What the changes say
- New emphasis centers on CVOW cost exposure, coal ash liabilities, and derivative-related liquidity risk.
- Removed coverage includes natural-gas decarbonization, partnership/publicity, macro-disruption/workforce, and standalone derivatives regulation risks.
- CVOW and nuclear decommissioning risks are more specifically tied to weather/species delays and NRC funding assurance.
What changed since the prior 10-K
New
- NewRegulatory, Legislative and Legal Risks
addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, including any potential impact of Section 232 investigations
Tariffs, including potential Section 232 actions, could raise CVOW construction costs beyond amounts recoverable under Virginia’s cost-sharing rules.
- NewRegulatory, Legislative and Legal Risks
19 different locations, including 12 at Virginia Power. The Companies also may face litigation concerning their coal ash facilities
A significant coal ash release at the Companies’ 19 locations, including 12 Virginia Power sites, could trigger cleanup costs, penalties, litigation, and reputational damage.
- NewFinancial, Economic and Market Risks
If the decommissioning trust funds and benefit plan assets are negatively impacted by market fluctuations or other factors, the Companies’ financial condition, results of operations and/or cash flows could be negatively affected
Derivative counterparties, margin requirements, and the Companies’ exemption from mandatory swap clearing could create losses or liquidity constraints.
Dropped
- DroppedRegulatory, Legislative and Legal Risks
such actions could render additional existing generation facilities uneconomical to operate, result in the impairment of assets, or otherwise adversely affect the Companies’ results of operations, financial performance or liquidity
Natural-gas demand and costs could be affected by net-zero commitments and federal or state greenhouse-gas regulations.
- DroppedOperational Risks
objectives which may differ from those of the Companies and, accordingly, disputes may arise amongst the owners of such partnership arrangements that may result in delays, litigation or operational impasses
- DroppedOperational Risks
maintained against losses resulting from any such attack may not be sufficient to cover such losses or otherwise adequately compensate for any business disruptions that could result
Partnership-owner disputes, political sentiment, adverse publicity, or failure to meet commitments could harm operations and reputation.
- DroppedFinancial, Economic and Market Risks
The use of derivative instruments could result in financial losses and liquidity constraints. The Companies use derivative instruments, including futures, swaps, forwards, options and FTRs, to manage commodity, interest rate and/or foreign currency exchange rate risks
Terrorism, war, pandemics, financial instability, insurance limits, capital access, and workforce shortages could disrupt the business.
Reworded
- 67% rewrittenRegulatory, Legislative and Legal Risks
The timeline for construction of the CVOW Commercial Project may also be negatively impacted by severe weather events or marine wildlife, including migration patterns of endangered and protected species, both of which are outside of the control of the Companies and their contractors
The risk now specifically identifies severe weather and endangered-species migration as threats to CVOW’s construction timeline, while retaining broad infrastructure-project language.
- 28% rewrittenFinancial, Economic and Market Risks
With respect to decommissioning trust funds, a decline in the market value of these assets may increase the funding requirements of the obligations to decommission the Companies’ nuclear plants or require additional NRC-approved funding assurance
The focus shifts from pension and postretirement funding sensitivity to nuclear decommissioning trust declines and possible NRC-approved additional funding assurance.
All 5 risk factors
Headings as the filing states them, in filing order.
Regulatory, Legislative and Legal Risks
- 01addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, including any potential impact of Section 232 investigationsnew
- 02The timeline for construction of the CVOW Commercial Project may also be negatively impacted by severe weather events or marine wildlife, including migration patterns of endangered and protected species, both of which are outside of the control of the Companies and their contractors67% rewritten
- 0319 different locations, including 12 at Virginia Power. The Companies also may face litigation concerning their coal ash facilitiesnew
Financial, Economic and Market Risks
- 04With respect to decommissioning trust funds, a decline in the market value of these assets may increase the funding requirements of the obligations to decommission the Companies’ nuclear plants or require additional NRC-approved funding assurance28% rewritten
- 05If the decommissioning trust funds and benefit plan assets are negatively impacted by market fluctuations or other factors, the Companies’ financial condition, results of operations and/or cash flows could be negatively affectednew
Other Dominion Energy 10-Ks
- 2025 10-K risk factors
6 risks. Net-zero commitments and GHG rules could impair generation assets and reduce natural-gas demand.
Filed Feb 27, 2025
About this page
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.