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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


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

For the quarterly period ended June 30, 2026


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

For the transition period from to


Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants’ telephone number	I.R.S. Employer Identification Number

001-08489	DOMINION ENERGY, INC.	54-1229715

000-55337	VIRGINIA ELECTRIC AND POWER COMPANY	54-0418825

	600 East Canal Street Richmond, Virginia 23219 (804) 819-2284

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

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


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

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

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

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

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

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

Dominion Energy, Inc.


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

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

Virginia Electric and Power Company


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

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

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

At July 24, 2026, the latest practicable date for determination, Dominion Energy, Inc. had 879,525,949 shares of common stock outstanding and Virginia Electric and Power Company had 379,927 shares of common stock outstanding. Dominion Energy, Inc. is the sole holder of Virginia Electric and Power Company’s common stock.

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

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

COMBINED INDEX


		Page Number
	Glossary of Terms	3

	PART I. Financial Information

Item 1.	Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	62
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	76
Item 4.	Controls and Procedures	77

	PART II. Other Information

Item 1.	Legal Proceedings	78
Item 1A.	Risk Factors	78
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 5.	Other Information	82
Item 6.	Exhibits	83

GL****OSSARY OF TERMS

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


Abbreviation or Acronym		Definition
2017 Tax Reform Act		An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017
2025 Biennial Review		Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2023 and ending December 31, 2024 and prospective rate base setting for the succeeding annual periods beginning January 1, 2026 and ending December 31, 2027
2026 Series A JSNs		Dominion Energy’s 2026 Series A Junior Subordinated Notes due 2056
2026 Series B JSNs		Dominion Energy’s 2026 Series B Junior Subordinated Notes due 2056
2027 Biennial Review		Future Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2025 and ending December 31, 2026 and prospective rate base setting for the succeeding annual periods beginning January 1, 2028 and ending December 31, 2029
AEP		The legal entity American Electric Power Company, Inc., one or more of its consolidated subsidiaries, or the entirety of American Electric Power Company, Inc. and its consolidated subsidiaries
AFUDC		Allowance for funds used during construction
Altavista		Altavista biomass power station
AOCI		Accumulated other comprehensive income (loss)
ARO		Asset retirement obligation
Atlantic Coast Pipeline		Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy
Atlantic Coast Pipeline Project		A previously proposed approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which would have been owned by Dominion Energy and Duke Energy
bcf		Billion cubic feet
Bedford		A 70 MW solar generation facility in Chesapeake, Virginia
BOEM		Bureau of Ocean Energy Management
Brunswick County		A 1,376 MW combined-cycle, natural gas-fired power station in Brunswick County, Virginia
CAA		Clean Air Act
Canadys Station		A proposed 2.2 GW advanced class combined cycle natural gas-fired power station in Colleton County, South Carolina, to be jointly owned by DESC and Santee Cooper
CCR		Coal combustion residual
CEO		Chief Executive Officer
CERCLA		Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund
CFO		Chief Financial Officer
Chesterfield Energy Reliability Center		A proposed 944 MW simple-cycle, natural gas-fired power station in Chesterfield County, Virginia
CO2		Carbon dioxide
CODM		Chief Operating Decision Maker
Companies		Dominion Energy and Virginia Power, collectively
Contracted Energy		Contracted Energy operating segment
Cooling degree days		Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, or 75 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 75 degrees, as applicable, and the average temperature for that day
Cove Point		Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP)
CPCN		Certificate of Public Convenience and Necessity
CVOW Commercial Project		A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia
CVOW Pilot Project		A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters
CWA		Clean Water Act


DES		Dominion Energy Services, Inc.
DESC		The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities
DGI		Dominion Generation, Inc.
Dominion Energy		The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries
Dominion Energy Direct®		A dividend reinvestment and open enrollment direct stock purchase plan
Dominion Energy South Carolina		Dominion Energy South Carolina operating segment
Dominion Energy Virginia		Dominion Energy Virginia operating segment
Dominion Privatization		The legal entity Dominion Utility Privatization Holdings, LLC (a joint venture between Dominion Energy and Patriot), one or more of its consolidated subsidiaries, or the entirety of Dominion Utility Privatization Holdings, LLC and its consolidated subsidiaries
DSM		Demand-side management
Dth		Dekatherm
Duke Energy		The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries
Enel		The legal entity Enel S.p.A, one or more of its consolidated subsidiaries (including Enel Green Power S.p.A), or the entirety of Enel S.p.A and its consolidated subsidiaries
EPA		U.S. Environmental Protection Agency
EPS		Earnings per common share
FERC		Federal Energy Regulatory Commission
FirstEnergy		The legal entity FirstEnergy Corp., one or more of its consolidated subsidiaries, or the entirety of FirstEnergy Corp. and its consolidated subsidiaries
First NextEra Energy Merger		The transaction whereby Merger Sub Corp will merge with and into Dominion Energy with Dominion Energy continuing as the surviving entity pursuant to the terms and subject to the conditions in the NextEra Energy Merger Agreement and the related plan of merger
FTRs		Financial transmission rights
GAAP		U.S. generally accepted accounting principles
GHG		Greenhouse gas
Greensville County		A 1,605 MW combined-cycle, natural gas-fired power station in Greensville County, Virginia
GTSA		Virginia Grid Transformation and Security Act of 2018
GW		Gigawatt
Heating degree days		Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day
Hopewell		Polyester biomass power station
HSR		Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
IRA		An Act to Provide for Reconciliation Pursuant to Title II of Senate Concurrent Resolution 14 of the 117th Congress (also known as the Inflation Reduction Act of 2022) enacted on August 16, 2022
ISO		Independent system operator
Jones Act		The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce
kV		Kilovolt
kVA		Kilovolt-ampere
LLC Sub		CS Holdco, LLC, a wholly-owned subsidiary of NextEra Energy
MD&A		Management’s Discussion and Analysis of Financial Condition and Results of Operations
Merger Sub Corp		WG Development Corp., a wholly-owned subsidiary of NextEra Energy
MGD		Million gallons per day
Millstone		Millstone nuclear power station
MMBtu		Metric Million British thermal unit
Moody’s		Moody’s Investors Service
MW		Megawatt
MWh		Megawatt hour
Natural Gas Rate Stabilization Act		Legislation effective February 2005 designed to improve and maintain natural gas service infrastructure to meet the needs of customers in South Carolina


NAV		Net asset value
NextEra Energy		NextEra Energy, Inc., one or more of its consolidated subsidiaries (including Merger Sub Corp and LLC Sub) or operating segments, or the entirety of NextEra Energy, Inc. and its consolidated subsidiaries
NextEra Energy Merger		The First NextEra Energy Merger or First NextEra Energy Merger together with the Second NextEra Energy Merger, as applicable
NextEra Energy Merger Agreement		Agreement and Plan of Merger, dated as of May 15, 2026, by and among NextEra Energy and Dominion Energy
NND Project		V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina
North Anna		North Anna nuclear power station
North Carolina Commission		North Carolina Utilities Commission
NOX		Nitrogen oxide
NRC		U.S. Nuclear Regulatory Commission
NYSE		New York Stock Exchange
Order 1000		Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development
OSWP		OSW Project LLC, a limited liability company owned by Virginia Power and Stonepeak
ozone season		The period May 1 through September 30, as determined on a federal level
Patriot		Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates
PJM		PJM Interconnection, LLC
PSD		Prevention of significant deterioration
Pumpkinseed		A 60 MW solar generation facility in Emporia, Virginia
RGGI		Regional Greenhouse Gas Initiative
Rider CCR		A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations
Rider CE		A rate adjustment clause associated with the recovery of costs related to certain renewable generation, energy storage and related transmission facilities in Virginia, certain small-scale distributed generation projects and related transmission facilities and, beginning May 2024, power purchase agreements for the energy, capacity, ancillary services and renewable energy credits owned by third parties
Rider CERC		A rate adjustment clause associated with the recovery of costs related to the Chesterfield Energy Reliability Center
Rider DIST		A rate adjustment clause associated with the recovery of costs related to electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA, costs of new underground distribution facilities and, effective June 2026, rural broadband capacity projects
Rider GEN		A rate adjustment clause associated with the recovery of costs related to Altavista, Hopewell, Southampton, Brunswick County, Greensville County, certain solar facilities and the Virginia LNG Storage Facility
Rider OSW		A rate adjustment clause associated with costs incurred to construct, own and operate the CVOW Commercial Project
Rider RGGI		A rate adjustment clause associated with the recovery of costs related to the purchase of allowances through the RGGI market-based trading program for CO2
Rider SNA		A rate adjustment clause associated with costs relating to the preparation of the applications for subsequent license renewal to the NRC to extend the operating licenses of Surry and North Anna and related projects
Rider T1		A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1
ROE		Return on equity
RTO		Regional transmission organization
Santee Cooper		South Carolina Public Service Authority
SCANA		The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries


SCANA Combination		Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA
SCANA Merger Approval Order		Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination
SEC		U.S. Securities and Exchange Commission
Second NextEra Energy Merger		The transaction whereby Dominion Energy will, immediately following the First NextEra Energy Merger, merge with and into LLC Sub with LLC Sub continuing as the surviving entity pursuant to the terms and subject to the conditions in the NextEra Energy Merger Agreement and the related plan of merger
Section 232		Section 232 of the Trade Expansion Act of 1962
Series C Preferred Stock		Dominion Energy’s 4.35% Series C Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
South Carolina Commission		Public Service Commission of South Carolina
Southampton		Southampton biomass power station
Standard & Poor’s		Standard & Poor’s Ratings Services, a division of S&P Global Inc.
Stonepeak		The legal entity Stonepeak Partners, LLC, one or more of its affiliated investment vehicles (including Dunedin Member LLC) or the entirety of Stonepeak Partners, LLC and its affiliated investment vehicles
Summer		V.C. Summer nuclear power station
Surry		Surry nuclear power station
Valley Link		Valley Link Transmission Company, LLC, a limited liability company owned by Dominion Energy, AEP and FirstEnergy, one or more of its consolidated subsidiaries or the entirety of Valley Link Transmission Company, LLC and its consolidated subsidiaries
VCEA		Virginia Clean Economy Act of March 2020
VEBA		Voluntary Employees’ Beneficiary Association
VIE		Variable interest entity
Virginia Commission		Virginia State Corporation Commission
Virginia LNG Storage Facility		A proposed LNG storage facility in Brunswick and Greensville Counties, Virginia
Virginia Power		The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries
VPFS		Virginia Power Fuel Securitization, LLC

PA****RT I. FINANCIAL INFORMATION

ITE****M 1. FINANCIAL STATEMENTS

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
(millions, except per share amounts)
Operating Revenue	$	4,480		$	3,810	$	9,499		$	7,886
Operating Expenses
Electric fuel and other energy-related purchases		1,315			946		2,921			1,908
Purchased electric capacity		80			18		149			27
Purchased gas		53			43		196			190
Other operations and maintenance		984			883		1,969			1,781
Depreciation and amortization		615			580		1,246			1,162
Other taxes		210			194		438			403
Impairment of assets and other charges (benefits)		894			50		859			96
Total operating expenses		4,151			2,714		7,778			5,567
Income from operations		329			1,096		1,721			2,319
Other income (expense)		678			442		681			452
Interest and related charges		555			505		1,116			986
Income from continuing operations including noncontrolling interests before income tax expense		452			1,033		1,286			1,785
Income tax expense		122			220		170			260
Net Income From Continuing Operations Including Noncontrolling Interests		330			813		1,116			1,525
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests(1)		(1	)		1		(2	)		—
Net Income Including Noncontrolling Interests		329			814		1,114			1,525
Noncontrolling Interests		(11	)		54		153			100
Net Income Attributable to Dominion Energy	$	340		$	760	$	961		$	1,425
Amounts Attributable to Dominion Energy
Net income from continuing operations	$	341		$	759	$	963		$	1,425
Net income (loss) from discontinued operations		(1	)		1		(2	)		—
Net income attributable to Dominion Energy	$	340		$	760	$	961		$	1,425
EPS - Basic
Net income from continuing operations	$	0.37		$	0.88	$	1.07		$	1.65
Net income (loss) from discontinued operations		—			—		—			—
Net income attributable to Dominion Energy	$	0.37		$	0.88	$	1.07		$	1.65
EPS - Diluted
Net income from continuing operations	$	0.37		$	0.88	$	1.07		$	1.65
Net income (loss) from discontinued operations		—			—		—			—
Net income attributable to Dominion Energy	$	0.37		$	0.88	$	1.07		$	1.65

(1)

Includes income tax expense (benefit) of $— million and $(3) million for the three months ended June 30, 2026 and 2025, respectively, and $— million and $(3) million for six months ended June 30, 2026 and 2025 respectively.

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

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
(millions)
Net income including noncontrolling interests	$	329		$	814		$	1,114		$	1,525
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities(1)		12			—			9			(16	)
Changes in unrealized net gains (losses) on investment securities(2)		(1	)		(2	)		(1	)		9
Changes in net unrecognized pension and other postretirement benefit costs (credits)(3)		—			—			—			—
Amounts reclassified to net income (loss):
Net derivative (gains) losses-hedging activities(4)		7			7			13			15
Net realized (gains) losses on investment securities(5)		—			2			—			4
Net pension and other postretirement benefit costs (credits)(6)		(2	)		(2	)		(3	)		(5	)
Total other comprehensive income (loss)		16			5			18			7
Comprehensive income including noncontrolling interests		345			819			1,132			1,532
Comprehensive income (loss) attributable to noncontrolling interests		(11	)		54			153			100
Comprehensive income attributable to Dominion Energy	$	356		$	765		$	979		$	1,432

(1) Net of $**(4) million and $**— million tax for the three months ended June 30, 2026 and 2025*, respectively, and net of $**(3)* million and $5 million tax for the six months ended June 30, 2026 and 2025, respectively.

(2) Net of $**— million and $**(1) million tax for the three months ended June 30, 2026 and 2025*, respectively, and net of $—* *million and $(8)* million tax for the six months ended June 30, 2026 and 2025*, respectively.*

(3) Net of $**— million and $**— million tax for the three months ended June 30, 2026 and 2025*, respectively, and net of $—* *million and $—* million tax for the six months ended June 30, 2026 and 2025*, respectively.*

(4) Net of $**(2) million and $**(3) million tax for the three months ended June 30, 2026 and 2025*, respectively, and net of $(4)* *million and $(5)* million tax for the six months ended June 30, 2026 and 2025*, respectively.*

(5) Net of $**— million and $**(1) million tax for the three months ended June 30, 2026 and 2025*, respectively, and net of $—* *million and $(1)* million tax for the six months ended June 30, 2026 and 2025*, respectively.*

(6) *Net of $*1 *million and $1 million tax for the three months ended June 30, 2026 and 2025, respectively, and net of $*2 million and $1 million tax for the six months ended June 30, 2026 and 2025, respectively.

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

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	June 30, 2026			December 31, 2025(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents(2)	$	296		$	250
Customer receivables (less allowance for doubtful accounts of $26 and $31)		2,773			2,531
Tax receivables		434			434
Other receivables (less allowance for doubtful accounts of $3 at both dates)(2)(3)		301			446
Inventories		2,007			1,957
Regulatory assets(2)		2,125			1,380
Derivative assets		490			335
Prepayments(2)		539			377
Other(2)		482			361
Assets held for sale		265			—
Total current assets		9,712			8,071
Investments
Nuclear decommissioning trust funds		9,907			9,166
Investment in equity method affiliates		127			132
Other(2)		390			378
Total investments		10,424			9,676
Property, Plant and Equipment
Property, plant and equipment(2)		109,913			106,315
Accumulated depreciation and amortization(2)		(28,175	)		(27,348	)
Total property, plant and equipment, net		81,738			78,967
Deferred Charges and Other Assets
Goodwill		4,143			4,143
Regulatory assets(2)		8,465			8,276
Other(2)		7,409			6,724
Total deferred charges and other assets		20,017			19,143
Total assets	$	121,891		$	115,857

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2025 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 14 for amounts attributable to VIEs.

(3) See Note 9 for amounts attributable to related parties.

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

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)


	June 30, 2026			December 31, 2025(1)
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year(2)	$	4,043		$	2,409
Supplemental credit facility borrowings		200		—
Short-term debt		2,462			2,457
Accounts payable(2)		1,242			1,338
Accrued interest, payroll and taxes(2)		1,099			1,244
Regulatory liabilities		609			542
Other(2)(3)		2,219			2,454
Liabilities held for sale		132			—
Total current liabilities		12,006			10,444
Long-Term Debt
Long-term debt		38,032			36,778
Securitization bonds(2)		794			883
Junior subordinated notes		7,462			5,978
Supplemental credit facility borrowings		—			—
Other		431			436
Total long-term debt		46,719			44,075
Deferred Credits and Other Liabilities
Deferred income taxes		8,336			7,885
Deferred investment tax credits		1,500			1,591
Regulatory liabilities		9,422			9,072
Other		10,297			9,373
Total deferred credits and other liabilities		29,555			27,921
Total liabilities		88,280			82,440
Commitments and Contingencies (see Note 16)
Equity
Preferred stock (see Note 15)		991			991
Common stock – no par(4)		25,947			25,892
Retained earnings		2,084			2,318
Accumulated other comprehensive loss		(100	)		(118	)
Shareholders’ equity		28,922			29,083
Noncontrolling interests		4,689			4,334
Total equity		33,611			33,417
Total liabilities and equity	$	121,891		$	115,857

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2025 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 14 for amounts attributable to VIEs.

(3) See Note 9 for amounts attributable to related parties.

