Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Trading Symbol | 'D |
Entity Registrant Name | 'DOMINION RESOURCES INC /VA/ |
Entity Central Index Key | '0000715957 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 581,608,183 |
Virginia Electric and Power Company | ' |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Trading Symbol | 'VEL - PE |
Entity Registrant Name | 'VIRGINIA ELECTRIC & POWER CO |
Entity Central Index Key | '0000103682 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 274,723 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Operating Revenue | $3,630 | $3,523 | ||
Operating Expenses | ' | ' | ||
Electric fuel and other energy-related purchases | 1,334 | 951 | ||
Purchased electric capacity | 88 | 88 | ||
Purchased gas | 540 | 467 | ||
Other operations and maintenance | 425 | 623 | ||
Depreciation, depletion and amortization | 308 | 297 | ||
Other taxes | 167 | 167 | ||
Total operating expenses | 2,862 | 2,593 | ||
Income from operations | 768 | 930 | ||
Other income | 40 | 87 | ||
Interest and related charges | 237 | 228 | ||
Income from continuing operations including noncontrolling interests before income tax expense | 571 | 789 | ||
Income tax expense | 186 | 288 | ||
Income from continuing operations including noncontrolling interests | 385 | 501 | ||
Income from discontinued operations | 0 | 1 | ||
Net Income Including Noncontrolling Interests | 385 | 502 | ||
Noncontrolling Interests | 6 | 7 | ||
Net Income Attributable to Dominion | 379 | 495 | ||
Amounts Attributable to Dominion: | ' | ' | ||
Income from continuing operations, net of tax | 379 | 494 | ||
Income from discontinued operations, net of tax | 0 | 1 | ||
Earnings Per Common Share-Basic | ' | ' | ||
Income from continuing operations (dollars per share) | $0.65 | $0.86 | ||
Loss from discontinued operations (dollars per share) | $0 | $0 | ||
Earnings Per Common Share - Basic (dollars per share) | $0.65 | $0.86 | ||
Earnings Per Common Share-Diluted | ' | ' | ||
Income from continuing operations (dollars per share) | $0.65 | $0.86 | ||
Income from discontinued operations (dollars per share) | $0 | $0 | ||
Net income attributable to Dominion (dollars per share) | $0.65 | $0.86 | ||
Dividends declared per common share (dollars per share) | $0.60 | $0.56 | ||
Virginia Electric and Power Company | ' | ' | ||
Operating Revenue | 1,983 | [1] | 1,781 | [1] |
Operating Expenses | ' | ' | ||
Electric fuel and other energy-related purchases | 650 | [1] | 570 | [1] |
Purchased electric capacity | 88 | 88 | ||
Affiliated suppliers | 71 | 74 | ||
Other | 270 | 245 | ||
Depreciation, depletion and amortization | 218 | 207 | ||
Other taxes | 73 | 67 | ||
Total operating expenses | 1,370 | 1,251 | ||
Income from operations | 613 | 530 | ||
Other income | 15 | 25 | ||
Interest and related charges | 107 | 93 | ||
Income from continuing operations including noncontrolling interests before income tax expense | 521 | 462 | ||
Income tax expense | 197 | 175 | ||
Net Income Attributable to Dominion | 324 | 287 | ||
Amounts Attributable to Dominion: | ' | ' | ||
Preferred dividends | 6 | 4 | ||
Balance available for common stock | $318 | $283 | ||
[1] | See Note 17 for amounts attributable to affiliates. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net income including noncontrolling interests | $385 | $502 | ||
Net income | 379 | 495 | ||
Other comprehensive income (loss), net of taxes: | ' | ' | ||
Net deferred losses on derivatives-hedging activities | -150 | [1] | -90 | [1] |
Changes in unrealized net gains (losses) on investment securities | 29 | [2] | 78 | [2] |
Changes in unrecognized pension and other postretirement benefit costs | -4 | [3] | 0 | [3] |
Amounts reclassified to net income: | ' | ' | ||
Net derivative (gains) losses-hedging activities | 160 | [4] | 76 | [4] |
Net realized (gains) losses on investment securities | -11 | [5] | -27 | [5] |
Net pension and other postretirement benefit costs | 8 | [6] | 20 | [6] |
Changes in other comprehensive loss from equity method investees | -7 | 0 | ||
Total other comprehensive income | 25 | 57 | ||
Comprehensive income including noncontrolling interests | 410 | 559 | ||
Comprehensive income attributable to noncontrolling interests | 6 | 7 | ||
Comprehensive income attributable to Dominion | 404 | 552 | ||
Virginia Electric and Power Company | ' | ' | ||
Net income | 324 | 287 | ||
Other comprehensive income (loss), net of taxes: | ' | ' | ||
Net deferred losses on derivatives-hedging activities | 2 | [7] | 2 | [7] |
Changes in unrealized net gains (losses) on investment securities | 2 | [8] | 8 | [8] |
Amounts reclassified to net income: | ' | ' | ||
Net derivative (gains) losses-hedging activities | -3 | [9] | 0 | [9] |
Net realized (gains) losses on investment securities | -2 | [10] | -1 | [10] |
Total other comprehensive income | -1 | 9 | ||
Comprehensive income attributable to Dominion | $323 | $296 | ||
[1] | Net of $80 million and $54 million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[2] | Net of $(1) million and $(51) million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[3] | Net of $(4) million and $--- million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[4] | Net of $(100) million and $(48) million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[5] | Net of $7 million and $18 million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[6] | Net of $(6) million and $(9) million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[7] | Net of $(1) million tax for both the three months ended March 31, 2014 and 2013. | |||
[8] | Net of $(2) million and $(5) million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[9] | Net of $2 million and $--- million tax for the three months ended March 31, 2014 and 2013, respectively. | |||
[10] | Net of $1 million tax for both the three months ended March 31, 2014 and 2013. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net deferred gains (losses) on derivative-hedging activities, tax | $80 | $54 |
Changes in unrealized net gains (losses) on investment securities, tax | -1 | -51 |
Changes in unrecognized pension and other postretirement benefit costs, tax | -4 | 0 |
Net derivative (gains) losses-hedging activities, tax | -100 | -48 |
Net realized (gains) losses on investment securities, tax | 7 | 18 |
Net pension and other postretirement benefit costs, tax | -6 | -9 |
Virginia Electric and Power Company | ' | ' |
Net deferred gains (losses) on derivative-hedging activities, tax | -1 | -1 |
Changes in unrealized net gains (losses) on investment securities, tax | -2 | -5 |
Net derivative (gains) losses-hedging activities, tax | 2 | 0 |
Net realized (gains) losses on investment securities, tax | $1 | $1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $228 | $316 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 1,805 | 1,695 | [1] | |
Other receivables (less allowance for doubtful accounts) | 167 | 141 | [1] | |
Inventories | 1,013 | 1,176 | [1] | |
Derivative assets | 472 | 687 | [1] | |
Prepayments | 216 | 192 | ||
Other | 1,577 | 1,733 | [1] | |
Total current assets | 5,478 | 5,940 | [1] | |
Investments | ' | ' | ||
Nuclear decommissioning trust funds | 3,969 | 3,903 | [1] | |
Investment in equity method affiliates | 1,073 | 916 | [1] | |
Other | 275 | 283 | [1] | |
Total investments | 5,317 | 5,102 | [1] | |
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 47,723 | 46,969 | [1] | |
Accumulated depreciation, depletion and amortization | -14,596 | -14,341 | [1] | |
Total property, plant and equipment, net | 33,127 | 32,628 | [1] | |
Deferred Charges and Other Assets | ' | ' | ||
Goodwill | 3,046 | 3,086 | [1] | |
Regulatory assets | 1,491 | 1,228 | [1] | |
Other | 2,127 | 2,112 | [1] | |
Total deferred charges and other assets | 6,664 | 6,426 | [1] | |
Total assets | 50,586 | 50,096 | [1] | |
Current Liabilities | ' | ' | ||
Securities due within one year | 916 | 1,519 | [1] | |
Short-term debt | 1,972 | 1,927 | [1] | |
Accounts payable | 1,143 | 1,168 | [1] | |
Derivative liabilities | 802 | 828 | [1] | |
Other | 1,518 | 1,552 | [1] | |
Total current liabilities | 6,351 | 6,994 | [1] | |
Long-Term Debt | ' | ' | ||
Long-term debt | 18,004 | 16,877 | [1] | |
Junior subordinated notes | 1,373 | 1,373 | [1] | |
Remarketable subordinated notes | 1,081 | 1,080 | [1] | |
Total long-term debt | 20,458 | 19,330 | [1] | |
Deferred Credits and Other Liabilities | ' | ' | ||
Deferred income taxes and investment tax credits | 7,293 | 7,114 | [1] | |
Asset retirement obligations | 1,495 | 1,484 | [1] | |
Regulatory liabilities | 1,947 | 2,001 | [1] | |
Other | 1,209 | 1,274 | [1] | |
Total deferred credits and other liabilities | 11,944 | 11,873 | [1] | |
Total liabilities | 38,753 | 38,197 | [1] | |
Subsidiary Preferred Stock Not Subject to Mandatory Redemption | 134 | 257 | [1] | |
Common Shareholders' Equity | ' | ' | ||
Common stock - no par | 5,785 | [2] | 5,783 | [1],[2] |
Retained earnings | 6,213 | 6,183 | [1] | |
Accumulated other comprehensive loss | -299 | -324 | [1] | |
Total common shareholders' equity | 11,699 | 11,642 | [1] | |
Total liabilities and shareholders' equity | 50,586 | 50,096 | [1] | |
Virginia Electric and Power Company | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 24 | 16 | [3] | |
Customer receivables (less allowance for doubtful accounts) | 925 | 946 | [3] | |
Other receivables (less allowance for doubtful accounts) | 110 | 78 | [3] | |
Inventories | 717 | 808 | [3] | |
Prepayments | 47 | 32 | [3] | |
Other | 224 | 283 | [3] | |
Total current assets | 2,047 | 2,163 | [3] | |
Investments | ' | ' | ||
Nuclear decommissioning trust funds | 1,796 | 1,765 | [3] | |
Other | 12 | 12 | [3] | |
Total investments | 1,808 | 1,777 | [3] | |
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 33,488 | 32,848 | [3] | |
Accumulated depreciation, depletion and amortization | -10,767 | -10,580 | [3] | |
Total property, plant and equipment, net | 22,721 | 22,268 | [3] | |
Deferred Charges and Other Assets | ' | ' | ||
Intangible assets, net | 194 | 193 | [3] | |
Regulatory assets | 664 | 417 | [3] | |
Other | 185 | [4] | 143 | [3],[4] |
Total deferred charges and other assets | 1,043 | 753 | [3] | |
Total assets | 27,619 | 26,961 | [3] | |
Current Liabilities | ' | ' | ||
Securities due within one year | 58 | 58 | [3] | |
Short-term debt | 503 | 842 | [3] | |
Accounts payable | 462 | 479 | [3] | |
Payables to affiliates | 77 | 69 | [3] | |
Affiliated current borrowings | 159 | 97 | [3] | |
Accrued interest, payroll and taxes | 228 | 218 | [3] | |
Other | 462 | 454 | [3] | |
Total current liabilities | 1,949 | 2,217 | [3] | |
Long-Term Debt | ' | ' | ||
Total long-term debt | 8,719 | 7,974 | [3] | |
Deferred Credits and Other Liabilities | ' | ' | ||
Deferred income taxes and investment tax credits | 4,327 | 4,137 | [3] | |
Asset retirement obligations | 694 | 689 | [3] | |
Regulatory liabilities | 1,542 | 1,597 | [3] | |
Other | 287 | [4] | 292 | [3],[4] |
Total deferred credits and other liabilities | 6,850 | 6,715 | [3] | |
Total liabilities | 17,518 | 16,906 | [3] | |
Subsidiary Preferred Stock Not Subject to Mandatory Redemption | 134 | 257 | [3] | |
Common Shareholders' Equity | ' | ' | ||
Common stock - no par | 5,738 | [5] | 5,738 | [3],[5] |
Other paid-in capital | 1,113 | 1,113 | [3] | |
Retained earnings | 3,069 | 2,899 | [3] | |
Accumulated other comprehensive loss | 47 | 48 | [3] | |
Total common shareholders' equity | 9,967 | 9,798 | [3] | |
Total liabilities and shareholders' equity | $27,619 | $26,961 | [3] | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | 1 billion shares authorized; 582 million shares and 581 million shares outstanding at March 31, 2014 and December 31, 2013, respectively. | |||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[4] | See Note 17 for amounts attributable to affiliates. | |||
[5] | 500,000 shares authorized; 274,723 shares outstanding at March 31, 2014 and December 31, 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Customer receivables, allowance for doubtful accounts | $23 | $25 |
Other receivables, allowance for doubtful accounts | 4 | 4 |
Common stock, shares authorized (shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding (shares) | 582,000,000 | 581,000,000 |
Virginia Electric and Power Company | ' | ' |
Customer receivables, allowance for doubtful accounts | 11 | 11 |
Other receivables, allowance for doubtful accounts | $2 | $2 |
Common stock, shares authorized (shares) | 500,000 | ' |
Common stock, shares outstanding (shares) | 274,723 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Operating Activities | ' | ' | |
Net income including noncontrolling interests | $385 | $502 | |
Net income | 379 | 495 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | |
Depreciation, depletion and amortization (including nuclear fuel) | 378 | 366 | |
Deferred income taxes and investment tax credits | 232 | 266 | |
Gains on the sale of assets | -159 | -25 | |
Other adjustments | -34 | -32 | |
Changes in: | ' | ' | |
Accounts receivable | -183 | -124 | |
Inventories | 163 | 133 | |
Deferred fuel and purchased gas costs, net | -304 | 16 | |
Accounts payable | 53 | -135 | |
Margin deposit assets and liabilities | 105 | -65 | |
Other operating assets and liabilities | 117 | 150 | |
Net cash provided by operating activities | 753 | 1,052 | |
Investing Activities | ' | ' | |
Plant construction and other property additions (including nuclear fuel) | -1,120 | -904 | |
Acquisition of solar development projects | -47 | 0 | |
Proceeds from sales of securities | 442 | 554 | |
Purchases of securities | -441 | -574 | |
Proceeds from the sale of assets to Blue Racer | 84 | 47 | |
Proceeds from the sale of electric retail energy marketing business | 187 | 0 | |
Other | -24 | 15 | |
Net cash used in investing activities | -919 | -862 | |
Financing Activities | ' | ' | |
Issuance (repayment) of short-term debt, net | 45 | -409 | |
Issuance of long-term debt | 1,150 | 1,250 | |
Repayment of long-term debt | -608 | -712 | |
Repayment of affiliated notes payable | 0 | -258 | |
Subsidiary preferred stock redemption | -125 | 0 | |
Issuance of common stock | 0 | 73 | |
Common dividend payments | -349 | -324 | |
Subsidiary preferred dividend payments | -4 | -4 | |
Other | -31 | -19 | |
Net cash provided by (used in) financing activities | 78 | -403 | |
Decrease in cash and cash equivalents | -88 | -213 | |
Cash and cash equivalents at beginning of period | 316 | [1] | 248 |
Cash and cash equivalents at end of period | 228 | 35 | |
Significant noncash investing activities: | ' | ' | |
Accrued capital expenditures | 261 | 200 | |
Virginia Electric and Power Company | ' | ' | |
Operating Activities | ' | ' | |
Net income | 324 | 287 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | |
Depreciation, depletion and amortization (including nuclear fuel) | 263 | 250 | |
Deferred income taxes and investment tax credits | 203 | 112 | |
Other adjustments | -12 | -17 | |
Changes in: | ' | ' | |
Accounts receivable | -9 | -31 | |
Inventories | 91 | 68 | |
Deferred fuel and purchased gas costs, net | -328 | -19 | |
Accounts payable | 34 | -65 | |
Accrued interest, payroll and taxes | 10 | 90 | |
Other operating assets and liabilities | 24 | 32 | |
Net cash provided by operating activities | 600 | 707 | |
Investing Activities | ' | ' | |
Plant construction and other property additions (including nuclear fuel) | -691 | -592 | |
Purchases of nuclear fuel | -68 | -47 | |
Proceeds from sales of securities | 204 | 189 | |
Purchases of securities | -215 | -206 | |
Other | -6 | 1 | |
Net cash used in investing activities | -776 | -655 | |
Financing Activities | ' | ' | |
Issuance (repayment) of short-term debt, net | -339 | -331 | |
Issuance (repayment) of affiliated current borrowings, net | 62 | -378 | |
Issuance of long-term debt | 750 | 1,250 | |
Repayment of long-term debt | -2 | -451 | |
Subsidiary preferred stock redemption | -125 | 0 | |
Common dividend payments | -149 | -148 | |
Subsidiary preferred dividend payments | -4 | -4 | |
Other | -9 | -15 | |
Net cash provided by (used in) financing activities | 184 | -77 | |
Decrease in cash and cash equivalents | 8 | -25 | |
Cash and cash equivalents at beginning of period | 16 | [2] | 28 |
Cash and cash equivalents at end of period | 24 | 3 | |
Significant noncash investing activities: | ' | ' | |
Accrued capital expenditures | $203 | $117 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | ||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
Dominion, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion’s operations are conducted through various subsidiaries, including Virginia Power, a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
As permitted by the rules and regulations of the SEC, Dominion’s and Virginia Power’s accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in Dominion’s and Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
In Dominion’s and Virginia Power’s opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of March 31, 2014 and their results of operations and cash flows for the three months ended March 31, 2014 and 2013. Such adjustments are normal and recurring in nature unless otherwise noted. | |
The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. | |
Dominion’s and Virginia Power’s accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts and those of their respective majority-owned subsidiaries and those VIEs where Dominion has been determined to be the primary beneficiary. | |
The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. | |
Certain amounts in Dominion’s and Virginia Power’s 2013 Consolidated Financial Statements and Notes have been reclassified to conform to the 2014 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. | |
Amounts disclosed for Dominion are inclusive of Virginia Power, where applicable. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Acquisitions and Dispositions | ' | |||
Acquisitions and Dispositions | ||||
Acquisition of Solar Development Projects | ||||
In March 2014, Dominion completed the acquisition of 100% of the equity interests of six solar development projects in California from Recurrent Energy Development Holdings, LLC for approximately $50 million. The allocation of the purchase price to individual assets is under evaluation by management and has not been finalized. | ||||
The projects are expected to cost approximately $450 million once constructed, including the initial acquisition cost. Upon completion, the facilities are expected to generate approximately 139 MW and will provide Dominion with a large utility-scale solar presence in the California market and significantly increase its solar generation portfolio. | ||||
Long-term power purchase, interconnection, EPC and operation and maintenance agreements have been executed for each of the projects. Construction of the projects commenced in the first quarter of this year and all of the solar facilities are expected to enter commercial operations in late 2014 or early 2015. Dominion expects to claim federal investment tax credits on the projects. | ||||
Sale of Electric Retail Energy Marketing Business | ||||
In March 2014, Dominion completed the sale of its electric retail energy marketing business. The proceeds were approximately $187 million, net of transaction costs. The sale resulted in a gain, subject to post-closing adjustments, of approximately $100 million ($57 million after-tax) net of a $31 million write-off of goodwill, and is included in other operations and maintenance expense in Dominion's Consolidated Statement of Income. The sale of the electric retail energy marketing business did not qualify for discontinued operations classification. | ||||
Sale of Brayton Point, Kincaid and Equity Method Investment in Elwood | ||||
In March 2013, Dominion entered into an agreement with Energy Capital Partners to sell Brayton Point, Kincaid, and its equity method investment in Elwood. In August 2013, Dominion completed the sale and received proceeds of approximately $465 million, net of transaction costs. | ||||
In the first quarter of 2013, Brayton Point's and Kincaid's assets and liabilities to be disposed of were classified as held for sale and adjusted to their estimated fair value less cost to sell, resulting in impairment charges totaling $37 million ($22 million after-tax), which is included in discontinued operations in Dominion's Consolidated Statements of Income. Dominion used the market approach to estimate the fair value of Brayton Point's and Kincaid's long-lived assets. This was considered a Level 2 fair value measurement given that it was based on the agreed-upon sales price. | ||||
Dominion's 50% interest in Elwood was an equity method investment and therefore, in accordance with applicable accounting guidance, the carrying amount of this investment was not classified as held for sale nor were the equity earnings from this investment reported as discontinued operations. | ||||
The following table presents selected information regarding the results of operations of Brayton Point and Kincaid, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||
Three Months Ended March 31, | 2013 | |||
(millions) | ||||
Operating revenue | $ | 154 | ||
Income before income taxes | 1 | |||
Assignment of Marcellus Acreage | ||||
As discussed in Note 10 to Dominion’s Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2013, DTI closed on agreements with two natural gas producers to convey approximately 100,000 acres of Marcellus Shale development rights underneath several of its natural gas storage fields. In the first quarter of 2014, DTI received $12 million in additional cash proceeds resulting from post-closing adjustments. At March 31, 2014, deferred revenue totaled approximately $89 million, which will be recognized over the remaining terms of the agreements. | ||||
Blue Racer | ||||
See Note 10 for a discussion of transactions related to Blue Racer. |
Operating_Revenue
Operating Revenue | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Regulated and Unregulated Operating Revenue [Abstract] | ' | ||||||
Operating Revenue | ' | ||||||
Operating Revenue | |||||||
The Companies’ operating revenue consists of the following: | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(millions) | |||||||
Dominion | |||||||
Electric sales: | |||||||
Regulated | $ | 1,951 | $ | 1,761 | |||
Nonregulated | 854 | 658 | |||||
Gas sales: | |||||||
Regulated | 147 | 132 | |||||
Nonregulated | 117 | 345 | |||||
Gas transportation and storage | 444 | 467 | |||||
Other | 117 | 160 | |||||
Total operating revenue | $ | 3,630 | $ | 3,523 | |||
Virginia Power | |||||||
Regulated electric sales | $ | 1,951 | $ | 1,761 | |||
Other | 32 | 20 | |||||
Total operating revenue | $ | 1,983 | $ | 1,781 | |||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to Dominion's and Virginia Power’s effective income tax rate as follows: | |||||||||
Dominion | Virginia Power | ||||||||
Three Months Ended March 31, | 2014 | 2013 | 2014 | 2013 | |||||
U.S. statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | |
Increases (reductions) resulting from: | |||||||||
State taxes, net of federal benefit | 2.7 | 4 | 3.8 | 3.9 | |||||
Investment and production tax credits | (4.2 | ) | (1.5 | ) | (0.8 | ) | — | ||
AFUDC - equity | (0.3 | ) | (0.7 | ) | (0.3 | ) | (1.3 | ) | |
Other, net | (0.5 | ) | (0.3 | ) | 0.1 | 0.2 | |||
Effective tax rate | 32.7 | % | 36.5 | % | 37.8 | % | 37.8 | % | |
As of March 31, 2014, there have been no material changes in Dominion's and Virginia Power's unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in Dominion's and Virginia Power's Annual Report on Form 10-K for the year ended December 31, 2013 for a discussion of these unrecognized tax benefits. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share | ' | ||||||
Earnings Per Share | |||||||
The following table presents the calculation of Dominion’s basic and diluted EPS: | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(millions, except EPS) | |||||||
Net income attributable to Dominion | $ | 379 | $ | 495 | |||
Average shares of common stock outstanding – Basic | 581.6 | 576.6 | |||||
Net effect of dilutive securities(1) | 1.3 | 0.9 | |||||
Average shares of common stock outstanding – Diluted | 582.9 | 577.5 | |||||
Earnings Per Common Share – Basic | $ | 0.65 | $ | 0.86 | |||
Earnings Per Common Share – Diluted | $ | 0.65 | $ | 0.86 | |||
-1 | Dilutive securities consist primarily of contingently convertible senior notes and Equity Units for 2014 and contingently convertible senior notes for 2013. See Note 14 in this report and Note 17 to the Consolidated Financial Statements in Dominion's and Virginia Power's Annual Report on Form 10-K for the year ended December 31, 2013 for more information. | ||||||
There were no potentially dilutive securities excluded from the calculation of diluted EPS for the three months ended March 31, 2014 and 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
The following table presents Dominion’s changes in AOCI by component, net of tax: | ||||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on investment securities | Unrecognized pension and other postretirement benefit costs | Other comprehensive income (loss) from equity method investee | Total | ||||||||||||
(millions) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Beginning balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (150 | ) | 29 | (4 | ) | (7 | ) | (132 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 160 | (11 | ) | 8 | — | 157 | ||||||||||
Net current-period other comprehensive income (loss) | 10 | 18 | 4 | (7 | ) | 25 | ||||||||||
Ending balance | $ | (278 | ) | $ | 492 | $ | (506 | ) | $ | (7 | ) | $ | (299 | ) | ||
Three Months Ended March 31, 2013 | ||||||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | — | $ | (877 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (90 | ) | 78 | — | — | (12 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 76 | (27 | ) | 20 | — | 69 | ||||||||||
Net current-period other comprehensive income (loss) | (14 | ) | 51 | 20 | — | 57 | ||||||||||
Ending balance | $ | (136 | ) | $ | 377 | $ | (1,061 | ) | $ | — | $ | (820 | ) | |||
(1) See table below for details about these reclassifications. | ||||||||||||||||
The following table presents Dominion’s reclassifications out of AOCI by component: | ||||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 269 | Operating revenue | |||||||||||||
1 | Purchased gas | |||||||||||||||
(13 | ) | Electric fuel and other energy-related purchases | ||||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
260 | ||||||||||||||||
Tax | (100 | ) | Income tax expense | |||||||||||||
$ | 160 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (20 | ) | Other income | ||||||||||||
