DOMINION ENERGY, INC

Previous wording

Net income attributable to Dominion Energy increased 35%, primarily due to an increase in net investment earnings on nuclear decommissioning trust funds and higher rider equity returns reflecting capital investments at Virginia Power. These increases were partially offset by the closings of the East Ohio, Questar Gas and PSNC Transactions.

Current wording

Net income attributable to Dominion Energy increased 8%, primarily due to higher rider equity returns reflecting capital investments at Virginia Power and an increase in net investment earnings on nuclear decommissioning trust funds, partially offset by decreased unrealized gains on economic hedging activities and a 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, including impacts of a charge for costs not expected to be recovered from customers.

Previous wording

Net income attributable to Dominion Energy increased 48%, primarily due to the absence of lower market-related impacts on pension and other postretirement plans, higher rider equity returns reflecting capital investments at Virginia Power, increased unrealized gains on economic hedging activities, an increase in non-fuel base rates associated with the settlement of the 2024 electric base rate case in South Carolina, the absence of an impairment associated with the Questar Gas Transaction and an increase in renewable energy tax credits. These increases were partially offset by a 50% noncontrolling interest, a decrease in net investment earnings on nuclear decommissioning trust funds, an increase in charges associated with severe weather events, including storm damage and restoration costs, affecting Virginia Power and the closings of the East Ohio, Questar Gas and PSNC Transactions.

Current wording

Net income attributable to Dominion Energy increased 28%, primarily due to the absence of lower market-related impacts on pension and other postretirement plans, higher rider equity returns reflecting capital investments at Virginia Power, an increase in non-fuel base rates associated with the settlement of the 2024 electric base rate case in South Carolina, the absence of an impairment associated with the Questar Gas Transaction, an increase in sales to electric utility retail customers associated with economic and other usage factors and an increase in renewable energy tax credits. These increases were partially offset by a 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, including impacts of charges for costs not expected to be recovered from customers, a decrease in net investment earnings on nuclear decommissioning trust funds, an increase in charges associated with severe weather events, including storm damage and restoration costs, affecting Virginia Power and the closings of the East Ohio, Questar Gas and PSNC Transactions.

Previous wording

A $157 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

Current wording

A $237 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

Previous wording

Noncontrolling interests increased $100 million, due to the 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, consisting of Stonepeak’s share of the earnings associated with the CVOW Commercial Project subsequent to closing, which includes a $48 million share of a charge for costs not expected to be recovered from customers on the CVOW Commercial Project.

Current wording

A $48 million increase in sales to electric utility retail customers associated with economic and other usage factors;

Previous wording

A $45 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 effective March 2024; and

Current wording

A $45 million increase in non-fuel base rates associated with the settlement of the 2024 electric base rate case in South Carolina;

Previous wording

A $153 million net increase associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized gains on freestanding derivatives ($12 million);

Current wording

A $91 million net decrease associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($115 million); and

Previous wording

A $19 million decrease in sales to electric utility retail customers, primarily due to a decrease in cooling degree days during the cooling season.

Current wording

A $68 million decrease in sales to electric utility retail customers, primarily due to a decrease in cooling degree days.

Previous wording

Impairment of assets and other charges decreased 25%, primarily due to the absence of a charge for the impairment of certain nonregulated renewable natural gas facilities ($33 million) and the absence of an impairment of a corporate office building ($17 million), partially offset by a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($51 million).

Current wording

Impairment of assets and other charges increased 7%, primarily due to a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($128 million), partially offset by the absence of a $55 million charge in connection with the 2024 electric base rate case in South Carolina primarily to write down certain materials and supplies inventory, the absence of a charge related to the write-off of certain early-stage development costs at Virginia Power ($30 million) and the absence of a charge for the impairment of certain nonregulated renewable natural gas facilities ($27 million).

Previous wording

Other income increased 82%, primarily due to an increase in net investment gains on nuclear decommissioning trust funds ($209 million), partially offset by a decrease in non-service components of pension and other postretirement employee benefit plan credits ($29 million).

Current wording

Other income increased 24%, primarily due to an increase in net investment gains on nuclear decommissioning trust funds ($94 million), partially offset by a decrease in non-service components of pension and other postretirement employee benefit plan credits ($36 million).

Previous wording

Interest and related charges increased 7%, primarily due to an increase in net issuances of long-term debt ($58 million) and unrealized losses in 2025 compared to unrealized gains in 2024 associated with freestanding derivatives ($23 million), partially offset by variable rate debt repaid from proceeds associated with the business review completed in March 2024 ($30 million) and decreased interest expense associated with rider deferrals ($14 million), which is offset in operating revenue and does not impact net income.

