Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
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 | 582,667,882 |
Virginia Electric and Power Company | ' |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
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 |
Dominion Gas Holdings, LLC | ' |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Entity Registrant Name | 'Dominion Gas Holdings, LLC |
Entity Central Index Key | '0001603291 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Operating Revenue | $2,813 | $2,980 | $6,443 | $6,503 | ||||
Operating Expenses | ' | ' | ' | ' | ||||
Electric fuel and other energy-related purchases | 633 | 875 | 1,967 | 1,826 | ||||
Purchased electric capacity | 87 | 88 | 175 | 176 | ||||
Purchased gas | 324 | 297 | 864 | 764 | ||||
Other operations and maintenance | 933 | 728 | 1,358 | 1,351 | ||||
Depreciation, depletion and amortization | 308 | 303 | 616 | 600 | ||||
Other taxes | 134 | 141 | 301 | 308 | ||||
Total operating expenses | 2,419 | 2,432 | 5,281 | 5,025 | ||||
Income from operations | 394 | 548 | 1,162 | 1,478 | ||||
Other income | 57 | 49 | 97 | 136 | ||||
Interest and related charges | 227 | 203 | 464 | 431 | ||||
Income from continuing operations including noncontrolling interests before income tax expense | 224 | 394 | 795 | 1,183 | ||||
Income tax expense | 63 | 116 | 249 | 404 | ||||
Income from continuing operations including noncontrolling interests | 161 | 278 | 546 | 779 | ||||
Loss from discontinued operations | 0 | [1] | -70 | [1] | 0 | [1] | -69 | [1] |
Net Income Including Noncontrolling Interests | 161 | 208 | 546 | 710 | ||||
Noncontrolling Interests | 2 | 6 | 8 | 13 | ||||
Net Income Attributable to Dominion | 159 | 202 | 538 | 697 | [2] | |||
Amounts Attributable to Dominion: | ' | ' | ' | ' | ||||
Income from continuing operations, net of tax | 159 | 272 | 538 | 766 | ||||
Loss from discontinued operations, net of tax | 0 | -70 | 0 | -69 | ||||
Earnings Per Common Share-Basic | ' | ' | ' | ' | ||||
Income from continuing operations (dollars per share) | $0.27 | $0.47 | $0.92 | $1.33 | ||||
Loss from discontinued operations (dollars per share) | $0 | ($0.12) | $0 | ($0.12) | ||||
Earnings Per Common Share - Basic (dollars per share) | $0.27 | $0.35 | $0.92 | $1.21 | ||||
Earnings Per Common Share-Diluted | ' | ' | ' | ' | ||||
Income from continuing operations (dollars per share) | $0.27 | $0.47 | $0.92 | $1.33 | ||||
Income from discontinued operations (dollars per share) | $0 | ($0.12) | $0 | ($0.12) | ||||
Net income attributable to Dominion (dollars per share) | $0.27 | $0.35 | $0.92 | $1.21 | ||||
Dividends declared per common share (dollars per share) | $0.60 | $0.56 | $1.20 | $1.13 | ||||
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Operating Revenue | 1,729 | [3] | 1,710 | [3] | 3,712 | [3] | 3,491 | [3] |
Operating Expenses | ' | ' | ' | ' | ||||
Electric fuel and other energy-related purchases | 518 | [3] | 528 | [3] | 1,168 | [3] | 1,098 | [3] |
Purchased electric capacity | 87 | 88 | 175 | 176 | ||||
Affiliated suppliers | 70 | 81 | 141 | 155 | ||||
Other | 563 | 274 | 833 | 519 | ||||
Depreciation, depletion and amortization | 217 | 211 | 435 | 418 | ||||
Other taxes | 69 | 65 | 142 | 132 | ||||
Total operating expenses | 1,524 | 1,247 | 2,894 | 2,498 | ||||
Income from operations | 205 | 463 | 818 | 993 | ||||
Other income | 21 | 27 | 36 | 52 | ||||
Interest and related charges | 103 | 84 | 210 | 177 | ||||
Income from continuing operations including noncontrolling interests before income tax expense | 123 | 406 | 644 | 868 | ||||
Income tax expense | 54 | 141 | 251 | 316 | ||||
Net Income Attributable to Dominion | 69 | 265 | 393 | 552 | ||||
Amounts Attributable to Dominion: | ' | ' | ' | ' | ||||
Preferred dividends | 2 | 4 | 8 | 8 | ||||
Balance available for common stock | 67 | 261 | 385 | 544 | ||||
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Operating Revenue | 428 | [4] | 430 | [4] | 997 | [4] | 1,016 | [4] |
Operating Expenses | ' | ' | ' | ' | ||||
Purchased gas | 76 | [4] | 63 | [4] | 213 | [4] | 177 | [4] |
Other energy-related purchases | 5 | 18 | 21 | 40 | ||||
Affiliated suppliers | 16 | 17 | 37 | 39 | ||||
Other | 93 | [5] | 161 | [5] | 125 | [5] | 269 | [5] |
Depreciation, depletion and amortization | 49 | 50 | 96 | 99 | ||||
Other taxes | 35 | 33 | 86 | 80 | ||||
Total operating expenses | 274 | 342 | 578 | 704 | ||||
Income from operations | 154 | 88 | 419 | 312 | ||||
Other income | 5 | 3 | 13 | 14 | ||||
Interest and related charges | 6 | [4] | 6 | [4] | 12 | [4] | 13 | [4] |
Income from continuing operations including noncontrolling interests before income tax expense | 153 | 85 | 420 | 313 | ||||
Income tax expense | 60 | 32 | 163 | 122 | ||||
Net Income Attributable to Dominion | $93 | $53 | $257 | $191 | ||||
[1] | Includes income tax benefit of $49 million for both the three and six months ended June 30, 2013. | |||||||
[2] | Net of $47 million and $(76) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $126 million and $(22) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[3] | See Note 17 for amounts attributable to affiliates. | |||||||
[4] | See Note 17 for amounts attributable to related parties. | |||||||
[5] | Includes gains on the sales of assets to an affiliate of $59 million and $25 million for the six months ended June 30, 2014 and 2013, respectively. See Note 10 for more information. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | |||
Income tax benefit | $49 | $49 | ' | ' |
Gains on sales of assets | ' | ' | $59 | $25 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net income including noncontrolling interests | $161 | $208 | $546 | $710 | ||||
Net income | 159 | 202 | 538 | 697 | [1] | |||
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' | ||||
Net deferred gains (losses) on derivatives-hedging activities | -59 | [1] | 122 | [1] | -209 | [1] | 32 | [1] |
Changes in unrealized net gains (losses) on investment securities | 49 | [2] | 3 | [2] | 78 | [2] | 81 | [2] |
Changes in unrecognized pension and other postretirement benefit costs | 4 | [3] | 228 | [3] | 0 | [3] | 228 | [3] |
Amounts reclassified to net income: | ' | ' | ' | ' | ||||
Net derivative (gains) losses-hedging activities | -16 | [4] | -17 | [4] | 144 | [4] | 59 | [4] |
Net realized (gains) losses on investment securities | -7 | [5] | -9 | [5] | -18 | [5] | -36 | [5] |
Net pension and other postretirement benefit costs | 9 | [6] | 10 | [6] | 17 | [6] | 30 | [6] |
Changes in other comprehensive income (loss) from equity method investees | 2 | [7] | 0 | [7] | -5 | [7] | 0 | [7] |
Total other comprehensive income (loss) | -18 | 337 | 7 | 394 | ||||
Comprehensive income including noncontrolling interests | 143 | 545 | 553 | 1,104 | ||||
Comprehensive income attributable to noncontrolling interests | 2 | 6 | 8 | 13 | ||||
Comprehensive income attributable to Dominion | 141 | 539 | 545 | 1,091 | ||||
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Net income | 69 | 265 | 393 | 552 | ||||
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' | ||||
Net deferred gains (losses) on derivatives-hedging activities | -1 | [8] | 1 | [8] | 1 | [8] | 3 | [8] |
Changes in unrealized net gains (losses) on investment securities | 6 | [9] | 0 | [9] | 8 | [9] | 8 | [9] |
Amounts reclassified to net income: | ' | ' | ' | ' | ||||
Net derivative (gains) losses-hedging activities | -1 | [10] | 0 | [10] | -4 | [10] | 0 | [10] |
Net realized (gains) losses on investment securities | 0 | [11] | 0 | [11] | -2 | [11] | -1 | [11] |
Total other comprehensive income (loss) | 4 | 1 | 3 | 10 | ||||
Comprehensive income attributable to Dominion | 73 | 266 | 396 | 562 | ||||
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Net income | 93 | 53 | 257 | 191 | ||||
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' | ||||
Net deferred gains (losses) on derivatives-hedging activities | -19 | [12] | 52 | [12] | -27 | [12] | 66 | [12] |
Changes in unrecognized pension and other postretirement benefit costs | 0 | [13] | 13 | [13] | -1 | [13] | 13 | [13] |
Amounts reclassified to net income: | ' | ' | ' | ' | ||||
Net derivative (gains) losses-hedging activities | 3 | [14] | 0 | [14] | 8 | [14] | 3 | [14] |
Net pension and other postretirement benefit costs | 1 | [15] | 1 | [15] | 3 | [15] | 3 | [15] |
Total other comprehensive income (loss) | -15 | 66 | -17 | 85 | ||||
Comprehensive income attributable to Dominion | $78 | $119 | $240 | $276 | ||||
[1] | Net of $47 million and $(76) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $126 million and $(22) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | Net of $(27) million and $--- million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $(28) million and $(51) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[3] | Net of $4 million and $(148) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $--- million and $(148) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[4] | Net of $6 million and $9 million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $(94) million and $(39) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[5] | Net of $4 million and $5 million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $11 million and $23 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[6] | Net of $(6) million and $(11) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $(12) million and $(20) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[7] | Net of $3 million and $--- million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $3 million and $--- million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[8] | Net of $--- million and $(1) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $--- million and $(2) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[9] | Net of $(3) million and $--- million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $(5) million for both the six months ended June 30, 2014 and 2013. | |||||||
[10] | Net of $--- million tax for both the three months ended June 30, 2014 and 2013, and net of $2 million and $--- million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[11] | Net of $--- million tax for both the three months ended June 30, 2014 and 2013, and net of $1 million for both the six months ended June 30, 2014 and 2013. | |||||||
[12] | Net of $12 million and $(33) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $17 million and $(43) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[13] | Net of $--- million and $(9) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $(1) million and $(9) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[14] | Net of $(2) million and $--- million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $(4) million and $(1) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[15] | Net of $--- million and $(1) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $(1) million and $(2) million for the six months ended June 30, 2014 and 2013, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net deferred gains (losses) on derivative-hedging activities, tax | $47 | ($76) | $126 | ($22) |
Changes in unrealized net gains (losses) on investment securities, tax | -27 | 0 | -28 | -51 |
Changes in unrecognized pension and other postretirement benefit costs, tax | 4 | -148 | 0 | -148 |
Net derivative (gains) losses-hedging activities, tax | 6 | 9 | -94 | -39 |
Net realized (gains) losses on investment securities, tax | 4 | 5 | 11 | 23 |
Net pension and other postretirement benefit costs, tax | -6 | -11 | -12 | -20 |
Changes in other comprehensive income (loss) from equity method investees, tax | 3 | 0 | 3 | 0 |
Virginia Electric and Power Company | ' | ' | ' | ' |
Net deferred gains (losses) on derivative-hedging activities, tax | 0 | -1 | 0 | -2 |
Changes in unrealized net gains (losses) on investment securities, tax | -3 | 0 | -5 | -5 |
Net derivative (gains) losses-hedging activities, tax | 0 | 0 | 2 | 0 |
Net realized (gains) losses on investment securities, tax | 0 | 0 | 1 | 1 |
Dominion Gas Holdings, LLC | ' | ' | ' | ' |
Net deferred gains (losses) on derivative-hedging activities, tax | 12 | -33 | 17 | -43 |
Changes in unrecognized pension and other postretirement benefit costs, tax | 0 | -9 | -1 | -9 |
Net derivative (gains) losses-hedging activities, tax | -2 | 0 | -4 | -1 |
Net pension and other postretirement benefit costs, tax | $0 | ($1) | ($1) | ($2) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $419 | $316 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 1,476 | 1,695 | [1] | |
Other receivables (less allowance for doubtful accounts) | 161 | 141 | [1] | |
Inventories | 1,261 | 1,176 | [1] | |
Prepayments | 224 | 192 | [1] | |
Other | 2,020 | 2,420 | [1] | |
Total current assets | 5,561 | 5,940 | [1] | |
Investments | ' | ' | ||
Nuclear decommissioning trust funds | 4,103 | 3,903 | [1] | |
Investment in equity method affiliates | 1,083 | 916 | [1] | |
Other | 272 | 283 | [1] | |
Total investments | 5,458 | 5,102 | [1] | |
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 48,698 | 46,969 | [1] | |
Accumulated depreciation, depletion and amortization | -14,811 | -14,341 | [1] | |
Total property, plant and equipment, net | 33,887 | 32,628 | [1] | |
Deferred Charges and Other Assets | ' | ' | ||
Goodwill | 3,044 | 3,086 | [1] | |
Regulatory assets | 1,375 | 1,228 | [1] | |
Other | 2,174 | 2,112 | [1] | |
Total deferred charges and other assets | 6,593 | 6,426 | [1] | |
Total assets | 51,499 | 50,096 | [1] | |
Current Liabilities | ' | ' | ||
Securities due within one year | 865 | 1,519 | [1] | |
Short-term debt | 3,080 | 1,927 | [1] | |
Accounts payable | 852 | 1,168 | [1] | |
Derivative liabilities | 964 | 828 | [1] | |
Other | 1,482 | 1,552 | [1] | |
Total current liabilities | 7,243 | 6,994 | [1] | |
Long-Term Debt | ' | ' | ||
Long-term debt | 18,018 | 16,877 | [1] | |
Junior subordinated notes | 1,373 | 1,373 | [1] | |
Remarketable subordinated notes | 1,082 | 1,080 | [1] | |
Total long-term debt | 20,473 | 19,330 | [1] | |
Deferred Credits and Other Liabilities | ' | ' | ||
Deferred income taxes and investment tax credits | 7,237 | 7,114 | [1] | |
Asset retirement obligations | 1,515 | 1,484 | [1] | |
Regulatory liabilities | 2,011 | 2,001 | [1] | |
Other | 1,319 | 1,274 | [1] | |
Total deferred credits and other liabilities | 12,082 | 11,873 | [1] | |
Total liabilities | 39,798 | 38,197 | [1] | |
Commitments and Contingencies (see Note 15) | 'Â Â | 'Â Â | ||
Subsidiary Preferred Stock Not Subject to Mandatory Redemption | 134 | 257 | [1] | |
Common Shareholders' Equity | ' | ' | ||
Common stock - no par | 5,861 | [2] | 5,783 | [1],[2] |
Retained earnings | 6,023 | 6,183 | [1] | |
Accumulated other comprehensive loss | -317 | -324 | [1] | |
Total common shareholders' equity | 11,567 | 11,642 | [1] | |
Total liabilities and shareholders' equity | 51,499 | 50,096 | [1] | |
Virginia Electric and Power Company | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 58 | 16 | [3] | |
Customer receivables (less allowance for doubtful accounts) | 926 | 946 | [3] | |
Other receivables (less allowance for doubtful accounts) | 73 | 78 | [3] | |
Inventories | 839 | 808 | [3] | |
Prepayments | 170 | 32 | [3] | |
Other | 279 | 283 | [3] | |
Total current assets | 2,345 | 2,163 | [3] | |
Investments | ' | ' | ||
Nuclear decommissioning trust funds | 1,857 | 1,765 | [3] | |
Other | 4 | 12 | [3] | |
Total investments | 1,861 | 1,777 | [3] | |
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 33,938 | 32,848 | [3] | |
Accumulated depreciation, depletion and amortization | -10,896 | -10,580 | [3] | |
Total property, plant and equipment, net | 23,042 | 22,268 | [3] | |
Deferred Charges and Other Assets | ' | ' | ||
Intangible assets, net | 202 | 193 | [3] | |
Regulatory assets | 561 | 417 | [3] | |
Other | 197 | [4] | 143 | [3],[4] |
Total deferred charges and other assets | 960 | 753 | [3] | |
Total assets | 28,208 | 26,961 | [3] | |
Current Liabilities | ' | ' | ||
Securities due within one year | 14 | 58 | [3] | |
Short-term debt | 1,323 | 842 | [3] | |
Accounts payable | 456 | 479 | [3] | |
Payables to affiliates | 81 | 69 | [3] | |
Affiliated current borrowings | 0 | 97 | [3] | |
Accrued interest, payroll and taxes | 224 | 218 | [3] | |
Other | 452 | [4] | 454 | [3],[4] |
Total current liabilities | 2,550 | 2,217 | [3] | |
Long-Term Debt | ' | ' | ||
Total long-term debt | 8,716 | 7,974 | [3] | |
Deferred Credits and Other Liabilities | ' | ' | ||
Deferred income taxes and investment tax credits | 4,266 | 4,137 | [3] | |
Asset retirement obligations | 704 | 689 | [3] | |
Regulatory liabilities | 1,607 | 1,597 | [3] | |
Other | 314 | [4] | 292 | [3],[4] |
Total deferred credits and other liabilities | 6,891 | 6,715 | [3] | |
Total liabilities | 18,157 | 16,906 | [3] | |
Commitments and Contingencies (see Note 15) | 'Â Â | 'Â Â | ||
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 | 3,015 | 2,899 | [3] | |
Accumulated other comprehensive loss | 51 | 48 | [3] | |
Total common shareholders' equity | 9,917 | 9,798 | [3] | |
Total liabilities and shareholders' equity | 28,208 | 26,961 | [3] | |
Dominion Gas Holdings, LLC | ' | ' | ||
Current Assets | ' | ' | ||
Cash and cash equivalents | 10 | 8 | [6] | |
Customer receivables (less allowance for doubtful accounts) | 293 | [7] | 311 | [6],[7] |
Affiliated receivables | 6 | 41 | [6] | |
Inventories | 81 | 63 | [6] | |
Prepayments | 46 | 67 | [6] | |
Other | 235 | 311 | [6] | |
Total current assets | 671 | 801 | [6] | |
Investments | ' | ' | ||
Investment in equity method affiliates | 113 | 105 | ||
Total investments | 114 | 106 | [6] | |
Property, Plant and Equipment | ' | ' | ||
Property, plant and equipment | 8,426 | 8,240 | [6] | |
Accumulated depreciation, depletion and amortization | -2,476 | -2,421 | [6] | |
Total property, plant and equipment, net | 5,950 | 5,819 | [6] | |
Deferred Charges and Other Assets | ' | ' | ||
Goodwill | 542 | 545 | [6] | |
Intangible assets, net | 80 | 82 | [6] | |
Regulatory assets | 304 | 285 | [6] | |
Pension and other postretirement benefit assets | 1,493 | [7] | 1,436 | [6],[7] |
Other | 66 | [7] | 68 | [6],[7] |
Total deferred charges and other assets | 2,485 | 2,416 | [6] | |
Total assets | 9,220 | 9,142 | [6] | |
Current Liabilities | ' | ' | ||
Accounts payable | 126 | 277 | [6] | |
Payables to affiliates | 13 | 45 | [6] | |
Affiliated current borrowings | 1,471 | 1,342 | [6] | |
Accrued interest, payroll and taxes | 187 | 209 | [6] | |
Other | 211 | [7] | 197 | [6],[7] |
Total current liabilities | 2,008 | 2,070 | [6] | |
Long-Term Debt | ' | ' | ||
Total long-term debt | 1,199 | 1,198 | [6] | |
Deferred Credits and Other Liabilities | ' | ' | ||
Deferred income taxes and investment tax credits | 2,003 | 1,977 | [6] | |
Regulatory liabilities | 207 | [8] | 203 | [8] |
Other | 483 | [7] | 470 | [6],[7] |
Total deferred credits and other liabilities | 2,486 | 2,447 | [6] | |
Total liabilities | 5,693 | 5,715 | [6] | |
Commitments and Contingencies (see Note 15) | 'Â Â | 'Â Â | ||
Common Shareholders' Equity | ' | ' | ||
Membership interests | 3,602 | 3,485 | [6] | |
Accumulated other comprehensive loss | -75 | -58 | [6] | |
Total common shareholders' equity | 3,527 | 3,427 | [6] | |
Total liabilities and shareholders' equity | $9,220 | $9,142 | [6] | |
[1] | Dominionbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | 1 billion shares authorized; 583 million shares and 581 millionB shares outstanding at June 30, 2014 and DecemberB 31, 2013, respectively. | |||
[3] | Virginia Powerbs Consolidated Balance Sheet at DecemberB 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 June 30, 2014 and December 31, 2013. | |||
[6] | Dominion Gasb Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the Audited Consolidated Financial Statements at that date. | |||
[7] | See Note 17 for amounts attributable to related parties. | |||
[8] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 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 | 3 | 4 |
Common stock, shares authorized (shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding (shares) | 583,000,000 | 581,000,000 |
Virginia Electric and Power Company | ' | ' |
Customer receivables, allowance for doubtful accounts | 12 | 11 |
Other receivables, allowance for doubtful accounts | 2 | 2 |
Common stock, shares authorized (shares) | 500,000 | 500,000 |
Common stock, shares outstanding (shares) | 274,723 | 274,723 |
Dominion Gas Holdings, LLC | ' | ' |
Customer receivables, allowance for doubtful accounts | $4 | $5 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Operating Activities | ' | ' | ||
Net income including noncontrolling interests | $546 | $710 | ||
Net income | 538 | 697 | [1] | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization (including nuclear fuel) | 748 | 729 | ||
Deferred income taxes and investment tax credits | 301 | 395 | ||
Gains on the sale of assets | -159 | -25 | ||
Charges associated with North Anna and offshore wind legislation | 287 | 0 | ||
Other adjustments | -55 | -12 | ||
Changes in: | ' | ' | ||
Accounts receivable | 153 | 92 | ||
Inventories | 2 | -10 | ||
Deferred fuel and purchased gas costs, net | -322 | 48 | ||
Prepayments | -34 | -88 | ||
Accounts payable | -258 | -149 | ||
Accrued interest, payroll and taxes | -50 | -67 | ||
Margin deposit assets and liabilities | 204 | 21 | ||
Other operating assets and liabilities | 84 | 147 | ||
Net cash provided by operating activities | 1,447 | 1,791 | ||
Investing Activities | ' | ' | ||
Plant construction and other property additions (including nuclear fuel) | -2,389 | -1,937 | ||
Acquisition of solar development projects | -58 | -13 | ||
Proceeds from sales of securities | 686 | 862 | ||
Purchases of securities | -703 | -885 | ||
Proceeds from the sale of assets to Blue Racer | 84 | 47 | ||
Proceeds from the sale of electric retail energy marketing business | 187 | 0 | ||
Restricted cash equivalents | 8 | 23 | ||
Other | -1 | 18 | ||
Net cash used in investing activities | -2,186 | -1,885 | ||
Financing Activities | ' | ' | ||
Issuance (repayment) of short-term debt, net | 1,152 | -307 | ||
Issuance of long-term debt | 1,150 | 2,350 | ||
Repayment of long-term debt, including redemption premiums | -660 | -1,185 | ||
Repayment of junior subordinated notes | 0 | -258 | ||
Subsidiary preferred stock redemption | -125 | 0 | ||
Issuance of common stock | 71 | 144 | ||
Common dividend payments | -698 | -650 | ||
Subsidiary preferred dividend payments | -6 | -8 | ||
Other | -42 | -50 | ||
Net cash provided by financing activities | 842 | 36 | ||
Increase (decrease) in cash and cash equivalents | 103 | -58 | ||
Cash and cash equivalents at beginning of period | 316 | [2] | 248 | |
Cash and cash equivalents at end of period | 419 | 190 | ||
Significant noncash investing activities: | ' | ' | ||
Accrued capital expenditures | 309 | 172 | ||
Virginia Electric and Power Company | ' | ' | ||
Operating Activities | ' | ' | ||
Net income | 393 | 552 | ||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization (including nuclear fuel) | 521 | 499 | ||
Deferred income taxes and investment tax credits | 246 | 199 | ||
Charges associated with North Anna and offshore wind legislation | 287 | 0 | ||
Other adjustments | -17 | -39 | ||
Changes in: | ' | ' | ||
Accounts receivable | 26 | -52 | ||
Inventories | -31 | -4 | ||
Deferred fuel and purchased gas costs, net | -359 | -4 | ||
Prepayments | -138 | -47 | ||
Accounts payable | 18 | -30 | ||
Other operating assets and liabilities | -37 | 41 | ||
Net cash provided by operating activities | 909 | 1,115 | ||
Investing Activities | ' | ' | ||
Plant construction and other property additions (including nuclear fuel) | -1,385 | -1,217 | ||
Purchases of nuclear fuel | -131 | -90 | ||
Proceeds from sales of securities | 299 | 324 | ||
Purchases of securities | -311 | -354 | ||
Other | -11 | 0 | ||
Net cash used in investing activities | -1,539 | -1,337 | ||
Financing Activities | ' | ' | ||
Issuance (repayment) of short-term debt, net | 481 | 92 | ||
Repayment of affiliated current borrowings, net | -97 | -385 | ||
Issuance of long-term debt | 750 | 1,250 | ||
Repayment of long-term debt, including redemption premiums | -50 | -459 | ||
Subsidiary preferred stock redemption | -125 | 0 | ||
Common dividend payments | -270 | -268 | ||
Subsidiary preferred dividend payments | -6 | -8 | ||
Other | -11 | -14 | ||
Net cash provided by financing activities | 672 | 208 | ||
Increase (decrease) in cash and cash equivalents | 42 | -14 | ||
Cash and cash equivalents at beginning of period | 16 | [3] | 28 | |
Cash and cash equivalents at end of period | 58 | 14 | ||
Significant noncash investing activities: | ' | ' | ||
Accrued capital expenditures | 236 | 100 | ||
Dominion Gas Holdings, LLC | ' | ' | ||
Operating Activities | ' | ' | ||
Net income | 257 | 191 | ||
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization | 96 | 99 | ||
Deferred income taxes and investment tax credits | 48 | 47 | ||
Gains on the sale of assets | -59 | -25 | ||
Other adjustments | -7 | -8 | ||
Changes in: | ' | ' | ||
Accounts receivable | 12 | 75 | ||
Inventories | -18 | -7 | ||
Deferred fuel and purchased gas costs, net | 40 | 47 | ||
Prepayments | 21 | 28 | ||
Accounts payable | -152 | -96 | ||
Payables to affiliates | -32 | -10 | ||
Accrued interest, payroll and taxes | -22 | -21 | ||
Other operating assets and liabilities | -23 | -22 | ||
Net cash provided by operating activities | 161 | 298 | ||
Investing Activities | ' | ' | ||
Plant construction and other property additions (including nuclear fuel) | -249 | -253 | ||
Proceeds from the sale of assets to Blue Racer | 47 | 108 | ||
Other | -6 | 1 | ||
Net cash used in investing activities | -208 | -144 | ||
Financing Activities | ' | ' | ||
Repayment of affiliated current borrowings, net | 196 | -150 | ||
Distribution payments | -145 | 0 | ||
Other | -2 | 0 | ||
Net cash provided by financing activities | 49 | -150 | ||
Increase (decrease) in cash and cash equivalents | 2 | 4 | ||
Cash and cash equivalents at beginning of period | 8 | [4] | 12 | |
Cash and cash equivalents at end of period | 10 | 16 | ||
Significant noncash investing activities: | ' | ' | ||
Accrued capital expenditures | 40 | 38 | ||
Extinguishment of affiliated current borrowings in exchange for assets sold to affiliate | $67 | $0 | ||
[1] | Net of $47 million and $(76) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $126 million and $(22) million for the six months ended June 30, 2014 and 2013, respectively. | |||
[2] | Dominionbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[3] | Virginia Powerbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[4] | Dominion Gasb Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the Audited Consolidated Financial Statements at that date. |
Nature_of_Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 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 and Dominion Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Gas is a holding company that conducts business activities through a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, regulated gas transportation and distribution operations in Ohio, and gas gathering and processing activities primarily in West Virginia, Ohio and Pennsylvania. Dominion Gas' wholly-owned subsidiaries are DTI, East Ohio and Dominion Iroquois. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
As permitted by the rules and regulations of the SEC, the Companies' 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, Dominion’s and Virginia Power’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 and Exhibits 99.11(b) and 99.11(c) to Dominion Gas' Current Report on Form 8-K dated June 26, 2014. | |
In the Companies' opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of June 30, 2014, their results of operations for the three and six months ended June 30, 2014 and 2013, and their cash flows for the six months ended June 30, 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. | |
The Companies' 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 the Companies' 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 and/or Dominion Gas, where applicable. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||
Acquisitions and Dispositions | ' | ||||||
Acquisitions and Dispositions | |||||||
Dominion | |||||||
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 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. | |||||||
In May 2014, Dominion completed the acquisition of 100% of the equity interests of two solar development projects in Tennessee from Strata Solar Development, LLC for $2 million. The projects are expected to cost approximately $70 million once constructed, including the initial acquisition cost. Upon completion, the facilities are expected to generate approximately 32 MW. | |||||||
The purchase price for each of these acquisitions was allocated to Property, Plant and Equipment. | |||||||
In May 2014, Dominion entered into an agreement to acquire 100% of the equity interests of a solar project in California from EDF Renewable Development, Inc. for approximately $70 million. The acquisition is expected to close later this year prior to the project commencing operations. The project is expected to cost approximately $75 million once constructed, including the initial acquisition cost. Upon completion, the facilities are expected to generate approximately 20 MW. | |||||||
Long-term power purchase, interconnection, EPC and operation and maintenance agreements have been executed for each of the acquired projects. Construction of the projects has commenced and all of the solar facilities are expected to enter commercial operations in late 2014. 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 Statements of Income. The sale of the electric retail energy marketing business did not qualify for discontinued operations classification. | |||||||
Sale of Illinois Gas Contracts | |||||||
In June 2013, Dominion completed the sale of Illinois Gas Contracts. The sales price was approximately $32 million, subject to post-closing adjustments. The sale resulted in a gain of approximately $29 million ($18 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 Statements of Income. The sale of Illinois Gas Contracts 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 and second quarters 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 $48 million ($28 million after-tax) for the six month period ended June 30, 2013, including $11 million ($6 million after-tax) for the three month period ended June 30, 2013, which are 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. These were considered Level 2 fair value measurements given that they were 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 June 30, | Six Months Ended June 30, | ||||||
2013 | 2013 | ||||||
(millions) | |||||||
Operating revenue | $ | 63 | $ | 217 | |||
Income before income taxes(1) | (119 | ) | (118 | ) | |||
-1 | Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt. See Note 17 in Dominion's Annual Report on Form 10-K for the year ended December 31, 2013 for more information. | ||||||
Dominion Gas | |||||||
Assignment of Marcellus Acreage | |||||||
In December 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. Â The agreements provide for payments to DTI, subject to customary adjustments, of approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. During the six months ended June 30, 2014, DTI received $16 million in additional cash proceeds resulting from post-closing adjustments. At June 30, 2014, deferred revenue totaled approximately $91 million, which is expected to be recognized over a period of approximately nine years. | |||||||
Dominion and Dominion Gas | |||||||
Blue Racer | |||||||
See Note 10 for a discussion of transactions related to Blue Racer. |
Operating_Revenue
Operating Revenue | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ' | ||||||||||||
Operating Revenue | ' | ||||||||||||
Operating Revenue | |||||||||||||
The Companies’ operating revenue consists of the following: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Electric sales: | |||||||||||||
Regulated | $ | 1,697 | $ | 1,687 | $ | 3,648 | $ | 3,448 | |||||
Nonregulated | 320 | 545 | 1,174 | 1,203 | |||||||||
Gas sales: | |||||||||||||
Regulated | 70 | 49 | 217 | 181 | |||||||||
Nonregulated | 228 | 208 | 345 | 553 | |||||||||
Gas transportation and storage | 351 | 360 | 795 | 827 | |||||||||
Other | 147 | 131 | 264 | 291 | |||||||||
Total operating revenue | $ | 2,813 | $ | 2,980 | $ | 6,443 | $ | 6,503 | |||||
Virginia Power | |||||||||||||
Regulated electric sales | $ | 1,697 | $ | 1,687 | $ | 3,648 | $ | 3,448 | |||||
Other | 32 | 23 | 64 | 43 | |||||||||
Total operating revenue | $ | 1,729 | $ | 1,710 | $ | 3,712 | $ | 3,491 | |||||
Dominion Gas | |||||||||||||
Gas sales: | |||||||||||||
Regulated | $ | 54 | $ | 34 | $ | 137 | $ | 108 | |||||
Nonregulated | 4 | 4 | 13 | 7 | |||||||||
Gas transportation and storage | 304 | 312 | 700 | 731 | |||||||||
NGL revenue | 44 | 66 | 101 | 138 | |||||||||
Other | 22 | 14 | 46 | 32 | |||||||||
Total operating revenue | $ | 428 | $ | 430 | $ | 997 | $ | 1,016 | |||||
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||
Jun. 30, 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 the Companies' effective income tax rate as follows: | |||||||||||||
Dominion | Virginia Power | Dominion Gas | |||||||||||
Six Months Ended June 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||
U.S. statutory rate | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | % | 35 | % | |
Increases (reductions) resulting from: | |||||||||||||
State taxes, net of federal benefit | 1.5 | 1.9 | 3.8 | 2.6 | 3.7 | 3.8 | |||||||
Investment and production tax credits | (5.9 | ) | (1.5 | ) | (0.6 | ) | — | — | — | ||||
Valuation allowances | 1.1 | — | — | — | — | — | |||||||
Other, net | (0.4 | ) | (1.3 | ) | 0.6 | (1.2 | ) | 0.1 | 0.2 | ||||
Effective tax rate | 31.3 | Â % | 34.1 | Â % | 38.8 | Â % | 36.4 | Â % | 38.8 | % | 39 | % | |
In 2014, there have been no material changes in the Companies' unrecognized tax benefits or expectations regarding possible changes that could reasonably 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 and Note 5 in Exhibit 99.11(b) to Dominion Gas' Current Report on Form 8-K dated June 26, 2014 for a discussion of these unrecognized tax benefits. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Jun. 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions, except EPS) | |||||||||||||
Net income attributable to Dominion | $ | 159 | $ | 202 | $ | 538 | $ | 697 | |||||
Average shares of common stock outstanding – Basic | 581.9 | 578.1 | 581.7 | 577.3 | |||||||||
Net effect of dilutive securities(1) | 2 | 0.8 | 1.7 | 0.9 | |||||||||
Average shares of common stock outstanding – Diluted | 583.9 | 578.9 | 583.4 | 578.2 | |||||||||
Earnings Per Common Share – Basic | $ | 0.27 | $ | 0.35 | $ | 0.92 | $ | 1.21 | |||||
Earnings Per Common Share – Diluted | $ | 0.27 | $ | 0.35 | $ | 0.92 | $ | 1.21 | |||||
-1 | Dilutive securities consist primarily of contingently convertible senior notes and the 2013 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 and six months ended June 30, 2014. The 2013 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2013. See 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_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||
Dominion | ||||||||||||||||
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 June 30, 2014 | ||||||||||||||||
Beginning balance | $ | (278 | ) | $ | 492 | $ | (506 | ) | $ | (7 | ) | $ | (299 | ) | ||
Other comprehensive income before reclassifications: gains (losses) | (59 | ) | 49 | 4 | 2 | (4 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | (16 | ) | (7 | ) | 9 | — | (14 | ) | ||||||||
Net current-period other comprehensive income (loss) | (75 | ) | 42 | 13 | 2 | (18 | ) | |||||||||
Ending balance | $ | (353 | ) | $ | 534 | $ | (493 | ) | $ | (5 | ) | $ | (317 | ) | ||
Three Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (136 | ) | $ | 377 | $ | (1,061 | ) | $ | — | $ | (820 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | 122 | 3 | 228 | — | 353 | |||||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | (17 | ) | (9 | ) | 10 | — | (16 | ) | ||||||||
Net current-period other comprehensive income (loss) | 105 | (6 | ) | 238 | — | 337 | ||||||||||