Impairment | 2 | Other income | ||||||||||||||
(18 | ) | |||||||||||||||
Tax | 7 | Income tax expense | ||||||||||||||
$ | (11 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service costs | $ | (3 | ) | Other operations and maintenance | ||||||||||||
Actuarial (gain) losses | 17 | Other operations and maintenance | ||||||||||||||
14 | ||||||||||||||||
Tax | (6 | ) | Income tax expense | |||||||||||||
$ | 8 | |||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 84 | Operating revenue | |||||||||||||
34 | Purchased gas | |||||||||||||||
3 | Electric fuel and other energy-related purchases | |||||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
124 | ||||||||||||||||
Tax | (48 | ) | Income tax expense | |||||||||||||
$ | 76 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (47 | ) | Other income | ||||||||||||
Impairment | 2 | Other income | ||||||||||||||
(45 | ) | |||||||||||||||
Tax | 18 | Income tax expense | ||||||||||||||
$ | (27 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 29 | Other operations and maintenance | |||||||||||||
29 | ||||||||||||||||
Tax | (9 | ) | Income tax expense | |||||||||||||
$ | 20 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
Dominion's and Virginia Power's fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in their Annual Report on Form 10-K for the year ended December 31, 2013. See Note 9 in this report for further information about their derivatives and hedge accounting activities. | |||||||||||||
Dominion and Virginia Power enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, forward market prices and implied price volatilities are considered unobservable. The unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party pricing sources. | |||||||||||||
The following table presents Dominion's and Virginia Power's quantitative information about Level 3 fair value measurements. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. | |||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
At March 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 14 | Discounted Cash Flow | Market Price (per Dth) | (4) | (2) - 7 | 1 | ||||||
Electricity | 3 | Discounted Cash Flow | Market Price (per MWh) | (4) | 28 - 112 | 54 | |||||||
FTRs(3) | 11 | Discounted Cash Flow | Market Price (per MWh) | (4) | (1) - 8 | 2 | |||||||
NGLs | 6 | Discounted Cash Flow | Market Price (per Gal) | (4) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 3 | Option Model | Market Price (per Dth) | (4) | 5-Mar | 4 | |||||||
Price Volatility | (5) | 15% - 43% | 21 | % | |||||||||
Total assets | $ | 37 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 16 | Discounted Cash Flow | Market Price (per Dth) | (4) | (2) - 5 | — | ||||||
Electricity | 3 | Discounted Cash Flow | Market Price (per MWh) | (4) | 28 - 112 | 54 | |||||||
FTRs(3) | 1 | Discounted Cash Flow | Market Price (per MWh) | (4) | (2) - 8 | — | |||||||
NGLs | 7 | Discounted Cash Flow | Market Price (per Gal) | (4) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 2 | Option Model | Market Price (per Dth) | (4) | 5-Mar | 4 | |||||||
Price Volatility | (5) | 15% - 43% | 21 | % | |||||||||
Total liabilities | $ | 29 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Represents market prices beyond defined terms for Levels 1 & 2. | ||||||||||||
-5 | Represents volatilities unrepresented in published markets. | ||||||||||||
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: | |||||||||||||
Significant Unobservable Inputs | Position | Change to Input | Impact on Fair Value Measurement | ||||||||||
Market Price | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Market Price | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Price Volatility | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Price Volatility | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Non-recurring Fair Value Measurements | |||||||||||||
See Note 3 for a non-recurring fair value measurement related to Brayton Point and Kincaid. | |||||||||||||
Recurring Fair Value Measurements | |||||||||||||
Dominion | |||||||||||||
The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At March 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 2 | $ | 537 | $ | 37 | $ | 576 | |||||
Interest rate | — | 73 | — | 73 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 2,474 | — | — | 2,474 | |||||||||
Other | 6 | — | — | 6 | |||||||||
Non-U.S.: | |||||||||||||
Large cap | 12 | — | — | 12 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 391 | — | 391 | |||||||||
U.S. Treasury securities and agency debentures | 443 | 173 | — | 616 | |||||||||
State and municipal | — | 361 | — | 361 | |||||||||
Other | — | 7 | — | 7 | |||||||||
Cash equivalents and other | — | 120 | — | 120 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,937 | $ | 1,670 | $ | 37 | $ | 4,644 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 975 | $ | 29 | $ | 1,007 | |||||
Interest rate | — | 47 | — | 47 | |||||||||
Total liabilities | $ | 3 | $ | 1,022 | $ | 29 | $ | 1,054 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 718 | $ | 32 | $ | 753 | |||||
Interest rate | — | 137 | — | 137 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 2,417 | — | — | 2,417 | |||||||||
Other | 79 | — | — | 79 | |||||||||
Non-U.S.: | |||||||||||||
Large cap | 13 | — | — | 13 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 345 | — | 345 | |||||||||
U.S. Treasury securities and agency debentures | 415 | 175 | — | 590 | |||||||||
State and municipal | — | 343 | — | 343 | |||||||||
Other | — | 3 | — | 3 | |||||||||
Cash equivalents and other | — | 103 | — | 103 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,927 | $ | 1,832 | $ | 32 | $ | 4,791 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
Total liabilities | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(millions) | |||||||||||||
Beginning balance | $ | (16 | ) | $ | 25 | ||||||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 110 | 14 | |||||||||||
Included in other comprehensive income (loss) | 4 | 9 | |||||||||||
Included in regulatory assets/liabilities | 17 | (5 | ) | ||||||||||
Settlements | (108 | ) | (26 | ) | |||||||||
Transfers out of Level 3 | 1 | (8 | ) | ||||||||||
Ending balance | $ | 8 | $ | 9 | |||||||||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | $ | 1 | $ | (5 | ) | ||||||||
The following table presents Dominion's classification of gains and losses included in earnings in the Level 3 fair value category: | |||||||||||||
Operating | Electric fuel | Total | |||||||||||
revenue | and other | ||||||||||||
energy-related | |||||||||||||
purchases | |||||||||||||
(millions) | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | (10 | ) | $ | 120 | $ | 110 | ||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | — | 1 | ||||||||||
Three Months Ended March 31, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 12 | $ | 2 | $ | 14 | |||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | (5 | ) | — | (5 | ) | ||||||||
Virginia Power | |||||||||||||
The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At March 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 7 | $ | 11 | $ | 18 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S. Large cap | 1,046 | — | — | 1,046 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 219 | — | 219 | |||||||||
U.S. Treasury securities and agency debentures | 161 | 56 | — | 217 | |||||||||
State and municipal | — | 182 | — | 182 | |||||||||
Other | — | 1 | — | 1 | |||||||||
Cash equivalents and other | — | 49 | — | 49 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,207 | $ | 522 | $ | 11 | $ | 1,740 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 1 | $ | 4 | |||||
Interest rate | — | 4 | — | 4 | |||||||||
Total liabilities | $ | — | $ | 7 | $ | 1 | $ | 8 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 2 | $ | 5 | |||||
Interest rate | $ | — | $ | 48 | $ | — | $ | 48 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 1,021 | — | — | 1,021 | |||||||||
Other | 36 | — | — | 36 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 191 | — | 191 | |||||||||
U.S. Treasury securities and agency debentures | 146 | 66 | — | 212 | |||||||||
State and municipal | — | 164 | — | 164 | |||||||||
Cash equivalents and other | — | 31 | — | 31 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,203 | $ | 511 | $ | 2 | $ | 1,716 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
Total liabilities | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(millions) | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 2 | ||||||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 120 | 2 | |||||||||||
Included in regulatory assets/liabilities | 17 | (5 | ) | ||||||||||
Settlements | (120 | ) | (2 | ) | |||||||||
Ending balance | $ | 10 | $ | (3 | ) | ||||||||
The gains and losses included in earnings in the Level 3 fair value category were classified in electric fuel and other energy-related purchases in Virginia Power's Consolidated Statements of Income for the three months ended March 31, 2014 and 2013. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 2014 and 2013. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Substantially all of Dominion’s and Virginia Power’s financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash and cash equivalents, customer and other receivables, short-term debt and accounts payable are representative of fair value because of the short-term nature of these instruments. For Dominion’s and Virginia Power’s financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||
Carrying | Estimated Fair | Carrying | Estimated Fair | ||||||||||
Amount | Value(1) | Amount | Value(1) | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 18,920 | $ | 20,822 | $ | 18,396 | $ | 19,887 | |||||
Junior subordinated notes(3) | 1,373 | 1,391 | 1,373 | 1,394 | |||||||||
Remarketable subordinated notes(3) | 1,081 | 1,268 | 1,080 | 1,192 | |||||||||
Subsidiary preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 8,777 | $ | 9,862 | $ | 8,032 | $ | 8,897 | |||||
Preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
-1 | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||||||||||||
-2 | Carrying amount includes amounts which represent the unamortized discount and premium. At March 31, 2014 and December 31, 2013, includes the valuation of certain fair value hedges associated with Dominion’s fixed rate debt of approximately $40 million and $55 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount or premium. | ||||||||||||
-4 | Carrying amount includes deferred issuance expenses of $2 million at December 31, 2013. |
Derivatives_and_Hedge_Accounti
Derivatives and Hedge Accounting Activities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivatives and Hedge Accounting Activities | ' | ||||||||||||||||||||||||
Derivatives and Hedge Accounting Activities | |||||||||||||||||||||||||
Dominion’s and Virginia Power’s accounting policies and objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in their Annual Report on Form 10-K for the year ended December 31, 2013. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives. | |||||||||||||||||||||||||
Derivative assets and liabilities are presented gross on Dominion's and Virginia Power's Consolidated Balance Sheets. Dominion's and Virginia Power's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. | |||||||||||||||||||||||||
In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on Dominion's and Virginia Power's Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. | |||||||||||||||||||||||||
Dominion | |||||||||||||||||||||||||
Balance Sheet Presentation | |||||||||||||||||||||||||
The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 73 | $ | — | $ | 73 | $ | 137 | $ | — | $ | 137 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 203 | — | 203 | 240 | — | 240 | |||||||||||||||||||
Exchange | 372 | — | 372 | 506 | — | 506 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 648 | — | 648 | 883 | — | 883 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | 7 | — | 7 | |||||||||||||||||||
Total | $ | 649 | $ | — | $ | 649 | $ | 890 | $ | — | $ | 890 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 73 | $ | 43 | $ | — | $ | 30 | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 203 | 132 | — | 71 | 240 | 63 | — | 177 | |||||||||||||||||
Exchange | 372 | 368 | — | 4 | 506 | 505 | — | 1 | |||||||||||||||||
Total | $ | 648 | $ | 543 | $ | — | $ | 105 | $ | 883 | $ | 568 | $ | — | $ | 315 | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 47 | $ | — | $ | 47 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 341 | — | 341 | 262 | — | 262 | |||||||||||||||||||
Exchange | 665 | — | 665 | 838 | — | 838 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 1,053 | — | 1,053 | 1,100 | — | 1,100 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | 2 | — | 2 | |||||||||||||||||||
Total | $ | 1,054 | $ | — | $ | 1,054 | $ | 1,102 | $ | — | $ | 1,102 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 47 | $ | 43 | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 341 | 132 | 8 | 201 | 262 | 63 | 69 | 130 | |||||||||||||||||
Exchange | 665 | 368 | 297 | — | 838 | 505 | 333 | — | |||||||||||||||||
Total | $ | 1,053 | $ | 543 | $ | 305 | $ | 205 | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | |||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Dominion’s derivative activity as of March 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) | 77 | 15 | |||||||||||||||||||||||
Basis | 504 | 272 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 17,786,691 | 14,597,007 | |||||||||||||||||||||||
FTRs | 16,921,356 | — | |||||||||||||||||||||||
Capacity (MW) | 33,550 | 18,300 | |||||||||||||||||||||||
Liquids (Gal)(2) | 113,652,000 | — | |||||||||||||||||||||||
Interest rate | $ | 1,100,000,000 | $ | 3,650,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
(2) Includes NGLs and oil. | |||||||||||||||||||||||||
Ineffectiveness and AOCI | |||||||||||||||||||||||||
For the three months ended March 31, 2014, gains or losses on hedging instruments determined to be ineffective and amounts excluded from the assessment of effectiveness were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to changes in the time value of options and changes in the differences between spot prices and forward prices. | |||||||||||||||||||||||||
The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion’s Consolidated Balance Sheet at March 31, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum Term | |||||||||||||||||||||||
After-Tax | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (6 | ) | $ | (6 | ) | 25 months | ||||||||||||||||||
Electricity | (135 | ) | (145 | ) | 33 months | ||||||||||||||||||||
Other | — | — | 26 months | ||||||||||||||||||||||
Interest rate | (137 | ) | (7 | ) | 366 months | ||||||||||||||||||||
Total | $ | (278 | ) | $ | (158 | ) | |||||||||||||||||||
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices and interest rates. | |||||||||||||||||||||||||
Fair Value and Gains and Losses on Derivative Instruments | |||||||||||||||||||||||||
The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value – | Fair Value – | Total Fair Value | |||||||||||||||||||||||
Derivatives under | Derivatives not under | ||||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 149 | $ | 261 | $ | 410 | |||||||||||||||||||
Interest rate | 62 | — | 62 | ||||||||||||||||||||||
Total current derivative assets | 211 | 261 | 472 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 92 | 74 | 166 | ||||||||||||||||||||||
Interest rate | 11 | — | 11 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 103 | 74 | 177 | ||||||||||||||||||||||
Total derivative assets | $ | 314 | $ | 335 | $ | 649 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 394 | $ | 397 | $ | 791 | |||||||||||||||||||
Interest rate | 11 | — | 11 | ||||||||||||||||||||||
Total current derivative liabilities | 405 | 397 | 802 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 77 | 139 | 216 | ||||||||||||||||||||||
Interest Rate | 36 | — | 36 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 113 | 139 | 252 | ||||||||||||||||||||||
Total derivative liabilities | $ | 518 | $ | 536 | $ | 1,054 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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 | Amount of Gain | Increase | ||||||||||||||||||||||
(Loss) | (Loss) Reclassified | (Decrease) in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (269 | ) | ||||||||||||||||||||||
Purchased gas | (1 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 13 | ||||||||||||||||||||||||
Total commodity | $ | (183 | ) | $ | (257 | ) | $ | 2 | |||||||||||||||||
Interest rate(3) | (47 | ) | (3 | ) | (23 | ) | |||||||||||||||||||
Total | $ | (230 | ) | $ | (260 | ) | $ | (21 | ) | ||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (84 | ) | ||||||||||||||||||||||
Purchased gas | (34 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (157 | ) | $ | (121 | ) | $ | 7 | |||||||||||||||||
Interest rate(3) | 13 | (3 | ) | 16 | |||||||||||||||||||||
Total | $ | (144 | ) | $ | (124 | ) | $ | 23 | |||||||||||||||||
-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. | ||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives(1) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (361 | ) | $ | 3 | ||||||||||||||||||||
Purchased gas | 7 | 18 | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 133 | 3 | |||||||||||||||||||||||
Total | $ | (221 | ) | $ | 24 | ||||||||||||||||||||
-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. | ||||||||||||||||||||||||
Virginia Power | |||||||||||||||||||||||||
Balance Sheet Presentation | |||||||||||||||||||||||||
The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | 14 | — | 14 | 4 | — | 4 | |||||||||||||||||||
Exchange | 3 | — | 3 | 1 | — | 1 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 17 | — | 17 | 53 | — | 53 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total | $ | 18 | $ | — | $ | 18 | $ | 53 | $ | — | $ | 53 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | 14 | 4 | — | 10 | 4 | 4 | — | — | |||||||||||||||||
Exchange | 3 | — | — | 3 | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 17 | $ | 4 | $ | — | $ | 13 | $ | 53 | $ | 4 | $ | — | $ | 49 | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 4 | $ | — | $ | 4 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | — | 4 | 12 | — | 12 | |||||||||||||||||||
Exchange | — | — | — | — | — | — | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 8 | — | 8 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 8 | $ | — | $ | 8 | $ | 12 | $ | — | $ | 12 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 4 | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | 4 | — | — | 12 | 4 | 7 | 1 | |||||||||||||||||
Exchange | — | — | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 8 | $ | 4 | $ | — | $ | 4 | $ | 12 | $ | 4 | $ | 7 | $ | 1 | |||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Virginia Power’s derivative activity as of March 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 | 17 | — | |||||||||||||||||||||||
Basis | 14 | — | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 490,400 | — | |||||||||||||||||||||||
FTRs | 16,307,498 | — | |||||||||||||||||||||||
Capacity (MW) | 30,500 | 18,300 | |||||||||||||||||||||||
Interest rate | $ | — | $ | 250,000,000 | |||||||||||||||||||||
Ineffectiveness | |||||||||||||||||||||||||
For the three months ended March 31, 2014, gains or losses on hedging instruments determined to be ineffective and amounts excluded from the assessment of effectiveness were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to changes in the time value of options and changes in the differences between spot prices and forward prices. | |||||||||||||||||||||||||
Fair Value and Gains and Losses on Derivative Instruments | |||||||||||||||||||||||||
The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated | |||||||||||||||||||||||||
Balance Sheets: | |||||||||||||||||||||||||
Fair Value – | Fair Value – | Total Fair Value | |||||||||||||||||||||||
Derivatives under | Derivatives not under | ||||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 5 | $ | 13 | $ | 18 | |||||||||||||||||||
Total current derivative assets(1) | 5 | 13 | 18 | ||||||||||||||||||||||
Total derivative assets | $ | 5 | $ | 13 | $ | 18 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 2 | $ | 4 | |||||||||||||||||||
Total current derivative liabilities(2) | 2 | 2 | 4 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest Rate | 4 | — | 4 | ||||||||||||||||||||||
Total noncurrent derivatives liabilities (3) | 4 | — | 4 | ||||||||||||||||||||||
Total derivative liabilities | $ | 6 | $ | 2 | $ | 8 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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(2) | 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 | Current derivative liabilities are presented in other current liabilities 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. | ||||||||||||||||||||||||
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 | Amount of Gain | Increase | ||||||||||||||||||||||
(Loss) | (Loss) Reclassified | (Decrease) in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 5 | |||||||||||||||||||||||
Total commodity | $ | 6 | $ | 5 | $ | 2 | |||||||||||||||||||
Interest rate(3) | (3 | ) | — | (23 | ) | ||||||||||||||||||||
Total | $ | 3 | $ | 5 | $ | (21 | ) | ||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | 1 | $ | — | $ | 7 | |||||||||||||||||||
Interest rate(3) | 2 | — | 16 | ||||||||||||||||||||||
Total | $ | 3 | $ | — | $ | 23 | |||||||||||||||||||
-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. | ||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives(1) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | 119 | $ | 2 | |||||||||||||||||||||
Total | $ | 119 | $ | 2 | |||||||||||||||||||||
-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. |
Investments
Investments | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||
Investments | ' | |||||||||||||
Investments | ||||||||||||||
Dominion | ||||||||||||||
Equity and Debt Securities | ||||||||||||||
Rabbi Trust Securities | ||||||||||||||
Marketable equity and debt securities and cash equivalents held in Dominion’s rabbi trusts and classified as trading totaled $104 million and $107 million at March 31, 2014 and December 31, 2013, respectively. Cost method investments held in Dominion’s rabbi trusts totaled $9 million and $10 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||
Decommissioning Trust Securities | ||||||||||||||
Dominion holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion’s decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total Unrealized Gains(1) | Total Unrealized | Fair Value | |||||||||||
Cost | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
31-Mar-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S. Large Cap | $ | 1,214 | $ | 1,219 | $ | — | $ | 2,433 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 375 | 17 | (1 | ) | 391 | |||||||||
U.S. Treasury securities and agency debentures | 612 | 8 | (6 | ) | 614 | |||||||||
State and municipal | 305 | 16 | (1 | ) | 320 | |||||||||
Other | 7 | — | — | 7 | ||||||||||
Cost method investments | 99 | — | — | 99 | ||||||||||
Cash equivalents and other(2) | 105 | — | — | 105 | ||||||||||
Total | $ | 2,717 | $ | 1,260 | $ | (8 | ) | (3) | $ | 3,969 | ||||
December 31, 2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,183 | $ | 1,194 | $ | — | $ | 2,377 | ||||||
Other | 49 | 23 | — | 72 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 332 | 16 | (3 | ) | 345 | |||||||||
U.S. Treasury securities and agency debentures | 589 | 8 | (10 | ) | 587 | |||||||||
State and municipal | 297 | 11 | (5 | ) | 303 | |||||||||
Other | 3 | — | — | 3 | ||||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 110 | — | — | 110 | ||||||||||
Total | $ | 2,669 | $ | 1,252 | $ | (18 | ) | (3) | $ | 3,903 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending purchases of securities of $13 million and pending sales of securities of $11 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $475 million and $604 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at March 31, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 134 | ||||||||||||
Due after one year through five years | 379 | |||||||||||||
Due after five years through ten years | 403 | |||||||||||||
Due after ten years | 416 | |||||||||||||
Total | $ | 1,332 | ||||||||||||
Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 442 | $ | 554 | ||||||||||
Realized gains(1) | 38 | 63 | ||||||||||||
Realized losses(1) | 6 | 6 | ||||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability. | |||||||||||||
Other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds for Dominion were not material for the three months ended March 31, 2014 and 2013. | ||||||||||||||
Blue Racer | ||||||||||||||
In December 2012, Dominion formed Blue Racer with Caiman to provide midstream services to natural gas producers operating in the Utica Shale region in Ohio and portions of Pennsylvania. Blue Racer is an equal partnership between Dominion and Caiman, with Dominion contributing midstream assets and Caiman contributing private equity capital. In March 2013, Dominion sold Line TL-404 to Blue Racer and received approximately $47 million in cash proceeds. The sale resulted in a gain of approximately $25 million ($14 million after-tax) which is included in other operations and maintenance expense in Dominion's Consolidated Statement of Income. Dominion NGL Pipelines, LLC was contributed in January 2014 to Blue Racer, prior to commencement of service, resulting in an increased equity method investment of $155 million, including $6 million of goodwill. In March 2014, Dominion sold the Northern System to Blue Racer and received approximately $84 million in cash proceeds. The sale resulted in a gain of approximately $59 million ($34 million after-tax) net of a $3 million write-off of goodwill, and is included in other operations and maintenance expense in Dominion's Consolidated Statement of Income. | ||||||||||||||
Virginia Power | ||||||||||||||
Virginia Power holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total Unrealized | Total Unrealized | Fair Value | |||||||||||
Cost | Gains(1) | Losses(1) | ||||||||||||
(millions) | ||||||||||||||
31-Mar-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S. Large Cap | $ | 522 | $ | 523 | $ | — | $ | 1,045 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 211 | 9 | (1 | ) | 219 | |||||||||
U.S. Treasury securities and agency debentures | 217 | 2 | (2 | ) | 217 | |||||||||
State and municipal | 175 | 7 | (1 | ) | 181 | |||||||||
Other | 1 | — | — | 1 | ||||||||||
Cost method investments | 99 | — | — | 99 | ||||||||||
