DOMINION ENERGY INC

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OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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MD&A discusses Dominion Energy’s results of operations and general financial condition and Virginia Power’s results of operations. MD&A should be read in conjunction with the Companies’ Consolidated Financial Statements. Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.

Current wording

MD&A discusses Dominion Energy’s results of operations, general financial condition and liquidity and Virginia Power’s results of operations. MD&A should be read in conjunction with the Companies’ Consolidated Financial Statements. Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.

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Federal, state and local legislative and regulatory developments, including changes in or interpretations of federal and state tax laws and regulations;

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Changes in or interpretations of federal and state tax laws and regulations, including those related to tax credits or other incentives;

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Risks associated with entities in which Dominion Energy shares ownership with third parties, such as Stonepeak’s noncontrolling interest in the CVOW Commercial Project, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy and third party participants and difficulties in exiting these arrangements;

Current wording

Risks associated with entities in which the Companies share ownership with third parties, such as Stonepeak’s noncontrolling interest in the CVOW Commercial Project, including risks that result from lack of sole decision-making authority, disputes that may arise between the Companies and third party participants and difficulties in exiting these arrangements;

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Political and economic conditions, including inflation and deflation;

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Political and economic conditions, including tariffs, inflation and deflation;

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Net income attributable to Dominion Energy increased $797 million, primarily due to the absence of a charge to reflect the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale, higher rider equity returns reflecting increased capital investments at Virginia Power and an increase in net investment earnings on nuclear decommissioning trust funds, partially offset by the absence of a gain on the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point.

Current wording

Net income attributable to Dominion Energy increased 46%, primarily due to the absence of lower market-related impacts on pension and other postretirement plans, higher rider equity returns reflecting increased capital investments at Virginia Power, decreased unrealized losses on economic hedging activities, an increase in sales to electric utility customers attributable to weather and the absence of an impairment associated with the Questar Gas Transaction. These increases were partially offset by a decrease in net investment earnings on nuclear decommissioning trust funds and the closings of the East Ohio, Questar Gas and PSNC Transactions.

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A $150 million increase in sales to electric utility retail customers, primarily due to an increase in cooling degree days during the cooling season ($107 million) and an increase in heating degree days during the heating season ($43 million);

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A $99 million increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season;

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A $17 million increase in non-fuel base rates associated with the settlement of the electric base rate case in South Carolina;

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A $53 million increase in non-fuel base rates associated with the settlement of the electric base rate case in South Carolina;

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A $352 million net decrease associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($323 million);

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A $51 million net increase associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($67 million);

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A $14 million net increase in transition service agreements primarily associated with the East Ohio and Questar Gas Transactions; and

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A $23 million increase in transition service agreements primarily associated with the East Ohio, Questar Gas and PSNC Transactions;

Previous wording

Net income attributable to Dominion Energy increased 28%, primarily due to the absence of a charge to reflect the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale, an increase in net investment earnings on nuclear decommissioning trust funds, the absence of depreciation expense associated with the East Ohio, PSNC and Questar Gas Transactions upon meeting the classification as held for sale, higher rider equity returns reflecting increased capital investments at Virginia Power, an increase in sales to electric utility customers attributable to weather and the absence of amortization associated with the 2021 Triennial Review. These increases were partially offset by the closing of the East Ohio Transaction, the absence of a gain and equity method earnings from the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point, increased unrealized losses on economic hedging activities and the impact of 2023 Virginia legislation.

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These increases were partially offset by:

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A $135 million net decrease in fuel-related revenue as a result of a decrease in commodity costs associated with sales to electric utility retail customers, including revenue for the deferred fuel securitization and electric utility customers who elect to pay market based or other negotiated rates and related settlements of economic hedges at Virginia Power effective March 2024;

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A $29 million net decrease in fuel-related revenue as a result of a decrease in commodity costs associated with sales to electric utility retail customers ($55 million), including revenue for the deferred fuel securitization and electric utility customers who elect to pay market based or other negotiated rates and related settlements of economic hedges at Virginia Power effective March 2024, partially offset by an increase in commodity costs associated with sales to gas utility customers ($26 million); and

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Electric fuel and other energy-related purchases decreased 6%, primarily due to lower commodity costs for electric utilities ($64 million), partially offset by an increase in the use of purchased renewable energy credits ($19 million), which are offset in operating revenue and do not impact net income.

