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Derivatives and Hedge Accounting Activities (Tables)

12 Months Ended

Dec. 31, 2014

The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting:



	December 31, 2014						December 31, 2013
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet
(millions)
Interest rate contracts:
Over-the-counter	$	24	$	—	$	24	$	137	$	—	$	137
Commodity contracts:
Over-the-counter	382		—		382		240		—		240
Exchange	298		—		298		506		—		506
Total derivatives, subject to a master netting or similar arrangement	704		—		704		883		—		883
Total derivatives, not subject to a master netting or similar arrangement	15		—		15		7		—		7
Total	$	719	$	—	$	719	$	890	$	—	$	890



			December 31, 2014								December 31, 2013
			Gross Amounts Not Offset in the Consolidated Balance Sheet								Gross Amounts Not Offset in the Consolidated Balance Sheet
	Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amounts		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amounts
(millions)
Interest rate contracts:
Over-the-counter	$	24	$	16	$	—	$	8	$	137	$	—	$	—	$	137
Commodity contracts:
Over-the-counter	382		34		34		314		240		63		—		177
Exchange	298		298		—		—		506		505		—		1
Total	$	704	$	348	$	34	$	322	$	883	$	568	$	—	$	315

Offsetting Liabilities



	December 31, 2014						December 31, 2013
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
(millions)
Interest rate contracts:
Over-the-counter	$	202	$	—	$	202	$	—	$	—	$	—
Commodity contracts:
Over-the-counter	87		—		87		262		—		262
Exchange	493		—		493		838		—		838
Total derivatives, subject to a master netting or similar arrangement	782		—		782		1,100		—		1,100
Total derivatives, not subject to a master netting or similar arrangement	12		—		12		2		—		2
Total	$	794	$	—	$	794	$	1,102	$	—	$	1,102



			December 31, 2014								December 31, 2013
			Gross Amounts Not Offset in the Consolidated Balance Sheet								Gross Amounts Not Offset in the Consolidated Balance Sheet
	Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Paid		Net Amounts		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Paid		Net Amounts
(millions)
Interest rate contracts:
Over-the-counter	$	202	$	16	$	—	$	186	$	—	$	—	$	—	$	—
Commodity contracts:
Over-the-counter	87		34		1		52		262		63		69		130
Exchange	493		298		195		—		838		505		333		—
Total	$	782	$	348	$	196	$	238	$	1,100	$	568	$	402	$	130

Volumes of Derivatives

The following table presents the volume of Dominion's derivative activity as of December 31, 2014. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.



	Current		Noncurrent
Natural Gas (bcf):
Fixed price⁽¹⁾	52		13
Basis	227		575
Electricity (MWh):
Fixed price	14,689,432		6,148,800
FTRs	35,786,150		—
Capacity (MW)	10,700		7,600
Liquids (Gals)⁽²⁾	39,984,000		1,260,000
Interest rate	$	1,300,000,000	$	4,450,000,000


(1)	Includes options.


(2)	Includes NGLs and oil.

Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion's Consolidated Balance Sheet at December 31, 2014:



	AOCI After-Tax			Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax			Maximum Term
(millions)
Commodities:
Gas	$	(8	)	$	(7	)	27 months
Electricity	56			46			24 months
Other	—			—			17 months
Interest rate	(226		)	(6		)	384 months
Total	$	(178	)	$	33

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present the fair values of Dominion's derivatives and where they are presented in its Consolidated Balance Sheets:



	Fair Value - Derivatives under Hedge Accounting		Fair Value - Derivatives not under Hedge Accounting		Total Fair Value
(millions)
At December 31, 2014
ASSETS
Current Assets
Commodity	$	281	$	242	$	523
Interest rate	13		—		13
Total current derivative assets	294		242		536
Noncurrent Assets
Commodity	71		101		172
Interest rate	11		—		11
Total noncurrent derivative assets⁽¹⁾	82		101		183
Total derivative assets	$	376	$	343	$	719
LIABILITIES
Current Liabilities
Commodity	$	224	$	267	$	491
Interest rate	100		—		100
Total current derivative liabilities	324		267		591
Noncurrent Liabilities
Commodity	55		46		101
Interest rate	102		—		102
Total noncurrent derivative liabilities⁽²⁾	157		46		203
Total derivative liabilities	$	481	$	313	$	794
At December 31, 2013
ASSETS
Current Assets
Commodity	$	49	$	522	$	571
Interest rate	116		—		116
Total current derivative assets	165		522		687
Noncurrent Assets
Commodity	28		154		182
Interest rate	21		—		21
Total noncurrent derivative assets⁽¹⁾	49		154		203
Total derivative assets	$	214	$	676	$	890
LIABILITIES
Current Liabilities
Commodity	$	267	$	561	$	828
Total current derivative liabilities	267		561		828
Noncurrent Liabilities
Commodity	119		155		274
Total noncurrent derivative liabilities⁽²⁾	119		155		274
Total derivative liabilities	$	386	$	716	$	1,102


(1)	Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion's Consolidated Balance Sheets.