Cash equivalents and other(2) | 34 | — | — | 34 | ||||||||||
Total | $ | 1,259 | $ | 541 | $ | (4 | ) | (3) | $ | 1,796 | ||||
December 31, 2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 506 | $ | 514 | $ | — | $ | 1,020 | ||||||
Other | 25 | 11 | — | 36 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 185 | 8 | (2 | ) | 191 | |||||||||
U.S. Treasury securities and agency debentures | 214 | 1 | (3 | ) | 212 | |||||||||
State and municipal | 163 | 4 | (4 | ) | 163 | |||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 37 | — | — | 37 | ||||||||||
Total | $ | 1,236 | $ | 538 | $ | (9 | ) | (3) | $ | 1,765 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending purchases of securities of $15 million and pending sales of securities of $6 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $211 million and $299 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
The fair value of Virginia Power’s marketable debt securities at March 31, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 41 | ||||||||||||
Due after one year through five years | 161 | |||||||||||||
Due after five years through ten years | 232 | |||||||||||||
Due after ten years | 184 | |||||||||||||
Total | $ | 618 | ||||||||||||
Presented below is selected information regarding Virginia Power’s marketable equity and debt securities. | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 204 | $ | 189 | ||||||||||
Realized gains(1) | 19 | 16 | ||||||||||||
Realized losses(1) | 3 | 3 | ||||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability. | |||||||||||||
Other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds for Virginia Power were not material for the three months ended March 31, 2014 and 2013. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||
Regulatory Assets and Liabilities | ' | ||||||
Regulatory Assets and Liabilities | |||||||
Regulatory assets and liabilities include the following: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 71 | $ | 89 | |||
Unrecovered gas cost(2) | 24 | 50 | |||||
Derivatives(3) | 5 | 16 | |||||
Other | 47 | 62 | |||||
Regulatory assets-current(4) | 147 | 217 | |||||
Unrecognized pension and other postretirement benefit costs(5) | 695 | 706 | |||||
Deferred rate adjustment clause costs(1) | 263 | 287 | |||||
Deferred cost of fuel used in electric generation(6) | 249 | 1 | |||||
Income taxes recoverable through future rates(7) | 156 | 155 | |||||
Derivatives(3) | 44 | 16 | |||||
Other | 84 | 63 | |||||
Regulatory assets-non-current | 1,491 | 1,228 | |||||
Total regulatory assets | $ | 1,638 | $ | 1,445 | |||
Regulatory liabilities: | |||||||
PIPP(8) | $ | 87 | $ | 76 | |||
Other | 73 | 52 | |||||
Regulatory liabilities-current(9) | 160 | 128 | |||||
Provision for future cost of removal and AROs(10) | 1,040 | 1,028 | |||||
Decommissioning trust(11) | 712 | 693 | |||||
Deferred cost of fuel used in electric generation(6) | 6 | 90 | |||||
Other | 189 | 190 | |||||
Regulatory liabilities-non-current | 1,947 | 2,001 | |||||
Total regulatory liabilities | $ | 2,107 | $ | 2,129 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 65 | $ | 62 | |||
Derivatives(3) | 5 | 16 | |||||
Other | 46 | 50 | |||||
Regulatory assets-current(4) | 116 | 128 | |||||
Deferred cost of fuel used in electric generation(6) | 249 | 1 | |||||
Deferred rate adjustment clause costs(1) | 198 | 227 | |||||
Income taxes recoverable through future rates(7) | 126 | 124 | |||||
Derivatives(3) | 44 | 16 | |||||
Other | 47 | 49 | |||||
Regulatory assets-non-current | 664 | 417 | |||||
Total regulatory assets | $ | 780 | $ | 545 | |||
Regulatory liabilities: | |||||||
Other | $ | 58 | $ | 41 | |||
Regulatory liabilities-current(9) | 58 | 41 | |||||
Provision for future cost of removal(10) | 818 | 807 | |||||
Decommissioning trust(11) | 712 | 693 | |||||
Deferred cost of fuel used in electric generation(6) | 6 | 90 | |||||
Other | 6 | 7 | |||||
Regulatory liabilities-non-current | 1,542 | 1,597 | |||||
Total regulatory liabilities | $ | 1,600 | $ | 1,638 | |||
-1 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 12 for more information. | ||||||
-2 | Reflects unrecovered gas costs at Dominion's regulated gas operations, which are recovered through filings with the applicable regulatory authority. | ||||||
-3 | For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | ||||||
-4 | Current regulatory assets are presented in other current assets in Dominion's and Virginia Power's Consolidated Balance Sheets. | ||||||
-5 | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's rate-regulated subsidiaries. | ||||||
-6 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. | ||||||
-7 | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | ||||||
-8 | Under PIPP, eligible customers can receive energy assistance based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rider according to East Ohio tariff provisions. | ||||||
-9 | Current regulatory liabilities are presented in other current liabilities in Dominion's and Virginia Power's Consolidated Balance Sheets. | ||||||
-10 | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | ||||||
-11 | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. | ||||||
At March 31, 2014, approximately $124 million of Dominion's and $82 million of Virginia Power's regulatory assets represented past expenditures on which they do not currently earn a return. These expenditures are expected to be recovered within the next two years. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended | |
Mar. 31, 2014 | ||
Regulatory Matters [Abstract] | ' | |
Regulatory Matters | ' | |
Regulatory Matters | ||
Regulatory Matters Involving Potential Loss Contingencies | ||
As a result of issues generated in the ordinary course of business, Dominion and Virginia Power are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies' maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on Dominion's or Virginia Power's financial position, liquidity or results of operations. | ||
FERC - Electric | ||
Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Dominion's merchant generators sell electricity in the PJM, MISO and ISO-NE wholesale markets under Dominion's market-based sales tariffs authorized by FERC. Virginia Power purchases and, under its FERC market-based rate authority, sells electricity in the wholesale market. In addition, Virginia Power has FERC approval of a tariff to sell wholesale power at capped rates based on its embedded cost of generation. This cost-based sales tariff could be used to sell to loads within or outside Virginia Power's service territory. Any such sales would be voluntary. | ||
Rates | ||
In April 2008, FERC granted an application for Virginia Power's electric transmission operations to establish a forward-looking formula rate mechanism that updates transmission rates on an annual basis and approved an ROE of 11.4%, effective as of January 1, 2008. The formula rate is designed to recover the expected revenue requirement for each calendar year and is updated based on actual costs. The FERC-approved formula method, which is based on projected costs, allows Virginia Power to earn a current return on its growing investment in electric transmission infrastructure. | ||
In March 2010, ODEC and NCEMC filed a complaint with FERC against Virginia Power claiming that approximately $223 million in transmission costs related to specific projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power's transmission formula rate. In October 2010, FERC issued an order dismissing the complaint in part and established hearings and settlement procedures on the remaining part of the complaint. In February 2012, Virginia Power submitted to FERC a settlement agreement to resolve all issues set for hearing. The settlement was accepted by FERC in May 2012 and provides for payment by Virginia Power to the transmission customer parties collectively of $250,000 per year for ten years and resolves all matters other than allocation of the incremental cost of certain underground transmission facilities. | ||
In March 2014, FERC issued an order excluding from Virginia Power’s transmission rates for wholesale transmission customers located outside Virginia the incremental costs of undergrounding certain transmission line projects. FERC found it is not just and reasonable for non-Virginia wholesale transmission customers to be allocated the incremental costs of undergrounding the facilities because the projects are a direct result of Virginia legislation and Virginia Commission pilot programs intended to benefit the citizens of Virginia. The order is retroactively effective as of March 2010 and will cause the reallocation of the costs charged to wholesale transmission customers outside Virginia to wholesale transmission customers in Virginia. FERC determined that there was not sufficient evidence on the record to determine the magnitude of the underground increment and ordered a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia. The hearing is held in abeyance pending settlement proceedings ordered by FERC. While Virginia Power cannot predict the outcome of the hearing and settlement proceedings, it is not expected to have a material effect on results of operations. | ||
Other Regulatory Matters | ||
Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in Dominion's and Virginia Power's Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Virginia Regulation | ||
Rate Adjustment Clauses | ||
Below are developments to significant riders associated with various Virginia Power projects: | ||
• | The Virginia Commission previously approved Rider B in conjunction with the conversion of three power stations to biomass. In February 2014, the Virginia Commission approved an approximately $15 million revenue requirement for the rate year beginning April 1, 2014, which represents a $3 million increase to the revenue requirement over the previous year. | |
• | The Virginia Commission previously approved Rider S in conjunction with the Virginia City Hybrid Energy Center. In March 2014, the Virginia Commission approved an approximately $239 million revenue requirement for the rate year beginning April 1, 2014, which represents a $9 million decrease to the revenue requirement versus the previous year. | |
• | The Virginia Commission previously approved Rider W in conjunction with Warren County. In February 2014, the Virginia Commission approved an approximately $98 million revenue requirement for the rate year beginning April 1, 2014, which represents a $15 million increase to the revenue requirement over the previous year. | |
North Anna COL | ||
Virginia Power is considering the construction of a third nuclear unit at a site located at North Anna. If Virginia Power decides to build a new unit, it must first receive a COL from the NRC, approval of the Virginia Commission and certain environmental permits and other approvals. In April 2013, Virginia Power decided to replace the reactor design previously selected for a potential unit with ESBWR technology. Virginia Power filed the first of its two-part amendment to the COL application with the NRC in July 2013 to reflect the ESBWR technology and filed the second part of the amendment in December 2013. The COL is expected in 2016. Virginia Power has not yet committed to building a new nuclear unit at North Anna. | ||
In February 2014, BREDL filed a petition with NRC seeking to stay final decision making in the COL proceeding until a rulemaking petition filed by a number of environmental groups several weeks earlier is resolved. The suspension request and underlying petition for rulemaking are based on analyses of the consequences of a spent fuel pool fire, but none of the analyses relates specifically to the ESBWR design. Substantially identical suspension petitions and contentions were filed by various intervenor groups in other licensing proceedings pending before the NRC. In March 2014, BREDL filed a motion to reopen the COL proceeding on seismic issues under a previous ruling of the ASLB. No other issues were raised by BREDL in its filing. Virginia Power and the NRC Staff have filed answers opposing both the motion and petition. | ||
North Anna and Offshore Wind Legislation | ||
In April 2014, the Virginia Governor signed legislation into law that permits Virginia Power to recover 70% of the costs previously deferred or capitalized related to the development of a third nuclear unit located at North Anna and the development of offshore wind facilities through December 31, 2013 as part of the 2013 and 2014 base rates. Virginia Power has deferred or capitalized costs totaling $577 million for these projects as of December 31, 2013, substantially all of which relate to North Anna. For the portion of these previously deferred or capitalized costs allocable to customers in Virginia, Virginia Power will recognize 70% as a charge against net income in 2014. The remaining deferred or capitalized costs, as well as costs incurred after December 31, 2013, continue to be eligible for inclusion in a future rate adjustment clause. The legislation goes into effect July 1, 2014. | ||
Ohio Regulation | ||
PIR Program | ||
In 2008, East Ohio began PIR, aimed at replacing approximately 20% of its pipeline. In February 2014, East Ohio filed an application with the Ohio Commission requesting approval to adjust the PIR cost recovery rates for 2013 costs. The application includes a gross plant investment for 2013 of $164 million, a cumulative gross plant investment of $674 million and an estimated revenue requirement of $89 million. This application was approved by the Ohio Commission in April 2014. | ||
FERC Regulation | ||
DTI Settlement | ||
In mid-2013, DTI received concerns about its fuel retainage percentages and apparent over-recovery of fuel costs during certain time periods reflected in its annual fuel reports. In December 2013, DTI submitted for FERC approval of a stipulation and agreement addressing, among other things, reductions in its fuel retainage percentages and a rate moratorium through 2016. In February 2014, FERC approved the stipulation and agreement. | ||
The revised fuel retainage percentages became effective January 1, 2014. DTI began assessing the reduced fuel retainage percentages on March 1, 2014, and as a result provided refunds totaling nearly $10 million. The refunds reflect, with interest, the value of the difference between the actual quantities of fuel retained for the months of January and February and the quantities that would have been retained using the reduced percentages. The reduction in fuel retention is expected to reduce DTI’s revenues by approximately $35 million in 2014. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
As discussed in Note 15 to the Consolidated Financial Statements in Dominion’s and Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2013, certain variable pricing terms in some of the Companies’ long-term power and capacity contracts cause them to be considered variable interests in the counterparties. | |
Virginia Power has long-term power and capacity contracts with four non-utility generators with an aggregate summer generation capacity of approximately 870 MW. These contracts contain certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considers to be variable interests. After an evaluation of the information provided by these entities, Virginia Power was unable to determine whether they were VIEs. However, the information they provided, as well as Virginia Power's knowledge of generation facilities in Virginia, enabled Virginia Power to conclude that, if they were VIEs, it would not be the primary beneficiary. This conclusion reflects Virginia Power's determination that its variable interests do not convey the power to direct the most significant activities that impact the economic performance of the entities during the remaining terms of Virginia Power's contracts and for the years the entities are expected to operate after its contractual relationships expire. The contracts expire at various dates ranging from 2015 to 2021. Virginia Power is not subject to any risk of loss from these potential VIEs other than its remaining purchase commitments which totaled $807 million as of March 31, 2014. Virginia Power paid $56 million and $55 million for electric capacity and $54 million and $20 million for electric energy to these entities in the three months ended March 31, 2014 and 2013, respectively. | |
Virginia Power purchased shared services from DRS, an affiliated VIE, of approximately $108 million and $77 million for the three months ended March 31, 2014 and 2013, respectively. Virginia Power determined that it is not the most closely associated entity with DRS and therefore not the primary beneficiary. DRS provides accounting, legal, finance and certain administrative and technical services to all Dominion subsidiaries, including Virginia Power. Virginia Power has no obligation to absorb more than its allocated share of DRS costs. |
Significant_Financing_Transact
Significant Financing Transactions | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Securities Financing Transactions Disclosures [Abstract] | ' | ||||||||||||
Significant Financing Transactions | ' | ||||||||||||
Significant Financing Transactions | |||||||||||||
Credit Facilities and Short-term Debt | |||||||||||||
Dominion and Virginia Power use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion’s credit ratings and the credit quality of its counterparties. | |||||||||||||
At March 31, 2014, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: | |||||||||||||
Facility | Outstanding | Outstanding | Facility | ||||||||||
Limit | Commercial | Letters of | Capacity | ||||||||||
Paper | Credit | Available | |||||||||||
(millions) | |||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 1,972 | $ | — | $ | 1,028 | |||||
Joint revolving credit facility(2) | 500 | — | 237 | 263 | |||||||||
Total | $ | 3,500 | $ | 1,972 | $ | 237 | $ | 1,291 | |||||
-1 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | ||||||||||||
-2 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings, commercial paper and letter of credit issuances. | ||||||||||||
Virginia Power’s short-term financing is supported by two joint revolving credit facilities with Dominion. These credit facilities are being used for working capital, as support for the combined commercial paper programs of Dominion and Virginia Power and for other general corporate purposes. | |||||||||||||
At March 31, 2014, Virginia Power’s share of commercial paper and letters of credit outstanding, as well as its capacity available under its joint credit facilities with Dominion were as follows: | |||||||||||||
Facility | Outstanding | Outstanding | Facility | ||||||||||
Sub-limit | Commercial | Letters of | Sub-limit Capacity | ||||||||||
Paper | Credit | Available | |||||||||||
(millions) | |||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 503 | $ | — | $ | 497 | |||||
Joint revolving credit facility(2) | 250 | — | 53 | 197 | |||||||||
Total | $ | 1,250 | $ | 503 | $ | 53 | $ | 694 | |||||
-1 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | ||||||||||||
-2 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | ||||||||||||
In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility with a maturity date of September 2018. As of March 31, 2014, this facility supports approximately $119 million of certain variable rate tax-exempt financings of Virginia Power. | |||||||||||||
Long-term Debt | |||||||||||||
In February 2014, Virginia Power issued $350 million of 3.45% senior notes, and $400 million of 4.45% senior notes, that mature in 2024, and 2044, respectively. | |||||||||||||
In March 2014, Dominion issued $400 million of 1.25% senior notes that mature in 2017. | |||||||||||||
In February 2014, Virginia Power provided notice to redeem the $10 million 2.5% and the $30 million 2.5% Industrial Development Authority of the Town of Louisa, Virginia Solid Waste and Sewage Disposal Revenue Bonds, Series 1997A and 2000A, that would otherwise mature in April 2022 and September 2030, respectively. At March 31, 2014, the bonds were included in securities due within one year in Virginia Power’s Consolidated Balance Sheets. In April 2014, Virginia Power redeemed the bonds for $40 million, the amount of principal then outstanding plus accrued interest. | |||||||||||||
Convertible Securities | |||||||||||||
At March 31, 2014, Dominion had $40 million of outstanding contingent convertible senior notes that are convertible by holders into a combination of cash and shares of Dominion’s common stock under certain circumstances. The conversion feature requires that the principal amount of each note be repaid in cash, while amounts payable in excess of the principal amount will be paid in common stock. The conversion rate is subject to adjustment upon certain events such as subdivisions, splits, combinations of common stock or the issuance to all common stock holders of certain common stock rights, warrants or options and certain dividend increases. As of March 31, 2014, the conversion rate had been adjusted, primarily due to individual dividend payments above the level paid at issuance, to 29.9961 shares of common stock per $1,000 principal amount of senior notes, which represents a conversion price of $33.34. If the outstanding notes as of March 31, 2014 were all converted, it would result in the issuance of approximately 600,000 additional shares of common stock. | |||||||||||||
The senior notes are eligible for conversion during any calendar quarter when the closing price of Dominion’s common stock was equal to or higher than 120% of the conversion price for at least 20 out of the last 30 consecutive trading days of the preceding quarter, the notes are called for redemption by Dominion and upon the occurrence of certain other conditions. During the first quarter of 2014, the senior notes were eligible for conversion and approximately $3 million of the notes were converted by holders into $3 million of common stock. The senior notes are eligible for conversion during the second quarter of 2014. | |||||||||||||
Preferred Stock | |||||||||||||
In February 2014, Virginia Power provided irrevocable notice to redeem all 1,250,000 outstanding shares of its Flex MMP Stock. In March 2014, Virginia Power redeemed the stock at a price of $100 per share plus accumulated and unpaid dividends at a rate reset in March 2011 of 6.12%. Dividends ceased accumulating on the stock upon payment of the redemption price, thus the rate was not reset in March 2014. | |||||||||||||
Issuance of Common Stock | |||||||||||||
Dominion maintains Dominion Direct® and a number of employee savings plans through which contributions may be invested in Dominion’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In January 2014, Dominion began purchasing its common stock on the open market for these plans. In April 2014, Dominion began issuing new common shares for these direct stock purchase plans. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Commitments and Contingencies | ' | ||||||
Commitments and Contingencies | |||||||
As a result of issues generated in the ordinary course of business, Dominion and Virginia Power are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, and/or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on Dominion's or Virginia Power's financial position, liquidity or results of operations. | |||||||
Environmental Matters | |||||||
Dominion and Virginia Power are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. | |||||||
Air | |||||||
The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of Dominion's and Virginia Power's facilities are subject to the CAA's permitting and other requirements. | |||||||
The EPA established CAIR with the intent to require significant reductions in SO2 and NOX emissions from electric generating facilities. In July 2008, the U.S. Court of Appeals for the D.C. Circuit issued a ruling vacating CAIR. In December 2008, the Court denied rehearing, but also issued a decision to remand CAIR to the EPA. In July 2011, the EPA issued a replacement rule for CAIR, called CSAPR, that required 28 states to reduce power plant emissions that cross state lines. CSAPR established new SO2 and NOx emissions cap and trade programs that were completely independent of the current ARP. Specifically, CSAPR required reductions in SO2 and NOx emissions from fossil fuel-fired electric generating units of 25 MW or more through annual NOx emissions caps, NOx emissions caps during the ozone season (May 1 through September 30) and annual SO2 emission caps with differing requirements for two groups of affected states. | |||||||
Following numerous petitions by industry participants for review and motions for stay, the U.S. Court of Appeals for the D.C. Circuit issued a ruling in December 2011 to stay CSAPR pending judicial review. In February and June 2012, the EPA issued technical revisions to CSAPR that were not material to Dominion. In August 2012, the court vacated CSAPR in its entirety and ordered the EPA to implement CAIR until a valid replacement rule is issued. In October 2012, the EPA filed a petition requesting a rehearing of the court's decision, which was denied in January 2013. The mandate vacating CSAPR was issued in February 2013. In March 2013, the EPA and several environmental groups filed petitions with the U.S. Supreme Court requesting review of the decision to vacate and remand CSAPR. In June 2013, the U.S. Supreme Court granted the EPA's petition seeking review of the D.C. Circuit's decision that vacated and remanded CSAPR. With respect to Dominion's generation fleet, the cost to comply with CAIR is not expected to be material. Future outcomes of litigation and/or any additional action to issue a revised rule could affect the assessment regarding cost of compliance. | |||||||
In May 2012, the EPA issued final designations for the 75-ppb ozone air quality standard. Several Dominion electric generating facilities are located in areas impacted by this standard. As part of the standard, states will be required to develop and implement plans to address sources emitting pollutants which contribute to the formation of ozone. Until the states have developed implementation plans, Dominion is unable to predict whether or to what extent the new rules will ultimately require additional controls. | |||||||
Water | |||||||
The CWA, as amended, is a comprehensive program utilizing a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. Dominion and Virginia Power must comply with applicable aspects of the CWA program at their operating facilities. | |||||||
