When did Dominion Energy Inc file this 10-Q?

Dominion Energy Inc (D) filed this Quarterly Report (Form 10-Q) with the SEC on May 1, 2026. The accession number assigned by EDGAR is 0001193125-26-200275.

What does a 10-Q disclose?

Form 10-Q is the SEC's quarterly report. Public companies file it after each of the first three fiscal quarters to disclose unaudited financial statements and management's discussion of operations. The fourth-quarter results are rolled into the annual 10-K instead.

How is a 10-Q different from a 10-K?

Form 10-Q is filed three times a year (after Q1, Q2, and Q3 — the fourth quarter rolls into the 10-K). 10-Qs contain unaudited interim financial statements and a shorter MD&A. They're due 40 or 45 days after quarter end depending on filer size.

Where can I find Dominion Energy Inc's prior quarterly reports on EDGAR?

The SEC EDGAR browser lists every 10-Q Dominion Energy Inc has filed under CIK 715957, sortable by date. Use the "View on SEC EDGAR" link in the page header, or browse directly via https://www.sec.gov/cgi-bin/browse-edgar.

Dominion Energy Inc (D) 10-Q filed May 1, 2026

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


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

For the quarterly period ended March 31, 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.

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 April 24, 2026, the latest practicable date for determination, Dominion Energy, Inc. had 879,455,403 shares of common stock outstanding and Virginia Electric and Power Company had 373,881 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	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	65

	PART II. Other Information

Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 5.	Other Information	66
Item 6.	Exhibits	67

GLOSSARY 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
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
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
CAA		Clean Air Act
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
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
FTRs		Financial transmission rights
GAAP		U.S. generally accepted accounting principles
GHG		Greenhouse gas
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
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
MD&A		Management’s Discussion and Analysis of Financial Condition and Results of Operations
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
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 Carolina Commission		North Carolina Utilities Commission
NOX		Nitrogen oxide
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 OSW		A rate adjustment clause associated with costs incurred to construct, own and operate the CVOW Commercial Project
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
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
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
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 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

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended March 31,
	2026			2025
(millions, except per share amounts)
Operating Revenue	$	5,019		$	4,076
Operating Expenses
Electric fuel and other energy-related purchases		1,606			962
Purchased electric capacity		69			9
Purchased gas		143			147
Other operations and maintenance		985			898
Depreciation and amortization		631			582
Other taxes		228			209
Impairment of assets and other charges (benefits)		(35	)		46
Total operating expenses		3,627			2,853
Income from operations		1,392			1,223
Other income (expense)		3			10
Interest and related charges		561			481
Income from continuing operations including noncontrolling interests before income tax expense		834			752
Income tax expense		48			40
Net Income From Continuing Operations Including Noncontrolling Interests		786			712
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests(1)		(1	)		(1	)
Net Income Including Noncontrolling Interests		785			711
Noncontrolling Interests		164			46
Net Income Attributable to Dominion Energy	$	621		$	665
Amounts Attributable to Dominion Energy
Net income from continuing operations	$	622		$	666
Net income (loss) from discontinued operations		(1	)		(1	)
Net income attributable to Dominion Energy	$	621		$	665
EPS - Basic
Net income from continuing operations	$	0.69		$	0.77
Net income (loss) from discontinued operations		—			—
Net income attributable to Dominion Energy	$	0.69		$	0.77
EPS - Diluted
Net income from continuing operations	$	0.69		$	0.77
Net income (loss) from discontinued operations		—			—
Net income attributable to Dominion Energy	$	0.69		$	0.77

(1)

Includes income tax expense (benefit) of less than $(1) million and less than $1 million for the three months ended March 31, 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 March 31,
	2026			2025
(millions)
Net income including noncontrolling interests	$	785		$	711
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities(1)		(3	)		(16	)
Changes in unrealized net gains (losses) on investment securities(2)		—			11
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)		6			8
Net realized (gains) losses on investment securities(5)		—			2
Net pension and other postretirement benefit costs (credits)(6)		(1	)		(3	)
Total other comprehensive income (loss)		2			2
Comprehensive income including noncontrolling interests		787			713
Comprehensive income (loss) attributable to noncontrolling interests		164			46
Comprehensive income attributable to Dominion Energy	$	623		$	667

(1) Net of $1 million and $5 million tax for the three months ended March 31, 2026 and 2025, respectively.

(2) Net of $— million and $(7) million tax for the three months ended March 31, 2026 and 2025, respectively.

(3) Net of $— million and $— million tax for the three months ended March 31, 2026 and 2025, respectively.

(4) Net of $(2) million and $(2) million tax for the three months ended March 31, 2026 and 2025, respectively.

(5) Net of $— million and $— million tax for the three months ended March 31, 2026 and 2025, respectively.

(6) Net of $1 million and $— million tax for the three months ended March 31, 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)


	March 31, 2026			December 31, 2025(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents(2)	$	351		$	250
Customer receivables (less allowance for doubtful accounts of $33 and $31)		2,388			2,531
Tax receivables		434			434
Other receivables (less allowance for doubtful accounts of $3 at both dates)(2)(3)		486			446
Inventories		1,942			1,957
Regulatory assets(2)		1,290			1,380
Prepayments(2)		641			377
Other(2)		779			696
Assets held for sale		686			—
Total current assets		8,997			8,071
Investments
Nuclear decommissioning trust funds		8,956			9,166
Investment in equity method affiliates		132			132
Other		378			378
Total investments		9,466			9,676
Property, Plant and Equipment
Property, plant and equipment(2)		107,928			106,315
Accumulated depreciation and amortization(2)		(27,720	)		(27,348	)
Total property, plant and equipment, net		80,208			78,967
Deferred Charges and Other Assets
Goodwill		4,143			4,143
Regulatory assets(2)		9,028			8,276
Other(2)		6,736			6,724
Total deferred charges and other assets		19,907			19,143
Total assets	$	118,578		$	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)


	March 31, 2026			December 31, 2025(1)
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year(2)	$	3,557		$	2,409
Supplemental credit facility borrowings	—			—
Short-term debt		3,098			2,457
Accounts payable(2)		1,168			1,338
Accrued interest, payroll and taxes(2)		986			1,244
Regulatory liabilities		459			542
Other(2)(3)		2,120			2,454
Liabilities held for sale		186			—
Total current liabilities		11,574			10,444
Long-Term Debt
Long-term debt		37,809			36,778
Securitization bonds(2)		883			883
Junior subordinated notes		5,978			5,978
Supplemental credit facility borrowings		—			—
Other		440			436
Total long-term debt		45,110			44,075
Deferred Credits and Other Liabilities
Deferred income taxes		8,186			7,885
Deferred investment tax credits		1,523			1,591
Regulatory liabilities		8,985			9,072
Other		9,492			9,373
Total deferred credits and other liabilities		28,186			27,921
Total liabilities		84,870			82,440
Commitments and Contingencies (see Note 16)
Equity
Preferred stock (see Note 15)		991			991
Common stock – no par(4)		25,931			25,892
Retained earnings		2,341			2,318
Accumulated other comprehensive loss		(116	)		(118	)
Shareholders’ equity		29,147			29,083
Noncontrolling interests		4,561			4,334
Total equity		33,708			33,417
Total liabilities and equity	$	118,578		$	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; 879 million shares outstanding at both March 31, 2026 and December 31, 2025.

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

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)


	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										665						665			46			711
Issuance of stock						1		35								35						35
Stock awards (net of change in unearned compensation)						—		6								6						6
Contributions from Stonepeak to OSWP																			400			400
Distributions from OSWP to Stonepeak																			(28	)		(28	)
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													2			2						2
Other										1						1						1
March 31, 2025		1	$	991		853	$	24,424	$	1,727		$	(150	)	$	26,992		$	3,357		$	30,349

December 31, 2025		1	$	991		879	$	25,892	$	2,318		$	(118	)	$	29,083		$	4,334		$	33,417
Net income including noncontrolling interests										621						621			164			785
Issuance of stock						—		33								33						33
Stock awards (net of change in unearned compensation)						—		6								6						6
Contributions from Stonepeak to OSWP																			136			136
Distributions from OSWP to Stonepeak																			(73	)		(73	)
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													2			2						2
March 31, 2026		1	$	991		879	$	25,931	$	2,341		$	(116	)	$	29,147		$	4,561		$	33,708

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

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Three Months Ended March 31,	2026			2025
(millions)
Operating Activities
Net income including noncontrolling interests	$	785		$	711
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)		708			660
Deferred income taxes		284			59
Deferred investment tax credits (benefits)		9			(10	)
Impairment of assets and other charges (benefits)		(39	)		46
Net (gains) losses on nuclear decommissioning trust funds and other investments		162			116
Other adjustments		(9	)		(7	)
Changes in:
Accounts receivable		163			137
Inventories		13			2
Deferred fuel and purchased gas costs, net		(876	)		(368	)
Prepayments and deposits, net		(338	)		(14	)
Accounts payable		(47	)		(41	)
Accrued interest, payroll and taxes		(258	)		(148	)
Net realized and unrealized changes related to derivative activities		162			123
Pension and other postretirement benefits		(49	)		(70	)
Other operating assets and liabilities		212			(13	)
Net cash provided by operating activities		882			1,183
Investing Activities
Plant construction and other property additions (including nuclear fuel)		(3,023	)		(3,213	)
Acquisition of solar development projects		(7	)		(1	)
Proceeds from sales of securities		778			931
Purchases of securities		(887	)		(955	)
Contributions to equity method affiliates		(1	)		(3	)
Other		37			3
Net cash used in investing activities		(3,103	)		(3,238	)
Financing Activities
Issuance (repayment) of short-term debt, net		641			(416	)
364-day term loan facility borrowings		800			—
Issuance of long-term debt		2,150			3,200
Repayment of long-term debt		(750	)		(400	)
Supplemental credit facility borrowings		500			—
Supplemental credit facility repayments		(500	)		—
Contributions from Stonepeak to OSWP		136			400
Distributions from OSWP to Stonepeak		(73	)		(28	)
Issuance of common stock		33			35
Common dividend payments		(587	)		(569	)
Other		15			(55	)
Net cash provided by financing activities		2,365			2,167
Increase in cash, restricted cash and equivalents		144			112
Cash, restricted cash and equivalents at beginning of period		343			365
Cash, restricted cash and equivalents at end of period	$	487		$	477

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 March 31,
	2026			2025
(millions)
Operating Revenue(1)	$	3,696		$	2,765
Operating Expenses
Electric fuel and other energy-related purchases(1)		1,372			769
Purchased electric capacity		65			7
Other operations and maintenance:
Affiliated suppliers		158			134
Other		521			476
Depreciation and amortization		423			398
Other taxes		107			97
Impairment of assets and other charges (benefits)		(114	)		46
Total operating expenses		2,532			1,927
Income from operations		1,164			838
Other income (expense)		27			26
Interest and related charges(1)		259			243
Income before income tax expense		932			621
Income tax expense		145			90
Net Income Including Noncontrolling Interests		787			531
Noncontrolling Interests		164			46
Net Income Attributable to Virginia Power	$	623		$	485

(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 March 31,
	2026			2025
(millions)
Net income including noncontrolling interests	$	787		$	531
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities(1)		(2	)		(7	)
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)		(3	)		(5	)
Comprehensive income including noncontrolling interests		784			526
Comprehensive income (loss) attributable to noncontrolling interests		164			46
Comprehensive income attributable to Virginia Power	$	620		$	480

(1)

Net of $1 million and $2 million tax for the three months ended March 31, 2026 and 2025, respectively.

