UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Commission File Number |
Exact name of registrants as specified in their charters |
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Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 8.01 |
Other Events. |
Dominion Energy, Inc. (Dominion Energy) and Virginia Electric and Power Company (collectively the Companies) are filing this Current Report on Form 8-K to recast the consolidated financial statements and other financial information previously included in their combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed with the Securities and Exchange Commission (the SEC) on May 5, 2023. As disclosed in the Companies' combined Quarterly Report on Form 10-Q for the three months ended September 30, 2023, in connection with the comprehensive business reviewed announced in November 2022, Dominion Energy entered into agreements in September 2023 to sell all of its regulated gas distribution operations, except for those of Dominion Energy South Carolina, Inc., to wholly-owned subsidiaries of Enbridge Inc. (Enbridge). In addition, Dominion Energy completed the sale in September 2023 of its remaining 50% noncontrolling partnership interest in Cove Point LNG, LP to a wholly-owned subsidiary of Berkshire Hathaway Energy Company under the agreement entered in July 2023. These operations are, effective September 2023, classified as discontinued operations and held for sale. Subsequently in September 2023, Dominion Energy revised its primary operating segments. Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023 and 2022, Consolidated Balance Sheets at March 31, 2023 and December 31, 2022 and accompanying notes have been recast to reflect these changes in presentation.
The following items of the combined Quarterly Report on Form 10-Q of the Companies for the quarter ended March 31, 2023 have been recast to reflect the previously described classification of certain regulated gas distribution operations and investments as discontinued operations and held for sale as well as the revision of operating segments and are filed as exhibits to this Current Report on Form 8-K and incorporated herein by reference:
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Exhibit 99.1 |
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Item 1. Financial Statements and Supplementary Data |
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Exhibit 99.2 |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Exhibit 101 |
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The following financial statements for the quarter ended March 31, 2023 from Dominion Energy, Inc.’s Current Report on Form 8-K, filed on November 8, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements for the quarter ended March 31, 2023 from Virginia Electric and Power Company’s Current Report on Form 8-K, filed on November 8, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Common Shareholder’s Equity (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. |
The recast items of the Form 10-Q described above have been updated only for the aforementioned classification of certain regulated gas distribution operations and investments as discontinued operations and held for sale as well as the revision of operating segments. The Companies have not otherwise updated for activities or events occurring after the date these items were originally presented. The information in this report should be read in conjunction with the other information included (but not replaced as described above) in the Companies’ combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and the Companies’ other filings with the SEC.
Item 9.01 |
Financial Statements and Exhibits. |
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Exhibit No. |
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Description |
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99.1 |
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99.2 |
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101 |
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The following financial statements for the quarter ended March 31, 2023 from Dominion Energy, Inc.’s Current Report on Form 8-K, filed on November 8, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. The following financial statements for the quarter ended March 31, 2023 from Virginia Electric and Power Company’s Current Report on Form 8-K, filed on November 8, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Common Shareholder’s Equity (v) Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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DOMINION ENERGY, INC. |
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Registrant |
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/s/ Michele L. Cardiff |
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Name: |
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Michele L. Cardiff |
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Title: |
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Senior Vice President, Controller and Chief Accounting Officer |
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Date: November 8, 2023 |
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VIRGINIA ELECTRIC AND POWER COMPANY |
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Registrant |
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/s/ Michele L. Cardiff |
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Name: |
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Michele L. Cardiff |
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Title: |
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Senior Vice President, Controller and Chief Accounting Officer |
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Date: November 8, 2023 |
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Exhibit 99.1
GLOSSARY OF TERMS
The following abbreviations or acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym |
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Definition |
2017 Tax Reform Act |
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An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017 |
2019 Equity Units |
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Dominion Energy’s 2019 Series A Equity Units issued in June 2019, initially in the form of 2019 Series A Corporate Units, which consisted of a stock purchase contract and a 1/10 interest in a share of the Series A Preferred Stock |
2021 Triennial Review |
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Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020 |
2023 Biennial Review |
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Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2021 and ending December 31, 2022 and prospective rate base setting for the succeeding two-year period beginning January 1, 2024 and ending December 31, 2025 |
ACE Rule |
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Affordable Clean Energy Rule |
AFUDC |
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Allowance for funds used during construction |
AMI |
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Advanced Metering Infrastructure |
AOCI |
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Accumulated other comprehensive income (loss) |
ARO |
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Asset retirement obligation |
Atlantic Coast Pipeline |
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Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy and Duke Energy |
Atlantic Coast Pipeline Project |
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A previously proposed approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina which would have been owned by Dominion Energy and Duke Energy |
bcf |
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Billion cubic feet |
Bear Garden |
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A 622 MW combined-cycle, natural gas-fired power station in Buckingham County, Virginia |
BHE |
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The legal entity, Berkshire Hathaway Energy Company, one or more of its consolidated subsidiaries (including Eastern Energy Gas Holdings, LLC, Northeast Midstream Partners, LP and Cove Point effective November 2020), or the entirety of Berkshire Hathaway Energy Company and its consolidated subsidiaries |
CAA |
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Clean Air Act |
CCR |
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Coal combustion residual |
CCRO |
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Customer credit reinvestment offset |
CEP |
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Capital Expenditure Program, as established by House Bill 95, Ohio legislation enacted in 2011, deployed by East Ohio to recover certain costs associated with capital investment |
CERCLA |
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Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund |
CFIUS |
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The Committee on Foreign Investment in the U.S. |
CO2 |
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Carbon dioxide |
Colonial Trail West |
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A 142 MW utility-scale solar power station located in Surry County, Virginia |
Companies |
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Dominion Energy and Virginia Power, collectively |
Contracted Energy |
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Contracted Energy operating segment, formerly known as the Contracted Assets operating segment |
Cove Point |
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Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP) |
CPCN |
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Certificate of Public Convenience and Necessity |
1
CVOW Commercial Project |
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A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia |
CVOW Pilot Project |
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A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters |
CWA |
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Clean Water Act |
DEQPS |
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MountainWest Pipeline Services, Inc. (formerly known as Dominion Energy Questar Pipeline Services, Inc.) |
DES |
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Dominion Energy Services, Inc. |
DESC |
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The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities |
DGI |
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Dominion Generation, Inc. |
DOE |
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U.S. Department of Energy |
Dominion Energy |
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The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries |
Dominion Energy Direct® |
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A dividend reinvestment and open enrollment direct stock purchase plan |
Dominion Energy Questar Pipeline |
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The legal entity, MountainWest Pipeline, LLC (formerly known as Dominion Energy Questar Pipeline, LLC), one or more of its consolidated subsidiaries (including its 50% noncontrolling interest in White River Hub), or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries |
Dominion Energy South Carolina |
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Dominion Energy South Carolina operating segment |
Dominion Energy Virginia |
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Dominion Energy Virginia operating segment |
Dominion Privatization |
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Dominion Utility Privatization, LLC, a joint venture between Dominion Energy and Patriot |
DSM |
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Demand-side management |
Dth |
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Dekatherm |
Duke Energy |
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The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries, or the entirety of Duke Energy Corporation and its consolidated subsidiaries |
East Ohio |
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The East Ohio Gas Company, doing business as Dominion Energy Ohio |
East Ohio Transaction |
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The proposed sale by Dominion Energy to Enbridge of all issued and outstanding capital stock in Dominion Energy Questar Corporation and its consolidated subsidiaries, which following a proposed reorganization will include East Ohio and Dominion Energy Gas Distribution, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023 |
Enbridge |
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The legal entity, Enbridge Inc., one or more of its consolidated subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC, and Enbridge Quail Holdings, LLC), or the entirety of Enbridge Inc. and its consolidated subsidiaries |
EPA |
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U.S. Environmental Protection Agency |
EPS |
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Earnings per common share |
FCC |
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Federal Communications Commission |
FERC |
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Federal Energy Regulatory Commission |
FTRs |
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Financial transmission rights |
GAAP |
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U.S. generally accepted accounting principles |
Gas Distribution |
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Gas Distribution operating segment |
GENCO |
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South Carolina Generating Company, Inc. |
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GHG |
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Greenhouse gas |
GTSA |
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Virginia Grid Transformation and Security Act of 2018 |
GW |
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Gigawatt |
Hope |
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Hope Gas, Inc., doing business as Dominion Energy West Virginia through August 2022 |
Jones Act |
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The Coastwise Merchandise Statute (commonly known as the Jones Act) 46 U.S.C. §55102 regulating U.S. maritime commerce |
kV |
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Kilovolt |
LNG |
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Liquefied natural gas |
MGD |
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Million gallons per day |
MW |
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Megawatt |
MWh |
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Megawatt hour |
NAV |
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Net asset value |
NND Project |
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V.C. Summer Units 2 and 3 nuclear development project under which DESC and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina |
North Carolina Commission |
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North Carolina Utilities Commission |
NOX |
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Nitrogen oxide |
Ohio Commission |
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Public Utilities Commission of Ohio |
ozone season |
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The period May 1st through September 30th, as determined on a federal level |
Patriot |
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Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates |
PIR |
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Pipeline Infrastructure Replacement program deployed by East Ohio |
PSD |
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Prevention of significant deterioration |
PSNC |
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Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina |
PSNC Transaction |
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The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall North Carolina Holdco LLC and its consolidated subsidiaries, which following a proposed reorganization will include PSNC, pursuant to a purchase and sale agreement entered into on September 5, 2023 |
Q-Pipe Group |
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Collectively, Dominion Energy Questar Pipeline, DEQPS and MountainWest Energy Holding Company, LLC (formerly known as QPC Holding Company, LLC and its subsidiary MountainWest Southern Trails Pipeline Company (formerly known as Questar Southern Trails Pipeline Company)) |
Questar Gas |
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Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho |
Questar Gas Transaction |
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The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall West Holdco LLC and its consolidated subsidiaries, which following a proposed reorganization will include Questar Gas, Wexpro, Wexpro II Company, Wexpro Development Company, Dominion Energy Wexpro Services Company, Questar InfoComm Inc. and Dominion Gas Projects Company, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023 |
Regulation Act |
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Legislation effective July 1, 2007, that amended the Virginia Electric Utility Restructuring Act and fuel factor statute, which legislation is also known as the Virginia Electric Utility Regulation Act, as amended in 2015, 2018 and 2023 |
Rider CCR |
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A rate adjustment clause associated with the recovery of costs related to the removal of CCR at certain power stations |
Rider CE |
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A rate adjustment clause associated with the recovery of costs related to certain renewable generation, energy storage and related transmission facilities in Virginia as well as certain small-scale distributed generation projects and related transmission facilities |
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Rider D |
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A rate mechanism which allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales |
Rider GT |
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A rate adjustment clause associated with the recovery of costs associated with electric distribution grid transformation projects that the Virginia Commission has approved as authorized by the GTSA |
Rider R |
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A rate adjustment clause associated with the recovery of costs related to Bear Garden |
Rider S |
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A rate adjustment clause associated with the recovery of costs related to the Virginia City Hybrid Energy Center |
Rider T1 |
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A rate adjustment clause to recover the difference between revenues produced from transmission rates included in base rates, and the new total revenue requirement developed annually for the rate years effective September 1 |
Rider U |
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A rate adjustment clause associated with the recovery of costs of new underground distribution facilities |
Rider US-3 |
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A rate adjustment clause associated with the recovery of costs related to Colonial Trail West and Spring Grove 1 |
Rider US-4 |
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A rate adjustment clause associated with the recovery of costs related to Sadler Solar |
Rider W |
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A rate adjustment clause associated with the recovery of costs related to Warren County |
ROE |
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Return on equity |
Sadler Solar |
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A 100 MW utility-scale solar power station located in Greensville County, Virginia |
Santee Cooper |
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South Carolina Public Service Authority |
SCANA |
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The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries |
SCANA Combination |
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Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA |
SCANA Merger Approval Order |
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Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination |
SCDOR |
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South Carolina Department of Revenue |
SEC |
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U.S. Securities and Exchange Commission |
Series A Preferred Stock |
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Dominion Energy’s Series A Cumulative Perpetual Convertible Preferred Stock, without par value, with a liquidation preference of $1,000 per share (previously designated the 1.75% Series A Cumulative Perpetual Convertible Preferred Stock) |
Series B Preferred Stock |
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Dominion Energy’s 4.65% Series B Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share |
Series C Preferred Stock |
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Dominion Energy’s 4.35% Series C Fixed-Rate Cumulative Redeemable Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share |
South Carolina Commission |
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Public Service Commission of South Carolina |
Southwest Gas |
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The legal entity, Southwest Gas Holdings, Inc., one or more of its consolidated subsidiaries, or the entirety of Southwest Gas Holdings, Inc. and its consolidated subsidiaries |
Spring Grove 1 |
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A 98 MW utility-scale solar power station located in Surry County, Virginia |
Summer |
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V.C. Summer nuclear power station |
Utah Commission |
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Utah Public Service Commission |
VCEA |
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Virginia Clean Economy Act of March 2020 |
VEBA |
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Voluntary Employees’ Beneficiary Association |
VIE |
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Variable interest entity |
Virginia City Hybrid Energy Center |
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A 610 MW baseload carbon-capture compatible, clean coal powered electric generation facility in Wise County, Virginia |
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Virginia Commission |
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Virginia State Corporation Commission |
Virginia Power |
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The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries |
Warren County |
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A 1,349 MW combined-cycle, natural gas-fired power station in Warren County, Virginia |
Wexpro |
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The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries |
White River Hub |
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MountainWest White River Hub, LLC (formerly known as White River Hub, LLC) |
Wrangler |
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Wrangler Retail Gas Holdings, LLC, a partnership between Dominion Energy (through March 2022) and Interstate Gas Supply, Inc. |
5
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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Three Months Ended March 31, |
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2022 |
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(millions, except per share amounts) |
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Operating Revenue |
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$ |
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Operating Expenses |
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Electric fuel and other energy-related purchases |
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Purchased electric capacity |
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Purchased gas |
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Other operations and maintenance |
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Depreciation, depletion and amortization |
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Other taxes |
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Impairment of assets and other charges (benefits) |
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Losses (gains) on sales of assets |
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Total operating expenses |
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Income from operations |
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Other income (expense) |
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Interest and related charges |
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Income from continuing operations including noncontrolling |
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Income tax expense |
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Net Income From Continuing Operations |
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Net Income From Discontinued Operations(1) |
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Net Income Including Noncontrolling Interests |
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Noncontrolling Interests |
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— |
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Net Income Attributable to Dominion Energy |
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$ |
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$ |
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Amounts attributable to Dominion Energy |
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Net income from continuing operations |
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$ |
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$ |
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Net income from discontinued operations |
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Net income attributable to Dominion Energy |
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$ |
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$ |
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EPS - Basic |
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Net income from continuing operations |
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$ |
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Net income from discontinued operations |
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Net income attributable to Dominion Energy |
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$ |
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EPS - Diluted |
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Net income from continuing operations |
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$ |
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$ |
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Net income from discontinued operations |
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Net income attributable to Dominion Energy |
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$ |
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The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
6
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
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Three Months Ended March 31, |
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2022 |
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(millions) |
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Net income including noncontrolling interests |
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$ |
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$ |
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Other comprehensive income (loss), net of taxes: |
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Net deferred gains (losses) on derivatives-hedging |
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Changes in unrealized net gains (losses) on investment |
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Changes in net unrecognized pension and other |
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Amounts reclassified to net income: |
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Net derivative (gains) losses-hedging activities(4) |
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Net realized (gains) losses on investment securities(5) |
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Net pension and other postretirement benefit costs (credits) (6) |
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Changes in other comprehensive income from equity |
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Total other comprehensive income |
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Comprehensive income including noncontrolling interests |
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Comprehensive income attributable to noncontrolling |
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— |
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Comprehensive income attributable to Dominion Energy |
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$ |
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(1)
(2)
(3)
(4)
(5)
(6)
(7)
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
7
DOMINION ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
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March 31, 2023 |
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December 31, 2022(1) |
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(millions) |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
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$ |
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$ |
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Customer receivables (less allowance for doubtful accounts of $ |
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Other receivables (less allowance for doubtful accounts of $ |
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Inventories |
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Derivative assets |
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Margin deposit assets |
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Regulatory assets |
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Other |
|
|
|
|
|
|
||
Current assets held for sale |
|
|
|
|
|
|
||
Total current assets |
|
|
|
|
|
|
||
Investments |
|
|
|
|
|
|
||
Nuclear decommissioning trust funds |
|
|
|
|
|
|
||
Investment in equity method affiliates |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total investments |
|
|
|
|
|
|
||
Property, Plant and Equipment |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
|
|
|
|
||
Accumulated depreciation, depletion and amortization |
|
|
( |
) |
|
|
( |
) |
Total property, plant and equipment, net |
|
|
|
|
|
|
||
Deferred Charges and Other Assets |
|
|
|
|
|
|
||
Goodwill |
|
|
|
|
|
|
||
Regulatory assets |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total deferred charges and other assets |
|
|
|
|
|
|
||
Noncurrent Assets Held for Sale |
|
|
|
|
|
|
||
Total assets |
|
$ |
|
|
$ |
|
(1)
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
8
DOMINION ENERGY, INC.
CONSOLIDATED BALANCE SHEETS—(Continued)
(Unaudited)
|
|
March 31, 2023 |
|
|
December 31, 2022(1) |
|
||
(millions) |
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Securities due within one year |
|
$ |
|
|
$ |
|
||
Short-term debt |
|
|
|
|
|
|
||
Accounts payable |
|
|
|
|
|
|
||
Accrued interest, payroll and taxes |
|
|
|
|
|
|
||
Derivative liabilities |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Other(2) |
|
|
|
|
|
|
||
Current liabilities held for sale |
|
|
|
|
|
|
||
Total current liabilities |
|
|
|
|
|
|
||
Long-Term Debt |
|
|
|
|
|
|
||
Long-term debt |
|
|
|
|
|
|
||
Junior subordinated notes |
|
|
|
|
|
|
||
Supplemental credit facility borrowings |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total long-term debt |
|
|
|
|
|
|
||
Deferred Credits and Other Liabilities |
|
|
|
|
|
|
||
Deferred income taxes and investment tax credits |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total deferred credits and other liabilities |
|
|
|
|
|
|
||
Noncurrent Liabilities Held for Sale |
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
|
|
||
(see Note 17) |
|
|
|
|
|
|
||
Shareholders' Equity |
|
|
|
|
|
|
||
Preferred stock (see Note 16) |
|
|
|
|
|
|
||
Common stock – no par(3) |
|
|
|
|
|
|
||
Retained earnings |
|
|
|
|
|
|
||
Accumulated other comprehensive loss |
|
|
( |
) |
|
|
( |
) |
Shareholders' equity |
|
|
|
|
|
|
||
Noncontrolling interests |
|
|
|
|
|
|
||
Total shareholders' equity |
|
|
|
|
|
|
||
Total liabilities and shareholders' equity |
|
$ |
|
|
$ |
|
(1)
(2)
(3)
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
9
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
|
Preferred Stock |
|
Common Stock |
|
Dominion Energy Shareholders |
|
|
|
|
|
|
|
|||||||||||||||
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Retained Earnings |
|
AOCI |
|
Total |
|
Noncontrolling |
|
Total |
|
|||||||||
(millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2021 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
— |
|
$ |
|
|||||||
Net income including noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
||||||||
Issuance of stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Stock awards (net of change in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Preferred stock dividends (see |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Common stock dividends ($ |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
— |
|
|
( |
) |
|||||
Other comprehensive income, net of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
March 31, 2022 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
— |
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2022 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
— |
|
$ |
|
|||||||
Net income including noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
||||||||
Issuance of stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Stock awards (net of change in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Preferred stock dividends (see |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
||||||
Common stock dividends ($ |
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
— |
|
|
( |
) |
|||||
Other comprehensive income, net of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
March 31, 2023 |
|
|
$ |
|
|
|
$ |
|
$ |
|
$ |
( |
) |
$ |
|
$ |
— |
|
$ |
|
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
10
DOMINION ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
||
(millions) |
|
|
|
|
|
|
||
Operating Activities |
|
|
|
|
|
|
||
Net income including noncontrolling interests |
|
$ |
|
|
$ |
|
||
Adjustments to reconcile net income including noncontrolling interests to net cash |
|
|
|
|
|
|
||
Depreciation, depletion and amortization (including nuclear fuel) |
|
|
|
|
|
|
||
Deferred income taxes and investment tax credits |
|
|
|
|
|
|
||
Impairment of assets and other charges (benefits) |
|
|
|
|
|
( |
) |
|
Losses (gains) on sales of assets and equity method investments |
|
|
|
|
|
( |
) |
|
Net (gains) losses on nuclear decommissioning trust funds and other investments |
|
|
( |
) |
|
|
|
|
Other adjustments |
|
|
|
|
|
( |
) |
|
Changes in: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
|
|
|
|
||
Inventories |
|
|
( |
) |
|
|
|
|
Deferred fuel and purchased gas costs, net |
|
|
|
|
|
( |
) |
|
Prepayments |
|
|
|
|
|
|
||
Accounts payable |
|
|
( |
) |
|
|
|
|
Accrued interest, payroll and taxes |
|
|
( |
) |
|
|
( |
) |
Margin deposit assets and liabilities |
|
|
|
|
|
( |
) |
|
Net realized and unrealized changes related to derivative activities |
|
|
|
|
|
|
||
Pension and other postretirement benefits |
|
|
( |
) |
|
|
( |
) |
Other operating assets and liabilities |
|
|
( |
) |
|
|
( |
) |
Net cash provided by operating activities |
|
|
|
|
|
|
||
Investing Activities |
|
|
|
|
|
|
||
Plant construction and other property additions (including nuclear fuel) |
|
|
( |
) |
|
|
( |
) |
Acquisition of solar development projects |
|
|
( |
) |
|
|
( |
) |
Proceeds from sales of securities |
|
|
|
|
|
|
||
Purchases of securities |
|
|
( |
) |
|
|
( |
) |
Proceeds from sale of assets and equity method investments |
|
|
|
|
|
|
||
Contributions to equity method affiliates |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
|
|
|
( |
) |
|
Net cash used in investing activities |
|
|
( |
) |
|
|
( |
) |
Financing Activities |
|
|
|
|
|
|
||
Issuance of short-term debt, net |
|
|
|
|
|
|
||
364-day term loan facility borrowings |
|
|
|
|
|
— |
|
|
Issuance of long-term debt |
|
|
|
|
|
|
||
Repayment of long-term debt |
|
|
( |
) |
|
|
( |
) |
Supplemental credit facility borrowings |
|
|
|
|
|
— |
|
|
Issuance of common stock |
|
|
|
|
|
|
||
Common dividend payments |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
( |
) |
|
|
( |
) |
Net cash provided by financing activities |
|
|
|
|
|
|
||
Increase in cash, restricted cash and equivalents |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at beginning of period |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at end of period |
|
$ |
|
|
$ |
|
See Note 2 for disclosure of supplemental cash flow information.
The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.
11
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
(millions) |
|
|
|
|
|
|
||
Operating Revenue(1) |
|
$ |
|
|
$ |
|
||
Operating Expenses |
|
|
|
|
|
|
||
Electric fuel and other energy-related purchases(1) |
|
|
|
|
|
|
||
Purchased electric capacity |
|
|
|
|
|
|
||
Other operations and maintenance: |
|
|
|
|
|
|
||
Affiliated suppliers |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
|
|
|
|
||
Other taxes |
|
|
|
|
|
|
||
Impairment of assets and other charges |
|
|
|
|
|
|
||
Total operating expenses |
|
|
|
|
|
|
||
Income from operations |
|
|
|
|
|
|
||
Other income (expense) |
|
|
|
|
|
|
||
Interest and related charges(1) |
|
|
|
|
|
|
||
Income before income tax expense |
|
|
|
|
|
|
||
Income tax expense |
|
|
|
|
|
|
||
Net Income |
|
$ |
|
|
$ |
|
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
12
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
Three Months Ended March 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
(millions) |
|
|
|
|
|
|
||
Net income |
|
$ |
|
|
$ |
|
||
Other comprehensive income (loss), net of taxes: |
|
|
|
|
|
|
||
Net deferred gains (losses) on derivatives-hedging activities(1) |
|
|
( |
) |
|
|
|
|
Changes in unrealized net gains (losses) on investment securities(2) |
|
|
|
|
|
( |
) |
|
Amounts reclassified to net income: |
|
|
|
|
|
|
||
Net derivative (gains) losses-hedging activities(3) |
|
|
|
|
|
|
||
Net realized (gains) losses on investment securities(4) |
|
|
|
|
|
( |
) |
|
Total other comprehensive income (loss) |
|
|
( |
) |
|
|
|
|
Comprehensive income |
|
$ |
|
|
$ |
|
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
13
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
March 31, 2023 |
|
|
December 31, 2022(1) |
|
||
(millions) |
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
||
Customer receivables (less allowance for doubtful accounts of $ |
|
|
|
|
|
|
||
Other receivables (less allowance for doubtful accounts of $ |
|
|
|
|
|
|
||
|
|
|
|
|
|
|||
Inventories (average cost method) |
|
|
|
|
|
|
||
Margin deposit assets |
|
|
|
|
|
|
||
Derivative assets(2) |
|
|
|
|
|
|
||
Regulatory assets |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total current assets |
|
|
|
|
|
|
||
Investments |
|
|
|
|
|
|
||
Nuclear decommissioning trust funds |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total investments |
|
|
|
|
|
|
||
Property, Plant and Equipment |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
|
|
|
|
||
Accumulated depreciation and amortization |
|
|
( |
) |
|
|
( |
) |
Total property, plant and equipment, net |
|
|
|
|
|
|
||
Deferred Charges and Other Assets |
|
|
|
|
|
|
||
Regulatory assets |
|
|
|
|
|
|
||
Other(2) |
|
|
|
|
|
|
||
Total deferred charges and other assets |
|
|
|
|
|
|
||
Total assets |
|
$ |
|
|
$ |
|
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
14
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED BALANCE SHEETS—(Continued)
(Unaudited)
|
|
March 31, 2023 |
|
|
December 31, 2022(1) |
|
||
(millions) |
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDER’S EQUITY |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Securities due within one year |
|
$ |
|
|
$ |
|
||
Short-term debt |
|
|
|
|
|
|
||
Accounts payable |
|
|
|
|
|
|
||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Accrued interest, payroll and taxes |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Derivative liabilities(2) |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total current liabilities |
|
|
|
|
|
|
||
Long-Term Debt |
|
|
|
|
|
|
||
Long-term debt |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Total long-term debt |
|
|
|
|
|
|
||
Deferred Credits and Other Liabilities |
|
|
|
|
|
|
||
Deferred income taxes and investment tax credits |
|
|
|
|
|
|
||
Regulatory liabilities |
|
|
|
|
|
|
||
Other(2) |
|
|
|
|
|
|
||
Total deferred credits and other liabilities |
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
|
|
||
|
|
|
|
|
|
|||
Common Shareholder’s Equity |
|
|
|
|
|
|
||
Common stock – no par(3) |
|
|
|
|
|
|
||
Other paid-in capital |
|
|
|
|
|
|
||
Retained earnings |
|
|
|
|
|
|
||
Accumulated other comprehensive income |
|
|
|
|
|
|
||
Total common shareholder’s equity |
|
|
|
|
|
|
||
Total liabilities and shareholder’s equity |
|
$ |
|
|
$ |
|
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
15
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY
(Unaudited)
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Other Paid-In Capital |
|
|
Retained Earnings |
|
|
AOCI |
|
|
Total |
|
||||||
(millions, except for shares) |
|
(thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2021 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
March 31, 2022 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2022 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive loss, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||||
March 31, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
16
VIRGINIA ELECTRIC AND POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
||
(millions) |
|
|
|
|
|
|
||
Operating Activities |
|
|
|
|
|
|
||
Net income |
|
$ |
|
|
$ |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization (including nuclear fuel) |
|
|
|
|
|
|
||
Deferred income taxes and investment tax credits |
|
|
( |
) |
|
|
|
|
Impairment of assets and other charges (benefit) |
|
|
|
|
|
— |
|
|
Other adjustments |
|
|
( |
) |
|
|
|
|
Changes in: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
|
|
|
|
||
Affiliated receivables and payables |
|
|
( |
) |
|
|
|
|
Inventories |
|
|
( |
) |
|
|
|
|
Prepayments |
|
|
— |
|
|
|
|
|
Deferred fuel expenses, net |
|
|
|
|
|
( |
) |
|
Accounts payable |
|
|
( |
) |
|
|
|
|
Accrued interest, payroll and taxes |
|
|
|
|
|
|
||
Margin deposit assets and liabilities |
|
|
|
|
|
( |
) |
|
Net realized and unrealized changes related to derivative activities |
|
|
|
|
|
|
||
Other operating assets and liabilities |
|
|
( |
) |
|
|
( |
) |
Net cash provided by operating activities |
|
|
|
|
|
|
||
Investing Activities |
|
|
|
|
|
|
||
Plant construction and other property additions |
|
|
( |
) |
|
|
( |
) |
Purchases of nuclear fuel |
|
|
( |
) |
|
|
( |
) |
Acquisition of solar development projects |
|
|
( |
) |
|
|
( |
) |
Proceeds from sales of securities |
|
|
|
|
|
|
||
Purchases of securities |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
( |
) |
|
|
( |
) |
Net cash used in investing activities |
|
|
( |
) |
|
|
( |
) |
Financing Activities |
|
|
|
|
|
|
||
Issuance (repayment) of short-term debt, net |
|
|
|
|
|
( |
) |
|
Repayment of affiliated current borrowings, net |
|
|
( |
) |
|
|
( |
) |
Issuance of long-term debt |
|
|
|
|
|
|
||
Repayment of long-term debt |
|
|
( |
) |
|
|
— |
|
Other |
|
|
( |
) |
|
|
( |
) |
Net cash provided by (used in) financing activities |
|
|
( |
) |
|
|
|
|
Increase (decrease) in cash, restricted cash and equivalents |
|
|
( |
) |
|
|
|
|
Cash, restricted cash and equivalents at beginning of period |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at end of period |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
See Note 2 for disclosure of supplemental cash flow information.
The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.
17
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Nature of Operations
Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S., nonregulated electric generation and a noncontrolling interest in Cove Point.
In connection with the comprehensive business review announced in November 2022, Dominion Energy entered into agreements in September 2023 to sell all of its regulated gas distribution operations, except for DESC’s, to Enbridge. In addition, Dominion Energy completed the sale in September 2023 of its remaining
Note 2. Significant Accounting Policies
As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023, and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. Such adjustments are normal and recurring in nature unless otherwise noted.
The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.
The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements.
The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors.
Certain amounts in the Companies’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.
Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, with the exception of the items described below.
18
Cash, Restricted Cash and Equivalents
Restricted Cash and Equivalents
The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022:
|
|
Cash, Restricted Cash and Equivalents |
|
|
Cash, Restricted Cash and Equivalents |
|
||||||||||
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dominion Energy |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents(1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Restricted cash and equivalents(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash, restricted cash and equivalents shown in the |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Virginia Power |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Restricted cash and equivalents(3) |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Cash, restricted cash and equivalents shown in the |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
Supplemental Cash Flow Information
The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
||
(millions) |
|
|
|
|
|
|
||
Significant noncash investing and financing activities:(1) |
|
|
|
|
|
|
||
Accrued capital expenditures |
|
$ |
|
|
$ |
|
||
Leases(2) |
|
|
|
|
|
|
The following table provides supplemental disclosure of cash flow information related to Virginia Power:
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
||
(millions) |
|
|
|
|
|
|
||
Significant noncash investing and financing activities: |
|
|
|
|
|
|
||
Accrued capital expenditures |
|
$ |
|
|
$ |
|
||
Leases(1) |
|
|
|
|
|
|
19
Note 3. Acquisitions and Dispositions
Business Review Dispositions
Sale of East Ohio
In September 2023, Dominion Energy entered into an agreement with Enbridge for the East Ohio Transaction, which includes the sale of East Ohio and is valued at approximately $
Upon closing, Dominion Energy will retain the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants in both East Ohio's union pension and other postretirement benefit plans and retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. The East Ohio Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $
Sale of PSNC
In September 2023, Dominion Energy entered into an agreement with Enbridge for the PSNC Transaction, which includes the sale of PSNC and is valued at approximately $
Upon closing, Dominion Energy will retain the entirety of the assets and obligations, including related income tax and other deferred balances, of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. The PSNC Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $
Sale of Questar Gas and Wexpro
In September 2023, Dominion Energy entered into an agreement with Enbridge for the Questar Gas Transaction, which includes the sale of Questar Gas, Wexpro and related affiliates and is valued at approximately $
20
Transactions. The sale will be treated as a stock sale for tax purposes and is expected to close in 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and Utah and Wyoming Commissions as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS. In October 2023, Dominion Energy filed for approvals from the Utah and Wyoming Commissions. In October 2023, Dominion Energy filed the notice with the Idaho Commission required for closing of the Questar Gas Transaction. The proposed internal reorganization in connection with the Questar Gas Transaction is subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 and received approval from the Utah Commission in November 2023.
Upon closing, Dominion Energy will retain the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. The Questar Gas Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $
Other Sales
In August 2023, Dominion Energy entered into an agreement and completed the sale of Tredegar Solar Fund I, LLC to Spruce Power for cash consideration of $
Financial Statement Information
The operations included in each of the East Ohio, PSNC and Questar Gas Transactions are presented as held for sale and discontinued operations within the Corporate and Other segment effective September 2023. In addition, operations associated with the other sales related to the comprehensive business review are also presented as discontinued operations within the Corporate and Other segment effective September 2023. As a result, the previously reported amounts have been recast to reflect this presentation and depreciation and amortization ceased on the applicable assets.