In September 2010, Millstone's NPDES permit was reissued under the CWA. The conditions of the permit require an evaluation of control technologies that could result in additional expenditures in the future. The report summarizing the results of the evaluation was submitted in August 2012 and is under review by the Connecticut Department of Energy and Environmental Protection. Dominion cannot currently predict the outcome of this review. In October 2010, the permit issuance was appealed to the state court by a private plaintiff. The permit is expected to remain in effect during the appeal. Dominion is currently unable to make an estimate of the potential financial statement impacts related to this matter. | |||||||
Solid and Hazardous Waste | |||||||
The CERCLA, as amended, provides for immediate response and removal actions coordinated by the EPA in the event of threatened releases of hazardous substances into the environment and authorizes the U.S. government either to clean up sites at which hazardous substances have created actual or potential environmental hazards or to order persons responsible for the situation to do so. Under the CERCLA, as amended, generators and transporters of hazardous substances, as well as past and present owners and operators of contaminated sites, can be jointly, severally and strictly liable for the cost of cleanup. These potentially responsible parties can be ordered to perform a cleanup, be sued for costs associated with an EPA-directed cleanup, voluntarily settle with the U.S. government concerning their liability for cleanup costs, or voluntarily begin a site investigation and site remediation under state oversight. | |||||||
From time to time, Dominion or Virginia Power may be identified as a potentially responsible party to a Superfund site. The EPA (or a state) can either allow such a party to conduct and pay for a remedial investigation, feasibility study and remedial action or conduct the remedial investigation and action itself and then seek reimbursement from the potentially responsible parties. Each party can be held jointly, severally and strictly liable for the cleanup costs. These parties can also bring contribution actions against each other and seek reimbursement from their insurance companies. As a result, Dominion or Virginia Power may be responsible for the costs of remedial investigation and actions under the Superfund law or other laws or regulations regarding the remediation of waste. Except as noted below, the Companies do not believe this will have a material effect on results of operations, financial condition and/or cash flows. | |||||||
In September 2011, the EPA issued a UAO to Virginia Power and 22 other parties, ordering specific remedial action of certain areas at the Ward Transformer Superfund site located in Raleigh, North Carolina. Virginia Power does not believe it is a liable party under CERCLA based on its alleged connection to the site. In November 2011, Virginia Power and a number of other parties notified the EPA that they are declining to undertake the work set forth in the UAO. | |||||||
The EPA may seek to enforce a UAO in court pursuant to its enforcement authority under CERCLA, and may seek recovery of its costs in undertaking removal or remedial action. If the court determines that a respondent failed to comply with the UAO without sufficient cause, the EPA may also seek civil penalties of up to $37,500 per day for the violation and punitive damages of up to three times the costs incurred by the EPA as a result of the party's failure to comply with the UAO. Virginia Power is currently unable to make an estimate of the potential financial statement impacts related to the Ward Transformer matter. | |||||||
Dominion has determined that it is associated with 17 former manufactured gas plant sites, three of which pertain to Virginia Power. Studies conducted by other utilities at their former manufactured gas plant sites have indicated that those sites contain coal tar and other potentially harmful materials. None of the former sites with which Dominion and Virginia Power are associated is under investigation by any state or federal environmental agency. At one of the former sites, Dominion is conducting a state-approved post closure groundwater monitoring program and an environmental land use restriction has been recorded. Another site has been accepted into a state-based voluntary remediation program. Dominion is currently evaluating the nature and extent of the contamination from this site as well as potential remedial options. Preliminary costs for options under evaluation for the site range from $1 million to $22 million. A remedy has not been selected. Due to the uncertainty surrounding the other sites, Dominion is unable to make an estimate of the potential financial statement impacts. | |||||||
Climate Change Legislation and Regulation | |||||||
In April 2012, the EPA published proposed NSPS for GHG emissions for new electric generating units. This proposed rule set national emission standards for new coal, oil, integrated gasification, and combined cycle units larger than 25MW. The | |||||||
proposed rule covered CO2 only and does not apply to existing sources. The proposed rule also does not apply to any new or | |||||||
existing biomass units. In June 2013, the President of the U.S. released a Climate Action Plan focusing on ways to meet the national GHG reduction goal of 17% from 2005 levels by 2020. Pursuant to the Presidential Memorandum issued in conjunction with the Climate Action Plan, the EPA withdrew the April 2012 proposal and re-proposed the NSPS standards for new sources on January 8, 2014 and is expected to finalize the rule in 2014 or early 2015. The Presidential Memorandum also directed the EPA to propose a rule for reconstructed, modified and existing sources of GHG emissions no later than June 2014, and issue a final rule no later than June 2015, to provide guidelines to the states to achieve the required GHG reductions. In March 2014, a national Strategy to Reduce Methane Emissions was published as part of the Climate Action Plan. The plan outlines a strategy to further reduce both domestic and international methane emissions from a number of key sources, including the oil and natural gas industry, and outlines the Administration’s efforts to improve measurement of these emissions. In April 2014, the EPA published five white papers on methane emissions and potential mitigation options related to the oil and gas industry. Dominion currently cannot predict the direct or indirect financial impact on operations from these GHG initiatives, but believes the expenditures to comply with any new requirements could be material. | |||||||
In October 2013, the U.S. Supreme Court granted petitions filed by several industry groups, states, and the U.S. Chamber of Commerce seeking review of the D.C. Circuit Court's June 2012 decision upholding the EPA’s regulation of GHG under the CAA. The court’s decision could potentially impact EPA's continued implementation of current Prevention of Significant Deterioration regulations applicable to stationary sources in relation to GHG. It is not anticipated, however, that the court's decision would affect the EPA’s development of the GHG NSPS rules for new or existing sources, as the authority for those rules comes from a different section of the CAA than what is at issue in the Supreme Court case. It is uncertain at this time whether the court’s decision will have any material impact on Dominion's operations. | |||||||
In July 2011, the EPA signed a final rule deferring the need for Prevention of Significant Deterioration and Title V permitting for CO2 emissions for biomass projects. This rule temporarily deferred for a period of up to 3 years the consideration of CO2 emissions from biomass projects when determining whether a stationary source meets the Prevention of Significant Deterioration and Title V applicability thresholds, including those for the application of best available control technology. In July 2013, the U.S. Court of Appeals for the D.C. Circuit vacated this rule; however a mandate making this decision effective has not been issued. Virginia Power converted three coal-fired generating stations, Altavista, Hopewell and Southampton, to biomass during the CO2 deferral period. It is unclear how the court's decision will affect biomass sources that were permitted during the deferral period, however the expenditures to comply with any new requirements could be material. | |||||||
Nuclear Matters | |||||||
In March 2011, a magnitude 9.0 earthquake and subsequent tsunami caused significant damage at the Fukushima Daiichi nuclear power station in northeast Japan. These events have resulted in significant nuclear safety reviews required by the NRC and industry groups such as INPO. Like other U.S. nuclear operators, Dominion has been gathering supporting data and participating in industry initiatives focused on the ability to respond to and mitigate the consequences of design-basis and beyond-design-basis events at its stations. | |||||||
In July 2011, an NRC task force provided initial recommendations based on its review of the Fukushima Daiichi accident and in October 2011 the NRC staff prioritized these recommendations into Tiers 1, 2 and 3, with the Tier 1 recommendations consisting of actions which the staff determined should be started without unnecessary delay. In December 2011, the NRC Commissioners approved the agency staff's prioritization and recommendations, and that same month an appropriations act directed the NRC to require reevaluation of external hazards (not limited to seismic and flooding hazards) as soon as possible. | |||||||
Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactors, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion require implementation of safety enhancements related to mitigation strategies to respond to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation. The orders require prompt implementation of the safety enhancements and completion of implementation within two refueling outages or by December 31, 2016, whichever comes first. Implementation of these enhancements is currently in progress. The information requests issued by the NRC request each reactor to reevaluate the seismic and flooding hazards at their site using present-day methods and information, conduct walkdowns of their facilities to ensure protection against the hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. The updated seismic analyses are complete, and only North Anna requires further evaluation in accordance with the NRC's approved guidance. Dominion and Virginia Power do not currently expect that compliance with the NRC's March 2012 orders and information requests will materially impact their financial position, results of operations or cash flows during the approximately four-year implementation period. The NRC staff is evaluating the implementation of the longer term Tier 2 and Tier 3 recommendations. Dominion and Virginia Power are currently unable to estimate the potential financial impacts related to compliance with Tier 2 and Tier 3 recommendations. | |||||||
Guarantees | |||||||
Dominion | |||||||
At March 31, 2014, Dominion had issued $69 million of guarantees, primarily to support equity method investees. No significant amounts related to these guarantees have been recorded. As of March 31, 2014, Dominion’s exposure under these guarantees was $54 million, primarily related to certain reserve requirements associated with non-recourse financing. | |||||||
In addition to the above guarantees, Dominion and its partners, Shell and BP, may be required to make additional periodic equity contributions to NedPower and Fowler Ridge in connection with certain funding requirements associated with their respective non-recourse financings. As of March 31, 2014, Dominion's maximum remaining cumulative exposure under these equity funding agreements was $80 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. | |||||||
Dominion also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. To the extent that a liability subject to a guarantee has been incurred by one of Dominion's consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries' obligations. | |||||||
At March 31, 2014, Dominion had issued the following subsidiary guarantees: | |||||||
Stated Limit | Value(1) | ||||||
(millions) | |||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | |||
Commodity transactions(3) | 3,056 | 470 | |||||
Nuclear obligations(4) | 265 | 96 | |||||
Cove Point(5) | 335 | — | |||||
Solar(6) | 93 | 317 | |||||
Other(7) | 582 | 85 | |||||
Total | $ | 4,358 | $ | 995 | |||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of March 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 energy trading and marketing activities and other commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power 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 certain expenses of Millstone and Kewaunee, respectively, in the event of a prolonged outage, 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, including agreements to support terminal service and transportation agreements as well as an engineering, procurement and construction contract for new liquefaction facilities. Includes certain guarantees that do not have stated limits. | ||||||
-6 | Includes guarantees to facilitate the development of solar projects including guarantees to support the issuance of limited notice to proceed and full notice to proceed under EPC agreements as well as to support payment obligations under module supply agreements. Includes certain guarantees that do not have stated limits. | ||||||
-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. | ||||||
Surety Bonds and Letters of Credit | |||||||
As of March 31, 2014, Dominion had purchased $148 million of surety bonds, including $60 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions of $237 million, including $53 million at Virginia Power, to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid. |
Credit_Risk
Credit Risk | 3 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Credit Risk | ' |
Credit Risk | |
Dominion’s and Virginia Power’s accounting policies for credit risk are discussed in Note 23 to the Consolidated Financial Statements in their Annual Report on Form 10-K for the year ended December 31, 2013. | |
At March 31, 2014, Dominion's credit exposure totaled $242 million. Of this amount, investment grade counterparties, including those internally rated, represented 61%. No counterparty exposure exceeded 10% of Dominion's total exposure. | |
Credit-Related Contingent Provisions | |
The majority of Dominion's derivative instruments contain credit-related contingent provisions. These provisions require Dominion to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of March 31, 2014 and December 31, 2013, Dominion would have been required to post an additional $38 million and $146 million, respectively, of collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion had posted approximately $46 million and $76 million in collateral at March 31, 2014 and December 31, 2013, respectively, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The collateral posted includes any amounts paid related to non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of March 31, 2014 and December 31, 2013 was $122 million and $169 million, respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power were not material as of March 31, 2014 and December 31, 2013. See Note 9 for further information about derivative instruments. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Related Party Transactions [Abstract] | ' | ||||||
Related Party Transactions | ' | ||||||
Related Party Transactions | |||||||
Virginia Power engages in related party transactions primarily with other Dominion subsidiaries (affiliates). Virginia Power's receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion's consolidated federal income tax return and participates in certain Dominion benefit plans. In Virginia Power's Consolidated Balance Sheets at March 31, 2014 and December 31, 2013, amounts due to Dominion associated with these benefit plans included in other deferred credits and other liabilities were $163 million and $147 million, respectively, and amounts due from Dominion at March 31, 2014 included in other deferred charges and other assets were $8 million. A discussion of significant related party transactions follows. | |||||||
Transactions with Affiliates | |||||||
Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of commodity swaps, to manage commodity price risk associated with purchases of natural gas. As of March 31, 2014 and December 31, 2013, Virginia Power's derivative assets and liabilities with affiliates were not material. | |||||||
DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. | |||||||
Presented below are significant transactions with DRS and other affiliates: | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(millions) | |||||||
Commodity purchases from affiliates | $ | 202 | $ | 85 | |||
Services provided by affiliates(1) | 108 | 96 | |||||
Services provided to affiliates | 5 | 5 | |||||
-1 | Amounts are subject to capitalization. | ||||||
Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. There were $159 million and $97 million in short-term demand note borrowings from Dominion as of March 31, 2014 and December 31, 2013, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion money pool for its nonregulated subsidiaries as of March 31, 2014 and December 31, 2013. Interest charges related to Virginia Power's borrowings from Dominion were not material for the three months ended March 31, 2014 and 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Employee Benefit Plans | |||||||||||||
The components of Dominion's provision for net periodic benefit cost (credit) were as follows: | |||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Three Months Ended March 31, | |||||||||||||
Service cost | $ | 29 | $ | 35 | $ | 8 | $ | 12 | |||||
Interest cost | 72 | 66 | 17 | 19 | |||||||||
Expected return on plan assets | (125 | ) | (114 | ) | (28 | ) | (22 | ) | |||||
Amortization of prior service cost (credit) | 1 | 1 | (7 | ) | (3 | ) | |||||||
Amortization of net loss | 28 | 46 | — | 2 | |||||||||
Net periodic benefit cost (credit) | $ | 5 | $ | 34 | $ | (10 | ) | $ | 8 | ||||
Employer Contributions | |||||||||||||
During the three months ended March 31, 2014, Dominion made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion expects to contribute approximately $12 million to its other postretirement benefit plans through Voluntary Employees' Beneficiary Associations during the remainder of 2014. |
Operating_Segments
Operating Segments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||
Operating Segments | |||||||||||||||||||
Dominion and Virginia Power are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows: | |||||||||||||||||||
Primary Operating Segment | Description of Operations | Dominion | Virginia Power | ||||||||||||||||
DVP | Regulated electric distribution | X | X | ||||||||||||||||
Regulated electric transmission | X | X | |||||||||||||||||
Dominion Generation | Regulated electric fleet | X | X | ||||||||||||||||
Merchant electric fleet | X | ||||||||||||||||||
Nonregulated retail energy marketing | X | ||||||||||||||||||
Dominion Energy | Gas transmission and storage(1) | X | |||||||||||||||||
Gas distribution and storage | X | ||||||||||||||||||
LNG import and storage | X | ||||||||||||||||||
-1 | Includes remaining producer services activities. | ||||||||||||||||||
In addition to the operating segments above, the Companies also report a Corporate and Other segment. | |||||||||||||||||||
The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued or sold. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |||||||||||||||||||
In January of 2014, Dominion announced it would exit the electric retail energy marketing business. Dominion completed the sale in March 2014. As a result, the earnings impact from electric retail energy marketing business has been included in the Corporate and Other Segment of Dominion for 2014. | |||||||||||||||||||
In the second quarter of 2013, Dominion commenced a repositioning of its producer services business, which aggregates natural gas supply, engages in natural gas trading and marketing activities and natural gas supply management and provides price risk management services to Dominion affiliates. The repositioning was completed in the first quarter of 2014 and resulted in the termination of natural gas trading and certain energy marketing activities. As a result, the earnings impact from natural gas trading and certain energy marketing activities has been included in the Corporate and Other Segment of Dominion for 2014. | |||||||||||||||||||
In the three months ended March 31, 2014, Dominion reported an after-tax net expense of $228 million for specific items in the Corporate and Other segment, with $217 million of these net expenses attributable to its operating segments. In the three months ended March 31, 2013, Dominion reported an after-tax net benefit of $19 million for specific items in the Corporate and Other segment, with $17 million of these net benefits attributable to its operating segments. | |||||||||||||||||||
The net expense for specific items in 2014 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $319 million ($193 million after-tax) net loss related to the producer services business discussed above, attributable to Dominion Energy; and | ||||||||||||||||||
• | A $47 million ($33 million after-tax) net loss related to the electric retail energy marketing business discussed above, including a $147 million ($90 million after-tax) loss from normal operations, partially offset by a $100 million ($57 million after-tax) gain on sale net of a $31 million write-off of goodwill, attributable to Dominion Generation. | ||||||||||||||||||
The net benefit for specific items in 2013 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $44 million ($26 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation; and | ||||||||||||||||||
• | A $1 million net benefit related to Brayton Point and Kincaid, including a $38 million ($23 million after-tax) benefit from the discontinued operations of these merchant power stations partially offset by impairments of $37 million ($22 million after-tax) related to these stations, attributable to Dominion Generation. | ||||||||||||||||||
The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. | |||||||||||||||||||
There were no material net benefit or expense items in the Corporate and Other segment in the three months ended March 31, 2014 or 2013. | |||||||||||||||||||
The following table presents segment information pertaining to Dominion’s operations: | |||||||||||||||||||
DVP(1) | Dominion | Dominion | Corporate | Adjustments/Eliminations(1) | Consolidated | ||||||||||||||
Generation(1) | Energy | and Other | Total | ||||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2014 | |||||||||||||||||||
Total revenue from external customers | $ | 502 | $ | 2,260 | $ | 362 | $ | (2 | ) | $ | 508 | $ | 3,630 | ||||||
Intersegment revenue | 2 | 24 | 489 | 147 | (662 | ) | — | ||||||||||||
Total operating revenue | 504 | 2,284 | 851 | 145 | (154 | ) | 3,630 | ||||||||||||
Net income (loss) attributable to Dominion | 131 | 309 | 208 | (269 | ) | — | 379 | ||||||||||||
2013 | |||||||||||||||||||
Total revenue from external customers | $ | 465 | $ | 2,130 | $ | 611 | $ | 47 | $ | 270 | $ | 3,523 | |||||||
Intersegment revenue | 1 | 41 | 265 | 142 | (449 | ) | — | ||||||||||||
Total operating revenue | 466 | 2,171 | 876 | 189 | (179 | ) | 3,523 | ||||||||||||
Loss from discontinued operations | — | — | — | 1 | — | 1 | |||||||||||||
Net income (loss) attributable to Dominion | 116 | 254 | 179 | (54 | ) | — | 495 | ||||||||||||
-1 | 2013 amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | ||||||||||||||||||
Intersegment sales and transfers for Dominion are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. | |||||||||||||||||||
The following table presents segment information pertaining to Virginia Power’s operations: | |||||||||||||||||||
DVP | Dominion | Corporate | Consolidated | ||||||||||||||||
Generation | and Other | Total | |||||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2014 | |||||||||||||||||||
Operating revenue | $ | 502 | $ | 1,481 | $ | — | $ | 1,983 | |||||||||||
Net income | 134 | 189 | 1 | 324 | |||||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 465 | $ | 1,316 | $ | — | $ | 1,781 | |||||||||||
Net income | 118 | 168 | 1 | 287 | |||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
General | ' |
In Dominion’s and Virginia Power’s opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of March 31, 2014 and their results of operations and cash flows for the three months ended March 31, 2014 and 2013. Such adjustments are normal and recurring in nature unless otherwise noted. | |
The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. | |
Dominion’s and Virginia Power’s accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts and those of their respective majority-owned subsidiaries and those VIEs where Dominion has been determined to be the primary beneficiary. | |
The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. | |
Certain amounts in Dominion’s and Virginia Power’s 2013 Consolidated Financial Statements and Notes have been reclassified to conform to the 2014 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. | |
Amounts disclosed for Dominion are inclusive of Virginia Power, where applicable. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) (Brayton Point and Kincaid) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Brayton Point and Kincaid | ' | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||
The following table presents selected information regarding the results of operations of Brayton Point and Kincaid, which are reported as discontinued operations in Dominion's Consolidated Statements of Income: | ||||
Three Months Ended March 31, | 2013 | |||
(millions) | ||||
Operating revenue | $ | 154 | ||
Income before income taxes | 1 | |||
Operating_Revenue_Tables
Operating Revenue (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Regulated and Unregulated Operating Revenue [Abstract] | ' | ||||||
Operating Revenue | ' | ||||||
The Companies’ operating revenue consists of the following: | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(millions) | |||||||
Dominion | |||||||
Electric sales: | |||||||
Regulated | $ | 1,951 | $ | 1,761 | |||
Nonregulated | 854 | 658 | |||||
Gas sales: | |||||||
Regulated | 147 | 132 | |||||
Nonregulated | 117 | 345 | |||||
Gas transportation and storage | 444 | 467 | |||||
Other | 117 | 160 | |||||
Total operating revenue | $ | 3,630 | $ | 3,523 | |||
Virginia Power | |||||||
Regulated electric sales | $ | 1,951 | $ | 1,761 | |||
