# EDGAR Filing Document

**Accession Number:** 0000103682
**File Stem:** 0001193125-26-126264
**Filing Date:** 2026-3
**Character Count:** 60515
**Document Hash:** ad6b2450e6acacf9a37677bd638f281a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-126264.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001193125-26-126264

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virginia Power Fuel Securitization, LLC
- **CENTRAL INDEX KEY:** 0002001186
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 934087019
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-275727-01
- **FILM NUMBER:** 26798407

**BUSINESS ADDRESS:**
- **STREET 1:** 600 EAST CANAL STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23219
- **BUSINESS PHONE:** 804-819-2284

**MAIL ADDRESS:**
- **STREET 1:** 600 EAST CANAL STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23219
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRGINIA ELECTRIC & POWER CO
- **CENTRAL INDEX KEY:** 0000103682
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 540418825
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55337
- **FILM NUMBER:** 26798408

**BUSINESS ADDRESS:**
- **STREET 1:** 600 EAST CANAL STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23219
- **BUSINESS PHONE:** 8048192000

**MAIL ADDRESS:**
- **STREET 1:** 600 EAST CANAL STREET
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23219

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM** 10-K

**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the** fiscal year **ended** December 31**,** 2025

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

---

| | | |
|:---|:---|:---|
|  |  | **I.R.S. Employer** |
| **Commission File Number** | **Exact name of issuing entity as specified in its charter** | **Identification Number** |
| 333-275727-01 | VIRGINIA POWER FUEL SECURITIZATION, LLC | 93-4087019 |
|  | **CIK:** 0002001186 |  |
|  | **(**DELAWARE**)** |  |
|  | *(State or other jurisdiction of incorporation or organization)* |  |
|  | 600 EAST CANAL STREET |  |
|  | RICHMOND**,** VIRGINIA | 23219 |
|  | *(Address of principal executive offices)* | *(Zip Code)* |
|  | **(**804**)** 819-2284 |  |
|  | *(Registrants' telephone number)* |  |
|  |  | **I.R.S. Employer** |
| **Commission File Number** | **Exact name of depositor and sponsor as specified in its charter** | **Identification Number** |
| 000-55337 | VIRGINIA ELECTRIC AND POWER COMPANY | 54-0418825 |
|  | **CIK:** 0000103682 |  |
|  | **(**VIRGINIA**)** |  |
|  | *(State or other jurisdiction of incorporation or organization)* |  |
|  | 600 EAST CANAL STREET |  |
|  | RICHMOND**,** VIRGINIA | 23219 |
|  | *(Address of principal executive offices)* | *(Zip Code)* |
|  | **(**804**)** 819-2284 |  |
|  | *(Registrants' telephone number)* |  |

---

**Securities registered pursuant to Section 12(b) of the Act: None**

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark whether the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes ☐ No ☒

The registrant does not have any voting or non-voting common equity held by non-affiliates.

Documents incorporated by reference: None.

Auditor Firm ID: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: Richmond, Virginia

------

**PART I** 

**Item 1. Business.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1A. Risk Factors.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1B. Unresolved Staff Comments.**

None.

**Item 1C. Cybersecurity.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 2. Properties.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 3. Legal Proceedings.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 4. Mine Safety Disclosures.** 

Not applicable.

------

**PART II** 

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 8. Financial Statements and Supplementary Data.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9A. Controls and Procedures.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9B. Other Information.** 

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

------

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

The following is a list of the managers and executive officers of Virginia Power Fuel Securitization, LLC as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| Name and Age | Title | Current and Recent Positions Held |
| Steven D. Ridge (45) | Manager, President and Chief Financial Officer | Executive Vice President and Chief Financial Officer of Dominion Energy, Inc. and Virginia Electric and Power Company from January 2024 to present; Senior Vice President and Chief Financial Officer of Dominion Energy, Inc. and Virginia Electric and Power Company from November 2022 to December 2023; President of Questar Gas Company from October 2022 to November 2022; Vice President and General Manager—Western Distribution for Dominion Energy, Inc. from October 2021 to September 2022; Vice President—Investor Relations of Dominion Energy Services, Inc. from April 2019 to September 2021. |
| Gary G. Ratliff (47) | Manager, Chief Accounting Officer | Vice President, Controller and Chief Accounting Officer of Dominion Energy, Inc. and Virginia Electric and Power Company from October 2025 to present; Vice President—Accounting from April 2025 to September 2025; Controller—Corporate Research & Reporting from February 2024 to March 2025; Director—Accounting from September 2015 to January 2024. |
| Lisa M. Pierro (45) | Independent Manager | Ms. Pierro currently serves as Customer Service Coordinator for CT Corporation System and acts as Independent Director/Manager for CT Corporation System's customers. She has held various other positions since joining CT Corporation System in 2013. |

---

Virginia Power Fuel Securitization, LLC is a wholly-owned subsidiary of Virginia Electric and Power Company, which in turn is a wholly-owned subsidiary of Dominion Energy, Inc.

**Code of Conduct**

Dominion Energy, Inc. has adopted a code of ethics that applies to all officers and employees of Dominion Energy, Inc. and its affiliates, including Virginia Electric and Power Company and Virginia Power Fuel Securitization, LLC. This code of ethics, entitled "Code of Ethics and Business Conduct," is posted on Dominion Energy, Inc.'s website at www.dominionenergy.com/about/our-company/leadership-and-governance.

**Item 11. Executive Compensation.**

Other than the annual independent manager fee of $2,898 paid to CT Corporation System, Virginia Power Fuel Securitization, LLC does not pay any compensation to its managers or executive officers.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

None.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

Manager Lisa M. Pierro is an independent manager and an employee of CT Corporation System.

**Item 14. Principal Accountant Fees and Services.**

Omitted pursuant to General Instruction J of Form 10-K.

------

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules.**

---

| | |
|:---|:---|
| (a)(1) and (a)(2) | Financial Statements and Financial Statement Schedules are omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. |
| (a)(3) and (b) | See Exhibit Index included below, which is incorporated herein by reference. |
| (c) | Not applicable. |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Certificate of Formation of Virginia Power Fuel Securitization, LLC (Exhibit 3.1, Registration Statement on Form SF-1 (File No. 333-275727-01) filed November 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/103682/000119312523282300/d96186dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [<u>Amended and Restated Limited Liability Company Agreement, dated as of February 5, 2024, of Virginia Power Fuel Securitization, LLC (Exhibit 3.2, Form 8-K filed February 6, 2024).</u>](https://www.sec.gov/Archives/edgar/data/103682/000119312524025367/d666381dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [<u>Indenture, dated as of February 14, 2024, by and among Virginia Power Fuel Securitization, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary (including the form of the Bonds) (Exhibit 4.1, Form 8-K filed February 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/103682/000119312524025367/d666381dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | [<u>Supplemental Indenture, dated as of February 14, 2024, by and among Virginia Power Fuel Securitization, LLC, U.S. Bank Trust Company, National Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary (Exhibit 4.2, Form 8-K filed February 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/103682/000119312524025367/d666381dex42.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | [<u>Deferred Fuel Cost Property Servicing Agreement, dated as of February 14, 2024, by and between Virginia Power Fuel Securitization, LLC and Virginia Electric and Power Company, as Servicer (Exhibit 10.1, Form 8-K filed February 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/103682/000119312524025367/d666381dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | [<u>Deferred Fuel Cost Property Purchase and Sale Agreement, dated as of February 14, 2024, by and between Virginia Power Fuel Securitization, LLC and Virginia Electric and Power Company, as Seller (Exhibit 10.2, Form 8-K filed February 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/103682/000119312524025367/d666381dex102.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | [<u>Administration Agreement, dated as of February 14, 2024, by and between Virginia Power Fuel Securitization, LLC and Virginia Electric and Power Company, as Administrator (Exhibit 10.3, Form 8-K filed February 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/103682/000119312524025367/d666381dex103.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1 | [<u>Rule 13a-14(d)/15d-14(d) Certification (filed herewith).</u>](ck0002001186-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;33.1 | [<u>Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Virginia Electric and Power Company, as Servicer (filed herewith).</u>](ck0002001186-ex33_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;33.2 | [<u>Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for U.S. Bank Trust Company, National Association, as Indenture Trustee (filed herewith).</u>](ck0002001186-ex33_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;34.1 | [<u>Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of Deloitte & Touche LLP on behalf of Virginia Electric and Power Company, as Servicer (filed herewith).</u>](ck0002001186-ex34_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;34.2 | [<u>Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of Ernst & Young LLP on behalf of U.S. Bank Trust Company, National Association, as Indenture Trustee (filed herewith).</u>](ck0002001186-ex34_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;35.1 | [<u>Servicer Compliance Statement of Virginia Electric and Power Company, as Servicer (filed herewith).</u>](ck0002001186-ex35_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101. |

---

------

**Item 16. Form 10-K Summary.**

None.

