Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 13, 2017 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | D | |
Entity Registrant Name | DOMINION ENERGY INC /VA/ | |
Entity Central Index Key | 715,957 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 643,529,769 | |
Virginia Electric and Power Company | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VEL - PE | |
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO | |
Entity Central Index Key | 103,682 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 274,723 | |
Dominion Energy Gas Holdings, LLC | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Dominion Energy Gas Holdings, LLC | |
Entity Central Index Key | 1,603,291 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Operating Revenue | $ 3,179 | $ 3,132 | $ 9,376 | $ 8,651 | |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | 638 | 606 | 1,711 | 1,791 | |
Purchased (excess) electric capacity | 21 | (6) | (8) | 107 | |
Purchased gas | 24 | 77 | 441 | 252 | |
Other operations and maintenance | 649 | 765 | 2,166 | 2,133 | |
Depreciation, depletion and amortization | 485 | 400 | 1,421 | 1,112 | |
Other taxes | 162 | 145 | 519 | 448 | |
Total operating expenses | 1,979 | 1,987 | 6,250 | 5,843 | |
Income from operations | 1,200 | 1,145 | 3,126 | 2,808 | |
Other income | 73 | 63 | 249 | 189 | |
Interest and related charges | 305 | 250 | 905 | 715 | |
Income from operations including noncontrolling interests before income tax expense | 968 | 958 | 2,470 | 2,282 | |
Income tax expense | 272 | 230 | 683 | 561 | |
Net Income Including Noncontrolling Interests | 696 | 728 | 1,787 | 1,721 | |
Noncontrolling Interests | 31 | 38 | 100 | 55 | |
Net Income Attributable to Dominion Energy | $ 665 | $ 690 | $ 1,687 | $ 1,666 | |
Earnings Per Common Share | |||||
Net income attributable to Dominion Energy - Basic | $ 1.03 | $ 1.10 | $ 2.66 | $ 2.72 | |
Net income attributable to Dominion Energy - Diluted | 1.03 | 1.10 | 2.66 | 2.71 | |
Dividends Declared Per Common Share | $ 0.7700 | $ 0.7000 | $ 2.2800 | $ 2.1000 | |
Virginia Electric and Power Company | |||||
Operating Revenue | [1] | $ 2,154 | $ 2,211 | $ 5,732 | $ 5,877 |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | [1] | 549 | 516 | 1,414 | 1,527 |
Purchased (excess) electric capacity | 21 | (6) | (8) | 107 | |
Affiliated suppliers | 76 | 73 | 229 | 238 | |
Other | 297 | 370 | 897 | 1,041 | |
Depreciation, depletion and amortization | 288 | 270 | 854 | 765 | |
Other taxes | 76 | 74 | 233 | 218 | |
Total operating expenses | 1,307 | 1,297 | 3,619 | 3,896 | |
Income from operations | 847 | 914 | 2,113 | 1,981 | |
Other income | 13 | 13 | 57 | 47 | |
Interest and related charges | [1] | 128 | 118 | 373 | 345 |
Income from operations including noncontrolling interests before income tax expense | 732 | 809 | 1,797 | 1,683 | |
Income tax expense | 273 | 306 | 664 | 637 | |
Net Income Attributable to Dominion Energy | 459 | 503 | 1,133 | 1,046 | |
Dominion Energy Gas Holdings, LLC | |||||
Operating Revenue | [2] | 401 | 382 | 1,313 | 1,181 |
Operating Expenses | |||||
Purchased gas | [2] | 19 | 21 | 100 | 71 |
Other energy-related purchases | 4 | 4 | 11 | 8 | |
Affiliated suppliers | 20 | 20 | 65 | 63 | |
Other | 53 | 113 | 312 | 268 | |
Depreciation, depletion and amortization | 57 | 55 | 167 | 150 | |
Other taxes | 42 | 36 | 139 | 127 | |
Total operating expenses | 195 | 249 | 794 | 687 | |
Income from operations | 206 | 133 | 519 | 494 | |
Earnings from equity method investee | 4 | 5 | 15 | 14 | |
Other income | 6 | 2 | 16 | 8 | |
Interest and related charges | [2] | 25 | 23 | 72 | 68 |
Income from operations including noncontrolling interests before income tax expense | 191 | 117 | 478 | 448 | |
Income tax expense | 74 | 34 | 176 | 162 | |
Net Income Attributable to Dominion Energy | $ 117 | $ 83 | $ 302 | $ 286 | |
[1] | See Note 17 for amounts attributable to affiliates. | ||||
[2] | See Note 17 for amounts attributable to related parties. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Net income including noncontrolling interests | $ 696 | $ 728 | $ 1,787 | $ 1,721 | |
Net income | 665 | 690 | 1,687 | 1,666 | |
Other comprehensive income, net of taxes: | |||||
Net deferred gains on derivatives-hedging activities | [1] | 11 | 14 | 82 | 56 |
Changes in unrealized net gains on investment securities | [2] | 48 | 31 | 141 | 72 |
Changes in net unrecognized pension and other postretirement benefit costs | [3] | 15 | 15 | ||
Amounts reclassified to net income: | |||||
Net derivative gains-hedging activities | [4] | (15) | (34) | (56) | (141) |
Net realized gains on investment securities | [5] | (4) | (13) | (36) | (23) |
Net pension and other postretirement benefit costs | [6] | 14 | 9 | 38 | 25 |
Changes in other comprehensive income (loss) from equity method investees | [7] | 2 | (1) | ||
Total other comprehensive income | 54 | 22 | 171 | 3 | |
Comprehensive income including noncontrolling interests | 750 | 750 | 1,958 | 1,724 | |
Comprehensive income attributable to noncontrolling interests | 31 | 38 | 100 | 55 | |
Comprehensive income attributable to Dominion Energy | 719 | 712 | 1,858 | 1,669 | |
Dominion Energy Gas Holdings, LLC | |||||
Net income | 117 | 83 | 302 | 286 | |
Other comprehensive income, net of taxes: | |||||
Net deferred gains on derivatives-hedging activities | [8] | 1 | 9 | 3 | (6) |
Amounts reclassified to net income: | |||||
Net derivative gains-hedging activities | [9] | (4) | (1) | (5) | (3) |
Net pension and other postretirement benefit costs | [10] | 1 | 1 | 3 | 2 |
Total other comprehensive income | (2) | 9 | 1 | (7) | |
Comprehensive income attributable to Dominion Energy | $ 115 | $ 92 | $ 303 | $ 279 | |
[1] | Net of $(5) million and $(8) million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $(49) million and $(34) million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[2] | Net of $(27) million and $(18) million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $(80) million and $(43) million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[3] | Net of $--- million and $(10) million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $--- million and $(10) million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[4] | Net of $10 million and $21 million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $35 million and $88 million tax for the nine months ended September 30, 2017 and 2016, respectively | ||||
[5] | Net of $2 million and $7 million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $20 million and $13 million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[6] | Net of $(7) million and $(4) million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $(25) million and $(16) million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[7] | Net of $--- million tax for both the three months ended September 30, 2017 and 2016, and net of $(1) million and $--- million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[8] | Net of $(1) million and $(3) million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $(2) million and $5 million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[9] | Net of $3 million and $2 million tax for the three months ended September 30, 2017 and 2016, respectively, and net of $3 million and $2 million tax for the nine months ended September 30, 2017 and 2016, respectively. | ||||
[10] | Net of $(1) million tax for both the three months ended September 30, 2017 and 2016, and net of $(2) million tax for both the nine months ended September 30, 2017 and 2016. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net deferred gains (losses) on derivative-hedging activities, tax | $ (5) | $ (8) | $ (49) | $ (34) |
Changes in unrealized net gains (losses) on investment securities, tax | (27) | (18) | (80) | (43) |
Changes in net unrecognized pension and other postretirement benefit costs, tax | (10) | (10) | ||
Net derivative (gains) losses on derivative-hedging activities, tax | 10 | 21 | 35 | 88 |
Net realized gains on investment securities, tax | 2 | 7 | 20 | 13 |
Net pension and other postretirement benefit costs, tax | (7) | (4) | (25) | (16) |
Changes in other comprehensive income (loss) from equity method investees, tax | (1) | |||
Dominion Energy Gas Holdings, LLC | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | (1) | (3) | (2) | 5 |
Net derivative (gains) losses on derivative-hedging activities, tax | 3 | 2 | 3 | 2 |
Net pension and other postretirement benefit costs, tax | $ (1) | $ (1) | $ (2) | $ (2) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | ||
Current Assets | ||||
Cash and cash equivalents | $ 227 | $ 261 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 1,292 | 1,523 | [1] | |
Other receivables (less allowance for doubtful accounts) | 212 | 183 | [1] | |
Inventories | 1,527 | 1,524 | [1] | |
Regulatory assets | [2] | 311 | 244 | [1] |
Other | 425 | 513 | [1] | |
Total current assets | 3,994 | 4,248 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 4,881 | 4,484 | [1] | |
Investment in equity method affiliates | 1,895 | 1,561 | [1] | |
Other | 320 | 298 | [1] | |
Total investments | 7,096 | 6,343 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 73,610 | 69,556 | [1] | |
Accumulated depreciation, depletion and amortization | (20,799) | (19,592) | [1] | |
Total property, plant and equipment, net | 52,811 | 49,964 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 6,405 | 6,399 | [1] | |
Regulatory assets | 2,503 | 2,473 | [1] | |
Other | 2,582 | 2,183 | [1] | |
Total deferred charges and other assets | 11,490 | 11,055 | [1] | |
Total assets | 75,391 | 71,610 | [1] | |
Current Liabilities | ||||
Securities due within one year | 2,788 | 1,709 | [1] | |
Short-term debt | 3,060 | 3,155 | [1] | |
Accounts payable | 757 | 1,000 | [1] | |
Accrued interest, payroll and taxes | 843 | 798 | [1] | |
Regulatory liabilities | 88 | 163 | [1] | |
Other | 1,023 | 1,290 | [1] | |
Total current liabilities | 8,559 | 8,115 | [1] | |
Long-Term Debt | ||||
Long-term debt | 25,529 | 24,878 | [1] | |
Junior subordinated notes | 3,980 | 2,980 | [1] | |
Remarketable subordinated notes | 1,377 | 2,373 | [1] | |
Total long-term debt | 30,886 | 30,231 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 9,379 | 8,602 | [1] | |
Regulatory liabilities | 2,906 | 2,622 | [1] | |
Other | 5,159 | 5,200 | [1] | |
Total deferred credits and other liabilities | 17,444 | 16,424 | [1] | |
Total liabilities | 56,889 | 54,770 | [1] | |
Commitments and Contingencies | [1] | |||
Equity | ||||
Common stock – no par | [3] | 9,789 | 8,550 | [1] |
Retained earnings | 7,119 | 6,854 | [1] | |
Accumulated other comprehensive loss | (628) | (799) | [1] | |
Total common shareholders' equity | 16,280 | 14,605 | [1] | |
Noncontrolling interests | 2,222 | 2,235 | [1] | |
Total equity | 18,502 | 16,840 | [1] | |
Total liabilities and equity | 75,391 | 71,610 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 16 | 11 | [4] | |
Customer receivables (less allowance for doubtful accounts) | 920 | 892 | [4] | |
Other receivables (less allowance for doubtful accounts) | 36 | 99 | [4] | |
Affiliated receivables | 1 | 112 | [4] | |
Inventories | 853 | 853 | [4] | |
Regulatory assets | [2] | 206 | 179 | |
Other | [5] | 309 | 281 | [4] |
Total current assets | 2,135 | 2,248 | [4] | |
Investments | ||||
Nuclear decommissioning trust funds | 2,292 | 2,106 | [4] | |
Other | 3 | 3 | [4] | |
Total investments | 2,295 | 2,109 | [4] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 41,813 | 40,030 | [4] | |
Accumulated depreciation, depletion and amortization | (13,144) | (12,436) | [4] | |
Total property, plant and equipment, net | 28,669 | 27,594 | [4] | |
Deferred Charges and Other Assets | ||||
Pension and other postretirement benefit assets | [5] | 182 | 130 | [4] |
Regulatory assets | 838 | 770 | [4] | |
Other | [5] | 462 | 457 | [4] |
Total deferred charges and other assets | 1,482 | 1,357 | [4] | |
Total assets | 34,581 | 33,308 | [4] | |
Current Liabilities | ||||
Securities due within one year | 851 | 678 | [4] | |
Short-term debt | 320 | 65 | [4] | |
Accounts payable | 337 | 444 | [4] | |
Payables to affiliates | 167 | 109 | [4] | |
Affiliated current borrowings | 36 | 262 | [4] | |
Accrued interest, payroll and taxes | 307 | 239 | [4] | |
Regulatory liabilities | [6] | 43 | 115 | |
Other | [5] | 536 | 725 | [4] |
Total current liabilities | 2,554 | 2,522 | [4] | |
Long-Term Debt | ||||
Total long-term debt | 10,495 | 9,852 | [4] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 5,357 | 5,103 | [4] | |
Asset retirement obligations | 1,300 | 1,262 | [4] | |
Regulatory liabilities | 2,202 | 1,962 | [4] | |
Other | [5] | 863 | 742 | [4] |
Total deferred credits and other liabilities | 9,722 | 9,069 | [4] | |
Total liabilities | 22,771 | 21,443 | [4] | |
Commitments and Contingencies | [4] | |||
Equity | ||||
Common stock – no par | [7] | 5,738 | 5,738 | [4] |
Other paid-in capital | 1,113 | 1,113 | [4] | |
Retained earnings | 4,904 | 4,968 | [4] | |
Accumulated other comprehensive loss | 55 | 46 | [4] | |
Total common shareholders' equity | 11,810 | 11,865 | [4] | |
Total liabilities and equity | 34,581 | 33,308 | [4] | |
Dominion Energy Gas Holdings, LLC | ||||
Current Assets | ||||
Cash and cash equivalents | 13 | 23 | [8] | |
Restricted cash | 29 | 20 | [8] | |
Customer receivables (less allowance for doubtful accounts) | 190 | 281 | [8] | |
Other receivables (less allowance for doubtful accounts) | 72 | 13 | [8] | |
Affiliated receivables | 17 | 17 | [8] | |
Inventories | 90 | 70 | [8] | |
Regulatory assets | [2] | 22 | 26 | |
Other | [9] | 110 | 158 | [8] |
Total current assets | 521 | 582 | [8] | |
Investments | ||||
Total investments | 97 | 99 | [8] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 10,971 | 10,475 | [8] | |
Accumulated depreciation, depletion and amortization | (2,978) | (2,851) | [8] | |
Total property, plant and equipment, net | 7,993 | 7,624 | [8] | |
Deferred Charges and Other Assets | ||||
Pension and other postretirement benefit assets | [9] | 1,714 | 1,557 | [8] |
Regulatory assets | [10] | 556 | 577 | |
Other | [9] | 1,303 | 1,280 | [8] |
Total deferred charges and other assets | 3,017 | 2,837 | [8] | |
Total assets | 11,628 | 11,142 | [8] | |
Current Liabilities | ||||
Short-term debt | 620 | 460 | [8] | |
Accounts payable | 161 | 221 | [8] | |
Payables to affiliates | 18 | 29 | [8] | |
Affiliated current borrowings | 34 | 118 | [8] | |
Accrued interest, payroll and taxes | 197 | 225 | [8] | |
Regulatory liabilities | [6] | 39 | 35 | |
Other | [9] | 157 | 162 | [8] |
Total current liabilities | 1,187 | 1,215 | [8] | |
Long-Term Debt | ||||
Total long-term debt | 3,564 | 3,528 | [8] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,622 | 2,438 | [8] | |
Regulatory liabilities | [11] | 252 | 219 | |
Other | [9] | 429 | 425 | [8] |
Total deferred credits and other liabilities | 3,051 | 2,863 | [8] | |
Total liabilities | 7,802 | 7,606 | [8] | |
Commitments and Contingencies | [8] | |||
Equity | ||||
Membership interests | 3,948 | 3,659 | [8] | |
Accumulated other comprehensive loss | (122) | (123) | [8] | |
Total equity | 3,826 | 3,536 | [8] | |
Total liabilities and equity | $ 11,628 | $ 11,142 | [8] | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Current regulatory assets are presented in other current assets in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[3] | 1 billion shares authorized; 644 million shares and 628 million shares outstanding at September 30, 2017 and December 31, 2016, respectively. | |||
[4] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[5] | See Note 17 for amounts attributable to affiliates. | |||
[6] | Current regulatory liabilities are presented in other current liabilities in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[7] | 500,000 shares authorized; 274,723 shares outstanding at September 30, 2017 and December 31, 2016. | |||
[8] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[9] | See Note 17 for amounts attributable to related parties. | |||
[10] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. | |||
[11] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas' Consolidated Balance Sheets |
Consolidated Balance Sheets (U6
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | ||
Customer receivables, allowance for doubtful accounts | $ 16 | $ 18 | [1] | |
Other receivables, allowance for doubtful accounts | $ 3 | $ 2 | [1] | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | [1] | |
Common stock, shares outstanding | 644,000,000 | 628,000,000 | [1] | |
Virginia Electric and Power Company | ||||
Customer receivables, allowance for doubtful accounts | $ 9 | $ 10 | [2] | |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 | [2] | |
Common stock, shares authorized | 500,000 | 500,000 | [2] | |
Common stock, shares outstanding | 274,723 | 274,723 | [2] | |
Dominion Energy Gas Holdings, LLC | ||||
Customer receivables, allowance for doubtful accounts | $ 1 | $ 1 | [3] | |
Other receivables, allowance for doubtful accounts | [4] | $ 1 | $ 1 | [3] |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | See Note 17 for amounts attributable to related parties. |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Retained Earnings | AOCI | Total Common Shareholders' Equity | Noncontrolling Interests | |
Beginning balance at Dec. 31, 2015 | $ 13,602 | $ 6,680 | $ 6,458 | $ (474) | $ 12,664 | $ 938 | |
Beginning balance (in shares) at Dec. 31, 2015 | 596 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income including noncontrolling interests | 1,721 | 1,666 | 1,666 | 55 | |||
Contributions from Non-Controlling interest subsidiaries | 178 | 178 | |||||
Sale of interest in merchant solar projects | 139 | $ 22 | 22 | 117 | |||
Purchase of Dominion Energy Midstream common units | (17) | (3) | (3) | (14) | |||
Issuance of common stock | 2,079 | $ 2,079 | 2,079 | ||||
Issuance of common stock (in shares) | 31 | ||||||
Stock awards (net of change in unearned compensation) | 10 | $ 10 | 10 | ||||