Other | 32 | 20 | |||||
Total operating revenue | $ | 1,983 | $ | 1,781 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Effective Income Tax | ' | ||||||||
For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to Dominion's and Virginia Power’s effective income tax rate as follows: | |||||||||
Dominion | Virginia Power | ||||||||
Three Months Ended March 31, | 2014 | 2013 | 2014 | 2013 | |||||
U.S. statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | |
Increases (reductions) resulting from: | |||||||||
State taxes, net of federal benefit | 2.7 | 4 | 3.8 | 3.9 | |||||
Investment and production tax credits | (4.2 | ) | (1.5 | ) | (0.8 | ) | — | ||
AFUDC - equity | (0.3 | ) | (0.7 | ) | (0.3 | ) | (1.3 | ) | |
Other, net | (0.5 | ) | (0.3 | ) | 0.1 | 0.2 | |||
Effective tax rate | 32.7 | % | 36.5 | % | 37.8 | % | 37.8 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share Computation | ' | ||||||
The following table presents the calculation of Dominion’s basic and diluted EPS: | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(millions, except EPS) | |||||||
Net income attributable to Dominion | $ | 379 | $ | 495 | |||
Average shares of common stock outstanding – Basic | 581.6 | 576.6 | |||||
Net effect of dilutive securities(1) | 1.3 | 0.9 | |||||
Average shares of common stock outstanding – Diluted | 582.9 | 577.5 | |||||
Earnings Per Common Share – Basic | $ | 0.65 | $ | 0.86 | |||
Earnings Per Common Share – Diluted | $ | 0.65 | $ | 0.86 | |||
-1 | Dilutive securities consist primarily of contingently convertible senior notes and Equity Units for 2014 and contingently convertible senior notes for 2013. See Note 14 in this report and Note 17 to the Consolidated Financial Statements in Dominion's and Virginia Power's Annual Report on Form 10-K for the year ended December 31, 2013 for more information. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following table presents Dominion’s changes in AOCI by component, net of tax: | ||||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrealized gains and losses on investment securities | Unrecognized pension and other postretirement benefit costs | Other comprehensive income (loss) from equity method investee | Total | ||||||||||||
(millions) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Beginning balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (150 | ) | 29 | (4 | ) | (7 | ) | (132 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 160 | (11 | ) | 8 | — | 157 | ||||||||||
Net current-period other comprehensive income (loss) | 10 | 18 | 4 | (7 | ) | 25 | ||||||||||
Ending balance | $ | (278 | ) | $ | 492 | $ | (506 | ) | $ | (7 | ) | $ | (299 | ) | ||
Three Months Ended March 31, 2013 | ||||||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | — | $ | (877 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (90 | ) | 78 | — | — | (12 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 76 | (27 | ) | 20 | — | 69 | ||||||||||
Net current-period other comprehensive income (loss) | (14 | ) | 51 | 20 | — | 57 | ||||||||||
Ending balance | $ | (136 | ) | $ | 377 | $ | (1,061 | ) | $ | — | $ | (820 | ) | |||
(1) See table below for details about these reclassifications. | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The following table presents Dominion’s reclassifications out of AOCI by component: | ||||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 269 | Operating revenue | |||||||||||||
1 | Purchased gas | |||||||||||||||
(13 | ) | Electric fuel and other energy-related purchases | ||||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
260 | ||||||||||||||||
Tax | (100 | ) | Income tax expense | |||||||||||||
$ | 160 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (20 | ) | Other income | ||||||||||||
Impairment | 2 | Other income | ||||||||||||||
(18 | ) | |||||||||||||||
Tax | 7 | Income tax expense | ||||||||||||||
$ | (11 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service costs | $ | (3 | ) | Other operations and maintenance | ||||||||||||
Actuarial (gain) losses | 17 | Other operations and maintenance | ||||||||||||||
14 | ||||||||||||||||
Tax | (6 | ) | Income tax expense | |||||||||||||
$ | 8 | |||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 84 | Operating revenue | |||||||||||||
34 | Purchased gas | |||||||||||||||
3 | Electric fuel and other energy-related purchases | |||||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
124 | ||||||||||||||||
Tax | (48 | ) | Income tax expense | |||||||||||||
$ | 76 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (47 | ) | Other income | ||||||||||||
Impairment | 2 | Other income | ||||||||||||||
(45 | ) | |||||||||||||||
Tax | 18 | Income tax expense | ||||||||||||||
$ | (27 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 29 | Other operations and maintenance | |||||||||||||
29 | ||||||||||||||||
Tax | (9 | ) | Income tax expense | |||||||||||||
$ | 20 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ||||||||||||
Fair Value, Option, Quantitative Disclosures | ' | ||||||||||||
The following table presents Dominion's and Virginia Power's quantitative information about Level 3 fair value measurements. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. | |||||||||||||
Fair Value (millions) | Valuation Techniques | Unobservable Input | Range | Weighted Average(1) | |||||||||
At March 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 14 | Discounted Cash Flow | Market Price (per Dth) | (4) | (2) - 7 | 1 | ||||||
Electricity | 3 | Discounted Cash Flow | Market Price (per MWh) | (4) | 28 - 112 | 54 | |||||||
FTRs(3) | 11 | Discounted Cash Flow | Market Price (per MWh) | (4) | (1) - 8 | 2 | |||||||
NGLs | 6 | Discounted Cash Flow | Market Price (per Gal) | (4) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 3 | Option Model | Market Price (per Dth) | (4) | 5-Mar | 4 | |||||||
Price Volatility | (5) | 15% - 43% | 21 | % | |||||||||
Total assets | $ | 37 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 16 | Discounted Cash Flow | Market Price (per Dth) | (4) | (2) - 5 | — | ||||||
Electricity | 3 | Discounted Cash Flow | Market Price (per MWh) | (4) | 28 - 112 | 54 | |||||||
FTRs(3) | 1 | Discounted Cash Flow | Market Price (per MWh) | (4) | (2) - 8 | — | |||||||
NGLs | 7 | Discounted Cash Flow | Market Price (per Gal) | (4) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 2 | Option Model | Market Price (per Dth) | (4) | 5-Mar | 4 | |||||||
Price Volatility | (5) | 15% - 43% | 21 | % | |||||||||
Total liabilities | $ | 29 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Represents market prices beyond defined terms for Levels 1 & 2. | ||||||||||||
-5 | Represents volatilities unrepresented in published markets. | ||||||||||||
Significant unobservable inputs | ' | ||||||||||||
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: | |||||||||||||
Significant Unobservable Inputs | Position | Change to Input | Impact on Fair Value Measurement | ||||||||||
Market Price | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Market Price | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Price Volatility | Buy | Increase (decrease) | Gain (loss) | ||||||||||
Price Volatility | Sell | Increase (decrease) | Loss (gain) | ||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||
The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At March 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 2 | $ | 537 | $ | 37 | $ | 576 | |||||
Interest rate | — | 73 | — | 73 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 2,474 | — | — | 2,474 | |||||||||
Other | 6 | — | — | 6 | |||||||||
Non-U.S.: | |||||||||||||
Large cap | 12 | — | — | 12 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 391 | — | 391 | |||||||||
U.S. Treasury securities and agency debentures | 443 | 173 | — | 616 | |||||||||
State and municipal | — | 361 | — | 361 | |||||||||
Other | — | 7 | — | 7 | |||||||||
Cash equivalents and other | — | 120 | — | 120 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,937 | $ | 1,670 | $ | 37 | $ | 4,644 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 975 | $ | 29 | $ | 1,007 | |||||
Interest rate | — | 47 | — | 47 | |||||||||
Total liabilities | $ | 3 | $ | 1,022 | $ | 29 | $ | 1,054 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 718 | $ | 32 | $ | 753 | |||||
Interest rate | — | 137 | — | 137 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 2,417 | — | — | 2,417 | |||||||||
Other | 79 | — | — | 79 | |||||||||
Non-U.S.: | |||||||||||||
Large cap | 13 | — | — | 13 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 345 | — | 345 | |||||||||
U.S. Treasury securities and agency debentures | 415 | 175 | — | 590 | |||||||||
State and municipal | — | 343 | — | 343 | |||||||||
Other | — | 3 | — | 3 | |||||||||
Cash equivalents and other | — | 103 | — | 103 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 2,927 | $ | 1,832 | $ | 32 | $ | 4,791 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
Total liabilities | $ | 3 | $ | 1,051 | $ | 48 | $ | 1,102 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||
The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(millions) | |||||||||||||
Beginning balance | $ | (16 | ) | $ | 25 | ||||||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 110 | 14 | |||||||||||
Included in other comprehensive income (loss) | 4 | 9 | |||||||||||
Included in regulatory assets/liabilities | 17 | (5 | ) | ||||||||||
Settlements | (108 | ) | (26 | ) | |||||||||
Transfers out of Level 3 | 1 | (8 | ) | ||||||||||
Ending balance | $ | 8 | $ | 9 | |||||||||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | $ | 1 | $ | (5 | ) | ||||||||
Fair Value, Unobservable Inputs, Gain (Loss) Included In Earnings | ' | ||||||||||||
The following table presents Dominion's classification of gains and losses included in earnings in the Level 3 fair value category: | |||||||||||||
Operating | Electric fuel | Total | |||||||||||
revenue | and other | ||||||||||||
energy-related | |||||||||||||
purchases | |||||||||||||
(millions) | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | (10 | ) | $ | 120 | $ | 110 | ||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | — | 1 | ||||||||||
Three Months Ended March 31, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 12 | $ | 2 | $ | 14 | |||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | (5 | ) | — | (5 | ) | ||||||||
Cost and Fair Value of Financial Instruments Disclosure | ' | ||||||||||||
For Dominion’s and Virginia Power’s financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||
Carrying | Estimated Fair | Carrying | Estimated Fair | ||||||||||
Amount | Value(1) | Amount | Value(1) | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 18,920 | $ | 20,822 | $ | 18,396 | $ | 19,887 | |||||
Junior subordinated notes(3) | 1,373 | 1,391 | 1,373 | 1,394 | |||||||||
Remarketable subordinated notes(3) | 1,081 | 1,268 | 1,080 | 1,192 | |||||||||
Subsidiary preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(2) | $ | 8,777 | $ | 9,862 | $ | 8,032 | $ | 8,897 | |||||
Preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
-1 | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||||||||||||
-2 | Carrying amount includes amounts which represent the unamortized discount and premium. At March 31, 2014 and December 31, 2013, includes the valuation of certain fair value hedges associated with Dominion’s fixed rate debt of approximately $40 million and $55 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount or premium. | ||||||||||||
-4 | Carrying amount includes deferred issuance expenses of $2 million at December 31, 2013. | ||||||||||||
Virginia Electric and Power Company | ' | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||
The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(millions) | |||||||||||||
At March 31, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 7 | $ | 11 | $ | 18 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S. Large cap | 1,046 | — | — | 1,046 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 219 | — | 219 | |||||||||
U.S. Treasury securities and agency debentures | 161 | 56 | — | 217 | |||||||||
State and municipal | — | 182 | — | 182 | |||||||||
Other | — | 1 | — | 1 | |||||||||
Cash equivalents and other | — | 49 | — | 49 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,207 | $ | 522 | $ | 11 | $ | 1,740 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 1 | $ | 4 | |||||
Interest rate | — | 4 | — | 4 | |||||||||
Total liabilities | $ | — | $ | 7 | $ | 1 | $ | 8 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 2 | $ | 5 | |||||
Interest rate | $ | — | $ | 48 | $ | — | $ | 48 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 1,021 | — | — | 1,021 | |||||||||
Other | 36 | — | — | 36 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 191 | — | 191 | |||||||||
U.S. Treasury securities and agency debentures | 146 | 66 | — | 212 | |||||||||
State and municipal | — | 164 | — | 164 | |||||||||
Cash equivalents and other | — | 31 | — | 31 | |||||||||
Restricted cash equivalents | — | 8 | — | 8 | |||||||||
Total assets | $ | 1,203 | $ | 511 | $ | 2 | $ | 1,716 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
Total liabilities | $ | — | $ | 3 | $ | 9 | $ | 12 | |||||
-1 | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||
The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(millions) | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 2 | ||||||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | 120 | 2 | |||||||||||
Included in regulatory assets/liabilities | 17 | (5 | ) | ||||||||||
Settlements | (120 | ) | (2 | ) | |||||||||
Ending balance | $ | 10 | $ | (3 | ) | ||||||||
Derivatives_and_Hedge_Accounti1
Derivatives and Hedge Accounting Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||||||||
The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 73 | $ | — | $ | 73 | $ | 137 | $ | — | $ | 137 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 203 | — | 203 | 240 | — | 240 | |||||||||||||||||||
Exchange | 372 | — | 372 | 506 | — | 506 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 648 | — | 648 | 883 | — | 883 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | 7 | — | 7 | |||||||||||||||||||
Total | $ | 649 | $ | — | $ | 649 | $ | 890 | $ | — | $ | 890 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 73 | $ | 43 | $ | — | $ | 30 | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 203 | 132 | — | 71 | 240 | 63 | — | 177 | |||||||||||||||||
Exchange | 372 | 368 | — | 4 | 506 | 505 | — | 1 | |||||||||||||||||
Total | $ | 648 | $ | 543 | $ | — | $ | 105 | $ | 883 | $ | 568 | $ | — | $ | 315 | |||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 47 | $ | — | $ | 47 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 341 | — | 341 | 262 | — | 262 | |||||||||||||||||||
Exchange | 665 | — | 665 | 838 | — | 838 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 1,053 | — | 1,053 | 1,100 | — | 1,100 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | 2 | — | 2 | |||||||||||||||||||
Total | $ | 1,054 | $ | — | $ | 1,054 | $ | 1,102 | $ | — | $ | 1,102 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 47 | $ | 43 | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 341 | 132 | 8 | 201 | 262 | 63 | 69 | 130 | |||||||||||||||||
Exchange | 665 | 368 | 297 | — | 838 | 505 | 333 | — | |||||||||||||||||
Total | $ | 1,053 | $ | 543 | $ | 305 | $ | 205 | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | |||||||||
Volumes of Derivative Activity | ' | ||||||||||||||||||||||||
The following table presents the volume of Dominion’s derivative activity as of March 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) | 77 | 15 | |||||||||||||||||||||||
Basis | 504 | 272 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 17,786,691 | 14,597,007 | |||||||||||||||||||||||
FTRs | 16,921,356 | — | |||||||||||||||||||||||
Capacity (MW) | 33,550 | 18,300 | |||||||||||||||||||||||
Liquids (Gal)(2) | 113,652,000 | — | |||||||||||||||||||||||
Interest rate | $ | 1,100,000,000 | $ | 3,650,000,000 | |||||||||||||||||||||
-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 March 31, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum Term | |||||||||||||||||||||||
After-Tax | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (6 | ) | $ | (6 | ) | 25 months | ||||||||||||||||||
Electricity | (135 | ) | (145 | ) | 33 months | ||||||||||||||||||||
Other | — | — | 26 months | ||||||||||||||||||||||
Interest rate | (137 | ) | (7 | ) | 366 months | ||||||||||||||||||||
Total | $ | (278 | ) | $ | (158 | ) | |||||||||||||||||||
Fair Value of Derivatives | ' | ||||||||||||||||||||||||
The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value – | Fair Value – | Total Fair Value | |||||||||||||||||||||||
Derivatives under | Derivatives not under | ||||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 149 | $ | 261 | $ | 410 | |||||||||||||||||||
Interest rate | 62 | — | 62 | ||||||||||||||||||||||
Total current derivative assets | 211 | 261 | 472 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 92 | 74 | 166 | ||||||||||||||||||||||
Interest rate | 11 | — | 11 | ||||||||||||||||||||||
Total noncurrent derivative assets(1) | 103 | 74 | 177 | ||||||||||||||||||||||
Total derivative assets | $ | 314 | $ | 335 | $ | 649 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 394 | $ | 397 | $ | 791 | |||||||||||||||||||
Interest rate | 11 | — | 11 | ||||||||||||||||||||||
Total current derivative liabilities | 405 | 397 | 802 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 77 | 139 | 216 | ||||||||||||||||||||||
Interest Rate | 36 | — | 36 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(2) | 113 | 139 | 252 | ||||||||||||||||||||||
Total derivative liabilities | $ | 518 | $ | 536 | $ | 1,054 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | ' | ||||||||||||||||||||||||
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 | Amount of Gain | Increase | ||||||||||||||||||||||
(Loss) | (Loss) Reclassified | (Decrease) in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (269 | ) | ||||||||||||||||||||||
Purchased gas | (1 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 13 | ||||||||||||||||||||||||
Total commodity | $ | (183 | ) | $ | (257 | ) | $ | 2 | |||||||||||||||||
Interest rate(3) | (47 | ) | (3 | ) | (23 | ) | |||||||||||||||||||
Total | $ | (230 | ) | $ | (260 | ) | $ | (21 | ) | ||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (84 | ) | ||||||||||||||||||||||
Purchased gas | (34 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (157 | ) | $ | (121 | ) | $ | 7 | |||||||||||||||||
Interest rate(3) | 13 | (3 | ) | 16 | |||||||||||||||||||||
Total | $ | (144 | ) | $ | (124 | ) | $ | 23 | |||||||||||||||||
-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 | ' | ||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives(1) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (361 | ) | $ | 3 | ||||||||||||||||||||
Purchased gas | 7 | 18 | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 133 | 3 | |||||||||||||||||||||||
Total | $ | (221 | ) | $ | 24 | ||||||||||||||||||||
-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. | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | 14 | — | 14 | 4 | — | 4 | |||||||||||||||||||
Exchange | 3 | — | 3 | 1 | — | 1 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 17 | — | 17 | 53 | — | 53 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total | $ | 18 | $ | — | $ | 18 | $ | 53 | $ | — | $ | 53 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | 14 | 4 | — | 10 | 4 | 4 | — | — | |||||||||||||||||
Exchange | 3 | — | — | 3 | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 17 | $ | 4 | $ | — | $ | 13 | $ | 53 | $ | 4 | $ | — | $ | 49 | |||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 4 | $ | — | $ | 4 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | — | 4 | 12 | — | 12 | |||||||||||||||||||
Exchange | — | — | — | — | — | — | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 8 | — | 8 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 8 | $ | — | $ | 8 | $ | 12 | $ | — | $ | 12 | |||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 4 | $ | — | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 4 | 4 | — | — | 12 | 4 | 7 | 1 | |||||||||||||||||
Exchange | — | — | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 8 | $ | 4 | $ | — | $ | 4 | $ | 12 | $ | 4 | $ | 7 | $ | 1 | |||||||||
Volumes of Derivative Activity | ' | ||||||||||||||||||||||||
The following table presents the volume of Virginia Power’s derivative activity as of March 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 | 17 | — | |||||||||||||||||||||||
Basis | 14 | — | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 490,400 | — | |||||||||||||||||||||||
FTRs | 16,307,498 | — | |||||||||||||||||||||||
Capacity (MW) | 30,500 | 18,300 | |||||||||||||||||||||||
Interest rate | $ | — | $ | 250,000,000 | |||||||||||||||||||||
Fair Value of Derivatives | ' | ||||||||||||||||||||||||
The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated | |||||||||||||||||||||||||
Balance Sheets: | |||||||||||||||||||||||||
Fair Value – | Fair Value – | Total Fair Value | |||||||||||||||||||||||
Derivatives under | Derivatives not under | ||||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 5 | $ | 13 | $ | 18 | |||||||||||||||||||
Total current derivative assets(1) | 5 | 13 | 18 | ||||||||||||||||||||||
Total derivative assets | $ | 5 | $ | 13 | $ | 18 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 2 | $ | 4 | |||||||||||||||||||
Total current derivative liabilities(2) | 2 | 2 | 4 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest Rate | 4 | — | 4 | ||||||||||||||||||||||
Total noncurrent derivatives liabilities (3) | 4 | — | 4 | ||||||||||||||||||||||
Total derivative liabilities | $ | 6 | $ | 2 | $ | 8 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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(2) | 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 | Current derivative liabilities are presented in other current liabilities 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. | ||||||||||||||||||||||||
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | ' | ||||||||||||||||||||||||
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 | Amount of Gain | Increase | ||||||||||||||||||||||
(Loss) | (Loss) Reclassified | (Decrease) in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 5 | |||||||||||||||||||||||
Total commodity | $ | 6 | $ | 5 | $ | 2 | |||||||||||||||||||
Interest rate(3) | (3 | ) | — | (23 | ) | ||||||||||||||||||||
Total | $ | 3 | $ | 5 | $ | (21 | ) | ||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | 1 | $ | — | $ | 7 | |||||||||||||||||||
Interest rate(3) | 2 | — | 16 | ||||||||||||||||||||||
Total | $ | 3 | $ | — | $ | 23 | |||||||||||||||||||
-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 | ' | ||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives(1) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | |||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | 119 | $ | 2 | |||||||||||||||||||||
Total | $ | 119 | $ | 2 | |||||||||||||||||||||
-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. |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Gain (Loss) on Investments [Line Items] | ' | |||||||||||||
Available-For-Sale Securities | ' | |||||||||||||
Dominion’s decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total Unrealized Gains(1) | Total Unrealized | Fair Value | |||||||||||
Cost | Losses (1) | |||||||||||||
(millions) | ||||||||||||||
31-Mar-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S. Large Cap | $ | 1,214 | $ | 1,219 | $ | — | $ | 2,433 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 375 | 17 | (1 | ) | 391 | |||||||||
U.S. Treasury securities and agency debentures | 612 | 8 | (6 | ) | 614 | |||||||||
State and municipal | 305 | 16 | (1 | ) | 320 | |||||||||
Other | 7 | — | — | 7 | ||||||||||
Cost method investments | 99 | — | — | 99 | ||||||||||
Cash equivalents and other(2) | 105 | — | — | 105 | ||||||||||
Total | $ | 2,717 | $ | 1,260 | $ | (8 | ) | (3) | $ | 3,969 | ||||
December 31, 2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 1,183 | $ | 1,194 | $ | — | $ | 2,377 | ||||||
Other | 49 | 23 | — | 72 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 332 | 16 | (3 | ) | 345 | |||||||||
U.S. Treasury securities and agency debentures | 589 | 8 | (10 | ) | 587 | |||||||||
State and municipal | 297 | 11 | (5 | ) | 303 | |||||||||
Other | 3 | — | — | 3 | ||||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 110 | — | — | 110 | ||||||||||
Total | $ | 2,669 | $ | 1,252 | $ | (18 | ) | (3) | $ | 3,903 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending purchases of securities of $13 million and pending sales of securities of $11 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $475 million and $604 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||
The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at March 31, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 134 | ||||||||||||
Due after one year through five years | 379 | |||||||||||||
Due after five years through ten years | 403 | |||||||||||||
Due after ten years | 416 | |||||||||||||
Total | $ | 1,332 | ||||||||||||
Marketable Securities | ' | |||||||||||||
Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 442 | $ | 554 | ||||||||||
Realized gains(1) | 38 | 63 | ||||||||||||
Realized losses(1) | 6 | 6 | ||||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability. | |||||||||||||
Virginia Electric and Power Company | ' | |||||||||||||
Gain (Loss) on Investments [Line Items] | ' | |||||||||||||
Available-For-Sale Securities | ' | |||||||||||||
Virginia Power’s decommissioning trust funds are summarized below: | ||||||||||||||
Amortized | Total Unrealized | Total Unrealized | Fair Value | |||||||||||
Cost | Gains(1) | Losses(1) | ||||||||||||
(millions) | ||||||||||||||
31-Mar-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S. Large Cap | $ | 522 | $ | 523 | $ | — | $ | 1,045 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 211 | 9 | (1 | ) | 219 | |||||||||
U.S. Treasury securities and agency debentures | 217 | 2 | (2 | ) | 217 | |||||||||
State and municipal | 175 | 7 | (1 | ) | 181 | |||||||||
Other | 1 | — | — | 1 | ||||||||||
Cost method investments | 99 | — | — | 99 | ||||||||||
Cash equivalents and other(2) | 34 | — | — | 34 | ||||||||||
Total | $ | 1,259 | $ | 541 | $ | (4 | ) | (3) | $ | 1,796 | ||||
December 31, 2013 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
U.S.: | ||||||||||||||
Large Cap | $ | 506 | $ | 514 | $ | — | $ | 1,020 | ||||||
Other | 25 | 11 | — | 36 | ||||||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 185 | 8 | (2 | ) | 191 | |||||||||
