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, 2023

or

☐ 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
	120 Tredegar Street Richmond, Virginia 23219 (804) 819-2284

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

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

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

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

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

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

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

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

Dominion Energy, Inc.

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

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

Virginia Electric and Power Company

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

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. ☐

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 28, 2023, the latest practicable date for determination, Dominion Energy, Inc. had 835,941,420 shares of common stock outstanding and Virginia Electric and Power Company had 274,723 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.

1

COMBINED INDEX

		Page Number
	Glossary of Terms	3
	PART I. Financial Information
Item 1.	Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69
Item 4.	Controls and Procedures	70
	PART II. Other Information
Item 1.	Legal Proceedings	71
Item 1A.	Risk Factors	71
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 6.	Exhibits	72

2

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
2019 Equity Units	Dominion Energy’s 2019 Series A Equity Units issued in June 2019, initially in the form of 2019 Series A Corporate Units, which consisted of a stock purchase contract and a 1/10 interest in a share of the Series A Preferred Stock
2021 Triennial Review	Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020
2023 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, 2021 and ending December 31, 2022 and prospective rate base setting for the succeeding two-year period beginning January 1, 2024 and ending December 31, 2025
ACE Rule	Affordable Clean Energy Rule
AFUDC	Allowance for funds used during construction
AMI	Advanced Metering Infrastructure
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
Bear Garden	A 622 MW combined-cycle, natural gas-fired power station in Buckingham County, Virginia
CAA	Clean Air Act
CCR	Coal combustion residual
CCRO	Customer credit reinvestment offset
CEO	Chief Executive Officer
CEP	Capital Expenditure Program, as established by House Bill 95, Ohio legislation enacted in 2011, deployed by East Ohio to recover certain costs associated with capital investment
CERCLA	Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund
CFO	Chief Financial Officer
CO2	Carbon dioxide
Colonial Trail West	A 142 MW utility-scale solar power station located in Surry County, Virginia
Companies	Dominion Energy and Virginia Power, collectively
Contracted Assets	Contracted Assets 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

3

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
DEQPS	MountainWest Pipeline Services, Inc. (formerly known as Dominion Energy Questar Pipeline Services, Inc.)
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.
DOE	U.S. Department of Energy
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 Questar Pipeline	The legal entity, MountainWest Pipeline, LLC (formerly known as Dominion Energy Questar Pipeline, LLC), one or more of its consolidated subsidiaries (including its 50% noncontrolling interest in White River Hub), or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries
Dominion Energy South Carolina	Dominion Energy South Carolina operating segment
Dominion Energy Virginia	Dominion Energy Virginia operating segment
Dominion Privatization	Dominion Utility Privatization, LLC, a joint venture between Dominion Energy and Patriot
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
East Ohio	The East Ohio Gas Company, doing business as Dominion Energy Ohio
EPA	U.S. Environmental Protection Agency
EPS	Earnings per common share
FERC	Federal Energy Regulatory Commission
FTRs	Financial transmission rights
GAAP	U.S. generally accepted accounting principles
Gas Distribution	Gas Distribution operating segment
GENCO	South Carolina Generating Company, Inc.
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
Hope	Hope Gas, Inc., doing business as Dominion Energy West Virginia through August 2022
ISO	Independent system operator

4

Jones Act	The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce
kV	Kilovolt
LNG	Liquefied natural gas
MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
MGD	Million gallons per day
Millstone	Millstone nuclear power station
MW	Megawatt
MWh	Megawatt hour
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
Ohio Commission	Public Utilities Commission of Ohio
Order 1000	Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development
ozone season	The period May 1st through September 30th, 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
PFAS	Per- and polyfluorinated substances, a group of widely used chemicals that break down very slowly over time in the environment
PIR	Pipeline Infrastructure Replacement program deployed by East Ohio
PJM	PJM Interconnection, LLC
PSD	Prevention of significant deterioration
PSNC	Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina
Q-Pipe Group	Collectively, Dominion Energy Questar Pipeline, DEQPS and MountainWest Energy Holding Company, LLC (formerly known as QPC Holding Company, LLC and its subsidiary MountainWest Southern Trails Pipeline Company (formerly known as Questar Southern Trails Pipeline Company))
Questar Gas	Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho
Regulation Act	Legislation effective July 1, 2007, that amended the Virginia Electric Utility Restructuring Act and fuel factor statute, which legislation is also known as the Virginia Electric Utility Regulation Act, as amended in 2015, 2018 and 2023
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 as well as certain small-scale distributed generation projects and related transmission facilities
Rider D	A rate mechanism which allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales
Rider GT	A rate adjustment clause associated with the recovery of costs associated with electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA

5

Rider R	A rate adjustment clause associated with the recovery of costs related to Bear Garden
Rider S	A rate adjustment clause associated with the recovery of costs related to the Virginia City Hybrid Energy Center
Rider T1	A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1
Rider U	A rate adjustment clause associated with the recovery of costs of new underground distribution facilities
Rider US-3	A rate adjustment clause associated with the recovery of costs related to Colonial Trail West and Spring Grove 1
Rider US-4	A rate adjustment clause associated with the recovery of costs related to Sadler Solar
Rider W	A rate adjustment clause associated with the recovery of costs related to Warren County
ROE	Return on equity
RTO	Regional transmission organization
Sadler Solar	A 100 MW utility-scale solar power station located in Greensville County, Virginia
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
SCDOR	South Carolina Department of Revenue
SEC	U.S. Securities and Exchange Commission
Series A Preferred Stock	Dominion Energy’s Series A Cumulative Perpetual Convertible Preferred Stock, without par value, with a liquidation preference of $1,000 per share (previously designated the 1.75% Series A Cumulative Perpetual Convertible Preferred Stock)
Series B Preferred Stock	Dominion Energy’s 4.65% Series B Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
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
Southwest Gas	The legal entity, Southwest Gas Holdings, Inc., one or more of its consolidated subsidiaries, or the entirety of Southwest Gas Holdings, Inc. and its consolidated subsidiaries
Spring Grove 1	A 98 MW utility-scale solar power station located in Surry County, Virginia
Standard & Poor’s	Standard & Poor’s Ratings Services, a division of S&P Global Inc.
Summer	V.C. Summer nuclear power station
Ullico	The legal entity, Ullico Inc., one or more of its consolidated subsidiaries, or the entirety of Ullico Inc. and its consolidated subsidiaries
Utah Commission	Utah Public Service Commission
VCEA	Virginia Clean Economy Act of March 2020
VEBA	Voluntary Employees’ Beneficiary Association
VIE	Variable interest entity
Virginia City Hybrid Energy Center	A 610 MW baseload carbon-capture compatible, clean coal powered electric generation facility in Wise County, Virginia

6

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
Warren County	A 1,349 MW combined-cycle, natural gas-fired power station in Warren County, Virginia
Wexpro	The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries
White River Hub	MountainWest White River Hub, LLC (formerly known as White River Hub, LLC)
Wrangler	Wrangler Retail Gas Holdings, LLC, a partnership between Dominion Energy (through March 2022) and Interstate Gas Supply, Inc.

7

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
	2023			2022
(millions, except per share amounts)
Operating Revenue	$	5,252		$	4,279
Operating Expenses
Electric fuel and other energy-related purchases		1,022			678
Purchased electric capacity		8			13
Purchased gas		764			645
Other operations and maintenance		921			1,054
Depreciation, depletion and amortization		720			698
Other taxes		275			253
Impairment of assets and other charges (benefits)		98			(10	)
Losses (gains) on sales of assets		(1	)		(28	)
Total operating expenses		3,807			3,303
Income from operations		1,445			976
Earnings from equity method investees		80			80
Other income (expense)		284			46
Interest and related charges		586			174
Income from continuing operations including noncontrolling      interests before income tax expense		1,223			928
Income tax expense		221			236
Net Income From Continuing Operations		1,002			692
Net Income (Loss) From Discontinued Operations(1)		(5	)		19
Net Income Including Noncontrolling Interests		997			711
Noncontrolling Interests		—			—
Net Income Attributable to Dominion Energy	$	997		$	711
Amounts attributable to Dominion Energy
Net income from continuing operations	$	1,002		$	692
Net income (loss) from discontinued operations		(5	)		19
Net income attributable to Dominion Energy	$	997		$	711
EPS - Basic
Net income from continuing operations	$	1.18		$	0.82
Net income (loss) from discontinued operations		(0.01	)		0.02
Net income attributable to Dominion Energy	$	1.17		$	0.84
EPS - Diluted
Net income from continuing operations	$	1.18		$	0.81
Net income (loss) from discontinued operations		(0.01	)		0.02
Net income attributable to Dominion Energy	$	1.17		$	0.83

(1)Includes income tax expense (benefit) of $(1) million and $6 million for the three months ended three months ended March 31, 2023 and 2022, respectively.

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

8

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
	2023			2022
(millions)
Net income including noncontrolling interests	$	997		$	711
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging     activities(1)		(9	)		25
Changes in unrealized net gains (losses) on investment     securities(2)		17			(62	)
Changes in net unrecognized pension and other     postretirement benefit costs(3)		—			28
Amounts reclassified to net income:
Net derivative (gains) losses-hedging activities(4)		8			10
Net realized (gains) losses on investment securities(5)		1			3
Net pension and other postretirement benefit costs (credits) (6)		(11	)		17
Changes in other comprehensive income from equity     method investees(7)		1			1
Total other comprehensive income		7			22
Comprehensive income including noncontrolling interests		1,004			733
Comprehensive income attributable to noncontrolling     interests		—			—
Comprehensive income attributable to Dominion Energy	$	1,004		$	733

(1) Net of $3 million and $(8) million tax for the three months ended March 31, 2023 and 2022, respectively.

(2) Net of $(7) million and $19 million tax for the three months ended March 31, 2023 and 2022, respectively.

(3) Net of $— million and $(10) million tax for the three months ended March 31, 2023 and 2022, respectively.

(4) Net of $(3) million and $(4) million tax for the three months ended March 31, 2023 and 2022, respectively.

(5) Net of $(1) million and $(1) million tax for the three months ended March 31, 2023 and 2022, respectively.

(6) Net of $4 million and $(6) million tax for the three months ended March 31, 2023 and 2022, respectively.

(7) Net of $— million and $— million tax for the three months ended March 31, 2023 and 2022, respectively.

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

9

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2023			December 31, 2022(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	1,792		$	153
Customer receivables (less allowance for doubtful accounts of $33 and $31)		2,437			2,952
Other receivables (less allowance for doubtful accounts of $3 at both dates)		398			405
Inventories		1,746			1,729
Derivative assets		264			1,137
Margin deposit assets		193			480
Regulatory assets		2,156			2,340
Other		619			654
Total current assets		9,605			9,850
Investments
Nuclear decommissioning trust funds		6,262			5,957
Investment in equity method affiliates		3,014			3,012
Other		388			390
Total investments		9,664			9,359
Property, Plant and Equipment
Property, plant and equipment		92,748			91,202
Accumulated depreciation, depletion and amortization		(28,123	)		(27,742	)
Total property, plant and equipment, net		64,625			63,460
Deferred Charges and Other Assets
Goodwill		7,295			7,295
Regulatory assets		8,951			9,087
Other		5,185			5,192
Total deferred charges and other assets		21,431			21,574
Total assets	$	105,325		$	104,243

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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

10

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

	March 31, 2023			December 31, 2022(1)
(millions)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Securities due within one year	$	4,352		$	3,341
Short-term debt		3,546			3,423
Accounts payable		1,125			1,825
Accrued interest, payroll and taxes		1,037			1,199
Derivative liabilities		371			778
Regulatory liabilities		651			946
Other(2)		1,680			1,938
Total current liabilities		12,762			13,450
Long-Term Debt
Long-term debt		37,624			36,832
Junior subordinated notes		1,387			1,387
Supplemental credit facility borrowings		900			450
Other		247			245
Total long-term debt		40,158			38,914
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits		6,908			6,698
Regulatory liabilities		10,092			10,107
Other		7,049			7,193
Total deferred credits and other liabilities		24,049			23,998
Total liabilities		76,969			76,362
Commitments and Contingencies (see Note 17)
Shareholders' Equity
Preferred stock (see Note 16)		1,783			1,783
Common stock – no par(3)		23,652			23,605
Retained earnings		4,486			4,065
Accumulated other comprehensive loss		(1,565	)		(1,572	)
Shareholders' equity		28,356			27,881
Noncontrolling interests		—			—
Total shareholders' equity		28,356			27,881
Total liabilities and shareholders' equity	$	105,325		$	104,243

(1) Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

(2) See Note 10 for amounts attributable to related parties.

(3) 1.8 billion shares authorized; 836 million and 835 million shares outstanding at March 31, 2023 and December 31, 2022, respectively.

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

11

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

	Preferred Stock				Common Stock				Dominion Energy Shareholders
	Shares		Amount		Shares		Amount		Retained Earnings			AOCI			Total Shareholders' Equity			Noncontrolling Interests		Total Equity
(millions, except per share amounts)
December 31, 2021		2	$	1,783		810	$	21,610	$	5,373		$	(1,458	)	$	27,308		$	—	$	27,308
Net income including noncontrolling    interests										711						711			—		711
Issuance of stock						1		45								45					45
Stock awards (net of change in    unearned compensation)								2								2					2
Preferred stock dividends (see    Note 16)										(27	)					(27	)				(27	)
Common stock dividends ($0.6675     per common share) and    distributions										(541	)					(541	)		—		(541	)
Other comprehensive income, net of    tax													22			22					22
March 31, 2022		2	$	1,783		811	$	21,657	$	5,516		$	(1,436	)	$	27,520		$	—	$	27,520
December 31, 2022		2	$	1,783		835	$	23,605	$	4,065		$	(1,572	)	$	27,881		$	—	$	27,881
Net income including noncontrolling    interests										997						997			—		997
Issuance of stock						1		43								43					43
Stock awards (net of change in    unearned compensation)								4								4					4
Preferred stock dividends (see    Note 16)										(20	)					(20	)				(20	)
Common stock dividends ($0.6675     per common share) and    distributions										(557	)					(557	)		—		(557	)
Other comprehensive income, net of    tax													7			7					7
Other										1						1					1
March 31, 2023		2	$	1,783		836	$	23,652	$	4,486		$	(1,565	)	$	28,356		$	—	$	28,356

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

12

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31,	2023			2022
(millions)
Operating Activities
Net income including noncontrolling interests	$	997		$	711
Adjustments to reconcile net income including noncontrolling interests to net cash    provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)		799			773
Deferred income taxes and investment tax credits		174			246
Impairment of assets and other charges (benefits)		98			(13	)
Losses (gains) on sales of assets and equity method investments		—			(34	)
Net (gains) losses on nuclear decommissioning trust funds and other investments		(134	)		113
Other adjustments		23			(72	)
Changes in:
Accounts receivable		519			28
Inventories		(21	)		80
Deferred fuel and purchased gas costs, net		89			(256	)
Prepayments		43			21
Accounts payable		(588	)		52
Accrued interest, payroll and taxes		(161	)		(192	)
Margin deposit assets and liabilities		286			(52	)
Net realized and unrealized changes related to derivative activities		232			29
Pension and other postretirement benefits		(122	)		(117	)
Other operating assets and liabilities		(137	)		(192	)
Net cash provided by operating activities		2,097			1,125
Investing Activities
Plant construction and other property additions (including nuclear fuel)		(2,220	)		(1,622	)
Acquisition of solar development projects		(11	)		(37	)
Proceeds from sales of securities		544			814
Purchases of securities		(607	)		(824	)
Proceeds from sale of assets and equity method investments		—			146
Contributions to equity method affiliates		(10	)		(15	)
Other		2			(36	)
Net cash used in investing activities		(2,302	)		(1,574	)
Financing Activities
Issuance of short-term debt, net		123			234
364-day term loan facility borrowings		2,500			—
Issuance of long-term debt		1,500			1,000
Repayment of long-term debt		(2,197	)		(39	)
Supplemental credit facility borrowings		450			—
Issuance of common stock		43			45
Common dividend payments		(557	)		(541	)
Other		(42	)		(64	)
Net cash provided by financing activities		1,820			635
Increase in cash, restricted cash and equivalents		1,615			186
Cash, restricted cash and equivalents at beginning of period		341			408
Cash, restricted cash and equivalents at end of period	$	1,956		$	594

See Note 2 for disclosure of supplemental cash flow information.

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

13

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
	2023		2022
(millions)
Operating Revenue(1)	$	2,384	$	2,167
Operating Expenses
Electric fuel and other energy-related purchases(1)		799		516
Purchased electric capacity		8		11
Other operations and maintenance:
Affiliated suppliers		93		91
Other		348		479
Depreciation and amortization		447		429
Other taxes		85		75
Impairment of assets and other charges		7		4
Total operating expenses		1,787		1,605
Income from operations		597		562
Other income (expense)		36		4
Interest and related charges(1)		181		148
Income before income tax expense		452		418
Income tax expense		99		61
Net Income	$	353	$	357

(1)See Note 19 for amounts attributable to affiliates.

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

14

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
	2023			2022
(millions)
Net income	$	353		$	357
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities(1)		(9	)		19
Changes in unrealized net gains (losses) on investment securities(2)		4			(7	)
Amounts reclassified to net income:
Net derivative (gains) losses-hedging activities(3)		—			1
Net realized (gains) losses on investment securities(4)		—			(1	)
Total other comprehensive income (loss)		(5	)		12
Comprehensive income	$	348		$	369

(1)Net of $3 million and $(7) million tax for the three months ended March 31, 2023 and 2022, respectively.

(2)Net of $(1) million and $2 tax for the three months ended March 31, 2023 and 2022, respectively.

(3)Net of $— and $— million tax for the three months ended March 31, 2023 and 2022, respectively.

(4)Net of $— and $— million tax for the three months ended March 31, 2023 and 2022, respectively.

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

15

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2023			December 31, 2022(1)
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	21		$	22
Customer receivables (less allowance for doubtful accounts of $21 at both dates)		1,227			1,578
Other receivables (less allowance for doubtful accounts of $1 and $2)		196			204
Affiliated receivables		7			7
Inventories (average cost method)		962			924
Margin deposit assets		54			310
Derivative assets(2)		91			765
Regulatory assets		820			1,140
Other		49			52
Total current assets		3,427			5,002
Investments
Nuclear decommissioning trust funds		3,360			3,202
Other		3			3
Total investments		3,363			3,205
Property, Plant and Equipment
Property, plant and equipment		55,800			54,697
Accumulated depreciation and amortization		(16,466	)		(16,218	)
Total property, plant and equipment, net		39,334			38,479
Deferred Charges and Other Assets
Regulatory assets		4,151			4,247
Other(2)		2,343			2,261
Total deferred charges and other assets		6,494			6,508
Total assets	$	52,618		$	53,194

(1)Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

(2)See Note 19 for amounts attributable to affiliates.

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

16

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

	March 31, 2023		December 31, 2022(1)
(millions)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Securities due within one year	$	378	$	1,164
Short-term debt		1,010		941
Accounts payable		485		600
Payables to affiliates		203		255
Affiliated current borrowings		1,203		2,024
Accrued interest, payroll and taxes		344		270
Regulatory liabilities		309		506
Derivative liabilities(2)		152		298
Other		972		1,176
Total current liabilities		5,056		7,234
Long-Term Debt
Long-term debt		16,050		14,916
Other		73		65
Total long-term debt		16,123		14,981
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits		3,463		3,452
Regulatory liabilities		5,557		5,499
Other(2)		4,826		4,783
Total deferred credits and other liabilities		13,846		13,734
Total liabilities		35,025		35,949
Commitments and Contingencies (see Note 17)
Common Shareholder’s Equity
Common stock – no par(3)		5,738		5,738
Other paid-in capital		1,113		1,113
Retained earnings		10,738		10,385
Accumulated other comprehensive income		4		9
Total common shareholder’s equity		17,593		17,245
Total liabilities and shareholder’s equity	$	52,618	$	53,194

(1)Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

(2)See Note 19 for amounts attributable to affiliates.

(3)500,000 shares authorized; 274,723 shares outstanding at March 31, 2023 and December 31, 2022.

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

17

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY

(Unaudited)

	Common Stock
	Shares		Amount		Other Paid-In Capital		Retained Earnings			AOCI			Total
(millions, except for shares)	(thousands)
December 31, 2021		275	$	5,738	$	1,113	$	9,170		$	(41	)	$	15,980
Net income								357						357
Other comprehensive income, net of tax											12			12
Other								(1	)					(1	)
March 31, 2022		275	$	5,738	$	1,113	$	9,526		$	(29	)	$	16,348
December 31, 2022		275	$	5,738	$	1,113	$	10,385		$	9		$	17,245
Net income								353						353
Other comprehensive loss, net of tax											(5	)		(5	)
March 31, 2023		275	$	5,738	$	1,113	$	10,738		$	4		$	17,593

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

18

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31,	2023			2022
(millions)
Operating Activities
Net income	$	353		$	357
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including nuclear fuel)		492			425
Deferred income taxes and investment tax credits		(3	)		105
Impairment of assets and other charges (benefit)		7			—
Other adjustments		(9	)		3
Changes in:
Accounts receivable		348			76
Affiliated receivables and payables		(52	)		9
Inventories		(39	)		34
Prepayments		—			3
Deferred fuel expenses, net		193			(297	)
Accounts payable		(103	)		90
Accrued interest, payroll and taxes		73			57
Margin deposit assets and liabilities		255			(125	)
Net realized and unrealized changes related to derivative activities		449			215
Other operating assets and liabilities		(16	)		(267	)
Net cash provided by operating activities		1,948			685
Investing Activities
Plant construction and other property additions		(1,420	)		(1,037	)
Purchases of nuclear fuel		(52	)		(27	)
Acquisition of solar development projects		(11	)		(37	)
Proceeds from sales of securities		373			392
Purchases of securities		(405	)		(415	)
Other		(4	)		(5	)
Net cash used in investing activities		(1,519	)		(1,129	)
Financing Activities
Issuance (repayment) of short-term debt, net		69			(59	)
Repayment of affiliated current borrowings, net		(821	)		(464	)
Issuance of long-term debt		1,500			1,000
Repayment of long-term debt		(1,148	)		—
Other		(31	)		(23	)
Net cash provided by (used in) financing activities		(431	)		454
Increase (decrease) in cash, restricted cash and equivalents		(2	)		10
Cash, restricted cash and equivalents at beginning of period		24			26
Cash, restricted cash and equivalents at end of period	$	22		$	36

See Note 2 for disclosure of supplemental cash flow information.

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

19

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S., nonregulated electric generation and a noncontrolling interest in Cove Point.

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, 2022.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023, and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. 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 and expenses 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.

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’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 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, 2022, with the exception of the items described below.

20

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, 2023 and 2022:

	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	March 31, 2023		March 31, 2022		December 31, 2022		December 31, 2021
(millions)
Dominion Energy
Cash and cash equivalents(1)	$	1,792	$	446	$	153	$	283
Restricted cash and equivalents(2)		164		148		188		125
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	1,956	$	594	$	341	$	408
Virginia Power
Cash and cash equivalents	$	21	$	36	$	22	$	26
Restricted cash and equivalents(2)		1		—		2		—
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	22	$	36	$	24	$	26

(1)At March 31, 2022, Dominion Energy had $2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021.

(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,	2023		2022
(millions)
Significant noncash investing and financing activities:(1)
Accrued capital expenditures	$	671	$	425
Leases(2)		117		24

(1)See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation.

(2)Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.

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

Three Months Ended March 31,	2023		2022
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	460	$	252
Leases(1)		99		21

(1)Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively.

Note 3. Acquisitions and Dispositions

Disposition of Gas Transmission & Storage Operations

In December 2021, Dominion Energy completed the sale of the Q-Pipe Group to Southwest Gas, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the first quarter of 2022, Dominion Energy recognized a gain of $27 million ($20 million after-tax) in discontinued operations in its Consolidated Statements of Income associated with finalization of working capital adjustments.

21

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

	Dominion Energy					Virginia Power
Three Months Ended March 31,	2023		2022			2023		2022
(millions)
Regulated electric sales:
Residential	$	1,286	$	1,287		$	1,010	$	1,015
Commercial		1,070		898			866		717
Industrial		220		197			116		103
Government and other retail		244		272			229		258
Wholesale		44		47			29		32
Nonregulated electric sales		257		367			11		14
Regulated gas sales:
Residential		862		769
Commercial		314		273
Other		35		45
Nonregulated gas sales		1		1
Regulated gas transportation and storage		311		297
Other regulated revenues		62		46			74		51
Other nonregulated revenues(1)(2)		50		48			11		6
Total operating revenue from contracts with customers		4,756		4,547			2,346		2,196
Other revenues(1)(3)		496		(268	)		38		(29	)
Total operating revenue	$	5,252	$	4,279		$	2,384	$	2,167

(1)See Note 19 for amounts attributable to affiliates.

(2)Includes sales which are considered to be goods transferred at a point in time of $8 million and $11 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $3 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power.

(3)Includes alternative revenue of $57 million and $30 million at Dominion Energy and $27 million and $8 million at Virginia Power for the three months ended March 31, 2023 and 2022, respectively.

The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when Dominion Energy expects to recognize this revenue. These revenues relate to contracts containing fixed prices where Dominion Energy will earn the associated revenue over time as it stands ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which Dominion Energy elects to recognize revenue in the amount it has a right to invoice.

Revenue expected to be recognized on multi-year    contracts in place at March 31, 2023	2023		2024		2025		2026		2027		Thereafter		Total
(millions)
Dominion Energy(1)	$	51	$	61	$	54	$	48	$	46	$	402	$	662

(1)Includes no amounts for Virginia Power.

At March 31, 2023 and December 31, 2022, Dominion Energy’s contract liability balances were $93 million and $150 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022, Virginia Power’s contract liability balances were $51 million and $39 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its 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, 2023 and 2022, Dominion Energy recognized revenue of $145 million and $119 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2023 and 2022, Virginia Power recognized $39 million and $33 million, respectively, from the beginning contract liability balances.

22

Note 5. Income Taxes

For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

	Dominion Energy						Virginia Power
Three Months Ended March 31,	2023			2022			2023			2022
U.S. statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
Increases (reductions) resulting from:
Recognition of taxes - sale of    subsidiary stock		—			9.4
State taxes, net of federal benefit		3.4			3.3			4.6			4.4
Investment tax credits		(2.3	)		(3.9	)		(0.3	)		(6.7	)
Production tax credits		(0.4	)		(0.4	)		(0.7	)		(0.8	)
Reversal of excess deferred income    taxes		(2.7	)		(4.1	)		(2.7	)		(3.0	)
Changes in state deferred taxes associated    with assets held for sale		—			0.5
AFUDC - equity		(0.1	)		(0.6	)		0.2			(0.9	)
Other, net		(0.8	)		0.2			(0.2	)		0.6
Effective tax rate		18.1	%		25.4	%		21.9	%		14.6	%

In the first quarter of 2022, Dominion Energy entered into an agreement to sell 100% of the equity interests in Hope in a stock sale for income tax purposes. Upon meeting the classification as held for sale, Dominion Energy established $87 million of deferred tax liabilities reflecting the excess of the financial reporting basis over the tax basis in Hope’s stock. These deferred taxes reversed upon closing of the sale in August 2022 and became a component of current income tax expense on the sale. See Note 3 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the sale of Hope.

As of March 31, 2023, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of these unrecognized tax benefits.

Discontinued operations

Income tax (benefit) expense reflected in discontinued operations is $(1) million and $6 million for the three months ended March 31, 2023 and 2022, respectively.

Note 6. Earnings Per Share

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

Three Months Ended March 31,	2023			2022
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	1,002		$	692
Preferred stock dividends (see Note 16)		(20	)		(27	)
Net income attributable to Dominion Energy from continuing operations – Basic		982			665
Dilutive effect of 2019 Equity Units(1)		—			7
Net income attributable to Dominion Energy from continuing operations - Diluted	$	982		$	672
Net income (loss) attributable to Dominion Energy from discontinued operations -    Basic & Diluted	$	(5	)	$	19
Average shares of common stock outstanding – Basic		835.2			810.6
Net effect of dilutive securities(2)		0.3			21.4
Average shares of common stock outstanding – Diluted		835.5			832.0
EPS from continuing operations – Basic	$	1.18		$	0.82
EPS from discontinued operations – Basic		(0.01	)		0.02
EPS attributable to Dominion Energy – Basic	$	1.17		$	0.84
EPS from continuing operations – Diluted	$	1.18		$	0.81
EPS from discontinued operations – Diluted		(0.01	)		0.02
EPS attributable to Dominion Energy – Diluted	$	1.17		$	0.83

23

(1)Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends.

(2)Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

The 2019 Equity Units, prior to settlement in June 2022, were a potentially dilutive instrument. See Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

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

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Pension and other postretirement benefit costs(4)			Equity Method Investees(5)			Total
(millions)
Three Months Ended March 31, 2023
Beginning balance	$	(249	)	$	(44	)	$	(1,276	)	$	(3	)	$	(1,572	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		(9	)		17			—			1			9
Amounts reclassified from AOCI:     (gains) losses
Interest and related charges (benefit)		11			—			—			—			11
Other income (expense)		—			2			(15	)		—			(13	)
Total		11			2			(15	)		—			(2	)
Income tax expense (benefit)		(3	)		(1	)		4			—			—
Total, net of tax		8			1			(11	)		—			(2	)
Net current period other comprehensive     income (loss)		(1	)		18			(11	)		1			7
Ending balance	$	(250	)	$	(26	)	$	(1,287	)	$	(2	)	$	(1,565	)
Three Months Ended March 31, 2022
Beginning balance	$	(358	)	$	37		$	(1,133	)	$	(4	)	$	(1,458	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		25			(62	)		28			1			(8	)
Amounts reclassified from AOCI:     (gains) losses
Interest and related charges (benefit)		14			—			—			—			14
Other income (expense)		—			4			23			—			27
Total		14			4			23			—			41
Income tax expense (benefit)		(4	)		(1	)		(6	)		—			(11	)
Total, net of tax		10			3			17			—			30
Net current period other comprehensive     income (loss)		35			(59	)		45			1			22
Ending balance	$	(323	)	$	(22	)	$	(1,088	)	$	(3	)	$	(1,436	)

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

(2)Net of $83 million, $83 million, $107 million and $119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(3)Net of $6 million, $13 million, $8 million and $(10) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(4)Net of $449 million, $445 million, $380 million and $396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(5)Net of $— million, $1 million, $1 million and $1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

24

Virginia Power

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

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Total
(millions)
Three Months Ended March 31, 2023
Beginning balance	$	16		$	(7	)	$	9
Other comprehensive income (loss) before     reclassifications: gains (losses)		(9	)		4			(5	)
Net current period other comprehensive income (loss)		(9	)		4			(5	)
Ending balance	$	7		$	(3	)	$	4
Three Months Ended March 31, 2022
Beginning balance	$	(45	)	$	4		$	(41	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		19			(7	)		12
Amounts reclassified from AOCI: (gains) losses
Interest and related charges (benefit)		1			—			1
Other income (expense)		—			(1	)		(1	)
Total		1			(1	)		—
Income tax expense		—			—			—
Total, net of tax		1			(1	)		—
Net current period other comprehensive income (loss)		20			(8	)		12
Ending balance	$	(25	)	$	(4	)	$	(29	)

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

(2)Net of $(2) million, $(5) million, $9 million and $16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(3)Net of $1 million, $2 million, $1 million and $(2) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

Note 8. 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, 2022. See Note 9 in this report 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 option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the 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.

25

The following table presents the Companies' quantitative information about Level 3 fair value measurements at March 31, 2023. 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)	$	6	(2)-5	—	$	6	(2)-3	—
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		37	1-7	4		37	1-7	4
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		152	18-110	48		—	—	—
Physical options:
Natural gas(2)	Option model	Market price    (per Dth)	(3)		16	1-10	4		16	1-10	4
		Price volatility	(4)			23%-74%	53%			23%-74%	53%
Total assets				$	211			$	59
Liabilities
Physical and financial forwards:
Natural gas(2)	Discounted    cash flow	Market price    (per Dth)	(3)	$	3	(2)-3	(1)	$	3	(2)-0	(1)
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		1	0-7	3		1	0-7	3
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		1	34-129	63		—	—	—
Total    liabilities				$	5			$	4

(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 nonrecurring fair value measurements associated with Dominion Energy’s noncontrolling ownership interest in Dominion Privatization.

In the first quarter of 2023, Dominion Energy recorded a charge of $91 million ($68 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. The corporate office building is reflected in the Corporate and Other segment and presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2023.

26

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, 2023
Assets
Derivatives:
Commodity	$	—	$	237	$	211	$	448	$	—	$	83	$	59	$	142
Interest rate		—		748		—		748		—		90		—		90
Foreign currency exchange rate		—		1		—		1		—		1		—		1
Investments(1):
Equity securities:
U.S.		4,052		—		—		4,052		2,155		—		—		2,155
Fixed income:
Corporate debt instruments		—		544		—		544		—		329		—		329
Government securities		165		1,137		—		1,302		92		605		—		697
Cash equivalents and other		36		—		—		36		11		—		—		11
Total assets	$	4,253	$	2,667	$	211	$	7,131	$	2,258	$	1,108	$	59	$	3,425
Liabilities
Derivatives:
Commodity	$	—	$	388	$	5	$	393	$	—	$	177	$	4	$	181
Interest rate		—		403		—		403		—		62		—		62
Foreign currency exchange rate		—		93		—		93		—		93		—		93
Total liabilities	$	—	$	884	$	5	$	889	$	—	$	332	$	4	$	336
December 31, 2022
Assets
Derivatives:
Commodity	$	—	$	332	$	437	$	769	$	—	$	32	$	236	$	268
Interest rate		—		1,407		—		1,407		—		614		—		614
Investments(1):
Equity securities:
U.S.		3,810		—		—		3,810		2,028		—		—		2,028
Fixed income:
Corporate debt instruments		—		576		—		576		—		360		—		360
Government securities		161		1,059		—		1,220		90		542		—		632
Total assets	$	3,971	$	3,374	$	437	$	7,782	$	2,118	$	1,548	$	236	$	3,902
Liabilities
Derivatives:
Commodity	$	—	$	911	$	15	$	926	$	—	$	333	$	15	$	348
Interest rate		—		377		—		377		—		7		—		7
Foreign currency exchange rate		—		101		—		101		—		101		—		101
Total liabilities	$	—	$	1,389	$	15	$	1,404	$	—	$	441	$	15	$	456

(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $381 million and $404 million of assets at Dominion Energy, inclusive of $152 million and $161 million at Virginia Power, at March 31, 2023 and December 31, 2022, respectively, 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.

27

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
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Beginning balance	$	422		$	222		$	221		$	102
Total realized and unrealized gains (losses):
Included in earnings:
Electric fuel and other energy-related purchases		(51	)		48			(52	)		45
Included in regulatory assets/liabilities		(216	)		(20	)		(166	)		(80	)
Settlements		35			(48	)		36			(45	)
Purchases		16			—			16			—
Transfers out of Level 3		—			—			—			—
Ending balance	$	206		$	202		$	55		$	22

Dominion Energy had less than $1 million of 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, 2023 and no such amounts for the three months ended March 31, 2022. Virginia Power had no such amounts for the three months ended March 31, 2023 and 2022.

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, 2023
Long-term debt(2)	$	41,920	$	39,771	$	16,400	$	15,314
Supplemental credit facility borrowings		900		900
Junior subordinated notes(2)		1,387		1,350
December 31, 2022
Long-term debt(2)	$	39,680	$	36,426	$	15,616	$	14,067
Supplemental credit facility borrowings		450		450
Junior subordinated notes(2)		1,387		1,340

(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.

Note 9. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives.

Cash collateral is used in the table below to offset derivative assets and liabilities. In February 2022, Dominion Energy entered into contracts representing offsetting positions to certain existing exchange contracts with collateral requirements as well as new over-the-counter transactions that are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.

28

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, 2023
Commodity contracts:
Over-the-counter	$	238	$	91	$	—	$	147	$	128	$	57	$	—	$	71
Exchange		59		59		—		—		13		13		—		—
Interest rate contracts:
Over-the-counter		748		202		—		546		90		10		—		80
Foreign currency exchange rate contracts:
Over-the-counter		1		1		—		—		1		1		—		—
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,046	$	353	$	—	$	693	$	232	$	81	$	—	$	151
December 31, 2022
Commodity contracts:
Over-the-counter	$	408	$	28	$	—	$	380	$	238	$	7	$	—	$	231
Exchange		160		159		—		1		—		—		—		—
Interest rate contracts:
Over-the-counter		1,407		248		—		1,159		614		38		—		576
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,975	$	435	$	—	$	1,540	$	852	$	45	$	—	$	807

(1)Excludes derivative assets of $151 million and $201 million at Dominion Energy and $1 million and $30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements.