Ending balance | $ | (31 | ) | $ | 371 | $ | (823 | ) | $ | — | $ | (483 | ) | |||
Six Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (209 | ) | 78 | — | (5 | ) | (136 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 144 | (18 | ) | 17 | — | 143 | ||||||||||
Net current-period other comprehensive income (loss) | (65 | ) | 60 | 17 | (5 | ) | 7 | |||||||||
Ending balance | $ | (353 | ) | $ | 534 | $ | (493 | ) | $ | (5 | ) | $ | (317 | ) | ||
Six Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | — | $ | (877 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | 32 | 81 | 228 | — | 341 | |||||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 59 | (36 | ) | 30 | — | 53 | ||||||||||
Net current-period other comprehensive income (loss) | 91 | 45 | 258 | — | 394 | |||||||||||
Ending balance | $ | (31 | ) | $ | 371 | $ | (823 | ) | $ | — | $ | (483 | ) | |||
(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 June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (28 | ) | Operating revenue | ||||||||||||
3 | Purchased gas | |||||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
(22 | ) | |||||||||||||||
Tax | 6 | Income tax expense | ||||||||||||||
$ | (16 | ) | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (13 | ) | Other income | ||||||||||||
Impairment | 2 | Other income | ||||||||||||||
(11 | ) | |||||||||||||||
Tax | 4 | Income tax expense | ||||||||||||||
$ | (7 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (2 | ) | Other operations and maintenance | ||||||||||||
Actuarial (gains) losses | 17 | Other operations and maintenance | ||||||||||||||
15 | ||||||||||||||||
Tax | (6 | ) | Income tax expense | |||||||||||||
$ | 9 | |||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (29 | ) | Operating revenue | ||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
(26 | ) | |||||||||||||||
Tax | 9 | Income tax expense | ||||||||||||||
$ | (17 | ) | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (17 | ) | Other income | ||||||||||||
Impairment | 3 | Other income | ||||||||||||||
(14 | ) | |||||||||||||||
Tax | 5 | Income tax expense | ||||||||||||||
$ | (9 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (6 | ) | |||||||||||||
Actuarial (gains) losses | 27 | Other operations and maintenance | ||||||||||||||
21 | ||||||||||||||||
Tax | (11 | ) | Income tax expense | |||||||||||||
$ | 10 | |||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 241 | Operating revenue | |||||||||||||
4 | Purchased gas | |||||||||||||||
(13 | ) | Electric fuel and other energy-related purchases | ||||||||||||||
Interest rate contracts | 6 | Interest and related charges | ||||||||||||||
238 | ||||||||||||||||
Tax | (94 | ) | Income tax expense | |||||||||||||
$ | 144 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (33 | ) | Other income | ||||||||||||
Impairment | 4 | Other income | ||||||||||||||
(29 | ) | |||||||||||||||
Tax | 11 | Income tax expense | ||||||||||||||
$ | (18 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (5 | ) | Other operations and maintenance | ||||||||||||
Actuarial (gains) losses | 34 | Other operations and maintenance | ||||||||||||||
29 | ||||||||||||||||
Tax | (12 | ) | Income tax expense | |||||||||||||
$ | 17 | |||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 55 | Operating revenue | |||||||||||||
34 | Purchased gas | |||||||||||||||
3 | Electric fuel and other energy-related purchases | |||||||||||||||
Interest rate contracts | 6 | Interest and related charges | ||||||||||||||
98 | ||||||||||||||||
Tax | (39 | ) | Income tax expense | |||||||||||||
$ | 59 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (64 | ) | Other income | ||||||||||||
Impairment | 5 | Other income | ||||||||||||||
(59 | ) | |||||||||||||||
Tax | 23 | Income tax expense | ||||||||||||||
$ | (36 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (6 | ) | |||||||||||||
Actuarial (gains) losses | 56 | Other operations and maintenance | ||||||||||||||
50 | ||||||||||||||||
Tax | (20 | ) | Income tax expense | |||||||||||||
$ | 30 | |||||||||||||||
Dominion Gas | ||||||||||||||||
The following table presents Dominion Gas’ changes in AOCI by component, net of tax: | ||||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrecognized pension and other postretirement benefit costs | Total | ||||||||||||||
(millions) | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | — | $ | (60 | ) | $ | (60 | ) | ||||||||
Other comprehensive income before reclassifications: gains (losses) | (19 | ) | — | (19 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 3 | 1 | 4 | |||||||||||||
Net current-period other comprehensive income (loss) | (16 | ) | 1 | (15 | ) | |||||||||||
Ending balance | $ | (16 | ) | $ | (59 | ) | $ | (75 | ) | |||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (30 | ) | $ | (91 | ) | $ | (121 | ) | |||||||
Other comprehensive income before reclassifications: gains (losses) | 52 | 13 | 65 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | — | 1 | 1 | |||||||||||||
Net current-period other comprehensive income | 52 | 14 | 66 | |||||||||||||
Ending balance | $ | 22 | $ | (77 | ) | $ | (55 | ) | ||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | 3 | $ | (61 | ) | $ | (58 | ) | ||||||||
Other comprehensive income before reclassifications: gains (losses) | (27 | ) | (1 | ) | (28 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 8 | 3 | 11 | |||||||||||||
Net current-period other comprehensive income (loss) | (19 | ) | 2 | (17 | ) | |||||||||||
Ending balance | $ | (16 | ) | $ | (59 | ) | $ | (75 | ) | |||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (47 | ) | $ | (93 | ) | $ | (140 | ) | |||||||
Other comprehensive income before reclassifications: gains (losses) | 66 | 13 | 79 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 3 | 3 | 6 | |||||||||||||
Net current-period other comprehensive income | 69 | 16 | 85 | |||||||||||||
Ending balance | $ | 22 | $ | (77 | ) | $ | (55 | ) | ||||||||
-1 | See table below for details about these reclassifications. | |||||||||||||||
The following table presents Dominion Gas' reclassifications out of AOCI by component:Â | ||||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 2 | Operating revenue | |||||||||||||
3 | Purchased gas | |||||||||||||||
5 | ||||||||||||||||
Tax | (2 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 1 | Other operations and maintenance | |||||||||||||
1 | ||||||||||||||||
Tax | — | Income tax expense | ||||||||||||||
$ | 1 | |||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (3 | ) | Operating revenue | ||||||||||||
3 | Purchased gas | |||||||||||||||
— | ||||||||||||||||
Tax | — | Income tax expense | ||||||||||||||
$ | — | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 2 | Other operations and maintenance | |||||||||||||
2 | ||||||||||||||||
Tax | (1 | ) | Income tax expense | |||||||||||||
$ | 1 | |||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 7 | Operating revenue | |||||||||||||
5 | Purchased gas | |||||||||||||||
12 | ||||||||||||||||
Tax | (4 | ) | Income tax expense | |||||||||||||
$ | 8 | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 4 | Other operations and maintenance | |||||||||||||
4 | ||||||||||||||||
Tax | (1 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (2 | ) | Operating revenue | ||||||||||||
6 | Purchased gas | |||||||||||||||
4 | ||||||||||||||||
Tax | (1 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 5 | Other operations and maintenance | |||||||||||||
5 | ||||||||||||||||
Tax | (2 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
The Companies' fair value measurements are made in accordance with the policies discussed in Note 6 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 and Note 6 in Exhibit 99.11(b) to Dominion Gas' Current Report on Form 8-K dated June 26, 2014. See Note 9 in this report for further information about their derivatives and hedge accounting activities. | |||||||||||||
The Companies enter into certain physical and financial forwards, futures, options and swaps, 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 the Companies' quantitative information about Level 3 fair value measurements at June 30, 2014. 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) | |||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 19 | Discounted Cash Flow | Market Price (per Dth) | (5)Â | (2) - 5 | 2 | ||||||
FTRs(3) | 10 | Discounted Cash Flow | Market Price (per MWh) | (5)Â | (1) - 10 | 1 | |||||||
NGLs (4) | 3 | Discounted Cash Flow | Market Price (per Gal) | (5)Â | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 4 | Option Model | Market Price (per Dth) | (5)Â | 5-Mar | 4 | |||||||
Price Volatility | (6)Â | 14% - 32% | 24 | % | |||||||||
Total assets | $ | 36 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
      Natural Gas(2) | $ | 20 | Discounted Cash Flow | Market Price (per Dth) | (5) | (2) - 5 | 2 | ||||||
      FTRs(3) | 3 | Discounted Cash Flow | Market Price (per MWh) | (5) | (10) - 10 | 1 | |||||||
      NGLs(4) | 6 | Discounted Cash Flow | Market Price (per Gal) | (5) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
      Natural Gas | 4 | Option Model | Market Price (per Dth) | (5) | 5-Feb | 4 | |||||||
Price Volatility | (6)Â | 14% - 32% | 25 | % | |||||||||
Total liabilities | $ | 33 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Information represents Dominion Gas' quantitative information about Level 3 fair value measurements. | ||||||||||||
-5 | Represents market prices beyond defined terms for Levels 1 & 2. | ||||||||||||
-6 | 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 | |||||||||||||
Dominion | |||||||||||||
See Note 3 for non-recurring fair value measurements related to Brayton Point and Kincaid. | |||||||||||||
Dominion Gas | |||||||||||||
In June 2013, Dominion Gas purchased certain natural gas infrastructure facilities that were previously leased from third parties. The purchase price was based on terms in the lease, which exceeded current market pricing. As a result of the purchase price and expected losses, Dominion Gas recorded an impairment charge of $49 million ($29 million after-tax) in other operations and maintenance expense in its Consolidated Statements of Income, to write down the long-lived assets to their estimated fair values of less than $1 million. As management was not aware of any recent market transactions for comparable assets with sufficient transparency to develop a market approach to fair value, Dominion Gas used the income approach (discounted cash flows) to estimate the fair value of the assets in this impairment test. This was considered a Level 3 fair value measurement due to the use of significant unobservable inputs, including estimates of future production and other commodity prices. | |||||||||||||
Also in June 2013, Dominion Gas recorded an impairment charge of $6 million ($4 million after-tax) in other operations and | |||||||||||||
maintenance expense in its Consolidated Statements of Income, to write off previously capitalized costs following the cancellation of two development projects. | |||||||||||||
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 June 30, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 1 | $ | 645 | $ | 36 | $ | 682 | |||||
Interest rate | — | 57 | — | 57 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 2,592 | — | — | 2,592 | |||||||||
Other | 6 | — | — | 6 | |||||||||
Non-U.S.: | |||||||||||||
Large cap | 12 | — | — | 12 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 409 | — | 409 | |||||||||
U.S. Treasury securities and agency debentures | 446 | 182 | — | 628 | |||||||||
State and municipal | — | 368 | — | 368 | |||||||||
Other | — | 7 | — | 7 | |||||||||
Cash equivalents and other | 1 | 91 | — | 92 | |||||||||
       Total assets | $ | 3,058 | $ | 1,759 | $ | 36 | $ | 4,853 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 1 | $ | 1,113 | $ | 33 | $ | 1,147 | |||||
Interest rate | — | 109 | — | 109 | |||||||||
Total liabilities | $ | 1 | $ | 1,222 | $ | 33 | $ | 1,256 | |||||
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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Beginning balance | $ | 8 | $ | 9 | $ | (16 | ) | $ | 25 | ||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (10 | ) | (10 | ) | 100 | 2 | |||||||
Included in other comprehensive income (loss) | (1 | ) | 26 | 3 | 36 | ||||||||
Included in regulatory assets/liabilities | (3 | ) | (22 | ) | 14 | (27 | ) | ||||||
Settlements | 9 | (1 | ) | (99 | ) | (26 | ) | ||||||
Transfers out of Level 3 | — | — | 1 | (8 | ) | ||||||||
Ending balance | $ | 3 | $ | 2 | $ | 3 | $ | 2 | |||||
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 | $ | — | $ | (4 | ) | $ | 1 | $ | (11 | ) | |||
The following table presents Dominion's classification of gains and losses included in earnings in the Level 3 fair value category: | |||||||||||||
Operating | Purchased Gas | Electric fuel | Total | ||||||||||
revenue | and other | ||||||||||||
energy-related | |||||||||||||
purchases | |||||||||||||
(millions) | |||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | (1 | ) | $ | (1 | ) | $ | (8 | ) | $ | (10 | ) | |
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 June 30, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | (2 | ) | $ | — | $ | (8 | ) | $ | (10 | ) | ||
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 | (2 | ) | — | (2 | ) | (4 | ) | ||||||
Six Months Ended June 30, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | (11 | ) | $ | (1 | ) | $ | 112 | $ | 100 | |||
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 | 2 | (1 | ) | — | 1 | ||||||||
Six Months Ended June 30, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 7 | $ | — | $ | (5 | ) | $ | 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 | (10 | ) | — | (1 | ) | (11 | ) | ||||||
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 June 30, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 5 | $ | 10 | $ | 15 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S. Large cap | 1,098 | — | — | 1,098 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 221 | — | 221 | |||||||||
U.S. Treasury securities and agency debentures | 169 | 59 | — | 228 | |||||||||
State and municipal | — | 185 | — | 185 | |||||||||
Cash equivalents and other | — | 28 | — | 28 | |||||||||
       Total assets | $ | 1,267 | $ | 498 | $ | 10 | $ | 1,775 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 5 | $ | 3 | $ | 8 | |||||
Interest rate | — | 15 | — | 15 | |||||||||
Total liabilities | $ | — | $ | 20 | $ | 3 | $ | 23 | |||||
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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Beginning balance | $ | 10 | $ | (3 | ) | $ | (7 | ) | $ | 2 | |||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (9 | ) | (7 | ) | 111 | (4 | ) | ||||||
Included in regulatory assets/liabilities | (3 | ) | (22 | ) | 14 | (27 | ) | ||||||
Settlements | 9 | 7 | (111 | ) | 4 | ||||||||
Ending balance | $ | 7 | $ | (25 | ) | $ | 7 | $ | (25 | ) | |||
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 and six months ended June 30, 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 and six months ended June 30, 2014 and 2013. | |||||||||||||
Dominion Gas | |||||||||||||
The following table presents Dominion Gas' assets and liabilities for commodity and interest rate derivatives 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 June 30, 2014 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 3 | $ | 3 | |||||
Liabilities: | |||||||||||||
Commodity | $ | — | $ | 7 | $ | 6 | $ | 13 | |||||
Interest rate | — | 19 | — | 19 | |||||||||
Total liabilities | $ | — | $ | 26 | $ | 6 | $ | 32 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 6 | $ | 6 | |||||
Interest rate | — | 34 | — | 34 | |||||||||
Total Assets | $ | — | $ | 34 | $ | 6 | $ | 40 | |||||
Liabilities: | |||||||||||||
Commodity | $ | — | $ | 13 | $ | 12 | $ | 25 | |||||
 The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Beginning balance | $ | (2 | ) | $ | (1 | ) | $ | (6 | ) | $ | (12 | ) | |
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (2 | ) | 3 | (7 | ) | 2 | |||||||
Included in other comprehensive income (loss) | (1 | ) | 24 | 3 | 35 | ||||||||
Settlements | 2 | (3 | ) | 7 | (2 | ) | |||||||
Ending balance | $ | (3 | ) | $ | 23 | $ | (3 | ) | $ | 23 | |||
The gains and losses included in earnings in the Level 3 fair value category were classified in operating revenue in Dominion Gas' Consolidated Statements of Income for the three and six months ended June 30, 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 and six months ended June 30, 2014 and 2013. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Substantially all of the Companies' 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, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: | |||||||||||||
30-Jun-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) | $ | 18,883 | $ | 21,103 | $ | 18,396 | $ | 19,887 | |||||
Junior subordinated notes(3) | 1,373 | 1,392 | 1,373 | 1,394 | |||||||||
Remarketable subordinated notes(3) | 1,082 | 1,272 | 1,080 | 1,192 | |||||||||
Subsidiary preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(3) | $ | 8,730 | $ | 9,970 | $ | 8,032 | $ | 8,897 | |||||
Preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
Dominion Gas | |||||||||||||
Long-term debt(3) | $ | 1,199 | $ | 1,236 | $ | 1,198 | $ | 1,169 | |||||
-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/or premium. At June 30, 2014 and December 31, 2013, includes the valuation of certain fair value hedges associated with fixed rate debt of approximately $54 million and $55 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount and/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 | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivatives and Hedge Accounting Activities | ' | ||||||||||||||||||||||||
Derivatives and Hedge Accounting Activities | |||||||||||||||||||||||||
The Companies' accounting policies and objectives and strategies for using derivative instruments are discussed in Note 2 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 and Note 2 in Exhibit 99.11(b) to Dominion Gas' Current Report on Form 8-K dated June 26, 2014. 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 the Companies' 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. Dominion Gas' derivative contracts consist of over-the-counter transactions. 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 the Companies' 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: | |||||||||||||||||||||||||
30-Jun-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 | $ | 57 | $ | — | $ | 57 | $ | 137 | $ | — | $ | 137 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 195 | — | 195 | 240 | — | 240 | |||||||||||||||||||
Exchange | 480 | — | 480 | 506 | — | 506 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 732 | — | 732 | 883 | — | 883 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | 7 | — | 7 | |||||||||||||||||||
Total | $ | 739 | $ | — | $ | 739 | $ | 890 | $ | — | $ | 890 | |||||||||||||
30-Jun-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 | $ | 57 | $ | 30 | $ | — | $ | 27 | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 195 | 122 | — | 73 | 240 | 63 | — | 177 | |||||||||||||||||
Exchange | 480 | 479 | — | 1 | 506 | 505 | — | 1 | |||||||||||||||||
Total | $ | 732 | $ | 631 | $ | — | $ | 101 | $ | 883 | $ | 568 | $ | — | $ | 315 | |||||||||
30-Jun-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 | $ | 109 | $ | — | $ | 109 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 334 | — | 334 | 262 | — | 262 | |||||||||||||||||||
Exchange | 809 | — | 809 | 838 | — | 838 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 1,252 | — | 1,252 | 1,100 | — | 1,100 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 4 | — | 4 | 2 | — | 2 | |||||||||||||||||||
Total | $ | 1,256 | $ | — | $ | 1,256 | $ | 1,102 | $ | — | $ | 1,102 | |||||||||||||
30-Jun-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 | $ | 109 | $ | 30 | $ | — | $ | 79 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 334 | 122 | 4 | 208 | 262 | 63 | 69 | 130 | |||||||||||||||||
Exchange | 809 | 479 | 330 | — | 838 | 505 | 333 | — | |||||||||||||||||
Total | $ | 1,252 | $ | 631 | $ | 334 | $ | 287 | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | |||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Dominion’s derivative activity as of June 30, 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) | 68 | 15 | |||||||||||||||||||||||
Basis | 370 | 188 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
       Fixed price | 16,045,947 | 11,120,650 | |||||||||||||||||||||||
FTRs | 73,646,672 | — | |||||||||||||||||||||||
Capacity (MW) | 1,500 | 16,800 | |||||||||||||||||||||||
Liquids (Gal)(2) | 75,768,000 | — | |||||||||||||||||||||||
Interest rate | $ | 1,600,000,000 | $ | 3,925,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
-2 | Includes NGLs and oil. | ||||||||||||||||||||||||
Ineffectiveness and AOCI | |||||||||||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, 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 June 30, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum Term | |||||||||||||||||||||||
After-Tax | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (5 | ) | $ | (5 | ) | 22 months | ||||||||||||||||||
Electricity | (168 | ) | (141 | ) | 30 months | ||||||||||||||||||||
Other | (1 | ) | (1 | ) | 23 months | ||||||||||||||||||||
Interest rate | (179 | ) | (7 | ) | 363 months | ||||||||||||||||||||
Total | $ | (353 | ) | $ | (154 | ) | |||||||||||||||||||
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) | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 163 | $ | 367 | $ | 530 | |||||||||||||||||||
Interest rate | 34 | — | 34 | ||||||||||||||||||||||
Total current derivative assets(1) | 197 | 367 | 564 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 84 | 68 | 152 | ||||||||||||||||||||||
Interest rate | 23 | — | 23 | ||||||||||||||||||||||
Total noncurrent derivative assets(2) | 107 | 68 | 175 | ||||||||||||||||||||||
Total derivative assets | $ | 304 | $ | 435 | $ | 739 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 419 | $ | 484 | $ | 903 | |||||||||||||||||||
Interest rate | 61 | — | 61 | ||||||||||||||||||||||
Total current derivative liabilities | 480 | 484 | 964 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 131 | 113 | 244 | ||||||||||||||||||||||
Interest Rate | 48 | — | 48 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(3) | 179 | 113 | 292 | ||||||||||||||||||||||
Total derivative liabilities | $ | 659 | $ | 597 | $ | 1,256 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 49 | $ | 522 | $ | 571 | |||||||||||||||||||
Interest rate | 116 | — | 116 | ||||||||||||||||||||||
Total current derivative assets(1) | 165 | 522 | 687 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 28 | 154 | 182 | ||||||||||||||||||||||
Interest rate | 21 | — | 21 | ||||||||||||||||||||||
Total noncurrent derivative assets(2) | 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(3) | 119 | 155 | 274 | ||||||||||||||||||||||
Total derivative liabilities | $ | 386 | $ | 716 | $ | 1,102 | |||||||||||||||||||
(1) Current derivative assets are presented in other current assets in Dominion's Consolidated Balance Sheets. Â Â Â Â | |||||||||||||||||||||||||
(2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. | |||||||||||||||||||||||||
-3 | 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)Â | (Loss)Â Reclassified | (Decrease)Â in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 28 | |||||||||||||||||||||||
Purchased gas | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (33 | ) | $ | 25 | $ | (4 | ) | |||||||||||||||||
Interest rate(3) | (73 | ) | (3 | ) | (8 | ) | |||||||||||||||||||
Total | $ | (106 | ) | $ | 22 | $ | (12 | ) | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 29 | |||||||||||||||||||||||
Total commodity | $ | 131 | $ | 29 | $ | (8 | ) | ||||||||||||||||||
Interest rate(3) | 67 | (3 | ) | 36 | |||||||||||||||||||||
Total | $ | 198 | $ | 26 | $ | 28 | |||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (241 | ) | ||||||||||||||||||||||
Purchased gas | (4 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 13 | ||||||||||||||||||||||||
Total commodity | $ | (216 | ) | $ | (232 | ) | $ | (2 | ) | ||||||||||||||||
Interest rate(3) | (119 | ) | (6 | ) | (31 | ) | |||||||||||||||||||
Total | $ | (335 | ) | $ | (238 | ) | $ | (33 | ) | ||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (55 | ) | ||||||||||||||||||||||
Purchased gas | (34 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (27 | ) | $ | (92 | ) | $ | (1 | ) | ||||||||||||||||
Interest rate(3) | 81 | (6 | ) | 52 | |||||||||||||||||||||
Total | $ | 54 | $ | (98 | ) | $ | 51 | ||||||||||||||||||
-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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (1 | ) | $ | (6 | ) | $ | (362 | ) | $ | (3 | ) | |||||||||||||
Purchased gas | — | (26 | ) | 6 | (7 | ) | |||||||||||||||||||
Electric fuel and other energy-related purchases | (8 | ) | (11 | ) | 125 | (8 | ) | ||||||||||||||||||
Total | $ | (9 | ) | $ | (43 | ) | $ | (231 | ) | $ | (18 | ) | |||||||||||||
-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: | |||||||||||||||||||||||||
30-Jun-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 | 11 | — | 11 | 4 | — | 4 | |||||||||||||||||||
Exchange | 1 | — | 1 | 1 | — | 1 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 12 | — | 12 | 53 | — | 53 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 3 | — | 3 | — | — | — | |||||||||||||||||||
Total | $ | 15 | $ | — | $ | 15 | $ | 53 | $ | — | $ | 53 | |||||||||||||
30-Jun-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 | 11 | 4 | — | 7 | 4 | 4 | — | — | |||||||||||||||||
Exchange | 1 | — | — | 1 | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 12 | $ | 4 | $ | — | $ | 8 | $ | 53 | $ | 4 | $ | — | $ | 49 | |||||||||
30-Jun-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 | $ | 15 | $ | — | $ | 15 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 7 | — | 7 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 22 | — | 22 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total | $ | 23 | $ | — | $ | 23 | $ | 12 | $ | — | $ | 12 | |||||||||||||
30-Jun-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 | $ | 15 | $ | — | $ | — | $ | 15 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 7 | 4 | — | 3 | 12 | 4 | 7 | 1 | |||||||||||||||||
Total | $ | 22 | $ | 4 | $ | — | $ | 18 | $ | 12 | $ | 4 | $ | 7 | $ | 1 | |||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Virginia Power’s derivative activity as of June 30, 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) | 17 | — | |||||||||||||||||||||||
Basis | 35 | — | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 136,800 | — | |||||||||||||||||||||||
FTRs | 73,335,248 | — | |||||||||||||||||||||||
Capacity (MW) | 1,500 | 16,800 | |||||||||||||||||||||||
Interest rate | $ | — | $ | 550,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
Ineffectiveness | |||||||||||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, 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) | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 13 | $ | 15 | |||||||||||||||||||
Total current derivative assets(1) | 2 | 13 | 15 | ||||||||||||||||||||||
Total derivative assets | $ | 2 | $ | 13 | $ | 15 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 3 | $ | 5 | $ | 8 | |||||||||||||||||||
Total current derivative liabilities(2) | 3 | 5 | 8 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | 15 | — | 15 | ||||||||||||||||||||||
Total noncurrent derivatives liabilities (3) | 15 | — | 15 | ||||||||||||||||||||||
Total derivative liabilities | $ | 18 | $ | 5 | $ | 23 | |||||||||||||||||||
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)Â | (Loss)Â Reclassified | (Decrease)Â in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 1 | |||||||||||||||||||||||
Total commodity | $ | — | $ | 1 | $ | (4 | ) | ||||||||||||||||||
Interest rate(3) | (1 | ) | — | (8 | ) | ||||||||||||||||||||
Total | $ | (1 | ) | $ | 1 | $ | (12 | ) | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | — | $ | (8 | ) | |||||||||||||||||
Interest rate(3) | 4 | — | 36 | ||||||||||||||||||||||
Total | $ | 2 | $ | — | $ | 28 | |||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 6 | |||||||||||||||||||||||
Total commodity | $ | 5 | $ | 6 | $ | (2 | ) | ||||||||||||||||||
Interest rate(3) | (4 | ) | — | (31 | ) | ||||||||||||||||||||
Total | $ | 1 | $ | 6 | $ | (33 | ) | ||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | (1 | ) | $ | — | $ | (1 | ) | |||||||||||||||||
Interest rate(3) | 6 | — | 52 | ||||||||||||||||||||||
Total | $ | 5 | $ | — | $ | 51 | |||||||||||||||||||
-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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | (8 | ) | $ | (6 | ) | $ | 111 | $ | (3 | ) | ||||||||||||||
Total | $ | (8 | ) | $ | (6 | ) | $ | 111 | $ | (3 | ) | ||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | ||||||||||||||||||||||||
Dominion Gas | |||||||||||||||||||||||||
Balance Sheet Presentation | |||||||||||||||||||||||||
The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. | |||||||||||||||||||||||||
30-Jun-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 | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 3 | — | 3 | 6 | — | 6 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 3 | $ | — | $ | 3 | $ | 40 | $ | — | $ | 40 | |||||||||||||
30-Jun-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 | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Net Amounts | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 3 | 3 | — | 6 | 6 | — | |||||||||||||||||||
Total | $ | 3 | $ | 3 | $ | — | $ | 40 | $ | 6 | $ | 34 | |||||||||||||
30-Jun-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 | $ | 19 | $ | — | $ | 19 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 13 | — | 13 | 25 | — | 25 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 32 | $ | — | $ | 32 | $ | 25 | $ | — | $ | 25 | |||||||||||||
30-Jun-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 | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Net Amounts | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
  Over-the-counter | $ | 19 | $ | — | $ | 19 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 13 | 3 | 10 | 25 | 6 | 19 | |||||||||||||||||||
Total | $ | 32 | $ | 3 | $ | 29 | $ | 25 | $ | 6 | $ | 19 | |||||||||||||
Volumes | |||||||||||||||||||||||||
The following table presents the volume of Dominion Gas' derivative activity as of June 30, 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 | 2 | — | |||||||||||||||||||||||
Basis | 3 | — | |||||||||||||||||||||||
NGLs (Gal) | 60,480,000 | — | |||||||||||||||||||||||
Interest rate | $ | 700,000,000 | $ | 100,000,000 | |||||||||||||||||||||
Ineffectiveness and AOCI | |||||||||||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, gains or losses on hedging instruments determined to be ineffective were not material. | |||||||||||||||||||||||||
The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at June 30, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Natural Gas | $ | (4 | ) | $ | (4 | ) | 6 months | ||||||||||||||||||
NGLs | (3 | ) | (3 | ) | 6 months | ||||||||||||||||||||
Interest rate | (9 | ) | — | 363 months | |||||||||||||||||||||
Total | $ | (16 | ) | $ | (7 | ) | |||||||||||||||||||
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 tables present the fair values of Dominion Gas' commodity and interest rate derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 3 | $ | — | $ | 3 | |||||||||||||||||||
Total current derivative assets(1) | 3 | — | 3 | ||||||||||||||||||||||
Total derivative assets | $ | 3 | $ | — | $ | 3 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 13 | $ | — | $ | 13 | |||||||||||||||||||
Interest rate | 16 | — | 16 | ||||||||||||||||||||||
Total current derivative liabilities(2) | 29 | — | 29 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | 3 | — | 3 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(3) | 3 | — | 3 | ||||||||||||||||||||||
Total derivative liabilities | $ | 32 | $ | — | $ | 32 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 6 | $ | — | $ | 6 | |||||||||||||||||||
Interest rate | 34 | — | 34 | ||||||||||||||||||||||
Total current derivative assets(1) | 40 | — | 40 | ||||||||||||||||||||||
Total derivative assets | $ | 40 | $ | — | $ | 40 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
Total current derivative liabilities(2) | 25 | — | 25 | ||||||||||||||||||||||
Total derivative liabilities | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-3 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. | ||||||||||||||||||||||||
The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging relationships | Amount of | Amount of | |||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||
Recognized | Reclassified | ||||||||||||||||||||||||
in AOCI on | from AOCI | ||||||||||||||||||||||||
Derivatives | to Income | ||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (2 | ) | ||||||||||||||||||||||
Purchased gas | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (3 | ) | $ | (5 | ) | |||||||||||||||||||
Interest rate(2) | (28 | ) | — | ||||||||||||||||||||||
Total | $ | (31 | ) | $ | (5 | ) | |||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | 3 | |||||||||||||||||||||||
Purchased gas | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | 22 | $ | — | |||||||||||||||||||||
Interest rate(2) | 63 | — | |||||||||||||||||||||||
Total | $ | 85 | $ | — | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (7 | ) | ||||||||||||||||||||||
Purchased gas | (5 | ) | |||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (12 | ) | |||||||||||||||||||
Interest rate(2) | (42 | ) | — | ||||||||||||||||||||||
Total | $ | (44 | ) | $ | (12 | ) | |||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | 2 | |||||||||||||||||||||||
Purchased gas | (6 | ) | |||||||||||||||||||||||
Total commodity | $ | 34 | $ | (4 | ) | ||||||||||||||||||||
Interest rate(2) | 75 | — | |||||||||||||||||||||||
Total | $ | 109 | $ | (4 | ) | ||||||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
Investments
Investments | 6 Months Ended | |||||||||||||
Jun. 30, 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 $109 million and $107 million at June 30, 2014 and December 31, 2013, respectively. Cost method investments held in Dominion’s rabbi trusts totaled $8 million and $10 million at June 30, 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) | ||||||||||||||
30-Jun-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
          U.S. Large cap | $ | 1,236 | $ | 1,313 | $ | — | $ | 2,549 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 389 | 21 | (1 | ) | 409 | |||||||||
U.S. Treasury securities and agency debentures | 618 | 12 | (3 | ) | 627 | |||||||||
State and municipal | 307 | 20 | (1 | ) | 326 | |||||||||
Other | 7 | — | — | 7 | ||||||||||
Cost method investments | 92 | — | — | 92 | ||||||||||
Cash equivalents and other(2) | 93 | — | — | 93 | ||||||||||
Total | $ | 2,742 | $ | 1,366 | $ | (5 | ) | (3)Â | $ | 4,103 | ||||
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)Â | $ | 3,903 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending sales of securities of $6 million and $11 million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $275 million and $604 million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at June 30, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 133 | ||||||||||||
Due after one year through five years | 407 | |||||||||||||
Due after five years through ten years | 384 | |||||||||||||
Due after ten years | 445 | |||||||||||||
Total | $ | 1,369 | ||||||||||||
Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 244 | $ | 308 | $ | 686 | $ | 862 | ||||||
Realized gains(1) | 25 | 29 | 63 | 92 | ||||||||||
Realized losses(1) | 7 | 10 | 13 | 16 | ||||||||||
-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 and six months ended June 30, 2014 and 2013. | ||||||||||||||
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) | ||||||||||||||
30-Jun-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
          U.S. Large cap | $ | 530 | $ | 567 | $ | — | $ | 1,097 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 211 | 10 | — | 221 | ||||||||||
U.S. Treasury securities and agency debentures | 226 | 3 | (1 | ) | 228 | |||||||||
