Operating Revenue

3 Months Ended

Mar. 31, 2022

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

	Three Months Ended March 31,
	2022			2021
(millions)
Dominion Energy
Regulated electric sales:
Residential	$	1,287		$	1,155
Commercial		898			719
Industrial		197			178
Government and other retail		272			189
Wholesale		47			43
Nonregulated electric sales		367			254
Regulated gas sales:
Residential		769			630
Commercial		273			206
Other		45			34
Nonregulated gas sales		1			52
Regulated gas transportation and storage		297			271
Other regulated revenues		46			66
Other nonregulated revenues⁽¹⁾		48			43
Total operating revenue from contracts with customers		4,547			3,840
Other revenues⁽²⁾⁽³⁾		(268	)		30
Total operating revenue	$	4,279		$	3,870
Virginia Power
Regulated electric sales:
Residential	$	1,015		$	889
Commercial		717			547
Industrial		103			91
Government and other retail		258			176
Wholesale		32			26
Nonregulated electric sales		14			5
Other regulated revenues		51			57
Other nonregulated revenues⁽¹⁾⁽⁴⁾		6			16
Total operating revenue from contracts with customers		2,196			1,807
Other revenues⁽²⁾⁽⁴⁾		(29	)		23
Total operating revenue	$	2,167		$	1,830

(1)

Includes sales which are considered to be goods transferred at a point in time of $11 million and $7 million for the three months ended March 31, 2022 and 2021, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $4 million and $6 million for the three months ended March 31, 2022 and 2021, respectively, at Dominion Energy and less than $1 million and $4 million for the three months ended March 31, 2022 and 2021, respectively, at Virginia Power.

(2)	Includes alternative revenue of $30 million and $22 million at Dominion Energy and $8 million and $20 million at Virginia Power for the three months ended March 31, 2022 and 2021, respectively.

(3)	Includes revenue associated with services provided to discontinued operations of $1 million for the three months ended March 31, 2021.

(4)	See Note 19 for amounts attributable to affiliates.

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 Dominion Energy expects to recognize this revenue. These revenues relate to contracts containing fixed prices where Dominion Energy will earn the associated revenue over time as it stands 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 Dominion Energy elects to recognize revenue in the amount it has a right to invoice.

Revenue expected to be recognized on multi-year

contracts in place at March 31, 2022

2022

2023

2024

2025

2026

Thereafter

Total

(millions)

Dominion Energy

448

721

At March 31, 2022 and December 31, 2021, Dominion Energy’s contract liability balances were $89 million and $124 million, respectively, and are recorded primarily in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. At March 31, 2022 and December 31, 2021, Virginia Power’s contract liability balances were $42 million and $33 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, 2022 and 2021, Dominion Energy recognized revenue of $119 million and $122 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2022 and 2021, Virginia Power recognized $33 million and $36 million, respectively, from the beginning contract liability balance.