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Electric fuel and other energy-related purchases remained substantially consistent as the increase in the use of purchased renewable energy credits ($63 million) was substantially offset by lower commodity costs for electric utilities ($67 million), which are offset in operating revenue and do not impact net income.

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Depreciation and amortization decreased 6%, primarily reflecting:

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Depreciation and amortization decreased 6%, primarily due to the absence of RGGI-related amortization ($92 million), which is offset in operating revenue and does not impact net income, partially offset by an increase due to various projects being placed into service ($41 million).

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A charge in connection with a settlement of an agreement ($47 million); and

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Impairment of assets and other charges increased 53%, primarily due to a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($45 million) and the absence of a benefit from the establishment of a regulatory asset associated with previously incurred storm damage and restoration costs in connection with the settlement of the 2023 Biennial Review ($17 million), partially offset by the absence of a charge in connection with a settlement of an agreement ($47 million).

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Other income increased $59 million, primarily due to net investment gains in 2024 compared to net investment losses in 2023 on nuclear decommissioning trust funds ($47 million) and an increase in AFUDC associated with rate-regulated projects ($16 million).

Current wording

Other income decreased 96%, primarily due to net investment losses in 2025 compared to net investment gains in 2024 on nuclear decommissioning trust funds ($396 million), a decrease in non-service components of pension and other postretirement employee benefit plan credits ($23 million) and a decrease in earnings from other investments ($21 million), partially offset by the absence of lower market-related impacts on pension and other postretirement plans ($316 million) and an increase in AFUDC associated with rate-regulated projects ($15 million).

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Lower unrealized gains in 2024 compared to 2023 associated with freestanding derivatives ($219 million);

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Interest and related charges decreased 16%, primarily due to lower unrealized losses in 2025 compared to 2024 associated with freestanding derivatives ($39 million), variable rate debt repaid in 2024 from business review proceeds ($31 million) and higher premiums on interest rate derivatives ($16 million).

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Net income from discontinued operations including noncontrolling interests increased 98%, primarily due to the absence of charges reflecting the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale ($939 million), the absence of depreciation expense associated with the East Ohio, PSNC and Questar Gas Transactions upon meeting the classification as held for sale ($54 million) and the absence of interest expense on variable rate debt secured by Dominion Energy’s interest in Cove Point ($19 million), partially offset by the absence of a gain on the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point ($348 million), the absence of earnings from operations following the closing of the East Ohio Transaction ($87 million) and Questar Gas Transaction ($32 million), the absence of equity method earnings from the sale of Dominion Energy’s noncontrolling interest in Cove Point ($39 million) and a loss on the closing of the PSNC Transaction ($30 million).

Current wording

Net income from discontinued operations including noncontrolling interests decreased $119 million, primarily due to the absence of earnings from operations following the closing of the Questar Gas Transaction ($142 million), PSNC Transaction ($100 million) and East Ohio Transaction ($77 million) and the absence of lower tax expense associated with the Questar Gas and PSNC Transactions ($23 million), partially offset by the absence of a loss on the closing of the East Ohio Transaction ($103 million), the absence of an impairment associated with the Questar Gas Transaction ($78 million) and the absence of charges for employee benefit items related to the East Ohio Transaction ($33 million).

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A $108 million increase in sales to electric utility retail customers, primarily due to an increase in cooling degree days during the cooling season ($78 million) and an increase in heating degree days during the heating season ($30 million);

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A $73 million increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season;

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A $16 million decrease from unplanned outages at Millstone.

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A $16 million increase in sales to electric utility retail customers associated with growth.

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Electric fuel and other energy-related purchases decreased 13%, primarily due to lower commodity costs for electric utilities ($159 million), partially offset by an increase in the use of purchased renewable energy credits at Virginia Power ($19 million), which are offset in operating revenue and do not impact net income.

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Electric fuel and other energy-related purchases increased 10%, primarily due to an increase in the use of purchased renewable energy credits, which are offset in operating revenue and do not impact net income.