The following table represents selected information for each disposal group regarding the results of operations reported within discontinued operations in Dominion Energy's Consolidated Statements of Income:
|
Three Months Ended March 31, 2023 |
|
|
Three Months Ended March 31, 2022 |
|
|||||||||||||||||||||
|
|
East Ohio Transaction |
|
PSNC Transaction |
|
Questar Gas Transaction |
|
Other |
|
|
East Ohio Transaction |
|
PSNC Transaction |
|
Questar Gas Transaction |
|
Other |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating revenue |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
— |
|
|||||
Interest and related charges |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
||||||
Income (loss) before income |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
— |
|
||||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
— |
|
||||||
Net income (loss) attributable |
|
$ |
|
$ |
|
$ |
|
$ |
( |
) |
|
$ |
|
$ |
|
$ |
|
$ |
— |
|
21
The carrying amount of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy's Consolidated Balance Sheets were as follows:
|
At March 31, 2023 |
|
|
At December 31, 2022 |
|
||||||||||||||||||||
|
East Ohio Transaction |
|
PSNC Transaction |
|
Questar Gas Transaction |
|
Other |
|
|
East Ohio Transaction |
|
PSNC Transaction |
|
Questar Gas Transaction |
|
Other |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current assets(1) |
$ |
|
$ |
|
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Property, plant and equipment, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other deferred charges and other |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
||||||
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
||||||
Other deferred credits and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures and significant noncash items relating to the disposal groups included the following:
|
Three Months Ended March 31, 2023 |
|
|
Three Months Ended March 31, 2022 |
|
|||||||||||||||||||||
|
|
East Ohio Transaction |
|
PSNC Transaction |
|
Questar Gas Transaction |
|
Other |
|
|
East Ohio Transaction |
|
PSNC Transaction |
|
Questar Gas Transaction |
|
Other |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
|
$ |
|
$ |
|
$ |
|
$ |
— |
|
|
$ |
|
$ |
|
$ |
|
$ |
— |
|
||||||
Significant noncash items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accrued capital expenditures |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
Disposition of Gas Transmission & Storage Operations
In December 2021, Dominion Energy completed the sale of the Q-Pipe Group to Southwest Gas, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the first quarter of 2022, Dominion Energy recognized a gain of $
22
Note 4. Operating Revenue
The Companies’ operating revenue consists of the following:
|
|
Dominion Energy |
|
|
|
Virginia Power |
|
||||||||||
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regulated electric sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential |
|
$ |
|
|
$ |
|
|
|
$ |
|
|
$ |
|
||||
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Industrial |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government and other retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nonregulated electric sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regulated gas sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Regulated gas transportation and storage |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other regulated revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other nonregulated revenues(1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total operating revenue from contracts with customers |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other revenues(1)(3) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
||
Total operating revenue |
|
$ |
|
|
$ |
|
|
|
$ |
|
|
$ |
|
Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2023.
At March 31, 2023 and December 31, 2022, Dominion Energy’s contract liability balances were $
The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2023 and 2022, Dominion Energy recognized revenue of $
23
Note 5. Income Taxes
For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
U.S. statutory rate |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
||||
Increases (reductions) resulting from: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Recognition of taxes - sale of |
|
|
|
|
|
|
|
|
|
|
|
|
||||
State taxes, net of federal benefit |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment tax credits |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Production tax credits |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Reversal of excess deferred income |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Changes in state deferred taxes associated |
|
|
|
|
|
|
|
|
|
|
|
|
||||
AFUDC - equity |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Other, net |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Effective tax rate |
|
|
% |
|
|
% |
|
|
% |
|
|
% |
In the first quarter of 2022, Dominion Energy entered into an agreement to sell
As of March 31, 2023, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of these unrecognized tax benefits.
Discontinued operations
Income tax (benefit) expense reflected in discontinued operations is $
The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
Three Months Ended March 31, |
2023 |
|
|
2022 |
|
|||
(millions, except EPS) |
|
|
|
|
|
|
||
Net income attributable to Dominion Energy from continuing operations |
|
$ |
|
|
$ |
|
||
Preferred stock dividends (see Note 16) |
|
|
( |
) |
|
|
( |
) |
Net income attributable to Dominion Energy from continuing operations – Basic |
|
|
|
|
|
|
||
Dilutive effect of 2019 Equity Units(1) |
|
|
— |
|
|
|
— |
|
Net income attributable to Dominion Energy from continuing operations - Diluted |
|
$ |
|
|
$ |
|
||
Net income (loss) attributable to Dominion Energy from discontinued operations - |
|
$ |
|
|
$ |
|
||
Average shares of common stock outstanding – Basic |
|
|
|
|
|
|
||
Net effect of dilutive securities(2) |
|
|
|
|
|
|
||
Average shares of common stock outstanding – Diluted |
|
|
|
|
|
|
||
EPS from continuing operations – Basic |
|
$ |
|
|
$ |
|
||
EPS from discontinued operations – Basic |
|
|
|
|
|
|
||
EPS attributable to Dominion Energy – Basic |
|
$ |
|
|
$ |
|
||
EPS from continuing operations – Diluted |
|
$ |
|
|
$ |
|
||
EPS from discontinued operations – Diluted |
|
|
|
|
|
|
||
EPS attributable to Dominion Energy – Diluted |
|
$ |
|
|
$ |
|
24
The 2019 Equity Units, prior to settlement in June 2022, were a potentially dilutive instrument. See Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.
Note 7. Accumulated Other Comprehensive Income (Loss)
Dominion Energy
The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
|
|
Total Derivative-Hedging Activities(1)(2) |
|
|
Investment |
|
|
Pension |
|
|
Equity Method Investees(5) |
|
|
Total |
|
|||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Other comprehensive income (loss) before |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|||
Amounts reclassified from AOCI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and related charges (benefit) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Other income (expense) |
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
Total |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
||
Income tax expense (benefit) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
Total, net of tax |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
||
Net current period other comprehensive |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
Ending balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
Other comprehensive income (loss) before |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|||
Amounts reclassified from AOCI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and related charges (benefit) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Other income (expense) |
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||
Income tax expense (benefit) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Total, net of tax |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||
Net current period other comprehensive |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
25
Virginia Power
The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
|
|
Total Derivative-Hedging Activities(1)(2) |
|
|
Investment |
|
|
Total |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|||
Beginning balance |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Other comprehensive income (loss) before |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Net current period other comprehensive income (loss) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Ending balance |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|||
Beginning balance |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Other comprehensive income (loss) before |
|
|
|
|
|
( |
) |
|
|
|
||
Amounts reclassified from AOCI: (gains) losses |
|
|
|
|
|
|
|
|
|
|||
Interest and related charges (benefit) |
|
|
|
|
|
— |
|
|
|
|
||
Other income (expense) |
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Total |
|
|
|
|
|
( |
) |
|
|
— |
|
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total, net of tax |
|
|
|
|
|
( |
) |
|
|
— |
|
|
Net current period other comprehensive income (loss) |
|
|
|
|
|
( |
) |
|
|
|
||
Ending balance |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Note 8. Fair Value Measurements
The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 9 in this report for additional information about the Companies’ derivatives and hedge accounting activities.
The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable.
26
The following table presents the Companies' quantitative information about Level 3 fair value measurements at March 31, 2023. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
|
|
|
|
Dominion Energy |
|
Virginia Power |
||||||||
|
Valuation |
Unobservable |
|
Fair Value (millions) |
|
Range |
Weighted |
|
Fair Value (millions) |
|
Range |
Weighted |
||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||
Physical and financial forwards: |
|
|
|
|
|
|
|
|
|
|
|
|||
Natural gas(2) |
Discounted |
Market price |
(3) |
$ |
|
( |
— |
|
$ |
|
( |
— |
||
FTRs |
Discounted |
Market price |
(3) |
|
|
|
|
|
||||||
Electricity |
Discounted |
Market price |
(3) |
|
|
|
|
— |
|
— |
— |
|||
Physical options: |
|
|
|
|
|
|
|
|
|
|
|
|||
Natural gas(2) |
Option model |
Market price |
(3) |
|
|
|
|
|
||||||
|
|
Price volatility |
(4) |
|
|
|
|
|
||||||
Total assets |
|
|
|
$ |
|
|
|
|
$ |
|
|
|
||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||
Physical and financial forwards: |
|
|
|
|
|
|
|
|
|
|
|
|||
Natural gas(2) |
Discounted |
Market price |
(3) |
$ |
|
( |
( |
|
$ |
|
( |
( |
||
FTRs |
Discounted |
Market price |
(3) |
|
|
|
|
|
||||||
Electricity |
Discounted |
Market price |
(3) |
|
|
|
|
— |
|
— |
— |
|||
Total |
|
|
|
$ |
|
|
|
|
$ |
|
|
|
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Significant Unobservable |
|
Position |
|
Change to Input |
|
Impact on Fair Value |
Market price |
|
Buy |
|
Increase (decrease) |
|
Gain (loss) |
Market price |
|
Sell |
|
Increase (decrease) |
|
Loss (gain) |
Price volatility |
|
Buy |
|
Increase (decrease) |
|
Gain (loss) |
Price volatility |
|
Sell |
|
Increase (decrease) |
|
Loss (gain) |
Nonrecurring Fair Value Measurements
See Note 10 for information regarding nonrecurring fair value measurements associated with Dominion Energy’s noncontrolling ownership interest in Dominion Privatization.
In the first quarter of 2023, Dominion Energy recorded a charge of $
27
Recurring Fair Value Measurements
The following table presents the Companies' assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Interest rate |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Foreign currency exchange rate |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Investments(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||||
Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt instruments |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Government securities |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Cash equivalents and other |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||||
Total assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Interest rate |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Foreign currency exchange rate |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Total liabilities |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Interest rate |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Investments(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||||
Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt instruments |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Government securities |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Total assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Interest rate |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Foreign currency exchange rate |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Total liabilities |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
28
The following table presents the net change in the Companies' assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Total realized and unrealized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Included in earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
and |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Included in regulatory assets/liabilities |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Settlements |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Purchases |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Transfers out of Level 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
Dominion Energy had less than $
Fair Value of Financial Instruments
Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments.
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
|
|
Carrying |
|
|
Estimated |
|
|
Carrying |
|
|
Estimated |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt(2) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Supplemental credit facility borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Junior subordinated notes(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt(2) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Supplemental credit facility borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Junior subordinated notes(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Note 9. Derivatives and Hedge Accounting Activities
The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives.
Cash collateral is used in the table below to offset derivative assets and liabilities. In February 2022, Dominion Energy entered into contracts representing offsetting positions to certain existing exchange contracts with collateral requirements as well as new over-the-counter transactions that are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.
29
Balance Sheet Presentation
The tables below present the Companies' derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
|
|
Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
|
Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
||||||||||||||||||||||||||
|
|
Gross Assets |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
|
Gross Assets |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
||||||
Exchange |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Foreign currency exchange rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||||
Total derivatives, |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
||||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
||||||
Exchange |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Total derivatives, |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
30
|
|
Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
|
Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet |
|
||||||||||||||||||||||||||
|
|
Gross Liabilities |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
|
Gross Liabilities |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
||||||
Exchange |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|||||||
Foreign currency exchange rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Total derivatives, |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Exchange |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|||||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||||||
Foreign currency exchange rate contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Over-the-counter |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Total derivatives, |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
Volumes
The following table presents the volume of the Companies' derivative activity at March 31, 2023. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
|
|
Current |
|
|
Noncurrent |
|
|
Current |
|
|
Noncurrent |
|
||||
Natural Gas (bcf): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed price |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basis(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electricity (MWh in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed price |
|
|
|
|
|
|
|
|
|
|
|
|
||||
FTRs |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Oil (Gal in millions) |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Interest rate(2) (in millions) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Foreign currency exchange rate(2) (in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Danish Krone |
|
|
|
|
|
|
|
|
||||||||
Euro |
|
€ |
|
|
€ |
|
|
€ |
|
|
€ |
|
31
AOCI
The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023:
|
|
Dominion Energy |
|
Virginia Power |
||||||||||||||||
|
|
AOCI After-Tax |
|
|
Amounts Expected to be |
|
|
Maximum Term |
|
AOCI After-Tax |
|
|
Amounts Expected to be |
|
|
Maximum Term |
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
$ |
|
|
$ |
|
|
||||
Total |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
$ |
|
|
$ |
|
|
|
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates.
32
Fair Value and Gains and Losses on Derivative Instruments
The following table presents the fair values of the Companies' derivatives and where they are presented in their Consolidated Balance Sheets:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||
|
|
Fair Value – |
|
|
Fair Value – |
|
|
Total Fair |
|
|
Fair Value – |
|
|
Fair Value – |
|
|
Total Fair |
|
||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
At March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency exchange rate |
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
||||
Total current derivative assets(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noncurrent Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|||||
Total noncurrent derivative assets(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total derivative assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
||||
Interest rate |
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
||
Foreign currency exchange rate |
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
||||
Total current derivative liabilities(3) |
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
||||
Noncurrent Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total noncurrent derivative liabilities(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total derivative liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
At December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total current derivative assets(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noncurrent Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total noncurrent derivative assets(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total derivative assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Interest rate |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Foreign currency exchange rate |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total current derivative liabilities(3) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noncurrent Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commodity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency exchange rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total noncurrent derivative liabilities(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total derivative liabilities |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
33
The following tables present the gains and losses on the Companies' derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||
Derivatives in |
|
Amount of Gain |
|
|
Amount of Gain |
|
|
Increase (Decrease) |
|
|
Amount of Gain |
|
|
Amount of Gain |
|
|
Increase (Decrease) |
|
||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate(3) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Total |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate(3) |
|
$ |
|
|
|
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
Total |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
|
Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2) |
|
|||||||||||||
Derivatives not designated as hedging instruments |
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative type and location of gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating revenue |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
Purchased gas |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|||
Electric fuel and other energy-related purchases |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and related charges |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
Discontinued operations |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
Total |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
Note 10. Investments
Dominion Energy
Equity and Debt Securities
Rabbi Trust Securities
Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $
34
Decommissioning Trust Securities
The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants.
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||||||||||||||||||||
|
Amortized |
|
Total |
|
Total |
|
|
Allowance for Credit Losses |
|
Fair |
|
|
Amortized |
|
Total |
|
Total |
|
|
Allowance for Credit Losses |
|
Fair |
|
||||||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. |
$ |
|
$ |
|
$ |
( |
) |
|
|
|
$ |
|
|
$ |
|
$ |
|
$ |
( |
) |
|
|
|
$ |
|
||||||||
Fixed income securities:(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Corporate debt |
|
|
|
|
|
( |
) |
|
$ |
|
|
|
|
|
|
|
|
|
( |
) |
|
$ |
|
|
|
||||||||
Government |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
||||||||
Common/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
$ |
|
$ |
|
$ |
( |
) |
(4) |
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
( |
) |
(4) |
$ |
|
$ |
|
||||||||
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Equity securities:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. |
$ |
|
$ |
|
$ |
( |
) |
|
|
|
$ |
|
|
$ |
|
$ |
|
$ |
( |
) |
|
|
|
$ |
|
||||||||
Fixed income securities:(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Corporate debt |
|
|
|
|
|
( |
) |
|
$ |
|
|
|
|
|
|
|
|
|
( |
) |
|
$ |
|
|
|
||||||||
Government |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
||||||||
Common/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
$ |
|
$ |
|
$ |
( |
) |
(4) |
$ |
|
$ |
|
|
$ |
|
$ |
|
$ |
( |
) |
(4) |
$ |
|
$ |
|
35
|
|
|
|
|
|
|
||||||||||
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||||
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net gains (losses) recognized during the period |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
Less: Net (gains) losses recognized during the period |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Unrealized gains (losses) recognized during the period |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
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 March 31, 2023 by contractual maturity is as follows:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||
(millions) |
|
|
|
|
|
|
||
Due in one year or less |
|
$ |
|
|
$ |
|
||
Due after one year through five years |
|
|
|
|
|
|
||
Due after five years through ten years |
|
|
|
|
|
|
||
Due after ten years |
|
|
|
|
|
|
||
Total |
|
$ |
|
|
$ |
|
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 |
|
||||||||||
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from sales |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Realized gains(1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Realized losses(1) |
|
|
|
|
|
|
|
|
|
|
|
|
Equity Method Investments
Dominion Energy recorded equity earnings on its investments of $
Cove Point
Prior to the completion of the sale in September 2023 as discussed below, Dominion Energy held a
36
Dominion Energy recorded distributions from Cove Point of $
In July 2023, Dominion Energy entered into an agreement to sell its
In September 2023, as a result of Dominion Energy entering agreements for the East Ohio, PSNC and Questar Gas Transactions, Dominion Energy’s
Amounts presented within discontinued operations within Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023 include $
Atlantic Coast Pipeline
A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
At March 31, 2023 and December 31, 2022, Dominion Energy has recorded a liability of $
Dominion Energy recorded $
Dominion Energy expects to incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows.
Wrangler
A description of Dominion Energy’s investment in Wrangler (through March 2022) is included in Note 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.
In March 2022, Dominion Energy sold its remaining
Dominion Privatization
Dominion Energy holds a
In March 2022, Dominion Energy completed its initial contribution of privatization operations in South Carolina (excluding contracts held by DESC), Texas and Pennsylvania to Dominion Privatization for total consideration of $
37
Note 11. Property, Plant and Equipment
Acquisitions of Nonregulated Solar Projects
Other than the item discussed below, there have been no significant updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
In
38
Note 12. Regulatory Assets and Liabilities
Regulatory assets and liabilities include the following:
|
|
Dominion Energy |
|
|
Virginia Power |
|
||||||||
|
|
March 31, |
|
December 31, |
|
|
March 31, |
|
December 31, |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
||||
Regulatory assets: |
|
|
|
|
|
|
|
|
|
|
||||
Deferred cost of fuel used in electric generation(1) |
|
$ |
|
$ |
|
|
$ |
|
$ |
|
||||
Deferred rider costs for Virginia electric utility(2) |
|
|
|
|
|
|
|
|
|
|
||||
Ash pond and landfill closure costs(3) |
|
|
|
|
|
|
|
|
|
|
||||
Deferred nuclear refueling outage costs(4) |
|
|
|
|
|
|
|
|
|
|
||||
NND Project costs(5) |
|
|
|
|
|
|
|
|
|
|
||||
Deferred early plant retirement charges(6) |
|
|
|
|
|
|
|
|
|
|
||||
Derivatives(7) |
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
||||
Regulatory assets-current |
|
|
|
|
|
|
|
|
|
|
||||
Unrecognized pension and other postretirement benefit costs(8) |
|
|
|
|
|
|
|
|
|
|
||||
Deferred rider costs for Virginia electric utility(2) |
|
|
|
|
|
|
|
|
|
|
||||
Interest rate hedges(9) |
|
|
|
|
|
|
|
|
|
|
||||
AROs and related funding(10) |
|
|
|
|
|
|
|
|
|
|
||||
NND Project costs(5) |
|
|
|
|
|
|
|
|
|
|
||||
Ash pond and landfill closure costs(3) |
|
|
|
|
|
|
|
|
|
|
||||
Deferred cost of fuel used in electric generation(1) |
|
|
|
|
|
|
|
|
|
|
||||
Derivatives(7) |
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
||||
Regulatory assets-noncurrent |
|
|
|
|
|
|
|
|
|
|
||||
Total regulatory assets |
|
$ |
|
$ |
|
|
$ |
|
$ |
|
||||
Regulatory liabilities: |
|
|
|
|
|
|
|
|
|
|
||||
Provision for future cost of removal and AROs(11) |
|
|
|
|
|
|
|
|
|
|
||||
Reserve for refunds and rate credits to electric utility customers(12) |
|
|
|
|
|
|
|
|
|
|
||||
Income taxes refundable through future rates(13) |
|
|
|
|
|
|
|
|
|
|
||||
Monetization of guarantee settlement(14) |
|
|
|
|
|
|
|
|
|
|
||||
Derivatives(7) |
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
||||
Regulatory liabilities-current |
|
|
|
|
|
|
|
|
|
|
||||
Income taxes refundable through future rates(13) |
|
|
|
|
|
|
|
|
|
|
||||
Provision for future cost of removal and AROs(11) |
|
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust(15) |
|
|
|
|
|
|
|
|
|
|
||||
Monetization of guarantee settlement(14) |
|
|
|
|
|
|
|
|
|
|
||||
Interest rate hedges(9) |
|
|
|
|
|
|
|
|
|
|
||||
Reserve for refunds and rate credits to electric utility customers(12) |
|
|
|
|
|
|
|
|
|
|
||||
Overrecovered other postretirement benefit costs(16) |
|
|
|
|
|
|
|
|
|
|
||||
Derivatives(7) |
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
||||
Regulatory liabilities-noncurrent |
|
|
|
|
|
|
|
|
|
|
||||
Total regulatory liabilities |
|
$ |
|
$ |
|
|
$ |
|
$ |
|
39
At March 31, 2023, Dominion Energy and Virginia Power regulatory assets include $4
Note 13. Regulatory Matters
Regulatory Matters Involving Potential Loss Contingencies
As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.
Other Regulatory Matters
Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Virginia Regulation - Key Legislation Affecting Operations
Virginia 2023 Legislation
In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA, and revised portions of the existing regulatory framework affecting Virginia Power’s operations. See Note 13 to the
40
Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, for additional information on the Regulation Act and GTSA.
The legislation resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. Such biennial reviews shall include the establishment of an authorized ROE to be utilized for base rates and riders, prospective base rates for the upcoming two-year period based on projected cost of service and a determination by the Virginia Commission as to Virginia Power’s base rate earned return for the most recently completed two-year period against the previously authorized ROE, including any potential credits to customers’ bills.
The legislation provides that the Virginia Commission will establish an authorized ROE of
The legislation directs that if the Virginia Commission determines as part of the 2023 Biennial Review that Virginia Power has earned more than 70 basis points above its authorized ROE of
In addition to the biennial review mechanisms discussed above, the legislation also includes provisions related to other aspects of Virginia Power’s ratemaking framework.
Virginia Regulation - Recent Developments
Virginia Fuel Expenses
In May 2023, Virginia Power filed its annual fuel factor filing with the Virginia Commission to recover an estimated $
41
reflects recovery of the total $
GTSA Filing
In March 2023, Virginia Power filed a petition with the Virginia Commission for approval of Phase III, covering 2024 through 2026, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan includes
Renewable Generation Projects
In October 2022, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct and operate eight utility-scale projects totaling approximately
Riders
Developments for significant riders associated with various Virginia Power projects are as follows:
Rider Name |
|
Application Date |
|
Approval Date |
|
Rate Year |
|
Total Revenue |
|
|
Increase (Decrease) |
|
||
Rider CCR |
|
|
|
|
$ |
|
|
$ |
( |
) |
||||
Rider CE(1) |
|
|
|
|
|
|
|
|
|
|||||
Rider GT |
|
|
|
|
|
|
|
|
( |
) |
||||
Rider R |
|
|
|
|
|
|
(4) |
|
( |
) |
||||
Rider S |
|
|
|
|
|
|
(4) |
|
( |
) |
||||
Rider T1(2) |
|
|
|
|
|
|
|
|
|
|||||
Rider U(3) |
|
|
|
|
|
|
|
|
( |
) |
||||
Rider US-3 |
|
|
|
|
|
|
|
|
( |
) |
||||
Rider US-4 |
|
|
|
|
|
|
|
|
|
|||||
Rider W(5) |
|
|
|
|
|
|
(4) |
|
( |
) |
42
Electric Transmission Projects
Developments for significant Virginia Power electric transmission projects approved or applied for are as follows:
Description and Location |
|
Application Date |
|
Approval Date |
|
Type of |
|
Miles of |
|
Cost Estimate |
|
|
Partial rebuild of Bristers-Ox 115 kV line in |
|
|
|
|
|
$ |
|
|||||
Construct new Mars and Wishing Star substations, |
|
|
|
|
|
|
|
|||||
Rebuild of Lines #2019 and #2007 in the City of |
|
|
Pending |
|
|
|
|
|
||||
Install transformer at Possum Point substation, |
|
|
Pending |
|
|
|
|
|
||||
Partial rebuild of Line #2011 in the Cities of |
|
|
Pending |
|
|
|
|
|
North Carolina Regulation
PSNC Rider D
Rider D allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales. In February 2023, PSNC submitted a filing with the North Carolina Commission for a $
PSNC Customer Usage Tracker
PSNC utilizes a customer usage tracker, a decoupling mechanism, which allows it to adjust its base rates semi-annually for residential and commercial customers based on average per customer consumption. In
South Carolina Regulation
DSM Programs
DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2023, DESC filed an application with the South Carolina Commission seeking approval to recover $
Cost of Fuel
DESC's retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In February 2023, DESC filed with the South Carolina Commission a proposal to increase the total fuel cost component of retail electric rates. DESC's proposed adjustment is designed to recover DESC's current base fuel costs, including its existing under-collected balance, over the 12-month period beginning with the first billing cycle of May 2023, along with a requested decrease to DESC's variable environmental and avoided capacity cost component. The net effect of the proposal is an annual increase of $
Electric Transmission Project
In
43
Electric - Other
DESC utilizes a pension costs rider approved by the South Carolina Commission which is designed to allow recovery of projected pension costs, including under-collected balances or net of over-collected balances, as applicable. The rider is typically reviewed for adjustment every 12 months with any resulting increase or decrease going into effect beginning with the first billing cycle in May. In February 2023, DESC requested that the South Carolina Commission approve an adjustment to this rider to increase annual revenue by $
Natural Gas Base Rate Case
In March 2023, DESC filed its natural gas base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $
Ohio Regulation
PIR Program
In 2008, East Ohio began PIR, aimed at replacing approximately
In
CEP Program
In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs at the debt rate of
In
Utah Regulation
Purchased Gas
In
Note 14. Leases
Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Dominion Energy’s Consolidated Statements of Income include $
Note 15. Variable Interest Entities
There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
44
Virginia Power
Virginia Power purchased shared services from DES, an affiliated VIE, of $
Note 16. Significant Financing Transactions
Credit Facilities and Short-term Debt
The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Dominion Energy
Dominion Energy’s short-term financing is supported by its $
At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:
|
|
Facility |
|
|
Outstanding |
|
|
Outstanding |
|
|
Facility |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Joint revolving credit facility(1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At March 31, 2023, the sub-limits for DESC and Questar Gas were $
In March 2023, FERC granted DESC authority through March 2025 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $
In addition to the credit facility mentioned above and Virginia Power's letter of credit facilities mentioned below, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $
In March 2023, Dominion Energy entered into an agreement with a financial institution which it expects to allow it to issue up to $
Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $
In January 2023, Dominion Energy entered into a $
45
long-term debt. In February and March 2023, Dominion Energy borrowed $
Virginia Power
Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $
At March 31, 2023, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:
|
|
Facility |
|
|
Outstanding |
|
|
Outstanding |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Joint revolving credit facility(1) |
|
$ |
|
|
$ |
|
|
$ |
|
In January 2023, Virginia Power entered into a letter of credit facility which allows Virginia Power to issue up to $
In March 2023, Virginia Power entered into an agreement with a financial institution which it expects to allow it to issue up to $
Long-term Debt
Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt.
In March 2023, Dominion Energy borrowed $
In March 2023, Virginia Power issued $
Derivative Restructuring
In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $
Preferred Stock
Dominion Energy is authorized to issue up to
46
Dominion Energy recorded dividends of $
There have been no significant changes to Dominion Energy’s Series B Preferred Stock and Series C Preferred Stock as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Issuance of Common Stock
Dominion Energy recorded, net of fees and commissions, $
At-the-Market Program
In August 2020, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022. Dominion Energy did not issue any shares or enter into any forward sale agreements under this program during the three months ended March 31, 2023.
Repurchase of Common Stock
In November 2020, the Board of Directors authorized the repurchase of up to $
Dominion Energy did
Note 17. Commitments and Contingencies
As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.
Environmental Matters
The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations.
47
Air
The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. At a minimum, states are required to establish regulatory programs to meet applicable requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements.
Ozone Standards
The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which will be applicable 60 days after publication in the Federal Register for certain states, including Virginia. The interstate federal implementation plan imposes tighter NOX emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Until implementation plans for the 2015 ozone standards are fully developed and approved for all states in which the Companies operate, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations, financial condition and/or cash flows.
ACE Rule
In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. The ACE Rule regulated GHG emissions from existing coal-fired power plants pursuant to Section 111(d) of the CAA and required states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. In January 2021, the U.S. Court of Appeals for the D.C. Circuit vacated the ACE Rule and remanded it to the EPA. This decision would take effect upon issuance of the court’s mandate. In March 2021, the court issued a partial mandate vacating and remanding all parts of the ACE Rule except for the portion of the ACE Rule that repealed the Clean Power Plan. In October 2021, the U.S. Supreme Court agreed to hear a challenge of the U.S. Court of Appeals for the D.C. Circuit’s decision on the ACE Rule. In June 2022, the U.S. Supreme Court reversed the D.C. Circuit’s decision on the ACE Rule and remanded the case back to the D.C. Circuit. Until the case is resolved by the D.C. Circuit and/or the EPA issues new rulemaking, the Companies cannot predict an impact to its operations, financial condition and/or cash flows.
Carbon Regulations
In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and exceed a significant emissions rate of
In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with best operating practices. The proposed revision to the performance standards for coal-fired steam generating units remains pending. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows.
Water
The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities.
Regulation 316(b)
In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State
48
regulators are to make case-by-case entrainment technology determinations after an examination of
Effluent Limitations Guidelines
In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule established updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. In April 2017, the EPA granted
Waste Management and Remediation
The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups.
From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows.
Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At
49
Other Legal Matters
The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows.
SCANA Legal Proceedings
The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating primarily to events occurring before closing of the SCANA Combination. In addition, certain legal matters which have been resolved are discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at March 31, 2023 and December 31, 2022 include reserves of $
Governmental Proceedings and Investigations
In June 2018, DESC received a notice of proposed assessment of approximately $
Nuclear Operations
Nuclear Insurance
There have been no significant changes regarding the Companies’ nuclear insurance as described in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Spent Nuclear Fuel
As discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, the Companies entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982.
Guarantees, Surety Bonds and Letters of Credit
At March 31, 2023, Dominion Energy had issued
50
In addition, at March 31, 2023, Dominion Energy had issued an additional $
Dominion Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.
At March 31, 2023, Dominion Energy had issued the following subsidiary guarantees:
|
|
Maximum |
|
|
(millions) |
|
|
|
|
Commodity transactions(1) |
|
$ |
|
|
Nuclear obligations(2) |
|
|
|
|
Solar(3) |
|
|
|
|
Other(4) |
|
|
|
|
Total(5)(6) |
|
$ |
|
Additionally, at March 31, 2023, Dominion Energy had purchased $
Note 18. Credit Risk
The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
At March 31, 2023, Dominion Energy’s credit exposure totaled $
51
Credit-Related Contingent Provisions
Certain of Dominion Energy and Virginia Power's derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy and Virginia Power to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered, Dominion Energy and Virginia Power would have been required to post additional collateral to its counterparties of $
See Note 9 for additional information about derivative instruments.
Note 19. Related-Party Transactions
Dominion Energy’s transactions with equity method investments are described in Note 10. Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy's consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. A discussion of Virginia Power's significant related-party transactions follows.
Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At March 31, 2023, Virginia Power’s derivative assets and liabilities with affiliates were $
Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 and December 31, 2022, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $
DES and other affiliates provide accounting, legal, finance and certain administrative and technical services and licenses to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage.
The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable.
Presented below are Virginia Power’s significant transactions with DES and other affiliates:
|
|
|
|
|
|
|
||
Three Months Ended March 31, |
2023 |
|
|
2022 |
|
|||
(millions) |
|
|
|
|
|
|
||
Commodity purchases from affiliates |
|
$ |
|
|
$ |
|
||
Services provided by affiliates(1) |
|
|
|
|
|
|
||
Services provided to affiliates |
|
|
|
|
|
|
52
Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $
There were
In January 2023, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the
Note 20. Employee Benefit Plans
Net Periodic Benefit (Credit) Cost
The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $
|
|
Pension Benefits |
|
|
Other Postretirement Benefits |
|
||||||||||
Three Months Ended March 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Interest cost |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expected return on plan assets |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Amortization of prior service cost (credit) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Amortization of net actuarial (gain) loss |
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
Net periodic benefit (credit) cost |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Employer Contributions
During the three months ended March 31, 2023, Dominion Energy made
Note 21. Operating Segments
The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments effective September 2023 is as follows:
Primary Operating Segment |
|
Description of Operations |
|
Dominion |
|
Virginia |
Dominion Energy Virginia |
|
Regulated electric distribution |
|
X |
|
X |
|
|
Regulated electric transmission |
|
X |
|
X |
|
|
Regulated electric generation fleet(1) |
|
X |
|
X |
Dominion Energy South Carolina |
|
Regulated electric distribution |
|
X |
|
|
|
|
Regulated electric transmission |
|
X |
|
|
|
|
Regulated electric generation fleet |
|
X |
|
|
|
|
Regulated gas distribution and storage |
|
X |
|
|
Contracted Energy(2) |
|
Nonregulated electric generation fleet(3) |
|
X |
|
|
In addition to the operating segments above, the Companies also report a Corporate and Other segment.
53
Dominion Energy
The Corporate and Other Segment of Dominion Energy includes, effective September 2023, its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization and its noncontrolling interest in Wrangler (through March 2022) and Hope (through August 2022). In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, as well as the net impact of the operations included in the East Ohio, PSNC and Questar Gas Transactions, its noncontrolling interest in Cove Point and gas transmission and storage operations, including its noncontrolling interest in Atlantic Coast Pipeline, reported as discontinued operations which are discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.
In the three months ended March 31, 2023, Dominion Energy reported after-tax net income of $
The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items:
The net expenses for specific items attributable to Dominion Energy’s operating segments in 2022 primarily related to the impact of the following items:
54
The following table presents segment information pertaining to Dominion Energy’s operations:
|
|
Dominion |
|
|
Dominion |
|
|
Contracted |
|
|
Corporate |
|
|
Adjustments |
|
|
Consolidated |
|
||||||
(millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total revenue from external |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Intersegment revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total operating revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Net income from discontinued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total revenue from external |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||
Intersegment revenue |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
Total operating revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Net income from discontinued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations.
Virginia Power
The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.