**Item 1112(b). Significant Obligors of Pool Assets.**

None.

**Item 1114(b)(2). Credit Enhancement and Other Support, Except For Certain Derivative Instruments.**

None.

**Item 1115(b). Certain Derivative Instruments.**

None.

**Item 1117. Legal Proceedings.**

There are no legal or governmental proceedings pending against us, the sponsor, the seller, the servicer or the indenture trustee, or of which any property of the foregoing is subject, that is material to bondholders.

U.S. Bank Trust Company, National Association, as trustee, has provided the following information:

U.S. Bank National Association and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage-backed securities trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank National Association and similar institutions, allege the trustee caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these residential mortgage-backed securities trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

U.S. Bank National Association denies liability and believes that it has performed its obligations under the residential mortgage-backed securities trusts in good faith, that its actions were not the cause of losses to investors and that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank National Association cannot assure you as to the outcome of any of the litigation or the possible impact of these litigations on the trustee or the residential mortgage-backed securities trusts.

On March 9, 2018, a law firm purporting to represent 15 Delaware statutory trusts that issued securities backed by student loans filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the Delaware statutory trusts and the student loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (NCMSLT Action). The complaint, as amended on June 15, 2018, alleged that the Delaware statutory trusts have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the student loans. Since the filing of the NCMSLT Action, certain student loan borrowers have made assertions against U.S. Bank National Association concerning special servicing that appear to be based on certain allegations made on behalf of the Delaware statutory trusts in the NCMSLT Action.

U.S. Bank National Association has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the Delaware statutory trusts and the student loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the Delaware statutory trusts and the student loans, which remains pending.

U.S. Bank National Association denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the Delaware statutory trusts and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

------

**Item 1119. Affiliations and Certain Relationships and Related Transactions.**

Virginia Power Fuel Securitization, LLC is a wholly-owned subsidiary of Virginia Electric and Power Company, which is the depositor, sponsor and servicer.

**Item 1122. Compliance With Applicable Servicing Criteria.**

The Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers and the related attestation report for Virginia Electric and Power Company included as Exhibits 33.1 and 34.1, respectively, to this Form 10-K identified no material instances of noncompliance by Virginia Electric and Power Company with the servicing criteria set forth in Item 1122 of Regulation AB.

The Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers and the related attestation report for U.S. Bank Trust Company, National Association included as Exhibits 33.2 and 34.2, respectively, to this Form 10-K identified no material instances of noncompliance by U.S. Bank Trust Company, National Association with the servicing criteria set forth in Item 1122 of Regulation AB.

**Item 1123. Servicer Compliance Statement.**

See Exhibit 35.1 of this Form 10-K.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **VIRGINIA POWER FUEL SECURITIZATION, LLC**<br>**(Issuing Entity)**<br>**By: Virginia Electric and Power Company, as Servicer** |
| Date: March 26, 2026 | /s/ Gary G. Ratliff, Jr. |
|  | Gary G. Ratliff, Jr.<br>Vice President, Controller and<br>Chief Accounting Officer |

---

**Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act**

No such annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or any proxy material to its security holders subsequent to the filing of this form.

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Gary G. Ratliff, Jr., certify that:

1. I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Virginia Power Fuel Securitization, LLC (the Exchange Act periodic reports);

2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, all of the distribution, servicing, and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

4. I am responsible for reviewing the activities performed by the Servicer and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the Servicer has fulfilled its obligations under the Deferred Fuel Cost Property Servicing Agreement, dated as of February 14, 2024, by and between Virginia Power Fuel Securitization, LLC and the Servicer, in all material respects; and

5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and the related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: U.S. Bank Trust Company, National Association, as Indenture Trustee.