Current wording

Interest and related charges increased 30%, primarily due to unrealized losses in 2025 compared to unrealized gains in 2024 associated with freestanding derivatives ($81 million) and an increase in net issuances of long-term debt ($75 million), partially offset by decreased interest expense associated with rider deferrals ($16 million), which is offset in operating revenue and does not impact net income, and the absence of charges incurred due to early debt repayments associated with the business review completed in March 2024 ($13 million).

Previous wording

Income tax expense increased 25%, primarily due to higher pre-tax income ($180 million), partially offset by an increase in renewable energy tax credits ($87 million), lower taxes on earnings within qualified decommissioning trusts ($23 million) and a benefit associated with the remeasurement of an uncertain tax position ($18 million).

Current wording

Income tax expense increased 1%, primarily due to the absence of a benefit associated with the effective settlement of an uncertain tax position ($14 million), higher taxes on earnings within qualified decommissioning trusts ($13 million) and higher pre-tax income ($12 million), partially offset by an increase in renewable energy tax credits ($39 million).

Previous wording

A $349 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

Current wording

A $586 million increase to recover the costs and an authorized return, as applicable, associated with Virginia Power non-fuel riders;

Previous wording

A $71 million net decrease in fuel-related revenue as a result of a decrease in commodity costs associated with sales to electric utility retail customers ($97 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);

Current wording

A $236 million net increase in fuel-related revenue as a result of an increase in commodity costs associated with sales to electric utility retail customers ($214 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 and an increase in commodity costs associated with sales to gas utility customers ($22 million);

Previous wording

A $102 million net increase associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized gains on freestanding derivatives ($79 million);

Current wording

A $62 million net increase associated with market prices affecting Millstone, including economic hedging impacts of net realized and unrealized losses on freestanding derivatives ($103 million);

Previous wording

A $34 million increase in transition service agreements primarily associated with the East Ohio, Questar Gas and PSNC Transactions;

Current wording

A $40 million increase in transition service agreements primarily associated with the East Ohio, Questar Gas and PSNC Transactions;

Previous wording

A $26 million increase in sales to customers from non-jurisdictional solar generation facilities at Virginia Power.

Current wording

A $36 million increase associated with prices from non-jurisdictional solar generation facilities at Virginia Power;

Previous wording

An $80 million net increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season ($99 million), partially offset by a decrease in cooling degree days during the cooling season ($19 million);

Current wording

A $12 million net increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season ($99 million), partially offset by a decrease in cooling degree days during the cooling season ($87 million).

Previous wording

A $29 million decrease associated with severe weather events affecting Virginia Power.

Current wording

A $29 million decrease associated with severe weather events affecting Virginia Power; and

Previous wording

A $34 million net decrease associated with outages at Millstone attributable to the relative effects of a planned outage ($46 million), partially offset by fewer unplanned outages ($12 million); and

Current wording

A $22 million net decrease associated with outages at Millstone attributable to the relative effects of a planned outage ($46 million), partially offset by fewer unplanned outages ($24 million).

Previous wording

Purchased gasincreased 16%, primarily due to an increase in commodity costs for gas utility operations, which are offset in operating revenue and do not impact net income.

Current wording

Purchased gasincreased 12%, primarily due to an increase in commodity costs for gas utility operations, which are offset in operating revenue and do not impact net income.

Previous wording

Other operations and maintenance increased 5%, primarily due to an increase in outage costs at Millstone ($44 million) and an increase in charges associated with severe weather events, including storm damage and restoration costs, affecting Virginia Power ($27 million), partially offset by a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($19 million) and the absence of costs associated with the business review completed in March 2024 ($16 million).

Current wording

Other operations and maintenance increased 1%, primarily due to an increase in charges associated with severe weather events, including storm damage and restoration costs, affecting Virginia Power ($70 million), an increase in outage costs at Millstone ($37 million) and an increase in outside services ($23 million), partially offset by the absence of costs associated with the business review completed in March 2024 ($38 million) and a decrease in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($34 million).

Previous wording

Depreciation and amortization decreased 11%, primarily due to the absence of RGGI-related amortization ($182 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 ($64 million) and an increase in amortization associated with non-fuel riders ($12 million).

Current wording

Depreciation and amortization decreased 1%, primarily due to the absence of RGGI-related amortization ($182 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 ($128 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.

Previous wording

Impairment of assets and other charges decreased 1%, primarily due to the absence of a charge in connection with a settlement of an agreement ($47 million), the absence of a charge for the impairment of certain nonregulated renewable natural gas facilities ($33 million) and the absence of an impairment of a corporate office building ($17 million), partially offset by a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($96 million).