U.S. Treasury securities and agency debentures | 214 | 1 | (3 | ) | 212 | |||||||||
State and municipal | 163 | 4 | (4 | ) | 163 | |||||||||
Cost method investments | 106 | — | — | 106 | ||||||||||
Cash equivalents and other(2) | 37 | — | — | 37 | ||||||||||
Total | $ | 1,236 | $ | 538 | $ | (9 | ) | (3) | $ | 1,765 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending purchases of securities of $15 million and pending sales of securities of $6 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $211 million and $299 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||
The fair value of Virginia Power’s marketable debt securities at March 31, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 41 | ||||||||||||
Due after one year through five years | 161 | |||||||||||||
Due after five years through ten years | 232 | |||||||||||||
Due after ten years | 184 | |||||||||||||
Total | $ | 618 | ||||||||||||
Marketable Securities | ' | |||||||||||||
Presented below is selected information regarding Virginia Power’s marketable equity and debt securities. | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 204 | $ | 189 | ||||||||||
Realized gains(1) | 19 | 16 | ||||||||||||
Realized losses(1) | 3 | 3 | ||||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability. |
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||
Schedule Of Regulatory Assets And Liabilities | ' | ||||||
Regulatory assets and liabilities include the following: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 71 | $ | 89 | |||
Unrecovered gas cost(2) | 24 | 50 | |||||
Derivatives(3) | 5 | 16 | |||||
Other | 47 | 62 | |||||
Regulatory assets-current(4) | 147 | 217 | |||||
Unrecognized pension and other postretirement benefit costs(5) | 695 | 706 | |||||
Deferred rate adjustment clause costs(1) | 263 | 287 | |||||
Deferred cost of fuel used in electric generation(6) | 249 | 1 | |||||
Income taxes recoverable through future rates(7) | 156 | 155 | |||||
Derivatives(3) | 44 | 16 | |||||
Other | 84 | 63 | |||||
Regulatory assets-non-current | 1,491 | 1,228 | |||||
Total regulatory assets | $ | 1,638 | $ | 1,445 | |||
Regulatory liabilities: | |||||||
PIPP(8) | $ | 87 | $ | 76 | |||
Other | 73 | 52 | |||||
Regulatory liabilities-current(9) | 160 | 128 | |||||
Provision for future cost of removal and AROs(10) | 1,040 | 1,028 | |||||
Decommissioning trust(11) | 712 | 693 | |||||
Deferred cost of fuel used in electric generation(6) | 6 | 90 | |||||
Other | 189 | 190 | |||||
Regulatory liabilities-non-current | 1,947 | 2,001 | |||||
Total regulatory liabilities | $ | 2,107 | $ | 2,129 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(1) | $ | 65 | $ | 62 | |||
Derivatives(3) | 5 | 16 | |||||
Other | 46 | 50 | |||||
Regulatory assets-current(4) | 116 | 128 | |||||
Deferred cost of fuel used in electric generation(6) | 249 | 1 | |||||
Deferred rate adjustment clause costs(1) | 198 | 227 | |||||
Income taxes recoverable through future rates(7) | 126 | 124 | |||||
Derivatives(3) | 44 | 16 | |||||
Other | 47 | 49 | |||||
Regulatory assets-non-current | 664 | 417 | |||||
Total regulatory assets | $ | 780 | $ | 545 | |||
Regulatory liabilities: | |||||||
Other | $ | 58 | $ | 41 | |||
Regulatory liabilities-current(9) | 58 | 41 | |||||
Provision for future cost of removal(10) | 818 | 807 | |||||
Decommissioning trust(11) | 712 | 693 | |||||
Deferred cost of fuel used in electric generation(6) | 6 | 90 | |||||
Other | 6 | 7 | |||||
Regulatory liabilities-non-current | 1,542 | 1,597 | |||||
Total regulatory liabilities | $ | 1,600 | $ | 1,638 | |||
-1 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 12 for more information. | ||||||
-2 | Reflects unrecovered gas costs at Dominion's regulated gas operations, which are recovered through filings with the applicable regulatory authority. | ||||||
-3 | For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | ||||||
-4 | Current regulatory assets are presented in other current assets in Dominion's and Virginia Power's Consolidated Balance Sheets. | ||||||
-5 | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's rate-regulated subsidiaries. | ||||||
-6 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. | ||||||
-7 | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | ||||||
-8 | Under PIPP, eligible customers can receive energy assistance based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rider according to East Ohio tariff provisions. | ||||||
-9 | Current regulatory liabilities are presented in other current liabilities in Dominion's and Virginia Power's Consolidated Balance Sheets. | ||||||
-10 | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | ||||||
-11 | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. |
Significant_Financing_Transact1
Significant Financing Transactions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||
Schedule of Line of Credit Facilities | ' | ||||||||||||
At March 31, 2014, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: | |||||||||||||
Facility | Outstanding | Outstanding | Facility | ||||||||||
Limit | Commercial | Letters of | Capacity | ||||||||||
Paper | Credit | Available | |||||||||||
(millions) | |||||||||||||
Joint revolving credit facility(1) | $ | 3,000 | $ | 1,972 | $ | — | $ | 1,028 | |||||
Joint revolving credit facility(2) | 500 | — | 237 | 263 | |||||||||
Total | $ | 3,500 | $ | 1,972 | $ | 237 | $ | 1,291 | |||||
-1 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | ||||||||||||
-2 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings, commercial paper and letter of credit issuances. | ||||||||||||
Virginia Electric and Power Company | ' | ||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||
Schedule of Line of Credit Facilities | ' | ||||||||||||
At March 31, 2014, Virginia Power’s share of commercial paper and letters of credit outstanding, as well as its capacity available under its joint credit facilities with Dominion were as follows: | |||||||||||||
Facility | Outstanding | Outstanding | Facility | ||||||||||
Sub-limit | Commercial | Letters of | Sub-limit Capacity | ||||||||||
Paper | Credit | Available | |||||||||||
(millions) | |||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 503 | $ | — | $ | 497 | |||||
Joint revolving credit facility(2) | 250 | — | 53 | 197 | |||||||||
Total | $ | 1,250 | $ | 503 | $ | 53 | $ | 694 | |||||
-1 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | ||||||||||||
-2 | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Schedule Of Subsidiary Guarantees | ' | ||||||
At March 31, 2014, Dominion had issued the following subsidiary guarantees: | |||||||
Stated Limit | Value(1) | ||||||
(millions) | |||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | |||
Commodity transactions(3) | 3,056 | 470 | |||||
Nuclear obligations(4) | 265 | 96 | |||||
Cove Point(5) | 335 | — | |||||
Solar(6) | 93 | 317 | |||||
Other(7) | 582 | 85 | |||||
Total | $ | 4,358 | $ | 995 | |||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of March 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 energy trading and marketing activities and other commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power 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 certain expenses of Millstone and Kewaunee, respectively, in the event of a prolonged outage, 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, including agreements to support terminal service and transportation agreements as well as an engineering, procurement and construction contract for new liquefaction facilities. Includes certain guarantees that do not have stated limits. | ||||||
-6 | Includes guarantees to facilitate the development of solar projects including guarantees to support the issuance of limited notice to proceed and full notice to proceed under EPC agreements as well as to support payment obligations under module supply agreements. Includes certain guarantees that do not have stated limits. | ||||||
-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. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) (Virginia Electric and Power Company) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Virginia Electric and Power Company | ' | ||||||
Related Party Transaction [Line Items] | ' | ||||||
Transactions With Affiliates | ' | ||||||
Presented below are significant transactions with DRS and other affiliates: | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(millions) | |||||||
Commodity purchases from affiliates | $ | 202 | $ | 85 | |||
Services provided by affiliates(1) | 108 | 96 | |||||
Services provided to affiliates | 5 | 5 | |||||
-1 | Amounts are subject to capitalization. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Net Periodic Benefit Cost | ' | ||||||||||||
The components of Dominion's provision for net periodic benefit cost (credit) were as follows: | |||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Three Months Ended March 31, | |||||||||||||
Service cost | $ | 29 | $ | 35 | $ | 8 | $ | 12 | |||||
Interest cost | 72 | 66 | 17 | 19 | |||||||||
Expected return on plan assets | (125 | ) | (114 | ) | (28 | ) | (22 | ) | |||||
Amortization of prior service cost (credit) | 1 | 1 | (7 | ) | (3 | ) | |||||||
Amortization of net loss | 28 | 46 | — | 2 | |||||||||
Net periodic benefit cost (credit) | $ | 5 | $ | 34 | $ | (10 | ) | $ | 8 | ||||
Operating_Segments_Tables
Operating Segments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||
Segment Reporting Disclosure Other Information | ' | ||||||||||||||||||
A description of the operations included in the Companies’ primary operating segments is as follows: | |||||||||||||||||||
Primary Operating Segment | Description of Operations | Dominion | Virginia Power | ||||||||||||||||
DVP | Regulated electric distribution | X | X | ||||||||||||||||
Regulated electric transmission | X | X | |||||||||||||||||
Dominion Generation | Regulated electric fleet | X | X | ||||||||||||||||
Merchant electric fleet | X | ||||||||||||||||||
Nonregulated retail energy marketing | X | ||||||||||||||||||
Dominion Energy | Gas transmission and storage(1) | X | |||||||||||||||||
Gas distribution and storage | X | ||||||||||||||||||
LNG import and storage | X | ||||||||||||||||||
-1 | Includes remaining producer services activities. | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||
The following table presents segment information pertaining to Dominion’s operations: | |||||||||||||||||||
DVP(1) | Dominion | Dominion | Corporate | Adjustments/Eliminations(1) | Consolidated | ||||||||||||||
Generation(1) | Energy | and Other | Total | ||||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2014 | |||||||||||||||||||
Total revenue from external customers | $ | 502 | $ | 2,260 | $ | 362 | $ | (2 | ) | $ | 508 | $ | 3,630 | ||||||
Intersegment revenue | 2 | 24 | 489 | 147 | (662 | ) | — | ||||||||||||
Total operating revenue | 504 | 2,284 | 851 | 145 | (154 | ) | 3,630 | ||||||||||||
Net income (loss) attributable to Dominion | 131 | 309 | 208 | (269 | ) | — | 379 | ||||||||||||
2013 | |||||||||||||||||||
Total revenue from external customers | $ | 465 | $ | 2,130 | $ | 611 | $ | 47 | $ | 270 | $ | 3,523 | |||||||
Intersegment revenue | 1 | 41 | 265 | 142 | (449 | ) | — | ||||||||||||
Total operating revenue | 466 | 2,171 | 876 | 189 | (179 | ) | 3,523 | ||||||||||||
Loss from discontinued operations | — | — | — | 1 | — | 1 | |||||||||||||
Net income (loss) attributable to Dominion | 116 | 254 | 179 | (54 | ) | — | 495 | ||||||||||||
-1 | 2013 amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | ||||||||||||||||||
Virginia Electric and Power Company | ' | ||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||
The following table presents segment information pertaining to Virginia Power’s operations: | |||||||||||||||||||
DVP | Dominion | Corporate | Consolidated | ||||||||||||||||
Generation | and Other | Total | |||||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
2014 | |||||||||||||||||||
Operating revenue | $ | 502 | $ | 1,481 | $ | — | $ | 1,983 | |||||||||||
Net income | 134 | 189 | 1 | 324 | |||||||||||||||
2013 | |||||||||||||||||||
Operating revenue | $ | 465 | $ | 1,316 | $ | — | $ | 1,781 | |||||||||||
Net income | 118 | 168 | 1 | 287 | |||||||||||||||
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Aug. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 |
Marcellus Acreage | Marcellus Acreage | Elwood | Elwood | Electric Retail Energy Marketing Business | Electric Retail Energy Marketing Business | Brayton Point and Kincaid | Acquisition of Solar Development Projects | |||
Natural_Gas_Producer | Project | |||||||||
acre | MW | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Number of solar development projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 |
Acquisition price of solar development projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 |
Expected cost of projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 |
Expected generation capacity of facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139 |
Proceeds from the sale of electric retail energy marketing business | 187 | 0 | ' | ' | ' | ' | 187 | ' | ' | ' |
Gain on sale | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' |
After tax gain on sale | ' | ' | ' | ' | ' | ' | ' | 57 | ' | ' |
Write off of goodwill | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' |
Proceeds from sale of Brayton Point, Kincaid and equity method investment in Elwood | ' | ' | ' | ' | 465 | ' | ' | ' | ' | ' |
Impairment of long-lived assets to be disposed of | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' |
Impairment charge, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Number of natural gas producers | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Number of acres of development rights | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from sale of assets | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | $89 | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Schedule of Disposal Groups, Including Discontinued Operations, Income Statement) (Details) (Brayton Point and Kincaid, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Brayton Point and Kincaid | ' |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' |
Operating revenue | $154 |
Income before income taxes | $1 |
Operating_Revenue_Operating_Re
Operating Revenue (Operating Revenue) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Electric sales: | ' | ' | ||
Regulated | $1,951 | $1,761 | ||
Nonregulated | 854 | 658 | ||
Gas sales: | ' | ' | ||
Regulated | 147 | 132 | ||
Nonregulated | 117 | 345 | ||
Gas transportation and storage | 444 | 467 | ||
Other | 117 | 160 | ||
Total operating revenue | 3,630 | 3,523 | ||
Virginia Electric and Power Company | ' | ' | ||
Electric sales: | ' | ' | ||
Regulated | 1,951 | 1,761 | ||
Gas sales: | ' | ' | ||
Other | 32 | 20 | ||
Total operating revenue | $1,983 | [1] | $1,781 | [1] |
[1] | See Note 17 for amounts attributable to affiliates. |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Rate as Compared to the Income Tax Expense Recorded in Our Consolidated Statements of Income) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ' | ' |
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ' | ' |
State taxes, net of federal benefit | 2.70% | 4.00% |
Investment and production tax credits | -4.20% | -1.50% |
AFUDC - equity | -0.30% | -0.70% |
Other, net | -0.50% | -0.30% |
Effective tax rate | 32.70% | 36.50% |
Virginia Electric and Power Company | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ' | ' |
State taxes, net of federal benefit | 3.80% | 3.90% |
Investment and production tax credits | -0.80% | 0.00% |
AFUDC - equity | -0.30% | -1.30% |
Other, net | 0.10% | 0.20% |
Effective tax rate | 37.80% | 37.80% |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Our Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Earnings Per Share [Abstract] | ' | ' | ||
Net income attributable to Dominion | $379 | $495 | ||
Average shares of common stock outstanding - Basic (shares) | 581,600,000 | 576,600,000 | ||
Net effect of potentially dilutive securities (shares) | 1,300,000 | [1] | 900,000 | [1] |
Average shares of common stock outstanding - Diluted (shares) | 582,900,000 | 577,500,000 | ||
Earnings Per Common Share - Basic (dollars per share) | $0.65 | $0.86 | ||
Earnings Per Common Share - Diluted (dollars per share) | $0.65 | $0.86 | ||
Potentially dilutive securities excluded from computation of earnings per share (shares) | ' | 0 | ||
[1] | Dilutive securities consist primarily of contingently convertible senior notes and Equity Units for 2014 and contingently convertible senior notes for 2013. See Note 14 in this report and Note 17 to the Consolidated Financial Statements in Dominion's and Virginia Power's Annual Report on Form 10-K for the year ended December 31, 2013 for more information. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ||
Beginning balance | ($324) | [1] | ($877) | |
Other comprehensive income before reclassifications: gains (losses) | -132 | -12 | ||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 157 | [2] | 69 | [2] |
Total other comprehensive income | 25 | 57 | ||
Ending balance | -299 | -820 | ||
Deferred gains and losses on derivatives-hedging activities | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ||
Beginning balance | -288 | -122 | ||
Other comprehensive income before reclassifications: gains (losses) | -150 | -90 | ||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 160 | [2] | 76 | [2] |
Total other comprehensive income | 10 | -14 | ||
Ending balance | -278 | -136 | ||
Unrealized gains and losses on investment securities | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ||
Beginning balance | 474 | 326 | ||
Other comprehensive income before reclassifications: gains (losses) | 29 | 78 | ||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | -11 | [2] | -27 | [2] |
Total other comprehensive income | 18 | 51 | ||
Ending balance | 492 | 377 | ||
Unrecognized pension and other postretirement benefit costs | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ||
Beginning balance | -510 | -1,081 | ||
Other comprehensive income before reclassifications: gains (losses) | -4 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 8 | [2] | 20 | [2] |
Total other comprehensive income | 4 | 20 | ||
Ending balance | -506 | -1,061 | ||
Other comprehensive income (loss) from equity method investee | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ||
Beginning balance | 0 | 0 | ||
Other comprehensive income before reclassifications: gains (losses) | -7 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 0 | [2] | 0 | [2] |
Total other comprehensive income | -7 | 0 | ||
Ending balance | ($7) | $0 | ||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | See table below for details about these reclassifications. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Operating Revenue | $3,630 | $3,523 |
Purchased gas | 540 | 467 |
Electric fuel and other energy-related purchases | 1,334 | 951 |
Interest and related charges | 237 | 228 |
Other income | 40 | 87 |
Income from continuing operations including noncontrolling interests before income tax expense | 571 | 789 |
Income tax expense | -186 | -288 |
Income from continuing operations including noncontrolling interests | 385 | 501 |
Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Income from continuing operations including noncontrolling interests before income tax expense | 260 | 124 |
Income tax expense | -100 | -48 |
Income from continuing operations including noncontrolling interests | 160 | 76 |
Unrealized gains and losses on investment securities | Amounts reclassified from AOCI | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other income | -20 | -47 |
Impairment | 2 | 2 |
Income from continuing operations including noncontrolling interests before income tax expense | -18 | -45 |
Income tax expense | 7 | 18 |
Income from continuing operations including noncontrolling interests | -11 | -27 |
Unrecognized pension and other postretirement benefit costs | Amounts reclassified from AOCI | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Prior service costs | -3 | ' |
Actuarial (gain) losses | 17 | 29 |
Income from continuing operations including noncontrolling interests before income tax expense | 14 | 29 |
Income tax expense | -6 | -9 |
Income from continuing operations including noncontrolling interests | 8 | 20 |
Commodity contracts | Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Operating Revenue | 269 | 84 |
Purchased gas | 1 | 34 |
Electric fuel and other energy-related purchases | -13 | 3 |
Interest rate contracts | Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Interest and related charges | $3 | $3 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value, Option, Quantitative Disclosures (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||||||
Natural Gas | Natural Gas | Electricity | FTRs | NGLs | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Assets | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | Fair Value, Option, Quantitative Disclosures, Liabilities | ||||||||||||||||||||||||||||||||||||||
Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Electricity | Electricity | Electricity | FTRs | FTRs | FTRs | NGLs | NGLs | NGLs | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Electricity | Electricity | Electricity | FTRs | FTRs | FTRs | NGLs | NGLs | NGLs | ||||||||||||||||||||||||||||||||||||||
Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Options: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Options: | Physical and Financial Options: | Physical and Financial Options: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | Physical and Financial Forwards and Futures: | |||||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | Minimum | Maximum | Wieghted Average | |||||||||||||||||||||||||||||||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||
Fair Value of Derivative Assets | $649 | [1] | $890 | [1] | $37 | $14 | [2] | $3 | $3 | $11 | [3] | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Fair Value of Derivative Liabilities | $1,054 | $1,102 | $29 | $16 | [2] | $2 | $3 | $1 | [3] | $7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Market Price (per unit) | ' | ' | ' | ' | ' | ' | ' | ' | -2 | [4] | 7 | [4] | 1 | [4],[5] | 3 | [4] | 5 | [4] | 4 | [4],[5] | 28 | [4] | 112 | [4] | 54 | [4],[5] | -1 | [4] | 8 | [4] | 2 | [4],[5] | 1 | [4] | 3 | [4] | 1 | [4],[5] | -2 | [4] | 5 | [4] | 0 | [4],[5] | 3 | [4] | 5 | [4] | 4 | [4],[5] | 28 | [4] | 112 | [4] | 54 | [4],[5] | -2 | [4] | 8 | [4] | 0 | [4],[5] | 1 | [4] | 3 | [4] | 1 | [4],[5] | ||||
Price Volatility (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | [6] | 43.00% | [6] | 21.00% | [5],[6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | [6] | 43.00% | [6] | 21.00% | [5],[6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmJlOGVjZTVmNmEyNTRiNTQ4NmU1MmViZDYzZTQzMDc3fFRleHRTZWxlY3Rpb246QzY5MTU3MTgxNjUyQjI0QjJCOTZBREE3RDFBMjg0RTMM} | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Represents market prices beyond defined terms for Levels 1 & 2. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Averages weighted by volume. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Represents volatilities unrepresented in published markets. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | $649 | [1] | $890 | [1] |
Derivative Liabilities | 1,054 | 1,102 | ||
Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 37 | ' | ||
Derivative Liabilities | 29 | ' | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 4,644 | 4,791 | ||
Total liabilities | 1,054 | 1,102 | ||
Fair Value, Measurements, Recurring | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 576 | 753 | ||
Derivative Liabilities | 1,007 | 1,102 | ||
Fair Value, Measurements, Recurring | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 73 | 137 | ||
Derivative Liabilities | 47 | ' | ||
Fair Value, Measurements, Recurring | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 2,474 | [2] | 2,417 | [2] |
Fair Value, Measurements, Recurring | Equity securities: | Large cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 12 | [2] | 13 | [2] |
Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 6 | [2] | 79 | [2] |
Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 391 | [2] | 345 | [2] |
Fair Value, Measurements, Recurring | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 616 | [2] | 590 | [2] |
Fair Value, Measurements, Recurring | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 361 | [2] | 343 | [2] |
Fair Value, Measurements, Recurring | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 7 | [2] | 3 | [2] |
Fair Value, Measurements, Recurring | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 120 | 103 | ||
Fair Value, Measurements, Recurring | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | 8 | ||
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 2,937 | 2,927 | ||
Total liabilities | 3 | 3 | ||
Fair Value, Measurements, Recurring | Level 1 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 2 | 3 | ||
Derivative Liabilities | 3 | 3 | ||
Fair Value, Measurements, Recurring | Level 1 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 2,474 | [2] | 2,417 | [2] |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 12 | [2] | 13 | [2] |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 6 | [2] | 79 | [2] |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 443 | [2] | 415 | [2] |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 1,670 | 1,832 | ||
Total liabilities | 1,022 | 1,051 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 537 | 718 | ||
Derivative Liabilities | 975 | 1,051 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 73 | 137 | ||
Derivative Liabilities | 47 | ' | ||
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 391 | [2] | 345 | [2] |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 173 | [2] | 175 | [2] |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 361 | [2] | 343 | [2] |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 7 | [2] | 3 | [2] |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 120 | 103 | ||
Fair Value, Measurements, Recurring | Level 2 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | 8 | ||
Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 37 | 32 | ||
Total liabilities | 29 | 48 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 37 | 32 | ||
Derivative Liabilities | 29 | 48 | ||
Fair Value, Measurements, Recurring | Level 3 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | Non-U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | 0 | ||
Virginia Electric and Power Company | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 18 | 53 | ||