Present value of stock purchase contract payments related to RSNs | (191) | (191) | (191) | ||||
Dividends and distributions | (1,326) | (1,287) | (1,287) | (39) | |||
Other comprehensive income, net of tax | 3 | 3 | 3 | ||||
Other | (6) | (5) | (5) | (1) | |||
Ending balance at Sep. 30, 2016 | 16,192 | $ 8,592 | 6,837 | (471) | 14,958 | 1,234 | |
Ending balance (in shares) at Sep. 30, 2016 | 627 | ||||||
Beginning balance at Dec. 31, 2016 | 16,840 | [1] | $ 8,550 | 6,854 | (799) | 14,605 | 2,235 |
Beginning balance (in shares) at Dec. 31, 2016 | 628 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income including noncontrolling interests | 1,787 | 1,687 | 1,687 | 100 | |||
Contributions from Non-Controlling interest subsidiaries | 9 | 9 | |||||
Issuance of common stock | 1,232 | $ 1,232 | 1,232 | ||||
Issuance of common stock (in shares) | 16 | ||||||
Stock awards (net of change in unearned compensation) | 17 | $ 17 | 17 | ||||
Dividends and distributions | (1,558) | (1,435) | (1,435) | (123) | |||
Other comprehensive income, net of tax | 171 | 171 | 171 | ||||
Other | 4 | (10) | 13 | 3 | 1 | ||
Ending balance at Sep. 30, 2017 | $ 18,502 | $ 9,789 | $ 7,119 | $ (628) | $ 16,280 | $ 2,222 | |
Ending balance (in shares) at Sep. 30, 2017 | 644 | ||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Operating Activities | |||
Net income including noncontrolling interests | $ 1,787 | $ 1,721 | |
Net income | 1,687 | 1,666 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 1,649 | 1,325 | |
Depreciation and amortization | 1,421 | 1,112 | |
Deferred income taxes and investment tax credits | 652 | 481 | |
Proceeds from assignment of tower rental portfolio | 91 | ||
Gains on the sales of assets and equity method investment in Iroquois | (61) | (50) | |
Contribution to pension plan | (75) | ||
Other adjustments | (95) | (78) | |
Changes in: | |||
Accounts receivable | 247 | 19 | |
Inventories | (34) | (10) | |
Deferred fuel and purchased gas costs, net | (81) | 84 | |
Prepayments | 34 | 71 | |
Accounts payable | (158) | (89) | |
Accrued interest, payroll and taxes | 61 | 205 | |
Margin deposit assets and liabilities | 51 | 1 | |
Pension and other postretirement benefits | (132) | (91) | |
Other operating assets and liabilities | (272) | (203) | |
Net cash provided by operating activities | 3,664 | 3,386 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (4,122) | (4,536) | |
Acquisition of Dominion Energy Questar, net of cash acquired | (4,372) | ||
Acquisition of solar development projects | (343) | (21) | |
Proceeds from sales of securities | 1,496 | 1,009 | |
Purchases of securities | (1,555) | (1,065) | |
Contributions to equity method affiliates | (343) | (124) | |
Other | (6) | 80 | |
Net cash used in investing activities | (4,873) | (9,029) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (95) | (713) | |
Issuance of short-term notes | 1,200 | ||
Repayment and repurchase of short-term notes | (250) | (600) | |
Issuance of long-term debt | 3,480 | 5,730 | |
Repayment and repurchase of long-term debt | (1,529) | (1,169) | |
Proceeds from sale of interest in merchant solar projects | 117 | ||
Contributions from NRG and SunEdison to Four Brothers and Three Cedars | 9 | 178 | |
Issuance of common stock | 1,233 | 2,079 | |
Common dividend payments | (1,435) | (1,287) | |
Other | (238) | (248) | |
Net cash provided by (used in) financing activities | 1,175 | 5,287 | |
Increase (decrease) in cash and cash equivalents | (34) | (356) | |
Cash and cash equivalents at beginning of period | 261 | [1] | 607 |
Cash and cash equivalents at end of period | 227 | 251 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 355 | 341 | |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income | 1,133 | 1,046 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 999 | 903 | |
Depreciation and amortization | 854 | 765 | |
Deferred income taxes and investment tax credits | 262 | 369 | |
Proceeds from assignment of tower rental portfolio | 91 | ||
Other adjustments | (28) | (15) | |
Changes in: | |||
Accounts receivable | 32 | (99) | |
Affiliated receivables and payables | 159 | 306 | |
Inventories | 1 | 37 | |
Deferred fuel and purchased gas costs, net | (48) | 79 | |
Prepayments | (3) | 15 | |
Accounts payable | (33) | 4 | |
Accrued interest, payroll and taxes | 67 | 131 | |
Other operating assets and liabilities | (162) | 8 | |
Net cash provided by operating activities | 2,470 | 2,784 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (1,917) | (1,835) | |
Purchases of nuclear fuel | (133) | (106) | |
Proceeds from sales of securities | 654 | 478 | |
Purchases of securities | (681) | (513) | |
Other | (29) | (11) | |
Net cash used in investing activities | (2,106) | (1,987) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 255 | (691) | |
Issuance of long-term debt | 1,500 | 750 | |
Repayment of affiliated current borrowings, net | (226) | (376) | |
Repayment and repurchase of long-term debt | (679) | (476) | |
Common dividend payments | (1,199) | ||
Other | (10) | (4) | |
Net cash provided by (used in) financing activities | (359) | (797) | |
Increase (decrease) in cash and cash equivalents | 5 | ||
Cash and cash equivalents at beginning of period | 11 | [2] | 18 |
Cash and cash equivalents at end of period | 16 | 18 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 158 | 209 | |
Dominion Energy Gas Holdings, LLC | |||
Operating Activities | |||
Net income | 302 | 286 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 167 | 150 | |
Deferred income taxes and investment tax credits | 176 | 204 | |
Gains on the sales of assets and equity method investment in Iroquois | (61) | (50) | |
Other adjustments | (9) | 3 | |
Changes in: | |||
Accounts receivable | 88 | 56 | |
Affiliated receivables and payables | (11) | 91 | |
Inventories | (20) | (17) | |
Deferred fuel and purchased gas costs, net | 11 | 7 | |
Prepayments | 39 | 15 | |
Accounts payable | (68) | (76) | |
Accrued interest, payroll and taxes | (28) | (7) | |
Pension and other postretirement benefits | (98) | (97) | |
Other operating assets and liabilities | (13) | (62) | |
Net cash provided by operating activities | 475 | 503 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (535) | (610) | |
Proceeds from sale of equity method investment in Iroquois | 0 | 7 | |
Proceeds from assignments of shale development rights | 5 | 10 | |
Other | (16) | (10) | |
Net cash used in investing activities | (546) | (603) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 160 | (331) | |
Issuance of long-term debt | 0 | 680 | |
Repayment of affiliated current borrowings, net | (84) | (95) | |
Distribution payments to parent | (15) | (150) | |
Other | 0 | (9) | |
Net cash provided by (used in) financing activities | 61 | 95 | |
Increase (decrease) in cash and cash equivalents | (10) | (5) | |
Cash and cash equivalents at beginning of period | 23 | [3] | 13 |
Cash and cash equivalents at end of period | 13 | 8 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | $ 54 | $ 42 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Energy Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Energy 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. See Note 3 for a description of operations acquired in the Dominion Energy Questar Combination. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. 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 the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. In the Companies' opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of September 30, 2017, their results of operations for the three and nine months ended September 30, 2017 and 2016, their cash flows for the nine months ended September 30, 2017 and 2016 and Dominion Energy's changes in equity for the nine months ended September 30, 2017 and 2016. 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, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At September 30, 2017, Dominion Energy owns the general partner, 50.9% of the common and subordinated units and 37.5% of the convertible preferred interests in Dominion Energy Midstream. The public’s ownership interest in Dominion Energy Midstream is reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Also, at September 30, 2017, Dominion Energy owns 50% of the units in and consolidates Four Brothers and Three Cedars. NRG's ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain Dominion Energy merchant solar projects, is reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. 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' 2016 Consolidated Financial Statements and Notes have been reclassified to conform to the 2017 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion Energy are inclusive of Virginia Power and/or Dominion Energy Gas, where applicable. With the exception of the items described below, there have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. Property, Plant and Equipment In the first quarter of 2017, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. This change resulted in an increase in depreciation expense of $32 million ($20 million after-tax) for the nine months ended September 30, 2017 and is expected to increase annual depreciation by approximately $40 million ($25 million after-tax). Additionally, Dominion Energy revised the depreciable lives for its merchant generation assets, excluding Millstone, which resulted in a decrease in depreciation expense of $19 million ($12 million after-tax) for the nine months ended September 30, 2017 and is expected to decrease annual depreciation by approximately $26 million ($16 million after-tax). New Accounting Standards In January 2017, the Financial Accounting Standards Board issued revised accounting guidance to clarify the definition of a business. The revised guidance affects the evaluation of whether a transaction should be accounted for as an acquisition or disposition of an asset or a business, which may impact goodwill and related financial statement disclosures. The Companies have adopted this guidance on a prospective basis effective October 1, 2017. The adoption of the pronouncement will result in additional transactions being accounted for as asset acquisitions or dispositions. In March 2017, the Financial Accounting Standards Board issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. The update requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement benefit costs would be classified outside of income from operations. In addition, only the service cost component will be eligible for capitalization during construction. The standard also recognized that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. The Companies are currently evaluating the impact the adoption of the standard will have on their consolidated financial statements and disclosures. The Companies are also evaluating industry issues that could potentially create a regulatory accounting difference in the event that any of our state commissions do not adopt the change in capitalization requirements for regulatory reporting. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations Discontinued Operations And Disposal Groups [Abstract] | |
Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions Dominion Energy Acquisition of Dominion Energy Questar In September 2016, Dominion Energy completed the Dominion Energy Questar Combination and Dominion Energy Questar became a wholly-owned subsidiary of Dominion Energy. Dominion Energy Questar, a Rockies-based integrated natural gas company, included Questar Gas, Wexpro Company and Dominion Energy Questar Pipeline at closing. Questar Gas has regulated gas distribution operations in Utah, southwestern Wyoming and southeastern Idaho. Wexpro Company develops and produces natural gas from reserves that are supplied to Questar Gas under a cost-of-service framework. Dominion Energy Questar Pipeline provides FERC-regulated interstate natural gas transportation and storage services in Utah, Wyoming and western Colorado. The Dominion Energy Questar Combination provides Dominion Energy with pipeline infrastructure that provides a principal source of gas supply to Western states. Dominion Energy Questar’s regulated businesses also provide further balance between Dominion Energy’s electric and gas operations. In accordance with the terms of the Dominion Energy Questar Combination, at closing, each share of issued and outstanding Dominion Energy Questar common stock was converted into the right to receive $25.00 per share in cash. The total consideration was $4.4 billion based on 175.5 million shares of Dominion Energy Questar outstanding at closing. Dominion Energy financed the Dominion Energy Questar Combination through the: (1) August 2016 issuance of $1.4 billion of 2016 Equity Units, (2) August 2016 issuance of $1.3 billion of senior notes, (3) September 2016 borrowing of $1.2 billion under a term loan agreement and (4) $500 million of the proceeds from the April 2016 issuance of common stock. See Notes 17 and 19 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. See Note 3 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information on the Dominion Energy Questar Combination including purchase price allocation, regulatory matters and the contribution of Dominion Energy Questar Pipeline to Dominion Energy Midstream. During the third quarter of 2017, certain modifications were made to the valuation amounts for regulatory liabilities, current liabilities and deferred income taxes, resulting in a $6 million net increase to goodwill recorded in Dominion Energy’s Consolidated Balance Sheets. The modifications relate primarily to the finalization of Dominion Energy Questar’s 2016 tax return for the period January 1, 2016 through the Dominion Energy Questar Combination, as well as certain regulatory adjustments. Results of Operations and Pro Forma Information The impact of the Dominion Energy Questar Combination on Dominion Energy’s operating revenue and net income attributable to Dominion Energy in the Consolidated Statements of Income for both the three and nine months ended September 30, 2016, was an increase of $23 million and $5 million, respectively. Dominion Energy incurred transaction and transition costs, of which $14 million and $34 million was recorded in other operations and maintenance expense for the three and nine months ended September 30, 2017, respectively, in Dominion Energy’s Consolidated Statements of Income. Dominion Energy incurred transaction and transition costs, of which $40 million and $47 million was recorded in other operations and maintenance expense for the three and nine months ended September 30, 2016, respectively, and $13 million was recorded in interest and related charges for both the three and nine months ended September 30, 2016, in Dominion Energy’s Consolidated Statements of Income. These costs consist of the amortization of financing costs, the charitable contribution commitment described in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2016, employee-related expenses, professional fees and other miscellaneous costs. The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the Dominion Energy Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended 2016 (1) Nine Months Ended September 30, 2016 (1) (millions, except EPS) Operating Revenue $ 3,261 $ 9,410 Net income attributable to Dominion Energy 732 1,835 Earnings Per Common Share – Basic $ 1.17 $ 2.99 Earnings Per Common Share – Diluted $ 1.17 $ 2.99 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Energy Questar Combination. Wholly-Owned Merchant Solar Projects In January 2017, Dominion Energy entered into an agreement to acquire 100% of the equity interests of a solar project in North Carolina from Cypress Creek Renewables, LLC for cash consideration. In May 2017, Dominion Energy closed on the acquisition for $154 million, all of which was allocated to property, plant and equipment. The facility commenced commercial operations in June 2017, at a cost of $160 million, including the initial acquisition cost, and generates approximately 79 MW. In September 2016, Dominion Energy entered into an agreement to acquire 100% of the equity interests of a solar project in Virginia from Community Energy Solar, LLC for cash consideration. In February 2017, Dominion Energy closed on the acquisition for $29 million, all of which was allocated to property, plant and equipment. The project is expected to cost approximately $205 million once constructed, including the initial acquisition cost. The facility is expected to begin commercial operations during the fourth quarter of 2017 and to generate approximately 100 MW. In August 2016, Dominion Energy entered into an agreement to acquire 100% of the equity interests of two solar projects in California from Solar Frontier Americas Holding LLC for cash consideration. In March 2017, Dominion Energy closed on the acquisition of one of the solar projects for $77 million, all of which was allocated to property, plant and equipment. The facility commenced commercial operations in June 2017, at a cost of $78 million, including the initial acquisition cost, and generates approximately 30 MW. In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC. In May 2017, Dominion Energy entered into an agreement to acquire 100% of the equity interests of two solar projects in Virginia from Hecate Energy Virginia C&C LLC for cash consideration of $56 million. Dominion Energy completed the acquisition of one of the projects in June 2017 for $16 million and the facility commenced commercial operations in August 2017. The second acquisition was completed in September 2017 for $40 million with commencement of commercial operations expected to occur by the end of 2017. The projects are expected to cost approximately $60 In June 2017, Dominion Energy entered into an agreement to acquire 100% of the equity interests of four solar projects in North Carolina from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC for cash consideration of $40 million. Dominion Energy completed the acquisition of two of the projects in June 2017 for $20 million. The final two acquisitions were completed in October 2017 for $20 million. Commencement of commercial operations of all the projects is expected to occur by the end of 2017. The projects are expected to cost approximately $45 Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects described above. These projects are included in Power Generation. Dominion Energy has claimed or will claim federal investment tax credits on these solar projects. Sale of Interest in Merchant Solar Projects In September 2015, Dominion Energy signed an agreement to sell a noncontrolling interest (consisting of 33% of the equity interests) in all of its then currently wholly-owned merchant solar projects, 24 solar projects totaling approximately 425 MW, to SunEdison. In December 2015, the sale of interest in 15 of the solar projects closed for $184 million with the sale of interest in the remaining projects completed in January 2016 for $117 million. Upon closing, SunEdison sold its interest in these projects to Terra Nova Renewable Partners. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in the projects upon the occurrence of certain events, none of which had occurred at September 30, 2017 nor are expected to occur in the remainder of 2017. Sale of Certain Retail Energy Marketing Assets In October 2017, Dominion Energy entered into an agreement to sell certain assets associated with its nonregulated retail energy marketing operations for total consideration of $143 million, subject to customary approvals and certain adjustments. Pursuant to the agreement, Dominion Energy will enter into a commission agreement with the buyer upon the first closing under which the buyer will pay a commission in connection with the right to use Dominion Energy’s brand in marketing materials and other services over a ten-year term. Dominion Energy is expected to recognize a benefit in other operations and maintenance expense upon each phase of closing, approximately $78 million ($48 million after-tax) in the fourth quarter of 2017 and approximately $65 million ($40 million after-tax) in 2018. Virginia Power Acquisition of Solar Projects In September 2017, Virginia Power entered into agreements to acquire two solar development projects in North Carolina. The first acquisition is expected to close prior to the project commencing commercial operations, which is expected by the end of 2018, and cost approximately $140 million once constructed, including the initial acquisition cost. The second acquisition is expected to close prior to the project commencing commercial operations, which is expected by the end of 2019, and cost approximately $140 million once constructed, including the initial acquisition cost. The projects are expected to generate approximately 155 MW combined. Virginia Power anticipates claiming federal investment tax credits on these solar projects. Assignment of Tower Rental Portfolio Virginia Power rents space on certain of its electric transmission towers to various wireless carriers for communications antennas and other equipment. In March 2017, Virginia Power sold its rental portfolio to Vertical Bridge Towers II, LLC for $91 million in cash. The proceeds are subject to Virginia Power's FERC-regulated tariff, under which it is required to return half of the proceeds to customers. Virginia Power recognized $2 million and $10 million in other income for the three and nine months ended September 30, 2017, respectively, with the remaining $36 million to be recognized ratably through 2023. Dominion Energy Gas Assignment of Shale Development Rights In December 2013, Dominion Energy Gas closed an agreement with a natural gas producer to convey over time approximately 79,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. The agreement provided for payments to Dominion Energy Gas, subject to customary adjustments, of up to approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. In March 2015, Dominion Energy Gas and the natural gas producer closed on an amendment to the agreement, which included the immediate conveyance of approximately 9,000 acres of Marcellus Shale development rights and a two year extension of the term of the original agreement. In April 2016, Dominion Energy Gas and the natural gas producer closed on an amendment to the agreement, which included the immediate conveyance of a 32% partial interest in the remaining approximately 70,000 acres. This conveyance resulted in the recognition of $35 million ($21 million after-tax) of previously deferred revenue to other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income. In August 2017, Dominion Energy Gas and the natural gas producer signed an amendment to the agreement, which included the finalization of contractual matters on previous conveyances, the conveyance of Dominion Energy Gas’ remaining 68% interest in approximately 70,000 acres and the elimination of Dominion Energy Gas’ overriding royalty interest in gas produced from all acreage. Dominion Energy Gas will receive total consideration of $130 million, with $65 million to be received by the end of the fourth quarter 2017 and $65 million to be received by the end of the third quarter of 2018 in connection with the final conveyance. As a result of this amendment in the third quarter of 2017, Dominion Energy Gas recognized a $56 million ($33 million after-tax) gain included in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income associated with the finalization of the contractual matters on previous conveyances. Additionally, Dominion Energy Gas is expected to recognize an approximately $9 million ($5 million after-tax) gain in the fourth quarter of 2017 associated with the elimination of its overriding royalty interest and an approximately $65 million ($40 million after-tax) gain associated with the final conveyance of acreage. In November 2014, Dominion Energy Gas closed on an agreement with a natural gas producer to convey over time approximately 24,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. In connection with that agreement, in January 2016, Dominion Energy Gas conveyed approximately 2,000 acres of Marcellus Shale development rights and received proceeds of $5 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $5 million ($3 million after-tax) gain, included in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income. In July 2016, in connection with the existing agreement, Dominion Energy Gas conveyed approximately 2,000 acres of Marcellus Shale development rights and received proceeds of $5 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $5 million ($3 million after-tax) gain, included in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income. In July 2017, in connection with the existing agreement, Dominion Energy Gas conveyed an additional approximately 2,000 acres of Marcellus Shale development rights and received proceeds of $5 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $5 million ($3 million after-tax) gain, included in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income. |
Operating Revenue
Operating Revenue | 9 Months Ended |
Sep. 30, 2017 | |
Regulated And Unregulated Operating Revenue [Abstract] | |
Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Dominion Energy Electric sales: Regulated $ 2,108 $ 2,147 $ 5,590 $ 5,707 Nonregulated 380 399 1,114 1,123 Gas sales: Regulated 97 46 696 137 Nonregulated 69 87 323 259 Gas transportation and storage 406 378 1,328 1,162 Other 119 75 325 263 Total operating revenue $ 3,179 $ 3,132 $ 9,376 $ 8,651 Virginia Power Regulated electric sales $ 2,108 $ 2,147 $ 5,590 $ 5,707 Other 46 64 142 170 Total operating revenue $ 2,154 $ 2,211 $ 5,732 $ 5,877 Dominion Energy Gas Gas sales: Regulated $ 12 $ 28 $ 59 $ 69 Nonregulated 2 1 12 8 Gas transportation and storage 324 303 1,062 955 Other 63 50 180 149 Total operating revenue $ 401 $ 382 $ 1,313 $ 1,181 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. 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 Energy Virginia Power Dominion Energy Gas Nine Months Ended September 30, 2017 2016 2017 2016 2017 2016 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.9 3.7 3.7 3.9 2.7 0.8 Investment tax credits (5.7 ) (10.4 ) (0.8 ) — — — Production tax credits (0.7 ) (0.8 ) (0.5 ) (0.5 ) — — State legislative change — (0.8 ) — — — — AFUDC - equity (1.3 ) (0.7 ) (0.6 ) (0.6 ) (0.8 ) (0.1 ) Other, net (2.6 ) (1.4 ) 0.2 0.1 (0.1 ) 0.5 Effective tax rate 27.6 % 24.6 % 37.0 % 37.9 % 36.8 % 36.2 % The effective tax rates in 2017 for the Companies reflect the completion of audits by state tax authorities that resulted in the recognition of previously unrecognized tax benefits. At December 31, 2016, Virginia Power’s unrecognized tax benefits included state refund claims for open tax years through 2011. Management believed settlement of the claims, including interest thereon, within the next twelve months was remote. In June 2017, Virginia Power received and accepted a cash offer to settle the refund claims. As a result of the settlement, Virginia Power decreased its unrecognized tax benefits by $8 million, and recognized a $2 million tax benefit, which impacted its effective tax rate. Also in connection with this settlement, Virginia Power realized interest income of $11 million, which is reflected in other income in the Consolidated Statements of Income. Otherwise, at September 30, 2017, there have been no material changes in the Companies' unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for a discussion of these unrecognized tax benefits. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6. Earnings Per Share The following table presents the calculation of Dominion Energy’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions, except EPS) Net income attributable to Dominion Energy $ 665 $ 690 $ 1,687 $ 1,666 Average shares of common stock outstanding – Basic 642.5 625.9 633.4 612.8 Net effect of dilutive securities (1) — 0.1 — 1.0 Average shares of common stock outstanding – Diluted 642.5 626.0 633.4 613.8 Earnings Per Common Share – Basic $ 1.03 $ 1.10 $ 2.66 $ 2.72 Earnings Per Common Share – Diluted $ 1.03 $ 1.10 $ 2.66 $ 2.71 (1) Dilutive securities consist primarily of the 2013 Equity Units for the nine months ended September 30, 2016. See Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. The 2014 Equity Units and 2016 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2017 and 2016, as the dilutive stock price threshold was not met. The Dominion Energy Midstream convertible preferred units are potentially dilutive securities but had no effect on the calculation of diluted EPS for the three and nine months ended September 30, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 7. Accumulated Other Comprehensive Income Dominion Energy The following table presents Dominion Energy’s changes in AOCI by component, net of tax: Deferred 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 September 30, 2017 Beginning balance $ (250 ) $ 630 $ (1,058 ) $ (4 ) $ (682 ) Other comprehensive income before reclassifications: gains 11 48 — — 59 Amounts reclassified from AOCI (1) (15 ) (4 ) 14 — (5 ) Net current-period other comprehensive income (loss) (4 ) 44 14 — 54 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) Three Months Ended September 30, 2016 Beginning balance $ (241 ) $ 535 $ (781 ) $ (6 ) $ (493 ) Other comprehensive income before reclassifications: gains 14 31 15 — 60 Amounts reclassified from AOCI (1) (34 ) (13 ) 9 — (38 ) Net current-period other comprehensive income (loss) (20 ) 18 24 — 22 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) Nine Months Ended September 30, 2017 Beginning balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Other comprehensive income before reclassifications: gains 82 141 — 2 225 Amounts reclassified from AOCI (1) (56 ) (36 ) 38 — (54 ) Net current-period other comprehensive income 26 105 38 2 171 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) Nine Months Ended September 30, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains (losses) 56 72 15 (1 ) 142 Amounts reclassified from AOCI (1) (141 ) (23 ) 25 — (139 ) Net current-period other comprehensive income (loss) (85 ) 49 40 (1 ) 3 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details About AOCI Components Amounts From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (32 ) Operating revenue 1 Electric fuel and other energy-related purchases Interest rate contracts 16 Interest and related charges Foreign currency contracts (10 ) Other income (25 ) Tax 10 Income tax expense $ (15 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (10 ) Other income Impairment 4 Other income (6 ) Tax 2 Income tax expense $ (4 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (5 ) Other operations and maintenance Actuarial (gains) losses 26 Other operations and maintenance 21 Tax (7 ) Income tax expense $ 14 Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (64 ) Operating revenue 1 Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 10 Interest and related charges Foreign currency contracts (3 ) Other income (55 ) Tax 21 Income tax expense $ (34 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (25 ) Other income Impairment 5 Other income (20 ) Tax 7 Income tax expense $ (13 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 17 Other operations and maintenance 13 Tax (4 ) Income tax expense $ 9 Nine Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (114 ) Operating revenue (1 ) Electric fuel and other energy-related purchases Interest rate contracts 39 Interest and related charges Foreign currency contracts (15 ) Other income (91 ) Tax 35 Income tax expense $ (56 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (74 ) Other income Impairment 18 Other income (56 ) Tax 20 Income tax expense $ (36 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (16 ) Other operations and maintenance Actuarial (gains) losses 79 Other operations and maintenance 63 Tax (25 ) Income tax expense $ 38 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (266 ) Operating revenue 9 Purchased gas 8 Electric fuel and other energy-related purchases Interest rate contracts 21 Interest and related charges Foreign currency contracts (1 ) Other income (229 ) Tax 88 Income tax expense $ (141 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (55 ) Other income Impairment 19 Other income (36 ) Tax 13 Income tax expense $ (23 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (11 ) Other operations and maintenance Actuarial (gains) losses 52 Other operations and maintenance 41 Tax (16 ) Income tax expense $ 25 Dominion Energy Gas The following table presents Dominion Energy 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 September 30, 2017 Beginning balance $ (23 ) $ (97 ) $ (120 ) Other comprehensive income before reclassifications: gains 1 — 1 Amounts reclassified from AOCI (1) (4 ) 1 (3 ) Net current-period other comprehensive income (loss) (3 ) 1 (2 ) Ending balance $ (26 ) $ (96 ) $ (122 ) Three Months Ended September 30, 2016 Beginning balance $ (34 ) $ (81 ) $ (115 ) Other comprehensive income before reclassifications: gains 9 — 9 Amounts reclassified from AOCI (1) (1 ) 1 — Net current-period other comprehensive income 8 1 9 Ending balance $ (26 ) $ (80 ) $ (106 ) Nine Months Ended September 30, 2017 Beginning balance $ (24 ) $ (99 ) $ (123 ) Other comprehensive income before reclassifications: gains 3 — 3 Amounts reclassified from AOCI (1) (5 ) 3 (2 ) Net current-period other comprehensive income (loss) (2 ) 3 1 Ending balance $ (26 ) $ (96 ) $ (122 ) Nine Months Ended September 30, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (6 ) — (6 ) Amounts reclassified from AOCI (1) (3 ) 2 (1 ) Net current-period other comprehensive income (loss) (9 ) 2 (7 ) Ending balance $ (26 ) $ (80 ) $ (106 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy Gas' 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 September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 2 Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts (10 ) Other income (7 ) Tax 3 Income tax expense $ (4 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (1 ) Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts (3 ) Other income (3 ) Tax 2 Income tax expense $ (1 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Nine Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 4 Operating revenue Interest rate contracts 3 Interest and related charges Foreign currency contracts (15 ) Other income (8 ) Tax 3 Income tax expense $ (5 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 5 Other operations and maintenance 5 Tax (2 ) Income tax expense $ 3 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (6 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts (1 ) Other income (5 ) Tax 2 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 4 Other operations and maintenance 4 Tax (2 ) Income tax expense $ 2 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. 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 the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. See Note 9 in this report for further information about the Companies' 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, futures, and swaps contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards, futures, and swaps calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, forward market prices and implied price volatilities are considered unobservable. The unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party pricing sources. The following table presents Dominion Energy's quantitative information about Level 3 fair value measurements at September 30, 2017. 