29

	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, 2023
Commodity contracts:
Over-the-counter	$	219	$	100	$	—	$	119	$	82	$	66	$	—	$	16
Exchange		174		59		115		—		31		13		18		—
Interest rate contracts:
Over-the-counter		403		193		1		209		62		1		—		61
Foreign currency exchange rate contracts:
Over-the-counter		93		1		—		92		93		1		—		92
Total derivatives,    subject to a    master netting    or similar    arrangement	$	889	$	353	$	116	$	420	$	268	$	81	$	18	$	169
December 31, 2022
Commodity contracts:
Over-the-counter	$	443	$	34	$	71	$	338	$	146	$	13	$	71	$	62
Exchange		483		159		324		—		176		—		176		—
Interest rate contracts:
Over-the-counter		377		210		1		166		7		—		—		7
Foreign currency exchange rate contracts:
Over-the-counter		101		32		—		69		101		32		—		69
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,404	$	435	$	396	$	573	$	430	$	45	$	247	$	138

(1)Excludes derivative liabilities of $68 million and $26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of the Companies' derivative activity at March 31, 2023. 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 its long and short positions.

	Dominion Energy				Virginia Power
	Current		Noncurrent		Current		Noncurrent
Natural Gas (bcf):
Fixed price		56		15		53		15
Basis(1)		160		405		148		402
Electricity (MWh in millions):
Fixed price		16		45		8		15
FTRs		18		—		18		—
Oil (Gal in millions)		6		—		6		—
Interest rate(2) (in millions)	$	526	$	11,782	$	125	$	2,750
Foreign currency exchange rate(2) (in millions)
Danish Krone	344 kr.		4,167 kr.		344 kr.		4,167 kr.
Euro	€676		€2,131		€676		€2,131

(1)Includes options.

(2)Maturity is determined based on final settlement period.

30

AOCI

The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023:

	Dominion Energy							Virginia Power
	AOCI After-Tax			Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax			Maximum Term	AOCI After-Tax		Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax		Maximum Term
(millions)
Interest rate	$	(250	)	$	(33	)	393 months	$	7	$	—	393 months
Total	$	(250	)	$	(33	)		$	7	$	—

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.

31

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
	Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value		Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value
(millions)
At March 31, 2023
ASSETS
Current Assets
Commodity	$	—	$	157	$	157	$	—	$	79	$	79
Interest rate		11		95		106		11		—		11
Foreign currency exchange rate		—		1		1		—		1		1
Total current derivative assets		11		253		264		11		80		91
Noncurrent Assets
Commodity		—		291		291		—		63		63
Interest rate		79		563		642		79		—		79
Total noncurrent derivative assets(1)		79		854		933		79		63		142
Total derivative assets	$	90	$	1,107	$	1,197	$	90	$	143	$	233
LIABILITIES
Current Liabilities
Commodity	$	—	$	309	$	309	$	—	$	145	$	145
Interest rate		—		55		55		—		—		—
Foreign currency exchange rate		—		7		7		—		7		7
Total current derivative liabilities		—		371		371		—		152		152
Noncurrent Liabilities
Commodity		—		84		84		—		36		36
Interest rate		62		286		348		62		—		62
Foreign currency exchange rate		—		86		86		—		86		86
Total noncurrent derivative liabilities(2)		62		456		518		62		122		184
Total derivative liabilities	$	62	$	827	$	889	$	62	$	274	$	336
At December 31, 2022
ASSETS
Current Assets
Commodity	$	—	$	532	$	532	$	—	$	264	$	264
Interest rate		501		104		605		501		—		501
Total current derivative assets		501		636		1,137		501		264		765
Noncurrent Assets
Commodity		—		237		237		—		4		4
Interest rate		113		689		802		113		—		113
Total noncurrent derivative assets(1)		113		926		1,039		113		4		117
Total derivative assets	$	614	$	1,562	$	2,176	$	614	$	268	$	882
LIABILITIES
Current Liabilities
Commodity	$	—	$	700	$	700	$	—	$	290	$	290
Interest rate		—		70		70		—		—		—
Foreign currency exchange rate		—		8		8		—		8		8
Total current derivative liabilities		—		778		778		—		298		298
Noncurrent Liabilities
Commodity		—		226		226		—		58		58
Interest rate		7		300		307		7		—		7
Foreign currency exchange rate		—		93		93		—		93		93
Total noncurrent derivative liabilities(2)		7		619		626		7		151		158
Total derivative liabilities	$	7	$	1,397	$	1,404	$	7	$	449	$	456

(1)Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.

(2)Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

32

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, 2023
Derivative type and location of gains (losses):
Interest rate(3)	$	(12	)	$	(11	)	$	(120	)	$	(12	)	$	—		$	(120	)
Total	$	(12	)	$	(11	)	$	(120	)	$	(12	)	$	—		$	(120	)
Three Months Ended March 31, 2022
Derivative type and location of gains (losses):
Interest rate(3)	$	33			(14	)	$	279		$	26		$	(1	)	$	279
Total	$	33		$	(14	)	$	279		$	26		$	(1	)	$	279

(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 Statement 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
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue	$	395		$	(330	)	$	9		$	(41	)
Purchased gas		94			2
Electric fuel and other energy-related purchases		(45	)		59			(46	)		57
Interest rate:
Interest and related charges		(102	)		196
Total	$	342		$	(73	)	$	(37	)	$	16

(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 plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.

Note 10. Investments

Dominion Energy

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 $108 million and $111 million at March 31, 2023 and December 31, 2022, respectively.

33

Decommissioning Trust Securities

The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. The Companies' decommissioning trust funds are 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, 2023
Equity securities:(1)
U.S.	$	1,392	$	2,708	$	(25	)				$	4,075	$	867	$	1,407	$	(22	)				$	2,252
Fixed income securities:(2)
Corporate debt    instruments		586		3		(46	)		$	—		543		360		2		(33	)		$	—		329
Government    securities		1,299		12		(42	)			—		1,269		709		7		(19	)			—		697
Common/    collective    trust funds		74		—		—				—		74		54		—		—				—		54
Insurance contracts		232		—		—						232
Cash equivalents    and other(3)		69		—		—				—		69		28		—		—				—		28
Total	$	3,652	$	2,723	$	(113	)	(4)	$	—	$	6,262	$	2,018	$	1,416	$	(74	)	(4)	$	—	$	3,360
December 31, 2022
Equity securities:(1)
U.S.	$	1,378	$	2,501	$	(46	)				$	3,833	$	858	$	1,304	$	(35	)				$	2,127
Fixed income securities:(2)
Corporate debt    instruments		640		1		(65	)		$	—		576		406		1		(47	)		$	—		360
Government    securities		1,252		4		(70	)			—		1,186		664		2		(35	)			—		631
Common/    collective    trust funds		98		—		—				—		98		61		—		—				—		61
Insurance contracts		221		—		—						221
Cash equivalents    and other(3)		43		—		—				—		43		23		—		—				—		23
Total	$	3,632	$	2,506	$	(181	)	(4)	$	—	$	5,957	$	2,012	$	1,307	$	(117	)	(4)	$	—	$	3,202

(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)Dominion Energy includes pending sales of securities of $33 million and $42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $17 million and $24 million at March 31, 2023, and December 31, 2022, respectively.

(4)Dominion Energy's fair value of securities in an unrealized loss position was $1.2 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. Virginia Power's fair value of securities in an unrealized loss position was $627 million and $946 million at March 31, 2023 and December 31, 2022, respectively.

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The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

	Dominion Energy					Virginia Power
Three Months Ended March 31,	2023		2022			2023		2022
(millions)
Net gains (losses) recognized during the period	$	226	$	(206	)	$	116	$	(102	)
Less: Net (gains) losses recognized during the period    on securities sold during the period		2		(1	)		1		(4	)
Unrealized gains (losses) recognized during the period    on securities still held at period end(1)	$	228	$	(207	)	$	117	$	(106	)

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

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2023 by contractual maturity is as follows:

	Dominion Energy		Virginia Power
(millions)
Due in one year or less	$	90	$	58
Due after one year through five years		500		274
Due after five years through ten years		420		245
Due after ten years		876		503
Total	$	1,886	$	1,080

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

	Dominion Energy				Virginia Power
Three Months Ended March 31,	2023		2022		2023		2022
(millions)
Proceeds from sales	$	544	$	814	$	373	$	392
Realized gains(1)		21		40		17		16
Realized losses(1)		41		54		31		19

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

Equity Method Investments

Dominion Energy recorded equity earnings on its investments of $80 million for both the three months ended March 31, 2023 and 2022, in earnings from equity method investees in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity losses of $1 million and $2 million for the three months ended March 31, 2023 and 2022, respectively, in discontinued operations related to its investment in Atlantic Coast Pipeline. Dominion Energy received distributions of $85 million and $76 million for the three months ended March 31, 2023 and 2022, respectively. Dominion Energy made contributions of $10 million and $74 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $217 million and $223 million, respectively. At March 31, 2023, these differences are primarily comprised of $9 million of equity method goodwill that is not being amortized and a $213 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets. At December 31, 2022, these differences are comprised of $9 million of equity method goodwill that is not being amortized, $215 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets and a net $(1) million basis difference primarily attributable to capitalized interest.

Cove Point

Dominion Energy holds a 50% noncontrolling limited partnership interest in Cove Point which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

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Dominion Energy recorded distributions from Cove Point of $83 million and $76 million for the three months ended March 31, 2023 and 2022, respectively.

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, 2022.

At March 31, 2023 and December 31, 2022, Dominion Energy has recorded a liability of $100 million and $114 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs.

Dominion Energy recorded $6 million of contributions to Atlantic Coast Pipeline during the three months ended March 31, 2023. Dominion Energy made no contributions to Atlantic Coast Pipeline during the three months ended March 31, 2022.

Dominion Energy expects to 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.

Wrangler

A description of Dominion Energy’s investment in Wrangler (through March 2022) is included in Note 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.

In March 2022, Dominion Energy sold its remaining 15% noncontrolling partnership interest in Wrangler to Interstate Gas Supply, Inc. for cash consideration of $85 million. Dominion Energy recognized a gain of $11 million ($8 million after-tax), included in other income (expense), in its Consolidated Statements of Income for the three months ended March 31, 2022.

Dominion Privatization

Dominion Energy holds a 50% noncontrolling ownership interest in Dominion Privatization which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

In March 2022, Dominion Energy completed its initial contribution of privatization operations in South Carolina (excluding contracts held by DESC), Texas and Pennsylvania to Dominion Privatization for total consideration of $120 million, subject to customary closing adjustments, comprised of $60 million in cash proceeds and a 50% noncontrolling ownership interest in Dominion Privatization with an initial fair value of $60 million, estimated using the market approach. This was considered a Level 2 fair value measurement given that it was based on the agreed-upon sales price. In the first quarter of 2022, Dominion Energy recorded a gain of $23 million ($16 million after-tax), presented in losses (gains) on sales of assets in its Consolidated Statements of Income.

Note 11. Property, Plant and Equipment

Acquisitions of Nonregulated Solar Projects

Other than the item discussed below, there have been no significant updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

In March 2023, Dominion Energy entered into an agreement to acquire the Foxhound solar development project in Virginia (reflected in Contracted Assets) with closing on the agreement expected in 2024. The project is expected to cost approximately $205 million, including the initial acquisition cost, and commence commercial operations in 2024 with a generating capacity of 83 MW. Dominion Energy expects to claim production tax credits on the energy generated and sold by the project. Dominion Energy anticipates that an impairment charge may be required upon closing given its expectation that it is more likely that not that the nonregulated solar generation projects within Contracted Assets will be sold before the end of their useful lives as described in Note 10 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.

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Note 12. Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

	Dominion Energy				Virginia Power
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
(millions)
Regulatory assets:
Deferred cost of fuel used in electric generation(1)	$	537	$	603	$	118	$	133
Deferred project costs and DSM programs for gas utilities(2)		48		68
Unrecovered gas costs(3)		551		374
Deferred rider costs for Virginia electric utility(4)		90		152		90		152
Ash pond and landfill closure costs(5)		205		221		205		221
Deferred nuclear refueling outage costs(6)		66		83		66		83
NND Project costs(7)		138		138
Deferred early plant retirement charges(8)		169		226		169		226
Derivatives(9)		116		262		112		251
Other		236		213		60		74
Regulatory assets-current		2,156		2,340		820		1,140
Unrecognized pension and other postretirement benefit costs(10)		971		989		4		4
Deferred rider costs for Virginia electric utility(4)		496		363		496		363
Deferred project costs for gas utilities(2)		732		703
Interest rate hedges(11)		169		169		—		—
AROs and related funding(12)		393		398
NND Project costs(7)		2,053		2,088
Ash pond and landfill closure costs(5)		2,033		2,051		2,030		2,049
Deferred cost of fuel used in electric generation(1)		1,400		1,551		1,400		1,551
Derivatives(9)		199		255		92		148
Other		505		520		129		132
Regulatory assets-noncurrent		8,951		9,087		4,151		4,247
Total regulatory assets	$	11,107	$	11,427	$	4,971	$	5,387
Regulatory liabilities:
Provision for future cost of removal and AROs(13)		127		127		111		111
Reserve for refunds and rate credits to electric utility customers(14)		109		125		14		25
Income taxes refundable through future rates(15)		150		152		65		65
Monetization of guarantee settlement(16)		67		67
Derivatives(9)		40		327		31		176
Other		158		148		88		129
Regulatory liabilities-current		651		946		309		506
Income taxes refundable through future rates(15)		4,017		4,054		2,256		2,272
Provision for future cost of removal and AROs(13)		2,537		2,510		1,148		1,135
Nuclear decommissioning trust(17)		1,812		1,685		1,812		1,685
Monetization of guarantee settlement(16)		686		702
Interest rate hedges(11)		107		240		107		240
Reserve for refunds and rate credits to electric utility customers(14)		298		325		—		—
Unrecognized pension and other postretirement benefit costs(10)		18		22
Overrecovered other postretirement benefit costs(18)		146		140
Derivatives(9)		209		235		—		—
Other		262		194		234		167
Regulatory liabilities-noncurrent		10,092		10,107		5,557		5,499
Total regulatory liabilities	$	10,743	$	11,053	$	5,866	$	6,005

(1)Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.

(2)Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current rider projects, including CEP, PIR and certain amounts related to pipeline integrity management. See Note 13 for additional information.

(3)Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority.

(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. See Note 13 for additional information.

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(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.

(6)Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These 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)Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

(9)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.

(10)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.

(11)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 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023.

(12)Represents 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.

(13)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.

(14)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. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

(15)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.

(16)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.

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

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

At March 31, 2023, Dominion Energy and Virginia Power regulatory assets include $5.7 billion and $2.7 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 13. 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 the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

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Virginia Regulation - Key Legislation Affecting Operations

Virginia 2023 Legislation

In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA, and revised portions of the existing regulatory framework affecting Virginia Power’s operations. See Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, for additional information on the Regulation Act and GTSA.

The legislation resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. Such biennial reviews shall include the establishment of an authorized ROE to be utilized for base rates and riders, prospective base rates for the upcoming two-year period based on projected cost of service and a determination by the Virginia Commission as to Virginia Power’s base rate earned return for the most recently completed two-year period against the previously authorized ROE, including any potential credits to customers’ bills.

The legislation provides that the Virginia Commission will establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, reflecting the average authorized ROE of vertically integrated electric utilities by the applicable regulatory commissions in the peer group jurisdictions of Florida, Georgia, Texas, Tennessee, West Virginia, Kentucky and North Carolina. Subsequent to the 2023 Biennial Review, all provisions related to this peer group benchmarking expire and the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations. In all future biennial reviews, if the Virginia Commission determines that Virginia Power’s existing base rates will, on a going-forward basis, produce revenues that are either in excess of or below its authorized rate of return, the Virginia Commission is authorized to reduce or increase such base rates, as applicable and necessary, to ensure that Virginia Power’s base rates are just and reasonable while still allowing Virginia Power to recover its costs and earn a fair rate of return. In addition, beginning with the biennial review to be filed in 2025, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding.

The legislation directs that if the Virginia Commission determines as part of the 2023 Biennial Review that Virginia Power has earned more than 70 basis points above its authorized ROE of 9.35% established in the 2021 Triennial Review that 85% of the amount of such earnings above this level be credited to customers’ bills. In future biennial reviews, beginning with the biennial review to be filed in 2025, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE. For the purposes of measuring any bill credits due to customers, associated income taxes are factored into the determination of such amounts. In addition, the legislation eliminates Virginia Power’s ability to utilize Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects as a CCRO to reduce or offset any earnings otherwise eligible for customer credits as previously permitted under the GTSA.

In addition to the biennial review mechanisms discussed above, the legislation also includes provisions related to other aspects of Virginia Power’s ratemaking framework.

•Riders into base rates: Virginia Power is required to combine certain riders with an aggregate annual revenue requirement of at least $350 million with its base rates effective July 2023. After such riders are combined, they will be considered as part of base rates for the purposes of the biennial review proceedings. The inclusion of such riders cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review.

•Rider consolidation: Upon determination by the Virginia Commission, certain riders, while remaining separate from base rates, may be consolidated for cost recovery and review purposes.

•Capitalization ratio: The legislation establishes that Virginia Power is required to undertake reasonable efforts to maintain a common equity capitalization to total capitalization ratio through December 2024 of 52.10%.

•Fuel cost securitization: Virginia Power is authorized, on or before July 2024, to petition the Virginia Commission for approval of a financing order for certain deferred fuel costs. Virginia Power is required to permit certain retail customers to opt out of any such deferred fuel cost securitization.

•Electric generation plant retirements: The Virginia Commission shall provide to the Virginia General Assembly, on an annual basis, a report that includes information concerning the reliability impacts of generation unit additions and retirement determinations, along with the potential impact on the purchase of power from generation assets outside of the Virginia jurisdiction, the result of which could impact the depreciable lives of Virginia Power’s electric generation facilities in future periods.

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Virginia Regulation - Recent Developments

Virginia Fuel Expenses

In May 2023, Virginia Power filed its annual fuel factor filing with the Virginia Commission to recover an estimated $2.3 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2023 and a projected $1.3 billion under-recovered balance as of June 30, 2023. The projected under-recovered balance includes $578 million representing the remaining two years of under-recovered balance as of June 30, 2022 being collected over a three-year period in accordance with the Virginia Commission’s approval of Virginia Power’s 2022 annual fuel factor as described in Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Virginia Power proposed two alternatives to recover these under-collected fuel costs. The first option reflects recovery of the total $3.3 billion fuel cost requirement over the July 2023 through June 2024 fuel period and results in an increase in Virginia Power’s fuel revenues of $631 million when applied to projected kilowatt-hour sales for the period. The second option proposed by Virginia Power incorporates its anticipated July 2023 application to the Virginia Commission for approval of a financing order to securitize up to the projected $1.3 billion under-recovered balance as of June 30, 2023 as permitted under legislation enacted in Virginia in April 2023. Under this option, Virginia Power proposed implementation of the current period fuel factor rate only effective July 2023 on an interim basis, while suspending implementation of the prior-period fuel factor rate pending the Virginia Commission’s consideration of the securitization petition. If approved by the Virginia Commission, the securitization option results in a net decrease in Virginia Power’s fuel revenues for the rate year of approximately $541 million. In addition, Virginia Power has proposed to alter the order in which revenue from certain customers who elect to pay market-based rates would be allocated between base rates and fuel, which if approved would result in a reduction to fuel revenue of $13 million. This matter is pending.

GTSA Filing

In March 2023, Virginia Power filed a petition with the Virginia Commission for approval of Phase III, covering 2024 through 2026, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan includes 14 projects covering six components (i) AMI; (ii) customer information platform; (iii) grid improvement projects; (iv) physical and cyber security; (v) telecommunications infrastructure and (vi) customer education. For Phase III, the total proposed capital investment is $1.1 billion and the proposed operations and maintenance investment is $71 million. This matter is pending.

Renewable Generation Projects

In October 2022, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct and operate eight utility-scale projects totaling approximately 474 MW of solar generation and 16 MW of energy storage as part of its efforts to meet the renewable generation development requirements under the VCEA. The projects, as of October 2022, are expected to cost approximately $1.2 billion in the aggregate, excluding financing costs, and be placed into service between 2024 through 2025. In April 2023, the Virginia Commission approved the petition.

Riders

Developments for significant riders associated with various Virginia Power projects are as follows:

Rider Name	Application Date	Approval Date	Rate Year Beginning	Total Revenue Requirement (millions)			Increase (Decrease) Over Previous Year (millions)
Rider CCR	February 2023	Pending	December 2023	$	194		$	(37	)
Rider CE(1)	October 2022	April 2023	May 2023		89			18
Rider GT	August 2022	April 2023	June 2023		14			(42	)
Rider R	June 2021	March 2022	April 2023		55	(4)		(4	)
Rider S	June 2021	February 2022	April 2023		191	(4)		(1	)
Rider T1(2)	May 2023	Pending	September 2023		879			173
Rider U(3)	June 2022	February 2023	April 2023		74			(21	)
Rider US-3	August 2022	April 2023	June 2023		40			(10	)
Rider US-4	August 2022	April 2023	June 2023		16			1
Rider W(5)	June 2022	February 2023	April 2023		105	(4)		(16	)

(1)Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.

(2)Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1.

(3)Consists of previously approved phases of Rider U.

(4)In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.

(5)In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023.

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Electric Transmission Projects

Developments for significant Virginia Power electric transmission projects approved or applied for are as follows:

Description and Location of Project	Application Date	Approval Date	Type of Line	Miles of Lines	Cost Estimate (millions)
Partial rebuild of Bristers-Ox 115 kV line in   Fauquier and Prince William Counties, Virginia	August 2022	April 2023	230 kV	15	$	40
Construct new Mars and Wishing Star substations,   transmission lines and related projects in Loudoun   County, Virginia	October 2022	April 2023	500/230 kV	4		720
Rebuild of Lines #2019 and #2007 in the City of   Virginia Beach, Virginia	February 2023	Pending	230 kV	5		95
Install transformer at Possum Point substation,   rebuild and construct transmission lines and   related projects in Prince William County, Virginia	March 2023	Pending	230 kV	2		35
Partial rebuild of Line #2011 in the Cities of   Manassas and Manassas Park, Virginia and   Prince William and Fairfax Counties, Virginia	March 2023	Pending	230 kV	7		35

North Carolina Regulation

PSNC Rider D

Rider D allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales. In February 2023, PSNC submitted a filing with the North Carolina Commission for a $56 million gas cost decrease with rates effective March 2023. The North Carolina Commission approved the filing in March 2023.

PSNC Customer Usage Tracker

PSNC utilizes a customer usage tracker, a decoupling mechanism, which allows it to adjust its base rates semi-annually for residential and commercial customers based on average per customer consumption. In March 2023, PSNC submitted a filing with the North Carolina Commission for a $23 million decrease relating to the customer usage tracker. The North Carolina Commission approved the filing in March 2023 with rates effective April 2023.

South Carolina Regulation

DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2023, DESC filed an application with the South Carolina Commission seeking approval to recover $46 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 2023. In April 2023, the South Carolina Commission approved the request, effective with the first billing cycle of May 2023.

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 2023, 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 2023, along with a requested decrease to DESC's variable environmental and avoided capacity cost component. The net effect of the proposal is an annual increase of $176 million. In March 2023, DESC, the South Carolina Office of Regulatory Staff and another party of record filed a stipulation with the South Carolina Commission for approval to reduce the base fuel cost component reflecting a subsequent decrease in current fuel prices, resulting in a net annual increase of $121 million. In April 2023, the South Carolina Commission voted to approve the stipulation, with rates effective May 2023.

Electric Transmission Project

In March 2023, DESC filed an application with the South Carolina Commission requesting approval to construct and operate 19 miles of 230 kV transmission lines, a substation and associated facilities in Jasper County, South Carolina estimated to cost approximately $55 million. This matter is pending.

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Electric - Other

DESC utilizes a pension costs rider approved by the South Carolina Commission which is designed to allow recovery of projected pension costs, including under-collected balances or net of over-collected balances, as applicable. The rider is typically reviewed for adjustment every 12 months with any resulting increase or decrease going into effect beginning with the first billing cycle in May. In February 2023, DESC requested that the South Carolina Commission approve an adjustment to this rider to increase annual revenue by $24 million. In April 2023, the South Carolina Commission approved the request.

Natural Gas Base Rate Case

In March 2023, DESC filed its natural gas base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $19 million effective October 2023. The base rate increase was proposed to recover significant investment in distribution infrastructure for the benefit of customers. The proposed rates would provide for an ROE of 10.38% compared to the currently authorized ROE of 10.25%. In addition, DESC elected to continue applicability of the Natural Gas Rate Stabilization Act, which allows for the adjustment of natural gas base rates annually, to its future rates and charges. This matter is pending.

Ohio Regulation

PIR Program

In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. The Ohio Commission has approved East Ohio’s PIR program for capital investments through 2026 with 3% increases of annual capital expenditures per year.

In February 2023, East Ohio filed an application with the Ohio Commission requesting approval to adjust the PIR recovery. The filing reflects gross plant investment for 2022 of $225 million, cumulative gross plant investment of $2.4 billion and a revenue requirement of $305 million. In April 2023, the Ohio Commission approved the request.

CEP Program

In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs at the debt rate of 6.5% on capital investments not covered by its PIR program to expand, upgrade or replace its infrastructure and information technology systems as well as investments necessary to comply with the Ohio Commission or other government regulations. In April 2022, certain parties filed an appeal with the Supreme Court of Ohio appealing the Ohio Commission’s December 2020 order establishing the CEP rider, including the rate of return utilized in determining the revenue requirement. This matter is pending.

In March 2023, East Ohio filed an application with the Ohio Commission requesting approval to adjust CEP cost recovery rates for 2022 costs. The filing reflects gross plant investment for 2022 of $195 million, cumulative gross plant investment of $1.3 billion and a revenue requirement of $151 million. This matter is pending.

Utah Regulation

Purchased Gas

In February 2023, Questar Gas filed an application with the Utah Commission seeking approval for a $92 million gas cost increase with rates effective March 2023. Subsequently in February 2023, the Utah Commission approved a $164 million gas cost increase reflecting additional undercollected gas costs incurred in January 2023.

Note 14. 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, 2022.

Dominion Energy’s Consolidated Statements of Income include $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $1 million and $9 million for the three months ended March 31, 2023 and 2022, respectively, of depreciation expense included in depreciation, depletion and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

Note 15. 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, 2022.

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Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $113 million and $98 million for the three months ended March 31, 2023 and 2022, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $28 million and $28 million at March 31, 2023 and December 31, 2022, respectively, recorded in payables to affiliates.

Note 16. 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 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, 2022.

Dominion Energy

Dominion Energy’s short-term financing is supported by its $6.0 billion joint revolving credit facility that provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives.

At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

	Facility Limit		Outstanding Commercial Paper		Outstanding Letters of Credit		Facility Capacity Available
(millions)
Joint revolving credit facility(1)	$	6,000	$	3,157	$	154	$	2,689

(1)This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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 $2.0 billion of letters of credit.

DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At March 31, 2023, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively.

In March 2023, FERC granted DESC authority through March 2025 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $2.2 billion outstanding with maturity dates of one year or less. In addition, in March 2023, FERC granted GENCO authority through March 2025 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less.

In addition to the credit facility mentioned above and Virginia Power's letter of credit facilities mentioned below, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $30 million in letters of credit and will mature in June 2024. At both March 31, 2023 and December 31, 2022, Dominion Energy had $25 million in letters of credit outstanding under this facility.

In March 2023, Dominion Energy entered into an agreement with a financial institution which it expects to allow it to issue up to $100 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Dominion Energy issued $58 million in letters of credit associated with this agreement.

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, 2022. At March 31, 2023 and December 31, 2022, Dominion Energy’s Consolidated Balance Sheets include $389 million and $347 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 January 2023, Dominion Energy entered into a $2.5 billion 364-day term loan facility which bears interest at a variable rate and will mature in January 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used to repay

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long-term debt. In February and March 2023, Dominion Energy borrowed $500 million and $1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt. The maximum allowed total debt to total capital ratio under the facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

Virginia Power

Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $6.0 billion joint revolving credit facility. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes.

At March 31, 2023, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:

	Facility Limit(1)		Outstanding Commercial Paper		Outstanding Letters of Credit
(millions)
Joint revolving credit facility(1)	$	6,000	$	1,010	$	90

(1)The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas 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, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

In January 2023, Virginia Power entered into a letter of credit facility which allows Virginia Power to issue up to $125 million in letters of credit and matures in January 2026. At March 31, 2023, less than $1 million in letters of credit were issued and outstanding under this facility with no amounts drawn under the letters of credit.

In March 2023, Virginia Power entered into an agreement with a financial institution which it expects to allow it to issue up to $125 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Virginia Power issued $80 million in letters of credit associated with this agreement.

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 March 2023, Dominion Energy borrowed $450 million under its Sustainability Revolving Credit Agreement, which, as described in Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, matures in 2024 and bears interest at a variable rate. The proceeds from these borrowings were used for general corporate purposes. At March 31, 2023 and December 31, 2022, Dominion Energy’s Consolidated Balance Sheets include $900 million and $450 million, respectively, with respect to this facility. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes.

In March 2023, Virginia Power issued $750 million of 5.00% senior notes and $750 million of 5.45% senior notes that mature in 2033 and 2053, respectively.

Derivative Restructuring

In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates, as discussed in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In March 2023, Virginia Power settled the remaining outstanding interest rate swaps which would have otherwise matured in December 2023, resulting in a $448 million reduction in securities due within one year.

Preferred Stock

Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At March 31, 2023 and December 31, 2022, Dominion Energy had issued and outstanding 1.8 million shares of preferred stock, 0.8 million and 1.0 million of which were designated as the Series B Preferred Stock and the Series C Preferred Stock, respectively.

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Dominion Energy recorded dividends of $7 million ($4.375 per share) for the three months ended March 31, 2022, on the Series A Preferred Stock. Dominion Energy recorded dividends of $9 million ($11.625 per share) for both the three months ended March 31, 2023 and 2022 on the Series B Preferred Stock. Dominion Energy recorded dividends of $11 million ($10.875 per share) for both the three months ended March 31, 2023 and 2022 on the Series C Preferred Stock.

There have been no significant changes to Dominion Energy’s Series B Preferred Stock and 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, 2022.

Issuance of Common Stock

Dominion Energy recorded, net of fees and commissions, $43 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2023 and $45 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2022, 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, 2022.

At-the-Market Program

In August 2020, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022. Dominion Energy did not issue any shares or enter into any forward sale agreements under this program during the three months ended March 31, 2023.

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 in addition to the $3.0 billion repurchase program authorized in July 2020 and completed in December 2020 as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022.

Dominion Energy did not repurchase any shares of common stock during the three months ended March 31, 2023, 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 17. 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.

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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, states are required to establish regulatory programs 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 will be applicable 60 days after publication in the Federal Register 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. Until implementation plans for the 2015 ozone standards are fully developed and approved 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.

ACE Rule

In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. The ACE Rule regulated GHG emissions from existing coal-fired power plants pursuant to Section 111(d) of the CAA and required states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. In January 2021, the U.S. Court of Appeals for the D.C. Circuit vacated the ACE Rule and remanded it to the EPA. This decision would take effect upon issuance of the court’s mandate. In March 2021, the court issued a partial mandate vacating and remanding all parts of the ACE Rule except for the portion of the ACE Rule that repealed the Clean Power Plan. In October 2021, the U.S. Supreme Court agreed to hear a challenge of the U.S. Court of Appeals for the D.C. Circuit’s decision on the ACE Rule. In June 2022, the U.S. Supreme Court reversed the D.C. Circuit’s decision on the ACE Rule and remanded the case back to the D.C. Circuit. Until the case is resolved by the D.C. Circuit and/or the EPA issues new rulemaking, the Companies cannot predict an impact to its 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.

In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with best operating practices. The proposed revision to the performance standards for coal-fired steam generating units remains pending. 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

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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 15 and nine 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 extends the latest dates for compliance. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. 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.

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 13 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 commenced remediation activities at one site in the second quarter of 2022. In addition, Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2023 depending on receipt of final permits and approvals. At both March 31, 2023 and December 31, 2022, Dominion Energy had $47 million and Virginia Power had $25 million of reserves recorded. Dominion Energy is associated with 12 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.

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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.

SCANA Legal Proceedings

The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating primarily to events occurring before closing of the SCANA Combination. In addition, certain legal matters which have been resolved are discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at March 31, 2023 and December 31, 2022 include reserves of $88 million and $94 million, respectively, included in other current liabilities, and insurance receivables of $72 million and $68 million, respectively, included within other receivables. These balances at March 31, 2023 and December 31, 2022 include $72 million and $68 million, respectively, of offsetting reserves and insurance receivables related to personal injury or wrongful death cases which are currently pending. During both the three months ended March 31, 2023 and 2022, no charges were included in Dominion Energy’s Consolidated Statements of Income.

Governmental Proceedings and Investigations

In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $165 million to resolve this matter. In June 2021, the parties executed a settlement agreement which allows DESC to fund the settlement amount through a combination of cash, shares of Dominion Energy common stock or real estate with an initial payment of at least $43 million in shares of Dominion Energy common stock. In August 2021, Dominion Energy issued 0.6 million shares of its common stock to satisfy DESC’s obligation for the initial payment under the settlement agreement. In May 2022, Dominion Energy issued an additional 0.9 million shares of its common stock to partially satisfy DESC’s remaining obligation under the settlement agreement. In June 2022, DESC requested approval from the South Carolina Commission to transfer certain real estate with a total settlement value of $51 million to satisfy its remaining obligation under the settlement agreement. In July 2022, the South Carolina Commission voted to approve the request and issued its final order in August 2022. In September 2022, DESC transferred certain non-utility property with a fair value of $28 million to the SCDOR under the settlement agreement. In December 2022, DESC transferred additional utility property with a fair value of $3 million to the SCDOR. In October 2022, DESC filed for approval to transfer the remaining real estate with FERC which was received in November 2022. In March 2023, DESC transferred utility property with a fair value of $10 million to the SCDOR resulting in a gain of $9 million ($7 million after-tax), recorded in losses (gains) on sales of assets in Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023. The remaining utility property transfer is expected to be completed by early 2024 and result in a gain of approximately $10 million upon completion.

Nuclear Operations

Nuclear Insurance

There have been no significant changes regarding the Companies’ nuclear insurance as described in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

Spent Nuclear Fuel

As discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, the Companies entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982.

Guarantees, Surety Bonds and Letters of Credit

At March 31, 2023, Dominion Energy had issued four guarantees related to Cove Point, an equity method investment, in support of terminal services, transportation and construction. Two of the Cove Point guarantees have a cumulative maximum exposure of $1.9 billion while the other two guarantees have no maximum limit. No amounts related to these guarantees have been recorded.

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In addition, at March 31, 2023, Dominion Energy had issued an additional $20 million of guarantees, primarily to support third parties. No amounts related to these guarantees have been recorded.

Dominion Energy also 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, 2023, Dominion Energy had issued the following subsidiary guarantees:

	Maximum Exposure
(millions)
Commodity transactions(1)	$	2,710
Nuclear obligations(2)		245
Solar(3)		214
Other(4)		1,269
Total(5)(6)	$	4,438

(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. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.

(5)Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

(6)In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use 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 five years, 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, up to 87% of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023, no amounts have been recorded related to this guarantee.

Additionally, at March 31, 2023, Dominion Energy had purchased $268 million of surety bonds, including $190 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions of $154 million 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 18. 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, 2022.

At March 31, 2023, Dominion Energy’s credit exposure totaled $217 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 89%. No single counterparty, whether investment grade or non-investment grade, exceeded $48 million of exposure. At March 31, 2023, Virginia Power’s exposure related to wholesale customers totaled $34 million. Of this amount, investment grade counterparties, including those internally rated, represented 54%. No single counterparty, whether investment grade or non-investment grade, exceeded $13 million of exposure.

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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 and Virginia Power would have been required to post additional collateral to its counterparties of $106 million and $45 million, respectively, as of March 31, 2023, and $140 million and $28 million, respectively, as of December 31, 2022. 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 had posted collateral of $1 million at March 31, 2023, and both Dominion Energy and Virginia Power had posted $72 million at December 31, 2022, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. Virginia Power had no such collateral posted at March 31, 2023. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering $6 million and $20 million of fair value of derivative instruments in a liability position at March 31, 2023 and December 31, 2022, respectively. 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 and Virginia Power was $107 million and $45 million, respectively, as of March 31, 2023 and $212 million and $99 million, respectively, as of December 31, 2022, which does not include the impact of any offsetting asset positions.

See Note 9 for additional information about derivative instruments.

Note 19. Related-Party Transactions

Dominion Energy’s transactions with equity method investments are described in Note 10. 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, 2023, Virginia Power’s derivative assets and liabilities with affiliates were $5 million and $82 million, respectively. At December 31, 2022, Virginia Power’s derivative assets and liabilities with affiliates were $33 million and $31 million, respectively. See Note 9 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, 2022. At March 31, 2023 and December 31, 2022, 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 $431 million and $422 million, respectively. At March 31, 2023 and December 31, 2022, 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 $534 million and $518 million, respectively.

DES and other affiliates provide accounting, legal, finance and certain administrative and technical services and licenses 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:

Three Months Ended March 31,	2023		2022
(millions)
Commodity purchases from affiliates	$	214	$	293
Services provided by affiliates(1)		147		130
Services provided to affiliates		4		4

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(1)Includes capitalized expenditures of $54 million and $39 million for the three months ended March 31, 2023 and 2022, respectively.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $1.2 billion and $2.0 billion in short-term demand note borrowings from Dominion Energy as of March 31, 2023 and December 31, 2022, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2023 and December 31, 2022. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $24 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively.