(2)	Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion's Consolidated Balance Sheets.

Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement Location

The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:



Derivatives in cash flow hedging relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)⁽¹⁾			Amount of Gain (Loss) Reclassified from AOCI to Income			Increase (Decrease) in Derivatives Subject to Regulatory Treatment⁽²⁾
(millions)
Year Ended December 31, 2014
Derivative Type and Location of Gains (Losses)
Commodity:
Operating revenue				$	(130	)
Purchased gas				(13		)
Electric fuel and other energy-related purchases				7
Total commodity	$	245		$	(136	)	$	(4	)
Interest rate⁽³⁾	(208		)	(16		)	(81		)
Total	$	37		$	(152	)	$	(85	)
Year Ended December 31, 2013
Derivative Type and Location of Gains (Losses)
Commodity:
Operating revenue				$	(58	)
Purchased gas				(47		)
Electric fuel and other energy-related purchases				(10		)
Total commodity	$	(481	)	$	(115	)	$	5
Interest rate⁽³⁾	77			(15		)	81
Total	$	(404	)	$	(130	)	$	86
Year Ended December 31, 2012
Derivative Type and Location of Gains (Losses)
Commodity:
Operating revenue				$	188
Purchased gas				(75		)
Electric fuel and other energy-related purchases				(17		)
Total commodity	$	71		$	96		$	10
Interest rate⁽³⁾	(84		)	(2		)	(35		)
Total	$	(13	)	$	94		$	(25	)


(1)	Amounts deferred into AOCI have no associated effect in Dominion's Consolidated Statements of Income.


(2)	Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income.


(3)	Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges.

Schedule Of Derivatives Not Designated As Hedging Instruments



Derivatives not designated as hedging instruments	Amount of Gain (Loss) Recognized in Income on Derivatives⁽¹⁾
Year Ended December 31,	2014			2013			2012
(millions)
Derivative Type and Location of Gains (Losses)
Commodity:
Operating revenue	$	(310	)	$	(45	)	$	168
Purchased gas	(51		)	(9		)	(14		)
Electric fuel and other energy-related purchases	113			(29		)	(40		)
Interest rate⁽²⁾	—			—			17
Total	$	(248	)	$	(83	)	$	131


(1)	Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion's Consolidated Statements of Income.


(2)	Amounts recorded in Dominion's Consolidated Statements of Income are classified in interest and related charges.

Virginia Electric and Power Company

Derivative [Line Items]

Offsetting Assets

The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting:



	December 31, 2014						December 31, 2013
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet
(millions)
Interest rate contracts:
Over-the-counter	$	—	$	—	$	—	$	48	$	—	$	48
Commodity contracts:
Over-the-counter	106		—		106		4		—		4
Exchange	—		—		—		1		—		1
Total derivatives, subject to a master netting or similar arrangement	106		—		106		53		—		53
Total derivatives, not subject to a master netting or similar arrangement	7		—		7		—		—		—
Total	$	113	$	—	$	113	$	53	$	—	$	53



			December 31, 2014								December 31, 2013
			Gross Amounts Not Offset in the Consolidated Balance Sheet								Gross Amounts Not Offset in the Consolidated Balance Sheet
	Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amounts		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amounts
(millions)
Interest rate contracts:
Over-the-counter	$	—	$	—	$	—	$	—	$	48	$	—	$	—	$	48
Commodity contracts:
Over-the-counter	106		4		—		102		4		4		—		—
Exchange	—		—		—		—		1		—		—		1
Total	$	106	$	4	$	—	$	102	$	53	$	4	$	—	$	49

Offsetting Liabilities



	December 31, 2014						December 31, 2013
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
(millions)
Interest rate contracts:
Over-the-counter	$	72	$	—	$	72	$	—	$	—	$	—
Commodity contracts:
Over-the-counter	8		—		8		12		—		12
Total derivatives, subject to a master netting or similar arrangement	80		—		80		12		—		12
Total derivatives, not subject to a master netting or similar arrangement	7		—		7		—		—		—
Total	$	87	$	—	$	87	$	12	$	—	$	12