In the three months ended March 31, 2023, Virginia Power reported after-tax net expenses of $
The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following item:
The net expenses for specific items attributable to Virginia Power’s operating segment in 2022 primarily related to the impact of the following items:
55
The following table presents segment information pertaining to Virginia Power’s operations:
|
|
Dominion |
|
|
Corporate |
|
|
Consolidated |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|||
Operating revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Net income (loss) |
|
|
|
|
|
( |
) |
|
|
|
||
Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|||
Operating revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Net income (loss) |
|
|
|
|
|
( |
) |
|
|
|
56
Exhibit 99.2
GLOSSARY OF TERMS
The following abbreviations or acronyms used in this Form 10-Q are defined below:
Abbreviation or Acronym |
|
Definition |
2021 Triennial Review |
|
Virginia Commission review of Virginia Power’s earned return on base rate generation and distribution services for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020 |
ARO |
|
Asset retirement obligation |
bcf |
|
Billion cubic feet |
CCRO |
|
Customer credit reinvestment offset |
Companies |
|
Dominion Energy and Virginia Power, collectively |
Contracted Energy |
|
Contracted Energy operating segment, formerly known as the Contracted Assets operating segment |
Cove Point |
|
Cove Point LNG, LP (formerly known as Dominion Energy Cove Point LNG, LP) |
CVOW Commercial Project |
|
A proposed 2.6 GW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters adjacent to the CVOW Pilot Project and associated interconnection facilities in and around Virginia Beach, Virginia |
CVOW Pilot Project |
|
A 12 MW wind generation facility 27 miles off the coast of Virginia Beach, Virginia in federal waters |
DEQPS |
|
MountainWest Pipeline Services, Inc. (formerly known as Dominion Energy Questar Pipeline Services, Inc.) |
DESC |
|
The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities |
Dominion Energy |
|
The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries |
Dominion Energy Direct® |
|
A dividend reinvestment and open enrollment direct stock purchase plan |
Dominion Energy Questar Pipeline |
|
The legal entity, MountainWest Pipeline, LLC (formerly known as Dominion Energy Questar Pipeline, LLC), one or more of its consolidated subsidiaries (including its 50% noncontrolling interest in White River Hub), or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries |
Dominion Energy South Carolina |
|
Dominion Energy South Carolina operating segment |
Dominion Energy Virginia |
|
Dominion Energy Virginia operating segment |
Dominion Privatization |
|
Dominion Utility Privatization, LLC, a joint venture between Dominion Energy and Patriot |
East Ohio |
|
The East Ohio Gas Company, doing business as Dominion Energy Ohio |
East Ohio Transaction |
|
The proposed sale by Dominion Energy to Enbridge of all issued and outstanding capital stock in Dominion Energy Questar Corporation and its consolidated subsidiaries, which following a proposed reorganization will include East Ohio and Dominion Energy Gas Distribution, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023 |
Enbridge |
|
The legal entity, Enbridge Inc., one or more of its consolidated subsidiaries (including Enbridge Elephant Holdings, LLC, Enbridge Parrot Holdings, LLC, and Enbridge Quail Holdings, LLC), or the entirety of Enbridge Inc. and its consolidated subsidiaries |
EPA |
|
U.S. Environmental Protection Agency |
EPS |
|
Earnings per common share |
FERC |
|
Federal Energy Regulatory Commission |
Gas Distribution |
|
Gas Distribution operating segment |
GHG |
|
Greenhouse gas |
GTSA |
|
Virginia Grid Transformation and Security Act of 2018 |
GW |
|
Gigawatt |
Heating degree days |
|
Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, or 60 degrees Fahrenheit in DESC’s service territory, calculated as the difference between 65 or 60 degrees, as applicable, and the average temperature for that day |
Hope |
|
Hope Gas, Inc., doing business as Dominion Energy West Virginia through August 2022 |
ISO |
|
Independent system operator |
LNG |
|
Liquefied natural gas |
MD&A |
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Millstone |
|
Millstone nuclear power station |
MW |
|
Megawatt |
MWh |
|
Megawatt hour |
Order 1000 |
|
Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development |
Patriot |
|
Patriot Utility Privatizations, LLC, a joint venture between Foundation Infrastructure Partners, LLC and John Hancock Life Insurance Company (U.S.A.) and affiliates |
PFAS |
|
Per- and polyfluorinated substances, a group of widely used chemicals that break down very slowly over time in the environment |
PJM |
|
PJM Interconnection, LLC |
PSNC |
|
Public Service Company of North Carolina, Incorporated, doing business as Dominion Energy North Carolina |
PSNC Transaction |
|
The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall North Carolina Holdco LLC and its consolidated subsidiaries, which following a proposed reorganization will include PSNC, pursuant to a purchase and sale agreement entered into on September 5, 2023 |
Q-Pipe Group |
|
Collectively, Dominion Energy Questar Pipeline, DEQPS and MountainWest Energy Holding Company, LLC (formerly known as QPC Holding Company, LLC and its subsidiary MountainWest Southern Trails Pipeline Company (formerly known as Questar Southern Trails Pipeline Company)) |
Questar Gas |
|
Questar Gas Company, doing business as Dominion Energy Utah, Dominion Energy Wyoming and Dominion Energy Idaho |
Questar Gas Transaction |
|
The proposed sale by Dominion Energy to Enbridge of all of its membership interests in Fall West Holdco LLC and its consolidated subsidiaries, which following a proposed reorganization will include Questar Gas, Wexpro, Wexpro II Company, Wexpro Development Company, Dominion Energy Wexpro Services Company, Questar InfoComm Inc. and Dominion Gas Projects Company, LLC, pursuant to a purchase and sale agreement entered into on September 5, 2023 |
Regulation Act |
|
Legislation effective July 1, 2007, that amended the Virginia Electric Utility Restructuring Act and fuel factor statute, which legislation is also known as the Virginia Electric Utility Regulation Act, as amended in 2015, 2018 and 2023 |
ROE |
|
Return on equity |
RTO |
|
Regional transmission organization |
SCANA |
|
The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or the entirety of SCANA Corporation and its consolidated subsidiaries |
SCANA Combination |
|
Dominion Energy’s acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA |
SEC |
|
U.S. Securities and Exchange Commission |
2
Standard & Poor’s |
|
Standard & Poor’s Ratings Services, a division of S&P Global Inc. |
VCEA |
|
Virginia Clean Economy Act of March 2020 |
Virginia Commission |
|
Virginia State Corporation Commission |
Virginia Power |
|
The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries |
Wexpro |
|
The legal entity, Wexpro Company, one or more of its consolidated subsidiaries, or the entirety of Wexpro Company and its consolidated subsidiaries |
White River Hub |
|
MountainWest White River Hub, LLC (formerly known as White River Hub, LLC) |
3
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MD&A discusses Dominion Energy’s results of operations and general financial condition and Virginia Power’s results of operations. MD&A should be read in conjunction with the Companies’ Consolidated Financial Statements. Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.
Contents of MD&A
MD&A consists of the following information:
Forward-Looking Statements
This report contains statements concerning the Companies’ expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In most cases, the reader can identify these forward-looking statements by such words as “anticipate,” “estimate,” “forecast,” “expect,” “believe,” “should,” “could,” “plan,” “may,” “continue,” “target” or other similar words.
The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement. These factors include but are not limited to:
4
5
Additionally, other risks that could cause actual results to differ from predicted results are set forth in Part I. Item 1A. Risk Factors in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
The Companies’ forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. The Companies caution the reader not to place undue reliance on their forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. The Companies undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.
Accounting Matters
As of March 31, 2023, there have been no significant changes with regard to the critical accounting policies and estimates disclosed in MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. The policies disclosed included the accounting for regulated operations, AROs, income taxes, accounting for derivative contracts and financial instruments at fair value, use of estimates in goodwill impairment testing, use of estimates in long-lived asset and equity method investment impairment testing, held for sale classification and employee benefit plans.
Results of Operations—Dominion Energy
Presented below is a summary of Dominion Energy’s consolidated results:
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|||
First Quarter |
|
|
|
|
|
|
|
|
|
|||
Net income attributable to Dominion Energy |
|
$ |
997 |
|
|
$ |
711 |
|
|
$ |
286 |
|
Diluted EPS |
|
|
1.17 |
|
|
|
0.84 |
|
|
|
0.33 |
|
Overview
First Quarter 2023 vs. 2022
Net income attributable to Dominion Energy increased 40%, primarily due to an increase in net investment earnings on nuclear decommissioning trust funds, increased unrealized gains on economic hedging activities, a decrease in storm damage and service restoration costs and the absence of a charge to reflect the recognition of deferred taxes on the outside basis of Hope’s stock upon meeting the classification as held for sale, partially offset by a charge associated with the impairment of a corporate office building and a decrease in sales to electric utility customers attributable to weather.
6
Analysis of Consolidated Operations
Presented below are selected amounts related to Dominion Energy’s results of operations:
|
|
First Quarter |
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Operating revenue |
|
$ |
3,883 |
|
|
$ |
3,113 |
|
|
$ |
770 |
|
Electric fuel and other energy-related purchases |
|
|
1,022 |
|
|
|
678 |
|
|
|
344 |
|
Purchased electric capacity |
|
|
8 |
|
|
|
13 |
|
|
|
(5 |
) |
Purchased gas |
|
|
123 |
|
|
|
145 |
|
|
|
(22 |
) |
Other operations and maintenance |
|
|
742 |
|
|
|
890 |
|
|
|
(148 |
) |
Depreciation, depletion and amortization |
|
|
618 |
|
|
|
602 |
|
|
|
16 |
|
Other taxes |
|
|
191 |
|
|
|
182 |
|
|
|
9 |
|
Impairment of assets and other charges (benefits) |
|
|
98 |
|
|
|
(11 |
) |
|
|
109 |
|
Losses (gains) on sales of assets |
|
|
(2 |
) |
|
|
(28 |
) |
|
|
26 |
|
Other income (expense) |
|
|
276 |
|
|
|
43 |
|
|
|
233 |
|
Interest and related charges |
|
|
479 |
|
|
|
242 |
|
|
|
237 |
|
Income tax expense |
|
|
164 |
|
|
|
143 |
|
|
|
21 |
|
Net income from discontinued operations |
|
|
281 |
|
|
|
411 |
|
|
|
(130 |
) |
An analysis of Dominion Energy’s results of operations follows:
First Quarter 2023 vs. 2022
Operating revenue increased 25%, primarily reflecting:
These increases were partially offset by:
Electric fuel and other energy-related purchases increased 51%, primarily due to higher commodity costs for electric utilities ($316 million) and an increase in the use of purchased renewable energy credits at Virginia Power ($28 million), which are offset in operating revenue and do not impact net income.
Purchased gas decreased 15%, primarily due to a decrease from the sale of Hope.
Other operations and maintenance decreased 17%, primarily due to a decrease in storm damage and restoration costs in Virginia Power’s service territory ($104 million) and a decrease in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($71 million), partially offset by an increase in outside services ($13 million).
Impairment of assets and other charges increased $109 million, primarily due to the impairment of a corporate office building.
7
Gains on sales of assets decreased 93%, primarily due to the absence of a gain on the contribution of certain privatization operations to Dominion Privatization.
Other income increased $233 million, primarily due to net investment gains in 2023 compared to net investment losses in 2022 on nuclear decommissioning trust funds.
Interest and related charges increased 98%, primarily due to unrealized losses in 2023 compared to unrealized gains in 2022 associated with freestanding derivatives ($131 million), higher interest rates on commercial paper and long-term debt ($45 million), higher interest rates on variable rate debt and cash flow interest rate swaps ($40 million) and increased commercial paper and long-term debt borrowings ($36 million).
Income tax expense increased 15%, primarily due to higher pre-tax income ($125 million), partially offset by the absence of a charge to reflect the recognition of deferred taxes on the outside basis of Hope's stock upon meeting the classification as held for sale ($87 million).
Net income from discontinued operations including noncontrolling interests decreased 32%, primarily due to unrealized losses in 2023 compared to unrealized gains in 2022 on interest rate derivatives for economic hedging of debt secured by Dominion Energy's 50% noncontrolling interest in Cove Point ($95 million), the absence of a gain associated with the Q-Pipe Group for the finalization of the working capital adjustment in the first quarter of 2022 ($20 million) and higher interest rates on variable rate debt secured by Dominion Energy's 50% noncontrolling interest in Cove Point ($19 million), partially offset by an increase following the approved base rate case for Questar Gas ($16 million).
Results of Operations—Virginia Power
Presented below is a summary of Virginia Power’s consolidated results:
|
|
First Quarter |
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
353 |
|
|
$ |
357 |
|
|
$ |
(4 |
) |
Overview
First Quarter 2023 vs. 2022
Net income decreased 1%, primarily due to a decrease in sales to electric utility customers attributable to weather, substantially offset by a decrease in storm damage and service restoration costs.
Analysis of Consolidated Operations
Presented below are selected amounts related to Virginia Power’s results of operations:
|
|
First Quarter |
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Operating revenue |
|
$ |
2,384 |
|
|
$ |
2,167 |
|
|
$ |
217 |
|
Electric fuel and other energy-related purchases |
|
|
799 |
|
|
|
516 |
|
|
|
283 |
|
Purchased electric capacity |
|
|
8 |
|
|
|
11 |
|
|
|
(3 |
) |
Other operations and maintenance |
|
|
441 |
|
|
|
570 |
|
|
|
(129 |
) |
Depreciation and amortization |
|
|
447 |
|
|
|
429 |
|
|
|
18 |
|
Other taxes |
|
|
85 |
|
|
|
75 |
|
|
|
10 |
|
Impairment of assets and other charges |
|
|
7 |
|
|
|
4 |
|
|
|
3 |
|
Other income (expense) |
|
|
36 |
|
|
|
4 |
|
|
|
32 |
|
Interest and related charges |
|
|
181 |
|
|
|
148 |
|
|
|
33 |
|
Income tax expense |
|
|
99 |
|
|
|
61 |
|
|
|
38 |
|
8
An analysis of Virginia Power’s results of operations follows:
First Quarter 2023 vs. 2022
Operating revenue increased 10%, primarily reflecting:
These increases were partially offset by:
Electric fuel and other energy-related purchases increased 55%, primarily due to higher commodity costs for electric utilities ($249 million) and an increase in the use of purchased renewable energy credits ($28 million), which are offset in operating revenue and do not impact net income.
Other operations and maintenance decreased 23%, primarily due to a decrease in storm damage and restoration costs ($104 million) and a decrease in certain expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($71 million), partially offset by an increase in outside services ($16 million).
Other income increased $32 million, primarily due to net investment gains in 2023 compared to net investment losses in 2022 on nuclear decommissioning trust funds.
Interest and related charges increased 22%, primarily due to increased commercial paper, long-term debt and intercompany borrowings with Dominion Energy ($33 million) and higher interest rates on commercial paper, long-term debt and intercompany borrowings with Dominion Energy ($11 million), partially offset by decreased interest expense associated with rider deferrals ($12 million).
Income tax expense increased 62%, primarily due to lower investment tax credits ($27 million) and higher pre-tax income ($10 million).
Segment Results of Operations
Segment results include the impact of intersegment revenues and expenses, which may result in intersegment profit and loss. In September 2023, Dominion Energy revised its operating segments subsequent to entering agreements for the East Ohio, PSNC and Questar Gas Transactions as well as completing the sale of its noncontrolling interest in Cove Point. See Notes 1 and 21 to the Consolidated Financial Statements for more information. The historical information presented herein has been recast to reflect the current segment presentation. Presented below is a summary of contributions by Dominion Energy’s operating segments to net income (loss) attributable to Dominion Energy:
|
|
Net Income (Loss) Attributable to |
|
|
EPS(1) |
|
||||||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
||||||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Dominion Energy Virginia |
|
$ |
384 |
|
|
$ |
516 |
|
|
$ |
(132 |
) |
|
$ |
0.46 |
|
|
$ |
0.64 |
|
|
$ |
(0.18 |
) |
Dominion Energy South Carolina |
|
|
91 |
|
|
|
109 |
|
|
|
(18 |
) |
|
|
0.11 |
|
|
|
0.13 |
|
|
|
(0.02 |
) |
Contracted Energy |
|
|
113 |
|
|
|
57 |
|
|
|
56 |
|
|
|
0.13 |
|
|
|
0.07 |
|
|
|
0.06 |
|
Corporate and Other |
|
|
409 |
|
|
|
29 |
|
|
|
380 |
|
|
|
0.47 |
|
|
|
— |
|
|
|
0.47 |
|
Consolidated |
|
$ |
997 |
|
|
$ |
711 |
|
|
$ |
286 |
|
|
$ |
1.17 |
|
|
$ |
0.84 |
|
|
$ |
0.33 |
|
9
(1) Consolidated results are presented on a diluted EPS basis. The dilutive impacts, primarily consisting of potential shares which had not yet been issued, are included within the results of the Corporate and Other segment. EPS contributions for Dominion Energy’s operating segments are presented utilizing basic average shares outstanding for the period.
Dominion Energy Virginia
Presented below are selected operating statistics related to Dominion Energy Virginia’s operations:
|
|
First Quarter |
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|||
Electricity delivered (million MWh) |
|
|
21.7 |
|
|
|
22.3 |
|
|
|
(3 |
)% |
Electricity supplied (million MWh): |
|
|
|
|
|
|
|
|
|
|||
Utility |
|
|
21.8 |
|
|
|
22.3 |
|
|
|
(2 |
) |
Non-Jurisdictional |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
— |
|
Degree days (electric distribution and utility service area): |
|
|
|
|
|
|
|
|
|
|||
Cooling |
|
|
3 |
|
|
|
11 |
|
|
|
(73 |
) |
Heating |
|
|
1,471 |
|
|
|
1,895 |
|
|
|
(22 |
) |
Average electric distribution customer accounts |
|
|
2,742 |
|
|
|
2,716 |
|
|
|
1 |
|
Presented below, on an after-tax basis, are the key factors impacting Dominion Energy Virginia’s net income contribution:
|
|
First Quarter |
|
|||||
|
|
Amount |
|
|
EPS |
|
||
(millions, except EPS) |
|
|
|
|
|
|
||
Weather |
|
$ |
(67 |
) |
|
$ |
(0.08 |
) |
Customer usage and other factors |
|
|
33 |
|
|
|
0.04 |
|
Customer-elected rate impacts |
|
|
(21 |
) |
|
|
(0.03 |
) |
Rider equity return |
|
|
32 |
|
|
|
0.04 |
|
Depreciation and amortization |
|
|
(6 |
) |
|
|
(0.01 |
) |
Renewable energy investment tax credits |
|
|
(57 |
) |
|
|
(0.07 |
) |
Interest expense, net |
|
|
(13 |
) |
|
|
(0.02 |
) |
Other |
|
|
(33 |
) |
|
|
(0.04 |
) |
Share dilution |
|
|
— |
|
|
|
(0.01 |
) |
Change in net income contribution |
|
$ |
(132 |
) |
|
$ |
(0.18 |
) |
Dominion Energy South Carolina
Presented below are selected operating statistics related to Dominion Energy South Carolina’s operations:
|
|
First Quarter |
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|||
Electricity delivered (million MWh) |
|
|
5.0 |
|
|
|
5.2 |
|
|
|
(4 |
%) |
Electricity supplied (million MWh) |
|
|
5.2 |
|
|
|
5.5 |
|
|
|
(5 |
) |
Degree days (electric distribution service areas): |
|
|
|
|
|
|
|
|
|
|||
Cooling |
|
|
1 |
|
|
|
— |
|
|
|
100 |
|
Heating |
|
|
459 |
|
|
|
750 |
|
|
|
(39 |
) |
Gas distribution throughput (bcf): |
|
|
|
|
|
|
|
|
|
|||
Sales |
|
|
17 |
|
|
|
20 |
|
|
|
(15 |
) |
Average distribution customer accounts (thousands): |
|
|
|
|
|
|
|
|
|
|||
Electric |
|
|
783 |
|
|
|
772 |
|
|
|
1 |
|
Gas |
|
|
437 |
|
|
|
422 |
|
|
|
4 |
|
10
Presented below, on an after-tax basis, are the key factors impacting Dominion Energy South Carolina’s net income contribution:
|
|
First Quarter |
|
|||||
|
|
Amount |
|
|
EPS |
|
||
(millions, except EPS) |
|
|
|
|
|
|
||
Weather |
|
$ |
(19 |
) |
|
$ |
(0.02 |
) |
Customer usage and other factors |
|
|
7 |
|
|
|
0.01 |
|
Customer-elected rate impacts |
|
|
(7 |
) |
|
|
(0.01 |
) |
Base rate case & Natural Gas Rate Stabilization Act impacts |
|
|
5 |
|
|
|
0.01 |
|
Capital cost rider |
|
|
(2 |
) |
|
|
— |
|
Depreciation and amortization |
|
|
(3 |
) |
|
|
— |
|
Interest expense, net |
|
|
(6 |
) |
|
|
(0.01 |
) |
Other |
|
|
7 |
|
|
|
— |
|
Share dilution |
|
|
— |
|
|
|
— |
|
Change in net income contribution |
|
$ |
(18 |
) |
|
$ |
(0.02 |
) |
Contracted Energy
Presented below are selected operating statistics related to Contracted Energy's operations:
|
|
First Quarter |
|
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
% Change |
|
|
|||
Electricity supplied (million MWh) |
|
|
4.6 |
|
|
|
4.6 |
|
|
|
— |
|
% |
Presented below, on an after-tax basis, are the key factors impacting Contracted Energy's net income contribution:
|
|
First Quarter |
|
|||||
|
|
Amount |
|
|
EPS |
|
||
(millions, except EPS) |
|
|
|
|
|
|
||
Margin |
|
$ |
46 |
|
|
$ |
0.06 |
|
Planned outage costs |
|
|
3 |
|
|
|
— |
|
Depreciation and amortization |
|
|
5 |
|
|
|
0.01 |
|
Other |
|
|
2 |
|
|
|
(0.01 |
) |
Share dilution |
|
|
— |
|
|
|
— |
|
Change in net income contribution |
|
$ |
56 |
|
|
$ |
0.06 |
|
Corporate and Other
Presented below are the Corporate and Other segment’s after-tax results:
|
|
First Quarter |
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|||
(millions, except EPS) |
|
|
|
|
|
|
|
|
|
|||
Specific items attributable to operating |
|
$ |
304 |
|
|
$ |
(352 |
) |
|
$ |
656 |
|
Specific items attributable to Corporate and |
|
|
160 |
|
|
|
372 |
|
|
|
(212 |
) |
Total specific items |
|
|
464 |
|
|
|
20 |
|
|
|
444 |
|
Other corporate and other operations: |
|
|
|
|
|
|
|
|
|
|||
Interest expense, net |
|
|
(119 |
) |
|
|
(80 |
) |
|
|
(39 |
) |
Other |
|
|
64 |
|
|
|
89 |
|
|
|
(25 |
) |
Total other corporate and other operations |
|
|
(55 |
) |
|
|
9 |
|
|
|
(64 |
) |
Total net income |
|
$ |
409 |
|
|
$ |
29 |
|
|
$ |
380 |
|
EPS impact |
|
$ |
0.47 |
|
|
$ |
— |
|
|
$ |
0.47 |
|
11
Corporate and Other includes specific items attributable to Dominion Energy’s primary operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. See Note 21 to the Consolidated Financial Statements in this report for discussion of these items in more detail. Corporate and Other also includes items attributable to the Corporate and Other segment. For the three months ended March 31, 2023, this primarily included $281 million net income from discontinued operations, primarily associated with operations included in the East Ohio, PSNC and Questar Gas Transactions and Dominion Energy's noncontrolling interest in Cove Point, a $68 million after-tax charge associated with the impairment of a corporate office building and a $45 million after-tax loss for derivative mark-to-market changes.
For the three months ended March 31, 2022, this primarily included $411 million net income from discontinued operations, primarily associated with operations included in the East Ohio, PSNC and Questar Gas Transactions and Dominion Energy's noncontrolling interest in Cove Point, a $87 million charge to reflect the recognition of deferred taxes on the outside basis of Hope’s stock upon meeting the classification as held for sale and a $52 million after-tax benefit for derivative mark-to-market changes.
Outlook
As of March 31, 2023, there have been no material changes to Dominion Energy’s 2023 outlook as described in Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. As discussed in Future Issues and Other Matters, legislation enacted in Virginia in April 2023 is expected to decrease Dominion Energy’s 2023 net income for riders to be combined into base rates effective July 2023.
Liquidity and Capital Resources
Dominion Energy depends on both cash generated from operations and external sources of liquidity to provide working capital and as a bridge to long-term financings. Dominion Energy’s material cash requirements include capital and investment expenditures, repaying short-term and long-term debt obligations and paying dividends on its common and preferred stock. This section should be read in conjunction with Item 7. MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Analysis of Cash Flows
Presented below are selected amounts related to Dominion Energy’s cash flows:
|
|
2023 |
|
|
2022 |
|
||
(millions) |
|
|
|
|
|
|
||
Cash, restricted cash and equivalents at January 1 |
|
$ |
341 |
|
|
$ |
408 |
|
Cash flows provided by (used in): |
|
|
|
|
|
|
||
Operating activities |
|
|
2,097 |
|
|
|
1,125 |
|
Investing activities |
|
|
(2,302 |
) |
|
|
(1,574 |
) |
Financing activities |
|
|
1,820 |
|
|
|
635 |
|
Net increase in cash, restricted cash and equivalents |
|
|
1,615 |
|
|
|
186 |
|
Cash, restricted cash and equivalents at March 31 |
|
$ |
1,956 |
|
|
$ |
594 |
|
Operating Cash Flows
Net cash provided by Dominion Energy's operating activities increased $972 million, inclusive of a $434 million decrease from discontinued operations. Net cash provided by continuing operations increased $1.4 billion primarily due to higher deferred fuel and purchased gas cost recoveries ($613 million), lower margin deposits ($338 million), a decrease in refund payments to Virginia electric customers associated with the settlement of the 2021 Triennial Review ($179 million), an increase of $232 million primarily as a result of higher operating cash flows from electric utility operations driven by riders, customer usage and other factors and changes in working capital ($44 million).
Investing Cash Flows
Net cash used in Dominion Energy’s investing activities increased $728 million, primarily due to an increase in plant construction and other property additions ($598 million) and the absence of proceeds from the sale of assets and equity method investments in 2022 ($146 million).
Financing Cash Flows
Net cash provided by Dominion Energy's financing activities increased $1.2 billion primarily due to 364-day term loan facility borrowings ($2.5 billion) and supplemental credit facility borrowings ($450 million), partially offset by a $1.7 billion decrease due to net repayments of long-term debt in 2023 versus net issuances in 2022.
12
Credit Facilities and Short-Term Debt
As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, Dominion Energy generally uses proceeds from short-term borrowings, including commercial paper, to satisfy short-term cash requirements not met through cash from operations. The levels of borrowing may vary significantly during the course of the year, depending on the timing and amount of cash requirements not satisfied by cash from operations. There have been no significant changes to Dominion Energy’s use of credit facilities and/or short-term debt during the three months ended March 31, 2023.
Joint Revolving Credit Facility
Dominion Energy maintains a $6.0 billion joint revolving credit facility which provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives. At March 31, 2023, Dominion Energy had $2.7 billion of unused capacity under its joint revolving credit facility. See Note 16 to the Consolidated Financial Statements in this report for the balances of commercial paper and letters of credit outstanding.
Dominion Energy Reliability InvestmentSM Program
Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At March 31, 2023, Dominion Energy’s Consolidated Balance Sheets include $389 million with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.
Other Facilities
In addition to the primary sources of short-term liquidity discussed above, from time to time Dominion Energy enters into separate supplementary credit facilities or term loans as discussed in Note 16 to the Consolidated Financial Statements in this report.
In January 2023, Dominion Energy entered into a $2.5 billion 364-day term loan facility which bears interest at a variable rate and will mature in January 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used to repay long-term debt. In February and March 2023, Dominion Energy borrowed $500 million and $1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt.
Long-Term Debt
Sustainability Revolving Credit Agreement
Dominion Energy maintains a $900 million Sustainability Revolving Credit Agreement which matures in 2024 and bears interest at a variable rate. The facility offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. At March 31, 2023, Dominion Energy had $900 million outstanding under this supplemental credit facility, including $450 million borrowed to support environmental sustainability and social investment initiatives. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes.
Issuances and Borrowings of Long-Term Debt
During the three months ended March 31, 2023, Dominion Energy issued or borrowed the following long-term debt. Unless otherwise noted, the proceeds were used for the repayment of existing indebtedness and for general corporate purposes.
Month |
|
Type |
|
Public / Private |
|
Entity |
|
Principal |
|
|
Rate |
|
|
|
Stated Maturity |
||
|
|
|
|
|
|
|
|
(millions) |
|
|
|
|
|
|
|
||
March |
|
Senior notes |
|
Public |
|
Virginia Power |
|
$ |
750 |
|
|
|
5.000 |
|
% |
|
2033 |
March |
|
Senior notes |
|
Public |
|
Virginia Power |
|
|
750 |
|
|
|
5.450 |
|
% |
|
2053 |
Total issuances and borrowings |
|
|
|
|
|
$ |
1,500 |
|
|
|
|
|
|
|
13
Dominion Energy currently meets the definition of a well-known seasoned issuer under SEC rules governing the registration, communication and offering processes under the Securities Act of 1933, as amended. The rules provide for a streamlined shelf registration process to provide registrants with timely access to capital. This allows Dominion Energy to use automatic shelf registration statements to register any offering of securities, other than those for exchange offers or business combination transactions.
As the comprehensive business review announced in November 2022 is still in progress, Dominion Energy is uncertain as to the amount of long-term debt it anticipates issuing in 2023. Dominion Energy expects to issue long-term debt to satisfy cash needs for capital expenditures and maturing long-term debt to the extent such amounts are not satisfied from cash available from operations following the payment of dividends and any borrowings made from unused capacity of Dominion Energy’s credit facilities discussed above. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.
Repayments, Repurchases and Redemptions of Long-Term Debt
Dominion Energy may from time to time reduce its outstanding debt and level of interest expense through redemption of debt securities prior to maturity or repurchases of debt securities in the open market, in privately negotiated transactions, through tender offers or otherwise.
The following long-term debt was repaid, repurchased or redeemed during the three months ended March 31, 2023:
Month |
|
Type |
|
Entity |
|
Principal (1) |
|
|
Rate |
|
Stated Maturity |
|
|
|
|
|
|
|
(millions) |
|
|
|
|
|
|
Debt scheduled to mature in 2023 |
|
Multiple |
|
$ |
1,749 |
|
|
various |
|
|
||
Early redemptions |
|
|
|
|
|
|
|
|
|
|||
None |
|
|
|
|
|
|
|
|
|
|
|
|
Total repayments, repurchases and redemptions |
|
|
$ |
1,749 |
|
|
|
|
|
See Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding scheduled maturities of Dominion Energy’s long-term debt, including related average interest rates.
Remarketing of Long-Term Debt
During the three months ended March 31, 2023, Dominion Energy was not required to and did not complete the remarketing of any of its long-term debt. In 2023, Dominion Energy expects to remarket approximately $160 million of its tax-exempt bonds.
Credit Ratings
As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, Dominion Energy’s credit ratings affect its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer debt securities. The credit ratings for Dominion Energy are affected by its financial profile, mix of regulated and nonregulated businesses and respective cash flows, changes in methodologies used by the ratings agencies and event risk, if applicable, such as major acquisitions or dispositions. A credit rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. As of March 31, 2023, there have been no changes in Dominion Energy’s credit ratings. In April 2023, Standard & Poor’s affirmed its credit ratings but revised its outlook for Dominion Energy from stable to negative. Dominion Energy cannot predict the potential impact the negative outlook at Standard & Poor’s could have on its liquidity, cost of borrowing under credit facilities and collateral posting requirements under commodity contracts, as well as the rates at which it is able to offer debt securities.
Financial Covenants
As discussed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, Dominion Energy is subject to various covenants present in the enabling agreements underlying Dominion Energy’s debt. As of March 31, 2023, there have been no material changes to covenants, nor any events of default under Dominion Energy’s covenants.
14
Common Stock, Preferred Stock and Other Equity Securities
In the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, there is a discussion of Dominion Energy’s existing equity financing programs, including an at-the-market program and Dominion Energy Direct®. During the three months ended March 31, 2023, Dominion Energy issued $43 million of stock through these programs. See Note 16 to the Consolidated Financial Statements in this report for additional information.
As the comprehensive business review announced in November 2022 is still in progress, Dominion Energy is uncertain as to the amount of common stock that it anticipates issuing in 2023, including through its at-the-market program. However, Dominion Energy anticipates raising similar amounts of capital through Dominion Energy Direct® in 2023 compared to 2022 and 2021. The raising of external capital is subject to certain regulatory requirements, including registration with the SEC for certain issuances.
As of March 31, 2023, there have been no material changes to the Board of Directors authorization to repurchase Dominion Energy stock, or the remaining available capacity under this authorization, disclosed in the Repurchases of Equity Securities section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Dominion Energy has not repurchased through March 31 and does not plan to repurchase in the remainder of 2023 any shares of its common stock, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock.
Capital Expenditures
As of March 31, 2023, there have been no material changes to Dominion Energy’s expectation for planned capital expenditures as disclosed in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Dividends
Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares. See Note 16 to the Consolidated Financial Statements in this report for additional information regarding Dominion Energy’s outstanding preferred stock and associated dividend rates.