Current wording

Impairment of assets and other charges increased 3%, primarily due to a charge for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($224 million), partially offset by the absence of charges for the impairment of certain nonregulated renewable natural gas facilities ($60 million), the absence of a $55 million charge in connection with the 2024 electric base rate case in South Carolina primarily to write down certain materials and supplies inventory, the absence of a charge in connection with a settlement of an agreement ($47 million), the absence of a charge related to the write-off of certain early-stage development costs at Virginia Power ($30 million) and the absence of an impairment of a corporate office building ($17 million).

Previous wording

Other income increased 23%, primarily due to the absence of lower market-related impacts on pension and other postretirement plans ($328 million) and an increase in AFUDC associated with rate-regulated projects ($26 million), partially offset by a decrease in net investment gains on nuclear decommissioning trust funds ($186 million), a decrease in non-service components of pension and other postretirement employee benefit plan credits ($52 million) and a decrease in earnings from other investments ($24 million).

Current wording

Other income increased 24%, primarily due to the absence of lower market-related impacts on pension and other postretirement plans ($334 million) and an increase in AFUDC associated with rate-regulated projects ($36 million), partially offset by a decrease in non-service components of pension and other postretirement employee benefit plan credits ($103 million), a decrease in net investment gains on nuclear decommissioning trust funds ($92 million) and a decrease in earnings from other investments ($21 million).

Previous wording

Interest and related charges decreased 6%, primarily due to variable rate debt repaid from proceeds associated with the business review completed in March 2024 ($61 million), lower unrealized losses associated with freestanding derivatives ($16 million), higher premiums received on interest rate derivatives ($14 million), the absence of charges incurred due to early debt repayments associated with the business review completed in March 2024 ($12 million) and lower interest rates on commercial paper ($12 million), partially offset by an increase in net issuances of long-term debt ($59 million).

Current wording

Interest and related charges increased 4%, primarily due to an increase in net issuances of long-term debt ($134 million) and unrealized losses in 2025 compared to unrealized gains in 2024 associated with freestanding derivatives ($65 million), partially offset by variable rate debt repaid from proceeds associated with the business review completed in March 2024 ($69 million), the absence of charges incurred due to early debt repayments associated with the business review completed in March 2024 ($25 million), lower interest rates on commercial paper ($20 million) and decreased interest expense associated with rider deferrals ($18 million), which is offset in operating revenue and does not impact net income.

Previous wording

Income tax expense increased 96%, primarily due to higher pre-tax income ($104 million) and higher taxes on earnings within qualified decommissioning trusts ($34 million), partially offset by an increase in renewable energy tax credits ($34 million).

Current wording

Income tax expense increased 13%, primarily due to higher pre-tax income ($197 million), partially offset by an increase in renewable energy tax credits ($125 million).

Previous wording

Net income from discontinued operations including noncontrolling interests decreased $215 million, primarily due to the absence of earnings from operations following the closing of the Questar Gas Transaction ($184 million), PSNC Transaction ($127 million) and East Ohio Transaction ($82 million), the absence of a gain on the closing of the Questar Gas Transaction ($33 million) and the absence of a tax benefit associated with the Questar Gas Transaction ($25 million), partially offset by the absence of a loss on the closing of the East Ohio Transaction ($108 million), the absence of an impairment associated with the Questar Gas Transaction ($78 million), the absence of charges for employee benefit items related to the East Ohio Transaction ($33 million) and the absence of tax expense associated with the PSNC Transaction ($16 million).

Current wording

Net income from discontinued operations including noncontrolling interests decreased $200 million, primarily due to the absence of earnings from operations following the closing of the Questar Gas Transaction ($184 million), PSNC Transaction ($138 million) and East Ohio Transaction ($82 million), the absence of a gain on the closing of the Questar Gas Transaction ($34 million) and the absence of a tax benefit associated with the Questar Gas Transaction ($25 million), partially offset by the absence of a loss on the closing of the East Ohio Transaction ($108 million), the absence of an impairment associated with the Questar Gas Transaction ($78 million), the absence of charges for employee benefit items related to the East Ohio Transaction ($33 million), the absence of a loss on the closing of the PSNC Transaction ($31 million) and the absence of tax expense associated with the PSNC Transaction ($16 million).

Previous wording

Net income increased 12%, primarily due to higher rider equity returns reflecting capital investments, partially offset by a 50% noncontrolling interest.

Current wording

Net income increased 3%, primarily due to higher rider equity returns reflecting capital investments, partially offset by a 50% noncontrolling interest in the CVOW Commercial Project sold to Stonepeak in October 2024, including impacts of a charge for costs not expected to be recovered from customers.

Previous wording

A $42 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; and

Current wording

A $42 million increase in sales to electric utility retail customers associated with economic and other usage factors;

Previous wording

A $15 million increase in sales to electric utility retail customers associated with growth.