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) $ 91 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 19 Discounted cash flow Market price (per MWh) (3) (3) - 7 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 4 Price volatility (4) 24% - 46% 32 % Electricity 42 Option model Market price (per MWh) (3) 21 - 50 34 Price volatility (4) 0% - 78% 28 % Total assets $ 154 Liabilities Financial forwards: FTRs $ 1 Discounted cash flow Market price (per MWh) (3) (5) - 7 1 Total liabilities $ 1 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) 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) Recurring Fair Value Measurements Dominion Energy The following table presents Dominion Energy’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) September 30, 2017 Assets Derivatives: Commodity $ — $ 59 $ 154 $ 213 Interest rate — 11 — 11 Foreign currency — 25 — 25 Investments (1) Equity securities: U.S. 3,288 — — 3,288 Fixed income: Corporate debt instruments — 452 — 452 Government securities 475 631 — 1,106 Cash equivalents and other 7 — — 7 Total assets $ 3,770 $ 1,178 $ 154 $ 5,102 Liabilities Derivatives: Commodity $ — $ 41 $ 1 $ 42 Interest rate — 72 — 72 Foreign currency — 4 — 4 Total liabilities $ — $ 117 $ 1 $ 118 December 31, 2016 Assets Derivatives: Commodity $ — $ 115 $ 147 $ 262 Interest rate — 17 — 17 Investments (1) Equity securities: U.S. 2,913 — — 2,913 Fixed income: Corporate debt instruments — 487 — 487 Government securities 424 614 — 1,038 Cash equivalents and other 5 — — 5 Total assets $ 3,342 $ 1,233 $ 147 $ 4,722 Liabilities Derivatives: Commodity $ — $ 88 $ 8 $ 96 Interest rate — 53 — 53 Foreign currency — 6 — 6 Total liabilities $ — $ 147 $ 8 $ 155 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $92 million and $89 million of assets at September 30, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Dominion Energy's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Beginning balance $ 152 $ 124 $ 139 $ 95 Total realized and unrealized gains (losses): Included in earnings (11 ) (7 ) (36 ) (23 ) Included in other comprehensive income — — — 2 Included in regulatory assets/liabilities 11 (37 ) 34 (5 ) Settlements 1 9 13 27 Transfers out of Level 3 — — 3 (7 ) Ending balance $ 153 $ 89 $ 153 $ 89 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 $ — The following table presents Dominion Energy’s classification of gains and losses included in earnings in the Level 3 fair value category. Operating Revenue Electric Fuel and Other Energy - Related Purchases Total (millions) Three Months Ended September 30, 2017 Total gains (losses) included in earnings $ 1 $ (12 ) $ (11 ) 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 September 30, 2016 Total gains (losses) included in earnings $ — $ (7 ) $ (7 ) Nine Months Ended September 30, 2017 Total gains (losses) included in earnings $ 1 $ (37 ) $ (36 ) 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 Nine Months Ended September 30, 2016 Total gains (losses) included in earnings $ — $ (23 ) $ (23 ) Virginia Power The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at September 30, 2017. 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) $ 91 Discounted cash flow Market price (per Dth) (3) (2) - 7 (1 ) FTRs 19 Discounted cash flow Market price (per MWh) (3) (1) - 7 1 Physical options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 7 4 Price volatility (4) 24% - 46% 32 % Electricity 42 Option model Market price (per MWh) (3) 21 - 50 34 Price volatility (4) 0% - 78% 28 % Total assets $ 153 Liabilities Financial forwards: FTRs $ 1 Discounted cash flow Market price (per MWh) (3) (5) - 7 1 Total liabilities $ 1 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) 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) 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) September 30, 2017 Assets Derivatives: Commodity $ — $ 15 $ 153 $ 168 Investments (1) Equity securities: U.S. 1,471 — — 1,471 Fixed income: Corporate debt instruments — 234 — 234 Government securities 193 302 — 495 Total assets $ 1,664 $ 551 $ 153 $ 2,368 Liabilities Derivatives: Commodity $ — $ 5 $ 1 $ 6 Interest rate — 55 — 55 Total liabilities $ — $ 60 $ 1 $ 61 December 31, 2016 Assets Derivatives: Commodity $ — $ 43 $ 145 $ 188 Interest rate — 6 — 6 Investments (1) Equity securities: U.S. 1,302 — — 1,302 Fixed income: Corporate debt instruments — 277 — 277 Government securities 136 291 — 427 Total assets $ 1,438 $ 617 $ 145 $ 2,200 Liabilities Derivatives: Commodity $ — $ 8 $ 2 $ 10 Interest rate — 21 — 21 Total liabilities $ — $ 29 $ 2 $ 31 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $29 million and $26 million of assets at September 30, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Beginning balance $ 152 $ 125 $ 143 $ 93 Total realized and unrealized gains (losses): Included in earnings (12 ) (7 ) (37 ) (24 ) Included in regulatory assets/liabilities 11 (37 ) 34 (5 ) Settlements 1 7 12 24 Ending balance $ 152 $ 88 $ 152 $ 88 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 nine months ended September 30, 2017 and 2016. 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 nine months ended September 30, 2017 and 2016. Dominion Energy Gas The following table presents Dominion Energy Gas' assets and liabilities for 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) September 30, 2017 Assets Commodity $ — $ 1 $ — $ 1 Foreign currency — 25 — 25 Total assets $ — $ 26 $ — $ 26 Liabilities Commodity $ — $ 6 $ — $ 6 Foreign currency — 4 — 4 Total liabilities $ — $ 10 $ — $ 10 December 31, 2016 Liabilities Commodity $ — $ 3 $ 2 $ 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 The following table presents the net change in Dominion Energy Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category. There were no net changes in assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category for the three months ended September 30, 2017 and 2016. Nine Months Ended September 30, 2017 2016 (millions) Beginning balance $ (2 ) $ 6 Total realized and unrealized gains (losses): Included in other comprehensive income (loss) (1 ) 2 Transfers out of Level 3 3 (8 ) Ending balance $ — $ — There were no gains or losses included in earnings in the Level 3 fair value category for the three and nine months ended September 30, 2017 and 2016. 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 nine months ended September 30, 2017 and 2016. 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, restricted cash (which is recorded in Dominion Energy’s other current assets), customer and other receivables, affiliated 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: September 30, 2017 December 31, 2016 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt, including securities due within one year (2) $ 28,317 $ 30,639 $ 26,587 $ 28,273 Junior subordinated notes (3) 3,980 4,128 2,980 2,893 Remarketable subordinated notes (3) 1,377 1,421 2,373 2,418 Virginia Power Long-term debt, including securities due within one year (3) $ 11,346 $ 12,686 $ 10,530 $ 11,584 Dominion Energy Gas Long-term debt (4) $ 3,564 $ 3,705 $ 3,528 $ 3,603 (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 debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At September 30, 2017 and December 31, 2016, includes the valuation of certain fair value hedges associated with fixed rate debt of $(4) million and $(1) million, respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | Note 9. Derivatives and Hedge Accounting Activities The Companies' accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. 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 Energy'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. Virginia Power's and Dominion Energy Gas' derivative contracts consist of over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a counterparty. 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 Energy Balance Sheet Presentation The tables below present Dominion Energy's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 186 $ — $ 186 $ 211 $ — $ 211 Exchange 24 — 24 44 — 44 Interest rate contracts: Over-the-counter 11 — 11 17 — 17 Foreign currency contracts: Over-the-counter 25 — 25 — — — Total derivatives, subject to a master netting or similar arrangement 246 — 246 272 — 272 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 7 — 7 Total $ 249 $ — $ 249 $ 279 $ — $ 279 September 30, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts Assets 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) Commodity contracts: Over-the-counter $ 186 $ 8 $ — $ 178 $ 211 $ 14 $ — $ 197 Exchange 24 21 — 3 44 44 — — Interest rate contracts: Over-the-counter 11 6 — 5 17 9 — 8 Foreign currency contracts: Over-the-counter 25 4 — 21 — — — — Total $ 246 $ 39 $ — $ 207 $ 272 $ 67 $ — $ 205 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 19 $ — $ 19 $ 23 $ — $ 23 Exchange 21 — 21 71 — 71 Interest rate contracts: Over-the-counter 72 — 72 53 — 53 Foreign currency contracts: Over-the-counter 4 — 4 6 — 6 Total derivatives, subject to a master netting or similar arrangement 116 — 116 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 2 — 2 2 — 2 Total $ 118 $ — $ 118 $ 155 $ — $ 155 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 19 $ 8 $ — $ 11 $ 23 $ 14 $ — $ 9 Exchange 21 21 — — 71 44 27 — Interest rate contracts: Over-the-counter 72 6 — 66 53 9 — 44 Foreign currency contracts: Over-the-counter 4 4 — — 6 — — 6 Total $ 116 $ 39 $ — $ 77 $ 153 $ 67 $ 27 $ 59 Volumes The following table presents the volume of Dominion Energy’s derivative activity at September 30, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 62 17 Basis 165 612 Electricity (MWh): Fixed price 6,749,288 902,069 FTRs 72,126,361 — Liquids (Gal) (2) 36,940,288 — Interest rate (3) $ 1,100,000,000 $ 5,049,890,127 Foreign currency (3)(4) $ — $ 280,000,000 (1) Includes options. (2) Includes NGLs and oil. (3) Maturity is determined based on final settlement period. (4) Euro equivalent volumes are €250,000,000. Ineffectiveness and AOCI For the three and nine months ended September 30, 2017 and 2016, 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 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 Energy’s Consolidated Balance Sheet at September 30, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (1 ) $ (1 ) 37 months Electricity 7 7 15 months Other (4 ) (4 ) 6 months Interest rate (260 ) (11 ) 387 months Foreign currency 4 (2 ) 105 months Total $ (254 ) $ (11 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) 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, interest rates and foreign currency exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2017 ASSETS Current Assets Commodity $ 19 $ 83 $ 102 Interest rate 9 — 9 Total current derivative assets (1) 28 83 111 Noncurrent Assets Commodity 1 110 111 Interest rate 2 — 2 Foreign currency 25 — 25 Total noncurrent derivative assets (2) 28 110 138 Total derivative assets $ 56 $ 193 $ 249 LIABILITIES Current Liabilities Commodity $ 15 $ 25 $ 40 Interest rate 21 — 21 Foreign currency 4 — 4 Total current derivative liabilities (3) 40 25 65 Noncurrent Liabilities Commodity — 2 2 Interest rate 51 — 51 Total noncurrent derivative liabilities (4) 51 2 53 Total derivative liabilities $ 91 $ 27 $ 118 December 31, 2016 ASSETS Current Assets Commodity $ 29 $ 101 $ 130 Interest rate 10 — 10 Total current derivative assets (1) 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (2) 7 132 139 Total derivative assets $ 46 $ 233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (3) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 24 3 27 Total derivative liabilities $ 111 $ 44 $ 155 (1) Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion Energy'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 (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 32 Electric fuel and other energy-related purchases (1 ) Total commodity $ 8 $ 31 $ — Interest rate (3) (4 ) (16 ) (26 ) Foreign currency (4) 12 10 — Total $ 16 $ 25 $ (26 ) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 64 Purchased gas (1 ) Electric fuel and other energy-related purchases (1 ) Total commodity $ 7 $ 62 $ — Interest rate (3) 3 (10 ) (16 ) Foreign currency (4) 12 3 — Total $ 22 $ 55 $ (16 ) Nine Months Ended September 30, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 114 Electric fuel and other energy-related purchases 1 Total commodity $ 139 $ 115 $ — Interest rate (3) (18 ) (39 ) (60 ) Foreign currency (4) 10 15 — Total $ 131 $ 91 $ (60 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 266 Purchased gas (9 ) Electric fuel and other energy-related purchases (8 ) Total commodity $ 193 $ 249 $ — Interest rate (3) (107 ) (21 ) (258 ) Foreign currency (4) 4 1 — Total $ 90 $ 229 $ (258 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’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 Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2017 2016 2017 2016 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 7 $ 25 $ 22 $ 19 Purchased gas (6 ) (21 ) 2 (14 ) Electric fuel and other energy-related purchases (19 ) (12 ) (51 ) (43 ) Other operations and maintenance 1 — (1 ) — Total $ (17 ) $ (8 ) $ (28 ) $ (38 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’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: September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 156 $ — $ 156 $ 147 $ — $ 147 Interest rate contracts: Over-the-counter — — — 6 — 6 Total derivatives, subject to a master netting or similar arrangement 156 — 156 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 12 — 12 41 — 41 Total $ 168 $ — $ 168 $ 194 $ — $ 194 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 156 $ 1 $ — $ 155 $ 147 $ 2 $ — $ 145 Interest rate contracts: Over-the-counter — — — — 6 — — 6 Total $ 156 $ 1 $ — $ 155 $ 153 $ 2 $ — $ 151 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 1 $ — $ 1 $ 2 $ — $ 2 Interest rate contracts: Over-the-counter 55 — 55 21 — 21 Total derivatives, subject to a master netting or similar arrangement 56 — 56 23 — 23 Total derivatives, not subject to a master netting or similar arrangement 5 — 5 8 — 8 Total $ 61 $ — $ 61 $ 31 $ — $ 31 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 1 $ 1 $ — $ — $ 2 $ 2 $ — $ — Interest rate contracts: Over-the-counter 55 — — 55 21 — — 21 Total $ 56 $ 1 $ — $ 55 $ 23 $ 2 $ — $ 21 Volumes The following table presents the volume of Virginia Power’s derivative activity at September 30, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 28 6 Basis 85 562 Electricity (MWh): Fixed price (1) 1,426,093 611,629 FTRs 68,673,158 — Interest rate (2) $ 300,000,000 $ 1,150,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. Ineffectiveness and AOCI For the three and nine months ended September 30, 2017 and 2016, 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 Virginia Power’s Consolidated Balance Sheet at September 30, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (12 ) $ (1 ) 387 months Total $ (12 ) $ (1 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) 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 interest rates. 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 – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2017 ASSETS Current Assets Commodity $ — $ 61 $ 61 Total current derivative assets (1) — 61 61 Noncurrent Assets Commodity — 107 107 Total noncurrent derivative assets (2) — 107 107 Total derivative assets $ — $ 168 $ 168 LIABILITIES Current Liabilities Commodity $ — $ 6 $ 6 Interest rate 17 — 17 Total current derivative liabilities (3) 17 6 23 Noncurrent Liabilities Interest rate 38 — 38 Total noncurrent derivatives liabilities (4) 38 — 38 Total derivative liabilities $ 55 $ 6 $ 61 December 31, 2016 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 6 — 6 Total current derivative assets (1) 6 60 66 Noncurrent Assets Commodity — 128 128 Total noncurrent derivative assets (2) — 128 128 Total derivative assets $ 6 $ 188 $ 194 LIABILITIES Current Liabilities Commodity $ — $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (3) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (4) 13 — 13 Total derivative liabilities $ 21 $ 10 $ 31 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) 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 (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (3 ) $ — $ (26 ) Total $ (3 ) $ — $ (26 ) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (2 ) $ — $ (16 ) Total $ (2 ) $ — $ (16 ) Nine Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (8 ) $ (1 ) $ (60 ) Total $ (8 ) $ (1 ) $ (60 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (26 ) $ (1 ) $ (258 ) Total $ (26 ) $ (1 ) $ (258 ) (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 September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2017 2016 2017 2016 (millions) Derivative type and location of gains (losses): Commodity (2) $ (18 ) $ (10 ) $ (42 ) $ (40 ) Total $ (18 ) $ (10 ) $ (42 ) $ (40 ) (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 Energy Gas Balance Sheet Presentation The tables below present Dominion Energy Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 1 $ — $ 1 $ — $ — $ — Foreign currency contracts: Over-the-counter 25 — 25 — — — Total derivatives, subject to a master netting or similar arrangement 26 — 26 — — — Total $ 26 $ — $ 26 $ — $ — $ — September 30, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 1 $ — $ — $ 1 $ — $ — $ — $ — Foreign currency contracts: Over-the-counter 25 4 — 21 — — — — Total $ 26 $ 4 $ — $ 22 $ — $ — $ — $ — September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 6 $ — $ 6 $ 5 $ — $ 5 Foreign currency contracts: Over-the-counter 4 — 4 6 — 6 Total derivatives, subject to a master netting or similar arrangement 10 — 10 11 — 11 Total $ 10 $ — $ 10 $ 11 $ — $ 11 September 30, 2017 December 31, 2016 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 Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $ 6 $ — $ — $ 6 $ 5 $ — $ — $ 5 Foreign currency contracts: Over-the-counter 4 4 — — 6 — — 6 Total $ 10 $ 4 $ — $ 6 $ 11 $ — $ — $ 11 Volumes The following table presents the volume of Dominion Energy Gas' derivative activity at September 30, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 2 — Basis 2 — NGLs (Gal) 30,514,288 — Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000. Ineffectiveness and AOCI For the three and nine months ended September 30, 2017 and 2016, gains or losses on hedging instruments determined to be ineffective were not material. The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas' Consolidated Balance Sheet at September 30, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: NGLs $ (4 ) $ (4 ) 6 months Interest rate (26 ) (3 ) 327 months Foreign currency 4 (2 ) 105 months Total $ (26 ) $ (9 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) 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, interest rates and foreign currency exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following tables present the fair values of Dominion Energy Gas' derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value-Derivatives Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) September 30, 2017 ASSETS Current Assets Commodity $ — $ 1 $ 1 Total current derivative assets (1) — 1 1 Noncurrent Assets Foreign currency 25 — 25 Total noncurrent derivative assets (2) 25 — 25 Total derivative assets $ 25 $ 1 $ 26 LIABILITIES Current Liabilities Commodity $ 6 $ — $ 6 Foreign currency 4 — 4 Total current derivative liabilities (3) 10 — 10 Total derivative liabilities $ 10 $ — $ 10 December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $ — $ 4 Foreign currency 3 — 3 Total current derivative liabilities (3) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 4 — 4 Total derivative liabilities $ 11 $ — $ 11 (1) Current derivative assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (2) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. The following table presents the gains and losses on Dominion Energy 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 Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income (millions) Three Months Ended September 30, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (2 ) Total commodity $ (10 ) $ (2 ) Interest rate (2) — (1 ) Foreign currency (3) 12 10 Total $ 2 $ 7 Three Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 1 Total commodity $ — $ 1 Interest rate (2) — (1 ) Foreign currency (3) 12 3 Total $ 12 $ 3 Nine Months Ended September 30, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (4 ) Total commodity $ (5 ) $ (4 ) Interest rate (2) — (3 ) Foreign currency (3) 10 15 Total $ 5 $ 8 Nine Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 6 Total commodity $ (7 ) $ 6 Interest rate (2) (8 ) (2 ) Foreign currency (3) 4 1 Total $ (11 ) $ 5 (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in other income. Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2017 2016 2017 2016 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ — $ 5 $ — $ 3 Total $ — $ 5 $ — $ 3 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 10. Investments Dominion Energy Equity and Debt Securities Rabbi Trust Securities Marketable equity and debt securities and cash equivalents held in Dominion Energy’s rabbi trusts and classified as trading totaled $109 Decommissioning Trust Securities Dominion Energy 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 Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) September 30, 2017 Marketable equity securities: U.S. $ 1,562 $ 1,664 $ — $ 3,226 Fixed income: Corporate debt instruments 438 15 (1 ) 452 Government securities 1,041 28 (4 ) 1,065 Common/collective trust funds 66 — — 66 Cost method investments 67 — — 67 Cash equivalents and other (2) 5 — — 5 Total $ 3,179 $ 1,707 $ (5 ) (3) $ 4,881 December 31, 2016 Marketable equity securities: U.S. $ 1,449 $ 1,408 $ — $ 2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8 ) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,053 $ 1,443 $ (12 ) (3) $ 4,484 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes net pending sales of securities of $4 million and $9 million at September 30, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $402 million The fair value of Dominion Energy’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 183 Due after one year through five years 410 Due after five years through ten years 366 Due after ten years 624 Total $ 1,583 Presented below is selected information regarding Dominion Energy’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Proceeds from sales $ 377 $ 300 $ 1,496 $ 1,009 Realized gains (1) 25 40 142 102 Realized losses (1) 16 9 52 43 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Total other-than-temporary impairment losses (1) $ 7 $ 9 $ 33 $ 34 Losses recorded to the nuclear decommissioning trust regulatory liability (2 ) (4 ) (13 ) (15 ) Losses recognized in other comprehensive income (before taxes) (1 ) — (2 ) (1 ) Net impairment losses recognized in earnings $ 4 $ 5 $ 18 $ 18 (1) Amounts include other-than-temporary impairment losses for debt securities of less than $1 million for both the three months ended September 2017 and 2016, respectively, and $2 million for both the nine months ended September 30, 2017 and 2016, respectively. 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 Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) September 30, 2017 Marketable equity securities: U.S. $ 729 $ 741 $ — $ 1,470 Fixed income: Corporate debt instruments 226 8 — 234 Government securities 483 13 (2 ) 494 Common/collective trust funds 29 — — 29 Cost method investments 67 — — 67 Cash equivalents and other (2) (2 ) — — (2 ) Total $ 1,532 $ 762 $ (2 ) (3) $ 2,292 December 31, 2016 Marketable equity securities: U.S. $ 677 $ 624 $ — $ 1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $ 1,473 $ 639 $ (6 ) (3) $ 2,106 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending purchases of securities of $2 million and pending sales of securities of $7 million at September 30, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $165 million The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 60 Due after one year through five years 192 Due after five years through ten years 189 Due after ten years 316 Total $ 757 Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Proceeds from sales $ 156 $ 131 $ 654 $ 478 Realized gains (1) 9 18 64 48 Realized losses (1) 6 4 24 21 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds recognized in earnings for Virginia Power were not material for the three and nine months ended September 30, 2017 and 2016. Equity Method Investments Dominion Energy Atlantic Coast Pipeline In October 2016, Dominion Energy purchased an additional 3% membership interest in Atlantic Coast Pipeline from Duke for $14 million, which adjusted Dominion Energy’s and Duke’s membership interest to 48% and 47%, respectively. Dominion Energy contributed $84 million and $286 million during the three and nine months ended September 30, 2017 and $74 million and $143 million during the three and nine months ended September 30, 2016, respectively, to Atlantic Coast Pipeline. Dominion Energy Gas Iroquois Dominion Energy Gas' equity earnings totaled $15 million |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Regulatory Assets And Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Note 11. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: September 30, 2017 December 31, 2016 (millions) Dominion Energy Regulatory assets: Deferred rate adjustment clause costs (1) $ 67 $ 63 Deferred nuclear refueling outage costs (2) 67 71 Unrecovered gas costs (3) 51 19 Deferred cost of fuel used in electric generation (4) 30 — Other 96 91 Regulatory assets-current 311 244 Unrecognized pension and other postretirement benefit costs (5) 1,296 1,401 Deferred rate adjustment clause costs (1) 333 329 Derivatives (6) 230 174 PJM transmission rates (7) 215 192 Income taxes recoverable through future rates (8) 157 123 Utility reform legislation (9) 134 99 Other 138 155 Regulatory assets-noncurrent 2,503 2,473 Total regulatory assets $ 2,814 $ 2,717 Regulatory liabilities: PIPP (10) $ 20 $ 28 Deferred cost of fuel used in electric generation (4) 5 61 Other 63 74 Regulatory liabilities-current 88 163 Provision for future cost of removal and AROs (11) 1,477 1,427 Nuclear decommissioning trust (12) 1,034 902 Unrecognized pension and other postretirement benefit costs (5) 106 105 Derivatives (6) 78 69 Other 211 119 Regulatory liabilities-noncurrent 2,906 2,622 Total regulatory liabilities $ 2,994 $ 2,785 Virginia Power Regulatory assets: Deferred nuclear refueling outage costs (2) $ 67 $ 71 Deferred rate adjustment clause costs (1) 47 51 Deferred cost of fuel used in electric generation (4) 30 — Other 62 57 Regulatory assets-current (13) 206 179 Deferred rate adjustment clause costs (1) 256 246 PJM transmission rates (7) 215 192 Derivatives (6) 197 133 Income taxes recoverable through future rates (8) 67 76 Other 103 123 Regulatory assets-noncurrent 838 770 Total regulatory assets $ 1,044 $ 949 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 5 $ 61 Other 38 54 Regulatory liabilities-current (14) 43 115 Nuclear decommissioning trust (12) 1,034 902 Provision for future cost of removal (11) 985 946 Derivatives (6) 78 69 Other 105 45 Regulatory liabilities-noncurrent 2,202 1,962 Total regulatory liabilities $ 2,245 $ 2,077 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 20 $ 12 Unrecovered gas costs (3) — 12 Other 2 2 Regulatory assets-current (13) 22 26 Unrecognized pension and other postretirement benefit costs (5) 300 358 Utility reform legislation (9) 134 99 Deferred rate adjustment clause costs (1) 77 79 Income taxes recoverable through future rates (8) 32 23 Other 13 18 Regulatory assets-noncurrent (15) 556 577 Total regulatory assets $ 578 $ 603 Regulatory liabilities: PIPP (10) $ 20 $ 28 Other 19 7 Regulatory liabilities-current (14) 39 35 Provision for future cost of removal and AROs (11) 178 174 Other 74 45 Regulatory liabilities-noncurrent (16) 252 219 Total regulatory liabilities $ 291 $ 254 (1) 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 Energy Gas. See Note 12 for more information. (2) 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, not to exceed 18 months. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy's and Virginia Power's generation operations. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's and Dominion Energy Gas' rate-regulated subsidiaries. (6) 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. (7) Reflects amounts related to the PJM transmission cost allocation matter. See Note 12 for more information. (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) Ohio 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. (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 rate adjustment clause according to East Ohio tariff provisions. (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) Current regulatory assets are presented in other current assets in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. (14) Current regulatory liabilities are presented in other current liabilities in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. (15) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. (16) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas' Consolidated Balance Sheets. At September 30, 2017, $323 million of Dominion Energy's and $242 million |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 12. 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 Energy’s merchant generators sell electricity in the PJM, MISO, CAISO and ISO-NE wholesale markets, and to wholesale purchasers in the states of Virginia, North Carolina, Indiana, Connecticut, Tennessee, Georgia, California, South Carolina and Utah, under Dominion Energy’s market-based sales tariffs authorized by FERC or pursuant to FERC authority to sell as a qualified facility. 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, Old Dominion Electric Cooperative and North Carolina Electric Membership Corporation filed a complaint with FERC against Virginia Power claiming, among other issues, that the incremental costs of undergrounding certain transmission line projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power’s transmission formula rate. A settlement of the other issues raised in the complaint was approved by FERC in May 2012. 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 held a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia. In October 2017, FERC issued an order determining the calculation of the incremental costs of undergrounding the transmission projects and affirming that the costs are to be recovered from the wholesale transmission customers with loads located in Virginia. FERC directed Virginia Power to rebill all wholesale transmission customers retroactively to March 2010 within 30 days of when the proceeding becomes final and no longer subject to rehearing. Parties have until November 2017 to seek rehearing. Virginia Power is evaluating the order, which is not expected to have a material effect on results of operations. PJM Transmission Rates In April 2007, FERC issued an order regarding its transmission rate design for the allocation of costs among PJM transmission customers, including Virginia Power, for transmission service provided by PJM. For new PJM-planned transmission facilities that operate at or above 500 kV, FERC established a PJM regional rate design where customers pay according to each customer’s share of the region’s load. For recovery of costs of existing facilities, FERC approved the existing methodology whereby a customer pays the cost of facilities located in the same zone as the customer. A number of parties appealed the order to the U.S. Court of Appeals for the Seventh Circuit. In August 2009, the court issued its decision affirming the FERC order with regard to the existing facilities, but remanded to FERC the issue of the cost allocation associated with the new facilities 500 kV and above for further consideration by FERC. On remand, FERC reaffirmed its earlier decision to allocate the costs of new facilities 500 kV and above according to the customer’s share of the region’s load. A number of parties filed appeals of the order to the U.S. Court of Appeals for the Seventh Circuit. In June 2014, the court again remanded the cost allocation issue to FERC. In December 2014, FERC issued an order setting an evidentiary hearing and settlement proceeding regarding the cost allocation issue. The hearing only concerns the costs of new facilities approved by PJM prior to February 1, 2013. Transmission facilities approved after February 1, 2013 are allocated on a hybrid cost allocation method approved by FERC and not subject to any court review. In June 2016, PJM, the PJM transmission owners and state commissions representing substantially all of the load in the PJM market submitted a settlement to FERC to resolve the outstanding issues regarding this matter. Under the terms of the settlement, Virginia Power would be required to pay in excess of $200 million to PJM over the next 10 years. Although the settlement agreement has not been accepted by FERC, and the settlement is opposed by a small group of parties to the proceeding, Virginia Power believes it is probable it will be required to make payment as an outcome of the settlement. Accordingly, as of September 30, 2017, Virginia Power has recorded a contingent liability of $223 million in other deferred credits and other liabilities, which is offset by a $215 million regulatory asset for the amount that will be recovered through retail rates in Virginia. FERC – Gas DETI In July 2017, FERC audit staff communicated to DETI that it had substantially completed an audit of DETI’s compliance with the accounting and reporting requirements of FERC’s Uniform System of Accounts and provided a description of matters and preliminary recommendations that have the potential to result in adjustments which could be material to Dominion Energy and Dominion Energy Gas’ results of operations. DETI submitted its initial response to the audit staff in September 2017. In connection with one preliminary recommendation that management did not challenge, DETI recognized in the second quarter of 2017, a charge of $15 million ($9 million after-tax) recorded within other operations and maintenance expense in Dominion Energy’s and Dominion Energy Gas’ Consolidated Statements of Income to write-off the balance of a regulatory asset, originally established in 2008, that is no longer considered probable of recovery. Pending final resolution of the audit process and a determination by FERC, management is unable to estimate the potential impact of the other preliminary recommendations and no amounts have been recognized. 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 the Companies’ Annual Report on Form 10-K for the year ended December 31, 2016 and Note 12 to the Consolidated Financial Statements in the Companies’ Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017 and June 30, 2017. Virginia Regulation Regulation Act Legislation The Supreme Court of Virginia previously granted appeals to certain industrial customers of Appalachian Power Company that challenged the constitutionality of legislation enacted in 2015 keeping Appalachian Power Company’s base rates unchanged until at least 2020. This legislation also keeps Virginia Power’s base rates unchanged until at least 2022. In September 2017, the Supreme Court of Virginia affirmed that the legislation is constitutional. Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • Virginia Power previously filed an application with the Virginia Commission to recover through Rider U costs for the first and second phases of a program to underground outage-prone overhead distribution lines. In September 2017, the Virginia Commission approved a total $22 million annual revenue requirement effective October 1, 2017, using a 9.4% ROE, and a total capital investment of $40 million for second phase conversions. • The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In October 2017, Virginia Power requested approval to extend one existing energy efficiency program for five years with a new $25 million cost cap, and proposed a total $31 million revenue requirement for the rate year beginning July 1, 2018, which represents a $3 million increase over the previous year. This case is pending. • The Virginia Commission previously approved Rider BW in conjunction with Brunswick County. In October 2017, Virginia Power proposed a $132 million revenue requirement for the rate year beginning September 1, 2018, which represents a $5 million increase over the previous year. This case is pending. • The Virginia Commission previously approved Rider US-2 in conjunction with the Scott Solar, Whitehouse, and Woodland solar facilities. In October 2017, Virginia Power proposed a $15 million revenue requirement for the rate year beginning September 1, 2018, which represents a $5 million increase over the previous year. This case is pending. Electric Transmission Projects Virginia Power previously filed an application with the Virginia Commission for a CPCN to rebuild and rearrange its Idylwood substation in Fairfax County, Virginia. In September 2017, the Virginia Commission granted a CPCN for the project. The total estimated cost of the project is approximately $110 million. Virginia Power previously filed an application with the Virginia Commission for a CPCN to construct and operate in multiple Virginia counties an approximately 38-mile overhead 230 kV transmission line between the Remington and Gordonsville substations, along with associated facilities. In August 2017, the Virginia Commission granted a CPCN for the project. The total estimated cost of the project is approximately $105 million. In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry switching station in Surry County to a new Skiffes Creek switching station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County, and the City of Newport News from the proposed new Skiffes Creek switching station to Virginia Power’s existing Whealton substation in the City of Hampton. As of July 2017, Virginia Power has received all major required permits and approvals and is proceeding with construction of the project. In connection with the receipt of the permit from the U.S. Army Corps of Engineers in July 2017, Virginia Power was required to make payments totaling approximately $90 million to fund improvements to historical and cultural resources near the project. Accordingly, in July 2017, Virginia Power recorded an increase to property, plant and equipment and a corresponding liability for these payment obligations. Through September 30, 2017, Virginia Power had made $70 million of such payments, with the remaining $20 million paid in October 2017. Also in July 2017, the National Parks Conservation Association filed a lawsuit in U.S. District Court for the D.C. Circuit seeking to set aside the permit granted by the U.S. Army Corps of Engineers for the project and requested a preliminary injunction against the permit. In August 2017, the National Trust for Historic Preservation and Preservation Virginia filed a similar lawsuit in U.S. District Court for the D.C. Circuit. In October 2017, the preliminary injunction requests were denied. These lawsuits are pending. North Carolina Regulation In August 2017, Virginia Power submitted its annual filing to the North Carolina Utilities Commission to adjust the fuel component of its electric rates. Virginia Power proposed a total $15 million increase to the fuel component of its electric rates for the rate year beginning January 1, 2018. This case is pending. Ohio Regulation 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 September 2017, the Ohio Commission approved East Ohio’s application requesting approval of its UEX Rider to reflect a refund of over-recovered accumulated bad debt expense of approximately $12 million as of March 31, 2017, and recovery of prospective net bad debt expense projected to total approximately $22 million for the twelve-month period from April 2017 to March 2018. Utah and Wyoming Regulation In October 2017, Questar Gas submitted filings with both the Public Service Commission of Utah and the Wyoming Public Service Commission for an approximately $25 million gas cost increase reflecting forecasted increases in commodity and transportation costs. The Public Service Commission of Utah and the Wyoming Public Service Commission both approved the filings in October 2017 with rates effective November 2017. West Virginia Regulation In October 2017, the Public Service Commission of West Virginia approved Hope’s application for new PREP customer rates, for the year beginning November 1, 2017, that provide for projected revenue of $4 million related to capital investments of $21 million, $27 million and $31 million for 2016, 2017 and 2018, respectively. FERC – Gas DETI In December 2014, DETI entered into a precedent agreement with Atlantic Coast Pipeline for the Supply Header Project, a project to provide approximately 1,500,000 Dths per day of firm transportation service to various customers. This project is expected to be placed into service in late 2019 and cost approximately $550 million to $600 million to construct, excluding financing costs. In October 2017, DETI received FERC authorization to construct and operate the project facilities. In September 2017, DETI submitted its annual transportation cost rate adjustment to FERC requesting approval to recover $39 million. Also in September 2017, DETI submitted its annual electric power cost adjustment to FERC requesting approval to recover $6 million. In October 2017, FERC approved these adjustments. Cove Point In November 2016, pursuant to the terms of a previous settlement, Cove Point filed a general rate case for its FERC-jurisdictional services, with 23 proposed rates to be effective January 1, 2017. Cove Point proposed an annual cost-of-service of approximately $140 million. In December 2016, FERC accepted a January 1, 2017 effective date for all proposed rates but five which were suspended to be effective June 1, 2017. In August 2017, Cove Point filed a proposed stipulation and settlement agreement with FERC, which was supported or not opposed by the active parties. Under the terms of the settlement agreement, Cove Point’s rates effective October 2017 would result in decreases to annual revenues and depreciation expense of approximately $18 million and $3 million, respectively, compared to the rates in effect through December 2016. In September 2017, the Presiding Administrative Law Judge certified the uncontested settlement to FERC. Cove Point is awaiting final FERC approval of the settlement. This case is pending. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | Note 13. Variable Interest Entities There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 15 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. Dominion Energy Dominion Energy’s securities due within one year and long-term debt include $29 million and $356 million, respectively, of debt issued in 2016 by SBL Holdco, a VIE, net of issuance costs that is nonrecourse to Dominion Energy and is secured by SBL Holdco’s interest in certain merchant solar facilities. Virginia Power Virginia Power had long-term power and capacity contracts with three non-utility generators. Contracts with two of these non-utility generators expired during the third quarter of 2017 leaving a remaining aggregate summer generation capacity of approximately 218 MW. Virginia Power is not subject to any risk of loss from this remaining potential VIE other than its remaining purchase commitments which totaled $213 million as of September 30, 2017. Virginia Power paid $17 million and $37 million for electric capacity and $5 million and $11 million for electric energy to these entities for the three months ended September 30, 2017 and 2016, respectively. Virginia Power paid $73 million and $111 million for electric capacity and $20 million and $23 million for electric energy to these entities for the nine months ended September 30, 2017 and 2016, respectively. Virginia Power and Dominion Energy Gas Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $83 million and $31 million for the three months ended September 30, 2017, $80 million and $31 million for the three months ended September 30, 2016, $251 million and $93 million for the nine months ended September 30, 2017 and $268 million and $95 million for the nine months ended September 30, 2016, respectively. |
Significant Financing Transacti
Significant Financing Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Significant Financing Transactions | Note 14. 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 Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Dominion Energy At September 30, 2017, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 5,000 $ 3,060 $ — $ 1,940 Joint revolving credit facility (1) 500 — 73 427 Total $ 5,500 $ 3,060 $ 73 $ 2,367 (1) These credit facilities mature in April 2020 and can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. Questar Gas’ short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities discussed above with Dominion Energy, Virginia Power and Dominion Energy Gas. At September 30, 2017 the aggregate sub-limit for Questar Gas was $250 million. In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which have a stated maturity date of December 2017 with automatic one-year renewals through the maturity of the SBL Holdco term loan agreement in 2023. Dominion Solar Projects III, Inc. has $25 million of credit facilities which have a stated maturity date of May 2018 with automatic one-year renewals through the maturity of the Dominion Solar Projects III, Inc. term loan agreement in 2024. At September 30, 2017, no amounts were outstanding under either of these facilities. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. At September 30, 2017, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Dominion Energy Gas and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 5,000 $ 320 $ — Joint revolving credit facility (1) 500 — 1 Total $ 5,500 $ 320 $ 1 (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Virginia Power was decreased from $2.0 billion to $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. In addition to the credit facility commitments mentioned above, Virginia Power also has a $100 million credit facility with a maturity date of April 2020. At September 30, 2017, this facility supports $100 million of certain variable rate tax-exempt financings of Virginia Power. Dominion Energy Gas Dominion Energy Gas’ short-term financing is supported by its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. At September 30, 2017, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Virginia Power and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,000 $ 620 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 620 $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Dominion Energy Gas was increased from $500 million to $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Long-term Debt In January 2017, Dominion Energy issued $400 million of 1.875% senior notes and $400 million of 2.75% senior notes that mature in 2019 and 2022, respectively. In March 2017, Dominion Energy issued through private placement $300 million of 3.496% senior notes that mature in 2024. Also in March 2017, Dominion Energy issued an additional $100 million of its 3.90% senior notes that mature in 2025. In March 2017, Virginia Power issued $750 million of 3.50% senior notes that mature in 2027. In May 2017, Dominion Solar Projects III, Inc. borrowed $280 million under a term loan agreement that bears interest at a variable rate. The term loan amortizes over an 18-year period and matures in May 2024. The debt is nonrecourse to Dominion Energy and is secured by Dominion Solar Projects III, Inc.’s interest in certain solar facilities. In June 2017, Dominion Energy issued through private placement $500 million of variable rate senior notes that mature in 2019. In August 2017, Dominion Energy retired its $75 million variable rate Massachusetts Development Finance Agency Solid Waste Disposal Revenue Bonds, Series 2010B that would otherwise have matured in December 2041. In September 2017, Virginia Power issued $550 million of 3.80% senior notes that mature in 2047. Also in September 2017, Virginia Power issued an additional $200 million of its 2.75% senior notes that mature in 2023. In October 2017, Questar Gas entered into an agreement with certain investors to issue through private placements in November 2017, $100 million of 3.38% 15-year senior notes and, in April 2018, $50 million of 3.30% 12-year senior notes and $100 million of 3.97% 30-year senior notes. Remarketable Subordinated Notes In May 2017, Dominion Energy successfully remarketed the $1.0 billion 2014 Series A 1.50% RSNs due in 2020 pursuant to the terms of the 2014 Equity Units. In connection with the remarketing, the interest rate on the junior subordinated notes was reset to 2.579%, payable on a semi-annual basis and Dominion Energy ceased to have the ability to redeem the notes at its option or defer interest payments. At September 30, 2017, these securities are included in junior subordinated notes in Dominion Energy’s Consolidated Balance Sheets. Dominion Energy did not receive any proceeds from the remarketing. Remarketing proceeds belonged to the investors holding the related 2014 Equity Units and were temporarily used to purchase a portfolio of treasury securities. Upon maturity of the portfolio, the proceeds were applied on behalf of investors on the related stock purchase contracts settlement date in July 2017 to pay the purchase price to Dominion Energy for the issuance of 12.5 million shares of its common stock related to Dominion Energy’s 2014 Equity Units. Issuance of Common Stock In June 2017, Dominion Energy filed an SEC shelf registration for the sale of debt and equity securities including the ability to sell common stock through an at-the-market program. Also in June 2017, Dominion Energy entered into three separate sales agency agreements to effect sales under the program and pursuant to which it may offer from time to time up to $500 million aggregate amount of its common stock. Sales of common stock can be made by means of privately negotiated transactions, as transactions on the New York Stock Exchange at market prices or in such other transactions as are agreed upon by Dominion Energy and the sales agents in conformance with applicable securities laws. No issuances have occurred under these agreements in 2017. In July 2017, Dominion Energy issued 12.5 million shares under the related stock purchase contracts entered into as part of Dominion Energy’s 2014 Equity Units. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15. 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, 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 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 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 and involves elements of judgment and significant uncertainties. Any estimated range of possible loss 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 financial position, liquidity or results of operations of the Companies. 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 CAA 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. MATS In December 2011, the EPA issued MATS for coal- and oil-fired electric utility steam generating units. The rule establishes strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. The rule includes a limited use provision for oil-fired units with annual capacity factors under 8% that provides an exemption from emission limits, and allows compliance with operational work practice standards. Compliance was required by April 16, 2015, with certain limited exceptions. However, in June 2014, the VDEQ granted a one-year MATS compliance extension for two coal-fired units at Yorktown power station to defer planned retirements and allow for continued operation of the units to address reliability concerns while necessary electric transmission upgrades are being completed. These coal units needed to continue operating through at least April 2017 due to delays in transmission upgrades needed to maintain electric reliability. Therefore, in October 2015, Virginia Power submitted a request to the EPA for an additional one year compliance extension under an EPA Administrative Order. The order was signed by the EPA in April 2016 allowing the Yorktown power station units to operate for up to one additional year, as required to maintain reliable power availability while transmission upgrades are being made. Virginia Power ceased operating the coal units at Yorktown power station in April 2017 as planned. In June 2017, the U.S. DOE issued an order to PJM to direct Virginia Power to operate Yorktown power station’s Units 1 and 2 as needed to avoid reliability issues on the Virginia Peninsula. The order was effective for 90 days and can be reissued upon PJM’s request, if necessary, until required electricity transmission upgrades are completed approximately 23 months following the receipt in July 2017 of final permits and approvals for construction. In July 2017, the Sierra Club filed a petition for rehearing of the U.S. DOE order, which was denied by the U.S. DOE in September 2017. In August 2017, PJM filed a request for a 90-day renewal of the U.S. DOE order, which the U.S. DOE subsequently granted in September 2017. In October 2017, the Sierra Club filed a petition for rehearing of the U.S. DOE order granted in September 2017. This matter is pending. In June 2015, the U.S. Supreme Court issued a decision holding that the EPA failed to take cost into account when the agency first decided to regulate the emissions from coal- and oil-fired plants, and remanded the MATS rule back to the U.S. Court of Appeals for the D.C. Circuit. However, the Supreme Court did not vacate or stay the effective date and implementation of the MATS rule. In November 2015, in response to the Supreme Court decision, the EPA proposed a supplemental finding that