Operating Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Operating Segments

Note 21. 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 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 the entities included in the East Ohio (through March 2024), Questar Gas (through May 2024) and PSNC Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations (through April 2024) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2023.

In the six months ended June 30, 2024, Dominion Energy reported after-tax net loss of $34 million in the Corporate and Other segment, including $200 million of after-tax net income for specific items with $74 million of after-tax net income attributable to its operating segments. In the six months ended June 30, 2023, Dominion Energy reported after-tax net income of $559 million in the Corporate and Other segment, including $739 million of after-tax net income for specific items with $370 million of after-tax net income attributable to its operating segments.

The net income for specific items attributable to Dominion Energy’s operating segments in 2024 primarily related to the impact of the following items:

•A $350 million ($271 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Energy ($236 million after-tax); and

•Dominion Energy Virginia ($35 million after-tax);

•A $167 million ($127 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy;

•A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy; and

•A $33 million ($25 million after-tax) charge for the impairment of certain nonregulated renewable natural gas facilities, attributable to Contracted Energy.

The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items:

•A $342 million ($260 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy;

•A $281 million ($208 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Energy ($178 million after-tax); and

•Dominion Energy Virginia ($30 million after-tax);

•A $122 million ($91 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia;

•A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023, attributable to Dominion Energy Virginia; and

•A $31 million ($23 million after-tax) benefit related to real estate transactions, including gains on the transfer of property to satisfy litigation associated with the NND Project, attributable to Dominion Energy South Carolina.

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

	Dominion Energy Virginia			Dominion Energy South Carolina		Contracted Energy			Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions)
Three Months Ended June 30, 2024
Total revenue from external       customers	$	2,537		$	758	$	281		$	(90	)	$	—		$	3,486
Intersegment revenue		—			4		3			257			(264	)		—
Total operating revenue		2,537			762		284			167			(264	)		3,486
Net income from discontinued       operations		—			—		—			81			—			81
Net income (loss) attributable to       Dominion Energy		485			69		100			(82	)		—			572
Three Months Ended June 30, 2023
Total revenue from external       customers	$	2,253		$	771	$	126		$	16		$	—		$	3,166
Intersegment revenue		(1	)		2		5			230			(236	)		—
Total operating revenue		2,252			773		131			246			(236	)		3,166
Net income from discontinued       operations		—			—		—			168			—			168
Net income (loss) attributable to       Dominion Energy		394			68		(45	)		166			—			583
Six Months Ended June 30, 2024
Total revenue from external      customers	$	5,026		$	1,650	$	587		$	(145	)	$	—		$	7,118
Intersegment revenue		—			5		5			491			(501	)		—
Total operating revenue		5,026			1,655		592			346			(501	)		7,118
Net income from discontinued      operations		—			—		—			195			—			195
Net income (loss) attributable to      Dominion Energy		909			149		222			(34	)		—			1,246
Six Months Ended June 30, 2023
Total revenue from external      customers	$	4,637		$	1,615	$	434		$	363		$	—		$	7,049
Intersegment revenue		(1	)		3		8			462			(472	)		—
Total operating revenue		4,636			1,618		442			825			(472	)		7,049
Net income from discontinued      operations		—			—		—			449			—			449
Net income attributable to      Dominion Energy		780			159		66			559			—			1,564

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.

In the six months ended June 30, 2024, Virginia Power reported after-tax net income of $35 million in the Corporate and Other segment, including $35 million of after-tax net income for specific items all of which was attributable to its operating segment. In the six months ended June 30, 2023, Virginia Power reported after-tax net expenses of $91 million in the Corporate and Other segment, including $87 million of after-tax net expenses for specific items all of which was attributable to its operating segment.

The net income for specific items attributable to Virginia Power’s operating segment in 2024 primarily related to the impact of the following item:

•A $46 million ($35 million after-tax) gain related to investments in nuclear decommissioning trust funds.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following item:

•A $122 million ($91 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review;

•A $41 million ($30 million after-tax) gain related to investments in nuclear decommissioning trust funds; and

•A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023.

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

	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions)
Three Months Ended June 30, 2024
Operating revenue	$	2,537	$	—		$	2,537
Net income (loss)		485		(6	)		479
Three Months Ended June 30, 2023
Operating revenue	$	2,252	$	—		$	2,252
Net income (loss)		394		(60	)		334
Six Months Ended June 30, 2024
Operating revenue	$	5,026	$	—		$	5,026
Net income		909		35			944
Six Months Ended June 30, 2023
Operating revenue	$	4,636	$	—		$	4,636
Net income (loss)		780		(91	)		689