a summary of Dominion Energy’s credit exposure at September 30, 2025 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)		$	46			$	—			$	46
Non-investment grade(2)			11				—				11
No external ratings:
Internally rated—investment grade(3)			41				—				41
Internally rated—non-investment grade(4)			7				2				5
Total(5)		$	105			$	2			$	103

(1)

Designations as investment grade are based upon minimum credit ratings assigned by Moody’s and Standard & Poor’s. The five largest counterparty exposures, combined, for this category represented approximately 33% of the total net credit exposure.

(2)

The five largest counterparty exposures, combined, for this category represented approximately 11% of the total net credit exposure.

(3)

The five largest counterparty exposures, combined, for this category represented approximately 40% of the total net credit exposure.

(4)

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

(5)

Excludes long-term purchase power agreements entered to satisfy legislative or state regulatory commission requirements.

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, 2024.

Other Material Cash Requirements

In addition to the financing arrangements discussed above, Dominion Energy is party to numerous contracts and arrangements obligating it to make cash payments in future years. Dominion Energy expects current liabilities to be paid within the next twelve months. In addition to the items already discussed, the following represent material expected cash requirements recorded on Dominion Energy’s Consolidated Balance Sheet at September 30, 2025. Such obligations include:

Operating and finance lease obligations – See Note 14 to the Consolidated Financial Statements in this report and Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024;

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, 2024;

Employee benefit plan obligations – See Note 20 to the Consolidated Financial Statements in this report and Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

In addition, Dominion Energy is party to contracts and arrangements which may require it to make material cash payments in future years that are not recorded on its Consolidated Balance Sheets. Such obligations include:

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, 2024, Future Issues and Other Matters in the Companies’ Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 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. There have been no updates to the matters discussed in Future Issues and Other Matters in the Companies’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, with the exception of the items described below.

CVOW Commercial Project

In September 2019, Virginia Power filed applications with PJM for the CVOW Commercial Project and for certain approvals and rider recovery from the Virginia Commission in November 2021. The 2.6 GW project is expected to be placed in service by the end of 2026 with an estimated total project cost of approximately $11.2 billion, excluding financing costs, that reflects an estimated impact of certain tariffs which became effective during 2025. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs. Virginia Power’s estimate for the project’s projected levelized cost of energy, including renewable energy credits, is approximately $84/MWh, compared to the initial filing submission of $80-90/MWh.

The expected total project cost increase of $0.3 billion relative to Virginia Power’s August 2025 construction update filing with the Virginia Commission reflects current projections of tariffs on equipment expected to be delivered from March 2025 through the end of 2025 that originates from Mexico, Canada, a European Union member or other applicable countries and on equipment expected to be delivered from March 2025 through the end of 2026 that contains steel. 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. If the current tariffs were to remain in effect through the end of 2026, the expected project costs for offshore wind and onshore electrical

interconnection equipment could increase by up to approximately $0.2 billion.

The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 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 final network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs including any potential impact of pending Section 232 investigations and litigation before the U.S. Supreme Court, costs to maintain necessary permits, approvals and authorizations, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events.

Virginia Power commenced major onshore construction activities for the CVOW Commercial Project in November 2023 following the receipt of a record of decision from BOEM in October 2023 for construction. Onshore construction activities are anticipated to be completed in early 2026. Virginia Power commenced major offshore construction activities in May 2024 following the receipt of final approval from BOEM authorizing offshore construction and necessary permits from the U.S. Army Corps of Engineers for offshore construction in January 2024. Virginia Power completed the installation of all 176 monopiles in October 2025. Transition pieces began to be installed on monopiles near the end of 2024 with 63 transition pieces installed through October 2025 and the remaining 113 expected to be installed by early 2026. The first of three offshore substations was installed in March 2025. Deepwater export 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, 48 have been installed through October 2025 with the remaining to be laid throughout 2025 and 2026. Turbines are expected to commence installment in the fourth quarter of 2025 and be completed by the end of 2026.

