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Operating Revenue
Nov. 18, 2019
Text Block [Abstract]  
Operating Revenue
Note 4. Operating Revenue
The Companies’ operating revenue consists of the following:
 
Three Months Ended March 31,
 
 
2019
 
 
2018
 
(millions)
 
 
 
 
Dominion Energy
 
 
 
 
 
 
Regulated electric sales:
   
     
 
Residential
 
$
646
 
  $
817
 
Commercial
 
 
496
 
   
524
 
Industrial
 
 
30
 
   
107
 
Government and other retail
 
 
200
 
   
213
 
Wholesale
 
 
48
 
   
42
 
Nonregulated electric sales
 
 
316
 
   
418
 
Regulated gas sales:
   
     
 
Residential
 
 
602
 
   
364
 
Commercial
 
 
191
 
   
103
 
Other
 
 
38
 
   
10
 
Nonregulated gas sales
 
 
247
 
   
88
 
Regulated gas transportation and storage:
   
     
 
FERC-regulated
 
 
277
 
   
262
 
State-regulated
 
 
213
 
   
190
 
Nonregulated gas transportation and storage
 
 
174
 
   
 
Other regulated revenues
(1)
 
 
58
 
   
50
 
Other nonregulated revenues
(1)(2)
 
 
95
 
   
136
 
                 
Total operating revenue from contracts with customers
 
 
3,631
 
   
3,324
 
                 
Other revenues
(3)
 
 
227
 
   
142
 
                 
Total operating revenue
 
$
3,858
 
  $
3,466
 
                 
Virginia Power
 
 
 
 
 
 
Regulated electric sales:
   
     
 
Residential
 
$
923
 
  $
817
 
Commercial
 
 
636
 
   
524
 
Industrial
 
 
112
 
   
107
 
Government and other retail
 
 
204
 
   
213
 
Wholesale
 
 
37
 
   
42
 
Other regulated revenues
 
 
33
 
   
32
 
Other nonregulated revenues
(2)
 
 
6
 
   
13
 
                 
Total operating revenue from contracts with customers
 
 
1,951
 
   
1,748
 
                 
Other revenues
(2)(3)
 
 
14
 
   
 
                 
Total operating revenue
 
$
1,965
 
  $
1,748
 
                 
Dominion Energy Gas
 
 
 
 
 
 
Regulated gas sales - wholesale
 
$
2
 
   
5
 
Nonregulated gas sales
(2)
 
 
2
 
   
2
 
Regulated gas transportation and storage
 
 
340
 
   
314
 
Nonregulated gas transportation and storage
 
 
174
 
  $
 
Management service revenue
(2)
 
 
44
 
   
59
 
Other regulated revenues
 
 
3
 
   
8
 
                 
Total operating revenue from contracts with customers
 
 
565
 
   
388
 
                 
Other revenues
 
 
1
 
   
1
 
                 
Total operating revenue
 
$
566
 
  $
389
 
                 
(1)
Amounts above include $51 million for the three months ended March 31, 2019, and $30 million for the three months ended March 31, 2018 primarily consisting of NGL sales at Dominion Energy which are considered to be goods transferred at a point in time.
(2)
See Notes 10 and 19 for amounts attributable to related parties and affiliates.
(3)
Amounts above include $14 million and $8 million of alternative revenue at Dominion Energy and Virginia Power for the three months ended March 31, 2019, respectively.
The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These
revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice.
Revenue expected to be recognized on multi-year
contracts in place at March 31, 2019
 
2019
 
 
2020
 
 
2021
 
 
2022
 
 
2023
 
 
Thereafter
 
 
Total
 
(millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dominion Energy
  $
1,197
    $
1,547
    $
1,448
    $
1,334
    $
1,166
    $
13,562
    $
20,254
 
Virginia Power
   
16
     
3
     
1
     
     
     
     
20
 
Dominion Energy Gas
   
1,266
     
1,657
     
1,557
     
1,422
     
1,231
     
13,865
     
20,998
 
Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At March 31, 2019 and December 31, 2018, Dominion Energy’s contract asset balances were $40 million and $42 million, respectively. Dominion Energy Gas’ contract asset balances were $55 million and $58 million at March 31, 2019 and December 31, 2018, respectively. Dominion Energy and Dominion Energy Gas’ contract assets are recorded in other deferred charges and other assets in the Consolidated Balance Sheets. Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At March 31, 2019 and December 31, 2018, Dominion Energy’s contract liability balances were $77 million and $106 million, respectively. At March 31, 2019 and December 31, 2018, Virginia Power’s contract liability balances were $21 million and $22 million, respectively. At March 31, 2019 and December 31, 2018, Dominion Energy Gas’ contract liability balances were $35 million and $49 million, respectively. During the three months ended March 31, 2019, Dominion Energy, Virginia Power and Dominion Energy Gas recognized revenue of $85 million, $22 million and $25 million, respectively, from the beginning contract liability balances as the Companies fulfilled their obligations to provide service to their customers. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets.