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Investments (Tables)

12 Months Ended

Dec. 31, 2020

Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds

Dominion Energy’s decommissioning trust funds are summarized below:

	Amortized Cost			Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value
(millions)
December 31, 2020
Equity securities:⁽¹⁾
U.S.	$	1,756		$	2,948	$	(24	)				$	4,680
Fixed income securities:⁽²⁾
Corporate debt instruments		572			58		(1	)		$	—		629
Government securities		1,119			66		(1	)			—		1,184
Common/collective trust funds		170			5		—				—		175
Insurance contracts		237			—		—						237
Cash equivalents and other⁽³⁾		(8	)		4		(1	)			—		(5	)
Total	$	3,846		$	3,081	$	(27	)	⁽⁴⁾	$	—	$	6,900
December 31, 2019
Equity securities:⁽¹⁾
U.S.	$	1,807		$	2,451	$	(20	)				$	4,238
Fixed income securities:⁽²⁾
Corporate debt instruments		434			29		—						463
Government securities		1,108			39		(2	)					1,145
Common/collective trust funds		115			4		—						119
Insurance contracts		214			—		—						214
Cash equivalents and other		13			—		—						13
Total	$	3,691		$	2,523	$	(22	)	⁽⁴⁾			$	6,192

(1)	Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

(2)	Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income.

(3)	Includes pending purchases of securities of $49 million and $1 million at December 31, 2020 and 2019, respectively.

(4)	The fair value of securities in an unrealized loss position was $293 million and $298 million at December 31, 2020 and 2019, respectively.

Unrealized Gain Loss on Equity

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

Year Ended December 31,	2020			2019			2018
(millions)
Net gains (losses) recognized during the period	$	512		$	919		$	(245	)
Less: Net gains recognized during the period on securities sold during the period		(16	)		(80	)		(58	)
Unrealized gains (losses) recognized during the period on securities still held at period end⁽¹⁾	$	496		$	839		$	(303	)

(1)	Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020 by contractual maturity is as follows:

	Amount
(millions)
Due in one year or less	$	227
Due after one year through five years		506
Due after five years through ten years		505
Due after ten years		750
Total	$	1,988

Marketable Securities

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

Year Ended December 31,	2020		2019		2018
(millions)
Proceeds from sales	$	4,278	$	1,712	$	1,804
Realized gains⁽¹⁾		340		195		140
Realized losses⁽¹⁾		297		96		91

(1)	Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Accounts Under Equity Method of Accounting

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

					Investment
Company	Ownership%				Balance					Description
As of December 31,					2020			2019
(millions)
Cove Point		50	%	⁽²⁾	$	2,784		$	-	LNG import/export and storage facility
Atlantic Coast Pipeline		53	%	⁽³⁾		—	⁽⁵⁾		1,123	Gas transmission system
Wrangler		20	%			74			77	Nonregulated retail energy marketing
Fowler Ridge		50	%	⁽⁴⁾		—			74	Wind-powered nonregulated generation facility
Other⁽¹⁾	various					76			60
Total					$	2,934		$	1,334

(1)	Dominion Energy has an $59 million unfunded commitment to be made to Align RNG by the end of 2022.

(2)	Effective November 2020, following the completion of the GT&S Transaction, Dominion Energy began accounting for its 50% noncontrolling interest in Cove Point as an equity method investment. See discussion below and Note 3 for additional information.

(3)	Dominion Energy owned 53% and 48% of Atlantic Coast Pipeline at December 31, 2020 and 2019, respectively. See discussion below for additional information.

(4)	Dominion Energy sold its 50% noncontrolling interest in Fowler Ridge in September 2020. See discussion below for additional information.

(5)	Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 includes a $1.1 billion liability associated with its investment in Atlantic Coast Pipeline. See discussion below for additional information.

Virginia Electric and Power Company

Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds

Virginia Power’s decommissioning trust funds are summarized below:

	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value
(millions)
December 31, 2020
Equity securities:⁽¹⁾
U.S.	$	929	$	1,371	$	(21	)				$	2,279
Fixed income securities:⁽²⁾
Corporate debt instruments		315		33		—			$	—		348
Government securities		484		25		—				—		509
Common/collective trust funds		58		—		—						58
Cash equivalents and other		3		—		—				—		3
Total	$	1,789	$	1,429	$	(21	)	⁽⁴⁾	$	—	$	3,197
December 31, 2019
Equity securities:⁽¹⁾
U.S.	$	894	$	1,144	$	(11	)				$	2,027
Fixed income securities:⁽²⁾
Corporate debt instruments		241		15		—						256
Government securities		534		14		(2	)					546
Common/collective trust funds		51		—		—						51
Cash equivalents and other		1		—		—						1
Total	$	1,721	$	1,173	$	(13	)	⁽⁴⁾			$	2,881

(1)	Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2

(2)	Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income.

(3)	Includes pending purchases of securities of $10 million at December 31, 2020.

(4)	The fair value of securities in an unrealized loss position was $142 million and $185 million at December 31, 2020 and 2019, respectively.

Unrealized Gain Loss on Equity

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

Year Ended December 31,	2020			2019			2018
(millions)
Net gains (losses) recognized during the period	$	224		$	423		$	(105	)
Less: Net gains recognized during the period on securities sold during the period		(6	)		(20	)		(32	)
Unrealized gains (losses) recognized during the period on securities still held at end of period ⁽¹⁾	$	218		$	403		$	(137	)

(1)	Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Classified by Contractual Maturity Date

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020, by contractual maturity is as follows:

	Amount
(millions)
Due in one year or less	$	79
Due after one year through five years		238
Due after five years through ten years		297
Due after ten years		301
Total	$	915

Marketable Securities

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

Year Ended December 31,	2020		2019		2018
(millions)
Proceeds from sales	$	884	$	858	$	887
Realized gains⁽¹⁾		88		58		60
Realized losses⁽¹⁾		68		22		27

(1)	Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.