(2)

Net of $— million and $— million tax for the three months ended March 31, 2026 and 2025, respectively.

(3)

Net of $— million and $— million tax for the three months ended March 31, 2026 and 2025, respectively.

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

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31, 2026			December 31, 2025(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents(2)	$	221		$	170
Customer receivables (less allowance for doubtful accounts of $24 and $25)		1,837			1,930
Other receivables (less allowance for doubtful accounts of $3 at both dates)(2)		249			252
Affiliated receivables		142			35
Inventories (average cost method)		1,235			1,250
Regulatory assets(2)		850			1,110
Other(2)(3)		347			378
Total current assets		4,881			5,125
Investments
Nuclear decommissioning trust funds		4,770			4,864
Other		4			4
Total investments		4,774			4,868
Property, Plant and Equipment
Property, plant and equipment(2)		82,085			80,121
Accumulated depreciation and amortization(2)		(19,432	)		(19,157	)
Total property, plant and equipment, net		62,653			60,964
Deferred Charges and Other Assets
Regulatory assets(2)		5,279			4,526
Other(2)(3)		3,801			3,760
Total deferred charges and other assets		9,080			8,286
Total assets	$	81,388		$	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)


	March 31, 2026		December 31, 2025(1)
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year(2)	$	1,367	$	1,366
Short-term debt		1,057		675
Accounts payable(2)		717		821
Payables to affiliates		144		216
Affiliated current borrowings		853		1,173
Accrued interest, payroll and taxes(2)		490		450
Regulatory liabilities		296		374
Other(2)(3)		1,560		1,900
Total current liabilities		6,484		6,975
Long-Term Debt
Long-term debt		22,027		20,651
Securitization bonds(2)		883		883
Other		195		194
Total long-term debt		23,105		21,728
Deferred Credits and Other Liabilities
Deferred income taxes		5,140		4,921
Deferred investment tax credits		620		616
Regulatory liabilities		6,462		6,530
Other(3)		7,191		6,934
Total deferred credits and other liabilities		19,413		19,001
Total liabilities		49,002		47,704
Commitments and Contingencies (see Note 16)
Equity
Common stock – no par(4)		12,487		12,487
Other paid-in capital		999		999
Retained earnings		14,310		13,687
Accumulated other comprehensive income		29		32
Shareholder’s equity		27,825		27,205
Noncontrolling interests		4,561		4,334
Total equity		32,386		31,539
Total liabilities and equity	$	81,388	$	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; 373,881 shares outstanding at both March 31, 2026 and December 31, 2025.

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

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)


	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								485					485			46			531
Contributions from Stonepeak to OSWP																400			400
Distributions from OSWP to Stonepeak																(28	)		(28	)
Other comprehensive income (loss), net of tax										(5	)		(5	)					(5	)
Other								1					1						1
March 31, 2025		324	$	8,987	$	1,006	$	12,622	$	23		$	22,638		$	3,357		$	25,995

December 31, 2025		374	$	12,487	$	999	$	13,687	$	32		$	27,205		$	4,334		$	31,539
Net income including noncontrolling interests								623					623			164			787
Contributions from Stonepeak to OSWP																136			136
Distributions from OSWP to Stonepeak																(73	)		(73	)
Other comprehensive income (loss), net of tax										(3	)		(3	)					(3	)
March 31, 2026		374	$	12,487	$	999	$	14,310	$	29		$	27,825		$	4,561		$	32,386

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

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Three Months Ended March 31,	2026			2025
(millions)
Operating Activities
Net income including noncontrolling interests	$	787		$	531
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)		468			439
Deferred income taxes		209			69
Deferred investment tax credits (benefits)		2			(6	)
Impairment of assets and other charges (benefits)		(117	)		46
Net (gains) losses on nuclear decommissioning trust funds and other investments		17			11
Other adjustments		(28	)		(26	)
Changes in:
Accounts receivable		134			66
Affiliated receivables and payables		(179	)		24
Inventories		14			13
Prepayments and deposits, net		(4	)		1
Deferred fuel expenses, net		(703	)		(323	)
Accounts payable		31			39
Accrued interest, payroll and taxes		40			87
Net realized and unrealized changes related to derivative activities		110			121
Other operating assets and liabilities		276			50
Net cash provided by operating activities		1,057			1,142
Investing Activities
Plant construction and other property additions		(2,479	)		(2,669	)
Purchases of nuclear fuel		(25	)		(54	)
Acquisition of solar development projects		(7	)		(1	)
Proceeds from sales of securities		552			568
Purchases of securities		(600	)		(588	)
Other		47			16
Net cash used in investing activities		(2,512	)		(2,728	)
Financing Activities
Issuance (repayment) of short-term debt, net		382			(706	)
Issuance (repayment) of affiliated current borrowings, net		(320	)		1,175
Issuance of long-term debt		2,150			1,250
Repayment of long-term debt		(750	)		—
Contributions from Stonepeak to OSWP		136			400
Distributions from OSWP to Stonepeak		(73	)		(28	)
Common dividend payments to parent		—			(407	)
Other		43			(10	)
Net cash provided by financing activities		1,568			1,674
Increase in cash, restricted cash and equivalents		113			88
Cash, restricted cash and equivalents at beginning of period		231			206
Cash, restricted cash and equivalents at end of period	$	344		$	294

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.

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 March 31, 2026 and results of operations, changes in equity and cash flows for the three months ended March 31, 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.

Revision of Previously Issued Consolidated Financial Statements

During the second quarter of 2025, the Companies identified misstatements in their previously issued consolidated financial statements related to income taxes associated with investments held within their qualified nuclear decommissioning trusts, primarily a net understatement of deferred income taxes associated with unrealized gains and losses (reflected in the Corporate and Other segment and attributable to Contracted Energy and Dominion Energy Virginia). The Companies assessed the impacts of the misstatements from both quantitative and qualitative perspectives and determined that the related impacts were not material to any of the Companies’ previously issued consolidated financial statements.

As a result, the Companies have revised their previously issued consolidated financial statements. Accordingly, the consolidated financial information contained in these consolidated financial statements and the accompanying notes has been revised to reflect the correction.

The following tables detail the impact of the restatement adjustment to each affected line item in the Companies’ Consolidated Statements of Income and Statements of Comprehensive Income for the period presented:


	Dominion Energy
Three Months Ended March 31, 2025	As Previously Reported		Adjustments			As Revised
(millions, except per share amounts)
Other income (expense)	$	5	$	5		$	10
Interest and related charges		480		1			481
Income from continuing operations including noncontrolling interests before income tax expense		748		4			752
Income tax expense		55		(15	)		40
Net Income From Continuing Operations Including Noncontrolling Interests		693		19			712
Net Income Including Noncontrolling Interests		692		19			711
Net Income Attributable to Dominion Energy		646		19			665
Amounts Attributable to Dominion Energy
Net income from continuing operations		647		19			666
Net income attributable to Dominion Energy		646		19			665
EPS - Basic
Net income from continuing operations		0.75		0.02			0.77
Net income attributable to Dominion Energy		0.75		0.02			0.77
EPS - Diluted
Net income from continuing operations		0.75		0.02			0.77
Net income attributable to Dominion Energy		0.75		0.02			0.77
Comprehensive Income
Changes in unrealized net gains (losses) on investment securities(1)		13		(2	)		11
Total other comprehensive income (loss)		4		(2	)		2
Comprehensive income including noncontrolling interests		696		17			713
Comprehensive income attributable to Dominion Energy		650		17			667

(1)

As previously reported, net of $(5) million tax for the three months ended March 31, 2025. As revised, net of $(7) million ($(2) million adjustment) tax for the three months ended March 31, 2025.


	Virginia Power
Three Months Ended March 31, 2025	As Previously Reported			Adjustments			As Revised
(millions)
Other income (expense)	$	25		$	1		$	26
Interest and related charges		243			—			243
Income before income tax expense		620			1			621
Income tax expense		92			(2	)		90
Net Income Including Noncontrolling Interests		528			3			531
Net Income Attributable to Virginia Power		482			3			485
Comprehensive Income
Changes in unrealized net gains (losses) on investment securities(1)		2			—			2
Total other comprehensive income (loss)		(5	)		—			(5	)
Comprehensive income including noncontrolling interests		523			3			526
Comprehensive income attributable to Virginia Power		477			3			480

(1)

As previously reported, net of $(–) million tax for the three months ended March 31, 2025. As revised, net of $(–) million ($(–) million adjustment) tax for the three months ended March 31, 2025.

The following table details the impact of the restatement adjustment to each affected line item in the Companies’ Consolidated Statements of Equity for the period presented:


	Dominion Energy									Virginia Power
Three Months Ended March 31, 2025	As Previously Reported			Adjustments			As Revised			As Previously Reported			Adjustments			As Revised
(millions)
Retained earnings
Balance at December 31, 2024	$	2,035		$	(394	)	$	1,641		$	12,194		$	(58	)	$	12,136
Net income including noncontrolling interests		646			19			665			482			3			485
Balance at March 31, 2025		2,102			(375	)		1,727			12,677			(55	)		12,622
Accumulated other comprehensive income (loss)
Balance at December 31, 2024		(156	)		4			(152	)		27			1			28
Other comprehensive income (loss), net of tax		4			(2	)		2			(5	)		—			(5	)
Balance at March 31, 2025		(152	)		2			(150	)		22			1			23
Shareholders' equity
Balance at December 31, 2024		27,253			(390	)		26,863			22,214			(57	)		22,157
Net income including noncontrolling interests		646			19			665			482			3			485
Other comprehensive income (loss), net of tax		4			(2	)		2			(5	)		—			(5	)
Balance at March 31, 2025		27,365			(373	)		26,992			22,692			(54	)		22,638
Total equity
Balance at December 31, 2024		30,192			(390	)		29,802			25,153			(57	)		25,096
Net income including noncontrolling interests		692			19			711			528			3			531
Other comprehensive income (loss), net of tax		4			(2	)		2			(5	)		—			(5	)
Balance at March 31, 2025		30,722			(373	)		30,349			26,049			(54	)		25,995

The following table details the impact of the restatement adjustment to each affected line item in the Companies’ Consolidated Statements of Cash Flows for the period presented:


	Dominion Energy									Virginia Power
Three Months Ended March 31, 2025	As Previously Reported			Adjustments			As Revised			As Previously Reported		Adjustments			As Revised
(millions)
Net income including noncontrolling interests	$	692		$	19		$	711		$	528	$	3		$	531
Operating Activities
Deferred income taxes		82			(23	)		59			75		(6	)		69
Other operating assets and liabilities		(17	)		4			(13	)		47		3			50
Net cash provided by operating activities		1,183			—			1,183			1,142		—			1,142

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 three months ended March 31, 2026 and 2025:


	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	March 31, 2026		March 31, 2025		December 31, 2025		December 31, 2024
(millions)
Dominion Energy
Cash and cash equivalents	$	351	$	355	$	250	$	310
Restricted cash and equivalents(1)(2)		136		122		93		55
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows	$	487	$	477	$	343	$	365
Virginia Power
Cash and cash equivalents	$	221	$	180	$	170	$	160
Restricted cash and equivalents(1)(2)		123		114		61		46
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows	$	344	$	294	$	231	$	206

(1)

Includes $108 million, $108 million, $51 million and $41 million at VPFS attributable to VIEs at March 31, 2026, March 31, 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:


Three Months Ended March 31,	2026		2025
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	1,107	$	1,037
Leases(1)		20		68

(1)

Includes $20 million and $11 million of financing leases entered in during the three months ended March 31, 2026 and 2025, respectively, and less than $1 million and $57 million of operating leases entered in during the three months ended March 31, 2026 and 2025, respectively.

