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”, “believe”, “forecast”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “outlook”, “predict”, “project”, “should”, “strategy”, “continue”, “target”, “will”, “potential” or other similar words.

The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement. These factors include but are not limited to:

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

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

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

Federal, state and local legislative and regulatory developments;

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

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

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

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

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

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

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

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

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

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

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

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

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 cybersecurity threats or incidents;

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 may cause actual results to differ materially 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, 2025.

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

At March 31, 2026, 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, 2025. 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, and employee benefit plans.

Results of Operations—Dominion Energy

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

		2026				2025				$ Change
(millions, except EPS)
First Quarter
Net income attributable to Dominion Energy		$	621			$	665			$	(44	)
Diluted EPS			0.69				0.77				(0.08	)

Overview

First Quarter 2026 vs. 2025

Net income attributable to Dominion Energy decreased 7%, primarily due to an increase in interest on long-term debt, increased unrealized losses on economic hedging activities and an impairment charge associated with certain nonregulated solar generation facilities. These decreases were partially offset by higher rider equity returns reflecting capital investments at Virginia Power, the impacts of the 2025 Biennial Review at Virginia Power and a reduction in costs not expected to be recovered from customers on the CVOW Commercial Project.

Analysis of Consolidated Operations

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

	First Quarter
	2026			2025			$ Change
(millions)
Operating revenue	$	5,019		$	4,076		$	943
Electric fuel and other energy-related purchases		1,606			962			644
Purchased electric capacity		69			9			60
Purchased gas		143			147			(4	)
Other operations and maintenance		985			898			87
Depreciation and amortization		631			582			49
Other taxes		228			209			19
Impairment of assets and other charges (benefits)		(35	)		46			(81	)
Other income (expense)		3			10			(7	)
Interest and related charges		561			481			80
Income tax expense		48			40			8
Net income (loss) from discontinued operations including noncontrolling interests		(1	)		(1	)		—
Noncontrolling interests		164			46			118

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

First Quarter 2026 vs. 2025

Operating revenue increased 23%, primarily reflecting:

A $558 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 at Virginia Power;

A $257 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

A $140 million increase associated with the 2025 Biennial Review at Virginia Power;

A $42 million net increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season;

A $26 million increase attributable to sales at Millstone in the day-ahead energy market; and

$16 million in sales of renewable natural gas and related environmental credits.

These increases were partially offset by:

A $65 million net decrease associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($92 million); and

A $57 million decrease associated with severe weather events affecting Virginia Power.

Electric fuel and other energy-related purchases increased 67%, primarily due to higher commodity costs for electric utilities ($563 million) and an increase in the use of purchased renewable energy credits ($65 million), which are offset in operating revenue and do not impact net income.

Purchased electric capacity increased $60 million, primarily due to returning to PJM’s capacity market in June 2025 and an increase in annual capacity prices.

Other operations and maintenance increased 10%, primarily due to renewable natural gas projects placed in service in late 2025 ($30 million), an increase in salaries, wages and benefits ($22 million) and an increase in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($20 million), partially offset by a decrease in storm damage and restoration costs ($13 million).

Depreciation and amortization increased 8%, primarily due to various projects being placed into service.

Impairment of assets and other charges decreased $81 million, primarily due to a benefit in 2026 compared to a charge in 2025 for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($162 million), partially offset by a charge associated with certain nonregulated solar generation facilities ($78 million).

Interest and related charges increased 17%, primarily due to an increase in net issuances of long-term debt ($96 million), partially offset by decreased interest expense associated with rider deferrals ($20 million), which is offset in operating revenue and does not impact net income.

Income tax expense increased 20%, primarily due to the absence of a benefit associated with the remeasurement of an uncertain tax position.

Noncontrolling interests increased $118 million, due to an increase in earnings associated with the CVOW Commercial Project, including a decrease in charges for costs not expected to be recovered.

Results of Operations—Virginia Power

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

		2026				2025				$ Change
(millions)
First Quarter
Net income attributable to Virginia Power		$	623			$	485			$	138

Overview

First Quarter 2026 vs. 2025

Net income increased 28%, primarily due to higher rider equity returns reflecting capital investments, the impacts of the 2025 Biennial Review and a reduction in costs not expected to be recovered from customers on the CVOW Commercial Project.