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2023 and 2022.

In January 2023, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $240 million plus ancillary services.

Note 20. 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 cost (credit) are as follows:

	Pension Benefits						Other Postretirement Benefits
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Service cost	$	24		$	36		$	3		$	6
Interest cost		111			83			15			11
Expected return on plan assets		(216	)		(223	)		(38	)		(48	)
Amortization of prior service cost (credit)		—			—			(9	)		(10	)
Amortization of net actuarial (gain) loss		—			40			(1	)		—
Net periodic benefit (credit) cost	$	(81	)	$	(64	)	$	(30	)	$	(41	)

Employer Contributions

During the three months ended March 31, 2023, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy is not required to make any contributions to its qualified defined benefit pension plans or to VEBAs associated with its other postretirement plans in 2023. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.

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
Gas Distribution	Regulated gas distribution and storage(2)	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 Assets	Nonregulated electric generation fleet(3)	X
	Noncontrolling interest in Cove Point	X

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

(2)Includes renewable natural gas operations as well as Wexpro’s natural gas development and production operations.

(3)Includes solar generation facility development operations.

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

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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 and its noncontrolling interest in Wrangler (through March 2022). 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, as well as the net impact of the gas transmission and storage operations, including its noncontrolling interest in Atlantic Coast Pipeline, reported as discontinued operations which are discussed in 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, 2022.

In the three months ended March 31, 2023, Dominion Energy reported after-tax net income of $86 million in the Corporate and Other segment, including $148 million of after-tax net income for specific items with $272 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2022, Dominion Energy reported after-tax net expenses of $311 million in the Corporate and Other segment, including $289 million of after-tax net expenses for specific items with $269 million of after-tax net expenses attributable to its operating segments.

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 $291 million ($221 million after-tax) gain related to economic hedging activities, attributable to Contracted Assets;

•A $123 million ($90 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Assets ($77 million after-tax); and

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

•A $61 million ($45 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.

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2022 primarily related to the impact of the following items:

•A $125 million ($102 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Assets ($90 million after-tax); and

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

•A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in Virginia Power’s service territory, attributable to Dominion Energy Virginia;

•A $66 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Assets; and

•A $61 million ($45 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.

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

	Dominion Energy Virginia			Gas Distribution		Dominion Energy South Carolina		Contracted Assets		Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions)
Three Months Ended March 31, 2023
Total revenue from external      customers	$	2,389		$	1,367	$	844	$	308	$	344		$	—		$	5,252
Intersegment revenue		(1	)		1		1		3		250			(254	)		—
Total operating revenue		2,388			1,368		845		311		594			(254	)		5,252
Net loss from discontinued      operations		—			—		—		—		(5	)		—			(5	)
Net income attributable to      Dominion Energy		386			278		91		156		86			—			997
Three Months Ended March 31, 2022
Total revenue from external      customers	$	2,172		$	1,229	$	798	$	245	$	(165	)	$	—		$	4,279
Intersegment revenue		(3	)		1		1		4		237			(240	)		—
Total operating revenue		2,169			1,230		799		249		72			(240	)		4,279
Net income from discontinued      operations		—			—		—		—		19			—			19
Net income (loss) attributable to      Dominion Energy		518			294		109		101		(311	)		—			711

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 three months ended March 31, 2023, Virginia Power reported after-tax net expenses of $31 million in the Corporate and Other segment, including $32 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, 2022, Virginia Power reported after-tax net expenses of $159 million in the Corporate and Other segment, including $130 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 2023 primarily related to the impact of the following item:

•A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2022 primarily related to the impact of the following items:

•A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in its service territory; and

•A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review.

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

	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions)
Three Months Ended March 31, 2023
Operating revenue	$	2,384	$	—		$	2,384
Net income (loss)		384		(31	)		353
Three Months Ended March 31, 2022
Operating revenue	$	2,165	$	2		$	2,167
Net income (loss)		516		(159	)		357

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MD&A discusses Dominion Energy’s results of operations and general financial condition 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 “anticipate,” “estimate,” “forecast,” “expect,” “believe,” “should,” “could,” “plan,” “may,” “continue,” “target” or other similar words.

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

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

•Extreme weather events and other natural disasters, including, but not limited to, hurricanes, high winds, severe storms, earthquakes, flooding, 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 current pandemic health event resulting from COVID-19, and their collateral consequences, including extended disruption of economic activity in our markets and global supply chains;

•Federal, state and local legislative and regulatory developments, including changes in or interpretations of federal and state tax laws and regulations;

•The direct and indirect impacts of implementing recommendations resulting from the business review announced in November 2022;

•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, transportation and storage 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 Dominion Energy shares ownership with third parties, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy and third party participants and difficulties in exiting these arrangements;

•Changes in future levels of domestic and international natural gas production, supply or consumption;

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•Impacts to Dominion Energy’s noncontrolling interest in Cove Point from fluctuations in future volumes of LNG imports or exports from the U.S. and other countries worldwide or demand for, purchases of, and prices related to natural gas or LNG;

•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 develop and 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;

•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 pipeline and 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;

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

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

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

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

•Changes in demand for the Companies’ services, including industrial, commercial and residential growth or decline in the Companies’ service areas, changes in supplies of natural gas delivered to Dominion Energy’s pipeline system, 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;

•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, including matters acquired in the SCANA Combination;

•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;

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•The effectiveness to which existing economic hedging instruments mitigate fluctuations in currency exchange rates of the Euro and Danish Krone associated with certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project;

•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 inflation and deflation;

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

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

Additionally, other risks that could cause actual results to differ from predicted results are set forth in Part I. Item 1A. Risk Factors in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

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

Accounting Matters

As of March 31, 2023, 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, 2022. 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 and equity method investment impairment testing, held for sale classification and employee benefit plans.

Results of Operations—Dominion Energy

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

	2023		2022		$ Change
(millions, except EPS)
First Quarter
Net income attributable to Dominion Energy	$	997	$	711	$	286
Diluted EPS		1.17		0.83		0.34

Overview

First Quarter 2023 vs. 2022

Net income attributable to Dominion Energy increased 40%, primarily due to an increase in net investment earnings on nuclear decommissioning trust funds, increased unrealized gains on economic hedging activities, a decrease in storm damage and service restoration costs and the absence of a charge to reflect the recognition of deferred taxes on the outside basis of Hope’s stock upon meeting the classification as held for sale, partially offset by a charge associated with the impairment of a corporate office building and a decrease in sales to electric utility customers attributable to weather.

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Analysis of Consolidated Operations

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

	First Quarter
	2023			2022			$ Change
(millions)
Operating revenue	$	5,252		$	4,279		$	973
Electric fuel and other energy-related purchases		1,022			678			344
Purchased electric capacity		8			13			(5	)
Purchased gas		764			645			119
Other operations and maintenance		921			1,054			(133	)
Depreciation, depletion and amortization		720			698			22
Other taxes		275			253			22
Impairment of assets and other charges (benefits)		98			(10	)		108
Losses (gains) on sales of assets		(1	)		(28	)		27
Earnings from equity method investees		80			80			—
Other income (expense)		284			46			238
Interest and related charges		586			174			412
Income tax expense		221			236			(15	)
Net income (loss) from discontinued operations    including noncontrolling interests		(5	)		19			(24	)

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

First Quarter 2023 vs. 2022

Operating revenue increased 23%, primarily reflecting:

•A $573 million net increase associated with market prices affecting Millstone, including economic hedging impacts of realized and unrealized gains on freestanding derivatives ($675 million);

•A $480 million increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers ($316 million) and gas utility customers ($164 million);

•A $48 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

•A $37 million increase in sales to electric utility retail customers associated with economic and other usage factors;

•A $21 million increase following the approved base rate case for Questar Gas;

•A $17 million increase from gas utility capital cost riders; and

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

These increases were partially offset by:

•A $117 million decrease in sales to electric utility retail customers, primarily due to a decrease in heating degree days;

•A $66 million decrease from the sale of Hope; and

•A $37 million net decrease from electric utility customers who elect to pay market based or other negotiated rates, including settlements of economic hedges at Virginia Power.

Electric fuel and other energy-related purchases increased 51%, primarily due to higher commodity costs for electric utilities ($316 million) and an increase in the use of purchased renewable energy credits at Virginia Power ($28 million), which are offset in operating revenue and do not impact net income.

Purchased gas increased 18%, primarily due to an increase in commodity costs for gas utilities ($164 million), which are offset in operating revenue and do not impact net income, partially offset by a decrease from the sale of Hope ($25 million).

Other operations and maintenance decreased 13%, primarily due to a decrease in storm damage and restoration costs in Virginia Power’s service territory ($104 million) and a decrease in certain Virginia Power expenditures which are primarily recovered through

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state- and FERC-regulated rates and do not impact net income ($71 million), partially offset by an increase in outside services ($19 million).

Impairment of assets and other charges increased $108 million, primarily due to the impairment of a corporate office building.

Gains on sales of assets decreased 96%, primarily due to the absence of a gain on the contribution of certain privatization operations to Dominion Privatization.

Other income increased $238 million, primarily due to net investment gains in 2023 compared to net investment losses in 2022 on nuclear decommissioning trust funds.

Interest and related charges increased $412 million, primarily due to unrealized losses in 2023 compared to unrealized gains in 2022 associated with freestanding derivatives ($278 million), higher interest rates on commercial paper and long-term debt ($47 million), higher interest rates on variable rate debt and cash flow interest rate swaps ($46 million) and increased commercial paper and long-term debt borrowings ($45 million).

Income tax expense decreased 6%, primarily due to the absence of a charge to reflect the recognition of deferred taxes on the outside basis of Hope's stock upon meeting the classification as held for sale ($87 million), partially offset by higher pre-tax income ($83 million).

Net income from discontinued operations including noncontrolling interests decreased $24 million, primarily due to the absence of a gain associated with the Q-Pipe Group for the finalization of the working capital adjustment in the first quarter of 2022.

Results of Operations—Virginia Power

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

	First Quarter
	2023		2022		$ Change
(millions)
Net income	$	353	$	357	$	(4	)

Overview

First Quarter 2023 vs. 2022

Net income decreased 1%, primarily due to a decrease in sales to electric utility customers attributable to weather, substantially offset by a decrease in storm damage and service restoration costs.

Analysis of Consolidated Operations

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

	First Quarter
	2023		2022		$ Change
(millions)
Operating revenue	$	2,384	$	2,167	$	217
Electric fuel and other energy-related purchases		799		516		283
Purchased electric capacity		8		11		(3	)
Other operations and maintenance		441		570		(129	)
Depreciation and amortization		447		429		18
Other taxes		85		75		10
Impairment of assets and other charges		7		4		3
Other income (expense)		36		4		32
Interest and related charges		181		148		33
Income tax expense		99		61		38

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

First Quarter 2023 vs. 2022

Operating revenue increased 10%, primarily reflecting:

•A $249 million increase in fuel-related revenue as a result of a net increase in commodity costs associated with sales to electric utility retail customers;

•A $48 million increase to recover the costs and an authorized return, as applicable, associated with non-fuel riders;

•A $35 million increase in sales to electric utility retail customers associated with economic and other usage factors; and

•A $10 million increase in sales to electric utility retail customers associated with growth.

These increases were partially offset by:

•A $91 million decrease in sales to electric utility retail customers, primarily due to a decrease in heating degree days; and

•A $28 million net decrease from electric utility customers who elect to pay market based or other negotiated rates, including settlements of economic hedges.

Electric fuel and other energy-related purchases increased 55%, primarily due to higher commodity costs for electric utilities ($249 million) and an increase in the use of purchased renewable energy credits ($28 million), which are offset in operating revenue and do not impact net income.

Other operations and maintenance decreased 23%, primarily due to a decrease in storm damage and restoration costs ($104 million) and a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($71 million), partially offset by an increase in outside services ($16 million).

Other income increased $32 million, primarily due to net investment gains in 2023 compared to net investment losses in 2022 on nuclear decommissioning trust funds.

Interest and related charges increased 22%, primarily due to increased commercial paper, long-term debt and intercompany borrowings with Dominion Energy ($33 million) and higher interest rates on commercial paper, long-term debt and intercompany borrowings with Dominion Energy ($11 million), partially offset by decreased interest expense associated with rider deferrals ($12 million).

Income tax expense increased 62%, primarily due to lower investment tax credits ($27 million) and higher pre-tax income ($10 million).

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)
	2023		2022			$ Change			2023		2022			$ Change
(millions, except EPS)
First Quarter
Dominion Energy Virginia	$	386	$	518		$	(132	)	$	0.46	$	0.64		$	(0.18	)
Gas Distribution		278		294			(16	)		0.33		0.36			(0.03	)
Dominion Energy South Carolina		91		109			(18	)		0.11		0.13			(0.02	)
Contracted Assets		156		101			55			0.19		0.13			0.06
Corporate and Other		86		(311	)		397			0.08		(0.43	)		0.51
Consolidated	$	997	$	711		$	286		$	1.17	$	0.83		$	0.34

(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.

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Dominion Energy Virginia

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

	First Quarter
	2023		2022		% Change
Electricity delivered (million MWh)		21.7		22.3		(3	)%
Electricity supplied (million MWh):
Utility		21.8		22.3		(2	)
Non-Jurisdictional		0.3		0.3		—
Degree days (electric distribution and utility service area):
Cooling		3		11		(73	)
Heating		1,471		1,895		(22	)
Average electric distribution customer accounts    (thousands)		2,742		2,716		1

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

	First Quarter 2023 vs. 2022 Increase (Decrease)
	Amount			EPS
(millions, except EPS)
Weather	$	(67	)	$	(0.08	)
Customer usage and other factors		33			0.04
Customer-elected rate impacts		(21	)		(0.03	)
Rider equity return		32			0.04
Depreciation and amortization		(6	)		(0.01	)
Renewable energy investment tax credits		(57	)		(0.07	)
Interest expense, net		(13	)		(0.02	)
Other		(33	)		(0.04	)
Share dilution		—			(0.01	)
Change in net income contribution	$	(132	)	$	(0.18	)

Gas Distribution

Presented below are selected operating statistics related to Gas Distribution’s operations:

	First Quarter
	2023		2022(1)		% Change
Gas distribution throughput (bcf):
Sales		84		89		(6	%)
Transportation		272		301		(10	)
Heating degree days (gas distribution service area):
North Carolina		1,188		1,583		(25	)
Ohio and West Virginia(1)		2,397		2,912		(18	)
Utah, Wyoming and Idaho		2,655		2,478		7
Average gas distribution customer accounts    (thousands):
Sales		1,896		1,965		(4	)
Transportation		1,139		1,140		—

(1)Includes Hope in 2022.

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

	First Quarter 2023 vs. 2022 Increase (Decrease)
	Amount			EPS
(millions, except EPS)
Weather	$	(4	)	$	—
Customer usage and other factors		7			0.01
Base rate case impacts		16			0.02
Rider equity return		3			—
Wexpro cost saving sharing incentives		3			—
Sale of Hope		(19	)		(0.02	)
Interest expense, net		(12	)		(0.01	)
Other		(10	)		(0.02	)
Share dilution		—			(0.01	)
Change in net income contribution	$	(16	)	$	(0.03	)

Dominion Energy South Carolina

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

	First Quarter
	2023		2022		% Change
Electricity delivered (million MWh)		5.0		5.2		(4	%)
Electricity supplied (million MWh)		5.2		5.5		(5	)
Degree days (electric distribution service areas):
Cooling		1		—		100
Heating		459		750		(39	)
Gas distribution throughput (bcf):
Sales		17		20		(15	)
Average distribution customer accounts (thousands):
Electric		783		772		1
Gas		437		422		4

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

	First Quarter 2023 vs. 2022 Increase (Decrease)
	Amount			EPS
(millions, except EPS)
Weather	$	(19	)	$	(0.02	)
Customer usage and other factors		7			0.01
Customer-elected rate impacts		(7	)		(0.01	)
Base rate case & Natural Gas Rate Stabilization Act impacts		5			0.01
Capital cost rider		(2	)		—
Depreciation and amortization		(3	)		—
Interest expense, net		(6	)		(0.01	)
Other		7			—
Share dilution		—			—
Change in net income contribution	$	(18	)	$	(0.02	)

Contracted Assets

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

	First Quarter
	2023		2022		% Change
Electricity supplied (million MWh)		4.6		4.6		—	%

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

	First Quarter 2023 vs. 2022 Increase (Decrease)
	Amount			EPS
(millions, except EPS)
Margin(1)	$	49		$	0.06
Planned outage costs		3			—
Depreciation and amortization		5			0.01
Interest expense, net		(5	)		(0.01	)
Other		3			0.01
Share dilution		—			(0.01	)
Change in net income contribution	$	55		$	0.06

(1)Includes earnings associated with a 50% noncontrolling interest in Cove Point.

Corporate and Other

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

	First Quarter
	2023			2022			$ Change
(millions, except EPS)
Specific items attributable to operating    segments	$	272		$	(269	)	$	541
Specific items attributable to Corporate and    Other segment		(124	)		(20	)		(104	)
Total specific items		148			(289	)		437
Other corporate operations:
Interest expense, net		(120	)		(79	)		(41	)
Other		58			57			1
Total other corporate operations		(62	)		(22	)		(40	)
Total net income (expense)	$	86		$	(311	)	$	397
EPS impact	$	0.08		$	(0.43	)	$	0.51

Corporate and Other includes specific items attributable to Dominion Energy’s primary operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. See Note 21 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment. For the three months ended March 31, 2023, this primarily included a $68 million after-tax charge associated with the impairment of a corporate office building and a $45 million after-tax loss for derivative mark-to-market changes.

For the three months ended March 31, 2022, this primarily included a $87 million charge to reflect the recognition of deferred taxes on the outside basis of Hope’s stock upon meeting the classification as held for sale, a $52 million after-tax benefit for derivative mark-to-market changes and $19 million net income from discontinued operations, primarily associated with the Q-Pipe Group.

Outlook

As of March 31, 2023, there have been no material changes to Dominion Energy’s 2023 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. As discussed in Future Issues and Other Matters, legislation enacted in Virginia in April 2023 is expected to decrease Dominion Energy’s 2023 net income for riders to be combined into base rates effective July 2023.

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. This section should be read in conjunction with Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

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Analysis of Cash Flows

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

	2023			2022
(millions)
Cash, restricted cash and equivalents at January 1	$	341		$	408
Cash flows provided by (used in):
Operating activities		2,097			1,125
Investing activities		(2,302	)		(1,574	)
Financing activities		1,820			635
Net increase in cash, restricted cash and equivalents		1,615			186
Cash, restricted cash and equivalents at March 31	$	1,956		$	594

Operating Cash Flows

Net cash provided by Dominion Energy's operating activities increased $972 million, primarily due to higher deferred fuel and purchased gas cost recoveries ($345 million), lower margin deposits ($338 million), a decrease in refund payments to Virginia electric customers associated with the settlement of the 2021 Triennial Review ($179 million) and an increase of $307 million primarily as a result of higher operating cash flows from electric utility and gas distribution operations driven by riders, customer usage and other factors, partially offset by changes in working capital ($197 million).

Investing Cash Flows

Net cash used in Dominion Energy’s investing activities increased $728 million, primarily due to an increase in plant construction and other property additions ($598 million) and the absence of proceeds from the sale of assets and equity method investments in 2022 ($146 million).

Financing Cash Flows

Net cash provided by Dominion Energy's financing activities increased $1.2 billion primarily due to 364-day term loan facility borrowings ($2.5 billion) and supplemental credit facility borrowings ($450 million), partially offset by a $1.7 billion decrease due to net repayments of long-term debt in 2023 versus net issuances in 2022.

Credit Facilities and Short-Term Debt

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, 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, 2023.

Joint Revolving Credit Facility

Dominion Energy maintains a $6.0 billion joint revolving credit facility which provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives. At March 31, 2023, Dominion Energy had $2.7 billion of unused capacity under its joint revolving credit facility. See Note 16 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding.

Dominion Energy Reliability 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, 2023, Dominion Energy’s Consolidated Balance Sheets include $389 million with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Other Facilities

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

In January 2023, Dominion Energy entered into a $2.5 billion 364-day term loan facility which bears interest at a variable rate and will mature in January 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other

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general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used to repay long-term debt. In February and March 2023, Dominion Energy borrowed $500 million and $1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt.

Long-Term Debt

Sustainability Revolving Credit Agreement

Dominion Energy maintains a $900 million Sustainability Revolving Credit Agreement which matures in 2024 and bears interest at a variable rate. The facility offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. At March 31, 2023, Dominion Energy had $900 million outstanding under this supplemental credit facility, including $450 million borrowed to support environmental sustainability and social investment initiatives. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes.

Issuances and Borrowings of Long-Term Debt

During the three months ended March 31, 2023, 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	$	750		5.000	%	2033
March	Senior notes	Public	Virginia Power		750		5.450	%	2053
Total issuances and borrowings				$	1,500

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.

As the comprehensive business review announced in November 2022 is still in progress, Dominion Energy is uncertain as to the amount of long-term debt it anticipates issuing in 2023. Dominion Energy expects to issue long-term debt to satisfy cash needs for capital expenditures 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, 2023:

Month	Type	Entity	Principal (1)		Rate	Stated Maturity
			(millions)
Debt scheduled to mature in 2023		Multiple	$	1,749	various
Early redemptions
None
Total repayments, repurchases and redemptions			$	1,749

(1) Total amount redeemed prior to maturity 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, 2022 for additional information regarding scheduled maturities of Dominion Energy’s long-term debt, including related average interest rates.

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Remarketing of Long-Term Debt

During the three months ended March 31, 2023, Dominion Energy was not required to and did not complete the remarketing of any of its long-term debt. In 2023, Dominion Energy expects to remarket approximately $160 million of its tax-exempt bonds.

Credit Ratings

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, 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 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 ratings 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. As of March 31, 2023, there have been no changes in Dominion Energy’s credit ratings. In April 2023, Standard & Poor’s affirmed its credit ratings but revised its outlook for Dominion Energy from stable to negative. Dominion Energy cannot predict the potential impact the negative outlook at Standard & Poor’s could have on 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 debt securities.

Financial Covenants

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, Dominion Energy is subject to various covenants present in the enabling agreements underlying Dominion Energy’s debt. As of March 31, 2023, there have been no material changes to covenants, nor any events of default under Dominion Energy’s covenants.

Common Stock, Preferred Stock and Other Equity Securities

In the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, there is a discussion of Dominion Energy’s existing equity financing programs, including an at-the-market program and Dominion Energy Direct®. During the three months ended March 31, 2023, Dominion Energy issued $43 million of stock through these programs. See Note 16 to the Consolidated Financial Statements in this report for additional information.

As the comprehensive business review announced in November 2022 is still in progress, Dominion Energy is uncertain as to the amount of common stock that it anticipates issuing in 2023, including through its at-the-market program. However, Dominion Energy anticipates raising similar amounts of capital through Dominion Energy Direct® in 2023 compared to 2022 and 2021. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.

As of March 31, 2023, there have been no material changes to the Board of Directors authorization to repurchase Dominion Energy stock, or the remaining available capacity under this authorization, disclosed in the Repurchases of Equity Securities section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Dominion Energy has not repurchased through March 31 and does not plan to repurchase in the remainder of 2023 any shares of its common stock, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock.

Capital Expenditures

As of March 31, 2023, 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, 2022.

Dividends

Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares. See Note 16 to the Consolidated Financial Statements in this report for additional information regarding Dominion Energy’s outstanding preferred stock and associated dividend rates.

Subsidiary Dividend Restrictions

As of March 31, 2023, there have been no material changes to the subsidiary dividend restrictions disclosed in the Dividends section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

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Collateral and Credit Risk

As of March 31, 2023, 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, 2022.

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, 2023 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)	$	151	$	—	$	151
Non-investment grade(2)		14		12		2
No external ratings:
Internally rated—investment grade(3)		47		6		41
Internally rated—non-investment grade(4)		24		1		23
Total(5)	$	236	$	19	$	217

(1)Designations as investment grade are based upon minimum credit ratings assigned by Moody’s Investors Service and Standard & Poor’s. The five largest counterparty exposures, combined, for this category represented approximately 55% 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 19% of the total net credit exposure.

(4)The five largest counterparty exposures, combined, for this category represented approximately 7% 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, 2022.

Other Material Cash Requirements

As of March 31, 2023, there have been no material changes outside of the ordinary course of business to Dominion Energy’s other material cash requirements included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Such obligations include:

•Operating and finance lease obligations – See Note 14 to the Consolidated Financial Statements in this report;

•Regulatory liabilities – See Note 12 to the Consolidated Financial Statements in this report;

•AROs – See Note 14 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022;

•Employee benefit plan obligations – See Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022;

•Charitable commitments – See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022;

•Off-balance sheet leasing arrangements – See Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022; and

•Guarantees – See Note 17 to the Consolidated Financial Statements in this report.

Future Issues and Other Matters

See Item 1. Business, Future Issues and Other Matters in MD&A and Notes 13 and 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 and Notes 13 and 17 to the Consolidated Financial Statements in this report for additional information on various environmental, regulatory, legal and other matters that may impact future results of operations, financial condition and/or cash flows.

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Business Review

In November 2022, Dominion Energy announced the commencement of a business review of value-maximizing strategic business actions, alternatives to its current business mix and capital allocation and regulatory options which may assist customers to manage costs and provide greater predictability to its long-term, state-regulated utility value proposition. In April 2023, the legislative process in Virginia was substantially completed resulting in new legislation which will shift $350 million of annual revenue requirement for costs currently recovered through riders into base rates effective July 2023, eliminate the ability of Virginia Power to utilize CCROs and adjust the parameters for determining an authorized ROE and revenue sharing. In addition, new legislation allows Virginia Power to apply for the securitization of certain deferred fuel costs as well as seek approval for a noncontrolling equity financing partner for the CVOW Commercial Project. As part of the on-going business review, Dominion Energy may consider divestiture of all or a portion of certain operations. While the ultimate impacts cannot be estimated until the review is completed, which is expected to occur in the third quarter of 2023, implementation of recommendations resulting from the business review could have a material impact on Dominion Energy's future results of operations, financial condition and/or cash flows.

Virginia Legislation

The 2023 General Assembly session in Virginia included several proposals, including those ultimately enacted into law, related to Virginia Power’s retail base rates and other cost recovery mechanisms. In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA. The new legislation will shift $350 million of annual revenue requirement for costs currently recovered under riders into base rates effective July 2023, eliminate the ability of Virginia Power to utilize CCROs and adjust the parameters for determining an authorized ROE and revenue sharing. In addition, this legislation reestablishes biennial base rate reviews, sets a target capitalization ratio and permits Virginia Power to apply for the securitization of certain deferred fuel costs. See Note 13 to the Consolidated Financial Statements for additional information. In March 2023, legislation was enacted that permits Virginia Power to seek approval for a noncontrolling equity financing partner for the CVOW Commercial Project. In addition, proposed legislation to amend certain portions of the VCEA remains pending, subject to potential veto by the Governor of Virginia, which would qualify generation produced by Virginia Power’s biomass electric generating stations as renewable energy and would eliminate the mandated retirement by the end of 2028 of such facilities. While Dominion Energy is unable to estimate the ultimate financial statement impacts related to the newly enacted, and remaining proposed legislation, it expects there could be a material impact to its results of operations, financial condition and/or cash flows.

Future Environmental Regulations

In March 2023, the EPA released a proposed rule to further revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category, which apply primarily to wastewater discharges at coal and oil steam generating stations. Also in March 2023, the EPA released its first proposed rule to establish national drinking water standards for PFAS. Dominion Energy anticipates that the EPA will release additional rulemakings as part of an overall strategy to identify and mitigate PFAS exposure. Additionally, in April 2023, the EPA released a proposal to tighten aspects of the Mercury and Air Toxics Standards, including the reduction of emissions limits for filterable particulate matter, and requiring the use of continuous emissions monitoring systems to demonstrate compliance. Until the EPA ultimately takes final action on these rulemakings, Dominion Energy is 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 Dominion Energy’s financial condition and cash flows.

Federal Income Tax Laws

In April 2023, the IRS issued safe harbor guidance to taxpayers on the treatment of amounts paid to repair, maintain, replace, or improve natural gas distribution property, including whether expenditures should be deducted as repairs or capitalized and depreciated on tax returns. The guidance includes safe harbor tax accounting methods which a taxpayer may choose to elect and provides special transition rules and incentives that vary depending on which tax year is the year of change. Dominion Energy is evaluating this new guidance and cannot currently estimate the potential financial statement impacts, but there could be a material impact to its results of operations, financial condition and/or cash flows.

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ITEM 3.

QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK

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

Market Risk Sensitive Instruments and Risk Management

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

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

Commodity Price Risk

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

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

A hypothetical 10% increase in commodity prices would have resulted in a decrease of $88 million and $52 million in the fair value of Dominion Energy’s commodity-based derivative instruments as of March 31, 2023 and December 31, 2022, respectively.

A hypothetical 10% increase in commodity prices would have resulted in a decrease of $50 million and $25 million in the fair value of Virginia Power’s commodity-based derivative instruments as of March 31, 2023 and December 31, 2022, 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 $58 million and $37 million decrease in earnings at March 31, 2023 and December 31, 2022, respectively. For variable rate debt outstanding for Virginia Power, a hypothetical 10% increase in market interest rates would result in a $11 million and $14 million decrease in earnings at March 31, 2023 or December 31, 2022, respectively.

The Companies also use interest rate derivatives, including forward-starting swaps, interest rate swaps and interest rate lock agreements to manage interest rate risk. As of March 31, 2023, Dominion Energy and Virginia Power had $12.3 billion and $2.9 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding. A hypothetical 10% decrease in market interest rates would have resulted in a decrease of $268 million and $120 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at March 31, 2023. As of December 31, 2022, Dominion Energy and Virginia Power had $12.7 billion and $3.6 billion, respectively, in aggregate notional amounts of these interest rate derivatives outstanding. A

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hypothetical 10% decrease in market interest rates would have resulted in a decrease of $274 million and $156 million, respectively, in the fair value of Dominion Energy and Virginia Power’s interest rate derivatives at December 31, 2022.

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 swaps to economically hedge the foreign currency exchange risk associated with fixed price contracts related to the CVOW Commercial Project denominated in foreign currencies. As of March 31, 2023 and December 31, 2022, Dominion Energy had €2.8 billion and €2.9 billion, respectively, in aggregate notional amounts of these foreign currency forward purchase agreements outstanding. A hypothetical 10% increase in exchange rates would have resulted in a decrease of $277 million and $284 million in the fair value of Dominion Energy’s foreign currency swaps at March 31, 2023 and December 31, 2022, 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 (including investment income) on nuclear decommissioning and rabbi trust investments of $252 million for the three months ended March 31, 2023, and net investment losses (including investment income) on nuclear decommissioning and rabbi trust investments of $197 million and $888 million for the three months ended March 31, 2022 and the year ended December 31, 2022, 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 gains on debt investments of $56 million for the three months ended March 31, 2023 and a net decrease in unrealized gains on debt investments of $134 million and $196 million for three months ended March 31, 2022 and the year ended December 31, 2022, respectively.

Virginia Power recognized net investment gains (including investment income) on nuclear decommissioning trust investments of $123 million for the three months ended March 31, 2023, and net investment losses (including investment income) on nuclear decommissioning trust investments of $89 million and $426 million for the three months ended March 31, 2022 and the year ended December 31, 2022, 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 on debt investments of $35 million for the three months ended March 31, 2023, and a net decrease in unrealized gains on debt investments of $68 million and $106 million for the three months ended March 31, 2022 and the year ended December 31, 2022, 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 accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans.

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.

70

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, 2022.

•Notes 13 and 17 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, 2022, 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, 2022. 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)
1/1/23 - 1/31/23		1,740	$	61.32		—	$ 0.92 billion
2/1/23 - 2/28/23		53,415		63.10		—	0.92 billion
3/1/23 - 3/31/23		544		54.74		—	0.92 billion
Total		55,699	$	62.96		—	$ 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.

71

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 September 2, 2022 (Exhibit 3.1, Form 8-K filed September 2, 2022, 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 February 20, 2023 (Exhibit 3.2.a, Form 10-K for the fiscal year ended December 31, 2022 filed February 21, 2023, 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
4.1	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 March 1, 2023 (Exhibit 4.2, Form 8-K filed March 30, 2023, File No. 000-55337); Thirteenth Supplemental Indenture, dated March 1, 2023 (Exhibit 4.3, Form 8-K filed March 30, 2023, File No. 000-55337).	X	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

72

Exhibit Number	Description	Dominion Energy	Virginia Power
101	The following financial statements from Dominion Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed on May 5, 2023, 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, 2023, filed on May 5, 2023, 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 Common Shareholder’s 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

73

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 5, 2023	/s/ Michele L. Cardiff
	Michele L. Cardiff Senior Vice President, Controller and Chief Accounting Officer
	VIRGINIA ELECTRIC AND POWER COMPANY Registrant
May 5, 2023	/s/ Michele L. Cardiff
	Michele L. Cardiff Senior Vice President, Controller and Chief Accounting Officer

74

EX-31

Exhibit 31.a

I, Robert M. Blue, certify that:

1. I have reviewed this report on Form 10-Q of Dominion Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2023	/s/ Robert M. Blue
	Robert M. Blue President and Chief Executive Officer

EX-31

Exhibit 31.b

I, Steven D. Ridge, certify that:

1. I have reviewed this report on Form 10-Q of Dominion Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2023	/s/ Steven D. Ridge
	Steven D. Ridge Senior Vice President and Chief Financial Officer

EX-31

Exhibit 31.c

I, Robert M. Blue, certify that:

1. I have reviewed this report on Form 10-Q of Virginia Electric and Power Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2023	/s/ Robert M. Blue
	Robert M. Blue Chief Executive Officer

EX-31

Exhibit 31.d

I, Steven D. Ridge, certify that:

1. I have reviewed this report on Form 10-Q of Virginia Electric and Power Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2023	/s/ Steven D. Ridge
	Steven D. Ridge Senior Vice President and Chief Financial Officer

EX-32

Exhibit 32.a

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Dominion Energy, Inc. (the “Company”), certify that:

1.the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Report”), of the Company to which this certification is an exhibit fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)).

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2023, and for the period then ended.

/s/ Robert M. Blue

Robert M. Blue

President and Chief Executive Officer

May 5, 2023

/s/ Steven D. Ridge

Steven D. Ridge

Senior Vice President and

Chief Financial Officer

May 5, 2023

EX-32

Exhibit 32.b

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Virginia Electric and Power Company (the “Company”), certify that:

1.the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the “Report”), of the Company to which this certification is an exhibit fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)).

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2023, and for the period then ended.

/s/ Robert M. Blue

Robert M. Blue

Chief Executive Officer

May 5, 2023

/s/ Steven D. Ridge

Steven D. Ridge

Senior Vice President and

Chief Financial Officer

May 5, 2023

EX-99

Exhibit 99

DOMINION ENERGY, INC.

CONDENSED CONSOLIDATED EARNINGS STATEMENT

(Unaudited)

	Twelve Months Ended March 31, 2023
(millions, except per share amounts)
Operating Revenue	$	18,147
Operating Expenses		16,082
Income from operations		2,065
Earnings from equity method investees		299
Other income (expense)		362
Interest and related charges		1,378
Income from continuing operations including noncontrolling interest before income    tax expense		1,348
Income tax expense		53
Net income from continuing operations including noncontrolling interest		1,295
Net income from discontinued operations including noncontrolling interest		(15)
Net income including noncontrolling interests		1,280
Noncontrolling interests		—
Net Income Attributable to Dominion Energy	$	1,280
Amounts attributable to Dominion Energy
Net income from continuing operations	$	1,295
Net income from discontinued operations		(15)
Net income attributable to Dominion Energy	$	1,280
EPS – Basic
Net income from continuing operations	$	1.46
Net income from discontinued operations		(0.02)
Net income attributable to Dominion Energy	$	1.44
EPS – Diluted
Net income from continuing operations	$	1.46
Net income from discontinued operations		(0.02)
Net income attributable to Dominion Energy	$	1.44

VIRGINIA ELECTRIC AND POWER COMPANY

CONDENSED CONSOLIDATED EARNINGS STATEMENT

(Unaudited)

	Twelve Months Ended March 31, 2023
(millions)
Operating Revenue	$	9,871
Operating Expenses		7,788
Income from operations		2,083
Other income (expense)		32
Interest and related charges		675
Income before income tax expense		1,440
Income tax expense		229
Net Income	$	1,211

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	D
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	VA
Entity Registrant Name	DOMINION ENERGY, INC.
Entity Central Index Key	0000715957
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		835,941,420
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-08489
Entity Tax Identification Number	54-1229715
Entity Address, Address Line One	120 Tredegar Street
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23219
City Area Code	804
Local Phone Number	819-2284
Virginia Electric and Power Company
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	VA
Entity Registrant Name	VIRGINIA ELECTRIC AND POWER COMPANY
Entity Central Index Key	0000103682
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		274,723
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-55337
Entity Tax Identification Number	54-0418825
Entity Address, Address Line One	120 Tredegar Street
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23219
City Area Code	804
Local Phone Number	819-2284

XML

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Operating Revenue		$ 5,252	$ 4,279
Operating Expenses
Electric fuel and other energy-related purchases		1,022	678
Purchased electric capacity		8	13
Purchased gas		764	645
Other operations and maintenance		921	1,054
Depreciation, depletion and amortization		720	698
Other taxes		275	253
Impairment of assets and other charges (benefits)		98	(10)
Losses (gains) on sales of assets		(1)	(28)
Total operating expenses		3,807	3,303
Income from operations		1,445	976
Earnings from equity method investees		80	80
Other income (expense)		284	46
Interest and related charges		586	174
Income from continuing operations including noncontrolling interests before income tax expense		1,223	928
Income tax expense		221	236
Net Income From Continuing Operations		1,002	692
Net Income (Loss) From Discontinued Operations	[1]	(5)	19
Net Income Including Noncontrolling Interests		997	711
Net Income		997	711
Amounts attributable to Dominion Energy
Net income from continuing operations		1,002	692
Net income (loss) from discontinued operations		$ (5)	$ 19
EPS - Basic
Net income from continuing operations		$ 1.18	$ 0.82
Net income (loss) from discontinued operations		(0.01)	0.02
Net income attributable to Dominion Energy		1.17	0.84
EPS - Diluted
Net income from continuing operations		1.18	0.81
Net income (loss) from discontinued operations		(0.01)	0.02
Net income attributable to Dominion Energy		$ 1.17	$ 0.83
Virginia Electric and Power Company
Operating Revenue	[2]	$ 2,384	$ 2,167
Operating Expenses
Electric fuel and other energy-related purchases	[2]	799	516
Purchased electric capacity		8	11
Affiliated suppliers		93	91
Other operations and maintenance		348	479
Depreciation, depletion and amortization		447	429
Other taxes		85	75
Impairment of assets and other charges		7	4
Total operating expenses		1,787	1,605
Income from operations		597	562
Other income (expense)		36	4
Interest and related charges	[2]	181	148
Income before income tax expense		452	418
Income tax expense		99	61
Net Income		$ 353	$ 357

[1] Includes income tax expense (benefit) of $(1) million and $6 million for the three months ended three months ended March 31, 2023 and 2022, respectively.