Subsidiary Dividend Restrictions
As of March 31, 2023, there have been no material changes to the subsidiary dividend restrictions disclosed in the Dividends section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Collateral and Credit Risk
As of March 31, 2023, there have been no material changes to the collateral requirements disclosed in the Collateral and Credit Risk section of MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Dominion Energy’s exposure to potential concentrations of credit risk results primarily from its energy marketing and price risk management activities. Presented below is a summary of Dominion Energy’s credit exposure at March 31, 2023 for these activities. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights.
|
|
Gross Credit |
|
|
Credit |
|
|
Net Credit |
|
|||
(millions) |
|
|
|
|
|
|
|
|
|
|||
Investment grade(1) |
|
$ |
151 |
|
|
$ |
— |
|
|
$ |
151 |
|
Non-investment grade(2) |
|
|
14 |
|
|
|
12 |
|
|
|
2 |
|
No external ratings: |
|
|
|
|
|
|
|
|
|
|||
Internally rated—investment grade(3) |
|
|
47 |
|
|
|
6 |
|
|
|
41 |
|
Internally rated—non-investment grade(4) |
|
|
24 |
|
|
|
1 |
|
|
|
23 |
|
Total(5) |
|
$ |
236 |
|
|
$ |
19 |
|
|
$ |
217 |
|
15
Fuel and Other Purchase Commitments
There have been no material changes outside of the ordinary course of business to Dominion Energy’s fuel and other purchase commitments included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Other Material Cash Requirements
As of March 31, 2023, there have been no material changes outside of the ordinary course of business to Dominion Energy’s other material cash requirements included in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Such obligations include:
Future Issues and Other Matters
See Item 1. Business, Future Issues and Other Matters in MD&A and Notes 13 and 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 and Notes 13 and 17 to the Consolidated Financial Statements in this report for additional information on various environmental, regulatory, legal and other matters that may impact future results of operations, financial condition and/or cash flows.
Business Review
In November 2022, Dominion Energy announced the commencement of a business review of value-maximizing strategic business actions, alternatives to its current business mix and capital allocation and regulatory options which may assist customers to manage costs and provide greater predictability to its long-term, state-regulated utility value proposition. In April 2023, the legislative process in Virginia was substantially completed resulting in new legislation which will shift $350 million of annual revenue requirement for costs currently recovered through riders into base rates effective July 2023, eliminate the ability of Virginia Power to utilize CCROs and adjust the parameters for determining an authorized ROE and revenue sharing. In addition, new legislation allows Virginia Power to apply for the securitization of certain deferred fuel costs as well as seek approval for a noncontrolling equity financing partner for the CVOW Commercial Project. As part of the on-going business review, Dominion Energy may consider divestiture of all or a portion of certain operations. While the ultimate impacts cannot be estimated until the review is completed, which is expected to occur in the third quarter of 2023, implementation of recommendations resulting from the business review could have a material impact on Dominion Energy's future results of operations, financial condition and/or cash flows.
Virginia Legislation
The 2023 General Assembly session in Virginia included several proposals, including those ultimately enacted into law, related to Virginia Power’s retail base rates and other cost recovery mechanisms. In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA. The new legislation will shift $350 million of annual revenue requirement for costs currently recovered under riders into base rates effective July 2023, eliminate the ability of Virginia Power to utilize CCROs and adjust the parameters for determining an authorized ROE and revenue sharing. In addition, this legislation reestablishes biennial base rate reviews, sets a target capitalization ratio and permits Virginia Power to apply for the securitization of certain deferred fuel costs. See Note 13 to the Consolidated Financial Statements for additional information. In March 2023, legislation was enacted that permits Virginia Power to seek approval for a noncontrolling equity financing partner for the CVOW Commercial Project. In addition, proposed legislation to amend certain portions of the VCEA remains pending, subject to potential veto by the Governor of Virginia, which would qualify generation produced by Virginia Power’s biomass electric generating stations as renewable energy and would eliminate the mandated retirement by the end of 2028 of such facilities. While Dominion
16
Energy is unable to estimate the ultimate financial statement impacts related to the newly enacted, and remaining proposed legislation, it expects there could be a material impact to its results of operations, financial condition and/or cash flows.
Future Environmental Regulations
In March 2023, the EPA released a proposed rule to further revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category, which apply primarily to wastewater discharges at coal and oil steam generating stations. Also in March 2023, the EPA released its first proposed rule to establish national drinking water standards for PFAS. Dominion Energy anticipates that the EPA will release additional rulemakings as part of an overall strategy to identify and mitigate PFAS exposure. Additionally, in April 2023, the EPA released a proposal to tighten aspects of the Mercury and Air Toxics Standards, including the reduction of emissions limits for filterable particulate matter, and requiring the use of continuous emissions monitoring systems to demonstrate compliance. Until the EPA ultimately takes final action on these rulemakings, Dominion Energy is unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on Dominion Energy’s financial condition and cash flows.
Federal Income Tax Laws
In April 2023, the IRS issued safe harbor guidance to taxpayers on the treatment of amounts paid to repair, maintain, replace, or improve natural gas distribution property, including whether expenditures should be deducted as repairs or capitalized and depreciated on tax returns. The guidance includes safe harbor tax accounting methods which a taxpayer may choose to elect and provides special transition rules and incentives that vary depending on which tax year is the year of change. Dominion Energy is evaluating this new guidance and cannot currently estimate the potential financial statement impacts, but there could be a material impact to its results of operations, financial condition and/or cash flows.
17
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement [Abstract] | ||
Income tax expense (benefit) from discontinued operations | $ 56 | $ 100 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||||||||||||||||||||
Net income including noncontrolling interests | $ 997 | $ 711 | ||||||||||||||||||||||
Net income | 997 | 711 | ||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||
Net deferred gains (losses) on derivatives-hedging activities | [1] | (9) | 25 | |||||||||||||||||||||
Changes in unrealized net gains (losses) on investment securities | [2] | 17 | (62) | |||||||||||||||||||||
Changes in net unrecognized pension and other postretirement benefit costs | [3] | 28 | ||||||||||||||||||||||
Amounts reclassified to net income: | ||||||||||||||||||||||||
Net derivative (gains) losses-hedging activities | [4] | 8 | 10 | |||||||||||||||||||||
Net realized (gains) losses on investment securities | [5] | 1 | 3 | |||||||||||||||||||||
Net pension and other postretirement benefit costs (credits) | [6] | (11) | 17 | |||||||||||||||||||||
Changes in other comprehensive income from equity method investees | [7] | 1 | 1 | |||||||||||||||||||||
Total other comprehensive income (loss) | 7 | 22 | ||||||||||||||||||||||
Comprehensive income including noncontrolling interests | 1,004 | 733 | ||||||||||||||||||||||
Comprehensive income attributable to Dominion Energy | 1,004 | 733 | ||||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||
Net income | 353 | 357 | ||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||
Net deferred gains (losses) on derivatives-hedging activities | [8] | (9) | 19 | |||||||||||||||||||||
Changes in unrealized net gains (losses) on investment securities | [9] | 4 | (7) | |||||||||||||||||||||
Amounts reclassified to net income: | ||||||||||||||||||||||||
Net derivative (gains) losses-hedging activities | [10] | 0 | 1 | |||||||||||||||||||||
Net realized (gains) losses on investment securities | [11] | 0 | (1) | |||||||||||||||||||||
Total other comprehensive income (loss) | (5) | 12 | ||||||||||||||||||||||
Comprehensive income attributable to Dominion Energy | $ 348 | $ 369 | ||||||||||||||||||||||
|
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Net deferred gain (losses) on derivative-hedging activities, tax | $ 3 | $ (8) |
Changes in unrealized net gains (losses) on investment securities, tax | (7) | 19 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | (10) | |
Net derivative (gains) losses-hedging activities, tax | (3) | (4) |
Net realized (gains) losses on investment securities, tax | (1) | (1) |
Net pension and other postretirement benefit costs, tax | 4 | (6) |
Virginia Electric and Power Company | ||
Net deferred gain (losses) on derivative-hedging activities, tax | 3 | (7) |
Changes in unrealized net gains (losses) on investment securities, tax | $ (1) | $ 2 |
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ 1,752 | $ 120 | [1] | |||||||||||||||||||||
Customer receivables (less allowance for doubtful accounts) | 1,680 | 2,157 | [1] | |||||||||||||||||||||
Other receivables (less allowance for doubtful accounts) | 368 | 383 | [1] | |||||||||||||||||||||
Inventories | 1,568 | 1,528 | [1] | |||||||||||||||||||||
Derivative assets | 263 | 1,019 | [1] | |||||||||||||||||||||
Margin deposit assets | 193 | 480 | [1] | |||||||||||||||||||||
Regulatory assets | 1,507 | 1,883 | [1] | |||||||||||||||||||||
Other | 457 | 504 | [1] | |||||||||||||||||||||
Current assets held for sale | 1,817 | 1,776 | [1] | |||||||||||||||||||||
Total current assets | 9,605 | 9,850 | [1] | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Nuclear decommissioning trust funds | 6,262 | 5,957 | [1] | |||||||||||||||||||||
Investment in equity method affiliates | 303 | 295 | [1] | |||||||||||||||||||||
Other | 321 | 325 | [1] | |||||||||||||||||||||
Total investments | 6,886 | 6,577 | [1] | |||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Property, plant and equipment | 76,536 | 75,178 | [1] | |||||||||||||||||||||
Accumulated depreciation, depletion and amortization | (23,662) | (23,352) | [1] | |||||||||||||||||||||
Total property, plant and equipment, net | 52,874 | 51,826 | [1] | |||||||||||||||||||||
Deferred Charges and Other Assets | ||||||||||||||||||||||||
Goodwill | 4,143 | 4,143 | [1] | |||||||||||||||||||||
Regulatory assets | 8,108 | 8,265 | [1] | |||||||||||||||||||||
Other | 4,786 | 4,780 | [1] | |||||||||||||||||||||
Total deferred charges and other assets | 17,037 | 17,188 | [1] | |||||||||||||||||||||
Noncurrent Assets Held for Sale | 18,923 | 18,802 | [1] | |||||||||||||||||||||
Total assets | 105,325 | 104,243 | [1] | |||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Securities due within one year | 4,349 | 3,337 | [2] | |||||||||||||||||||||
Short-term debt | 3,546 | 3,423 | [2] | |||||||||||||||||||||
Accounts payable | 766 | 1,165 | [2] | |||||||||||||||||||||
Accrued interest, payroll and taxes | 786 | 910 | [2] | |||||||||||||||||||||
Derivative liabilities | 370 | 772 | [2] | |||||||||||||||||||||
Regulatory liabilities | 520 | 748 | [2] | |||||||||||||||||||||
Other | [3] | 1,507 | 1,697 | [2] | ||||||||||||||||||||
Current liabilities held for sale | 918 | 1,398 | [2] | |||||||||||||||||||||
Total current liabilities | 12,762 | 13,450 | [2] | |||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||
Long-term debt | 33,307 | 32,515 | [2] | |||||||||||||||||||||
Junior subordinated notes | 1,387 | 1,387 | [2] | |||||||||||||||||||||
Supplemental credit facility borrowings | 900 | 450 | [2] | |||||||||||||||||||||
Other | 234 | 232 | [2] | |||||||||||||||||||||
Total long-term debt | 35,828 | 34,584 | [2] | |||||||||||||||||||||
Deferred Credits and Other Liabilities | ||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 5,547 | 5,397 | [2] | |||||||||||||||||||||
Regulatory liabilities | 8,410 | 8,417 | [2] | |||||||||||||||||||||
Other | 6,841 | 6,963 | [2] | |||||||||||||||||||||
Total deferred credits and other liabilities | 20,798 | 20,777 | [2] | |||||||||||||||||||||
Noncurrent Liabilities Held for Sale | 7,581 | 7,551 | [2] | |||||||||||||||||||||
Total liabilities | 76,969 | 76,362 | [2] | |||||||||||||||||||||
Commitments and Contingencies (see Note 17) | ||||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||
Preferred stock (see Note 16) | 1,783 | 1,783 | [2] | |||||||||||||||||||||
Common stock - no par | [4] | 23,652 | 23,605 | [2] | ||||||||||||||||||||
Retained earnings | 4,486 | 4,065 | [2] | |||||||||||||||||||||
Accumulated other comprehensive loss | (1,565) | (1,572) | [2] | |||||||||||||||||||||
Shareholders' equity | 28,356 | 27,881 | [2] | |||||||||||||||||||||
Noncontrolling interests | 0 | 0 | [2] | |||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total | 28,356 | 27,881 | [2] | |||||||||||||||||||||
Total liabilities and shareholders' equity | 105,325 | 104,243 | [2] | |||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | 21 | 22 | [5] | |||||||||||||||||||||
Customer receivables (less allowance for doubtful accounts) | 1,227 | 1,578 | [5] | |||||||||||||||||||||
Other receivables (less allowance for doubtful accounts) | 196 | 204 | [5] | |||||||||||||||||||||
Inventories | 962 | 924 | [5] | |||||||||||||||||||||
Derivative assets | [7] | 91 | [6] | 765 | [5] | |||||||||||||||||||
Margin deposit assets | 54 | 310 | [5] | |||||||||||||||||||||
Regulatory assets | 820 | 1,140 | [5] | |||||||||||||||||||||
Other | 49 | 52 | [5] | |||||||||||||||||||||
Total current assets | 3,427 | 5,002 | [5] | |||||||||||||||||||||
Investments | ||||||||||||||||||||||||
Nuclear decommissioning trust funds | 3,360 | 3,202 | [5] | |||||||||||||||||||||
Other | 3 | 3 | [5] | |||||||||||||||||||||
Total investments | 3,363 | 3,205 | [5] | |||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Property, plant and equipment | 55,800 | 54,697 | [5] | |||||||||||||||||||||
Accumulated depreciation, depletion and amortization | (16,466) | (16,218) | [5] | |||||||||||||||||||||
Total property, plant and equipment, net | 39,334 | 38,479 | [5] | |||||||||||||||||||||
Deferred Charges and Other Assets | ||||||||||||||||||||||||
Regulatory assets | 4,151 | 4,247 | [5] | |||||||||||||||||||||
Other | [7] | 2,343 | 2,261 | [5] | ||||||||||||||||||||
Total deferred charges and other assets | 6,494 | 6,508 | [5] | |||||||||||||||||||||
Total assets | 52,618 | 53,194 | [5] | |||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Securities due within one year | 378 | 1,164 | [8] | |||||||||||||||||||||
Short-term debt | 1,010 | 941 | [8] | |||||||||||||||||||||
Accounts payable | 485 | 600 | [8] | |||||||||||||||||||||
Accrued interest, payroll and taxes | 344 | 270 | [8] | |||||||||||||||||||||
Derivative liabilities | [9] | 152 | 298 | [8] | ||||||||||||||||||||
Regulatory liabilities | 309 | 506 | [8] | |||||||||||||||||||||
Other | 972 | 1,176 | [8] | |||||||||||||||||||||
Total current liabilities | 5,056 | 7,234 | [8] | |||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||
Long-term debt | 16,050 | 14,916 | [8] | |||||||||||||||||||||
Other | 73 | 65 | [8] | |||||||||||||||||||||
Total long-term debt | 16,123 | 14,981 | [8] | |||||||||||||||||||||
Deferred Credits and Other Liabilities | ||||||||||||||||||||||||
Deferred income taxes and investment tax credits | 3,463 | 3,452 | [8] | |||||||||||||||||||||
Regulatory liabilities | 5,557 | 5,499 | [8] | |||||||||||||||||||||
Other | 4,826 | 4,783 | [8] | |||||||||||||||||||||
Total deferred credits and other liabilities | 13,846 | 13,734 | [8] | |||||||||||||||||||||
Total liabilities | 35,025 | 35,949 | [8] | |||||||||||||||||||||
Commitments and Contingencies (see Note 17) | ||||||||||||||||||||||||
Shareholders' Equity | ||||||||||||||||||||||||
Common stock - no par | [10] | 5,738 | 5,738 | [8] | ||||||||||||||||||||
Other paid-in capital | 1,113 | 1,113 | [8] | |||||||||||||||||||||
Retained earnings | 10,738 | 10,385 | [8] | |||||||||||||||||||||
Accumulated other comprehensive loss | 4 | 9 | [8] | |||||||||||||||||||||
Shareholders' equity | 17,593 | 17,245 | [8] | |||||||||||||||||||||
Total liabilities and shareholders' equity | 52,618 | 53,194 | [8] | |||||||||||||||||||||
Virginia Electric and Power Company | Related party | ||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Other receivables (less allowance for doubtful accounts) | $ 7 | $ 7 | [5] | |||||||||||||||||||||
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Accounts payable | $ 203 | $ 255 | [8] | |||||||||||||||||||||
Accounts Payable, Current, Related Party, Type [Extensible Enumeration] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||||||||||||||||||||||
Other | $ 1,203 | $ 2,024 | [8] | |||||||||||||||||||||
Other Liability, Related Party, Type [Extensible Enumeration] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||||||||||||||||||||||
|
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Customer receivables, allowance for doubtful accounts | $ 28 | $ 27 |
Other receivables, allowance for doubtful accounts | $ 2 | $ 2 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares outstanding | 836,000,000 | 835,000,000 |
Virginia Electric and Power Company | ||
Customer receivables, allowance for doubtful accounts | $ 21 | $ 21 |
Other receivables, allowance for doubtful accounts | $ 1 | $ 2 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares outstanding | 274,723 | 274,723 |
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions |
Total |
Preferred Stock |
Common Stock |
Retained Earnings |
AOCI |
Total Shareholders' Equity |
|||
---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 27,308 | $ 1,783 | $ 21,610 | $ 5,373 | $ (1,458) | $ 27,308 | |||
Beginning balance (in shares) at Dec. 31, 2021 | 2 | 810 | |||||||
Net income including noncontrolling interests | 711 | 711 | 711 | ||||||
Issuance of stock | 45 | $ 45 | 45 | ||||||
Issuance of stock (in shares) | 1 | ||||||||
Stock awards (net of change in unearned compensation) | 2 | $ 2 | 2 | ||||||
Preferred stock dividends (see Note 16) | (27) | (27) | (27) | ||||||
Common stock dividends and distributions | (541) | (541) | (541) | ||||||
Other comprehensive income, net of tax | 22 | 22 | 22 | ||||||
Ending balance at Mar. 31, 2022 | 27,520 | $ 1,783 | $ 21,657 | 5,516 | (1,436) | 27,520 | |||
Ending balance (in shares) at Mar. 31, 2022 | 2 | 811 | |||||||
Beginning balance at Dec. 31, 2022 | 27,881 | [1] | $ 1,783 | $ 23,605 | 4,065 | (1,572) | 27,881 | ||
Beginning balance (in shares) at Dec. 31, 2022 | 2 | 835 | |||||||
Net income including noncontrolling interests | 997 | 997 | 997 | ||||||
Issuance of stock | 43 | $ 43 | 43 | ||||||
Issuance of stock (in shares) | 1 | ||||||||
Stock awards (net of change in unearned compensation) | 4 | $ 4 | 4 | ||||||
Preferred stock dividends (see Note 16) | (20) | (20) | (20) | ||||||
Common stock dividends and distributions | (557) | (557) | (557) | ||||||
Other comprehensive income, net of tax | 7 | 7 | 7 | ||||||
Other | 1 | 1 | 1 | ||||||
Ending balance at Mar. 31, 2023 | $ 28,356 | $ 1,783 | $ 23,652 | $ 4,486 | $ (1,565) | $ 28,356 | |||
Ending balance (in shares) at Mar. 31, 2023 | 2 | 836 | |||||||
|
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement Of Stockholders Equity [Abstract] | ||
Dividends declared per common share | $ 0.6675 | $ 0.6675 |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Operating Activities | ||
Net income including noncontrolling interests | $ 997 | $ 711 |
Net income | 997 | 711 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 799 | 773 |
Deferred income taxes and investment tax credits | 174 | 246 |
Impairment of assets and other charges (benefit) | 98 | (13) |
Losses (gains) on sales of assets and equity method investments | 0 | (34) |
Net (gains) losses on nuclear decommissioning trust funds and other investments | (134) | 113 |
Other adjustments | 23 | (72) |
Changes in: | ||
Accounts receivable | 519 | 28 |
Inventories | (21) | 80 |
Deferred fuel and purchased gas costs, net | 89 | (256) |
Prepayments | 43 | 21 |
Accounts payable | (588) | 52 |
Accrued interest, payroll and taxes | (161) | (192) |
Margin deposit assets and liabilities | 286 | (52) |
Net realized and unrealized changes related to derivative activities | 232 | 29 |
Pension and other postretirement benefits | (122) | (117) |
Other operating assets and liabilities | (137) | (192) |
Net cash provided by operating activities | 2,097 | 1,125 |
Investing Activities | ||
Plant construction and other property additions (including nuclear fuel) | (2,220) | (1,622) |
Acquisition of solar development projects | (11) | (37) |
Proceeds from sales of securities | 544 | 814 |
Purchases of securities | (607) | (824) |
Proceeds from sale of assets and equity method investments | 0 | 146 |
Contributions to equity method affiliates | (10) | (15) |
Other | (2) | (36) |
Net cash used in investing activities | (2,302) | (1,574) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | 123 | 234 |
364-day term loan facility borrowings | 2,500 | |
Issuance of long-term debt | 1,500 | 1,000 |
Repayment of long-term debt | (2,197) | (39) |
Supplemental credit facility borrowings | 450 | |
Issuance of common stock | 43 | 45 |
Common dividend payments | (557) | (541) |
Other | (42) | (64) |
Net cash provided by (used in) financing activities | 1,820 | 635 |
Increase (decrease) in cash, restricted cash and equivalents | 1,615 | 186 |
Cash, restricted cash and equivalents at beginning of period | 341 | 408 |
Cash, restricted cash and equivalents at end of period | 1,956 | 594 |
Virginia Electric and Power Company | ||
Operating Activities | ||
Net income | 353 | 357 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 492 | 425 |
Deferred income taxes and investment tax credits | (3) | 105 |
Impairment of assets and other charges (benefit) | 7 | |
Other adjustments | (9) | 3 |
Changes in: | ||
Accounts receivable | 348 | 76 |
Affiliated receivables and payables | (52) | 9 |
Inventories | (39) | 34 |
Deferred fuel and purchased gas costs, net | 193 | (297) |
Prepayments | 3 | |
Accounts payable | (103) | 90 |
Accrued interest, payroll and taxes | 73 | 57 |
Margin deposit assets and liabilities | 255 | (125) |
Net realized and unrealized changes related to derivative activities | 449 | 215 |
Other operating assets and liabilities | (16) | (267) |
Net cash provided by operating activities | 1,948 | 685 |
Investing Activities | ||
Plant construction and other property additions | (1,420) | (1,037) |
Purchases of nuclear fuel | (52) | (27) |
Acquisition of solar development projects | (11) | (37) |
Proceeds from sales of securities | 373 | 392 |
Purchases of securities | (405) | (415) |
Other | (4) | (5) |
Net cash used in investing activities | (1,519) | (1,129) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | 69 | (59) |
Repayment of affiliated current borrowings, net | (821) | (464) |
Issuance of long-term debt | 1,500 | 1,000 |
Repayment of long-term debt | (1,148) | |
Other | (31) | (23) |
Net cash provided by (used in) financing activities | (431) | 454 |
Increase (decrease) in cash, restricted cash and equivalents | (2) | 10 |
Cash, restricted cash and equivalents at beginning of period | 24 | 26 |
Cash, restricted cash and equivalents at end of period | $ 22 | $ 36 |
Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions |
Total |
Common Stock |
Retained Earnings |
AOCI |
Virginia Electric and Power Company |
Virginia Electric and Power Company
Common Stock
|
Virginia Electric and Power Company
Other Paid-In Capital
|
Virginia Electric and Power Company
Retained Earnings
|
Virginia Electric and Power Company
AOCI
|
||||||
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Beginning balance at Dec. 31, 2021 | $ (1,458) | $ 15,980 | $ 5,738 | $ 1,113 | $ 9,170 | $ (41) | |||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 810,000 | 275 | |||||||||||||
Net income | $ 711 | 357 | 357 | ||||||||||||
Other comprehensive loss, net of tax | 22 | 22 | 12 | 12 | |||||||||||
Other | (1) | (1) | |||||||||||||
Ending balance at Mar. 31, 2022 | (1,436) | 16,348 | $ 5,738 | 1,113 | 9,526 | (29) | |||||||||
Ending balance (in shares) at Mar. 31, 2022 | 811,000 | 275 | |||||||||||||
Beginning balance at Dec. 31, 2022 | 27,881 | [1] | (1,572) | 17,245 | [2] | $ 5,738 | 1,113 | 10,385 | 9 | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | 835,000 | 275 | |||||||||||||
Net income | 997 | 353 | 353 | ||||||||||||
Other comprehensive loss, net of tax | 7 | 7 | (5) | (5) | |||||||||||
Other | 1 | $ 1 | |||||||||||||
Ending balance at Mar. 31, 2023 | $ 28,356 | $ (1,565) | $ 17,593 | $ 5,738 | $ 1,113 | $ 10,738 | $ 4 | ||||||||
Ending balance (in shares) at Mar. 31, 2023 | 836,000 | 275 | |||||||||||||
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Nature of Operations |
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Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S., nonregulated electric generation and a noncontrolling interest in Cove Point. In connection with the comprehensive business review announced in November 2022, Dominion Energy entered into agreements in September 2023 to sell all of its regulated gas distribution operations, except for DESC’s, to Enbridge. In addition, Dominion Energy completed the sale in September 2023 of its remaining 50% noncontrolling partnership interest in Cove Point to BHE under the agreement entered in July 2023. As discussed in Notes 3 and 10, these operations are classified as discontinued operations and held for sale in Dominion Energy’s Consolidated Financial Statements. Subsequently in September 2023, Dominion Energy revised its primary operating segments as discussed in Note 21. Dominion Energy’s Consolidated Financial Statements and Notes have been recast to reflect these changes in presentation. |
Significant Accounting Policies |
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Significant Accounting Policies | Note 2. Significant Accounting Policies As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023, and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. Such adjustments are normal and recurring in nature unless otherwise noted. The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. Certain amounts in the Companies’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, with the exception of the items described below. Cash, Restricted Cash and Equivalents Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022:
(1) At March 31, 2023, March 31, 2022, December 31, 2022 and December 31, 2021, Dominion Energy had $39 million, $59 million, $34 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale. (2) At March 31, 2023, March 31, 2022, December 31, 2022 and December 31, 2021, Dominion Energy had $1 million, less than $1 million, $2 million and less than $1 million, respectively, of restricted cash and equivalents included in current assets held for sale. (3) Restricted cash and equivalents balances are presented within other current assets in Virginia Power's Consolidated Balance Sheets.
Supplemental Cash Flow Information
The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
(1) See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation. (2) Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.
The following table provides supplemental disclosure of cash flow information related to Virginia Power:
(1) Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively. |
Acquisitions and Dispositions |
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Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions Business Review Dispositions Sale of East Ohio In September 2023, Dominion Energy entered into an agreement with Enbridge for the East Ohio Transaction, which includes the sale of East Ohio and is valued at approximately $6.6 billion, consisting of a purchase price of approximately $4.3 billion in cash and approximately $2.3 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. Closing of the East Ohio Transaction is not conditioned upon the closing of the PSNC or Questar Gas Transactions. The sale will be treated as a stock sale for tax purposes and is expected to close in 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS and FCC as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS. In October 2023, as required under the sale agreement, Dominion Energy filed a notice with the Ohio Commission. The proposed internal reorganization in connection with the East Ohio Transaction is subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 and received approval from the Utah Commission in November 2023. Upon closing, Dominion Energy will retain the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants in both East Ohio's union pension and other postretirement benefit plans and retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. The East Ohio Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $155 million due to Dominion Energy under certain conditions. Based on the recorded balances at September 30, 2023, Dominion Energy expects to recognize a pre-tax gain of approximately $20 million ($20 million after-tax loss) upon closing, including the write-off of $1.5 billion of goodwill which is not deductible for tax purposes but excluding the effects of final closing adjustments. At the closing of the East Ohio Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. Sale of PSNC In September 2023, Dominion Energy entered into an agreement with Enbridge for the PSNC Transaction, which includes the sale of PSNC and is valued at approximately $3.1 billion, consisting of a purchase price of approximately $2.2 billion in cash and approximately $1.0 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. Closing of the PSNC Transaction is not conditioned upon the closing of the East Ohio or Questar Gas Transactions. The sale will be treated as a stock sale for tax purposes and is expected to close in 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and North Carolina Commission as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS. In October 2023, Dominion Energy filed for approval from the North Carolina Commission. The proposed internal reorganization in connection with the PSNC Transaction is subject to approval by the North Carolina Commission. Dominion Energy filed for such approval in September 2023. Upon closing, Dominion Energy will retain the entirety of the assets and obligations, including related income tax and other deferred balances, of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. The PSNC Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $78 million due to Dominion Energy under certain conditions. Based on the recorded balances at September 30, 2023, Dominion Energy expects to recognize a pre-tax gain of approximately $130 million ($290 million after-tax loss) upon closing, including the write-off of $0.7 billion of goodwill which is not deductible for tax purposes but excluding the effects of final closing adjustments. At the closing of the PSNC Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. Sale of Questar Gas and Wexpro In September 2023, Dominion Energy entered into an agreement with Enbridge for the Questar Gas Transaction, which includes the sale of Questar Gas, Wexpro and related affiliates and is valued at approximately $4.3 billion, consisting of a purchase price of approximately $3.0 billion in cash and approximately $1.3 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. Closing of the Questar Gas Transaction is not conditioned upon the closing of the East Ohio or PSNC Transactions. The sale will be treated as a stock sale for tax purposes and is expected to close in 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and Utah and Wyoming Commissions as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS. In October 2023, Dominion Energy filed for approvals from the Utah and Wyoming Commissions. In October 2023, Dominion Energy filed the notice with the Idaho Commission required for closing of the Questar Gas Transaction. The proposed internal reorganization in connection with the Questar Gas Transaction is subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 and received approval from the Utah Commission in November 2023. Upon closing, Dominion Energy will retain the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. The Questar Gas Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $107 million due to Dominion Energy under certain conditions. Based on the recorded balances at September 30, 2023, Dominion Energy expects to recognize a pre-tax loss of approximately $10 million ($530 million after-tax loss) upon closing, including the write-off of $1.0 billion of goodwill which is not deductible for tax purposes but excluding the effects of final closing adjustments. At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. Other Sales In August 2023, Dominion Energy entered into an agreement and completed the sale of Tredegar Solar Fund I, LLC to Spruce Power for cash consideration of $21 million. Financial Statement Information The operations included in each of the East Ohio, PSNC and Questar Gas Transactions are presented as held for sale and discontinued operations within the Corporate and Other segment effective September 2023. In addition, operations associated with the other sales related to the comprehensive business review are also presented as discontinued operations within the Corporate and Other segment effective September 2023. As a result, the previously reported amounts have been recast to reflect this presentation and depreciation and amortization ceased on the applicable assets. The following table represents selected information for each disposal group regarding the results of operations reported within discontinued operations in Dominion Energy's Consolidated Statements of Income:
(1) Excludes $(9) million and $(4) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for the three months ended March 31, 2023 and 2022, respectively. The carrying amount of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy's Consolidated Balance Sheets were as follows:
(1) Includes cash and cash equivalents of $4 million and $6 million within the East Ohio Transaction, less than $1 million and less than $1 million within the PSNC Transaction and $35 million and $28 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. Also includes regulatory assets of $42 million and $90 million within the East Ohio Transaction, $93 million and $95 million within the PSNC Transaction and $514 million and $273 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. (2) Includes goodwill of $1.5 billion, $673 million and $983 million at both March 31, 2023 and December 31, 2022 within the East Ohio, PSNC and Questar Gas Transactions, respectively. Also includes regulatory assets of $779 million and $751 million within the East Ohio Transaction, $92 million and $93 million within the PSNC Transaction and $(27) million and $(22) million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. (3) Includes regulatory liabilities of $52 million and $43 million within the East Ohio Transaction, $33 million and $11 million within the PSNC Transaction and $45 million and $144 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. (4) Includes regulatory liabilities of $743 million and $749 million within the East Ohio Transaction, $437 million and $436 million within the PSNC Transaction and $506 million and $506 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. Capital expenditures and significant noncash items relating to the disposal groups included the following:
Disposition of Gas Transmission & Storage Operations In December 2021, Dominion Energy completed the sale of the Q-Pipe Group to Southwest Gas, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the first quarter of 2022, Dominion Energy recognized a gain of $27 million ($20 million after-tax) in discontinued operations in its Consolidated Statements of Income associated with finalization of working capital adjustments. |
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Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following:
(1) See Note 19 for amounts attributable to affiliates. (2) Sales of renewable energy credits were $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $3 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power. (3) Includes alternative revenue of $27 million and $8 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2023 and 2022, respectively.
Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2023. At March 31, 2023 and December 31, 2022, Dominion Energy’s contract liability balances were $44 million and $51 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022, Virginia Power’s contract liability balances were $51 million and $39 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2023 and 2022, Dominion Energy recognized revenue of $46 million and $42 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2023 and 2022, Virginia Power recognized $39 million and $33 million, respectively, from the beginning contract liability balances. |
Income Taxes |
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Income Taxes | Note 5. Income Taxes For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
In the first quarter of 2022, Dominion Energy entered into an agreement to sell 100% of the equity interests in Hope in a stock sale for income tax purposes. Upon meeting the classification as held for sale, Dominion Energy established $87 million of deferred tax liabilities reflecting the excess of the financial reporting basis over the tax basis in Hope’s stock. These deferred taxes reversed upon closing of the sale in August 2022 and became a component of current income tax expense on the sale. See Note 3 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the sale of Hope.
As of March 31, 2023, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of these unrecognized tax benefits.
Discontinued operations Income tax (benefit) expense reflected in discontinued operations is $56 million and $100 million for the three months ended March 31, 2023 and 2022, respectively. |
Earnings Per Share |
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Earnings Per Share | The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
(1) Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends. (2) Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.
The 2019 Equity Units, prior to settlement in June 2022, were a potentially dilutive instrument. See Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. |
Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 7. Accumulated Other Comprehensive Income (Loss) Dominion Energy The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
(1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $83 million, $83 million, $107 million and $119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (3) Net of $6 million, $13 million, $8 million and $(10) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (4) Net of $449 million, $445 million, $380 million and $396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (5) Net of $— million, $1 million, $1 million and $1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.
Virginia Power The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
(1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $(2) million, $(5) million, $9 million and $16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (3) Net of $1 million, $2 million, $1 million and $(2) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 8. Fair Value Measurements The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 9 in this report for additional information about the Companies’ derivatives and hedge accounting activities. The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable. The following table presents the Companies' quantitative information about Level 3 fair value measurements at March 31, 2023. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
(1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Nonrecurring Fair Value Measurements See Note 10 for information regarding nonrecurring fair value measurements associated with Dominion Energy’s noncontrolling ownership interest in Dominion Privatization.