Analysis of Consolidated Operations

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

	First Quarter
	2026			2025			$ Change
(millions)
Operating revenue	$	3,696		$	2,765		$	931
Electric fuel and other energy-related purchases		1,372			769			603
Purchased electric capacity		65			7			58
Other operations and maintenance		679			610			69
Depreciation and amortization		423			398			25
Other taxes		107			97			10
Impairment of assets and other charges (benefits)		(114	)		46			(160	)
Other income (expense)		27			26			1
Interest and related charges		259			243			16
Income tax expense		145			90			55
Noncontrolling interests		164			46			118

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

First Quarter 2026 vs. 2025

Operating revenue increased 34%, primarily reflecting:

A $523 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;

A $257 million increase to recover the costs and an authorized return, as applicable, associated with non-fuel riders;

A $140 million increase associated with the 2025 Biennial Review;

A $43 million increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season; and

An $11 million increase attributable to a service contract with a government entity which commenced in late 2025.

These increases were partially offset by:

A $57 million decrease associated with severe weather events.

Electric fuel and other energy-related purchases increased 78%, primarily due to higher commodity costs for electric utilities ($528 million) and an increase in the use of purchased renewable energy credits ($65 million), which are offset in operating revenue and do not impact net income.

Purchased electric capacity increased $58 million, primarily due to returning to PJM’s capacity market in June 2025 ($36 million), an increase in annual capacity prices ($10 million) and an increase in expense due to the deferral of non-fuel rider costs ($10 million), which is offset in operating revenue and does not impact net income.

Other operations and maintenance increased 11%, primarily due to an increase in salaries, wages and benefits and administrative costs ($45 million), an increase in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($20 million) and an increase in outside services primarily attributable to a service contract with a government entity which commenced in late 2025 ($12 million), partially offset by a decrease in storm damage and restoration costs ($13 million).

Depreciation and amortization increased 6%, primarily due to various projects being placed into service.

Other taxes increased 10%, primarily due to an increase in property taxes.

Impairment of assets and other charges decreased $160 million, primarily due to a benefit in 2026 compared to a charge in 2025 for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project.

Interest and related charges increased 7%, primarily due to an increase in long-term debt borrowings ($29 million), partially offset by decreased interest expense associated with rider deferrals ($20 million), which is offset in operating revenue and does not impact net income.

Income tax expense increased 61%, primarily due to higher pre-tax income.

Noncontrolling interests increased $118 million, due to an increase in earnings associated with the CVOW Commercial Project, including a decrease in charges for costs not expected to be recovered.

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)**
		2026				2025				$ Change				2026				2025				$ Change
(millions, except EPS)
First Quarter
Dominion Energy Virginia		$	670			$	561			$	109			$	0.76			$	0.66			$	0.10
Dominion Energy South Carolina			126				152				(26	)			0.14				0.18				(0.04	)
Contracted Energy			119				109				10				0.14				0.13				0.01
Corporate and Other			(294	)			(157	)			(137	)			(0.35	)			(0.20	)			(0.15	)
Consolidated		$	621			$	665			$	(44	)		$	0.69			$	0.77			$	(0.08	)

(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
		2026				2025				% Change
Electricity delivered (million MWh)			26.5				25.4				4		%
Electricity supplied (million MWh):
Utility			26.5				25.4				4
Non-Jurisdictional			0.3				0.3				—
Degree days (electric distribution and utility service area):
Cooling			18				20				(10	)
Heating			2,031				1,942				5
Average electric distribution customer accounts (thousands)			2,825				2,800				1

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

		First Quarter 2026 vs. 2025 Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Weather		$	32			$	0.04
Customer usage and other factors			2				—
2025 Biennial Review impacts(1)			105				0.12
Rider equity return			84				0.10
Electric capacity			(42	)			(0.05	)
Storm damage and restoration costs			(5	)			(0.01	)
Planned outage costs			(7	)			(0.01	)
Nuclear production tax credit			(16	)			(0.02	)
Depreciation and amortization			(9	)			(0.01	)
Salaries, wages and benefits & administrative costs			(34	)			(0.04	)
Interest expense, net			(1	)			—
Other			—				—
Share dilution			—				(0.02	)
Change in net income contribution		$	109			$	0.10

(1)

Includes the impacts of non-jurisdictional customers.