[2] See Note 19 for amounts attributable to affiliates.

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Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Income tax expense (benefit) from discontinued operations	$ (1)	$ 6

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Net income including noncontrolling interests		$ 997	$ 711
Net income		997	711
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities	[1]	(9)	25
Changes in unrealized net gains (losses) on investment securities	[2]	17	(62)
Changes in net unrecognized pension and other postretirement benefit costs	[3]		28
Amounts reclassified to net income:
Net derivative (gains) losses-hedging activities	[4]	8	10
Net realized (gains) losses on investment securities	[5]	1	3
Net pension and other postretirement benefit costs (credits)	[6]	(11)	17
Changes in other comprehensive income from equity method investees	[7]	1	1
Total other comprehensive income (loss)		7	22
Comprehensive income including noncontrolling interests		1,004	733
Comprehensive income attributable to Dominion Energy		1,004	733
Virginia Electric and Power Company
Net income		353	357
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities	[8]	(9)	19
Changes in unrealized net gains (losses) on investment securities	[9]	4	(7)
Amounts reclassified to net income:
Net derivative (gains) losses-hedging activities	[10]	0	1
Net realized (gains) losses on investment securities	[11]	0	(1)
Total other comprehensive income (loss)		(5)	12
Comprehensive income attributable to Dominion Energy		$ 348	$ 369

[1] Net of $3 million and $(8) million tax for the three months ended March 31, 2023 and 2022, respectively.

[2] Net of $(7) million and $19 million tax for the three months ended March 31, 2023 and 2022, respectively.

[3] Net of $— million and $(10) million tax for the three months ended March 31, 2023 and 2022, respectively.

[4] Net of $(3) million and $(4) million tax for the three months ended March 31, 2023 and 2022, respectively.

[5] Net of $(1) million and $(1) million tax for the three months ended March 31, 2023 and 2022, respectively.

[6] Net of $4 million and $(6) million tax for the three months ended March 31, 2023 and 2022, respectively.

[7] Net of $— million and $— million tax for the three months ended March 31, 2023 and 2022, respectively.

[8] Net of $3 million and $(7) million tax for the three months ended March 31, 2023 and 2022, respectively.

[9] Net of $(1) million and $2 tax for the three months ended March 31, 2023 and 2022, respectively.

[10] Net of $— and $— million tax for the three months ended March 31, 2023 and 2022, respectively.

[11] Net of $— and $— million tax for the three months ended March 31, 2023 and 2022, respectively.

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net deferred gain (losses) on derivative-hedging activities, tax	$ 3	$ (8)
Changes in unrealized net gains (losses) on investment securities, tax	(7)	19
Changes in net unrecognized pension and other postretirement benefit costs, tax		(10)
Net derivative (gains) losses-hedging activities, tax	(3)	(4)
Net realized (gains) losses on investment securities, tax	(1)	(1)
Net pension and other postretirement benefit costs, tax	4	(6)
Virginia Electric and Power Company
Net deferred gain (losses) on derivative-hedging activities, tax	3	(7)
Changes in unrealized net gains (losses) on investment securities, tax	$ (1)	$ 2

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Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents		$ 1,792	$ 153	[1]
Customer receivables (less allowance for doubtful accounts)		2,437	2,952	[1]
Other receivables (less allowance for doubtful accounts)		398	405	[1]
Inventories		1,746	1,729	[1]
Derivative assets		264	1,137	[1]
Margin deposit assets		193	480	[1]
Regulatory assets		2,156	2,340	[1]
Other		619	654	[1]
Total current assets		9,605	9,850	[1]
Investments
Nuclear decommissioning trust funds		6,262	5,957	[1]
Investment in equity method affiliates		3,014	3,012	[1]
Other		388	390	[1]
Total investments		9,664	9,359	[1]
Property, Plant and Equipment
Property, plant and equipment		92,748	91,202	[1]
Accumulated depreciation, depletion and amortization		(28,123)	(27,742)	[1]
Total property, plant and equipment, net		64,625	63,460	[1]
Deferred Charges and Other Assets
Goodwill		7,295	7,295	[1]
Regulatory assets		8,951	9,087	[1]
Other		5,185	5,192	[1]
Total deferred charges and other assets		21,431	21,574	[1]
Total assets		105,325	104,243	[1]
Current Liabilities
Securities due within one year		4,352	3,341	[1]
Short-term debt		3,546	3,423	[1]
Accounts payable		1,125	1,825	[1]
Accrued interest, payroll and taxes		1,037	1,199	[1]
Derivative liabilities		371	778	[1]
Regulatory liabilities		651	946	[1]
Other	[2]	1,680	1,938	[1]
Total current liabilities		12,762	13,450	[1]
Long-Term Debt
Long-term debt		37,624	36,832	[1]
Junior subordinated notes		1,387	1,387	[1]
Supplemental credit facility borrowings		900	450	[1]
Other		247	245	[1]
Total long-term debt		40,158	38,914	[1]
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits		6,908	6,698	[1]
Regulatory liabilities		10,092	10,107	[1]
Other		7,049	7,193	[1]
Total deferred credits and other liabilities		24,049	23,998	[1]
Total liabilities		76,969	76,362	[1]
Commitments and Contingencies (see Note 17)
Shareholders' Equity
Preferred stock (see Note 16)		1,783	1,783	[1]
Common stock - no par	[3]	23,652	23,605	[1]
Retained earnings		4,486	4,065	[1]
Accumulated other comprehensive loss		(1,565)	(1,572)	[1]
Shareholders' equity		28,356	27,881	[1]
Noncontrolling interests		0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total		28,356	27,881	[1]
Total liabilities and shareholders' equity		105,325	104,243	[1]
Virginia Electric and Power Company
Current Assets
Cash and cash equivalents		21	22	[4]
Customer receivables (less allowance for doubtful accounts)		1,227	1,578	[4]
Other receivables (less allowance for doubtful accounts)		196	204	[4]
Affiliated receivables		7	7	[4]
Inventories		962	924	[4]
Derivative assets	[5]	91	765	[4]
Margin deposit assets		54	310	[4]
Regulatory assets		820	1,140	[4]
Other		49	52	[4]
Total current assets		3,427	5,002	[4]
Investments
Nuclear decommissioning trust funds		3,360	3,202	[4]
Other		3	3	[4]
Total investments		3,363	3,205	[4]
Property, Plant and Equipment
Property, plant and equipment		55,800	54,697	[4]
Accumulated depreciation, depletion and amortization		(16,466)	(16,218)	[4]
Total property, plant and equipment, net		39,334	38,479	[4]
Deferred Charges and Other Assets
Regulatory assets		4,151	4,247	[4]
Other	[5]	2,343	2,261	[4]
Total deferred charges and other assets		6,494	6,508	[4]
Total assets		52,618	53,194	[4]
Current Liabilities
Securities due within one year		378	1,164	[4]
Short-term debt		1,010	941	[4]
Accounts payable		485	600	[4]
Payables to affiliates		203	255	[4]
Affiliated current borrowings		1,203	2,024	[4]
Accrued interest, payroll and taxes		344	270	[4]
Derivative liabilities	[5]	152	298	[4]
Regulatory liabilities		309	506	[4]
Other		972	1,176	[4]
Total current liabilities		5,056	7,234	[4]
Long-Term Debt
Long-term debt		16,050	14,916	[4]
Other		73	65	[4]
Total long-term debt		16,123	14,981	[4]
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits		3,463	3,452	[4]
Regulatory liabilities		5,557	5,499	[4]
Other	[5]	4,826	4,783	[4]
Total deferred credits and other liabilities		13,846	13,734	[4]
Total liabilities		35,025	35,949	[4]
Commitments and Contingencies (see Note 17)
Shareholders' Equity
Common stock - no par	[6]	5,738	5,738	[4]
Other paid-in capital		1,113	1,113	[4]
Retained earnings		10,738	10,385	[4]
Accumulated other comprehensive loss		4	9	[4]
Shareholders' equity		17,593	17,245	[4]
Total liabilities and shareholders' equity		$ 52,618	$ 53,194	[4]

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[2] See Note 10 for amounts attributable to related parties.

[3] 1.8 billion shares authorized; 836 million and 835 million shares outstanding at March 31, 2023 and December 31, 2022, respectively.

[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[5] See Note 19 for amounts attributable to affiliates.

[6] 500,000 shares authorized; 274,723 shares outstanding at March 31, 2023 and December 31, 2022.

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Customer receivables, allowance for doubtful accounts	$ 33,000,000	$ 31,000,000
Other receivables, allowance for doubtful accounts	$ 3,000,000	$ 3,000,000
Common stock, shares authorized	1,800,000,000	1,800,000,000
Common stock, shares outstanding	836,000,000	835,000,000
Virginia Electric and Power Company
Customer receivables, allowance for doubtful accounts	$ 21,000,000	$ 21,000,000
Other receivables, allowance for doubtful accounts	$ 1,000,000	$ 2,000,000
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	274,723	274,723

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Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total		Preferred Stock	Common Stock	Retained Earnings	AOCI	Total Shareholders' Equity
Beginning balance at Dec. 31, 2021	$ 27,308		$ 1,783	$ 21,610	$ 5,373	$ (1,458)	$ 27,308
Beginning balance (in shares) at Dec. 31, 2021			2	810
Net income including noncontrolling interests	711				711		711
Issuance of stock	45			$ 45			45
Issuance of stock (in shares)				1
Stock awards (net of change in unearned compensation)	2			$ 2			2
Preferred stock dividends (see Note 16)	(27)				(27)		(27)
Common stock dividends and distributions	(541)				(541)		(541)
Other comprehensive income, net of tax	22					22	22
Ending balance at Mar. 31, 2022	27,520		$ 1,783	$ 21,657	5,516	(1,436)	27,520
Ending balance (in shares) at Mar. 31, 2022			2	811
Beginning balance at Dec. 31, 2022	27,881	[1]	$ 1,783	$ 23,605	4,065	(1,572)	27,881
Beginning balance (in shares) at Dec. 31, 2022			2	835
Net income including noncontrolling interests	997				997		997
Issuance of stock	43			$ 43			43
Issuance of stock (in shares)				1
Stock awards (net of change in unearned compensation)	4			$ 4			4
Preferred stock dividends (see Note 16)	(20)				(20)		(20)
Common stock dividends and distributions	(557)				(557)		(557)
Other comprehensive income, net of tax	7					7	7
Other	1				1		1
Ending balance at Mar. 31, 2023	$ 28,356		$ 1,783	$ 23,652	$ 4,486	$ (1,565)	$ 28,356
Ending balance (in shares) at Mar. 31, 2023			2	836

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Stockholders Equity [Abstract]
Dividends declared per common share	$ 0.6675	$ 0.6675

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net income including noncontrolling interests	$ 997	$ 711
Net income	997	711
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)	799	773
Deferred income taxes and investment tax credits	174	246
Impairment of assets and other charges (benefit)	98	(13)
Losses (gains) on sales of assets and equity method investments	0	(34)
Net (gains) losses on nuclear decommissioning trust funds and other investments	(134)	113
Other adjustments	23	(72)
Changes in:
Accounts receivable	519	28
Inventories	(21)	80
Deferred fuel and purchased gas costs, net	89	(256)
Prepayments	43	21
Accounts payable	(588)	52
Accrued interest, payroll and taxes	(161)	(192)
Margin deposit assets and liabilities	286	(52)
Net realized and unrealized changes related to derivative activities	232	29
Pension and other postretirement benefits	(122)	(117)
Other operating assets and liabilities	(137)	(192)
Net cash provided by operating activities	2,097	1,125
Investing Activities
Plant construction and other property additions (including nuclear fuel)	(2,220)	(1,622)
Acquisition of solar development projects	(11)	(37)
Proceeds from sales of securities	544	814
Purchases of securities	(607)	(824)
Proceeds from sale of assets and equity method investments	0	146
Contributions to equity method affiliates	(10)	(15)
Other	(2)	(36)
Net cash used in investing activities	(2,302)	(1,574)
Financing Activities
Issuance (repayment) of short-term debt, net	123	234
364-day term loan facility borrowings	2,500
Issuance of long-term debt	1,500	1,000
Repayment of long-term debt	(2,197)	(39)
Supplemental credit facility borrowings	450
Issuance of common stock	43	45
Common dividend payments	(557)	(541)
Other	(42)	(64)
Net cash provided by (used in) financing activities	1,820	635
Increase (decrease) in cash, restricted cash and equivalents	1,615	186
Cash, restricted cash and equivalents at beginning of period	341	408
Cash, restricted cash and equivalents at end of period	1,956	594
Virginia Electric and Power Company
Operating Activities
Net income	353	357
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)	492	425
Deferred income taxes and investment tax credits	(3)	105
Impairment of assets and other charges (benefit)	7
Other adjustments	(9)	3
Changes in:
Accounts receivable	348	76
Affiliated receivables and payables	(52)	9
Inventories	(39)	34
Deferred fuel and purchased gas costs, net	193	(297)
Prepayments		3
Accounts payable	(103)	90
Accrued interest, payroll and taxes	73	57
Margin deposit assets and liabilities	255	(125)
Net realized and unrealized changes related to derivative activities	449	215
Other operating assets and liabilities	(16)	(267)
Net cash provided by operating activities	1,948	685
Investing Activities
Plant construction and other property additions	(1,420)	(1,037)
Purchases of nuclear fuel	(52)	(27)
Acquisition of solar development projects	(11)	(37)
Proceeds from sales of securities	373	392
Purchases of securities	(405)	(415)
Other	(4)	(5)
Net cash used in investing activities	(1,519)	(1,129)
Financing Activities
Issuance (repayment) of short-term debt, net	69	(59)
Repayment of affiliated current borrowings, net	(821)	(464)
Issuance of long-term debt	1,500	1,000
Repayment of long-term debt	(1,148)
Other	(31)	(23)
Net cash provided by (used in) financing activities	(431)	454
Increase (decrease) in cash, restricted cash and equivalents	(2)	10
Cash, restricted cash and equivalents at beginning of period	24	26
Cash, restricted cash and equivalents at end of period	$ 22	$ 36

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Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total		Common Stock	Retained Earnings	AOCI	Virginia Electric and Power Company		Virginia Electric and Power Company Common Stock	Virginia Electric and Power Company Other Paid-In Capital	Virginia Electric and Power Company Retained Earnings	Virginia Electric and Power Company AOCI
Beginning balance at Dec. 31, 2021					$ (1,458)	$ 15,980		$ 5,738	$ 1,113	$ 9,170	$ (41)
Beginning balance (in shares) at Dec. 31, 2021			810,000					275
Net income	$ 711					357				357
Other comprehensive loss, net of tax	22				22	12					12
Other						(1)				(1)
Ending balance at Mar. 31, 2022					(1,436)	16,348		$ 5,738	1,113	9,526	(29)
Ending balance (in shares) at Mar. 31, 2022			811,000					275
Beginning balance at Dec. 31, 2022	27,881	[1]			(1,572)	17,245	[2]	$ 5,738	1,113	10,385	9
Beginning balance (in shares) at Dec. 31, 2022			835,000					275
Net income	997					353				353
Other comprehensive loss, net of tax	7				7	(5)					(5)
Other	1			$ 1
Ending balance at Mar. 31, 2023	$ 28,356				$ (1,565)	$ 17,593		$ 5,738	$ 1,113	$ 10,738	$ 4
Ending balance (in shares) at Mar. 31, 2023			836,000					275

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Nature of Operations

3 Months Ended

Mar. 31, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Operations

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S., nonregulated electric generation and a noncontrolling interest in Cove Point.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

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, 2022.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023, and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. 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 and expenses 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.

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’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 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, 2022, with the exception of the items described below.

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022:

	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	March 31, 2023		March 31, 2022		December 31, 2022		December 31, 2021
(millions)
Dominion Energy
Cash and cash equivalents(1)	$	1,792	$	446	$	153	$	283
Restricted cash and equivalents(2)		164		148		188		125
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	1,956	$	594	$	341	$	408
Virginia Power
Cash and cash equivalents	$	21	$	36	$	22	$	26
Restricted cash and equivalents(2)		1		—		2		—
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	22	$	36	$	24	$	26

(1)At March 31, 2022, Dominion Energy had $2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021.

(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,	2023		2022
(millions)
Significant noncash investing and financing activities:(1)
Accrued capital expenditures	$	671	$	425
Leases(2)		117		24

(1)See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation.

(2)Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.

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

Three Months Ended March 31,	2023		2022
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	460	$	252
Leases(1)		99		21

(1)Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively.

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Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2023

Text Block [Abstract]

Acquisitions and Dispositions

Note 3. Acquisitions and Dispositions

Disposition of Gas Transmission & Storage Operations

In December 2021, Dominion Energy completed the sale of the Q-Pipe Group to Southwest Gas, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the first quarter of 2022, Dominion Energy recognized a gain of $27 million ($20 million after-tax) in discontinued operations in its Consolidated Statements of Income associated with finalization of working capital adjustments.

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Operating Revenue

3 Months Ended

Mar. 31, 2023

Text Block [Abstract]

Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

	Dominion Energy					Virginia Power
Three Months Ended March 31,	2023		2022			2023		2022
(millions)
Regulated electric sales:
Residential	$	1,286	$	1,287		$	1,010	$	1,015
Commercial		1,070		898			866		717
Industrial		220		197			116		103
Government and other retail		244		272			229		258
Wholesale		44		47			29		32
Nonregulated electric sales		257		367			11		14
Regulated gas sales:
Residential		862		769
Commercial		314		273
Other		35		45
Nonregulated gas sales		1		1
Regulated gas transportation and storage		311		297
Other regulated revenues		62		46			74		51
Other nonregulated revenues(1)(2)		50		48			11		6
Total operating revenue from contracts with customers		4,756		4,547			2,346		2,196
Other revenues(1)(3)		496		(268	)		38		(29	)
Total operating revenue	$	5,252	$	4,279		$	2,384	$	2,167

(1)See Note 19 for amounts attributable to affiliates.

(2)Includes sales which are considered to be goods transferred at a point in time of $8 million and $11 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $3 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power.

(3)Includes alternative revenue of $57 million and $30 million at Dominion Energy and $27 million and $8 million at Virginia Power for the three months ended March 31, 2023 and 2022, respectively.

The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when Dominion Energy expects to recognize this revenue. These revenues relate to contracts containing fixed prices where Dominion Energy will earn the associated revenue over time as it stands ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which Dominion Energy elects to recognize revenue in the amount it has a right to invoice.

Revenue expected to be recognized on multi-year    contracts in place at March 31, 2023	2023		2024		2025		2026		2027		Thereafter		Total
(millions)
Dominion Energy(1)	$	51	$	61	$	54	$	48	$	46	$	402	$	662

(1)Includes no amounts for Virginia Power.

At March 31, 2023 and December 31, 2022, Dominion Energy’s contract liability balances were $93 million and $150 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022, Virginia Power’s contract liability balances were $51 million and $39 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its 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, 2023 and 2022, Dominion Energy recognized revenue of $145 million and $119 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2023 and 2022, Virginia Power recognized $39 million and $33 million, respectively, from the beginning contract liability balances.

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Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 5. Income Taxes

For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

	Dominion Energy						Virginia Power
Three Months Ended March 31,	2023			2022			2023			2022
U.S. statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
Increases (reductions) resulting from:
Recognition of taxes - sale of    subsidiary stock		—			9.4
State taxes, net of federal benefit		3.4			3.3			4.6			4.4
Investment tax credits		(2.3	)		(3.9	)		(0.3	)		(6.7	)
Production tax credits		(0.4	)		(0.4	)		(0.7	)		(0.8	)
Reversal of excess deferred income    taxes		(2.7	)		(4.1	)		(2.7	)		(3.0	)
Changes in state deferred taxes associated    with assets held for sale		—			0.5
AFUDC - equity		(0.1	)		(0.6	)		0.2			(0.9	)
Other, net		(0.8	)		0.2			(0.2	)		0.6
Effective tax rate		18.1	%		25.4	%		21.9	%		14.6	%

In the first quarter of 2022, Dominion Energy entered into an agreement to sell 100% of the equity interests in Hope in a stock sale for income tax purposes. Upon meeting the classification as held for sale, Dominion Energy established $87 million of deferred tax liabilities reflecting the excess of the financial reporting basis over the tax basis in Hope’s stock. These deferred taxes reversed upon closing of the sale in August 2022 and became a component of current income tax expense on the sale. See Note 3 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the sale of Hope.

As of March 31, 2023, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of these unrecognized tax benefits.

Discontinued operations

Income tax (benefit) expense reflected in discontinued operations is $(1) million and $6 million for the three months ended March 31, 2023 and 2022, respectively.

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Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 6. Earnings Per Share

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

Three Months Ended March 31,	2023			2022
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	1,002		$	692
Preferred stock dividends (see Note 16)		(20	)		(27	)
Net income attributable to Dominion Energy from continuing operations – Basic		982			665
Dilutive effect of 2019 Equity Units(1)		—			7
Net income attributable to Dominion Energy from continuing operations - Diluted	$	982		$	672
Net income (loss) attributable to Dominion Energy from discontinued operations -    Basic & Diluted	$	(5	)	$	19
Average shares of common stock outstanding – Basic		835.2			810.6
Net effect of dilutive securities(2)		0.3			21.4
Average shares of common stock outstanding – Diluted		835.5			832.0
EPS from continuing operations – Basic	$	1.18		$	0.82
EPS from discontinued operations – Basic		(0.01	)		0.02
EPS attributable to Dominion Energy – Basic	$	1.17		$	0.84
EPS from continuing operations – Diluted	$	1.18		$	0.81
EPS from discontinued operations – Diluted		(0.01	)		0.02
EPS attributable to Dominion Energy – Diluted	$	1.17		$	0.83

(1)Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends.

(2)Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

The 2019 Equity Units, prior to settlement in June 2022, were a potentially dilutive instrument. See Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

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

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Pension and other postretirement benefit costs(4)			Equity Method Investees(5)			Total
(millions)
Three Months Ended March 31, 2023
Beginning balance	$	(249	)	$	(44	)	$	(1,276	)	$	(3	)	$	(1,572	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		(9	)		17			—			1			9
Amounts reclassified from AOCI:     (gains) losses
Interest and related charges (benefit)		11			—			—			—			11
Other income (expense)		—			2			(15	)		—			(13	)
Total		11			2			(15	)		—			(2	)
Income tax expense (benefit)		(3	)		(1	)		4			—			—
Total, net of tax		8			1			(11	)		—			(2	)
Net current period other comprehensive     income (loss)		(1	)		18			(11	)		1			7
Ending balance	$	(250	)	$	(26	)	$	(1,287	)	$	(2	)	$	(1,565	)
Three Months Ended March 31, 2022
Beginning balance	$	(358	)	$	37		$	(1,133	)	$	(4	)	$	(1,458	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		25			(62	)		28			1			(8	)
Amounts reclassified from AOCI:     (gains) losses
Interest and related charges (benefit)		14			—			—			—			14
Other income (expense)		—			4			23			—			27
Total		14			4			23			—			41
Income tax expense (benefit)		(4	)		(1	)		(6	)		—			(11	)
Total, net of tax		10			3			17			—			30
Net current period other comprehensive     income (loss)		35			(59	)		45			1			22
Ending balance	$	(323	)	$	(22	)	$	(1,088	)	$	(3	)	$	(1,436	)

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

(2)Net of $83 million, $83 million, $107 million and $119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(3)Net of $6 million, $13 million, $8 million and $(10) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(4)Net of $449 million, $445 million, $380 million and $396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(5)Net of $— million, $1 million, $1 million and $1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

Virginia Power

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

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Total
(millions)
Three Months Ended March 31, 2023
Beginning balance	$	16		$	(7	)	$	9
Other comprehensive income (loss) before     reclassifications: gains (losses)		(9	)		4			(5	)
Net current period other comprehensive income (loss)		(9	)		4			(5	)
Ending balance	$	7		$	(3	)	$	4
Three Months Ended March 31, 2022
Beginning balance	$	(45	)	$	4		$	(41	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		19			(7	)		12
Amounts reclassified from AOCI: (gains) losses
Interest and related charges (benefit)		1			—			1
Other income (expense)		—			(1	)		(1	)
Total		1			(1	)		—
Income tax expense		—			—			—
Total, net of tax		1			(1	)		—
Net current period other comprehensive income (loss)		20			(8	)		12
Ending balance	$	(25	)	$	(4	)	$	(29	)

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

(2)Net of $(2) million, $(5) million, $9 million and $16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(3)Net of $1 million, $2 million, $1 million and $(2) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8. 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, 2022. See Note 9 in this report 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 option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the 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, 2023. 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)	$	6	(2)-5	—	$	6	(2)-3	—
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		37	1-7	4		37	1-7	4
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		152	18-110	48		—	—	—
Physical options:
Natural gas(2)	Option model	Market price    (per Dth)	(3)		16	1-10	4		16	1-10	4
		Price volatility	(4)			23%-74%	53%			23%-74%	53%
Total assets				$	211			$	59
Liabilities
Physical and financial forwards:
Natural gas(2)	Discounted    cash flow	Market price    (per Dth)	(3)	$	3	(2)-3	(1)	$	3	(2)-0	(1)
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		1	0-7	3		1	0-7	3
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		1	34-129	63		—	—	—
Total    liabilities				$	5			$	4

(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 nonrecurring fair value measurements associated with Dominion Energy’s noncontrolling ownership interest in Dominion Privatization.

In the first quarter of 2023, Dominion Energy recorded a charge of $91 million ($68 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. The corporate office building is reflected in the Corporate and Other segment and presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2023.

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, 2023
Assets
Derivatives:
Commodity	$	—	$	237	$	211	$	448	$	—	$	83	$	59	$	142
Interest rate		—		748		—		748		—		90		—		90
Foreign currency exchange rate		—		1		—		1		—		1		—		1
Investments(1):
Equity securities:
U.S.		4,052		—		—		4,052		2,155		—		—		2,155
Fixed income:
Corporate debt instruments		—		544		—		544		—		329		—		329
Government securities		165		1,137		—		1,302		92		605		—		697
Cash equivalents and other		36		—		—		36		11		—		—		11
Total assets	$	4,253	$	2,667	$	211	$	7,131	$	2,258	$	1,108	$	59	$	3,425
Liabilities
Derivatives:
Commodity	$	—	$	388	$	5	$	393	$	—	$	177	$	4	$	181
Interest rate		—		403		—		403		—		62		—		62
Foreign currency exchange rate		—		93		—		93		—		93		—		93
Total liabilities	$	—	$	884	$	5	$	889	$	—	$	332	$	4	$	336
December 31, 2022
Assets
Derivatives:
Commodity	$	—	$	332	$	437	$	769	$	—	$	32	$	236	$	268
Interest rate		—		1,407		—		1,407		—		614		—		614
Investments(1):
Equity securities:
U.S.		3,810		—		—		3,810		2,028		—		—		2,028
Fixed income:
Corporate debt instruments		—		576		—		576		—		360		—		360
Government securities		161		1,059		—		1,220		90		542		—		632
Total assets	$	3,971	$	3,374	$	437	$	7,782	$	2,118	$	1,548	$	236	$	3,902
Liabilities
Derivatives:
Commodity	$	—	$	911	$	15	$	926	$	—	$	333	$	15	$	348
Interest rate		—		377		—		377		—		7		—		7
Foreign currency exchange rate		—		101		—		101		—		101		—		101
Total liabilities	$	—	$	1,389	$	15	$	1,404	$	—	$	441	$	15	$	456

(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $381 million and $404 million of assets at Dominion Energy, inclusive of $152 million and $161 million at Virginia Power, at March 31, 2023 and December 31, 2022, respectively, 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
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Beginning balance	$	422		$	222		$	221		$	102
Total realized and unrealized gains (losses):
Included in earnings:
Electric fuel and other energy-related purchases		(51	)		48			(52	)		45
Included in regulatory assets/liabilities		(216	)		(20	)		(166	)		(80	)
Settlements		35			(48	)		36			(45	)
Purchases		16			—			16			—
Transfers out of Level 3		—			—			—			—
Ending balance	$	206		$	202		$	55		$	22

Dominion Energy had less than $1 million of 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, 2023 and no such amounts for the three months ended March 31, 2022. Virginia Power had no such amounts for the three months ended March 31, 2023 and 2022.

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, 2023
Long-term debt(2)	$	41,920	$	39,771	$	16,400	$	15,314
Supplemental credit facility borrowings		900		900
Junior subordinated notes(2)		1,387		1,350
December 31, 2022
Long-term debt(2)	$	39,680	$	36,426	$	15,616	$	14,067
Supplemental credit facility borrowings		450		450
Junior subordinated notes(2)		1,387		1,340

(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.

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Derivatives and Hedge Accounting Activities

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedge Accounting Activities

Note 9. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives.

Cash collateral is used in the table below to offset derivative assets and liabilities. In February 2022, Dominion Energy entered into contracts representing offsetting positions to certain existing exchange contracts with collateral requirements as well as new over-the-counter transactions that are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 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, 2023
Commodity contracts:
Over-the-counter	$	238	$	91	$	—	$	147	$	128	$	57	$	—	$	71
Exchange		59		59		—		—		13		13		—		—
Interest rate contracts:
Over-the-counter		748		202		—		546		90		10		—		80
Foreign currency exchange rate contracts:
Over-the-counter		1		1		—		—		1		1		—		—
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,046	$	353	$	—	$	693	$	232	$	81	$	—	$	151
December 31, 2022
Commodity contracts:
Over-the-counter	$	408	$	28	$	—	$	380	$	238	$	7	$	—	$	231
Exchange		160		159		—		1		—		—		—		—
Interest rate contracts:
Over-the-counter		1,407		248		—		1,159		614		38		—		576
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,975	$	435	$	—	$	1,540	$	852	$	45	$	—	$	807

(1)Excludes derivative assets of $151 million and $201 million at Dominion Energy and $1 million and $30 million at Virginia Power at March 31, 2023 and December 31, 2022, 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, 2023
Commodity contracts:
Over-the-counter	$	219	$	100	$	—	$	119	$	82	$	66	$	—	$	16
Exchange		174		59		115		—		31		13		18		—
Interest rate contracts:
Over-the-counter		403		193		1		209		62		1		—		61
Foreign currency exchange rate contracts:
Over-the-counter		93		1		—		92		93		1		—		92
Total derivatives,    subject to a    master netting    or similar    arrangement	$	889	$	353	$	116	$	420	$	268	$	81	$	18	$	169
December 31, 2022
Commodity contracts:
Over-the-counter	$	443	$	34	$	71	$	338	$	146	$	13	$	71	$	62
Exchange		483		159		324		—		176		—		176		—
Interest rate contracts:
Over-the-counter		377		210		1		166		7		—		—		7
Foreign currency exchange rate contracts:
Over-the-counter		101		32		—		69		101		32		—		69
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,404	$	435	$	396	$	573	$	430	$	45	$	247	$	138

(1)Excludes derivative liabilities of $68 million and $26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of the Companies' derivative activity at March 31, 2023. 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 its long and short positions.

	Dominion Energy				Virginia Power
	Current		Noncurrent		Current		Noncurrent
Natural Gas (bcf):
Fixed price		56		15		53		15
Basis(1)		160		405		148		402
Electricity (MWh in millions):
Fixed price		16		45		8		15
FTRs		18		—		18		—
Oil (Gal in millions)		6		—		6		—
Interest rate(2) (in millions)	$	526	$	11,782	$	125	$	2,750
Foreign currency exchange rate(2) (in millions)
Danish Krone	344 kr.		4,167 kr.		344 kr.		4,167 kr.
Euro	€676		€2,131		€676		€2,131

(1)Includes options.

(2)Maturity is determined based on final settlement period.

AOCI

The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023:

	Dominion Energy							Virginia Power
	AOCI After-Tax			Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax			Maximum Term	AOCI After-Tax		Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax		Maximum Term
(millions)
Interest rate	$	(250	)	$	(33	)	393 months	$	7	$	—	393 months
Total	$	(250	)	$	(33	)		$	7	$	—

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
	Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value		Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value
(millions)
At March 31, 2023
ASSETS
Current Assets
Commodity	$	—	$	157	$	157	$	—	$	79	$	79
Interest rate		11		95		106		11		—		11
Foreign currency exchange rate		—		1		1		—		1		1
Total current derivative assets		11		253		264		11		80		91
Noncurrent Assets
Commodity		—		291		291		—		63		63
Interest rate		79		563		642		79		—		79
Total noncurrent derivative assets(1)		79		854		933		79		63		142
Total derivative assets	$	90	$	1,107	$	1,197	$	90	$	143	$	233
LIABILITIES
Current Liabilities
Commodity	$	—	$	309	$	309	$	—	$	145	$	145
Interest rate		—		55		55		—		—		—
Foreign currency exchange rate		—		7		7		—		7		7
Total current derivative liabilities		—		371		371		—		152		152
Noncurrent Liabilities
Commodity		—		84		84		—		36		36
Interest rate		62		286		348		62		—		62
Foreign currency exchange rate		—		86		86		—		86		86
Total noncurrent derivative liabilities(2)		62		456		518		62		122		184
Total derivative liabilities	$	62	$	827	$	889	$	62	$	274	$	336
At December 31, 2022
ASSETS
Current Assets
Commodity	$	—	$	532	$	532	$	—	$	264	$	264
Interest rate		501		104		605		501		—		501
Total current derivative assets		501		636		1,137		501		264		765
Noncurrent Assets
Commodity		—		237		237		—		4		4
Interest rate		113		689		802		113		—		113
Total noncurrent derivative assets(1)		113		926		1,039		113		4		117
Total derivative assets	$	614	$	1,562	$	2,176	$	614	$	268	$	882
LIABILITIES
Current Liabilities
Commodity	$	—	$	700	$	700	$	—	$	290	$	290
Interest rate		—		70		70		—		—		—
Foreign currency exchange rate		—		8		8		—		8		8
Total current derivative liabilities		—		778		778		—		298		298
Noncurrent Liabilities
Commodity		—		226		226		—		58		58
Interest rate		7		300		307		7		—		7
Foreign currency exchange rate		—		93		93		—		93		93
Total noncurrent derivative liabilities(2)		7		619		626		7		151		158
Total derivative liabilities	$	7	$	1,397	$	1,404	$	7	$	449	$	456

(1)Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.

(2)Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ 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, 2023
Derivative type and location of gains (losses):
Interest rate(3)	$	(12	)	$	(11	)	$	(120	)	$	(12	)	$	—		$	(120	)
Total	$	(12	)	$	(11	)	$	(120	)	$	(12	)	$	—		$	(120	)
Three Months Ended March 31, 2022
Derivative type and location of gains (losses):
Interest rate(3)	$	33			(14	)	$	279		$	26		$	(1	)	$	279
Total	$	33		$	(14	)	$	279		$	26		$	(1	)	$	279

(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 Statement 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
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue	$	395		$	(330	)	$	9		$	(41	)
Purchased gas		94			2
Electric fuel and other energy-related purchases		(45	)		59			(46	)		57
Interest rate:
Interest and related charges		(102	)		196
Total	$	342		$	(73	)	$	(37	)	$	16

(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 plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.

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Investments

3 Months Ended

Mar. 31, 2023

Investments Debt And Equity Securities [Abstract]

Investments

Note 10. Investments

Dominion Energy

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 $108 million and $111 million at March 31, 2023 and December 31, 2022, respectively.