In the first quarter of 2023, Dominion Energy recorded a charge of $91 million ($68 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. The corporate office building is reflected in the Corporate and Other segment and presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2023. Recurring Fair Value Measurements The following table presents the Companies' assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
(1) Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $381 million and $404 million of assets at Dominion Energy, inclusive of $152 million and $161 million at Virginia Power, at March 31, 2023 and December 31, 2022, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in the Companies' assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
Dominion Energy had less than $1 million of unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2023 and no such amounts for the three months ended March 31, 2022. Virginia Power had no such amounts for the three months ended March 31, 2023 and 2022. Fair Value of Financial Instruments Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:
(1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. Additionally, the Dominion Energy carrying amount includes portions classified as held for sale and presented in current liabilities held for sale and noncurrent liabilities held for sale. |
Derivatives and Hedge Accounting Activities |
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedge Accounting Activities | Note 9. Derivatives and Hedge Accounting Activities The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives.
Cash collateral is used in the table below to offset derivative assets and liabilities. In February 2022, Dominion Energy entered into contracts representing offsetting positions to certain existing exchange contracts with collateral requirements as well as new over-the-counter transactions that are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments. Balance Sheet Presentation The tables below present the Companies' derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
(1) Excludes derivative assets of $151 million and $201 million at Dominion Energy and $1 million and $30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements.
(1) Excludes derivative liabilities of $68 million and $26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements. Volumes The following table presents the volume of the Companies' derivative activity at March 31, 2023. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.
(1) Includes options. (2) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023:
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of the Companies' derivatives and where they are presented in their Consolidated Balance Sheets:
(1) Includes $1 million and $118 million recorded in in Dominion Energy's Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets, with the exception of $1 million recorded in in Dominion Energy's Consolidated Balance Sheets at December 31, 2022. (3) Includes $1 million and $6 million recorded in in Dominion Energy's Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies' Consolidated Balance Sheets, with the exception of $1 million recorded in in Dominion Energy's Consolidated Balance Sheets at both March 31, 2023 and December 31, 2022.
The following tables present the gains and losses on the Companies' derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.
(1) Amounts deferred into AOCI have no associated effect in the Companies' Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. (3) Amounts recorded in the Companies' Consolidated Statement of Income are classified in interest and related charges.
(1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. (2) Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service. |
Investments |
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Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Note 10. Investments Dominion Energy Equity and Debt Securities Rabbi Trust Securities Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $108 million and $111 million at March 31, 2023 and December 31, 2022, respectively. Decommissioning Trust Securities The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. The Companies' decommissioning trust funds are summarized below:
(1) Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense). (3) Dominion Energy includes pending sales of securities of $33 million and $42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $17 million and $24 million at March 31, 2023, and December 31, 2022, respectively. (4) Dominion Energy's fair value of securities in an unrealized loss position was $1.2 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. Virginia Power's fair value of securities in an unrealized loss position was $627 million and $946 million at March 31, 2023 and December 31, 2022, respectively. 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:
(1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability. 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 March 31, 2023 by contractual maturity is as follows:
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.
(1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Equity Method Investments Dominion Energy recorded equity earnings on its investments of $2 million and $6 million for the three months ended March 31, 2023 and 2022, respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings of $76 million and $72 million for the three months ended March 31, 2023 and 2022, respectively, in discontinued operations, including amounts primarily related to its investments in Cove Point and Atlantic Coast Pipeline discussed below. Dominion Energy received distributions of $85 million and $76 million for the three months ended March 31, 2023 and 2022, respectively. Dominion Energy made contributions of $10 million and $74 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $217 million and $223 million, respectively. At March 31, 2023, these differences are primarily comprised of $9 million of equity method goodwill that is not being amortized and a $213 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets. At December 31, 2022, these differences are comprised of $9 million of equity method goodwill that is not being amortized, $215 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets and a net $(1) million basis difference primarily attributable to capitalized interest. Cove Point Prior to the completion of the sale in September 2023 as discussed below, Dominion Energy held a 50% noncontrolling limited partnership interest in Cove Point which was accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Dominion Energy recorded distributions from Cove Point of $83 million and $76 million for the three months ended March 31, 2023 and 2022, respectively. In July 2023, Dominion Energy entered into an agreement to sell its 50% noncontrolling limited partnership interest in Cove Point to BHE for cash consideration of $3.3 billion which closed in September 2023 after all customary closing and regulatory conditions were satisfied, including clearance under the Hart-Scott-Rodino Act and approval from the DOE. The sale is treated as an asset sale for tax purposes. In addition, Dominion Energy received proceeds of $199 million from the settlement of related interest rate derivatives. In connection with closing, Dominion Energy utilized proceeds, as required, to repay DECP Holding's term loan secured by its noncontrolling interest in Cove Point, which had an outstanding balance of $2.2 billion, and $750 million of outstanding borrowings under Dominion Energy’s two $600 million 364-day term loan facilities entered in July 2023. In September 2023, as a result of Dominion Energy entering agreements for the East Ohio, PSNC and Questar Gas Transactions, Dominion Energy’s 50% noncontrolling limited partnership interest in Cove Point also met the requirements to be presented as discontinued operations and held for sale as both disposition activities were executed in connection with Dominion Energy’s comprehensive business review announced in November 2022. In addition, interest expense associated with DECP Holding's term loan secured by its noncontrolling interest in Cove Point have been classified as discontinued operations. As a result, the previously reported amounts have been recast to reflect this presentation. Amounts presented within discontinued operations within Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023 include $76 million of earnings on equity method investees, $62 million of interest expense and $3 million of income tax expense. Such amounts for the three months ended March 31, 2022 were $73 million of earnings on equity method investees, $(91) million of interest expense (benefit) and $35 million of income tax expense. Dominion Energy’s Consolidated Balance Sheets at both March 31, 2023 and December 31, 2022 include $2.7 billion within noncurrent assets held for sale for Dominion Energy’s 50% noncontrolling limited partnership interest in Cove Point. Atlantic Coast Pipeline A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 and December 31, 2022, Dominion Energy has recorded a liability of $100 million and $114 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs. Dominion Energy recorded $6 million of contributions to Atlantic Coast Pipeline during the three months ended March 31, 2023. Dominion Energy made no contributions to Atlantic Coast Pipeline during the three months ended March 31, 2022. Dominion Energy expects to incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows. Wrangler A description of Dominion Energy’s investment in Wrangler (through March 2022) is included in Note 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022. In March 2022, Dominion Energy sold its remaining 15% noncontrolling partnership interest in Wrangler to Interstate Gas Supply, Inc. for cash consideration of $85 million. Dominion Energy recognized a gain of $11 million ($8 million after-tax), included in other income (expense), in its Consolidated Statements of Income for the three months ended March 31, 2022. Dominion Privatization Dominion Energy holds a 50% noncontrolling ownership interest in Dominion Privatization which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In March 2022, Dominion Energy completed its initial contribution of privatization operations in South Carolina (excluding contracts held by DESC), Texas and Pennsylvania to Dominion Privatization for total consideration of $120 million, subject to customary closing adjustments, comprised of $60 million in cash proceeds and a 50% noncontrolling ownership interest in Dominion Privatization with an initial fair value of $60 million, estimated using the market approach. This was considered a Level 2 fair value measurement given that it was based on the agreed-upon sales price. In the first quarter of 2022, Dominion Energy recorded a gain of $23 million ($16 million after-tax), presented in losses (gains) on sales of assets in its Consolidated Statements of Income. |
Property, Plant and Equipment |
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Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 11. Property, Plant and Equipment Acquisitions of Nonregulated Solar Projects Other than the item discussed below, there have been no significant updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
In March 2023, Dominion Energy entered into an agreement to acquire the Foxhound solar development project in Virginia (reflected in Contracted Energy) with closing on the agreement expected in . The project is expected to cost approximately $205 million, including the initial acquisition cost, and commence commercial operations in with a generating capacity of 83 MW. Dominion Energy expects to claim production tax credits on the energy generated and sold by the project. Dominion Energy anticipates that an impairment charge may be required upon closing given its expectation that it is more likely that not that the nonregulated solar generation projects within Contracted Energy will be sold before the end of their useful lives as described in Note 10 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Regulatory Assets and Liabilities |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities | Note 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following:
(1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 for additional information. (3) Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. (4) Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (5) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. (6) Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (7) Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers. (8) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries. Includes $308 million and $302 million of regulatory assets in aggregate at March 31, 2023 and December 31, 2022, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction. (9) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023. (10) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years. (11) Rates charged to customers by Dominion Energy and Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (14) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. (15) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. (16) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. At March 31, 2023, Dominion Energy and Virginia Power regulatory assets include $4.4 billion and $2.7 billion, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters |
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Regulated Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Note 13. Regulatory Matters
Regulatory Matters Involving Potential Loss Contingencies
As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. Other Regulatory Matters
Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Virginia Regulation - Key Legislation Affecting Operations Virginia 2023 Legislation In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA, and revised portions of the existing regulatory framework affecting Virginia Power’s operations. See Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, for additional information on the Regulation Act and GTSA. The legislation resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. Such biennial reviews shall include the establishment of an authorized ROE to be utilized for base rates and riders, prospective base rates for the upcoming two-year period based on projected cost of service and a determination by the Virginia Commission as to Virginia Power’s base rate earned return for the most recently completed two-year period against the previously authorized ROE, including any potential credits to customers’ bills. The legislation provides that the Virginia Commission will establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, reflecting the average authorized ROE of vertically integrated electric utilities by the applicable regulatory commissions in the peer group jurisdictions of Florida, Georgia, Texas, Tennessee, West Virginia, Kentucky and North Carolina. Subsequent to the 2023 Biennial Review, all provisions related to this peer group benchmarking expire and the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations. In all future biennial reviews, if the Virginia Commission determines that Virginia Power’s existing base rates will, on a going-forward basis, produce revenues that are either in excess of or below its authorized rate of return, the Virginia Commission is authorized to reduce or increase such base rates, as applicable and necessary, to ensure that Virginia Power’s base rates are just and reasonable while still allowing Virginia Power to recover its costs and earn a fair rate of return. In addition, beginning with the biennial review to be filed in 2025, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding. The legislation directs that if the Virginia Commission determines as part of the 2023 Biennial Review that Virginia Power has earned more than 70 basis points above its authorized ROE of 9.35% established in the 2021 Triennial Review that 85% of the amount of such earnings above this level be credited to customers’ bills. In future biennial reviews, beginning with the biennial review to be filed in 2025, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE. For the purposes of measuring any bill credits due to customers, associated income taxes are factored into the determination of such amounts. In addition, the legislation eliminates Virginia Power’s ability to utilize Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects as a CCRO to reduce or offset any earnings otherwise eligible for customer credits as previously permitted under the GTSA. In addition to the biennial review mechanisms discussed above, the legislation also includes provisions related to other aspects of Virginia Power’s ratemaking framework. • Riders into base rates: Virginia Power is required to combine certain riders with an aggregate annual revenue requirement of at least $350 million with its base rates effective July 2023. After such riders are combined, they will be considered as part of base rates for the purposes of the biennial review proceedings. The inclusion of such riders cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review. • Rider consolidation: Upon determination by the Virginia Commission, certain riders, while remaining separate from base rates, may be consolidated for cost recovery and review purposes. • Capitalization ratio: The legislation establishes that Virginia Power is required to undertake reasonable efforts to maintain a common equity capitalization to total capitalization ratio through December 2024 of 52.10%. • Fuel cost securitization: Virginia Power is authorized, on or before July 2024, to petition the Virginia Commission for approval of a financing order for certain deferred fuel costs. Virginia Power is required to permit certain retail customers to opt out of any such deferred fuel cost securitization. • Electric generation plant retirements: The Virginia Commission shall provide to the Virginia General Assembly, on an annual basis, a report that includes information concerning the reliability impacts of generation unit additions and retirement determinations, along with the potential impact on the purchase of power from generation assets outside of the Virginia jurisdiction, the result of which could impact the depreciable lives of Virginia Power’s electric generation facilities in future periods. Virginia Regulation - Recent Developments Virginia Fuel Expenses In May 2023, Virginia Power filed its annual fuel factor filing with the Virginia Commission to recover an estimated $2.3 billion in Virginia jurisdictional projected fuel expense for the rate year beginning and a projected $1.3 billion under-recovered balance as of June 30, 2023. The projected under-recovered balance includes $578 million representing the remaining two years of under-recovered balance as of June 30, 2022 being collected over a three-year period in accordance with the Virginia Commission’s approval of Virginia Power’s 2022 annual fuel factor as described in Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Virginia Power proposed two alternatives to recover these under-collected fuel costs. The first option reflects recovery of the total $3.3 billion fuel cost requirement over the July 2023 through June 2024 fuel period and results in an increase in Virginia Power’s fuel revenues of $631 million when applied to projected kilowatt-hour sales for the period. The second option proposed by Virginia Power incorporates its anticipated July 2023 application to the Virginia Commission for approval of a financing order to securitize up to the projected $1.3 billion under-recovered balance as of June 30, 2023 as permitted under legislation enacted in Virginia in April 2023. Under this option, Virginia Power proposed implementation of the current period fuel factor rate only effective July 2023 on an interim basis, while suspending implementation of the prior-period fuel factor rate pending the Virginia Commission’s consideration of the securitization petition. If approved by the Virginia Commission, the securitization option results in a net decrease in Virginia Power’s fuel revenues for the rate year of approximately $541 million. In addition, Virginia Power has proposed to alter the order in which revenue from certain customers who elect to pay market-based rates would be allocated between base rates and fuel, which if approved would result in a reduction to fuel revenue of $13 million. This matter is pending. GTSA Filing In March 2023, Virginia Power filed a petition with the Virginia Commission for approval of Phase III, covering 2024 through 2026, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan includes 14 projects covering six components (i) AMI; (ii) customer information platform; (iii) grid improvement projects; (iv) physical and cyber security; (v) telecommunications infrastructure and (vi) customer education. For Phase III, the total proposed capital investment is $1.1 billion and the proposed operations and maintenance investment is $71 million. This matter is pending. Renewable Generation Projects In October 2022, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct and operate eight utility-scale projects totaling approximately 474 MW of solar generation and 16 MW of energy storage as part of its efforts to meet the renewable generation development requirements under the VCEA. The projects, as of October 2022, are expected to cost approximately $1.2 billion in the aggregate, excluding financing costs, and be placed into service between 2024 through 2025. In April 2023, the Virginia Commission approved the petition. Riders Developments for significant riders associated with various Virginia Power projects are as follows:
(1) Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects. (2) Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1. (3) Consists of previously approved phases of Rider U. (4) In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023. (5) In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023. Electric Transmission Projects Developments for significant Virginia Power electric transmission projects approved or applied for are as follows:
North Carolina Regulation PSNC Rider D Rider D allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales. In February 2023, PSNC submitted a filing with the North Carolina Commission for a $56 million gas cost decrease with rates effective March 2023. The North Carolina Commission approved the filing in March 2023. PSNC Customer Usage Tracker PSNC utilizes a customer usage tracker, a decoupling mechanism, which allows it to adjust its base rates semi-annually for residential and commercial customers based on average per customer consumption. In March 2023, PSNC submitted a filing with the North Carolina Commission for a $23 million decrease relating to the customer usage tracker. The North Carolina Commission approved the filing in March 2023 with rates effective April 2023. South Carolina Regulation DSM Programs DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2023, DESC filed an application with the South Carolina Commission seeking approval to recover $46 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. DESC requested that rates be effective with the first billing cycle of May 2023. In April 2023, the South Carolina Commission approved the request, effective with the first billing cycle of May 2023. Cost of Fuel DESC's retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In February 2023, DESC filed with the South Carolina Commission a proposal to increase the total fuel cost component of retail electric rates. DESC's proposed adjustment is designed to recover DESC's current base fuel costs, including its existing under-collected balance, over the 12-month period beginning with the first billing cycle of May 2023, along with a requested decrease to DESC's variable environmental and avoided capacity cost component. The net effect of the proposal is an annual increase of $176 million. In March 2023, DESC, the South Carolina Office of Regulatory Staff and another party of record filed a stipulation with the South Carolina Commission for approval to reduce the base fuel cost component reflecting a subsequent decrease in current fuel prices, resulting in a net annual increase of $121 million. In April 2023, the South Carolina Commission voted to approve the stipulation, with rates effective May 2023. Electric Transmission Project In March 2023, DESC filed an application with the South Carolina Commission requesting approval to construct and operate 19 miles of 230 kV transmission lines, a substation and associated facilities in Jasper County, South Carolina estimated to cost approximately $55 million. This matter is pending. Electric - Other DESC utilizes a pension costs rider approved by the South Carolina Commission which is designed to allow recovery of projected pension costs, including under-collected balances or net of over-collected balances, as applicable. The rider is typically reviewed for adjustment every 12 months with any resulting increase or decrease going into effect beginning with the first billing cycle in May. In February 2023, DESC requested that the South Carolina Commission approve an adjustment to this rider to increase annual revenue by $24 million. In April 2023, the South Carolina Commission approved the request. Natural Gas Base Rate Case In March 2023, DESC filed its natural gas base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $19 million effective October 2023. The base rate increase was proposed to recover significant investment in distribution infrastructure for the benefit of customers. The proposed rates would provide for an ROE of 10.38% compared to the currently authorized ROE of 10.25%. In addition, DESC elected to continue applicability of the Natural Gas Rate Stabilization Act, which allows for the adjustment of natural gas base rates annually, to its future rates and charges. This matter is pending. Ohio Regulation PIR Program In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. The Ohio Commission has approved East Ohio’s PIR program for capital investments through 2026 with 3% increases of annual capital expenditures per year. In February 2023, East Ohio filed an application with the Ohio Commission requesting approval to adjust the PIR recovery. The filing reflects gross plant investment for 2022 of $225 million, cumulative gross plant investment of $2.4 billion and a revenue requirement of $305 million. In April 2023, the Ohio Commission approved the request. CEP Program In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs at the debt rate of 6.5% on capital investments not covered by its PIR program to expand, upgrade or replace its infrastructure and information technology systems as well as investments necessary to comply with the Ohio Commission or other government regulations. In April 2022, certain parties filed an appeal with the Supreme Court of Ohio appealing the Ohio Commission’s December 2020 order establishing the CEP rider, including the rate of return utilized in determining the revenue requirement. This matter is pending. In March 2023, East Ohio filed an application with the Ohio Commission requesting approval to adjust CEP cost recovery rates for 2022 costs. The filing reflects gross plant investment for 2022 of $195 million, cumulative gross plant investment of $1.3 billion and a revenue requirement of $151 million. This matter is pending. Utah Regulation Purchased Gas In February 2023, Questar Gas filed an application with the Utah Commission seeking approval for a $92 million gas cost increase with rates effective March 2023. Subsequently in February 2023, the Utah Commission approved a $164 million gas cost increase reflecting additional undercollected gas costs incurred in January 2023. |
Leases |
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Leases [Abstract] | |
Leases | Note 14. Leases Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Dominion Energy’s Consolidated Statements of Income include $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $1 million and $9 million for the three months ended March 31, 2023 and 2022, respectively, of depreciation expense included in depreciation, depletion and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. |
Variable Interest Entities |
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | Note 15. Variable Interest Entities There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Virginia Power Virginia Power purchased shared services from DES, an affiliated VIE, of $113 million and $98 million for the three months ended March 31, 2023 and 2022, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $28 million and $28 million at March 31, 2023 and December 31, 2022, respectively, recorded in . |
Significant Financing Transactions |
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Significant Financing Transactions | Note 16. Significant Financing Transactions Credit Facilities and Short-term Debt The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Dominion Energy Dominion Energy’s short-term financing is supported by its $6.0 billion joint revolving credit facility that provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives. At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:
(1) This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At March 31, 2023, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively. In March 2023, FERC granted DESC authority through March 2025 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $2.2 billion outstanding with maturity dates of one year or less. In addition, in March 2023, FERC granted GENCO authority through March 2025 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less. In addition to the credit facility mentioned above and Virginia Power's letter of credit facilities mentioned below, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $30 million in letters of credit and will mature in . At both March 31, 2023 and December 31, 2022, Dominion Energy had $25 million in letters of credit outstanding under this facility. In March 2023, Dominion Energy entered into an agreement with a financial institution which it expects to allow it to issue up to $100 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Dominion Energy issued $58 million in letters of credit associated with this agreement. Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM as disclosed in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 and December 31, 2022, Dominion Energy’s Consolidated Balance Sheets include $389 million and $347 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt. In January 2023, Dominion Energy entered into a $2.5 billion 364-day term loan facility which bears interest at a variable rate and will mature in with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used to repay long-term debt. In February and March 2023, Dominion Energy borrowed $500 million and $1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt. The maximum allowed total debt to total capital ratio under the facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $6.0 billion joint revolving credit facility. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. At March 31, 2023, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:
(1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. In January 2023, Virginia Power entered into a letter of credit facility which allows Virginia Power to issue up to $125 million in letters of credit and matures in . At March 31, 2023, less than $1 million in letters of credit were issued and outstanding under this facility with no amounts drawn under the letters of credit. In March 2023, Virginia Power entered into an agreement with a financial institution which it expects to allow it to issue up to $125 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Virginia Power issued $80 million in letters of credit associated with this agreement. Long-term Debt Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt. In March 2023, Dominion Energy borrowed $450 million under its Sustainability Revolving Credit Agreement, which, as described in Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, matures in 2024 and bears interest at a variable rate. The proceeds from these borrowings were used for general corporate purposes. At March 31, 2023 and December 31, 2022, Dominion Energy’s Consolidated Balance Sheets include $900 million and $450 million, respectively, with respect to this facility. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In March 2023, Virginia Power issued $750 million of 5.00% senior notes and $750 million of 5.45% senior notes that mature in 2033 and 2053, respectively. Derivative Restructuring In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates, as discussed in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In March 2023, Virginia Power settled the remaining outstanding interest rate swaps which would have otherwise matured in December 2023, resulting in a $448 million reduction in securities due within one year. Preferred Stock Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At March 31, 2023 and December 31, 2022, Dominion Energy had issued and outstanding 1.8 million shares of preferred stock, 0.8 million and 1.0 million of which were designated as the Series B Preferred Stock and the Series C Preferred Stock, respectively. Dominion Energy recorded dividends of $7 million ($4.375 per share) for the three months ended March 31, 2022, on the Series A Preferred Stock. Dominion Energy recorded dividends of $9 million ($11.625 per share) for both the three months ended March 31, 2023 and 2022 on the Series B Preferred Stock. Dominion Energy recorded dividends of $11 million ($10.875 per share) for both the three months ended March 31, 2023 and 2022 on the Series C Preferred Stock. There have been no significant changes to Dominion Energy’s Series B Preferred Stock and Series C Preferred Stock as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Issuance of Common Stock Dominion Energy recorded, net of fees and commissions, $43 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2023 and $45 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2022, through various programs including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At-the-Market Program In August 2020, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022. Dominion Energy did not issue any shares or enter into any forward sale agreements under this program during the three months ended March 31, 2023. Repurchase of Common Stock In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock in addition to the $3.0 billion repurchase program authorized in July 2020 and completed in December 2020 as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022. Dominion Energy did not repurchase any shares of common stock during the three months ended March 31, 2023, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization. |
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Commitments and Contingencies | Note 17. Commitments and Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.
Environmental Matters The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations.
Air The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. At a minimum, states are required to establish regulatory programs to meet applicable requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements.
Ozone Standards The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which will be applicable 60 days after publication in the Federal Register for certain states, including Virginia. The interstate federal implementation plan imposes tighter NOX emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Until implementation plans for the 2015 ozone standards are fully developed and approved for all states in which the Companies operate, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations, financial condition and/or cash flows.
ACE Rule In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. The ACE Rule regulated GHG emissions from existing coal-fired power plants pursuant to Section 111(d) of the CAA and required states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. In January 2021, the U.S. Court of Appeals for the D.C. Circuit vacated the ACE Rule and remanded it to the EPA. This decision would take effect upon issuance of the court’s mandate. In March 2021, the court issued a partial mandate vacating and remanding all parts of the ACE Rule except for the portion of the ACE Rule that repealed the Clean Power Plan. In October 2021, the U.S. Supreme Court agreed to hear a challenge of the U.S. Court of Appeals for the D.C. Circuit’s decision on the ACE Rule. In June 2022, the U.S. Supreme Court reversed the D.C. Circuit’s decision on the ACE Rule and remanded the case back to the D.C. Circuit. Until the case is resolved by the D.C. Circuit and/or the EPA issues new rulemaking, the Companies cannot predict an impact to its operations, financial condition and/or cash flows.
Carbon Regulations In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and exceed a significant emissions rate of 75,000 tons per year of CO2 equivalent emissions. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows.
In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with best operating practices. The proposed revision to the performance standards for coal-fired steam generating units remains pending. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows.
Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities.
Regulation 316(b) In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion Energy and Virginia Power currently have 15 and nine facilities, respectively, that are subject to the final regulations. Dominion Energy is also working with the EPA and state regulatory agencies to assess the applicability of Section 316(b) to eight hydroelectric facilities, including three Virginia Power facilities. The Companies anticipate that they may have to install impingement control technologies at certain of these stations that have once-through cooling systems. The Companies are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technological, and cost benefit studies. DESC is conducting studies and implementing plans as required by the rule to determine appropriate intake structure modifications at certain facilities to ensure compliance with this rule. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.
Effluent Limitations Guidelines In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule established updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the EPA’s request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. In September 2017, the EPA signed a rule to postpone the earliest compliance dates for certain waste streams regulations in the Effluent Limitations Guidelines final rule from November 2018 to November 2020; however, the latest date for compliance for these regulations was December 2023. In October 2020, the EPA released the final rule that extends the latest dates for compliance. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.
Waste Management and Remediation The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups.
From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows.
Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At 13 sites associated with Dominion Energy, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy commenced remediation activities at one site in the second quarter of 2022. In addition, Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2023 depending on receipt of final permits and approvals. At both March 31, 2023 and December 31, 2022, Dominion Energy had $47 million, of which $1 million in both periods is reflected in liabilities held for sale and Virginia Power had $25 million at both periods, of reserves recorded. Dominion Energy is associated with 12 additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts.
Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows.
SCANA Legal Proceedings The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating primarily to events occurring before closing of the SCANA Combination. In addition, certain legal matters which have been resolved are discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at March 31, 2023 and December 31, 2022 include reserves of $88 million and $94 million, respectively, included in other current liabilities, and insurance receivables of $72 million and $68 million, respectively, included within other receivables. These balances at March 31, 2023 and December 31, 2022 include $72 million and $68 million, respectively, of offsetting reserves and insurance receivables related to personal injury or wrongful death cases which are currently pending. During both the three months ended March 31, 2023 and 2022, no charges were included in Dominion Energy’s Consolidated Statements of Income.
Governmental Proceedings and Investigations In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $165 million to resolve this matter. In June 2021, the parties executed a settlement agreement which allows DESC to fund the settlement amount through a combination of cash, shares of Dominion Energy common stock or real estate with an initial payment of at least $43 million in shares of Dominion Energy common stock. In August 2021, Dominion Energy issued 0.6 million shares of its common stock to satisfy DESC’s obligation for the initial payment under the settlement agreement. In May 2022, Dominion Energy issued an additional 0.9 million shares of its common stock to partially satisfy DESC’s remaining obligation under the settlement agreement. In June 2022, DESC requested approval from the South Carolina Commission to transfer certain real estate with a total settlement value of $51 million to satisfy its remaining obligation under the settlement agreement. In July 2022, the South Carolina Commission voted to approve the request and issued its final order in August 2022. In September 2022, DESC transferred certain non-utility property with a fair value of $28 million to the SCDOR under the settlement agreement. In December 2022, DESC transferred additional utility property with a fair value of $3 million to the SCDOR. In October 2022, DESC filed for approval to transfer the remaining real estate with FERC which was received in November 2022. In March 2023, DESC transferred utility property with a fair value of $10 million to the SCDOR resulting in a gain of $9 million ($7 million after-tax), recorded in losses (gains) on sales of assets in Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023. The remaining utility property transfer is expected to be completed by early 2024 and result in a gain of approximately $10 million upon completion.
Nuclear Operations Nuclear Insurance There have been no significant changes regarding the Companies’ nuclear insurance as described in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022.
Spent Nuclear Fuel As discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, the Companies entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982.
Guarantees, Surety Bonds and Letters of Credit At March 31, 2023, Dominion Energy had issued four guarantees related to Cove Point, an equity method investment, in support of terminal services, transportation and construction. Two of the Cove Point guarantees have a cumulative maximum exposure of $1.9 billion while the other two guarantees have no maximum limit. No amounts related to these guarantees have been recorded.
In addition, at March 31, 2023, Dominion Energy had issued an additional $20 million of guarantees, primarily to support third parties. No amounts related to these guarantees have been recorded.
Dominion Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.
At March 31, 2023, Dominion Energy had issued the following subsidiary guarantees:
(1) Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. (2) Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. (3) Includes guarantees to facilitate the development of solar projects. (4) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. (5) Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. (6) In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023, no amounts have been recorded related to this guarantee.
Additionally, at March 31, 2023, Dominion Energy had purchased $268 million of surety bonds, including $190 million at Virginia Power and $38 million relates to entities held for sale, and authorized the issuance of letters of credit by financial institutions of $154 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid. |
Credit Risk |
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Risks And Uncertainties [Abstract] | |
Credit Risk | Note 18. Credit Risk The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023, Dominion Energy’s credit exposure totaled $217 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 89%. No single counterparty, whether investment grade or non-investment grade, exceeded $48 million of exposure. At March 31, 2023, Virginia Power’s exposure related to wholesale customers totaled $34 million. Of this amount, investment grade counterparties, including those internally rated, represented 54%. No single counterparty, whether investment grade or non-investment grade, exceeded $13 million of exposure. Credit-Related Contingent Provisions Certain of Dominion Energy and Virginia Power's derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy and Virginia Power to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered, Dominion Energy and Virginia Power would have been required to post additional collateral to its counterparties of $106 million and $45 million, respectively, as of March 31, 2023, and $140 million and $28 million, respectively, as of December 31, 2022. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy had posted collateral of $1 million at March 31, 2023, and both Dominion Energy and Virginia Power had posted $72 million at December 31, 2022, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. Virginia Power had no such collateral posted at March 31, 2023. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering $6 million and $20 million of fair value of derivative instruments in a liability position at March 31, 2023 and December 31, 2022, respectively. The aggregate fair value of all derivative instruments with credit related contingent provisions that are in a liability position and not fully collateralized with cash for Dominion Energy and Virginia Power was $107 million and $45 million, respectively, as of March 31, 2023 and $212 million and $99 million, respectively, as of December 31, 2022, which does not include the impact of any offsetting asset positions. See Note 9 for additional information about derivative instruments. |
Related-Party Transactions |
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Related-Party Transactions | Note 19. Related-Party Transactions Dominion Energy’s transactions with equity method investments are described in Note 10. Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy's consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. A discussion of Virginia Power's significant related-party transactions follows. Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At March 31, 2023, Virginia Power’s derivative assets and liabilities with affiliates were $5 million and $82 million, respectively. At December 31, 2022, Virginia Power’s derivative assets and liabilities with affiliates were $33 million and $31 million, respectively. See Note 9 for additional information. Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 and December 31, 2022, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $431 million and $422 million, respectively. At March 31, 2023 and December 31, 2022, Virginia Power's amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $534 million and $518 million, respectively. DES and other affiliates provide accounting, legal, finance and certain administrative and technical services and licenses to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Virginia Power’s significant transactions with DES and other affiliates:
(1) Includes capitalized expenditures of $54 million and $39 million for the three months ended March 31, 2023 and 2022, respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $1.2 billion and $2.0 billion in short-term demand note borrowings from Dominion Energy as of March 31, 2023 and December 31, 2022, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2023 and December 31, 2022. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $24 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2023 and 2022. In January 2023, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $240 million plus ancillary services. |
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Employee Benefit Plans | Note 20. Employee Benefit Plans Net Periodic Benefit (Credit) Cost The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $4 million and $6 million for the three months ended March 31, 2023 and 2022, respectively, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income, except for $(11) million and $(11) million for the three months ended March 31, 2023 and 2022, respectively, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:
Employer Contributions During the three months ended March 31, 2023, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy is not required to make any contributions to its qualified defined benefit pension plans or to VEBAs associated with its other postretirement plans in 2023. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities. |
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Operating Segments | Note 21. Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments effective September 2023 is as follows:
(1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations. (3) Includes solar generation facility development operations.
In addition to the operating segments above, the Companies also report a Corporate and Other segment.
Dominion Energy The Corporate and Other Segment of Dominion Energy includes, effective September 2023, its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization and its noncontrolling interest in Wrangler (through March 2022) and Hope (through August 2022). In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, as well as the net impact of the operations included in the East Ohio, PSNC and Questar Gas Transactions, its noncontrolling interest in Cove Point and gas transmission and storage operations, including its noncontrolling interest in Atlantic Coast Pipeline, reported as discontinued operations which are discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.
In the three months ended March 31, 2023, Dominion Energy reported after-tax net income of $409 million in the Corporate and Other segment, including $464 million of after-tax net income for specific items with $304 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2022, Dominion Energy reported after-tax net income of $29 million in the Corporate and Other segment, including $20 million of after-tax net income for specific items with $352 million of after-tax net expenses attributable to its operating segments.
The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items: • A $332 million ($253 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; • A $123 million ($90 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($77 million after-tax); and • Dominion Energy Virginia ($13 million after-tax); and • A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia. The net expenses for specific items attributable to Dominion Energy’s operating segments in 2022 primarily related to the impact of the following items: • A $172 million ($131 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; • A $125 million ($102 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:
• Contracted Energy ($90 million after-tax); and • Dominion Energy Virginia ($12 million after-tax); • A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in Virginia Power’s service territory, attributable to Dominion Energy Virginia; and • A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia.
