v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
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

 

Six Months Ended June 30,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions)
   resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal
   benefit

 

 

4.7

 

 

 

2.8

 

 

 

4.4

 

 

 

4.4

 

Investment tax credits

 

 

(2.5

)

 

 

(1.8

)

 

 

(0.8

)

 

 

(0.8

)

Production tax credits

 

 

(4.9

)

 

 

(3.0

)

 

 

(4.1

)

 

 

(2.0

)

Reversal of excess
   deferred income taxes

 

 

(1.7

)

 

 

(3.2

)

 

 

(1.7

)

 

 

(1.7

)

Qualified nuclear
   decommissioning trust
   net gains (losses)

 

 

2.0

 

 

 

6.0

 

 

 

—

 

 

 

—

 

Remeasurements and
    settlements of uncertain
    tax positions

 

 

(1.6

)

 

 

—

 

 

 

—

 

 

 

—

 

AFUDC - equity

 

 

(0.8

)

 

 

(0.9

)

 

 

(1.0

)

 

 

(0.6

)

Absence of tax on
    noncontrolling interest

 

 

(1.6

)

 

 

—

 

 

 

(2.3

)

 

 

—

 

Other, net

 

 

(0.1

)

 

 

0.8

 

 

 

(0.1

)

 

 

1.0

 

Effective tax rate

 

 

14.5

%

 

 

21.7

%

 

 

15.4

%

 

 

21.3

%
Reconciliation of Changes in Unrecognized Tax Benefits A reconciliation of changes in Dominion Energy’s and Virginia Power’s unrecognized tax benefits follows for the current period:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Balance at January 1, 2025

 

$

170

 

 

$

56

 

Prior period positions - increases

 

 

—

 

 

 

—

 

Prior period positions - decreases

 

 

(38

)

 

 

—

 

Current period positions - increases

 

 

3

 

 

 

2

 

Settlements with tax authorities

 

 

—

 

 

 

—

 

Expiration of statutes of limitations

 

 

—

 

 

 

—

 

Balance at June 30, 2025

 

$

135

 

 

$

58