Operating Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Operating Segments

Note 21. Operating Segments

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

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

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

(2)Includes renewable natural gas operations.

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

Dominion Energy

The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), PSNC and Questar Gas Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2023.

In the three months ended March 31, 2024, Dominion Energy reported after-tax net income of $48 million in the Corporate and Other segment, including $191 million of after-tax net income for specific items with $124 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2023, Dominion Energy reported after-tax net income of $393 million in the Corporate and Other segment, including $466 million of after-tax net income for specific items with $304 million of after-tax net income attributable to its operating segments.

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

•A $266 million ($202 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

•Contracted Energy ($175 million after-tax); and

•Dominion Energy Virginia ($27 million after-tax);

•A $61 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; and

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

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

•A $332 million ($253 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy;

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

•Contracted Energy ($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 following table presents segment information pertaining to Dominion Energy’s operations:

	Dominion Energy Virginia		Dominion Energy South Carolina		Contracted Energy		Corporate and Other			Adjustments & Eliminations			Consolidated Total
(millions)
Three Months Ended March 31, 2024
Total revenue from external      customers	$	2,489	$	892	$	306	$	(55	)	$	—		$	3,632
Intersegment revenue		—		1		2		234			(237	)		—
Total operating revenue		2,489		893		308		179			(237	)		3,632
Net income from discontinued      operations		—		—		—		114			—			114
Net income attributable to      Dominion Energy		424		80		122		48			—			674
Three Months Ended March 31, 2023
Total revenue from external      customers	$	2,384	$	844	$	308	$	347		$	—		$	3,883
Intersegment revenue		—		1		3		232			(236	)		—
Total operating revenue		2,384		845		311		579			(236	)		3,883
Net income from discontinued      operations		—		—		—		281			—			281
Net income attributable to      Dominion Energy		386		91		111		393			—			981

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, 2024, Virginia Power reported after-tax net income of $41 million in the Corporate and Other segment, including $39 million of after-tax net income for specific items all of which was attributable to its operating segment. 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.

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

•A $37 million ($27 million after-tax) gain related to investments in nuclear decommissioning trust funds.

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

•A $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, 2024
Operating revenue	$	2,489	$	—		$	2,489
Net income		424		41			465
Three Months Ended March 31, 2023
Operating revenue	$	2,384	$	—		$	2,384
Net income (loss)		386		(31	)		355