EDGAR 10-K Filing

Company CIK: 103682
Filing Year: 2025
Filename: 103682_10-K_2025_0000950170-25-046349.json

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ITEM 1. BUSINESS
Item 1. Business.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
None.

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ITEM 2. PROPERTIES
Item 2. Properties.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
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.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. [Reserved]

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information.
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
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, 2024:
Name and Age
Title
Current and Recent Positions Held
Steven D. Ridge (44)
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.
Michele L. Cardiff (57)
Manager, Chief Accounting Officer
Senior Vice President, Controller and Chief Accounting Officer of Dominion Energy, Inc. and Virginia Electric and Power Company from October 2020 to present; Vice President, Controller and Chief Accounting Officer of Dominion Energy, Inc. and Virginia Electric and Power Company from April 2014 to September 2020.
Lisa M. Pierro (44)
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/our-company/leadership-and-governance.

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ITEM 11. EXECUTIVE COMPENSATION
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.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
None.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
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.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services.
Omitted pursuant to General Instruction J of Form 10-K.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
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
3.1
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).
3.2
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).
4.1
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).
4.2
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).
10.1
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).
10.2
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).
10.3
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).
31.1
Rule 13a-14(d)/15d-14(d) Certification (filed herewith).
33.1
Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Virginia Electric and Power Company, as Servicer (filed herewith).
33.2
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).
34.1
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).
34.2
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).
35.1
Servicer Compliance Statement of Virginia Electric and Power Company, as Servicer (filed herewith).
Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.