Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Effective Income Tax

For continuing operations including noncontrolling interests for the six months ended June 30, 2026, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:


		Dominion Energy									Virginia Power
(millions, except percentages)		Amount				Rate					Amount				Rate
U.S. federal statutory tax		$	270				21.0		%		$	351				21.0		%
State and local income taxes, net of federal income tax effect(1)			53				4.1					66				4.0
Tax credits:
Production tax credits(2)			(91	)			(7.1	)				(34	)			(2.0	)
Investment tax credit amortization			(44	)			(3.4	)				(23	)			(1.4	)
Nontaxable or nondeductible items:
Regulatory deferrals:
Reversal of excess deferred income taxes			(33	)			(2.6	)				(23	)			(1.4	)
AFUDC—equity			(15	)			(1.2	)				(16	)			(1.0	)
Absence of tax on noncontrolling interest			(29	)			(2.1	)				(29	)			(1.8	)
Other adjustments:
Qualified nuclear decommissioning trust net gains (losses)			61				4.8					10				0.6
Other			(2	)			(0.3	)				(3	)			(0.1	)
Effective tax(3)		$	170				13.2		%		$	299				17.9		%

(1)

State taxes in Virginia make up the majority (greater than 50%) of the tax effect in this category.

(2)

Dominion Energy production tax credits include a $50 million income tax benefit for the clean energy fuel production tax credit.

The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.

For continuing operations, including noncontrolling interests for the six months ended June 30, 2025, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:


		Dominion Energy				Virginia Power
U.S. federal statutory tax rate		21.0%				21.0%
Increases (reductions) resulting from:
State taxes, net of federal benefit			4.7				4.4
Investment tax credits			(2.5	)			(0.8	)
Production tax credits(1)			(4.9	)			(4.1	)
Reversal of excess deferred income taxes			(1.7	)			(1.7	)
Qualified nuclear decommissioning trust net gains (losses)			2.0				—
Remeasurements and settlements of uncertain tax positions			(1.6	)			—
AFUDC—equity			(0.8	)			(1.0	)
Absence of tax on noncontrolling interest			(1.6	)			(2.3	)
Other, net			(0.1	)			(0.1	)
Effective tax rate			14.5	%			15.4	%

Dominion Energy and Virginia Power production tax credits include a $40 million income tax benefit for the nuclear production tax credit. Dominion Energy production tax credits also include a $27 million income tax benefit for the clean fuel production tax credit.