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Income Taxes (Tables)
3 Months Ended
Mar. 31, 2023
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

 

Three Months Ended March 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

Recognition of taxes - sale of
   subsidiary stock

 

 

 

 

 

19.7

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

3.8

 

 

 

4.8

 

 

 

4.6

 

 

 

4.4

 

Investment tax credits

 

 

(2.6

)

 

 

(7.3

)

 

 

(0.3

)

 

 

(6.7

)

Production tax credits

 

 

(0.4

)

 

 

(0.8

)

 

 

(0.7

)

 

 

(0.8

)

Reversal of excess deferred income
   taxes

 

 

(1.9

)

 

 

(5.6

)

 

 

(2.7

)

 

 

(3.0

)

Changes in state deferred taxes associated
   with assets held for sale

 

 

 

 

 

1.1

 

 

 

 

 

 

 

AFUDC - equity

 

 

(0.1

)

 

 

(1.0

)

 

 

0.2

 

 

 

(0.9

)

Other, net

 

 

(1.2

)

 

 

0.3

 

 

 

(0.2

)

 

 

0.6

 

Effective tax rate

 

 

18.6

%

 

 

32.2

%

 

 

21.9

%

 

 

14.6

%