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Income Taxes (Tables)
9 Months Ended
Sep. 30, 2022
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

 

Nine Months Ended September 30,

 

2022

 

 

2021

 

 

2022

 

 

2021

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recognition of taxes - sale of

   subsidiary stock

 

 

7.3

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

4.7

 

 

 

2.0

 

 

 

4.4

 

 

 

4.5

 

Investment tax credits

 

 

(6.4

)

 

 

(5.6

)

 

 

(8.9

)

 

 

(5.8

)

Production tax credits

 

 

(0.7

)

 

 

(0.5

)

 

 

(1.0

)

 

 

(0.6

)

Reversal of excess deferred income

   taxes

 

 

(6.1

)

 

 

(3.8

)

 

 

(3.7

)

 

 

(2.2

)

State legislative change

 

 

 

 

 

(1.0

)

 

 

 

 

 

(1.0

)

Changes in state deferred taxes associated

   with assets held for sale

 

 

0.4

 

 

 

(0.5

)

 

 

 

 

 

 

AFUDC - equity

 

 

(0.6

)

 

 

(0.5

)

 

 

(0.8

)

 

 

(0.5

)

Absence of tax on noncontrolling interest

 

 

 

 

 

(0.2

)

 

 

 

 

 

 

Other, net

 

 

(0.4

)

 

 

(1.1

)

 

 

0.5

 

 

 

 

Effective tax rate

 

 

19.2

%

 

 

9.8

%

 

 

11.5

%

 

 

15.4

%