Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at June 30, 2026. The range and weighted-average are presented in dollars for market price inputs and percentages for price volatility and credit spreads.


			Dominion Energy						Virginia Power
	Valuation Techniques	Unobservable Input	Fair Value (millions)		Range	Weighted -average(1)			Fair Value (millions)		Range	Weighted -average(1)
Assets
Physical and financial forwards:
Natural gas(2)	Discounted cash flow	Market price (per Dth)(3)	$	61	(2) - 12		3		$	61	(2) - 3		(1	)
FTRs	Discounted cash flow	Market price (per MWh)(3)		278	2 - 32		15			278	2 - 32		15
Electricity	Discounted cash flow	Market price (per MWh)(3)		288	30 - 124		59
Physical options:
Natural gas(2)	Option model	Market price (per Dth)(3)		375	2 - 20		4			9	3 - 20		8
		Credit spread(4)			0% - 3%		2	%
		Price volatility(5)			3% - 80%		65	%			20% - 74%		50	%
Total assets			$	1,002					$	348
Liabilities
Physical and financial forwards:
FTRs	Discounted cash flow	Market price (per MWh)(3)		33	(9) - 32		15			33	(9) - 32		15
Electricity	Discounted cash flow	Market price (per MWh)(3)		39	34 -187		67
Total liabilities			$	72					$	33

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

Represents market prices beyond defined terms for Levels 1 and 2.

(4)

Represents credit spreads unrepresented in published markets.

(5)

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:


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:


	Dominion Energy								Virginia Power
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
(millions)
June 30, 2026
Assets
Derivatives:
Commodity	$	3	$	121	$	1,002	$	1,126	$	3	$	68	$	348	$	419
Interest rate		—		51		—		51		—		34		—		34
Foreign currency exchange rate		—		2		—		2		—		2		—		2
Investments(1):
Equity securities:
U.S.		6,833		—		—		6,833		3,512		—		—		3,512
International		193		—		—		193		101		—		—		101
Fixed income:
Corporate debt instruments		—		139		—		139		—		127		—		127
Government securities		131		231		—		362		96		131		—		227
Private debt funds – liquid investments		—		419		—		419		—		237		—		237
Cash equivalents and other		48		—		—		48		—		—		—		—
Total assets	$	7,208	$	963	$	1,002	$	9,173	$	3,712	$	599	$	348	$	4,659
Liabilities
Derivatives:
Commodity	$	—	$	320	$	72	$	392	$	—	$	10	$	33	$	43
Interest rate		—		61		—		61		—		60		—		60
Foreign currency exchange rate		—		8		—		8		—		8		—		8
Total liabilities	$	—	$	389	$	72	$	461	$	—	$	78	$	33	$	111
December 31, 2025
Assets
Derivatives:
Commodity	$	—	$	87	$	642	$	729	$	—	$	49	$	208	$	257
Interest rate		—		201		—		201		—		197		—		197
Foreign currency exchange rate		—		28		—		28		—		28		—		28
Investments(1):
Equity securities:
U.S.		6,215		—		—		6,215		3,154		—		—		3,154
International		168		—		—		168		96		—		—		96
Fixed income:
Corporate debt instruments		—		10		—		10		—		—		—		—
Government securities		418		74		—		492		332		—		—		332
Cash equivalents and other		46		—		—		46		—		—		—		—
Total assets	$	6,847	$	400	$	642	$	7,889	$	3,582	$	274	$	208	$	4,064
Liabilities
Derivatives:
Commodity	$	—	$	201	$	15	$	216	$	—	$	13	$	—	$	13
Interest rate		—		19		—		19		—		8		—		8
Foreign currency exchange rate		—		10		—		10		—		10		—		10
Total liabilities	$	—	$	230	$	15	$	245	$	—	$	31	$	—	$	31

(1)

Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $2.0 billion and $2.3 billion for Dominion Energy, inclusive of $1.1 billion and $1.3 billion at Virginia Power, at June 30, 2026 and December 31, 2025, respectively, of assets 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:


	Dominion Energy												Virginia Power
	Quarter-to-Date						Year-to-Date						Quarter-to-Date						Year-to-Date
Period Ended June 30,	2026			2025			2026			2025			2026			2025			2026			2025
(millions)
Beginning balance	$	512		$	269		$	627		$	384		$	134		$	26		$	208		$	68
Total realized and unrealized gains (losses):
Included in earnings:
Operating revenue		(20	)		(3	)		(30	)		10
Purchased electric capacity		—			—			(7	)	—				—			—			(7	)	—
Electric fuel and other energy-related purchases		240			143			252			118			244			143			244			116
Purchased gas		(3	)		—			—		—
Included in regulatory assets/liabilities		245			150			163			43			181			145			100			113
Settlements		(254	)		(153	)		(296	)		(149	)		(244	)		(143	)		(241	)		(126	)
Purchases		210			8			221			8			—			8			11			8
Ending balance	$	930		$	414		$	930		$	414		$	315		$	179		$	315		$	179

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:


	Dominion Energy				Virginia Power
	Carrying Amount		Estimated Fair Value(1)		Carrying Amount		Estimated Fair Value(1)
(millions)
June 30, 2026
Long-term debt(2)	$	41,786	$	39,944	$	23,178	$	21,725
Securitization bonds(3)		970		974		970		974
Junior subordinated notes(2)		7,462		7,682
December 31, 2025
Long-term debt(2)	$	38,897	$	37,481	$	21,800	$	20,593
Securitization bonds(3)		1,054		1,076		1,054		1,076
Junior subordinated notes(2)		5,978		6,217

(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, 2026 and December 31, 2025.

(3)

Carrying amount includes current portions included in securities due within one year.