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


Three Months Ended March 31,	2026		2025
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	940	$	851
Leases(1)		16		50

(1)

Includes $16 million and $9 million of financing leases entered in during the three months ended March 31, 2026 and 2025, respectively, and less than $1 million and $41 million of operating leases entered in during the three months ended March 31, 2026 and 2025, respectively.

Note 3. Operating Revenue

The Companies’ operating revenue consists of the following:


	Dominion Energy						Virginia Power
Three Months Ended March 31,	2026			2025			2026			2025
(millions)
Regulated electric sales:
Residential	$	1,847		$	1,569		$	1,492		$	1,224
Commercial		1,180			886			954			675
High load(1)		636			383			636			383
Industrial		185			163			77			66
Government and other retail		399			308			381			291
Wholesale		68			43			59			37
Nonregulated electric sales		437			372			32			23
Regulated gas sales:
Residential		184			172
Commercial		52			53
Other		8			27
Regulated gas transportation and storage		11			6
Other regulated revenue		—			44			(5	)		39
Other nonregulated revenues(2)(3)(4)		84			59			22			13
Total operating revenue from contracts with customers		5,091			4,085			3,648			2,751
Other revenues(2)(5)		(72	)		(9	)		48			14
Total operating revenue	$	5,019		$	4,076		$	3,696		$	2,765

(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 $23 million and $10 million for the three months ended March 31, 2026 and 2025, respectively, at Dominion Energy and $5 million and $4 million for the three months ended March 31, 2026 and 2025, respectively, at Virginia Power.

(4)

Includes revenue from transition services agreements of $27 million for both the three months ended March 31, 2026 and 2025, at Dominion Energy.

(5)

Includes alternative revenue of $46 million and $22 million for the three months ended March 31, 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 March 31, 2026.

At March 31, 2026 and December 31, 2025, Dominion Energy’s contract liability balances were $21 million and $45 million, respectively. At March 31, 2026 and December 31, 2025, Virginia Power’s contract liability balances were $15

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 three months ended March 31, 2026 and 2025, Dominion Energy recognized revenue of $41 million and $49 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 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 three months ended March 31, 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	$	175			21.0		%	$	196			21.0		%
State and local income taxes, net of federal income tax effect(1)		22			2.7				33			3.5
Tax credits:
Production tax credits(2)		(40	)		(4.8	)			(14	)		(1.5	)
Investment tax credit amortization		(31	)		(3.7	)			(14	)		(1.5	)
Nontaxable or nondeductible items:
Regulatory deferrals:
Reversal of excess deferred income taxes		(18	)		(2.1	)			(11	)		(1.2	)
AFUDC—equity		(8	)		(1.0	)			(9	)		(1.0	)
Absence of tax on noncontrolling interest		(35	)		(4.1	)			(35	)		(3.7	)
Other adjustments:
Qualified nuclear decommissioning trust net gains (losses)		(19	)		(2.3	)			(2	)		(0.2	)
Other		2			0.1				1			0.2
Effective tax(3)	$	48			5.8		%	$	145			15.6		%

(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 $23 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 three months ended March 31, 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		4.8			4.4
Investment tax credits		(3.1	)		(0.9	)
Production tax credits(1)		(6.1	)		(4.3	)
Reversal of excess deferred income taxes		(2.2	)		(1.8	)
Qualified nuclear decommissioning trust net gains (losses)		(2.2	)		(0.4	)
Remeasurements and settlements of uncertain tax positions		(3.9	)		—
AFUDC - equity		(1.0	)		(1.1	)
Absence of tax on noncontrolling interest		(2.1	)		(2.5	)
Other, net		0.2			0.1
Effective tax rate		5.4	%		14.5	%

(1)

Dominion Energy and Virginia Power production tax credits include a $19 million income tax benefit for the nuclear production tax credit. Dominion Energy production tax credits also include a $14 million income tax benefit for the clean fuel production tax credit.

Note 5. Earnings Per Share

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


Three Months Ended March 31,	2026			2025
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	622		$	666
Preferred stock dividends (see Note 15)		(11	)		(11	)
Net income attributable to Dominion Energy from continuing operations - Basic & Diluted		611			655
Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted	$	(1	)	$	(1	)
Average shares of common stock outstanding - Basic		878.9			852.2
Net effect of dilutive securities(1)		1.2			—
Average shares of common stock outstanding - Diluted		880.1			852.2
EPS from continuing operations - Basic	$	0.69		$	0.77
EPS from discontinued operations - Basic		—			—
EPS attributable to Dominion Energy - Basic	$	0.69		$	0.77
EPS from continuing operations - Diluted	$	0.69		$	0.77
EPS from discontinued operations - Diluted		—			—
EPS attributable to Dominion Energy - Diluted	$	0.69		$	0.77

(1)

Dilutive securities for the three months ended March 31, 2026 consists of certain forward sales agreements entered into in the second and third quarter of 2025 and first quarter of 2026 (applying the treasury stock method). Dilutive securities for the three months ended March 31, 2025 consists of certain forward sales agreements entered into in the fourth quarter of 2024 and first quarter of 2025 (applying the treasury stock method). See Note 15 and Note 20 in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 for additional information.

Certain of the forward sales agreements entered into during the first quarter of 2026 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 2026 and certain of the forward sales agreements entered into during the fourth quarter of 2024 and the first quarter of 2025 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 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 March 31, 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)		(3	)		—			—			(3	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		8									8
Other income (expense)					—			(2	)		(2	)
Total		8			—			(2	)		6
Income tax expense (benefit)		(2	)		—			1			(1	)
Total, net of tax		6			—			(1	)		5
Net current period other comprehensive income (loss)		3			—			(1	)		2
Ending balance, net of tax		(134	)		—			18			(116	)
Ending balance, tax		45			—			(6	)		39
Ending balance	$	(179	)	$	—		$	24		$	(155	)
Three Months Ended March 31, 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	)		11			—			(5	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges		10									10
Other income (expense)					2			(3	)		(1	)
Total		10			2			(3	)		9
Income tax expense (benefit)		(2	)		—			—			(2	)
Total, net of tax		8			2			(3	)		7
Net current period other comprehensive income (loss)		(8	)		13			(3	)		2
Ending balance, net of tax		(179	)		3			26			(150	)
Ending balance, tax		61			2			(9	)		54
Ending balance	$	(240	)	$	1		$	35		$	(204	)

(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 March 31, 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)		(2	)		—			(2	)
Amounts reclassified from AOCI: (gains) losses
Interest and related charges (benefit)		(1	)					(1	)
Total		(1	)		—			(1	)
Income tax expense (benefit)		—			—			—
Total, net of tax		(1	)		—			(1	)
Net current period other comprehensive income (loss)		(3	)		—			(3	)
Ending balance, net of tax		29			—			29
Ending balance, tax		(10	)		—			(10	)
Ending balance	$	39		$	—		$	39
Three Months Ended March 31, 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)		(7	)		2			(5	)
Amounts reclassified from AOCI: (gains) losses
Other income (expense)					—			—
Total		—			—			—
Income tax expense (benefit)		—			—			—
Total, net of tax		—			—			—
Net current period other comprehensive income (loss)		(7	)		2			(5	)
Ending balance, net of tax		21			2			23
Ending balance, tax		(7	)		1			(6	)
Ending balance	$	28		$	1		$	29

(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 and implied price volatilities are considered unobservable.

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at March 31, 2026. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility.


			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)	$	49	(2) - 4	(1)			$	49	(2) - 3	(1)
FTRs	Discounted cash flow	Market price (per MWh)(3)		74	(1) - 15		10			74	(1) - 15		10
Electricity	Discounted cash flow	Market price (per MWh)(3)		223	28 - 124		54
Physical options:
Natural gas(2)	Option model	Market price (per Dth)(3)		187	2 - 11		4			11	3 - 11		7
		Price volatility(4)			3% - 74%		45	%			23% - 70%		45	%
Total assets			$	533					$	134
Liabilities
Physical and financial forwards:
Electricity	Discounted cash flow	Market price (per MWh)(3)		21	28-131		65
Total liabilities			$	21

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

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

(4)

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.