consideration of cost does not alter the agency’s previous conclusion that it is appropriate and necessary to regulate coal- and oil-fired electric utility steam generating units under Section 112 of the CAA. In December 2015, the U.S. Court of Appeals for the D.C. Circuit issued an order remanding the MATS rulemaking proceeding back to the EPA without setting aside judgment, noting that EPA had represented it was on track to issue a final finding regarding its consideration of cost. In April 2016, the EPA issued a final supplemental finding that consideration of costs does not alter its conclusion regarding appropriateness and necessity for the regulation. This regulation has been challenged in court. In April 2017, the EPA requested that the U.S. Court of Appeals for the D.C. Circuit delay oral arguments in the case to allow agency review of the rule. Since the MATS rule remains in effect and Dominion Energy is complying with the applicable requirements of the rule, Dominion Energy does not expect any adverse impacts to its operations at this time. Ozone Standards In October 2015, the EPA issued a final rule tightening the ozone standard from 75-ppb to 70-ppb. To comply with this standard, in April 2016 Virginia Power submitted the NO X X X The statutory deadline for the EPA to complete attainment designations for a new standard was October 2017. While it is uncertain when the EPA will make final designations, states will have up to three years to develop plans to address the new standard. Until the states have developed implementation plans, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. However, if significant expenditures are required to implement additional controls, it could adversely affect the Companies’ results of operations and cash flows. NSPS In August 2012, the EPA issued the first NSPS impacting new and modified facilities in 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 VOC emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. In June 2016, the EPA issued a final NSPS regulation, for the oil and natural gas sector, to regulate methane and VOC emissions from new and modified facilities in transmission and storage, gathering and boosting, production and processing facilities. All projects which commenced construction after September 2015 are required to comply with this regulation. In April 2017, the EPA issued a notice that it is reviewing and, if appropriate, will issue a rulemaking to suspend, revise or rescind the June 2016 final NSPS for certain oil and gas facilities. In June 2017, the EPA published notice of reconsideration and partial stay of the rule for 90 days and proposed extending the stay for two years. In July 2017, the U.S. Court of Appeals for the D.C. Circuit vacated the 90-day stay. Dominion Energy and Dominion Energy Gas are implementing the final regulation. Dominion Energy and Dominion Energy Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material. Climate Change Regulation Carbon Regulations 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 U.S. Court of Appeals for the D.C. Circuit’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. In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and to set a significant emissions rate at 75,000 tons per year of CO 2 In July 2011, the EPA signed a final rule deferring the need for PSD and Title V permitting for CO 2 2 2 Methane Emissions In July 2015, the EPA announced the next generation of its voluntary Natural Gas STAR Program, the Natural Gas STAR Methane Challenge Program. The program covers the entire natural gas sector from production to distribution, with more emphasis on transparency and increased reporting for both annual emissions and reductions achieved through implementation measures. In March 2016, East Ohio, Hope, DETI and Questar Gas (prior to the Dominion Energy Questar Combination) joined the EPA as founding partners in the new Methane Challenge program and submitted implementation plans in September 2016. DECG joined the EPA’s voluntary Natural Gas STAR Program in July 2016 and submitted an implementation plan in September 2016. Dominion Energy and Dominion Energy Gas do not expect the costs related to these programs to have a material impact on their results of operations, financial condition and/or cash flows. Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. In October 2014, the 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 became effective. 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 Energy and Virginia Power have 14 and 11 facilities, respectively, that may be subject to the final regulations. Dominion Energy anticipates that it will have to install impingement control technologies at many of these stations that have once-through cooling systems. Dominion Energy 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 Energy’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 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule establishes updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. Virginia Power has eight facilities that may be subject to additional wastewater treatment requirements associated with the final rule. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the U.S.’s request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. In September 2017, the EPA signed a rule to postpone the earliest compliance dates of the Effluent Limitations Guidelines final rule for compliance with certain wastewater regulations from November 2018 to November 2020; however, the latest date for compliance for these regulations remains December 2023. The EPA is proposing to complete new rulemaking for these waste streams. While the impacts of this rule could be material to Dominion Energy’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. 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 Energy, Virginia Power, or Dominion Energy 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 Energy, Virginia Power, or Dominion Energy 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. The Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows. Dominion Energy has determined that it is associated with 19 former manufactured gas plant sites, three of which pertain to Virginia Power and 12 of which pertain to Dominion Energy 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 Energy 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. Virginia Power 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, the Companies are unable to make an estimate of the potential financial statement impacts. See below for discussion on ash pond and landfill closure costs. Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are 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. Appalachian Gateway Pipeline Contractor Litigation Following the completion of the Appalachian Gateway project in 2012, DETI received multiple change order requests and other claims for additional payments from a pipeline contractor for the project. In July 2013, DETI filed a complaint in U.S. District Court for the Eastern District of Virginia for breach of contract as well as 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. DETI 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 DETI must first comply with the dispute resolution process. In July 2015, the contractor filed a complaint against DETI in U.S. District Court for the Western District of Pennsylvania. In August 2015, DETI filed a motion to dismiss, or in the alternative, a motion to transfer venue to Virginia. In March 2016, the Pennsylvania court granted the motion to dismiss and transferred the case to the U.S. District Court for the Eastern District of Virginia. In April 2016, the Virginia court issued an order staying the proceedings and ordering mediation. A mediation occurred in May 2016 but was unsuccessful. In July 2016, DETI filed a motion to dismiss. In March 2017, the court dismissed three of eight counts in the complaint. In May 2017, the contractor withdrew one of the counts in the complaint. This case is pending. DETI has accrued a liability of $6 million for this matter. Dominion Energy Gas cannot currently estimate additional financial statement impacts, but there could be a material impact to its financial condition and/or cash flows. Gas Producers Litigation In connection with the Appalachian Gateway project, Dominion Energy Field Services, Inc. (formerly known as Dominion Field Services, Inc.) entered into contracts for firm purchase rights with a group of small gas producers. In June 2016, certain of the gas producers filed a complaint in the Circuit Court of Marshall County, West Virginia against Dominion Energy, DETI and Dominion Energy Field Services, Inc., among other defendants, claiming that the contracts are unenforceable and seeking compensatory and punitive damages. In the third quarter of 2016, Dominion Energy and DETI, with the consent of the other defendants, removed the case to the U.S. District Court for the Northern District of West Virginia. In October 2016, the defendants filed a motion to dismiss and the plaintiffs filed a motion to remand. In February 2017, the U.S. District Court entered an order remanding the matter to the Circuit Court of Marshall County, West Virginia. In March 2017, Dominion Energy was voluntarily dismissed from the case; however, DETI and Dominion Energy Field Services, Inc. remain parties to the matter. In April 2017, the case was transferred to the Business Court Division of West Virginia. This case is pending. Dominion Energy and Dominion Energy Gas cannot currently estimate financial statement impacts, but there could be a material impact to their financial condition and/or cash flows. Ash Pond and Landfill Closure Costs In September 2014, Virginia Power received a notice from the Southern Environmental Law Center on behalf of the Potomac Riverkeeper and Sierra Club alleging CWA violations at Possum Point power station. The notice alleges unpermitted discharges to surface water and groundwater from Possum Point power station’s historical and active ash storage facilities. A similar notice from the Southern Environmental Law Center on behalf of the Sierra Club was subsequently received related to Chesapeake power station. In December 2014, Virginia Power offered to close all of its coal ash ponds and landfills at Possum Point power station, Chesapeake and Bremo power stations as settlement of the potential litigation. The Southern Environmental Law Center declined the offer as presented in January 2015 and, in March 2015, filed a lawsuit related to its claims of the alleged CWA violations at Chesapeake power station. In March 2017, the U.S. District Court for the Eastern District of Virginia ruled that impacted groundwater associated with the on-site coal ash storage units was migrating to adjacent surface water, which constituted an unpermitted point source discharge in violation of the CWA. The court, however, rejected Sierra Club’s claims that Virginia Power had violated specific conditions of its water discharge permit. Finding no harm to the environment, the court further declined to impose civil penalties or require excavation of the ash from the site as Sierra Club had sought. On remedy, the court ordered the parties to submit within 30 days a remedial plan (or separate plans) incorporating certain prescribed sediment, water and aquatic life monitoring. The court also ordered Virginia Power to reopen its solid waste permit application for closure of the coal ash storage units at Chesapeake power station. In April 2017, Virginia Power submitted its remedial plan to the court, which included a timetable for submitting a revised solid waste permit application to the VDEQ. The revised application will include a proposed remedial alternative to address groundwater impacts associated with coal ash storage at Chesapeake power station. Sierra Club submitted a separate remedial plan to the court. In July 2017, the court issued a final order requiring Virginia Power to perform additional specific sediment, water and aquatic life monitoring at and around the Chesapeake power station for a period of at least two years. The court further directed Virginia Power to apply for a solid waste permit from VDEQ that includes corrective measures to address on-site groundwater impacts. In July 2017, Virginia Power appealed the court’s July 2017 final order to the U.S. Court of Appeals for the Fourth Circuit. In August 2017, the Sierra Club filed a cross appeal. This case is pending. In April 2015, the EPA’s final rule regulating the management of CCRs stored in impoundments (ash ponds) and landfills was published in the Federal Register. The final rule regulates CCR landfills, existing ash ponds that still receive and manage CCRs, and inactive ash ponds that do not receive, but still store CCRs. Virginia Power currently operates inactive ash ponds, existing ash ponds, and CCR landfills subject to the final rule at eight different facilities. The enactment of the final rule in April 2015 created a legal obligation for Virginia Power to retrofit or close all of its inactive and existing ash ponds over a certain period of time, as well as perform required monitoring, corrective action, and post-closure care activities as necessary. In April 2016, the EPA announced a partial settlement with certain environmental and industry organizations that had challenged the final CCR rule in the U.S. Court of Appeals for the D.C. Circuit. As part of the settlement, certain exemptions included in the final rule for inactive ponds that closed by April 2018 will be removed, resulting in inactive ponds ultimately being subject to the same requirements as existing ponds. In June 2016, the court issued an order approving the settlement, which requires the EPA to modify provisions in the final CCR rule concerning inactive ponds. In August 2016, the EPA issued a final rule, effective October 2016, extending certain compliance deadlines in the final CCR rule for inactive ponds. Virginia Power does not believe these changes will substantially impact its closure plans for inactive ponds. In December 2016, the U.S. Congress passed and the President signed legislation that creates a framework for EPA- approved state CCR permit programs. Under this legislation, an approved state CCR permit program functions in lieu of the self-implementing Federal CCR rule. The legislation allows states more flexibility in developing permit programs to implement the environmental criteria in the CCR rule. In August 2017, the EPA issued interim guidance outlining the framework for state CCR program approval. The EPA has enforcement authority until state programs are approved. The EPA and states with approved programs both will have authority to enforce CCR requirements under their respective rules and programs. In September 2017, the EPA agreed to reconsider portions of the CCR rule in response to two petitions for reconsideration. Dominion Energy cannot forecast potential incremental impacts or costs related to existing coal ash sites in connection with future implementation of the 2016 CCR legislation and reconsideration of the CCR rule. In April 2017, the Governor of Virginia signed legislation into law that places a moratorium on the VDEQ issuing solid waste permits for closure of ash ponds at Virginia Power’s Bremo, Chesapeake, Chesterfield and Possum Point power stations until May 2018. The law also requires Virginia Power to conduct an assessment of closure alternatives for the ash ponds at these four stations, to include an evaluation of excavation for recycling or off-site disposal, surface and groundwater conditions and safety. The assessments are due by December 1, 2017. Virginia Power has initiated a third-party evaluation of closure alternatives consistent with the legislation and is unable to estimate the potential financial statement impacts. The actual AROs related to the CCR rule may vary substantially from the estimates used to record the obligation. Cove Point Dominion Energy is constructing the Liquefaction Project at the Cove Point facility, which would enable the facility to liquefy domestically-produced natural gas and export it as LNG. In September 2014, FERC issued an order granting authorization for Cove Point to construct, modify and operate the Liquefaction Project. In October 2014, several parties filed a motion with FERC to stay the order and requested rehearing. In May 2015, FERC denied the requests for stay and rehearing. Two parties have separately filed petitions for review of the FERC order in the U.S. Court of Appeals for the D.C. Circuit, which petitions were consolidated. Separately, one party requested a stay of the FERC order until the judicial proceedings are complete, which the court denied in June 2015. In July 2016, the court denied one party’s petition for review of the FERC order authorizing the Liquefaction Project. The court also issued a decision remanding the other party’s petition for review of the FERC order to FERC for further explanation of FERC’s decision that a previous transaction with an existing import shipper was not unduly discriminatory. In September 2017, FERC issued its order on remand from the U.S. Court of Appeals for the D.C. Circuit, and reaffirmed its ruling in its prior orders that Cove Point did not violate the prohibition against undue discrimination by agreeing to a capacity reduction and early contract termination with the existing import shipper. In September 2013, the U.S. DOE granted Non-FTA Authorization approval for the export of up to 0.77 bcfe/day of natural gas to countries that do not have an FTA for trade in natural gas. In June 2016, a party filed a petition for review of this approval in the U.S. Court of Appeals for the D.C. Circuit. This case is pending. In July 2017, Cove Point submitted an application for a temporary operating permit to the Maryland Department of the Environment, as required prior to the date of first production of LNG for commercial purposes of exporting LNG. In August 2017, Cove Point submitted an application to amend the CPCN issued by the Public Service Commission of Maryland in May 2014 to make necessary updates. These cases are pending. FERC FERC staff in the Office of Enforcement, Division of Investigations, is conducting a non-public investigation of Virginia Power's offers of combustion turbines generators into the PJM day-ahead markets from April 2010 through September 2014. FERC staff notified Virginia Power of its preliminary findings relating to Virginia Power's alleged violation of FERC's rules in connection with these activities. Virginia Power has provided its response to FERC staff's preliminary findings letter explaining why Virginia Power's conduct was lawful and refuting any allegation of wrongdoing. Virginia Power is cooperating fully with the investigation; however, it cannot currently predict whether or to what extent it may incur a material liability. Greensville County Virginia Power is constructing Greensville County and related transmission interconnection facilities. In August 2016, the Sierra Club filed an administrative appeal in the Circuit Court for the City of Richmond challenging certain provisions in Greensville County’s PSD air permit issued by the VDEQ in June 2016. In August 2017, the Circuit Court upheld the air permit, and no appeals were filed. 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 the Institute of Nuclear Power Operations. Like other U.S. nuclear operators, Dominion Energy 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. |