Decommissioning Trust Securities

The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. The Companies' decommissioning trust funds are 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, 2023
Equity securities:(1)
U.S.	$	1,392	$	2,708	$	(25	)				$	4,075	$	867	$	1,407	$	(22	)				$	2,252
Fixed income securities:(2)
Corporate debt    instruments		586		3		(46	)		$	—		543		360		2		(33	)		$	—		329
Government    securities		1,299		12		(42	)			—		1,269		709		7		(19	)			—		697
Common/    collective    trust funds		74		—		—				—		74		54		—		—				—		54
Insurance contracts		232		—		—						232
Cash equivalents    and other(3)		69		—		—				—		69		28		—		—				—		28
Total	$	3,652	$	2,723	$	(113	)	(4)	$	—	$	6,262	$	2,018	$	1,416	$	(74	)	(4)	$	—	$	3,360
December 31, 2022
Equity securities:(1)
U.S.	$	1,378	$	2,501	$	(46	)				$	3,833	$	858	$	1,304	$	(35	)				$	2,127
Fixed income securities:(2)
Corporate debt    instruments		640		1		(65	)		$	—		576		406		1		(47	)		$	—		360
Government    securities		1,252		4		(70	)			—		1,186		664		2		(35	)			—		631
Common/    collective    trust funds		98		—		—				—		98		61		—		—				—		61
Insurance contracts		221		—		—						221
Cash equivalents    and other(3)		43		—		—				—		43		23		—		—				—		23
Total	$	3,632	$	2,506	$	(181	)	(4)	$	—	$	5,957	$	2,012	$	1,307	$	(117	)	(4)	$	—	$	3,202

(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)Dominion Energy includes pending sales of securities of $33 million and $42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $17 million and $24 million at March 31, 2023, and December 31, 2022, respectively.

(4)Dominion Energy's fair value of securities in an unrealized loss position was $1.2 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. Virginia Power's fair value of securities in an unrealized loss position was $627 million and $946 million at March 31, 2023 and December 31, 2022, respectively.

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

	Dominion Energy					Virginia Power
Three Months Ended March 31,	2023		2022			2023		2022
(millions)
Net gains (losses) recognized during the period	$	226	$	(206	)	$	116	$	(102	)
Less: Net (gains) losses recognized during the period    on securities sold during the period		2		(1	)		1		(4	)
Unrealized gains (losses) recognized during the period    on securities still held at period end(1)	$	228	$	(207	)	$	117	$	(106	)

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

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2023 by contractual maturity is as follows:

	Dominion Energy		Virginia Power
(millions)
Due in one year or less	$	90	$	58
Due after one year through five years		500		274
Due after five years through ten years		420		245
Due after ten years		876		503
Total	$	1,886	$	1,080

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

	Dominion Energy				Virginia Power
Three Months Ended March 31,	2023		2022		2023		2022
(millions)
Proceeds from sales	$	544	$	814	$	373	$	392
Realized gains(1)		21		40		17		16
Realized losses(1)		41		54		31		19

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

Equity Method Investments

Dominion Energy recorded equity earnings on its investments of $80 million for both the three months ended March 31, 2023 and 2022, in earnings from equity method investees in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity losses of $1 million and $2 million for the three months ended March 31, 2023 and 2022, respectively, in discontinued operations related to its investment in Atlantic Coast Pipeline. Dominion Energy received distributions of $85 million and $76 million for the three months ended March 31, 2023 and 2022, respectively. Dominion Energy made contributions of $10 million and $74 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $217 million and $223 million, respectively. At March 31, 2023, these differences are primarily comprised of $9 million of equity method goodwill that is not being amortized and a $213 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets. At December 31, 2022, these differences are comprised of $9 million of equity method goodwill that is not being amortized, $215 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets and a net $(1) million basis difference primarily attributable to capitalized interest.

Cove Point

Dominion Energy holds a 50% noncontrolling limited partnership interest in Cove Point which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

Dominion Energy recorded distributions from Cove Point of $83 million and $76 million for the three months ended March 31, 2023 and 2022, respectively.

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, 2022.

At March 31, 2023 and December 31, 2022, Dominion Energy has recorded a liability of $100 million and $114 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs.

Dominion Energy recorded $6 million of contributions to Atlantic Coast Pipeline during the three months ended March 31, 2023. Dominion Energy made no contributions to Atlantic Coast Pipeline during the three months ended March 31, 2022.

Dominion Energy expects to 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.

Wrangler

A description of Dominion Energy’s investment in Wrangler (through March 2022) is included in Note 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.

In March 2022, Dominion Energy sold its remaining 15% noncontrolling partnership interest in Wrangler to Interstate Gas Supply, Inc. for cash consideration of $85 million. Dominion Energy recognized a gain of $11 million ($8 million after-tax), included in other income (expense), in its Consolidated Statements of Income for the three months ended March 31, 2022.

Dominion Privatization

Dominion Energy holds a 50% noncontrolling ownership interest in Dominion Privatization which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

In March 2022, Dominion Energy completed its initial contribution of privatization operations in South Carolina (excluding contracts held by DESC), Texas and Pennsylvania to Dominion Privatization for total consideration of $120 million, subject to customary closing adjustments, comprised of $60 million in cash proceeds and a 50% noncontrolling ownership interest in Dominion Privatization with an initial fair value of $60 million, estimated using the market approach. This was considered a Level 2 fair value measurement given that it was based on the agreed-upon sales price. In the first quarter of 2022, Dominion Energy recorded a gain of $23 million ($16 million after-tax), presented in losses (gains) on sales of assets in its Consolidated Statements of Income.

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Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 11. Property, Plant and Equipment

Acquisitions of Nonregulated Solar Projects

Other than the item discussed below, there have been no significant updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

In March 2023, Dominion Energy entered into an agreement to acquire the Foxhound solar development project in Virginia (reflected in Contracted Assets) with closing on the agreement expected in 2024. The project is expected to cost approximately $205 million, including the initial acquisition cost, and commence commercial operations in 2024 with a generating capacity of 83 MW. Dominion Energy expects to claim production tax credits on the energy generated and sold by the project. Dominion Energy anticipates that an impairment charge may be required upon closing given its expectation that it is more likely that not that the nonregulated solar generation projects within Contracted Assets will be sold before the end of their useful lives as described in Note 10 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.

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Regulatory Assets and Liabilities

3 Months Ended

Mar. 31, 2023

Regulated Operations [Abstract]

Regulatory Assets and Liabilities

Note 12. Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

	Dominion Energy				Virginia Power
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
(millions)
Regulatory assets:
Deferred cost of fuel used in electric generation(1)	$	537	$	603	$	118	$	133
Deferred project costs and DSM programs for gas utilities(2)		48		68
Unrecovered gas costs(3)		551		374
Deferred rider costs for Virginia electric utility(4)		90		152		90		152
Ash pond and landfill closure costs(5)		205		221		205		221
Deferred nuclear refueling outage costs(6)		66		83		66		83
NND Project costs(7)		138		138
Deferred early plant retirement charges(8)		169		226		169		226
Derivatives(9)		116		262		112		251
Other		236		213		60		74
Regulatory assets-current		2,156		2,340		820		1,140
Unrecognized pension and other postretirement benefit costs(10)		971		989		4		4
Deferred rider costs for Virginia electric utility(4)		496		363		496		363
Deferred project costs for gas utilities(2)		732		703
Interest rate hedges(11)		169		169		—		—
AROs and related funding(12)		393		398
NND Project costs(7)		2,053		2,088
Ash pond and landfill closure costs(5)		2,033		2,051		2,030		2,049
Deferred cost of fuel used in electric generation(1)		1,400		1,551		1,400		1,551
Derivatives(9)		199		255		92		148
Other		505		520		129		132
Regulatory assets-noncurrent		8,951		9,087		4,151		4,247
Total regulatory assets	$	11,107	$	11,427	$	4,971	$	5,387
Regulatory liabilities:
Provision for future cost of removal and AROs(13)		127		127		111		111
Reserve for refunds and rate credits to electric utility customers(14)		109		125		14		25
Income taxes refundable through future rates(15)		150		152		65		65
Monetization of guarantee settlement(16)		67		67
Derivatives(9)		40		327		31		176
Other		158		148		88		129
Regulatory liabilities-current		651		946		309		506
Income taxes refundable through future rates(15)		4,017		4,054		2,256		2,272
Provision for future cost of removal and AROs(13)		2,537		2,510		1,148		1,135
Nuclear decommissioning trust(17)		1,812		1,685		1,812		1,685
Monetization of guarantee settlement(16)		686		702
Interest rate hedges(11)		107		240		107		240
Reserve for refunds and rate credits to electric utility customers(14)		298		325		—		—
Unrecognized pension and other postretirement benefit costs(10)		18		22
Overrecovered other postretirement benefit costs(18)		146		140
Derivatives(9)		209		235		—		—
Other		262		194		234		167
Regulatory liabilities-noncurrent		10,092		10,107		5,557		5,499
Total regulatory liabilities	$	10,743	$	11,053	$	5,866	$	6,005

(1)Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.

(2)Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current rider projects, including CEP, PIR and certain amounts related to pipeline integrity management. See Note 13 for additional information.

(3)Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority.

(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. See Note 13 for additional information.

(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.

(6)Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These 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)Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

(9)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.

(10)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.

(11)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 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023.

(12)Represents 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.

(13)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.

(14)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. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

(15)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.

(16)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.

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

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

At March 31, 2023, Dominion Energy and Virginia Power regulatory assets include $5.7 billion and $2.7 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.

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Regulatory Matters

3 Months Ended

Mar. 31, 2023

Regulated Operations [Abstract]

Regulatory Matters

Note 13. 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 the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

Virginia Regulation - Key Legislation Affecting Operations

Virginia 2023 Legislation

In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA, and revised portions of the existing regulatory framework affecting Virginia Power’s operations. See Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, for additional information on the Regulation Act and GTSA.

The legislation resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. Such biennial reviews shall include the establishment of an authorized ROE to be utilized for base rates and riders, prospective base rates for the upcoming two-year period based on projected cost of service and a determination by the Virginia Commission as to Virginia Power’s base rate earned return for the most recently completed two-year period against the previously authorized ROE, including any potential credits to customers’ bills.

The legislation provides that the Virginia Commission will establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, reflecting the average authorized ROE of vertically integrated electric utilities by the applicable regulatory commissions in the peer group jurisdictions of Florida, Georgia, Texas, Tennessee, West Virginia, Kentucky and North Carolina. Subsequent to the 2023 Biennial Review, all provisions related to this peer group benchmarking expire and the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations. In all future biennial reviews, if the Virginia Commission determines that Virginia Power’s existing base rates will, on a going-forward basis, produce revenues that are either in excess of or below its authorized rate of return, the Virginia Commission is authorized to reduce or increase such base rates, as applicable and necessary, to ensure that Virginia Power’s base rates are just and reasonable while still allowing Virginia Power to recover its costs and earn a fair rate of return. In addition, beginning with the biennial review to be filed in 2025, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding.

The legislation directs that if the Virginia Commission determines as part of the 2023 Biennial Review that Virginia Power has earned more than 70 basis points above its authorized ROE of 9.35% established in the 2021 Triennial Review that 85% of the amount of such earnings above this level be credited to customers’ bills. In future biennial reviews, beginning with the biennial review to be filed in 2025, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE. For the purposes of measuring any bill credits due to customers, associated income taxes are factored into the determination of such amounts. In addition, the legislation eliminates Virginia Power’s ability to utilize Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects as a CCRO to reduce or offset any earnings otherwise eligible for customer credits as previously permitted under the GTSA.

In addition to the biennial review mechanisms discussed above, the legislation also includes provisions related to other aspects of Virginia Power’s ratemaking framework.

•Riders into base rates: Virginia Power is required to combine certain riders with an aggregate annual revenue requirement of at least $350 million with its base rates effective July 2023. After such riders are combined, they will be considered as part of base rates for the purposes of the biennial review proceedings. The inclusion of such riders cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review.

•Rider consolidation: Upon determination by the Virginia Commission, certain riders, while remaining separate from base rates, may be consolidated for cost recovery and review purposes.

•Capitalization ratio: The legislation establishes that Virginia Power is required to undertake reasonable efforts to maintain a common equity capitalization to total capitalization ratio through December 2024 of 52.10%.

•Fuel cost securitization: Virginia Power is authorized, on or before July 2024, to petition the Virginia Commission for approval of a financing order for certain deferred fuel costs. Virginia Power is required to permit certain retail customers to opt out of any such deferred fuel cost securitization.

•Electric generation plant retirements: The Virginia Commission shall provide to the Virginia General Assembly, on an annual basis, a report that includes information concerning the reliability impacts of generation unit additions and retirement determinations, along with the potential impact on the purchase of power from generation assets outside of the Virginia jurisdiction, the result of which could impact the depreciable lives of Virginia Power’s electric generation facilities in future periods.

Virginia Regulation - Recent Developments

Virginia Fuel Expenses

In May 2023, Virginia Power filed its annual fuel factor filing with the Virginia Commission to recover an estimated $2.3 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2023 and a projected $1.3 billion under-recovered balance as of June 30, 2023. The projected under-recovered balance includes $578 million representing the remaining two years of under-recovered balance as of June 30, 2022 being collected over a three-year period in accordance with the Virginia Commission’s approval of Virginia Power’s 2022 annual fuel factor as described in Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Virginia Power proposed two alternatives to recover these under-collected fuel costs. The first option reflects recovery of the total $3.3 billion fuel cost requirement over the July 2023 through June 2024 fuel period and results in an increase in Virginia Power’s fuel revenues of $631 million when applied to projected kilowatt-hour sales for the period. The second option proposed by Virginia Power incorporates its anticipated July 2023 application to the Virginia Commission for approval of a financing order to securitize up to the projected $1.3 billion under-recovered balance as of June 30, 2023 as permitted under legislation enacted in Virginia in April 2023. Under this option, Virginia Power proposed implementation of the current period fuel factor rate only effective July 2023 on an interim basis, while suspending implementation of the prior-period fuel factor rate pending the Virginia Commission’s consideration of the securitization petition. If approved by the Virginia Commission, the securitization option results in a net decrease in Virginia Power’s fuel revenues for the rate year of approximately $541 million. In addition, Virginia Power has proposed to alter the order in which revenue from certain customers who elect to pay market-based rates would be allocated between base rates and fuel, which if approved would result in a reduction to fuel revenue of $13 million. This matter is pending.

GTSA Filing

In March 2023, Virginia Power filed a petition with the Virginia Commission for approval of Phase III, covering 2024 through 2026, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan includes 14 projects covering six components (i) AMI; (ii) customer information platform; (iii) grid improvement projects; (iv) physical and cyber security; (v) telecommunications infrastructure and (vi) customer education. For Phase III, the total proposed capital investment is $1.1 billion and the proposed operations and maintenance investment is $71 million. This matter is pending.

Renewable Generation Projects

In October 2022, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct and operate eight utility-scale projects totaling approximately 474 MW of solar generation and 16 MW of energy storage as part of its efforts to meet the renewable generation development requirements under the VCEA. The projects, as of October 2022, are expected to cost approximately $1.2 billion in the aggregate, excluding financing costs, and be placed into service between 2024 through 2025. In April 2023, the Virginia Commission approved the petition.

Riders

Developments for significant riders associated with various Virginia Power projects are as follows:

Rider Name	Application Date	Approval Date	Rate Year Beginning	Total Revenue Requirement (millions)			Increase (Decrease) Over Previous Year (millions)
Rider CCR	February 2023	Pending	December 2023	$	194		$	(37	)
Rider CE(1)	October 2022	April 2023	May 2023		89			18
Rider GT	August 2022	April 2023	June 2023		14			(42	)
Rider R	June 2021	March 2022	April 2023		55	(4)		(4	)
Rider S	June 2021	February 2022	April 2023		191	(4)		(1	)
Rider T1(2)	May 2023	Pending	September 2023		879			173
Rider U(3)	June 2022	February 2023	April 2023		74			(21	)
Rider US-3	August 2022	April 2023	June 2023		40			(10	)
Rider US-4	August 2022	April 2023	June 2023		16			1
Rider W(5)	June 2022	February 2023	April 2023		105	(4)		(16	)

(1)Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.

(2)Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1.

(3)Consists of previously approved phases of Rider U.

(4)In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.

(5)In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023.

Electric Transmission Projects

Developments for significant Virginia Power electric transmission projects approved or applied for are as follows:

Description and Location of Project	Application Date	Approval Date	Type of Line	Miles of Lines	Cost Estimate (millions)
Partial rebuild of Bristers-Ox 115 kV line in   Fauquier and Prince William Counties, Virginia	August 2022	April 2023	230 kV	15	$	40
Construct new Mars and Wishing Star substations,   transmission lines and related projects in Loudoun   County, Virginia	October 2022	April 2023	500/230 kV	4		720
Rebuild of Lines #2019 and #2007 in the City of   Virginia Beach, Virginia	February 2023	Pending	230 kV	5		95
Install transformer at Possum Point substation,   rebuild and construct transmission lines and   related projects in Prince William County, Virginia	March 2023	Pending	230 kV	2		35
Partial rebuild of Line #2011 in the Cities of   Manassas and Manassas Park, Virginia and   Prince William and Fairfax Counties, Virginia	March 2023	Pending	230 kV	7		35

North Carolina Regulation

PSNC Rider D

Rider D allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales. In February 2023, PSNC submitted a filing with the North Carolina Commission for a $56 million gas cost decrease with rates effective March 2023. The North Carolina Commission approved the filing in March 2023.

PSNC Customer Usage Tracker

PSNC utilizes a customer usage tracker, a decoupling mechanism, which allows it to adjust its base rates semi-annually for residential and commercial customers based on average per customer consumption. In March 2023, PSNC submitted a filing with the North Carolina Commission for a $23 million decrease relating to the customer usage tracker. The North Carolina Commission approved the filing in March 2023 with rates effective April 2023.

South Carolina Regulation

DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2023, DESC filed an application with the South Carolina Commission seeking approval to recover $46 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 2023. In April 2023, the South Carolina Commission approved the request, effective with the first billing cycle of May 2023.

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 2023, 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 2023, along with a requested decrease to DESC's variable environmental and avoided capacity cost component. The net effect of the proposal is an annual increase of $176 million. In March 2023, DESC, the South Carolina Office of Regulatory Staff and another party of record filed a stipulation with the South Carolina Commission for approval to reduce the base fuel cost component reflecting a subsequent decrease in current fuel prices, resulting in a net annual increase of $121 million. In April 2023, the South Carolina Commission voted to approve the stipulation, with rates effective May 2023.

Electric Transmission Project

In March 2023, DESC filed an application with the South Carolina Commission requesting approval to construct and operate 19 miles of 230 kV transmission lines, a substation and associated facilities in Jasper County, South Carolina estimated to cost approximately $55 million. This matter is pending.

Electric - Other

DESC utilizes a pension costs rider approved by the South Carolina Commission which is designed to allow recovery of projected pension costs, including under-collected balances or net of over-collected balances, as applicable. The rider is typically reviewed for adjustment every 12 months with any resulting increase or decrease going into effect beginning with the first billing cycle in May. In February 2023, DESC requested that the South Carolina Commission approve an adjustment to this rider to increase annual revenue by $24 million. In April 2023, the South Carolina Commission approved the request.

Natural Gas Base Rate Case

In March 2023, DESC filed its natural gas base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $19 million effective October 2023. The base rate increase was proposed to recover significant investment in distribution infrastructure for the benefit of customers. The proposed rates would provide for an ROE of 10.38% compared to the currently authorized ROE of 10.25%. In addition, DESC elected to continue applicability of the Natural Gas Rate Stabilization Act, which allows for the adjustment of natural gas base rates annually, to its future rates and charges. This matter is pending.

Ohio Regulation

PIR Program

In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. The Ohio Commission has approved East Ohio’s PIR program for capital investments through 2026 with 3% increases of annual capital expenditures per year.

In February 2023, East Ohio filed an application with the Ohio Commission requesting approval to adjust the PIR recovery. The filing reflects gross plant investment for 2022 of $225 million, cumulative gross plant investment of $2.4 billion and a revenue requirement of $305 million. In April 2023, the Ohio Commission approved the request.

CEP Program

In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs at the debt rate of 6.5% on capital investments not covered by its PIR program to expand, upgrade or replace its infrastructure and information technology systems as well as investments necessary to comply with the Ohio Commission or other government regulations. In April 2022, certain parties filed an appeal with the Supreme Court of Ohio appealing the Ohio Commission’s December 2020 order establishing the CEP rider, including the rate of return utilized in determining the revenue requirement. This matter is pending.

In March 2023, East Ohio filed an application with the Ohio Commission requesting approval to adjust CEP cost recovery rates for 2022 costs. The filing reflects gross plant investment for 2022 of $195 million, cumulative gross plant investment of $1.3 billion and a revenue requirement of $151 million. This matter is pending.

Utah Regulation

Purchased Gas

In February 2023, Questar Gas filed an application with the Utah Commission seeking approval for a $92 million gas cost increase with rates effective March 2023. Subsequently in February 2023, the Utah Commission approved a $164 million gas cost increase reflecting additional undercollected gas costs incurred in January 2023.

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Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 14. 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, 2022.

Dominion Energy’s Consolidated Statements of Income include $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $1 million and $9 million for the three months ended March 31, 2023 and 2022, respectively, of depreciation expense included in depreciation, depletion and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

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Variable Interest Entities

3 Months Ended

Mar. 31, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Variable Interest Entities

Note 15. 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, 2022.

Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $113 million and $98 million for the three months ended March 31, 2023 and 2022, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $28 million and $28 million at March 31, 2023 and December 31, 2022, respectively, recorded in payables to affiliates.

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Significant Financing Transactions

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Significant Financing Transactions

Note 16. 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 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, 2022.

Dominion Energy

Dominion Energy’s short-term financing is supported by its $6.0 billion joint revolving credit facility that provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives.

At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

	Facility Limit		Outstanding Commercial Paper		Outstanding Letters of Credit		Facility Capacity Available
(millions)
Joint revolving credit facility(1)	$	6,000	$	3,157	$	154	$	2,689

(1)This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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 $2.0 billion of letters of credit.

DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At March 31, 2023, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively.

In March 2023, FERC granted DESC authority through March 2025 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $2.2 billion outstanding with maturity dates of one year or less. In addition, in March 2023, FERC granted GENCO authority through March 2025 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less.

In addition to the credit facility mentioned above and Virginia Power's letter of credit facilities mentioned below, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $30 million in letters of credit and will mature in June 2024. At both March 31, 2023 and December 31, 2022, Dominion Energy had $25 million in letters of credit outstanding under this facility.

In March 2023, Dominion Energy entered into an agreement with a financial institution which it expects to allow it to issue up to $100 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Dominion Energy issued $58 million in letters of credit associated with this agreement.

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, 2022. At March 31, 2023 and December 31, 2022, Dominion Energy’s Consolidated Balance Sheets include $389 million and $347 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 January 2023, Dominion Energy entered into a $2.5 billion 364-day term loan facility which bears interest at a variable rate and will mature in January 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used to repay

long-term debt. In February and March 2023, Dominion Energy borrowed $500 million and $1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt. The maximum allowed total debt to total capital ratio under the facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

Virginia Power

Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $6.0 billion joint revolving credit facility. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes.

At March 31, 2023, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:

	Facility Limit(1)		Outstanding Commercial Paper		Outstanding Letters of Credit
(millions)
Joint revolving credit facility(1)	$	6,000	$	1,010	$	90

(1)The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas 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, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

In January 2023, Virginia Power entered into a letter of credit facility which allows Virginia Power to issue up to $125 million in letters of credit and matures in January 2026. At March 31, 2023, less than $1 million in letters of credit were issued and outstanding under this facility with no amounts drawn under the letters of credit.

In March 2023, Virginia Power entered into an agreement with a financial institution which it expects to allow it to issue up to $125 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Virginia Power issued $80 million in letters of credit associated with this agreement.

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 March 2023, Dominion Energy borrowed $450 million under its Sustainability Revolving Credit Agreement, which, as described in Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, matures in 2024 and bears interest at a variable rate. The proceeds from these borrowings were used for general corporate purposes. At March 31, 2023 and December 31, 2022, Dominion Energy’s Consolidated Balance Sheets include $900 million and $450 million, respectively, with respect to this facility. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes.

In March 2023, Virginia Power issued $750 million of 5.00% senior notes and $750 million of 5.45% senior notes that mature in 2033 and 2053, respectively.

Derivative Restructuring

In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates, as discussed in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In March 2023, Virginia Power settled the remaining outstanding interest rate swaps which would have otherwise matured in December 2023, resulting in a $448 million reduction in securities due within one year.

Preferred Stock

Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At March 31, 2023 and December 31, 2022, Dominion Energy had issued and outstanding 1.8 million shares of preferred stock, 0.8 million and 1.0 million of which were designated as the Series B Preferred Stock and the Series C Preferred Stock, respectively.

Dominion Energy recorded dividends of $7 million ($4.375 per share) for the three months ended March 31, 2022, on the Series A Preferred Stock. Dominion Energy recorded dividends of $9 million ($11.625 per share) for both the three months ended March 31, 2023 and 2022 on the Series B Preferred Stock. Dominion Energy recorded dividends of $11 million ($10.875 per share) for both the three months ended March 31, 2023 and 2022 on the Series C Preferred Stock.

There have been no significant changes to Dominion Energy’s Series B Preferred Stock and 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, 2022.

Issuance of Common Stock

Dominion Energy recorded, net of fees and commissions, $43 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2023 and $45 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2022, 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, 2022.

At-the-Market Program

In August 2020, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022. Dominion Energy did not issue any shares or enter into any forward sale agreements under this program during the three months ended March 31, 2023.

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 in addition to the $3.0 billion repurchase program authorized in July 2020 and completed in December 2020 as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022.

Dominion Energy did not repurchase any shares of common stock during the three months ended March 31, 2023, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 17. 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, states are required to establish regulatory programs 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 will be applicable 60 days after publication in the Federal Register 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. Until implementation plans for the 2015 ozone standards are fully developed and approved 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.

ACE Rule

In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. The ACE Rule regulated GHG emissions from existing coal-fired power plants pursuant to Section 111(d) of the CAA and required states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. In January 2021, the U.S. Court of Appeals for the D.C. Circuit vacated the ACE Rule and remanded it to the EPA. This decision would take effect upon issuance of the court’s mandate. In March 2021, the court issued a partial mandate vacating and remanding all parts of the ACE Rule except for the portion of the ACE Rule that repealed the Clean Power Plan. In October 2021, the U.S. Supreme Court agreed to hear a challenge of the U.S. Court of Appeals for the D.C. Circuit’s decision on the ACE Rule. In June 2022, the U.S. Supreme Court reversed the D.C. Circuit’s decision on the ACE Rule and remanded the case back to the D.C. Circuit. Until the case is resolved by the D.C. Circuit and/or the EPA issues new rulemaking, the Companies cannot predict an impact to its 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.

In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with best operating practices. The proposed revision to the performance standards for coal-fired steam generating units remains pending. 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 15 and nine 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 extends the latest dates for compliance. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. 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.

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 13 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 commenced remediation activities at one site in the second quarter of 2022. In addition, Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2023 depending on receipt of final permits and approvals. At both March 31, 2023 and December 31, 2022, Dominion Energy had $47 million and Virginia Power had $25 million of reserves recorded. Dominion Energy is associated with 12 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.

SCANA Legal Proceedings

The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating primarily to events occurring before closing of the SCANA Combination. In addition, certain legal matters which have been resolved are discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at March 31, 2023 and December 31, 2022 include reserves of $88 million and $94 million, respectively, included in other current liabilities, and insurance receivables of $72 million and $68 million, respectively, included within other receivables. These balances at March 31, 2023 and December 31, 2022 include $72 million and $68 million, respectively, of offsetting reserves and insurance receivables related to personal injury or wrongful death cases which are currently pending. During both the three months ended March 31, 2023 and 2022, no charges were included in Dominion Energy’s Consolidated Statements of Income.

Governmental Proceedings and Investigations

In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $165 million to resolve this matter. In June 2021, the parties executed a settlement agreement which allows DESC to fund the settlement amount through a combination of cash, shares of Dominion Energy common stock or real estate with an initial payment of at least $43 million in shares of Dominion Energy common stock. In August 2021, Dominion Energy issued 0.6 million shares of its common stock to satisfy DESC’s obligation for the initial payment under the settlement agreement. In May 2022, Dominion Energy issued an additional 0.9 million shares of its common stock to partially satisfy DESC’s remaining obligation under the settlement agreement. In June 2022, DESC requested approval from the South Carolina Commission to transfer certain real estate with a total settlement value of $51 million to satisfy its remaining obligation under the settlement agreement. In July 2022, the South Carolina Commission voted to approve the request and issued its final order in August 2022. In September 2022, DESC transferred certain non-utility property with a fair value of $28 million to the SCDOR under the settlement agreement. In December 2022, DESC transferred additional utility property with a fair value of $3 million to the SCDOR. In October 2022, DESC filed for approval to transfer the remaining real estate with FERC which was received in November 2022. In March 2023, DESC transferred utility property with a fair value of $10 million to the SCDOR resulting in a gain of $9 million ($7 million after-tax), recorded in losses (gains) on sales of assets in Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023. The remaining utility property transfer is expected to be completed by early 2024 and result in a gain of approximately $10 million upon completion.

Nuclear Operations

Nuclear Insurance

There have been no significant changes regarding the Companies’ nuclear insurance as described in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

Spent Nuclear Fuel

As discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, the Companies entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982.

Guarantees, Surety Bonds and Letters of Credit

At March 31, 2023, Dominion Energy had issued four guarantees related to Cove Point, an equity method investment, in support of terminal services, transportation and construction. Two of the Cove Point guarantees have a cumulative maximum exposure of $1.9 billion while the other two guarantees have no maximum limit. No amounts related to these guarantees have been recorded.

In addition, at March 31, 2023, Dominion Energy had issued an additional $20 million of guarantees, primarily to support third parties. No amounts related to these guarantees have been recorded.

Dominion Energy also 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, 2023, Dominion Energy had issued the following subsidiary guarantees:

	Maximum Exposure
(millions)
Commodity transactions(1)	$	2,710
Nuclear obligations(2)		245
Solar(3)		214
Other(4)		1,269
Total(5)(6)	$	4,438

(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. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.

(5)Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

(6)In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use 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 five years, 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, up to 87% of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023, no amounts have been recorded related to this guarantee.

Additionally, at March 31, 2023, Dominion Energy had purchased $268 million of surety bonds, including $190 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions of $154 million 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.

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Credit Risk

3 Months Ended

Mar. 31, 2023

Risks And Uncertainties [Abstract]

Credit Risk

Note 18. 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, 2022.

At March 31, 2023, Dominion Energy’s credit exposure totaled $217 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 89%. No single counterparty, whether investment grade or non-investment grade, exceeded $48 million of exposure. At March 31, 2023, Virginia Power’s exposure related to wholesale customers totaled $34 million. Of this amount, investment grade counterparties, including those internally rated, represented 54%. No single counterparty, whether investment grade or non-investment grade, exceeded $13 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 and Virginia Power would have been required to post additional collateral to its counterparties of $106 million and $45 million, respectively, as of March 31, 2023, and $140 million and $28 million, respectively, as of December 31, 2022. 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 had posted collateral of $1 million at March 31, 2023, and both Dominion Energy and Virginia Power had posted $72 million at December 31, 2022, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. Virginia Power had no such collateral posted at March 31, 2023. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering $6 million and $20 million of fair value of derivative instruments in a liability position at March 31, 2023 and December 31, 2022, respectively. 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 and Virginia Power was $107 million and $45 million, respectively, as of March 31, 2023 and $212 million and $99 million, respectively, as of December 31, 2022, which does not include the impact of any offsetting asset positions.

See Note 9 for additional information about derivative instruments.

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Related-Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related-Party Transactions

Note 19. Related-Party Transactions

Dominion Energy’s transactions with equity method investments are described in Note 10. 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, 2023, Virginia Power’s derivative assets and liabilities with affiliates were $5 million and $82 million, respectively. At December 31, 2022, Virginia Power’s derivative assets and liabilities with affiliates were $33 million and $31 million, respectively. See Note 9 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, 2022. At March 31, 2023 and December 31, 2022, 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 $431 million and $422 million, respectively. At March 31, 2023 and December 31, 2022, 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 $534 million and $518 million, respectively.

DES and other affiliates provide accounting, legal, finance and certain administrative and technical services and licenses 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:

Three Months Ended March 31,	2023		2022
(millions)
Commodity purchases from affiliates	$	214	$	293
Services provided by affiliates(1)		147		130
Services provided to affiliates		4		4

(1)Includes capitalized expenditures of $54 million and $39 million for the three months ended March 31, 2023 and 2022, respectively.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $1.2 billion and $2.0 billion in short-term demand note borrowings from Dominion Energy as of March 31, 2023 and December 31, 2022, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2023 and December 31, 2022. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $24 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively.

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2023 and 2022.

In January 2023, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $240 million plus ancillary services.

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Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

Note 20. 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 cost (credit) are as follows:

	Pension Benefits						Other Postretirement Benefits
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Service cost	$	24		$	36		$	3		$	6
Interest cost		111			83			15			11
Expected return on plan assets		(216	)		(223	)		(38	)		(48	)
Amortization of prior service cost (credit)		—			—			(9	)		(10	)
Amortization of net actuarial (gain) loss		—			40			(1	)		—
Net periodic benefit (credit) cost	$	(81	)	$	(64	)	$	(30	)	$	(41	)

Employer Contributions

During the three months ended March 31, 2023, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy is not required to make any contributions to its qualified defined benefit pension plans or to VEBAs associated with its other postretirement plans in 2023. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.

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Operating Segments

3 Months Ended

Mar. 31, 2023

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
Gas Distribution	Regulated gas distribution and storage(2)	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 Assets	Nonregulated electric generation fleet(3)	X
	Noncontrolling interest in Cove Point	X

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

(2)Includes renewable natural gas operations as well as Wexpro’s natural gas development and production operations.

(3)Includes solar generation facility development 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 and its noncontrolling interest in Wrangler (through March 2022). 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, as well as the net impact of the gas transmission and storage operations, including its noncontrolling interest in Atlantic Coast Pipeline, reported as discontinued operations which are discussed in 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, 2022.

In the three months ended March 31, 2023, Dominion Energy reported after-tax net income of $86 million in the Corporate and Other segment, including $148 million of after-tax net income for specific items with $272 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2022, Dominion Energy reported after-tax net expenses of $311 million in the Corporate and Other segment, including $289 million of after-tax net expenses for specific items with $269 million of after-tax net expenses attributable to its operating segments.

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 $291 million ($221 million after-tax) gain related to economic hedging activities, attributable to Contracted Assets;

•A $123 million ($90 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Assets ($77 million after-tax); and

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

•A $61 million ($45 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.

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2022 primarily related to the impact of the following items:

•A $125 million ($102 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Assets ($90 million after-tax); and

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

•A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in Virginia Power’s service territory, attributable to Dominion Energy Virginia;

•A $66 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Assets; and

•A $61 million ($45 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.

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

	Dominion Energy Virginia			Gas Distribution		Dominion Energy South Carolina		Contracted Assets		Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions)
Three Months Ended March 31, 2023
Total revenue from external      customers	$	2,389		$	1,367	$	844	$	308	$	344		$	—		$	5,252
Intersegment revenue		(1	)		1		1		3		250			(254	)		—
Total operating revenue		2,388			1,368		845		311		594			(254	)		5,252
Net loss from discontinued      operations		—			—		—		—		(5	)		—			(5	)
Net income attributable to      Dominion Energy		386			278		91		156		86			—			997
Three Months Ended March 31, 2022
Total revenue from external      customers	$	2,172		$	1,229	$	798	$	245	$	(165	)	$	—		$	4,279
Intersegment revenue		(3	)		1		1		4		237			(240	)		—
Total operating revenue		2,169			1,230		799		249		72			(240	)		4,279
Net income from discontinued      operations		—			—		—		—		19			—			19
Net income (loss) attributable to      Dominion Energy		518			294		109		101		(311	)		—			711

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 three months ended March 31, 2023, Virginia Power reported after-tax net expenses of $31 million in the Corporate and Other segment, including $32 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, 2022, Virginia Power reported after-tax net expenses of $159 million in the Corporate and Other segment, including $130 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 2023 primarily related to the impact of the following item:

•A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review.

The net expenses for specific items attributable to Virginia Power’s operating segment in 2022 primarily related to the impact of the following items:

•A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in its service territory; and

•A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review.

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

	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions)
Three Months Ended March 31, 2023
Operating revenue	$	2,384	$	—		$	2,384
Net income (loss)		384		(31	)		353
Three Months Ended March 31, 2022
Operating revenue	$	2,165	$	2		$	2,167
Net income (loss)		516		(159	)		357

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Accounting

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, 2022.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023, and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. Such adjustments are normal and recurring in nature unless otherwise noted.

Estimates

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 and expenses for the periods presented. Actual results may differ from those estimates.

Consolidation

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.

Reclassifications

Certain amounts in the Companies’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 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, 2022, with the exception of the items described below.