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)
March 31, 2026
Assets
Derivatives:
Commodity	$	—	$	160	$	533	$	693	$	—	$	40	$	134	$	174
Interest rate		—		73		—		73		—		67		—		67
Foreign currency exchange rate		—		20		—		20		—		20		—		20
Investments(1):
Equity securities:
U.S.		5,965		—		—		5,965		3,043		—		—		3,043
International		175		—		—		175		99		—		—		99
Fixed income:
Corporate debt instruments		21		81		—		102		21		70		—		91
Government securities		658		241		—		899		502		145		—		647
Private debt funds – liquid investments		—		721		—		721		—		—		—		—
Cash equivalents and other		46		—		—		46		—		—		—		—
Total assets	$	6,865	$	1,296	$	533	$	8,694	$	3,665	$	342	$	134	$	4,141
Liabilities
Derivatives:
Commodity	$	—	$	314	$	21	$	335	$	—	$	15	$	—	$	15
Interest rate		—		25		—		25		—		15		—		15
Foreign currency exchange rate		—		7		—		7		—		7		—		7
Total liabilities	$	—	$	346	$	21	$	367	$	—	$	37	$	—	$	37
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 $1.4 billion and $2.3 billion for Dominion Energy, and $1.1 billion and $1.3 billion for Virginia Power, at March 31, 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
Period Ended March 31,	2026			2025			2026			2025
(millions)
Beginning balance	$	627		$	384		$	208		$	68
Total realized and unrealized gains (losses):
Included in earnings:
Operating revenue		(10	)		13
Purchased electric capacity		(7	)		—			(7	)		—
Electric fuel and other energy-related purchases		12			(25	)		—			(27	)
Purchased gas		3			—
Included in regulatory assets/liabilities		(82	)		(107	)		(81	)		(32	)
Settlements		(42	)		4			3			17
Purchases		11			—			11			—
Ending balance	$	512		$	269		$	134		$	26

Dominion Energy had $(10) million and $13 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 months ended March 31, 2026 and 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 the three months ended March 31, 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)
March 31, 2026
Long-term debt(2)	$	41,077	$	38,964	$	23,176	$	21,548
Securitization bonds(3)		1,054		1,065		1,054		1,065
Junior subordinated notes(2)		5,978		6,115
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 March 31, 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)
March 31, 2026
Commodity contracts:
Over-the-counter	$	378	$	20	$	—	$	358	$	163	$	2	$	—	$	161
Exchange		97		97		—		—		—		—		—		—
Interest rate contracts:
Over-the-counter		73		7		—		66		67		6		—		61
Foreign currency exchange rate contracts:
Over-the-counter		20		5		—		15		20		5		—		15
Total derivatives, subject to a master netting or similar arrangement	$	568	$	129	$	—	$	439	$	250	$	13	$	—	$	237
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 $218 million and $217 million at Dominion Energy and $11 million and $18 million at Virginia Power at March 31, 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)
March 31, 2026
Commodity contracts:
Over-the-counter	$	58	$	20	$	—	$	38	$	8	$	2	$	—	$	6
Exchange		272		97		175		—		—		—		—		—
Interest rate contracts:
Over-the-counter		25		7		—		18		15		6		—		9
Foreign currency exchange rate contracts:
Over-the-counter		7		5		—		2		7		5		—		2
Total derivatives, subject to a master netting or similar arrangement	$	362	$	129	$	175	$	58	$	30	$	13	$	—	$	17
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 $5 million at Dominion Energy at both March 31, 2026 and December 31, 2025 and $7 million at Virginia Power at both March 31, 2026 and December 31, 2025, which are not subject to master netting or other similar arrangements.

Volumes

The following table presents the volume of the Companies’ derivative activity at March 31, 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		50				37
Basis(1)		205		302		156		250
Electricity (MWh in millions):
Fixed price		9		35
FTRs		16				16
Interest rate(2) (in millions)	$	2,725	$	6,171	$	—	$	5,100
Foreign currency exchange rate(2) (in millions)
Danish Krone	420 kr.		— kr.		420 kr.		— kr.
Euro	€	867	€	27	€	867	€	27

(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 March 31, 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	$	(134	)	$	(21	)	393	$	29	$	3	393
Total	$	(134	)	$	(21	)		$	29	$	3

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 March 31, 2026
Current derivatives not under cash flow hedge accounting
Commodity	$	283	$	228	$	103	$	15
Interest rate		1		1
Foreign currency exchange rate		19		7		19		7
Current derivatives under cash flow hedge accounting
Interest rate		—		1		—		—
Total current derivatives(1)	$	303	$	237	$	122	$	22
Noncurrent derivatives not under cash flow hedge accounting
Commodity	$	410	$	107	$	71	$	—
Interest rate		4		6
Foreign currency exchange rate		1		—		1		—
Noncurrent derivatives under cash flow hedge accounting
Interest rate		68		17		67		15
Total noncurrent derivatives(2)		483		130		139		15
Total derivatives	$	786	$	367	$	261	$	37
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 assets and liabilities are presented in other current assets and other current liabilities, respectively, in their Consolidated Balance Sheets, except for $4 million reported in liabilities held for sale in Dominion Energy’s Consolidated Balance Sheet at March 31, 2026.

(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 March 31, 2026
Derivative type and location of gains (losses):
Interest rate(3)	$	(4	)	$	(8	)	$	(36	)	$	(3	)	$	1	$	(36	)
Total	$	(4	)	$	(8	)	$	(36	)	$	(3	)	$	1	$	(36	)
Three Months Ended March 31, 2025
Derivative type and location of gains (losses):
Interest rate(3)	$	(21	)	$	(10	)	$	(100	)	$	(9	)	$	—	$	(101	)
Total	$	(21	)	$	(10	)	$	(100	)	$	(9	)	$	—	$	(101	)

(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
Period Ended March 31,	2026			2025			2026			2025
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue	$	(125	)	$	(39	)	$	—		$	(10	)
Purchased gas		5			—
Purchased electric capacity		(7	)		—			(7	)		—
Electric fuel and other energy-related purchases		44			(34	)		28			(36	)
Interest rate:
Interest and related charges		11			3
Total	$	(72	)	$	(70	)	$	21		$	(46	)

(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 once 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 $186 million and $181 million at March 31, 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)
March 31, 2026
Equity securities:(1)
U.S.	$	1,080		$	4,809	$	(3	)				$	5,886		$	593		$	2,503	$	(3	)				$	3,093
International		44			129		—						173			27			72		—						99
Fixed income securities:(2)
Government securities		855			—		(1	)			—		854			647			—		—				—		647
Corporate debt instruments		92			—		—				—		92			92			—		—				—		92
Private debt funds(3)		1,906			—		(13	)			—		1,893			1,079			—		(7	)			—		1,072
Insurance contracts(4)		241			—		—				—		241
Cash equivalents and other(5)		(183	)		—		—				—		(183	)		(233	)		—		—				—		(233	)
Total	$	4,035		$	4,938	$	(17	)	(6)	$	—	$	8,956		$	2,205		$	2,575	$	(10	)	(6)	$	—	$	4,770
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 purchases of securities of $231 million and $40 million at March 31, 2026 and December 31, 2025, respectively. Virginia Power includes pending purchases of securities of $234 million and pending sales of securities of $3 million at March 31, 2026, and December 31, 2025, respectively.

(6)

Dominion Energy’s fair value of securities in an unrealized loss position was $310 million and $48 million at March 31, 2026 and December 31, 2025, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $245 million and $3 million at March 31, 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
Period Ended March 31,	2026			2025
(millions)
Net gains (losses) recognized during the period	$	(259	)	$	(239	)
Less: Net (gains) losses recognized during the period on securities sold during the period		7			6
Unrealized gains (losses) recognized during the period on securities still held at period end(1)	$	(252	)	$	(233	)

(1)

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


	Virginia Power
Period Ended March 31,	2026			2025
(millions)
Net gains (losses) recognized during the period	$	(126	)	$	(121	)
Less: Net (gains) losses recognized during the period on securities sold during the period		3			4
Unrealized gains (losses) recognized during the period on securities still held at period end(1)	$	(123	)	$	(117	)

(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 March 31, 2026 by contractual maturity is as follows:


	Dominion Energy		Virginia Power
(millions)
Due in one year or less	$	1	$	—
Due after one year through five years		147		113
Due after five years through ten years		81		65
Due after ten years		717		561
Total	$	946	$	739

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
Period Ended March 31,	2026		2025
(millions)
Proceeds from sales	$	778	$	931
Realized gains(1)		7		11
Realized losses(1)		17		20

(1)

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


	Virginia Power
Period Ended March 31,	2026		2025
(millions)
Proceeds from sales	$	552	$	568
Realized gains(1)		5		9
Realized losses(1)		9		15

(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 March 31, 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 March 31, 2026 and December 31, 2025, Dominion Privatization had $11 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. The majority of turbines comprising the 2.6 GW project are expected to be placed in service by the end of 2026 with the remainder in early 2027 prior to the end of June. The estimated total project cost is approximately $11.4 billion (excluding financing costs) which reflects an estimated impact of certain tariffs, including the impact of the U.S. Supreme Court’s ruling in late February 2026 and tariffs which became effective in late February 2026,

as well as previously included estimated impacts of a temporary suspension of work order, certain tariffs which became effective during 2025 and revised network upgrade costs assigned by PJM to the CVOW Commercial Project. As discussed below, the expected total project cost does not include the impact of certain tariffs revised in April 2026 nor any potential future changes to network upgrade costs allocated by PJM. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs.

The expected total project cost reflects a decrease of $0.1 billion, relative to Virginia Power’s January 2026 construction update filing, associated with the reversal of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling in late February 2026. Such decrease was partially offset by the estimated impact of new tariffs subsequently enacted in late February 2026 on equipment expected to be delivered from February 2026 through July 2026 that originates from Mexico, Canada, a European Union member or other applicable countries. The expected project cost does not yet reflect a revision for the estimated impact of revised tariffs, enacted in April 2026 on equipment expected to be delivered from April 2026 through early 2027 that contains steel, aluminum and/or copper products. The estimated impact of the tariff is inherently uncertain as the ultimate tariff is dependent upon product classification, country of origin and percentage component of each product to the overall value. Pending additional information from suppliers as well as any interpretative guidance from applicable government agencies, Virginia Power expects the revised Section 232 tariffs could result in an increase to the estimated project cost of up to between approximately $0.2 billion and approximately $0.3 billion. The actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component. The expected project cost also does not reflect any revision to network upgrade costs allocated by PJM, including related to any potential amendment of the interconnection agreement between PJM and Virginia Power, as Virginia Power explores potential modifications which could result in a decrease of amounts allocated to the CVOW Commercial Project.

As a result of the revised total project cost estimates and cost sharing mechanism, in the first quarter of 2026 Virginia Power recorded a net benefit for costs not expected to be recovered from customers of $117 million within impairments of assets and other charges (benefits), which includes $59 million attributable to noncontrolling interests, and an associated income tax expense of $15 million. In the first quarter of 2025, Virginia Power recorded a charge for costs not expected to be recovered from customers of $45 million within impairment of assets and other charges (benefits), which includes $22 million attributable to noncontrolling interests, and an associated income tax benefit of $6 million. All such amounts are reflected in the Corporate and Other segment in the Companies’ Consolidated Statements of Income. In addition, Virginia Power expects that it could record a charge during the second quarter of 2026 for costs not expected to be recovered from customers for the corresponding increase in project costs driven by revised Section 232 tariffs discussed above, with 50% attributable to noncontrolling interests. The Companies are currently unable to estimate the expected impact of any potential decrease in network upgrade costs allocated by PJM on its financial position, results of operations and/or cash flows. 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 6% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to actual network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs including any potential impact of Section 232 investigations, costs to maintain necessary permits, approvals and authorizations, any additional suspension of work orders, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events. 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 with a sale expected to be completed by the end of the first quarter of 2027. 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. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. At March 31, 2026, the carrying amounts of major classes of assets held for sale are composed primarily of $683 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.

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 expects to evaluate the associated long-lived assets for recoverability during the second quarter of 2026. Dominion Energy expects that in connection with such analysis that it may record a pre-tax impairment charge of up to approximately $850 million.

