Operating Revenue

3 Months Ended

Mar. 31, 2021

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

	Three Months Ended March 31,
	2021		2020
(millions)
Dominion Energy
Regulated electric sales:
Residential	$	1,155	$	1,158
Commercial		719		798
Industrial		178		182
Government and other retail		189		219
Wholesale		43		33
Nonregulated electric sales		249		232
Regulated gas sales:
Residential		630		548
Commercial		206		191
Other		34		28
Nonregulated gas sales		52		83
Regulated gas transportation and storage		271		232
Other regulated revenues		66		92
Other nonregulated revenues⁽¹⁾⁽²⁾		48		31
Total operating revenue from contracts with customers		3,840		3,827
Other revenues⁽³⁾⁽⁴⁾		30		111
Total operating revenue	$	3,870	$	3,938
Virginia Power
Regulated electric sales:
Residential	$	889	$	896
Commercial		547		614
Industrial		91		97
Government and other retail		176		203
Wholesale		26		24
Other regulated revenues		57		62
Other nonregulated revenues⁽¹⁾⁽²⁾		21		13
Total operating revenue from contracts with customers		1,807		1,909
Other revenues⁽²⁾⁽³⁾		23		21
Total operating revenue	$	1,830	$	1,930

(1)

Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts include $7 million for both the three months ended March 31, 2021 and 2020, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, amounts above include sales of renewable energy credits. Such amounts included $6 million and $4 million for the three months ended March 31, 2021 and $4 million and $3 million for the three months ended March 31, 2020, at Dominion Energy and Virginia Power, respectively.

(2)	See Notes 10 and 19 for amounts attributable to related parties and affiliates.

(3)	Amounts above include alternative revenue of $22 million and $36 million at Dominion Energy and $20 million and $17 million at Virginia Power for the three months ended March 31, 2021 and 2020, respectively.

(4)	Amounts above include revenue associated with services provided to discontinued operations of $1 million and $2 million for the three months ended March 31, 2021 and 2020, respectively.

The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice.

Revenue expected to be recognized on multi-year

contracts in place at March 31, 2021

2021

2022

2023

2024

2025

Thereafter

Total

(millions)

Dominion Energy

493

788

At March 31, 2021 and December 31, 2020, Dominion Energy’s contract liability balances were $74 million and $130 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. At March 31, 2021 and December 31, 2020, Virginia Power’s contract liability balances were $32 million and $36 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, 2021 and 2020, Dominion Energy recognized revenue of $122 million and $93 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2021 and 2020, Virginia Power recognized $36 million and $24 million, respectively, from the beginning contract liability balance.