Offshore Wind Vessel Leasing Arrangement

In December 2020, Dominion Energy signed an agreement (most recently amended in August 2024) with a lessor to complete construction of and lease a Jones Act compliant offshore wind installation vessel. This vessel is designed to handle current turbine technologies as well as next generation turbines. The lessor provided equity and obtained financing commitments from debt investors, totaling $715 million, which funded project costs. Including financing costs, total estimated project costs are approximately $715 million. In September 2025, the vessel was delivered and the five-year lease term commenced. See Note 14 to the Consolidated Financial Statements in this report for additional information.

ITEM 3. QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

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

Market Risk Sensitive Instruments and Risk Management

The Companies’ financial instruments, commodity contracts and related financial derivative instruments are exposed to potential losses due to adverse changes in commodity prices, interest rates, foreign currency exchange rates and equity securities prices as described below. Commodity price risk is present in the Companies’ electric operations and Dominion Energy’s natural gas procurement and marketing operations due to the exposure to market shifts in prices received and paid for electricity, natural gas and other commodities. The Companies use commodity derivative contracts to manage price risk exposures for these operations. Interest rate risk is generally related to their outstanding debt and future issuances of debt. In addition, the Companies are exposed to investment price risk through various portfolios of equity and debt securities. The Companies’ exposure to foreign currency exchange rate risk is related to certain fixed price contracts associated with the CVOW Commercial Project which it manages through foreign currency exchange rate derivatives. The contracts include services denominated in currencies other than the U.S. dollar for approximately €2.6 billion and 5.1 billion kr. In addition, certain of the fixed price contracts, approximately €0.7 billion, contain commodity indexing provisions linked to steel.

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

Commodity Price Risk

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

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

A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $18 million and 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 as of September 30, 2025 and December 31, 2024, respectively.

A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $72 million and $15 million in the fair value of Virginia Power’s commodity-based derivative instruments as of September 30, 2025 and December 31, 2024, respectively.

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

Interest Rate Risk

The Companies manage their interest rate risk exposure predominantly by maintaining a balance of fixed and variable rate debt. For variable rate debt outstanding for Dominion Energy, a hypothetical 10% increase in market interest rates would result in an $11 million and $12 million decrease in earnings at September 30, 2025 and December 31, 2024, respectively. For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a less than $1 million and $7 million decrease in earnings at September 30, 2025 and December 31, 2024, respectively.

The Companies also use interest rate derivatives, including forward-starting swaps, interest rate swaps and interest rate lock agreements to manage interest rate risk. As of September 30, 2025, Dominion Energy and Virginia Power had $13.9 billion and $9.3 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $456 million and $376 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at September 30, 2025. As of December 31, 2024, Dominion Energy and Virginia Power had $10.8 billion and $3.8 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $157 million and $155 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2024.

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

Foreign Currency Exchange Rate Risk

The Companies utilize foreign currency exchange rate swaps to economically hedge the foreign currency exchange risk associated with fixed price contracts related to the CVOW Commercial Project denominated in foreign currencies. As of September 30, 2025 and December 31, 2024, Dominion Energy had €894 million and €1.1 billion, respectively, in aggregate notional amounts of these foreign currency forward purchase agreements outstanding. A hypothetical 10% increase in the U.S. dollar to Euro exchange rate would have resulted in a decrease of $72 million and $106 million in the fair value of Dominion Energy’s foreign currency swaps at September 30, 2025 and December 31, 2024, respectively.

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

Investment Price Risk

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

Dominion Energy recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $854 million, $1.0 billion and $1.1 billion for the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Dominion Energy recorded in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of $52 million, $41 million and $(28) million for the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, respectively.

Virginia Power recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $436 million, $526 million and $580 million for the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Virginia Power recorded in AOCI and regulatory liabilities, a net increase in unrealized gains (losses) on debt investments of $23 million, $25 million and $(10) for the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, respectively.

Dominion Energy sponsors pension and other postretirement employee benefit plans that hold investments in trusts to fund employee benefit payments. Virginia Power employees participate in these plans. Differences between actual and expected returns on plan assets are immediately recognized in earnings annually in the fourth quarter of each fiscal year as well as whenever a plan is determined to qualify for a remeasurement. A hypothetical 0.25% decrease in the expected long-term rate of return on plan assets would have a $28 million impact for the year ending December 31, 2025, and would have had a $31 million impact for the year ended December 31, 2024, to the expected returns on plan assets, respectively.