Cash, Restricted Cash and Equivalents

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, 2023 and 2022:

	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	March 31, 2023		March 31, 2022		December 31, 2022		December 31, 2021
(millions)
Dominion Energy
Cash and cash equivalents(1)	$	1,792	$	446	$	153	$	283
Restricted cash and equivalents(2)		164		148		188		125
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	1,956	$	594	$	341	$	408
Virginia Power
Cash and cash equivalents	$	21	$	36	$	22	$	26
Restricted cash and equivalents(2)		1		—		2		—
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	22	$	36	$	24	$	26

(1)At March 31, 2022, Dominion Energy had $2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021.

(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,	2023		2022
(millions)
Significant noncash investing and financing activities:(1)
Accrued capital expenditures	$	671	$	425
Leases(2)		117		24

(1)See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation.

(2)Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.

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

Three Months Ended March 31,	2023		2022
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	460	$	252
Leases(1)		99		21

(1)Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively.

Fair Value Measurements

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 option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the 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.

Regulatory Matters Involving Potential Loss Contingencies

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.

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.

Guarantees, Surety Bonds and Letters of Credit

Dominion Energy also 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.

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Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Reconciliation of Total Cash, 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, 2023 and 2022:

	Cash, Restricted Cash and Equivalents at End of Period				Cash, Restricted Cash and Equivalents at Beginning of Period
	March 31, 2023		March 31, 2022		December 31, 2022		December 31, 2021
(millions)
Dominion Energy
Cash and cash equivalents(1)	$	1,792	$	446	$	153	$	283
Restricted cash and equivalents(2)		164		148		188		125
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	1,956	$	594	$	341	$	408
Virginia Power
Cash and cash equivalents	$	21	$	36	$	22	$	26
Restricted cash and equivalents(2)		1		—		2		—
Cash, restricted cash and equivalents shown in the    Consolidated Statements of Cash Flows	$	22	$	36	$	24	$	26

(1)At March 31, 2022, Dominion Energy had $2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021.

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

Schedule of Supplemental Cash Flow Information

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

Three Months Ended March 31,	2023		2022
(millions)
Significant noncash investing and financing activities:(1)
Accrued capital expenditures	$	671	$	425
Leases(2)		117		24

(1)See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation.

(2)Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.

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

Three Months Ended March 31,	2023		2022
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures	$	460	$	252
Leases(1)		99		21

(1)Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively.

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Operating Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Regulated And Unregulated Operating Revenue [Abstract]

Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

	Dominion Energy					Virginia Power
Three Months Ended March 31,	2023		2022			2023		2022
(millions)
Regulated electric sales:
Residential	$	1,286	$	1,287		$	1,010	$	1,015
Commercial		1,070		898			866		717
Industrial		220		197			116		103
Government and other retail		244		272			229		258
Wholesale		44		47			29		32
Nonregulated electric sales		257		367			11		14
Regulated gas sales:
Residential		862		769
Commercial		314		273
Other		35		45
Nonregulated gas sales		1		1
Regulated gas transportation and storage		311		297
Other regulated revenues		62		46			74		51
Other nonregulated revenues(1)(2)		50		48			11		6
Total operating revenue from contracts with customers		4,756		4,547			2,346		2,196
Other revenues(1)(3)		496		(268	)		38		(29	)
Total operating revenue	$	5,252	$	4,279		$	2,384	$	2,167

(1)See Note 19 for amounts attributable to affiliates.

(2)Includes sales which are considered to be goods transferred at a point in time of $8 million and $11 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $3 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power.

(3)Includes alternative revenue of $57 million and $30 million at Dominion Energy and $27 million and $8 million at Virginia Power for the three months ended March 31, 2023 and 2022, respectively.

Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized

The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when Dominion Energy expects to recognize this revenue. These revenues relate to contracts containing fixed prices where Dominion Energy will earn the associated revenue over time as it stands ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which Dominion Energy elects to recognize revenue in the amount it has a right to invoice.

Revenue expected to be recognized on multi-year    contracts in place at March 31, 2023	2023		2024		2025		2026		2027		Thereafter		Total
(millions)
Dominion Energy(1)	$	51	$	61	$	54	$	48	$	46	$	402	$	662

(1)Includes no amounts for Virginia Power.

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Effective Income Tax

For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

	Dominion Energy						Virginia Power
Three Months Ended March 31,	2023			2022			2023			2022
U.S. statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
Increases (reductions) resulting from:
Recognition of taxes - sale of    subsidiary stock		—			9.4
State taxes, net of federal benefit		3.4			3.3			4.6			4.4
Investment tax credits		(2.3	)		(3.9	)		(0.3	)		(6.7	)
Production tax credits		(0.4	)		(0.4	)		(0.7	)		(0.8	)
Reversal of excess deferred income    taxes		(2.7	)		(4.1	)		(2.7	)		(3.0	)
Changes in state deferred taxes associated    with assets held for sale		—			0.5
AFUDC - equity		(0.1	)		(0.6	)		0.2			(0.9	)
Other, net		(0.8	)		0.2			(0.2	)		0.6
Effective tax rate		18.1	%		25.4	%		21.9	%		14.6	%

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share Computation

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

Three Months Ended March 31,	2023			2022
(millions, except EPS)
Net income attributable to Dominion Energy from continuing operations	$	1,002		$	692
Preferred stock dividends (see Note 16)		(20	)		(27	)
Net income attributable to Dominion Energy from continuing operations – Basic		982			665
Dilutive effect of 2019 Equity Units(1)		—			7
Net income attributable to Dominion Energy from continuing operations - Diluted	$	982		$	672
Net income (loss) attributable to Dominion Energy from discontinued operations -    Basic & Diluted	$	(5	)	$	19
Average shares of common stock outstanding – Basic		835.2			810.6
Net effect of dilutive securities(2)		0.3			21.4
Average shares of common stock outstanding – Diluted		835.5			832.0
EPS from continuing operations – Basic	$	1.18		$	0.82
EPS from discontinued operations – Basic		(0.01	)		0.02
EPS attributable to Dominion Energy – Basic	$	1.17		$	0.84
EPS from continuing operations – Diluted	$	1.18		$	0.81
EPS from discontinued operations – Diluted		(0.01	)		0.02
EPS attributable to Dominion Energy – Diluted	$	1.17		$	0.83

(1)Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends.

(2)Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

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

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Pension and other postretirement benefit costs(4)			Equity Method Investees(5)			Total
(millions)
Three Months Ended March 31, 2023
Beginning balance	$	(249	)	$	(44	)	$	(1,276	)	$	(3	)	$	(1,572	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		(9	)		17			—			1			9
Amounts reclassified from AOCI:     (gains) losses
Interest and related charges (benefit)		11			—			—			—			11
Other income (expense)		—			2			(15	)		—			(13	)
Total		11			2			(15	)		—			(2	)
Income tax expense (benefit)		(3	)		(1	)		4			—			—
Total, net of tax		8			1			(11	)		—			(2	)
Net current period other comprehensive     income (loss)		(1	)		18			(11	)		1			7
Ending balance	$	(250	)	$	(26	)	$	(1,287	)	$	(2	)	$	(1,565	)
Three Months Ended March 31, 2022
Beginning balance	$	(358	)	$	37		$	(1,133	)	$	(4	)	$	(1,458	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		25			(62	)		28			1			(8	)
Amounts reclassified from AOCI:     (gains) losses
Interest and related charges (benefit)		14			—			—			—			14
Other income (expense)		—			4			23			—			27
Total		14			4			23			—			41
Income tax expense (benefit)		(4	)		(1	)		(6	)		—			(11	)
Total, net of tax		10			3			17			—			30
Net current period other comprehensive     income (loss)		35			(59	)		45			1			22
Ending balance	$	(323	)	$	(22	)	$	(1,088	)	$	(3	)	$	(1,436	)

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

(2)Net of $83 million, $83 million, $107 million and $119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(3)Net of $6 million, $13 million, $8 million and $(10) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(4)Net of $449 million, $445 million, $380 million and $396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(5)Net of $— million, $1 million, $1 million and $1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

Virginia Electric and Power Company

Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

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

	Total Derivative-Hedging Activities(1)(2)			Investment Securities(3)			Total
(millions)
Three Months Ended March 31, 2023
Beginning balance	$	16		$	(7	)	$	9
Other comprehensive income (loss) before     reclassifications: gains (losses)		(9	)		4			(5	)
Net current period other comprehensive income (loss)		(9	)		4			(5	)
Ending balance	$	7		$	(3	)	$	4
Three Months Ended March 31, 2022
Beginning balance	$	(45	)	$	4		$	(41	)
Other comprehensive income (loss) before     reclassifications: gains (losses)		19			(7	)		12
Amounts reclassified from AOCI: (gains) losses
Interest and related charges (benefit)		1			—			1
Other income (expense)		—			(1	)		(1	)
Total		1			(1	)		—
Income tax expense		—			—			—
Total, net of tax		1			(1	)		—
Net current period other comprehensive income (loss)		20			(8	)		12
Ending balance	$	(25	)	$	(4	)	$	(29	)

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

(2)Net of $(2) million, $(5) million, $9 million and $16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

(3)Net of $1 million, $2 million, $1 million and $(2) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies' quantitative information about Level 3 fair value measurements at March 31, 2023. 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)	$	6	(2)-5	—	$	6	(2)-3	—
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		37	1-7	4		37	1-7	4
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		152	18-110	48		—	—	—
Physical options:
Natural gas(2)	Option model	Market price    (per Dth)	(3)		16	1-10	4		16	1-10	4
		Price volatility	(4)			23%-74%	53%			23%-74%	53%
Total assets				$	211			$	59
Liabilities
Physical and financial forwards:
Natural gas(2)	Discounted    cash flow	Market price    (per Dth)	(3)	$	3	(2)-3	(1)	$	3	(2)-0	(1)
FTRs	Discounted    cash flow	Market price    (per MWh)	(3)		1	0-7	3		1	0-7	3
Electricity	Discounted    cash flow	Market price    (per MWh)	(3)		1	34-129	63		—	—	—
Total    liabilities				$	5			$	4

(1)Averages weighted by volume.

(2)Includes basis.

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

Represents volatilities unrepresented in published markets.

Fair Value, Option, Qualitative Disclosures

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)

Fair Value, by Balance Sheet Grouping

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, 2023
Assets
Derivatives:
Commodity	$	—	$	237	$	211	$	448	$	—	$	83	$	59	$	142
Interest rate		—		748		—		748		—		90		—		90
Foreign currency exchange rate		—		1		—		1		—		1		—		1
Investments(1):
Equity securities:
U.S.		4,052		—		—		4,052		2,155		—		—		2,155
Fixed income:
Corporate debt instruments		—		544		—		544		—		329		—		329
Government securities		165		1,137		—		1,302		92		605		—		697
Cash equivalents and other		36		—		—		36		11		—		—		11
Total assets	$	4,253	$	2,667	$	211	$	7,131	$	2,258	$	1,108	$	59	$	3,425
Liabilities
Derivatives:
Commodity	$	—	$	388	$	5	$	393	$	—	$	177	$	4	$	181
Interest rate		—		403		—		403		—		62		—		62
Foreign currency exchange rate		—		93		—		93		—		93		—		93
Total liabilities	$	—	$	884	$	5	$	889	$	—	$	332	$	4	$	336
December 31, 2022
Assets
Derivatives:
Commodity	$	—	$	332	$	437	$	769	$	—	$	32	$	236	$	268
Interest rate		—		1,407		—		1,407		—		614		—		614
Investments(1):
Equity securities:
U.S.		3,810		—		—		3,810		2,028		—		—		2,028
Fixed income:
Corporate debt instruments		—		576		—		576		—		360		—		360
Government securities		161		1,059		—		1,220		90		542		—		632
Total assets	$	3,971	$	3,374	$	437	$	7,782	$	2,118	$	1,548	$	236	$	3,902
Liabilities
Derivatives:
Commodity	$	—	$	911	$	15	$	926	$	—	$	333	$	15	$	348
Interest rate		—		377		—		377		—		7		—		7
Foreign currency exchange rate		—		101		—		101		—		101		—		101
Total liabilities	$	—	$	1,389	$	15	$	1,404	$	—	$	441	$	15	$	456

(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $381 million and $404 million of assets at Dominion Energy, inclusive of $152 million and $161 million at Virginia Power, at March 31, 2023 and December 31, 2022, respectively, 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.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Beginning balance	$	422		$	222		$	221		$	102
Total realized and unrealized gains (losses):
Included in earnings:
Electric fuel and other energy-related purchases		(51	)		48			(52	)		45
Included in regulatory assets/liabilities		(216	)		(20	)		(166	)		(80	)
Settlements		35			(48	)		36			(45	)
Purchases		16			—			16			—
Transfers out of Level 3		—			—			—			—
Ending balance	$	206		$	202		$	55		$	22

Dominion Energy had less than $1 million of 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, 2023 and no such amounts for the three months ended March 31, 2022. Virginia Power had no such amounts for the three months ended March 31, 2023 and 2022.

Schedule of Carrying Values and Estimated Fair Values of Debt 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, 2023
Long-term debt(2)	$	41,920	$	39,771	$	16,400	$	15,314
Supplemental credit facility borrowings		900		900
Junior subordinated notes(2)		1,387		1,350
December 31, 2022
Long-term debt(2)	$	39,680	$	36,426	$	15,616	$	14,067
Supplemental credit facility borrowings		450		450
Junior subordinated notes(2)		1,387		1,340

(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.

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Derivatives and Hedge Accounting Activities (Tables)

3 Months Ended

Mar. 31, 2023

Offsetting Assets

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, 2023
Commodity contracts:
Over-the-counter	$	238	$	91	$	—	$	147	$	128	$	57	$	—	$	71
Exchange		59		59		—		—		13		13		—		—
Interest rate contracts:
Over-the-counter		748		202		—		546		90		10		—		80
Foreign currency exchange rate contracts:
Over-the-counter		1		1		—		—		1		1		—		—
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,046	$	353	$	—	$	693	$	232	$	81	$	—	$	151
December 31, 2022
Commodity contracts:
Over-the-counter	$	408	$	28	$	—	$	380	$	238	$	7	$	—	$	231
Exchange		160		159		—		1		—		—		—		—
Interest rate contracts:
Over-the-counter		1,407		248		—		1,159		614		38		—		576
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,975	$	435	$	—	$	1,540	$	852	$	45	$	—	$	807

(1)Excludes derivative assets of $151 million and $201 million at Dominion Energy and $1 million and $30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements.

Offsetting Liabilities

	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, 2023
Commodity contracts:
Over-the-counter	$	219	$	100	$	—	$	119	$	82	$	66	$	—	$	16
Exchange		174		59		115		—		31		13		18		—
Interest rate contracts:
Over-the-counter		403		193		1		209		62		1		—		61
Foreign currency exchange rate contracts:
Over-the-counter		93		1		—		92		93		1		—		92
Total derivatives,    subject to a    master netting    or similar    arrangement	$	889	$	353	$	116	$	420	$	268	$	81	$	18	$	169
December 31, 2022
Commodity contracts:
Over-the-counter	$	443	$	34	$	71	$	338	$	146	$	13	$	71	$	62
Exchange		483		159		324		—		176		—		176		—
Interest rate contracts:
Over-the-counter		377		210		1		166		7		—		—		7
Foreign currency exchange rate contracts:
Over-the-counter		101		32		—		69		101		32		—		69
Total derivatives,    subject to a    master netting    or similar    arrangement	$	1,404	$	435	$	396	$	573	$	430	$	45	$	247	$	138

(1)Excludes derivative liabilities of $68 million and $26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements.

Schedule of Volume of Derivative Activity

The following table presents the volume of the Companies' derivative activity at March 31, 2023. 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 its long and short positions.

	Dominion Energy				Virginia Power
	Current		Noncurrent		Current		Noncurrent
Natural Gas (bcf):
Fixed price		56		15		53		15
Basis(1)		160		405		148		402
Electricity (MWh in millions):
Fixed price		16		45		8		15
FTRs		18		—		18		—
Oil (Gal in millions)		6		—		6		—
Interest rate(2) (in millions)	$	526	$	11,782	$	125	$	2,750
Foreign currency exchange rate(2) (in millions)
Danish Krone	344 kr.		4,167 kr.		344 kr.		4,167 kr.
Euro	€676		€2,131		€676		€2,131

(1)Includes options.

(2)Maturity is determined based on final settlement period.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023:

	Dominion Energy							Virginia Power
	AOCI After-Tax			Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax			Maximum Term	AOCI After-Tax		Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax		Maximum Term
(millions)
Interest rate	$	(250	)	$	(33	)	393 months	$	7	$	—	393 months
Total	$	(250	)	$	(33	)		$	7	$	—

Fair Value of Derivatives

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
	Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value		Fair Value – Derivatives under Hedge Accounting		Fair Value – Derivatives not under Hedge Accounting		Total Fair Value
(millions)
At March 31, 2023
ASSETS
Current Assets
Commodity	$	—	$	157	$	157	$	—	$	79	$	79
Interest rate		11		95		106		11		—		11
Foreign currency exchange rate		—		1		1		—		1		1
Total current derivative assets		11		253		264		11		80		91
Noncurrent Assets
Commodity		—		291		291		—		63		63
Interest rate		79		563		642		79		—		79
Total noncurrent derivative assets(1)		79		854		933		79		63		142
Total derivative assets	$	90	$	1,107	$	1,197	$	90	$	143	$	233
LIABILITIES
Current Liabilities
Commodity	$	—	$	309	$	309	$	—	$	145	$	145
Interest rate		—		55		55		—		—		—
Foreign currency exchange rate		—		7		7		—		7		7
Total current derivative liabilities		—		371		371		—		152		152
Noncurrent Liabilities
Commodity		—		84		84		—		36		36
Interest rate		62		286		348		62		—		62
Foreign currency exchange rate		—		86		86		—		86		86
Total noncurrent derivative liabilities(2)		62		456		518		62		122		184
Total derivative liabilities	$	62	$	827	$	889	$	62	$	274	$	336
At December 31, 2022
ASSETS
Current Assets
Commodity	$	—	$	532	$	532	$	—	$	264	$	264
Interest rate		501		104		605		501		—		501
Total current derivative assets		501		636		1,137		501		264		765
Noncurrent Assets
Commodity		—		237		237		—		4		4
Interest rate		113		689		802		113		—		113
Total noncurrent derivative assets(1)		113		926		1,039		113		4		117
Total derivative assets	$	614	$	1,562	$	2,176	$	614	$	268	$	882
LIABILITIES
Current Liabilities
Commodity	$	—	$	700	$	700	$	—	$	290	$	290
Interest rate		—		70		70		—		—		—
Foreign currency exchange rate		—		8		8		—		8		8
Total current derivative liabilities		—		778		778		—		298		298
Noncurrent Liabilities
Commodity		—		226		226		—		58		58
Interest rate		7		300		307		7		—		7
Foreign currency exchange rate		—		93		93		—		93		93
Total noncurrent derivative liabilities(2)		7		619		626		7		151		158
Total derivative liabilities	$	7	$	1,397	$	1,404	$	7	$	449	$	456

(1)Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.

(2)Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

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, 2023
Derivative type and location of gains (losses):
Interest rate(3)	$	(12	)	$	(11	)	$	(120	)	$	(12	)	$	—		$	(120	)
Total	$	(12	)	$	(11	)	$	(120	)	$	(12	)	$	—		$	(120	)
Three Months Ended March 31, 2022
Derivative type and location of gains (losses):
Interest rate(3)	$	33			(14	)	$	279		$	26		$	(1	)	$	279
Total	$	33		$	(14	)	$	279		$	26		$	(1	)	$	279

(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 Statement of Income are classified in interest and related charges.

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance

	Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)
Derivatives not designated as hedging instruments	Dominion Energy						Virginia Power
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue	$	395		$	(330	)	$	9		$	(41	)
Purchased gas		94			2
Electric fuel and other energy-related purchases		(45	)		59			(46	)		57
Interest rate:
Interest and related charges		(102	)		196
Total	$	342		$	(73	)	$	(37	)	$	16

(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.

Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.

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Investments (Tables)

3 Months Ended

Mar. 31, 2023

Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds

The Companies' decommissioning trust funds are 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, 2023
Equity securities:(1)
U.S.	$	1,392	$	2,708	$	(25	)				$	4,075	$	867	$	1,407	$	(22	)				$	2,252
Fixed income securities:(2)
Corporate debt    instruments		586		3		(46	)		$	—		543		360		2		(33	)		$	—		329
Government    securities		1,299		12		(42	)			—		1,269		709		7		(19	)			—		697
Common/    collective    trust funds		74		—		—				—		74		54		—		—				—		54
Insurance contracts		232		—		—						232
Cash equivalents    and other(3)		69		—		—				—		69		28		—		—				—		28
Total	$	3,652	$	2,723	$	(113	)	(4)	$	—	$	6,262	$	2,018	$	1,416	$	(74	)	(4)	$	—	$	3,360
December 31, 2022
Equity securities:(1)
U.S.	$	1,378	$	2,501	$	(46	)				$	3,833	$	858	$	1,304	$	(35	)				$	2,127
Fixed income securities:(2)
Corporate debt    instruments		640		1		(65	)		$	—		576		406		1		(47	)		$	—		360
Government    securities		1,252		4		(70	)			—		1,186		664		2		(35	)			—		631
Common/    collective    trust funds		98		—		—				—		98		61		—		—				—		61
Insurance contracts		221		—		—						221
Cash equivalents    and other(3)		43		—		—				—		43		23		—		—				—		23
Total	$	3,632	$	2,506	$	(181	)	(4)	$	—	$	5,957	$	2,012	$	1,307	$	(117	)	(4)	$	—	$	3,202

(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)Dominion Energy includes pending sales of securities of $33 million and $42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $17 million and $24 million at March 31, 2023, and December 31, 2022, respectively.

(4)Dominion Energy's fair value of securities in an unrealized loss position was $1.2 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. Virginia Power's fair value of securities in an unrealized loss position was $627 million and $946 million at March 31, 2023 and December 31, 2022, respectively.

Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

	Dominion Energy					Virginia Power
Three Months Ended March 31,	2023		2022			2023		2022
(millions)
Net gains (losses) recognized during the period	$	226	$	(206	)	$	116	$	(102	)
Less: Net (gains) losses recognized during the period    on securities sold during the period		2		(1	)		1		(4	)
Unrealized gains (losses) recognized during the period    on securities still held at period end(1)	$	228	$	(207	)	$	117	$	(106	)

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

Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2023 by contractual maturity is as follows:

	Dominion Energy		Virginia Power
(millions)
Due in one year or less	$	90	$	58
Due after one year through five years		500		274
Due after five years through ten years		420		245
Due after ten years		876		503
Total	$	1,886	$	1,080

Marketable Securities

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

	Dominion Energy				Virginia Power
Three Months Ended March 31,	2023		2022		2023		2022
(millions)
Proceeds from sales	$	544	$	814	$	373	$	392
Realized gains(1)		21		40		17		16
Realized losses(1)		41		54		31		19

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

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Regulatory Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

	Dominion Energy				Virginia Power
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
(millions)
Regulatory assets:
Deferred cost of fuel used in electric generation(1)	$	537	$	603	$	118	$	133
Deferred project costs and DSM programs for gas utilities(2)		48		68
Unrecovered gas costs(3)		551		374
Deferred rider costs for Virginia electric utility(4)		90		152		90		152
Ash pond and landfill closure costs(5)		205		221		205		221
Deferred nuclear refueling outage costs(6)		66		83		66		83
NND Project costs(7)		138		138
Deferred early plant retirement charges(8)		169		226		169		226
Derivatives(9)		116		262		112		251
Other		236		213		60		74
Regulatory assets-current		2,156		2,340		820		1,140
Unrecognized pension and other postretirement benefit costs(10)		971		989		4		4
Deferred rider costs for Virginia electric utility(4)		496		363		496		363
Deferred project costs for gas utilities(2)		732		703
Interest rate hedges(11)		169		169		—		—
AROs and related funding(12)		393		398
NND Project costs(7)		2,053		2,088
Ash pond and landfill closure costs(5)		2,033		2,051		2,030		2,049
Deferred cost of fuel used in electric generation(1)		1,400		1,551		1,400		1,551
Derivatives(9)		199		255		92		148
Other		505		520		129		132
Regulatory assets-noncurrent		8,951		9,087		4,151		4,247
Total regulatory assets	$	11,107	$	11,427	$	4,971	$	5,387
Regulatory liabilities:
Provision for future cost of removal and AROs(13)		127		127		111		111
Reserve for refunds and rate credits to electric utility customers(14)		109		125		14		25
Income taxes refundable through future rates(15)		150		152		65		65
Monetization of guarantee settlement(16)		67		67
Derivatives(9)		40		327		31		176
Other		158		148		88		129
Regulatory liabilities-current		651		946		309		506
Income taxes refundable through future rates(15)		4,017		4,054		2,256		2,272
Provision for future cost of removal and AROs(13)		2,537		2,510		1,148		1,135
Nuclear decommissioning trust(17)		1,812		1,685		1,812		1,685
Monetization of guarantee settlement(16)		686		702
Interest rate hedges(11)		107		240		107		240
Reserve for refunds and rate credits to electric utility customers(14)		298		325		—		—
Unrecognized pension and other postretirement benefit costs(10)		18		22
Overrecovered other postretirement benefit costs(18)		146		140
Derivatives(9)		209		235		—		—
Other		262		194		234		167
Regulatory liabilities-noncurrent		10,092		10,107		5,557		5,499
Total regulatory liabilities	$	10,743	$	11,053	$	5,866	$	6,005

(1)Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.

(2)Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current rider projects, including CEP, PIR and certain amounts related to pipeline integrity management. See Note 13 for additional information.

(3)Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority.

(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. See Note 13 for additional information.

(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.

(6)Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These 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)Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

(9)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.

(10)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.

(11)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 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023.

(12)Represents 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.

(13)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.

(14)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. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

(15)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.

(16)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.

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

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

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Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2023

Public Utilities General Disclosures [Line Items]

Summary of Significant Virginia Power Electric Transmission Projects Applied

Developments for significant Virginia Power electric transmission projects approved or applied for are as follows:

Description and Location of Project	Application Date	Approval Date	Type of Line	Miles of Lines	Cost Estimate (millions)
Partial rebuild of Bristers-Ox 115 kV line in   Fauquier and Prince William Counties, Virginia	August 2022	April 2023	230 kV	15	$	40
Construct new Mars and Wishing Star substations,   transmission lines and related projects in Loudoun   County, Virginia	October 2022	April 2023	500/230 kV	4		720
Rebuild of Lines #2019 and #2007 in the City of   Virginia Beach, Virginia	February 2023	Pending	230 kV	5		95
Install transformer at Possum Point substation,   rebuild and construct transmission lines and   related projects in Prince William County, Virginia	March 2023	Pending	230 kV	2		35
Partial rebuild of Line #2011 in the Cities of   Manassas and Manassas Park, Virginia and   Prince William and Fairfax Counties, Virginia	March 2023	Pending	230 kV	7		35

Virginia Electric and Power Company

Public Utilities General Disclosures [Line Items]

Significant Riders Associated With Virginia Power Projects

Developments for significant riders associated with various Virginia Power projects are as follows:

Rider Name	Application Date	Approval Date	Rate Year Beginning	Total Revenue Requirement (millions)			Increase (Decrease) Over Previous Year (millions)
Rider CCR	February 2023	Pending	December 2023	$	194		$	(37	)
Rider CE(1)	October 2022	April 2023	May 2023		89			18
Rider GT	August 2022	April 2023	June 2023		14			(42	)
Rider R	June 2021	March 2022	April 2023		55	(4)		(4	)
Rider S	June 2021	February 2022	April 2023		191	(4)		(1	)
Rider T1(2)	May 2023	Pending	September 2023		879			173
Rider U(3)	June 2022	February 2023	April 2023		74			(21	)
Rider US-3	August 2022	April 2023	June 2023		40			(10	)
Rider US-4	August 2022	April 2023	June 2023		16			1
Rider W(5)	June 2022	February 2023	April 2023		105	(4)		(16	)

(1)Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.

(2)Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1.

(3)Consists of previously approved phases of Rider U.

(4)In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.

(5)In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023.

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Significant Financing Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Debt Instrument [Line Items]

Schedule of Line of Credit Facilities

At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

	Facility Limit		Outstanding Commercial Paper		Outstanding Letters of Credit		Facility Capacity Available
(millions)
Joint revolving credit facility(1)	$	6,000	$	3,157	$	154	$	2,689

(1)This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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 $2.0 billion of letters of credit.

Virginia Electric and Power Company

Debt Instrument [Line Items]

Schedule of Line of Credit Facilities

At March 31, 2023, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:

	Facility Limit(1)		Outstanding Commercial Paper		Outstanding Letters of Credit
(millions)
Joint revolving credit facility(1)	$	6,000	$	1,010	$	90

(1)The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas 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, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments And Contingencies Disclosure [Abstract]

Schedule of Subsidiary Guarantees

At March 31, 2023, Dominion Energy had issued the following subsidiary guarantees:

	Maximum Exposure
(millions)
Commodity transactions(1)	$	2,710
Nuclear obligations(2)		245
Solar(3)		214
Other(4)		1,269
Total(5)(6)	$	4,438

(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. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.

(5)Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

(6)In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use 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 five years, 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, up to 87% of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023, no amounts have been recorded related to this guarantee.

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Related-Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Virginia Electric and Power Company

Schedule of Related Party Transactions

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

Three Months Ended March 31,	2023		2022
(millions)
Commodity purchases from affiliates	$	214	$	293
Services provided by affiliates(1)		147		130
Services provided to affiliates		4		4

(1)Includes capitalized expenditures of $54 million and $39 million for the three months ended March 31, 2023 and 2022, respectively.

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Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2023

Compensation And Retirement Disclosure [Abstract]

Net Periodic Benefit Cost (Credit)

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 cost (credit) are as follows:

	Pension Benefits						Other Postretirement Benefits
Three Months Ended March 31,	2023			2022			2023			2022
(millions)
Service cost	$	24		$	36		$	3		$	6
Interest cost		111			83			15			11
Expected return on plan assets		(216	)		(223	)		(38	)		(48	)
Amortization of prior service cost (credit)		—			—			(9	)		(10	)
Amortization of net actuarial (gain) loss		—			40			(1	)		—
Net periodic benefit (credit) cost	$	(81	)	$	(64	)	$	(30	)	$	(41	)

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Operating Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting Information [Line Items]

Schedule of Primary 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
Gas Distribution	Regulated gas distribution and storage(2)	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 Assets	Nonregulated electric generation fleet(3)	X
	Noncontrolling interest in Cove Point	X

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

(2)Includes renewable natural gas operations as well as Wexpro’s natural gas development and production operations.

(3)Includes solar generation facility development operations.

Schedule of Segment Reporting Information, by Segment

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

	Dominion Energy Virginia			Gas Distribution		Dominion Energy South Carolina		Contracted Assets		Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions)
Three Months Ended March 31, 2023
Total revenue from external      customers	$	2,389		$	1,367	$	844	$	308	$	344		$	—		$	5,252
Intersegment revenue		(1	)		1		1		3		250			(254	)		—
Total operating revenue		2,388			1,368		845		311		594			(254	)		5,252
Net loss from discontinued      operations		—			—		—		—		(5	)		—			(5	)
Net income attributable to      Dominion Energy		386			278		91		156		86			—			997
Three Months Ended March 31, 2022
Total revenue from external      customers	$	2,172		$	1,229	$	798	$	245	$	(165	)	$	—		$	4,279
Intersegment revenue		(3	)		1		1		4		237			(240	)		—
Total operating revenue		2,169			1,230		799		249		72			(240	)		4,279
Net income from discontinued      operations		—			—		—		—		19			—			19
Net income (loss) attributable to      Dominion Energy		518			294		109		101		(311	)		—			711

Virginia Electric and Power Company

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment

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

	Dominion Energy Virginia		Corporate and Other			Consolidated Total
(millions)
Three Months Ended March 31, 2023
Operating revenue	$	2,384	$	—		$	2,384
Net income (loss)		384		(31	)		353
Three Months Ended March 31, 2022
Operating revenue	$	2,165	$	2		$	2,167
Net income (loss)		516		(159	)		357

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Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Cash Cash Equivalents And Restricted Cash [Line Items]
Cash and cash equivalents	[1]	$ 1,792	$ 153		$ 446	$ 283
Cash and cash equivalents		1,792	153	[2]
Restricted cash and equivalents	[3]	164	188		148	125
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows		1,956	341		594	408
Virginia Electric and Power Company
Cash Cash Equivalents And Restricted Cash [Line Items]
Cash and cash equivalents		21	22	[4]	36	26
Restricted cash and equivalents	[3]	1	2
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows		$ 22	$ 24		$ 36	$ 26

[1] At March 31, 2022, Dominion Energy had $2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021.

[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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

[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Cash Cash Equivalents And Restricted Cash [Line Items]
Cash and cash equivalents	$ 1,792	$ 153	[1]
Current Assets Held for Sale
Cash Cash Equivalents And Restricted Cash [Line Items]
Cash and cash equivalents	$ 0	$ 0		$ 2	$ 0

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Significant noncash investing and financing activities:(1)
Accrued capital expenditures	[1]	$ 671	$ 425
Leases	[2]	117	24
Virginia Electric and Power Company
Significant noncash investing and financing activities:(1)
Accrued capital expenditures		460	252
Leases	[3]	$ 99	$ 21

[1] See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation.

[2] Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.

[3] Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively.

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Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Supplemental Cash Flow Information [Line Items]
Financing leases	$ 32	$ 6
Operating Leases	85	18
Virginia Electric and Power Company
Schedule Of Supplemental Cash Flow Information [Line Items]
Financing leases	31	4
Operating Leases	$ 68	$ 17

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Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations) (Narrative) (Detail) - Q-Pipe Group - Southwest Gas $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Acquisition And Dispositions [Line Items]
Gain (loss) on held for sale	$ 27
Gain (loss) on held for sale, after tax	$ 20

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Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		$ 4,756	$ 4,547
Other revenues	[1],[2]	(496)	(268)
Total operating revenue		5,252	4,279
Regulated Electric Sales | Residential
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		1,286	1,287
Regulated Electric Sales | Commercial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		1,070	898
Regulated Electric Sales | Industrial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		220	197
Regulated Electric Sales | Government and Other Retail
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		244	272
Regulated Electric Sales | Wholesale
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		44	47
Nonregulated Electric Sales
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		257	367
Regulated Gas Sales | Residential
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		862	769
Regulated Gas Sales | Commercial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		314	273
Regulated Gas Sales | Other
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		35	45
Nonregulated Gas Sales
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		1	1
Regulated Gas Transportation and Storage
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		311	297
Other Regulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		62	46
Other Nonregulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers	[2],[3]	50	48
Virginia Electric and Power Company
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		2,346	2,196
Other revenues	[1],[2]	(38)	(29)
Total operating revenue		2,384	2,167
Virginia Electric and Power Company | Regulated Electric Sales | Residential
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		1,010	1,015
Virginia Electric and Power Company | Regulated Electric Sales | Commercial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		866	717
Virginia Electric and Power Company | Regulated Electric Sales | Industrial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		116	103
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		229	258
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		29	32
Virginia Electric and Power Company | Nonregulated Electric Sales
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		11	14
Virginia Electric and Power Company | Other Regulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		74	51
Virginia Electric and Power Company | Other Nonregulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers	[2],[3]	$ 11	$ 6

[1] Includes alternative revenue of $57 million and $30 million at Dominion Energy and $27 million and $8 million at Virginia Power for the three months ended March 31, 2023 and 2022, respectively.

[2] See Note 19 for amounts attributable to affiliates

[3] Includes sales which are considered to be goods transferred at a point in time of $8 million and $11 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $3 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power.