The following table presents segment information pertaining to Dominion Energy’s operations:
Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.
In the three months ended March 31, 2023, Virginia Power reported after-tax net expenses of $31 million in the Corporate and Other segment, including $32 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2022, Virginia Power reported after-tax net expenses of $159 million in the Corporate and Other segment, including $130 million of after-tax net expenses for specific items all of which was attributable to its operating segment.
The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following item: • A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review. The net expenses for specific items attributable to Virginia Power’s operating segment in 2022 primarily related to the impact of the following items: • A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in its service territory; and • A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review.
The following table presents segment information pertaining to Virginia Power’s operations:
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting | As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023, and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. Such adjustments are normal and recurring in nature unless otherwise noted. |
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Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. |
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Consolidation | The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. |
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Reclassifications | Certain amounts in the Companies’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, with the exception of the items described below. |
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Cash, Restricted Cash and Equivalents | Cash, Restricted Cash and Equivalents Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022:
(1) At March 31, 2023, March 31, 2022, December 31, 2022 and December 31, 2021, Dominion Energy had $39 million, $59 million, $34 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale. (2) At March 31, 2023, March 31, 2022, December 31, 2022 and December 31, 2021, Dominion Energy had $1 million, less than $1 million, $2 million and less than $1 million, respectively, of restricted cash and equivalents included in current assets held for sale. (3) Restricted cash and equivalents balances are presented within other current assets in Virginia Power's Consolidated Balance Sheets.
Supplemental Cash Flow Information
The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
(1) See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation. (2) Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.
The following table provides supplemental disclosure of cash flow information related to Virginia Power:
(1) Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively. |
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Fair Value Measurements | The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable. |
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Regulatory Matters Involving Potential Loss Contingencies | Regulatory Matters Involving Potential Loss Contingencies
As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. |
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Commitments and Contingencies | As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations. |
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Guarantees, Surety Bonds and Letters of Credit | Dominion Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations. |
Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Total Cash, Restricted Cash and Equivalents | The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022:
(1) At March 31, 2023, March 31, 2022, December 31, 2022 and December 31, 2021, Dominion Energy had $39 million, $59 million, $34 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale. (2) At March 31, 2023, March 31, 2022, December 31, 2022 and December 31, 2021, Dominion Energy had $1 million, less than $1 million, $2 million and less than $1 million, respectively, of restricted cash and equivalents included in current assets held for sale. (3)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power's Consolidated Balance Sheets. |
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Schedule of Supplemental Cash Flow Information | The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
(1) See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation. (2) Includes $32 million and $6 million of financing leases at March 31, 2023 and 2022, respectively, and $85 million and $18 million of operating leases at March 31, 2023 and 2022, respectively.
The following table provides supplemental disclosure of cash flow information related to Virginia Power:
(1)
Includes $31 million and $4 million of financing leases at March 31, 2023 and 2022, respectively, and $68 million and $17 million of operating leases at March 31, 2023 and 2022, respectively. |
Acquisitions and Dispositions (Tables) |
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Results of Operations Reported within Discontinued Operations | The following table represents selected information for each disposal group regarding the results of operations reported within discontinued operations in Dominion Energy's Consolidated Statements of Income:
(1)
Excludes $(9) million and $(4) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for the three months ended March 31, 2023 and 2022, respectively. |
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Schedule of Major Classes of Assets and Liabilities of Disposal Groups Reported As Held for Sale | The carrying amount of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy's Consolidated Balance Sheets were as follows:
(1) Includes cash and cash equivalents of $4 million and $6 million within the East Ohio Transaction, less than $1 million and less than $1 million within the PSNC Transaction and $35 million and $28 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. Also includes regulatory assets of $42 million and $90 million within the East Ohio Transaction, $93 million and $95 million within the PSNC Transaction and $514 million and $273 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. (2) Includes goodwill of $1.5 billion, $673 million and $983 million at both March 31, 2023 and December 31, 2022 within the East Ohio, PSNC and Questar Gas Transactions, respectively. Also includes regulatory assets of $779 million and $751 million within the East Ohio Transaction, $92 million and $93 million within the PSNC Transaction and $(27) million and $(22) million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. (3) Includes regulatory liabilities of $52 million and $43 million within the East Ohio Transaction, $33 million and $11 million within the PSNC Transaction and $45 million and $144 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. (4)
Includes regulatory liabilities of $743 million and $749 million within the East Ohio Transaction, $437 million and $436 million within the PSNC Transaction and $506 million and $506 million within the Questar Gas Transaction at March 31, 2023 and December 31, 2022, respectively. |
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Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups | Capital expenditures and significant noncash items relating to the disposal groups included the following:
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Operating Revenue (Tables) |
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Regulated And Unregulated Operating Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Revenue | The Companies’ operating revenue consists of the following:
(1) See Note 19 for amounts attributable to affiliates. (2) Sales of renewable energy credits were $5 million and $4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $3 million and less than $1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power. (3)
Includes alternative revenue of $27 million and $8 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2023 and 2022, respectively. |
Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax | For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Computation | The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component | The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
(1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $83 million, $83 million, $107 million and $119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (3) Net of $6 million, $13 million, $8 million and $(10) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (4) Net of $449 million, $445 million, $380 million and $396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (5)
Net of $— million, $1 million, $1 million and $1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. |
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Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component | The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:
(1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $(2) million, $(5) million, $9 million and $16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (3)
Net of $1 million, $2 million, $1 million and $(2) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. |
Fair Value Measurements (Tables) |
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Fair Value Inputs, Assets, Quantitative Information | The following table presents the Companies' quantitative information about Level 3 fair value measurements at March 31, 2023. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
(1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4)
Represents volatilities unrepresented in published markets. |
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Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
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Fair Value, by Balance Sheet Grouping | The following table presents the Companies' assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $381 million and $404 million of assets at Dominion Energy, inclusive of $152 million and $161 million at Virginia Power, at March 31, 2023 and December 31, 2022, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
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Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in the Companies' assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
Dominion Energy had less than $1 million of unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2023 and no such amounts for the three months ended March 31, 2022. Virginia Power had no such amounts for the three months ended March 31, 2023 and 2022. |
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:
(1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. Additionally, the Dominion Energy carrying amount includes portions classified as held for sale and presented in current liabilities held for sale and noncurrent liabilities held for sale. |
Derivatives and Hedge Accounting Activities (Tables) |
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Offsetting Assets | The tables below present the Companies' derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
Excludes derivative assets of $151 million and $201 million at Dominion Energy and $1 million and $30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements. |
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Offsetting Liabilities | (1)
Excludes derivative liabilities of $68 million and $26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements. |
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Schedule of Volume of Derivative Activity | The following table presents the volume of the Companies' derivative activity at March 31, 2023. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.
(1) Maturity is determined based on final settlement period.
Includes options. |
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023:
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Fair Value of Derivatives | Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of the Companies' derivatives and where they are presented in their Consolidated Balance Sheets:
(1) Includes $1 million and $118 million recorded in in Dominion Energy's Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets, with the exception of $1 million recorded in in Dominion Energy's Consolidated Balance Sheets at December 31, 2022. (3) Includes $1 million and $6 million recorded in in Dominion Energy's Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. (4)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies' Consolidated Balance Sheets, with the exception of $1 million recorded in in Dominion Energy's Consolidated Balance Sheets at both March 31, 2023 and December 31, 2022. |
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on the Companies' derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.
(1) Amounts deferred into AOCI have no associated effect in the Companies' Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. (3)
Amounts recorded in the Companies' Consolidated Statement of Income are classified in interest and related charges. |
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. (2)
Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service. |
Investments (Tables) |
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Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | The Companies' decommissioning trust funds are summarized below:
(1) Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense). (3) Dominion Energy includes pending sales of securities of $33 million and $42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $17 million and $24 million at March 31, 2023, and December 31, 2022, respectively. (4) The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear
Dominion Energy's fair value of securities in an unrealized loss position was $1.2 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. Virginia Power's fair value of securities in an unrealized loss position was $627 million and $946 million at March 31, 2023 and December 31, 2022, respectively. |
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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:
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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 March 31, 2023 by contractual maturity is as follows:
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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.
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Regulatory Assets and Liabilities (Tables) |
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Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities include the following:
(1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 for additional information. (3) Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. (4) Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (5) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. (6) Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (7) Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers. (8) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries. Includes $308 million and $302 million of regulatory assets in aggregate at March 31, 2023 and December 31, 2022, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction. (9) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023. (10) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years. (11) Rates charged to customers by Dominion Energy and Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (14) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. (15) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. (16)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
Regulatory Matters (Tables) |
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Summary of Significant Virginia Power Electric Transmission Projects Applied | Developments for significant Virginia Power electric transmission projects approved or applied for are as follows:
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Significant Riders Associated With Virginia Power Projects | Developments for significant riders associated with various Virginia Power projects are as follows:
(1) Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects. (2) Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1. (3) Consists of previously approved phases of Rider U. (4) In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023. (5)
In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023. |
Significant Financing Transactions (Tables) |
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Schedule of Line of Credit Facilities | At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:
(1)
This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
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Schedule of Line of Credit Facilities | At March 31, 2023, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:
(1)
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2023, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Commitments and Contingencies (Tables) |
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Schedule of Subsidiary Guarantees | At March 31, 2023, Dominion Energy had issued the following subsidiary guarantees:
(1) Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. (2) Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. (3) Includes guarantees to facilitate the development of solar projects. (4) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. (5) Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. (6)
In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023, no amounts have been recorded related to this guarantee. |
Related-Party Transactions (Tables) |
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Schedule of Related Party Transactions | Presented below are Virginia Power’s significant transactions with DES and other affiliates:
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Employee Benefit Plans (Tables) |
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Net Periodic Benefit Cost (Credit) | Net Periodic Benefit (Credit) Cost The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $4 million and $6 million for the three months ended March 31, 2023 and 2022, respectively, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income, except for $(11) million and $(11) million for the three months ended March 31, 2023 and 2022, respectively, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:
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Operating Segments (Tables) |
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Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Primary Operating Segments | The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments effective September 2023 is as follows:
(1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations. (3)
Includes solar generation facility development operations. |
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Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations:
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Virginia Electric and Power Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Virginia Power’s operations:
|
Nature of Operations (Narrative) (Detail) |
Sep. 30, 2023 |
---|---|
Cove Point | BHE | |
Schedule Of Equity Method Investments [Line Items] | |
Percentage of equity interest sold to noncontrolling interest owners | 50.00% |
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||||||||||||
Cash and cash equivalents | [1] | $ 1,792 | $ 153 | $ 446 | $ 283 | ||||||||||
Cash and cash equivalents | 1,752 | 120 | [2] | ||||||||||||
Restricted cash and equivalents | [3] | 164 | 188 | 148 | 125 | ||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 1,956 | 341 | 594 | 408 | |||||||||||
Virginia Electric and Power Company | |||||||||||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||||||||||||
Cash and cash equivalents | 21 | 22 | [4] | 36 | 26 | ||||||||||
Restricted cash and equivalents | [5] | 1 | 2 | ||||||||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 22 | $ 24 | $ 36 | $ 26 | |||||||||||
|
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|---|---|
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||||
Cash and cash equivalents | $ 1,752 | $ 120 | [1] | ||||
Current Assets Held for Sale | |||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||||
Cash and cash equivalents | 39 | 34 | $ 59 | $ 34 | |||
Restricted cash and equivalents | $ 1 | $ 2 | |||||
Current Assets Held for Sale | Maximum | |||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||||
Restricted cash and equivalents | $ 1 | $ 1 | |||||
|
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||||
Significant noncash investing and financing activities:(1) | ||||||||
Accrued capital expenditures | [1] | $ 671 | $ 425 | |||||
Leases | [2] | 117 | 24 | |||||
Virginia Electric and Power Company | ||||||||
Significant noncash investing and financing activities:(1) | ||||||||
Accrued capital expenditures | 460 | 252 | ||||||
Leases | [3] | $ 99 | $ 21 | |||||
|
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | $ 32 | $ 6 |
Operating Leases | 85 | 18 |
Virginia Electric and Power Company | ||
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | 31 | 4 |
Operating Leases | $ 68 | $ 17 |
Acquisitions and Dispositions (Business Review Dispositions) (Narrative) (Detail) - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Aug. 31, 2023 |
|
East Ohio Transaction | Enbridge | ||
Business Acquisition And Dispositions [Line Items] | ||
Disposal group, total value of consideration | $ 6,600 | |
Disposal group, cash consideration | 4,300 | |
Disposal group, indebtedness | 2,300 | |
Termination fee | 155 | |
Disposal group, recognized a pre-tax gain | 20 | |
Disposal group, expected to recognized a loss after tax | (20) | |
Goodwill write-off | $ 1,500 | |
Disposal group, transition services description | At the closing of the East Ohio Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. | |
PSNC Transaction | Enbridge | ||
Business Acquisition And Dispositions [Line Items] | ||
Disposal group, total value of consideration | $ 3,100 | |
Disposal group, cash consideration | 2,200 | |
Disposal group, indebtedness | 1,000 | |
Termination fee | 78 | |
Disposal group, recognized a pre-tax gain | 130 | |
Disposal group, expected to recognized a loss after tax | (290) | |
Goodwill write-off | $ 700 | |
Disposal group, transition services description | At the closing of the PSNC Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. | |
Questar Gas and Wexpro | Enbridge | ||
Business Acquisition And Dispositions [Line Items] | ||
Disposal group, total value of consideration | $ 4,300 | |
Disposal group, cash consideration | 3,000 | |
Disposal group, indebtedness | 1,300 | |
Termination fee | 107 | |
Disposal group, recognized a pre-tax loss | 10 | |
Disposal group, expected to recognized a loss after tax | (530) | |
Goodwill write-off | $ 1,000 | |
Disposal group, transition services description | At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. | |
Other Sales | Tredegar Solar Fund I, LLC | ||
Business Acquisition And Dispositions [Line Items] | ||
Disposal group, cash consideration | $ 21 |
Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations) (Narrative) (Detail) - Q-Pipe Group - Southwest Gas $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Business Acquisition And Dispositions [Line Items] | |
Gain (loss) on held for sale | $ 27 |
Gain (loss) on held for sale, after tax | $ 20 |
Acquisitions and Dispositions (Results of Operations Reported within Discontinued Operations) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | $ 56 | $ 100 | ||
Net income (loss) attributable to Dominion Energy | 281 | 411 | ||
Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | (9) | (4) | ||
East Ohio Transaction | Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenue | 312 | 310 | ||
Operating expense | 216 | 218 | ||
Other income (expense) | 8 | 7 | ||
Interest and related charges | 15 | 3 | ||
Income (loss) before income taxes | 89 | 96 | ||
Income tax expense (benefit) | 13 | 14 | ||
Net income (loss) attributable to Dominion Energy | [1] | 76 | 82 | |
PSNC Transaction | Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenue | 326 | 335 | ||
Operating expense | 208 | 224 | ||
Other income (expense) | 2 | 2 | ||
Interest and related charges | 13 | 9 | ||
Income (loss) before income taxes | 107 | 104 | ||
Income tax expense (benefit) | 24 | 23 | ||
Net income (loss) attributable to Dominion Energy | [1] | 83 | 81 | |
Questar Gas Transaction | Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenue | 730 | 519 | ||
Operating expense | 579 | 388 | ||
Other income (expense) | 1 | |||
Interest and related charges | 16 | 10 | ||
Income (loss) before income taxes | 136 | 121 | ||
Income tax expense (benefit) | 29 | 26 | ||
Net income (loss) attributable to Dominion Energy | [1] | 107 | 95 | |
Other | Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenue | 1 | 2 | ||
Operating expense | 3 | $ 2 | ||
Income (loss) before income taxes | (2) | |||
Income tax expense (benefit) | (1) | |||
Net income (loss) attributable to Dominion Energy | [1] | $ (1) | ||
|
Acquisitions and Dispositions (Results of Operations Reported within Discontinued Operations) (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income tax expense (benefit) | $ 56 | $ 100 |
Business Review Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income tax expense (benefit) | $ (9) | $ (4) |
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities of Disposal Groups Reported As Held for Sale) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Current assets | $ 1,817 | $ 1,776 | [1] | ||||||||
Current liabilities | 918 | 1,398 | [2] | ||||||||
East Ohio Transaction | Business Review Dispositions | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Current assets | [3] | 476 | 544 | ||||||||
Property, plant and equipment, net | 5,064 | 5,012 | |||||||||
Other deferred charges and other assets including goodwill and intangible assets | [4] | 2,642 | 2,629 | ||||||||
Current liabilities | 489 | 634 | |||||||||
Long-term debt | 2,287 | 2,287 | |||||||||
Other deferred credits and liabilities | 1,407 | 1,435 | |||||||||
PSNC Transaction | Business Review Dispositions | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Current assets | [3] | 275 | 381 | ||||||||
Property, plant and equipment, net | 2,623 | 2,591 | |||||||||
Other deferred charges and other assets including goodwill and intangible assets | [4] | 821 | 822 | ||||||||
Current liabilities | 117 | 151 | |||||||||
Long-term debt | 798 | 798 | |||||||||
Other deferred credits and liabilities | 690 | 689 | |||||||||
Questar Gas Transaction | Business Review Dispositions | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Current assets | [3] | 985 | 803 | ||||||||
Property, plant and equipment, net | 4,021 | 3,984 | |||||||||
Other deferred charges and other assets including goodwill and intangible assets | [4] | 1,039 | 1,043 | ||||||||
Current liabilities | 311 | 612 | |||||||||
Long-term debt | 1,245 | 1,245 | |||||||||
Other deferred credits and liabilities | 1,146 | 1,087 | |||||||||
Other | Business Review Dispositions | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Current assets | 1 | 1 | |||||||||
Property, plant and equipment, net | 46 | 47 | |||||||||
Current liabilities | 1 | 1 | |||||||||
Other deferred credits and liabilities | $ 9 | $ 9 | |||||||||
|
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities of Disposal Groups Reported As Held for Sale) (Parenthetical) (Detail) - Business Review Dispositions - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
East Ohio Transaction | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | $ 4 | $ 6 |
Goodwill | 1,500 | 1,500 |
Regulatory assets | 42 | 90 |
Regulatory liabilities | 743 | 749 |
Regulatory liabilities | 52 | 43 |
East Ohio Transaction | Goodwill | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Regulatory assets | 779 | 751 |
PSNC Transaction | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Goodwill | 673 | 673 |
Regulatory assets | 93 | 95 |
Regulatory liabilities | 437 | 436 |
Regulatory liabilities | 33 | 11 |
PSNC Transaction | Goodwill | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Regulatory assets | 92 | 93 |
PSNC Transaction | Maximum | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 1 | 1 |
Questar Gas Transaction | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 35 | 28 |
Goodwill | 983 | 983 |
Regulatory assets | 514 | 273 |
Regulatory liabilities | 506 | 506 |
Regulatory liabilities | 45 | 144 |
Questar Gas Transaction | Goodwill | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Regulatory assets | $ (27) | $ (22) |
Acquisitions and Dispositions (Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Significant noncash items | ||||
Depreciation, depletion and amortization | $ 618 | $ 602 | ||
Accrued capital expenditures | [1] | 671 | 425 | |
East Ohio Transaction | Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | 98 | 95 | ||
Significant noncash items | ||||
Depreciation, depletion and amortization | 35 | 33 | ||
Accrued capital expenditures | 30 | 30 | ||
PSNC Transaction | Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | 44 | 43 | ||
Significant noncash items | ||||
Depreciation, depletion and amortization | 22 | 21 | ||
Accrued capital expenditures | 22 | 13 | ||
Questar Gas Transaction | Business Review Dispositions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | 85 | 104 | ||
Significant noncash items | ||||
Depreciation, depletion and amortization | 44 | 41 | ||
Accrued capital expenditures | 18 | 24 | ||
Other | Business Review Dispositions | ||||
Significant noncash items | ||||
Depreciation, depletion and amortization | $ 1 | $ 1 | ||
|
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | $ 3,452 | $ 3,428 | ||||||
Other revenues | [1],[2] | 431 | (315) | |||||
Total operating revenue | 3,883 | 3,113 | ||||||
Regulated Electric Sales | Residential | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 1,286 | 1,287 | ||||||
Regulated Electric Sales | Commercial | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 1,070 | 898 | ||||||
Regulated Electric Sales | Industrial | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 220 | 197 | ||||||
Regulated Electric Sales | Government and Other Retail | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 244 | 272 | ||||||
Regulated Electric Sales | Wholesale | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 44 | 47 | ||||||
Nonregulated Electric Sales | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 257 | 367 | ||||||
Regulated Gas Sales | Residential | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 136 | 163 | ||||||
Regulated Gas Sales | Commercial | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 53 | 65 | ||||||
Regulated Gas Sales | Other | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 23 | 34 | ||||||
Regulated Gas Transportation and Storage | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 4 | 10 | ||||||
Other Regulated Revenues | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 78 | 56 | ||||||
Other Nonregulated Revenues | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | [2],[3] | 37 | 32 | |||||
Virginia Electric and Power Company | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 2,346 | 2,196 | ||||||
Other revenues | [1],[2] | 38 | (29) | |||||
Total operating revenue | 2,384 | 2,167 | ||||||
Virginia Electric and Power Company | Regulated Electric Sales | Residential | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 1,010 | 1,015 | ||||||
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 866 | 717 | ||||||
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 116 | 103 | ||||||
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 229 | 258 | ||||||
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 29 | 32 | ||||||
Virginia Electric and Power Company | Nonregulated Electric Sales | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 11 | 14 | ||||||
Virginia Electric and Power Company | Other Regulated Revenues | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | 74 | 51 | ||||||
Virginia Electric and Power Company | Other Nonregulated Revenues | ||||||||
Public Utilities General Disclosures [Line Items] | ||||||||
Operating revenue from contracts with customers | [2],[3] | $ 11 | $ 6 | |||||
|
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | $ 3,452 | $ 3,428 |
Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 5 | 4 |
Alternative Revenue Programs | ||
Public Utilities General Disclosures [Line Items] | ||
Other revenues | 27 | 8 |
Virginia Electric and Power Company | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 2,346 | 2,196 |
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 3 | |
Virginia Electric and Power Company | Alternative Revenue Programs | ||
Public Utilities General Disclosures [Line Items] | ||
Other revenues | $ 27 | 8 |
Virginia Electric and Power Company | Maximum | Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | $ 1 |
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | $ 46 | $ 42 | |
Other Current Liabilities and Other Deferred Credits and Other Liabilities | |||
Revenues From Contract With Customer [Line Items] | |||
Contract liability balances | 44 | $ 51 | |
Virginia Electric and Power Company | |||
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | 39 | $ 33 | |
Virginia Electric and Power Company | Other Current Liabilities and Other Deferred Credits and Other Liabilities | |||
Revenues From Contract With Customer [Line Items] | |||
Contract liability balances | $ 51 | $ 39 |
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Effective Income Tax Computation [Line Items] | ||
U.S. statutory rate | 21.00% | 21.00% |
Increases (reductions) resulting from: | ||
Recognition of taxes - sale of subsidiary stock | 0.00% | 19.70% |
State taxes, net of federal benefit | 3.80% | 4.80% |
Investment tax credits | (2.60%) | (7.30%) |
Production tax credits | (0.40%) | (0.80%) |
Reversal of excess deferred income taxes | (1.90%) | (5.60%) |
Changes in state deferred taxes associated with assets held for sale | 0.00% | 1.10% |
AFUDC - equity | (0.10%) | (1.00%) |
Other, net | (1.20%) | 0.30% |
Effective tax rate | 18.60% | 32.20% |
Virginia Electric and Power Company | ||
Effective Income Tax Computation [Line Items] | ||
U.S. statutory rate | 21.00% | 21.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 4.60% | 4.40% |
Investment tax credits | (0.30%) | (6.70%) |
Production tax credits | (0.70%) | (0.80%) |
Reversal of excess deferred income taxes | (2.70%) | (3.00%) |
AFUDC - equity | 0.20% | (0.90%) |
Other, net | (0.20%) | 0.60% |
Effective tax rate | 21.90% | 14.60% |
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Taxes [Line Items] | ||
Income tax expense (benefit) | $ 164 | $ 143 |
Income tax (benefit) expense from discontinued operations | $ 56 | $ 100 |
Hope Gas Inc | ||
Income Taxes [Line Items] | ||
Percentage of equity interests sold | 100.00% | |
Income tax expense (benefit) | $ 87 |
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Earnings Per Share [Abstract] | ||||
Net income from continuing operations | $ 716 | $ 300 | ||
Preferred stock dividends (see Note 16) | (20) | (27) | ||
Net income attributable to Dominion Energy from continuing operations – Basic | 696 | 273 | ||
Net income attributable to Dominion Energy from continuing operations - Diluted | 696 | 273 | ||
Net income (loss) attributable to Dominion Energy | $ 281 | $ 411 | ||
Average shares of common stock outstanding – Basic | 835.2 | 810.6 | ||
Net effect of dilutive securities | [1] | 0.3 | 1.6 | |
Average shares of common stock outstanding – Diluted | 835.5 | 812.2 | ||
EPS from continuing operations – Basic | $ 0.83 | $ 0.34 | ||
EPS from discontinued operations – Basic | 0.34 | 0.5 | ||
Net income attributable to Dominion Energy | 1.17 | 0.84 | ||
EPS from continuing operations – Diluted | 0.83 | 0.34 | ||
EPS from discontinued operations – Diluted | 0.34 | 0.5 | ||
Net income attributable to Dominion Energy | $ 1.17 | $ 0.84 | ||
|
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | [1] | $ 27,881 | |||||||||||||||||||||||
Interest and related charges (benefit) | (479) | $ (242) | |||||||||||||||||||||||
Other income (expense) | 276 | 43 | |||||||||||||||||||||||
Income tax expense (benefit) | (164) | (143) | |||||||||||||||||||||||
Net Income From Continuing Operations | 716 | 300 | |||||||||||||||||||||||
Total other comprehensive income (loss) | 7 | 22 | |||||||||||||||||||||||
Ending balance | 28,356 | ||||||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | 17,245 | [2] | 15,980 | ||||||||||||||||||||||
Interest and related charges (benefit) | [3] | (181) | (148) | ||||||||||||||||||||||
Other income (expense) | 36 | 4 | |||||||||||||||||||||||
Income before income tax expense | 452 | 418 | |||||||||||||||||||||||
Income tax expense (benefit) | (99) | (61) | |||||||||||||||||||||||
Total other comprehensive income (loss) | (5) | 12 | |||||||||||||||||||||||
Ending balance | 17,593 | 16,348 | |||||||||||||||||||||||
Total Derivative-Hedging Activities | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | [4],[5] | (249) | (358) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | [4],[5] | (9) | 25 | ||||||||||||||||||||||
Total other comprehensive income (loss) | [4],[5] | (1) | 35 | ||||||||||||||||||||||
Ending balance | [4],[5] | (250) | (323) | ||||||||||||||||||||||
Total Derivative-Hedging Activities | Virginia Electric and Power Company | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | [6],[7] | 16 | (45) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | [6],[7] | (9) | 19 | ||||||||||||||||||||||
Total other comprehensive income (loss) | [6],[7] | (9) | 20 | ||||||||||||||||||||||
Ending balance | [6],[7] | 7 | (25) | ||||||||||||||||||||||
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Interest and related charges (benefit) | [4],[5] | 11 | 14 | ||||||||||||||||||||||
Income before income tax expense | [4],[5] | 11 | 14 | ||||||||||||||||||||||
Income tax expense (benefit) | [4],[5] | (3) | (4) | ||||||||||||||||||||||
Net Income From Continuing Operations | [4],[5] | 8 | 10 | ||||||||||||||||||||||
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Interest and related charges (benefit) | [6],[7] | 1 | |||||||||||||||||||||||
Income before income tax expense | [6],[7] | 1 | |||||||||||||||||||||||
Net Income From Continuing Operations | [6],[7] | 1 | |||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | [8] | (44) | 37 | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | [8] | 17 | (62) | ||||||||||||||||||||||
Total other comprehensive income (loss) | [8] | 18 | (59) | ||||||||||||||||||||||
Ending balance | [8] | (26) | (22) | ||||||||||||||||||||||
Investment Securities | Virginia Electric and Power Company | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | [9] | (7) | 4 | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | [9] | 4 | (7) | ||||||||||||||||||||||
Total other comprehensive income (loss) | [9] | 4 | (8) | ||||||||||||||||||||||
Ending balance | [9] | (3) | (4) | ||||||||||||||||||||||
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Other income (expense) | [8] | 2 | 4 | ||||||||||||||||||||||
Income before income tax expense | [8] | 2 | 4 | ||||||||||||||||||||||
Income tax expense (benefit) | [8] | (1) | (1) | ||||||||||||||||||||||
Net Income From Continuing Operations | [8] | 1 | 3 | ||||||||||||||||||||||
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Other income (expense) | [9] | (1) | |||||||||||||||||||||||
Income before income tax expense | [9] | (1) | |||||||||||||||||||||||
Net Income From Continuing Operations | [9] | (1) | |||||||||||||||||||||||
Pension and Other Postretirement Benefit Costs | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | [10] | (1,276) | (1,133) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | [10] | 28 | |||||||||||||||||||||||
Total other comprehensive income (loss) | [10] | (11) | 45 | ||||||||||||||||||||||
Ending balance | [10] | (1,287) | (1,088) | ||||||||||||||||||||||
Pension and Other Postretirement Benefit Costs | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Other income (expense) | [10] | (15) | 23 | ||||||||||||||||||||||
Income before income tax expense | [10] | (15) | 23 | ||||||||||||||||||||||
Income tax expense (benefit) | [10] | 4 | (6) | ||||||||||||||||||||||
Net Income From Continuing Operations | [10] | (11) | 17 | ||||||||||||||||||||||
Equity Method Investees | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | [11] | (3) | (4) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | [11] | 1 | 1 | ||||||||||||||||||||||
Total other comprehensive income (loss) | [11] | 1 | 1 | ||||||||||||||||||||||
Ending balance | [11] | (2) | (3) | ||||||||||||||||||||||
AOCI | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | (1,572) | (1,458) | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | 9 | (8) | |||||||||||||||||||||||
Total other comprehensive income (loss) | 7 | 22 | |||||||||||||||||||||||
Ending balance | (1,565) | (1,436) | |||||||||||||||||||||||
AOCI | Virginia Electric and Power Company | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Beginning balance | 9 | (41) | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications: gains (losses) | (5) | 12 | |||||||||||||||||||||||
Total other comprehensive income (loss) | (5) | 12 | |||||||||||||||||||||||
Ending balance | 4 | (29) | |||||||||||||||||||||||
AOCI | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Interest and related charges (benefit) | 11 | 14 | |||||||||||||||||||||||
Other income (expense) | (13) | 27 | |||||||||||||||||||||||
Income before income tax expense | (2) | 41 | |||||||||||||||||||||||
Income tax expense (benefit) | (11) | ||||||||||||||||||||||||
Net Income From Continuing Operations | $ (2) | 30 | |||||||||||||||||||||||
AOCI | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||
Interest and related charges (benefit) | 1 | ||||||||||||||||||||||||
Other income (expense) | $ (1) | ||||||||||||||||||||||||
|
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Total Derivative-Hedging Activities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 83 | $ 83 | $ 107 | $ 119 |
Total Derivative-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | (2) | (5) | 9 | 16 |
Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | 6 | 13 | 8 | (10) |
Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | 1 | 2 | 1 | (2) |
Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 449 | 445 | 380 | 396 |
Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 1 | $ 1 | $ 1 |
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
$ / MMBTU
$ / MWh
|
Dec. 31, 2022
USD ($)
|
|||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | $ 1,197 | $ 2,176 | ||||||||
Fair Value of Derivative Liabilities | 889 | 1,404 | ||||||||
Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | 233 | 882 | ||||||||
Fair Value of Derivative Liabilities | 336 | 456 | ||||||||
Fair Value, Measurements, Recurring | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Total assets | 7,131 | 7,782 | ||||||||
Total liabilities | 889 | 1,404 | ||||||||
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Total assets | 3,425 | 3,902 | ||||||||
Total liabilities | 336 | 456 | ||||||||
Fair Value, Measurements, Recurring | Commodity Contract | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | 448 | 769 | ||||||||
Fair Value of Derivative Liabilities | 393 | 926 | ||||||||
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | 142 | 268 | ||||||||
Fair Value of Derivative Liabilities | 181 | 348 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Total assets | 211 | 437 | ||||||||
Total liabilities | 5 | 15 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Total assets | 59 | 236 | ||||||||
Total liabilities | 4 | 15 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | 211 | 437 | ||||||||
Fair Value of Derivative Liabilities | 5 | 15 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | 59 | 236 | ||||||||
Fair Value of Derivative Liabilities | 4 | $ 15 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | [1],[2] | 6 | ||||||||
Fair Value of Derivative Liabilities | [1],[2] | 3 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | [1],[2] | 6 | ||||||||