(4) 1.8 billion shares authorized; 880 million shares and 879 million shares outstanding at June 30, 2026 and December 31, 2025*, respectively.*

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

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

QUARTER-TO-DATE


	Preferred Stock				Common Stock
	Shares		Amount		Shares		Amount			Retained Earnings			AOCI			Shareholders’ Equity			Noncontrolling Interests			Total Equity
(millions, except per share amounts)
March 31, 2025		1	$	991		853	$	24,424		$	1,727		$	(150	)	$	26,992		$	3,357		$	30,349
Net income including noncontrolling interests											760						760			54			814
Issuance of stock						—		35									35						35
Stock awards (net of change in unearned compensation)						—		10									10						10
Sale of noncontrolling interest in OSWP								(7	)								(7	)					(7	)
Contributions from Stonepeak to OSWP																				324			324
Distributions from OSWP to Stonepeak																				(78	)		(78	)
Preferred stock dividends (see Note 15)											(11	)					(11	)					(11	)
Common stock dividends ($0.6675 per common share) and distributions											(569	)					(569	)					(569	)
Other comprehensive income (loss), net of tax														5			5						5
Other								1			(1	)				—						—
June 30, 2025		1	$	991		853	$	24,463		$	1,906		$	(145	)	$	27,215		$	3,657		$	30,872

March 31, 2026		1	$	991		879	$	25,931		$	2,341		$	(116	)	$	29,147		$	4,561		$	33,708
Net income including noncontrolling interests											340						340			(11	)		329
Issuance of stock						1		5									5						5
Stock awards (net of change in unearned compensation)						—		11									11						11
Contributions from Stonepeak to OSWP																				234			234
Distributions from OSWP to Stonepeak																				(95	)		(95	)
Preferred stock dividends (see Note 15)											(11	)					(11	)					(11	)
Common stock dividends ($0.6675 per common share) and distributions											(587	)					(587	)					(587	)
Other comprehensive income (loss), net of tax														16			16						16
Other											1						1						1
June 30, 2026		1	$	991		880	$	25,947		$	2,084		$	(100	)	$	28,922		$	4,689		$	33,611

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

YEAR-TO-DATE


	Preferred Stock				Common Stock
	Shares		Amount		Shares		Amount			Retained Earnings			AOCI			Shareholders’ Equity			Noncontrolling Interests			Total Equity
(millions, except per share amounts)
December 31, 2024		1	$	991		852	$	24,383		$	1,641		$	(152	)	$	26,863		$	2,939		$	29,802
Net income including noncontrolling interests											1,425						1,425			100			1,525
Issuance of stock						1		70									70						70
Stock awards (net of change in unearned compensation)						—		16									16						16
Sale of noncontrolling interest in OSWP								(7	)								(7	)					(7	)
Contributions from Stonepeak to OSWP																				724			724
Distributions from OSWP to Stonepeak																				(106	)		(106	)
Preferred stock dividends (see Note 15)											(22	)					(22	)					(22	)
Common stock dividends ($1.335 per common share) and distributions											(1,138	)					(1,138	)					(1,138	)
Other comprehensive income (loss), net of tax														7			7						7
Other								1									1						1
June 30, 2025		1	$	991		853	$	24,463		$	1,906		$	(145	)	$	27,215		$	3,657		$	30,872

December 31, 2025		1	$	991		879	$	25,892		$	2,318		$	(118	)	$	29,083		$	4,334		$	33,417
Net income including noncontrolling interests											961						961			153			1,114
Issuance of stock						1		38									38						38
Stock awards (net of change in unearned compensation)						—		17									17						17
Contributions from Stonepeak to OSWP																				370			370
Distributions from OSWP to Stonepeak																				(168	)		(168	)
Preferred stock dividends (see Note 15)											(22	)					(22	)					(22	)
Common stock dividends ($1.335 per common share) and distributions											(1,174	)					(1,174	)					(1,174	)
Other comprehensive income (loss), net of tax														18			18						18
Other											1						1						1
June 30, 2026		1	$	991		880	$	25,947		$	2,084		$	(100	)	$	28,922		$	4,689		$	33,611

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

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Six Months Ended June 30,	2026			2025
(millions)
Operating Activities
Net income including noncontrolling interests	$	1,114		$	1,525
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)		1,394			1,316
Deferred income taxes		316			192
Deferred investment tax credits (benefits)		(14	)		(19	)
Impairment of assets and other charges (benefits)		856			97
Net (gains) losses on nuclear decommissioning trust funds and other investments		(350	)		(173	)
Other adjustments		(53	)		(12	)
Changes in:
Accounts receivable		44			(8	)
Inventories		(44	)		(56	)
Deferred fuel and purchased gas costs, net		(804	)		(553	)
Prepayments and deposits, net		(339	)		(99	)
Accounts payable		33			14
Accrued interest, payroll and taxes		(144	)		(89	)
Net realized and unrealized changes related to derivative activities		348			481
Pension and other postretirement benefits		(113	)		(141	)
Other operating assets and liabilities		213			(46	)
Net cash provided by operating activities		2,457			2,429
Investing Activities
Plant construction and other property additions (including nuclear fuel)		(5,799	)		(6,216	)
Acquisition of solar development projects		(8	)		(10	)
Proceeds from sales of securities		2,308			1,694
Purchases of securities		(2,394	)		(1,748	)
Contributions to equity method affiliates		(3	)		(17	)
Other		(95	)		(88	)
Net cash used in investing activities		(5,991	)		(6,385	)
Financing Activities
Issuance (repayment) of short-term debt, net		5			1,275
364-day term loan facility borrowings		1,250			—
Issuance of long-term debt		4,475			4,200
Repayment of long-term debt		(1,313	)		(750	)
Repayment of securitization bonds		(85	)		(80	)
Supplemental credit facility borrowings		1,000			—
Supplemental credit facility repayments		(800	)		—
Proceeds from sale of noncontrolling interest in OSWP		—			(88	)
Contributions from Stonepeak to OSWP		370			724
Distributions from OSWP to Stonepeak		(168	)		(106	)
Issuance of common stock		38			70
Common dividend payments		(1,174	)		(1,138	)
Other		(40	)		(103	)
Net cash provided by financing activities		3,558			4,004
Increase (decrease) in cash, restricted cash and equivalents		24			48
Cash, restricted cash and equivalents at beginning of period		343			365
Cash, restricted cash and equivalents at end of period	$	367		$	413

See Note 2 for disclosure of supplemental cash flow information.

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

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026		2025
(millions)
Operating Revenue(1)	$	3,421		$	2,712	$	7,117	$	5,477
Operating Expenses
Electric fuel and other energy-related purchases(1)		1,071			729		2,443		1,498
Purchased electric capacity		78			17		143		24
Other operations and maintenance:
Affiliated suppliers		143			125		301		259
Other		473			428		994		904
Depreciation and amortization		415			396		838		794
Other taxes		98			92		205		189
Impairment of assets and other charges (benefits)		268			50		154		96
Total operating expenses		2,546			1,837		5,078		3,764
Income from operations		875			875		2,039		1,713
Other income (expense)		127			80		154		106
Interest and related charges(1)		262			251		521		494
Income before income tax expense		740			704		1,672		1,325
Income tax expense		154			115		299		205
Net Income Including Noncontrolling Interests		586			589		1,373		1,120
Noncontrolling Interests		(11	)		54		153		100
Net Income Attributable to Virginia Power	$	597		$	535	$	1,220	$	1,020

(1)

See Note 18 for amounts attributable to affiliates.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
(millions)
Net income including noncontrolling interests	$	586		$	589		$	1,373		$	1,120
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities(1)		1			2			(1	)		(5	)
Changes in unrealized net gains (losses) on investment securities(2)		—			(2	)		—			—
Amounts reclassified to net income:
Net derivative (gains) losses-hedging activities(3)		—			—			(1	)		—
Total other comprehensive income (loss)		1			—			(2	)		(5	)
Comprehensive income including noncontrolling interests		587			589			1,371			1,115
Comprehensive income (loss) attributable to noncontrolling interests		(11	)		54			153			100
Comprehensive income attributable to Virginia Power	$	598		$	535		$	1,218		$	1,015

(1)

Net of $**— million and $**— *million tax for the three months ended June 30, 2026 and 2025, respectively, and net of $*1 million and $2 million tax for the six months ended June 30, 2026 and 2025, respectively.

(2)

Net of $**— million and $**— million tax for the three months ended June 30, 2026 and 2025, respectively, and net of $**— million and $**— million tax for the six months ended June 30, 2026 and 2025*, respectively.*

(3)

Net of $**— million and $**— million tax for the three months ended June 30, 2026 and 2025, respectively, and net of $**— million and $**— million tax for the six months ended June 30, 2026 and 2025*, respectively.*

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

VIRGINIA ELECTRIC AND POWER COMPANY

CON****SOLIDATED BALANCE SHEETS

(Unaudited)


	June 30, 2026			December 31, 2025(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents(2)	$	193		$	170
Customer receivables (less allowance for doubtful accounts of $19 and $25)		2,193			1,930
Other receivables (less allowance for doubtful accounts of $3 at both dates)(2)		193			252
Affiliated receivables		132			35
Inventories (average cost method)		1,291			1,250
Derivative assets(3)		310			212
Regulatory assets(2)		1,670			1,110
Other(2)(3)		153			166
Total current assets		6,135			5,125
Investments
Nuclear decommissioning trust funds		5,273			4,864
Other(2)		6			4
Total investments		5,279			4,868
Property, Plant and Equipment
Property, plant and equipment(2)		84,120			80,121
Accumulated depreciation and amortization(2)		(19,763	)		(19,157	)
Total property, plant and equipment, net		64,357			60,964
Deferred Charges and Other Assets
Regulatory assets(2)		4,583			4,526
Other(2)(3)		4,197			3,760
Total deferred charges and other assets		8,780			8,286
Total assets	$	84,551		$	79,243

(1)

Virginia Power’s Consolidated Balance Sheet at December 31, 2025 has been derived from the audited Consolidated Balance Sheet at that date.

(2)

See Note 14 for amounts attributable to VIEs.

(3)

See Note 18 for amounts attributable to affiliates.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)


	June 30, 2026		December 31, 2025(1)
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year(2)	$	1,967	$	1,366
Short-term debt		992		675
Accounts payable(2)		824		821
Payables to affiliates		162		216
Affiliated current borrowings		1,398		1,173
Accrued interest, payroll and taxes(2)		483		450
Regulatory liabilities		439		374
Other(2)(3)		1,705		1,900
Total current liabilities		7,970		6,975
Long-Term Debt
Long-term debt		21,430		20,651
Securitization bonds(2)		794		883
Other		201		194
Total long-term debt		22,425		21,728
Deferred Credits and Other Liabilities
Deferred income taxes		5,343		4,921
Deferred investment tax credits		611		616
Regulatory liabilities		6,863		6,530
Other(3)		7,777		6,934
Total deferred credits and other liabilities		20,594		19,001
Total liabilities		50,989		47,704
Commitments and Contingencies (see Note 16)
Equity
Common stock – no par(4)		12,937		12,487
Other paid-in capital		999		999
Retained earnings		14,907		13,687
Accumulated other comprehensive income		30		32
Shareholder’s equity		28,873		27,205
Noncontrolling interests		4,689		4,334
Total equity		33,562		31,539
Total liabilities and equity	$	84,551	$	79,243

(1)

Virginia Power’s Consolidated Balance Sheet at December 31, 2025 has been derived from the audited Consolidated Balance Sheet at that date.

(2)

See Note 14 for amounts attributable to VIEs.

(3)

See Note 18 for amounts attributable to affiliates.

(4)

500,000 shares authorized; 379,927 and 373,881 shares outstanding at June 30, 2026 and December 31, 2025*, respectively.*

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

QUARTER-TO-DATE


	Common Stock
	Shares		Amount		Other Paid-In Capital			Retained Earnings			AOCI		Shareholder's Equity			Noncontrolling Interests			Total Equity
(millions, except for shares)	(thousands)
March 31, 2025		324	$	8,987	$	1,006		$	12,622		$	23	$	22,638		$	3,357		$	25,995
Net income including noncontrolling interests									535					535			54			589
Issuance of stock to Dominion Energy	30			2,100										2,100						2,100
Sale of noncontrolling interest in OSWP						(7	)							(7	)					(7	)
Contributions from Stonepeak to OSWP																	324			324
Distributions from OSWP to Stonepeak																	(78	)		(78	)
Other comprehensive income (loss), net of tax												—		—						—
Other									(1	)				(1	)					(1	)
June 30, 2025		354	$	11,087	$	999		$	13,156		$	23	$	25,265		$	3,657		$	28,922

March 31, 2026		374	$	12,487	$	999		$	14,310		$	29	$	27,825		$	4,561		$	32,386
Net income including noncontrolling interests									597					597			(11	)		586
Issuance of stock to Dominion Energy		6		450										450						450
Contributions from Stonepeak to OSWP																	234			234
Distributions from OSWP to Stonepeak																	(95	)		(95	)
Other comprehensive income (loss), net of tax												1		1						1
June 30, 2026		380	$	12,937	$	999		$	14,907		$	30	$	28,873		$	4,689		$	33,562

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

YEAR-TO-DATE


	Common Stock
	Shares		Amount		Other Paid-In Capital			Retained Earnings		AOCI			Shareholder's Equity			Noncontrolling Interests			Total Equity
(millions, except for shares)	(thousands)
December 31, 2024		324	$	8,987	$	1,006		$	12,136	$	28		$	22,157		$	2,939		$	25,096
Net income including noncontrolling interests									1,020					1,020			100			1,120
Issuance of stock to Dominion Energy	30			2,100										2,100						2,100
Sale of noncontrolling interest in OSWP						(7	)							(7	)					(7	)
Contributions from Stonepeak to OSWP																	724			724
Distributions from OSWP to Stonepeak																	(106	)		(106	)
Other comprehensive income (loss), net of tax											(5	)		(5	)					(5	)
June 30, 2025		354	$	11,087	$	999		$	13,156	$	23		$	25,265		$	3,657		$	28,922

December 31, 2025		374	$	12,487	$	999		$	13,687	$	32		$	27,205		$	4,334		$	31,539
Net income including noncontrolling interests									1,220					1,220			153			1,373
Issuance of stock to Dominion Energy	6			450										450						450
Contributions from Stonepeak to OSWP																	370			370
Distributions from OSWP to Stonepeak																	(168	)		(168	)
Other comprehensive income (loss), net of tax											(2	)		(2	)					(2	)
June 30, 2026		380	$	12,937	$	999		$	14,907	$	30		$	28,873		$	4,689		$	33,562

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

VIRGINIA ELECTRIC AND POWER COMPANY

CO****NSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Six Months Ended June 30,	2026			2025
(millions)
Operating Activities
Net income including noncontrolling interests	$	1,373		$	1,120
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)		921			879
Deferred income taxes		303			176
Deferred investment tax credits (benefits)		(5	)		(12	)
Impairment of assets and other charges (benefits)		152			97
Net (gains) losses on nuclear decommissioning trust funds and other investments		(48	)		(24	)
Other adjustments		(60	)		(45	)
Changes in:
Accounts receivable		(83	)		(57	)
Affiliated receivables and payables		(151	)		(103	)
Inventories		(36	)		(44	)
Prepayments and deposits, net		—			(53	)
Deferred fuel expenses, net		(649	)		(502	)
Accounts payable		106			113
Accrued interest, payroll and taxes		33			53
Net realized and unrealized changes related to derivative activities		189			93
Other operating assets and liabilities		336			143
Net cash provided by operating activities		2,381			1,834
Investing Activities
Plant construction and other property additions		(4,769	)		(5,103	)
Purchases of nuclear fuel		(63	)		(120	)
Acquisition of solar development projects		(7	)		(10	)
Proceeds from sales of securities		1,583			923
Purchases of securities		(1,652	)		(966	)
Other		(46	)		(39	)
Net cash used in investing activities		(4,954	)		(5,315	)
Financing Activities
Issuance (repayment) of short-term debt, net		317			795
Issuance (repayment) of affiliated current borrowings, net		225			(323	)
Issuance of long-term debt		2,150			1,250
Repayment of long-term debt		(750	)		(350	)
Repayment of securitization bonds		(85	)		(80	)
Proceeds from sale of noncontrolling interest in OSWP		—			(88	)
Contributions from Stonepeak to OSWP		370			724
Distributions from OSWP to Stonepeak		(168	)		(106	)
Issuance of common stock		450			2,100
Common dividend payments to parent		—			(407	)
Other		86			(22	)
Net cash provided by financing activities		2,595			3,493
Increase in cash, restricted cash and equivalents		22			12
Cash, restricted cash and equivalents at beginning of period		231			206
Cash, restricted cash and equivalents at end of period	$	253		$	218

See Note 2 for disclosure of supplemental cash flow information.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, provides primarily regulated electricity service in Virginia, North Carolina and South Carolina through its subsidiaries, Virginia Power and DESC, and is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. Dominion Energy also has nonregulated operations that include long-term contracted electric generation operations.

Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into PJM. All of Virginia Power’s stock is owned by Dominion Energy.

Dominion Energy manages its daily operations through three primary operating segments: Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy. Virginia Power manages its daily operations through one primary operating segment: Dominion Energy Virginia. The Companies each also report a Corporate and Other segment. See Note 20 for further discussion on the Companies’ operating segments.