State and municipal | 174 | 11 | — | 185 | ||||||||||
Cost method investments | 92 | — | — | 92 | ||||||||||
Cash equivalents and other(2) | 34 | — | — | 34 | ||||||||||
Total | $ | 1,267 | $ | 591 | $ | (1 | ) | (3)Â | $ | 1,857 | ||||
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)Â | $ | 1,765 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending sales of securities of $6 million at both June 30, 2014 and December 31, 2013. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $114 million and $299 million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
The fair value of Virginia Power’s marketable debt securities at June 30, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 39 | ||||||||||||
Due after one year through five years | 199 | |||||||||||||
Due after five years through ten years | 206 | |||||||||||||
Due after ten years | 190 | |||||||||||||
Total | $ | 634 | ||||||||||||
Presented below is selected information regarding Virginia Power’s marketable equity and debt securities. | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 95 | $ | 135 | $ | 299 | $ | 324 | ||||||
Realized gains(1) | 10 | 10 | 29 | 26 | ||||||||||
Realized losses(1) | 3 | 5 | 6 | 8 | ||||||||||
-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 and six months ended June 30, 2014 and 2013. | ||||||||||||||
Dominion Gas | ||||||||||||||
Equity Method Investment | ||||||||||||||
Dominion Gas accounts for the following investment under the equity method of accounting: | ||||||||||||||
Company | Ownership% | Investment Balance | Description | |||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||
(millions) | ||||||||||||||
Iroquois | 24.72 | % | $ | 113 | $ | 105 | Gas transmission system | |||||||
Total | $ | 113 | $ | 105 | ||||||||||
Dominion Gas' equity earnings on this investment totaled $13 million for both the six months ended June 30, 2014 and 2013. Dominion Gas received distributions from this investment of $5 million for both the six months ended June 30, 2014 and 2013. As of June 30, 2014 and December 31, 2013, the carrying amount of Dominion Gas' investment exceeded its share of underlying equity in net assets by approximately $9 million and $8 million, respectively. The differences reflect equity method goodwill and are not being amortized. | ||||||||||||||
Dominion and Dominion Gas | ||||||||||||||
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 June 2014, Blue Racer achieved equalization. | ||||||||||||||
In March 2013, Dominion Gas sold Line TL-404 to an affiliate, that subsequently sold Line TL-404 to Blue Racer for cash proceeds of approximately $47 million. The sale resulted in a gain of approximately $25 million ($14 million after-tax) net of a $2 million write-off of goodwill, and is included in other operations and maintenance expense in both Dominion Gas' and Dominion's Consolidated Statement of Income. | ||||||||||||||
Dominion NGL Pipelines, LLC was contributed in January 2014 by Dominion to Blue Racer, prior to commencement of service, resulting in an increased equity method investment of $155 million, including $6 million of goodwill allocated from Dominion's goodwill balance to its equity method investment in Blue Racer. | ||||||||||||||
In March 2014, Dominion Gas sold the Northern System to an affiliate, that subsequently sold the Northern System to Blue Racer for consideration of approximately $84 million. Dominion' Gas' consideration consisted of $17 million in cash proceeds and the extinguishment of affiliated current borrowings of $67 million and Dominion's consideration consisted of cash proceeds of approximately $84 million. The sale resulted in a gain of approximately $59 million ($35 million after-tax for Dominion Gas and $34 million after-tax for Dominion) net of a $3 million write-off of goodwill, and is included in other operations and maintenance expense in both Dominion Gas' and Dominion's Consolidated Statement of Income. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||
Regulatory Assets and Liabilities | ' | ||||||
Regulatory Assets and Liabilities | |||||||
Regulatory assets and liabilities include the following: | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred cost of fuel used in electric generation(1) | $ | 131 | $ | — | |||
Deferred rate adjustment clause costs(2) | 40 | 89 | |||||
Deferred nuclear refueling outage costs(3) | 33 | — | |||||
Unrecovered gas cost(4) | 11 | 50 | |||||
Derivatives(5) | 5 | 16 | |||||
Other | 47 | 62 | |||||
Regulatory assets-current(6) | 267 | 217 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 683 | 706 | |||||
Deferred rate adjustment clause costs(2) | 296 | 287 | |||||
Income taxes recoverable through future rates(8) | 136 | 155 | |||||
Deferred cost of fuel used in electric generation(1) | 123 | 1 | |||||
Derivatives(5) | 52 | 16 | |||||
Other | 85 | 63 | |||||
Regulatory assets-non-current | 1,375 | 1,228 | |||||
Total regulatory assets | $ | 1,642 | $ | 1,445 | |||
Regulatory liabilities: | |||||||
PIPP(9) | $ | 75 | $ | 76 | |||
Other | 42 | 52 | |||||
Regulatory liabilities-current(10) | 117 | 128 | |||||
Provision for future cost of removal and AROs(11) | 1,052 | 1,028 | |||||
Decommissioning trust(12) | 766 | 693 | |||||
Deferred cost of fuel used in electric generation(1) | 7 | 90 | |||||
Other | 186 | 190 | |||||
Regulatory liabilities-non-current | 2,011 | 2,001 | |||||
Total regulatory liabilities | $ | 2,128 | $ | 2,129 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred cost of fuel used in electric generation(1) | $ | 131 | $ | — | |||
Deferred nuclear refueling outage costs(3) | 33 | — | |||||
Deferred rate adjustment clause costs(2) | 28 | 62 | |||||
Derivatives(5) | 5 | 16 | |||||
Other | 45 | 50 | |||||
Regulatory assets-current(6) | 242 | 128 | |||||
Deferred rate adjustment clause costs(2) | 228 | 227 | |||||
Deferred cost of fuel used in electric generation(1) | 123 | 1 | |||||
Income taxes recoverable through future rates(8) | 105 | 124 | |||||
Derivatives(5) | 52 | 16 | |||||
Other | 53 | 49 | |||||
Regulatory assets-non-current | 561 | 417 | |||||
Total regulatory assets | $ | 803 | $ | 545 | |||
Regulatory liabilities: | |||||||
Other | $ | 28 | $ | 41 | |||
Regulatory liabilities-current(10) | 28 | 41 | |||||
Provision for future cost of removal(11) | 828 | 807 | |||||
Decommissioning trust(12) | 766 | 693 | |||||
Deferred cost of fuel used in electric generation(1) | 7 | 90 | |||||
Other | 6 | 7 | |||||
Regulatory liabilities-non-current | 1,607 | 1,597 | |||||
Total regulatory liabilities | $ | 1,635 | $ | 1,638 | |||
Dominion Gas | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(2) | $ | 12 | $ | 27 | |||
Unrecovered gas costs(4) | 1 | 40 | |||||
Bad debt tracker(13) | — | 11 | |||||
Other | — | 1 | |||||
Regulatory assets-current(6) | 13 | 79 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 188 | 194 | |||||
Deferred rate adjustment clause costs(2) | 68 | 59 | |||||
Income taxes recoverable through future rates(8) | 24 | 24 | |||||
Other postretirement benefit costs(14) | — | 7 | |||||
Other | 24 | 1 | |||||
Regulatory assets-non-current | 304 | 285 | |||||
Total regulatory assets | $ | 317 | $ | 364 | |||
Regulatory liabilities: | |||||||
PIPP(9) | $ | 75 | $ | 76 | |||
Other | 10 | 3 | |||||
Regulatory liabilities-current(10) | 85 | 79 | |||||
Provision for future cost of removal and AROs(11) | 178 | 177 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 16 | 18 | |||||
Other | 13 | 8 | |||||
Regulatory liabilities-non-current(15) | 207 | 203 | |||||
Total regulatory liabilities | $ | 292 | $ | 282 | |||
-1 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. | ||||||
-2 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. | ||||||
-3 | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, but in no case for more than 18 months. | ||||||
-4 | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. | ||||||
-5 | 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. | ||||||
-6 | Current regulatory assets are presented in other current assets in the Companies' Consolidated Balance Sheets. | ||||||
-7 | 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. | ||||||
-8 | 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. | ||||||
-9 | Under PIPP, eligible customers can make reduced payments 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. | ||||||
-10 | Current regulatory liabilities are presented in other current liabilities in the Companies' Consolidated Balance Sheets. | ||||||
-11 | 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. | ||||||
-12 | 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. | ||||||
-13 | Represents East Ohio's deferrals for the UEX Rider which are recovered through rates which are filed annually. Most of East Ohio's bad debt expense is recovered either through the UEX Rider or the PIPP Rider. | ||||||
-14 | Primarily reflects costs recognized in excess of amounts included in regulated rates charged by Dominion Gas' regulated gas operations before rates were updated to reflect a change in accounting method for other postretirement benefit costs. | ||||||
-15 | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||
At June 30, 2014, approximately $136 million of Dominion's, $107 million of Virginia Power's and $18 million of Dominion Gas' regulatory assets represented past expenditures on which they do not currently earn a return. These expenditures are expected to be recovered within the next year. |
Regulatory_Matters
Regulatory Matters | 6 Months Ended | |
Jun. 30, 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, the Companies 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 the Companies' 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 state of Georgia and in the PJM, MISO and ISO-NE regions 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 with loads outside Virginia to wholesale transmission customers with loads 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 has been held in abeyance pending the outcome of an ongoing settlement proceeding, as 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, Note 12 to the Consolidated Financial Statements in Dominion's and Virginia Power's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, Note 12 in Exhibit 99.11(b) to Dominion Gas' Current Report on Form 8-K dated June 26, 2014 and Note 11 in Exhibit 99.11(c) to Dominion Gas' Current Report on Form 8-K dated June 26, 2014. | ||
Virginia Regulation | ||
Virginia Fuel Expenses | ||
In May 2014, Virginia Power submitted its annual fuel factor filing to the Virginia Commission to recover an estimated $1.9 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2014. Virginia Power also offered to defer recovery of 50% of its total estimated $268 million jurisdictional deferred fuel balance to the 2015-2016 fuel year, thereby recovering $134 million of its jurisdictional deferred fuel balance for the rate year beginning July 1, 2014. In May 2014, the Virginia Commission issued an order approving the increased fuel rate on an interim basis effective July 1, 2014. This case is pending. | ||
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 June 2014,Virginia Power proposed an approximately $13 million revenue requirement for the rate year beginning April 1, 2015. This case is pending. | |
• | The Virginia Commission previously approved Rider S in conjunction with the Virginia City Hybrid Energy Center. In June 2014, Virginia Power proposed an approximately $244 million revenue requirement for the rate year beginning April 1, 2015. This case is pending. | |
• | The Virginia Commission previously approved Rider W in conjunction with Warren County. In May 2014, Virginia Power proposed an approximately $135 million revenue requirement for the rate year beginning April 1, 2015. This case is pending. | |
• | The Virginia Commission previously approved Rider R in conjunction with Bear Garden. In June 2014, Virginia Power proposed an approximately $84 million revenue requirement for the rate year beginning April 1, 2015. This case is pending. | |
• | The Virginia Commission previously approved Rider BW in connection with Brunswick County. In July 2014, the Virginia Commission approved an approximately $85 million revenue requirement for the rate year beginning September 1, 2014, which represents an approximately $41 million increase over the previous year. | |
• | The Virginia Commission previously approved Riders C1A and C2A in connection with various DSM programs. In April 2014, the Virginia Commission approved an approximately $1 million revenue requirement for Rider C1A, and an approximately $30 million revenue requirement for Rider C2A, for the rate year beginning May 1, 2014, which represents an approximately $4 million increase to the total revenue requirement for both Riders over the previous year. The Virginia Commission also approved a combined spending cap of approximately $72 million, inclusive of lost revenues, for three new DSM programs. | |
• | The Virginia Commission previously approved Rider T1. In July 2014, the Virginia Commission approved an approximately $538 million revenue requirement for the rate year beginning September 1, 2014, which represents an approximately $134 million increase over the previous year. | |
Electric Transmission Projects | ||
In April 2014, the Virginia Commission issued an order granting Virginia Power a CPCN to rebuild within existing rights-of-way its 500-kV Loudoun-Pleasant View transmission line in Loudoun County at an estimated cost of approximately $31 million. | ||
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 the 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. The NRC denied the petition in July 2014. 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. In June 2014, the ASLB denied BREDL’s motion to reopen the COL proceeding. BREDL did not appeal the ASLB’s decision, and under a previous ruling of the NRC, the contested portion of the COL proceeding remains terminated. | ||
North Anna and Offshore Wind Legislation | ||
In April 2014 legislation was enacted in Virginia 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 offshore wind facilities through December 31, 2013 as part of the 2013 and 2014 base rates. Virginia Power has deferred or capitalized costs totaling approximately $577 million for these projects as of December 31, 2013, substantially all of which relate to North Anna. For the 70% portion of these previously deferred or capitalized costs allocable to customers in Virginia, Virginia Power will recognize such amounts that are now recoverable in 2013 and 2014 base rates as charges against net income beginning in the second quarter of 2014 and for the remainder of the year. In the second quarter of 2014, Virginia Power recognized a $287 million ($191 million after-tax) charge against income representing the cumulative recovery of costs from January 2013 through June 2014 and will recognize additional charges of approximately $87 million ($57 million after-tax) ratably during the remainder of 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. | ||
North Carolina Regulation | ||
In December 2012, the North Carolina Commission approved a $36 million increase in Virginia Power’s annual non-fuel base revenues based on an authorized ROE of 10.2%, and a $14 million decrease in annual base fuel revenues for a combined total base revenue increase of $22 million. These rate changes became effective on January 1, 2013 and were appealed to the North Carolina Supreme Court by multiple parties. In June 2014, the Supreme Court of North Carolina issued an opinion reversing the portion of the North Carolina Commission’s December 2012 order from Virginia Power’s 2012 base rate case approving a 10.2% ROE for Virginia Power, and remanding the case to the North Carolina Commission for additional findings of fact in light of a 2013 opinion issued after the North Carolina Commission’s order. This case is pending. | ||
Ohio Regulation | ||
PIR Program | ||
In 2008, East Ohio began PIR, aimed at replacing more than 20% of its pipeline. In May 2014, PIR cost recovery rates became effective as approved by the Ohio Commission in April 2014. The approval includes a revenue requirement of $89 million, which represents an approximately $22 million increase over the previous year. | ||
AMR Program | ||
In 2007, East Ohio began installing automated meter reading technology for its 1.2 million customers in Ohio. In May 2014, AMR cost recovery rates became effective as approved by the Ohio Commission in April 2014. The approval includes a revenue requirement of $8 million, which represents an approximately $3 million increase over the previous year. | ||
House Bill 95 | ||
Ohio enacted utility reform legislation under House Bill 95, which became effective in September 2011. This law updates natural gas legislation by enabling gas companies to include more up-to-date cost levels when filing rate cases. It also allows gas companies to seek approval of capital expenditure plans under which gas companies can recognize carrying costs on associated capital investments placed in service and can defer the carrying costs plus depreciation and property tax expenses for recovery from ratepayers in the future. | ||
In July 2014, the Ohio Commission approved East Ohio’s application requesting authority to implement a capital expenditure program for 2014 capital expenditures totaling $110 million. | ||
PIPP Plus Program | ||
Under the Ohio PIPP Plus Program, eligible customers can make reduced payments based on their ability to pay their bill. The difference between the customer’s total bill and the PIPP payment plan amount is deferred and collected under the PIPP Rider in accordance with the rules of the Ohio Commission. In July 2014, East Ohio’s annual update of the PIPP Rider was automatically approved by the Ohio Commission after a 45-day waiting period from the date of the filing. The increased rider rate reflects the refund over the next year of an over-recovery of accumulated arrearages of approximately $82 million as of March 31, 2014, net of projected deferred program costs of approximately $96 million for the period from April 2014 through June 2015. | ||
UEX Rider | ||
East Ohio has approval for a UEX Rider through which it recovers the bad debt expense of most customers not participating in the PIPP Plus Program. The UEX Rider is adjusted annually to achieve dollar for dollar recovery of East Ohio’s actual write-offs of uncollectible amounts. In July 2014, the Ohio Commission approved a decrease to East Ohio’s UEX Rider, which reflects the elimination of the over-recovered balance of accumulated bad debt expense of approximately $8 million as of March 31, 2014, and recovery of prospective bad debt expense projected to total approximately $25 million for the twelve-month period from April 2014 to March 2015. |
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 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 and Note 14 in Exhibit 99.11(b) to Dominion Gas' Current Report on Form 8-K dated June 26, 2014, certain variable pricing terms in some of the Companies’ 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 June 30, 2014. Virginia Power paid $55 million and $53 million for electric capacity and $33 million and $26 million for electric energy to these entities in the three months ended June 30, 2014 and 2013, respectively. Virginia Power paid $111 million and $108 million for electric capacity and $87 million and $46 million for electric energy to these entities in the six months ended June 30, 2014 and 2013, respectively. | |
Virginia Power and Dominion Gas purchased shared services from DRS, an affiliated VIE, of approximately $106 million and and $26 million for the three months ended June 30, 2014, $83 million and $25 million for the three months ended June 30, 2013, $214 million and $52 million for the six months ended June 30, 2014, and $160 million and $51 million for the six months ended June 30, 2013, respectively. Virginia Power and Dominion Gas determined that each is not the most closely associated entity with DRS and therefore neither is the primary beneficiary. DRS provides accounting, legal, finance and certain administrative and technical services to all Dominion subsidiaries, including Virginia Power and Dominion Gas. Virginia Power and Dominion Gas have no obligation to absorb more than their allocated shares of DRS costs. |
Significant_Financing_Transact
Significant Financing Transactions | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Securities Financing Transactions Disclosures [Abstract] | ' | |||||||||||||
Significant Financing Transactions | ' | |||||||||||||
Significant Financing Transactions | ||||||||||||||
Credit Facilities and Short-term Debt | ||||||||||||||
The Companies 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. | ||||||||||||||
Dominion | ||||||||||||||
At June 30, 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) | $ | 4,000 | $ | 2,848 | $ | — | $ | 1,152 | ||||||
Joint revolving credit facility(2) | 500 | 232 | 115 | 153 | ||||||||||
Total | $ | 4,500 | $ | 3,080 | $ | 115 | $ | 1,305 | ||||||
-1 | In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. This credit facility 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 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||
Virginia Power | ||||||||||||||
Virginia Power’s short-term financing is supported by two joint revolving credit facilities with Dominion and Dominion Gas. 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 June 30, 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 and Dominion Gas were as follows: | ||||||||||||||
Facility | Outstanding | Outstanding | Facility | |||||||||||
Sub-limit(3) | Commercial | Letters of | Sub-limit Capacity | |||||||||||
Paper | Credit | Available(3) | ||||||||||||
(millions) | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 1,091 | $ | — | $ | (91 | ) | |||||
Joint revolving credit facility(2) | 250 | 232 | 18 | — | ||||||||||
Total | $ | 1,250 | $ | 1,323 | $ | 18 | $ | (91 | ) | |||||
-1 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. | |||||||||||||
-3 | On June 30, 2014, Virginia Power's facility sub-limit was exceeded; however, Virginia Power retained ongoing access to its short-term demand note with Dominion as discussed in Note 17 and remained in compliance with its debt covenants. Effective July 10, 2014, Virginia Power increased its sub-limit under the $4 billion credit facility from $1.0 billion to $1.25 billion bringing its total sub-limit to $1.5 billion. | |||||||||||||
In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility. In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. As of June 30, 2014, this facility supports approximately $119 million of certain variable rate tax-exempt financings of Virginia Power. | ||||||||||||||
Dominion Gas | ||||||||||||||
Dominion Gas’ short-term financing is supported by the two joint revolving credit facilities discussed above with Dominion and Virginia Power, to which Dominion Gas was added as a borrower in May 2014. | ||||||||||||||
Dominion Gas’ current sub-limit under the $4 billion credit facility is $500 million, all of which is currently available, and can be increased or decreased multiple times per year, up to a maximum of $1 billion. Dominion Gas’ current sub-limit under the $500 million credit facility is $0 and can also be increased or decreased multiple times per year. The maturity date for both facilities is April 2019. | ||||||||||||||
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 April 2014, Virginia Power redeemed 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 have matured in April 2022 and September 2030, respectively. | ||||||||||||||
In June 2014, Dominion Gas commenced an offer to exchange $1.2 billion principal amount of unsecured senior notes that were issued in a private placement in October 2013. The exchange offer satisfies Dominion Gas' obligations under a registration rights agreement entered into in connection with the issuance of the Dominion Gas 2013 Senior Notes. The exchange offer does not represent a new financing transaction and there will be no proceeds to Dominion Gas when the offer settles, which is expected to occur in August 2014. | ||||||||||||||
Convertible Securities | ||||||||||||||
At June 30, 2014, Dominion had $36 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 June 30, 2014, the conversion rate had been adjusted, primarily due to individual dividend payments above the level paid at issuance, to 30.1180 shares of common stock per $1,000 principal amount of senior notes, which represents a conversion price of $33.20. If the outstanding notes as of June 30, 2014 were all converted, it would result in the issuance of approximately 550,000 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 and second quarters of 2014, the senior notes were eligible for conversion and approximately $7 million of the notes were converted by holders into $7 million of common stock. The senior notes are eligible for conversion during the third 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. | ||||||||||||||
Remarketable Subordinated Notes | ||||||||||||||
In July 2014, Dominion issued $1 billion of 2014 Series A 6.375% Equity Units, initially in the form of Corporate Units. The Corporate Units are listed on the NYSE under the symbol DCUC. | ||||||||||||||
Each Corporate Unit consists of a stock purchase contract and 1/20 interest in a RSN issued by Dominion. The stock purchase contracts obligate the holders to purchase shares of Dominion common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price to be paid under the stock purchase contracts is $50 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion common stock near the settlement date. The RSNs are pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. | ||||||||||||||
Dominion makes quarterly interest payments on the RSNs and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion may defer payments on the stock purchase contracts and the RSNs for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, Dominion may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs. | ||||||||||||||
Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, Dominion will issue between 11.5 million and 14.3 million shares of its common stock in July 2017. A total of 17.75 million shares of Dominion's common stock has been reserved for issuance in connection with the stock purchase contracts. | ||||||||||||||
Selected information about Dominion's 2014 Equity Units is presented below: | ||||||||||||||
Issuance Date | Units Issued | Total Net Proceeds | Total Long-term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Settlement Date | RSN Maturity Date | |||||||
(millions, except interest rates) | ||||||||||||||
7/1/14 | 20 | $ | 982 | $ | 1,000.00 | 1.5 | % | 4.875 | % | 7/1/17 | 7/1/20 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Commitments and Contingencies | ' | ||||||
Commitments and Contingencies | |||||||
As a result of issues generated in the ordinary course of business, the Companies 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 the Companies' financial position, liquidity or results of operations. | |||||||
Environmental Matters | |||||||
The Companies 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 the Companies' 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. A 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 April 2014, the U.S. Supreme Court issued a decision upholding CSAPR by reversing and remanding the D.C. Circuit’s decision vacating the rule. The decision, however, did not lift the stay of CSAPR, and CAIR continues to remain in effect. In June 2014, the EPA filed a motion asking the U.S. Court of Appeals for the D.C. Circuit to lift the stay of CSAPR. Further, the EPA asked the court to toll the CSAPR compliance deadlines by three years, so that Phase 1 emissions budgets (which would have gone into effect in 2012 and 2013) would apply in 2015 and 2016, and Phase 2 emissions budgets would apply in 2017 and beyond. The cost to comply is not expected to be material. Future outcomes of any additional litigation and/or any 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. A number of the Companies' facilities are located within 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. | |||||||
In August 2010, the EPA issued revised National Emission Standards for Hazardous Air Pollutants for Reciprocating Internal Combustion Engines. The rule was amended in March 2011 and January 2013. The rule establishes emission standards for control of hazardous air pollutants for engines at smaller facilities, known as area sources. As a result of these regulations, Dominion Gas installed emissions controls on several compressor engines. Dominion Gas has spent approximately $2 million to date and is evaluating further expenditures. Dominion Gas is unable to estimate the additional potential impacts on results of operations, financial condition and/or cash flows related to this matter. | |||||||
In August 2012, the EPA issued the first NSPS impacting the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of volatile organic chemical emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. Compliance with these rules is required for installations and wells constructed or reconstructed after August 23, 2011. The cost to comply with the NSPS will depend on the number of new wells and new equipment installations subject to the rule; therefore, Dominion Gas is unable to estimate the potential impacts on results of operations, financial condition and/or cash flows related to this matter. | |||||||
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 May 2014, the EPA published final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion and Virginia Power have 14 and 11 facilities, respectively, that may be subject to the final regulations. Dominion anticipates that it will have to install impingement control technologies at many of these stations that have once-through cooling systems. Dominion and Virginia Power are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technology, cost and benefit studies. While the impacts of this rule could be material to Dominion's and Virginia Power's results of operations, financial condition and/or cash flows, the existing regulatory framework in Virginia provides rate recovery mechanisms that could substantially mitigate any such impacts for Virginia Power. | |||||||
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, Virginia Power, or Dominion Gas 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, Virginia Power, or Dominion Gas 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, and 12 of which pertain to Dominion Gas. 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 the Companies 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. 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 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 emissions from stationary sources under the CAA's permitting programs. In June 2014, the U.S. Supreme Court ruled that the EPA lacked the authority under the CAA to require PSD or Title V permits for stationary sources based solely on GHG emissions. However, the Court upheld the EPA’s ability to require BACT for GHG for sources that are otherwise subject to PSD or Title V permitting for conventional pollutants. Due to uncertainty regarding what actions states may take to amend their existing regulations and what action the EPA ultimately takes to address the Court ruling, the Companies cannot predict the impact to operations at this time. | |||||||
In July 2011, the EPA signed a final rule deferring the need for PSD 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 PSD and Title V applicability thresholds, including those for the application of BACT. 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. | |||||||
Legal Matters | |||||||
Dominion Gas is the defendant in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, Dominion Gas is unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. | |||||||
Following the completion of the Appalachian Gateway Project in 2012, DTI received multiple change order requests and other claims for additional payments from a pipeline contractor for the project. In July 2013, DTI filed a complaint in U.S. District Court, Eastern District of Virginia for breach of contract, accounting and declaratory relief. The contractor filed a motion to dismiss, or in the alternative, a motion to transfer venue to Pennsylvania and/or West Virginia, where the pipelines were constructed. DTI filed an opposition to the contractor’s motion in August 2013. In November 2013, the court granted the contractor’s motion on the basis that DTI must first comply with the dispute resolution process. Pursuant to the ruling, DTI intends to mediate the matter. This case is pending. DTI has accrued a liability of approximately $6 million for this matter. Dominion Gas cannot currently estimate additional financial statement impacts, but there could be a material impact to its financial condition and/or cash flows. | |||||||
Cove Point | |||||||
In April 2013, Cove Point filed an application with the Maryland Commission for a CPCN to authorize the construction of an electric generating station needed to power the proposed liquefaction equipment. In May 2014, the Maryland Commission granted a CPCN authorizing the construction of such generating station. The CPCN is contingent upon Cove Point receiving FERC approval for the liquefaction project and will obligate Cove Point to make payments over time totaling approximately $48 million to the Maryland Strategic Energy Investments Fund and Maryland low income energy assistance programs. In June 2014, a party filed a notice of petition for judicial review of the CPCN with the Circuit Court for Baltimore City in Maryland. This matter is currently pending. | |||||||
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 Dominion and Virginia Power are discussing with the NRC any further actions that will be required for their plants. 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. | |||||||
Spent Nuclear Fuel | |||||||
Dominion and Virginia Power entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982. The DOE failed to begin accepting the spent fuel on January 31, 1998, the date provided by the Nuclear Waste Policy Act and by Dominion’s and Virginia Power's contracts with the DOE. Dominion and Virginia Power have previously received damages award payments and settlement payments related to these contracts and have entered into settlement agreements that resolved claims for damages incurred through December 31, 2010, and also provide for periodic payments after that date for damages incurred through December 31, 2013. | |||||||
In the second quarter of 2014, the government formally accepted offers of settlement from Virginia Power and Dominion to resolve claims for damages incurred at North Anna and Surry in the amount of approximately $27 million for the period of January 1, 2011 through December 31, 2012 and at Millstone in the amount of approximately $17 million for the period July 1, 2012 through June 30, 2013. Payment is expected by the third quarter of 2014. Dominion expects that the government will formally accept an offer of settlement for resolution of claims incurred at Kewaunee in the amount of approximately $5 million for the period January 1 through December 31, 2013, with payment expected in the third or fourth quarter of 2014. | |||||||
By mutual agreement of the parties, the settlement agreements are extendable to provide for resolution of damages incurred after 2013. The settlement agreements for the Surry, North Anna and Millstone plants have been extended to provide for periodic payments for damages incurred through December 31, 2016. Possible extension of the Kewaunee settlement agreement is being evaluated. | |||||||
Dominion and Virginia Power continue to recognize receivables for certain spent nuclear fuel-related costs that they believe are probable of recovery from the DOE. Dominion’s receivables for spent nuclear fuel-related costs totaled $92 million and $79 million at June 30, 2014 and December 31, 2013, respectively. Virginia Power’s receivables for spent nuclear fuel-related costs totaled $60 million and $50 million at June 30, 2014 and December 31, 2013, respectively. | |||||||