---

| | |
|:---|:---|
| Date: March 26, 2026 | /s/ Gary G. Ratliff, Jr. |
|  | Gary G. Ratliff, Jr.<br>Vice President, Controller and<br>Chief Accounting Officer and senior officer in charge of the<br>servicing function of Virginia Electric and Power Company  |

---

------

## Exhibit 33.1

**Exhibit 33.1**

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA FOR ASSET-BACKED ISSUERS**

The undersigned hereby certifies that the undersigned is the duly elected and acting Vice President, Controller and Chief Accounting Officer of **Virginia Electric and Power Company**, as servicer (the "Servicer") under the Deferred Fuel Cost Property Servicing Agreement, dated as of February 14, 2024 (the "Servicing Agreement"), by and between the Servicer and **Virginia Power Fuel Securitization, LLC** and acknowledged and accepted by **U.S. Bank Trust Company, National Association**, not in its individual capacity but solely in its capacity as indenture trustee (the "Indenture Trustee"), and further certifies that:

1. The undersigned is responsible for assessing the Servicer's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the "Servicing Criteria").

2. With respect to each of the Servicing Criteria, the undersigned has made the following assessment of the Servicing Criteria in accordance with Item 1122(d) of Regulation AB, with such discussion regarding the performance of such Servicing Criteria during the fiscal year covered by the Sponsor's annual report on Form 10-K:

---

| | | | |
|:---|:---|:---|:---|
| **Regulation AB Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
|  | **General Servicing Considerations** |  |  |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. |  | X |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for pool assets are maintained. |  | X |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  | X |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X |  |
|  | **Cash Collection and Administration** |  |  |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. |  | X |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X |  |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) under the Exchange Act. | X |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are: (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor Remittances and Reporting** |  |  |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the SEC, are maintained in accordance with the transaction agreements and applicable SEC requirements. Specifically, such reports: (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the SEC as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer. | X |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |  | X |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with canceled checks, or other form of payment, or custodial bank statements. | X |  |
|  | **Pool Asset Administration** |  |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. | X |  |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. |  | X |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset agreements. | X |  |
| 1122(d)(4)(v) | The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |  | X |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |  |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X |  |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets, including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | X |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  | X |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X |  |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  | X |

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3. To the best of the undersigned's knowledge, based on such review, the Servicer is in compliance in all material respects with the applicable servicing criteria set forth above as of and for the period ended the end of the fiscal year covered by the Issuer's annual report on Form 10-K.

4. Deloitte & Touche LLP, an independent registered public accounting firm, has issued an attestation report on the Servicer's assessment of compliance with the applicable servicing criteria as of and for the period ended the end of the fiscal year covered by the Issuer's annual report on Form 10-K.

5. Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement.<br>

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| | |
|:---|:---|
| Executed as of this 26th day of March, 2026 | **Virginia Electric and Power Company,** |
|  | **as Servicer** |
| By: | /s/ Gary G. Ratliff, Jr. |
| Name: | Gary G. Ratliff, Jr. |
| Title: | Vice President, Controller and<br>Chief Accounting Officer |

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## Exhibit 33.2

**Exhibit 33.2**

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025, with the servicing criteria set forth in Item 1122 (d) of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the **U.S. Bank Corporate Trust Asset-Backed Securities Platform**<sup>1</sup> **(the "Platform")**

U.S. Bank hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Except as set forth in paragraph 3 below, U.S. Bank used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess its compliance with the applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The criteria listed in the column titled "Inapplicable Servicing Criteria" on Exhibit A hereto are inapplicable to U.S. Bank based on the servicing activities it performs directly with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of and for the year ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Ernst & Young, LLP, a registered public accounting firm, has issued an attestation report on U.S. Bank's assessment of compliance with the applicable servicing criteria as of and for the year ended December 31, 2025.

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<sup>1</sup> The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides trustee, securities administration, registrar and paying agent services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended.

