Note 12. 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 key legislation affecting operations or key regulatory developments disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Virginia Regulation - Updates to Key Legislation Affecting Operations

Virginia 2020 Legislation

Renewable generation: In April 2026, the Governor of Virginia signed into law legislation which deems 16.0 GW of short-duration energy storage by the end of 2045, including 4.0 GW by the end of 2030, and 4.0 GW of long-duration energy storage by the end of 2045, including 2.0 GW by the end of 2035, which includes up to 800 MW for any one project which may include new or expanded pumped storage facilities, to be in the public interest.

Carbon trading program: In April 2026, the Governor of Virginia signed into law legislation that requires Virginia to establish and maintain a market-based carbon trading program consistent with RGGI, effective July 2026. All costs of the carbon trading program are recoverable through an environmental rider. In June 2026, the Governor of Virginia signed into law legislation that requires 45 percent of all revenue collected by Virginia pursuant to the market-based trading program be remitted to certain electric utilities, including Virginia Power, who will be subsequently required to distribute such funds to residential and certain commercial customers.

Virginia Regulation - Recent Developments

2025 Biennial Review

In November 2025, the Virginia Commission approved a base rate increase of $566 million effective January 2026 with an incremental base rate increase of $210 million effective January 2027. The Virginia Commission also authorized an ROE of 9.80% for Virginia Power that will be applied to Virginia Power’s riders prospectively and that will also be utilized to measure base rate earnings for the 2027 Biennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025 for additional information. In March 2026, an appeal of the Virginia Commission’s order was filed with the Supreme Court of Virginia. This matter is pending.

Virginia Fuel Expenses

In May 2026, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $2.7 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2026 and a projected $1.1 billion under-recovered balance as of June 30, 2026. The projected under-recovered balance is comprised of $1.0 billion in projected and $66 million in actual under-recovered amounts from the rate years ended June 30, 2026 and 2025, respectively. Virginia Power proposed two alternatives to recover these under-collected fuel costs. The first option reflects recovery of the total $3.8 billion fuel cost requirement over the July 2026 through June 2027 fuel period and results in an increase in Virginia Power’s fuel revenues of $1.9 billion when applied to projected kilowatt-hour sales for the period. The second option proposed by Virginia Power incorporates its May 2026 application to the Virginia Commission for approval of a financing order to securitize up to the projected $1.0 billion under-recovered balance associated with the rate year ended June 30, 2026 as permitted under legislation enacted in Virginia in May 2026 authorizing Virginia Power to petition the Virginia Commission on or before July 2026 for approval of a financing order for certain deferred fuel costs. Under this option, Virginia Power proposed implementation of a rate to recover its projected current period fuel costs and the $66 million associated with under-recovered amounts from the rate year ended June 30, 2025 only effective July 2026 on an interim basis, while suspending implementation of the $1.0 billion associated with projected under-recovered amounts from the rate year ended June 30, 2026 pending the Virginia Commission’s consideration of the securitization petition. If approved by the Virginia Commission, the securitization option results in a net increase in Virginia Power’s fuel revenues for the rate year of approximately $702 million. In June 2026, the Virginia Commission ordered that, in accordance with Virginia Power’s second proposed option, the rate associated with the projected current period fuel costs and the $66 million associated with under-recovered amounts from the rate year ended June 30, 2025 be implemented effective July 2026 on an interim basis. In May 2026, in accordance

with legislation enacted in Virginia in May 2026 discussed above, Virginia Power filed an application with the Virginia Commission for approval of a financing order to securitize the projected $1.0 billion under-recovered fuel balance from the rate year ended June 30, 2026 through the issuance of one or more tranches of bonds with tenors up to approximately ten years, but no longer than approximately 15 years. These matters are pending.

Virginia Power Equity Application

In March 2026, Virginia Power requested approval from the Virginia Commission to issue and sell to Dominion Energy up to $5.1 billion of authorized but unissued shares of its common stock, no par value, through the end of 2029 to maintain adequate credit metrics and efficient access to capital markets while funding necessary capital expenditures. In May 2026, the Virginia Commission granted Virginia Power approval to issue up to $3.6 billion of authorized but unissued shares of its common stock, through the end of 2029.

Renewable Generation Projects

In October 2025, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate six utility-scale projects totaling approximately 845 MW of solar generation and two energy storage projects totaling approximately 155 MW as part of its efforts to meet the renewable generation development targets under the VCEA. The projects include Bedford and Pumpkinseed, which were constructed and have been operated as non-jurisdictional generation facilities. The remaining projects are expected to, as of October 2025, cost approximately $2.9 billion, excluding financing costs, and be placed into service between 2028 and 2030. In April 2026, the Virginia Commission approved CPCNs to construct or acquire and operate four utility-scale projects totaling approximately 532 MW of solar generation and one energy storage project totaling approximately 80 MW. The projects include Bedford and Pumpkinseed with the remaining projects approved in the April 2026 order expected to, as of October 2025, cost approximately $1.5 billion, excluding financing costs, and be placed into service between 2028 and 2029. Virginia Power is reviewing the order and assessing its options.