Dominion Energy South Carolina

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

		First Quarter
		2026				2025				% Change
Electricity delivered (million MWh)			5.3				5.3				—		%
Electricity supplied (million MWh)			5.6				5.5				2
Degree days (electric distribution service areas):
Cooling			3				—				100
Heating			811				850				(5	)
Gas distribution throughput (bcf):
Sales			23				22				5
Average distribution customer accounts (thousands):
Electric			825				806				2
Gas			480				466				3

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

		First Quarter 2026 vs. 2025 Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Weather		$	(1	)		$	—
Customer usage and other factors			9				0.01
Customer-elected rate impacts			(1	)			—
Natural Gas Rate Stabilization Act impacts			6				0.01
Capital cost rider			(2	)			—
Depreciation and amortization			(6	)			(0.01	)
Salaries, wages and benefits & administrative costs			4				—
Interest expense, net			(2	)			—
Other			(33	)			(0.04	)
Share dilution			—				(0.01	)
Change in net income contribution		$	(26	)		$	(0.04	)

Contracted Energy

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

		First Quarter
		2026				2025				% Change
Electricity supplied (million MWh)			4.9				4.9				—		%
Renewable natural gas supplied (million MMBtu)			0.4				—			N/A

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

		First Quarter 2026 vs. 2025 Increase (Decrease)
		Amount				EPS
(millions, except EPS)
Margin		$	50			$	0.06
Depreciation and amortization			(19	)			(0.02	)
Renewable energy investment tax credits			7				0.01
Renewable energy production tax credits(1)			14				0.02
Salaries, wages and benefits & administrative costs			(6	)			(0.01	)
Interest expense, net			(14	)			(0.02	)
Other			(22	)			(0.03	)
Share dilution			—				—
Change in net income contribution		$	10			$	0.01

(1)

Includes an increase from renewable natural gas facilities of $14 million.

Corporate and Other

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

		First Quarter
		2026				2025				$ Change
(millions, except EPS)
Specific items attributable to operating segments		$	(228	)		$	(132	)		$	(96	)
Specific items attributable to Corporate and Other segment			2				(6	)			8
Net expense from specific items			(226	)			(138	)			(88	)
Corporate and other operations:
Interest expense, net			(154	)			(109	)			(45	)
Equity method investments			—				(5	)			5
Pension and other postretirement benefit plans			62				57				5
Corporate service company costs			(16	)			(14	)			(2	)
Other			40				52				(12	)
Net expense from corporate and other operations			(68	)			(19	)			(49	)
Total net expense		$	(294	)		$	(157	)		$	(137	)
EPS impact		$	(0.35	)		$	(0.20	)		$	(0.15	)

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 20 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 both the three months ended March 31, 2026 and 2025, Dominion Energy reported an insignificant amount of specific items in the Corporate and Other segment.

Outlook

At March 31, 2026, there have been no material changes to Dominion Energy’s 2026 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. See Future Issues and Other Matters for a discussion of certain items that may have an impact on Dominion Energy’s 2026 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:

		2026				2025
(millions)
Cash, restricted cash and equivalents at January 1		$	343			$	365
Cash flows provided by (used in):
Operating activities(1)			882				1,183
Investing activities			(3,103	)			(3,238	)
Financing activities			2,365				2,167
Net increase in cash, restricted cash and equivalents			144				112
Cash, restricted cash and equivalents at March 31		$	487			$	477

(1)

Includes cash outflows of $16 million and $18 million for energy efficiency programs in Virginia for the three months ended March 31, 2026 and 2025, respectively, and $7 million and $6 million for DSM programs in South Carolina for the three months ended March 31, 2026 and 2025, respectively.

Operating Cash Flows

Net cash provided by Dominion Energy’s operating activities decreased $301 million, primarily due to lower deferred fuel and purchased gas cost recoveries ($508 million), an increase in interest payments primarily driven by higher borrowings ($203 million) and changes in working capital ($63 million), partially offset by a $473 million increase due to higher operating cash flows from electric utility operations driven by weather, riders and impacts from the 2025 Biennial Review.

Investing Cash Flows

Net cash used in Dominion Energy’s investing activities decreased $135 million, primarily due to a decrease in plant construction and other property additions.

Financing Cash Flows

Net cash from Dominion Energy’s financing activities increased $198 million, primarily due to an increase in net issuances of short-term debt ($1.1 billion) and 364-day term loan facility borrowings ($800 million), partially offset by a decrease in net issuances of long-term debt ($1.4 billion) and a

decrease in capital contributions from Stonepeak to OSWP, net of distributions from OSWP to Stonepeak ($309 million).

Credit Facilities and Short-Term Debt

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, 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, 2026.

Revolving Credit Facilities

Dominion Energy’s short-term financing is primarily supported by its joint revolving credit facility. At March 31, 2026, Dominion Energy had $5.3 billion of unused capacity under its revolving credit facilities. In April 2026, Dominion Energy’s $1.0 billion 364-day revolving credit facility matured. Subsequently, in April 2026, Dominion Energy entered into a $1.0 billion supplemental revolving credit facility which matures in April 2028. This credit facility can be used to support bank borrowings and the issuance of commercial paper. See Note 15 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding and for additional information on the revolving credit facilities.