Proposed Merger

In May 2026, Dominion Energy entered into the NextEra Energy Merger Agreement pursuant to which the Companies will become wholly-owned subsidiaries of NextEra Energy upon closing of the NextEra Energy Merger, which is expected in the second half of 2027, contingent upon receipt of regulatory approvals and the satisfaction of other closing conditions as discussed below. Under the terms of the NextEra Energy Merger Agreement, at closing each outstanding share of Dominion Energy common stock, other than shares to be cancelled as described in the NextEra Energy Merger Agreement, will be converted into the right to receive (i) its pro rata share of an aggregate amount equal to $360 million in cash, without interest, and (ii) 0.8138 shares of NextEra Energy common stock. The terms of the NextEra Energy Merger Agreement require Dominion Energy to redeem any outstanding Series C Preferred Stock, assuming closing occurs after January 2027, and call for redemption any outstanding variable denomination floating rate demand notes, also referred to as Dominion Energy Reliability InvestmentSM. In addition, Dominion Energy expects to settle any outstanding forward sales contracts under its at-the-market program prior to closing. The NextEra Energy Merger Agreement requires the Companies to obtain the consent of NextEra Energy, which consent cannot be unreasonably withheld, for certain activities, such as the payment by Dominion Energy of dividends in excess of $0.6675 per share each quarter, the issuance of debt or equity securities in excess of a specific amount and certain acquisitions or dispositions.

The completion of the NextEra Energy Merger is subject to customary closing conditions, including, among others, approval by the holders of Dominion Energy common stock of the NextEra Energy Merger Agreement and the applicable plan of merger, approval by NextEra Energy shareholders of the issuance of NextEra Energy common stock in connection with the NextEra Energy Merger, expiration or termination of the applicable waiting period under the HSR, receipt of specified regulatory approvals, including the obtaining by Dominion Energy and NextEra Energy of consents and approvals required from the (i) FERC, (ii) NRC (iii) Virginia Commission, (iv) North Carolina Commission and (v) South Carolina Commission, approval for listing on the NYSE of the NextEra Energy common stock to be issued in the NextEra Energy Merger, continued effectiveness of the registration statement on Form S-4 filed by NextEra Energy in connection with the NextEra Energy Merger, accuracy of the parties’ representations and warranties, compliance with covenants, and the absence of a material adverse effect on either Dominion Energy or NextEra Energy. In July 2026, Dominion Energy and NextEra Energy filed for review and approval with FERC, the NRC and the Virginia, North Carolina and South Carolina Commissions. The filings with the Virginia, North Carolina and South Carolina Commissions included proposals for an aggregate amount of $2.25 billion of customer rate credits, including approximately $1.78 billion to customers in Virginia, for utility customers allocated based on usage and payable over two years following closing along with an aggregate increase in charitable commitments of $10 million per year for five years following closing with such amounts to be funded by NextEra Energy.

The NextEra Energy Merger Agreement contains customary termination rights for each of Dominion Energy and NextEra Energy, including if the NextEra Energy Merger has not been consummated by November 2027, subject to extension to August 2028 in certain circumstances, if either of the required shareholder approvals is not obtained, or due to certain breaches of the NextEra Energy Merger Agreement. In certain circumstances in connection with or following termination of the NextEra Energy Merger Agreement, Dominion Energy will be required to pay NextEra Energy a termination fee of $2.24 billion. In comparable circumstances, NextEra Energy will be required to pay Dominion Energy a termination fee of $6.52 billion. In other specified circumstances where the NextEra Energy Merger Agreement is terminated due to the failure of one or more specified conditions relating to or involving certain regulatory matters, NextEra Energy will be required to pay Dominion Energy a termination fee of $4.83 billion.

Note 2. Significant Accounting Policies

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated

Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at June 30, 2026, their results of operations and changes in equity for the three and six months ended June 30, 2026 and 2025 and their cash flows for the six months ended June 30, 2026 and 2025. Such adjustments are normal and recurring in nature unless otherwise noted.

The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates.

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. Stonepeak’s 50% ownership interest in OSWP is reflected as noncontrolling interest in the Companies’ Consolidated Financial Statements.

The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors.

Certain amounts in the Companies’ 2025 Consolidated Financial Statements have been reclassified to conform to the 2026 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, with the exception of the items described below.

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025:


	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	June 30, 2026		June 30, 2025		December 31, 2025		December 31, 2024
(millions)
Dominion Energy
Cash and cash equivalents	$	296	$	344	$	250	$	310
Restricted cash and equivalents(1)(2)		71		69		93		55
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows	$	367	$	413	$	343	$	365
Virginia Power
Cash and cash equivalents	$	193	$	157	$	170	$	160
Restricted cash and equivalents(1)(2)		60		61		61		46
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows	$	253	$	218	$	231	$	206

(1)

*Includes $*45 *million, $*51 *million, $*51 *million and $*41 million at VPFS attributable to VIEs at June 30, 2026, June 30, 2025, December 31, 2025 and December 31, 2024, respectively.

(2)

Restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.

Supplemental Cash Flow Information

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:


Six Months Ended June 30,	2026		2025
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	1,175	$	871
Leases(1)		340		37

(1)

*Includes $*41 *million and $25 million of financing leases entered in during the six months ended June 30, 2026 and 2025, respectively, and $*299 million and $12 million of operating leases entered in during the six months ended June 30, 2026 and 2025, respectively.

The following table provides supplemental disclosure of cash flow information related to Virginia Power:


Six Months Ended June 30,	2026		2025
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	1,032	$	685
Leases(1)		426		29

(1)

*Includes $*35 *million and $*22 *million of financing leases entered in during the six months ended June 30, 2026 and 2025, respectively, $*297 *million and $*7 *million of operating leases entered in during the six months ended June 30, 2026 and 2025, respectively, and $*94 million for modifications of operating leases during the six months ended June 30, 2026.

Asset Retirement Obligations

In the second quarter of 2026, Dominion Energy revised its estimated cash flow projections associated with the recovery of spent nuclear fuel costs for its AROs associated with the decommissioning of Millstone, which resulted in a decrease of $208 million. Dominion Energy recorded a benefit associated with Millstone Unit 1 of $195 million ($142 million after-tax) within impairment of assets and other charges (benefits) in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for both the three and six months ended June 30, 2026.

Also in the second quarter of 2026, Dominion Energy revised its estimated cash flow projections for its AROs to reflect updated information concerning two facilities related to CCR remediation. As a result, Dominion Energy recorded a $203 million increase to its AROs with a corresponding increase to regulatory assets.

Note 3. Operating Revenue

The Companies’ operating revenue consists of the following:


	Dominion Energy									Virginia Power
	Quarter-to-Date				Year-to-Date					Quarter-to-Date				Year-to-Date
Period Ended June 30,	2026		2025		2026			2025		2026		2025		2026		2025
(millions)
Regulated electric sales:
Residential	$	1,523	$	1,347	$	3,370		$	2,916	$	1,164	$	991	$	2,656	$	2,215
Commercial		983		956		2,163			1,842		732		719		1,686		1,394
High load(1)		814		422		1,450			805		814		422		1,450		805
Industrial		199		178		384			341		83		68		160		134
Government and other retail		318		302		717			610		302		285		683		576
Wholesale		46		38		114			81		34		29		93		66
Nonregulated electric sales		255		238		692			610		43		42		75		65
Regulated gas sales:
Residential		50		45		234			217
Commercial		32		28		84			81
Other		8		5		16			32
Regulated gas transportation and storage		10		10		21			16
Other regulated revenue		136		99		136			143		131		95		126		134
Other nonregulated revenues(2)(3)(4)		82		50		166			109		23		9		45		22
Total operating revenue from contracts with customers		4,456		3,718		9,547			7,803		3,326		2,660		6,974		5,411
Other revenues(2)(5)		24		92		(48	)		83		95		52		143		66
Total operating revenue	$	4,480	$	3,810	$	9,499		$	7,886	$	3,421	$	2,712	$	7,117	$	5,477

(1)

Represents customers in Virginia, including certain data centers, with actual or anticipated forecast demand of 25 MW or higher and annual load factor of 75% or higher.

(2)

See Note 18 for amounts attributable to affiliates.

(3)

*Includes sales of renewable energy credits of $*27 *million and $5 million for the three months ended June 30, 2026 and 2025, respectively, and $*50 *million and $15 million for the six months ended June 30, 2026 and 2025, respectively, at Dominion Energy and $*6 *million and $2 million for the three months ended June 30, 2026 and 2025, respectively, and $*11 million and $6 million for the six months ended June 30, 2026 and 2025, respectively, at Virginia Power.

(4)

*Includes revenue from transition services agreements of $*21 *million and $24 million for the three months ended June 30, 2026 and 2025, respectively, and $*48 million and $51 million for the six months ended June 30, 2026 and 2025, respectively, at Dominion Energy.

(5)

*Includes alternative revenue of $*90 *million and $60 million for the three months ended June 30, 2026 and 2025, respectively, and $*136 million and $82 million for the six months ended June 30, 2026 and 2025, respectively, at both Dominion Energy and Virginia Power.

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at June 30, 2026.

At June 30, 2026 and December 31, 2025, Dominion Energy’s contract liability balances were $38 million and $45 million, respectively. At June 30, 2026 and December 31, 2025, Virginia Power’s contract liability balances were $32 million and $38 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the six months ended June 30, 2026 and 2025, Dominion Energy recognized revenue of $45 million and $50 million, respectively, from the beginning contract liability balances. During the six months ended June 30, 2026 and 2025, Virginia Power recognized $38 million and $46 million, respectively, from the beginning contract liability balances.

Note 4. Income Taxes

Other than the following matters, there have been no significant developments regarding the Companies’ provision for income taxes, tax-related assets and liabilities and/or unrecognized tax benefits disclosed in Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

For continuing operations including noncontrolling interests for the six months ended June 30, 2026, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:


	Dominion Energy							Virginia Power
(millions, except percentages)	Amount			Rate				Amount			Rate
U.S. federal statutory tax	$	270			21.0		%	$	351			21.0		%
State and local income taxes, net of federal income tax effect(1)		53			4.1				66			4.0
Tax credits:
Production tax credits(2)		(91	)		(7.1	)			(34	)		(2.0	)
Investment tax credit amortization		(44	)		(3.4	)			(23	)		(1.4	)
Nontaxable or nondeductible items:
Regulatory deferrals:
Reversal of excess deferred income taxes		(33	)		(2.6	)			(23	)		(1.4	)
AFUDC—equity		(15	)		(1.2	)			(16	)		(1.0	)
Absence of tax on noncontrolling interest		(29	)		(2.1	)			(29	)		(1.8	)
Other adjustments:
Qualified nuclear decommissioning trust net gains (losses)		61			4.8				10			0.6
Other		(2	)		(0.3	)			(3	)		(0.1	)
Effective tax(3)	$	170			13.2		%	$	299			17.9		%

(1)

State taxes in Virginia make up the majority (greater than 50%) of the tax effect in this category.

(2)

*Dominion Energy production tax credits include a $*50 million income tax benefit for the clean energy fuel production tax credit.

(3)

The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.

For continuing operations, including noncontrolling interests for the six months ended June 30, 2025, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:


	Dominion Energy			Virginia Power
U.S. federal statutory tax rate	21.0%			21.0%
Increases (reductions) resulting from:
State taxes, net of federal benefit		4.7			4.4
Investment tax credits		(2.5	)		(0.8	)
Production tax credits(1)		(4.9	)		(4.1	)
Reversal of excess deferred income taxes		(1.7	)		(1.7	)
Qualified nuclear decommissioning trust net gains (losses)		2.0			—
Remeasurements and settlements of uncertain tax positions		(1.6	)		—
AFUDC—equity		(0.8	)		(1.0	)
Absence of tax on noncontrolling interest		(1.6	)		(2.3	)
Other, net		(0.1	)		(0.1	)
Effective tax rate		14.5	%		15.4	%

(1)

*Dominion Energy and Virginia Power production tax credits include a $*40 *million income tax benefit for the nuclear production tax credit. Dominion Energy production tax credits also include a $*27 million income tax benefit for the clean fuel production tax credit.

During the second quarter of 2026, Dominion Energy determined that it is expected to be subject to the corporate alternative minimum tax in 2026 and recorded a corporate alternative minimum tax liability of $21 million, net of tax credit utilization, along with corresponding deferred tax assets related to corporate alternative minimum tax credit carryforwards, which management expects to fully utilize in future periods. The ultimate impact of the corporate alternative minimum tax remains subject to pending guidance and interpretations, which could materially impact the Companies’ results of operations, financial condition and/or cash flows.

During the second quarter of 2026, Dominion Energy entered into an agreement with a third party and completed the transfer of tax credits generated in 2025 for which it received cash proceeds of $45 million. In July 2026, Dominion Energy entered into a separate agreement with a third party and completed the transfer of tax credits generated in 2025 for which it received cash proceeds of $21 million.

Note 5. Earnings Per Share

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:


	Quarter-to-Date						Year-to-Date
Period Ended June 30,	2026			2025			2026			2025
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	341		$	759		$	963		$	1,425
Preferred stock dividends (see Note 15)		(11	)		(11	)		(22	)		(22	)
Net income attributable to Dominion Energy from continuing operations - Basic & Diluted		330			748			941			1,403
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted	$	(1	)	$	1		$	(2	)	$	—
Average shares of common stock outstanding - Basic		879.5			852.9			879.2			852.5
Net effect of dilutive securities(1)		2.6			0.3			1.9			0.2
Average shares of common stock outstanding - Diluted		882.1			853.2			881.1			852.7
EPS from continuing operations - Basic	$	0.37		$	0.88		$	1.07		$	1.65
EPS from discontinued operations - Basic		—			—			—			—
EPS attributable to Dominion Energy - Basic	$	0.37		$	0.88		$	1.07		$	1.65
EPS from continuing operations - Diluted	$	0.37		$	0.88		$	1.07		$	1.65
EPS from discontinued operations - Diluted		—			—			—			—
EPS attributable to Dominion Energy - Diluted	$	0.37		$	0.88		$	1.07		$	1.65

(1)

Dilutive securities for three months ended June 30, 2026, consists of forward sales agreements entered into in the second and third quarters of 2025 and first and second quarters of 2026 (applying the treasury stock method). Dilutive securities for six months ended June 30, 2026, consists of forward sales agreements entered into in the second and third quarters of 2025 and the second quarter of 2026 and certain forward sales agreements entered into the first quarter of 2026 (applying the treasury stock method). Additionally, dilutive securities for 2025 consists of forward sales agreements entered into in the first and second quarters of 2025 and certain forward sales agreements entered into in the fourth quarter of 2024 (applying the treasury stock method).

Certain of the forward sales agreements entered into in the first quarter of 2026 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the six months ended June 30, 2026, as the dilutive stock price threshold was not met. The forward sales agreements entered into in the third quarter of 2024 and certain of the forward sales agreements entered into in the fourth quarter of 2024 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the three and six months ended June 30, 2025, as the dilutive stock price threshold was not met.

Note 6. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

The following tables present Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:


	Total Derivative-Hedging Activities(1)			Investment Securities			Pension and other postretirement benefit costs(2)			Total
(millions)
Three Months Ended June 30, 2026
Beginning balance	$	(179	)	$	—		$	24		$	(155	)
Beginning balance, tax		45			—			(6	)		39
Beginning balance, net of tax		(134	)		—			18			(116	)
Other comprehensive income (loss) before reclassifications: gains (losses)		12			(1	)		—			11
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		9									9
Other income (expense)					—			(3	)		(3	)
Total		9			—			(3	)		6
Income tax expense (benefit)		(2	)		—			1			(1	)
Total, net of tax		7			—			(2	)		5
Net current period other comprehensive income (loss)		19			(1	)		(2	)		16
Ending balance, net of tax		(115	)		(1	)		16			(100	)
Ending balance, tax		39			—			(5	)		34
Ending balance	$	(154	)	$	(1	)	$	21		$	(134	)
Three Months Ended June 30, 2025
Beginning balance	$	(240	)	$	1		$	35		$	(204	)
Beginning balance, tax		61			2			(9	)		54
Beginning balance, net of tax		(179	)		3			26			(150	)
Other comprehensive income (loss) before reclassifications: gains (losses)		—			(2	)		—			(2	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		10									10
Other income (expense)					3			(3	)
Total		10			3			(3	)		10
Income tax expense (benefit)		(3	)		(1	)		1			(3	)
Total, net of tax		7			2			(2	)		7
Net current period other comprehensive income (loss)		7			—			(2	)		5
Ending balance, net of tax		(172	)		3			24			(145	)
Ending balance, tax		58			—			(8	)		50
Ending balance	$	(230	)	$	3		$	32		$	(195	)

(1)

Comprised entirely of interest rate derivative hedging activities.

(2)

Comprised entirely of prior service cost.


	Total Derivative-Hedging Activities(1)			Investment Securities			Pension and other postretirement benefit costs(2)			Total
(millions)
Six Months Ended June 30, 2026
Beginning balance	$	(183	)	$	—		$	26		$	(157	)
Beginning balance, tax		46			—			(7	)		39
Beginning balance, net of tax		(137	)		—			19			(118	)
Other comprehensive income (loss) before reclassifications: gains (losses)		9			(1	)		—			8
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		17									17
Other income (expense)					—			(5	)		(5	)
Total		17			—			(5	)		12
Income tax expense (benefit)		(4	)		—			2			(2	)
Total, net of tax		13			—			(3	)		10
Net current period other comprehensive income (loss)		22			(1	)		(3	)		18
Ending balance, net of tax		(115	)		(1	)		16			(100	)
Ending balance, tax		39			—			(5	)		34
Ending balance	$	(154	)	$	(1	)	$	21		$	(134	)
Six Months Ended June 30, 2025
Beginning balance	$	(229	)	$	(19	)	$	38		$	(210	)
Beginning balance, tax		58			9			(9	)		58
Beginning balance, net of tax		(171	)		(10	)		29			(152	)
Other comprehensive income (loss) before reclassifications: gains (losses)		(16	)		9			—			(7	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		20									20
Other income (expense)					5			(6	)		(1	)
Total		20			5			(6	)		19
Income tax expense (benefit)		(5	)		(1	)		1			(5	)
Total, net of tax		15			4			(5	)		14
Net current period other comprehensive income (loss)		(1	)		13			(5	)		7
Ending balance, net of tax		(172	)		3			24			(145	)
Ending balance, tax		58			—			(8	)		50
Ending balance	$	(230	)	$	3		$	32		$	(195	)

(1) Comprised entirely of interest rate derivative hedging activities.