Pursuant to a November 2013 decision of the U.S Court of Appeals for the D.C. Circuit, in January 2014, the Secretary of the DOE sent a recommendation to the U.S. Congress to adjust to zero the current fee of $1 per MWh for electricity paid by civilian nuclear power generators for disposal of spent nuclear fuel. The processes specified in the Nuclear Waste Policy Act for adjustment of the fee have been completed, and as of May 16, 2014, Dominion and Virginia Power are no longer required to pay the waste fee. In 2014, Dominion and Virginia Power recognized fees of $16 million and $10 million, respectively. | |||||||
Dominion and Virginia Power will continue to manage their spent fuel until it is accepted by the DOE. | |||||||
Guarantees | |||||||
Dominion | |||||||
At June 30, 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 June 30, 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 June 30, 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 June 30, 2014, Dominion had issued the following subsidiary guarantees: | |||||||
Stated Limit | Value(1) | ||||||
(millions) | |||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | |||
Commodity transactions(3) | 3,040 | 468 | |||||
Nuclear obligations(4) | 236 | 91 | |||||
Cove Point(5) | 335 | — | |||||
Solar(6) | 169 | 397 | |||||
Other(7) | 521 | 84 | |||||
Total | $ | 4,328 | $ | 1,067 | |||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of June 30, 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, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | ||||||
-4 | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay certain expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | ||||||
-5 | Guarantees related to Cove Point, including agreements to support terminal service and transportation agreements as well as an EPC 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. Also includes a guarantee entered into by DEI on behalf of a subsidiary to facilitate the acquisition and development of a solar project. | ||||||
-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 June 30, 2014, Dominion had purchased $129 million of surety bonds, including $60 million at Virginia Power and $31 million at Dominion Gas, and authorized the issuance of letters of credit by financial institutions of $115 million, including $18 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 | 6 Months Ended |
Jun. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Credit Risk | ' |
Credit Risk | |
The Companies' accounting policies for credit risk are discussed in Note 23 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 and Note 19 in Exhibit 99.11(b) to Dominion Gas’ Current Report on Form 8-K dated June 26, 2014. | |
At June 30, 2014, Dominion's credit exposure totaled $122 million. Of this amount, investment grade counterparties, including those internally rated, represented 59%. 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 June 30, 2014 and December 31, 2013, Dominion would have been required to post an additional $79 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 $5 million and $76 million in collateral at June 30, 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 June 30, 2014 and December 31, 2013 was $161 million and $169 million, respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power and Dominion Gas were not material as of June 30, 2014 and December 31, 2013. See Note 9 for further information about derivative instruments. | |
Dominion Gas | |
In the second quarter of 2014, DTI provided service to 234 customers with approximately 94% of its storage and transportation revenue being provided through firm services. The ten largest customers provided approximately 42% of the total storage and transportation revenue and the 30 largest provided approximately 75% of the total storage and transportation revenue. Approximately 97% of the transmission capacity under contract on DTI’s pipeline is subscribed with long-term contracts (two years or greater). The remaining 3% is contracted on a year-to-year basis. Less than 1% of firm transportation capacity is currently unsubscribed. All storage services are subscribed under long-term contracts. | |
East Ohio distributes natural gas to residential, commercial and industrial customers in Ohio using rates established by the Ohio Commission. Approximately 98% of East Ohio revenues are derived from its jurisdictional gas services. East Ohio’s bad debt risk is mitigated by the regulatory framework established by the Ohio Commission. See Note 12 for further information about Ohio’s PIPP and UEX Riders that mitigate East Ohio’s overall credit risk. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
Related Party Transactions | |||||||||||||
Virginia Power and Dominion Gas engage in related party transactions primarily with other Dominion subsidiaries (affiliates). Virginia Power's and Dominion Gas' 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 and Dominion Gas are included in Dominion's consolidated federal income tax return. A discussion of significant related party transactions follows. | |||||||||||||
Virginia Power | |||||||||||||
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. See Note 9 for more information. As of June 30, 2014 and December 31, 2013, Virginia Power's derivative assets and liabilities with affiliates were not material. Virginia Power participates in certain Dominion benefit plans. In Virginia Power's Consolidated Balance Sheets at June 30, 2014 and December 31, 2013, amounts due to Dominion associated with these benefit plans included in other deferred credits and other liabilities were $182 million and $147 million, respectively, and amounts due from Dominion at June 30, 2014 included in other deferred charges and other assets were $16 million. | |||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Commodity purchases from affiliates | $ | 113 | $ | 105 | $ | 315 | $ | 190 | |||||
Services provided by affiliates(1) | 106 | 106 | 214 | 202 | |||||||||
Services provided to affiliates | 6 | 5 | 11 | 10 | |||||||||
-1 | Amounts are subject to capitalization. | ||||||||||||
Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. There were $97 million in short-term demand note borrowings from Dominion as of December 31, 2013. There were no short-term demand note borrowings as of June 30, 2014. Virginia Power had no outstanding borrowings, net of repayments under the Dominion money pool for its nonregulated subsidiaries as of June 30, 2014 and December 31, 2013. Interest charges related to Virginia Power's borrowings from Dominion were not material for the three and six months ended June 30, 2014 and 2013. | |||||||||||||
Dominion Gas | |||||||||||||
Transactions with Affiliates | |||||||||||||
Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of June 30, 2014 and December 31 2013, all of Dominion Gas' commodity derivatives were with affiliates. See Note 9 for more information. Dominion Gas participates in certain Dominion benefit plans as described in Note 18. See Note 10 for information regarding sales of assets to an affiliate. | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Purchases of natural gas and transportation and storage services from affiliates | $ | 6 | $ | 7 | $ | 8 | $ | 9 | |||||
Sales of natural gas and transportation and storage services to affiliates | 21 | 22 | 46 | 44 | |||||||||
DRS and affiliates provide certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to affiliates, including technical services. The costs of these services follow: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Services provided by affiliates(1) | $ | 25 | $ | 33 | $ | 51 | $ | 59 | |||||
Goods and services provided by Dominion Gas to affiliates | 3 | 5 | 6 | 9 | |||||||||
Goods and services provided by Dominion Gas to related parties | 7 | 2 | 16 | 5 | |||||||||
-1 | Amounts are subject to capitalization. | ||||||||||||
The following table presents affiliated and related party activity reflected in Dominion Gas' Consolidated Balance Sheets: | |||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
(millions) | |||||||||||||
Customer receivables from related parties | $ | 6 | $ | 3 | |||||||||
Imbalances receivable from affiliates(1) | 6 | 6 | |||||||||||
Imbalances payable to affiliates(2) | 1 | 1 | |||||||||||
Affiliated notes receivable(3) | 7 | 5 | |||||||||||
(1) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||||||||||
(2) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | |||||||||||||
(3) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | |||||||||||||
Dominion Gas' borrowings under the IRCA with Dominion totaled $1.5 billion as of June 30, 2014 and $1.3 billion as of December 31, 2013. Interest charges related to Dominion Gas' total borrowings from Dominion were $1 million and $11 million for the three months ended June 30, 2014 and 2013, respectively, and $2 million and $21 million for the six months ended June 30, 2014 and 2013, respectively. Dominion Gas capitalized $5 million and $8 million of interest charges to property, plant and equipment for the three and six months ended June 30, 2013, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Employee Benefit Plans | |||||||||||||
Dominion | |||||||||||||
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 June 30, | |||||||||||||
Service cost | $ | 28 | $ | 34 | $ | 8 | $ | 12 | |||||
Interest cost | 73 | 67 | 16 | 18 | |||||||||
Expected return on plan assets | (125 | ) | (115 | ) | (27 | ) | (22 | ) | |||||
Amortization of prior service cost (credit) | 1 | 1 | (7 | ) | (3 | ) | |||||||
Amortization of net actuarial loss | 28 | 44 | 1 | 2 | |||||||||
Settlements and curtailments(1) | — | (2 | ) | — | (15 | ) | |||||||
Net periodic benefit cost (credit) | $ | 5 | $ | 29 | $ | (9 | ) | $ | (8 | ) | |||
Six Months Ended June 30, | |||||||||||||
Service cost | $ | 57 | $ | 69 | $ | 16 | $ | 24 | |||||
Interest cost | 145 | 133 | 33 | 37 | |||||||||
Expected return on plan assets | (250 | ) | (229 | ) | (55 | ) | (44 | ) | |||||
Amortization of prior service cost (credit) | 2 | 2 | (14 | ) | (6 | ) | |||||||
Amortization of net actuarial loss | 56 | 90 | 1 | 4 | |||||||||
Settlements and curtailments(1) | — | (2 | ) | — | (15 | ) | |||||||
Net periodic benefit cost (credit) | $ | 10 | $ | 63 | $ | (19 | ) | $ | — | ||||
(1) Relate primarily to the decommissioning of Kewaunee. | |||||||||||||
Employer Contributions | |||||||||||||
During the six months ended June 30, 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 VEBAs during the remainder of 2014. | |||||||||||||
Dominion Gas | |||||||||||||
Dominion Gas participates in certain Dominion benefit plans as described in Note 17 in Exhibit 99.11(b) to Dominion Gas’ Current Report on Form 8-K dated June 26, 2014. At June 30, 2014 and December 31, 2013, Dominion Gas’ amounts due from Dominion associated with the Dominion Pension Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $595 million and $577 million, respectively. At June 30, 2014 and December 31, 2013, Dominion Gas’ amounts due to Dominion associated with the Dominion Retiree Health and Welfare Plan and reflected in other deferred credits and other liabilities in the Consolidated Balance Sheets were $11 million and $14 million, respectively. | |||||||||||||
The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: | |||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Three Months Ended June 30, | |||||||||||||
Service cost | $ | 3 | $ | 4 | $ | 2 | $ | 2 | |||||
Interest cost | 7 | 7 | 3 | 3 | |||||||||
Expected return on plan assets | (28 | ) | (27 | ) | (6 | ) | (4 | ) | |||||
Amortization of prior service credit | — | — | (1 | ) | (1 | ) | |||||||
Amortization of net actuarial loss | 4 | 7 | — | — | |||||||||
Net periodic benefit credit | $ | (14 | ) | $ | (9 | ) | $ | (2 | ) | $ | — | ||
Six Months Ended June 30, | |||||||||||||
Service cost | $ | 6 | $ | 7 | $ | 3 | $ | 4 | |||||
Interest cost | 14 | 13 | 6 | 6 | |||||||||
Expected return on plan assets | (57 | ) | (52 | ) | (11 | ) | (9 | ) | |||||
Amortization of prior service credit | — | — | (1 | ) | (2 | ) | |||||||
Amortization of net actuarial loss | 9 | 14 | — | 1 | |||||||||
Net periodic benefit credit | $ | (28 | ) | $ | (18 | ) | $ | (3 | ) | $ | — | ||
Employer Contributions | |||||||||||||
During the six months ended June 30, 2014, Dominion Gas made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Gas expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs, for both employees represented by collective bargaining units and employees not represented by collective bargaining units, during the remainder of 2014. |
Operating_Segments
Operating Segments | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||
Operating Segments | |||||||||||||||||||
The Companies 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 | Dominion Gas | |||||||||||||||
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 | X | ||||||||||||||||
Gas distribution and storage | X | X | |||||||||||||||||
Gas gathering and processing | X | 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. | |||||||||||||||||||
Dominion | |||||||||||||||||||
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 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 the electric retail energy marketing business has been included in the Corporate and Other Segment of Dominion for 2014 first quarter results of operations. | |||||||||||||||||||
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 six months ended June 30, 2014, Dominion reported an after-tax net expense of $430 million for specific items in the Corporate and Other segment, with $402 million of these net expenses attributable to its operating segments. In the six months ended June 30, 2013, Dominion reported an after-tax net expense of $134 million for specific items in the Corporate and Other segment, with $131 million of these net expenses 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; | ||||||||||||||||||
• | A $287 million ($191 million after-tax) charge associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities, attributable to Dominion Generation; 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 expense for specific items in 2013 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $118 million ($69 million after-tax) net loss from discontinued operations of Brayton Point and Kincaid, including debt extinguishment of $64 million ($38 million after-tax) related to the pending sale, impairment charges of $48 million ($28 million after-tax), and a $6 million ($3 million after-tax) loss from operations, attributable to Dominion Generation; | ||||||||||||||||||
• | A $107 million ($57 million after-tax) net loss, including a $55 million ($33 million after-tax) impairment charge related to certain natural gas infrastructure assets and a $52 million ($24 million after-tax) loss related to the producer services business discussed above, attributable to Dominion Energy; and | ||||||||||||||||||
• | A $28 million ($17 million after-tax) charge primarily reflecting severance pay and other benefits related to workforce reductions attributable to all segments; partially offset by | ||||||||||||||||||
• | A $51 million ($31 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation. | ||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||
Total revenue from external customers | $ | 445 | $ | 1,694 | $ | 429 | $ | 4 | $ | 241 | $ | 2,813 | |||||||
Intersegment revenue | 5 | 10 | 252 | 139 | (406 | ) | — | ||||||||||||
Total operating revenue | 450 | 1,704 | 681 | 143 | (165 | ) | 2,813 | ||||||||||||
Net income (loss) attributable to Dominion | 116 | 159 | 130 | (246 | ) | — | 159 | ||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Total revenue from external customers | $ | 432 | $ | 1,898 | $ | 354 | $ | 17 | $ | 279 | $ | 2,980 | |||||||
Intersegment revenue | 3 | 3 | 275 | 164 | (445 | ) | — | ||||||||||||
Total operating revenue | 435 | 1,901 | 629 | 181 | (166 | ) | 2,980 | ||||||||||||
Loss from discontinued operations | — | — | — | (70 | ) | — | (70 | ) | |||||||||||
Net income (loss) attributable to Dominion | 112 | 185 | 124 | (219 | ) | — | 202 | ||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||
Total revenue from external customers | $ | 945 | $ | 3,951 | $ | 791 | $ | 7 | $ | 749 | $ | 6,443 | |||||||
Intersegment revenue | 9 | 37 | 741 | 281 | (1,068 | ) | — | ||||||||||||
Total operating revenue | 954 | 3,988 | 1,532 | 288 | (319 | ) | 6,443 | ||||||||||||
Net income (loss) attributable to Dominion | 247 | 468 | 338 | (515 | ) | — | 538 | ||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||
Total revenue from external customers | $ | 896 | $ | 4,028 | $ | 966 | $ | 63 | $ | 550 | $ | 6,503 | |||||||
Intersegment revenue | 5 | 44 | 539 | 307 | (895 | ) | — | ||||||||||||
Total operating revenue | 901 | 4,072 | 1,505 | 370 | (345 | ) | 6,503 | ||||||||||||
Loss from discontinued operations | — | — | — | (69 | ) | — | (69 | ) | |||||||||||
Net income (loss) attributable to Dominion | 228 | 439 | 303 | (273 | ) | — | 697 | ||||||||||||
-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. | |||||||||||||||||||
Virginia Power | |||||||||||||||||||
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. | |||||||||||||||||||
In the six months ended June 30, 2014, Virginia Power reported an after-tax net expense of $181 million for specific items in the Corporate and Other segment, with $189 million of these net expenses attributable to its operating segments. In the six months ended June 30, 2013, Virginia Power reported an after-tax net expense of $5 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments. | |||||||||||||||||||
The net expense for specific items in 2014 primarily related to the impact of the following item: | |||||||||||||||||||
• | A $287 million ($191 million after-tax) charge associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities, attributable to Dominion Generation. | ||||||||||||||||||
The following table presents segment information pertaining to Virginia Power’s operations: | |||||||||||||||||||
DVP | Dominion | Corporate | Consolidated | ||||||||||||||||
Generation | and Other | Total | |||||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 448 | $ | 1,281 | $ | — | $ | 1,729 | |||||||||||
Net income (loss) | 117 | 133 | (181 | ) | 69 | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 431 | $ | 1,279 | $ | — | $ | 1,710 | |||||||||||
Net income (loss) | 114 | 157 | (6 | ) | 265 | ||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 950 | $ | 2,762 | $ | — | $ | 3,712 | |||||||||||
Net income (loss) | 251 | 322 | (180 | ) | 393 | ||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 896 | $ | 2,595 | $ | — | $ | 3,491 | |||||||||||
Net income (loss) | 232 | 325 | (5 | ) | 552 | ||||||||||||||
Dominion Gas | |||||||||||||||||||
The Corporate and Other Segment of Dominion Gas primarily includes specific items attributable to Dominion Gas' operating segment that are not included in profit measures evaluated by executive management in assessing the segment's performance and the effect of certain items recorded at Dominion Gas as a result of Dominion's basis in the net assets contributed. | |||||||||||||||||||
In the six months ended June 30, 2014, Dominion Gas reported no amounts for specific items in the Corporate and Other segment. In the six months ended June 30, 2013, Dominion Gas reported an after-tax net expense of $41 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segment. | |||||||||||||||||||
The net expenses for specific items in 2013 primarily related to the impact of the following items: | |||||||||||||||||||
• | A $55 million ($33 million after-tax) impairment charge related to certain natural gas infrastructure assets; and | ||||||||||||||||||
• | A $14 million ($8 million after-tax) charge primarily reflecting severance pay and other benefits related to workforce reductions. | ||||||||||||||||||
The following table presents segment information pertaining to Dominion Gas' operations: | |||||||||||||||||||
Dominion Energy | Corporate and Other | Consolidated Total | |||||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 428 | $ | — | $ | 428 | |||||||||||||
Net income (loss) | 96 | (3 | ) | 93 | |||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 430 | $ | — | $ | 430 | |||||||||||||
Net income (loss) | 97 | (44 | ) | 53 | |||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 997 | $ | — | $ | 997 | |||||||||||||
Net income (loss) | 262 | (5 | ) | 257 | |||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 1,016 | $ | — | $ | 1,016 | |||||||||||||
Net income (loss) | 237 | (46 | ) | 191 | |||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
General | ' |
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. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) (Brayton Point and Kincaid) | 6 Months Ended | ||||||
Jun. 30, 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 June 30, | Six Months Ended June 30, | ||||||
2013 | 2013 | ||||||
(millions) | |||||||
Operating revenue | $ | 63 | $ | 217 | |||
Income before income taxes(1) | (119 | ) | (118 | ) | |||
-1 | Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt. See Note 17 in Dominion's Annual Report on Form 10-K for the year ended December 31, 2013 for more information. |
Operating_Revenue_Tables
Operating Revenue (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ' | ||||||||||||
Operating Revenue | ' | ||||||||||||
The Companies’ operating revenue consists of the following: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Dominion | |||||||||||||
Electric sales: | |||||||||||||
Regulated | $ | 1,697 | $ | 1,687 | $ | 3,648 | $ | 3,448 | |||||
Nonregulated | 320 | 545 | 1,174 | 1,203 | |||||||||
Gas sales: | |||||||||||||
Regulated | 70 | 49 | 217 | 181 | |||||||||
Nonregulated | 228 | 208 | 345 | 553 | |||||||||
Gas transportation and storage | 351 | 360 | 795 | 827 | |||||||||
Other | 147 | 131 | 264 | 291 | |||||||||
Total operating revenue | $ | 2,813 | $ | 2,980 | $ | 6,443 | $ | 6,503 | |||||
Virginia Power | |||||||||||||
Regulated electric sales | $ | 1,697 | $ | 1,687 | $ | 3,648 | $ | 3,448 | |||||
Other | 32 | 23 | 64 | 43 | |||||||||
Total operating revenue | $ | 1,729 | $ | 1,710 | $ | 3,712 | $ | 3,491 | |||||
Dominion Gas | |||||||||||||
Gas sales: | |||||||||||||
Regulated | $ | 54 | $ | 34 | $ | 137 | $ | 108 | |||||
Nonregulated | 4 | 4 | 13 | 7 | |||||||||
Gas transportation and storage | 304 | 312 | 700 | 731 | |||||||||
NGL revenue | 44 | 66 | 101 | 138 | |||||||||
Other | 22 | 14 | 46 | 32 | |||||||||
Total operating revenue | $ | 428 | $ | 430 | $ | 997 | $ | 1,016 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Effective Income Tax | ' | ||||||||||||
For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies' effective income tax rate as follows: | |||||||||||||
Dominion | Virginia Power | Dominion Gas | |||||||||||
Six Months Ended June 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||
U.S. statutory rate | 35 | Â % | 35 | Â % | 35 | Â % | 35 | Â % | 35 | % | 35 | % | |
Increases (reductions) resulting from: | |||||||||||||
State taxes, net of federal benefit | 1.5 | 1.9 | 3.8 | 2.6 | 3.7 | 3.8 | |||||||
Investment and production tax credits | (5.9 | ) | (1.5 | ) | (0.6 | ) | — | — | — | ||||
Valuation allowances | 1.1 | — | — | — | — | — | |||||||
Other, net | (0.4 | ) | (1.3 | ) | 0.6 | (1.2 | ) | 0.1 | 0.2 | ||||
Effective tax rate | 31.3 | Â % | 34.1 | Â % | 38.8 | Â % | 36.4 | Â % | 38.8 | % | 39 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions, except EPS) | |||||||||||||
Net income attributable to Dominion | $ | 159 | $ | 202 | $ | 538 | $ | 697 | |||||
Average shares of common stock outstanding – Basic | 581.9 | 578.1 | 581.7 | 577.3 | |||||||||
Net effect of dilutive securities(1) | 2 | 0.8 | 1.7 | 0.9 | |||||||||
Average shares of common stock outstanding – Diluted | 583.9 | 578.9 | 583.4 | 578.2 | |||||||||
Earnings Per Common Share – Basic | $ | 0.27 | $ | 0.35 | $ | 0.92 | $ | 1.21 | |||||
Earnings Per Common Share – Diluted | $ | 0.27 | $ | 0.35 | $ | 0.92 | $ | 1.21 | |||||
-1 | Dilutive securities consist primarily of contingently convertible senior notes and the 2013 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) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
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 June 30, 2014 | ||||||||||||||||
Beginning balance | $ | (278 | ) | $ | 492 | $ | (506 | ) | $ | (7 | ) | $ | (299 | ) | ||
Other comprehensive income before reclassifications: gains (losses) | (59 | ) | 49 | 4 | 2 | (4 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | (16 | ) | (7 | ) | 9 | — | (14 | ) | ||||||||
Net current-period other comprehensive income (loss) | (75 | ) | 42 | 13 | 2 | (18 | ) | |||||||||
Ending balance | $ | (353 | ) | $ | 534 | $ | (493 | ) | $ | (5 | ) | $ | (317 | ) | ||
Three Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (136 | ) | $ | 377 | $ | (1,061 | ) | $ | — | $ | (820 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | 122 | 3 | 228 | — | 353 | |||||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | (17 | ) | (9 | ) | 10 | — | (16 | ) | ||||||||
Net current-period other comprehensive income (loss) | 105 | (6 | ) | 238 | — | 337 | ||||||||||
Ending balance | $ | (31 | ) | $ | 371 | $ | (823 | ) | $ | — | $ | (483 | ) | |||
Six Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | (288 | ) | $ | 474 | $ | (510 | ) | $ | — | $ | (324 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | (209 | ) | 78 | — | (5 | ) | (136 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 144 | (18 | ) | 17 | — | 143 | ||||||||||
Net current-period other comprehensive income (loss) | (65 | ) | 60 | 17 | (5 | ) | 7 | |||||||||
Ending balance | $ | (353 | ) | $ | 534 | $ | (493 | ) | $ | (5 | ) | $ | (317 | ) | ||
Six Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (122 | ) | $ | 326 | $ | (1,081 | ) | $ | — | $ | (877 | ) | |||
Other comprehensive income before reclassifications: gains (losses) | 32 | 81 | 228 | — | 341 | |||||||||||
Amounts reclassified from accumulated other comprehensive income(1): (gains) losses | 59 | (36 | ) | 30 | — | 53 | ||||||||||
Net current-period other comprehensive income (loss) | 91 | 45 | 258 | — | 394 | |||||||||||
Ending balance | $ | (31 | ) | $ | 371 | $ | (823 | ) | $ | — | $ | (483 | ) | |||
(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 June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (28 | ) | Operating revenue | ||||||||||||
3 | Purchased gas | |||||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
(22 | ) | |||||||||||||||
Tax | 6 | Income tax expense | ||||||||||||||
$ | (16 | ) | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (13 | ) | Other income | ||||||||||||
Impairment | 2 | Other income | ||||||||||||||
(11 | ) | |||||||||||||||
Tax | 4 | Income tax expense | ||||||||||||||
$ | (7 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (2 | ) | Other operations and maintenance | ||||||||||||
Actuarial (gains) losses | 17 | Other operations and maintenance | ||||||||||||||
15 | ||||||||||||||||
Tax | (6 | ) | Income tax expense | |||||||||||||
$ | 9 | |||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (29 | ) | Operating revenue | ||||||||||||
Interest rate contracts | 3 | Interest and related charges | ||||||||||||||
(26 | ) | |||||||||||||||
Tax | 9 | Income tax expense | ||||||||||||||
$ | (17 | ) | ||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (17 | ) | Other income | ||||||||||||
Impairment | 3 | Other income | ||||||||||||||
(14 | ) | |||||||||||||||
Tax | 5 | Income tax expense | ||||||||||||||
$ | (9 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (6 | ) | |||||||||||||
Actuarial (gains) losses | 27 | Other operations and maintenance | ||||||||||||||
21 | ||||||||||||||||
Tax | (11 | ) | Income tax expense | |||||||||||||
$ | 10 | |||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 241 | Operating revenue | |||||||||||||
4 | Purchased gas | |||||||||||||||
(13 | ) | Electric fuel and other energy-related purchases | ||||||||||||||
Interest rate contracts | 6 | Interest and related charges | ||||||||||||||
238 | ||||||||||||||||
Tax | (94 | ) | Income tax expense | |||||||||||||
$ | 144 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (33 | ) | Other income | ||||||||||||
Impairment | 4 | Other income | ||||||||||||||
(29 | ) | |||||||||||||||
Tax | 11 | Income tax expense | ||||||||||||||
$ | (18 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (5 | ) | Other operations and maintenance | ||||||||||||
Actuarial (gains) losses | 34 | Other operations and maintenance | ||||||||||||||
29 | ||||||||||||||||
Tax | (12 | ) | Income tax expense | |||||||||||||
$ | 17 | |||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 55 | Operating revenue | |||||||||||||
34 | Purchased gas | |||||||||||||||
3 | Electric fuel and other energy-related purchases | |||||||||||||||
Interest rate contracts | 6 | Interest and related charges | ||||||||||||||
98 | ||||||||||||||||
Tax | (39 | ) | Income tax expense | |||||||||||||
$ | 59 | |||||||||||||||
Unrealized (gains) and losses on investment securities: | ||||||||||||||||
Realized (gain) loss on sale of securities | $ | (64 | ) | Other income | ||||||||||||
Impairment | 5 | Other income | ||||||||||||||
(59 | ) | |||||||||||||||
Tax | 23 | Income tax expense | ||||||||||||||
$ | (36 | ) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Prior service (credit) costs | $ | (6 | ) | |||||||||||||
Actuarial (gains) losses | 56 | Other operations and maintenance | ||||||||||||||
50 | ||||||||||||||||
Tax | (20 | ) | Income tax expense | |||||||||||||
$ | 30 | |||||||||||||||
Dominion Gas Holdings, LLC | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following table presents Dominion Gas’ changes in AOCI by component, net of tax: | ||||||||||||||||
Deferred gains and losses on derivatives-hedging activities | Unrecognized pension and other postretirement benefit costs | Total | ||||||||||||||
(millions) | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | — | $ | (60 | ) | $ | (60 | ) | ||||||||
Other comprehensive income before reclassifications: gains (losses) | (19 | ) | — | (19 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 3 | 1 | 4 | |||||||||||||
Net current-period other comprehensive income (loss) | (16 | ) | 1 | (15 | ) | |||||||||||
Ending balance | $ | (16 | ) | $ | (59 | ) | $ | (75 | ) | |||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (30 | ) | $ | (91 | ) | $ | (121 | ) | |||||||
Other comprehensive income before reclassifications: gains (losses) | 52 | 13 | 65 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | — | 1 | 1 | |||||||||||||
Net current-period other comprehensive income | 52 | 14 | 66 | |||||||||||||
Ending balance | $ | 22 | $ | (77 | ) | $ | (55 | ) | ||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | 3 | $ | (61 | ) | $ | (58 | ) | ||||||||
Other comprehensive income before reclassifications: gains (losses) | (27 | ) | (1 | ) | (28 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 8 | 3 | 11 | |||||||||||||
Net current-period other comprehensive income (loss) | (19 | ) | 2 | (17 | ) | |||||||||||
Ending balance | $ | (16 | ) | $ | (59 | ) | $ | (75 | ) | |||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Beginning balance | $ | (47 | ) | $ | (93 | ) | $ | (140 | ) | |||||||
Other comprehensive income before reclassifications: gains (losses) | 66 | 13 | 79 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income: (gains) losses(1) | 3 | 3 | 6 | |||||||||||||
Net current-period other comprehensive income | 69 | 16 | 85 | |||||||||||||
Ending balance | $ | 22 | $ | (77 | ) | $ | (55 | ) | ||||||||
-1 | See table below for details about these reclassifications. | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The following table presents Dominion Gas' reclassifications out of AOCI by component:Â | ||||||||||||||||
Details about AOCI components | Amounts reclassified from AOCI | Affected line item in the Consolidated Statements of Income | ||||||||||||||
(millions) | ||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 2 | Operating revenue | |||||||||||||
3 | Purchased gas | |||||||||||||||
5 | ||||||||||||||||
Tax | (2 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 1 | Other operations and maintenance | |||||||||||||
1 | ||||||||||||||||
Tax | — | Income tax expense | ||||||||||||||
$ | 1 | |||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (3 | ) | Operating revenue | ||||||||||||
3 | Purchased gas | |||||||||||||||
— | ||||||||||||||||
Tax | — | Income tax expense | ||||||||||||||
$ | — | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 2 | Other operations and maintenance | |||||||||||||
2 | ||||||||||||||||
Tax | (1 | ) | Income tax expense | |||||||||||||
$ | 1 | |||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | 7 | Operating revenue | |||||||||||||
5 | Purchased gas | |||||||||||||||
12 | ||||||||||||||||
Tax | (4 | ) | Income tax expense | |||||||||||||
$ | 8 | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 4 | Other operations and maintenance | |||||||||||||
4 | ||||||||||||||||
Tax | (1 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||
Deferred (gains) and losses on derivatives-hedging activities: | ||||||||||||||||
Commodity contracts | $ | (2 | ) | Operating revenue | ||||||||||||
6 | Purchased gas | |||||||||||||||
4 | ||||||||||||||||
Tax | (1 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Unrecognized pension and other postretirement benefit costs: | ||||||||||||||||
Actuarial (gains) losses | $ | 5 | Other operations and maintenance | |||||||||||||
5 | ||||||||||||||||
Tax | (2 | ) | Income tax expense | |||||||||||||
$ | 3 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ||||||||||||
Fair Value, Option, Quantitative Disclosures | ' | ||||||||||||
The following table presents the Companies' quantitative information about Level 3 fair value measurements at June 30, 2014. 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) | |||||||||
Assets: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
Natural Gas(2) | $ | 19 | Discounted Cash Flow | Market Price (per Dth) | (5)Â | (2) - 5 | 2 | ||||||
FTRs(3) | 10 | Discounted Cash Flow | Market Price (per MWh) | (5)Â | (1) - 10 | 1 | |||||||
NGLs (4) | 3 | Discounted Cash Flow | Market Price (per Gal) | (5)Â | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
Natural Gas | 4 | Option Model | Market Price (per Dth) | (5)Â | 5-Mar | 4 | |||||||
Price Volatility | (6)Â | 14% - 32% | 24 | % | |||||||||
Total assets | $ | 36 | |||||||||||
Liabilities: | |||||||||||||
Physical and Financial Forwards and Futures: | |||||||||||||
      Natural Gas(2) | $ | 20 | Discounted Cash Flow | Market Price (per Dth) | (5) | (2) - 5 | 2 | ||||||
      FTRs(3) | 3 | Discounted Cash Flow | Market Price (per MWh) | (5) | (10) - 10 | 1 | |||||||
      NGLs(4) | 6 | Discounted Cash Flow | Market Price (per Gal) | (5) | 3-Jan | 1 | |||||||
Physical and Financial Options: | |||||||||||||
      Natural Gas | 4 | Option Model | Market Price (per Dth) | (5) | 5-Feb | 4 | |||||||
Price Volatility | (6)Â | 14% - 32% | 25 | % | |||||||||
Total liabilities | $ | 33 | |||||||||||
-1 | Averages weighted by volume. | ||||||||||||
-2 | Includes basis. | ||||||||||||
-3 | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | ||||||||||||
-4 | Information represents Dominion Gas' quantitative information about Level 3 fair value measurements. | ||||||||||||
-5 | Represents market prices beyond defined terms for Levels 1 & 2. | ||||||||||||
-6 | 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 June 30, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 1 | $ | 645 | $ | 36 | $ | 682 | |||||
Interest rate | — | 57 | — | 57 | |||||||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S.: | |||||||||||||
Large cap | 2,592 | — | — | 2,592 | |||||||||
Other | 6 | — | — | 6 | |||||||||
Non-U.S.: | |||||||||||||
Large cap | 12 | — | — | 12 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 409 | — | 409 | |||||||||
U.S. Treasury securities and agency debentures | 446 | 182 | — | 628 | |||||||||
State and municipal | — | 368 | — | 368 | |||||||||
Other | — | 7 | — | 7 | |||||||||
Cash equivalents and other | 1 | 91 | — | 92 | |||||||||
       Total assets | $ | 3,058 | $ | 1,759 | $ | 36 | $ | 4,853 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | 1 | $ | 1,113 | $ | 33 | $ | 1,147 | |||||
Interest rate | — | 109 | — | 109 | |||||||||
Total liabilities | $ | 1 | $ | 1,222 | $ | 33 | $ | 1,256 | |||||
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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Beginning balance | $ | 8 | $ | 9 | $ | (16 | ) | $ | 25 | ||||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (10 | ) | (10 | ) | 100 | 2 | |||||||
Included in other comprehensive income (loss) | (1 | ) | 26 | 3 | 36 | ||||||||
Included in regulatory assets/liabilities | (3 | ) | (22 | ) | 14 | (27 | ) | ||||||
Settlements | 9 | (1 | ) | (99 | ) | (26 | ) | ||||||
Transfers out of Level 3 | — | — | 1 | (8 | ) | ||||||||
Ending balance | $ | 3 | $ | 2 | $ | 3 | $ | 2 | |||||
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 | $ | — | $ | (4 | ) | $ | 1 | $ | (11 | ) | |||
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 | Purchased Gas | Electric fuel | Total | ||||||||||
revenue | and other | ||||||||||||
energy-related | |||||||||||||
purchases | |||||||||||||
(millions) | |||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | (1 | ) | $ | (1 | ) | $ | (8 | ) | $ | (10 | ) | |
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 June 30, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | (2 | ) | $ | — | $ | (8 | ) | $ | (10 | ) | ||
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 | (2 | ) | — | (2 | ) | (4 | ) | ||||||
Six Months Ended June 30, 2014 | |||||||||||||
Total gains (losses) included in earnings | $ | (11 | ) | $ | (1 | ) | $ | 112 | $ | 100 | |||
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 | 2 | (1 | ) | — | 1 | ||||||||
Six Months Ended June 30, 2013 | |||||||||||||
Total gains (losses) included in earnings | $ | 7 | $ | — | $ | (5 | ) | $ | 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 | (10 | ) | — | (1 | ) | (11 | ) | ||||||
Cost and Fair Value of Financial Instruments Disclosure | ' | ||||||||||||
For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: | |||||||||||||
30-Jun-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) | $ | 18,883 | $ | 21,103 | $ | 18,396 | $ | 19,887 | |||||
Junior subordinated notes(3) | 1,373 | 1,392 | 1,373 | 1,394 | |||||||||
Remarketable subordinated notes(3) | 1,082 | 1,272 | 1,080 | 1,192 | |||||||||
Subsidiary preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
Virginia Power | |||||||||||||
Long-term debt, including securities due within one year(3) | $ | 8,730 | $ | 9,970 | $ | 8,032 | $ | 8,897 | |||||
Preferred stock(4) | 134 | 141 | 257 | 261 | |||||||||
Dominion Gas | |||||||||||||
Long-term debt(3) | $ | 1,199 | $ | 1,236 | $ | 1,198 | $ | 1,169 | |||||
-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/or premium. At June 30, 2014 and December 31, 2013, includes the valuation of certain fair value hedges associated with fixed rate debt of approximately $54 million and $55 million, respectively. | ||||||||||||
-3 | Carrying amount includes amounts which represent the unamortized discount and/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 June 30, 2014 | |||||||||||||
Assets: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 5 | $ | 10 | $ | 15 | |||||
Investments(1): | |||||||||||||
Equity securities: | |||||||||||||
U.S. Large cap | 1,098 | — | — | 1,098 | |||||||||
Fixed income: | |||||||||||||
Corporate debt instruments | — | 221 | — | 221 | |||||||||
U.S. Treasury securities and agency debentures | 169 | 59 | — | 228 | |||||||||
State and municipal | — | 185 | — | 185 | |||||||||
Cash equivalents and other | — | 28 | — | 28 | |||||||||
       Total assets | $ | 1,267 | $ | 498 | $ | 10 | $ | 1,775 | |||||
Liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Commodity | $ | — | $ | 5 | $ | 3 | $ | 8 | |||||
Interest rate | — | 15 | — | 15 | |||||||||
Total liabilities | $ | — | $ | 20 | $ | 3 | $ | 23 | |||||
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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Beginning balance | $ | 10 | $ | (3 | ) | $ | (7 | ) | $ | 2 | |||
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (9 | ) | (7 | ) | 111 | (4 | ) | ||||||
Included in regulatory assets/liabilities | (3 | ) | (22 | ) | 14 | (27 | ) | ||||||
Settlements | 9 | 7 | (111 | ) | 4 | ||||||||
Ending balance | $ | 7 | $ | (25 | ) | $ | 7 | $ | (25 | ) | |||
Dominion Gas Holdings, LLC | ' | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||
The following table presents Dominion Gas' assets and liabilities for commodity and interest rate derivatives 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 June 30, 2014 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 3 | $ | 3 | |||||
Liabilities: | |||||||||||||
Commodity | $ | — | $ | 7 | $ | 6 | $ | 13 | |||||
Interest rate | — | 19 | — | 19 | |||||||||
Total liabilities | $ | — | $ | 26 | $ | 6 | $ | 32 | |||||
At December 31, 2013 | |||||||||||||
Assets: | |||||||||||||
Commodity | $ | — | $ | — | $ | 6 | $ | 6 | |||||
Interest rate | — | 34 | — | 34 | |||||||||
Total Assets | $ | — | $ | 34 | $ | 6 | $ | 40 | |||||
Liabilities: | |||||||||||||
Commodity | $ | — | $ | 13 | $ | 12 | $ | 25 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||
 The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Beginning balance | $ | (2 | ) | $ | (1 | ) | $ | (6 | ) | $ | (12 | ) | |
Total realized and unrealized gains (losses): | |||||||||||||
Included in earnings | (2 | ) | 3 | (7 | ) | 2 | |||||||
Included in other comprehensive income (loss) | (1 | ) | 24 | 3 | 35 | ||||||||
Settlements | 2 | (3 | ) | 7 | (2 | ) | |||||||
Ending balance | $ | (3 | ) | $ | 23 | $ | (3 | ) | $ | 23 | |||
Derivatives_and_Hedge_Accounti1
Derivatives and Hedge Accounting Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 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: | |||||||||||||||||||||||||
30-Jun-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 | $ | 57 | $ | — | $ | 57 | $ | 137 | $ | — | $ | 137 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 195 | — | 195 | 240 | — | 240 | |||||||||||||||||||
Exchange | 480 | — | 480 | 506 | — | 506 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 732 | — | 732 | 883 | — | 883 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 7 | — | 7 | 7 | — | 7 | |||||||||||||||||||
Total | $ | 739 | $ | — | $ | 739 | $ | 890 | $ | — | $ | 890 | |||||||||||||
30-Jun-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 | $ | 57 | $ | 30 | $ | — | $ | 27 | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 195 | 122 | — | 73 | 240 | 63 | — | 177 | |||||||||||||||||
Exchange | 480 | 479 | — | 1 | 506 | 505 | — | 1 | |||||||||||||||||
Total | $ | 732 | $ | 631 | $ | — | $ | 101 | $ | 883 | $ | 568 | $ | — | $ | 315 | |||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
30-Jun-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 | $ | 109 | $ | — | $ | 109 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 334 | — | 334 | 262 | — | 262 | |||||||||||||||||||
Exchange | 809 | — | 809 | 838 | — | 838 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 1,252 | — | 1,252 | 1,100 | — | 1,100 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 4 | — | 4 | 2 | — | 2 | |||||||||||||||||||
Total | $ | 1,256 | $ | — | $ | 1,256 | $ | 1,102 | $ | — | $ | 1,102 | |||||||||||||
30-Jun-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 | $ | 109 | $ | 30 | $ | — | $ | 79 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 334 | 122 | 4 | 208 | 262 | 63 | 69 | 130 | |||||||||||||||||
Exchange | 809 | 479 | 330 | — | 838 | 505 | 333 | — | |||||||||||||||||
Total | $ | 1,252 | $ | 631 | $ | 334 | $ | 287 | $ | 1,100 | $ | 568 | $ | 402 | $ | 130 | |||||||||
Volumes of Derivative Activity | ' | ||||||||||||||||||||||||
The following table presents the volume of Dominion’s derivative activity as of June 30, 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) | 68 | 15 | |||||||||||||||||||||||
Basis | 370 | 188 | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
       Fixed price | 16,045,947 | 11,120,650 | |||||||||||||||||||||||
FTRs | 73,646,672 | — | |||||||||||||||||||||||
Capacity (MW) | 1,500 | 16,800 | |||||||||||||||||||||||
Liquids (Gal)(2) | 75,768,000 | — | |||||||||||||||||||||||
Interest rate | $ | 1,600,000,000 | $ | 3,925,000,000 | |||||||||||||||||||||
-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 June 30, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum Term | |||||||||||||||||||||||
After-Tax | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Gas | $ | (5 | ) | $ | (5 | ) | 22 months | ||||||||||||||||||
Electricity | (168 | ) | (141 | ) | 30 months | ||||||||||||||||||||
Other | (1 | ) | (1 | ) | 23 months | ||||||||||||||||||||
Interest rate | (179 | ) | (7 | ) | 363 months | ||||||||||||||||||||
Total | $ | (353 | ) | $ | (154 | ) | |||||||||||||||||||
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) | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 163 | $ | 367 | $ | 530 | |||||||||||||||||||
Interest rate | 34 | — | 34 | ||||||||||||||||||||||
Total current derivative assets(1) | 197 | 367 | 564 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 84 | 68 | 152 | ||||||||||||||||||||||
Interest rate | 23 | — | 23 | ||||||||||||||||||||||
Total noncurrent derivative assets(2) | 107 | 68 | 175 | ||||||||||||||||||||||
Total derivative assets | $ | 304 | $ | 435 | $ | 739 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 419 | $ | 484 | $ | 903 | |||||||||||||||||||
Interest rate | 61 | — | 61 | ||||||||||||||||||||||
Total current derivative liabilities | 480 | 484 | 964 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Commodity | 131 | 113 | 244 | ||||||||||||||||||||||
Interest Rate | 48 | — | 48 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(3) | 179 | 113 | 292 | ||||||||||||||||||||||
Total derivative liabilities | $ | 659 | $ | 597 | $ | 1,256 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 49 | $ | 522 | $ | 571 | |||||||||||||||||||
Interest rate | 116 | — | 116 | ||||||||||||||||||||||
Total current derivative assets(1) | 165 | 522 | 687 | ||||||||||||||||||||||
Noncurrent Assets | |||||||||||||||||||||||||
Commodity | 28 | 154 | 182 | ||||||||||||||||||||||
Interest rate | 21 | — | 21 | ||||||||||||||||||||||
Total noncurrent derivative assets(2) | 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(3) | 119 | 155 | 274 | ||||||||||||||||||||||
Total derivative liabilities | $ | 386 | $ | 716 | $ | 1,102 | |||||||||||||||||||
(1) Current derivative assets are presented in other current assets in Dominion's Consolidated Balance Sheets. Â Â Â Â | |||||||||||||||||||||||||
(2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. | |||||||||||||||||||||||||
-3 | 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)Â | (Loss)Â Reclassified | (Decrease)Â in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 28 | |||||||||||||||||||||||
Purchased gas | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (33 | ) | $ | 25 | $ | (4 | ) | |||||||||||||||||
Interest rate(3) | (73 | ) | (3 | ) | (8 | ) | |||||||||||||||||||
Total | $ | (106 | ) | $ | 22 | $ | (12 | ) | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | 29 | |||||||||||||||||||||||
Total commodity | $ | 131 | $ | 29 | $ | (8 | ) | ||||||||||||||||||
Interest rate(3) | 67 | (3 | ) | 36 | |||||||||||||||||||||
Total | $ | 198 | $ | 26 | $ | 28 | |||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (241 | ) | ||||||||||||||||||||||
Purchased gas | (4 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | 13 | ||||||||||||||||||||||||
Total commodity | $ | (216 | ) | $ | (232 | ) | $ | (2 | ) | ||||||||||||||||
Interest rate(3) | (119 | ) | (6 | ) | (31 | ) | |||||||||||||||||||
Total | $ | (335 | ) | $ | (238 | ) | $ | (33 | ) | ||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Operating revenue | $ | (55 | ) | ||||||||||||||||||||||
Purchased gas | (34 | ) | |||||||||||||||||||||||
Electric fuel and other energy-related purchases | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (27 | ) | $ | (92 | ) | $ | (1 | ) | ||||||||||||||||
Interest rate(3) | 81 | (6 | ) | 52 | |||||||||||||||||||||
Total | $ | 54 | $ | (98 | ) | $ | 51 | ||||||||||||||||||
-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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (1 | ) | $ | (6 | ) | $ | (362 | ) | $ | (3 | ) | |||||||||||||
Purchased gas | — | (26 | ) | 6 | (7 | ) | |||||||||||||||||||
Electric fuel and other energy-related purchases | (8 | ) | (11 | ) | 125 | (8 | ) | ||||||||||||||||||
Total | $ | (9 | ) | $ | (43 | ) | $ | (231 | ) | $ | (18 | ) | |||||||||||||
-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: | |||||||||||||||||||||||||
30-Jun-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 | 11 | — | 11 | 4 | — | 4 | |||||||||||||||||||
Exchange | 1 | — | 1 | 1 | — | 1 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 12 | — | 12 | 53 | — | 53 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 3 | — | 3 | — | — | — | |||||||||||||||||||
Total | $ | 15 | $ | — | $ | 15 | $ | 53 | $ | — | $ | 53 | |||||||||||||
30-Jun-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 | 11 | 4 | — | 7 | 4 | 4 | — | — | |||||||||||||||||
Exchange | 1 | — | — | 1 | 1 | — | — | 1 | |||||||||||||||||
Total | $ | 12 | $ | 4 | $ | — | $ | 8 | $ | 53 | $ | 4 | $ | — | $ | 49 | |||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
30-Jun-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 | $ | 15 | $ | — | $ | 15 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 7 | — | 7 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | 22 | — | 22 | 12 | — | 12 | |||||||||||||||||||
Total derivatives, not subject to a master netting or similar arrangement | 1 | — | 1 | — | — | — | |||||||||||||||||||
Total | $ | 23 | $ | — | $ | 23 | $ | 12 | $ | — | $ | 12 | |||||||||||||
30-Jun-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 | $ | 15 | $ | — | $ | — | $ | 15 | $ | — | $ | — | $ | — | $ | — | |||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 7 | 4 | — | 3 | 12 | 4 | 7 | 1 | |||||||||||||||||
Total | $ | 22 | $ | 4 | $ | — | $ | 18 | $ | 12 | $ | 4 | $ | 7 | $ | 1 | |||||||||
Volumes of Derivative Activity | ' | ||||||||||||||||||||||||
The following table presents the volume of Virginia Power’s derivative activity as of June 30, 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) | 17 | — | |||||||||||||||||||||||
Basis | 35 | — | |||||||||||||||||||||||
Electricity (MWh): | |||||||||||||||||||||||||
Fixed price | 136,800 | — | |||||||||||||||||||||||
FTRs | 73,335,248 | — | |||||||||||||||||||||||
Capacity (MW) | 1,500 | 16,800 | |||||||||||||||||||||||
Interest rate | $ | — | $ | 550,000,000 | |||||||||||||||||||||
-1 | Includes options. | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 2 | $ | 13 | $ | 15 | |||||||||||||||||||
Total current derivative assets(1) | 2 | 13 | 15 | ||||||||||||||||||||||
Total derivative assets | $ | 2 | $ | 13 | $ | 15 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 3 | $ | 5 | $ | 8 | |||||||||||||||||||
Total current derivative liabilities(2) | 3 | 5 | 8 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | 15 | — | 15 | ||||||||||||||||||||||
Total noncurrent derivatives liabilities (3) | 15 | — | 15 | ||||||||||||||||||||||
Total derivative liabilities | $ | 18 | $ | 5 | $ | 23 | |||||||||||||||||||
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)Â | (Loss)Â Reclassified | (Decrease)Â in | |||||||||||||||||||||||
Recognized | from AOCI to | Derivatives | |||||||||||||||||||||||
in AOCI on | Income | Subject to | |||||||||||||||||||||||
Derivatives | Regulatory | ||||||||||||||||||||||||
(Effective | Treatment(2) | ||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 1 | |||||||||||||||||||||||
Total commodity | $ | — | $ | 1 | $ | (4 | ) | ||||||||||||||||||
Interest rate(3) | (1 | ) | — | (8 | ) | ||||||||||||||||||||
Total | $ | (1 | ) | $ | 1 | $ | (12 | ) | |||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | — | $ | (8 | ) | |||||||||||||||||
Interest rate(3) | 4 | — | 36 | ||||||||||||||||||||||
Total | $ | 2 | $ | — | $ | 28 | |||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | 6 | |||||||||||||||||||||||
Total commodity | $ | 5 | $ | 6 | $ | (2 | ) | ||||||||||||||||||
Interest rate(3) | (4 | ) | — | (31 | ) | ||||||||||||||||||||
Total | $ | 1 | $ | 6 | $ | (33 | ) | ||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||
Electric fuel and other energy-related purchases | $ | — | |||||||||||||||||||||||
Total commodity | $ | (1 | ) | $ | — | $ | (1 | ) | |||||||||||||||||
Interest rate(3) | 6 | — | 52 | ||||||||||||||||||||||
Total | $ | 5 | $ | — | $ | 51 | |||||||||||||||||||
-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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity(2) | $ | (8 | ) | $ | (6 | ) | $ | 111 | $ | (3 | ) | ||||||||||||||
Total | $ | (8 | ) | $ | (6 | ) | $ | 111 | $ | (3 | ) | ||||||||||||||
-1 | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | ||||||||||||||||||||||||
Dominion Gas Holdings, LLC | ' | ||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||||||||
The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. | |||||||||||||||||||||||||
30-Jun-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 | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 3 | — | 3 | 6 | — | 6 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 3 | $ | — | $ | 3 | $ | 40 | $ | — | $ | 40 | |||||||||||||
30-Jun-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 | Net Amounts | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Financial Instruments | Net Amounts | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
Over-the-counter | $ | — | $ | — | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 3 | 3 | — | 6 | 6 | — | |||||||||||||||||||
Total | $ | 3 | $ | 3 | $ | — | $ | 40 | $ | 6 | $ | 34 | |||||||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||
30-Jun-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 | $ | 19 | $ | — | $ | 19 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 13 | — | 13 | 25 | — | 25 | |||||||||||||||||||
Total derivatives, subject to a master netting or similar arrangement | $ | 32 | $ | — | $ | 32 | $ | 25 | $ | — | $ | 25 | |||||||||||||
30-Jun-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 | Net Amounts | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Financial Instruments | Net Amounts | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||
  Over-the-counter | $ | 19 | $ | — | $ | 19 | $ | — | $ | — | $ | — | |||||||||||||
Commodity contracts: | |||||||||||||||||||||||||
Over-the-counter | 13 | 3 | 10 | 25 | 6 | 19 | |||||||||||||||||||
Total | $ | 32 | $ | 3 | $ | 29 | $ | 25 | $ | 6 | $ | 19 | |||||||||||||
Volumes of Derivative Activity | ' | ||||||||||||||||||||||||
The following table presents the volume of Dominion Gas' derivative activity as of June 30, 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 | 2 | — | |||||||||||||||||||||||
Basis | 3 | — | |||||||||||||||||||||||
NGLs (Gal) | 60,480,000 | — | |||||||||||||||||||||||
Interest rate | $ | 700,000,000 | $ | 100,000,000 | |||||||||||||||||||||
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at June 30, 2014: | |||||||||||||||||||||||||
AOCI | Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | Maximum | |||||||||||||||||||||||
After-Tax | Term | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||
Natural Gas | $ | (4 | ) | $ | (4 | ) | 6 months | ||||||||||||||||||
NGLs | (3 | ) | (3 | ) | 6 months | ||||||||||||||||||||
Interest rate | (9 | ) | — | 363 months | |||||||||||||||||||||
Total | $ | (16 | ) | $ | (7 | ) | |||||||||||||||||||
Fair Value of Derivatives | ' | ||||||||||||||||||||||||
The following tables present the fair values of Dominion Gas' commodity and interest rate derivatives and where they are presented in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Fair Value - | Fair Value - | Total | |||||||||||||||||||||||
Derivatives | Derivatives | Fair | |||||||||||||||||||||||
under | not under | Value | |||||||||||||||||||||||
Hedge | Hedge | ||||||||||||||||||||||||
Accounting | Accounting | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 3 | $ | — | $ | 3 | |||||||||||||||||||
Total current derivative assets(1) | 3 | — | 3 | ||||||||||||||||||||||
Total derivative assets | $ | 3 | $ | — | $ | 3 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 13 | $ | — | $ | 13 | |||||||||||||||||||
Interest rate | 16 | — | 16 | ||||||||||||||||||||||
Total current derivative liabilities(2) | 29 | — | 29 | ||||||||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||||||
Interest rate | 3 | — | 3 | ||||||||||||||||||||||
Total noncurrent derivative liabilities(3) | 3 | — | 3 | ||||||||||||||||||||||
Total derivative liabilities | $ | 32 | $ | — | $ | 32 | |||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||||
Commodity | $ | 6 | $ | — | $ | 6 | |||||||||||||||||||
Interest rate | 34 | — | 34 | ||||||||||||||||||||||
Total current derivative assets(1) | 40 | — | 40 | ||||||||||||||||||||||
Total derivative assets | $ | 40 | $ | — | $ | 40 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||||
Commodity | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
Total current derivative liabilities(2) | 25 | — | 25 | ||||||||||||||||||||||
Total derivative liabilities | $ | 25 | $ | — | $ | 25 | |||||||||||||||||||
-1 | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-2 | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||||||||||||||||||||||||
-3 | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. | ||||||||||||||||||||||||
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | ' | ||||||||||||||||||||||||
The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: | |||||||||||||||||||||||||
Derivatives in cash flow hedging relationships | Amount of | Amount of | |||||||||||||||||||||||
Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||
Recognized | Reclassified | ||||||||||||||||||||||||
in AOCI on | from AOCI | ||||||||||||||||||||||||
Derivatives | to Income | ||||||||||||||||||||||||
(Effective | |||||||||||||||||||||||||
Portion)(1) | |||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (2 | ) | ||||||||||||||||||||||
Purchased gas | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | (3 | ) | $ | (5 | ) | |||||||||||||||||||
Interest rate(2) | (28 | ) | — | ||||||||||||||||||||||
Total | $ | (31 | ) | $ | (5 | ) | |||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | 3 | |||||||||||||||||||||||
Purchased gas | (3 | ) | |||||||||||||||||||||||
Total commodity | $ | 22 | $ | — | |||||||||||||||||||||
Interest rate(2) | 63 | — | |||||||||||||||||||||||
Total | $ | 85 | $ | — | |||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | (7 | ) | ||||||||||||||||||||||
Purchased gas | (5 | ) | |||||||||||||||||||||||
Total commodity | $ | (2 | ) | $ | (12 | ) | |||||||||||||||||||
Interest rate(2) | (42 | ) | — | ||||||||||||||||||||||
Total | $ | (44 | ) | $ | (12 | ) | |||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
Derivative Type and Location of Gains (Losses) | |||||||||||||||||||||||||
Commodity | |||||||||||||||||||||||||
Operating revenue | $ | 2 | |||||||||||||||||||||||
Purchased gas | (6 | ) | |||||||||||||||||||||||
Total commodity | $ | 34 | $ | (4 | ) | ||||||||||||||||||||
Interest rate(2) | 75 | — | |||||||||||||||||||||||
Total | $ | 109 | $ | (4 | ) | ||||||||||||||||||||
-1 | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | ||||||||||||||||||||||||
-2 | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
Investments_Tables
Investments (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 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) | ||||||||||||||
30-Jun-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
          U.S. Large cap | $ | 1,236 | $ | 1,313 | $ | — | $ | 2,549 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 389 | 21 | (1 | ) | 409 | |||||||||
U.S. Treasury securities and agency debentures | 618 | 12 | (3 | ) | 627 | |||||||||
State and municipal | 307 | 20 | (1 | ) | 326 | |||||||||
Other | 7 | — | — | 7 | ||||||||||
Cost method investments | 92 | — | — | 92 | ||||||||||
Cash equivalents and other(2) | 93 | — | — | 93 | ||||||||||
Total | $ | 2,742 | $ | 1,366 | $ | (5 | ) | (3)Â | $ | 4,103 | ||||
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)Â | $ | 3,903 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending sales of securities of $6 million and $11 million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $275 million and $604 million at June 30, 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 June 30, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 133 | ||||||||||||
Due after one year through five years | 407 | |||||||||||||
Due after five years through ten years | 384 | |||||||||||||
Due after ten years | 445 | |||||||||||||
Total | $ | 1,369 | ||||||||||||
Marketable Securities | ' | |||||||||||||
Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 244 | $ | 308 | $ | 686 | $ | 862 | ||||||
Realized gains(1) | 25 | 29 | 63 | 92 | ||||||||||
Realized losses(1) | 7 | 10 | 13 | 16 | ||||||||||
-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) | ||||||||||||||
30-Jun-14 | ||||||||||||||
Marketable equity securities: | ||||||||||||||
          U.S. Large cap | $ | 530 | $ | 567 | $ | — | $ | 1,097 | ||||||
Marketable debt securities: | ||||||||||||||
Corporate bonds | 211 | 10 | — | 221 | ||||||||||
U.S. Treasury securities and agency debentures | 226 | 3 | (1 | ) | 228 | |||||||||
State and municipal | 174 | 11 | — | 185 | ||||||||||
Cost method investments | 92 | — | — | 92 | ||||||||||
Cash equivalents and other(2) | 34 | — | — | 34 | ||||||||||
Total | $ | 1,267 | $ | 591 | $ | (1 | ) | (3)Â | $ | 1,857 | ||||
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)Â | $ | 1,765 | ||||
-1 | Included in AOCI and the decommissioning trust regulatory liability. | |||||||||||||
-2 | Includes pending sales of securities of $6 million at both June 30, 2014 and December 31, 2013. | |||||||||||||
-3 | The fair value of securities in an unrealized loss position was $114 million and $299 million at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||
The fair value of Virginia Power’s marketable debt securities at June 30, 2014 by contractual maturity is as follows: | ||||||||||||||
Amount | ||||||||||||||
(millions) | ||||||||||||||
Due in one year or less | $ | 39 | ||||||||||||
Due after one year through five years | 199 | |||||||||||||
Due after five years through ten years | 206 | |||||||||||||
Due after ten years | 190 | |||||||||||||
Total | $ | 634 | ||||||||||||
Marketable Securities | ' | |||||||||||||
Presented below is selected information regarding Virginia Power’s marketable equity and debt securities. | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(millions) | ||||||||||||||
Proceeds from sales | $ | 95 | $ | 135 | $ | 299 | $ | 324 | ||||||
Realized gains(1) | 10 | 10 | 29 | 26 | ||||||||||
Realized losses(1) | 3 | 5 | 6 | 8 | ||||||||||
-1 | Includes realized gains and losses recorded to the decommissioning trust regulatory liability. | |||||||||||||
Dominion Gas Holdings, LLC | ' | |||||||||||||
Gain (Loss) on Investments [Line Items] | ' | |||||||||||||
Equity Method Investments | ' | |||||||||||||
Dominion Gas accounts for the following investment under the equity method of accounting: | ||||||||||||||
Company | Ownership% | Investment Balance | Description | |||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||
(millions) | ||||||||||||||
Iroquois | 24.72 | % | $ | 113 | $ | 105 | Gas transmission system | |||||||
Total | $ | 113 | $ | 105 | ||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||
Schedule Of Regulatory Assets And Liabilities | ' | ||||||
Regulatory assets and liabilities include the following: | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
(millions) | |||||||
Dominion | |||||||
Regulatory assets: | |||||||
Deferred cost of fuel used in electric generation(1) | $ | 131 | $ | — | |||
Deferred rate adjustment clause costs(2) | 40 | 89 | |||||
Deferred nuclear refueling outage costs(3) | 33 | — | |||||
Unrecovered gas cost(4) | 11 | 50 | |||||
Derivatives(5) | 5 | 16 | |||||
Other | 47 | 62 | |||||
Regulatory assets-current(6) | 267 | 217 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 683 | 706 | |||||
Deferred rate adjustment clause costs(2) | 296 | 287 | |||||
Income taxes recoverable through future rates(8) | 136 | 155 | |||||
Deferred cost of fuel used in electric generation(1) | 123 | 1 | |||||
Derivatives(5) | 52 | 16 | |||||
Other | 85 | 63 | |||||
Regulatory assets-non-current | 1,375 | 1,228 | |||||
Total regulatory assets | $ | 1,642 | $ | 1,445 | |||
Regulatory liabilities: | |||||||
PIPP(9) | $ | 75 | $ | 76 | |||
Other | 42 | 52 | |||||
Regulatory liabilities-current(10) | 117 | 128 | |||||
Provision for future cost of removal and AROs(11) | 1,052 | 1,028 | |||||
Decommissioning trust(12) | 766 | 693 | |||||
Deferred cost of fuel used in electric generation(1) | 7 | 90 | |||||
Other | 186 | 190 | |||||
Regulatory liabilities-non-current | 2,011 | 2,001 | |||||
Total regulatory liabilities | $ | 2,128 | $ | 2,129 | |||
Virginia Power | |||||||
Regulatory assets: | |||||||
Deferred cost of fuel used in electric generation(1) | $ | 131 | $ | — | |||
Deferred nuclear refueling outage costs(3) | 33 | — | |||||
Deferred rate adjustment clause costs(2) | 28 | 62 | |||||
Derivatives(5) | 5 | 16 | |||||
Other | 45 | 50 | |||||
Regulatory assets-current(6) | 242 | 128 | |||||
Deferred rate adjustment clause costs(2) | 228 | 227 | |||||
Deferred cost of fuel used in electric generation(1) | 123 | 1 | |||||
Income taxes recoverable through future rates(8) | 105 | 124 | |||||
Derivatives(5) | 52 | 16 | |||||
Other | 53 | 49 | |||||
Regulatory assets-non-current | 561 | 417 | |||||
Total regulatory assets | $ | 803 | $ | 545 | |||
Regulatory liabilities: | |||||||
Other | $ | 28 | $ | 41 | |||
Regulatory liabilities-current(10) | 28 | 41 | |||||
Provision for future cost of removal(11) | 828 | 807 | |||||
Decommissioning trust(12) | 766 | 693 | |||||
Deferred cost of fuel used in electric generation(1) | 7 | 90 | |||||
Other | 6 | 7 | |||||
Regulatory liabilities-non-current | 1,607 | 1,597 | |||||
Total regulatory liabilities | $ | 1,635 | $ | 1,638 | |||
Dominion Gas | |||||||
Regulatory assets: | |||||||
Deferred rate adjustment clause costs(2) | $ | 12 | $ | 27 | |||
Unrecovered gas costs(4) | 1 | 40 | |||||
Bad debt tracker(13) | — | 11 | |||||
Other | — | 1 | |||||
Regulatory assets-current(6) | 13 | 79 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 188 | 194 | |||||
Deferred rate adjustment clause costs(2) | 68 | 59 | |||||
Income taxes recoverable through future rates(8) | 24 | 24 | |||||
Other postretirement benefit costs(14) | — | 7 | |||||
Other | 24 | 1 | |||||
Regulatory assets-non-current | 304 | 285 | |||||
Total regulatory assets | $ | 317 | $ | 364 | |||
Regulatory liabilities: | |||||||
PIPP(9) | $ | 75 | $ | 76 | |||
Other | 10 | 3 | |||||
Regulatory liabilities-current(10) | 85 | 79 | |||||
Provision for future cost of removal and AROs(11) | 178 | 177 | |||||
Unrecognized pension and other postretirement benefit costs(7) | 16 | 18 | |||||
Other | 13 | 8 | |||||
Regulatory liabilities-non-current(15) | 207 | 203 | |||||
Total regulatory liabilities | $ | 292 | $ | 282 | |||
-1 | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. | ||||||
-2 | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. | ||||||
-3 | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, but in no case for more than 18 months. | ||||||
-4 | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. | ||||||
-5 | 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. | ||||||
-6 | Current regulatory assets are presented in other current assets in the Companies' Consolidated Balance Sheets. | ||||||
-7 | 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. | ||||||
-8 | 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. | ||||||
-9 | Under PIPP, eligible customers can make reduced payments 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. | ||||||
-10 | Current regulatory liabilities are presented in other current liabilities in the Companies' Consolidated Balance Sheets. | ||||||
-11 | 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. | ||||||
-12 | 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. | ||||||
-13 | Represents East Ohio's deferrals for the UEX Rider which are recovered through rates which are filed annually. Most of East Ohio's bad debt expense is recovered either through the UEX Rider or the PIPP Rider. | ||||||
-14 | Primarily reflects costs recognized in excess of amounts included in regulated rates charged by Dominion Gas' regulated gas operations before rates were updated to reflect a change in accounting method for other postretirement benefit costs. | ||||||
-15 | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Significant_Financing_Transact1
Significant Financing Transactions (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||
Schedule of Line of Credit Facilities | ' | |||||||||||||
At June 30, 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) | $ | 4,000 | $ | 2,848 | $ | — | $ | 1,152 | ||||||
Joint revolving credit facility(2) | 500 | 232 | 115 | 153 | ||||||||||
Total | $ | 4,500 | $ | 3,080 | $ | 115 | $ | 1,305 | ||||||
-1 | In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. This credit facility 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 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||
Schedule of Capital Units | ' | |||||||||||||
Selected information about Dominion's 2014 Equity Units is presented below: | ||||||||||||||
Issuance Date | Units Issued | Total Net Proceeds | Total Long-term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Settlement Date | RSN Maturity Date | |||||||
(millions, except interest rates) | ||||||||||||||
7/1/14 | 20 | $ | 982 | $ | 1,000.00 | 1.5 | % | 4.875 | % | 7/1/17 | 7/1/20 | |||
Virginia Electric and Power Company | ' | |||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||
Schedule of Line of Credit Facilities | ' | |||||||||||||
At June 30, 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 and Dominion Gas were as follows: | ||||||||||||||
Facility | Outstanding | Outstanding | Facility | |||||||||||
Sub-limit(3) | Commercial | Letters of | Sub-limit Capacity | |||||||||||
Paper | Credit | Available(3) | ||||||||||||
(millions) | ||||||||||||||
Joint revolving credit facility(1) | $ | 1,000 | $ | 1,091 | $ | — | $ | (91 | ) | |||||
Joint revolving credit facility(2) | 250 | 232 | 18 | — | ||||||||||
Total | $ | 1,250 | $ | 1,323 | $ | 18 | $ | (91 | ) | |||||
-1 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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 | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. | |||||||||||||
-3 | On June 30, 2014, Virginia Power's facility sub-limit was exceeded; however, Virginia Power retained ongoing access to its short-term demand note with Dominion as discussed in Note 17 and remained in compliance with its debt covenants. Effective July 10, 2014, Virginia Power increased its sub-limit under the $4 billion credit facility from $1.0 billion to $1.25 billion bringing its total sub-limit to $1.5 billion. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Schedule Of Subsidiary Guarantees | ' | ||||||
At June 30, 2014, Dominion had issued the following subsidiary guarantees: | |||||||
Stated Limit | Value(1) | ||||||
(millions) | |||||||
Subsidiary debt(2) | $ | 27 | $ | 27 | |||
Commodity transactions(3) | 3,040 | 468 | |||||
Nuclear obligations(4) | 236 | 91 | |||||
Cove Point(5) | 335 | — | |||||
Solar(6) | 169 | 397 | |||||
Other(7) | 521 | 84 | |||||
Total | $ | 4,328 | $ | 1,067 | |||
-1 | Represents the estimated portion of the guarantee's stated limit that is utilized as of June 30, 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, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | ||||||
-4 | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay certain expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | ||||||
-5 | Guarantees related to Cove Point, including agreements to support terminal service and transportation agreements as well as an EPC 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. Also includes a guarantee entered into by DEI on behalf of a subsidiary to facilitate the acquisition and development of a solar project. | ||||||