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 March 31, 2026, Dominion Energy’s Consolidated Balance Sheet included $406 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 15 to the Consolidated Financial Statements in this report. In April 2026, Dominion Energy borrowed the remaining $450 million under its approximately $1.3 billion 364-day term loan facility entered into in February 2026, with the proceeds used for general corporate purposes.

Long-Term Debt

Sustainability Revolving Credit Agreement

Dominion Energy maintains a 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, 2025. At March 31, 2026, Dominion Energy had no borrowings outstanding under this facility. See Note 15 to the Consolidated Financial Statements in this report for additional information.

Issuances and Borrowings of Long-Term Debt

During the three months ended March 31, 2026, 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)
March		Senior notes		Public		Virginia Power		$	1,300				4.950		%		2036
March		Senior notes		Public		Virginia Power			850				5.700		%		2056
Total issuances and borrowings								$	2,150

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 anticipates, excluding potential opportunistic financings, issuing between approximately $6.0 billion and $9.5 billion of long-term debt during 2026, inclusive of amounts issued through March 31, 2026 as shown in the table above. Dominion Energy expects to issue long-term debt to satisfy cash needs for capital expenditures, net of reimbursements from Stonepeak for the CVOW Commercial Project, and maturing long-term debt to the extent such amounts are not satisfied from cash available from operations following the payment of dividends and any borrowings made from unused capacity of Dominion Energy’s credit facilities discussed above. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.

Repayments, Repurchases and Redemptions of Long-Term Debt

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

The following long-term debt was repaid, repurchased or redeemed during the three months ended March 31, 2026:

Month		Type		Entity		Principal (1)				Rate		Stated Maturity
(millions)
Debt scheduled to mature in 2026				Multiple		$	750			various
Early repurchases and redemptions
None
Total repayments, repurchases and redemptions						$	750

(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, 2025 for additional information regarding scheduled maturities of Dominion Energy’s long-term debt, including related average interest rates.

Remarketing of Long-Term Debt

During the three months ended March 31, 2026, Dominion Energy was not required to and did not complete the remarketing of any of its long-term debt. In 2026, Dominion Energy does not expect to remarket any of its tax-exempt bonds.

Credit Ratings

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, 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. At March 31, 2026, there have been no 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, 2025.

Financial Covenants

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy is subject to various covenants present in the agreements underlying Dominion Energy’s debt. At March 31, 2026, there have been no material changes to these covenants, nor any events of default under these covenants.

As discussed in Note 15 to the Consolidated Financial Statements of this report, in April 2026, Dominion Energy entered into a new $1.0 billion credit facility, which includes a maximum allowed total debt to total capital ratio that is consistent with the allowed ratio under its joint revolving credit facility.

Common Stock, Preferred Stock and Other Equity Securities

In the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, there is a discussion of Dominion Energy’s existing equity financing programs, including Dominion Energy Direct®. During the three months ended March 31, 2026, Dominion Energy issued $33 million of stock through these programs, net of fees and commissions.

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 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. In December 2025, Dominion Energy provided notice to elect physical settlement of approximately 5.4 million shares under these forward sales agreements, and in December 2025 settled the agreements at a weighted-average final forward price of $60.44 per share.

In October 2025, Dominion Energy increased the maximum amount of capacity available under its February 2025 at-the-market program by $1.8 billion.

During the first quarter of 2026, Dominion Energy entered into forward sale agreements under its February 2025 at-the-market program for approximately 3.2 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $62.96 per share. See Note 15 to the Consolidated Financial Statements in this report for additional information.

Through March 31, 2026, Dominion Energy has not repurchased and does not plan to repurchase shares of common stock in 2026, 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 15 to the Consolidated Financial Statements in this report for additional information.

Capital Expenditures

At March 31, 2026, 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, 2025.

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 15 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

At March 31, 2026, 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, 2025.

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. At March 31, 2026, 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, 2025.

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 March 31, 2026 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)		$	25			$	—			$	25
Non-investment grade(2)			1				—				1
No external ratings:
Internally rated—investment grade(3)			168				10				158
Internally rated—non-investment grade(4)			7				3				4
Total(5)		$	201			$	13			$	188

(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 11% of the total net credit exposure.

(2)

The five largest counterparty exposures, combined, for this category represented approximately 1% of the total net credit exposure.

(3)

The five largest counterparty exposures, combined, for this category represented approximately 84% of the total net credit exposure.

(4)

The five largest counterparty exposures, combined, for this category represented approximately 1% 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, 2025.