Corporate Trust ABS Platform (A)

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U.S. BANK NATIONAL ASSOCIATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joe Nardi</u> 

Name: Joe Nardi

Title: Executive Vice President

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joe Nardi</u> 

Name: Joe Nardi

Title: Executive Vice President

Dated: February 26, 2026

Corporate Trust ABS Platform (A)

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**EXHIBIT A to Management's Assertion**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable Servicing Criteria** | &nbsp;&nbsp;**Inapplicable Servicing Criteria** <br>|
| &nbsp;&nbsp; <br>**<u>General Servicing Considerations</u>** | &nbsp;&nbsp; <br>**<u>General Servicing Considerations</u>** | &nbsp;&nbsp; <br>**<u>General Servicing Considerations</u>** | &nbsp;&nbsp; <br>**<u>General Servicing Considerations</u>** |
| &nbsp;&nbsp; <br>1122(d)(1)(i) | &nbsp;&nbsp; <br>Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(1)(ii) | &nbsp;&nbsp; <br>If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.  | &nbsp;&nbsp; <br>**X**<sup>2</sup> |  |
| &nbsp;&nbsp; <br>1122(d)(1)(iii) | &nbsp;&nbsp; <br>Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.  |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(1)(iv) | &nbsp;&nbsp; <br>A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.  | &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(1)(v) | &nbsp;&nbsp; <br>Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | &nbsp;&nbsp; <br>**X**<sup>3</sup> |  |
| &nbsp;&nbsp; <br>**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp; <br>**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp; <br>**<u>Cash Collection and Administration</u>** | &nbsp;&nbsp; <br>**<u>Cash Collection and Administration</u>** |
| &nbsp;&nbsp; <br>1122(d)(2)(i) | &nbsp;&nbsp; <br>Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. <br>| &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(2)(ii) | &nbsp;&nbsp; <br>Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. <br>| &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(2)(iii) | &nbsp;&nbsp; <br>Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. <br>| &nbsp;&nbsp; <br>**X**<sup>4</sup> |  |
| &nbsp;&nbsp; <br>1122(d)(2)(iv) | &nbsp;&nbsp; <br>The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.  | &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(2)(v) | &nbsp;&nbsp; <br>Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.  | &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(2)(vi) | &nbsp;&nbsp; <br>Unissued checks are safeguarded so as to prevent unauthorized access.  | &nbsp;&nbsp; <br>**X** |  |

---

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<sup>2</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>3</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>4</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

Corporate Trust ABS Platform (A)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable Servicing Criteria** | &nbsp;&nbsp;**Inapplicable Servicing Criteria**  |
| &nbsp;&nbsp; <br>1122(d)(2)(vii) <br>| &nbsp;&nbsp; <br>Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.  | &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp; <br>**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp; <br>**<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp; <br>**<u>Investor Remittances and Reporting</u>** |
| &nbsp;&nbsp; <br>1122(d)(3)(i) | &nbsp;&nbsp; <br>Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer. <br>| &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(3)(ii) | &nbsp;&nbsp; <br>Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. <br>| &nbsp;&nbsp; <br>**X**  |  |
| &nbsp;&nbsp; <br>1122(d)(3)(iii) | &nbsp;&nbsp; <br>Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. <br>| &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(3)(iv) | &nbsp;&nbsp; <br>Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.  | &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>**<u>Pool Asset Administration</u>** | &nbsp;&nbsp; <br>**<u>Pool Asset Administration</u>** | &nbsp;&nbsp; <br>**<u>Pool Asset Administration</u>** | &nbsp;&nbsp; <br>**<u>Pool Asset Administration</u>** |
| &nbsp;&nbsp; <br>1122(d)(4)(i)  | &nbsp;&nbsp; <br>Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.  |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(ii) | &nbsp;&nbsp; <br>Pool assets and related documents are safeguarded as required by the transaction agreements. |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(iii) | &nbsp;&nbsp; <br>Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.  | &nbsp;&nbsp; <br>**X** |  |
| &nbsp;&nbsp; <br>1122(d)(4)(iv) | &nbsp;&nbsp; <br>Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.  |  | &nbsp;&nbsp; <br>**X** |