Derivative Liabilities | 8 | 12 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 1,740 | [2] | 1,716 | [2] |
Total liabilities | 8 | 12 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 18 | 5 | ||
Derivative Liabilities | 4 | 12 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 48 | ||
Derivative Liabilities | 4 | ' | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 1,046 | [2] | 1,021 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 36 | [2] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 219 | [2] | 191 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 217 | [2] | 212 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 182 | [2] | 164 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 1 | [2] | ' | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 49 | [2] | 31 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | [2] | 8 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 1,207 | [2] | 1,203 | [2] |
Total liabilities | 0 | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 0 | ||
Derivative Liabilities | 0 | ' | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 1,046 | [2] | 1,021 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 36 | [2] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 161 | [2] | 146 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | ' | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 522 | [2] | 511 | [2] |
Total liabilities | 7 | 3 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 7 | 3 | ||
Derivative Liabilities | 3 | 3 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 48 | ||
Derivative Liabilities | 4 | ' | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 0 | [2] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 219 | [2] | 191 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 56 | [2] | 66 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 182 | [2] | 164 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 1 | [2] | ' | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 49 | [2] | 31 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 8 | [2] | 8 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 11 | [2] | 2 | [2] |
Total liabilities | 1 | 9 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 11 | 2 | ||
Derivative Liabilities | 1 | 9 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 0 | ||
Derivative Liabilities | 0 | ' | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 0 | [2] | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | U.S. Treasury securities and agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | ' | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [2] | 0 | [2] |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | $0 | [2] | $0 | [2] |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmJlOGVjZTVmNmEyNTRiNTQ4NmU1MmViZDYzZTQzMDc3fFRleHRTZWxlY3Rpb246QzY5MTU3MTgxNjUyQjI0QjJCOTZBREE3RDFBMjg0RTMM} | |||
[2] | Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair_Value_Measurements_Net_Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 |
Total realized and unrealized gains (losses): | ' | ' | ' | ' | ' |
Included in earnings | $110 | $14 | ' | ' | ' |
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | -5 | ' | ' | ' |
Level 3 | Commodity Transactions | Fair Value, Measurements, Recurring | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | -16 | 25 | ' | ' | ' |
Total realized and unrealized gains (losses): | ' | ' | ' | ' | ' |
Included in earnings | 110 | 14 | ' | ' | ' |
Included in other comprehensive income (loss) | 4 | 9 | ' | ' | ' |
Included in regulatory assets/liabilities | 17 | -5 | ' | ' | ' |
Settlements | -108 | -26 | ' | ' | ' |
Transfers out of Level 3 | 1 | -8 | ' | ' | ' |
Ending balance | 8 | 9 | ' | ' | ' |
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | -5 | ' | ' | ' |
Level 3 | Virginia Electric and Power Company | Commodity Transactions | Fair Value, Measurements, Recurring | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | -7 | -3 | 2 |
Total realized and unrealized gains (losses): | ' | ' | ' | ' | ' |
Included in earnings | 120 | 2 | ' | ' | ' |
Included in regulatory assets/liabilities | 17 | -5 | ' | ' | ' |
Settlements | -120 | -2 | ' | ' | ' |
Ending balance | $10 | ' | ($7) | ($3) | $2 |
Fair_Value_Measurements_Gains_
Fair Value Measurements (Gains and Losses Included in Earnings in the Level 3 Fair Value Category) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total gains (losses) included in earnings | $110 | $14 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | -5 |
Operating revenue | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total gains (losses) included in earnings | -10 | 12 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | -5 |
Electric fuel and other energy-related purchases | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total gains (losses) included in earnings | 120 | 2 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | $0 | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Junior subordinated notes | $1,373 | [1] | $1,373 | |
Subsidiary preferred stock | 257 | [1] | 134 | |
Valuation of certain fair value hedges | 55 | 40 | ||
Issuance expenses of subsidiary preferred stock | 2 | ' | ||
Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Total Long-term Debt | 18,396 | [2] | 18,920 | [2] |
Junior subordinated notes | 1,373 | [3] | 1,373 | [3] |
Remarketable subordinated notes | 1,080 | [3] | 1,081 | [3] |
Subsidiary preferred stock | 257 | [4] | 134 | [4] |
Estimate of Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Total Long-term Debt | 19,887 | [2],[5] | 20,822 | [2],[5] |
Junior subordinated notes | 1,394 | [3],[5] | 1,391 | [3],[5] |
Remarketable subordinated notes | 1,192 | [3],[5] | 1,268 | [3],[5] |
Subsidiary preferred stock | 261 | [4],[5] | 141 | [4],[5] |
Virginia Electric and Power Company | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Subsidiary preferred stock | 257 | [6] | 134 | |
Virginia Electric and Power Company | Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Total Long-term Debt | 8,032 | [2] | 8,777 | [2] |
Subsidiary preferred stock | 257 | [4] | 134 | [4] |
Virginia Electric and Power Company | Estimate of Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Total Long-term Debt | 8,897 | [2],[5] | 9,862 | [2],[5] |
Subsidiary preferred stock | $261 | [4],[5] | $141 | [4],[5] |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | Carrying amount includes amounts which represent the unamortized discount and premium. At March 31, 2014 and December 31, 2013, includes the valuation of certain fair value hedges associated with Dominion’s fixed rate debt of approximately $40 million and $55 million, respectively. | |||
[3] | Carrying amount includes amounts which represent the unamortized discount or premium. | |||
[4] | Carrying amount includes deferred issuance expenses of $2 million at December 31, 2013. | |||
[5] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | |||
[6] | Virginia Power’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. |
Derivatives_and_Hedge_Accounti2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | $648 | $883 | ||
Total derivatives, not subject to a master netting or similar arrangement | 1 | 7 | ||
Derivative Assets | 649 | [1] | 890 | [1] |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | [1] | 0 | [1] |
Financial Instruments | 543 | 568 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | 105 | 315 | ||
Interest rate | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 73 | 137 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Financial Instruments | 43 | 0 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | 30 | 137 | ||
Commodity | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 203 | 240 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Financial Instruments | 132 | 63 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | 71 | 177 | ||
Commodity | Exchange | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 372 | 506 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Financial Instruments | 368 | 505 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | 4 | 1 | ||
Virginia Electric and Power Company | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 17 | 53 | ||
Total derivatives, not subject to a master netting or similar arrangement | 1 | 0 | ||
Derivative Assets | 18 | 53 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Financial Instruments | 4 | 4 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | 13 | 49 | ||
Virginia Electric and Power Company | Interest rate | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 0 | 48 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | 0 | 48 | ||
Virginia Electric and Power Company | Commodity | Over-the-counter | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 14 | 4 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Financial Instruments | 4 | 4 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | 10 | 0 | ||
Virginia Electric and Power Company | Commodity | Exchange | ' | ' | ||
Offsetting Assets [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 3 | 1 | ||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral Received | 0 | 0 | ||
Net Amounts | $3 | $1 | ||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmJlOGVjZTVmNmEyNTRiNTQ4NmU1MmViZDYzZTQzMDc3fFRleHRTZWxlY3Rpb246QzY5MTU3MTgxNjUyQjI0QjJCOTZBREE3RDFBMjg0RTMM} |
Derivatives_and_Hedge_Accounti3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | $1,053 | $1,100 |
Total derivatives, not subject to a master netting or similar arrangement | 1 | 2 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative Liabilities | 1,054 | 1,102 |
Financial Instruments | 543 | 568 |
Cash Collateral Paid | 305 | 402 |
Net Amounts | 205 | 130 |
Interest rate | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 47 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 43 | 0 |
Cash Collateral Paid | 0 | 0 |
Net Amounts | 4 | 0 |
Commodity | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 341 | 262 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 132 | 63 |
Cash Collateral Paid | 8 | 69 |
Net Amounts | 201 | 130 |
Commodity | Exchange | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 665 | 838 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 368 | 505 |
Cash Collateral Paid | 297 | 333 |
Net Amounts | 0 | 0 |
Virginia Electric and Power Company | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 8 | 12 |
Total derivatives, not subject to a master netting or similar arrangement | 0 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative Liabilities | 8 | 12 |
Financial Instruments | 4 | 4 |
Cash Collateral Paid | 0 | 7 |
Net Amounts | 4 | 1 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 4 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Net Amounts | 4 | 0 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 4 | 12 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 4 | 4 |
Cash Collateral Paid | 0 | 7 |
Net Amounts | 0 | 1 |
Virginia Electric and Power Company | Commodity | Exchange | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 0 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Net Amounts | $0 | $0 |
Derivatives_and_Hedge_Accounti4
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Details) (USD $) | Mar. 31, 2014 | |
In Millions, unless otherwise specified | ||
Current Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | $1,100 | |
Current Derivative Contract | Natural Gas | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 77,000,000,000 | [1] |
Current Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 504,000,000,000 | |
Current Derivative Contract | Electricity | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 17,786,691 | |
Current Derivative Contract | Electricity | Financial Transmission Rights | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 16,921,356 | |
Current Derivative Contract | Capacity | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity (MW) | 33,550 | |
Current Derivative Contract | Liquids | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 113,652,000 | [2] |
Noncurrent Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | 3,650 | |
Noncurrent Derivative Contract | Natural Gas | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 15,000,000,000 | [1] |
Noncurrent Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 272,000,000,000 | |
Noncurrent Derivative Contract | Electricity | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 14,597,007 | |
Noncurrent Derivative Contract | Electricity | Financial Transmission Rights | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 0 | |
Noncurrent Derivative Contract | Capacity | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity (MW) | 18,300 | |
Noncurrent Derivative Contract | Liquids | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 0 | [2] |
Virginia Electric and Power Company | Current Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | 0 | |
Virginia Electric and Power Company | Current Derivative Contract | Natural Gas | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 17,000,000,000 | |
Virginia Electric and Power Company | Current Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 14,000,000,000 | |
Virginia Electric and Power Company | Current Derivative Contract | Electricity | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 490,400 | |
Virginia Electric and Power Company | Current Derivative Contract | Electricity | Financial Transmission Rights | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 16,307,498 | |
Virginia Electric and Power Company | Current Derivative Contract | Capacity | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity (MW) | 30,500 | |
Virginia Electric and Power Company | Noncurrent Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | $250 | |
Virginia Electric and Power Company | Noncurrent Derivative Contract | Natural Gas | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 0 | |
Virginia Electric and Power Company | Noncurrent Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 0 | |
Virginia Electric and Power Company | Noncurrent Derivative Contract | Electricity | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 0 | |
Virginia Electric and Power Company | Noncurrent Derivative Contract | Electricity | Financial Transmission Rights | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 0 | |
Virginia Electric and Power Company | Noncurrent Derivative Contract | Capacity | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity (MW) | 18,300 | |
[1] | Includes options. | |
[2] | Includes NGLs and oil. |
Derivatives_and_Hedge_Accounti5
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | ($278) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -158 |
Commodity | Gas Energy Contract | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -6 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -6 |
Maximum Term | '25 months |
Commodity | Electricity Energy Contract | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -135 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -145 |
Maximum Term | '33 months |
Commodity | Other Energy Contract | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | 0 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 0 |
Maximum Term | '26 months |
Interest rate | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -137 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | ($7) |
Maximum Term | '366 months |
Derivatives_and_Hedge_Accounti6
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | $649 | $890 | ||
Total Fair Value, Liabilities | 1,054 | 1,102 | ||
Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 472 | 687 | ||
Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 410 | 571 | ||
Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 62 | 116 | ||
Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 177 | [1] | 203 | [1] |
Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 166 | 182 | ||
Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 11 | 21 | ||
Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 802 | 828 | ||
Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 791 | 828 | ||
Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 11 | ' | ||
Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 252 | [2] | 274 | [2] |
Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 216 | 274 | ||
Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 36 | ' | ||
Fair Value – Derivatives under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 314 | 214 | ||
Total Fair Value, Liabilities | 518 | 386 | ||
Fair Value – Derivatives under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 211 | 165 | ||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 149 | 49 | ||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 62 | 116 | ||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 103 | [1] | 49 | [1] |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 92 | 28 | ||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 11 | 21 | ||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 405 | 267 | ||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 394 | 267 | ||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 11 | ' | ||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 113 | [2] | 119 | [2] |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 77 | 119 | ||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 36 | ' | ||
Fair Value – Derivatives not under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 335 | 676 | ||
Total Fair Value, Liabilities | 536 | 716 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 261 | 522 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 261 | 522 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 74 | [1] | 154 | [1] |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 74 | 154 | ||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 397 | 561 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 397 | 561 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | ' | ||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 139 | [2] | 155 | [2] |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 139 | 155 | ||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | ' | ||
Virginia Electric and Power Company | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 18 | 53 | ||
Total Fair Value, Liabilities | 8 | 12 | ||
Virginia Electric and Power Company | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 18 | [3] | 53 | [3] |
Virginia Electric and Power Company | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 18 | 5 | ||
Virginia Electric and Power Company | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | ' | 48 | ||
Virginia Electric and Power Company | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 4 | [4] | 12 | [4] |
Virginia Electric and Power Company | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 4 | 12 | ||
Virginia Electric and Power Company | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 4 | [5] | ' | |
Virginia Electric and Power Company | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 4 | ' | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 5 | 50 | ||
Total Fair Value, Liabilities | 6 | 1 | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 5 | [3] | 50 | [3] |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 5 | 2 | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | ' | 48 | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 2 | [4] | 1 | [4] |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 2 | 1 | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 4 | [5] | ' | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 4 | ' | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 13 | 3 | ||
Total Fair Value, Liabilities | 2 | 11 | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 13 | [3] | 3 | [3] |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 13 | 3 | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | ' | 0 | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 2 | [4] | 11 | [4] |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 2 | 11 | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | [5] | ' | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | $0 | ' | ||
[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. | |||
[3] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | |||
[4] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. | |||
[5] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Derivatives_and_Hedge_Accounti7
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Details) (Cash Flow Hedges, USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | ($230) | [1] | ($144) | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -260 | -124 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -21 | [2] | 23 | [2] |
Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -183 | [1] | -157 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -257 | -121 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | 2 | [2] | 7 | [2] |
Commodity | Operating revenue | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Reclassified from AOCI to Income | -269 | -84 | ||
Commodity | Purchased gas | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Reclassified from AOCI to Income | -1 | -34 | ||
Commodity | Electric fuel and other energy-related purchases | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Reclassified from AOCI to Income | 13 | -3 | ||
Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -47 | [1],[3] | 13 | [1],[3] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -3 | [3] | -3 | [3] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -23 | [2],[3] | 16 | [2],[3] |
Virginia Electric and Power Company | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 3 | [4] | 3 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 5 | 0 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -21 | [5] | 23 | [5] |
Virginia Electric and Power Company | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 6 | [4] | 1 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 5 | 0 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | 2 | [5] | 7 | [5] |
Virginia Electric and Power Company | Commodity | Electric fuel and other energy-related purchases | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Reclassified from AOCI to Income | 5 | 0 | ||
Virginia Electric and Power Company | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -3 | [4],[6] | 2 | [4],[6] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | [6] | 0 | [6] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | ($23) | [5],[6] | $16 | [5],[6] |
[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. | |||
[4] | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. | |||
[5] | 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. | |||
[6] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Derivatives_and_Hedge_Accounti8
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Details) (Fair Value - Derivatives not under Hedge Accounting, USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($221) | [1] | $24 | [1] |
Commodity | Operating revenue | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | -361 | [1] | 3 | [1] |
Commodity | Purchased gas | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 7 | [1] | 18 | [1] |
Commodity | Electric fuel and other energy-related purchases | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 133 | [1] | 3 | [1] |
Virginia Electric and Power Company | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 119 | [2] | 2 | [2] |
Virginia Electric and Power Company | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $119 | [2],[3] | $2 | [2],[3] |
[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] | 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. | |||
[3] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Blue Racer | Blue Racer | Blue Racer | Categories of Investments, Marketable Securities, Trading Securities | Categories of Investments, Marketable Securities, Trading Securities | Cost method investments | Cost method investments | |
Pipelines | Pipelines | ||||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Assets Held-in-trust | ' | ' | ' | $104 | $107 | $9 | $10 |
Increase in equity method investment | 155 | ' | ' | ' | ' | ' | ' |
Write off of goodwill | 6 | 3 | ' | ' | ' | ' | ' |
Cash proceeds from sale of assets | ' | 84 | 47 | ' | ' | ' | ' |
Gain on sale of assets | ' | 59 | 25 | ' | ' | ' | ' |
After tax gain on sale of assets | ' | $34 | $14 | ' | ' | ' | ' |
Investments_Marketable_Equity_
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Total | $2,717 | $2,669 | ||
Total Unrealized Gains | 1,260 | [1] | 1,252 | [1] |
Total Unrealized Losses | -8 | [1],[2] | -18 | [1],[2] |
Fair Value | 3,969 | 3,903 | [3] | |
Net assets related to pending sales and purchases of securities | 13 | 11 | ||
Fair Value of securities in an unrealized loss position | 475 | 604 | ||
Cost method investments | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Other Investments | 99 | 106 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 99 | 106 | ||
Cash Equivalents and Other Investment | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Other Investments | 105 | [4] | 110 | [4] |
Total Unrealized Gains | 0 | [1],[4] | 0 | [1],[4] |
Total Unrealized Losses | 0 | [1],[4] | 0 | [1],[4] |
Fair Value | 105 | [4] | 110 | [4] |
Equity Securities | U.S. Large Cap | United States | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 1,214 | 1,183 | ||
Total Unrealized Gains | 1,219 | [1] | 1,194 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 2,433 | 2,377 | ||
Equity Securities | Other | United States | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | ' | 49 | ||
Total Unrealized Gains | ' | 23 | [1] | |
Total Unrealized Losses | ' | 0 | [1] | |
Fair Value | ' | 72 | ||
Corporate bonds | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 375 | 332 | ||
Total Unrealized Gains | 17 | [1] | 16 | [1] |
Total Unrealized Losses | -1 | [1] | -3 | [1] |
Fair Value | 391 | 345 | ||
U.S. Treasury securities and agency debentures | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 612 | 589 | ||
Total Unrealized Gains | 8 | [1] | 8 | [1] |
Total Unrealized Losses | -6 | [1] | -10 | [1] |
Fair Value | 614 | 587 | ||
State and municipal | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 305 | 297 | ||
Total Unrealized Gains | 16 | [1] | 11 | [1] |
Total Unrealized Losses | -1 | [1] | -5 | [1] |
Fair Value | 320 | 303 | ||
Other | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 7 | 3 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 7 | 3 | ||
Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Total | 1,259 | 1,236 | ||
Total Unrealized Gains | 541 | [1] | 538 | [1] |
Total Unrealized Losses | -4 | [1],[5] | -9 | [1],[5] |