Note 11. Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:


	Dominion Energy				Virginia Power
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
(millions)
Regulatory assets:
Deferred cost of fuel used in electric generation(1)	$	329	$	213	$	118	$	174
Securitized cost of fuel used in electric generation(2)		127		125		127		125
Riders OSW and CE(3)		14		23		14		23
Other deferred rider costs for Virginia electric utility(4)		279		445		279		445
Ash pond and landfill closure costs(5)		156		164		156		164
Deferred nuclear refueling outage costs(6)		82		101		82		101
NND Project costs(7)		138		138
Derivatives(8)		3		3		—		—
Other		162		168		74		78
Regulatory assets-current		1,290		1,380		850		1,110
Unrecognized pension and other postretirement benefit costs(9)		518		527			—
Riders OSW and CE(3)		362		287		362		287
Other deferred rider costs for Virginia electric utility(4)		382		338		382		338
Interest rate hedges(10)		165		165		—	—
AROs and related funding(11)		403		385
NND Project costs(7)		1,638		1,672
CCR remediation, ash pond and landfill closure costs(5)		2,867		2,868		2,504		2,510
Deferred cost of fuel used in electric generation(1)		1,076		391		1,076		391
Securitized cost of fuel used in electric generation(2)		823		868		823		868
Derivatives(8)		32		33		—		—
Other		762		742		132		132
Regulatory assets-noncurrent		9,028		8,276		5,279		4,526
Total regulatory assets	$	10,318	$	9,656	$	6,129	$	5,636
Regulatory liabilities:
Deferred cost of fuel used in electric generation(1)		—		3		—		3
Provision for future cost of removal and AROs(12)		101		101		101		101
Reserve for rate credits to electric utility customers(13)		25		34		—		—
Income taxes refundable through future rates(14)		116		110		77		77
Monetization of guarantee settlement(15)		67		67
Derivatives(8)		95		158		67		135
Other		55		69		51		58
Regulatory liabilities-current		459		542		296		374
Income taxes refundable through future rates(14)		2,815		2,854		2,017		2,046
Provision for future cost of removal and AROs(12)		1,965		1,950		1,354		1,346
Nuclear decommissioning trust(16)		2,419		2,494		2,419		2,494
Monetization of guarantee settlement(15)		485		501
Interest rate hedges(10)		424		461		424		461
Reserve for rate credits to electric utility customers(13)		122		128		—		—
Overrecovered other postretirement benefit costs(17)		216		209
Derivatives(8)		211		228		15		31
Other		328		247		233		152
Regulatory liabilities-noncurrent		8,985		9,072		6,462		6,530
Total regulatory liabilities	$	9,444	$	9,614	$	6,758	$	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 March 31, 2026 and December 31, 2025 includes $7 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 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.

(9)

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.

(10)

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 for both Dominion Energy and Virginia Power at March 31, 2026.

(11)

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.

(12)

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.

(13)

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.

(14)

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.

(15)

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.

(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 March 31, 2026, Dominion Energy and Virginia Power regulatory assets include $5.9 billion and $4.0 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.

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 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. This matter is pending.

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

Rider CE(2)

October 2025

April 2026

May 2026

280

Rider CERC

March 2026

Pending

January 2027

(1)

In addition, Virginia Power has riders associated with other projects with a total annual revenue requirement of $54 million and pending applications associated with such riders, which if approved would result in an annual revenue requirement decrease of $3 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.

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

255

Partial rebuild Chesterfield-Lanexa transmission lines in the Counties of Henrico,
Charles City and New Kent, Virginia

September 2025

March 2026

230-
115 kV

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

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

100

(1)

Represents the cost estimate included in the application except as updated in the approval if applicable.

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

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.

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.

Dominion Energy’s Consolidated Statements of Income include $4 million and $4 million for the three months ended March 31, 2026 and 2025, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $4 million and $1 million for the three months ended March 31, 2026 and 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 $185 million and $155 million for the three months ended March 31, 2026 and 2025, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $56 million and $46 million at March 31, 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:


	March 31, 2026		December 31, 2025
(millions)
Assets
Prepayments(1)	$	—	$	1
Regulatory assets-current		127		125
Other current assets(2)		108		51
Regulatory assets-noncurrent		823		868
Total assets	$	1,058	$	1,045
Liabilities
Securities due within one year	$	171	$	171
Accrued interest, payroll and taxes		32		9
Securitization bonds		883		883
Total liabilities	$	1,086	$	1,063

(1)

Prepayments are presented in other current assets in the Companies’ 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:


	March 31, 2026			December 31, 2025
(millions)
Assets
Cash and cash equivalents	$	197		$	149
Other receivables		125			—
Regulatory assets-current		12			15
Other current assets		1			—
Property, plant and equipment		8,994			8,799
Accumulated depreciation and amortization		(5	)		—
Regulatory assets-noncurrent		194			150
Other deferred charges and other assets		10			9
Total assets	$	9,528		$	9,122
Liabilities
Accounts payable	$	7		$	2
Accrued interest, payroll and taxes		6			2
Other current liabilities		13			16
Asset retirement obligations- noncurrent(1)		386			220
Total liabilities	$	412		$	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 March 31, 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 364-day revolving credit agreement, were as follows:


	Facility Limit		Outstanding Commercial Paper		Outstanding Letters of Credit		Facility Capacity Available
(millions)
Joint revolving credit facility(1)	$	7,000	$	2,692	$	14	$	4,294
364-day revolving credit facility(2)		1,000		—				1,000
Total	$	8,000	$	2,692	$	14	$	5,294

(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. Through May 2026, Dominion Energy had $4 million in letters of credit issued and outstanding under this facility.

(2)

This credit facility, entered into in April 2025 with certain lenders, matured in April 2026 and was used to support bank borrowings and the issuance of commercial paper.

In April 2026, Dominion Energy entered into a $1.0 billion supplemental revolving credit facility which matures in April 2028, with the potential to be extended by Dominion Energy to April 2029, and contains a maximum allowed total debt to total capital ratio consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. This credit facility 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 March 31, 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 both March 31, 2026 and December 31, 2025, Dominion Energy had $102 million in letters of credit issued and outstanding under this agreement, including $81 million for Virginia Power. Through May 2026, Dominion Energy had $101 million in letters of credit issued and outstanding under this agreement, including $79 million for Virginia Power.

•

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 to Dominion Energy and $200 million available to Virginia Power. At March 31, 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.

•

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 to Dominion Energy and $400 million available to Virginia Power. At March 31, 2026 and December 31 2025, Dominion Energy had $351 million and $379 million 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 March 31, 2026 and December 31, 2025, Dominion Energy’s Consolidated Balance Sheets include $406 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. At March 31, 2026, Dominion Energy had $800 million outstanding under this facility, with the proceeds used for general corporate purposes and to repay

existing debt. In April 2026, Dominion Energy borrowed the remaining $450 million under this facility with the proceeds used for general corporate purposes.

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 March 31, 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	$	1,057	$	—

(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 March 31, 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, which it expects to allow it to issue up to $300 million in letters of credit. At March 31, 2026 and December 31, 2025, $107 million and $281 million, respectively, in letters of credit were issued and outstanding under this agreement. In April 2026, Virginia Power amended this agreement to allow it to issue up to an expected $500 million in letters of credit. Through May 2026, Virginia Power had $139 million in letters of credit 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 both March 31, 2026 and December 31, 2025, Virginia Power had $81 million, out of Dominion Energy’s total $102 million, in letters of credit issued and outstanding under this agreement. Through May 2026, Virginia Power had $79 million, out of Dominion Energy’s total $101 million, 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 it to issue up to a combined $250 million in letters of credit, with $50 million available to Dominion Energy and $200 million available to Virginia Power. At March 31, 2026 and December 31, 2025, Virginia Power had $200 million and $100 million, respectively, in letters of credit issued and outstanding under this agreement.

•

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 to Dominion Energy and $400 million available to Virginia Power. At March 31, 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 March 31, 2026 and December 31, 2025, Virginia Power had $1.1 billion and $1.0 billion, respectively, in letters of credit issued and outstanding under these agreements. Through May 2026, Virginia Power had $1.0 billion in letters of credit issued and outstanding under these agreements.

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. At March 31, 2026 and 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.

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 March 31, 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 March 31, 2026 and 2025.

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, $33 million from the issuance of less than one million shares of common stock for the three months ended March 31, 2026 and $35 million from the issuance of one million shares of common stock for the three months ended March 31, 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.

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. 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 March 31, 2026.

Dominion Energy did not repurchase any shares of common stock during the three months ended March 31, 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.

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 2026 depending on receipt of final permits and approvals. At both March 31, 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 March 31, 2026, Dominion Energy had issued the following subsidiary guarantees:


	Maximum Exposure
(millions)
Commodity transactions(1)	$	2,953
Nuclear obligations(2)		190
Solar(3)		85
Other(4)		335
Total(5)(6)(7)	$	3,563

(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 March 31, 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 March 31, 2026 and December 31, 2025, Valley Link had borrowed $62 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 March 31, 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 March 31, 2026, Dominion Energy had purchased $528 million of surety bonds, including $455 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 13% and 8% of its operating revenue for the three months ended March 31, 2026 and 2025, respectively and 12% and 10% of its customer receivables at March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026, Dominion Energy’s credit exposure totaled $188 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 97%. No single counterparty, whether investment grade or non-investment grade, exceeded $142 million of exposure. At March 31, 2026, Virginia Power’s exposure related to wholesale customers totaled $8 million. Of this amount, investment grade counterparties, including those internally rated, represented 69%. No single counterparty, whether

investment grade or non-investment grade, exceeded $2 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 $33 million at March 31, 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 March 31, 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 March 31, 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 $33 million at March 31, 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 March 31, 2026, Virginia Power’s derivative assets and liabilities with affiliates were $12 million and $15 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 March 31, 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 $626 million and $594 million, respectively. At March 31, 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 $742 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:


Period Ended March 31,	2026		2025
(millions)
Commodity purchases from affiliates	$	679	$	366
Services provided by affiliates(1)(2)		249		209
Services provided to affiliates		4		4

(1)

Includes capitalized expenditures of $91 million and $75 million for the three months ended March 31, 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 $853 million and $1.2 billion in short-term demand note borrowings from Dominion Energy at March 31, 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 March 31, 2026 and December 31, 2025. Interest charges related to Virginia Power’s borrowings from

Dominion Energy were $11 million and $14 million for the three months ended March 31, 2026 and 2025, respectively.

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2026 and 2025.