-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) | 6 Months Ended | ||||||||||||
Jun. 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Commodity purchases from affiliates | $ | 113 | $ | 105 | $ | 315 | $ | 190 | |||||
Services provided by affiliates(1) | 106 | 106 | 214 | 202 | |||||||||
Services provided to affiliates | 6 | 5 | 11 | 10 | |||||||||
-1 | Amounts are subject to capitalization. | ||||||||||||
Dominion Gas Holdings, LLC | ' | ||||||||||||
Related Party Transaction [Line Items] | ' | ||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||
Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of June 30, 2014 and December 31 2013, all of Dominion Gas' commodity derivatives were with affiliates. See Note 9 for more information. Dominion Gas participates in certain Dominion benefit plans as described in Note 18. See Note 10 for information regarding sales of assets to an affiliate. | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Purchases of natural gas and transportation and storage services from affiliates | $ | 6 | $ | 7 | $ | 8 | $ | 9 | |||||
Sales of natural gas and transportation and storage services to affiliates | 21 | 22 | 46 | 44 | |||||||||
DRS and affiliates provide certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to affiliates, including technical services. The costs of these services follow: | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Services provided by affiliates(1) | $ | 25 | $ | 33 | $ | 51 | $ | 59 | |||||
Goods and services provided by Dominion Gas to affiliates | 3 | 5 | 6 | 9 | |||||||||
Goods and services provided by Dominion Gas to related parties | 7 | 2 | 16 | 5 | |||||||||
-1 | Amounts are subject to capitalization. | ||||||||||||
The following table presents affiliated and related party activity reflected in Dominion Gas' Consolidated Balance Sheets: | |||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||
(millions) | |||||||||||||
Customer receivables from related parties | $ | 6 | $ | 3 | |||||||||
Imbalances receivable from affiliates(1) | 6 | 6 | |||||||||||
Imbalances payable to affiliates(2) | 1 | 1 | |||||||||||
Affiliated notes receivable(3) | 7 | 5 | |||||||||||
(1) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||||||||||
(2) Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | |||||||||||||
(3) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||
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 June 30, | |||||||||||||
Service cost | $ | 28 | $ | 34 | $ | 8 | $ | 12 | |||||
Interest cost | 73 | 67 | 16 | 18 | |||||||||
Expected return on plan assets | (125 | ) | (115 | ) | (27 | ) | (22 | ) | |||||
Amortization of prior service cost (credit) | 1 | 1 | (7 | ) | (3 | ) | |||||||
Amortization of net actuarial loss | 28 | 44 | 1 | 2 | |||||||||
Settlements and curtailments(1) | — | (2 | ) | — | (15 | ) | |||||||
Net periodic benefit cost (credit) | $ | 5 | $ | 29 | $ | (9 | ) | $ | (8 | ) | |||
Six Months Ended June 30, | |||||||||||||
Service cost | $ | 57 | $ | 69 | $ | 16 | $ | 24 | |||||
Interest cost | 145 | 133 | 33 | 37 | |||||||||
Expected return on plan assets | (250 | ) | (229 | ) | (55 | ) | (44 | ) | |||||
Amortization of prior service cost (credit) | 2 | 2 | (14 | ) | (6 | ) | |||||||
Amortization of net actuarial loss | 56 | 90 | 1 | 4 | |||||||||
Settlements and curtailments(1) | — | (2 | ) | — | (15 | ) | |||||||
Net periodic benefit cost (credit) | $ | 10 | $ | 63 | $ | (19 | ) | $ | — | ||||
(1) Relate primarily to the decommissioning of Kewaunee. | |||||||||||||
Dominion Gas Holdings, LLC | ' | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||
Net Periodic Benefit Cost | ' | ||||||||||||
The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: | |||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(millions) | |||||||||||||
Three Months Ended June 30, | |||||||||||||
Service cost | $ | 3 | $ | 4 | $ | 2 | $ | 2 | |||||
Interest cost | 7 | 7 | 3 | 3 | |||||||||
Expected return on plan assets | (28 | ) | (27 | ) | (6 | ) | (4 | ) | |||||
Amortization of prior service credit | — | — | (1 | ) | (1 | ) | |||||||
Amortization of net actuarial loss | 4 | 7 | — | — | |||||||||
Net periodic benefit credit | $ | (14 | ) | $ | (9 | ) | $ | (2 | ) | $ | — | ||
Six Months Ended June 30, | |||||||||||||
Service cost | $ | 6 | $ | 7 | $ | 3 | $ | 4 | |||||
Interest cost | 14 | 13 | 6 | 6 | |||||||||
Expected return on plan assets | (57 | ) | (52 | ) | (11 | ) | (9 | ) | |||||
Amortization of prior service credit | — | — | (1 | ) | (2 | ) | |||||||
Amortization of net actuarial loss | 9 | 14 | — | 1 | |||||||||
Net periodic benefit credit | $ | (28 | ) | $ | (18 | ) | $ | (3 | ) | $ | — | ||
Operating_Segments_Tables
Operating Segments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 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 | Dominion Gas | |||||||||||||||
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 | X | ||||||||||||||||
Gas distribution and storage | X | X | |||||||||||||||||
Gas gathering and processing | X | 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 June 30, 2014 | |||||||||||||||||||
Total revenue from external customers | $ | 445 | $ | 1,694 | $ | 429 | $ | 4 | $ | 241 | $ | 2,813 | |||||||
Intersegment revenue | 5 | 10 | 252 | 139 | (406 | ) | — | ||||||||||||
Total operating revenue | 450 | 1,704 | 681 | 143 | (165 | ) | 2,813 | ||||||||||||
Net income (loss) attributable to Dominion | 116 | 159 | 130 | (246 | ) | — | 159 | ||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Total revenue from external customers | $ | 432 | $ | 1,898 | $ | 354 | $ | 17 | $ | 279 | $ | 2,980 | |||||||
Intersegment revenue | 3 | 3 | 275 | 164 | (445 | ) | — | ||||||||||||
Total operating revenue | 435 | 1,901 | 629 | 181 | (166 | ) | 2,980 | ||||||||||||
Loss from discontinued operations | — | — | — | (70 | ) | — | (70 | ) | |||||||||||
Net income (loss) attributable to Dominion | 112 | 185 | 124 | (219 | ) | — | 202 | ||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||
Total revenue from external customers | $ | 945 | $ | 3,951 | $ | 791 | $ | 7 | $ | 749 | $ | 6,443 | |||||||
Intersegment revenue | 9 | 37 | 741 | 281 | (1,068 | ) | — | ||||||||||||
Total operating revenue | 954 | 3,988 | 1,532 | 288 | (319 | ) | 6,443 | ||||||||||||
Net income (loss) attributable to Dominion | 247 | 468 | 338 | (515 | ) | — | 538 | ||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||
Total revenue from external customers | $ | 896 | $ | 4,028 | $ | 966 | $ | 63 | $ | 550 | $ | 6,503 | |||||||
Intersegment revenue | 5 | 44 | 539 | 307 | (895 | ) | — | ||||||||||||
Total operating revenue | 901 | 4,072 | 1,505 | 370 | (345 | ) | 6,503 | ||||||||||||
Loss from discontinued operations | — | — | — | (69 | ) | — | (69 | ) | |||||||||||
Net income (loss) attributable to Dominion | 228 | 439 | 303 | (273 | ) | — | 697 | ||||||||||||
-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 June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 448 | $ | 1,281 | $ | — | $ | 1,729 | |||||||||||
Net income (loss) | 117 | 133 | (181 | ) | 69 | ||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 431 | $ | 1,279 | $ | — | $ | 1,710 | |||||||||||
Net income (loss) | 114 | 157 | (6 | ) | 265 | ||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 950 | $ | 2,762 | $ | — | $ | 3,712 | |||||||||||
Net income (loss) | 251 | 322 | (180 | ) | 393 | ||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 896 | $ | 2,595 | $ | — | $ | 3,491 | |||||||||||
Net income (loss) | 232 | 325 | (5 | ) | 552 | ||||||||||||||
Dominion Gas Holdings, LLC | ' | ||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||
The following table presents segment information pertaining to Dominion Gas' operations: | |||||||||||||||||||
Dominion Energy | Corporate and Other | Consolidated Total | |||||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 428 | $ | — | $ | 428 | |||||||||||||
Net income (loss) | 96 | (3 | ) | 93 | |||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 430 | $ | — | $ | 430 | |||||||||||||
Net income (loss) | 97 | (44 | ) | 53 | |||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||
Operating revenue | $ | 997 | $ | — | $ | 997 | |||||||||||||
Net income (loss) | 262 | (5 | ) | 257 | |||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||
Operating revenue | $ | 1,016 | $ | — | $ | 1,016 | |||||||||||||
Net income (loss) | 237 | (46 | ) | 191 | |||||||||||||||
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Narrative) (Details) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Aug. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | 31-May-14 | 31-May-14 |
Marcellus Acreage | Marcellus Acreage | Elwood | Elwood | Electric Retail Energy Marketing Business | Illinois Gas Contracts | Brayton Point and Kincaid | Brayton Point and Kincaid | Acquisition of Solar Development Projects | Strata Solar Development LLC | EDF Renewable Development Inc | |||
Natural_Gas_Producer | Project | Project | MW | ||||||||||
acre | MW | MW | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Number of solar development projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 2 | ' |
Acquisition price of solar development projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | $2 | $70 |
Expected cost of projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | 70 | 75 |
Expected generation capacity of facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139 | 32 | 20 |
Proceeds from the sale of electric retail energy marketing business | 187 | 0 | ' | ' | ' | ' | 187 | ' | ' | ' | ' | ' | ' |
Gain on sale | ' | ' | ' | ' | ' | ' | 100 | 29 | ' | ' | ' | ' | ' |
After tax gain on sale | ' | ' | ' | ' | ' | ' | 57 | 18 | ' | ' | ' | ' | ' |
Write off of goodwill | ' | ' | ' | ' | ' | ' | 31 | 3 | ' | ' | ' | ' | ' |
Sales price subject to post-closing adjustments | ' | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' |
Proceeds from sale of Brayton Point, Kincaid and equity method investment in Elwood | ' | ' | ' | ' | 465 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets to be disposed of | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 48 | ' | ' | ' |
Impairment charge, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 28 | ' | ' | ' |
Ownership% | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Number of natural gas producers | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres of development rights | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments provided by agreement subject to customary adjustments | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for payments to DTI | ' | ' | '9 years | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from sale of assets | ' | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | $91 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | ||
Brayton Point and Kincaid | ' | ' | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ||
Operating revenue | $63 | $217 | ||
Income before income taxes | -119 | [1] | -118 | [1] |
Charges related to early redemption of debt | $64 | $64 | ||
[1] | Includes $64 million of charges related to the defeasance of Brayton Point debt and the early redemption of Kincaid debt. See Note 17 in Dominion's Annual Report on Form 10-K for the year ended DecemberB 31, 2013 for more information. |
Operating_Revenue_Operating_Re
Operating Revenue (Operating Revenue) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Electric sales: | ' | ' | ' | ' | ||||
Regulated | $1,697 | $1,687 | $3,648 | $3,448 | ||||
Nonregulated | 320 | 545 | 1,174 | 1,203 | ||||
Gas sales: | ' | ' | ' | ' | ||||
Regulated | 70 | 49 | 217 | 181 | ||||
Nonregulated | 228 | 208 | 345 | 553 | ||||
Gas transportation and storage | 351 | 360 | 795 | 827 | ||||
Other | 147 | 131 | 264 | 291 | ||||
Total operating revenue | 2,813 | 2,980 | 6,443 | 6,503 | ||||
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Electric sales: | ' | ' | ' | ' | ||||
Regulated | 1,697 | 1,687 | 3,648 | 3,448 | ||||
Gas sales: | ' | ' | ' | ' | ||||
Other | 32 | 23 | 64 | 43 | ||||
Total operating revenue | 1,729 | [1] | 1,710 | [1] | 3,712 | [1] | 3,491 | [1] |
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Gas sales: | ' | ' | ' | ' | ||||
Regulated | 54 | 34 | 137 | 108 | ||||
Nonregulated | 4 | 4 | 13 | 7 | ||||
Gas transportation and storage | 304 | 312 | 700 | 731 | ||||
NGL revenue | 44 | 66 | 101 | 138 | ||||
Other | 22 | 14 | 46 | 32 | ||||
Total operating revenue | $428 | [2] | $430 | [2] | $997 | [2] | $1,016 | [2] |
[1] | See Note 17 for amounts attributable to affiliates. | |||||||
[2] | See Note 17 for amounts attributable to related parties. |
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) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Loss Carryforwards [Line Items] | ' | ' |
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ' | ' |
State taxes, net of federal benefit | 1.50% | 1.90% |
Investment and production tax credits | -5.90% | -1.50% |
Valuation allowances | 1.10% | 0.00% |
Other, net | -0.40% | -1.30% |
Effective tax rate | 31.30% | 34.10% |
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% | 2.60% |
Investment and production tax credits | -0.60% | 0.00% |
Valuation allowances | 0.00% | 0.00% |
Other, net | 0.60% | -1.20% |
Effective tax rate | 38.80% | 36.40% |
Dominion Gas Holdings, LLC | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ' | ' |
State taxes, net of federal benefit | 3.70% | 3.80% |
Investment and production tax credits | 0.00% | 0.00% |
Valuation allowances | 0.00% | 0.00% |
Other, net | 0.10% | 0.20% |
Effective tax rate | 38.80% | 39.00% |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Our Basic and Diluted EPS) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Net income attributable to Dominion | $159 | $202 | $538 | $697 | [1] | |||
Average shares of common stock outstanding - Basic (shares) | 581,900,000 | 578,100,000 | 581,700,000 | 577,300,000 | ||||
Net effect of potentially dilutive securities (shares) | 2,000,000 | [2] | 800,000 | [2] | 1,700,000 | [2] | 900,000 | [2] |
Average shares of common stock outstanding - Diluted (shares) | 583,900,000 | 578,900,000 | 583,400,000 | 578,200,000 | ||||
Earnings Per Common Share - Basic (dollars per share) | $0.27 | $0.35 | $0.92 | $1.21 | ||||
Earnings Per Common Share - Diluted (dollars per share) | $0.27 | $0.35 | $0.92 | $1.21 | ||||
Potentially dilutive securities excluded from computation of earnings per share (shares) | 0 | ' | 0 | ' | ||||
[1] | Net of $47 million and $(76) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $126 million and $(22) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | Dilutive securities consist primarily of contingently convertible senior notes and the 2013 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 | 6 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | ($299) | ($820) | ($877) | ($324) | [1] | ($877) | ||||
Other comprehensive income before reclassifications: gains (losses) | -4 | 353 | ' | -136 | 341 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | -14 | [2] | -16 | [2] | ' | 143 | [2] | 53 | [2] | |
Total other comprehensive income (loss) | -18 | 337 | ' | 7 | 394 | |||||
Ending balance | -317 | -483 | ' | -317 | -483 | |||||
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ' | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | -60 | -121 | -140 | -58 | [3] | -140 | ||||
Other comprehensive income before reclassifications: gains (losses) | -19 | ' | 65 | -28 | 79 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 4 | [2] | ' | 1 | [2] | 11 | [2] | 6 | [2] | |
Total other comprehensive income (loss) | -15 | 66 | 66 | -17 | 85 | |||||
Ending balance | -75 | -55 | -121 | -75 | -55 | |||||
Deferred gains and losses on derivatives-hedging activities | ' | ' | ' | ' | ' | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | -278 | -136 | -122 | -288 | -122 | |||||
Other comprehensive income before reclassifications: gains (losses) | -59 | 122 | ' | -209 | 32 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | -16 | [2] | -17 | [2] | ' | 144 | [2] | 59 | [2] | |
Total other comprehensive income (loss) | -75 | 105 | ' | -65 | 91 | |||||
Ending balance | -353 | -31 | ' | -353 | -31 | |||||
Deferred gains and losses on derivatives-hedging activities | Dominion Gas Holdings, LLC | ' | ' | ' | ' | ' | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 0 | ' | -47 | 3 | -47 | |||||
Other comprehensive income before reclassifications: gains (losses) | -19 | ' | 52 | -27 | 66 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 3 | [2] | ' | 0 | [2] | 8 | [2] | 3 | [2] | |
Total other comprehensive income (loss) | -16 | ' | 52 | -19 | 69 | |||||
Ending balance | -16 | 22 | -30 | -16 | 22 | |||||
Unrealized gains and losses on investment securities | ' | ' | ' | ' | ' | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 492 | 377 | 326 | 474 | 326 | |||||
Other comprehensive income before reclassifications: gains (losses) | 49 | 3 | ' | 78 | 81 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | -7 | [2] | -9 | [2] | ' | -18 | [2] | -36 | [2] | |
Total other comprehensive income (loss) | 42 | -6 | ' | 60 | 45 | |||||
Ending balance | 534 | 371 | ' | 534 | 371 | |||||
Unrecognized pension and other postretirement benefit costs | ' | ' | ' | ' | ' | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | -506 | -1,061 | -1,081 | -510 | -1,081 | |||||
Other comprehensive income before reclassifications: gains (losses) | 4 | 228 | ' | 0 | 228 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 9 | [2] | 10 | [2] | ' | 17 | [2] | 30 | [2] | |
Total other comprehensive income (loss) | 13 | 238 | ' | 17 | 258 | |||||
Ending balance | -493 | -823 | ' | -493 | -823 | |||||
Unrecognized pension and other postretirement benefit costs | Dominion Gas Holdings, LLC | ' | ' | ' | ' | ' | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | -60 | ' | -93 | -61 | -93 | |||||
Other comprehensive income before reclassifications: gains (losses) | 0 | ' | 13 | -1 | 13 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 1 | [2] | ' | 1 | [2] | 3 | [2] | 3 | [2] | |
Total other comprehensive income (loss) | 1 | ' | 14 | 2 | 16 | |||||
Ending balance | -59 | -77 | -91 | -59 | -77 | |||||
Other comprehensive income (loss) from equity method investee | ' | ' | ' | ' | ' | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | -7 | 0 | 0 | 0 | 0 | |||||
Other comprehensive income before reclassifications: gains (losses) | 2 | 0 | ' | -5 | 0 | |||||
Amounts reclassified from accumulated other comprehensive income (loss): (gains) losses | 0 | [2] | 0 | [2] | ' | 0 | [2] | 0 | [2] | |
Total other comprehensive income (loss) | 2 | 0 | ' | -5 | 0 | |||||
Ending balance | ($5) | $0 | ' | ($5) | $0 | |||||
[1] | Dominionbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||||||||
[2] | See table below for details about these reclassifications. | |||||||||
[3] | Dominion Gasb Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the Audited Consolidated Financial Statements at that date. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | $2,813 | $2,980 | $6,443 | $6,503 | ||||
Purchased gas | 324 | 297 | 864 | 764 | ||||
Electric fuel and other energy-related purchases | 633 | 875 | 1,967 | 1,826 | ||||
Interest and related charges | 227 | 203 | 464 | 431 | ||||
Other income | 57 | 49 | 97 | 136 | ||||
Income from continuing operations including noncontrolling interests before income tax expense | 224 | 394 | 795 | 1,183 | ||||
Income tax expense | -63 | -116 | -249 | -404 | ||||
Income from continuing operations including noncontrolling interests | 161 | 278 | 546 | 779 | ||||
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 428 | [1] | 430 | [1] | 997 | [1] | 1,016 | [1] |
Purchased gas | 76 | [1] | 63 | [1] | 213 | [1] | 177 | [1] |
Interest and related charges | 6 | [1] | 6 | [1] | 12 | [1] | 13 | [1] |
Other income | 5 | 3 | 13 | 14 | ||||
Income from continuing operations including noncontrolling interests before income tax expense | 153 | 85 | 420 | 313 | ||||
Income tax expense | -60 | -32 | -163 | -122 | ||||
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 | -22 | -26 | 238 | 98 | ||||
Income tax expense | 6 | 9 | -94 | -39 | ||||
Income from continuing operations including noncontrolling interests | -16 | -17 | 144 | 59 | ||||
Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations including noncontrolling interests before income tax expense | 5 | 0 | 12 | 4 | ||||
Income tax expense | -2 | 0 | -4 | -1 | ||||
Income from continuing operations including noncontrolling interests | 3 | 0 | 8 | 3 | ||||
Unrealized gains and losses on investment securities | Amounts reclassified from AOCI | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Other income | -13 | -17 | -33 | -64 | ||||
Impairment | 2 | 3 | 4 | 5 | ||||
Income from continuing operations including noncontrolling interests before income tax expense | -11 | -14 | -29 | -59 | ||||
Income tax expense | 4 | 5 | 11 | 23 | ||||
Income from continuing operations including noncontrolling interests | -7 | -9 | -18 | -36 | ||||
Unrecognized pension and other postretirement benefit costs | Amounts reclassified from AOCI | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Prior service (credit) costs | -2 | -6 | -5 | -6 | ||||
Actuarial (gains) losses | 17 | 27 | 34 | 56 | ||||
Income from continuing operations including noncontrolling interests before income tax expense | 15 | 21 | 29 | 50 | ||||
Income tax expense | -6 | -11 | -12 | -20 | ||||
Income from continuing operations including noncontrolling interests | 9 | 10 | 17 | 30 | ||||
Unrecognized pension and other postretirement benefit costs | Amounts reclassified from AOCI | Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Actuarial (gains) losses | 1 | 2 | 4 | 5 | ||||
Income from continuing operations including noncontrolling interests before income tax expense | 1 | 2 | 4 | 5 | ||||
Income tax expense | 0 | -1 | -1 | -2 | ||||
Income from continuing operations including noncontrolling interests | 1 | 1 | 3 | 3 | ||||
Commodity contracts | Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | -28 | -29 | 241 | 55 | ||||
Purchased gas | 3 | ' | 4 | 34 | ||||
Electric fuel and other energy-related purchases | ' | ' | -13 | 3 | ||||
Commodity contracts | Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 2 | -3 | 7 | -2 | ||||
Purchased gas | 3 | 3 | 5 | 6 | ||||
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 | $6 | $6 | ||||
[1] | See Note 17 for amounts attributable to related parties. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Narrative) (Details) (USD $) | 1 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Project | Other Operations And Maintenance Expense | Gas, Transmission and Distribution Equipment | Gas, Transmission and Distribution Equipment | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | |
Fair Value, Measurements, Nonrecurring | Other Operations And Maintenance Expense | |||||||||||
Level 3 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Impairment charge | ' | ' | ' | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge, net of tax | ' | ' | ' | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of certain natural gas infrastructure facilities | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of previously capitalized costs, net of tax | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of development projects canceled | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value, Option, Quantitative Disclosures (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 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 | |||||||||||||||||||||||||||||
Natural Gas | Natural Gas | 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, 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: | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | FTRs | FTRs | FTRs | NGLs | NGLs | NGLs | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | Natural Gas | 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 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: | |||||||||||||||||||||||||||||||||||
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 | $739 | $890 | $36 | $19 | [1] | $4 | $10 | [2] | $3 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Fair Value of Derivative Liabilities | $1,256 | $1,102 | $33 | $20 | [1] | $4 | $3 | [2] | $6 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Market Price (per unit) | ' | ' | ' | ' | ' | ' | ' | -2 | [4] | 5 | [4] | 2 | [4],[5] | 3 | [4] | 5 | [4] | 4 | [4],[5] | -1 | [4] | 10 | [4] | 1 | [4],[5] | 1 | [4] | 3 | [4] | 1 | [4],[5] | -2 | [4] | 5 | [4] | 2 | [4],[5] | 2 | [4] | 5 | [4] | 4 | [4],[5] | -10 | [4] | 10 | [4] | 1 | [4],[5] | 1 | [4] | 3 | [4] | 1 | [4],[5] | |||
Price Volatility (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | [6] | 32.00% | [6] | 24.00% | [5],[6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | [6] | 32.00% | [6] | 25.00% | [5],[6] | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
[1] | Includes basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Information represents Virginia Power's quantitative information about Level 3 fair value measurements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Information represents Dominion Gas' 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 $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | $739 | $890 | ||
Derivative Liabilities | 1,256 | 1,102 | ||
Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 36 | ' | ||
Derivative Liabilities | 33 | ' | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 4,853 | [1] | 4,791 | [1] |
Total liabilities | 1,256 | 1,102 | ||
Fair Value, Measurements, Recurring | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 682 | 753 | ||
Derivative Liabilities | 1,147 | 1,102 | ||
Fair Value, Measurements, Recurring | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 57 | 137 | ||
Derivative Liabilities | 109 | ' | ||
Fair Value, Measurements, Recurring | Equity securities: | Large cap | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 2,592 | [1] | 2,417 | [1] |
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 | [1] | 13 | [1] |
Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 6 | [1] | 79 | [1] |
Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 409 | [1] | 345 | [1] |
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 | 628 | [1] | 590 | [1] |
Fair Value, Measurements, Recurring | Fixed income: | State and municipal | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 368 | [1] | 343 | [1] |
Fair Value, Measurements, Recurring | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 7 | [1] | 3 | [1] |
Fair Value, Measurements, Recurring | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 92 | [1] | 103 | [1] |
Fair Value, Measurements, Recurring | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 8 | [1] | |
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 3,058 | [1] | 2,927 | [1] |
Total liabilities | 1 | 3 | ||
Fair Value, Measurements, Recurring | Level 1 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 1 | 3 | ||
Derivative Liabilities | 1 | 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 | 2,592 | [1] | 2,417 | [1] |
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 | [1] | 13 | [1] |
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 | [1] | 79 | [1] |
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 | [1] | 0 | [1] |
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 | 446 | [1] | 415 | [1] |
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 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 1 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 0 | [1] | |
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 1,759 | [1] | 1,832 | [1] |
Total liabilities | 1,222 | 1,051 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 645 | 718 | ||
Derivative Liabilities | 1,113 | 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 | 57 | 137 | ||
Derivative Liabilities | 109 | ' | ||
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | 409 | [1] | 345 | [1] |
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 | 182 | [1] | 175 | [1] |
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 | 368 | [1] | 343 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 7 | [1] | 3 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 91 | [1] | 103 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 8 | [1] | |
Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 36 | [1] | 32 | [1] |
Total liabilities | 33 | 48 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 36 | 32 | ||
Derivative Liabilities | 33 | 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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | 0 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Restricted cash equivalents | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments | ' | 0 | [1] | |
Virginia Electric and Power Company | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 15 | 53 | ||
Derivative Liabilities | 23 | 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 | 1,775 | [1] | 1,716 | [1] |
Total liabilities | 23 | 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 | 15 | 5 | ||
Derivative Liabilities | 8 | 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 | 15 | ' | ||
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 | 1,098 | [1] | 1,021 | [1] |
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 | [1] | |
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 | 221 | [1] | 191 | [1] |
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 | 228 | [1] | 212 | [1] |
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 | 185 | [1] | 164 | [1] |
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 | 28 | [1] | 31 | [1] |
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 | [1] | |
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 | 1,267 | [1] | 1,203 | [1] |
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 | 1,098 | [1] | 1,021 | [1] |
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 | [1] | |
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 | [1] | 0 | [1] |
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 | 169 | [1] | 146 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | |
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 | 498 | [1] | 511 | [1] |
Total liabilities | 20 | 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 | 5 | 3 | ||
Derivative Liabilities | 5 | 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 | 15 | ' | ||
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 | [1] | 0 | [1] |
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 | [1] | |
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 | 221 | [1] | 191 | [1] |
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 | 59 | [1] | 66 | [1] |
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 | 185 | [1] | 164 | [1] |
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 | 28 | [1] | 31 | [1] |
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 | [1] | |
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 | 10 | [1] | 2 | [1] |
Total liabilities | 3 | 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 | 10 | 2 | ||
Derivative Liabilities | 3 | 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 | [1] | 0 | [1] |
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 | [1] | |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | 0 | [1] |
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 | [1] | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | ' | 0 | ||
Total liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 0 | ||
Derivative Liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | ' | 0 | ||
Total liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | 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 | ||
Dominion Gas Holdings, LLC | 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 | ' | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | ' | 0 | ||
Total liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Interest rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | ' | 0 | ||
Derivative Liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | ' | 0 | ||
Total liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Commodity | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Dominion Gas Holdings, LLC | 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 | ' | ||
[1] | 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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Total realized and unrealized gains (losses): | ' | ' | ' | ' |
Included in earnings | ($10) | ($10) | $100 | $2 |
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 | 0 | -4 | 1 | -11 |
Level 3 | Commodity Transactions | Fair Value, Measurements, Recurring | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 8 | 9 | -16 | 25 |
Total realized and unrealized gains (losses): | ' | ' | ' | ' |
Included in earnings | -10 | -10 | 100 | 2 |
Included in other comprehensive income (loss) | -1 | 26 | 3 | 36 |
Included in regulatory assets/liabilities | -3 | -22 | 14 | -27 |
Settlements | 9 | -1 | -99 | -26 |
Transfers out of Level 3 | 0 | 0 | 1 | -8 |
Ending balance | 3 | 2 | 3 | 2 |
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 | 0 | -4 | 1 | -11 |
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 | 10 | -3 | -7 | 2 |
Total realized and unrealized gains (losses): | ' | ' | ' | ' |
Included in earnings | -9 | -7 | 111 | -4 |
Included in regulatory assets/liabilities | -3 | -22 | 14 | -27 |
Settlements | 9 | 7 | -111 | 4 |
Ending balance | 7 | -25 | 7 | -25 |
Level 3 | Dominion Gas Holdings, LLC | Commodity Transactions | Fair Value, Measurements, Recurring | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -2 | -1 | -6 | -12 |
Total realized and unrealized gains (losses): | ' | ' | ' | ' |
Included in earnings | -2 | 3 | -7 | 2 |
Included in other comprehensive income (loss) | -1 | 24 | 3 | 35 |
Settlements | 2 | -3 | 7 | -2 |
Ending balance | ($3) | $23 | ($3) | $23 |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total gains (losses) included in earnings | ($10) | ($10) | $100 | $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 | -4 | 1 | -11 |
Operating revenue | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total gains (losses) included in earnings | -1 | -2 | -11 | 7 |
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 | -2 | 2 | -10 |
Purchased Gas | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total gains (losses) included in earnings | -1 | 0 | -1 | 0 |
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 | 0 | -1 | 0 |
Electric fuel and other energy-related purchases | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total gains (losses) included in earnings | -8 | -8 | 112 | -5 |
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 | ($2) | $0 | ($1) |
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 | Jun. 30, 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 | 54 | ||
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] | 18,883 | [2] |
Junior subordinated notes | 1,373 | [3] | 1,373 | [3] |
Remarketable subordinated notes | 1,080 | [3] | 1,082 | [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] | 21,103 | [2],[5] |
Junior subordinated notes | 1,394 | [3],[5] | 1,392 | [3],[5] |
Remarketable subordinated notes | 1,192 | [3],[5] | 1,272 | [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 | [3] | 8,730 | [3] |
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 | [3],[5] | 9,970 | [3],[5] |
Subsidiary preferred stock | 261 | [4],[5] | 141 | [4],[5] |
Dominion Gas Holdings, LLC | Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Total Long-term Debt | 1,198 | [3] | 1,199 | [3] |
Dominion Gas Holdings, LLC | Estimate of Fair Value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Total Long-term Debt | $1,169 | [3],[5] | $1,236 | [3],[5] |
[1] | Dominionbs Consolidated Balance Sheet at DecemberB 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/or premium. At June 30, 2014 and DecemberB 31, 2013, includes the valuation of certain fair value hedges associated with fixed rate debt of approximately $54 million and $55 million, respectively. | |||
[3] | Carrying amount includes amounts which represent the unamortized discount and/or premium. | |||
[4] | Carrying amount includes deferred issuance expenses of $2 million at DecemberB 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 Powerbs Consolidated Balance Sheet at DecemberB 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | $732 | $883 |