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 March 31, 2026. Such obligations include:

Operating and finance lease obligations – See Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025;

Regulatory liabilities – See Note 11 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, 2025;

Employee benefit plan obligations – See Note 19 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, 2025; and

High load equipment deposits – See Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

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 16 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, 2025 and Notes 12 and 16 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 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 majority of turbines comprising the 2.6 GW project are expected to be placed in service by the end of 2026 with the remainder in early 2027 prior to the end of June. The estimated total project cost is approximately $11.4 billion (excluding financing costs) which reflects an estimated impact of certain tariffs, including the impact of the U.S. Supreme Court’s ruling in late February 2026 and tariffs which became effective in late February 2026, as well as previously included estimated impacts of a temporary suspension of work order,

certain tariffs which became effective during 2025 and revised network upgrade costs assigned by PJM to the CVOW Commercial Project. As discussed below, the expected total project cost does not include the impact of certain tariffs revised in April 2026 nor any potential future changes to network upgrade costs allocated by PJM. 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 reflects a decrease of $0.1 billion, relative to Virginia Power’s January 2026 construction update filing, associated with the reversal of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling in late February 2026. Such decrease was partially offset by the estimated impact of new tariffs subsequently enacted in late February 2026 on equipment expected to be delivered from February 2026 through July 2026 that originates from Mexico, Canada, a European Union member or other applicable countries. The expected project cost does not yet reflect a revision for the estimated impact of revised tariffs, enacted in April 2026 on equipment expected to be delivered from April 2026 through early 2027 that contains steel aluminum and/or copper products. The estimated impact of the tariff is inherently uncertain as the ultimate tariff is dependent upon product classification, country of origin and percentage component of each product to the overall value. Pending additional information from suppliers as well as any interpretative guidance from applicable government agencies, Virginia Power expects the revised Section 232 tariffs could result in an increase to the estimated project cost of up to between approximately $0.2 billion and approximately $0.3 billion. 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. The expected project cost also does not reflect any revision to network upgrade costs allocated by PJM, including related to any potential amendment of the interconnection agreement between PJM and Virginia Power, as Virginia Power explores potential modifications which could result in a decrease of amounts allocated to the CVOW Commercial Project.

The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 6% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to actual network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs including any potential impact of Section 232 investigations, costs to maintain necessary permits, approvals and authorizations, any additional suspension of work orders, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events.

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 to support first power delivery were completed in December 2025 with remaining project activities to support commercial operations anticipated to be completed by mid-2026. Virginia Power 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 monopiles in October 2025 and of all transition pieces in April 2026. The first of three offshore substations was installed in March 2025, with the second installed in November 2025 and the third installed in February 2026. Deepwater cables commenced being laid in late 2024 with the last of nine completed in July 2025. Of the 176 segments of interarray cable, expected to total 260 miles, 73 have been installed through April 2026 with the remaining expected to be laid throughout 2026. Installation commenced on turbines in December 2025 prior to being delayed by the temporary suspension of work order, with eight of 176 completed, and tower and nacelle installation completed for a ninth turbine, through April 2026. The first turbines and associated infrastructure of the CVOW Commercial Project commenced operations in March 2026.

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

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 $3 million and a hypothetical 10% decrease in commodity prices would have resulted in a decrease of $15 million in the fair value of Dominion Energy’s commodity-based derivative instruments at March 31, 2026 and December 31, 2025, respectively.

A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $47 million and $71 million in the fair value of Virginia Power’s commodity-based derivative instruments at March 31, 2026 and December 31, 2025, 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 a $16 million and $10 million decrease in earnings at March 31, 2026 and December 31, 2025, respectively. For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in an $8 million and $7 million decrease in earnings at March 31, 2026 and December 31, 2025, 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. At March 31, 2026, Dominion Energy and Virginia Power had $8.9 billion and $5.1 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 $373 million and $263 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at March 31, 2026. At December 31, 2025, Dominion Energy and Virginia Power had $10.7 billion and $8.1 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 $459 million and $382 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2025.

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. At both March 31, 2026 and December 31, 2025, Dominion Energy had €0.9 billion 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 $20 million and $35 million in the fair value of Dominion Energy’s foreign currency swaps at March 31, 2026 and December 31, 2025, 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 $(205) million, $(197) million and $1.1 billion for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, 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 $(1) million, $30 million and $41 million for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, respectively.

Virginia Power recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $(93) million, $(98) million and $555 million for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, 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 $— million, $12 million and $23 million for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, 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 $27 million impact for the year ending December 31, 2026, and would have had a $28 million impact for the year ended December 31, 2025, to the expected returns on plan assets, respectively.