Fair Value of Derivative Liabilities | [1],[2] | $ 3 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | (2) | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | (2) | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | (2) | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | (2) | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 5 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 3 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 3 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 0 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [3] | 4 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [3] | 4 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [3] | (1) | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [3] | (1) | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | [2] | $ 37 | ||||||||
Fair Value of Derivative Liabilities | [2] | 1 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | [2] | 37 | ||||||||
Fair Value of Derivative Liabilities | [2] | $ 1 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 1 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 1 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 0 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 0 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 7 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 7 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 7 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 7 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [3] | 4 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [3] | 4 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [3] | 3 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [3] | 3 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | [2] | $ 152 | ||||||||
Fair Value of Derivative Liabilities | [2] | $ 1 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 18 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 34 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 110 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [2] | 129 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [3] | 48 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Liabilities | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MWh | [3] | 63 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | [1],[2] | $ 16 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Fair Value of Derivative Assets | [1],[2] | $ 16 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 1 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 1 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Price volatility (percentage) | [4] | 23.00% | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Price volatility (percentage) | [4] | 23.00% | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 10 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Market Price | $ / MMBTU | [1],[2] | 10 | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Price volatility (percentage) | [4] | 74.00% | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Price volatility (percentage) | [4] | 74.00% | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Price volatility (percentage) | [3] | 53.00% | ||||||||
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility | Virginia Electric and Power Company | ||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
Price volatility (percentage) | [3] | 53.00% | ||||||||
|
Fair Value Measurements (Narrative) (Detail) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in operating revenue in Level 3 fair value category | $ 0 | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in operating revenue in Level 3 fair value category | $ 1,000,000 | |
Level 3 | Corporate Office Building | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets, estimated fair value | 35,000,000 | |
Impairment of Assets and Other Charges | Corporate Office Building | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets and other charges | 91,000,000 | |
Asset impairment charges after tax | 68,000,000 | |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets and other charges | 7,000,000 | 4,000,000 |
Unrealized gains or losses included in operating revenue in Level 3 fair value category | $ 0 | $ 0 |
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | $ 1,197 | $ 2,176 | ||
Derivative Liabilities | 889 | 1,404 | ||
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 233 | 882 | ||
Derivative Liabilities | 336 | 456 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 7,131 | 7,782 | ||
Total Liabilities | 889 | 1,404 | ||
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 3,425 | 3,902 | ||
Total Liabilities | 336 | 456 | ||
Fair Value, Measurements, Recurring | Equity securities: | U.S. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 4,052 | 3,810 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 2,155 | 2,028 | |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 544 | 576 | |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 329 | 360 | |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 1,302 | 1,220 | |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 697 | 632 | |
Fair Value, Measurements, Recurring | Cash Equivalents and Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents and other | [1] | 36 | ||
Fair Value, Measurements, Recurring | Cash Equivalents and Other | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents and other | [1] | 11 | ||
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 1 | |||
Derivative Liabilities | 93 | 101 | ||
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 1 | |||
Derivative Liabilities | 93 | 101 | ||
Fair Value, Measurements, Recurring | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 448 | 769 | ||
Derivative Liabilities | 393 | 926 | ||
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 142 | 268 | ||
Derivative Liabilities | 181 | 348 | ||
Fair Value, Measurements, Recurring | Interest Rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 748 | 1,407 | ||
Derivative Liabilities | 403 | 377 | ||
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 90 | 614 | ||
Derivative Liabilities | 62 | 7 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 4,253 | 3,971 | ||
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 2,258 | 2,118 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 4,052 | 3,810 | |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 2,155 | 2,028 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 165 | 161 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 92 | 90 | |
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents and other | [1] | 36 | ||
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents and other | [1] | 11 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 2,667 | 3,374 | ||
Total Liabilities | 884 | 1,389 | ||
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 1,108 | 1,548 | ||
Total Liabilities | 332 | 441 | ||
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 544 | 576 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 329 | 360 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 1,137 | 1,059 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [1] | 605 | 542 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 1 | |||
Derivative Liabilities | 93 | 101 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 1 | |||
Derivative Liabilities | 93 | 101 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 237 | 332 | ||
Derivative Liabilities | 388 | 911 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 83 | 32 | ||
Derivative Liabilities | 177 | 333 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 748 | 1,407 | ||
Derivative Liabilities | 403 | 377 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 90 | 614 | ||
Derivative Liabilities | 62 | 7 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 211 | 437 | ||
Total Liabilities | 5 | 15 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 59 | 236 | ||
Total Liabilities | 4 | 15 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 211 | 437 | ||
Derivative Liabilities | 5 | 15 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives Assets | 59 | 236 | ||
Derivative Liabilities | $ 4 | $ 15 | ||
|
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 381 | $ 404 |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 152 | $ 161 |
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 422 | $ 222 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (51) | $ 48 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Electric fuel and other energy-related purchases | |
Included in regulatory assets/liabilities | (216) | $ 20 |
Settlements | 35 | (48) |
Purchases | 16 | |
Ending balance | 206 | 202 |
Virginia Electric and Power Company | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 221 | 102 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (52) | $ 45 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Electric fuel and other energy-related purchases | |
Included in regulatory assets/liabilities | (166) | $ 80 |
Settlements | 36 | (45) |
Purchases | 16 | |
Ending balance | $ 55 | $ 22 |
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||
---|---|---|---|---|---|---|
Carrying Amount | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | [1] | $ 41,920 | $ 39,680 | |||
Supplemental credit facility borrowings | 900 | 450 | ||||
Junior subordinated notes | [1] | 1,387 | 1,387 | |||
Estimate of Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | [1],[2] | 39,771 | 36,426 | |||
Supplemental credit facility borrowings | [2] | 900 | 450 | |||
Junior subordinated notes | [1],[2] | 1,350 | 1,340 | |||
Virginia Electric and Power Company | Carrying Amount | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | [1] | 16,400 | 15,616 | |||
Virginia Electric and Power Company | Estimate of Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | [1],[2] | $ 15,314 | $ 14,067 | |||
|
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Supplemental line of credit facility borrowings expiration period | 1 year |
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 1,046 | $ 1,975 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 353 | 435 | ||
Net Amounts | 693 | 1,540 | ||
Virginia Electric and Power Company | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 232 | 852 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 81 | 45 | ||
Net Amounts | 151 | 807 | ||
Commodity Contract | Over-the-counter | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 238 | 408 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 91 | 28 | ||
Net Amounts | 147 | 380 | ||
Commodity Contract | Over-the-counter | Virginia Electric and Power Company | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 128 | 238 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 57 | 7 | ||
Net Amounts | 71 | 231 | ||
Commodity Contract | Exchange | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 59 | 160 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 59 | 159 | ||
Net Amounts | 1 | |||
Commodity Contract | Exchange | Virginia Electric and Power Company | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 13 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 13 | |||
Interest Rate Contract | Over-the-counter | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 748 | 1,407 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 202 | 248 | ||
Net Amounts | 546 | 1,159 | ||
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 90 | 614 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 38 | ||
Net Amounts | 80 | $ 576 | ||
Foreign currency exchange rate | Over-the-counter | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 1 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | |||
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company | ||||
Offsetting Assets [Line Items] | ||||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 1 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | $ 1 | |||
|
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 151 | $ 201 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 1 | $ 30 |
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 889 | $ 1,404 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 353 | 435 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 116 | 396 | ||
Net Amounts | 420 | 573 | ||
Virginia Electric and Power Company | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 268 | 430 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 81 | 45 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 18 | 247 | ||
Net Amounts | 169 | 138 | ||
Commodity Contract | Over-the-counter | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 219 | 443 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 100 | 34 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 71 | |||
Net Amounts | 119 | 0 | ||
Commodity Contract | Over-the-counter | Virginia Electric and Power Company | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 82 | 146 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 66 | 13 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 71 | |||
Net Amounts | 16 | 62 | ||
Commodity Contract | Exchange | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 174 | 483 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 59 | 159 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 115 | 324 | ||
Net Amounts | 0 | |||
Commodity Contract | Exchange | Virginia Electric and Power Company | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 31 | 176 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 13 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 18 | 176 | ||
Net Amounts | 0 | |||
Interest Rate Contract | Over-the-counter | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 403 | 377 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 193 | 210 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | 1 | ||
Net Amounts | 209 | 166 | ||
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 62 | 7 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | |||
Net Amounts | 61 | 7 | ||
Foreign currency exchange rate | Over-the-counter | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 93 | 101 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 32 | ||
Net Amounts | 92 | 69 | ||
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company | ||||
Offsetting Liabilities [Line Items] | ||||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 93 | 101 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 32 | ||
Net Amounts | $ 92 | $ 69 | ||
|
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 68,000,000 | $ 26,000,000 |
Dominion Energy | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 0 | $ 0 |
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2023 € in Millions, kr in Millions, $ in Millions |
USD ($)
MWh
Bcf
|
DKK (kr) |
[2] | EUR (€) |
||||
---|---|---|---|---|---|---|---|---|
Fixed Price - Natural Gas - Current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | 56 | |||||||
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | 53 | |||||||
Basis - Natural Gas - Current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | [1] | 160 | ||||||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | [1] | 148 | ||||||
Fixed Price - Electricity - Current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Volume of electricity | MWh | 16 | |||||||
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Volume of electricity | MWh | 8 | |||||||
Financial Transmission Rights - Electricity- Current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Volume of electricity | MWh | 18 | |||||||
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Volume of electricity | MWh | 18 | |||||||
Oil - Current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | $ | $ 6 | |||||||
Oil - Current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | $ | 6 | |||||||
Interest Rate - Current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | $ | [2] | 526 | ||||||
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | $ | [2] | $ 125 | ||||||
Foreign Currency Exchange Rate - Current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | kr 344 | € 676 | ||||||
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | 344 | 676 | ||||||
Fixed Price - Natural Gas - Non-current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | 15 | |||||||
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | 15 | |||||||
Basis - Natural Gas - Non-current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | [1] | 405 | ||||||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Volume of derivative activity | [1] | 402 | ||||||
Fixed Price - Electricity - Non-current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Volume of electricity | MWh | 45 | |||||||
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Volume of electricity | MWh | 15 | |||||||
Interest Rate - Non-current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | $ | [2] | $ 11,782 | ||||||
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | $ | [2] | $ 2,750 | ||||||
Foreign Currency Exchange Rate - Non-current Derivative Contract | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | 4,167 | 2,131 | ||||||
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||||||||
Derivative [Line Items] | ||||||||
Derivative payment | kr 4,167 | € 2,131 | ||||||
|
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains and Losses on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (250) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (33) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | 7 |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | 0 |
Interest Rate Contract | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (250) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (33) |
Maximum Term | 393 months |
Interest Rate Contract | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 7 |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 0 |
Maximum Term | 393 months |
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | $ 263 | $ 1,019 | [1] | |||||||||||||||||||||||
Derivative Liabilities, Current | 370 | 772 | [2] | |||||||||||||||||||||||
Derivative Asset, Current | [3] | 264 | 1,137 | |||||||||||||||||||||||
Derivative Asset, Noncurrent | [4] | 933 | 1,039 | |||||||||||||||||||||||
Derivatives Assets | 1,197 | 2,176 | ||||||||||||||||||||||||
Derivative Liabilities, Current | [5] | 371 | 778 | |||||||||||||||||||||||
Derivative Liabilities, Noncurrent | [6] | 518 | 626 | |||||||||||||||||||||||
Derivative Liabilities | 889 | 1,404 | ||||||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | [8] | 91 | [7] | 765 | [9] | |||||||||||||||||||||
Derivative Liabilities, Current | [10] | 152 | 298 | [11] | ||||||||||||||||||||||
Derivative Asset, Current | [3] | 91 | 765 | |||||||||||||||||||||||
Derivative Asset, Noncurrent | [4] | 142 | 117 | |||||||||||||||||||||||
Derivatives Assets | 233 | 882 | ||||||||||||||||||||||||
Derivative Liabilities, Current | [5] | 152 | 298 | |||||||||||||||||||||||
Derivative Liabilities, Noncurrent | [6] | 184 | 158 | |||||||||||||||||||||||
Derivative Liabilities | 336 | 456 | ||||||||||||||||||||||||
Commodity Contract | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 157 | 532 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 291 | 237 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 309 | 700 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 84 | 226 | ||||||||||||||||||||||||
Commodity Contract | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 79 | 264 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 63 | 4 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 145 | 290 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 36 | 58 | ||||||||||||||||||||||||
Interest Rate Contract | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 106 | 605 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 642 | 802 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 55 | 70 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 348 | 307 | ||||||||||||||||||||||||
Interest Rate Contract | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 11 | 501 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 79 | 113 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 62 | 7 | ||||||||||||||||||||||||
Foreign currency exchange rate | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 1 | |||||||||||||||||||||||||
Derivative Liabilities, Current | 7 | 8 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 86 | 93 | ||||||||||||||||||||||||
Foreign currency exchange rate | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 1 | |||||||||||||||||||||||||
Derivative Liabilities, Current | 7 | 8 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 86 | 93 | ||||||||||||||||||||||||
Designated as Hedging Instrument | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | [3] | 11 | 501 | |||||||||||||||||||||||
Derivative Asset, Noncurrent | [4] | 79 | 113 | |||||||||||||||||||||||
Derivatives Assets | 90 | 614 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | [6] | 62 | 7 | |||||||||||||||||||||||
Derivative Liabilities | 62 | 7 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | [3] | 11 | 501 | |||||||||||||||||||||||
Derivative Asset, Noncurrent | [4] | 79 | 113 | |||||||||||||||||||||||
Derivatives Assets | 90 | 614 | ||||||||||||||||||||||||
Derivative Liabilities, Current | [5] | 0 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | [6] | 62 | 7 | |||||||||||||||||||||||
Derivative Liabilities | 62 | 7 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Commodity Contract | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 0 | |||||||||||||||||||||||||
Derivative Asset, Noncurrent | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 0 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Commodity Contract | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 0 | |||||||||||||||||||||||||
Derivative Asset, Noncurrent | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Current | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 0 | |||||||||||||||||||||||||
Designated as Hedging Instrument | Interest Rate Contract | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 11 | 501 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 79 | 113 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 62 | 7 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 11 | 501 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 79 | 113 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 62 | 7 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Foreign currency exchange rate | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 0 | 0 | ||||||||||||||||||||||||
Designated as Hedging Instrument | Foreign currency exchange rate | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Liabilities, Current | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 0 | 0 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | [3] | 253 | 636 | |||||||||||||||||||||||
Derivative Asset, Noncurrent | [4] | 854 | 926 | |||||||||||||||||||||||
Derivatives Assets | 1,107 | 1,562 | ||||||||||||||||||||||||
Derivative Liabilities, Current | [5] | 371 | 778 | |||||||||||||||||||||||
Derivative Liabilities, Noncurrent | [6] | 456 | 619 | |||||||||||||||||||||||
Derivative Liabilities | 827 | 1,397 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | [3] | 80 | 264 | |||||||||||||||||||||||
Derivative Asset, Noncurrent | [4] | 63 | 4 | |||||||||||||||||||||||
Derivatives Assets | 143 | 268 | ||||||||||||||||||||||||
Derivative Liabilities, Current | [5] | 152 | 298 | |||||||||||||||||||||||
Derivative Liabilities, Noncurrent | [6] | 122 | 151 | |||||||||||||||||||||||
Derivative Liabilities | 274 | 449 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 157 | 532 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 291 | 237 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 309 | 700 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 84 | 226 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 79 | 264 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 63 | 4 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 145 | 290 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 36 | 58 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 95 | 104 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 563 | 689 | ||||||||||||||||||||||||
Derivative Liabilities, Current | 55 | 70 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 286 | 300 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 0 | 0 | ||||||||||||||||||||||||
Derivative Asset, Noncurrent | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Current | 0 | |||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 0 | 0 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 1 | |||||||||||||||||||||||||
Derivative Liabilities, Current | 7 | 8 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | 86 | 93 | ||||||||||||||||||||||||
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company | ||||||||||||||||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||||||||||||||||
Derivative Asset, Current | 1 | |||||||||||||||||||||||||
Derivative Liabilities, Current | 7 | 8 | ||||||||||||||||||||||||
Derivative Liabilities, Noncurrent | $ 86 | $ 93 | ||||||||||||||||||||||||
|
Derivatives and Hedge Accounting Activities - (Fair Value of Derivatives) (Parenthetical) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
|||||
---|---|---|---|---|---|---|---|
Derivatives Fair Value [Line Items] | |||||||
Derivative Asset, Current | $ 263 | $ 1,019 | [1] | ||||
Derivative Liabilities, Current | 370 | 772 | [2] | ||||
Current Assets Held for Sale | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative Asset, Current | $ 1 | $ 118 | |||||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Disposal Group, Including Discontinued Operation, Assets, Current | Disposal Group, Including Discontinued Operation, Assets, Current | |||||
Noncurrent Assets Held for Sale | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative Asset, Noncurrent | $ 1 | ||||||
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Disposal Group, Including Discontinued Operation, Assets, Noncurrent | ||||||
Current Liabilities Held for Sale | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative Liabilities, Current | $ 1 | $ 6 | |||||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current liabilities | Current liabilities | |||||
Noncurrent Liabilities Held for Sale | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative Liabilities, Noncurrent | $ 1 | $ 1 | |||||
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | |||||
|
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ (12) | $ 33 | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (11) | (14) | ||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (120) | 279 | |||||
Virginia Electric and Power Company | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | (12) | 26 | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 0 | (1) | ||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (120) | 279 | |||||
Interest Rate Contract | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[3] | (12) | 33 | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | (11) | (14) | |||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | (120) | 279 | |||||
Interest Rate Contract | Virginia Electric and Power Company | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[3] | (12) | 26 | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | 0 | (1) | |||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | $ (120) | $ 279 | |||||
|
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Commodity Contract | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 94 | $ 1 | ||||
Commodity Contract | Operating Revenue | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 395 | (330) | ||||
Commodity Contract | Operating Revenue | Virginia Electric and Power Company | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 9 | (41) | |||
Commodity Contract | Purchased Gas | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1 | |||||
Commodity Contract | Electric Fuel and Other Energy-Related Purchases | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (45) | 59 | ||||
Commodity Contract | Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (46) | 57 | |||
Interest Rate Contract | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 342 | (73) | ||||
Interest Rate Contract | Virginia Electric and Power Company | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (37) | 16 | |||
Interest Rate Contract | Interest And Related Charges | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (76) | 95 | ||||
Interest Rate Contract | Discontinued Operations | ||||||
Derivative Instruments Gain Loss [Line Items] | ||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (26) | $ 101 | ||||
|
Investments (Narrative) (Detail) - USD ($) |
1 Months Ended | 3 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Earnings from equity method investees | $ 2,000,000 | $ 6,000,000 | |||||||||||
Net losses from discontinued operations including noncontrolling interest | [1] | (281,000,000) | (411,000,000) | ||||||||||
Distributions received from investment | 85,000,000 | 76,000,000 | |||||||||||
Equity method affiliates includes cash and accrued amounts of contributions | 10,000,000 | 74,000,000 | |||||||||||
Equity method investment goodwill | 9,000,000 | $ 9,000,000 | |||||||||||
364-day term loan facility borrowings | 2,500,000,000 | ||||||||||||
Income loss from continuing operations before income taxes extraordinary items noncontrolling interest | 880,000,000 | 443,000,000 | |||||||||||
Liabilities from abandonment of project | 918,000,000 | 1,398,000,000 | [2] | ||||||||||
Contributions to equity method affiliates | 10,000,000 | 15,000,000 | |||||||||||
Interest expense | 479,000,000 | 242,000,000 | |||||||||||
Income tax expense | 164,000,000 | $ 143,000,000 | |||||||||||
Noncurrent assets held for sale | 18,923,000,000 | 18,802,000,000 | [3] | ||||||||||
Assets | 9,605,000,000 | 9,850,000,000 | [3] | ||||||||||
Liabilities | $ 12,762,000,000 | 13,450,000,000 | [2] | ||||||||||
Wrangler Retail Gas Holdings LLC | Gas Supply, Inc. | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership interest percentage of limited partner interests | 15.00% | ||||||||||||
Cash consideration from sale of noncontrolling interest | $ 85,000,000 | ||||||||||||
Amount of gain from sale | 11,000,000 | ||||||||||||
Amount of gain from sale, after tax | 8,000,000 | ||||||||||||
Dominion Energy Virginia | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Cash consideration from sale of noncontrolling interest | $ 120,000,000 | ||||||||||||
Amount of gain from sale | 23,000,000 | ||||||||||||
Amount of gain from sale, after tax | 16,000,000 | ||||||||||||
Limited partnership interest sale transaction, proceeds received | $ 60,000,000 | $ 60,000,000 | |||||||||||
Percentage ownership in total units | 50.00% | 50.00% | 50.00% | ||||||||||
Initial fair value | $ 60,000,000 | $ 60,000,000 | |||||||||||
BHE | GT&S Transaction | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Credit facility, outstanding amount | $ 750,000,000 | ||||||||||||
Cove Point and Atlantic Coast Pipeline | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Net losses from discontinued operations including noncontrolling interest | $ (76,000,000) | (72,000,000) | |||||||||||
Atlantic Coast Pipeline | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Contributions to equity method affiliates | 6,000,000 | 0 | |||||||||||
Atlantic Coast Pipeline | Other Current Liabilities | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Liabilities from abandonment of project | 100,000,000 | 114,000,000 | |||||||||||
Cove Point | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Earnings from equity method investees | 76,000,000 | 73,000,000 | |||||||||||
Distributions received from investment | 83,000,000 | 76,000,000 | |||||||||||
Interest expense | 62,000,000 | ||||||||||||
Income tax expense | $ 3,000,000 | 35,000,000 | |||||||||||
Interest and Other Income | 91,000,000 | ||||||||||||
Noncurrent assets held for sale | $ 2,700,000,000 | $ 2,700,000,000 | 2,700,000,000 | ||||||||||
Cove Point | Cove Point | GT&S Transaction | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of noncontrolling limited partnership interest retained | 50.00% | 50.00% | |||||||||||
Cove Point | Dominion Energy Virginia | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of noncontrolling limited partnership interest retained | 50.00% | ||||||||||||
Cove Point | BHE | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
364-day term loan facility borrowings | $ 600,000,000 | ||||||||||||
Cove Point | BHE | GT&S Transaction | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of noncontrolling limited partnership interest retained | 50.00% | ||||||||||||
Proceeds from settlement of related interest rate derivatives | $ 199,000,000 | ||||||||||||
Credit facility, outstanding amount | 2,200,000,000 | ||||||||||||
Cash consideration from sale of noncontrolling interest | $ 3,300,000,000 | ||||||||||||
Finite Lived Equity Method Investment Basis Difference | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Carrying amount of investment that exceeded share of underlying equity | $ 217,000,000 | 223,000,000 | |||||||||||
Equity method investment goodwill | (1,000,000) | ||||||||||||
Finite Lived Equity Method Investment Basis Difference | Cove Point | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity method investment goodwill | 213,000,000 | 215,000,000 | |||||||||||
Trading Securities | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Rabbi trust securities | $ 108,000,000 | $ 111,000,000 | |||||||||||
|
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Amortized Cost, Total | $ 3,652 | $ 3,632 | |||||||||||||
Total Unrealized Gains | 2,723 | 2,506 | |||||||||||||
Total Unrealized Losses | [1] | (113) | (181) | ||||||||||||
Allowance for Credit Losses, Total | 0 | 0 | |||||||||||||
Fixed income securities Fair Value | 1,886 | ||||||||||||||
Fair Value, Total | 6,262 | 5,957 | [2] | ||||||||||||
Net assets related to pending sales of securities | 33 | 42 | |||||||||||||
Fair value of securities in an unrealized loss position | 1,200 | 1,600 | |||||||||||||
Cash Equivalents and Other | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Cash equivalents and other, Amortized Cost | [3] | 69 | 43 | ||||||||||||
Cash equivalents and other, Total Unrealized Gains | [3] | 0 | 0 | ||||||||||||
Cash equivalents and other, Total Unrealized Losses | [3] | 0 | 0 | ||||||||||||
Cash equivalents and other, Allowance for Credit Losses | [3] | 0 | 0 | ||||||||||||
Cash equivalents and other, Fair Value | [3] | 69 | 43 | ||||||||||||
U.S. | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Equity securities Amortized Cost | [4] | 1,392 | 1,378 | ||||||||||||
Equity securities Total Unrealized Gains | [4] | 2,708 | 2,501 | ||||||||||||
Equity securities Total Unrealized Losses | [4] | (25) | (46) | ||||||||||||
Equity securities Fair Value | [4] | 4,075 | 3,833 | ||||||||||||
Virginia Electric and Power Company | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Amortized Cost, Total | 2,018 | 2,012 | |||||||||||||
Total Unrealized Gains | 1,416 | 1,307 | |||||||||||||
Total Unrealized Losses | [1] | (74) | (117) | ||||||||||||
Allowance for Credit Losses, Total | 0 | 0 | |||||||||||||
Fixed income securities Fair Value | 1,080 | ||||||||||||||
Fair Value, Total | 3,360 | 3,202 | [5] | ||||||||||||
Net assets related to pending sales of securities | 17 | 24 | |||||||||||||
Fair value of securities in an unrealized loss position | 627 | 946 | |||||||||||||
Virginia Electric and Power Company | Cash Equivalents and Other | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Cash equivalents and other, Amortized Cost | [3] | 28 | 23 | ||||||||||||
Cash equivalents and other, Total Unrealized Gains | [3] | 0 | 0 | ||||||||||||
Cash equivalents and other, Total Unrealized Losses | [3] | 0 | 0 | ||||||||||||
Cash equivalents and other, Allowance for Credit Losses | [3] | 0 | 0 | ||||||||||||
Cash equivalents and other, Fair Value | [3] | 28 | 23 | ||||||||||||
Virginia Electric and Power Company | U.S. | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Equity securities Amortized Cost | [4] | 867 | 858 | ||||||||||||
Equity securities Total Unrealized Gains | [4] | 1,407 | 1,304 | ||||||||||||
Equity securities Total Unrealized Losses | [4] | (22) | (35) | ||||||||||||
Equity securities Fair Value | [4] | 2,252 | 2,127 | ||||||||||||
Corporate Debt Fixed Income Securities | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 586 | 640 | ||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 3 | 1 | ||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (46) | (65) | ||||||||||||
Fixed income securities Allowance for Credit Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Fair Value | [6] | 543 | 576 | ||||||||||||
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 360 | 406 | ||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 2 | 1 | ||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (33) | (47) | ||||||||||||
Fixed income securities Allowance for Credit Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Fair Value | [6] | 329 | 360 | ||||||||||||
Government Debt Fixed Income Securities | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 1,299 | 1,252 | ||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 12 | 4 | ||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (42) | (70) | ||||||||||||
Fixed income securities Allowance for Credit Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Fair Value | [6] | 1,269 | 1,186 | ||||||||||||
Government Debt Fixed Income Securities | Virginia Electric and Power Company | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 709 | 664 | ||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 7 | 2 | ||||||||||||
Fixed income securities Total Unrealized Losses | [6] | (19) | (35) | ||||||||||||
Fixed income securities Allowance for Credit Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Fair Value | [6] | 697 | 631 | ||||||||||||
Insurance Contracts | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 232 | 221 | ||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 0 | 0 | ||||||||||||
Fixed income securities Total Unrealized Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Fair Value | [6] | 232 | 221 | ||||||||||||
Fixed Income | Common/collective trust funds | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 74 | 98 | ||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 0 | 0 | ||||||||||||
Fixed income securities Total Unrealized Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Allowance for Credit Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Fair Value | [6] | 74 | 98 | ||||||||||||
Fixed Income | Virginia Electric and Power Company | Common/collective trust funds | |||||||||||||||
Summary of Investment Holdings [Line Items] | |||||||||||||||
Fixed income securities Amortized Cost, Total | [6] | 54 | 61 | ||||||||||||
Fixed income securities Total Unrealized Gains | [6] | 0 | 0 | ||||||||||||
Fixed income securities Total Unrealized Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Allowance for Credit Losses | [6] | 0 | 0 | ||||||||||||
Fixed income securities Fair Value | [6] | $ 54 | $ 61 | ||||||||||||
|
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|||
Summary of Investment Holdings [Line Items] | ||||
Net gains (losses) recognized during the period | $ 226 | $ (206) | ||
Less: Net (gains) losses recognized during the period on securities sold during the period | 2 | (1) | ||
Unrealized gains (losses) recognized during the period on securities still held at period end | [1] | 228 | (207) | |
Virginia Electric and Power Company | ||||
Summary of Investment Holdings [Line Items] | ||||
Net gains (losses) recognized during the period | 116 | (102) | ||
Less: Net (gains) losses recognized during the period on securities sold during the period | 1 | (4) | ||
Unrealized gains (losses) recognized during the period on securities still held at period end | [1] | $ 117 | $ (106) | |
|
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 90 |
Due after one year through five years | 500 |
Due after five years through ten years | 420 |
Due after ten years | 876 |
Total | 1,886 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 58 |
Due after one year through five years | 274 |
Due after five years through ten years | 245 |
Due after ten years | 503 |
Total | $ 1,080 |
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | $ 544 | $ 814 | ||
Realized gains | [1] | 21 | 40 | |
Realized losses | [1] | 41 | 54 | |
Virginia Electric and Power Company | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | 373 | 392 | ||
Realized gains | [1] | 17 | 16 | |
Realized losses | [1] | $ 31 | $ 19 | |
|
Property, Plant and Equipment (Narrative) (Detail) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
MW
|
Mar. 31, 2022
USD ($)
|
|
Property Plant And Equipment [Line Items] | ||
Project Cost | $ 11 | $ 37 |
Acquisition of Solar Project Foxhound Virginia | ||
Property Plant And Equipment [Line Items] | ||
Date Agreement Entered | 2023-03 | |
Date Agreement Closed | Expected 2024 | |
Project Cost | $ 205 | |
Date of Commercial Operations | Excepted 2024 | |
MW Capacity | MW | 83 |
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | $ 1,507 | $ 1,883 | [1] | ||||||||||||||||||||||||
Regulatory assets-noncurrent | 8,108 | 8,265 | [1] | ||||||||||||||||||||||||
Total regulatory assets | 9,615 | 10,148 | |||||||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | 820 | 1,140 | [2] | ||||||||||||||||||||||||
Regulatory assets-noncurrent | 4,151 | 4,247 | [2] | ||||||||||||||||||||||||
Total regulatory assets | $ 4,971 | 5,387 | |||||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Weighted average useful life | 25 years | ||||||||||||||||||||||||||
Weighted Average | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Weighted average useful life | 24 years | ||||||||||||||||||||||||||
SCANA | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Electric service customers over period | 20 years | ||||||||||||||||||||||||||
Deferred cost of fuel used in electric generation | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [3] | $ 537 | 603 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [3] | 1,400 | 1,551 | ||||||||||||||||||||||||
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [3] | 118 | 133 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [3] | 1,400 | 1,551 | ||||||||||||||||||||||||
Deferred rider costs for Virginia electric utility | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [4] | 90 | 152 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [4] | 496 | 363 | ||||||||||||||||||||||||
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [4] | 90 | 152 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [4] | 496 | 363 | ||||||||||||||||||||||||
Ash pond and landfill closure costs | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [5] | 205 | 221 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [5] | $ 2,033 | 2,051 | ||||||||||||||||||||||||
Regulatory assets expected collection period commencing year | 2021 | ||||||||||||||||||||||||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [5] | $ 205 | 221 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [5] | $ 2,030 | 2,049 | ||||||||||||||||||||||||
Ash pond and landfill closure costs | Maximum | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets amounts expected collection period | 18 years | ||||||||||||||||||||||||||
Ash pond and landfill closure costs | Minimum | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets amounts expected collection period | 15 years | ||||||||||||||||||||||||||
Deferred nuclear refueling outage costs | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [6] | $ 66 | 83 | ||||||||||||||||||||||||
Deferred nuclear refueling outage costs | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [6] | 66 | 83 | ||||||||||||||||||||||||
NND Project Costs | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [7] | 138 | 138 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [7] | 2,053 | 2,088 | ||||||||||||||||||||||||
Deferred early plant retirement charges | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [8] | 169 | 226 | ||||||||||||||||||||||||
Deferred early plant retirement charges | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [8] | 169 | 226 | ||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [9] | 116 | 256 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [9] | 198 | 254 | ||||||||||||||||||||||||