			December 31, 2014								December 31, 2013
			Gross Amounts Not Offset in the Consolidated Balance Sheet								Gross Amounts Not Offset in the Consolidated Balance Sheet
	Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Paid		Net Amounts		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Paid		Net Amounts
(millions)
Interest rate contracts:
Over-the-counter	$	72	$	—	$	—	$	72	$	—	$	—	$	—	$	—
Commodity contracts:
Over-the-counter	8		4		—		4		12		4		7		1
Total	$	80	$	4	$	—	$	76	$	12	$	4	$	7	$	1

Volumes of Derivatives

The following table presents the volume of Virginia Power's derivative activity at December 31, 2014. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.



	Current		Noncurrent
Natural Gas (bcf):
Fixed price	7		—
Basis	51		493
Electricity (MWh):
FTRs	33,709,386		—
Capacity (MW)	10,700		7,600
Interest rate	$	550,000,000	$	900,000,000

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present the fair values of Virginia Power's derivatives and where they are presented in its Consolidated Balance Sheets:



	Fair Value - Derivatives under Hedge Accounting		Fair Value - Derivatives not under Hedge Accounting		Total Fair Value
(millions)
At December 31, 2014
ASSETS
Current Assets
Commodity	$	—	$	51	$	51
Total current derivative assets⁽¹⁾	—		51		51
Noncurrent Assets
Commodity	—		62		62
Total noncurrent derivative assets⁽²⁾	—		62		62
Total derivative assets	$	—	$	113	$	113
LIABILITIES
Current Liabilities
Commodity	$	3	$	12	$	15
Interest rate	45		—		45
Total current derivative liabilities	48		12		60
Noncurrent Liabilities
Interest rate	27		—		27
Total noncurrent derivative liabilities⁽³⁾	27		—		27
Total derivative liabilities	$	75	$	12	$	87
At December 31, 2013
ASSETS
Current Assets
Commodity	$	2	$	3	$	5
Interest rate	48		—		48
Total current derivative assets⁽¹⁾	50		3		53
Total derivative assets	$	50	$	3	$	53
LIABILITIES
Current Liabilities
Commodity	$	1	$	11	$	12
Total current derivative liabilities	1		11		12
Total derivative liabilities	$	1	$	11	$	12


(1)	Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets.


(2)	Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets.


(3)	Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power's Consolidated Balance Sheets.

Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement Location

The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:



Derivatives in cash flow hedging relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)⁽¹⁾			Amount of Gain (Loss) Reclassified from AOCI to Income			Increase (Decrease) in Derivatives Subject to Regulatory Treatment⁽²⁾
(millions)
Year Ended December 31, 2014
Derivative Type and Location of Gains (Losses)
Commodity:
Electric fuel and other energy-related purchases				$	5
Total commodity	$	4		$	5		$	(4	)
Interest rate⁽³⁾	(10		)	—			(81		)
Total	$	(6	)	$	5		$	(85	)
Year Ended December 31, 2013
Derivative Type and Location of Gains (Losses)
Commodity:
Electric fuel and other energy-related purchases				$	—
Total commodity	$	—		$	—		$	5
Interest rate⁽³⁾	9			—			81
Total	$	9		$	—		$	86
Year Ended December 31, 2012
Derivative Type and Location of Gains (Losses)
Commodity:
Electric fuel and other energy-related purchases				$	(4	)
Total commodity	$	(2	)	$	(4	)	$	10
Interest rate⁽³⁾	(6		)	—			(35		)
Total	$	(8	)	$	(4	)	$	(25	)


(1)	Amounts deferred into AOCI have no associated effect in Virginia Power's Consolidated Statements of Income.


(2)	Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income.


(3)	Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in interest and related charges.

Schedule Of Derivatives Not Designated As Hedging Instruments



Derivatives not designated as hedging instruments	Amount of Gain (Loss) Recognized in Income on Derivatives⁽¹⁾
Year Ended December 31,	2014		2013			2012
(millions)
Derivative Type and Location of Gains (Losses)
Commodity⁽²⁾	$	105	$	(16	)	$	(50	)
Total	$	105	$	(16	)	$	(50	)


(1)	Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power's Consolidated Statements of Income.


(2)	Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases.

