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Operating Revenue
3 Months Ended
Mar. 31, 2024
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

Period Ended March 31,

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,365

 

 

$

1,286

 

 

 

$

1,052

 

 

$

1,010

 

Commercial

 

 

1,094

 

 

 

1,070

 

 

 

 

881

 

 

 

866

 

Industrial

 

 

213

 

 

 

220

 

 

 

 

106

 

 

 

116

 

Government and other retail

 

 

257

 

 

 

244

 

 

 

 

241

 

 

 

229

 

Wholesale

 

 

36

 

 

 

44

 

 

 

 

29

 

 

 

29

 

Nonregulated electric sales

 

 

220

 

 

 

257

 

 

 

 

14

 

 

 

11

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

151

 

 

 

136

 

 

 

 

 

 

 

 

Commercial

 

 

48

 

 

 

53

 

 

 

 

 

 

 

 

Other

 

 

19

 

 

 

23

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

4

 

 

 

4

 

 

 

 

 

 

 

 

Other regulated revenues

 

 

88

 

 

 

78

 

 

 

 

84

 

 

 

74

 

Other nonregulated revenues(1)(2)

 

 

29

 

 

 

37

 

 

 

 

10

 

 

 

11

 

Total operating revenue from contracts with customers

 

 

3,524

 

 

 

3,452

 

 

 

 

2,417

 

 

 

2,346

 

Other revenues(1)(3)

 

 

108

 

 

 

431

 

 

 

 

72

 

 

 

38

 

Total operating revenue

 

$

3,632

 

 

$

3,883

 

 

 

$

2,489

 

 

$

2,384

 

 

(1)
See Note 19 for amounts attributable to affiliates.
(2)
Sales of renewable energy credits were $5 million for both of the three months ended March 31, 2024 and 2023 at Dominion Energy and $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively, at Virginia Power.
(3)
Includes alternative revenue of $28 million and $27 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2024 and 2023, respectively.

 

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2024.

At March 31, 2024 and December 31, 2023, Dominion Energy’s contract liability balances were $59 million and $47 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At March 31, 2024 and December 31, 2023, Virginia Power’s contract liability balances were $53 million and $40 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, 2024 and 2023, Dominion Energy recognized revenue of $43 million and $46 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2024 and 2023, Virginia Power recognized $40 million and $39 million, respectively, from the beginning contract liability balances.