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 March 31, 2026, Virginia Power’s Consolidated Balance Sheet reflects $151 million of other deferred charges and other assets for its right-of-use asset and $153 million of affiliated lease payables comprised of $143 million presented in other current liabilities and $11 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 months ended March 31, 2026, Virginia Power capitalized $36 million 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
Period Ended March 31,	2026			2025			2026			2025
(millions)
Service cost	$	19		$	19		$	2		$	3
Interest cost		108			108			13			14
Expected return on plan assets		(159	)		(169	)		(43	)		(40	)
Amortization of prior service (credit) cost		—			—			(5	)		(6	)
Net periodic benefit (credit) cost	$	(32	)	$	(42	)	$	(33	)	$	(29	)

Employer Contributions

During the three months ended March 31, 2026, Dominion Energy made $5 million 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 three months ended March 31, 2026, Dominion Energy reported after-tax net expenses of $294 million in the Corporate and Other segment, including $226 million of after-tax net expenses for specific items with $228 million of after-tax net expenses attributable to its operating segments. In the three months ended March 31, 2025, Dominion Energy reported after-tax net expenses of $157 million in the Corporate and Other segment, including $138 million of after-tax net expenses for specific items with $132 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 $154 million ($89 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

•

Contracted Energy ($77 million after-tax); and

•

Dominion Energy Virginia ($12 million after-tax);

•

A $120 million ($89 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;

•

A $44 million ($33 million after-tax) net unrealized loss related to economic hedging activities, attributable to Contracted Energy; partially offset by

•

A $58 million ($43 million after-tax) benefit for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project, attributable to Dominion Energy Virginia.

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 $133 million ($76 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

•

Contracted Energy ($68 million after-tax); and

•

Dominion Energy Virginia ($8 million after-tax);

•

An $82 million ($61 million after-tax) loss associated with severe weather events, attributable to Dominion Energy Virginia;

•

A $28 million ($21 million after-tax) net unrealized gain related to economic hedging activities, attributable to Contracted Energy; and

•

A $23 million ($17 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.

The following table presents segment information pertaining to Dominion Energy’s operations:


Three Months Ended March 31,	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	$	3,768		$	989		$	345		$	(83	)	$	—		$	5,019
Intersegment revenue		(3	)		3			41			365			(406	)		—
Total Operating Revenue		3,765			992			386			282			(406	)		5,019
Electric fuel and other energy-related purchases(1)		1,359			203			34			13			(3	)		1,606
Purchased electric capacity(1)		65			4			—			—			—			69
Purchased gas(1)		—			139			4			—			—			143
Other operations and maintenance(1)(2)		648			178			161			340			(377	)		950
Depreciation and amortization(1)		421			149			48			25			(12	)		631
Other taxes(1)		106			85			17			24			(4	)		228
Total Operating Expenses		2,599			758			264			402			(396	)		3,627
Interest and related charges(1)		260			72			25			256			(52	)		561
Income tax expense (benefit)(1)		179			38			7			(176	)		—			48
Equity in earnings (losses) of equity method investees(3)		—			—			—			—			—			—
Other income (expense)(3)		42			(1	)		(2	)		(78	)		7			(32	)
Interest income(3)		6			3			31			44			(49	)		35
Net Income (Loss) from Discontinued Operations Including Noncontrolling Interests		—			—			—			(1	)		—			(1	)
Noncontrolling Interests(3)		105			—			—			59			—			164
Net Income (Loss) Attributable to Dominion Energy		670			126			119			(294	)		—			621
Investment in equity method investees(4)		—			—			92			40			—			132
Capital expenditures		2,511			319			191			24			(15	)		3,030
Total assets (billions)		82.9			19.6			11.9			10.4			(6.2	)		118.6
2025
Total revenue from external customers	$	2,795		$	949		$	304		$	28		$	—		$	4,076
Intersegment revenue		(1	)		2			3			310			(314	)		—
Total Operating Revenue		2,794			951			307			338			(314	)		4,076
Electric fuel and other energy-related purchases(1)		769			167			29			—			(3	)		962
Purchased electric capacity(1)		7			2			—			—			—			9
Purchased gas(1)		—			147			—			—			—			147
Other operations and maintenance(1)(2)		559			178			111			404			(308	)		944
Depreciation and amortization(1)		397			141			22			22			—			582
Other taxes(1)		97			79			15			21			(3	)		209
Total Operating Expenses		1,829			714			177			447			(314	)		2,853
Interest and related charges(1)		245			71			8			206			(49	)		481
Income tax expense (benefit)(1)		133			18			39			(150	)		—			40
Equity in earnings (losses) of equity method investees(3)		—			—			—			(7	)		—			(7	)
Other income (expense)(3)		35			—			(7	)		(51	)		—			(23	)
Interest income(3)		7			4			33			45			(49	)		40
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests		—			—			—			(1	)		—			(1	)
Noncontrolling Interests(3)		68			—			—			(22	)		—			46
Net Income (Loss) Attributable to Dominion Energy		561			152			109			(157	)		—			665
Capital expenditures		2,724			297			179			14			—			3,214

(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 three months ended March 31, 2026, Virginia Power reported after-tax net expenses of $47 million in the Corporate and Other segment, including $58 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2025, Virginia Power reported after-tax net expenses of $76 million in the Corporate and Other segment, including $85 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 $120 million ($89 million after-tax) loss associated with severe weather events; and

•

A $20 million ($12 million after-tax) loss related to investments in nuclear decommissioning trust funds; partially offset by

•

A $58 million ($43 million after-tax) benefit for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project.

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

•

An $82 million ($61 million after-tax) loss associated with severe weather events;

•

A $23 million ($17 million after-tax) charge for Virginia Power’s share of costs not expected to be recovered from customers on the CVOW Commercial Project; and

•

A $14 million ($8 million after-tax) loss related to investments in nuclear decommissioning trust funds.

The following table presents segment information pertaining to Virginia Power’s operations:


Three Months Ended March 31,	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions, unless otherwise noted)
2026
Operating Revenue	$	3,765	$	(69	)	$	3,696
Electric fuel and other energy-related purchases(1)		1,359		13			1,372
Purchased electric capacity(1)		65		—			65
Other operations and maintenance(1)(2)		648		(83	)		565
Depreciation and amortization(1)		421		2			423
Other taxes(1)		106		1			107
Total Operating Expenses		2,599		(67	)		2,532
Interest and related charges(1)		260		(1	)		259
Income tax expense (benefit)(1)		179		(34	)		145
Other income (expense)(3)		42		(22	)		20
Interest income(3)		6		1			7
Noncontrolling Interests(3)		105		59			164
Net Income (Loss) Attributable to Virginia Power		670		(47	)		623
Capital expenditures		2,511		—			2,511
Total assets (billions)		81.4		—			81.4
2025
Operating Revenue	$	2,794	$	(29	)	$	2,765
Electric fuel and other energy-related purchases(1)		769		—			769
Purchased electric capacity(1)		7		—			7
Other operations and maintenance(1)(2)		559		97			656
Depreciation and amortization(1)		397		1			398
Other taxes(1)		97		—			97
Total Operating Expenses		1,829		98			1,927
Interest and related charges(1)		245		(2	)		243
Income tax expense (benefit)(1)		133		(43	)		90
Other income (expense)(3)		35		(16	)		19
Interest income(3)		7		—			7
Noncontrolling Interests(3)		68		(22	)		46
Net Income (Loss) Attributable to Virginia Power		561		(76	)		485
Capital expenditures		2,724		—			2,724

(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.

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

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

Contents of MD&A

MD&A consists of the following information:

•

Forward-Looking Statements—Dominion Energy and Virginia Power

•

Accounting Matters—Dominion Energy

•

Results of Operations—Dominion Energy and Virginia Power

•

Segment Results of Operations—Dominion Energy

•

Outlook—Dominion Energy

•

Liquidity and Capital Resources—Dominion Energy

•

Future Issues and Other Matters—Dominion Energy

Forward-Looking Statements

This report contains statements concerning the Companies’ expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In most cases, the reader can identify these forward-looking statements by such words as “path”, “anticipate”, “believe”, “forecast”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “outlook”, “predict”, “project”, “should”, “strategy”, “continue”, “target”, “will”, “potential” or other similar words.

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

•

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

•

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

•

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

•

Federal, state and local legislative and regulatory developments;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

The impact of operational hazards, including adverse developments with respect to plant safety or integrity,

equipment loss, malfunction or failure, operator error and other catastrophic events;

•

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

•

Changes in operating, maintenance and construction costs;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

Adverse outcomes in litigation matters or regulatory proceedings;

•

Counterparty credit and performance risk;

•

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

•

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

•

Fluctuations in interest rates;

•

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

•

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

•

Political and economic conditions, including tariffs, inflation and deflation;

•

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

•

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

Additionally, other risks that may cause actual results to differ materially from predicted results are set forth in Part I. Item 1A. Risk Factors in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

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

Accounting Matters

At March 31, 2026, there have been no significant changes with regard to the critical accounting policies and estimates disclosed in MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. The policies disclosed included the accounting for regulated operations, AROs, income taxes, accounting for derivative contracts and financial instruments at fair value, use of estimates in goodwill impairment testing, use of estimates in long-lived asset impairment testing, and employee benefit plans.

Results of Operations—Dominion Energy

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


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

Overview

First Quarter 2026 vs. 2025

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

Analysis of Consolidated Operations

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


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

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

First Quarter 2026 vs. 2025

Operating revenue increased 23%, primarily reflecting:

•

A $558 million net increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers, including revenue for the deferred fuel securitization and electric utility customers who elect to pay market based or other negotiated rates and related settlements of economic hedges at Virginia Power;

•

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

•

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

•

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

•

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

•

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

These increases were partially offset by:

•

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

•

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

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

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

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

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

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

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

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

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

Results of Operations—Virginia Power

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


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

Overview

First Quarter 2026 vs. 2025

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

Analysis of Consolidated Operations

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


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

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

First Quarter 2026 vs. 2025

Operating revenue increased 34%, primarily reflecting:

•

A $523 million net increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers, including revenue for the deferred fuel securitization and electric utility customers who elect to pay market based or other negotiated rates and related settlements of economic hedges;

•

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

•

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

•

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

•

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

These increases were partially offset by:

•

A $57 million decrease associated with severe weather events.

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

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

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

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

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

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

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

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

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

Segment Results of Operations

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


	Net Income (Loss) Attributable to Dominion Energy									EPS(1)
	2026			2025			$ Change			2026			2025			$ Change
(millions, except EPS)
First Quarter
Dominion Energy Virginia	$	670		$	561		$	109		$	0.76		$	0.66		$	0.10
Dominion Energy South Carolina		126			152			(26	)		0.14			0.18			(0.04	)
Contracted Energy		119			109			10			0.14			0.13			0.01
Corporate and Other		(294	)		(157	)		(137	)		(0.35	)		(0.20	)		(0.15	)
Consolidated	$	621		$	665		$	(44	)	$	0.69		$	0.77		$	(0.08	)

(1)

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

Dominion Energy Virginia

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


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

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


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

(1)

Includes the impacts of non-jurisdictional customers.

