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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds The Companies' decommissioning trust funds are summarized below:

 

 

 

 

Dominion Energy

 

 

 

 

Virginia Power

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,378

 

$

2,501

 

$

(46

)

 

 

 

$

3,833

 

 

$

858

 

$

1,304

 

$

(35

)

 

 

 

$

2,127

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

640

 

 

1

 

 

(65

)

 

$

—

 

 

576

 

 

 

406

 

 

1

 

 

(47

)

 

$

—

 

 

360

 

Government
   securities

 

1,252

 

 

4

 

 

(70

)

 

 

—

 

 

1,186

 

 

 

664

 

 

2

 

 

(35

)

 

 

—

 

 

631

 

Common/
   collective
   trust funds

 

98

 

 

—

 

 

—

 

 

 

—

 

 

98

 

 

 

61

 

 

—

 

 

—

 

 

 

—

 

 

61

 

Insurance contracts

 

221

 

 

—

 

 

—

 

 

 

 

 

221

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

43

 

 

—

 

 

—

 

 

 

—

 

 

43

 

 

 

23

 

 

—

 

 

—

 

 

 

—

 

 

23

 

Total

$

3,632

 

$

2,506

 

$

(181

)

(4)

$

—

 

$

5,957

 

 

$

2,012

 

$

1,307

 

$

(117

)

(4)

$

—

 

$

3,202

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,567

 

$

3,734

 

$

(13

)

 

 

 

$

5,288

 

 

$

841

 

$

1,720

 

$

(11

)

 

 

 

$

2,550

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

854

 

 

32

 

 

(5

)

 

$

—

 

 

881

 

 

 

517

 

 

17

 

 

(3

)

 

$

—

 

 

531

 

Government
   securities

 

1,382

 

 

43

 

 

(7

)

 

 

—

 

 

1,418

 

 

 

584

 

 

16

 

 

(2

)

 

 

—

 

 

598

 

Common/
   collective
   trust funds

 

168

 

 

4

 

 

—

 

 

 

—

 

 

172

 

 

 

53

 

 

—

 

 

—

 

 

 

—

 

 

53

 

Insurance contracts

 

255

 

 

—

 

 

—

 

 

 

 

 

255

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

9

 

 

2

 

 

(75

)

 

 

—

 

 

(64

)

 

 

2

 

 

—

 

 

—

 

 

 

—

 

 

2

 

Total

$

4,235

 

$

3,815

 

$

(100

)

(4)

$

—

 

$

7,950

 

 

$

1,997

 

$

1,753

 

$

(16

)

(4)

$

—

 

$

3,734

 

 

 

(1)
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income.
(3)
Dominion Energy includes pending sales of securities of $42 million and pending purchases of securities of $35 million at December 31, 2022 and 2021, respectively. Virginia Power includes pending sales of securities of $24 million and $5 million at December 31, 2022 and 2021, respectively.
(4)
Dominion Energy's fair value of securities in an unrealized loss position was $1.6 billion and $883 million at December 31, 2022 and 2021, respectively. Virginia Power's fair value of securities in an unrealized loss position was $946 million and $425 million at December 31, 2022 and 2021, respectively.
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power's nuclear decommissioning trusts is summarized below:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2022

 

2021

 

2020

 

 

2022

 

2021

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(848

)

$

1,072

 

$

512

 

 

$

(436

)

$

552

 

$

224

 

Less: Net (gains) losses recognized during the
   period on securities sold during the period

 

 

8

 

 

(346

)

 

(16

)

 

 

(7

)

 

(190

)

 

(6

)

Unrealized gains (losses) recognized during the
   period on securities still held at period end(1)

 

$

(840

)

$

726

 

$

496

 

 

$

(443

)

$

362

 

$

218

 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy and Virginia Power's fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2022 by contractual maturity is as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

146

 

 

$

80

 

Due after one year through five years

 

 

511

 

 

 

280

 

Due after five years through ten years

 

 

442

 

 

 

279

 

Due after ten years

 

 

761

 

 

 

413

 

Total

 

$

1,860

 

 

$

1,052

 
Marketable Securities

Presented below is selected information regarding Dominion Energy and Virginia Power's equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

3,282

 

 

$

3,985

 

 

$

4,278

 

 

$

1,538

 

 

$

1,791

 

 

$

884

 

Realized gains(1)

 

 

143

 

 

 

441

 

 

 

340

 

 

 

48

 

 

 

228

 

 

 

88

 

Realized losses(1)

 

 

296

 

 

 

91

 

 

 

297

 

 

 

107

 

 

 

35

 

 

 

68

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Accounts Under Equity Method of Accounting

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:

 

 

 

 

 

Investment

 

 

 

Company

 

Ownership%

 

 

Balance

 

 

Description

As of December 31,

 

 

 

 

2022

 

 

2021

 

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

Cove Point

 

 

50

%

 

$

2,673

 

 

$

2,738

 

 

LNG import/export and storage facility

Atlantic Coast Pipeline

 

 

53

%

 

 

—

 

(3)

 

—

 

(3)

Gas transmission system

Wrangler

 

 

—

 

(2)

 

—

 

 

 

68

 

 

Nonregulated retail energy marketing

Align RNG(1)

 

 

50

%

 

 

103

 

 

 

74

 

 

Renewable natural gas

Dominion Privatization

 

 

50

%

 

 

176

 

 

 

—

 

 

Military electric and gas

Other

 

various

 

 

 

60

 

 

 

52

 

 

 

Total

 

 

 

 

$

3,012

 

 

$

2,932

 

 

 
(1)
Dominion Energy’s unfunded commitment to be made to Align RNG by the end of 2022 was $8 million at December 31, 2021. The commitment was fully paid in January 2022.
(2)
Dominion Energy’s sold its remaining 15% ownership interest in March 2022, following a previous sale of 5% of its ownership interest in 2021. See discussion below.
(3)
Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $114 million and $113 million at December 31, 2022 and 2021, respectively, presented in other current liabilities. See discussion below for additional information.