Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

	Level 1		Level 2		Level 3		Total
(millions)
At December 31, 2011
Assets:
Derivatives:
Commodity	$	44	$	828	$	93	$	965
Interest Rate	—		105		—		105
Investments(1):
Equity securities:
U.S.:
Large Cap	1,718		—		—		1,718
Other	51		—		—		51
Non-U.S.:
Large Cap	10		—		—		10
Fixed Income:
Corporate debt instruments	—		332		—		332
U.S. Treasury securities and agency debentures	277		181		—		458
State and municipal	—		329		—		329
Other	—		23		—		23
Cash equivalents and other	—		60		—		60
Restricted cash equivalents	—		141		—		141
Total assets	$	2,100	$	1,999	$	93	$	4,192
Liabilities:
Derivatives:
Commodity	$	10	$	714	$	164	$	888
Interest Rate	—		269		—		269
Total liabilities	$	10	$	983	$	164	$	1,157
At December 31, 2010
Assets:
Derivatives:
Commodity	$	62	$	734	$	47	$	843
Interest Rate	—		54		—		54
Investments(1):
Equity securities:
U.S.:
Large Cap	1,709		—		—		1,709
Other	56		—		—		56
Non-U.S.:
Large Cap	12		—		—		12
Fixed Income:
Corporate debt instruments	—		327		—		327
U.S. Treasury securities and agency debentures	228		165		—		393
State and municipal	—		286		—		286
Other	—		19		—		19
Cash equivalents and other	25		97		—		122
Restricted cash equivalents	—		400		—		400
Total assets	$	2,092	$	2,082	$	47	$	4,221
Liabilities:
Derivatives:
Commodity	$	12	$	716	$	97	$	825
Interest Rate	—		5		—		5
Total liabilities	$	12	$	721	$	97	$	830

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

	2011			2010			2009
(millions)
Balance at January 1,	$	(50	)	$	(66	)	$	99
Total realized and unrealized gains (losses):
Included in earnings	(77		)	43			(148		)
Included in other comprehensive income (loss)	14			(49		)	(188		)
Included in regulatory assets/liabilities	(42		)	24			52
Settlements	88			(38		)	126
Transfers out of Level 3	(4		)	36			(7		)
Balance at December 31,	$	(71	)	$	(50	)	$	(66	)
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date	$	22		$	(4	)	$	(3	)

Fair Value, Unobservable Inputs, Gain (Loss) Included In Earnings

	Operating Revenue			Electric Fuel and Energy Purchases			Purchased Gas			Total
(millions)
Year Ended December 31, 2011
Total gains (losses) included in earnings	$	(32	)	$	(45	)	$	—		$	(77	)
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date	22			—			—			22
Year Ended December 31, 2010
Total gains (losses) included in earnings	$	(4	)	$	51		$	(4	)	$	43
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date	(4		)	—			—			(4		)
Year Ended December 31, 2009
Total gains (losses) included in earnings	$	29		$	(165	)	$	(12	)	$	(148	)
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date	1			—			(4		)	(3		)

Schedule of financial instruments carrying amounts and fair values

At December 31,	2011				2010
	Carrying Amount		Estimated Fair Value(1)		Carrying Amount		Estimated Fair Value(1)
(millions)
Dominion
Long-term debt, including securities due within one year(2)	$	16,264	$	18,936	$	14,520	$	16,112
Long-term debt - VIE(3)	890		892		—		—
Junior subordinated notes payable to affiliates	268		268		268		261
Enhanced junior subordinated notes	1,451		1,518		1,467		1,560
Subsidiary preferred stock(4)	257		256		257		249
Virginia Power
Long-term debt, including securities due within one year(2)	$	6,862	$	8,281	$	6,717	$	7,489
Preferred stock(4)	257		256		257		249

(1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.

(2) Includes amounts which represent the unamortized discount and premium. At December 31, 2011, and 2010, includes the valuation of certain fair value hedges associated with Dominion's fixed rate debt, of approximately $105 million and $49 million, respectively.

(3) Includes amounts which represent the unamortized premium.

(4) Includes issuance expenses of $2 million at December 31, 2011 and 2010.