(2) Comprised entirely of prior service cost.

Virginia Power

The following tables present Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:


	Total Derivative-Hedging Activities(1)			Investment Securities			Total
(millions)
Three Months Ended June 30, 2026
Beginning balance	$	39		$	—		$	39
Beginning balance, tax		(10	)		—			(10	)
Beginning balance, net of tax		29			—			29
Other comprehensive income (loss) before reclassifications: gains (losses)		1			—			1
Amounts reclassified from AOCI: (gains) losses
Interest and related charges (benefit)		—						—
Total		—			—			—
Income tax expense (benefit)		—			—			—
Total, net of tax		—			—			—
Net current period other comprehensive income (loss)		1			—			1
Ending balance, net of tax		30			—			30
Ending balance, tax		(10	)		—			(10	)
Ending balance	$	40		$	—		$	40
Three Months Ended June 30, 2025
Beginning balance	$	28		$	1		$	29
Beginning balance, tax		(7	)		1			(6	)
Beginning balance, net of tax	21			2			23
Other comprehensive income (loss) before reclassifications: gains (losses)		2			(2	)		—
Amounts reclassified from AOCI: (gains) losses					—			—
Total		—			—			—
Income tax expense (benefit)		—			—			—
Total, net of tax		—			—			—
Net current period other comprehensive income (loss)		2			(2	)		—
Ending balance, net of tax		23			—			23
Ending balance, tax		(8	)		1			(7	)
Ending balance	$	31		$	(1	)	$	30

(1)

Comprised entirely of interest rate derivative hedging activities.


	Total Derivative-Hedging Activities(1)			Investment Securities			Total
(millions)
Six Months Ended June 30, 2026
Beginning balance	$	43		$	—		$	43
Beginning balance, tax		(11	)		—			(11	)
Beginning balance, net of tax		32			—			32
Other comprehensive income (loss) before reclassifications: gains (losses)		(1	)		—			(1	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		(1	)		—			(1	)
Other income (expense)		—			—			—
Total		(1	)		—			(1	)
Income tax expense (benefit)		—			—			—
Total, net of tax		(1	)		—			(1	)
Net current period other comprehensive income (loss)		(2	)		—			(2	)
Ending balance, net of tax		30						30
Ending balance, tax		(10	)					(10	)
Ending balance	$	40		$	—		$	40
Six Months Ended June 30, 2025
Beginning balance	$	38		$	(1	)	$	37
Beginning balance, tax		(10	)		1			(9	)
Beginning balance, net of tax		28			—			28
Other comprehensive income (loss) before reclassifications: gains (losses)		(5	)		—			(5	)
Amounts reclassified from AOCI: (gains) losses
Total		—			—			—
Income tax expense (benefit)		—			—			—
Total, net of tax		—			—			—
Net current period other comprehensive income (loss)		(5	)		—			(5	)
Ending balance, net of tax		23			—			23
Ending balance, tax		(8	)		1			(7	)
Ending balance	$	31		$	(1	)	$	30

(1) Comprised entirely of interest rate derivative hedging activities.

Note 7. Fair Value Measurements

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. See Note 8 for additional information about the Companies’ derivatives and hedge accounting activities.

The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices, implied price volatilities and credit spreads are considered unobservable.

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at June 30, 2026. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility and credit spreads.


			Dominion Energy						Virginia Power
	Valuation Techniques	Unobservable Input	Fair Value (millions)		Range	Weighted -average(1)			Fair Value (millions)		Range	Weighted -average(1)
Assets
Physical and financial forwards:
Natural gas(2)	Discounted cash flow	Market price (per Dth)(3)	$	61	(2) - 12		3		$	61	(2) - 3		(1	)
FTRs	Discounted cash flow	Market price (per MWh)(3)		278	2 - 32		15			278	2 - 32		15
Electricity	Discounted cash flow	Market price (per MWh)(3)		288	30 - 124		59
Physical options:
Natural gas(2)	Option model	Market price (per Dth)(3)		375	2 - 20		4			9	3 - 20		8
		Credit spread(4)			0% - 3%		2	%
		Price volatility(5)			3% - 80%		65	%			20% - 74%		50	%
Total assets			$	1,002					$	348
Liabilities
Physical and financial forwards:
FTRs	Discounted cash flow	Market price (per MWh)(3)		33	(9) - 32		15			33	(9) - 32		15
Electricity	Discounted cash flow	Market price (per MWh)(3)		39	34 -187		67
Total liabilities			$	72					$	33

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

Represents market prices beyond defined terms for Levels 1 and 2.

(4)

Represents credit spreads unrepresented in published markets.

(5)

Represents volatilities unrepresented in published markets.

Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:


Significant Unobservable Inputs	Position	Change to Input	Impact on Fair Value Measurement
Market price	Buy	Increase (decrease)	Gain (loss)
Market price	Sell	Increase (decrease)	Loss (gain)
Price volatility	Buy	Increase (decrease)	Gain (loss)
Price volatility	Sell	Increase (decrease)	Loss (gain)

Nonrecurring Fair Value Measurements

See Note 10 for information regarding impairment charges recorded by Dominion Energy associated with certain nonregulated solar generation facilities and nonregulated renewable natural gas facilities.

Recurring Fair Value Measurements

The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:


	Dominion Energy								Virginia Power
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
(millions)
June 30, 2026
Assets
Derivatives:
Commodity	$	3	$	121	$	1,002	$	1,126	$	3	$	68	$	348	$	419
Interest rate		—		51		—		51		—		34		—		34
Foreign currency exchange rate		—		2		—		2		—		2		—		2
Investments(1):
Equity securities:
U.S.		6,833		—		—		6,833		3,512		—		—		3,512
International		193		—		—		193		101		—		—		101
Fixed income:
Corporate debt instruments		—		139		—		139		—		127		—		127
Government securities		131		231		—		362		96		131		—		227
Private debt funds – liquid investments		—		419		—		419		—		237		—		237
Cash equivalents and other		48		—		—		48		—		—		—		—
Total assets	$	7,208	$	963	$	1,002	$	9,173	$	3,712	$	599	$	348	$	4,659
Liabilities
Derivatives:
Commodity	$	—	$	320	$	72	$	392	$	—	$	10	$	33	$	43
Interest rate		—		61		—		61		—		60		—		60
Foreign currency exchange rate		—		8		—		8		—		8		—		8
Total liabilities	$	—	$	389	$	72	$	461	$	—	$	78	$	33	$	111
December 31, 2025
Assets
Derivatives:
Commodity	$	—	$	87	$	642	$	729	$	—	$	49	$	208	$	257
Interest rate		—		201		—		201		—		197		—		197
Foreign currency exchange rate		—		28		—		28		—		28		—		28
Investments(1):
Equity securities:
U.S.		6,215		—		—		6,215		3,154		—		—		3,154
International		168		—		—		168		96		—		—		96
Fixed income:
Corporate debt instruments		—		10		—		10		—		—		—		—
Government securities		418		74		—		492		332		—		—		332
Cash equivalents and other		46		—		—		46		—		—		—		—
Total assets	$	6,847	$	400	$	642	$	7,889	$	3,582	$	274	$	208	$	4,064
Liabilities
Derivatives:
Commodity	$	—	$	201	$	15	$	216	$	—	$	13	$	—	$	13
Interest rate		—		19		—		19		—		8		—		8
Foreign currency exchange rate		—		10		—		10		—		10		—		10
Total liabilities	$	—	$	230	$	15	$	245	$	—	$	31	$	—	$	31

(1)

Includes investments held in the nuclear decommissioning trusts and rabbi trusts. *Excludes $*2.0 *billion and $*2.3 *billion for Dominion Energy, inclusive of $*1.1 billion and $1.3 billion at Virginia Power, at June 30, 2026 and December 31, 2025, respectively, of assets measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:


	Dominion Energy												Virginia Power
	Quarter-to-Date						Year-to-Date						Quarter-to-Date						Year-to-Date
Period Ended June 30,	2026			2025			2026			2025			2026			2025			2026			2025
(millions)
Beginning balance	$	512		$	269		$	627		$	384		$	134		$	26		$	208		$	68
Total realized and unrealized gains (losses):
Included in earnings:
Operating revenue		(20	)		(3	)		(30	)		10
Purchased electric capacity		—			—			(7	)	—				—			—			(7	)	—
Electric fuel and other energy-related purchases		240			143			252			118			244			143			244			116
Purchased gas		(3	)		—			—		—
Included in regulatory assets/liabilities		245			150			163			43			181			145			100			113
Settlements		(254	)		(153	)		(296	)		(149	)		(244	)		(143	)		(241	)		(126	)
Purchases		210			8			221			8			—			8			11			8
Ending balance	$	930		$	414		$	930		$	414		$	315		$	179		$	315		$	179

Dominion Energy had $(20) million and $(30) million of unrealized gains (losses) included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three and six months ended June 30, 2026, respectively, and $(3) million and $10 million of unrealized gains (losses) included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three and six months ended June 30, 2025, respectively. Virginia Power had no unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for both the three and six months ended June 30, 2026 and 2025.

Fair Value of Financial Instruments

Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:


	Dominion Energy				Virginia Power
	Carrying Amount		Estimated Fair Value(1)		Carrying Amount		Estimated Fair Value(1)
(millions)
June 30, 2026
Long-term debt(2)	$	41,786	$	39,944	$	23,178	$	21,725
Securitization bonds(3)		970		974		970		974
Junior subordinated notes(2)		7,462		7,682
December 31, 2025
Long-term debt(2)	$	38,897	$	37,481	$	21,800	$	20,593
Securitization bonds(3)		1,054		1,076		1,054		1,076
Junior subordinated notes(2)		5,978		6,217

(1)

Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.

(2)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at June 30, 2026 and December 31, 2025*.*

(3)

Carrying amount includes current portions included in securities due within one year.

Note 8. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments and cash collateral or other instruments under master netting or similar arrangements are discussed in Notes 2 and 7 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. See Note 7 for additional information about fair value measurements and associated valuation methods for derivatives. See Note 17 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.

Balance Sheet Presentation

The tables below present the Companies’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:


	Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet								Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts		Gross Assets Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Received		Net Amounts
(millions)
June 30, 2026
Commodity contracts:
Over-the-counter	$	789	$	34	$	—	$	755	$	406	$	34	$	—	$	372
Exchange		52		49		—		3		3		—		—		3
Interest rate contracts:
Over-the-counter		51		9		—		42		34		9		—		25
Foreign currency exchange rate contracts:
Over-the-counter		2		2		—		—		2		2		—		—
Total derivatives, subject to a master netting or similar arrangement	$	894	$	94	$	—	$	800	$	445	$	45	$	—	$	400
December 31, 2025
Commodity contracts:
Over-the-counter	$	464	$	4	$	—	$	460	$	239	$	4	$	—	$	235
Exchange		48		48		—		—		—		—		—		—
Interest rate contracts:
Over-the-counter		201		5		—		196		197		4		—		193
Foreign currency exchange rate contracts:
Over-the-counter		28		8		—		20		28		8		—		20
Total derivatives, subject to a master netting or similar arrangement	$	741	$	65	$	—	$	676	$	464	$	16	$	—	$	448

(1)

*Excludes derivative assets of $*285 *million and $*217 *million at Dominion Energy and $*10 million and $18 million at Virginia Power at June 30, 2026 and December 31, 2025, respectively, which are not subject to master netting or other similar arrangements.


	Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet								Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Liabilities Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Paid		Net Amounts		Gross Liabilities Presented in the Consolidated Balance Sheet(1)		Financial Instruments		Cash Collateral Paid		Net Amounts
(millions)
June 30, 2026
Commodity contracts:
Over-the-counter	$	91	$	34	$	—	$	57	$	38	$	34	$	—	$	4
Exchange		295		49		246		—		—		—		—		—
Interest rate contracts:
Over-the-counter		61		9		—		52		60		9		—		51
Foreign currency exchange rate contracts:
Over-the-counter		8		2		—		6		8		2		—		6
Total derivatives, subject to a master netting or similar arrangement	$	455	$	94	$	246	$	115	$	106	$	45	$	—	$	61
December 31, 2025
Commodity contracts:
Over-the-counter	$	38	$	4	$	—	$	34	$	6	$	4	$	—	$	2
Exchange		173		48		125		—		—		—		—		—
Interest rate contracts:
Over-the-counter		19		5		—		14		8		4		—		4
Foreign currency exchange rate contracts:
Over-the-counter		10		8		—		2		10		8		—		2
Total derivatives, subject to a master netting or similar arrangement	$	240	$	65	$	125	$	50	$	24	$	16	$	—	$	8

(1)

*Excludes derivative liabilities of $*6 *million and $*5 *million at Dominion Energy and $*5 *million and $*7 million at Virginia Power at June 30, 2026 and December 31, 2025, respectively, which are not subject to master netting or other similar arrangements.

Volumes

The following table presents the volume of the Companies’ derivative activity at June 30, 2026. These volumes are based on open derivative positions and represent the 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.


	Dominion Energy				Virginia Power
	Current		Noncurrent		Current		Noncurrent
Natural Gas (bcf):
Fixed price(1)		38				31
Basis(1)		295		1,878		148		240
Electricity (MWh in millions):
Fixed price		9		34
FTRs		85				85
Interest rate(2) (in millions)	$	900	$	8,471	$	—	$	7,400
Foreign currency exchange rate(2) (in millions)
Danish Krone	292 kr.		— kr.		292 kr.		— kr.
Euro	€	128	€	—	€	128	€	—

(1)

Includes options.

(2)

Maturity is determined based on final settlement period.

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at June 30, 2026:


	Dominion Energy							Virginia Power
	AOCI After-Tax			Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax			Maximum Term (months)	AOCI After-Tax		Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax		Maximum Term (months)
(millions)
Interest rate	$	(115	)	$	(13	)	402	$	30	$	9	402
Total	$	(115	)	$	(13	)		$	30	$	9

The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates.

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of the Companies’ derivatives and where they are presented in their Consolidated Balance Sheets:


	Dominion Energy				Virginia Power
	Assets		Liabilities		Assets		Liabilities
(millions)
At June 30, 2026
Current derivatives not under cash flow hedge accounting
Commodity	$	486	$	218	$	308	$	42
Interest rate		2		—
Foreign currency exchange rate		2		8		2		8
Current derivatives under cash flow hedge accounting
Interest rate		—		—		—		—
Total current derivatives(1)	$	490	$	226	$	310	$	50
Noncurrent derivatives not under cash flow hedge accounting
Commodity	$	640	$	174	$	111	$	1
Interest rate		12		1
Foreign currency exchange rate		—		—		—		—
Noncurrent derivatives under cash flow hedge accounting
Interest rate		37		60		34		60
Total noncurrent derivatives(2)		689		235		145		61
Total derivatives	$	1,179	$	461	$	455	$	111
At December 31, 2025
Current derivatives not under cash flow hedge accounting
Commodity	$	295	$	98	$	172	$	12
Interest rate		—		3
Foreign currency exchange rate		25		10		25		10
Current derivatives under cash flow hedge accounting
Interest rate		15		—		15		—
Total current derivatives(1)	$	335	$	111	$	212	$	22
Noncurrent derivatives not under cash flow hedge accounting
Commodity	$	434	$	118	$	85	$	1
Interest rate		2		7
Foreign currency exchange rate		3		—		3		—
Noncurrent derivatives under cash flow hedge accounting
Interest rate		184		9		182		8
Total noncurrent derivatives(2)		623		134		270		9
Total derivatives	$	958	$	245	$	482	$	31

(1) The Companies’ current derivative liabilities are presented in other current liabilities in their Consolidated Balance Sheets.

(2) The Companies’ noncurrent derivative assets and liabilities are presented in other deferred charges and other assets and other deferred credits and other liabilities, respectively, in their Consolidated Balance Sheets.

The following tables present the gains and losses on the Companies’ derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.


	Dominion Energy									Virginia Power
Derivatives in cash flow hedging relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives(1)			Amount of Gain (Loss) Reclassified from AOCI to Income			Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2)			Amount of Gain (Loss) Recognized in AOCI on Derivatives(1)			Amount of Gain (Loss) Reclassified from AOCI to Income		Increase (Decrease) in Derivatives Subject to Regulatory Treatment(2)
(millions)
Three Months Ended June 30, 2026
Derivative type and location of gains (losses):
Interest rate(3)	$	16		$	(9	)	$	24		$	1		$	—	$	23
Total	$	16		$	(9	)	$	24		$	1		$	—	$	23
Three Months Ended June 30, 2025
Derivative type and location of gains (losses):
Interest rate(3)	$	—		$	(10	)	$	28		$	2		$	—	$	28
Total	$	—		$	(10	)	$	28		$	2		$	—	$	28
Six Months Ended June 30, 2026
Derivative type and location of gains (losses):
Interest rate(3)	$	12		$	(17	)	$	(12	)	$	(2	)	$	1	$	(13	)
Total	$	12		$	(17	)	$	(12	)	$	(2	)	$	1	$	(13	)
Six Months Ended June 30, 2025
Derivative type and location of gains (losses):
Interest rate(3)	$	(21	)	$	(20	)	$	(72	)	$	(7	)	$	—	$	(73	)
Total	$	(21	)	$	(20	)	$	(72	)	$	(7	)	$	—	$	(73	)

(1)

Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.