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A $31 million increase in salaries, wages and benefits and administrative costs;

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Other operations and maintenance increased 15%, primarily due to an increase in charges associated with severe weather events including storm damage and restoration costs ($50 million) and an increase in salaries, wages and benefits and administrative costs ($41 million).

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Other income increased $279 million, primarily due to net investment gains in 2024 compared to net investment losses in 2023 on nuclear decommissioning trust funds ($269 million) and an increase in AFUDC associated with rate-regulated projects ($19 million).

Current wording

Other income decreased 60%, primarily due to net investment losses in 2025 compared to net investment gains in 2024 on nuclear decommissioning trust funds ($50 million), partially offset by an increase in AFUDC associated with rate-regulated projects ($18 million).

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Interest and related charges increased 10%, primarily due to an increase in long-term debt borrowings ($129 million) and increased interest expense associated with rider deferrals ($23 million), which is offset in operating revenue and does not impact net income, partially offset by a decrease in principal on commercial paper and intercompany borrowings with Dominion Energy ($86 million).

Current wording

Interest and related charges increased 28%, primarily due to an increase in long-term debt borrowings ($26 million), an increase in principal on commercial paper and intercompany borrowings with Dominion Energy ($20 million) and increased interest expense associated with rider deferrals ($12 million), which is offset in operating revenue and does not impact net income.

Previous wording

Corporate and Other includes specific items attributable to Dominion Energy’s primary operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources. See Note 21 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment. For the three months ended September 30, 2024, this primarily included a $57 million after-tax gain for derivative mark-to-market changes and $13 million net loss from discontinued operations, primarily associated with operations included in the PSNC Transaction, including the loss on sale. For the nine months ended September 30, 2024, this primarily included $182 million net income from discontinued operations, primarily associated with operations included in the East Ohio, PSNC and Questar Gas Transactions, including the loss on sale associated with the East Ohio and PSNC Transactions, as well as an impairment charge associated with the Questar Gas Transaction, $30 million in after-tax costs associated with the business review completed in March 2024 and a $23 million after-tax gain for derivative mark-to-market changes.

Current wording

Corporate and Other includes specific items attributable to Dominion Energy’s primary operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources. See Note 21 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment. For the three months ended March 31, 2025, Dominion Energy reported an insignificant amount of specific items in the Corporate and Other segment.

Previous wording

As of September 30, 2024, there have been no material changes to Dominion Energy’s 2024 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. As discussed in Future Issues and Other Matters, Virginia Power closed on the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak in October 2024, with such noncontrolling interest expected to decrease net income attributable to Dominion Energy beginning in the fourth quarter of 2024.

Current wording

As of March 31, 2025, there have been no material changes to Dominion Energy’s 2025 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. See Future Issues and Other Matters for a discussion of certain items that may have an impact on Dominion Energy’s 2025 net income on a per share basis.

Previous wording

Includes cash outflows of $60 million and $57 million for energy efficiency programs in Virginia for the nine months ended September 30, 2024 and 2023, respectively, and $19 million and $18 million for DSM programs in South Carolina for the nine months ended September 30, 2024 and 2023, respectively.

Current wording

Includes cash outflows of $18 million and $17 million for energy efficiency programs in Virginia for the three months ended March 31, 2025 and 2024, respectively, and $6 million and $5 million for DSM programs in South Carolina for the three months ended March 31, 2025 and 2024, respectively.

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Net cash provided by Dominion Energy’s operating activities decreased $809 million, inclusive of a $32 million increase from discontinued operations. Net cash provided by continuing operations decreased $841 million primarily due to lower deferred fuel and purchased gas cost recoveries ($250 million), settlements of interest rate swaps ($205 million) and an increase in interest payments driven by higher interest rates and borrowings ($81 million), higher net prepayments and deposits ($293 million) and $336 million primarily due to lower operating cash flows from electric utility operations, partially offset by an increase from changes in working capital ($324 million).

Current wording

Net cash provided by Dominion Energy’s operating activities decreased $799 million, inclusive of a $493 million decrease from discontinued operations. Net cash provided by continuing operations decreased $306 million primarily due to lower deferred fuel and purchased gas cost recoveries ($603 million), partially offset by an increase from changes in working capital ($267 million).

