Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

The current levels of nuclear property insurance coverage for Dominion's and Virginia Power's nuclear units is as follows:



	Coverage
(billions)
Dominion
Millstone	$	1.70
Kewaunee	1.06

Virginia Power⁽¹⁾
Surry	$	1.70
North Anna	1.70


(1)	Surry and North Anna share a blanket property limit of $200 million.

Lease Commitments

Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining lease terms in excess of one year as of December 31, 2014 are as follows:



	2015		2016		2017		2018		2019		Thereafter		Total
(millions)
Dominion	$	63	$	57	$	49	$	43	$	36	$	79	$	327

Virginia Power	$	30	$	26	$	21	$	18	$	12	$	26	$	133

Dominion Gas	$	28	$	25	$	23	$	21	$	19	$	25	$	141

Subsidiary guarantees

At December 31, 2014, Dominion had issued the following subsidiary guarantees:



	Stated Limit		Value⁽¹⁾
(millions)
Subsidiary debt⁽²⁾	$	27	$	27
Commodity transactions⁽³⁾	3,151		919
Nuclear obligations⁽⁴⁾	215		76
Cove Point⁽⁵⁾	1,910		—
Solar⁽⁶⁾	531		396
Other⁽⁷⁾	532		35
Total	$	6,366	$	1,453


(1)	Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2014 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount.


(2)	Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts.

(3)

Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits.

(4)

Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning.


(5)	Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million.


(6)	Includes guarantees to facilitate the development of solar projects including guarantees to support the issuance of full notice to proceed under EPC agreements. Includes certain guarantees that do not have stated limits. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects.

(7)

Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of December 31, 2014, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $72 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. The value provided includes certain guarantees that do not have stated limits.

Virginia Electric and Power Company

Loss Contingencies [Line Items]

Long-term Purchase Commitment

At December 31, 2014, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services:



	2015		2016		2017		2018		2019		Thereafter		Total
(millions)
Purchased electric capacity⁽¹⁾	$	313	$	250	$	158	$	104	$	65	$	99	$	989

(1)

Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2014, the present value of Virginia Power's total commitment for capacity payments is $833 million. Capacity payments totaled $330 million, $345 million, and $337 million, and energy payments totaled $304 million, $236 million, and $214 million for the years ended 2014, 2013 and 2012, respectively.