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Regulatory Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2011
Regulatory Assets and Liabilities
At December 31,
2011

2010

(millions)
 
 
Dominion
 
 
Regulatory assets:
 
 
Deferred cost of fuel used in electric generation(1)
$
249

$
174

Deferred rate adjustment clause costs(2)
113

109

Unrecovered gas costs(3)
48

39

Derivatives(4)
45


Virginia sales taxes(5)
32

35

Plant retirement(6)
27


PIPP(7)

44

Other
27

6

Regulatory assets-current
541

407

Unrecognized pension and other postretirement benefit costs(8)
887

987

Deferred cost of fuel used in electric generation(1)
122

153

Income taxes recoverable through future rates(9)
121

90

Deferred rate adjustment clause costs(2)
72

69

Derivatives(4)
49


Other postretirement benefit costs(10)
26

29

Plant retirement(6)
25

31

Other
80

87

Regulatory assets-non-current
1,382

1,446

Total regulatory assets
$
1,923

$
1,853

Regulatory liabilities:
 

 

Provision for rate proceedings(11)
$
150

$
79

PIPP(7)
58


Other
35

56

Regulatory liabilities-current
243

135

Provision for future cost of removal and AROs(12)
901

830

Decommissioning trust(13)
399

391

Derivatives(4)

68

Other
24

103

Regulatory liabilities-non-current
1,324

1,392

Total regulatory liabilities
$
1,567

$
1,527

Virginia Power
 

 

Regulatory assets:
 

 

Deferred cost of fuel used in electric generation(1)
$
249

$
174

Deferred rate adjustment clause costs(2)
113

109

Derivatives(4)
45


Virginia sales taxes(5)
32

35

Plant retirement(6)
27


Other
13


Regulatory assets-current
479

318

Deferred cost of fuel used in electric generation(1)
122

153

Income taxes recoverable through future rates(9)
100

76

Deferred rate adjustment clause costs(2)
70

66

Derivatives(4)
49


Plant retirement(6)
25

31

Other
33

44

Regulatory assets-non-current
399

370

Total regulatory assets
$
878

$
688

Regulatory liabilities:
 

 

Provision for rate proceedings(11)
$
150

$
79

Other
28

30

Regulatory liabilities-current
178

109

Provision for future cost of removal(12)
687

622

Decommissioning trust(13)
399

391

Derivatives(4)

68

Other
9

93

Regulatory liabilities-non-current
1,095

1,174

Total regulatory liabilities
$
1,273

$
1,283

(1)
Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. See Note 14 for more information.
(2)
Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain riders. See Note 14 for more information.
(3)
Reflects unrecovered gas costs at Dominion's regulated gas operations, which are recovered through quarterly or annual filings with the applicable regulatory authority.
(4)
As discussed under Derivative Instruments in Note 2, for jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers.
(5)
Amounts to be recovered through an annual surcharge to reimburse Virginia Power for incremental sales taxes being incurred due to the repeal of the public service company sales tax exemption in Virginia.
(6)
Reflects costs anticipated to be recovered in base rates for certain coal units expected to be retired.
(7)
Under PIPP, eligible customers can receive energy assistance based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rider according to East Ohio tariff provisions. See Note 14 for more information regarding PIPP.
(8)
Represents unrecognized pension and other postretirement benefit costs expected to be recovered through future rates by certain of Dominion's rate-regulated subsidiaries.
(9)
Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes.
(10)
Primarily reflects costs recognized in excess of amounts included in regulated rates charged by Dominion's regulated gas operations before rates were updated to reflect a change in accounting method for other postretirement benefit costs.
(11)
Reflects a reserve associated with the settlement of Virginia Power's 2009 base rate case proceedings and associated with the Biennial Review Order. See Note 14 for more information.
(12)
Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(13)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related ARO.