Total derivatives, not subject to a master netting or similar arrangement | 7 | 7 |
Derivative Assets | 739 | 890 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 631 | 568 |
Cash Collateral Received | 0 | 0 |
Net Amounts | 101 | 315 |
Interest rate | Over-the-counter | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 57 | 137 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 30 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amounts | 27 | 137 |
Commodity | Over-the-counter | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 195 | 240 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 122 | 63 |
Cash Collateral Received | 0 | 0 |
Net Amounts | 73 | 177 |
Commodity | Exchange | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 480 | 506 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 479 | 505 |
Cash Collateral Received | 0 | 0 |
Net Amounts | 1 | 1 |
Virginia Electric and Power Company | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 12 | 53 |
Total derivatives, not subject to a master netting or similar arrangement | 3 | 0 |
Derivative Assets | 15 | 53 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 4 | 4 |
Cash Collateral Received | 0 | 0 |
Net Amounts | 8 | 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 | 11 | 4 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 4 | 4 |
Cash Collateral Received | 0 | 0 |
Net Amounts | 7 | 0 |
Virginia Electric and Power Company | Commodity | Exchange | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 1 | 1 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amounts | 1 | 1 |
Dominion Gas Holdings, LLC | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 3 | 40 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 3 | 6 |
Net Amounts | 0 | 34 |
Dominion Gas Holdings, LLC | Interest rate | Over-the-counter | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 0 | 34 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 0 | 0 |
Net Amounts | 0 | 34 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 3 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Financial Instruments | 3 | 6 |
Net Amounts | $0 | $0 |
Derivatives_and_Hedge_Accounti3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | $1,252 | $1,100 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Total derivatives, not subject to a master netting or similar arrangement | 4 | 2 |
Derivative Liabilities | 1,256 | 1,102 |
Derivative, Collateral, Right to Reclaim Securities | 631 | 568 |
Derivative, Collateral, Right to Reclaim Cash | 334 | 402 |
Net Amounts | 287 | 130 |
Interest rate | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 109 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 30 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Net Amounts | 79 | 0 |
Commodity | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 334 | 262 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 122 | 63 |
Derivative, Collateral, Right to Reclaim Cash | 4 | 69 |
Net Amounts | 208 | 130 |
Commodity | Exchange | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 809 | 838 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 479 | 505 |
Derivative, Collateral, Right to Reclaim Cash | 330 | 333 |
Net Amounts | 0 | 0 |
Virginia Electric and Power Company | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 22 | 12 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Total derivatives, not subject to a master netting or similar arrangement | 1 | 0 |
Derivative Liabilities | 23 | 12 |
Derivative, Collateral, Right to Reclaim Securities | 4 | 4 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 7 |
Net Amounts | 18 | 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 | 15 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Net Amounts | 15 | 0 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 7 | 12 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 4 | 4 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 7 |
Net Amounts | 3 | 1 |
Dominion Gas Holdings, LLC | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 32 | 25 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 3 | 6 |
Net Amounts | 29 | 19 |
Dominion Gas Holdings, LLC | Interest rate | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 19 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Net Amounts | 19 | 0 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 13 | 25 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 3 | 6 |
Net Amounts | $10 | $19 |
Derivatives_and_Hedge_Accounti4
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Details) (USD $) | Jun. 30, 2014 | |
In Millions, unless otherwise specified | ||
Current Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | $1,600 | |
Current Derivative Contract | Natural Gas | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 68,000,000,000 | [1] |
Current Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 370,000,000,000 | |
Current Derivative Contract | Electricity | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 16,045,947 | |
Current Derivative Contract | Electricity | Financial Transmission Rights | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 73,646,672 | |
Current Derivative Contract | Capacity | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity (MW) | 1,500 | |
Current Derivative Contract | Liquids | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 75,768,000 | [2] |
Noncurrent Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | 3,925 | |
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) | 188,000,000,000 | |
Noncurrent Derivative Contract | Electricity | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 11,120,650 | |
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) | 16,800 | |
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 | [1] |
Virginia Electric and Power Company | Current Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 35,000,000,000 | |
Virginia Electric and Power Company | Current Derivative Contract | Electricity | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 136,800 | |
Virginia Electric and Power Company | Current Derivative Contract | Electricity | Financial Transmission Rights | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of electricity (MWh) | 73,335,248 | |
Virginia Electric and Power Company | Current Derivative Contract | Capacity | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Capacity (MW) | 1,500 | |
Virginia Electric and Power Company | Noncurrent Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | 550 | |
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 | [1] |
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) | 16,800 | |
Dominion Gas Holdings, LLC | Current Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | 700 | |
Dominion Gas Holdings, LLC | Current Derivative Contract | Natural Gas | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 2,000,000,000 | |
Dominion Gas Holdings, LLC | Current Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 3,000,000,000 | |
Dominion Gas Holdings, LLC | Current Derivative Contract | Liquids | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 60,480,000 | |
Dominion Gas Holdings, LLC | Noncurrent Derivative Contract | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Interest rate | $100 | |
Dominion Gas Holdings, LLC | Noncurrent Derivative Contract | Natural Gas | Fixed Price | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 0 | |
Dominion Gas Holdings, LLC | Noncurrent Derivative Contract | Natural Gas | Basis | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 0 | |
Dominion Gas Holdings, LLC | Noncurrent Derivative Contract | Liquids | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Volume of natural gas (cf)/ liquids (gallons) | 0 | |
[1] | Includes options. | |
[2] | ncludes 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 $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | ($353) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -154 |
Commodity | Gas Energy Contract | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -5 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -5 |
Maximum Term | '22 months |
Commodity | Electricity Energy Contract | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -168 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -141 |
Maximum Term | '30 months |
Commodity | Other Energy Contract | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -1 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -1 |
Maximum Term | '23 months |
Interest rate | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -179 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -7 |
Maximum Term | '363 months |
Dominion Gas Holdings, LLC | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -16 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -7 |
Dominion Gas Holdings, LLC | Commodity | Natural Gas | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -4 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -4 |
Maximum Term | '6 months |
Dominion Gas Holdings, LLC | Commodity | NGLs | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -3 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | -3 |
Maximum Term | '6 months |
Dominion Gas Holdings, LLC | Interest rate | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI After-Tax | -9 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $0 |
Maximum Term | '363 months |
Derivatives_and_Hedge_Accounti6
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | $739 | $890 | ||
Total Fair Value, Liabilities | 1,256 | 1,102 | ||
Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 564 | [1] | 687 | [1] |
Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 530 | 571 | ||
Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 34 | 116 | ||
Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 175 | [2] | 203 | [2] |
Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 152 | 182 | ||
Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 23 | 21 | ||
Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 964 | 828 | ||
Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 903 | 828 | ||
Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 61 | ' | ||
Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 292 | [3] | 274 | [3] |
Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 244 | 274 | ||
Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 48 | ' | ||
Fair Value b Derivatives under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 304 | 214 | ||
Total Fair Value, Liabilities | 659 | 386 | ||
Fair Value b Derivatives under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 197 | [1] | 165 | [1] |
Fair Value b Derivatives under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 163 | 49 | ||
Fair Value b Derivatives under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 34 | 116 | ||
Fair Value b Derivatives under Hedge Accounting | Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 107 | [2] | 49 | [2] |
Fair Value b Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 84 | 28 | ||
Fair Value b Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 23 | 21 | ||
Fair Value b Derivatives under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 480 | 267 | ||
Fair Value b Derivatives under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 419 | 267 | ||
Fair Value b Derivatives under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 61 | ' | ||
Fair Value b Derivatives under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 179 | [3] | 119 | [3] |
Fair Value b Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 131 | 119 | ||
Fair Value b Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 48 | ' | ||
Fair Value b Derivatives not under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 435 | 676 | ||
Total Fair Value, Liabilities | 597 | 716 | ||
Fair Value b Derivatives not under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 367 | [1] | 522 | [1] |
Fair Value b Derivatives not under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 367 | 522 | ||
Fair Value b Derivatives not under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value b Derivatives not under Hedge Accounting | Noncurrent Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 68 | [2] | 154 | [2] |
Fair Value b Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 68 | 154 | ||
Fair Value b Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Fair Value b Derivatives not under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 484 | 561 | ||
Fair Value b Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 484 | 561 | ||
Fair Value b Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | ' | ||
Fair Value b Derivatives not under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 113 | [3] | 155 | [3] |
Fair Value b Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 113 | 155 | ||
Fair Value b 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 | 15 | 53 | ||
Total Fair Value, Liabilities | 23 | 12 | ||
Virginia Electric and Power Company | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 15 | [4] | 53 | [4] |
Virginia Electric and Power Company | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 15 | 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 | 8 | [5] | 12 | [5] |
Virginia Electric and Power Company | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 8 | 12 | ||
Virginia Electric and Power Company | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 15 | [6] | ' | |
Virginia Electric and Power Company | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 15 | ' | ||
Virginia Electric and Power Company | Fair Value b Derivatives under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 2 | 50 | ||
Total Fair Value, Liabilities | 18 | 1 | ||
Virginia Electric and Power Company | Fair Value b Derivatives under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 2 | [4] | 50 | [4] |
Virginia Electric and Power Company | Fair Value b Derivatives under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 2 | 2 | ||
Virginia Electric and Power Company | Fair Value b 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 b Derivatives under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 3 | [5] | 1 | [5] |
Virginia Electric and Power Company | Fair Value b Derivatives under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 3 | 1 | ||
Virginia Electric and Power Company | Fair Value b Derivatives under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 15 | [6] | ' | |
Virginia Electric and Power Company | Fair Value b Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 15 | ' | ||
Virginia Electric and Power Company | Fair Value b Derivatives not under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 13 | 3 | ||
Total Fair Value, Liabilities | 5 | 11 | ||
Virginia Electric and Power Company | Fair Value b Derivatives not under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 13 | [4] | 3 | [4] |
Virginia Electric and Power Company | Fair Value b 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 b 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 b Derivatives not under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 5 | [5] | 11 | [5] |
Virginia Electric and Power Company | Fair Value b Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 5 | 11 | ||
Virginia Electric and Power Company | Fair Value b Derivatives not under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | [6] | ' | |
Virginia Electric and Power Company | Fair Value b Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | 40 | ||
Total Fair Value, Liabilities | 32 | 25 | ||
Dominion Gas Holdings, LLC | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | [7] | 40 | [7] |
Dominion Gas Holdings, LLC | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | 6 | ||
Dominion Gas Holdings, LLC | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | ' | 34 | ||
Dominion Gas Holdings, LLC | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 29 | [8] | 25 | [8] |
Dominion Gas Holdings, LLC | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 13 | 25 | ||
Dominion Gas Holdings, LLC | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 16 | ' | ||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 3 | [9] | ' | |
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 3 | ' | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | 40 | ||
Total Fair Value, Liabilities | 32 | 25 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | [7] | 40 | [7] |
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 3 | 6 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | ' | 34 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 29 | [8] | 25 | [8] |
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 13 | 25 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 16 | ' | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 3 | [9] | ' | |
Dominion Gas Holdings, LLC | Fair Value b Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 3 | ' | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Total Fair Value, Liabilities | 0 | 0 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Current Assets | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | [7] | 0 | [7] |
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Current Assets | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | 0 | 0 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Current Assets | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Assets | ' | 0 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Current Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | [8] | 0 | [8] |
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Current Liabilities | Commodity | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | 0 | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | ' | ||
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Noncurrent Liabilities | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | 0 | [9] | ' | |
Dominion Gas Holdings, LLC | Fair Value b Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Total Fair Value, Liabilities | $0 | ' | ||
[1] | Current derivative assets are presented in other current assets in Dominion's Consolidated Balance Sheets. | |||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominionbs Consolidated Balance Sheets. | |||
[3] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominionbs Consolidated Balance Sheets. | |||
[4] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | |||
[5] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. | |||
[6] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Powerbs Consolidated Balance Sheets. | |||
[7] | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||
[8] | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | |||
[9] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gasb 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 | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | ($106) | [1] | $198 | [1] | ($335) | [1] | $54 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 22 | 26 | -238 | -98 | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -12 | [2] | 28 | [2] | -33 | [2] | 51 | [2] |
Commodity | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -33 | [1] | 131 | [1] | -216 | [1] | -27 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 25 | 29 | -232 | -92 | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -4 | [2] | -8 | [2] | -2 | [2] | -1 | [2] |
Commodity | Operating revenue | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 28 | 29 | -241 | -55 | ||||
Commodity | Purchased gas | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | -3 | ' | -4 | -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) | -73 | [1],[3] | 67 | [1],[3] | -119 | [1],[3] | 81 | [1],[3] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -3 | [3] | -3 | [3] | -6 | [3] | -6 | [3] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -8 | [2],[3] | 36 | [2],[3] | -31 | [2],[3] | 52 | [2],[3] |
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -1 | [4] | 2 | [4] | 1 | [4] | 5 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 1 | 0 | 6 | 0 | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -12 | [5] | 28 | [5] | -33 | [5] | 51 | [5] |
Virginia Electric and Power Company | Commodity | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 0 | [4] | -2 | [4] | 5 | [4] | -1 | [4] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 1 | 0 | 6 | 0 | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -4 | [5] | -8 | [5] | -2 | [5] | -1 | [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 | 1 | 0 | 6 | 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) | -1 | [4],[6] | 4 | [4],[6] | -4 | [4],[6] | 6 | [4],[6] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | [6] | 0 | [6] | 0 | [6] | 0 | [6] |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | -8 | [5],[6] | 36 | [5],[6] | -31 | [5],[6] | 52 | [5],[6] |
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -31 | [7] | 85 | [7] | -44 | [7] | 109 | [7] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -5 | 0 | -12 | -4 | ||||
Dominion Gas Holdings, LLC | Commodity | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -3 | [7] | 22 | [7] | -2 | [7] | 34 | [7] |
Amount of Gain (Loss) Reclassified from AOCI to Income | -5 | 0 | -12 | -4 | ||||
Dominion Gas Holdings, LLC | Commodity | Operating revenue | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | -2 | 3 | -7 | 2 | ||||
Dominion Gas Holdings, LLC | Commodity | Purchased gas | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Reclassified from AOCI to Income | -3 | -3 | -5 | -6 | ||||
Dominion Gas Holdings, LLC | Interest rate | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | -28 | [7],[8] | 63 | [7],[8] | -42 | [7],[8] | 75 | [7],[8] |
Amount of Gain (Loss) Reclassified from AOCI to Income | $0 | [8] | $0 | [8] | $0 | [8] | $0 | [8] |
[1] | Amounts deferred into AOCI have no associated effect in Dominionbs 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 Dominionbs Consolidated Statements of Income. | |||||||
[3] | Amounts recorded in Dominionbs Consolidated Statements of Income are classified in interest and related charges. | |||||||
[4] | Amounts deferred into AOCI have no associated effect in Virginia Powerbs 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 Powerbs Consolidated Statements of Income. | |||||||
[6] | Amounts recorded in Virginia Powerbs Consolidated Statements of Income are classified in interest and related charges. | |||||||
[7] | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | |||||||
[8] | Amounts recorded in Dominion Gas' 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 | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($9) | [1] | ($43) | [1] | ($231) | [1] | ($18) | [1] |
Commodity | Operating revenue | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | -1 | [1] | -6 | [1] | -362 | [1] | -3 | [1] |
Commodity | Purchased gas | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 0 | [1] | -26 | [1] | 6 | [1] | -7 | [1] |
Commodity | Electric fuel and other energy-related purchases | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | -8 | [1] | -11 | [1] | 125 | [1] | -8 | [1] |
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | -8 | [2] | -6 | [2] | 111 | [2] | -3 | [2] |
Virginia Electric and Power Company | Commodity | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | ($8) | [2],[3] | ($6) | [2],[3] | $111 | [2],[3] | ($3) | [2],[3] |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominionbs 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 Powerbs 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 | 6 Months Ended | 1 Months Ended | ||||||||
In Millions, unless otherwise specified | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
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 | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | |
Pipelines | Pipelines | Blue Racer | |||||||||
Pipelines | |||||||||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets Held-in-trust | ' | ' | ' | $109 | $107 | $8 | $10 | ' | ' | ' | ' |
Equity in earnings on investments | ' | ' | ' | ' | ' | ' | ' | 13 | 13 | ' | ' |
Distributions received from investment | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | ' | ' |
Carrying amount of investment that exceeded share of underlying equity | ' | ' | ' | ' | ' | ' | ' | 9 | ' | 8 | ' |
Cash proceeds from sale of assets | ' | 84 | 47 | ' | ' | ' | ' | ' | ' | ' | 17 |
Gain on sale of assets | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | 59 |
After tax gain on sale of assets | ' | 34 | 14 | ' | ' | ' | ' | ' | ' | ' | 35 |
Extinguishment of affiliated current borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67 |
Write off of goodwill | 6 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | 3 |
Increase in equity method investment | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration for Northern System | ' | $84 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Total | $2,742 | $2,669 | ||
Total Unrealized Gains | 1,366 | [1] | 1,252 | [1] |
Total Unrealized Losses | -5 | [1],[2] | -18 | [1],[2] |
Nuclear decommissioning trust funds | 4,103 | 3,903 | [3] | |
Net assets related to pending sales and purchases of securities | 6 | 11 | ||
Fair Value of securities in an unrealized loss position | 275 | 604 | ||
Cost method investments | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Other Investments | 92 | 106 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 92 | 106 | ||
Cash Equivalents and Other Investment | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Other Investments | 93 | [4] | 110 | [4] |
Total Unrealized Gains | 0 | [1],[4] | 0 | [1],[4] |
Total Unrealized Losses | 0 | [1],[4] | 0 | [1],[4] |
Nuclear decommissioning trust funds | 93 | [4] | 110 | [4] |
Equity Securities | U.S. Large cap | United States | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 1,236 | 1,183 | ||
Total Unrealized Gains | 1,313 | [1] | 1,194 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 2,549 | 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] | |
Nuclear decommissioning trust funds | ' | 72 | ||
Corporate bonds | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 389 | 332 | ||
Total Unrealized Gains | 21 | [1] | 16 | [1] |
Total Unrealized Losses | -1 | [1] | -3 | [1] |
Nuclear decommissioning trust funds | 409 | 345 | ||
U.S. Treasury securities and agency debentures | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 618 | 589 | ||
Total Unrealized Gains | 12 | [1] | 8 | [1] |
Total Unrealized Losses | -3 | [1] | -10 | [1] |
Nuclear decommissioning trust funds | 627 | 587 | ||
State and municipal | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 307 | 297 | ||
Total Unrealized Gains | 20 | [1] | 11 | [1] |
Total Unrealized Losses | -1 | [1] | -5 | [1] |
Nuclear decommissioning trust funds | 326 | 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] |
Nuclear decommissioning trust funds | 7 | 3 | ||
Virginia Electric and Power Company | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Total | 1,267 | 1,236 | ||
Total Unrealized Gains | 591 | [1] | 538 | [1] |
Total Unrealized Losses | -1 | [1],[5] | -9 | [1],[5] |
Nuclear decommissioning trust funds | 1,857 | 1,765 | [6] | |
Net assets related to pending sales and purchases of securities | 6 | 6 | ||
Fair Value of securities in an unrealized loss position | 114 | 299 | ||
Virginia Electric and Power Company | Cost method investments | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Other Investments | 92 | 106 | ||
Total Unrealized Gains | 0 | [1] | 0 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 92 | 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] |
Nuclear decommissioning trust funds | 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 | 530 | 506 | ||
Total Unrealized Gains | 567 | [1] | 514 | [1] |
Total Unrealized Losses | 0 | [1] | 0 | [1] |
Nuclear decommissioning trust funds | 1,097 | 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] | |
Nuclear decommissioning trust funds | ' | 36 | ||
Virginia Electric and Power Company | Corporate bonds | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 211 | 185 | ||
Total Unrealized Gains | 10 | [1] | 8 | [1] |
Total Unrealized Losses | 0 | [1] | -2 | [1] |
Nuclear decommissioning trust funds | 221 | 191 | ||
Virginia Electric and Power Company | U.S. Treasury securities and agency debentures | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 226 | 214 | ||
Total Unrealized Gains | 3 | [1] | 1 | [1] |
Total Unrealized Losses | -1 | [1] | -3 | [1] |
Nuclear decommissioning trust funds | 228 | 212 | ||
Virginia Electric and Power Company | State and municipal | ' | ' | ||
Investment Holdings [Line Items] | ' | ' | ||
Amortized Cost, Marketable Securities | 174 | 163 | ||
Total Unrealized Gains | 11 | [1] | 4 | [1] |
Total Unrealized Losses | 0 | [1] | -4 | [1] |
Nuclear decommissioning trust funds | $185 | $163 | ||
[1] | Included in AOCI and the decommissioning trust regulatory liability. | |||
[2] | The fair value of securities in an unrealized loss position was $275 million and $604 million at June 30, 2014 and DecemberB 31, 2013, respectively. | |||
[3] | Dominionbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[4] | Includes pending sales of securities of $6 million and $11 million at June 30, 2014 and December 31, 2013, respectively. | |||
[5] | The fair value of securities in an unrealized loss position was $114 million and $299 million at June 30, 2014 and DecemberB 31, 2013, respectively. | |||
[6] | Virginia Powerbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[7] | Includes pending sales of securities of $6 million at both June 30, 2014 and December 31, 2013. |
Investments_Fair_Value_of_our_
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Due in one year or less | $133 |
Due after one year through five years | 407 |
Due after five years through ten years | 384 |
Due after ten years | 445 |
Total | 1,369 |
Virginia Electric and Power Company | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Due in one year or less | 39 |
Due after one year through five years | 199 |
Due after five years through ten years | 206 |
Due after ten years | 190 |
Total | $634 |
Investments_Selected_Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Available-for-sale securities: | ' | ' | ' | ' | ||||
Proceeds from sales | $244 | $308 | $686 | $862 | ||||
Realized gains | 25 | [1] | 29 | [1] | 63 | [1] | 92 | [1] |
Realized losses | 7 | [1] | 10 | [1] | 13 | [1] | 16 | [1] |
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Available-for-sale securities: | ' | ' | ' | ' | ||||
Proceeds from sales | 95 | 135 | 299 | 324 | ||||
Realized gains | 10 | [1] | 10 | [1] | 29 | [1] | 26 | [1] |
Realized losses | $3 | [1] | $5 | [1] | $6 | [1] | $8 | [1] |
[1] | Includes realized gains and losses recorded to the decommissioning trust regulatory liability. |
Investments_Investments_under_
Investments (Investments under Equity Method of Accounting) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Investment Balance | $1,083 | $916 | [1] |
Dominion Gas Holdings, LLC | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Investment Balance | 113 | 105 | |
Dominion Gas Holdings, LLC | Iroquois | ' | ' | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Ownership% | 24.72% | ' | |
Investment Balance | $113 | $105 | |
[1] | Dominionbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Regulatory Assets and Liablities [Line Items] | ' | ' | ||
Deferred cost of fuel used in electric generation | $131 | [1] | $0 | [1] |
Deferred rate adjustment clause costs | 40 | [2] | 89 | [2] |
Nuclear fuel outages | 33 | [3] | 0 | [3] |
Unrecovered gas cost | 11 | [4] | 50 | [4] |
Derivatives | 5 | [5] | 16 | [5] |
Other | 47 | 62 | ||
Regulatory assets current | 267 | [6] | 217 | [6] |
Unrecognized pension and other postretirement benefit costs | 683 | [7] | 706 | [7] |
Deferred rate adjustment clause costs | 296 | [2] | 287 | [2] |
Income taxes recoverable through future rates | 136 | [8] | 155 | [8] |
Deferred cost of fuel used in electric generation | 123 | [1] | 1 | [1] |
Derivatives | 52 | [5] | 16 | [5] |
Other | 85 | 63 | ||
Regulatory assets-non-current | 1,375 | 1,228 | [9] | |
Total regulatory assets | 1,642 | 1,445 | ||
PIPP | 75 | [10] | 76 | [10] |
Other | 42 | 52 | ||
Regulatory liabilities current | 117 | [11] | 128 | [11] |
Provision for future cost of removal and AROs | 1,052 | [12] | 1,028 | [12] |
Decommissioning trust | 766 | [13] | 693 | [13] |
Deferred cost of fuel used in electric generation | 7 | [1] | 90 | [1] |
Other | 186 | 190 | ||
Regulatory liabilities-non-current | 2,011 | 2,001 | [9] | |
Total regulatory liabilities | 2,128 | 2,129 | ||
Virginia Electric and Power Company | ' | ' | ||
Regulatory Assets and Liablities [Line Items] | ' | ' | ||
Deferred cost of fuel used in electric generation | 131 | [1] | 0 | [1] |
Deferred rate adjustment clause costs | 28 | [2] | 62 | [2] |
Nuclear fuel outages | 33 | [3] | 0 | [3] |
Derivatives | 5 | [5] | 16 | [5] |
Other | 45 | 50 | ||
Regulatory assets current | 242 | 128 | ||
Deferred rate adjustment clause costs | 228 | [2] | 227 | [2] |
Deferred cost of fuel used in electric generation | -123 | [1] | -1 | [1] |
Income taxes recoverable through future rates | 105 | [8] | 124 | [8] |
Derivatives | 52 | [5] | 16 | [5] |
Other | 53 | 49 | ||
Regulatory assets-non-current | 561 | 417 | [14] | |
Total regulatory assets | 803 | 545 | ||
Other | 28 | 41 | ||
Regulatory liabilities current | 28 | [11] | 41 | [11] |
Provision for future cost of removal | 828 | [12] | 807 | [12] |
Decommissioning trust | 766 | [13] | 693 | [13] |
Deferred cost of fuel used in electric generation | 7 | [1] | 90 | [1] |
Other | 6 | 7 | ||
Regulatory liabilities-non-current | 1,607 | 1,597 | [14] | |
Total regulatory liabilities | 1,635 | 1,638 | ||
Dominion Gas Holdings, LLC | ' | ' | ||
Regulatory Assets and Liablities [Line Items] | ' | ' | ||
Deferred rate adjustment clause costs | 12 | [2] | 27 | [2] |
Unrecovered gas cost | 1 | [4] | 40 | [4] |
Bad debt tracker | 0 | [15] | 11 | [15] |
Other | 0 | 1 | ||
Regulatory assets current | 13 | [6] | 79 | [6] |
Unrecognized pension and other postretirement benefit costs | 188 | [7] | 194 | [7] |
Deferred rate adjustment clause costs | 68 | [2] | 59 | [2] |
Income taxes recoverable through future rates | 24 | [8] | 24 | [8] |
Regulatory Assets, Noncurrent, Other Postretirement Benefit Plans Costs | 0 | [16] | 7 | [16] |
Other | 24 | 1 | ||
Regulatory assets-non-current | 304 | 285 | [17] | |
Total regulatory assets | 317 | 364 | ||
PIPP | 75 | [10] | 76 | [10] |
Other | 10 | 3 | ||
Regulatory liabilities current | 85 | [11] | 79 | [11] |
Provision for future cost of removal and AROs | 178 | [12] | 177 | [12] |
Regulatory Liability, Noncurrent, Unrecognized Pension and Other Postretirement Benefit Plans Cost | 16 | [7] | 18 | [7] |
Other | 13 | 8 | ||
Regulatory liabilities-non-current | 207 | [18] | 203 | [18] |
Total regulatory liabilities | $292 | $282 | ||
[1] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. | |||
[2] | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. | |||
[3] | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, but in no case for more than 18 months. | |||
[4] | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. | |||
[5] | 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. | |||
[6] | Current regulatory assets are presented in other current assets in the Companies' Consolidated Balance Sheets. | |||
[7] | 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. | |||
[8] | 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. | |||
[9] | Dominionbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[10] | Under PIPP, eligible customers can make reduced payments 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. | |||
[11] | Current regulatory liabilities are presented in other current liabilities in the Companies' Consolidated Balance Sheets. | |||
[12] | 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. | |||
[13] | 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. | |||
[14] | Virginia Powerbs Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the audited Consolidated Financial Statements at that date. | |||