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Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers	$ 4,756	$ 4,547
NGL Midstream | Transferred at a Point in Time
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers	8	11
Renewable Energy Investment Tax Credits
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers	5	4
Alternative Revenue Programs
Public Utilities General Disclosures [Line Items]
Other revenues	57	30
Virginia Electric and Power Company
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers	2,346	2,196
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers	3
Virginia Electric and Power Company | Alternative Revenue Programs
Public Utilities General Disclosures [Line Items]
Other revenues	$ 27	8
Virginia Electric and Power Company | Maximum | Renewable Energy Investment Tax Credits
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers		$ 1

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Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts	$ 662	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts, period	9 months
Revenue, expected to be recognized on multi-year contracts	$ 51	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts, period	1 year
Revenue, expected to be recognized on multi-year contracts	$ 61	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts, period	1 year
Revenue, expected to be recognized on multi-year contracts	$ 54	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts, period	2026 years
Revenue, expected to be recognized on multi-year contracts	$ 48	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts, period	1 year
Revenue, expected to be recognized on multi-year contracts	$ 46	[1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts, period
Revenue, expected to be recognized on multi-year contracts	$ 402	[1]

[1] Includes no amounts for Virginia Power

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Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail1) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, expected to be recognized on multi-year contracts	$ 662	[1]

[1] Includes no amounts for Virginia Power

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Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues From Contract With Customer [Line Items]
Revenue recognized from contract liability balances	$ 145	$ 119
Other Current Liabilities and Other Deferred Credits and Other Liabilities
Revenues From Contract With Customer [Line Items]
Contract liability balances	93		$ 150
Virginia Electric and Power Company
Revenues From Contract With Customer [Line Items]
Revenue recognized from contract liability balances	39	$ 33
Virginia Electric and Power Company | Other Current Liabilities and Other Deferred Credits and Other Liabilities
Revenues From Contract With Customer [Line Items]
Contract liability balances	$ 51		$ 39

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Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Computation [Line Items]
U.S. statutory rate	21.00%	21.00%
Increases (reductions) resulting from:
Recognition of taxes - sale of subsidiary stock	0.00%	9.40%
State taxes, net of federal benefit	3.40%	3.30%
Investment tax credits	(2.30%)	(3.90%)
Production tax credits	(0.40%)	(0.40%)
Reversal of excess deferred income taxes	(2.70%)	(4.10%)
Changes in state deferred taxes associated with assets held for sale	0.00%	0.50%
AFUDC - equity	(0.10%)	(0.60%)
Other, net	(0.80%)	0.20%
Effective tax rate	18.10%	25.40%
Virginia Electric and Power Company
Effective Income Tax Computation [Line Items]
U.S. statutory rate	21.00%	21.00%
Increases (reductions) resulting from:
State taxes, net of federal benefit	4.60%	4.40%
Investment tax credits	(0.30%)	(6.70%)
Production tax credits	(0.70%)	(0.80%)
Reversal of excess deferred income taxes	(2.70%)	(3.00%)
AFUDC - equity	0.20%	(0.90%)
Other, net	(0.20%)	0.60%
Effective tax rate	21.90%	14.60%

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Income Taxes (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Line Items]
Income tax expense (benefit)	$ 221	$ 236
Income tax (benefit) expense from discontinued operations	$ (1)	$ 6
Hope Gas Inc
Income Taxes [Line Items]
Percentage of equity interests sold		100.00%
Income tax expense (benefit)		$ 87

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Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income from continuing operations		$ 1,002	$ 692
Preferred stock dividends (see Note 16)		(20)	(27)
Net income attributable to Dominion Energy from continuing operations – Basic		982	665
Dilutive effect of 2019 Equity Units	[1]		7
Net income attributable to Dominion Energy from continuing operations - Diluted		982	672
Net income attributable to Dominion Energy		$ (5)	$ 19
Average shares of common stock outstanding – Basic		835.2	810.6
Net effect of dilutive securities	[2]	0.3	21.4
Average shares of common stock outstanding – Diluted		835.5	832.0
EPS from continuing operations – Basic		$ 1.18	$ 0.82
EPS from discontinued operations – Basic		(0.01)	0.02
Net income attributable to Dominion Energy		1.17	0.84
EPS from continuing operations – Diluted		1.18	0.81
EPS from discontinued operations – Diluted		(0.01)	0.02
Net income attributable to Dominion Energy		$ 1.17	$ 0.83

[1] Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends.

[2] Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

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Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023		Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[1]	$ 27,881
Interest and related charges (benefit)		(586)		$ (174)
Other income (expense)		284		46
Income tax expense (benefit)		(221)		(236)
Net Income From Continuing Operations		1,002		692
Total other comprehensive income (loss)		7		22
Ending balance		28,356
Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		17,245	[2]	15,980
Interest and related charges (benefit)	[3]	(181)		(148)
Other income (expense)		36		4
Income before income tax expense		452		418
Income tax expense (benefit)		(99)		(61)
Total other comprehensive income (loss)		(5)		12
Ending balance		17,593		16,348
Total Derivative-Hedging Activities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[4],[5]	(249)		(358)
Other comprehensive income (loss) before reclassifications: gains (losses)	[4],[5]	(9)		25
Total other comprehensive income (loss)	[4],[5]	(1)		35
Ending balance	[4],[5]	(250)		(323)
Total Derivative-Hedging Activities | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[6],[7]	16		(45)
Other comprehensive income (loss) before reclassifications: gains (losses)	[6],[7]	(9)		19
Total other comprehensive income (loss)	[6],[7]	(9)		20
Ending balance	[6],[7]	7		(25)
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and related charges (benefit)	[4],[5]	11		14
Income before income tax expense	[4],[5]	11		14
Income tax expense (benefit)	[4],[5]	(3)		(4)
Net Income From Continuing Operations	[4],[5]	8		10
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and related charges (benefit)	[6],[7]			1
Income before income tax expense	[6],[7]			1
Net Income From Continuing Operations	[6],[7]			1
Investment Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[8]	(44)		37
Other comprehensive income (loss) before reclassifications: gains (losses)	[8]	17		(62)
Total other comprehensive income (loss)	[8]	18		(59)
Ending balance	[8]	(26)		(22)
Investment Securities | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[9]	(7)		4
Other comprehensive income (loss) before reclassifications: gains (losses)	[9]	4		(7)
Total other comprehensive income (loss)	[9]	4		(8)
Ending balance	[9]	(3)		(4)
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)	[8]	2		4
Income before income tax expense	[8]	2		4
Income tax expense (benefit)	[8]	(1)		(1)
Net Income From Continuing Operations	[8]	1		3
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)	[9]			(1)
Income before income tax expense	[9]			(1)
Net Income From Continuing Operations	[9]			(1)
Pension and Other Postretirement Benefit Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[10]	(1,276)		(1,133)
Other comprehensive income (loss) before reclassifications: gains (losses)	[10]			28
Total other comprehensive income (loss)	[10]	(11)		45
Ending balance	[10]	(1,287)		(1,088)
Pension and Other Postretirement Benefit Costs | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)	[10]	(15)		23
Income before income tax expense	[10]	(15)		23
Income tax expense (benefit)	[10]	4		(6)
Net Income From Continuing Operations	[10]	(11)		17
Equity Method Investees
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[11]	(3)		(4)
Other comprehensive income (loss) before reclassifications: gains (losses)	[11]	1		1
Total other comprehensive income (loss)	[11]	1		1
Ending balance	[11]	(2)		(3)
AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(1,572)		(1,458)
Other comprehensive income (loss) before reclassifications: gains (losses)		9		(8)
Total other comprehensive income (loss)		7		22
Ending balance		(1,565)		(1,436)
AOCI | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		9		(41)
Other comprehensive income (loss) before reclassifications: gains (losses)		(5)		12
Total other comprehensive income (loss)		(5)		12
Ending balance		4		(29)
AOCI | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and related charges (benefit)		11		14
Other income (expense)		(13)		27
Income before income tax expense		(2)		41
Income tax expense (benefit)				(11)
Net Income From Continuing Operations		$ (2)		30
AOCI | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and related charges (benefit)				1
Other income (expense)				$ (1)

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[3] See Note 19 for amounts attributable to affiliates.

[4] Comprised entirely of interest rate derivative hedging activities.

[5] Net of $83 million, $83 million, $107 million and $119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

[6] Comprised entirely of interest rate derivative hedging activities.

[7] Net of $(2) million, $(5) million, $9 million and $16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively

[8] Net of $6 million, $13 million, $8 million and $(10) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

[9] Net of $1 million, $2 million, $1 million and $(2) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

[10] Net of $449 million, $445 million, $380 million and $396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

[11] Net of $— million, $1 million, $1 million and $1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.

XML

Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Total Derivative-Hedging Activities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of tax	$ 83	$ 83	$ 107	$ 119
Total Derivative-Hedging Activities | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of tax	(2)	(5)	9	16
Investment Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of tax	6	13	8	(10)
Investment Securities | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of tax	1	2	1	(2)
Pension and Other Postretirement Benefit Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of tax	$ 449	445	380	396
Equity Method Investees
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of tax		$ 1	$ 1	$ 1

XML

Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions		3 Months Ended
		Mar. 31, 2023 USD ($) $ / MWh $ / MMBTU	Dec. 31, 2022 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets		$ 1,197	$ 2,176
Fair Value of Derivative Liabilities		889	1,404
Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets		233	882
Fair Value of Derivative Liabilities		336	456
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets		7,131	7,782
Total liabilities		889	1,404
Fair Value, Measurements, Recurring | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets		3,425	3,902
Total liabilities		336	456
Fair Value, Measurements, Recurring | Commodity Contract
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets		448	769
Fair Value of Derivative Liabilities		393	926
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets		142	268
Fair Value of Derivative Liabilities		181	348
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets		211	437
Total liabilities		5	15
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets		59	236
Total liabilities		4	15
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets		211	437
Fair Value of Derivative Liabilities		5	15
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets		59	236
Fair Value of Derivative Liabilities		4	$ 15
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets	[1],[2]	6
Fair Value of Derivative Liabilities	[1],[2]	3
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets	[1],[2]	6
Fair Value of Derivative Liabilities	[1],[2]	$ 3
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	(2)
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	(2)
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	(2)
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	(2)
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	5
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	3
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	3
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	0
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[3]	4
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[3]	4
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[3]	(1)
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[3]	(1)
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets	[2]	$ 37
Fair Value of Derivative Liabilities	[2]	1
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets	[2]	37
Fair Value of Derivative Liabilities	[2]	$ 1
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	1
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	1
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	0
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	0
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	7
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	7
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	7
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	7
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[3]	4
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[3]	4
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[3]	3
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[3]	3
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets	[2]	$ 152
Fair Value of Derivative Liabilities	[2]	$ 1
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	18
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	34
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	110
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[2]	129
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[3]	48
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Liabilities | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh	[3]	63
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets	[1],[2]	$ 16
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets	[1],[2]	$ 16
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	1
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	1
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Price volatility (percentage)	[4]	23.00%
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Price volatility (percentage)	[4]	23.00%
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	10
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MMBTU	[1],[2]	10
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Price volatility (percentage)	[4]	74.00%
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Price volatility (percentage)	[4]	74.00%
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Price volatility (percentage)	[3]	53.00%
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Price volatility (percentage)	[3]	53.00%

[1] Includes basis.

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

[3] Averages weighted by volume.

[4] Represents volatilities unrepresented in published markets.

XML

Fair Value Measurements (Narrative) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains or losses included in operating revenue in Level 3 fair value category		$ 0
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains or losses included in operating revenue in Level 3 fair value category	$ 1,000,000
Level 3 | Corporate Office Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets, estimated fair value	35,000,000
Impairment of Assets and Other Charges | Corporate Office Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets and other charges	91,000,000
Asset impairment charges after tax	68,000,000
Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets and other charges	7,000,000	4,000,000
Unrealized gains or losses included in operating revenue in Level 3 fair value category	$ 0	$ 0

XML

Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		$ 1,197	$ 2,176
Derivative Liabilities		889	1,404
Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		233	882
Derivative Liabilities		336	456
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		7,131	7,782
Total Liabilities		889	1,404
Fair Value, Measurements, Recurring | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		3,425	3,902
Total Liabilities		336	456
Fair Value, Measurements, Recurring | Equity securities: | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	4,052	3,810
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	2,155	2,028
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	544	576
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	329	360
Fair Value, Measurements, Recurring | Fixed Income | Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	1,302	1,220
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	697	632
Fair Value, Measurements, Recurring | Cash Equivalents and Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and other	[1]	36
Fair Value, Measurements, Recurring | Cash Equivalents and Other | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and other	[1]	11
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		1
Derivative Liabilities		93	101
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		1
Derivative Liabilities		93	101
Fair Value, Measurements, Recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		448	769
Derivative Liabilities		393	926
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		142	268
Derivative Liabilities		181	348
Fair Value, Measurements, Recurring | Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		748	1,407
Derivative Liabilities		403	377
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		90	614
Derivative Liabilities		62	7
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		4,253	3,971
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		2,258	2,118
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	4,052	3,810
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	2,155	2,028
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	165	161
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	92	90
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and other	[1]	36
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and other	[1]	11
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		2,667	3,374
Total Liabilities		884	1,389
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		1,108	1,548
Total Liabilities		332	441
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	544	576
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	329	360
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	1,137	1,059
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	605	542
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		1
Derivative Liabilities		93	101
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		1
Derivative Liabilities		93	101
Fair Value, Measurements, Recurring | Level 2 | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		237	332
Derivative Liabilities		388	911
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		83	32
Derivative Liabilities		177	333
Fair Value, Measurements, Recurring | Level 2 | Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		748	1,407
Derivative Liabilities		403	377
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		90	614
Derivative Liabilities		62	7
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		211	437
Total Liabilities		5	15
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		59	236
Total Liabilities		4	15
Fair Value, Measurements, Recurring | Level 3 | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		211	437
Derivative Liabilities		5	15
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives Assets		59	236
Derivative Liabilities		$ 4	$ 15

[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $381 million and $404 million of assets at Dominion Energy, inclusive of $152 million and $161 million at Virginia Power, at March 31, 2023 and December 31, 2022, respectively, 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.

XML

Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value using NAV	$ 381	$ 404
Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value using NAV	$ 152	$ 161

XML

Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 422	$ 222
Total realized and unrealized gains (losses):
Included in earnings	(51)	$ 48
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Electric fuel and other energy-related purchases
Included in regulatory assets/liabilities	(216)	$ 20
Settlements	35	(48)
Purchases	16
Ending balance	206	202
Virginia Electric and Power Company
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	221	102
Total realized and unrealized gains (losses):
Included in earnings	(52)	$ 45
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Electric fuel and other energy-related purchases
Included in regulatory assets/liabilities	(166)	$ 80
Settlements	36	(45)
Purchases	16
Ending balance	$ 55	$ 22

XML

Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[1]	$ 41,920	$ 39,680
Supplemental credit facility borrowings		900	450
Junior subordinated notes	[1]	1,387	1,387
Estimate of Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[2]	39,771	36,426	[1]
Supplemental credit facility borrowings	[2]	900	450
Junior subordinated notes	[2]	1,350	1,340
Virginia Electric and Power Company | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt		16,400	15,616	[1]
Virginia Electric and Power Company | Estimate of Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	[2]	$ 15,314	$ 14,067	[1]

[1] 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.

[2] 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.

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Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Supplemental line of credit facility borrowings expiration period	1 year

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Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	$ 1,046	$ 1,975
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		353	435
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		693	1,540
Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	232	852
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		81	45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		151	807
Commodity Contract | Over-the-counter
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	238	408
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		91	28
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		147	380
Commodity Contract | Over-the-counter | Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	128	238
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		57	7
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		71	231
Commodity Contract | Exchange
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	59	160
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		59	159
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		0	1
Commodity Contract | Exchange | Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	13	0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		13	0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		0	0
Interest Rate Contract | Over-the-counter
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	748	1,407
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		202	248
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		546	1,159
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	90	614
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		10	38
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0	0
Net Amounts		80	$ 576
Foreign currency exchange rate | Over-the-counter
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0
Net Amounts		0
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet	[1]	1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received		0
Net Amounts		$ 0

[1] Excludes derivative assets of $151 million and $201 million at Dominion Energy and $1 million and $30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements.

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Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Derivative assets, not subject to a master netting or similar arrangement	$ 151	$ 201
Virginia Electric and Power Company
Offsetting Assets [Line Items]
Derivative assets, not subject to a master netting or similar arrangement	$ 1	$ 30

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Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	$ 889	$ 1,404
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		353	435
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		116	396
Net Amounts		420	573
Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	268	430
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		81	45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		18	247
Net Amounts		169	138
Commodity Contract | Over-the-counter
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	219	443
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		100	34
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		0	71
Net Amounts		119	338
Commodity Contract | Over-the-counter | Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	82	146
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		66	13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		0	71
Net Amounts		16	62
Commodity Contract | Exchange
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	174	483
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		59	159
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		115	324
Net Amounts		0	0
Commodity Contract | Exchange | Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	31	176
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		13	0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		18	176
Net Amounts		0	0
Interest Rate Contract | Over-the-counter
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	403	377
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		193	210
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		1	1
Net Amounts		209	166
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	62	7
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		1	0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		0	0
Net Amounts		61	7
Foreign currency exchange rate | Over-the-counter
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	93	101
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		1	32
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		0	0
Net Amounts		92	69
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet	[1]	93	101
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments		1	32
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral		0	0
Net Amounts		$ 92	$ 69

[1] Excludes derivative liabilities of $68 million and $26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements.

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Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Derivative liabilities, not subject to a master netting or similar arrangement	$ 0	$ 0
Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Derivative liabilities, not subject to a master netting or similar arrangement	$ 68,000,000	$ 26,000,000

XML

Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2023 € in Millions, kr in Millions, $ in Millions		USD ($) MWh Bcf	DKK (kr)	EUR (€)
Fixed Price - Natural Gas - Current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf		56
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf		53
Basis - Natural Gas - Current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf	[1]	160
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf	[1]	148
Fixed Price - Electricity - Current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh		16
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh		8
Financial Transmission Rights - Electricity- Current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh		18
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh		18
Oil - Current Derivative Contract
Derivative [Line Items]
Derivative payment | $		$ 6
Oil - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment | $		6
Interest Rate - Current Derivative Contract
Derivative [Line Items]
Derivative payment | $	[2]	526
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment | $	[2]	$ 125
Foreign Currency Exchange Rate - Current Derivative Contract
Derivative [Line Items]
Derivative payment	[2]		kr 344	€ 676
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment	[2]		344	676
Fixed Price - Natural Gas - Non-current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf		15
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf		15
Basis - Natural Gas - Non-current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf	[1]	405
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf	[1]	402
Fixed Price - Electricity - Non-current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh		45
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh		15
Financial Transmission Rights - Electricity- Non-current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh		0
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh		0
Oil - Non-current Derivative Contract
Derivative [Line Items]
Derivative payment | $		$ 0
Oil - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment | $		0
Interest Rate - Non-current Derivative Contract
Derivative [Line Items]
Derivative payment | $	[2]	11,782
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment | $	[2]	$ 2,750
Foreign Currency Exchange Rate - Non-current Derivative Contract
Derivative [Line Items]
Derivative payment	[2]		4,167	2,131
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment	[2]		kr 4,167	€ 2,131

[1] Includes options.

[2] Maturity is determined based on final settlement period.

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Derivatives and Hedge Accounting Activities (Selected Information Related to Gains and Losses on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax	$ (250)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax	(33)
Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax	7
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax	0
Interest Rate Contract
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax	(250)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax	$ (33)
Maximum Term	393 months
Interest Rate Contract | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax	$ 7
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax	$ 0
Maximum Term	393 months

XML

Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Derivative Asset, Current		$ 264	$ 1,137	[1]
Derivative Asset, Noncurrent	[2]	933	1,039
Derivatives Assets		1,197	2,176
Derivative Liabilities, Current		371	778	[1]
Derivative Liabilities, Noncurrent	[3]	518	626
Derivative Liabilities		889	1,404
Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current	[4]	91	765	[5]
Derivative Asset, Noncurrent	[2]	142	117
Derivatives Assets		233	882
Derivative Liabilities, Current	[4]	152	298	[5]
Derivative Liabilities, Noncurrent	[3]	184	158
Derivative Liabilities		336	456
Commodity Contract
Derivatives Fair Value [Line Items]
Derivative Asset, Current		157	532
Derivative Asset, Noncurrent		291	237
Derivative Liabilities, Current		309	700
Derivative Liabilities, Noncurrent		84	226
Commodity Contract | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		79	264
Derivative Asset, Noncurrent		63	4
Derivative Liabilities, Current		145	290
Derivative Liabilities, Noncurrent		36	58
Interest Rate Contract
Derivatives Fair Value [Line Items]
Derivative Asset, Current		106	605
Derivative Asset, Noncurrent		642	802
Derivative Liabilities, Current		55	70
Derivative Liabilities, Noncurrent		348	307
Interest Rate Contract | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		11	501
Derivative Asset, Noncurrent		79	113
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		62	7
Foreign currency exchange rate
Derivatives Fair Value [Line Items]
Derivative Asset, Current		1
Derivative Liabilities, Current		7	8
Derivative Liabilities, Noncurrent		86	93
Foreign currency exchange rate | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		1
Derivative Liabilities, Current		7	8
Derivative Liabilities, Noncurrent		86	93
Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Derivative Asset, Current		11	501
Derivative Asset, Noncurrent	[2]	79	113
Derivatives Assets		90	614
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent	[3]	62	7
Derivative Liabilities		62	7
Designated as Hedging Instrument | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		11	501
Derivative Asset, Noncurrent	[2]	79	113
Derivatives Assets		90	614
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent	[3]	62	7
Derivative Liabilities		62	7
Designated as Hedging Instrument | Commodity Contract
Derivatives Fair Value [Line Items]
Derivative Asset, Current		0	0
Derivative Asset, Noncurrent		0	0
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		0	0
Designated as Hedging Instrument | Commodity Contract | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		0	0
Derivative Asset, Noncurrent		0	0
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		0	0
Designated as Hedging Instrument | Interest Rate Contract
Derivatives Fair Value [Line Items]
Derivative Asset, Current		11	501
Derivative Asset, Noncurrent		79	113
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		62	7
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		11	501
Derivative Asset, Noncurrent		79	113
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		62	7
Designated as Hedging Instrument | Foreign currency exchange rate
Derivatives Fair Value [Line Items]
Derivative Asset, Current		0
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		0	0
Designated as Hedging Instrument | Foreign currency exchange rate | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		0
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		0	0
Fair Value - Derivatives not under Hedge Accounting
Derivatives Fair Value [Line Items]
Derivative Asset, Current		253	636
Derivative Asset, Noncurrent	[2]	854	926
Derivatives Assets		1,107	1,562
Derivative Liabilities, Current		371	778
Derivative Liabilities, Noncurrent	[3]	456	619
Derivative Liabilities		827	1,397
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		80	264
Derivative Asset, Noncurrent	[2]	63	4
Derivatives Assets		143	268
Derivative Liabilities, Current		152	298
Derivative Liabilities, Noncurrent	[3]	122	151
Derivative Liabilities		274	449
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract
Derivatives Fair Value [Line Items]
Derivative Asset, Current		157	532
Derivative Asset, Noncurrent		291	237
Derivative Liabilities, Current		309	700
Derivative Liabilities, Noncurrent		84	226
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		79	264
Derivative Asset, Noncurrent		63	4
Derivative Liabilities, Current		145	290
Derivative Liabilities, Noncurrent		36	58
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract
Derivatives Fair Value [Line Items]
Derivative Asset, Current		95	104
Derivative Asset, Noncurrent		563	689
Derivative Liabilities, Current		55	70
Derivative Liabilities, Noncurrent		286	300
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		0	0
Derivative Asset, Noncurrent		0	0
Derivative Liabilities, Current		0	0
Derivative Liabilities, Noncurrent		0	0
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate
Derivatives Fair Value [Line Items]
Derivative Asset, Current		1
Derivative Liabilities, Current		7	8
Derivative Liabilities, Noncurrent		86	93
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current		1
Derivative Liabilities, Current		7	8
Derivative Liabilities, Noncurrent		$ 86	$ 93

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[2] Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.

[3] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

[4] See Note 19 for amounts attributable to affiliates.

[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives	[1]	$ (12)	$ 33
Amount of Gain (Loss) Reclassified From AOCI to Income		(11)	(14)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment	[2]	(120)	279
Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives	[1]	(12)	26
Amount of Gain (Loss) Reclassified From AOCI to Income		0	(1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment	[2]	(120)	279
Interest Rate Contract
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives	[1],[3]	(12)	33
Amount of Gain (Loss) Reclassified From AOCI to Income	[3]	(11)	(14)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment	[2],[3]	(120)	279
Interest Rate Contract | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives	[1],[3]	(12)	26
Amount of Gain (Loss) Reclassified From AOCI to Income	[3]	0	(1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment	[2],[3]	$ (120)	$ 279

[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 Statement of Income are classified in interest and related charges.

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Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	$ 342	$ (73)
Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	(37)	16
Commodity Contract | Operating Revenue
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	395	(330)
Commodity Contract | Operating Revenue | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	9	(41)
Commodity Contract | Purchased Gas
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	94	2
Commodity Contract | Electric Fuel and Other Energy-Related Purchases
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	(45)	59
Commodity Contract | Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	(46)	57
Interest Rate Contract | Interest And Related Charges
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	[1],[2]	$ (102)	$ 196

[1] Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.

[2] 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.

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Investments (Narrative) (Detail) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
		Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Earnings from equity method investees			$ 80	$ 80
Net losses from discontinued operations including noncontrolling interest	[1]		5	(19)
Distributions received from investment			85	76
Equity method affiliates includes cash and accrued amounts of contributions			10	74
Equity method investment goodwill			9		$ 9
Income loss from continuing operations before income taxes extraordinary items noncontrolling interest			1,223	928
Contributions to equity method affiliates			10	$ 15
Assets			9,605		9,850	[2]
Liabilities			$ 12,762		13,450	[2]
Wrangler Retail Gas Holdings LLC | Gas Supply, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage of limited partner interests				15.00%
Cash consideration from sale of noncontrolling interest				$ 85
Amount of gain from sale				11
Amount of gain from sale, after tax				8
Dominion Energy Virginia
Schedule of Equity Method Investments [Line Items]
Cash consideration from sale of noncontrolling interest		$ 120
Amount of gain from sale				23
Amount of gain from sale, after tax				16
Limited partnership interest sale transaction, proceeds received		$ 60		$ 60
Percentage ownership in total units		50.00%	50.00%	50.00%
Initial fair value		$ 60		$ 60
Atlantic Coast Pipeline
Schedule of Equity Method Investments [Line Items]
Net losses from discontinued operations including noncontrolling interest			$ 1	2
Contributions to equity method affiliates			6	0
Atlantic Coast Pipeline | Other Current Liabilities
Schedule of Equity Method Investments [Line Items]
Liabilities from abandonment of project			100		114
Cove Point
Schedule of Equity Method Investments [Line Items]
Distributions received from investment			$ 83	$ 76
Cove Point | Cove Point | GT&S Transaction
Schedule of Equity Method Investments [Line Items]
Percentage of noncontrolling limited partnership interest retained			50.00%
Finite Lived Equity Method Investment Basis Difference
Schedule of Equity Method Investments [Line Items]
Carrying amount of investment that exceeded share of underlying equity			$ 217		223
Equity method investment goodwill					(1)
Finite Lived Equity Method Investment Basis Difference | Cove Point
Schedule of Equity Method Investments [Line Items]
Equity method investment goodwill			213		215
Trading Securities
Schedule of Equity Method Investments [Line Items]
Rabbi trust securities			$ 108		$ 111

[1] Includes income tax expense (benefit) of $(1) million and $6 million for the three months ended three months ended March 31, 2023 and 2022, respectively.

[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Fixed income securities Fair Value		$ 1,886
Amortized Cost, Total		3,652	$ 3,632
Total Unrealized Gains		2,723	2,506
Total Unrealized Losses	[1]	(113)	(181)
Allowance for Credit Losses, Total		0	0
Fair Value, Total		6,262	5,957	[2]
Net assets related to pending sales of securities		33	42
Fair value of securities in an unrealized loss position		1,200	1,600
Virginia Electric and Power Company
Investment Holdings [Line Items]
Fixed income securities Fair Value		1,080
Amortized Cost, Total		2,018	2,012
Total Unrealized Gains		1,416	1,307
Total Unrealized Losses	[1]	(74)	(117)
Allowance for Credit Losses, Total		0	0
Fair Value, Total		3,360	3,202	[3]
Net assets related to pending sales of securities		17	24
Fair value of securities in an unrealized loss position		627	946
Corporate Debt Fixed Income Securities
Investment Holdings [Line Items]
Fixed income securities Amortized Cost, Total	[4]	586	640
Fixed income securities Total Unrealized Gains	[4]	3	1
Fixed income securities Total Unrealized Losses	[4]	(46)	(65)
Fixed income securities Allowance for Credit Losses	[4]	0	0
Fixed income securities Fair Value	[4]	543	576
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company
Investment Holdings [Line Items]
Fixed income securities Amortized Cost, Total	[4]	360	406
Fixed income securities Total Unrealized Gains	[4]	2	1
Fixed income securities Total Unrealized Losses	[4]	(33)	(47)
Fixed income securities Allowance for Credit Losses	[4]	0	0
Fixed income securities Fair Value	[4]	329	360
Government Debt Fixed Income Securities
Investment Holdings [Line Items]
Fixed income securities Amortized Cost, Total	[4]	1,299	1,252
Fixed income securities Total Unrealized Gains	[4]	12	4
Fixed income securities Total Unrealized Losses	[4]	(42)	(70)
Fixed income securities Allowance for Credit Losses	[4]	0	0
Fixed income securities Fair Value	[4]	1,269	1,186
Government Debt Fixed Income Securities | Virginia Electric and Power Company
Investment Holdings [Line Items]
Fixed income securities Amortized Cost, Total	[4]	709	664
Fixed income securities Total Unrealized Gains	[4]	7	2
Fixed income securities Total Unrealized Losses	[4]	(19)	(35)
Fixed income securities Allowance for Credit Losses	[4]	0	0
Fixed income securities Fair Value	[4]	697	631
Insurance Contracts
Investment Holdings [Line Items]
Fixed income securities Amortized Cost, Total	[4]	232	221
Fixed income securities Total Unrealized Gains	[4]	0	0
Fixed income securities Total Unrealized Losses	[4]	0	0
Fixed income securities Fair Value	[4]	232	221
U.S.
Investment Holdings [Line Items]
Equity securities Amortized Cost	[5]	1,392	1,378
Equity securities Total Unrealized Gains	[5]	2,708	2,501
Equity securities Total Unrealized Losses	[5]	(25)	(46)
Equity securities Fair Value	[5]	4,075	3,833
U.S. | Virginia Electric and Power Company
Investment Holdings [Line Items]
Equity securities Amortized Cost	[5]	867	858
Equity securities Total Unrealized Gains	[5]	1,407	1,304
Equity securities Total Unrealized Losses	[5]	(22)	(35)
Equity securities Fair Value	[5]	2,252	2,127
Common/collective trust funds | Fixed Income
Investment Holdings [Line Items]
Fixed income securities Amortized Cost, Total	[4]	74	98
Fixed income securities Total Unrealized Gains	[4]	0	0
Fixed income securities Total Unrealized Losses	[4]	0	0
Fixed income securities Allowance for Credit Losses	[4]	0	0
Fixed income securities Fair Value	[4]	74	98
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company
Investment Holdings [Line Items]
Fixed income securities Amortized Cost, Total	[4]	54	61
Fixed income securities Total Unrealized Gains	[4]	0	0
Fixed income securities Total Unrealized Losses	[4]	0	0
Fixed income securities Allowance for Credit Losses	[4]	0	0
Fixed income securities Fair Value	[4]	54	61
Cash equivalents and other
Investment Holdings [Line Items]
Cash equivalents and other, Amortized Cost	[6]	69	43
Cash equivalents and other, Total Unrealized Gains	[6]	0	0
Cash equivalents and other, Total Unrealized Losses	[6]	0	0
Cash equivalents and other, Allowance for Credit Losses	[6]	0	0
Cash equivalents and other, Fair Value	[6]	69	43
Cash equivalents and other | Virginia Electric and Power Company
Investment Holdings [Line Items]
Cash equivalents and other, Amortized Cost	[6]	28	23
Cash equivalents and other, Total Unrealized Gains	[6]	0	0
Cash equivalents and other, Total Unrealized Losses	[6]	0	0
Cash equivalents and other, Allowance for Credit Losses	[6]	0	0
Cash equivalents and other, Fair Value	[6]	$ 28	$ 23

[1] Dominion Energy's fair value of securities in an unrealized loss position was $1.2 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. Virginia Power's fair value of securities in an unrealized loss position was $627 million and $946 million at March 31, 2023 and December 31, 2022, respectively.

[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[4] 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).

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

[6] Dominion Energy includes pending sales of securities of $33 million and $42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $17 million and $24 million at March 31, 2023, and December 31, 2022, respectively.

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Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Investment Holdings [Line Items]
Net gains (losses) recognized during the period		$ 226	$ (206)
Less: Net (gains) losses recognized during the period on securities sold during the period		2	(1)
Unrealized gains (losses) recognized during the period on securities still held at period end	[1]	228	(207)
Virginia Electric and Power Company
Investment Holdings [Line Items]
Net gains (losses) recognized during the period		116	(102)
Less: Net (gains) losses recognized during the period on securities sold during the period		1	(4)
Unrealized gains (losses) recognized during the period on securities still held at period end	[1]	$ 117	$ (106)

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

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Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Due in one year or less	$ 90
Due after one year through five years	500
Due after five years through ten years	420
Due after ten years	876
Total	1,886
Virginia Electric and Power Company
Schedule of Held-to-maturity Securities [Line Items]
Due in one year or less	58
Due after one year through five years	274
Due after five years through ten years	245
Due after ten years	503
Total	$ 1,080

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Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales		$ 544	$ 814
Realized gains	[1]	21	40
Realized losses	[1]	41	54
Virginia Electric and Power Company
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales		373	392
Realized gains	[1]	17	16
Realized losses	[1]	$ 31	$ 19

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

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Property, Plant and Equipment (Narrative) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) MW	Mar. 31, 2022 USD ($)
Property Plant And Equipment [Line Items]
Project Cost	$ 11	$ 37
Acquisition of Solar Project Foxhound Virginia
Property Plant And Equipment [Line Items]
Date Agreement Entered	2023-03
Date Agreement Closed	Expected 2024
Project Cost	$ 205
Date of Commercial Operations	Excepted 2024
MW Capacity | MW	83

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Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Regulatory Assets [Line Items]
Regulatory assets-current		$ 2,156	$ 2,340	[1]
Regulatory assets-noncurrent		8,951	9,087	[1]
Total regulatory assets		11,107	11,427
Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current		820	1,140	[2]
Regulatory assets-noncurrent		4,151	4,247	[2]
Total regulatory assets		$ 4,971	5,387
Weighted Average
Regulatory Assets [Line Items]
Weighted average useful life		25 years
Weighted Average | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Weighted average useful life		24 years
SCANA
Regulatory Assets [Line Items]
Electric service customers over period		20 years
Deferred cost of fuel used in electric generation
Regulatory Assets [Line Items]
Regulatory assets-current	[3]	$ 537	603
Regulatory assets-noncurrent	[3]	1,400	1,551
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current	[3]	118	133
Regulatory assets-noncurrent	[3]	1,400	1,551
Deferred project costs and DSM programs for gas utilities
Regulatory Assets [Line Items]
Regulatory assets-current	[4]	48	68
Unrecovered gas costs
Regulatory Assets [Line Items]
Regulatory assets-current	[5]	551	374
Deferred rider costs for Virginia electric utility
Regulatory Assets [Line Items]
Regulatory assets-current	[6]	90	152
Regulatory assets-noncurrent	[6]	496	363
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current	[6]	90	152
Regulatory assets-noncurrent	[6]	496	363
Ash pond and landfill closure costs
Regulatory Assets [Line Items]
Regulatory assets-current	[7]	205	221
Regulatory assets-noncurrent	[7]	$ 2,033	2,051
Regulatory assets expected collection period commencing year		2021
Ash pond and landfill closure costs | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current	[7]	$ 205	221
Regulatory assets-noncurrent	[7]	$ 2,030	2,049
Ash pond and landfill closure costs | Maximum
Regulatory Assets [Line Items]
Regulatory assets amounts expected collection period		18 years
Ash pond and landfill closure costs | Minimum
Regulatory Assets [Line Items]
Regulatory assets amounts expected collection period		15 years
Deferred nuclear refueling outage costs
Regulatory Assets [Line Items]
Regulatory assets-current	[8]	$ 66	83
Deferred nuclear refueling outage costs | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current	[8]	66	83
NND Project Costs
Regulatory Assets [Line Items]
Regulatory assets-current	[9]	138	138
Regulatory assets-noncurrent	[9]	2,053	2,088
Deferred early plant retirement charges
Regulatory Assets [Line Items]
Regulatory assets-current	[10]	169	226
Deferred early plant retirement charges | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current	[10]	169	226
Derivatives
Regulatory Assets [Line Items]
Regulatory assets-current	[11]	116	262
Regulatory assets-noncurrent	[11]	199	255
Derivatives | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current	[11]	112	251
Regulatory assets-noncurrent	[11]	92	148
Other
Regulatory Assets [Line Items]
Regulatory assets-current		236	213
Regulatory assets-noncurrent		505	520
Other | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-current		60	74
Regulatory assets-noncurrent		129	132
Unrecognized Pension and Other Postretirement Benefit Costs
Regulatory Assets [Line Items]
Regulatory assets-noncurrent	[12]	971	989
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-noncurrent	[12]	4	4
Deferred project costs for gas utilities
Regulatory Assets [Line Items]
Regulatory assets-noncurrent	[4]	732	703
Interest rate hedges
Regulatory Assets [Line Items]
Regulatory assets-noncurrent	[13]	169	169
Interest rate hedges | Virginia Electric and Power Company
Regulatory Assets [Line Items]
Regulatory assets-noncurrent	[13]	0	0
AROs and related funding
Regulatory Assets [Line Items]
Regulatory assets-noncurrent	[14]	$ 393	$ 398
Amortization period for deferred costs		105 years
Deferred Project Costs | Maximum
Regulatory Assets [Line Items]
Amortization period for deferred costs		18 months

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[3] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations.

[4] Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current rider projects, including CEP, PIR and certain amounts related to pipeline integrity management. See Note 13 for additional information.

[5] Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority.

[6] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 for additional information.

[7] 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.

[8] Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

[9] 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.

[10] Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

[11] 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.

[12] 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.

[13] 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 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023.

[14] Represents 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.

