Operating Segments

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Operating Segments

Operating Segments

Dominion and Virginia Power are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:

Primary Operating Segment	Description of Operations	Dominion	Virginia Power
DVP	Regulated electric distribution	X	X
	Regulated electric transmission	X	X
	Nonregulated retail energy marketing (electric and gas)	X
Dominion Generation	Regulated electric fleet	X	X
	Merchant electric fleet	X
Dominion Energy	Gas transmission and storage	X
	Gas distribution and storage	X
	LNG import and storage	X
	Producer services	X

In addition to the operating segments above, the Companies also report a Corporate and Other segment.

The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are expected to be or are currently discontinued. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments.

In the three months ended March 31, 2013, Dominion reported an after-tax net benefit of $19 million for specific items in the Corporate and Other segment, with $17 million of these net benefits attributable to its operating segments. In the three months ended March 31, 2012, Dominion reported after-tax net expense of $3 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments.

The net benefit for specific items in 2013 primarily related to the impact of the following items:

• A $44 million ($26 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation; and

• A $1 million net benefit related to Brayton Point and Kincaid, including a $38 million ($23 million after-tax) benefit from the discontinued operations of these merchant power stations partially offset by impairments of $37 million ($22 million after-tax) related to these stations, attributable to Dominion Generation.

The net expense for specific items in 2012 primarily related to the impact of the following items:

• A $22 million ($11 million after-tax) loss from the discontinued operations of Brayton Point and Kincaid, attributable to Dominion Generation; partially offset by

• A $15 million ($9 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation.

The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments.

There were no material net benefit or expense items in the Corporate and Other segment in the three months ended March 31, 2013 or 2012.

The following table presents segment information pertaining to Dominion’s operations:

	DVP		Dominion Generation(1)		Dominion Energy		Corporate and Other(1)			Adjustments/Eliminations			Consolidated Total
(millions)
Three Months Ended March 31,
2013
Total revenue from external customers	$	907	$	1,651	$	611	$	47		$	307		$	3,523
Intersegment revenue	42		36		265		142			(485		)	—
Total operating revenue	949		1,687		876		189			(178		)	3,523
Income from discontinued operations	—		—		—		1			—			1
Net income (loss) attributable to Dominion	142		227		179		(53		)	—			495
2012
Total revenue from external customers	$	930	$	1,580	$	616	$	39		$	232		$	3,397
Intersegment revenue	63		76		200		149			(488		)	—
Total operating revenue	993		1,656		816		188			(256		)	3,397
Loss from discontinued operations	—		—		—		(10		)	—			(10		)
Net income (loss) attributable to Dominion	166		233		149		(54		)	—			494

(1) 2012 amounts have been recast to reflect Brayton Point and Kincaid as discontinued operations, as discussed in Note 3.

Intersegment sales and transfers for Dominion are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation.

The following table presents segment information pertaining to Virginia Power’s operations:

	DVP		Dominion Generation		Corporate and Other		Consolidated Total
(millions)
Three Months Ended March 31,
2013
Operating revenue	$	465	$	1,316	$	—	$	1,781
Net income	118		168		1		287
2012
Operating revenue	$	459	$	1,295	$	—	$	1,754
Net income	107		133		3		243