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Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligations
ASSET RETIREMENT OBLIGATIONS
AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies' long-lived assets. Dominion's and Virginia Power's AROs are primarily associated with the decommissioning of their nuclear generation facilities and also include those for the future abatement of asbestos expected to be disturbed in their generation facilities. Dominion Gas' AROs primarily include plugging and abandonment of gas and oil wells and the interim retirement of natural gas gathering, transmission, distribution and storage pipeline components.
The Companies have also identified, but not recognized, AROs related to retirement of Dominion's LNG facility, Dominion Gas' gas storage wells in its underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power's hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in Dominion's and Virginia Power's generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs during 2013 and 2014 were as follows:
 
 
Amount

(millions)
 
Dominion
 
AROs at December 31, 2012(1)
$
1,705

Obligations incurred during the period
13

Obligations settled during the period
(68
)
Revisions in estimated cash flows(2)
(129
)
Accretion
86

Other
(29
)
AROs at December 31, 2013(1)
$
1,578

Obligations incurred during the period
40

Obligations settled during the period
(82
)
Revisions in estimated cash flows(3)
102

Accretion
81

Other
(5
)
AROs at December 31, 2014(1)
$
1,714

Virginia Power
 

AROs at December 31, 2012
$
705

Obligations incurred during the period
2

Obligations settled during the period
(2
)
Revisions in estimated cash flows(2)
(52
)
Accretion
38

Other
(2
)
AROs at December 31, 2013
$
689

Obligations incurred during the period
28

Obligations settled during the period
(1
)
Revisions in estimated cash flows(3)
108

Accretion
37

Other
(6
)
AROs at December 31, 2014(4)
$
855

Dominion Gas
 

AROs at December 31, 2012
$
133

Obligations incurred during the period
8

Obligations settled during the period
(13
)
Accretion
8

Other
1

AROs at December 31, 2013(5)(6)
$
137

Obligations incurred during the period
2

Obligations settled during the period
(8
)
Accretion
8

Other
8

AROs at December 31, 2014(5)(6)
$
147

(1)
Includes $64 million, $94 million and $81 million reported in other current liabilities at December 31, 2012, 2013, and 2014, respectively.
(2)
Primarily reflects lower anticipated nuclear decommissioning costs.
(3)
Relates primarily to a shift of the delayed planned date on which the DOE is expected to begin accepting spent nuclear fuel.
(4)
Includes $7 million reported in other current liabilities at December 31, 2014.
(5)
Includes $2 million and $7 million reported in other current liabilities at December 31, 2013 and 2014, respectively.
(6)
Includes $135 million and $140 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2013 and 2014, respectively.

Dominion and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At December 31, 2014 and 2013, the aggregate fair value of Dominion's trusts, consisting primarily of equity and debt securities, totaled $4.2 billion and $3.9 billion, respectively. At December 31, 2014 and 2013, the aggregate fair value of Virginia Power's trusts, consisting primarily of debt and equity securities, totaled $1.9 billion and $1.8 billion, respectively.