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Corporate Trust ABS Platform (A)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable Servicing Criteria** | &nbsp;&nbsp;**Inapplicable Servicing Criteria**  |
| &nbsp;&nbsp; <br>1122(d)(4)(v) | &nbsp;&nbsp; <br>The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance.  |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(vi) | &nbsp;&nbsp; <br>Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.  |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(vii) | &nbsp;&nbsp; <br>Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. <br>|  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(viii) | &nbsp;&nbsp; <br>Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). <br>|  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(ix) | &nbsp;&nbsp; <br>Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.  |  | &nbsp;&nbsp; <br>**X**<br>|
| &nbsp;&nbsp; <br>1122(d)(4)(x) | &nbsp;&nbsp; <br>Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.  |  | &nbsp;&nbsp; <br>**X**<br>|
| &nbsp;&nbsp; <br>1122(d)(4)(xi) | &nbsp;&nbsp; <br>Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.  |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(xii) | &nbsp;&nbsp; <br>Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission.  |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(xiii) | &nbsp;&nbsp; <br>Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements.  |  | &nbsp;&nbsp; <br>**X**<br>|
| &nbsp;&nbsp; <br>1122(d)(4)(xiv)  | &nbsp;&nbsp; <br>Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.  |  | &nbsp;&nbsp; <br>**X** |
| &nbsp;&nbsp; <br>1122(d)(4)(xv) | &nbsp;&nbsp; <br>Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.  | &nbsp;&nbsp; <br>**X** |  |

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Corporate Trust ABS Platform (A)

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## Exhibit 34.1

**Exhibit 34.1**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of:

Virginia Electric and Power Company

We have examined management of Virginia Electric and Power Company's assertion, included in the accompanying Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers, that Virginia Electric and Power Company (the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for Virginia Power Fuel Securitization, LLC's deferred fuel securitization bonds (the "Platform"), excluding criteria 1122(d)(1)(ii), 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(ii), 1122(d)(2)(vi), 1122(d)(3)(ii), 1122(d)(3)(iii), 1122(d)(4)(iii), 1122(d)(4)(v), 1122 (d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), and 1122(d)(4)(xv) (the "servicing criteria"), as of and for the year ended December 31, 2025, which management has determined are not applicable to the activities performed by the Company with respect to the Platform. Appendix A to management's assertion identifies the individual asset-backed transactions defined by management as constituting the Platform. Management is responsible for the Company's compliance with the servicing criteria and its assertion. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the servicing criteria is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about management's assertion on compliance with the servicing criteria. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion on compliance with the servicing criteria, whether due to error or fraud, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining whether the Company performed those selected activities in compliance with the servicing criteria during the specified period, and performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing activities performed by the Company during the period covered by this report and, accordingly, such samples may not have included servicing activities related to each asset-backed transaction included in the Platform. Further, an examination is not designed to detect noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that the evidence we obtained in our examination is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the servicing criteria as of and for the year ended December 31, 2025, is fairly stated, in all material respects.

/s/ Deloitte & Touche LLP

Richmond, Virginia

March 26, 2026

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## Exhibit 34.2

**Exhibit 34.2**

![img52886111_0.jpg](img52886111_0.jpg)

**Report of Independent Registered Public Accounting Firm** 

The Board of Directors

U.S. Bank National Association and U.S. Bank Trust Company, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar and paying agent services, as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2025 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

![img52886111_1.jpg](img52886111_1.jpg)

Minneapolis, Minnesota

February 26, 2026

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## Exhibit 35.1

**Exhibit 35.1**

**SERVICER COMPLIANCE STATEMENT**

The undersigned hereby certifies that the undersigned is the duly elected and acting Vice President, Controller and Chief Accounting Officer of **Virginia Electric and Power Company**, as servicer (the "Servicer") under the Deferred Fuel Cost Property Servicing Agreement, dated as of February 14, 2024 (the "Servicing Agreement"), and acknowledged and accepted by **U.S. Bank Trust Company, National Association**, not in its individual capacity, but solely in its capacity as indenture trustee, and the Servicer hereby further certifies that:

1. A review of the activities of the Servicer and of its performance under the Servicing Agreement during the twelve months ended December 31, 2025, has been made under the supervision of the undersigned pursuant to Section 3.03 of the Servicing Agreement.

2. To the undersigned's knowledge, based on such review, the Servicer has fulfilled all of its obligations in all material respects under the Servicing Agreement throughout the twelve months ended December 31, 2025.

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| | |
|:---|:---|
| Executed as of this 26th day of March, 2026 | **Virginia Electric and Power Company,** |
|  | **as Servicer** |
| By: | /s/ Gary G. Ratliff, Jr. |
| Name: | Gary G. Ratliff, Jr. |
| Title: | Vice President, Controller and<br>Chief Accounting Officer |

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------