Current wording

A $15 million increase due to the absence of one-time credits to customers associated with the 2023 Biennial Review; and

Previous wording

A $16 million decrease in sales to electric utility retail customers, primarily due to a decrease in cooling degree days during the cooling season.

Current wording

A $54 million decrease in sales to electric utility retail customers, primarily due to a decrease in cooling degree days.

Previous wording

Other operations and maintenance increased 11%, primarily due to an increase in charges associated with severe weather events, including storm damage and restoration costs ($77 million), an increase in salaries, wages and benefits and administrative costs ($70 million) and an increase in outside services ($15 million), partially offset by a decrease in bad debt expense ($12 million).

Current wording

Other operations and maintenance increased 1%, primarily due to an increase in salaries, wages and benefits and administrative costs ($39 million) and an increase in outside services ($18 million), partially offset by a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($25 million).

Previous wording

A $53 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 effective March 2024; and

Current wording

A $223 million net increase in fuel-related revenue as a result of an increase 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 effective March 2024;

Previous wording

A $57 million net increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season ($73 million), partially offset by a decrease in cooling degree days during the cooling season ($16 million);

Current wording

A $3 million net increase in sales to electric utility retail customers, primarily due to an increase in heating degree days during the heating season ($73 million), partially offset by a decrease in cooling degree days during the cooling season ($70 million).

Previous wording

Other operations and maintenance increased 6%, primarily due to an increase in salaries, wages and benefits and administrative costs ($29 million), an increase in charges associated with severe weather events, including storm damage and restoration costs ($27 million), and an increase in outside services ($14 million), partially offset by a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($19 million).

Current wording

Other operations and maintenance increased 7%, primarily due to an increase in salaries, wages and benefits and administrative costs ($109 million), an increase in charges associated with severe weather events, including storm damage and restoration costs ($70 million) and an increase in outside services ($33 million), partially offset by a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($34 million) and a decrease in outage costs ($10 million).

Previous wording

Depreciation and amortization decreased 6%, primarily due to the absence of RGGI-related amortization ($182 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 ($82 million).

Current wording

Depreciation and amortization decreased 4%, primarily due to the absence of RGGI-related amortization ($182 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 ($93 million) and an increase in amortization associated with non-fuel riders ($24 million), which is offset in operating revenue and does not impact net income.

Previous wording

Interest and related charges increased 23%, primarily due to an increase in long-term debt borrowings ($28 million) and higher average outstanding principal on commercial paper and intercompany borrowings with Dominion Energy ($24 million), partially offset by decreased interest expense associated with rider deferrals ($14 million), which is offset in operating revenue and does not impact net income.

Current wording

Interest and related charges increased 15%, primarily due to an increase in long-term debt borrowings ($76 million) and higher average outstanding principal on commercial paper and intercompany borrowings with Dominion Energy ($42 million), partially offset by decreased interest expense associated with rider deferrals ($18 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 June 30, 2025, this primarily included $15 million after-tax loss for derivative mark-to-market changes. For the six months ended June 30, 2025, this primarily included $20 million after-tax loss 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 September 30, 2025, Dominion Energy reported an insignificant amount of specific items in the Corporate and Other segment. For the nine months ended September 30, 2025, this primarily included $23 million after-tax loss for derivative mark-to-market changes.

Previous wording

For the three months ended June 30, 2024, this primarily included $97 million net income from discontinued operations, primarily associated with operations included in the PSNC and Questar Gas Transactions, including the gain on sale associated with the Questar Gas Transaction. For the six months ended June 30, 2024, this primarily included a $251 million after-tax loss associated with lower market-related impacts on pension and other postretirement plans, $215 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 Transaction, gain on sale associated with the Questar Gas Transaction, as well as an impairment charge associated with the Questar Gas Transaction, a $34 million after-tax loss for derivative mark-to-market changes and $25 million in after-tax costs associated with the business review completed in March 2024.

Current wording

For the three months ended September 30, 2024, this primarily included a $57 million after-tax gain for derivative mark-to-market changes and $15 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 a $246 million after-tax loss associated with lower market-related impacts on pension and other postretirement plans, $200 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, gain on sale associated with the Questar Gas Transaction, 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.

Previous wording

Includes cash outflows of $39 million and $40 million for energy efficiency programs in Virginia for the six months ended June 30, 2025 and 2024, respectively, and $12 million for DSM programs in South Carolina for both the six months ended June 30, 2025 and 2024.

Current wording

Includes cash outflows of $55 million and $60 million for energy efficiency programs in Virginia for the nine months ended September 30, 2025 and 2024, respectively, and $19 million for DSM programs in South Carolina for both the nine months ended September 30, 2025 and 2024.