(2)

Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.

(3)

Amounts recorded in the Companies’ Consolidated Statements of Income are classified in interest and related charges.


	Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)
Derivatives not designated as hedging instruments	Dominion Energy												Virginia Power
	Quarter-to-Date						Year-to-Date						Quarter-to-Date					Year-to-Date
Period Ended June 30,	2026			2025			2026			2025			2026		2025			2026			2025
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue	$	(78	)	$	23		$	(203	)	$	(16	)	$	—	$	(9	)	$	—		$	(19	)
Purchased gas		(3	)		—			2			—
Purchased electric capacity		—			—			(7	)		—			—		—			(7	)		—
Electric fuel and other energy-related purchases		231			139			275			105			233		137			261			101
Interest rate:
Interest and related charges		37			(13	)		48			(10	)
Total	$	187		$	149		$	115		$	79		$	233	$	128		$	254		$	82

(1)

Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.

(2)

Excludes amounts related to foreign currency exchange rate derivatives that are deferred to regulatory assets/liabilities that will begin to amortize as the CVOW Commercial Project is placed in service.

Note 9. Investments

Equity and Debt Securities

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $199 million and $181 million at June 30, 2026 and December 31, 2025, respectively.

Decommissioning Trust Securities

The Companies maintain nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants as summarized below:


	Dominion Energy												Virginia Power
	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value		Amortized Cost		Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value
(millions)
June 30, 2026
Equity securities:(1)
U.S.	$	1,081	$	5,658	$	(3	)				$	6,736	$	596	$	2,961	$	(3	)				$	3,554
International		43		148		—						191		26		75		—						101
Fixed income securities:(2)
Government securities		318		1		(1	)		$	—		318		226		1		—			$	—		227
Corporate debt instruments		126		1		—				—		127		126		1		—				—		127
Private debt funds(3)		2,199		28		—				—		2,227		1,244		16		—				—		1,260
Insurance contracts(4)		253		—		—				—		253
Cash equivalents and other(5)		55		—		—				—		55		4		—		—				—		4
Total	$	4,075	$	5,836	$	(4	)	(6)	$	—	$	9,907	$	2,222	$	3,054	$	(3	)	(6)	$	—	$	5,273
December 31, 2025
Equity securities:(1)
U.S.	$	1,107	$	5,052	$	(2	)				$	6,157	$	602	$	2,620	$	(2	)				$	3,220
International		44		122		—						166		27		69		—						96
Fixed income securities:(2)
Government securities		448		—		—			$	—		448		332		—		—			$	—		332
Private debt funds(3)		2,143		—		—				—		2,143		1,213		—		—				—		1,213
Insurance contracts(4)		245		—		—				—		245		—		—		—				—		—
Cash equivalents and other(5)		7		—		—				—		7		3		—		—				—		3
Total	$	3,994	$	5,174	$	(2	)	(6)	$	—	$	9,166	$	2,177	$	2,689	$	(2	)	(6)	$	—	$	4,864

(1)

Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).

(3)

These private debt funds are generally structured without an explicit termination date. The Companies’ withdrawal and redemption rights begin after an initial multiyear lock-up period. Unless otherwise elected, distributions of income, profits and capital are generally reinvested in the underlying funds. The Companies may elect to receive a portion of future income as cash distributions, subject to fund liquidity restrictions. Generally, the Companies’ interests can be sold in the secondary markets subject to the approval of the general partner. Secondary markets tend to be less liquid especially during periods of market stress.

(4)

Includes company owned life insurance contracts measured at cash surrender value.

(5)

*Dominion Energy includes pending sales of securities of $*7 *million and pending purchases of securities of $40 million at June 30, 2026 and December 31, 2025, respectively. Virginia Power includes pending sales of securities of $*4 million and $3 million at June 30, 2026, and December 31, 2025, respectively.

(6)

*Dominion Energy’s fair value of securities in an unrealized loss position was $*192 *million and $48 million at June 30, 2026 and December 31, 2025, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $*120 million and $3 million at June 30, 2026 and December 31, 2025, respectively.

The portion of unrealized gains and losses that relates to equity securities held within the Companies’ nuclear decommissioning trusts is summarized below:


	Dominion Energy
	Quarter-to-Date					Year-to-Date
Period Ended June 30,	2026			2025		2026		2025
(millions)
Net gains (losses) recognized during the period	$	885		$	535	$	626	$	296
Less: Net (gains) losses recognized during the period on securities sold during the period		(2	)		10		5		16
Unrealized gains (losses) recognized during the period on securities still held at period end(1)	$	883		$	545	$	631	$	312

(1)

Included in other income (expense) and the nuclear decommissioning trust regulatory liability.


	Virginia Power
	Quarter-to-Date					Year-to-Date
Period Ended June 30,	2026			2025		2026		2025
(millions)
Net gains (losses) recognized during the period	$	472		$	274	$	346	$	153
Less: Net (gains) losses recognized during the period on securities sold during the period		(2	)		7		1		11
Unrealized gains (losses) recognized during the period on securities still held at period end(1)	$	470		$	281	$	347	$	164

(1)

Included in other income (expense) and the nuclear decommissioning trust regulatory liability.

The fair value of the Companies’ fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at June 30, 2026 by contractual maturity is as follows:


	Dominion Energy		Virginia Power
(millions)
Due in one year or less	$	3	$	1
Due after one year through five years		568		349
Due after five years through ten years		100		82
Due after ten years		193		158
Total	$	864	$	590

Presented below is selected information regarding the Companies’ equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.


	Dominion Energy
	Quarter-to-Date				Year to Date
Period Ended June 30,	2026		2025		2026		2025
(millions)
Proceeds from sales	$	1,530	$	763	$	2,308	$	1,694
Realized gains(1)		25		7		32		18
Realized losses(1)		25		22		42		42

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.


	Virginia Power
	Quarter-to-Date				Year to Date
Period Ended June 30,	2026		2025		2026		2025
(millions)
Proceeds from sales	$	1,031	$	355	$	1,583	$	923
Realized gains(1)		19		5		24		14
Realized losses(1)		19		14		28		29

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.

Equity Method Investments

There have been no significant changes to the equity method investments included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 except as described below.

Atlantic Coast Pipeline

A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. Dominion Energy expects it could incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows. As a result of its share of equity losses exceeding its investment, Dominion Energy’s Consolidated Balance Sheets at June 30, 2026 and December 31, 2025 include a liability of $3 million and $4 million, respectively, presented in other current liabilities and reflecting Dominion Energy’s obligations to Atlantic Coast Pipeline related to AROs.

Dominion Privatization

At June 30, 2026 and December 31, 2025, Dominion Privatization had $13 million and $10 million of borrowings outstanding, respectively, related to its credit facility with Dominion Energy, reflected in other receivables in Dominion Energy’s Consolidated Balance Sheet.

Note 10. Property, Plant and Equipment

CVOW Commercial Project – Estimated Total Project Cost

As discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Virginia Power is constructing the CVOW Commercial Project. Installation of the final turbines comprising the 2.6 GW project is expected to be completed by the end of 2027. The estimated total project cost is approximately $11.7 billion (excluding financing costs and including $0.1 billion of contingency) which reflects revised network upgrade costs assigned by PJM to the CVOW Commercial Project, an estimated impact of certain tariffs

which became effective in April 2026 and updated turbine installation projections as well as previously included estimated impacts of a temporary suspension of work order, certain tariffs including those which became effective during 2025, the impact of the U.S. Supreme Court’s ruling in late February 2026 and tariffs which became effective in late February 2026. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs.

The expected total project cost reflects a decrease of approximately $0.4 billion, relative to both Virginia Power’s January and May 2026 construction update filings, associated with a revision to projected onshore electrical interconnection costs and network upgrade costs allocated by PJM to the CVOW Commercial Project. The expected total project cost also reflects an increase of approximately $0.4 billion, relative to both Virginia Power’s January and May 2026 construction update filings, $0.3 billion of which is associated with updated projections for turbine installations reflecting weather and other conditions with the remainder associated with other factors experienced, including increased fuel costs, during installations completed through July 2026. In addition, the expected total project cost reflects an increase of approximately $0.2 billion, relative to Virginia Power’s May 2026 construction update filing, associated with revised Section 232 tariffs enacted in April 2026 on equipment expected to be delivered from April 2026 through the end of 2027 that contains steel, aluminum and/or copper products, including the associated impact such revised tariffs had on tariffs 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. Relative to Virginia Power’s January 2026 construction update filing, the expected impact of tariffs is a net increase of approximately $0.1 billion as the increase discussed above related to April 2026 revision of Section 232 tariffs is partially offset by 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, and 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 actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component.

As a result of the revised total project cost estimates and cost sharing mechanism, for the three and six months ended June 30, 2026 Virginia Power recorded a net charge for costs not expected to be recovered from customers of $246 million and $129 million, respectively, within impairments of assets and other charges (benefits), which includes $123 million and $64 million, respectively, attributable to noncontrolling interests, and an associated income tax benefit of $32 million and $17 million, respectively. For the three and six months ended June 30, 2025 Virginia Power recorded a charge for costs not expected to be recovered from customers of $51 million and $96 million, respectively, within impairment of assets and other charges (benefits), which includes $26 million and $48 million, respectively, attributable to noncontrolling interests, and an associated income tax benefit of $6 million and $12 million, respectively. All such amounts are reflected in the Corporate and Other segment in the Companies’ Consolidated Statements of Income. See Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 for more information on the cost sharing mechanism in the Virginia Commission’s December 2022 order and Stonepeak’s 50% noncontrolling interest in the CVOW Commercial Project.

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 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, actual network upgrade costs allocated by PJM, adverse weather and/or any severe weather events. Any additional increase in such costs in excess of the contingency included in the estimated total project cost would be subject to the cost sharing mechanisms discussed above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows.

Nonregulated Solar Generation Facilities

In March 2026, Dominion Energy committed to a plan to sell certain nonregulated solar generation facilities within its Contracted Energy segment. As a result of meeting the requirements to be classified as held for sale, Dominion Energy recorded an impairment charge of $78 million ($60 million after-tax) in impairment of assets and other charges (benefits) in its Consolidated Statement of Income (reflected in the Corporate and Other segment) for the three months ended March 31, 2026 to adjust the net assets associated with such facilities to their estimated fair value less cost to sell, using a market approach, of $500 million. In May 2026, Dominion Energy entered into an agreement with Enel to sell certain of these nonregulated solar generation facilities within its Contracted Energy segment for $140 million in cash, subject to customary closing adjustments. The transaction is expected to close by the end of 2026, contingent on clearance or approval under the HSR and by FERC as well as other customary closing and regulatory conditions. In July 2026, the Federal Trade Commission granted early termination of the waiting period under the HSR. At June 30, 2026, the carrying

amounts of major classes of assets held for sale are composed primarily of $262 million of net property, plant and equipment, as well as operating lease assets and a valuation allowance for assets held for sale with the carrying amount of major classes of liabilities held for sale composed primarily of deferred investment tax credits and operating lease liabilities. Also during the second quarter of 2026, Dominion Energy determined that it no longer had the intent to sell the remaining nonregulated solar generation facilities included in the March plan and reclassified their respective balances from held for sale to held and used at the lower of their original carrying amounts before the asset was classified as held for sale, adjusted for any depreciation expense not recognized while they were classified as held for sale, or their fair value. The balances primarily included property, plant and equipment, operating lease assets, deferred investment tax credits and operating lease liabilities.

Nonregulated Renewable Natural Gas Facilities

In April 2026, Dominion Energy commenced an evaluation of its long-term intentions for its nonregulated renewable natural gas facilities within Contracted Energy. In connection with that evaluation, Dominion Energy expects that it is more likely than not that the nonregulated renewable natural gas facilities will be sold before the end of their useful lives and therefore evaluated the associated long-lived assets for recoverability during the second quarter of 2026. Using a probability-weighted approach, Dominion Energy determined Contracted Energy’s nonregulated renewable natural gas facilities were impaired and recorded a charge of $820 million ($640 million after-tax) in impairment of assets and other charges (benefits) in its Consolidated Statement of Income (reflected in the Corporate and Other segment) for the three and six months ended June 30, 2026 to adjust the property, plant and equipment, net of associated deferred investment tax credits, down to its estimated fair value of $468 million. The fair value was estimated using an income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices.

Note 11. Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:


	Dominion Energy				Virginia Power
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
(millions)
Regulatory assets:
Deferred cost of fuel used in electric generation(1)	$	1,209	$	213	$	1,015	$	174
Securitized cost of fuel used in electric generation(2)		133		125		133		125
Riders OSW and CE(3)		51		23		51		23
Other deferred rider costs for Virginia electric utility(4)		157		445		157		445
Ash pond and landfill closure costs(5)		125		164		125		164
Deferred nuclear refueling outage costs(6)		107		101		107		101
NND Project costs(7)		138		138
Other		205		171		82		78
Regulatory assets-current		2,125		1,380		1,670		1,110
Unrecognized pension and other postretirement benefit costs(8)		510		527	—		—
Riders OSW and CE(3)		442		287		442		287
Other deferred rider costs for Virginia electric utility(4)		526		338		526		338
Interest rate hedges(9)		165		165		—	—
AROs and related funding(10)		397		385
NND Project costs(7)		1,603		1,672
CCR remediation, ash pond and landfill closure costs(5)		3,093		2,868		2,530		2,510
Deferred cost of fuel used in electric generation(1)		153		391		153		391
Securitized cost of fuel used in electric generation(2)		779		868		779		868
Other		797		775		153		132
Regulatory assets-noncurrent		8,465		8,276		4,583		4,526
Total regulatory assets	$	10,590	$	9,656	$	6,253	$	5,636
Regulatory liabilities:
Deferred cost of fuel used in electric generation(1)		—		3		—		3
Provision for future cost of removal and AROs(11)		101		101		101		101
Reserve for rate credits to electric utility customers(12)		26		34		—		—
Income taxes refundable through future rates(13)		116		110		77		77
Monetization of guarantee settlement(14)		67		67
Derivatives(15)		255		158		219		135
Other		44		69		42		58
Regulatory liabilities-current		609		542		439		374
Income taxes refundable through future rates(13)		2,788		2,854		1,998		2,046
Provision for future cost of removal and AROs(11)		1,966		1,950		1,349		1,346
Nuclear decommissioning trust(16)		2,756		2,494		2,756		2,494
Monetization of guarantee settlement(14)		468		501
Interest rate hedges(9)		447		461		447		461
Reserve for rate credits to electric utility customers(12)		117		128		—		—
Overrecovered other postretirement benefit costs(17)		223		209
Derivatives(15)		251		228		—		31
Other		406		247		313		152
Regulatory liabilities-noncurrent		9,422		9,072		6,863		6,530
Total regulatory liabilities	$	10,031	$	9,614	$	7,302	$	6,904

(1)

Reflects deferred fuel expenses as well as, beginning in June 2025, deferred electric capacity expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.

(2)

Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024, which are being amortized into electric fuel and other energy-related purchases. 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.

(3)

Deferred balances for Riders OSW and CE include amounts for shortfall or excess in energy sales, capacity revenue, renewable energy credits and production tax credits as such customer benefit amounts are included as a component, including an equity return, of the revenue requirements associated with each rate adjustment clause. In addition, the deferred Rider OSW balance at June 30, 2026 *and December 31, 2025 includes $*10 *million and $*4 million, respectively, for future decommissioning activities respectively.

(4)

Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.

(5)

Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. In addition, the balance reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

(6)

Primarily reflects deferred operation and maintenance costs at Virginia Power incurred in connection with the refueling of any nuclear-powered generating plant as required by Virginia legislation. Virginia Power deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

(7)

Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20*-year period ending in 2039.*

(8)

Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries.

(9)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 24 years and 23 years for Dominion Energy and Virginia Power, respectively at June 30, 2026*.*

(10)

Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.

(11)

Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.

(12)

Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11*-year period effective February 2019, in connection with the SCANA Merger Approval Order.*

(13)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted-average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.

(14)

Reflects amounts to be refunded to DESC electric service customers over a 20*-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.*

(15)

Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.

(16)

Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses, changes in fair value and taxes thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.

(17)

Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

At June 30, 2026, Dominion Energy and Virginia Power regulatory assets include $6.2 billion and $4.1 billion, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years.

Note 12. Regulatory Matters

Regulatory Matters Involving Potential Loss Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.

Other Regulatory Matters

Other than the following matters, there have been no significant developments regarding key legislation affecting operations or key regulatory developments disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Virginia Regulation - Updates to Key Legislation Affecting Operations

Virginia 2020 Legislation

Renewable generation: In April 2026, the Governor of Virginia signed into law legislation which deems 16.0 GW of short-duration energy storage by the end of 2045, including 4.0 GW by the end of 2030, and 4.0 GW of long-duration energy storage by the end of 2045, including 2.0 GW by the end of 2035, which includes up to 800 MW for any one project which may include new or expanded pumped storage facilities, to be in the public interest.

Carbon trading program: In April 2026, the Governor of Virginia signed into law legislation that requires Virginia to establish and maintain a market-based carbon trading program consistent with RGGI, effective July 2026. All costs of the carbon trading program are recoverable through an environmental rider. In June 2026, the Governor of Virginia signed into law legislation that requires 45 percent of all revenue collected by Virginia pursuant to the market-based trading program be remitted to certain electric utilities, including Virginia Power, who will be subsequently required to distribute such funds to residential and certain commercial customers.