GTSA Filing

In March 2026, Virginia Power filed a petition with the Virginia Commission for approval of Phase IV, covering 2027 through 2029, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan proposes to continue the mainfeeder hardening project on 41 additional feeders in 2027 through 2029, proposes the continued implementation of and investment in previously approved voltage island mitigation projects and voltage optimization enablement work and continued deployment of its previously approved telecommunications plan and select vegetation management programs. Virginia Power also requests approval for one new project, a stepdown conversion pilot program designed to proactively upgrade parts of the distribution system to a higher voltage, eliminating the need for 24 overhead 500 kVA and 333 kVA stepdown transformers. For Phase IV, the total proposed capital investment is $983 million and the proposed operations and maintenance investment is $125 million. This matter is pending.

Riders

Other than the following matters, there have been no significant developments regarding the significant riders associated with various Virginia Power projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

Electric Transmission Projects

Other than the following matters, there have been no significant developments regarding the significant Virginia Power electric transmission projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

North Carolina Regulation - Recent Developments

Base Rate Case

In April 2026, Virginia Power filed its base rate case with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $37 million effective December 1, 2026 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective March 1, 2027. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned ROE of 7.53% based upon a fully-adjusted test period, compared to its authorized return of 9.95%, and proposed ROE of 10.50%. In addition, Virginia Power requested permission to establish a rider to recover certain costs associated with the CVOW Commercial Project. This matter is pending.

South Carolina Regulation - Recent Developments

Electric Base Rate Case

In January 2026, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $331 million, partially offset by a net decrease in storm damage and DSM components of $9 million. If approved, the overall proposed rate increase of $322 million, or 12.7%, would be effective on and after the first billing cycle of July 2026. The base rate increase was proposed to recover the continued investment in assets and operating resources required to serve DESC’s rapidly expanding customer base and evolving customer needs, while maintaining the safety, reliability, resiliency and efficiency of its system, and to meet increasingly stringent reliability, security and environmental requirements. DESC presented an ROE of 4.78% based upon a fully-adjusted test period. The proposed rates would provide for an earned ROE of 10.50% compared to the currently authorized ROE of 9.94%.

In May 2026, DESC, the South Carolina Office of Regulatory Staff and other parties of record filed a stipulation agreement with the South Carolina Commission for approval. The stipulation agreement provides for a non-fuel, base rate increase of $219 million prior to the effect of South Carolina Commission-ordered DSM reductions effective on and after the first billing cycle of July 2026 and an authorized ROE of 9.99%. In addition, the stipulation agreement includes that DESC will provide to residential customers a one-time refund and other customer assistance, resulting in after-tax charges of

$5 million reflected in Dominion Energy’s Consolidated Statements of Income for both the three and six months ended June 30, 2026. In July 2026, the South Carolina Commission issued an order approving the stipulation agreement.

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 2026, 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 2026. In addition, DESC proposed to update its variable environmental and avoided capacity cost component. The net effect is a proposed annual increase of $36 million. In March 2026, DESC, the South Carolina Office of Regulatory Staff and another party filed a settlement agreement with the South Carolina Commission for approval to make certain adjustments to the February 2026 filing that would result in an inconsequential change to the proposed annual increase. In April 2026, the South Carolina Commission approved the settlement agreement, with rates effective with the first billing cycle of May 2026.

Electric DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2026, DESC filed an application with the South Carolina Commission seeking approval to recover $54 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 2026. In April 2026, the South Carolina Commission approved the request, effective with the first billing cycle of May 2026.

Canadys Station

In December 2025, DESC and Santee Cooper filed an application with the South Carolina Commission for approval of a CPCN to jointly construct and operate Canadys Station. Upon completion, DESC and Santee Cooper will each own a 50% undivided interest in the generating station and its electrical output. The application included an expected total cost of approximately $5 billion, excluding financing costs, with costs split equally between the joint owners for the proposed 2.2 GW facility. In addition, the application seeks approval for the construction of a new 230 kV switchyard and related transmission facilities which are expected to cost approximately $100 million, to be jointly owned by DESC and Santee Cooper, with costs split between the joint owners based on a formula reflecting shared use. In June 2026, the South Carolina Commission approved the request. The related facilities are expected to be placed into service in 2033. The estimated cost and project timelines are subject to refinement through the permitting process and the negotiation of contracts for major construction suppliers.

Electric - Transmission Project

In July 2026, DESC filed an application with the South Carolina Commission requesting approval of a CPCN to reconductor five existing corridor lines currently connected to its Jasper substation in Jasper County, South Carolina, consisting of a total of 84 miles of 230 kV transmission lines with an estimated total project cost of approximately $110 million. This matter is pending.

Natural Gas Rates

In June 2026, DESC filed with the South Carolina Commission its monitoring report for the 12-month period ended March 31, 2026 with a total revenue requirement of $676 million. This revenue requirement represents a $22 million base rate increase under the terms of the Natural Gas Rate Stabilization Act effective with the first billing cycle of November 2026. This matter is pending.