Fair Value | 1,796 | 1,765 | [6] | |
Net assets related to pending sales and purchases of securities | 15 | 6 | ||
Fair Value of securities in an unrealized loss position | 211 | 299 | ||
Virginia Electric and Power Company | Cost method investments | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Other Investments | 99 | 106 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Fair Value | 99 | 106 | ||
Virginia Electric and Power Company | Cash Equivalents and Other Investment | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Other Investments | 34 | [7] | 37 | [7] |
Total Unrealized Gains | 0 | [1],[7] | 0 | [1],[7] |
Total Unrealized Losses | 0 | [1],[7] | 0 | [1],[7] |
Fair Value | 34 | [7] | 37 | [7] |
Virginia Electric and Power Company | Equity Securities | U.S. Large Cap | United States | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 522 | 506 | ||
Total Unrealized Gains | 523 | [1] | 514 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | |
Fair Value | 1,045 | 1,020 | ||
Virginia Electric and Power Company | Equity Securities | Other | United States | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | ' | 25 | ||
Total Unrealized Gains | ' | 11 | [1] | |
Total Unrealized Losses | ' | 0 | [1] | |
Fair Value | ' | 36 | ||
Virginia Electric and Power Company | Corporate bonds | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 211 | 185 | ||
Total Unrealized Gains | 9 | [1] | 8 | [1] |
Total Unrealized Losses | -1 | [1] | -2 | [1] |
Fair Value | 219 | 191 | ||
Virginia Electric and Power Company | U.S. Treasury securities and agency debentures | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 217 | 214 | ||
Total Unrealized Gains | 2 | [1] | 1 | [1] |
Total Unrealized Losses | -2 | [1] | -3 | [1] |
Fair Value | 217 | 212 | ||
Virginia Electric and Power Company | State and municipal | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 175 | 163 | ||
Total Unrealized Gains | 7 | [1] | 4 | [1] |
Total Unrealized Losses | -1 | [1] | -4 | [1] |
Fair Value | 181 | 163 | ||
Virginia Electric and Power Company | Other | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 1 | ' | ||
Total Unrealized Gains | 0 | [1] | ' | |
Total Unrealized Losses | 0 | [1] | ' | |
Fair Value | $1 | ' | ||
[1] | Included in AOCI and the decommissioning trust regulatory liability. | |||
[2] | The fair value of securities in an unrealized loss position was $475 million and $604 million at March 31, 2014 and December 31, 2013, respectively. | |||
[3] | Dominion’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[4] | Includes pending purchases of securities of $13 million and pending sales of securities of $11 million at March 31, 2014 and December 31, 2013, respectively. | |||
[5] | The fair value of securities in an unrealized loss position was $211 million and $299 million at March 31, 2014 and December 31, 2013, respectively. | |||
[6] | Virginia Power’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[7] | Includes pending purchases of securities of $15 million and pending sales of securities of $6 million at March 31, 2014 and December 31, 2013, respectively. |
Investments_Fair_Value_of_our_
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Due in one year or less | $134 |
Due after one year through five years | 379 |
Due after five years through ten years | 403 |
Due after ten years | 416 |
Total | 1,332 |
Virginia Electric and Power Company | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Due in one year or less | 41 |
Due after one year through five years | 161 |
Due after five years through ten years | 232 |
Due after ten years | 184 |
Total | $618 |
Investments_Selected_Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Available-for-sale securities: | ' | ' | ||
Proceeds from sales | $442 | $554 | ||
Realized gains | 38 | [1] | 63 | [1] |
Realized losses | 6 | [1] | 6 | [1] |
Virginia Electric and Power Company | ' | ' | ||
Available-for-sale securities: | ' | ' | ||
Proceeds from sales | 204 | 189 | ||
Realized gains | 19 | [1] | 16 | [1] |
Realized losses | $3 | [1] | $3 | [1] |
[1] | Includes realized gains and losses recorded to the decommissioning trust regulatory liability. |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Regulatory Assets and Liablities [Line Items] | ' | ' | ||
Deferred rate adjustment clause costs | $71 | [1] | $89 | [1] |
Unrecovered gas cost | 24 | [2] | 50 | [2] |
Derivatives | 5 | [3] | 16 | [3] |
Other | 47 | 62 | ||
Regulatory assets current | 147 | [4] | 217 | [4] |
Unrecognized pension and other postretirement benefit costs | 695 | [5] | 706 | [5] |
Deferred rate adjustment clause costs | 263 | [1] | 287 | [1] |
Deferred cost of fuel used in electric generation | 249 | [4] | 1 | [4] |
Income taxes recoverable through future rates | 156 | [6] | 155 | [6] |
Derivatives | 44 | [3] | 16 | [3] |
Other | 84 | 63 | ||
Regulatory assets-non-current | 1,491 | 1,228 | [7] | |
Total regulatory assets | 1,638 | 1,445 | ||
PIPP | 87 | [8] | 76 | [8] |
Other | 73 | 52 | ||
Regulatory liabilities current | 160 | [9] | 128 | [9] |
Provision for future cost of removal and AROs | 1,040 | [10] | 1,028 | [10] |
Decommissioning trust | 712 | [11] | 693 | [11] |
Deferred cost of fuel used in electric generation | 6 | [4] | 90 | [4] |
Other | 189 | 190 | ||
Regulatory liabilities-non-current | 1,947 | 2,001 | [7] | |
Total regulatory liabilities | 2,107 | 2,129 | ||
Virginia Electric and Power Company | ' | ' | ||
Regulatory Assets and Liablities [Line Items] | ' | ' | ||
Deferred rate adjustment clause costs | 65 | [1] | 62 | [1] |
Derivatives | 5 | [3] | 16 | [3] |
Other | 46 | 50 | ||
Regulatory assets current | 116 | [12] | 128 | [12] |
Deferred rate adjustment clause costs | 198 | [1] | 227 | [1] |
Deferred cost of fuel used in electric generation | 249 | [4] | 1 | [4] |
Income taxes recoverable through future rates | 126 | [6] | 124 | [6] |
Derivatives | 44 | [3] | 16 | [3] |
Other | 47 | 49 | ||
Regulatory assets-non-current | 664 | 417 | [13] | |
Total regulatory assets | 780 | 545 | ||
Other | 58 | 41 | ||
Regulatory liabilities current | 58 | [9] | 41 | [9] |
Decommissioning trust | 712 | [11] | 693 | [11] |
Deferred cost of fuel used in electric generation | 6 | [4] | 90 | [4] |
Provision for future cost of removal | 818 | [10] | 807 | [10] |
Other | 6 | 7 | ||
Regulatory liabilities-non-current | 1,542 | 1,597 | [13] | |
Total regulatory liabilities | $1,600 | $1,638 | ||
[1] | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 12 for more information. | |||
[2] | Reflects unrecovered gas costs at Dominion's regulated gas operations, which are recovered through filings with the applicable regulatory authority. | |||
[3] | For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or refunded to customers. | |||
[4] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. | |||
[5] | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's rate-regulated subsidiaries. | |||
[6] | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | |||
[7] | Dominion’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[8] | Under PIPP, eligible customers can receive energy assistance based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rider according to East Ohio tariff provisions. | |||
[9] | Current regulatory liabilities are presented in other current liabilities in Dominion's and Virginia Power's Consolidated Balance Sheets. | |||
[10] | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[11] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. | |||
[12] | Current regulatory assets are presented in other current assets in Dominion's and Virginia Power's Consolidated Balance Sheets. | |||
[13] | Virginia Power’s Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Entity Information [Line Items] | ' |
Regulatory assets past expenditures not earning return | $124 |
Period expenditures not earning return are to be recovered | '2 years |
Virginia Electric and Power Company | ' |
Entity Information [Line Items] | ' |
Regulatory assets past expenditures not earning return | $82 |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | 31-May-12 | Mar. 31, 2010 | Apr. 30, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2013 | Feb. 28, 2014 | |
Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | East Ohio | East Ohio | DTI | DTI | |||
Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Ohio Regulation | Ohio Regulation | ||||||||||
Part | North Anna | Rider B | Rider S | Rider S | Rider W | PIR Program | PIR Program | ||||||||||
Regulatory Matters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ROE | ' | ' | ' | ' | 11.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs claimed to be unjust and excluded from transmission formula rate | ' | ' | ' | $223,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential settlement required annual payment for 10 Years | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement payment duration | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of power stations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Approved revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 239,000,000 | 98,000,000 | ' | ' | ' | ' |
Public Utilities, Approved Rate Increase (Decrease), Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 9,000,000 | ' | 15,000,000 | ' | ' | ' | ' |
Number of parts of amendment | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capitalized costs recovered | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred or capitalized costs | 1,120,000,000 | 904,000,000 | ' | ' | ' | 691,000,000 | 592,000,000 | ' | 577,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of pipeline replaced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Gross plant investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,000,000 | ' | ' | ' |
Cumulative gross plant investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 674,000,000 | ' | ' | ' |
Estimate revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,000,000 | ' | ' | ' |
Amount of refunds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 |
Expected reduction of DTI revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,000,000 | ' |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (Virginia Electric and Power Company, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
MW | ||
generator | ||
Variable Interest Entities [Line Items] | ' | ' |
Long term capacity contract non utility generators (generators) | 4 | ' |
Aggregate generation capacity from long-term power and capacity contracts (MW) | 870 | ' |
Remaining purchase commitments | $807 | ' |
Payment for electric capacity | 56 | 55 |
Payment for electric energy | 54 | 20 |
Shared services purchased | $108 | $77 |
Minimum | ' | ' |
Variable Interest Entities [Line Items] | ' | ' |
Contracts expiry date start range | '2015 | ' |
Maximum | ' | ' |
Variable Interest Entities [Line Items] | ' | ' |
Contracts expiry date start range | '2021 | ' |
Significant_Financing_Transact2
Significant Financing Transactions - (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||
Mar. 31, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Convertible Debt | Senior Notes Maturing in 2024 | Senior Notes Maturing in 2044 | Senior Notes Maturing in 2017 | Utility Tax Exempt Loan, 2.5%, due 2022 | Utility Tax Exempt Loan, 2.5%, due 2030 | Utility Tax Exempt Loan, 2.5%, due 2022 and 2030 | Virginia Electric and Power Company | Virginia Electric and Power Company | |||
Senior Notes | Senior Notes | Senior Notes | Solid Waste and Sewage Disposal Revenue Bonds | Solid Waste and Sewage Disposal Revenue Bonds | Solid Waste and Sewage Disposal Revenue Bonds | Tax Exempt Debt | |||||
Subsequent Event | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | $120,000,000 | ' |
Variable rate tax-exempt financings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,000,000 |
Long term debt amount | ' | ' | ' | 350,000,000 | 400,000,000 | 400,000,000 | 10,000,000 | 30,000,000 | ' | ' | ' |
Annual Interest Rate | ' | ' | ' | 3.45% | 4.45% | 1.25% | 2.50% | 2.50% | ' | ' | ' |
Amount of outstanding principal amount redeemed | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' |
Contingent convertible senior notes | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate, shares of common stock per $1,000 principal amount of senior notes (in shares) | ' | ' | 29.9961 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of senior notes | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate, shares of common stock per $1,000 principal amount of senior notes, conversion price | ' | ' | $33.34 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional shares | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Average trading price principal amount of senior notes (percentage) | ' | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consecutive trading days | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum consecutive trading days | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion converted instrument amount | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of common stock | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of outstanding shares | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price per share | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend rate | 6.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Financing_Transact3
Significant Financing Transactions - (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Details) (USD $) | Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | ' | |
Facility Limit | $3,500,000,000 | |
Outstanding Commercial Paper | 1,972,000,000 | |
Outstanding Letters of Credit | 237,000,000 | |
Facility Capacity Available | 1,291,000,000 | |
Virginia Electric and Power Company | ' | |
Line of Credit Facility [Line Items] | ' | |
Facility Limit | 1,250,000,000 | |
Outstanding Commercial Paper | 503,000,000 | |
Outstanding Letters of Credit | 53,000,000 | |
Facility Capacity Available | 694,000,000 | |
Credit Facility 1.5 Billion | ' | |
Line of Credit Facility [Line Items] | ' | |
Facility Limit | 3,000,000,000 | [1] |
Outstanding Commercial Paper | 1,972,000,000 | [1] |
Outstanding Letters of Credit | 0 | [1] |
Facility Capacity Available | 1,028,000,000 | [1] |
Credit Facility, to support letters of credit | 1,500,000,000 | |
Credit Facility 1.5 Billion | Virginia Electric and Power Company | ' | |
Line of Credit Facility [Line Items] | ' | |
Facility Limit | 1,000,000,000 | [2] |
Outstanding Commercial Paper | 503,000,000 | [2] |
Outstanding Letters of Credit | 0 | [2] |
Facility Capacity Available | 497,000,000 | [2] |
Credit Facility, to support letters of credit | 1,500,000,000 | |
Credit Facility 500 Million | ' | |
Line of Credit Facility [Line Items] | ' | |
Facility Limit | 500,000,000 | [3] |
Outstanding Commercial Paper | 0 | [3] |
Outstanding Letters of Credit | 237,000,000 | [3] |
Facility Capacity Available | 263,000,000 | [3] |
Credit Facility 500 Million | Virginia Electric and Power Company | ' | |
Line of Credit Facility [Line Items] | ' | |
Facility Limit | 250,000,000 | [4] |
Outstanding Commercial Paper | 0 | [4] |
Outstanding Letters of Credit | 53,000,000 | [4] |
Facility Capacity Available | $197,000,000 | [4] |
[1] | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. | |
[2] | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. | |
[3] | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings, commercial paper and letter of credit issuances. | |
[4] | This credit facility has a maturity date of September 2018, and can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Jun. 30, 2013 | Apr. 30, 2012 | Sep. 30, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 31, 2011 | Mar. 31, 2014 | |
MW | Party | Site | Third Party and Equity Method Investee | Third Party and Equity Method Investee | Minimum | Maximum | Virginia Electric and Power Company | CAA | Remediation program | |||
Through 2019 | Site | MW | ||||||||||
Group | ||||||||||||
State | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states under EPA replacement rule | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' |
Emissions of fossil fuel fired electric generating units (MW) | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' |
Number of groups of affected states | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Number of parties issued UAO | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Daily civil penalties for non compliance | ' | ' | ' | $37,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of former manufactured gas plant sites | ' | ' | ' | 17 | ' | ' | ' | ' | ' | 3 | ' | ' |
Preliminary costs for options under evaluation for site, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Preliminary costs for options under evaluation for site, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 |
National GHG reduction goal (percentage) | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period for consideration of CO2 emissions from biomass projects | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Amount of civil penalty | ' | ' | ' | ' | ' | 69,000,000 | ' | ' | ' | ' | ' | ' |
Exposure under guarantees | ' | ' | ' | 4,358,000,000 | ' | 54,000,000 | 80,000,000 | ' | ' | ' | ' | ' |
Annual future contributions | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 19,000,000 | ' | ' | ' |
Purchased surety bonds | ' | ' | ' | 148,000,000 | ' | ' | ' | ' | ' | 60,000,000 | ' | ' |
Authorized issuance of standby letters of credit | ' | ' | ' | $237,000,000 | ' | ' | ' | ' | ' | $53,000,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Subsidiary Guarantees) (Details) (USD $) | Mar. 31, 2014 | |
In Millions, unless otherwise specified | ||
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | $4,358 | |
Value | 995 | [1] |
Subsidiary Debt | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 27 | [2] |
Value | 27 | [1],[2] |
Commodity Transactions | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 3,056 | [3] |
Value | 470 | [1],[3] |
Nuclear Obligations | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 265 | [4] |
Value | 96 | [1],[4] |
Cove Point | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 335 | [5] |
Value | 0 | [1],[5] |
Solar [Member] | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 93 | [6] |
Value | 317 | [1],[6] |
Other | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 582 | [7] |
Value | 85 | [1],[7] |
Millstone | Nuclear Obligations | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 150 | |
Kewaunee | Nuclear Obligations | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | $60 | |
[1] | Represents the estimated portion of the guarantee's stated limit that is utilized as of March 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 energy trading and marketing activities and other commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power 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 certain expenses of Millstone and Kewaunee, respectively, in the event of a prolonged outage, 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, including agreements to support terminal service and transportation agreements as well as an engineering, procurement and construction contract for new liquefaction facilities. Includes certain guarantees that do not have stated limits. | |
[6] | Includes guarantees to facilitate the development of solar projects including guarantees to support the issuance of limited notice to proceed and full notice to proceed under EPC agreements as well as to support payment obligations under module supply agreements. Includes certain guarantees that do not have stated limits. | |
[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. |
Credit_Risk_Narrative_Details
Credit Risk (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Counterparty | ||
Concentration Risk and Guarantor Obligations [Line Items] | ' | ' |
Gross credit exposure | $242 | ' |
Number of counterparties | 0 | ' |
Additional collateral to be posted if the credit related contingent features were triggered | 38 | 146 |
Collateral posted | 46 | 76 |
Fair value of all derivative instruments not fully collateralized | $122 | $169 |
Investment Grade | Investment grade counterparties | ' | ' |
Concentration Risk and Guarantor Obligations [Line Items] | ' | ' |
Concentration risk, percentage (percentage) | 61.00% | ' |
Investment Grade | Counterparty, A | ' | ' |
Concentration Risk and Guarantor Obligations [Line Items] | ' | ' |
Concentration risk, percentage (percentage) | 10.00% | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |||
Virginia Electric and Power Company | Virginia Electric and Power Company | Principal Owner | Principal Owner | Other deferred credits and other liabilities | Other deferred credits and other liabilities | Other deferred charges and other assets | |||||
Virginia Electric and Power Company | Virginia Electric and Power Company | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amounts due to Dominion | ' | ' | ' | ' | ' | ' | $163,000,000 | $147,000,000 | ' | ||
Amounts due from Dominion | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ||
Commodity purchases from affiliates | ' | ' | 202,000,000 | 85,000,000 | ' | ' | ' | ' | ' | ||
Services provided by affiliates | ' | ' | 108,000,000 | [1] | 96,000,000 | [1] | ' | ' | ' | ' | ' |
Services provided to affiliates | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Short term demand note | ' | ' | ' | ' | 159,000,000 | 97,000,000 | ' | ' | ' | ||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ||
[1] | Amounts are subject to capitalization. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Contributions to defined benefit pension plans and OPEB plans | $0 |
Expected contribution to voluntary employees' beneficiary association | $12,000,000 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $29 | $35 |
Interest cost | 72 | 66 |
Expected return on plan assets | -125 | -114 |
Amortization of prior service cost (credit) | 1 | 1 |
Amortization of net loss | 28 | 46 |
Net periodic benefit cost (credit) | 5 | 34 |
Other Postretirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 8 | 12 |
Interest cost | 17 | 19 |
Expected return on plan assets | -28 | -22 |
Amortization of prior service cost (credit) | -7 | -3 |
Amortization of net loss | 0 | 2 |
Net periodic benefit cost (credit) | ($10) | $8 |
Operating_Segments_Narrative_D
Operating Segments (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net benefit | ($2,862) | ($2,593) |
Income from discontinued operations | 0 | 1 |
Corporate and Other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
After tax net expenses | 228 | 19 |
All segments | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
After tax net expenses | 217 | 17 |
Dominion Energy | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Loss related to restructuring of producer services | 319 | ' |
Restructuring after tax | 193 | ' |
Dominion Generation | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Loss related to restructuring of producer services | 47 | ' |
Restructuring after tax | 33 | ' |
Net loss | 147 | ' |
After tax net loss | 90 | ' |
Net gain on sale | 100 | ' |
Net gain on sale, after tax | 57 | ' |
Write off of goodwill | 31 | ' |
Net gain on investments | ' | 44 |
Net gain on investments, after tax | ' | 26 |
Brayton Point and Kincaid | Dominion Generation | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net benefit | ' | 1 |
Net loss from discontinued operations, before income tax | ' | -38 |
Income from discontinued operations | ' | -23 |
Impairment of long-lived assets to be disposed of | ' | 37 |
Impairment of long lived assets to be disposed of, net of tax | ' | $22 |
Operating_Segments_Schedule_of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | $3,630 | $3,523 | ||
Total operating revenue | 3,630 | 3,523 | ||
Loss from discontinued operations | 0 | 1 | ||
Net income attributable to Dominion | 379 | 495 | ||
Intersegment Revenue | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 0 | 0 | ||
DVP | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 502 | [1] | 465 | [1] |
Total operating revenue | 504 | [1] | 466 | [1] |
Loss from discontinued operations | ' | 0 | [1] | |
Net income attributable to Dominion | 131 | [1] | 116 | [1] |
DVP | Intersegment Revenue | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 2 | [1] | 1 | [1] |
Dominion Generation | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 2,260 | [1] | 2,130 | [1] |
Total operating revenue | 2,284 | [1] | 2,171 | [1] |
Loss from discontinued operations | ' | 0 | [1] | |
Net income attributable to Dominion | 309 | [1] | 254 | [1] |
Dominion Generation | Intersegment Revenue | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 24 | [1] | 41 | [1] |
Dominion Energy | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 362 | 611 | ||
Total operating revenue | 851 | 876 | ||
Loss from discontinued operations | ' | 0 | ||
Net income attributable to Dominion | 208 | 179 | ||
Dominion Energy | Intersegment Revenue | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 489 | 265 | ||
Corporate and Other | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | -2 | 47 | ||
Total operating revenue | 145 | 189 | ||
Loss from discontinued operations | ' | 1 | ||
Net income attributable to Dominion | -269 | -54 | ||
Corporate and Other | Intersegment Revenue | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 147 | 142 | ||
Adjustments/Eliminations | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 508 | [1] | 270 | [1] |
Total operating revenue | -154 | [1] | -179 | [1] |
Loss from discontinued operations | ' | 0 | [1] | |
Net income attributable to Dominion | 0 | [1] | 0 | [1] |
Adjustments/Eliminations | Intersegment Revenue | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | -662 | [1] | -449 | [1] |
Virginia Electric and Power Company | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenue from external customers | 1,983 | [2] | 1,781 | [2] |
Total operating revenue | 1,983 | 1,781 | ||
Net income attributable to Dominion | 324 | 287 | ||
Virginia Electric and Power Company | DVP | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total operating revenue | 502 | 465 | ||
Net income attributable to Dominion | 134 | 118 | ||
Virginia Electric and Power Company | Dominion Generation | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total operating revenue | 1,481 | 1,316 | ||
Net income attributable to Dominion | 189 | 168 | ||
Virginia Electric and Power Company | Corporate and Other | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total operating revenue | 0 | 0 | ||
Net income attributable to Dominion | $1 | $1 | ||
[1] | 2013 amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||
[2] | See Note 17 for amounts attributable to affiliates. |