Virginia Regulation - Recent Developments

2025 Biennial Review

In November 2025, the Virginia Commission approved a base rate increase of $566 million effective January 2026 with an incremental base rate increase of $210 million effective January 2027. The Virginia Commission also authorized an ROE of 9.80% for Virginia Power that will be applied to Virginia Power’s riders prospectively and that will also be utilized to measure base rate earnings for the 2027 Biennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 for additional information. In March 2026, an appeal of the Virginia Commission’s order was filed with the Supreme Court of Virginia. This matter is pending.

Virginia Fuel Expenses

In May 2026, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $2.7 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2026 and a projected $1.1 billion under-recovered balance as of June 30, 2026. The projected under-recovered balance is comprised of $1.0 billion in projected and $66 million in actual under-recovered amounts from the rate years ended June 30, 2026 and 2025, respectively. Virginia Power proposed two alternatives to recover these under-collected fuel costs. The first option reflects recovery of the total $3.8 billion fuel cost requirement over the July 2026 through June 2027 fuel period and results in an increase in Virginia Power’s fuel revenues of $1.9 billion when applied to projected kilowatt-hour sales for the period. The second option proposed by Virginia Power incorporates its May 2026 application to the Virginia Commission for approval of a financing order to securitize up to the projected $1.0 billion under-recovered balance associated with the rate year ended June 30, 2026 as permitted under legislation enacted in Virginia in May 2026 authorizing Virginia Power to petition the Virginia Commission on or before July 2026 for approval of a financing order for certain deferred fuel costs. Under this option, Virginia Power proposed implementation of a rate to recover its projected current period fuel costs and the $66 million associated with under-recovered amounts from the rate year ended June 30, 2025 only effective July 2026 on an interim basis, while suspending implementation of the $1.0 billion associated with projected under-recovered amounts from the rate year ended June 30, 2026 pending the Virginia Commission’s consideration of the securitization petition. If approved by the Virginia Commission, the securitization option results in a net increase in Virginia Power’s fuel revenues for the rate year of approximately $702 million. In June 2026, the Virginia Commission ordered that, in accordance with Virginia Power’s second proposed option, the rate associated with the projected current period fuel costs and the $66 million associated with under-recovered amounts from the rate year ended June 30, 2025 be implemented effective July 2026 on an interim basis. In May 2026, in accordance

with legislation enacted in Virginia in May 2026 discussed above, Virginia Power filed an application with the Virginia Commission for approval of a financing order to securitize the projected $1.0 billion under-recovered fuel balance from the rate year ended June 30, 2026 through the issuance of one or more tranches of bonds with tenors up to approximately ten years, but no longer than approximately 15 years. These matters are pending.

Virginia Power Equity Application

In March 2026, Virginia Power requested approval from the Virginia Commission to issue and sell to Dominion Energy up to $5.1 billion of authorized but unissued shares of its common stock, no par value, through the end of 2029 to maintain adequate credit metrics and efficient access to capital markets while funding necessary capital expenditures. In May 2026, the Virginia Commission granted Virginia Power approval to issue up to $3.6 billion of authorized but unissued shares of its common stock, through the end of 2029.

Renewable Generation Projects

In October 2025, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate six utility-scale projects totaling approximately 845 MW of solar generation and two energy storage projects totaling approximately 155 MW as part of its efforts to meet the renewable generation development targets under the VCEA. The projects include Bedford and Pumpkinseed, which were constructed and have been operated as non-jurisdictional generation facilities. The remaining projects are expected to, as of October 2025, cost approximately $2.9 billion, excluding financing costs, and be placed into service between 2028 and 2030. In April 2026, the Virginia Commission approved CPCNs to construct or acquire and operate four utility-scale projects totaling approximately 532 MW of solar generation and one energy storage project totaling approximately 80 MW. The projects include Bedford and Pumpkinseed with the remaining projects approved in the April 2026 order expected to, as of October 2025, cost approximately $1.5 billion, excluding financing costs, and be placed into service between 2028 and 2029. Virginia Power is reviewing the order and assessing its options.

GTSA Filing

In March 2026, Virginia Power filed a petition with the Virginia Commission for approval of Phase IV, covering 2027 through 2029, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan proposes to continue the mainfeeder hardening project on 41 additional feeders in 2027 through 2029, proposes the continued implementation of and investment in previously approved voltage island mitigation projects and voltage optimization enablement work and continued deployment of its previously approved telecommunications plan and select vegetation management programs. Virginia Power also requests approval for one new project, a stepdown conversion pilot program designed to proactively upgrade parts of the distribution system to a higher voltage, eliminating the need for 24 overhead 500 kVA and 333 kVA stepdown transformers. For Phase IV, the total proposed capital investment is $983 million and the proposed operations and maintenance investment is $125 million. This matter is pending.

Riders

Other than the following matters, there have been no significant developments regarding the significant riders associated with various Virginia Power projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.


Rider Name	Application Date	Approval Date	Rate Year Beginning	Total Revenue Requirement (millions)(1)		Increase (Decrease) from Previous (millions)
Rider CCR	April 2026	Pending	January 2027	$	217	$	51
Rider CE(2)	October 2025	April 2026	May 2026		280		98
Rider CERC	March 2026	Pending	January 2027		70		34
Rider DIST(3)	August 2025	May 2026	June 2026		327		60
Rider GEN	June 2026	Pending	April 2027		430		119
Rider GEN	June 2026	Pending	April 2028		408		(22	)
Rider OSW	October 2025	July 2026	September 2026		670		31
Rider RGGI(4)	June 2026	Pending	March 2027		1,179	N/A
Rider SNA	October 2025	July 2026	September 2026		233		26
Rider T1(5)	May 2026	Pending	September 2026		1,539		196

(1)

*In addition, Virginia Power has riders associated with other projects with an aggregate total revenue requirement of approximately $*45 *million at June 30, 2026 and pending applications associated with such riders, which if approved, would result in an annual revenue requirement increase of approximately $*20 million.

(2)

As approved, associated with four *solar generation projects, including Bedford and Pumpkinseed (non-jurisdictional generation facilities with an aggregate recorded cost of $*251 million at September 30, 2025), one energy storage project, 10 purchased power agreements and certain costs associated with expanding solar and storage facilities in addition to previously approved Rider CE projects.

(3)

*The total revenue requirement for Rider DIST includes $*120 *million for certain previously approved electric distribution grid transformation projects, $*172 *million for previously approved phases and proposed phase nine of certain new underground distribution facilities and $*35 *million for certain previously approved rural broadband capacity projects. Virginia Power recognized a charge of $*24 *million ($*18 million after-tax) recorded primarily in impairment of assets and other charges (benefits) in the Companies’ Consolidated Statements of Income (reflected in the Corporate and Other segment) for the three and six months ended June 30, 2026, for the disallowance of certain strategic undergrounding costs previously incurred in connection with

this final order. In addition, effective June 2026, the rider associated with rural broadband capacity projects was consolidated into Rider DIST and separate collection of rates under the rural broadband rider ceased.

(4)

In June 2026, Virginia Power filed a petition to update and reinstate Rider RGGI to recover RGGI compliance costs incurred beginning July 2026 and those projected to occur through February 2028, with rate recovery from March 2027 through February 2028. In its petition, Virginia Power proposed an alternative mitigation approach which, if approved, would spread the recovery of costs over a two-year *period and result in a total revenue requirement of $*940 million for the rate year beginning March 2027.

(5)

*Consists of $*540 *million for the transmission component of Virginia Power’s base rates and $*999 million for Rider T1.

Electric Transmission Projects

Other than the following matters, there have been no significant developments regarding the significant Virginia Power electric transmission projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.


Description and Location of Project	Application Date	Approval Date		Type of Line	Miles of Lines	Cost Estimate (millions)(1)
Construct new Culpeper Technology transmission lines, substations and related projects in the Counties of Culpeper, Orange and Fauquier and the Town of Culpeper, Virginia	February 2025	March 2026		230 kV	13	$	255
Construct new Golden-Mars transmission lines and related projects in Loudoun County, Virginia	March 2025	June 2026	(2)	500- 230 kV	11		515
Partial rebuild Chesterfield-Lanexa transmission lines in the Counties of Henrico, Charles City and New Kent, Virginia	September 2025	March 2026		230- 115 kV	58	$	150
Construct Morrisville-Wishing Star transmission lines and related projects in the Counties of Fauquier, Prince William and Loudoun, Virginia	February 2026	Pending		500- 230 kV	45		875
Rebuild Charlottesville-Gordonsville transmission lines and related projects in the County of Albermarle and the City of Charlottesville, Virginia	April 2026	Pending		230 kV	16	$	100
Construct Firehouse transmission lines, substation and related projects in the County of Loudoun, Virginia	May 2026	Pending		230 kV	1		65
Construct Aspen-Doubs and Goose Creek-Woodside transmission lines, rebuild Doubs-Goose Creek transmission line and related projects in the County of Loudoun, Virginia	May 2026	Pending		500 kV	9	$	200
Construct new Allman Station switching station and related projects in the City of Fredericksburg, Virginia	May 2026	Pending		230 kV	1		100
Install underbuilt transmission lines on existing 500 kV Elmont-Ladysmith line support structures and related projects in the Counties of Hanover and Caroline, Virginia	June 2026	Pending		230 kV	26	$	60

(1)

*Repre**sents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had one other transmission project applied for and currently pending approval with an aggregate cost estimate of approximately $*20 million.

(2)

In July 2026, appeals were filed with the Supreme Court of Virginia. This matter is pending.

North Carolina Regulation - Recent Developments

Base Rate Case

In April 2026, Virginia Power filed its base rate case with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $37 million effective December 1, 2026 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective March 1, 2027. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned ROE of 7.53% based upon a fully-adjusted test period, compared to its authorized return of 9.95%, and proposed ROE of 10.50%. In addition, Virginia Power requested permission to establish a rider to recover certain costs associated with the CVOW Commercial Project. This matter is pending.

South Carolina Regulation - Recent Developments

Electric Base Rate Case

In January 2026, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $331 million, partially offset by a net decrease in storm damage and DSM components of $9 million. If approved, the overall proposed rate increase of $322 million, or 12.7%, would be effective on and after the first billing cycle of July 2026. The base rate increase was proposed to recover the continued investment in assets and operating resources required to serve DESC’s rapidly expanding customer base and evolving customer needs, while maintaining the safety, reliability, resiliency and efficiency of its system, and to meet increasingly stringent reliability, security and environmental requirements. DESC presented an ROE of 4.78% based upon a fully-adjusted test period. The proposed rates would provide for an earned ROE of 10.50% compared to the currently authorized ROE of 9.94%.

In May 2026, DESC, the South Carolina Office of Regulatory Staff and other parties of record filed a stipulation agreement with the South Carolina Commission for approval. The stipulation agreement provides for a non-fuel, base rate increase of $219 million prior to the effect of South Carolina Commission-ordered DSM reductions effective on and after the first billing cycle of July 2026 and an authorized ROE of 9.99%. In addition, the stipulation agreement includes that DESC will provide to residential customers a one-time refund and other customer assistance, resulting in after-tax charges of

$5 million reflected in Dominion Energy’s Consolidated Statements of Income for both the three and six months ended June 30, 2026. In July 2026, the South Carolina Commission issued an order approving the stipulation agreement.

Cost of Fuel

DESC’s retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In February 2026, DESC filed with the South Carolina Commission a proposal to increase the total fuel cost component of retail electric rates. DESC’s proposed adjustment is designed to recover DESC’s current base fuel costs, including its existing under-collected balance, over the 12-month period beginning with the first billing cycle of May 2026. In addition, DESC proposed to update its variable environmental and avoided capacity cost component. The net effect is a proposed annual increase of $36 million. In March 2026, DESC, the South Carolina Office of Regulatory Staff and another party filed a settlement agreement with the South Carolina Commission for approval to make certain adjustments to the February 2026 filing that would result in an inconsequential change to the proposed annual increase. In April 2026, the South Carolina Commission approved the settlement agreement, with rates effective with the first billing cycle of May 2026.

Electric DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2026, DESC filed an application with the South Carolina Commission seeking approval to recover $54 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. DESC requested that rates be effective with the first billing cycle of May 2026. In April 2026, the South Carolina Commission approved the request, effective with the first billing cycle of May 2026.

Canadys Station

In December 2025, DESC and Santee Cooper filed an application with the South Carolina Commission for approval of a CPCN to jointly construct and operate Canadys Station. Upon completion, DESC and Santee Cooper will each own a 50% undivided interest in the generating station and its electrical output. The application included an expected total cost of approximately $5 billion, excluding financing costs, with costs split equally between the joint owners for the proposed 2.2 GW facility. In addition, the application seeks approval for the construction of a new 230 kV switchyard and related transmission facilities which are expected to cost approximately $100 million, to be jointly owned by DESC and Santee Cooper, with costs split between the joint owners based on a formula reflecting shared use. In June 2026, the South Carolina Commission approved the request. The related facilities are expected to be placed into service in 2033. The estimated cost and project timelines are subject to refinement through the permitting process and the negotiation of contracts for major construction suppliers.

Electric - Transmission Project

In July 2026, DESC filed an application with the South Carolina Commission requesting approval of a CPCN to reconductor five existing corridor lines currently connected to its Jasper substation in Jasper County, South Carolina, consisting of a total of 84 miles of 230 kV transmission lines with an estimated total project cost of approximately $110 million. This matter is pending.

Natural Gas Rates

In June 2026, DESC filed with the South Carolina Commission its monitoring report for the 12-month period ended March 31, 2026 with a total revenue requirement of $676 million. This revenue requirement represents a $22 million base rate increase under the terms of the Natural Gas Rate Stabilization Act effective with the first billing cycle of November 2026. This matter is pending.

Note 13. Leases

Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

During the second quarter of 2026, Virginia Power recorded a right-of-use asset and offsetting lease obligation upon commencement of an operating lease for an energy storage facility with a term of approximately 15 years. At June 30, 2026, Virginia Power’s Consolidated Balance Sheet includes $273 million of other deferred charges and other assets for its right-of-use asset and $273 million of operating lease liabilities comprised of $9 million presented in other current liabilities and $264 million presented in other deferred credits and other liabilities related to this lease.

Dominion Energy’s Consolidated Statements of Income include $5 million and $9 million for the three and six months ended June 30, 2026, respectively, and $5 million and $9 million for the three and six months ended June 30, 2025, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $3 million and $7 million for the three and six months ended June 30, 2026, respectively, and $4 million and $5 million for the three and six months ended June 30, 2025, respectively, of depreciation expense included in depreciation and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

Note 14. Variable Interest Entities

There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $166 million and $142 million for the three months ended June 30, 2026 and 2025, respectively, and $351 million and $297 million for the six months ended June 30, 2026 and 2025, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $51 million and $46 million at June 30, 2026 and December 31, 2025, respectively, recorded in payables to affiliates.

As described in Note 18 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Virginia Power formed VPFS in October 2023, a wholly-owned special purpose subsidiary which is considered to be a VIE, for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of senior secured deferred fuel cost bonds. The Companies’ Consolidated Balance Sheets include balances for VPFS as follows:


	June 30, 2026		December 31, 2025
(millions)
Assets
Prepayments(1)	$	1	$	1
Regulatory assets-current		133		125
Other current assets(2)		45		51
Regulatory assets-noncurrent		779		868
Total assets	$	958	$	1,045
Liabilities
Securities due within one year	$	176	$	171
Accrued interest, payroll and taxes		8		9
Securitization bonds		794		883
Total liabilities	$	978	$	1,063

(1)

Prepayments are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.

(2)

See Note 2 for additional information about restricted cash and equivalents at VPFS.

As described in Note 10 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, in October 2024 Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the sale of an interest in OSWP, which is considered to be a VIE. The Companies’ Consolidated Balance Sheets include balances for OSWP as follows:


	June 30, 2026			December 31, 2025
(millions)
Assets
Cash and cash equivalents	$	162		$	149
Other receivables		101			—
Regulatory assets-current		5			15
Other investments		1			—
Property, plant and equipment		9,234			8,799
Accumulated depreciation and amortization		(20	)		—
Regulatory assets-noncurrent		269			150
Other deferred charges and other assets		23			9
Total assets	$	9,775		$	9,122
Liabilities
Accounts payable	$	3		$	2
Accrued interest, payroll and taxes		4			2
Other current liabilities		20			16
Asset retirement obligations- noncurrent(1)		429			220
Total liabilities	$	456		$	240

(1)

Asset retirement obligations-noncurrent are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

Note 15. Significant Financing Transactions

Credit Facilities and Short-term Debt

The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Dominion Energy

Dominion Energy’s short-term financing is primarily supported by its joint revolving credit facility.

At June 30, 2026, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility discussed above and its supplemental revolving credit facility, were as follows:


	Facility Limit		Outstanding Commercial Paper		Outstanding Letters of Credit		Facility Capacity Available
(millions)
Joint revolving credit facility(1)	$	7,000	$	2,087	$	4	$	4,909
Supplemental revolving credit facility(2)		1,000		—				1,000
Total	$	8,000	$	2,087	$	4	$	5,909

(1)

This credit facility matures in April 2031 in accordance with the extension exercised by the borrowers in April 2026, with the potential to be further extended by the borrowers to April 2032, *and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $*3.0 billion of letters of credit, for working capital and other general corporate purposes.

(2)

This credit facility, entered into in April 2026 with certain lenders, matures in April 2028*, with the potential to be extended by Dominion Energy to April 2029, contains a maximum allowed total debt to total capital ratio consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility and can be used to support bank borrowings and the issuance of commercial paper.*

In addition to the credit facilities mentioned above, Dominion Energy’s credit facilities and agreements also consist of the following:

An agreement entered into with a financial institution in March 2023, which it expects to allow it to issue up to $100 million in letters of credit. At both June 30, 2026 and December 31, 2025, $26 million in letters of credit were issued and outstanding under this agreement, respectively.

