Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Fair Value Inputs, Assets, Quantitative Information |
The following table presents the Companies’ quantitative information about Level 3 fair value measurements at June 30, 2025. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility.
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Dominion Energy |
|
Virginia Power |
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|
Valuation
Techniques |
|
Unobservable
Input |
|
Fair Value (millions) |
|
|
Range |
|
Weighted -average(1) |
|
Fair Value (millions) |
|
|
Range |
|
Weighted -average(1) |
Assets |
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|
Physical and financial forwards: |
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|
|
|
|
|
|
|
|
|
|
|
Natural gas(2) |
|
Discounted cash flow |
|
Market price (per Dth)(3) |
|
$ |
2 |
|
|
(2)-4 |
|
(1) |
|
$ |
2 |
|
|
(2)-3 |
|
(1) |
FTRs |
|
Discounted cash flow |
|
Market price (per MWh)(3) |
|
|
173 |
|
|
(3)-15 |
|
7 |
|
|
173 |
|
|
(3)-15 |
|
7 |
Electricity |
|
Discounted cash flow |
|
Market price (per MWh)(3) |
|
|
185 |
|
|
28-111 |
|
49 |
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|
|
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Physical options: |
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|
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|
|
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Natural gas(2) |
|
Option model |
|
Market price (per Dth)(3) |
|
|
76 |
|
|
1-9 |
|
4 |
|
|
8 |
|
|
3-9 |
|
6 |
|
|
|
|
Price volatility(4) |
|
|
|
|
11%-72% |
|
43% |
|
|
|
|
19%-70% |
|
43% |
Total assets |
|
|
|
|
|
$ |
436 |
|
|
|
|
|
|
$ |
183 |
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|
|
|
Liabilities |
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|
|
|
|
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|
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|
|
Physical and financial forwards: |
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|
|
|
|
Natural gas(2) |
|
Discounted cash flow |
|
Market price (per Dth)(3) |
|
$ |
4 |
|
|
(2)-3 |
|
(1) |
|
$ |
4 |
|
|
(2)-3 |
|
(1) |
Electricity |
|
Discounted cash flow |
|
Market price (per MWh)(3) |
|
|
18 |
|
|
28-119 |
|
58 |
|
|
|
|
|
|
|
Total liabilities |
|
|
|
|
|
$ |
22 |
|
|
|
|
|
|
$ |
4 |
|
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|
|
|
(1)Averages weighted by volume. (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:
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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:
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Dominion Energy |
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|
Virginia Power |
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
|
|
Total |
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|
Level 1 |
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Level 2 |
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|
Level 3 |
|
|
Total |
|
(millions) |
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June 30, 2025 |
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Assets |
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Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity |
|
$ |
— |
|
|
$ |
83 |
|
|
$ |
436 |
|
|
$ |
519 |
|
|
$ |
— |
|
|
$ |
23 |
|
|
$ |
183 |
|
|
$ |
206 |
|
Interest rate |
|
|
— |
|
|
|
183 |
|
|
|
— |
|
|
|
183 |
|
|
|
— |
|
|
|
71 |
|
|
|
— |
|
|
|
71 |
|
Foreign currency exchange rate |
|
|
— |
|
|
|
44 |
|
|
|
— |
|
|
|
44 |
|
|
|
— |
|
|
|
44 |
|
|
|
— |
|
|
|
44 |
|
Investments(1): |
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|
|
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|
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|
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|
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|
|
|
|
Equity securities: |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. |
|
|
5,730 |
|
|
|
2 |
|
|
|
— |
|
|
|
5,732 |
|
|
|
2,945 |
|
|
|
2 |
|
|
|
— |
|
|
|
2,947 |
|
International |
|
|
173 |
|
|
|
— |
|
|
|
— |
|
|
|
173 |
|
|
|
101 |
|
|
|
— |
|
|
|
— |
|
|
|
101 |
|
Fixed income: |
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|
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|
|
|
|
|
|
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|
|
|
Corporate debt instruments |
|
|
— |
|
|
|
550 |
|
|
|
— |
|
|
|
550 |
|
|
|
— |
|
|
|
309 |
|
|
|
— |
|
|
|
309 |
|
Government securities |
|
|
135 |
|
|
|
1,629 |
|
|
|
— |
|
|
|
1,764 |
|
|
|
86 |
|
|
|
950 |
|
|
|
— |
|
|
|
1,036 |
|
Cash equivalents and other |
|
|
33 |
|
|
|
— |
|
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total assets |
|
$ |
6,071 |
|
|
$ |
2,491 |
|
|
$ |
436 |
|
|
$ |
8,998 |
|
|
$ |
3,132 |
|
|
$ |
1,399 |
|
|
$ |
183 |
|
|
$ |
4,714 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity |
|
$ |
— |
|
|
$ |
107 |
|
|
$ |
22 |
|
|
$ |
129 |
|
|
$ |
— |
|
|
$ |
34 |
|
|
$ |
4 |
|
|
$ |
38 |
|
Interest rate |
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
|
66 |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
16 |
|
Foreign currency exchange rate |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
182 |
|
|
$ |
22 |
|
|
$ |
204 |
|
|
$ |
— |
|
|
$ |
59 |
|
|
$ |
4 |
|
|
$ |
63 |
|
December 31, 2024 |
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Assets |
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Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity |
|
$ |
— |
|
|
$ |
95 |
|
|
$ |
399 |
|
|
$ |
494 |
|
|
$ |
— |
|
|
$ |
45 |
|
|
$ |
70 |
|
|
$ |
115 |
|
Interest rate |
|
|
— |
|
|
|
875 |
|
|
|
— |
|
|
|
875 |
|
|
|
— |
|
|
|
230 |
|
|
|
— |
|
|
|
230 |
|
Foreign currency exchange rate |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
Investments(1): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
5,403 |
|
|
|
2 |
|
|
|
— |
|
|
|
5,405 |
|
|
|
2,769 |
|
|
|
2 |
|
|
|
— |
|
|
|
2,771 |
|
International |
|
|
165 |
|
|
|
— |
|
|
|
— |
|
|
|
165 |
|
|
|
99 |
|
|
|
— |
|
|
|
— |
|
|
|
99 |
|
Fixed income: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt instruments |
|
|
— |
|
|
|
518 |
|
|
|
— |
|
|
|
518 |
|
|
|
— |
|
|
|
294 |
|
|
|
— |
|
|
|
294 |
|
Government securities |
|
|
138 |
|
|
|
1,605 |
|
|
|
— |
|
|
|
1,743 |
|
|
|
85 |
|
|
|
939 |
|
|
|
— |
|
|
|
1,024 |
|
Cash equivalents and other |
|
|
29 |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total assets |
|
$ |
5,735 |
|
|
$ |
3,125 |
|
|
$ |
399 |
|
|
$ |
9,259 |
|
|
$ |
2,953 |
|
|
$ |
1,540 |
|
|
$ |
70 |
|
|
$ |
4,563 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity |
|
$ |
— |
|
|
$ |
108 |
|
|
$ |
15 |
|
|
$ |
123 |
|
|
$ |
— |
|
|
$ |
31 |
|
|
$ |
2 |
|
|
$ |
33 |
|
Interest rate |
|
|
— |
|
|
|
197 |
|
|
|
— |
|
|
|
197 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign currency exchange rate |
|
|
— |
|
|
|
192 |
|
|
|
— |
|
|
|
192 |
|
|
|
— |
|
|
|
192 |
|
|
|
— |
|
|
|
192 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
497 |
|
|
$ |
15 |
|
|
$ |
512 |
|
|
$ |
— |
|
|
$ |
223 |
|
|
$ |
2 |
|
|
$ |
225 |
|
(1)Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $208 million and $212 million of assets at Dominion Energy, inclusive of $74 million and $76 million at Virginia Power, at June 30, 2025 and December 31, 2024, 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:
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|
|
|
|
|
|
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|
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|
|
|
|
Dominion Energy |
|
|
Virginia Power |
|
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
|
Quarter-to-Date |
|
|
Year-to-Date |
|
Period Ended June 30, |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
269 |
|
|
$ |
190 |
|
|
$ |
384 |
|
|
$ |
86 |
|
|
$ |
26 |
|
|
$ |
(38 |
) |
|
$ |
68 |
|
|
$ |
(116 |
) |
Total realized and unrealized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
|
(3 |
) |
|
|
2 |
|
|
|
10 |
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Electric fuel and other energy-related purchases |
|
|
143 |
|
|
|
(27 |
) |
|
|
118 |
|
|
|
(148 |
) |
|
|
143 |
|
|
|
(27 |
) |
|
|
116 |
|
|
|
(146 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Included in regulatory assets/liabilities |
|
|
150 |
|
|
|
176 |
|
|
|
43 |
|
|
|
307 |
|
|
|
145 |
|
|
|
149 |
|
|
|
113 |
|
|
|
226 |
|
Settlements |
|
|
(153 |
) |
|
|
18 |
|
|
|
(149 |
) |
|
|
94 |
|
|
|
(143 |
) |
|
|
20 |
|
|
|
(126 |
) |
|
|
120 |
|
Purchases |
|
|
8 |
|
|
|
1 |
|
|
|
8 |
|
|
|
28 |
|
|
|
8 |
|
|
|
1 |
|
|
|
8 |
|
|
|
21 |
|
Ending balance |
|
$ |
414 |
|
|
$ |
360 |
|
|
$ |
414 |
|
|
$ |
360 |
|
|
$ |
179 |
|
|
$ |
105 |
|
|
$ |
179 |
|
|
$ |
105 |
|
|
| 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:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy |
|
|
Virginia Power |
|
|
|
Carrying
Amount |
|
|
Estimated
Fair
Value(1) |
|
|
Carrying
Amount |
|
|
Estimated
Fair
Value(1) |
|
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt(2) |
|
$ |
37,954 |
|
|
$ |
36,145 |
|
|
$ |
20,114 |
|
|
$ |
18,711 |
|
Securitization bonds(3) |
|
|
1,136 |
|
|
|
1,152 |
|
|
|
1,136 |
|
|
|
1,152 |
|
Junior subordinated notes(2) |
|
|
3,223 |
|
|
|
3,417 |
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt(2) |
|
$ |
34,533 |
|
|
$ |
32,167 |
|
|
$ |
19,224 |
|
|
$ |
17,578 |
|
Securitization bonds(3) |
|
|
1,217 |
|
|
|
1,218 |
|
|
|
1,217 |
|
|
|
1,218 |
|
Junior subordinated notes(2) |
|
|
3,223 |
|
|
|
3,372 |
|
|
|
|
|
|
|
(1)Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2)Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at June 30, 2025 and December 31, 2024. (3)Carrying amount includes current portions included in securities due within one year.
|