Dominion Energy South Carolina

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


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

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


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

Contracted Energy

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


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

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


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

(1)

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

Corporate and Other

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


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

Corporate and Other includes specific items attributable to Dominion Energy’s primary operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources. See Note 20 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment. For both the three months ended March 31, 2026 and 2025, Dominion Energy reported an insignificant amount of specific items in the Corporate and Other segment.

Outlook

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

Liquidity and Capital Resources

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

Analysis of Cash Flows

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


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

(1)

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

Operating Cash Flows

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

Investing Cash Flows

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

Financing Cash Flows

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

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

Credit Facilities and Short-Term Debt

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy’s use of credit facilities and/or short-term debt during the three months ended March 31, 2026.

Revolving Credit Facilities

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

Dominion Energy Reliability InvestmentSM Program

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At March 31, 2026, Dominion Energy’s Consolidated Balance Sheet included $406 million presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Other Facilities

In addition to the primary sources of short-term liquidity discussed above, from time to time Dominion Energy enters into separate supplementary credit facilities or term loans as discussed in Note 15 to the Consolidated Financial Statements in this report. In April 2026, Dominion Energy borrowed the remaining $450 million under its approximately $1.3 billion 364-day term loan facility entered into in February 2026, with the proceeds used for general corporate purposes.

Long-Term Debt

Sustainability Revolving Credit Agreement

Dominion Energy maintains a Sustainability Revolving Credit Agreement which is described in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. At March 31, 2026, Dominion Energy had no borrowings outstanding under this facility. See Note 15 to the Consolidated Financial Statements in this report for additional information.

Issuances and Borrowings of Long-Term Debt

During the three months ended March 31, 2026, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds were used for the repayment of existing indebtedness and for general corporate purposes.

Month

Type

Public / Private

Entity

Principal

Rate

Stated Maturity

(millions)

March

Senior notes

Public

Virginia Power

1,300

4.950

2036

March

Senior notes

Public

Virginia Power

850

5.700

2056

Total issuances and borrowings

2,150

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

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

Repayments, Repurchases and Redemptions of Long-Term Debt

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

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

Month

Type

Entity

Principal (1)

Rate

Stated Maturity

(millions)

Debt scheduled to mature in 2026

Multiple

750

various

Early repurchases and redemptions

None

Total repayments, repurchases and redemptions

750

(1)

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

See Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding scheduled maturities of Dominion Energy’s long-term debt, including related average interest rates.

Remarketing of Long-Term Debt

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

Credit Ratings

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, Dominion Energy’s credit ratings affect its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer its debt securities. The credit ratings for Dominion Energy are affected by its financial profile, mix of regulated and nonregulated businesses and respective cash flows, changes in methodologies used by the rating agencies and event risk, if applicable, such as major acquisitions or dispositions. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. Ratings are subject to revision or withdrawal at any time by the applicable rating organization. At March 31, 2026, there have been no changes in Dominion Energy’s credit ratings from those described in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Financial Covenants

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

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

Common Stock, Preferred Stock and Other Equity Securities

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

During the third quarter of 2025, Dominion Energy entered into forward sale agreements under its May 2024 at-the-market program for approximately 2.4 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $59.91 per share.

In February 2025, Dominion Energy entered into a new at-the-market-program, and during the second quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 11.0 million shares of its common stock expected to be settled in the fourth quarter of 2026 at a weighted-average initial forward price of $55.83 per share. During the third quarter of 2025, Dominion Energy entered into forward sale agreements for approximately 9.6 million shares of its common stock expected to be settled by the fourth quarter of 2027 at a weighted-average initial forward price of $61.11 per share. In December 2025, Dominion Energy provided notice to elect physical settlement of approximately 5.4 million shares under these forward sales agreements, and in December 2025 settled the agreements at a weighted-average final forward price of $60.44 per share.

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

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

Through March 31, 2026, Dominion Energy has not repurchased and does not plan to repurchase shares of common stock in 2026, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which does not impact the available capacity under its stock repurchase authorization. See Note 15 to the Consolidated Financial Statements in this report for additional information.

Capital Expenditures

At March 31, 2026, there have been no material changes to Dominion Energy’s expectation for planned capital expenditures as disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Dividends

Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares. See Note 15 to the Consolidated Financial Statements in this report for additional information regarding Dominion Energy’s outstanding preferred stock and associated dividend rate.

Subsidiary Dividend Restrictions

At March 31, 2026, there have been no material changes to the subsidiary dividend restrictions disclosed in the Subsidiary Dividend Restrictions section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Collateral and Credit Risk

Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. At March 31, 2026, there have been no material changes to the collateral requirements disclosed in the Collateral and Credit Risk section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Dominion Energy’s exposure to potential concentrations of credit risk results primarily from its energy marketing and price risk management activities. Presented below is a summary of Dominion Energy’s credit exposure at March 31, 2026 for these activities. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights.


	Gross Credit Exposure		Credit Collateral		Net Credit Exposure
(millions)
Investment grade(1)	$	25	$	—	$	25
Non-investment grade(2)		1		—		1
No external ratings:
Internally rated—investment grade(3)		168		10		158
Internally rated—non-investment grade(4)		7		3		4
Total(5)	$	201	$	13	$	188

(1)

Designations as investment grade are based upon minimum credit ratings assigned by Moody’s and Standard & Poor’s. The five largest counterparty exposures, combined, for this category represented approximately 11% of the total net credit exposure.

(2)

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

(3)

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

(4)

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

(5)

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

Fuel and Other Purchase Commitments

There have been no material changes outside of the ordinary course of business to Dominion Energy’s fuel and other purchase commitments included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Other Material Cash Requirements

In addition to the financing arrangements discussed above, Dominion Energy is party to numerous contracts and arrangements obligating it to make cash payments in future years. Dominion Energy expects current liabilities to be paid within the next twelve months. In addition to the items already discussed, the following represent material expected cash requirements recorded on Dominion Energy’s Consolidated Balance Sheet at March 31, 2026. Such obligations include:

•

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

•

Regulatory liabilities – See Note 11 to the Consolidated Financial Statements in this report;

•

AROs – See Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025;

•

Employee benefit plan obligations – See Note 19 to the Consolidated Financial Statements in this report and Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025; and

•

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

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

•

Guarantees – See Note 16 to the Consolidated Financial Statements in this report.

Future Issues and Other Matters

See Item 1. Business, Future Issues and Other Matters in MD&A and Notes 13 and 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 and Notes 12 and 16 to the Consolidated Financial Statements in this report for additional information on various environmental, regulatory, legal and other matters that may impact future results of operations, financial condition and/or cash flows.

CVOW Commercial Project

In September 2019, Virginia Power filed applications with PJM for the CVOW Commercial Project and for certain approvals and rider recovery from the Virginia Commission in November 2021. The majority of turbines comprising the 2.6 GW project are expected to be placed in service by the end of 2026 with the remainder in early 2027 prior to the end of June. The estimated total project cost is approximately $11.4 billion (excluding financing costs) which reflects an estimated impact of certain tariffs, including the impact of the U.S. Supreme Court’s ruling in late February 2026 and tariffs which became effective in late February 2026, as well as previously included estimated impacts of a temporary suspension of work order,

certain tariffs which became effective during 2025 and revised network upgrade costs assigned by PJM to the CVOW Commercial Project. As discussed below, the expected total project cost does not include the impact of certain tariffs revised in April 2026 nor any potential future changes to network upgrade costs allocated by PJM. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs. Virginia Power’s estimate for the project’s projected levelized cost of energy, including renewable energy credits, is approximately $84/MWh, compared to the initial filing submission of $80-90/MWh.

The expected total project cost reflects a decrease of $0.1 billion, relative to Virginia Power’s January 2026 construction update filing, associated with the reversal of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling in late February 2026. Such decrease was partially offset by the estimated impact of new tariffs subsequently enacted in late February 2026 on equipment expected to be delivered from February 2026 through July 2026 that originates from Mexico, Canada, a European Union member or other applicable countries. The expected project cost does not yet reflect a revision for the estimated impact of revised tariffs, enacted in April 2026 on equipment expected to be delivered from April 2026 through early 2027 that contains steel aluminum and/or copper products. The estimated impact of the tariff is inherently uncertain as the ultimate tariff is dependent upon product classification, country of origin and percentage component of each product to the overall value. Pending additional information from suppliers as well as any interpretative guidance from applicable government agencies, Virginia Power expects the revised Section 232 tariffs could result in an increase to the estimated project cost of up to between approximately $0.2 billion and approximately $0.3 billion. The actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component. The expected project cost also does not reflect any revision to network upgrade costs allocated by PJM, including related to any potential amendment of the interconnection agreement between PJM and Virginia Power, as Virginia Power explores potential modifications which could result in a decrease of amounts allocated to the CVOW Commercial Project.

Virginia Power commenced major onshore construction activities for the CVOW Commercial Project in November 2023 following the receipt of a record of decision from BOEM in October 2023 for construction. Onshore construction activities to support first power delivery were completed in December 2025 with remaining project activities to support commercial operations anticipated to be completed by mid-2026. Virginia Power commenced major offshore construction activities in May 2024 following the receipt of final approval from BOEM authorizing offshore construction and necessary permits from the U.S. Army Corps of Engineers for offshore construction in January 2024. Virginia Power completed the installation of all monopiles in October 2025 and of all transition pieces in April 2026. The first of three offshore substations was installed in March 2025, with the second installed in November 2025 and the third installed in February 2026. Deepwater cables commenced being laid in late 2024 with the last of nine completed in July 2025. Of the 176 segments of interarray cable, expected to total 260 miles, 73 have been installed through April 2026 with the remaining expected to be laid throughout 2026. Installation commenced on turbines in December 2025 prior to being delayed by the temporary suspension of work order, with eight of 176 completed, and tower and nacelle installation completed for a ninth turbine, through April 2026. The first turbines and associated infrastructure of the CVOW Commercial Project commenced operations in March 2026.

ITEM 3. QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

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

Market Risk Sensitive Instruments and Risk Management

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

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

Commodity Price Risk

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

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

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

A hypothetical 10% decrease in commodity prices would have resulted in a decrease of $47 million and $71 million in the fair value of Virginia Power’s commodity-based derivative instruments at March 31, 2026 and December 31, 2025, respectively.

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

Interest Rate Risk

The Companies manage their interest rate risk exposure predominantly by maintaining a balance of fixed and variable rate debt. For variable rate debt outstanding for Dominion Energy, a hypothetical 10% increase in market interest rates would result in a $16 million and $10 million decrease in earnings at March 31, 2026 and December 31, 2025, respectively. For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in an $8 million and $7 million decrease in earnings at March 31, 2026 and December 31, 2025, respectively.

The Companies also use interest rate derivatives, including forward-starting swaps, interest rate swaps and interest rate lock agreements to manage interest rate risk. At March 31, 2026, Dominion Energy and Virginia Power had $8.9 billion and $5.1 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $373 million and $263 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at March 31, 2026. At December 31, 2025, Dominion Energy and Virginia Power had $10.7 billion and $8.1 billion, respectively, of these interest rate derivatives outstanding in combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $459 million and $382 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2025.

