Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at September 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)	$	64	(2) - 12		3		$	64	(2) - 2		(1	)
FTRs	Discounted cash flow	Market price (per MWh)(3)		15	1 - 36		13			15	1 - 36		13
Electricity	Discounted cash flow	Market price (per MWh)(3)		351	37 - 136		65
Physical options:
Natural gas(2)	Option model	Market price (per Dth)(3)		323	1 - 20		4			9	3 - 20		8
		Credit spread(4)			0% - 2%		1	%
		Price volatility(5)			2% - 80%		64	%			14% - 71%		47	%
Total assets			$	753					$	88
Liabilities
Physical and financial forwards:
FTRs	Discounted cash flow	Market price (per MWh)(3)		24	(19) - 36		11			24	(19) - 36		11
Electricity	Discounted cash flow	Market price (per MWh)(3)		91	36 - 169		76
Physical options:
Natural gas(2)	Option model	Market price (per Dth)(3)		9	2 - 8		4			9	2 - 8		4
		Credit spread(4)			1% - 2%		1	%			1% - 2%		1	%
		Price volatility(5)			56% - 79%		64	%			56% - 79%		64	%
Total liabilities			$	124					$	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)
Credit spread	Asset	Increase (decrease)	Loss (gain)
Credit spread	Liability	Increase (decrease)	Gain (loss)
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)
September 30, 2026
Assets
Derivatives:
Commodity	$	1	$	107	$	753	$	861	$	1	$	70	$	88	$	159
Interest rate		—		547		—		547		—		480		—		480
Foreign currency exchange rate		—		2		—		2		—		2		—		2
Investments(1):
Equity securities:
U.S.		6,996		—		—		6,996		3,584		—		—		3,584
International		187		—		—		187		100		—		—		100
Fixed income:
Corporate debt instruments		—		135		—		135		—		124		—		124
Government securities		146		223		—		369		102		126		—		228
Private debt funds – liquid investments		—		313		—		313		—		177		—		177
Cash equivalents and other		53		—		—		53		—		—		—		—
Total assets	$	7,383	$	1,327	$	753	$	9,463	$	3,787	$	979	$	88	$	4,854
Liabilities
Derivatives:
Commodity	$	—	$	291	$	124	$	415	$	—	$	13	$	33	$	46
Interest rate		—		—		—		—		—		—		—		—
Foreign currency exchange rate		—		9		—		9		—		9		—		9
Total liabilities	$	—	$	300	$	124	$	424	$	—	$	22	$	33	$	55
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 $2.1 billion and $2.3 billion for Dominion Energy, inclusive of $1.1 billion and $1.3 billion at Virginia Power, at September 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 September 30,	2026			2025			2026			2025			2026			2025			2026			2025
(millions)
Beginning balance	$	930		$	414		$	627		$	384		$	315		$	179		$	208		$	68
Total realized and unrealized gains (losses):
Included in earnings:
Operating revenue		(54	)		(24	)		(84	)		(14	)
Purchased electric capacity		—			—			(7	)	—				—			—			(7	)		—
Electric fuel and other energy-related purchases		(46	)		115			206			233			(58	)		106			186			222
Purchased gas		(3	)		—			(3	)	—
Included in regulatory assets/liabilities		(210	)		33			(47	)		76			(251	)		(11	)		(151	)		102
Settlements		21			(126	)		(275	)		(275	)		58			(106	)		(183	)		(232	)
Purchases		—			—			221			8			—			—			11			8
Sales		(9	)		—			(9	)		—			(9	)		—			(9	)		—
Transfers out of Level 3		—			(1	)		—			(1	)
Ending balance	$	629		$	411		$	629		$	411		$	55		$	168		$	55		$	168

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)
September 30, 2026
Long-term debt(2)	$	42,372	$	38,066	$	25,115	$	22,114
Securitization bonds(3)		970		960		970		960
Junior subordinated notes(2)		7,461		7,312
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 September 30, 2026 and December 31, 2025.

(3)

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