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Net cash from Dominion Energy’s investing activities increased $4.4 billion, primarily due to net proceeds from the East Ohio, Questar Gas and PSNC Transactions ($9.2 billion) and an increase in distributions from equity method affiliates ($125 million), partially offset by the absence of the net proceeds from the sale of the remaining noncontrolling interest in Cove Point ($3.3 billion), an increase in plant construction and other property additions ($1.6 billion) and higher acquisitions of solar development projects ($188 million).

Current wording

Net cash used in Dominion Energy’s investing activities decreased $4.6 billion, primarily due to the absence of net proceeds from the East Ohio Transaction in 2024 ($4.3 billion), an increase in plant construction and other property additions ($444 million) and the absence of distributions from equity method affiliates in 2024 ($126 million), partially offset by lower acquisitions of solar development projects ($160 million).

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Net cash from Dominion Energy’s financing activities decreased $1.9 billion, primarily due to a $7.5 billion decrease due to net repayments on 364-day term loan facilities in 2024 versus net issuances in 2023, net repayment of credit facility borrowings ($900 million), the partial repurchase of the Series B Preferred Stock ($440 million) and net repayments of short-term debt ($214 million), partially offset by a $7.2 billion increase due to net issuances of long-term debt in 2024 versus net repayments in 2023.

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Net cash from Dominion Energy’s financing activities increased $5.5 billion, primarily due to the absence of net repayments on 364-day term loan facilities in 2024 ($3.8 billion), an increase in net issuances of long-term debt ($1.5 billion) and capital contributions from Stonepeak to OSWP ($400 million), partially offset by higher net repayments of short-term debt ($86 million).

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As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy’s use of credit facilities and/or short-term debt during the nine months ended September 30, 2024.

Current wording

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy’s use of credit facilities and/or short-term debt during the three months ended March 31, 2025.

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Dominion Energy maintains a $6.0 billion joint revolving credit facility which provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives. At September 30, 2024, Dominion Energy had $2.4 billion of unused capacity under its joint revolving credit facility. See Note 16 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding.

Current wording

Dominion Energy’s short-term financing is supported by its joint revolving credit facility. In April 2025, Dominion Energy amended its $6.0 billion joint revolving credit facility to, among other things, increase the facility limit to $7.0 billion and extend the maturity date from June 2026 to April 2030. At March 31, 2025, Dominion Energy had $4.4 billion of unused capacity under its joint revolving credit facility. See Note 16 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding.

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Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability Investment SM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At September 30, 2024, Dominion Energy’s Consolidated Balance Sheet included $482 million presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Current wording

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability Investment SM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At March 31, 2025, Dominion Energy’s Consolidated Balance Sheet included $446 million presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

Previous wording

In addition to the primary sources of short-term liquidity discussed above, from time to time Dominion Energy enters into separate supplementary credit facilities or term loans as discussed in Note 16 to the Consolidated Financial Statements in this report.

Current wording

In addition to the primary sources of short-term liquidity discussed above, from time to time Dominion Energy enters into separate supplementary credit facilities or term loans as discussed in Note 16 to the Consolidated Financial Statements in this report, such as the $1.0 billion 364-day revolving credit agreement entered into in April 2025.

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During the nine months ended September 30, 2024, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds for senior notes were used for the repayment of existing indebtedness and for general corporate purposes. See Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended

Current wording

During the three months ended March 31, 2025, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds were used for the repayment of existing indebtedness and for general corporate purposes.

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Dominion Energy anticipates, excluding potential opportunistic financings and the securitization bonds, issuing between approximately $3.0 billion and $4.8 billion of long-term debt during 2024, inclusive of amounts issued through September 30, 2024 as shown in the table above. Dominion Energy expects to issue long-term debt to satisfy cash needs for capital expenditures and maturing long-term debt to the extent such amounts are not satisfied from cash available from operations following the payment of dividends, proceeds from the completion of the sale of a 50% noncontrolling interest in the CVOW Commercial Project and any borrowings made from unused capacity of Dominion Energy’s credit facilities discussed above. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.

