Dominion Energy Virginia

Dominion Energy South Carolina

Contracted Energy

Corporate and Other

Adjustments & Eliminations

Regulated Electric Sales

- Residential

- Commercial

- Industrial

- Government and Other Retail

- Wholesale

Nonregulated Electric Sales

Regulated Gas Sales

- Other

Regulated Gas Transportation and Storage

Other Regulated Revenue

Other Nonregulated Revenues

Total Operating Revenue from Contracts

Other Revenues

Total Operating Revenue

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Current Assets (USD, millions)

Cash and Cash Equivalents (USD, millions)

Accounts Receivable (USD, millions)

Inventory (USD, millions)

Non-Current Assets (USD, millions)

Property, Plant, and Equipment (PP&E) (USD, millions)

Goodwill (USD, millions)

Intangible Assets (USD, millions)

Current Liabilities (USD, millions)

Accounts Payable (USD, millions)

Short-term Debt (USD, millions)

Accrued Expenses (USD, millions)

Non-Current Liabilities (USD, millions)

Long-term Debt (USD, millions)

Lease Liabilities (USD, millions)

Deferred Tax Liabilities (USD, millions)

Shareholders' Equity (USD, millions)

Retained Earnings (USD, millions)

Common Stock (USD, millions)

Additional Paid-in Capital (USD, millions)

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Generating capacity for Brunswick County (MW)

Generating capacity for Greensville County (MW)

Generating capacity for CVOW Pilot Project (MW)

Generating capacity for CVOW Commercial Project (GW)

Length of Atlantic Coast Pipeline Project (mile)

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Total Revenue

414483d89f078cd8d4fcab7a4e84802e810a8957d2d39c519bf0ee6ace206920

8a66367d77b8e275be638d3bfba4ed832de55fc47b78901c4056635aba4ae286

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Operating Revenue (USD, millions)

Electric fuel and other energy-related purchases (USD, millions)

Purchased electric capacity (USD, millions)

Other operations and maintenance: Other (USD, millions)

Depreciation and amortization (USD, millions)

Other taxes (USD, millions)

Impairment of assets and other charges (benefits) (USD, millions)

Total operating expenses (USD, millions)

Income from operations (USD, millions)

Other income (expense) (USD, millions)

Interest and related charges (USD, millions)

Income before income tax expense (USD, millions)

Income tax expense (USD, millions)

Net Income (USD, millions)

0382003d6bad801627654bf1b539859a80635ef72885d67ac9f7613529f26606

In Q1 2024, the low cash balance of **$265 million** resulted mainly from strategic transactions and changes in cash classifications. Dominion Energy used cash for significant **debt reduction initiatives**—achieving **53% of its targeted $21 billion reduction** through asset sales including the East Ohio Gas Company—which, despite generating modest interest savings, reduced available cash. In addition, a notable change in **restricted cash** (dropping from **$188 million** at December 31, 2023, to **$67 million** by March 31, 2024) further impacted the overall cash position.  **[0000950170-24-051708_d-20240331.htm:9]** **[0000950170-24-089020_d-20240630.htm:18]** **[D_3382140_1]** 

Why was cash so low in Q1 2024?

The significant cash surge in Q3 2024 was primarily driven by several factors. **First**, the cash and cash equivalents increased substantially—from **$184 million** at the end of December 2023 to **$1,776 million** in Q3 2024.  **[0000950170-24-119871_d-20240930.htm:9]**  **Second**, the company generated **$182 million** in net income from discontinued operations, largely due to the sale of gas distribution operations, which contributed to this rise.  **[0000950170-24-119871_d-20240930.htm:7]**  **Third**, strong operating performance, evidenced by an operating income of **$2,856 million** for the nine months ended September 30, 2024, further supported the cash increase.  **[0000950170-24-119871_d-20240930.htm:7]**  **Finally**, a reduction in restricted cash—from **$188 million** to **$126 million**—helped free up additional funds for general use.  **[0000950170-24-119871_d-20240930.htm:19]** 

What caused the cash surge in Q3 2024?

The decline in total assets in Q3 2024 was driven primarily by a **reduction in current assets** and **debt reduction initiatives**. Specifically, current assets decreased significantly—from **$25,387 million** at the end of 2023 to **$7,991 million**—mainly due to the completion of asset sales, including a dramatic drop in current assets held for sale (from **$18,529 million** to **$26 million**). Additionally, the company executed around **$21 billion in debt reduction** by selling assets, which further decreased the reported asset base.  **[0000950170-24-119871_d-20240930.htm:9]** **[D_3405480_1]** 

Why did total assets decline in Q3 2024?