Dominion Gas Holdings, LLC

Derivative [Line Items]

Offsetting Assets

The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting:



	December 31, 2014						December 31, 2013
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet
(millions)
Interest rate contracts:
Over-the-counter	$	—	$	—	$	—	$	34	$	—	$	34
Commodity contracts:
Over-the-counter	2		—		2		6		—		6
Total derivatives, subject to a master netting or similar arrangement	$	2	$	—	$	2	$	40	$	—	$	40



			December 31, 2014								December 31, 2013
			Gross Amounts Not Offset in the Consolidated Balance Sheet								Gross Amounts Not Offset in the Consolidated Balance Sheet
	Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amounts		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amounts
(millions)
Interest rate contracts:
Over-the-counter	$	—	$	—	$	—	$	—	$	34	$	—	$	—	$	34
Commodity contracts:
Over-the-counter	2		—		—		2		6		6		—		—
Total	$	2	$	—	$	—	$	2	$	40	$	6	$	—	$	34

Offsetting Liabilities



	December 31, 2014						December 31, 2013
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
(millions)
Interest rate contracts:
Over-the-counter	$	9	$	—	$	9	$	—	$	—	$	—
Commodity contracts:
Over-the-counter	—		—		—		25		—		25
Total derivatives, subject to a master netting or similar arrangement	$	9	$	—	$	9	$	25	$	—	$	25



			December 31, 2014								December 31, 2013
			Gross Amounts Not Offset in the Consolidated Balance Sheet								Gross Amounts Not Offset in the Consolidated Balance Sheet
	Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Paid		Net Amounts		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Paid		Net Amounts
(millions)
Interest rate contracts:
Over-the-counter	$	9	$	—	$	—	$	9	$	—	$	—	$	—	$	—
Commodity contracts:
Over-the-counter	—		—		—		—		25		6		—		19
Total	$	9	$	—	$	—	$	9	$	25	$	6	$	—	$	19

Volumes of Derivatives

The following table presents the volume of Dominion Gas' derivative activity at December 31, 2014. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.

Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at December 31, 2014:



	AOCI After-Tax			Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax		Maximum Term
(millions)
Commodities:
Natural Gas	$	—		$	—	3 months
NGLs	—			—		12 months
Interest rate	(20		)	—		360 months
Total	$	(20	)	$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present the fair values of Dominion Gas' derivatives and where they are presented in its Consolidated Balance Sheets:



	Fair Value - Derivatives under Hedge Accounting		Fair Value - Derivatives not under Hedge Accounting		Total Fair Value
(millions)
At December 31, 2014
ASSETS
Current Assets
Commodity	$	2	$	—	$	2
Total current derivative assets⁽¹⁾	2		—		2
Total derivative assets	$	2	$	—	$	2
LIABILITIES
Noncurrent Liabilities
Interest rate	$	9	$	—	$	9
Total noncurrent derivative liabilities⁽²⁾	9		—		9
Total derivative liabilities	$	9	$	—	$	9
At December 31, 2013
ASSETS
Current Assets
Commodity	$	6	$	—	$	6
Interest rate	34		—		34
Total current derivative assets⁽¹⁾	40		—		40
Total derivative assets	$	40	$	—	$	40
LIABILITIES
Current Liabilities
Commodity	$	25	$	—	$	25
Total current derivative liabilities⁽³⁾	25		—		25
Total derivative liabilities	$	25	$	—	$	25


(1)	Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets.


(2)	Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets.


(3)	Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets.

Derivative Instruments Gain (Loss) by Hedging Relationship by Income Statement Location

The following tables present the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:



Derivatives in cash flow hedging relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)⁽¹⁾			Amount of Gain (Loss) Reclassified from AOCI to Income
(millions)
Year Ended December 31, 2014
Derivative Type and Location of Gains (Losses)
Commodity:
Operating revenue				$	2
Purchased gas				(14		)
Total commodity	$	12		$	(12	)
Interest rate⁽²⁾	(62		)	(1		)
Total	$	(50	)	$	(13	)
Year Ended December 31, 2013
Derivative Type and Location of Gains (Losses)
Commodity:
Operating revenue				$	(2	)
Purchased gas				(14		)
Total commodity	$	(2	)	$	(16	)
Interest rate⁽²⁾	68			—
Total	$	66		$	(16	)
Year Ended December 31, 2012
Derivative Type and Location of Gains (Losses)
Commodity:
Operating revenue				$	(15	)
Purchased gas				(18		)
Total commodity	$	64		$	(33	)
Interest rate⁽²⁾	(41		)	—
Total	$	23		$	(33	)


(1)	Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income.


(2)	Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges.

Noncurrent

Interest rate