Current wording

Dominion Energy anticipates, excluding potential opportunistic financings, issuing between approximately $5.5 billion and $8.0 billion of long-term debt during 2025, inclusive of amounts issued through March 31, 2025 as shown in the table above. Dominion Energy expects to issue long-term debt to satisfy cash needs for capital expenditures, net of reimbursements from Stonepeak for the CVOW Commercial Project, and maturing long-term debt to the extent such amounts are not satisfied from cash available from operations following the payment of dividends and any borrowings made from unused capacity of Dominion Energy’s credit facilities discussed above. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.

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The following long-term debt was repaid, repurchased or redeemed during the nine months ended September 30, 2024:

Current wording

The following long-term debt was repaid, repurchased or redeemed during the three months ended March 31, 2025:

Previous wording

As discussed in the Companies’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, Dominion Energy’s credit ratings affect its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer its debt securities. The credit ratings for Dominion Energy are affected by its financial profile, mix of regulated and nonregulated businesses and respective cash flows, changes in methodologies used by the rating agencies and event risk, if applicable, such as major acquisitions or dispositions. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. Ratings are subject to revision or withdrawal at any time by the applicable rating organization. As of September 30, 2024, there have been no changes in Dominion Energy’s credit ratings from those described in the Companies’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. In June 2024, Standard & Poor’s revised its credit ratings outlook for Dominion Energy from negative to stable and affirmed all other current ratings.

Current wording

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Dominion Energy’s credit ratings affect its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer its debt securities. The credit ratings for Dominion Energy are affected by its financial profile, mix of regulated and nonregulated businesses and respective cash flows, changes in methodologies used by the rating agencies and event risk, if applicable, such as major acquisitions or dispositions. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. Ratings are subject to revision or withdrawal at any time by the applicable rating organization. As of March 31, 2025, there have been no changes in Dominion Energy’s credit ratings from those described in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024.

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As discussed in the Companies’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, Dominion Energy is subject to various covenants present in the enabling agreements underlying Dominion Energy’s debt. As of September 30, 2024, there have been no material changes to covenants, nor any events of default under Dominion Energy’s covenants.

Current wording

As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Dominion Energy is subject to various covenants present in the agreements underlying Dominion Energy’s debt. As of March 31, 2025, there have been no material changes to these covenants, nor any events of default under these covenants. As discussed in Note 16 to the Consolidated Financial Statements of this report, Dominion Energy entered into an amended joint revolving credit facility as well as an amended Sustainability Revolving Credit Agreement. Within both agreements, the calculation of equity utilized in the total debt to total capital ratio was updated for a technical clarification. In addition, under the amended joint revolving credit facility, if Dominion Energy or any of its material subsidiaries failed to make payment on various debt obligations in excess of $250 million, or $150 million for DESC, the lenders could require the defaulting company, if it is a borrower under Dominion Energy’s joint revolving credit facility, to accelerate its repayment of any outstanding borrowings and the lenders could terminate their commitments, if any, to lend funds to that company under the credit facility.

Previous wording

In the Companies’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, there is a discussion of Dominion Energy’s existing equity financing programs, including Dominion Energy Direct®. During the nine months ended September 30, 2024, Dominion Energy issued $102 million of stock through these programs, net of fees and commissions. In May 2024, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program, and through September 30, 2024 entered forward sale agreements for approximately 11.4 million shares of its common stock expected to be settled in the fourth quarter of 2024 at a weighted average initial forward price of $53.23 per share. In September 2024, Dominion Energy entered forward sale agreements for approximately 3.8 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted average initial forward price of $57.62 per share. See Note 16 to the Consolidated Financial Statements in this report for additional information.

Current wording

In the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, there is a discussion of Dominion Energy’s existing equity financing programs, including Dominion Energy Direct®. During the three months ended March 31, 2025, Dominion Energy issued $35 million of stock through these programs, net of fees and commissions. During the first quarter of 2025, Dominion Energy entered forward sale agreements under its May 2024 at-the-market program for approximately 8.8 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $55.34 per share. Including the forward sale agreements entered from September through December 2024, Dominion Energy has entered forward sale agreements for approximately 18.5 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted-average initial forward price of $56.62 per share. In February 2025, Dominion Energy entered into a new at-the-market-program. As of March 31, 2025, Dominion Energy has not issued any shares or entered into any forward sale agreements under this program. See Note 16 to the Consolidated Financial Statements in this report for additional information.