Dominion Energy(US:D)2025-10-31 15:49Financial Performance - Net income for the three months ended September 30, 2025, was $1,028 million, compared to $934 million for the same period in 2024, representing an increase of 10.1%[16] - Comprehensive income attributable to Dominion Energy for the nine months ended September 30, 2025, was $2,444 million, up from $1,932 million in 2024, reflecting a growth of 26.5%[16] - The company’s earnings per common share (EPS) for the nine months ended September 30, 2025, increased to $2.53 from $1.90 in 2024, marking a rise of 33.2%[16] - Dominion Energy's net income including noncontrolling interests for the nine months ended September 30, 2025, was $2,553 million, compared to $1,900 million in 2024, an increase of 34.4%[16] - Comprehensive income including noncontrolling interests for the three months ended September 30, 2025, was $1,034 million, compared to $958 million in 2024, an increase of 7.9%[16] - The company reported a net income of $668 million for the quarter ending September 30, 2025, compared to $650 million for the same period in 2024[43] - Year-to-date net income attributable to Virginia Power was $1,588 million, down 0.6% from $1,598 million in the prior year[61] - The company reported a net cash provided by operating activities of $4,374 million for the nine months ended September 30, 2025, slightly down from $4,377 million in 2024[28] - The company reported a net income attributable to discontinued operations of $200 million for the year-to-date 2024, compared to a loss of $15 million in Q3 2024[98] Comprehensive Income and Other Income - Other comprehensive income for the three months ended September 30, 2025, was $6 million, compared to $24 million in 2024, indicating a decrease of 75%[16] - Total other comprehensive income for the nine months ended September 30, 2025, was $13 million, compared to $32 million in 2024, a decrease of 59.4%[16] - The accumulated other comprehensive income (AOCI) for Dominion Energy at the end of Q3 2025 was $(168) million, an improvement from $(190) million at the end of Q3 2024[101] - For the nine months ended September 30, 2025, the net current period other comprehensive income was $3 million, compared to $26 million for the same period in 2024[105] - The total AOCI for Virginia Power at the end of Q3 2025 was $21 million, down from $24 million at the end of Q3 2024[109] Assets and Liabilities - Total assets increased to $111,597 million as of September 30, 2025, up from $102,415 million at December 31, 2024, representing a growth of approximately 9.3%[19] - Current assets rose to $8,222 million, a significant increase of 24.3% from $6,613 million at the end of 2024[19] - Total liabilities increased to $79,871 million, compared to $72,613 million at December 31, 2024, reflecting a rise of about 10%[22] - Long-term debt grew to $43,291 million, up from $37,525 million, indicating an increase of approximately 15.5%[22] - Shareholders' equity reached $27,691 million, up from $26,863 million, reflecting an increase of approximately 3.1%[22] - Noncontrolling interests rose significantly to $4,035 million from $2,939 million, representing an increase of about 37.4%[22] - Total current liabilities decreased to $4,018 million from $5,637 million, a reduction of about 28.7%[40] Cash Flow and Investments - Cash and cash equivalents increased to $932 million, compared to $310 million, showing a substantial growth of approximately 200%[19] - The company reported a decrease in depreciation and amortization to $1,337 million in 2025 from $1,386 million in 2024, a decline of about 3.5%[46] - The company made significant investments in plant construction and other property additions, totaling $7,531 million in 2025, compared to $6,885 million in 2024[46] - The company issued common stock amounting to $3,500 million in 2025, with no such issuance reported in 2024[46] - The company reported a significant noncash item of $45 million related to pension retirement benefits in the East Ohio Transaction[84] Regulatory and Capital Expenditures - Virginia Power proposed a base rate increase of $822 million effective January 2026, with an incremental increase of $345 million effective January 2027[176] - Virginia Power filed for a total projected fuel expense recovery of $2.6 billion for the rate year beginning July 1, 2025, with an additional projected under-recovered balance of $205 million[177] - Virginia Power's proposed fuel rate, including purchased electric capacity expense, represents a revenue increase of $860 million for the rate year beginning July 1, 2025[177] - Virginia Power plans to construct or acquire six utility-scale solar projects totaling approximately 845 MW, with an expected cost of $2.9 billion, to be placed into service between 2028 and 2030[181] - Virginia Power's capital investment request for Phase IIIB of its electric distribution grid transformation projects is $278 million, with an additional $5 million for operations and maintenance[182] Transactions and Impairments - The East Ohio Transaction, valued at approximately $6.6 billion, closed in March 2024, resulting in a pre-tax loss of $97 million, including a $1.5 billion write-off of non-deductible goodwill[70][72] - The PSNC Transaction, valued at approximately $3.3 billion, closed in September 2024, with a pre-tax loss of $34 million and a $0.7 billion write-off of non-deductible goodwill[74][75] - The Questar Gas Transaction, valued at approximately $4.3 billion, closed in May 2024, resulting in a pre-tax loss of $8 million and a $0.7 billion write-off of non-deductible goodwill[78][79] - Dominion Energy recorded impairment charges of $33 million and $27 million in the second and third quarters of 2024, respectively, for nonregulated renewable natural gas facilities[164] Derivative Activities - The ending balance for total derivative-hedging activities as of September 30, 2025, is $22 million, down from $28 million at the beginning of the period, reflecting a net current period other comprehensive loss of $6 million[111] - The fair value of commodity derivatives for Dominion Energy is $528 million, with $82 million classified as Level 2 and $446 million as Level 3[120] - The total derivatives for Dominion Energy, subject to master netting arrangements, amounted to $534 million as of September 30, 2025, with net amounts of $441 million[127] - The total volume of natural gas fixed price contracts for Dominion Energy was 43 bcf current and 11 bcf noncurrent, while Virginia Power had 40 bcf current and 11 bcf noncurrent[131] Equity and Stock Transactions - The company issued $105 million in common stock during the nine months ended September 30, 2025, compared to $102 million in the same period of 2024[28] - Virginia Power's request to issue and sell up to $3.5 billion of common stock was approved by the Virginia Commission to maintain credit metrics and fund capital expenditures[179] - Common stock increased to $12,487 million, up from $8,987 million, reflecting a growth of approximately 38.3%[43] Miscellaneous - The company recorded a charge of $58 million ($44 million after tax) related to the electric base rate case in South Carolina in Q3 2024[206] - Virginia Power recorded a right-of-use asset and lease obligation of $228 million for an offshore wind installation vessel in September 2025[208] - Dominion Energy agreed to pay $47 million in connection with a settlement related to the offshore wind installation vessel in Q1 2024[210]