[15] | Represents East Ohio's deferrals for the UEX Rider which are recovered through rates which are filed annually. Most of East Ohio's bad debt expense is recovered either through the UEX Rider or the PIPP Rider. | |||
[16] | Primarily reflects costs recognized in excess of amounts included in regulated rates charged by Dominion Gas' regulated gas operations before rates were updated to reflect a change in accounting method for other postretirement benefit costs. | |||
[17] | Dominion Gasb Consolidated Balance Sheet at DecemberB 31, 2013 has been derived from the Audited Consolidated Financial Statements at that date. | |||
[18] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities (Narrative) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Public Utilities, General Disclosures [Line Items] | ' |
Regulatory assets past expenditures not earning return | $136 |
Virginia Electric and Power Company | ' |
Public Utilities, General Disclosures [Line Items] | ' |
Regulatory assets past expenditures not earning return | 107 |
Dominion Gas Holdings, LLC | ' |
Public Utilities, General Disclosures [Line Items] | ' |
Regulatory assets past expenditures not earning return | $18 |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-12 | Mar. 31, 2010 | Apr. 30, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-14 | Jul. 31, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | 31-May-14 | 31-May-14 | Jun. 30, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jul. 31, 2014 | Dec. 31, 2012 | Apr. 30, 2014 | Dec. 31, 2008 | 31-May-14 | Dec. 31, 2007 | Jul. 31, 2014 | Jul. 31, 2017 | Jul. 31, 2017 | Jul. 31, 2017 | |||||
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 | 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 | Virginia Electric and Power Company | Virginia Electric and Power Company | East Ohio | East Ohio | East Ohio | East Ohio | East Ohio | East Ohio | East Ohio | East Ohio | ||||||||
Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | Virginia Regulation | North Carolina Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | Ohio Regulation | ||||||||||||||
Part | North Anna | North Anna | North Anna | North Anna | Loudoun- Pleasant View Transmission Line | Scenario, Forecast | Rider B | Rider S | Rider W | Rider R | Rider BW | Rider C1A | Rider C2A | Riders C1A And C2A | Rider T1 | PIR Program | PIR Program | AMR Program | AMR Program | Subsequent Event | Subsequent Event | Subsequent Event | Scenario, Forecast | ||||||||||||||||
Virginia legislation | kV | North Anna | Power_Station | Subsequent Event | Program | Subsequent Event | customer | PIPP Plus Program | UEX Rider | Subsequent Event | |||||||||||||||||||||||||||||
Virginia legislation | PIPP Plus Program | ||||||||||||||||||||||||||||||||||||||
Regulatory Matters [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
ROE | ' | ' | ' | ' | ' | 11.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.20% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amount of requested fuel expense recovery | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of deferred fuel balance offered to recover | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Jurisdictional deferred fuel balance | 131,000,000 | [1] | ' | 0 | [1] | ' | ' | ' | 131,000,000 | [1] | ' | 0 | [1] | 268,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount recovered of jurisdictional deferred fuel balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of parts of amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of power stations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Proposed revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | 244,000,000 | 135,000,000 | 84,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Approved revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | 1,000,000 | 30,000,000 | ' | 538,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Approved increase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | 4,000,000 | 134,000,000 | ' | 22,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ||||
Approved combined spending cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of Demand Side Management Programs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
KV line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Estimated cost to rebuild transmission line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of capitalized costs recovered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Deferred or capitalized costs | 2,389,000,000 | 1,937,000,000 | ' | ' | ' | ' | 1,385,000,000 | 1,217,000,000 | ' | ' | ' | ' | ' | 577,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ||||
Charges associated with North Anna and offshore wind legislation | 287,000,000 | 0 | ' | ' | ' | ' | 287,000,000 | 0 | ' | ' | ' | ' | ' | ' | 287,000,000 | ' | 87,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Charges associated with North Anna and offshore wind facilities, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,000,000 | ' | 57,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Approved increase in annual non-fuel base revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Approved annual base fuel revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Base revenue increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of pipeline replaced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ||||
Estimate revenue requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,000,000 | ' | 8,000,000 | ' | ' | ' | ' | ' | ||||
Number of customers in Ohio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ||||
Over-recovery of accumulated arrearages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,000,000 | ' | ' | ||||
Projected deferred program costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,000,000 | ||||
Over-recovered balance of accumulated bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ||||
Prospective bad debt expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ||||
[1] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
generator | ||||
MW | ||||
Virginia Electric and Power Company | ' | ' | ' | ' |
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 | 55 | 53 | 111 | 108 |
Payment for electric energy | 33 | 26 | 87 | 46 |
Shared services purchased | 106 | 83 | 214 | 160 |
Virginia Electric and Power Company | Minimum | ' | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' | ' |
Contracts expiry date start range | ' | ' | '2015 | ' |
Virginia Electric and Power Company | Maximum | ' | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' | ' |
Contracts expiry date start range | ' | ' | '2021 | ' |
Dominion Gas Holdings, LLC | ' | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' | ' |
Shared services purchased | $26 | $25 | $52 | $51 |
Significant_Financing_Transact2
Significant Financing Transactions - (Narrative) (Details) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | 31-May-14 | Jul. 09, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 10, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 10, 2014 | Jul. 09, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2017 | Jul. 31, 2017 | Jul. 01, 2014 | Jul. 31, 2014 | Jul. 01, 2014 | ||||||||||||
Subsequent Event | 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 | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 500 Million | 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 | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Scenario, Forecast | Scenario, Forecast | Common Stock | Capital Unit, Class A | Capital Unit, Class A | |||||||||||||||
Senior Notes | Senior Notes | Senior Notes | Solid Waste and Sewage Disposal Revenue Bonds | Solid Waste and Sewage Disposal Revenue Bonds | Subsequent Event | Subsequent Event | Tax Exempt Debt | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 500 Million | Senior Notes | Credit Facility 4 Billion | Credit Facility 500 Million | Minimum | Maximum | Subsequent Event | Subsequent Event | Subsequent Event | |||||||||||||||||||||
Subsequent Event | Subsequent Event | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Variable rate tax-exempt financings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Facility Limit | ' | 4,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | [1] | 3,000,000,000 | [1] | 4,000,000,000 | [1] | 500,000,000 | [2] | 1,250,000,000 | [3] | 1,500,000,000 | ' | 1,000,000,000 | [3],[4] | 1,250,000,000 | [4] | 1,000,000,000 | [4] | 250,000,000 | [3],[5] | ' | 1,000,000,000 | [1] | ' | ' | ' | ' | ' | ' | |
Credit Facility, to support letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | 500,000,000 | [1] | 0 | [2] | ' | ' | ' | ' | ' | |||||||||
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Principal amount of unsecured senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Contingent convertible senior notes | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Conversion rate, shares of common stock per $1,000 principal amount of senior notes (in shares) | ' | ' | ' | ' | 30.118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Principal amount of senior notes | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Conversion rate, shares of common stock per $1,000 principal amount of senior notes, conversion price | ' | ' | ' | ' | $33.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Issuance of additional shares | ' | ' | ' | ' | 550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
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 | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of common stock | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of outstanding shares | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Redemption price per share | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Dividend rate | 6.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Equity Units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000,000 | ' | |||||||||||
Payment rate for Equity Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | |||||||||||
Percentage interest in RSN issued | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Purchase price per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' | |||||||||||
Shares to be issued under terms of stock purchase contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | 14,300,000 | ' | ' | ' | |||||||||||
Common stock reserved for issuance in connection with stock purchase contracts | ' | ' | ' | 17,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. This credit facility 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] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||||||||||||||||||||||||||||
[3] | On June 30, 2014, Virginia Power's facility sub-limit was exceeded; however, Virginia Power retained ongoing access to its short-term demand note with Dominion as discussed in Note 17 and remained in compliance with its debt covenants. Effective July 10, 2014, Virginia Power increased its sub-limit under the $4 billion credit facility from $1.0 billion to $1.25 billion bringing its total sub-limit to $1.5 billion. | |||||||||||||||||||||||||||||||||||||||
[4] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. | |||||||||||||||||||||||||||||||||||||||
[5] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. |
Significant_Financing_Transact3
Significant Financing Transactions - (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 10, 2014 | Jun. 30, 2014 | 31-May-14 | Jul. 09, 2014 | Jun. 30, 2014 | Jul. 10, 2014 | Jul. 09, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||||||||
Virginia Electric and Power Company | Virginia Electric and Power Company | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 4 Billion | Credit Facility 500 Million | Credit Facility 500 Million | |||||||||||
Subsequent Event | Subsequent Event | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | |||||||||||||||
Subsequent Event | Subsequent Event | |||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Facility Limit | $4,500,000,000 | $1,250,000,000 | [1] | $1,500,000,000 | $4,000,000,000 | [2] | $3,000,000,000 | [2] | $4,000,000,000 | [2] | $1,000,000,000 | [1],[3] | $1,250,000,000 | [3] | $1,000,000,000 | [3] | $500,000,000 | [4] | $250,000,000 | [1],[5] |
Outstanding Commercial Paper | 3,080,000,000 | 1,323,000,000 | ' | 2,848,000,000 | [2] | ' | ' | 1,091,000,000 | [3] | ' | ' | 232,000,000 | [4] | 232,000,000 | [5] | |||||
Outstanding Letters of Credit | 115,000,000 | 18,000,000 | ' | 0 | [2] | ' | ' | 0 | [3] | ' | ' | 115,000,000 | [4] | 18,000,000 | [5] | |||||
Facility Capacity Available | 1,305,000,000 | -91,000,000 | [1] | ' | 1,152,000,000 | [2] | ' | ' | -91,000,000 | [1],[3] | ' | ' | 153,000,000 | [4] | 0 | [1],[5] | ||||
Credit Facility, to support letters of credit | ' | ' | ' | $1,500,000,000 | ' | ' | $1,500,000,000 | ' | ' | ' | ' | |||||||||
[1] | On June 30, 2014, Virginia Power's facility sub-limit was exceeded; however, Virginia Power retained ongoing access to its short-term demand note with Dominion as discussed in Note 17 and remained in compliance with its debt covenants. Effective July 10, 2014, Virginia Power increased its sub-limit under the $4 billion credit facility from $1.0 billion to $1.25 billion bringing its total sub-limit to $1.5 billion. | |||||||||||||||||||
[2] | In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. This credit facility 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. | |||||||||||||||||||
[3] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. | |||||||||||||||||||
[4] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. | |||||||||||||||||||
[5] | In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. This credit facility 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. |
Significant_Financing_Transact4
Significant Financing Transactions (Schedule of Equity Units) (Details) (Subsequent Event, Capital Unit, Class A, USD $) | 0 Months Ended | |
Share data in Millions, unless otherwise specified | Jul. 01, 2014 | Jul. 01, 2014 |
Debt Instrument [Line Items] | ' | ' |
Units Issued | 20 | ' |
Total Net Proceeds | $982,000,000 | ' |
Stock Purchase Contract Annual Rate | ' | 4.88% |
Remarketable Subordinated Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Long-term Debt | $1,000,000,000 | 1,000,000,000 |
RSN Annual Interest Rate | 1.50% | 1.50% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 47 Months Ended | 1 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2011 | Jul. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2011 | Jun. 30, 2014 | 31-May-14 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Unit | Party | Site | Minimum | Maximum | North Anna | Millstone | Kewaunee | Obligated Payments to Maryland Strategic Energy Investments Fund and Low Income Energy Assistance Programs | Third Party and Equity Method Investee | Third Party and Equity Method Investee | Virginia Electric and Power Company | Virginia Electric and Power Company | Virginia Electric and Power Company | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | CAA | CAA | CWA | CWA | Remediation program | Breach of Contract Lawsuit | Spent Nuclear Fuel | Spent Nuclear Fuel | Spent Nuclear Fuel | Spent Nuclear Fuel | |||||
Through 2019 | Site | Site | State | Facility | Virginia Electric and Power Company | Pending Litigation | Virginia Electric and Power Company | Virginia Electric and Power Company | ||||||||||||||||||||||
Group | Facility | |||||||||||||||||||||||||||||
MW | ||||||||||||||||||||||||||||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of groups of affected states | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount company has spent for emission standards compliance | ' | ' | ' | ' | $2,389,000,000 | $1,937,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,385,000,000 | $1,217,000,000 | ' | $249,000,000 | $253,000,000 | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities that may be subject to final regulations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 11 | ' | ' | ' | ' | ' | ' |
Number of parties issued UAO | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Daily civil penalties for non compliance | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of former manufactured gas plant sites | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary costs for options under evaluation for site, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Preliminary costs for options under evaluation for site, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' |
Maximum period for consideration of CO2 emissions from biomass projects | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of coal fired generating units | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liability for legal matter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' |
Other Commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount to resolve claims for damages | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | 17,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables for spent nuclear fuel-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,000,000 | 79,000,000 | 60,000,000 | 50,000,000 |
Current fee per MWh for electricity paid by civilian nuclear power generators | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Waste fees recognized | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of civil penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exposure under guarantees | ' | ' | ' | ' | 4,328,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual future contributions | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased surety bonds | ' | ' | ' | ' | 129,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized issuance of standby letters of credit | ' | ' | ' | ' | $115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Subsidiary Guarantees) (Details) (USD $) | Jun. 30, 2014 | |
Subsidiary | ||
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | $4,328,000,000 | |
Value | 1,067,000,000 | [1] |
Number of DEI subsidiaries | 2 | |
Subsidiary Debt | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 27,000,000 | [2] |
Value | 27,000,000 | [1],[2] |
Commodity Transactions | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 3,040,000,000 | [3] |
Value | 468,000,000 | [1],[3] |
Nuclear Obligations | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 236,000,000 | [4] |
Value | 91,000,000 | [1],[4] |
Nuclear Obligations | Millstone | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 150,000,000 | |
Nuclear Obligations | Kewaunee | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 60,000,000 | |
Cove Point | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 335,000,000 | [5] |
Value | 0 | [1],[5] |
Solar | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 169,000,000 | [6] |
Value | 397,000,000 | [1],[6] |
Other | ' | |
Commitments and Contingencies [Line Items] | ' | |
Stated Limit | 521,000,000 | [7] |
Value | $84,000,000 | [1],[7] |
[1] | Represents the estimated portion of the guarantee's stated limit that is utilized as of June 30,B 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, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |
[4] | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay certain expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |
[5] | Guarantees related to Cove Point, including agreements to support terminal service and transportation agreements as well as an EPC 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. Also includes a guarantee entered into by DEI on behalf of a subsidiary to facilitate the acquisition and development of a solar project. | |
[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 $) | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Counterparty | Investment Grade | Investment Grade | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | Dominion Gas Holdings, LLC | ||
Investment grade counterparties | Counterparty, A | Storage and Transportation Revenue | Storage and Transportation Revenue | Ten Largest Customers | Thirty Largest Customers | Long Term Capacity Contracts | Annual Capacity Contracts | Unsubscribed Firm Transportation Capacity | |||
Customer Concentration Risk | Customer Concentration Risk | Storage and Transportation Revenue | Storage and Transportation Revenue | Storage and Transportation Revenue | Storage and Transportation Revenue | Storage and Transportation Revenue | |||||
customer | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | ||||||
customer | customer | ||||||||||
Concentration Risk and Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross credit exposure | $122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk, percentage (percentage) | ' | ' | 59.00% | 10.00% | 94.00% | 98.00% | 42.00% | 75.00% | 97.00% | 3.00% | 1.00% |
Number of counterparties | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional collateral to be posted if the credit related contingent features were triggered | 79 | 146 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral posted | 5 | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of all derivative instruments not fully collateralized | $161 | $169 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customers | ' | ' | ' | ' | 234 | ' | 10 | 30 | ' | ' | ' |
Term of contract | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||||
Virginia Electric and Power Company | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Commodity purchases from affiliates | $113,000,000 | $105,000,000 | $315,000,000 | $190,000,000 | ' | |||||
Services provided by affiliates | 106,000,000 | [1] | 106,000,000 | [1] | 214,000,000 | [1] | 202,000,000 | [1] | ' | |
Services provided to affiliates | 6,000,000 | 5,000,000 | 11,000,000 | 10,000,000 | ' | |||||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | 0 | ' | 0 | ' | ' | |||||
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Amounts due to Dominion | 1,000,000 | [2] | ' | 1,000,000 | [2] | ' | 1,000,000 | [2] | ||
Amounts due from Dominion | 6,000,000 | [3] | ' | 6,000,000 | [3] | ' | 6,000,000 | [3] | ||
Commodity purchases from affiliates | 6,000,000 | 7,000,000 | 8,000,000 | 9,000,000 | ' | |||||
Accounts receivable from related parties | 6,000,000 | ' | 6,000,000 | ' | 3,000,000 | |||||
Services provided to affiliates | 21,000,000 | 22,000,000 | 46,000,000 | 44,000,000 | ' | |||||
Affiliated notes receivable | 7,000,000 | [4] | ' | 7,000,000 | [4] | ' | 5,000,000 | [4] | ||
Dominion Gas Holdings, LLC | Revolving Credit Facility | IRCA | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Borrowings under IRCA | 1,500,000,000 | ' | 1,500,000,000 | ' | 1,300,000,000 | |||||
Interest charges | 1,000,000 | 11,000,000 | 2,000,000 | 21,000,000 | ' | |||||
Interest and related charges deferred as regulatory asset | ' | 5,000,000 | ' | 8,000,000 | ' | |||||
Dominion Gas Holdings, LLC | Services provided by affiliates | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Commodity purchases from affiliates | 25,000,000 | [1] | 33,000,000 | [1] | 51,000,000 | [1] | 59,000,000 | [1] | ' | |
Dominion Gas Holdings, LLC | Goods and services provided by Dominion Gas to affiliates | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Services provided by affiliates | 3,000,000 | 5,000,000 | 6,000,000 | 9,000,000 | ' | |||||
Dominion Gas Holdings, LLC | Goods and services provided by Dominion Gas to related parties | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Services provided to affiliates | 7,000,000 | 2,000,000 | 16,000,000 | 5,000,000 | ' | |||||
Principal Owner | Virginia Electric and Power Company | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Short term demand note | 0 | ' | 0 | ' | 97,000,000 | |||||
Other deferred credits and other liabilities | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Amounts due to Dominion | 182,000,000 | ' | 182,000,000 | ' | 147,000,000 | |||||
Other deferred charges and other assets | ' | ' | ' | ' | ' | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | |||||
Amounts due from Dominion | $16,000,000 | ' | $16,000,000 | ' | ' | |||||
[1] | Amounts are subject to capitalization. | |||||||||
[2] | Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | |||||||||
[3] | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||||||
[4] | Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Contributions to defined benefit pension plans and OPEB plans | $0 | ' | ||
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | ' | ||
Dominion Gas Holdings, LLC | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Contributions to defined benefit pension plans and OPEB plans | 0 | ' | ||
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | ' | ||
Amounts due from Dominion | 6,000,000 | [1] | 6,000,000 | [1] |
Amounts due to Dominion | 1,000,000 | [2] | 1,000,000 | [2] |
Pension Benefits | Dominion Gas Holdings, LLC | Dominion | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Amounts due from Dominion | 595,000,000 | 577,000,000 | ||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | Dominion | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Amounts due to Dominion | $11,000,000 | $14,000,000 | ||
[1] | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||
[2] | Amounts are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Pension Benefits | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | $28 | $34 | $57 | $69 | ||||
Interest cost | 73 | 67 | 145 | 133 | ||||
Expected return on plan assets | -125 | -115 | -250 | -229 | ||||
Amortization of prior service cost (credit) | 1 | 1 | 2 | 2 | ||||
Amortization of net actuarial loss | 28 | 44 | 56 | 90 | ||||
Settlements and curtailments | 0 | [1] | -2 | [1] | 0 | [1] | -2 | [1] |
Net periodic benefit cost (credit) | 5 | 29 | 10 | 63 | ||||
Pension Benefits | Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 3 | 4 | 6 | 7 | ||||
Interest cost | 7 | 7 | 14 | 13 | ||||
Expected return on plan assets | -28 | -27 | -57 | -52 | ||||
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 | ||||
Amortization of net actuarial loss | 4 | 7 | 9 | 14 | ||||
Net periodic benefit cost (credit) | -14 | -9 | -28 | -18 | ||||
Other Postretirement Benefits | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 8 | 12 | 16 | 24 | ||||
Interest cost | 16 | 18 | 33 | 37 | ||||
Expected return on plan assets | -27 | -22 | -55 | -44 | ||||
Amortization of prior service cost (credit) | -7 | -3 | -14 | -6 | ||||
Amortization of net actuarial loss | 1 | 2 | 1 | 4 | ||||
Settlements and curtailments | 0 | [1] | -15 | [1] | 0 | [1] | -15 | [1] |
Net periodic benefit cost (credit) | -9 | -8 | -19 | 0 | ||||
Other Postretirement Benefits | Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 2 | 2 | 3 | 4 | ||||
Interest cost | 3 | 3 | 6 | 6 | ||||
Expected return on plan assets | -6 | -4 | -11 | -9 | ||||
Amortization of prior service cost (credit) | -1 | -1 | -1 | -2 | ||||
Amortization of net actuarial loss | 0 | 0 | 0 | 1 | ||||
Net periodic benefit cost (credit) | ($2) | $0 | ($3) | $0 | ||||
[1] | Relate primarily to the decommissioning of Kewaunee. |
Operating_Segments_Narrative_D
Operating Segments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Charges associated with North Anna and offshore wind legislation | ' | ' | $287,000,000 | $0 | ||||
Loss from discontinued operations | 0 | [1] | 70,000,000 | [1] | 0 | [1] | 69,000,000 | [1] |
After tax net expense | 2,419,000,000 | 2,432,000,000 | 5,281,000,000 | 5,025,000,000 | ||||
Corporate and Other | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
After tax net expenses | ' | ' | 430,000,000 | 134,000,000 | ||||
All segments | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
After tax net expenses | ' | ' | 402,000,000 | 131,000,000 | ||||
Severance pay and other benefit costs | ' | ' | ' | 28,000,000 | ||||
Severance pay and other benefit costs, net of tax | ' | ' | ' | 17,000,000 | ||||
Dominion Energy | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Loss related to restructuring of producer services | ' | ' | 319,000,000 | ' | ||||
Restructuring after tax | ' | ' | 193,000,000 | ' | ||||
Net loss | ' | ' | ' | 107,000,000 | ||||
After tax net loss | ' | ' | ' | 57,000,000 | ||||
Impairment charge | ' | ' | ' | 55,000,000 | ||||
Impairment charge, net of tax | ' | ' | ' | 33,000,000 | ||||
Loss related to producer service business | ' | ' | ' | 52,000,000 | ||||
Loss related to producer service business, net of tax | ' | ' | ' | 24,000,000 | ||||
Dominion Generation | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Loss related to restructuring of producer services | ' | ' | 47,000,000 | ' | ||||
Restructuring after tax | ' | ' | 33,000,000 | ' | ||||
Net loss | ' | ' | 147,000,000 | ' | ||||
After tax net loss | ' | ' | 90,000,000 | ' | ||||
Net gain on sale | ' | ' | 100,000,000 | ' | ||||
Net gain on sale, after tax | ' | ' | 57,000,000 | ' | ||||
Write off of goodwill | ' | ' | 31,000,000 | ' | ||||
Net gain on investments | ' | ' | ' | 51,000,000 | ||||
Net gain on investments, after tax | ' | ' | ' | 31,000,000 | ||||
Dominion Generation | Virginia legislation | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Charges associated with North Anna and offshore wind legislation | ' | ' | 287,000,000 | ' | ||||
Charges associated with North Anna and offshore wind facilities, net of tax | ' | ' | 191,000,000 | ' | ||||
Brayton Point and Kincaid | Dominion Generation | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net loss | ' | ' | ' | 6,000,000 | ||||
After tax net loss | ' | ' | ' | 3,000,000 | ||||
Net loss from discontinued operations, before income tax | ' | ' | ' | 118,000,000 | ||||
Loss from discontinued operations | ' | ' | ' | 69,000,000 | ||||
Amount of debt extinguishment | ' | ' | ' | 64,000,000 | ||||
Amount of debt extinguishment, net of tax | ' | ' | ' | 38,000,000 | ||||
Impairment of long-lived assets to be disposed of | ' | ' | ' | 48,000,000 | ||||
Impairment of long lived assets to be disposed of, net of tax | ' | ' | ' | 28,000,000 | ||||
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Charges associated with North Anna and offshore wind legislation | ' | ' | 287,000,000 | 0 | ||||
After tax net expense | 1,524,000,000 | 1,247,000,000 | 2,894,000,000 | 2,498,000,000 | ||||
Virginia Electric and Power Company | Corporate and Other | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
After tax net expense | ' | ' | 181,000,000 | 5,000,000 | ||||
Virginia Electric and Power Company | All segments | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
After tax net expense | ' | ' | 189,000,000 | ' | ||||
Virginia Electric and Power Company | Dominion Generation | Virginia legislation | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Charges associated with North Anna and offshore wind legislation | ' | ' | 287,000,000 | ' | ||||
Charges associated with North Anna and offshore wind facilities, net of tax | ' | ' | 191,000,000 | ' | ||||
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Severance pay and other benefit costs | ' | ' | ' | 14,000,000 | ||||
Severance pay and other benefit costs, net of tax | ' | ' | ' | 8,000,000 | ||||
After tax net expense | 274,000,000 | 342,000,000 | 578,000,000 | 704,000,000 | ||||
Dominion Gas Holdings, LLC | Corporate and Other | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
After tax net expenses | ' | ' | 0 | 41,000,000 | ||||
Dominion Gas Holdings, LLC | Dominion Energy | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Impairment charge | ' | ' | ' | 55,000,000 | ||||
Impairment charge, net of tax | ' | ' | ' | $33,000,000 | ||||
[1] | Includes income tax benefit of $49 million for both the three and six months ended June 30, 2013. |
Operating_Segments_Schedule_of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | $2,813 | $2,980 | $6,443 | $6,503 | ||||
Total operating revenue | 2,813 | 2,980 | 6,443 | 6,503 | ||||
Loss from discontinued operations | 0 | -70 | 0 | -69 | ||||
Net income attributable to Dominion | 159 | 202 | 538 | 697 | [1] | |||
Intersegment Revenue | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 0 | 0 | 0 | 0 | ||||
DVP | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 445 | [2] | 432 | [2] | 945 | [2] | 896 | [2] |
Total operating revenue | 450 | [2] | 435 | [2] | 954 | [2] | 901 | [2] |
Loss from discontinued operations | ' | 0 | [2] | ' | 0 | [2] | ||
Net income attributable to Dominion | 116 | [2] | 112 | [2] | 247 | [2] | 228 | [2] |
DVP | Intersegment Revenue | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 5 | [2] | 3 | [2] | 9 | [2] | 5 | [2] |
Dominion Generation | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 1,694 | [2] | 1,898 | [2] | 3,951 | [2] | 4,028 | [2] |
Total operating revenue | 1,704 | [2] | 1,901 | [2] | 3,988 | [2] | 4,072 | [2] |
Loss from discontinued operations | ' | 0 | [2] | ' | 0 | [2] | ||
Net income attributable to Dominion | 159 | [2] | 185 | [2] | 468 | [2] | 439 | [2] |
Dominion Generation | Intersegment Revenue | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 10 | [2] | 3 | [2] | 37 | [2] | 44 | [2] |
Dominion Energy | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 429 | 354 | 791 | 966 | ||||
Total operating revenue | 681 | 629 | 1,532 | 1,505 | ||||
Loss from discontinued operations | ' | 0 | ' | 0 | ||||
Net income attributable to Dominion | 130 | 124 | 338 | 303 | ||||
Dominion Energy | Intersegment Revenue | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 252 | 275 | 741 | 539 | ||||
Corporate and Other | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 4 | 17 | 7 | 63 | ||||
Total operating revenue | 143 | 181 | 288 | 370 | ||||
Loss from discontinued operations | ' | -70 | ' | -69 | ||||
Net income attributable to Dominion | -246 | -219 | -515 | -273 | ||||
Corporate and Other | Intersegment Revenue | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 139 | 164 | 281 | 307 | ||||
Adjustments/Eliminations | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 241 | [2] | 279 | [2] | 749 | [2] | 550 | [2] |
Total operating revenue | -165 | [2] | -166 | [2] | -319 | [2] | -345 | [2] |
Loss from discontinued operations | ' | 0 | [2] | ' | 0 | [2] | ||
Net income attributable to Dominion | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Adjustments/Eliminations | Intersegment Revenue | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | -406 | [2] | -445 | [2] | -1,068 | [2] | -895 | [2] |
Virginia Electric and Power Company | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 1,729 | [3] | 1,710 | [3] | 3,712 | [3] | 3,491 | [3] |
Total operating revenue | 1,729 | 1,710 | 3,712 | 3,491 | ||||
Net income attributable to Dominion | 69 | 265 | 393 | 552 | ||||
Virginia Electric and Power Company | DVP | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total operating revenue | 448 | 431 | 950 | 896 | ||||
Net income attributable to Dominion | 117 | 114 | 251 | 232 | ||||
Virginia Electric and Power Company | Dominion Generation | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total operating revenue | 1,281 | 1,279 | 2,762 | 2,595 | ||||
Net income attributable to Dominion | 133 | 157 | 322 | 325 | ||||
Virginia Electric and Power Company | Corporate and Other | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total operating revenue | 0 | 0 | 0 | 0 | ||||
Net income attributable to Dominion | -181 | -6 | -180 | -5 | ||||
Dominion Gas Holdings, LLC | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total revenue from external customers | 428 | [4] | 430 | [4] | 997 | [4] | 1,016 | [4] |
Total operating revenue | 428 | 430 | 997 | 1,016 | ||||
Net income attributable to Dominion | 93 | 53 | 257 | 191 | ||||
Dominion Gas Holdings, LLC | Dominion Energy | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total operating revenue | 428 | 430 | 997 | 1,016 | ||||
Net income attributable to Dominion | 96 | 97 | 262 | 237 | ||||
Dominion Gas Holdings, LLC | Corporate and Other | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Total operating revenue | 0 | 0 | 0 | 0 | ||||
Net income attributable to Dominion | ($3) | ($44) | ($5) | ($46) | ||||
[1] | Net of $47 million and $(76) million tax for the three months ended June 30, 2014 and 2013, respectively, and net of $126 million and $(22) million for the six months ended June 30, 2014 and 2013, respectively. | |||||||
[2] | 2013 amounts have been recast to reflect nonregulated retail energy marketing operations in the Dominion Generation segment. | |||||||
[3] | See Note 17 for amounts attributable to affiliates. | |||||||
[4] | See Note 17 for amounts attributable to related parties. |