Derivatives | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | [9] | 112 | 251 | ||||||||||||||||||||||||
Regulatory assets-noncurrent | [9] | 92 | 148 | ||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | 186 | 204 | |||||||||||||||||||||||||
Regulatory assets-noncurrent | 504 | 518 | |||||||||||||||||||||||||
Other | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-current | 60 | 74 | |||||||||||||||||||||||||
Regulatory assets-noncurrent | 129 | 132 | |||||||||||||||||||||||||
Unrecognized Pension and Other Postretirement Benefit Costs | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-noncurrent | [10] | 880 | 891 | ||||||||||||||||||||||||
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-noncurrent | [10] | 4 | 4 | ||||||||||||||||||||||||
Interest rate hedges | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-noncurrent | [11] | 169 | 169 | ||||||||||||||||||||||||
Interest rate hedges | Virginia Electric and Power Company | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-noncurrent | [11] | 0 | 0 | ||||||||||||||||||||||||
AROs and related funding | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Regulatory assets-noncurrent | [12] | $ 375 | $ 380 | ||||||||||||||||||||||||
Amortization period for deferred costs | 105 years | ||||||||||||||||||||||||||
Deferred Project Costs | Maximum | |||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||
Amortization period for deferred costs | 18 months | ||||||||||||||||||||||||||
|
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | $ 520 | $ 748 | [1] | ||||||||||||||||||||
Regulatory liabilities-noncurrent | 8,410 | 8,417 | [1] | ||||||||||||||||||||
Total regulatory liabilities | 8,930 | 9,165 | |||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | 309 | 506 | [2] | ||||||||||||||||||||
Regulatory liabilities-noncurrent | 5,557 | 5,499 | [2] | ||||||||||||||||||||
Total regulatory liabilities | $ 5,866 | 6,005 | |||||||||||||||||||||
SCANA | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Estimation period of collection to be credited | 11 years | ||||||||||||||||||||||
Electric service customers over period | 20 years | ||||||||||||||||||||||
Provision for future cost of removal and AROs | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [3] | $ 111 | 111 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [3] | 1,752 | 1,731 | ||||||||||||||||||||
Provision for future cost of removal and AROs | Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [3] | 111 | 111 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [3] | 1,148 | 1,135 | ||||||||||||||||||||
Reserve for refunds and rate credits to electric utility customers | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [4] | 109 | 125 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [4] | 298 | 325 | ||||||||||||||||||||
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [4] | 14 | 25 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [4] | 0 | 0 | ||||||||||||||||||||
Income taxes refundable through future rates | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [5] | 99 | 100 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [5] | 3,145 | 3,169 | ||||||||||||||||||||
Income taxes refundable through future rates | Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [5] | 65 | 65 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [5] | 2,256 | 2,272 | ||||||||||||||||||||
Monetization of guarantee settlement | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [6] | 67 | 67 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [6] | $ 686 | 702 | ||||||||||||||||||||
Electric service customers over period | 20 years | ||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [7] | $ 40 | 211 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [7] | 209 | 234 | ||||||||||||||||||||
Derivatives | Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | [7] | 31 | 176 | ||||||||||||||||||||
Regulatory liabilities-noncurrent | [7] | 0 | 0 | ||||||||||||||||||||
Other | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | 94 | 134 | |||||||||||||||||||||
Regulatory liabilities-noncurrent | 255 | 191 | |||||||||||||||||||||
Other | Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-current | 88 | 129 | |||||||||||||||||||||
Regulatory liabilities-noncurrent | 234 | 167 | |||||||||||||||||||||
Nuclear decommissioning trust | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-noncurrent | [8] | 1,812 | 1,685 | ||||||||||||||||||||
Nuclear decommissioning trust | Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-noncurrent | [8] | 1,812 | 1,685 | ||||||||||||||||||||
Interest rate hedges | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-noncurrent | [9] | 107 | 240 | ||||||||||||||||||||
Interest rate hedges | Virginia Electric and Power Company | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-noncurrent | [9] | 107 | 240 | ||||||||||||||||||||
Overrecovered Other Postretirement Benefit Costs | |||||||||||||||||||||||
Regulatory Liabilities [Line Items] | |||||||||||||||||||||||
Regulatory liabilities-noncurrent | [10] | $ 146 | $ 140 | ||||||||||||||||||||
|
Regulatory Assets and Liabilities (Narrative) (Detail) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Public Utilities General Disclosures [Line Items] | ||
Regulatory assets not expect to earn return | $ 400 | |
Aggregate regulatory assets | $ 9,615 | $ 10,148 |
Period for which expenditures are expected to be recovered | 2 years | |
Pension and Other Postretirement Benefit Plan Assets and Obligations | East Ohio, PSNC and Questar Gas Transactions | ||
Public Utilities General Disclosures [Line Items] | ||
Aggregate regulatory assets | $ 308 | 302 |
Virginia Electric and Power Company | ||
Public Utilities General Disclosures [Line Items] | ||
Regulatory assets not expect to earn return | 2,700 | |
Aggregate regulatory assets | $ 4,971 | $ 5,387 |
Period for which expenditures are expected to be recovered | 2 years |
Regulatory Matters (Narrative) (Detail) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2023
USD ($)
|
Apr. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
Project
Components
mi
kV
|
Feb. 28, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
|
Oct. 31, 2022
USD ($)
MW
|
Mar. 31, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2011 |
Dec. 31, 2008 |
||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Regulatory liabilities | $ 520 | $ 520 | $ 748 | [1] | ||||||||||||
North Carolina Regulation | Public Service Company Of North Carolina | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Application date | 2023-03 | |||||||||||||||
North Carolina Regulation | Public Service Company Of North Carolina | Rider D | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Increase(Decrease) in gas cost | $ (56) | |||||||||||||||
Approval date | 2023-03 | |||||||||||||||
North Carolina Regulation | Public Service Company Of North Carolina | Rider DSM | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Increase (Decrease) in customer usage tracker | 23 | |||||||||||||||
Ohio Regulation | PIR Program | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Application date | 2023-02 | |||||||||||||||
Percentage of pipeline system replaced | 25.00% | |||||||||||||||
Increases of annual capital expenditures percentage | 3.00% | |||||||||||||||
Total gross plant investment estimated cost | 225 | |||||||||||||||
Proposed revenue requirement | 305 | |||||||||||||||
Cumulative gross plant investment estimated cost | 2,400 | |||||||||||||||
Ohio Regulation | CEP Program | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Application date | 2023-03 | |||||||||||||||
Total gross plant investment estimated cost | 195 | |||||||||||||||
Proposed revenue requirement | 1,300 | |||||||||||||||
Cumulative gross plant investment estimated cost | 151 | |||||||||||||||
Percentage of debt rate on capital investments | 6.50% | |||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Regulatory liabilities | 309 | $ 309 | $ 506 | [2] | ||||||||||||
Virginia Electric and Power Company | Annual Fuel Factor | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Increase (decrease) in revenue requirement | $ (13) | |||||||||||||||
Virginia Electric and Power Company | Utility Scale Solar | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Proposed cost of project | $ 1,200 | |||||||||||||||
Targeted capacity provided by legislation | MW | 474 | |||||||||||||||
Virginia Electric and Power Company | Energy Storage | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Targeted capacity provided by legislation | MW | 16 | |||||||||||||||
Virginia Electric and Power Company | Electric Distribution Grid Transformation Projects | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Proposed cost of project | 1,100 | 1,100 | ||||||||||||||
Proposed operations and maintenance investment | $ 71 | |||||||||||||||
Number of electric distribution grid transformation projects | Project | 14 | |||||||||||||||
Number of electric distribution grid transformation projects components | Components | 6 | |||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Authorized return percentage | 9.70% | |||||||||||||||
Authorized return percentage credited to customers bills | 100.00% | |||||||||||||||
Capitalization ratio | 52.10% | |||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Base Rate Case | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Total revenue requirement | $ 350 | |||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Total revenue requirement | $ 2,300 | |||||||||||||||
Rate year beginning | 2023-07 | |||||||||||||||
Increase (decrease) in revenue requirement | $ 631 | (541) | ||||||||||||||
Fuel cost requirement | 3,300 | |||||||||||||||
Estimated under-recovered balances | $ 1,300 | $ 578 | ||||||||||||||
Public utilities collection of requested under-recovered projected fuel expense period | 3 years | |||||||||||||||
Virginia Electric and Power Company | Biennial Review | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Authorized return percentage | 9.35% | |||||||||||||||
Credited to customers bills percentage | 85.00% | |||||||||||||||
Virginia Electric and Power Company | Triennial Review | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Credited to customers bills percentage | 85.00% | |||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Other | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Increase (decrease) in revenue requirement | $ 24 | |||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Rider DSM | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 46 | |||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost Of Fuel | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Increase (decrease) in annual base fuel component recoveries | $ 176 | 121 | ||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Project | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Application date | 2023-03 | |||||||||||||||
Type of Line | kV | 230 | |||||||||||||||
Miles of Lines | mi | 19 | |||||||||||||||
Cost Estimate | $ 55 | $ 55 | ||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Natural Gas Base Rate [Member] | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Increase (decrease) in revenue requirement | $ 19 | |||||||||||||||
Percentage of earned return | 10.38% | |||||||||||||||
Authorized return percentage | 10.25% | |||||||||||||||
Questar Gas Company | Utah Regulation | ||||||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||||||
Increase(Decrease) in gas cost | $ 92 | $ 164 | ||||||||||||||
Approval date | 2023-02 | |||||||||||||||
|
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company $ in Millions |
3 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
| ||||||||||||
Rider CCR | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2023-02 | |||||||||||
Approval Date | Pending | |||||||||||
Rate Year Beginning | 2023-12 | |||||||||||
Total Revenue Requirement (millions) | $ 194 | |||||||||||
Increase (decrease) in revenue requirement | $ (37) | |||||||||||
Rider CE | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2022-10 | [1] | ||||||||||
Approval Date | April 2023 | [1] | ||||||||||
Rate Year Beginning | 2023-05 | [1] | ||||||||||
Total Revenue Requirement (millions) | $ 89 | [1] | ||||||||||
Increase (decrease) in revenue requirement | $ 18 | [1] | ||||||||||
Rider GT | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2022-08 | |||||||||||
Approval Date | April 2023 | |||||||||||
Rate Year Beginning | 2023-06 | |||||||||||
Total Revenue Requirement (millions) | $ 14 | |||||||||||
Increase (decrease) in revenue requirement | $ (42) | |||||||||||
Rider R | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2021-06 | |||||||||||
Approval Date | March 2022 | |||||||||||
Rate Year Beginning | 2023-04 | |||||||||||
Total Revenue Requirement (millions) | $ 55 | [2] | ||||||||||
Increase (decrease) in revenue requirement | $ (4) | |||||||||||
Rider S | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2021-06 | |||||||||||
Approval Date | February 2022 | |||||||||||
Rate Year Beginning | 2023-04 | |||||||||||
Total Revenue Requirement (millions) | $ 191 | [2] | ||||||||||
Increase (decrease) in revenue requirement | $ (1) | |||||||||||
Rider T1 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2023-05 | [3] | ||||||||||
Approval Date | Pending | [3] | ||||||||||
Rate Year Beginning | 2023-09 | [3] | ||||||||||
Total Revenue Requirement (millions) | $ 879 | [3] | ||||||||||
Increase (decrease) in revenue requirement | $ 173 | [3] | ||||||||||
Rider U | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2022-06 | [4] | ||||||||||
Approval Date | February 2023 | [4] | ||||||||||
Rate Year Beginning | 2023-04 | [4] | ||||||||||
Total Revenue Requirement (millions) | $ 74 | [4] | ||||||||||
Increase (decrease) in revenue requirement | $ (21) | [4] | ||||||||||
Rider US-3 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2022-08 | |||||||||||
Approval Date | April 2023 | |||||||||||
Rate Year Beginning | 2023-06 | |||||||||||
Total Revenue Requirement (millions) | $ 40 | |||||||||||
Increase (decrease) in revenue requirement | $ (10) | |||||||||||
Rider US-4 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2022-08 | |||||||||||
Approval Date | April 2023 | |||||||||||
Rate Year Beginning | 2023-06 | |||||||||||
Total Revenue Requirement (millions) | $ 16 | |||||||||||
Increase (decrease) in revenue requirement | $ 1 | |||||||||||
Rider W | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application Date | 2022-06 | [5] | ||||||||||
Approval Date | February 2023 | [5] | ||||||||||
Rate Year Beginning | 2023-04 | [5] | ||||||||||
Total Revenue Requirement (millions) | $ 105 | [2],[5] | ||||||||||
Increase (decrease) in revenue requirement | $ (16) | [5] | ||||||||||
|
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail) - Rider T1 - Virginia Electric and Power Company $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023
USD ($)
| ||||
Public Utilities General Disclosures [Line Items] | ||||
Total revenue requirement | $ 879 | [1] | ||
Operating Segments | Virginia Regulation | ||||
Public Utilities General Disclosures [Line Items] | ||||
Total revenue requirement | 369 | |||
Operating Segments | Virginia Regulation | Transmission Component Of Virginia Powers | ||||
Public Utilities General Disclosures [Line Items] | ||||
Total revenue requirement | $ 510 | |||
|
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
mi
kV
| |
Partial rebuild of Bristers-Ox 115 kV line in Fauquier and Prince William Counties, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2022-08 |
Approval Date | 2023-04 |
Type of Line | kV | 230,000,000 |
Miles of Lines | mi | 15,000,000 |
Cost Estimate | $ | $ 40 |
Construct new Mars and Wishing Star substations, transmission lines and related projects in Loudoun County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2022-10 |
Approval Date | 2023-04 |
Type of Line | 500/230 kV |
Miles of Lines | mi | 4 |
Cost Estimate | $ | $ 720 |
Rebuild of Lines #2019 and #2007 in the City of Virginia Beach, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2023-02 |
Type of Line | kV | 230,000,000 |
Miles of Lines | mi | 5 |
Cost Estimate | $ | $ 95 |
Install transformer at Possum Point substation, rebuild and construct transmission lines and related projects in Prince William County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2023-03 |
Type of Line | kV | 230 |
Miles of Lines | mi | 2 |
Cost Estimate | $ | $ 35 |
Partial rebuild of Line #2011 in the Cities of Manassas and Manassas Park, Virginia and Prince William and Fairfax Counties, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2023-03 |
Type of Line | kV | 230 |
Miles of Lines | mi | 7 |
Cost Estimate | $ | $ 35 |
Leases (Narrative) (Detail) - Power Purchase Arrangement - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Leases Disclosure [Line Items] | ||
Rental revenue | $ 5 | $ 4 |
Depreciation expense | $ 1 | $ 9 |
Variable Interest Entities - (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
||||||
Variable Interest Entity [Line Items] | ||||||||
Payable to affiliates | $ 766 | $ 1,165 | [1] | |||||
Virginia Electric and Power Company | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Payable to affiliates | 485 | 600 | [2] | |||||
Virginia Electric and Power Company | Related party | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Payable to affiliates | $ 203 | $ 255 | [2] | |||||
Accounts Payable, Current, Related Party, Type [Extensible Enumeration] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||||||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Shared Services Purchased | $ 113 | $ 98 | ||||||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | Related party | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Payable to affiliates | $ 28 | $ 28 | ||||||
Accounts Payable, Current, Related Party, Type [Extensible Enumeration] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||||||
|
Significant Financing Transactions (Narrative) (Detail) - USD ($) |
1 Months Ended | 3 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2023 |
Mar. 31, 2023 |
Jan. 31, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Feb. 28, 2023 |
Dec. 31, 2022 |
Nov. 30, 2020 |
Aug. 31, 2020 |
Jul. 31, 2020 |
||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | [1] | $ 6,000,000,000 | $ 6,000,000,000 | ||||||||||||||||
Short-term debt | 3,546,000,000 | 3,546,000,000 | $ 3,423,000,000 | [2] | |||||||||||||||
Line of credit issued | 2,500,000,000 | ||||||||||||||||||
Supplemental credit facility borrowings | $ 900,000,000 | $ 900,000,000 | 450,000,000 | [2] | |||||||||||||||
Preferred stock shares authorized | 20,000,000 | 20,000,000 | |||||||||||||||||
Issuance of common stock | $ 43,000,000 | $ 45,000,000 | |||||||||||||||||
Issuance of stock | $ 43,000,000 | $ 45,000,000 | |||||||||||||||||
Common Stock | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stock repurchased, shares | 0 | ||||||||||||||||||
Issuance of stock (in shares) | 1,000,000 | 1,000,000 | |||||||||||||||||
Issuance of stock | $ 43,000,000 | $ 45,000,000 | |||||||||||||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | $ 3,000,000,000 | |||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Recorded dividend | $ 7,000,000 | ||||||||||||||||||
Recorded dividends per share | $ 4.375 | ||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Recorded dividend | $ 9,000,000 | $ 9,000,000 | |||||||||||||||||
Recorded dividends per share | $ 11.625 | $ 11.625 | |||||||||||||||||
Series C Preferred Stock | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Recorded dividend | $ 11,000,000 | $ 11,000,000 | |||||||||||||||||
Recorded dividends per share | $ 10.875 | $ 10.875 | |||||||||||||||||
Various Programs | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Issuance of common stock | $ 43,000,000 | $ 45,000,000 | |||||||||||||||||
Issuance of stock (in shares) | 1,000,000 | 1,000,000 | |||||||||||||||||
Floating Rate Demand Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Short-term debt | $ 389,000,000 | $ 389,000,000 | 347,000,000 | ||||||||||||||||
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 3,000,000,000 | ||||||||||||||||||
DESC | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 500,000,000 | 500,000,000 | |||||||||||||||||
DESC | Short-term Indebtedness | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 2,200,000,000 | 2,200,000,000 | |||||||||||||||||
Questar Gas Company | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 250,000,000 | 250,000,000 | |||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | [3] | 6,000,000,000 | 6,000,000,000 | ||||||||||||||||
Short-term debt | $ 1,010,000,000 | $ 1,010,000,000 | $ 941,000,000 | [4] | |||||||||||||||
Issuance of stock (in shares) | 0 | 0 | |||||||||||||||||
Virginia Electric and Power Company | Interest Rate Swap | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, maturity month and year | 2023-12 | ||||||||||||||||||
Reduction in securities due within one year | $ 448,000,000 | $ 448,000,000 | |||||||||||||||||
Derivative notional value | $ 900,000,000 | ||||||||||||||||||
Virginia Electric and Power Company | Senior Notes Due in 2033 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 750,000,000 | $ 750,000,000 | |||||||||||||||||
Interest rate percentage | 5.00% | 5.00% | |||||||||||||||||
Debt maturity year | 2033 | ||||||||||||||||||
Virginia Electric and Power Company | Senior Notes Due in 2053 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total Long-term Debt | $ 750,000,000 | $ 750,000,000 | |||||||||||||||||
Interest rate percentage | 5.45% | 5.45% | |||||||||||||||||
Debt maturity year | 2053 | ||||||||||||||||||
Dominion Energy | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Preferred stock shares issued | 1,800,000 | 1,800,000 | 1,800,000 | ||||||||||||||||
Preferred stock shares outstanding | 1,800,000 | 1,800,000 | 1,800,000 | ||||||||||||||||
Dominion Energy | Series B Preferred Stock | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Preferred stock shares issued | 800,000 | 800,000 | 800,000 | ||||||||||||||||
Preferred stock shares outstanding | 800,000 | 800,000 | 800,000 | ||||||||||||||||
Dominion Energy | Series C Preferred Stock | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Preferred stock shares issued | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||
Preferred stock shares outstanding | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||
GENCO | Short-term Indebtedness | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||
Joint Revolving Credit Facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 6,000,000,000 | 6,000,000,000 | |||||||||||||||||
Letter of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 100,000,000 | 100,000,000 | |||||||||||||||||
Credit facility, outstanding amount | 0 | 0 | |||||||||||||||||
Letters of credit issued and outstanding | 0 | 0 | |||||||||||||||||
Line of credit issued | $ 58,000,000 | ||||||||||||||||||
Letter of Credit | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Letters of credit issued and outstanding | 1,000,000 | 1,000,000 | |||||||||||||||||
Letter of Credit | Credit Facility, Maturing in June 2022 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Credit facility, outstanding amount | 25,000,000 | 25,000,000 | $ 25,000,000 | ||||||||||||||||
Letter of Credit | Credit Facility, Maturing in June 2024 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 30,000,000 | $ 30,000,000 | |||||||||||||||||
Line of credit facility, maturity date | Jun. 30, 2024 | ||||||||||||||||||
Letter of Credit | Virginia Electric and Power Company | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||||||||||
Line of credit facility, maturity date | Jan. 31, 2026 | ||||||||||||||||||
Letters of credit issued and outstanding | 0 | $ 0 | |||||||||||||||||
Line of credit issued | 80,000,000 | ||||||||||||||||||
Sustainability Revolving Credit Agreement | Dominion Energy | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt maturity year | 2024 | ||||||||||||||||||
Supplemental credit facility borrowings | 900,000,000 | $ 900,000,000 | $ 450,000,000 | ||||||||||||||||
Sustainability Revolving Credit Agreement | Dominion Energy | General Corporate Purposes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Proceeds from borrowings | 450,000,000 | ||||||||||||||||||
Repayments of borrowings | $ 450,000,000 | ||||||||||||||||||
364 Term loan facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Facility Limit | $ 2,500,000,000 | ||||||||||||||||||
Credit facility, outstanding amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 500,000,000 | |||||||||||||||
Line of credit facility, maturity date | Jan. 31, 2024 | ||||||||||||||||||
|
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) |
Mar. 31, 2023
USD ($)
|
|||||
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Facility Limit | $ 6,000,000,000 | [1] | ||||
Outstanding Commercial Paper | 3,157,000,000 | [1] | ||||
Outstanding Letters of Credit | 154,000,000 | [1] | ||||
Facility Capacity Available | 2,689,000,000 | [1] | ||||
Virginia Electric and Power Company | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility Limit | 6,000,000,000 | [2] | ||||
Outstanding Commercial Paper | 1,010,000,000 | [2] | ||||
Outstanding Letters of Credit | $ 90,000,000 | [2] | ||||
|
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) |
Mar. 31, 2023
USD ($)
|
|||||
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Facility Limit | $ 6,000,000,000 | [1] | ||||
Virginia Electric and Power Company | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility Limit | 6,000,000,000 | [2] | ||||
Letter of Credit Matures in June 2028. | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility Limit | 2,000,000,000 | |||||
Letter of Credit Matures in June 2028. | Virginia Electric and Power Company | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility Limit | 2,000,000,000 | |||||
Line of Credit | Virginia Electric and Power Company | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility Limit | $ 1,750,000,000 | |||||
|
Commitments and Contingencies (Narrative) (Detail) shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
May 31, 2022
shares
|
Aug. 31, 2021
shares
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Oct. 31, 2020 |
Jun. 30, 2018
USD ($)
|
Apr. 30, 2017
Petition
|
Aug. 31, 2016
T
|
Mar. 31, 2023
USD ($)
Site
Indicator
Facility
gal
|
Jun. 30, 2022
Site
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||||||||||
Gain on sales of assets | $ 2 | $ 28 | ||||||||||||
Gain on sales of assets after tax | 716 | $ 300 | ||||||||||||
SCANA | Other Current Liabilities | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Reserves for SCANA legal proceedings | 88 | $ 94 | ||||||||||||
SCANA | Other Receivables | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Insurance receivables | $ 72 | 68 | ||||||||||||
Virginia Electric and Power Company | EPA and State Regulatory Agencies | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of facilities to assess the applicability of section 316(b) | Facility | 3 | |||||||||||||
Hydroelectric Facilities | EPA and State Regulatory Agencies | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of facilities to assess the applicability of section 316(b) | Facility | 8 | |||||||||||||
Dominion Energy South Carolina Inc | SCDOR | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement paid | $ 51 | $ 165 | ||||||||||||
Proposed assessment amount from audit | $ 410 | |||||||||||||
Proportional share of NND project | 100.00% | |||||||||||||
Expected gain upon completion of remaining transfer of utility properties | $ 10 | |||||||||||||
Fair value of certain non-utility property transferred | $ 28 | |||||||||||||
Fair value of utility property transferred | 10 | |||||||||||||
Gain on sales of assets | 9 | |||||||||||||
Fair value of additional utility property transferred | 3 | |||||||||||||
Gain on sales of assets after tax | $ 7 | |||||||||||||
Dominion Energy South Carolina Inc | DESC | SCDOR | Common Stock | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Initial litigation settlement through stock issuance | shares | 0.9 | 0.6 | ||||||||||||
Dominion Energy South Carolina Inc | Minimum | SCDOR | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Initial litigation settlement amount through stock issuance | $ 43 | |||||||||||||
Unfavorable Regulatory Action | EPA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | |||||||||||||
Personal Injury or Wrong Death Cases | SCANA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Reserves for SCANA legal proceedings | $ 72 | 68 | ||||||||||||
Insurance receivables | $ 72 | 68 | ||||||||||||
Carbon Regulations | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Public Utilities Significant Emission Rate Per Year CO2 Equivalent | T | 75,000 | |||||||||||||
CWA | Unfavorable Regulatory Action | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of mandatory facility-specific factors | Indicator | 5 | |||||||||||||
Number of optional facility-specific factors | Indicator | 6 | |||||||||||||
Number of facilities that are subject to final regulations | Facility | 15 | |||||||||||||
CWA | Unfavorable Regulatory Action | Minimum | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Electric generating stations with water withdrawals per day | gal | 2,000,000 | |||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of separate petitions for reconsideration granted | Petition | 2 | |||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Minimum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingencies individual circumstances period | 2021 | |||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Maximum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingencies individual circumstances period | 2028 | |||||||||||||
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of facilities that are subject to final regulations | Facility | 9 | |||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of sites remediation work substantially completed | Site | 13 | |||||||||||||
Number of sites with remediation plans | Site | 1 | |||||||||||||
Number of additional sites which are not under investigation | Site | 12 | |||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Environmental remediation reserves | $ 47 | 47 | ||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program | Discontinued Operations | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Environmental remediation reserves | $ 1 | 1 | ||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of sites with remediation plans | Site | 1 | |||||||||||||
Number of additional sites which are not under investigation | Site | 2 | |||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Environmental remediation reserves | $ 25 | $ 25 |
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
Guarantee
| ||||||
Guarantee Obligations [Line Items] | ||||||
Guarantee liability | $ 4,438,000,000 | [1],[2] | ||||
Financial Guarantee | Equity Method Investee | Cove Point | ||||||
Guarantee Obligations [Line Items] | ||||||
Number of Guarantee | Guarantee | 4 | |||||
Guarantees with Maximum Limit [Member] | Equity Method Investee | Cove Point | ||||||
Guarantee Obligations [Line Items] | ||||||
Number of Guarantee | Guarantee | 2 | |||||
Guarantee liability | $ 1,900,000,000 | |||||
Guarantees with No Maximum Limit [Member] | Equity Method Investee | Cove Point | ||||||
Guarantee Obligations [Line Items] | ||||||
Number of Guarantee | Guarantee | 2 | |||||
Guarantee liability | $ 0 | |||||
Additional Guarantees [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Guarantee liability | 20,000,000 | |||||
Surety Bond | ||||||
Guarantee Obligations [Line Items] | ||||||
Guarantee liability | 268,000,000 | |||||
Surety Bond | Entities Held for Sale | ||||||
Guarantee Obligations [Line Items] | ||||||
Guarantee liability | 38,000,000 | |||||
Surety Bond | Virginia Electric and Power Company | ||||||
Guarantee Obligations [Line Items] | ||||||
Guarantee liability | 190,000,000 | |||||
Financial Standby Letter of Credit | ||||||
Guarantee Obligations [Line Items] | ||||||
Guarantee liability | $ 154,000,000 | |||||
|
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail) |
Mar. 31, 2023
USD ($)
|
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Guarantee Obligations [Line Items] | ||||||||||||||
Maximum Exposure | $ 4,438,000,000 | [1],[2] | ||||||||||||
Commodity Transactions | ||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||
Maximum Exposure | 2,710,000,000 | [3] | ||||||||||||
Nuclear Plant | ||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||
Maximum Exposure | 245,000,000 | [4] | ||||||||||||
Solar | ||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||
Maximum Exposure | 214,000,000 | [5] | ||||||||||||
Other | ||||||||||||||
Guarantee Obligations [Line Items] | ||||||||||||||
Maximum Exposure | $ 1,269,000,000 | [6] | ||||||||||||
|
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Parenthetical) (Detail) - Lessor - New Corporate Office - Agreement with Lessor to Construct and Lease Corporate Office Property - USD ($) |
1 Months Ended | |
---|---|---|
Jul. 31, 2016 |
Mar. 31, 2023 |
|
Guarantee Obligations [Line Items] | ||
Amount of financing commitments to fund estimated project costs | $ 365,000,000 | |
Project completion period | 2019-08 | |
Lessee, operating Lease, existence of option to extend | true | |
Lease extend term | 5 years | |
Maximum percentage payment of project costs for difference between project costs and sales proceeds | 87.00% | |
Guarantee amount | $ 0 |
Credit Risk (Narrative) (Detail) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
Counterparty
|
Dec. 31, 2022
USD ($)
|
|
Concentration Risk and Guarantor Obligations [Line Items] | ||
Credit exposure | $ 217,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 106,000,000 | $ 140,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 1,000,000 | 72,000,000 |
Letter of credit as collateral posted for derivatives in liability position | 6,000,000 | 20,000,000 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 107,000,000 | 212,000,000 |
Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Credit exposure | 34,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 45,000,000 | 28,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 0 | 72,000,000 |
Letter of credit as collateral posted for derivatives in liability position | 6,000,000 | 20,000,000 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | $ 45,000,000 | $ 99,000,000 |
Credit Concentration Risk | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 48,000,000 | |
Credit Concentration Risk | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 13,000,000 | |
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 54.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 89.00% |
Related-Party Transactions (Narrative) (Detail) - USD ($) |
1 Months Ended | 3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due to Dominion, noncurrent | $ 6,841,000,000 | $ 6,963,000,000 | [1] | ||||||||
Payable to affiliates | [2] | 1,507,000,000 | 1,697,000,000 | [1] | |||||||
Borrowing Interest Charges | 24,000,000 | ||||||||||
Maximum | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Borrowing Interest Charges | $ 1,000,000 | ||||||||||
Virginia Electric and Power Company | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due to Dominion, noncurrent | 4,826,000,000 | 4,783,000,000 | [3] | ||||||||
Payable to affiliates | 972,000,000 | 1,176,000,000 | [3] | ||||||||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | 0 | |||||||||
Stock Issued During Period Shares New Issues | 0 | 0 | |||||||||
Commencing Period | 20 months | ||||||||||
Lease commencement term | 2025-08 | ||||||||||
Virginia Electric and Power Company | Related party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payable to affiliates | $ 1,203,000,000 | 2,024,000,000 | [3] | ||||||||
Related party transaction costs | $ 240,000,000 | ||||||||||
Virginia Electric and Power Company | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Derivative assets | 5,000,000 | 33,000,000 | |||||||||
Derivative liabilities | 82,000,000 | 31,000,000 | |||||||||
Virginia Electric and Power Company | Affiliated Entity | Pension Benefits | Amounts Associated With Dominion Pension Plan | Related party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due to Dominion, noncurrent | 431,000,000 | 422,000,000 | |||||||||
Virginia Electric and Power Company | Affiliated Entity | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | Related party | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Amounts due to Dominion, noncurrent | 534,000,000 | 518,000,000 | |||||||||
Virginia Electric and Power Company | Principal Owner | Related party | Short-Term Borrowing Arrangements | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payable to affiliates | $ 1,200,000,000 | $ 2,000,000,000 | |||||||||
|
Related-Party Transactions (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||||
Related Party Transaction [Line Items] | ||||||
Services provided to affiliates | $ 3,883 | $ 3,113 | ||||
Virginia Electric and Power Company | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | 214 | 293 | ||||
Services provided to affiliates | [1] | 2,384 | 2,167 | |||
Virginia Electric and Power Company | Related party | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided by affiliates | [2] | 147 | 130 | |||
Virginia Electric and Power Company | Affiliated Entity | Related party | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided to affiliates | $ 4 | $ 4 | ||||
|
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 1,420 | $ 1,037 |
Services provided by affiliates | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 54 | $ 39 |
Employee Benefit Plans (Narrative) (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2023 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions to qualified defined benefit pension plans and OPEB plans | $ 0 | ||
Discontinued Operations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 4,000,000 | $ 6,000,000 | |
Non-service cost | (11,000,000) | (11,000,000) | |
Other Postretirement Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 3,000,000 | $ 6,000,000 | |
Other Postretirement Benefits Plan | Forecast | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contribution to voluntary employees beneficiary association | $ 0 |
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 24 | $ 36 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Interest cost | $ 111 | $ 83 |
Expected return on plan assets | (216) | (223) |
Amortization of net actuarial (gain) loss | 40 | |
Net periodic benefit (credit) cost | (81) | (64) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 6 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Interest cost | $ 15 | $ 11 |
Expected return on plan assets | (38) | (48) |
Amortization of prior service cost (credit) | (9) | (10) |
Amortization of net actuarial (gain) loss | (1) | |
Net periodic benefit (credit) cost | $ (30) | $ (41) |
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments | $ 134 | $ (113) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 304 | 352 |
Operating Segments | Nuclear Decommissioning Trust Funds | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments | 123 | (125) |
Gain (loss) on investments, after tax | 90 | (102) |
Corporate and Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 409 | 29 |
After- tax net benefits (expenses) for specific items | 464 | 20 |
Contracted Energy | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Gain related to economic hedging activities | 332 | 172 |
Gain related to economic hedging activities after tax | 253 | 131 |
Contracted Energy | Operating Segments | Nuclear Decommissioning Trust Funds | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments, after tax | 77 | 90 |
Dominion Energy Virginia | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Charge associated with storm damage and service restoration | 94 | |
Charge associated with storm damage and service restoration, after tax | 70 | |
Charge for amortization of a regulatory asset, 2021 Triennial Review | 61 | 61 |
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax | 45 | 45 |
Dominion Energy Virginia | Operating Segments | Nuclear Decommissioning Trust Funds | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments, after tax | $ 13 | $ (12) |
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | $ 3,883 | $ 3,113 | ||
Net Income from discontinued operations including noncontrolling interest | [1] | 281 | 411 | |
Net income attributable to Dominion Energy | 997 | 711 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 3,883 | 3,113 | ||
Adjustments & Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 0 | 0 | ||
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | ||
Net income attributable to Dominion Energy | 0 | 0 | ||
Intersegment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 0 | 0 | ||
Adjustments & Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | (235) | (216) | ||
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | (235) | (216) | ||
Dominion Energy Virginia | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 2,384 | 2,165 | ||
Dominion Energy Virginia | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 2,384 | 2,169 | ||
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | ||
Net income attributable to Dominion Energy | 384 | 516 | ||
Dominion Energy Virginia | Intersegment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 0 | (4) | ||
Dominion Energy South Carolina | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 845 | 799 | ||
Dominion Energy South Carolina | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 844 | 798 | ||
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | ||
Net income attributable to Dominion Energy | 91 | 109 | ||
Dominion Energy South Carolina | Intersegment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 1 | 1 | ||
Contracted Energy | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 311 | 248 | ||
Contracted Energy | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 308 | 244 | ||
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | ||
Net income attributable to Dominion Energy | 113 | 57 | ||
Contracted Energy | Intersegment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 3 | 4 | ||
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 578 | 117 | ||
Corporate and Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 347 | (98) | ||
Net Income from discontinued operations including noncontrolling interest | 281 | 411 | ||
Net income attributable to Dominion Energy | 409 | 29 | ||
Corporate and Other | Intersegment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | $ 231 | $ 215 | ||
|
Operating Segments - Virginia Power (Narrative) (Detail) - Operating Segments - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | $ 304 | $ 352 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 409 | 29 |
After- tax net benefits (expenses) for specific items | 464 | 20 |
Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Charge associated with storm damage and service restoration | 94 | |
Charge associated with storm damage and service restoration, after tax | 70 | |
Charge for amortization of a regulatory asset, 2021 Triennial Review | 61 | 61 |
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax | 45 | 45 |
Virginia Electric and Power Company | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | (31) | (159) |
After- tax net benefits (expenses) for specific items | $ (32) | $ (130) |
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | $ 3,883 | $ 3,113 | ||
Net income attributable to Dominion Energy | 997 | 711 | ||
Virginia Electric and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | [1] | 2,384 | 2,167 | |
Net income attributable to Dominion Energy | 353 | 357 | ||
Dominion Energy Virginia | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 2,384 | 2,165 | ||
Dominion Energy Virginia | Virginia Electric and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 2,384 | 2,165 | ||
Net income attributable to Dominion Energy | 384 | 516 | ||
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 578 | 117 | ||
Corporate and Other | Virginia Electric and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenue | 0 | 2 | ||
Net income attributable to Dominion Energy | $ (31) | $ (159) | ||
|
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