An agreement entered into with a financial institution in June 2024, subsequently amended in January 2025, which it expects to allow it to issue up to a combined $275 million in letters of credit at either Dominion Energy or Virginia Power. At June 30, 2026 and December 31, 2025, Dominion Energy had $101 and $102 million in letters of credit issued and outstanding under this agreement, including $79 and $81 million for Virginia Power, respectively.

An agreement entered into with a financial institution in January 2025, subsequently amended in January 2026, which it expects to allow it to issue up to a combined $250 million in letters of credit, with $50 million available exclusively to Dominion Energy and $200 million available exclusively to Virginia Power. At June 30, 2026 and December 31, 2025, Dominion Energy had $250 million and $150 million in letters of credit issued and outstanding under this agreement, including $200 million and $100 million for Virginia Power, respectively. In July 2026, this agreement was amended under which Dominion Energy expects to allow it to issue up to a combined $450 million in letters of credit, with $50 million available exclusively to Dominion Energy and $400 million available exclusively to Virginia Power.

An agreement entered into with a financial institution in September 2025, subsequently amended in December 2025, which it expects to allow it to issue up to $500 million in letters of credit with $100 million available exclusively to Dominion Energy and $400 million available exclusively to Virginia Power. At June 30, 2026 and December 31, 2025, Dominion Energy had $351 million and $379 million, respectively, in letters of credit issued and outstanding under this agreement, all of which was issued and outstanding for Virginia Power.

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 as disclosed in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. At June 30, 2026 and December 31, 2025, Dominion Energy’s Consolidated Balance Sheets include $375 million and $422 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

In February 2026, Dominion Energy entered into an approximately $1.3 billion 364-day term loan facility as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. During the six months ended June 30, 2026, Dominion Energy borrowed approximately $1.3 billion under this facility with the proceeds used to repay existing debt and for general corporate purposes. At June 30, 2026, Dominion Energy had approximately $1.3 billion outstanding under this facility presented within securities due within one year in its Consolidated Balance Sheet. In July 2026, Dominion Energy repaid $300 million borrowed under this facility.

Virginia Power

Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $7.0 billion joint revolving credit facility.

At June 30, 2026, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC was as follows:


	Facility Limit		Outstanding Commercial Paper		Outstanding Letters of Credit
(millions)
Joint revolving credit facility(1)	$	7,000	$	992	$	1

(1)

The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. *At June 30, 2026, the sub-limit for Virginia Power was $*4.0 billion. If Virginia Power has liquidity needs in excess of its current sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from

Dominion Energy. This credit facility matures in April 2031 in accordance with the extension exercised by the borrowers in April 2026, with the potential to be further extended by the borrowers to April 2032, and *can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $*3.0 billion (or the sub-limit, whichever is less) of letters of credit, for working capital and other general corporate purposes.

In addition to the credit facility mentioned above, Virginia Power’s credit facilities and agreements also consist of the following:

An agreement entered into with a financial institution in March 2023, most recently amended in June 2026, which it expects to allow it to issue up to $450 million in letters of credit. At June 30, 2026 and December 31, 2025, $422 million and $281 million, respectively, in letters of credit were issued and outstanding under this agreement.

An agreement entered into with a financial institution in June 2024, subsequently amended in January 2025, which it expects to allow it to issue up to a combined $275 million in letters of credit at either Dominion Energy or Virginia Power. At June 30, 2026 and December 31, 2025, Virginia Power had $79 million and $81 million, out of Dominion Energy’s total $101 million and $102 million, respectively, in letters of credit issued and outstanding under this agreement.

An agreement entered into with a financial institution in January 2025, subsequently amended in January 2026, which it expects to allow Dominion Energy to issue up to a combined $250 million in letters of credit, with $50 million available exclusively to Dominion Energy and $200 million available exclusively to Virginia Power. At June 30, 2026 and December 31, 2025, Virginia Power had $200 million and $100 million, respectively, in letters of credit issued and outstanding under this agreement. In July 2026, this agreement was amended under which Virginia Power expects to allow Dominion Energy to issue up to a combined $450 million in letters of credit, with $50 million available exclusively to Dominion Energy and $400 million available exclusively to Virginia Power.

An agreement entered into with a financial institution in September 2025, subsequently amended in December 2025, which it expects to allow Dominion Energy to issue up to $500 million in letters of credit with $100 million available exclusively to Dominion Energy and $400 million available exclusively to Virginia Power. At June 30, 2026 and December 31, 2025, Virginia Power had $351 million and $379 million, respectively, in letters of credit issued and outstanding under this agreement.

Agreements entered into with financial institutions in September 2025, which it expects to allow it to issue up to $2.0 billion in letters of credit. At June 30, 2026 and December 31, 2025, Virginia Power had $1.2 billion and $1.0 billion, respectively, in letters of credit issued and outstanding under these agreements.

An agreement entered into with a financial institution in July 2026, which it expects to allow it to issue up to $250 million in letters of credit.

Long-term Debt

Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt.

In February 2026, Dominion Energy borrowed $500 million under the Sustainability Revolving Credit Agreement as described in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, with the proceeds used to support environmental sustainability and social investment initiatives, which was repaid in March 2026. In May 2026, Dominion Energy borrowed $500 million under this agreement with the proceeds used to support environmental sustainability and social investment initiatives. Dominion Energy repaid $300 million in June 2026. At June 30, 2026, Dominion Energy had $200 million outstanding under this facility presented within current supplemental credit facility borrowings in its Consolidated Balance Sheet which Dominion Energy repaid in July 2026. At December 31, 2025, Dominion Energy had no borrowings outstanding under this facility. In April 2026, the facility was amended to, among other things, extend the maturity date from April 2028 to April 2029, with the potential to be further extended by Dominion Energy to April 2031. There were no changes to the key financial covenants.

In March 2026, Virginia Power issued $1.3 billion of 4.95% senior notes and $850 million of 5.70% senior notes that mature in 2036 and 2056, respectively.

In June 2026, Dominion Energy issued $825 million of 5.35% senior notes that mature in 2036.

In June 2026, Dominion Energy issued $1.5 billion of junior subordinated notes, consisting of $1.0 billion of 2026 Series A JSNs and $500 million of 2026 Series B JSNs that both mature in 2056. The 2026 Series A JSNs will bear interest at 6.150% until December 15, 2031. The interest rate will reset every five years beginning December 15, 2031 to equal the then-current five-year U.S. Treasury rate plus a spread of 1.869%, provided that the interest rate will not reset below 6.150%. The 2026 Series B JSNs will bear interest at 6.250% until December 15, 2036. The interest rate will be reset every five years beginning on December 15, 2036 to equal the then-current five-year U.S. Treasury rate plus a spread of 1.702%, provided that the interest rate will not reset below 6.250%. Dominion Energy may defer interest payment on the 2026 Series A JSNs or 2026 Series B JSNs on one or more occasions for up to 10 consecutive years. If interest payments on the 2026 Series A JSNs or the 2026 Series B JSNs are deferred, Dominion Energy may not, subject to certain limited exceptions, declare or pay any dividends or other distributions on, or redeem, repurchase or otherwise acquire any of its capital stock during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities or make any payments under any guarantee of debt that, in each case, is equal or junior in right of payment to the 2026 Series A JSNs and the 2026 Series B JSNs.

Preferred Stock

Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At both June 30, 2026 and December 31, 2025, Dominion Energy had issued and outstanding 1.0 million shares of the Series C Preferred Stock.

Dominion Energy recorded dividends on the Series C Preferred Stock of $11 million ($10.875 per share) for both the three months ended June 30, 2026 and 2025 and $22 million ($21.750 per share) for both the six months ended June 30, 2026 and 2025, respectively. There have been no significant changes to Dominion Energy’s Series C Preferred Stock as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Issuance of Common Stock

Dominion Energy recorded, net of fees and commissions, $38 million from the issuance of one million shares of common stock for the six months ended June 30, 2026 and $70 million from the issuance of one million shares of common stock for the six months ended June 30, 2025, through various programs, including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. In May 2026, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans.

In June 2026, Virginia Power issued 6,046 shares of its common stock to Dominion Energy for $450 million with the proceeds utilized to reduce the aggregate amount outstanding under its intercompany credit facility with Dominion Energy. Virginia Power issued the shares pursuant to a Virginia Commission order authorizing the issuance of up to $3.6 billion of common stock through the end of 2029 in order to maintain adequate credit metrics and efficient access to capital markets while funding necessary capital expenditures, as discussed in Note 13.

In June 2025, Virginia Power issued 30,006 shares of its common stock to Dominion Energy for $2.1 billion with the proceeds utilized to reduce the aggregate amount outstanding under its intercompany credit facility with Dominion Energy. Virginia Power issued the shares pursuant to a Virginia Commission order discussed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

At-the-Market Programs

May 2024 At-the-Market Program

In May 2024, Dominion Energy entered into sales agency agreements to effect sales under an existing at-the-market program. During the third quarter of 2025, Dominion Energy entered into forward sale agreements 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. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements. There have been no significant changes regarding this at-the-market program as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

February 2025 At-the-Market Program

In February 2025, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. 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 this at-the-market program by $1.8 billion.

During the first quarter of 2026, Dominion Energy entered into forward sale agreements 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. During the second quarter of 2026, Dominion Energy entered into forward sale agreements for approximately 7.9 million shares of its common stock expected to be settled by the fourth quarter of 2026 at a weighted-average initial forward price of $67.88 per share. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements.

Repurchase of Common Stock

In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock, with $0.9 billion available at June 30, 2026.

Dominion Energy did not repurchase any shares of common stock during the six months ended June 30, 2026, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.

Dividend Restrictions

As discussed in Note 1, Dominion Energy may be required to obtain the consent of NextEra Energy related to the payment of dividends in excess of $0.6675 per share each quarter. There have been no other significant changes to dividend restrictions affecting the Companies described in Note 21, to

the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Note 16. Commitments and Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.

Environmental Matters

The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations.

Air

The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. At a minimum, state-established regulatory programs are required to meet applicable requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements.

Ozone Standards

The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which was applicable in August 2023 for certain states, including Virginia. The interstate federal implementation plan imposes tighter NOX emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Unless and until implementation plans for the 2015 ozone standards are fully developed and approved and in effect for all states in which the Companies operate, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations, financial condition and/or cash flows.

Carbon Regulations

In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and exceed a significant emissions rate of 75,000 tons per year of CO2 equivalent emissions. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows.

Water

The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities.

Regulation 316(b)

In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make

case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion Energy and Virginia Power currently have 14 and eight facilities, respectively, that are subject to the final regulations. Dominion Energy is also working with the EPA and state regulatory agencies to assess the applicability of Section 316(b) to eight hydroelectric facilities, including three Virginia Power facilities. The Companies anticipate that they may have to install impingement control technologies at certain of these stations that have once-through cooling systems. The Companies are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technological and cost benefit studies. DESC is conducting studies and implementing plans as required by the rule to determine appropriate intake structure modifications at certain facilities to ensure compliance with this rule. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.

Effluent Limitations Guidelines

In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule established updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the EPA’s request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. In September 2017, the EPA signed a rule to postpone the earliest compliance dates for certain waste streams regulations in the Effluent Limitations Guidelines final rule from November 2018 to November 2020; however, the latest date for compliance for these regulations was December 2023. In October 2020, the EPA released the final rule that extended the latest dates for compliance with individual facilities’ compliance dates that would vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. In May 2024, the EPA released a final rule revising the 2015 and 2020 Effluent Limitations Guidelines, establishing more stringent standards for wastewater discharges for the Steam Electric Power Generating Category, which apply primarily to wastewater discharges at coal and oil steam generating stations. In December 2025, the EPA released a final rule that among other things, extended the deadlines promulgated in the May 2024 final rule. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range from 2029 to 2034. Dominion Energy expects to complete wastewater treatment technology retrofits and modifications at its Williams generating station, with a similar project at its Wateree generation station under evaluation, to meet the requirements with the existing regulatory framework in South Carolina providing rate recovery mechanisms for costs of the projects. As discussed in Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, the Companies recorded an increase to their AROs in connection with the expected compliance costs associated with the EPA’s May 2024 final rule concerning CCR. The Companies expect that such AROs would satisfy any AROs that would have otherwise been necessary for compliance with the EPA’s May 2024 Effluent Limitations Guidelines, as amended by the December 2025 final rule. Dominion Energy is currently unable to estimate what costs, if any, may be required in addition to the project for the Williams generating station, a potential project at the Wateree generating station and the recorded AROs to meet the requirements to operate certain facilities past 2034. However, Dominion Energy expects that while such costs for facility improvements, if required, could be material to the Companies’ financial condition and/or cash flows, the existing regulatory frameworks in Virginia and South Carolina provide rate recovery mechanisms that could substantially mitigate any such impacts.

Waste Management and Remediation

The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups.

From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material

effect on results of operations, financial condition and/or cash flows.

Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At four sites associated with Dominion Energy, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2027 depending on receipt of final permits and approvals. At both June 30, 2026 and December 31, 2025, Dominion Energy had $53 million of reserves recorded including $48 million recorded at Virginia Power. Dominion Energy is associated with three additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts.

Other Legal Matters

The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows.

Guarantees, Surety Bonds and Letters of Credit

Dominion Energy enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations. At June 30, 2026, Dominion Energy had issued the following subsidiary guarantees:


	Maximum Exposure
(millions)
Commodity transactions(1)	$	3,162
Nuclear obligations(2)		190
Solar(3)		85
Other(4)		360
Total(5)(6)(7)	$	3,797

(1)

Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.

(2)

Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.

(3)

Includes guarantees to facilitate the development of solar projects.

(4)

Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.

(5)

Excludes Dominion Energy’s performance guarantees with no stated limits associated with Dominion Privatization’s agreements to provide utility services to the U.S. government on military installations.

(6)

In December 2020, Dominion Energy signed an agreement with a lessor to complete construction of and lease a Jones Act compliant offshore wind installation vessel. In September 2025, the vessel was delivered and the five-year lease term commenced. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional term, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the outstanding project costs or (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the outstanding project costs, Dominion Energy may be required to make a payment to the lessor equal to the recorded lease balance.

(7)

In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced an initial five-year lease term in August 2019*, with certain options at the end of the term to extend the lease, purchase or sell the property. In July 2024, the agreement was amended to reflect Dominion Energy’s election to* extend the lease term through July 2029*. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least* one year*, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor equal to the recorded lease balance.*

In addition, Dominion Energy had issued an additional $20 million of guarantees at June 30, 2026, primarily to support third parties. No amounts related to these guarantees have been recorded.

In 2025, Dominion Energy entered into two guarantee agreements to support a portion of Valley Link’s financing obligations under a $180 million revolving credit facility and up to $120 million of letters of credit. Dominion Energy’s obligation under these guarantees is only triggered if a Valley

Link project is cancelled and Valley Link cannot pay outstanding balances related to the cancelled project. Dominion Energy’s maximum potential loss exposure under the terms of the guarantees is limited to 30% of outstanding borrowings, an equal percentage to Dominion Energy’s ownership in Valley Link. At June 30, 2026 and December 31, 2025, Valley Link had borrowed $85 million and $41 million, respectively, against the revolving credit facility and had $90 million outstanding letters of credit at both dates. No amounts related to these guarantees has been recorded at Dominion Energy.

Dominion Energy also had issued three guarantees at June 30, 2026 related to Cove Point, previously an equity method investment, in support of terminal services and transportation. Two of the Cove Point guarantees have a cumulative maximum exposure of $1.9 billion while the other one guarantee has no maximum limit. No amounts related to these guarantees have been recorded.

Additionally, at June 30, 2026, Dominion Energy had purchased $560 million of surety bonds, including $471 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions, as discussed in Note 15, to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid.

Note 17. Credit Risk

The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. Virginia Power’s largest customer comprised 12% and 10% of its operating revenue for the three months ended June 30, 2026 and 2025, respectively, and 13% and 9% of its operating revenue for the six months ended June 30, 2026 and 2025, respectively, and 14% and 10% of its customer receivables at June 30, 2026 and December 31, 2025, respectively.

At June 30, 2026, Dominion Energy’s credit exposure totaled $832 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 99%. No single counterparty, whether investment grade or non-investment grade, exceeded $450 million of exposure. At June 30, 2026, Virginia Power’s exposure related to wholesale customers totaled $15 million. Of this amount, investment grade counterparties, including those internally rated, represented 81%. No single counterparty, whether investment grade or non-investment grade, exceeded $7 million of exposure.

Credit-Related Contingent Provisions

Certain of Dominion Energy and Virginia Power’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy and Virginia Power to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered, Dominion Energy would have been required to post additional collateral to its counterparties of $42 million at June 30, 2026 with none related to Virginia Power, and $29 million at December 31, 2025 for Dominion Energy with none related to Virginia Power. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy and Virginia Power had no amounts of collateral posted at June 30, 2026 or December 31, 2025 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. There were no letters of credit posted as collateral at June 30, 2026 or December 31, 2025 for either Dominion Energy or Virginia Power. The aggregate fair value of all derivative instruments with credit related contingent provisions that are in a liability position and not fully collateralized with cash for Dominion Energy was $42 million at June 30, 2026 with none related to Virginia Power, and $29 million at December 31, 2025 for Dominion Energy with none related to Virginia Power, which does not include the impact of any offsetting asset positions.

See Note 8 for additional information about derivative instruments.

Note 18. Related-Party Transactions

Dominion Energy’s transactions with equity method investments are described in Note 9. Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. A discussion of Virginia Power’s significant related-party transactions follows.

Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At June 30, 2026, Virginia Power’s derivative assets and liabilities with affiliates were $11 million and $10 million, respectively. At December 31, 2025, Virginia Power’s derivative assets and liabilities with affiliates were $22 million and $12 million, respectively. See Note 8 for additional information.

Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on

Form 10-K for the year ended December 31, 2025. At June 30, 2026 and December 31, 2025, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $658 million and $594 million, respectively. At June 30, 2026 and December 31, 2025, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $759 million and $729 million, respectively.

DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage.

The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable.

Presented below are Virginia Power’s significant transactions with DES and other affiliates:


	Quarter-to-Date				Year-to-Date
Period Ended June 30,	2026		2025		2026		2025
(millions)
Commodity purchases from affiliates	$	134	$	147	$	813	$	513
Services provided by affiliates(1)(2)		230		196		479		405
Services provided to affiliates		5		3		9		7

(1)

*Includes capitalized expenditures of $*87 *million and $71 million for the three months ended June 30, 2026 and 2025, respectively, and $*178 million and $146 million for the six months ended June 30, 2026 and 2025, respectively.

(2)

Excludes amounts related to Virginia Power's operating lease with an affiliated entity as discussed below.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $1.4 billion and $1.2 billion in short-term demand note borrowings from Dominion Energy at June 30, 2026 and December 31, 2025, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries at both June 30, 2026 and December 31, 2025. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $14 million and $22 million for the three months ended June 30, 2026 and 2025, respectively, and $25 million and $36 million for the six months ended June 30, 2026 and 2025, respectively.

In the second quarter of both 2026 and 2025, Virginia Power issued common stock to Dominion Energy as discussed in Note 16.

In September 2025, Virginia Power commenced a 20-month operating lease with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel. At June 30, 2026, Virginia Power’s Consolidated Balance Sheet reflects Virginia Power’s expected use of the vessel through the end of 2027 and includes $210 million of other deferred charges and other assets for its right-of-use asset and $213 million of affiliated lease payables comprised of $140 million presented in other current liabilities and $73 million presented in other deferred credits and other liabilities. At December 31, 2025, Virginia Power’s Consolidated Balance Sheet reflects $185 million of other deferred charges and other assets for its right-of-use asset and $188 million of affiliated lease payables comprised of $141 million presented in other current liabilities and $47 million presented in other deferred credits and other liabilities. For the three and six months ended June 30, 2026, Virginia Power capitalized $36 million and $72 million, respectively, of such affiliated lease cost associated with the CVOW Commercial Project.

Note 19. Employee Benefit Plans

Net Periodic Benefit (Credit) Cost

The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit (credit) cost are as follows:


	Pension Benefits												Other Postretirement Benefits
	Quarter-to-Date						Year-to-Date						Quarter-to-Date						Year-to-Date
Period Ended June 30,	2026			2025			2026			2025			2026			2025			2026			2025
(millions)
Service cost	$	19		$	19		$	38		$	38		$	3		$	2		$	5		$	5
Interest cost		107			109			215			217			14			15			27			29
Expected return on plan assets		(158	)		(169	)		(317	)		(338	)		(44	)		(40	)		(87	)		(80	)
Amortization of prior service (credit) cost		1			—			1			—			(6	)		(7	)		(11	)		(13	)
Net periodic benefit (credit) cost	$	(31	)	$	(41	)	$	(63	)	$	(83	)	$	(33	)	$	(30	)	$	(66	)	$	(59	)

Employer Contributions

During the three and six months ended June 30, 2026, Dominion Energy made $5 million and $10 million, respectively, of contributions to its qualified defined benefit pension plans. Dominion Energy expects to make $24 million of minimum required contributions to its qualified defined benefit pension plans in 2026. Dominion Energy is not required to make any contributions to its VEBAs associated with its other postretirement plans in 2026. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.

Note 20. Operating Segments

The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:


Primary Operating Segment	Description of Operations	Dominion Energy	Virginia Power
Dominion Energy Virginia	Regulated electric distribution	X	X
	Regulated electric transmission	X	X
	Regulated electric generation fleet(1)	X	X
Dominion Energy South Carolina	Regulated electric distribution	X
	Regulated electric transmission	X
	Regulated electric generation fleet	X
	Regulated gas distribution and storage	X
Contracted Energy(2)	Nonregulated electric generation fleet	X

(1)

Includes Virginia Power’s non-jurisdictional solar generation operations.

(2)

Includes renewable natural gas and offshore wind installation vessel operations.

In addition to the operating segments above, the Companies also report a Corporate and Other segment.

Dominion Energy

The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes a noncontrolling interest in Atlantic Coast Pipeline, as discussed in Note 9 of this report as well as Note 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2025.

Dominion Energy’s CODM is the CEO. The Dominion Energy CODM uses net income (loss) as the primary profit or loss measure at each segment. The Dominion Energy CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.

In the six months ended June 30, 2026, Dominion Energy reported after-tax net expenses of $760 million in the Corporate and Other segment, including $598 million of after-tax net expenses for specific items with $607 million of after-tax net expenses attributable to its operating segments. In the six months ended June 30, 2025, Dominion Energy reported after-tax net expenses of $102 million in the Corporate and Other segment, including $27 million of after-tax net expenses for specific items with $7 million of after-tax net expenses attributable to its operating segments.

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2026 primarily related to the impact of the following items:

A $820 million ($640 million after-tax) charge for the impairment of nonregulated renewable natural gas facilities, attributable to Contracted Energy;

$141 million ($106 million after-tax) of net unrealized losses related to economic hedging activities, attributable to Contracted Energy;

A $116 million ($86 million after-tax) loss associated with severe weather events, attributable to Dominion Energy Virginia;

A $78 million ($60 million after-tax) charge associated with certain nonregulated solar generation facilities, attributable to Contracted Energy;

$65 million ($48 million after-tax) net charges for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project, attributable to Dominion Energy Virginia; and

A $24 million ($18 million after-tax) charge for the disallowance of certain strategic undergrounding costs, attributable to Dominion Energy Virginia; partially offset by

$341 million ($221 million after-tax) of gains related to investments in nuclear decommissioning trust funds, attributable to:

Contracted Energy ($190 million after-tax); and

Dominion Energy Virginia ($31 million after-tax); and

A $195 million ($142 million after-tax) benefit related to the revision of AROs for Millstone Unit 1, attributable to Contracted Energy.

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2025 primarily related to the impact of the following items:

A $106 million ($79 million after-tax) loss associated with severe weather events, attributable to Dominion Energy Virginia; and

A $48 million ($36 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project, attributable to Dominion Energy Virginia; partially offset by

A $156 million ($87 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

Contracted Energy ($74 million after-tax); and

Dominion Energy Virginia ($13 million after-tax); and

A $26 million ($19 million after-tax) net unrealized gain related to economic hedging activities, attributable to Contracted Energy.

The following tables present segment information pertaining to Dominion Energy’s operations:


Three Months Ended June 30,	Dominion Energy Virginia		Dominion Energy South Carolina		Contracted Energy			Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions, unless otherwise noted)
2026
Total revenue from external customers	$	3,410	$	876	$	256		$	(62	)	$	—		$	4,480
Intersegment revenue		11		2		43			337			(393	)		—
Total Operating Revenue		3,421		878		299			275			(393	)		4,480
Electric fuel and other energy-related purchases(1)		1,077		220		28			(6	)		(4	)		1,315
Purchased electric capacity(1)		78		3		—			—			(1	)		80
Purchased gas(1)		—		49		4			—			—			53
Other operations and maintenance(1)(2)		609		169		201			1,258			(359	)		1,878
Depreciation and amortization(1)		417		153		40			17			(12	)		615
Other taxes(1)		99		83		16			15			(3	)		210
Total Operating Expenses		2,280		677		289			1,284			(379	)		4,151
Interest and related charges(1)		260		73		27			248			(53	)		555
Income tax expense (benefit)(1)		151		26		(21	)		(34	)		—			122
Equity in earnings (losses) of equity method investees(3)		—		—		—			—			—			—
Other income (expense)(3)		48		—		(4	)		588			11			643
Interest income(3)		4		3		31			47			(50	)		35
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests		—		—		—			(1	)		—			(1	)
Noncontrolling Interests(3)		112		—		—			(123	)		—			(11	)
Net Income (Loss) Attributable to Dominion Energy		670		105		31			(466	)		—			340
Investment in equity method investees(4)		—		—		92			35			—			127
Total assets (billions)		86.0		20.3		11.4			11.2			(7.0	)		121.9
2025
Total revenue from external customers	$	2,710	$	833	$	240		$	27		$	—		$	3,810
Intersegment revenue		2		3		5			292			(302	)		—
Total Operating Revenue		2,712		836		245			319			(302	)		3,810
Electric fuel and other energy-related purchases(1)		729		199		21			—			(3	)		946
Purchased electric capacity(1)		17		2		—			—			(1	)		18
Purchased gas(1)		—		43		—			—			—			43
Other operations and maintenance(1)(2)		531		170		164			363			(295	)		933
Depreciation and amortization(1)		396		141		22			21			—			580
Other taxes(1)		92		75		15			15			(3	)		194
Total Operating Expenses		1,765		630		222			399			(302	)		2,714
Interest and related charges(1)		252		70		8			238			(63	)		505
Income tax expense (benefit)(1)		110		29		1			80			—			220
Equity in earnings (losses) of equity method investees(3)		—		—		(1	)		—			—			(1	)
Other income (expense)(3)		39		—		(1	)		371			—			409
Interest income(3)		5		2		35			55			(63	)		34
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests		—		—		—			1			—			1
Noncontrolling Interests(3)		80		—		—			(26	)		—			54
Net Income Attributable to Dominion Energy		549		109		47			55			—			760

(1)

The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.

(2)

Includes impairment of assets and other charges (benefits).

(3)

Items designated are other segment items for each reportable segment.

(4)

Excludes liability to Atlantic Coast Pipeline.


Six Months Ended June 30,	Dominion Energy Virginia		Dominion Energy South Carolina			Contracted Energy			Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions, unless otherwise noted)
2026
Total revenue from external customers	$	7,178	$	1,865		$	601		$	(145	)	$	—		$	9,499
Intersegment revenue		8		5			84			702			(799	)		—
Total Operating Revenue		7,186		1,870			685			557			(799	)		9,499
Electric fuel and other energy-related purchases(1)		2,436		423			62			7			(7	)		2,921
Purchased electric capacity(1)		143		7			—			—			(1	)		149
Purchased gas(1)		—		188			8			—			—			196
Other operations and maintenance(1)(2)		1,257		347			362			1,598			(736	)		2,828
Depreciation and amortization(1)		838		302			88			42			(24	)		1,246
Other taxes(1)		205		168			33			39			(7	)		438
Total Operating Expenses		4,879		1,435			553			1,686			(775	)		7,778
Interest and related charges(1)		520		145			52			504			(105	)		1,116
Income tax expense (benefit)(1)		330		64			(14	)		(210	)		—			170
Equity in earnings (losses) of equity method investees(3)		—		—			—			—			—			—
Other income (expense)(3)		90		(1	)		(6	)		510			18			611
Interest income(3)		10		6			62			91			(99	)		70
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests		—		—			—			(2	)		—			(2	)
Noncontrolling Interests(3)		217		—			—			(64	)		—			153
Net Income (Loss) Attributable to Dominion Energy		1,340		231			150			(760	)		—			961
Investment in equity method investees(4)		—		—			92			35			—			127
Capital expenditures		4,837		645			309			55			(39	)		5,807
Total assets (billions)		86.0		20.3			11.4			11.2			(7.0	)		121.9
2025
Total revenue from external customers	$	5,505	$	1,782		$	544		$	55		$	—		$	7,886
Intersegment revenue		1		5			8			602			(616	)		—
Total Operating Revenue		5,506		1,787			552			657			(616	)		7,886
Electric fuel and other energy-related purchases(1)		1,498		366			50			—			(6	)		1,908
Purchased electric capacity(1)		24		4			—			—			(1	)		27
Purchased gas(1)		—		190			—			—			—			190
Other operations and maintenance(1)(2)		1,090		348			275			767			(603	)		1,877
Depreciation and amortization(1)		793		282			44			43			—			1,162
Other taxes(1)		189		154			30			36			(6	)		403
Total Operating Expenses		3,594		1,344			399			846			(616	)		5,567
Interest and related charges(1)		497		141			16			444			(112	)		986
Income tax expense (benefit)(1)		243		47			40			(70	)		—			260
Equity in earnings (losses) of equity method investees(3)		—		—			(1	)		(7	)		—			(8	)
Other income (expense)(3)		74		—			(8	)		320			—			386
Interest income(3)		12		6			68			100			(112	)		74
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests		—		—			—			—			—			—
Noncontrolling Interests(3)		148		—			—			(48	)		—			100
Net Income (Loss) Attributable to Dominion Energy		1,110		261			156			(102	)		—			1,425
Capital expenditures		5,233		561			396			36			—			6,226

(1)

The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.

(2)

Includes impairment of assets and other charges (benefits).

(3)

Items designated are other segment items for each reportable segment.

(4)

Excludes liability to Atlantic Coast Pipeline.

Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations.

Virginia Power

The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.

Virginia Power’s CODM is the CEO. The Virginia Power CODM uses net income (loss) as the primary profit or loss measure at each segment. The Virginia Power CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.

In the six months ended June 30, 2026, Virginia Power reported after-tax net expenses of $120 million in the Corporate and Other segment, including $129 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the six months ended June 30, 2025, Virginia Power reported after-tax net expenses of $90 million in the Corporate and Other segment, including $100 million of after-tax net expenses for specific items all of which was attributable to its operating segment.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2026 primarily related to the impact of the following items:

A $116 million ($86 million after-tax) loss associated with severe weather events;

$65 million ($48 million after-tax) net charges for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project; and

A $24 million ($18 million after-tax) charge for the disallowance of certain strategic undergrounding costs; partially offset by

$53 million ($31 million after-tax) of gains related to investments in nuclear decommissioning trust funds.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2025 primarily related to the impact of the following items:

A $106 million ($79 million after-tax) loss associated with severe weather events; and

A $48 million ($36 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project; partially offset by

A $23 million ($13 million after-tax) gain related to investments in nuclear decommissioning trust funds.

The following tables present segment information pertaining to Virginia Power’s operations:


Three Months Ended June 30,	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions, unless otherwise noted)
2026
Operating Revenue	$	3,422	$	(1	)	$	3,421
Electric fuel and other energy-related purchases(1)		1,077		(6	)		1,071
Purchased electric capacity(1)		78		—			78
Other operations and maintenance(1)(2)		609		275			884
Depreciation and amortization(1)		417		(2	)		415
Other taxes(1)		99		(1	)		98
Total Operating Expenses		2,280		266			2,546
Interest and related charges(1)		261		1			262
Income tax expense (benefit)(1)		151		3			154
Other income (expense)(3)		48		76			124
Interest income(3)		4		(1	)		3
Noncontrolling Interests(3)		112		(123	)		(11	)
Net Income (Loss) Attributable to Virginia Power		670		(73	)		597
Total assets (billions)		84.6		—			84.6
2025
Operating Revenue	$	2,712	$	—		$	2,712
Electric fuel and other energy-related purchases(1)		729		—			729
Purchased electric capacity(1)		17		—			17
Other operations and maintenance(1)(2)		531		72			603
Depreciation and amortization(1)		396		—			396
Other taxes(1)		92		—			92
Total Operating Expenses		1,765		72			1,837
Interest and related charges(1)		252		(1	)		251
Income tax expense (benefit)(1)		110		5			115
Other income (expense)(3)		39		36			75
Interest income(3)		5		—			5
Noncontrolling Interests(3)		80		(26	)		54
Net Income (Loss) Attributable to Virginia Power		549		(14	)		535

(1)

The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.

(2)

Includes impairment of assets and other charges (benefits).

(3)

Items designated are other segment items for each reportable segment.


Six Months Ended June 30,	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions, unless otherwise noted)
2026
Operating Revenue	$	7,187	$	(70	)	$	7,117
Electric fuel and other energy-related purchases(1)		2,436		7			2,443
Purchased electric capacity(1)		143		—			143
Other operations and maintenance(1)(2)		1,257		192			1,449
Depreciation and amortization(1)		838		—			838
Other taxes(1)		205		—			205
Total Operating Expenses		4,879		199			5,078
Interest and related charges(1)		521		—			521
Income tax expense (benefit)(1)		330		(31	)		299
Other income (expense)(3)		90		54			144
Interest income(3)		10		—			10
Noncontrolling Interests(3)		217		(64	)		153
Net Income (Loss) Attributable to Virginia Power		1,340		(120	)		1,220
Capital expenditures		4,839		—			4,839
Total assets (billions)		84.6		—			84.6
2025
Operating Revenue	$	5,506	$	(29	)	$	5,477
Electric fuel and other energy-related purchases(1)		1,498		—			1,498
Purchased electric capacity(1)		24		—			24
Other operations and maintenance(1)(2)		1,090		169			1,259
Depreciation and amortization(1)		793		1			794
Other taxes(1)		189		—			189
Total Operating Expenses		3,594		170			3,764
Interest and related charges(1)		497		(3	)		494
Income tax expense (benefit)(1)		243		(38	)		205
Other income (expense)(3)		74		20			94
Interest income(3)		12		—			12
Noncontrolling Interests(3)		148		(48	)		100
Net Income (Loss) Attributable to Virginia Power		1,110		(90	)		1,020
Capital expenditures		5,233		—			5,233

(1)

The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.

(2)

Includes impairment of assets and other charges (benefits).

(3)

Items designated are other segment items for each reportable segment.

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