Based on the documents, **Q3 2024 did not see an increase but rather a significant decrease** in long-term debt—from **$42,526 million** at the end of 2023 to **$34,555 million** as of September 30, 2024.  **[0000950170-24-119871_d-20240930.htm:38]**  The change resulted from several strategic actions, including **debt reduction initiatives** (such as the sale of major assets, e.g., the Public Service Company of North Carolina and a 50% noncontrolling interest in the CVOW Commercial Project)  **[D_3405480_1]** , **repayments and redemptions** amounting to **$1,642 million** during the period (including repayments of secured senior and hybrid notes)  **[0000950170-24-119871_d-20240930.htm:108]** , and the **use of proceeds from new issuances** (where part of the **$5,782 million** raised was used to repay existing debt, including repaying a **$450 million Sustainability Revolving Credit Facility**).  **[0000950170-24-119871_d-20240930.htm:107]** **[0000950170-24-119871_d-20240930.htm:69]** 

What led to the increase in long-term debt in Q3 2024?

7842ebc37091823ac7ce39c8d34e19fad36fc3eaba72921d84bf44d19a741296

Based on the documents, the explanation for the negative Operating Revenue in Q4 2023 isn’t explicitly provided. One document reports a negative figure of **(1,286.00)** million USD for Q4 2023  **[0000950170-24-019110_d-20231231.htm:142]** , but it does not detail the specific factors leading to this result. Another document mentions that various factors, such as weather conditions, regulatory changes, and operational adjustments, can influence revenue but does not confirm any particular reason for the negative figure.  **[20240502PH03264:2]** 

Why is Operating Revenue negative in Q4 2023?

In Q4 2023, the negative net income was primarily driven by several factors. **A $323 million after-tax impairment charge** related to the impairment of certain goodwill stood out as a major factor, alongside a **decline in operating earnings by $385 million** compared to Q4 2022. Additionally, the quarter faced adverse impacts from **worse-than-normal weather (−$0.02 per share)**, an **accounting methodology change for investment tax credits (−$0.02 per share)**, and **Millstone outages (−$0.03 per share)**, all of which compounded the negative results.  **[0000950170-24-019110_d-20231231.htm:293]** **[0000950170-24-018433_d-ex99.htm:5]** **[D_3374575_6]** **[0000950170-24-019110_d-20231231.htm:149]** 

What drove Net Income into negative territory in Q4 2023?

There is conflicting information in the documents. One source reports FY 2023 Operating Revenue as **9,573 million USD** compared to **17,174 million USD** in FY 2022, which implies a sharp drop.  **[0000950170-23-003287_d-20221231.htm:124]** **[0000950170-24-019110_d-20231231.htm:142]**  However, another source explains that Dominion Energy’s operating revenue actually **increased by 455 million USD** (from **13,938 million USD** in FY 2022 to **14,393 million USD** in FY 2023) and attributes this change to both positive and negative factors.  **[0000950170-24-019110_d-20231231.htm:103]**  The factors that would have negatively affected revenue, according to the explanation, include:  

- **Legislative changes in Virginia** leading to a **206 million USD decrease**  
- **Weather-related declines** causing a **167 million USD decrease**  
- **Market-based rates and settlements** resulting in an **86 million USD net decrease**  
- **Lower PJM off‐system sales** decreasing revenue by **27 million USD**  
- **Absence of privatization operations** contributing a **19 million USD decrease**  **[0000950170-24-019110_d-20231231.htm:103]** 

Thus, while one document links a set of downward adjustments to the FY 2023 results, its net impact in that explanation was an increase. The documents do not provide a definitive reconciliation of these numbers or a clear explanation for a sharp drop overall.

What factors contributed to the sharp drop in FY 2023 Operating Revenue?

There is conflicting information regarding Q4 2023. One document shows Income from operations of **(242.00) million USD** for Q4 2023, indicating a significant decline from Q3 2023’s **549.00 million USD**, while another explanation states that Q4 2023 resulted in **504 million USD** (an increase from Q4 2022’s **447 million USD**), with the change attributed mostly to factors such as the non‐recurrence of a **633 million USD impairment charge** in Q4 2022, improved operational performance, and an accounting methodology change.  **[0000950170-24-019110_d-20231231.htm:142]** **[0000950170-24-019110_d-20231231.htm:294]**  Without further clarification, it is not possible to definitively explain the drastic decline in Q4 2023 based on the available documents.

Why did Income from operations decline drastically in Q4 2023?

The documents do not provide a definitive explanation for the near-zero depreciation and amortization reported in Q4 2023. One document lists the Q4 2023 figure as **(13.00)** USD millions  **[0000950170-24-019110_d-20231231.htm:142]** , while another notes a significant change for Dominion Energy—reporting **$684 million** in Q4 2023 compared to **$610 million** in Q4 2022—but does not detail specific causes for these changes.  **[0000950170-24-018433_d-ex99.htm:4]**  Generally, such variations can result from factors like shifts in capital investments or adjustments in asset life estimates, but the documents do not explicitly link these factors to the near-zero figure.

What explains the near-zero Depreciation and Amortization in Q4 2023?

3c12cb95528ebec24181eb9a51487bb94b571bab32c95575ad66dc7c7bdd2122

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

da51b2760e6affa4a9a52f3bb8f5cc4b3ed0991d970fd90c8d1969c43ee2dd0c

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD, Units]

Earnings Per Share (EPS) - Diluted [USD, Units]

ecbb1e4aab9ab7916012a92e42595438920a9e8c50a5837ccc02ce3506893601

Dominion Energy Inc (D)

Financials