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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds The Companies’ decommissioning trust funds are summarized below:

 

 

 

 

Dominion Energy

 

 

 

 

Virginia Power

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,276

 

$

3,270

 

$

(10

)

 

 

 

$

4,536

 

 

$

759

 

$

1,706

 

$

(10

)

 

 

 

$

2,455

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

508

 

 

10

 

 

(27

)

 

$

—

 

 

491

 

 

 

292

 

 

3

 

 

(21

)

 

$

—

 

 

274

 

Government
   securities

 

1,426

 

 

28

 

 

(24

)

 

 

—

 

 

1,430

 

 

 

811

 

 

17

 

 

(12

)

 

 

—

 

 

816

 

Common/
   collective
   trust funds

 

161

 

 

—

 

 

—

 

 

 

—

 

 

161

 

 

 

124

 

 

—

 

 

—

 

 

 

—

 

 

124

 

Insurance contracts

 

244

 

 

—

 

 

—

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

84

 

 

—

 

 

—

 

 

 

—

 

 

84

 

 

 

47

 

 

—

 

 

—

 

 

 

—

 

 

47

 

Total

$

3,699

 

$

3,308

 

$

(61

)

 (4)

$

—

 

$

6,946

 

 

$

2,033

 

$

1,726

 

$

(43

)

(4)

$

—

 

$

3,716

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,378

 

$

2,501

 

$

(46

)

 

 

 

$

3,833

 

 

$

858

 

$

1,304

 

$

(35

)

 

 

 

$

2,127

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

640

 

 

1

 

 

(65

)

 

$

—

 

 

576

 

 

 

406

 

 

1

 

 

(47

)

 

$

—

 

 

360

 

Government
   securities

 

1,252

 

 

4

 

 

(70

)

 

 

—

 

 

1,186

 

 

 

664

 

 

2

 

 

(35

)

 

 

—

 

 

631

 

Common/
   collective
   trust funds

 

98

 

 

—

 

 

—

 

 

 

—

 

 

98

 

 

 

61

 

 

—

 

 

—

 

 

 

—

 

 

61

 

Insurance contracts

 

221

 

 

—

 

 

—

 

 

 

 

 

221

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

43

 

 

—

 

 

—

 

 

 

—

 

 

43

 

 

 

23

 

 

—

 

 

—

 

 

 

—

 

 

23

 

Total

$

3,632

 

$

2,506

 

$

(181

)

(4)

$

—

 

$

5,957

 

 

$

2,012

 

$

1,307

 

$

(117

)

(4)

$

—

 

$

3,202

 

 

(1)
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income.
(3)
Dominion Energy includes pending sales of securities of $49 million and $42 million at December 31, 2023 and 2022, respectively. Virginia Power includes pending sales of securities of $27 million and $24 million at December 31, 2023 and 2022, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $764 million and $1.6 billion at December 31, 2023 and 2022, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $384 million and $946 million at December 31, 2023 and 2022, respectively.
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2023

 

2022

 

2021

 

 

2023

 

2022

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

811

 

$

(848

)

$

1,072

 

 

$

420

 

$

(436

)

$

552

 

Less: Net (gains) losses recognized during the
   period on securities sold during the period

 

 

(7

)

 

8

 

 

(346

)

 

 

7

 

 

(7

)

 

(190

)

Unrealized gains (losses) recognized during the
   period on securities still held at period end(1)

 

$

804

 

$

(840

)

$

726

 

 

$

427

 

$

(443

)

$

362

 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2023 by contractual maturity is as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

185

 

 

$

140

 

Due after one year through five years

 

 

509

 

 

 

250

 

Due after five years through ten years

 

 

407

 

 

 

236

 

Due after ten years

 

 

981

 

 

 

588

 

Total

 

$

2,082

 

 

$

1,214

 
Marketable Securities

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

2,966

 

 

$

3,282

 

 

$

3,985

 

 

$

1,876

 

 

$

1,538

 

 

$

1,791

 

Realized gains(1)

 

 

92

 

 

 

143

 

 

 

441

 

 

 

50

 

 

 

48

 

 

 

228

 

Realized losses(1)

 

 

169

 

 

 

296

 

 

 

91

 

 

 

99

 

 

 

107

 

 

 

35

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Accounts Under Equity Method of Accounting

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:

 

 

 

Investment

 

 

Company

 

Ownership%

 

 

Balance

 

 

Description

As of December 31,

 

2023

 

2022

 

(millions)

 

 

 

 

Cove Point

 

50

%

(1)

$

—

 

 

$

2,673

 

(1)

LNG import/export and storage facility

Atlantic Coast Pipeline

 

 

53

%

 

 

—

 

(2)

 

—

 

(2)

Gas transmission system

Align RNG

 

 

50

%

 

 

80

 

 

 

103

 

 

Renewable natural gas

Dominion Privatization

 

 

50

%

 

 

172

 

 

 

176

 

 

Military electric and gas

Other

various

 

 

 

59

 

(3)

 

60

 

(3)

Total

 

 

$

311

 

 

$

3,012

 

 

 

(1)
Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022.
(2)
Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $114 million at December 31, 2023 and 2022, respectively, presented in other current liabilities. See discussion below for additional information.
(3)
Dominion Energy’s Consolidated Balance Sheets includes balances presented in current assets held for sale of $43 million and noncurrent assets held for sale of $43 million, at December 31, 2023 and 2022, respectively.