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Investments (Tables)

12 Months Ended

Dec. 31, 2021

Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds

Dominion Energy’s decommissioning trust funds are summarized below:

	Amortized Cost			Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value
(millions)
December 31, 2021
Equity securities:⁽¹⁾
U.S.	$	1,567		$	3,734	$	(13	)				$	5,288
Fixed income securities:⁽²⁾
Corporate debt instruments		854			32		(5	)		$	—		881
Government securities		1,382			43		(7	)			—		1,418
Common/collective trust funds		168			4		—				—		172
Insurance contracts		255			—		—						255
Cash equivalents and other⁽³⁾		9			2		(75	)			—		(64	)
Total	$	4,235		$	3,815	$	(100	)	⁽⁴⁾	$	—	$	7,950
December 31, 2020
Equity securities:⁽¹⁾
U.S.	$	1,756		$	2,948	$	(24	)				$	4,680
Fixed income securities:⁽²⁾
Corporate debt instruments		572			58		(1	)		$	—		629
Government securities		1,119			66		(1	)			—		1,184
Common/collective trust funds		170			5		—				—		175
Insurance contracts		237			—		—						237
Cash equivalents and other⁽³⁾		(8	)		4		(1	)			—		(5	)
Total	$	3,846		$	3,081	$	(27	)	⁽⁴⁾	$	—	$	6,900

(1)	Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

(2)	Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income.

(3)	Includes pending purchases of securities of $35 million and $49 million at December 31, 2021 and 2020, respectively.

(4)	The fair value of securities in an unrealized loss position was $883 million and $293 million at December 31, 2021 and 2020, respectively.

Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:

Year Ended December 31,	2021			2020			2019
(millions)
Net gains (losses) recognized during the period	$	1,072		$	512		$	919
Less: Net gains recognized during the period on securities sold during the period		(346	)		(16	)		(80	)
Unrealized gains (losses) recognized during the period on securities still held at period end⁽¹⁾	$	726		$	496		$	839

(1)	Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2021 by contractual maturity is as follows:

	Amount
(millions)
Due in one year or less	$	331
Due after one year through five years		642
Due after five years through ten years		630
Due after ten years		868
Total	$	2,471

Marketable Securities

Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

Year Ended December 31,	2021		2020		2019
(millions)
Proceeds from sales	$	3,985	$	4,278	$	1,712
Realized gains⁽¹⁾		441		340		195
Realized losses⁽¹⁾		91		297		96

(1)	Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Accounts Under Equity Method of Accounting

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:

					Investment
Company	Ownership%				Balance						Description
As of December 31,					2021			2020
(millions)
Cove Point		50	%		$	2,738		$	2,784		LNG import/export and storage facility
Atlantic Coast Pipeline		53	%			—	⁽³⁾		—	⁽³⁾	Gas transmission system
Wrangler		15	%	⁽²⁾		68			74		Nonregulated retail energy marketing
Align RNG⁽¹⁾		50	%			74			25		Renewable natural gas
Other	various					52			51
Total					$	2,932		$	2,934

(1)	Dominion Energy’s unfunded commitment to be made to Align RNG by the end of 2022 was $8 million and $59 million at December 31, 2021 and 2020, respectively. The commitment was fully paid in January 2022.

(2)	Dominion Energy’s ownership interest became 15% in December 2021, following the sale of 5% of its ownership interest. See discussion below.

(3)	Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $113 million and $1.1 billion at December 31, 2021 and 2020, respectively. See discussion below for additional information.

Virginia Electric and Power Company

Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds

Virginia Power’s decommissioning trust funds are summarized below:

	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses				Allowance for Credit Losses		Fair Value
(millions)
December 31, 2021
Equity securities:⁽¹⁾
U.S.	$	841	$	1,720	$	(11	)				$	2,550
Fixed income securities:⁽²⁾
Corporate debt instruments		517		17		(3	)		$	—		531
Government securities		584		16		(2	)			—		598
Common/collective trust funds		53		—		—				—		53
Cash equivalents and other⁽³⁾		2		—		—				—		2
Total	$	1,997	$	1,753	$	(16	)	⁽⁴⁾	$	—	$	3,734
December 31, 2020
Equity securities:⁽¹⁾
U.S.	$	929	$	1,371	$	(21	)				$	2,279
Fixed income securities:⁽²⁾
Corporate debt instruments		315		33		—			$	—		348
Government securities		484		25		—				—		509
Common/collective trust funds		58		—		—				—		58
Cash equivalents and other⁽³⁾		3		—		—				—		3
Total	$	1,789	$	1,429	$	(21	)	⁽⁴⁾	$	—	$	3,197

(1)	Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2

(2)	Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income.

(3)	Includes pending sales of securities of $5 million at December 31, 2021, and pending purchases of securities of $10 million at December 31, 2020.

(4)	The fair value of securities in an unrealized loss position was $425 million and $142 million at December 31, 2021 and 2020, respectively.

Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:

Year Ended December 31,	2021			2020			2019
(millions)
Net gains (losses) recognized during the period	$	552		$	224		$	423
Less: Net gains recognized during the period on securities sold during the period		(190	)		(6	)		(20	)
Unrealized gains (losses) recognized during the period on securities still held at end of period ⁽¹⁾	$	362		$	218		$	403

(1)	Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

Investments Classified by Contractual Maturity Date

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2021, by contractual maturity is as follows:

	Amount
(millions)
Due in one year or less	$	78
Due after one year through five years		335
Due after five years through ten years		361
Due after ten years		408
Total	$	1,182

Marketable Securities

Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

Year Ended December 31,	2021		2020		2019
(millions)
Proceeds from sales	$	1,791	$	884	$	858
Realized gains⁽¹⁾		228		88		58
Realized losses⁽¹⁾		35		68		22

(1)	Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.