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Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Regulatory Liabilities [Line Items]
Regulatory liabilities-current		$ 651	$ 946	[1]
Regulatory liabilities-noncurrent		10,092	10,107	[1]
Total regulatory liabilities		10,743	11,053
Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-current		309	506	[2]
Regulatory liabilities-noncurrent		5,557	5,499	[2]
Total regulatory liabilities		$ 5,866	6,005
SCANA
Regulatory Liabilities [Line Items]
Estimation period of collection to be credited		11 years
Electric service customers over period		20 years
Provision for future cost of removal and AROs
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[3]	$ 127	127
Regulatory liabilities-noncurrent	[3]	2,537	2,510
Provision for future cost of removal and AROs | Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[3]	111	111
Regulatory liabilities-noncurrent	[3]	1,148	1,135
Reserve for refunds and rate credits to electric utility customers
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[4]	109	125
Regulatory liabilities-noncurrent	[4]	298	325
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[4]	14	25
Regulatory liabilities-noncurrent	[4]	0	0
Income taxes refundable through future rates
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[5]	150	152
Regulatory liabilities-noncurrent	[5]	4,017	4,054
Income taxes refundable through future rates | Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[5]	65	65
Regulatory liabilities-noncurrent	[5]	2,256	2,272
Monetization of guarantee settlement
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[6]	67	67
Regulatory liabilities-noncurrent	[6]	$ 686	702
Electric service customers over period		20 years
Derivatives
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[7]	$ 40	327
Regulatory liabilities-noncurrent	[7]	209	235
Derivatives | Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-current	[7]	31	176
Regulatory liabilities-noncurrent	[7]	0	0
Other
Regulatory Liabilities [Line Items]
Regulatory liabilities-current		158	148
Regulatory liabilities-noncurrent		262	194
Other | Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-current		88	129
Regulatory liabilities-noncurrent		234	167
Nuclear decommissioning trust
Regulatory Liabilities [Line Items]
Regulatory liabilities-noncurrent	[8]	1,812	1,685
Nuclear decommissioning trust | Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-noncurrent	[8]	1,812	1,685
Interest rate hedges
Regulatory Liabilities [Line Items]
Regulatory liabilities-noncurrent	[9]	107	240
Interest rate hedges | Virginia Electric and Power Company
Regulatory Liabilities [Line Items]
Regulatory liabilities-noncurrent	[9]	107	240
Unrecognized Pension and Other Postretirement Benefit Costs
Regulatory Liabilities [Line Items]
Regulatory liabilities-noncurrent	[10]	18	22
Overrecovered Other Postretirement Benefit Costs
Regulatory Liabilities [Line Items]
Regulatory liabilities-noncurrent	[11]	$ 146	$ 140

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[3] 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.

[4] 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. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.

[5] 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.

[6] 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.

[7] 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.

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

[9] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023.

[10] 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.

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

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Regulatory Assets and Liabilities (Narrative) (Detail) $ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($)
Public Utilities General Disclosures [Line Items]
Regulatory assets not expect to earn return	$ 5.7
Period for which expenditures are expected to be recovered	2 years
Virginia Electric and Power Company
Public Utilities General Disclosures [Line Items]
Regulatory assets not expect to earn return	$ 2.7
Period for which expenditures are expected to be recovered	2 years

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Regulatory Matters (Narrative) (Detail) $ in Millions	1 Months Ended						3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) Project Components mi kV	Feb. 28, 2023 USD ($)	Jan. 31, 2023 USD ($)	Oct. 31, 2022 USD ($) MW	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)		Dec. 31, 2011	Dec. 31, 2008
Public Utilities General Disclosures [Line Items]
Regulatory liabilities			$ 651				$ 651		$ 946	[1]
North Carolina Regulation | Public Service Company Of North Carolina
Public Utilities General Disclosures [Line Items]
Application date							2023-03
North Carolina Regulation | Public Service Company Of North Carolina | Rider D
Public Utilities General Disclosures [Line Items]
Increase(Decrease) in gas cost				$ (56)
Approval date				2023-03
North Carolina Regulation | Public Service Company Of North Carolina | Rider DSM
Public Utilities General Disclosures [Line Items]
Increase (Decrease) in customer usage tracker			23
Ohio Regulation | PIR Program
Public Utilities General Disclosures [Line Items]
Application date							2023-02
Percentage of pipeline system replaced												25.00%
Total gross plant investment estimated cost									225
Proposed revenue requirement									305
Cumulative gross plant investment estimated cost									2,400
Ohio Regulation | CEP Program
Public Utilities General Disclosures [Line Items]
Application date							2023-03
Total gross plant investment estimated cost									195
Proposed revenue requirement									1,300
Cumulative gross plant investment estimated cost									151
Percentage of debt rate on capital investments											6.50%
Ohio Regulation | Subsequent Event [Member] | PIR Program
Public Utilities General Disclosures [Line Items]
Increases of annual capital expenditures percentage		3.00%
Virginia Electric and Power Company
Public Utilities General Disclosures [Line Items]
Regulatory liabilities			309				$ 309		$ 506	[2]
Virginia Electric and Power Company | Annual Fuel Factor | Forecast
Public Utilities General Disclosures [Line Items]
Increase (decrease) in revenue requirement	$ (13)
Virginia Electric and Power Company | Utility Scale Solar
Public Utilities General Disclosures [Line Items]
Proposed cost of project						$ 1,200
Targeted capacity provided by legislation | MW						474
Virginia Electric and Power Company | Energy Storage
Public Utilities General Disclosures [Line Items]
Targeted capacity provided by legislation | MW						16
Virginia Electric and Power Company | Electric Distribution Grid Transformation Projects
Public Utilities General Disclosures [Line Items]
Proposed cost of project			1,100				1,100
Proposed operations and maintenance investment			$ 71
Number of electric distribution grid transformation projects | Project			14
Number of electric distribution grid transformation projects components | Components			6
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor
Public Utilities General Disclosures [Line Items]
Increase (decrease) in revenue requirement							(541)
Estimated under-recovered balances								$ 578
Public utilities collection of requested under-recovered projected fuel expense period								3 years
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | Forecast
Public Utilities General Disclosures [Line Items]
Total revenue requirement	$ 2,300
Rate year beginning	2023-07
Increase (decrease) in revenue requirement	$ 631
Fuel cost requirement	3,300
Estimated under-recovered balances	$ 1,300
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event [Member]
Public Utilities General Disclosures [Line Items]
Authorized return percentage		9.70%
Authorized return percentage credited to customers bills		100.00%
Capitalization ratio		52.10%
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event [Member] | Base Rate Case
Public Utilities General Disclosures [Line Items]
Total revenue requirement		$ 350
Virginia Electric and Power Company | Biennial Review | Subsequent Event [Member]
Public Utilities General Disclosures [Line Items]
Authorized return percentage		9.35%
Credited to customers bills percentage		85.00%
Virginia Electric and Power Company | Triennial Review | Subsequent Event [Member]
Public Utilities General Disclosures [Line Items]
Credited to customers bills percentage		85.00%
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Other
Public Utilities General Disclosures [Line Items]
Increase (decrease) in revenue requirement				$ 24
Dominion Energy South Carolina Inc | South Carolina Regulation | Rider DSM
Public Utilities General Disclosures [Line Items]
Annual transportation cost rate adjustment, approval amount requested to recover amount					$ 46
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost Of Fuel
Public Utilities General Disclosures [Line Items]
Increase (decrease) in annual base fuel component recoveries							121
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Project
Public Utilities General Disclosures [Line Items]
Application date			2023-03
Type of Line | kV			230
Miles of Lines | mi			19
Cost Estimate			$ 55				$ 55
Dominion Energy South Carolina Inc | South Carolina Regulation | Subsequent Event [Member] | Cost Of Fuel
Public Utilities General Disclosures [Line Items]
Increase (decrease) in annual base fuel component recoveries		$ 176
Dominion Energy South Carolina Inc | South Carolina Regulation | Subsequent Event [Member] | Natural Gas Base Rate Member
Public Utilities General Disclosures [Line Items]
Increase (decrease) in revenue requirement		$ 19
Percentage of earned return		10.38%
Authorized return percentage		10.25%
Questar Gas Company | Utah Regulation
Public Utilities General Disclosures [Line Items]
Increase(Decrease) in gas cost			$ 92	$ 164
Approval date				2023-02

[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Rider CCR
Public Utilities General Disclosures [Line Items]
Application Date	2023-02
Approval Date	Pending
Rate Year Beginning	2023-12
Total Revenue Requirement (millions)	$ 194
Increase (decrease) in revenue requirement	$ (37)
Rider CE
Public Utilities General Disclosures [Line Items]
Application Date	2022-10	[1]
Approval Date	April 2023	[1]
Rate Year Beginning	2023-05	[1]
Total Revenue Requirement (millions)	$ 89	[1]
Increase (decrease) in revenue requirement	$ 18	[1]
Rider GT
Public Utilities General Disclosures [Line Items]
Application Date	2022-08
Approval Date	April 2023
Rate Year Beginning	2023-06
Total Revenue Requirement (millions)	$ 14
Increase (decrease) in revenue requirement	$ (42)
Rider R
Public Utilities General Disclosures [Line Items]
Application Date	2021-06
Approval Date	March 2022
Rate Year Beginning	2023-04
Total Revenue Requirement (millions)	$ 55	[2]
Increase (decrease) in revenue requirement	$ (4)
Rider S
Public Utilities General Disclosures [Line Items]
Application Date	2021-06
Approval Date	February 2022
Rate Year Beginning	2023-04
Total Revenue Requirement (millions)	$ 191	[2]
Increase (decrease) in revenue requirement	$ (1)
Rider T1
Public Utilities General Disclosures [Line Items]
Application Date	2023-05	[3]
Approval Date	Pending	[3]
Rate Year Beginning	2023-09	[3]
Total Revenue Requirement (millions)	$ 879	[3]
Increase (decrease) in revenue requirement	$ 173	[3]
Rider U
Public Utilities General Disclosures [Line Items]
Application Date	2022-06	[4]
Approval Date	February 2023	[4]
Rate Year Beginning	2023-04	[4]
Total Revenue Requirement (millions)	$ 74	[4]
Increase (decrease) in revenue requirement	$ (21)	[4]
Rider US-3
Public Utilities General Disclosures [Line Items]
Application Date	2022-08
Approval Date	April 2023
Rate Year Beginning	2023-06
Total Revenue Requirement (millions)	$ 40
Increase (decrease) in revenue requirement	$ (10)
Rider US-4
Public Utilities General Disclosures [Line Items]
Application Date	2022-08
Approval Date	April 2023
Rate Year Beginning	2023-06
Total Revenue Requirement (millions)	$ 16
Increase (decrease) in revenue requirement	$ 1
Rider W
Public Utilities General Disclosures [Line Items]
Application Date	2022-06	[5]
Approval Date	February 2023	[5]
Rate Year Beginning	2023-04	[5]
Total Revenue Requirement (millions)	$ 105	[2],[5]
Increase (decrease) in revenue requirement	$ (16)	[5]

[1] Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.

[2] In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.

[3] Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1.

[4] Consists of previously approved phases of Rider U.

[5] In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023.

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Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail) - Rider T1 - Virginia Electric and Power Company $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Public Utilities General Disclosures [Line Items]
Total revenue requirement	$ 879	[1]
Operating Segments | Virginia Regulation
Public Utilities General Disclosures [Line Items]
Total revenue requirement	369
Operating Segments | Virginia Regulation | Transmission Component Of Virginia Powers
Public Utilities General Disclosures [Line Items]
Total revenue requirement	$ 510

[1] Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1.

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Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) mi kV
Partial rebuild of Bristers-Ox 115 kV line in Fauquier and Prince William Counties, Virginia
Public Utilities General Disclosures [Line Items]
Application Date	2022-08
Approval Date	2023-04
Type of Line | kV	230,000,000
Miles of Lines | mi	15,000,000
Cost Estimate | $	$ 40
Construct new Mars and Wishing Star substations, transmission lines and related projects in Loudoun County, Virginia
Public Utilities General Disclosures [Line Items]
Application Date	2022-10
Approval Date	2023-04
Type of Line	500/230 kV
Miles of Lines | mi	4
Cost Estimate | $	$ 720
Rebuild of Lines #2019 and #2007 in the City of Virginia Beach, Virginia
Public Utilities General Disclosures [Line Items]
Application Date	2023-02
Type of Line | kV	230,000,000
Miles of Lines | mi	5
Cost Estimate | $	$ 95
Install transformer at Possum Point substation, rebuild and construct transmission lines and related projects in Prince William County, Virginia
Public Utilities General Disclosures [Line Items]
Application Date	2023-03
Type of Line | kV	230
Miles of Lines | mi	2
Cost Estimate | $	$ 35
Partial rebuild of Line #2011 in the Cities of Manassas and Manassas Park, Virginia and Prince William and Fairfax Counties, Virginia
Public Utilities General Disclosures [Line Items]
Application Date	2023-03
Type of Line | kV	230
Miles of Lines | mi	7
Cost Estimate | $	$ 35

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Leases (Narrative) (Detail) - Power Purchase Arrangement - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases Disclosure [Line Items]
Rental revenue	$ 5	$ 4
Depreciation expense	$ 1	$ 9

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Variable Interest Entities - (Narrative) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Payables to affiliates	$ 203		$ 255	[1]
Variable Interest Entity, Not Primary Beneficiary | DES
Variable Interest Entity [Line Items]
Shared Services Purchased	113	$ 98
Payables to affiliates	$ 28		$ 28

[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Significant Financing Transactions (Narrative) (Detail) - USD ($)		1 Months Ended			3 Months Ended
		Apr. 30, 2023	Mar. 31, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Feb. 28, 2023	Dec. 31, 2022		Nov. 30, 2020	Aug. 31, 2020	Jul. 31, 2020
Debt Instrument [Line Items]
Facility Limit	[1]		$ 6,000,000,000		$ 6,000,000,000
Short-term debt			3,546,000,000		3,546,000,000			$ 3,423,000,000	[2]
Line of credit issued					2,500,000,000
Supplemental credit facility borrowings			$ 900,000,000		$ 900,000,000			450,000,000	[2]
Preferred stock shares authorized			20,000,000		20,000,000
Issuance of common stock					$ 43,000,000	$ 45,000,000
Issuance of stock					$ 43,000,000	$ 45,000,000
Common Stock
Debt Instrument [Line Items]
Stock repurchased, shares					0
Issuance of stock (in shares)					1,000,000	1,000,000
Issuance of stock					$ 43,000,000	$ 45,000,000
Stock repurchase program, authorized amount										$ 1,000,000,000.0		$ 3,000,000,000.0
Series A Preferred Stock
Debt Instrument [Line Items]
Recorded dividend						$ 7,000,000
Recorded dividends per share						$ 4.375
Series B Preferred Stock
Debt Instrument [Line Items]
Recorded dividend					$ 9,000,000	$ 9,000,000
Recorded dividends per share					$ 11.625	$ 11.625
Series C Preferred Stock
Debt Instrument [Line Items]
Recorded dividend					$ 11,000,000	$ 11,000,000
Recorded dividends per share					$ 10.875	$ 10.875
Various Programs
Debt Instrument [Line Items]
Issuance of common stock					$ 43,000,000	$ 45,000,000
Issuance of stock (in shares)					1,000,000	1,000,000
Floating Rate Demand Notes
Debt Instrument [Line Items]
Short-term debt			$ 389,000,000		$ 389,000,000			347,000,000
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes
Debt Instrument [Line Items]
Facility Limit								3,000,000,000.0
DESC
Debt Instrument [Line Items]
Facility Limit			500,000,000		500,000,000
DESC | Short-term Indebtedness
Debt Instrument [Line Items]
Facility Limit			2,200,000,000		2,200,000,000
Questar Gas Company
Debt Instrument [Line Items]
Facility Limit			250,000,000		250,000,000
Virginia Electric and Power Company
Debt Instrument [Line Items]
Facility Limit	[3]		6,000,000,000		6,000,000,000
Short-term debt			$ 1,010,000,000		$ 1,010,000,000			$ 941,000,000	[4]
Issuance of stock (in shares)					0	0
Virginia Electric and Power Company | Interest Rate Swap
Debt Instrument [Line Items]
Debt, maturity month and year			2023-12
Reduction in securities due within one year			$ 448,000,000		$ 448,000,000
Derivative notional value											$ 900,000,000
Virginia Electric and Power Company | Senior Notes Due in 2033
Debt Instrument [Line Items]
Total Long-term Debt			$ 750,000,000		$ 750,000,000
Interest rate percentage			5.00%		5.00%
Debt maturity year					2033
Virginia Electric and Power Company | Senior Notes Due in 2053
Debt Instrument [Line Items]
Total Long-term Debt			$ 750,000,000		$ 750,000,000
Interest rate percentage			5.45%		5.45%
Debt maturity year					2053
Dominion Energy
Debt Instrument [Line Items]
Preferred stock shares issued			1,800,000		1,800,000			1,800,000
Preferred stock shares outstanding			1,800,000		1,800,000			1,800,000
Dominion Energy | Series B Preferred Stock
Debt Instrument [Line Items]
Preferred stock shares issued			800,000		800,000			800,000
Preferred stock shares outstanding			800,000		800,000			800,000
Dominion Energy | Series C Preferred Stock
Debt Instrument [Line Items]
Preferred stock shares issued			1,000,000.0		1,000,000.0			1,000,000.0
Preferred stock shares outstanding			1,000,000.0		1,000,000.0			1,000,000.0
GENCO | Short-term Indebtedness
Debt Instrument [Line Items]
Facility Limit			$ 200,000,000		$ 200,000,000
Joint Revolving Credit Facility
Debt Instrument [Line Items]
Facility Limit			6,000,000,000.0		6,000,000,000.0
Letter of Credit
Debt Instrument [Line Items]
Facility Limit			100,000,000		100,000,000
Credit facility, outstanding amount			0		0
Letters of credit issued and outstanding			0		0
Letter of Credit | Maximum
Debt Instrument [Line Items]
Letters of credit issued and outstanding			1,000,000		1,000,000
Letter of Credit | Subsequent Event
Debt Instrument [Line Items]
Line of credit issued		$ 58,000,000
Letter of Credit | Credit Facility, Maturing in June 2022
Debt Instrument [Line Items]
Credit facility, outstanding amount			25,000,000		25,000,000			$ 25,000,000
Letter of Credit | Credit Facility, Maturing in June 2024
Debt Instrument [Line Items]
Facility Limit			30,000,000		$ 30,000,000
Line of credit facility, maturity date					Jun. 30, 2024
Letter of Credit | Virginia Electric and Power Company
Debt Instrument [Line Items]
Facility Limit			125,000,000	$ 125,000,000	$ 125,000,000
Line of credit facility, maturity date				Jan. 31, 2026
Letters of credit issued and outstanding			0		$ 0
Letter of Credit | Virginia Electric and Power Company | Subsequent Event
Debt Instrument [Line Items]
Line of credit issued		80,000,000
Sustainability Revolving Credit Agreement | Dominion Energy
Debt Instrument [Line Items]
Debt maturity year					2024
Supplemental credit facility borrowings			900,000,000		$ 900,000,000			$ 450,000,000
Sustainability Revolving Credit Agreement | Dominion Energy | General Corporate Purposes
Debt Instrument [Line Items]
Proceeds from borrowings			450,000,000
Sustainability Revolving Credit Agreement | Dominion Energy | General Corporate Purposes | Subsequent Event
Debt Instrument [Line Items]
Repayments of borrowings		$ 450,000,000
364 Term loan facility
Debt Instrument [Line Items]
Facility Limit				$ 2,500,000,000
Credit facility, outstanding amount			$ 1,000,000,000.0	$ 1,000,000,000.0	$ 1,000,000,000.0		$ 500,000,000
Line of credit facility, maturity date				Jan. 31, 2024

[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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 $2.0 billion of letters of credit.

[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

[3] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas 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, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail)	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Facility Limit	$ 6,000,000,000	[1]
Outstanding Commercial Paper	3,157,000,000	[1]
Outstanding Letters of Credit	154,000,000	[1]
Facility Capacity Available	2,689,000,000	[1]
Virginia Electric and Power Company
Line of Credit Facility [Line Items]
Facility Limit	6,000,000,000	[2]
Outstanding Commercial Paper	1,010,000,000	[2]
Outstanding Letters of Credit	$ 90,000,000	[2]

[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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 $2.0 billion of letters of credit.

[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas 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, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

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Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail)	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Facility Limit	$ 6,000,000,000	[1]
Virginia Electric and Power Company
Line of Credit Facility [Line Items]
Facility Limit	6,000,000,000	[2]
Letter of Credit Matures in June 2028.
Line of Credit Facility [Line Items]
Facility Limit	2,000,000,000.0
Letter of Credit Matures in June 2028. | Virginia Electric and Power Company
Line of Credit Facility [Line Items]
Facility Limit	2,000,000,000.0
Line of Credit | Virginia Electric and Power Company
Line of Credit Facility [Line Items]
Facility Limit	$ 1,750,000,000

[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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 $2.0 billion of letters of credit.

[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas 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, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

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Commitments and Contingencies (Narrative) (Detail) shares in Millions, $ in Millions	1 Months Ended										3 Months Ended			12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2022 shares	Aug. 31, 2021 shares	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2020	Jun. 30, 2018 USD ($)	Apr. 30, 2017 Petition	Aug. 31, 2016 T	Mar. 31, 2023 USD ($) Facility Site Indicator gal	Jun. 30, 2022 Site	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Gain on sales of assets											$ 1		$ 28
Gain on sales of assets after tax											1,002		$ 692
SCANA | Other Current Liabilities
Loss Contingencies [Line Items]
Reserves for SCANA legal proceedings											88			$ 94
SCANA | Other Receivables
Loss Contingencies [Line Items]
Insurance receivables											$ 72			68
Virginia Electric and Power Company | EPA and State Regulatory Agencies
Loss Contingencies [Line Items]
Number of facilities to assess the applicability of section 316(b) | Facility											3
Hydroelectric Facilities | EPA and State Regulatory Agencies
Loss Contingencies [Line Items]
Number of facilities to assess the applicability of section 316(b) | Facility											8
Dominion Energy South Carolina Inc | SCDOR
Loss Contingencies [Line Items]
Litigation settlement paid		$ 51				$ 165
Proposed assessment amount from audit								$ 410
Proportional share of NND project								100.00%
Expected gain upon completion of remaining transfer of utility properties											$ 10
Fair value of certain non-utility property transferred	$ 28
Fair value of utility property transferred											10
Gain on sales of assets											9
Fair value of additional utility property transferred														3
Gain on sales of assets after tax											$ 7
Dominion Energy South Carolina Inc | DESC | SCDOR | Common Stock
Loss Contingencies [Line Items]
Initial litigation settlement through stock issuance | shares			0.9	0.6
Dominion Energy South Carolina Inc | Minimum | SCDOR
Loss Contingencies [Line Items]
Initial litigation settlement amount through stock issuance					$ 43
Unfavorable Regulatory Action | EPA
Loss Contingencies [Line Items]
Electric generating station facilities heightened entrainment analysis per day | gal											125,000,000
Personal Injury or Wrong Death Cases | SCANA
Loss Contingencies [Line Items]
Reserves for SCANA legal proceedings											$ 72			68
Insurance receivables											$ 72			68
Carbon Regulations
Loss Contingencies [Line Items]
Public Utilities Significant Emission Rate Per Year CO2 Equivalent | T										75,000
CWA | Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Number of mandatory facility-specific factors | Indicator											5
Number of optional facility-specific factors | Indicator											6
Number of facilities that are subject to final regulations | Facility											15
CWA | Unfavorable Regulatory Action | Minimum
Loss Contingencies [Line Items]
Electric generating stations with water withdrawals per day | gal											2,000,000
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category
Loss Contingencies [Line Items]
Number of separate petitions for reconsideration granted | Petition									2
CWA | Unfavorable Regulatory Action | EPA | Minimum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category
Loss Contingencies [Line Items]
Loss contingencies individual circumstances period							2021
CWA | Unfavorable Regulatory Action | EPA | Maximum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category
Loss Contingencies [Line Items]
Loss contingencies individual circumstances period							2028
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company
Loss Contingencies [Line Items]
Number of facilities that are subject to final regulations | Facility											9
Waste Management and Remediation | Unfavorable Regulatory Action | EPA
Loss Contingencies [Line Items]
Number of sites remediation work substantially completed | Site											13
Number of sites with remediation plans | Site												1
Number of additional sites which are not under investigation | Site											12
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program
Loss Contingencies [Line Items]
Environmental remediation reserves											$ 47			47
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA
Loss Contingencies [Line Items]
Number of sites with remediation plans | Site											1
Number of additional sites which are not under investigation | Site											2
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program
Loss Contingencies [Line Items]
Environmental remediation reserves											$ 25			$ 25

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Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($) Guarantee
Guarantee Obligations [Line Items]
Guarantee liability	$ 4,438,000,000	[1],[2]
Financial Guarantee | Equity Method Investee | Cove Point
Guarantee Obligations [Line Items]
Number of Guarantee | Guarantee	4
Guarantees with Maximum Limit [Member] | Equity Method Investee | Cove Point
Guarantee Obligations [Line Items]
Number of Guarantee | Guarantee	2
Guarantee liability	$ 1,900,000,000
Guarantees with No Maximum Limit [Member] | Equity Method Investee | Cove Point
Guarantee Obligations [Line Items]
Number of Guarantee | Guarantee	2
Guarantee liability	$ 0
Additional Guarantees [Member]
Guarantee Obligations [Line Items]
Guarantee liability	20,000,000
Surety Bond
Guarantee Obligations [Line Items]
Guarantee liability	268,000,000
Surety Bond | Virginia Electric and Power Company
Guarantee Obligations [Line Items]
Guarantee liability	190,000,000
Financial Standby Letter of Credit
Guarantee Obligations [Line Items]
Guarantee liability	$ 154,000,000

[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

[2] In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use 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 five years, 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, up to 87% of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023, no amounts have been recorded related to this guarantee.

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Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail)	Mar. 31, 2023 USD ($)
Guarantee Obligations [Line Items]
Maximum Exposure	$ 4,438,000,000	[1],[2]
Commodity Transactions
Guarantee Obligations [Line Items]
Maximum Exposure	2,710,000,000	[3]
Nuclear Plant
Guarantee Obligations [Line Items]
Maximum Exposure	245,000,000	[4]
Solar
Guarantee Obligations [Line Items]
Maximum Exposure	214,000,000	[5]
Other
Guarantee Obligations [Line Items]
Maximum Exposure	$ 1,269,000,000	[6]

[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.

[2] In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use 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 five years, 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, up to 87% of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023, no amounts have been recorded related to this guarantee.

[3] 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.

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

[5] Includes guarantees to facilitate the development of solar projects.

[6] Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.

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Commitments and Contingencies - Schedule of Subsidiary Guarantees (Parenthetical) (Detail) - Lessor - New Corporate Office - Agreement with Lessor to Construct and Lease Corporate Office Property - USD ($)	1 Months Ended
	Jul. 31, 2016	Mar. 31, 2023
Guarantee Obligations [Line Items]
Amount of financing commitments to fund estimated project costs	$ 365,000,000
Project completion period	2019-08
Lessee, operating Lease, existence of option to extend	true
Lease extend term	5 years
Maximum percentage payment of project costs for difference between project costs and sales proceeds	87.00%
Guarantee amount		$ 0

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Credit Risk (Narrative) (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($) Counterparty	Dec. 31, 2022 USD ($)
Concentration Risk and Guarantor Obligations [Line Items]
Credit exposure	$ 217,000,000
Additional collateral to be posted if the credit related contingent features were triggered	106,000,000	$ 140,000,000
Collateral derivatives with credit-related contingent provision in a liability position	1,000,000	72,000,000
Letter of credit as collateral posted for derivatives in liability position	6,000,000	20,000,000
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position	107,000,000	212,000,000
Virginia Electric and Power Company
Concentration Risk and Guarantor Obligations [Line Items]
Credit exposure	34,000,000
Additional collateral to be posted if the credit related contingent features were triggered	45,000,000	28,000,000
Collateral derivatives with credit-related contingent provision in a liability position	0	72,000,000
Letter of credit as collateral posted for derivatives in liability position	6,000,000	20,000,000
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position	$ 45,000,000	$ 99,000,000
Credit Concentration Risk
Concentration Risk and Guarantor Obligations [Line Items]
Number of counterparties | Counterparty	0
Amount of exposure for single counterparty	$ 48,000,000
Credit Concentration Risk | Virginia Electric and Power Company
Concentration Risk and Guarantor Obligations [Line Items]
Number of counterparties | Counterparty	0
Amount of exposure for single counterparty	$ 13,000,000
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company
Concentration Risk and Guarantor Obligations [Line Items]
Concentration risk, percentage (percentage)	54.00%
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty
Concentration Risk and Guarantor Obligations [Line Items]
Concentration risk, percentage (percentage)	89.00%

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Related-Party Transactions (Narrative) (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Borrowing Interest Charges		$ 24,000,000
Maximum
Related Party Transaction [Line Items]
Borrowing Interest Charges			$ 1,000,000
Virginia Electric and Power Company
Related Party Transaction [Line Items]
Payable to affiliates		1,203,000,000		$ 2,024,000,000	[1]
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries		$ 0		0
Stock Issued During Period Shares New Issues		0	0
Commencing Period	20 months
Lease commencement term	2025-08
Related party transaction costs	$ 240,000,000
Virginia Electric and Power Company | Pension Benefits | Amounts Associated With Dominion Pension Plan
Related Party Transaction [Line Items]
Amounts due to Dominion, noncurrent		$ 431,000,000		422,000,000
Virginia Electric and Power Company | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan
Related Party Transaction [Line Items]
Amounts due from Dominion, noncurrent		534,000,000		518,000,000
Virginia Electric and Power Company | Affiliated Entity
Related Party Transaction [Line Items]
Derivative assets		5,000,000		33,000,000
Derivative liabilities		82,000,000		31,000,000
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements
Related Party Transaction [Line Items]
Payable to affiliates		$ 1,200,000,000		$ 2,000,000,000.0

[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date.

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Related-Party Transactions (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Commodity purchases from affiliates		$ 214	$ 293
Services provided by affiliates	[1]	147	130
Affiliated Entity
Related Party Transaction [Line Items]
Services provided to affiliates		$ 4	$ 4

[1] Includes capitalized expenditures of $54 million and $39 million for the three months ended March 31, 2023 and 2022, respectively.

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Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Capital expenditures	$ 1,420	$ 1,037
Services provided by affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Capital expenditures	$ 54	$ 39

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Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 24	$ 36
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Interest cost	$ 111	$ 83
Expected return on plan assets	(216)	(223)
Amortization of net actuarial (gain) loss		40
Net periodic benefit (credit) cost	(81)	(64)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3	$ 6
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income Expense	Other Nonoperating Income Expense
Interest cost	$ 15	$ 11
Expected return on plan assets	(38)	(48)
Amortization of prior service cost (credit)	(9)	(10)
Amortization of net actuarial (gain) loss	1
Net periodic benefit (credit) cost	$ (30)	$ (41)

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Employee Benefit Plans (Narrative) (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions to qualified defined benefit pension plans and OPEB plans	$ 0
Other Postretirement Benefits Plan | Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution to voluntary employees beneficiary association		$ 0

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Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Gain (loss) on investments	$ 134	$ (113)
Operating Segments
Segment Reporting Information [Line Items]
After- tax net benefits (expenses)	272	(269)
Operating Segments | Nuclear Decommissioning Trust Funds
Segment Reporting Information [Line Items]
Gain (loss) on investments	123	(125)
Gain (loss) on investments, after tax	90	(102)
Corporate and Other | Operating Segments
Segment Reporting Information [Line Items]
After- tax net benefits (expenses)	86	(311)
After- tax net benefits (expenses) for specific items	148	(289)
Contracted Assets | Operating Segments
Segment Reporting Information [Line Items]
Loss related to economic hedging activities		66
Gain related to economic hedging activities	291
Loss related to economic hedging activities after tax		47
Gain related to economic hedging activities after tax	221
Contracted Assets | Operating Segments | Nuclear Decommissioning Trust Funds
Segment Reporting Information [Line Items]
Gain (loss) on investments, after tax	77	(90)
Dominion Energy Virginia | Operating Segments
Segment Reporting Information [Line Items]
Charge associated with storm damage and service restoration		94
Charge associated with storm damage and service restoration, after tax		70
Charge for amortization of a regulatory asset, 2021 Triennial Review	61	61
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax	45	45
Dominion Energy Virginia | Operating Segments | Nuclear Decommissioning Trust Funds
Segment Reporting Information [Line Items]
Gain (loss) on investments, after tax	$ 13	$ (12)

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Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenue		$ 5,252	$ 4,279
Net Income (Loss) from discontinued operations including noncontrolling interest	[1]	(5)	19
Net income (loss) attributable to Dominion Energy		997	711
Operating Segments
Segment Reporting Information [Line Items]
Operating Revenue		5,252	4,279
Adjustments & Eliminations
Segment Reporting Information [Line Items]
Operating Revenue		0	0
Net Income (Loss) from discontinued operations including noncontrolling interest		0	0
Net income (loss) attributable to Dominion Energy		0	0
Intersegment revenue
Segment Reporting Information [Line Items]
Operating Revenue		0	0
Adjustments & Eliminations
Segment Reporting Information [Line Items]
Operating Revenue		(254)	(240)
Eliminations
Segment Reporting Information [Line Items]
Operating Revenue		(254)	(240)
Dominion Energy Virginia
Segment Reporting Information [Line Items]
Operating Revenue		2,388	2,169
Dominion Energy Virginia | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenue		2,389	2,172
Net Income (Loss) from discontinued operations including noncontrolling interest		0	0
Net income (loss) attributable to Dominion Energy		386	518
Dominion Energy Virginia | Intersegment revenue
Segment Reporting Information [Line Items]
Operating Revenue		(1)	(3)
Gas Distribution
Segment Reporting Information [Line Items]
Operating Revenue		1,368	1,230
Gas Distribution | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenue		1,367	1,229
Net Income (Loss) from discontinued operations including noncontrolling interest		0	0
Net income (loss) attributable to Dominion Energy		278	294
Gas Distribution | Intersegment revenue
Segment Reporting Information [Line Items]
Operating Revenue		1	1
Dominion Energy South Carolina
Segment Reporting Information [Line Items]
Operating Revenue		845	799
Dominion Energy South Carolina | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenue		844	798
Net Income (Loss) from discontinued operations including noncontrolling interest		0	0
Net income (loss) attributable to Dominion Energy		91	109
Dominion Energy South Carolina | Intersegment revenue
Segment Reporting Information [Line Items]
Operating Revenue		1	1
Contracted Assets
Segment Reporting Information [Line Items]
Operating Revenue		311	249
Contracted Assets | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenue		308	245
Net Income (Loss) from discontinued operations including noncontrolling interest		0	0
Net income (loss) attributable to Dominion Energy		156	101
Contracted Assets | Intersegment revenue
Segment Reporting Information [Line Items]
Operating Revenue		3	4
Corporate and Other
Segment Reporting Information [Line Items]
Operating Revenue		594	72
Corporate and Other | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenue		344	(165)
Net Income (Loss) from discontinued operations including noncontrolling interest		(5)	19
Net income (loss) attributable to Dominion Energy		86	(311)
Corporate and Other | Intersegment revenue
Segment Reporting Information [Line Items]
Operating Revenue		$ 250	$ 237

[1] Includes income tax expense (benefit) of $(1) million and $6 million for the three months ended three months ended March 31, 2023 and 2022, respectively.

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Operating Segments - Virginia Power (Narrative) (Detail) - Operating Segments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
After- tax net benefits (expenses)	$ 272	$ (269)
Corporate and Other
Segment Reporting Information [Line Items]
After- tax net benefits (expenses)	86	(311)
After- tax net benefits (expenses) for specific items	148	(289)
Virginia Electric and Power Company
Segment Reporting Information [Line Items]
Charge associated with storm damage and service restoration		94
Charge associated with storm damage and service restoration, after tax		70
Charge for amortization of a regulatory asset, 2021 Triennial Review	61	61
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax	45	45
Virginia Electric and Power Company | Corporate and Other
Segment Reporting Information [Line Items]
After- tax net benefits (expenses)	(31)	(159)
After- tax net benefits (expenses) for specific items	$ (32)	$ (130)

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Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenue		$ 5,252	$ 4,279
Net income (loss) attributable to Dominion Energy		997	711
Virginia Electric and Power Company
Segment Reporting Information [Line Items]
Operating Revenue	[1]	2,384	2,167
Net income (loss) attributable to Dominion Energy		353	357
Dominion Energy Virginia
Segment Reporting Information [Line Items]
Operating Revenue		2,388	2,169
Dominion Energy Virginia | Virginia Electric and Power Company
Segment Reporting Information [Line Items]
Operating Revenue		2,384	2,165
Net income (loss) attributable to Dominion Energy		384	516
Corporate and Other
Segment Reporting Information [Line Items]
Operating Revenue		594	72
Corporate and Other | Virginia Electric and Power Company
Segment Reporting Information [Line Items]
Operating Revenue		0	2
Net income (loss) attributable to Dominion Energy		$ (31)	$ (159)

[1] See Note 19 for amounts attributable to affiliates.