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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2021
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:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Six Months Ended June 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

2.3

 

 

 

4.1

 

 

 

4.5

 

 

 

4.9

 

Investment tax credits

 

 

(5.3

)

 

 

(19.5

)

 

 

(5.8

)

 

 

(11.3

)

Production tax credits

 

 

(0.4

)

 

 

(1.6

)

 

 

(0.6

)

 

 

(2.0

)

Reversal of excess deferred income

   taxes

 

 

(3.5

)

 

 

(6.5

)

 

 

(2.1

)

 

 

(0.8

)

State legislative change

 

 

(1.5

)

 

 

 

 

 

(1.7

)

 

 

 

AFUDC - equity

 

 

(0.5

)

 

 

(2.1

)

 

 

(0.6

)

 

 

(0.6

)

Other, net

 

 

(0.4

)

 

 

1.2

 

 

 

0.3

 

 

 

1.1

 

Effective tax rate

 

 

11.7

%

 

 

(3.4

)%

 

 

15.0

%

 

 

12.3

%