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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds The Companies’ decommissioning trust funds are summarized below:

 

 

Dominion Energy

 

 

Virginia Power

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,264

 

$

3,897

 

$

(7

)

 

 

 

$

5,154

 

 

$

733

 

$

2,023

 

$

(6

)

 

 

 

$

2,750

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

591

 

 

5

 

 

(25

)

 

$

—

 

 

571

 

 

 

365

 

 

2

 

 

(20

)

 

$

—

 

 

347

 

Government
   securities

 

1,505

 

 

11

 

 

(38

)

 

 

—

 

 

1,478

 

 

 

877

 

 

6

 

 

(19

)

 

 

—

 

 

864

 

Common/
   collective
   trust funds

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

Other

 

121

 

 

—

 

 

—

 

 

 

—

 

 

121

 

 

 

80

 

 

—

 

 

—

 

 

 

—

 

 

80

 

Insurance
   contracts

 

243

 

 

—

 

 

—

 

 

 

 

 

243

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

41

 

 

—

 

 

—

 

 

 

—

 

 

41

 

 

 

18

 

 

—

 

 

—

 

 

 

—

 

 

18

 

Total

$

3,765

 

$

3,913

 

$

(70

)

(4)

$

—

 

$

7,608

 

 

$

2,073

 

$

2,031

 

$

(45

)

(4)

$

—

 

$

4,059

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,276

 

$

3,270

 

$

(10

)

 

 

 

$

4,536

 

 

$

759

 

$

1,706

 

$

(10

)

 

 

 

$

2,455

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

508

 

 

10

 

 

(27

)

 

$

—

 

 

491

 

 

 

292

 

 

3

 

 

(21

)

 

$

—

 

 

274

 

Government
   securities

 

1,426

 

 

28

 

 

(24

)

 

 

—

 

 

1,430

 

 

 

811

 

 

17

 

 

(12

)

 

 

—

 

 

816

 

Common/
   collective
   trust funds

 

161

 

 

—

 

 

—

 

 

 

—

 

 

161

 

 

 

124

 

 

—

 

 

—

 

 

 

—

 

 

124

 

Insurance
   contracts

 

244

 

 

—

 

 

—

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

84

 

 

—

 

 

—

 

 

 

—

 

 

84

 

 

 

47

 

 

—

 

 

—

 

 

 

—

 

 

47

 

Total

$

3,699

 

$

3,308

 

$

(61

)

(4)

$

—

 

$

6,946

 

 

$

2,033

 

$

1,726

 

$

(43

)

(4)

$

—

 

$

3,716

 

 

(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 $27 million and $49 million at June 30, 2024 and December 31, 2023, respectively. Virginia Power includes pending sales of securities of $17 million and $27 million at June 30, 2024, and December 31, 2023, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $1.3 billion and $764 million at June 30, 2024 and December 31, 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $738 million and $384 million at June 30, 2024 and December 31, 2023, respectively.
Unrealized Gain Loss on Equity

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended June 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during
   the period

 

$

178

 

 

$

294

 

 

$

637

 

 

$

520

 

 

$

86

 

 

$

153

 

 

$

328

 

 

$

269

 

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

 

 

6

 

 

 

1

 

 

 

(4

)

 

 

3

 

 

 

4

 

 

 

2

 

 

 

(5

)

 

 

3

 

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

 

$

184

 

 

$

295

 

 

$

633

 

 

$

523

 

 

$

90

 

 

$

155

 

 

$

323

 

 

$

272

 
(1)
Included in other income (expense) and the nuclear decommissioning trust regulatory liability.
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 June 30, 2024 by contractual maturity is as follows:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

167

 

 

$

109

 

Due after one year through five years

 

 

561

 

 

 

298

 

Due after five years through ten years

 

 

427

 

 

 

264

 

Due after ten years

 

 

1,015

 

 

 

620

 

Total

 

$

2,170

 

 

$

1,291

 
Marketable Securities

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended June 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

884

 

 

$

594

 

 

$

1,579

 

 

$

1,138

 

 

$

602

 

 

$

346

 

 

$

1,073

 

 

$

719

 

Realized gains(1)

 

 

27

 

 

 

22

 

 

 

59

 

 

 

43

 

 

 

16

 

 

 

8

 

 

 

39

 

 

 

25

 

Realized losses(1)

 

 

34

 

 

 

36

 

 

 

72

 

 

 

77

 

 

 

22

 

 

 

14

 

 

 

45

 

 

 

45

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.