Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2023

Public Utilities General Disclosures [Line Items]

Summary of Significant Virginia Power Electric Transmission Projects Applied

Electric Transmission Projects

Significant Virginia Power electric transmission projects approved or applied for are as follows:

Description and Location of Project	Application Date	Approval Date	Type of Line	Miles of Lines	Cost Estimate (millions)(1)
Construct new switching station, substations,   transmission lines and related projects in Lunenberg   and Mecklenburg Counties, Virginia	October 2022	June 2023	230 kV	18		230
Construct new switching station, substation,   transmission lines and related projects in Charlotte,   Halifax and Mecklenburg Counties, Virginia	October 2022	May 2023	230 kV	26		215
Construct new Mars and Wishing Star substations,   transmission lines and related projects in Loudoun   County, Virginia	October 2022	April 2023	500/230 kV	4		720
Construct new Cirrus and Keyser switching stations,   transmission lines and related projects in Culpeper,   Virginia	November 2022	October 2023	230 kV	5		65
Rebuild of Lines #2019 and #2007 in the City of   Virginia Beach, Virginia	February 2023	August 2023	230 kV	5		95
Construct new transmission lines and convert Jeffress   switching station in Mecklenburg County, Virginia	May 2023	January 2024	230 kV	18		135
Construct new Germanna substation, transmission   line and related projects in Culpeper County,   Virginia	November 2023	Pending	230 kV	2		55
Construct Daves Store transmission line extension   in Prince William County, Virginia	February 2024	Pending	230 kV	3		70

(1)Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved during 2023 and early 2024 or applied for and currently pending approval with aggregate cost estimates of approximately $155 million and $145 million, respectively.

Virginia Electric and Power Company

Public Utilities General Disclosures [Line Items]

Significant Riders Associated With Virginia Power Projects

Significant riders associated with various Virginia Power projects are as follows:

Rider Name	Application Date	Approval Date	Rate Year Beginning	Total Revenue Requirement (millions)(1)			Increase (Decrease) Over Previous Year (millions)
Rider BW	October 2021	May 2022	September 2023	$	120		$	(25	)
Rider CCR	February 2023	October 2023	December 2023		194			(37	)
Rider CE(2)	October 2022	April 2023	May 2023		89			18
Rider CE(3)	October 2023	Pending	May 2024		137			48
Rider E	January 2023	September 2023	November 2023		109			8
Rider E	January 2024	Pending	November 2024		72			(37	)
Rider GT	August 2023	Pending	June 2024		145			131
Rider GV(4)	June 2023	February 2024	April 2024		132			5
Rider GV(4)	June 2023	February 2024	April 2025		135			3
Rider OSW	November 2022	July 2023	September 2023		271			192
Rider OSW	November 2023	Pending	September 2024		486			215
Rider R	June 2021	March 2022	April 2023		55	(14)		(4	)
Rider RGGI(5)	December 2022	July 2023	September 2023		356		N/A
Rider RPS	December 2022	July 2023	September 2023		96			(44	)
Rider RPS	December 2023(13)	Pending	September 2024		358			262
Rider S	June 2021	February 2022	April 2023		191	(14)		(1	)
Rider SNA(6)	October 2022	June 2023	September 2023		50			(57	)
Rider SNA	October 2023	Pending	September 2024		95			45
Rider T1(7)	May 2023	July 2023	September 2023		879			173
Rider U(8)	June 2022	February 2023	April 2023		74			(21	)
Rider U(9)	October 2023	Pending	August 2024		150			76
Rider W(10)	June 2022	February 2023	April 2023		105	(14)		(16	)
DSM Riders(11)	December 2022	August 2023	September 2023		107			16
DSM Riders(12)	December 2023	Pending	September 2024		93			(14	)

(1)In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $90 million as of December 31, 2023. There are various pending applications associated with such riders, which if approved, would result in a net increase of approximately $6 million.

(2)Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.

(3)Associated with five solar generation projects, one small-scale solar project and 13 power purchase agreements in addition to previously approved Rider CE projects.

(4)The total revenue requirement requested is based on an estimated retirement of Greensville County in 2058, consistent with the current estimated useful life of the facility. Virginia Power also provided an alternative approach based on an estimated retirement of Greensville County in 2045, which if this alternative had been utilized, would have resulted in a revenue requirement of $144 million and $148 million for rate years beginning April 2024 and April 2025, respectively.

(5)In December 2022, Virginia Power filed a petition to update and reinstate Rider RGGI to recover RGGI compliance costs incurred after July 2022 and those projected to occur through December 2023, with rate recovery from September 2023 through August 2024. For purposes of this proceeding, Virginia Power assumed that Virginia would withdraw from RGGI on December 31, 2023, and accordingly did not project any RGGI compliance costs to be incurred after that date.

(6)Virginia Power requested approval of cost recovery of approximately $1.2 billion through Rider SNA for the first phase of nuclear life extension program which includes investments through 2024. In July 2022, the Virginia Commission approved a stipulation proposed by Virginia Power, the Virginia Commission staff and certain interested parties recommending that costs incurred after February 2022 associated with the first phase of the nuclear life extension program for North Anna be deferred and requested for recovery in a subsequent Rider SNA filing.

(7)Consists of $510 million for the transmission component of Virginia Power’s base rates and $369 million for Rider T1.

(8)Consists of previously approved phases of Rider U. In August 2023, the Virginia Commission approved Virginia Power’s request to extend the rider for the rate year beginning April 2023 through June 2024.

(9)Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In connection with the October 2023 application, Virginia Power requests the Virginia Commission further extend existing rates for Rider U through July 2024.

(10)In February 2023, the Virginia Commission also approved Virginia Power’s requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W ceased to be separately collected effective July 2023.

(11)Associated with an additional four new energy efficiency programs, one new demand response program and four new program bundles with a $150 million cost cap, with the ability to exceed the cost cap by no more than 15%.

(12)Associated with an additional three new energy efficiency programs and one new demand response program with a $102 million cost cap, with the ability to exceed the cost cap by no more than 15%.

(13)Virginia Power amended its application in February 2024.

(14)In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.