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

Foreign Currency Exchange Rate Risk

The Companies utilize foreign currency exchange rate swaps to economically hedge the foreign currency exchange risk associated with fixed price contracts related to the CVOW Commercial Project denominated in foreign currencies. At both March 31, 2026 and December 31, 2025, Dominion Energy had €0.9 billion in aggregate notional amounts of these foreign currency forward purchase agreements outstanding. A hypothetical 10% increase in the U.S. dollar to Euro exchange rate would have resulted in a decrease of $20 million and $35 million in the fair value of Dominion Energy’s foreign currency swaps at March 31, 2026 and December 31, 2025, respectively.

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

Investment Price Risk

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

Dominion Energy recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $(205) million, $(197) million and $1.1 billion for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Dominion Energy recorded in AOCI and regulatory liabilities, a net increase in unrealized (losses) gains on debt investments of $(1) million, $30 million and $41 million for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, respectively.

Virginia Power recognized net investment gains (losses) (including investment income) on nuclear decommissioning and rabbi trust investments of $(93) million, $(98) million and $555 million for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, respectively. Net realized gains and losses include gains and losses from the sale of investments as well as any other-than-temporary declines in fair value. Virginia Power recorded in AOCI and regulatory liabilities, a net increase in unrealized gains (losses) on debt investments of $— million, $12 million and $23 million for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, respectively.

Dominion Energy sponsors pension and other postretirement employee benefit plans that hold investments in trusts to fund employee benefit payments. Virginia Power employees participate in these plans. Differences between actual and expected returns on plan assets are immediately recognized in earnings annually in the fourth quarter of each fiscal year as well as whenever a plan is determined to qualify for a remeasurement. A hypothetical 0.25% decrease in the expected long-term rate of return on plan assets would have a $27 million impact for the year ending December 31, 2026, and would have had a $28 million impact for the year ended December 31, 2025, to the expected returns on plan assets, respectively.

ITEM 4. CONTROLS AND PROCEDURES

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

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

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

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

•

Notes 13 and 23 to the Consolidated Financial Statements and Future Issues and Other Matters in MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

•

Notes 12 and 16 to the Consolidated Financial Statements and Future Issues and Other Matters in MD&A in this report.

ITEM 1A. RISK FACTORS

The Companies’ businesses are influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond the Companies’ control. A number of these risk factors have been identified in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025, which should be taken into consideration when reviewing the information contained in this report. There have been no material changes with regard to the risk factors previously disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. For other factors that may cause actual results to differ materially from those indicated in any forward-looking statement or projection contained in this report, see Forward-Looking Statements in MD&A in this report.

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

Dominion Energy

Purchases of Equity Securities


Period	Total Number of Shares (or Units) Purchased(1)		Average Price Paid per Share (or Unit)(2)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased under the Plans or Programs(3)
1/1/26 - 1/31/26		1,110	$	58.59		—	$	0.92 billion
2/1/26 - 2/28/26		30,672		60.21		—		0.92 billion
3/1/26 - 3/31/26		1,622		62.42		—		0.92 billion
Total		33,404	$	60.27		—	$	0.92 billion

(1)

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

(2)

Represents the weighted-average price paid per share.

(3)

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

ITEM 5. OTHER INFORMATION

During the last fiscal quarter, none of the Companies’ directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

On March 19, 2026, Dominion Energy filed its proxy statement for the 2026 Annual Meeting of Shareholders to be held on May 5, 2026 (the Proxy Statement). The discussion under the heading “Other Information—Business Proposals and Nominations by Shareholders” refers to the inclusion of certain proposals or nominations in the “2026 Proxy Statement” and the presentation of certain proposals and nominations at the “2026 Annual Meeting.” These references should instead be to the “2027 Proxy Statement” and the “2027 Annual Meeting.” The deadlines presented in the Proxy Statement for submitting such proposals and nominations for inclusion in the 2027 Proxy Statement or presentation at the 2027 Annual Meeting are correct.

ITEM 6. EXHIBITS


Exhibit Number	Description	Dominion Energy	Virginia Power

3.1.a	Dominion Energy, Inc. Amended and Restated Articles of Incorporation, dated as of December 17, 2024 (Exhibit 3.1, Form 8-K filed December 17, 2024, File No.1-8489).	X

3.1.b	Virginia Electric and Power Company Amended and Restated Articles of Incorporation, as in effect on October 30, 2014 (Exhibit 3.1.b, Form 10-Q filed November 3, 2014, File No. 1-2255).		X

3.2.a	Dominion Energy, Inc. Bylaws, as amended and restated, effective June 26, 2025 (Exhibit 3.1, Form 8-K filed June 27, 2025, File No. 1-8489).	X

3.2.b	Virginia Electric and Power Company Amended and Restated Bylaws, effective June 1, 2009 (Exhibit 3.1, Form 8-K filed June 3, 2009, File No. 1-2255).		X

4	Dominion Energy, Inc. and Virginia Electric and Power Company agree to furnish to the Securities and Exchange Commission upon request any other instrument with respect to long-term debt as to which the total amount of securities authorized does not exceed 10% of any of their total consolidated assets.	X	X

4.2	Senior Indenture, dated as of September 1, 2017, between Virginia Electric and Power Company and U.S. Bank National Association, as Trustee (Exhibit 4.1, Form 8-K filed September 13, 2017, File No.000-55337); First Supplemental Indenture, dated as of September 1, 2017 (Exhibit 4.2, Form 8-K filed September 13, 2017, File No.000-55337); Second Supplemental Indenture, dated as of March 1, 2018 (Exhibit 4.2, Form 8-K filed March 22, 2018, File No. 000-55337); Third Supplemental Indenture, dated as of November 1, 2018 (Exhibit 4.2, Form 8-K filed November 28, 2018, File No. 000-55337); Fourth Supplemental Indenture, dated as of July 1, 2019 (Exhibit 4.2, Form 8-K filed July 10, 2019, File No. 00-55337); Fifth Supplemental Indenture, dated as of December 1, 2019 (Exhibit 4.2, Form 8-K filed December 5, 2019, File No. 000-55337); Sixth Supplemental Indenture, dated as of December 1, 2020 (Exhibit 4.2, Form 8-K filed December 15, 2020, File No. 00-55337); Seventh Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.2, Form 8-K filed November 22, 2021, File No.000-55337); Eighth Supplemental Indenture, dated as of November 1, 2021 (Exhibit 4.3, Form 8-K filed November 22, 2021, File No.000-55337); Ninth Supplemental Indenture, dated as of January 1, 2022 (Exhibit 4.3, Form 8-K filed January 13, 2022, File No.000-55337); Tenth Supplemental Indenture, dated as of May 1, 2022 (Exhibit 4.2, Form 8-K filed May 31, 2022, File No. 000-55337); Eleventh Supplemental Indenture, dated as of May 1, 2022 (Exhibit 4.3, Form 8-K filed May 31, 2022, File No. 000-55337); Twelfth Supplemental Indenture, dated as of March 1, 2023 (Exhibit 4.2. Form 8-K filed March 30, 2023, File No. 000-55337); Thirteenth Supplemental Indenture, dated as of March 1, 2023 (Exhibit 4.3. Form 8-K filed March 30, 2023, File No. 000-55337); Fourteenth Supplemental Indenture, dated as of August 1, 2023 (Exhibit 4.2. Form 8-K filed August 10, 2023, File No. 000-55337); Fifteenth Supplemental Indenture, dated as of August 1, 2023 (Exhibit 4.3. Form 8-K filed August 10, 2023, File No. 000-55337); Sixteenth Supplemental Indenture, dated as of January 1, 2024 (Exhibit 4.2. Form 8-K filed January 8, 2024, File No. 000-55337); Seventeenth Supplemental Indenture, dated as of January 1, 2024 (Exhibit 4.3. Form 8-K filed January 8, 2024, File No. 000-55337); Eighteenth Supplemental Indenture, dated as of August 1, 2024 (Exhibit 4.2, Form 8-K filed August 12, 2024, File No. 000-55337); Nineteenth Supplemental Indenture, dated as of August 1, 2024 (Exhibit 4.3, Form 8-K filed August 12, 2024, File No. 000-55337); Twentieth Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.2, Form 8-K filed March 3, 2025, File No. 000-55337); Twenty-First Supplemental Indenture, dated as of March 1, 2025 (Exhibit 4.3, Form 8-K filed March 3, 2025, File No. 000-55337); Twenty-Second Supplemental Indenture, dated as of September 1, 2025 (Exhibit 4.2, Form 8-K filed September 10, 2025, File No. 000-55337); Twenty-Third Supplemental Indenture, dated as of September 1, 2025 (Exhibit 4.3, Form 8-K filed September 10, 2025, File No. 000-55337; Twenty-Fourth Supplemental Indenture, dated as of March 1, 2026 (Exhibit 4.2, Form 8-K filed March 2, 2026, File No. 000-55337); Twenty-Fifth Supplemental Indenture, dated as of March 1, 2026 (Exhibit 4.3, Form 8-K filed March 2, 2026, File No. 000-55337).	X	X

10.31	Form of 2026 Performance Grant Agreement under the 2026 Long-Term Incentive Program approved January 30, 2026 (filed herewith).	X

10.32	Form of 2026 Performance Share Award Agreement under the 2026 Long-Term Incentive Program approved January 30, 2026 (filed herewith).	X


Exhibit Number	Description	Dominion Energy	Virginia Power
10.33	Form of 2026 Restricted Stock Agreement under the 2026 Long-Term Incentive Program approved January 30, 2026 (filed herewith).	X

31.a	Certification by Chief Executive Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).	X

31.b	Certification by Chief Financial Officer of Dominion Energy, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).	X

31.c	Certification by Chief Executive Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).		X

31.d	Certification by Chief Financial Officer of Virginia Electric and Power Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).		X

32.a	Certification to the Securities and Exchange Commission by Chief Executive Officer and Chief Financial Officer of Dominion Energy, Inc. as required by Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).	X

32.b	Certification to the Securities and Exchange Commission by Chief Executive Officer and Chief Financial Officer of Virginia Electric and Power Company as required by Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).		X

99	Condensed consolidated earnings statements (filed herewith).	X	X

101	The following financial statements from Dominion Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 1, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements from Virginia Electric and Power Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 1, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements.	X	X

104	Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.	X	X

SIGNATURE

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


	DOMINION ENERGY, INC. Registrant

May 1, 2026	/s/ Gary G. Ratliff, Jr.
	Gary G. Ratliff, Jr. Vice President, Controller and Chief Accounting Officer

	VIRGINIA ELECTRIC AND POWER COMPANY Registrant

May 1, 2026	/s/ Gary G. Ratliff, Jr.
	Gary G. Ratliff, Jr. Vice President, Controller and Chief Accounting Officer

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