Credit Risk
Credit Risk | 9 Months Ended |
Sep. 30, 2017 | |
Risks And Uncertainties [Abstract] | |
Credit Risk | Note 16. Credit Risk The Companies' accounting policies for credit risk are discussed in Note 23 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. During the second quarter of 2017, Virginia Power recorded a $16 million ($10 million after-tax) charge related to a proposed settlement with a customer renting space on certain of Virginia Power’s electric distribution poles. This matter was settled during the third quarter of 2017. At September 30, 2017, Dominion Energy's credit exposure related to energy marketing and price risk management activities totaled $70 million. Of this amount, investment grade counterparties, including those internally rated, represented 49%. No single counterparty, whether investment grade or non-investment grade, exceeded $7 million of exposure. At September 30, 2017, Virginia Power's exposure related to sales to wholesale customers totaled $23 million. Of this amount, investment grade counterparties, including those internally rated, represented 52%. No single counterparty, whether investment grade or non-investment grade, exceeded $6 million of exposure. Credit-Related Contingent Provisions The majority of Dominion Energy's derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy 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 September 30, 2017 and December 31, 2016, Dominion Energy would have been required to post additional collateral to its counterparties of $6 million and $3 million, respectively. 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 Energy had not posted any collateral at September 30, 2017 or December 31, 2016 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 at both September 30, 2017 and December 31, 2016 was $9 million, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power and Dominion Energy Gas were not material as of September 30, 2017 and December 31, 2016. See Note 9 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 17. Related-Party Transactions Virginia Power and Dominion Energy Gas engage in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power's and Dominion Energy 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 Energy Gas are included in Dominion Energy's consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. Dominion Energy's transactions with equity method investments are described in Note 10. 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 risks associated with purchases of natural gas. At September 30, 2017, Virginia Power’s derivative assets and liabilities with affiliates were $13 million and $5 million, respectively. At December 31, 2016, Virginia Power’s derivative assets and liabilities with affiliates were $41 million and $8 million, respectively. See Note 9 for more information. Virginia Power participates in certain Dominion Energy benefit plans described in Note 21 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2016. At September 30, 2017 and December 31, 2016, amounts due to Dominion Energy associated with the Dominion Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $478 million and $396 million, respectively. At September 30, 2017 and December 31, 2016, Virginia Power's amounts due from Dominion Energy associated with the Dominion Retiree Health and Welfare plan and included in pension and other postretirement benefit assets in the Consolidated Balance Sheets were $182 million and $130 million, respectively. DES 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. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Virginia Power's significant transactions with DES and other affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Commodity purchases from affiliates $ 170 $ 172 $ 519 $ 416 Services provided by affiliates (1) 109 105 333 347 Services provided to affiliates 5 5 17 17 (1) Includes capitalized expenditures of $33 million and $32 million for the three months ended September 30, 2017 and 2016, respectively, and $104 million and $109 million for the nine months ended September 30, 2017 and 2016, respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $36 million and $262 million in short-term demand note borrowings from Dominion Energy as of September 30, 2017 and December 31, 2016, respectively. Virginia Power had no outstanding borrowings under the Dominion Energy money pool for its nonregulated subsidiaries as of September 30, 2017 and December 31, 2016. Interest charges related to Virginia Power's borrowings from Dominion Energy were immaterial for the three and nine months ended September 30, 2017 and 2016. There were no issuances of Virginia Power's common stock to Dominion Energy for the three and nine months ended September 30, 2017 and 2016. Dominion Energy Gas Transactions with Related Parties Dominion Energy Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Energy Gas provides transportation and storage services to affiliates. Dominion Energy Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of September 30, 2017 and December 31, 2016, all of Dominion Energy Gas' commodity derivatives were with affiliates. See Notes 7 and 9 for more information. Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 18. At September 30, 2017 and December 31, 2016, amounts due from Dominion Energy associated with the Dominion Pension Plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $725 million and $697 million, respectively. At September 30, 2017 and December 31, 2016, Dominion Energy Gas' amounts due from Dominion Energy associated with the Dominion Retiree Health and Welfare plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $6 million and $2 million, respectively. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Dominion Energy Gas on the basis of direct and allocated methods in accordance with Dominion Energy Gas’ services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. The costs of these services follow: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 2 $ 2 $ 4 $ 7 Sales of natural gas and transportation and storage services to affiliates 15 16 51 51 Services provided by related parties (1) 36 36 106 108 Services provided to related parties (2) 37 34 113 94 (1) Includes capitalized expenditures of $13 million for both the three months ended September 30, 2017 and 2016, respectively, and $33 million and $37 million for the nine months ended September 30, 2017 and 2016, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. The following table presents affiliated and related-party activity reflected in Dominion Energy Gas' Consolidated Balance Sheets: September 30, 2017 December 31, 2016 (millions) Other receivables (1) $ 13 $ 10 Imbalances receivable from affiliates — 2 Imbalances payable to affiliates (2) 1 4 Affiliated notes receivable (3) 21 18 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. Dominion Energy Gas' borrowings under the intercompany revolving credit agreement with Dominion Energy were $34 million and $118 million as of September 30, 2017 and December 31, 2016, respectively. Interest charges related to Dominion Energy Gas' total borrowings from Dominion Energy were immaterial for the three and nine months ended September 30, 2017 and 2016. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 18. Employee Benefit Plans In the first quarter of 2016, the Companies announced an organizational design initiative that reduced their total workforces during 2016. The goal of the organizational design initiative was to streamline leadership structure and push decision making lower while also improving efficiency. During the nine months ended September 30, 2016, Dominion Energy recorded a $65 million ($40 million after-tax) charge, including $33 million ($20 million after-tax) at Virginia Power and $8 million ($5 million after-tax) at Dominion Energy Gas, primarily reflected in other operations and maintenance expense in their Consolidated Statements of Income due to severance pay and other costs related to the organizational design initiative. The terms of the severance under the organizational design initiative were consistent with the Companies’ existing severance plans. Plan Amendment and Remeasurement In the first quarter of 2017, Dominion Energy and Dominion Energy Gas remeasured an other postretirement benefit plan as a result of an amendment that changed post-65 retiree medical coverage for certain current and future Local 69 retirees effective July 1, 2017. The remeasurement resulted in a decrease in Dominion Energy's and Dominion Energy Gas' accumulated postretirement benefit obligation of $73 million and $61 million, respectively. As a result of regulatory accounting, the remeasurement will have an immaterial impact on net income for both Dominion Energy and Dominion Energy Gas. The discount rate used for the remeasurement was 4.30%. All other assumptions used were consistent with the measurement as of December 31, 2016. During the nine months ended September 30, 2017, Dominion Energy recorded a $7 million ($4 million after-tax) charge, including $6 million ($4 million after-tax) at Dominion Energy Gas, as a result of additional payments associated with the new collective bargaining agreement, which is reflected in other operations and maintenance expense in their Consolidated Statements of Income. Dominion Energy The components of Dominion Energy's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended September 30, Service cost $ 35 $ 30 $ 7 $ 7 Interest cost 86 79 15 16 Expected return on plan assets (160 ) (141 ) (32 ) (28 ) Amortization of prior service credit — — (13 ) (9 ) Amortization of net actuarial loss 40 29 3 2 Settlements 1 — — — Net periodic benefit cost (credit) $ 2 $ (3 ) $ (20 ) $ (12 ) Nine Months Ended September 30, Service cost $ 104 $ 87 $ 20 $ 23 Interest cost 259 234 45 50 Expected return on plan assets (480 ) (419 ) (95 ) (87 ) Amortization of prior service cost (credit) 1 1 (38 ) (23 ) Amortization of net actuarial loss 121 84 9 5 Settlements 2 — — — Net periodic benefit cost (credit) $ 7 $ (13 ) $ (59 ) $ (32 ) Employer Contributions During the nine months ended September 30, 2017, Dominion Energy made no contributions to its defined benefit pension plans or other postretirement benefit plans, except for a $75 million contribution made in January 2017 to Dominion Energy Questar’s qualified pension plan to satisfy a regulatory condition to closing of the Dominion Energy Questar Combination. Dominion Energy expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2017. Dominion Energy Gas Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 21 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. See Note 17 for more information. The components of Dominion Energy Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended September 30, Service cost $ 3 $ 3 $ 1 $ 1 Interest cost 7 7 3 3 Expected return on plan assets (34 ) (33 ) (7 ) (5 ) Amortization of prior service credit — — (1 ) — Amortization of net actuarial loss 4 3 1 — Net periodic benefit credit $ (20 ) $ (20 ) $ (3 ) $ (1 ) Nine Months Ended September 30, Service cost $ 11 $ 10 $ 3 $ 4 Interest cost 22 22 9 10 Expected return on plan assets (105 ) (100 ) (19 ) (17 ) Amortization of prior service credit — — (2 ) — Amortization of net actuarial loss 12 10 2 1 Net periodic benefit credit $ (60 ) $ (58 ) $ (7 ) $ (2 ) Employer Contributions During the nine months ended September 30, 2017, Dominion Energy Gas made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Energy 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 2017. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 19. Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. In connection with its corporate rebranding, the Companies changed the names of their principal operating segments to Power Delivery, Power Generation and Gas Infrastructure from Dominion Virginia Power, Dominion Generation and Dominion Energy, respectively. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Energy Virginia Power Dominion Energy Gas Power Delivery Regulated electric distribution X X Regulated electric transmission X X Power Generation Regulated electric fleet X X Merchant electric fleet X Gas Infrastructure Gas transmission and storage X X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing X In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion Energy The Corporate and Other Segment of Dominion Energy 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 Energy's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or in allocating resources. In the nine months ended September 30, 2017, Dominion Energy reported after-tax net expenses of $17 million for specific items in the Corporate and Other segment, with $1 million of net expenses attributable to its operating segments. In the nine months ended September 30, 2016, Dominion Energy reported after-tax net expenses of $63 million for specific items in the Corporate and Other segment, with $22 million of these net expenses attributable to its operating segments. The net expense for specific items attributable to Dominion Energy's operating segments in 2016 primarily related to the impact of the following item: • A $59 million ($36 million after-tax) charge related to an organizational design initiative, attributable to: • Power Delivery ($5 million after-tax); • Gas Infrastructure ($12 million after-tax); and • Power Generation ($19 million after-tax). • A $29 million ($18 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 Energy’s operations: Power Delivery Power Generation Gas Infrastructure Corporate and Other Adjustments/ Eliminations Consolidated Total (millions) Three Months Ended September 30, 2017 Total revenue from external customers $ 580 $ 1,931 $ 459 $ 3 $ 206 $ 3,179 Intersegment revenue 4 3 204 150 (361 ) — Total operating revenue 584 1,934 663 153 (155 ) 3,179 Net income (loss) attributable to Dominion Energy 138 369 187 (29 ) — 665 Three Months Ended September 30, 2016 Total revenue from external customers $ 614 $ 1,947 $ 359 $ 2 $ 210 $ 3,132 Intersegment revenue 6 2 205 144 (357 ) — Total operating revenue 620 1,949 564 146 (147 ) 3,132 Net income (loss) attributable to Dominion Energy 139 650 135 (234 ) — 690 Nine Months Ended September 30, 2017 Total revenue from external customers $ 1,664 $ 5,091 $ 1,949 $ 12 $ 660 $ 9,376 Intersegment revenue 16 8 645 451 (1,120 ) — Total operating revenue 1,680 5,099 2,594 463 (460 ) 9,376 Net income (loss) attributable to Dominion Energy 390 870 613 (186 ) — 1,687 Nine Months Ended September 30, 2016 Total revenue from external customers $ 1,682 $ 5,204 $ 1,235 $ 8 $ 522 $ 8,651 Intersegment revenue 17 7 507 469 (1,000 ) — Total operating revenue 1,699 5,211 1,742 477 (478 ) 8,651 Net income (loss) attributable to Dominion Energy 363 1,066 483 (246 ) — 1,666 Intersegment sales and transfers for Dominion Energy 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 in allocating resources. In the nine months ended September 30, 2017, Virginia Power reported after-tax net expenses of $7 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments. In the nine months ended September 30, 2016, Virginia Power reported an after-tax net expense of $18 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 attributable to Virginia Power's operating segments in 2017 primarily related to the impact of the following item which was attributable to Power Delivery: • A $16 million ($10 million after-tax) charge arising from a customer settlement. The net expense for specific items attributable to Virginia Power’s operating segments in 2016 primarily related to the impact of the following item: • A $33 million ($20 million after-tax) charge related to an organizational design initiative, attributable to: • Power Delivery ($5 million after-tax); and • Power Generation ($15 million after-tax). The following table presents segment information pertaining to Virginia Power’s operations: Power Delivery Power Generation Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2017 Operating revenue $ 580 $ 1,574 $ — $ 2,154 Net income 137 314 8 459 Three Months Ended September 30, 2016 Operating revenue $ 617 $ 1,594 $ — $ 2,211 Net income 140 359 4 503 Nine Months Ended September 30, 2017 Operating revenue $ 1,670 $ 4,062 $ — $ 5,732 Net income 387 735 11 1,133 Nine Months Ended September 30, 2016 Operating revenue $ 1,686 $ 4,191 $ — $ 5,877 Net income (loss) 362 699 (15 ) 1,046 Dominion Energy Gas The Corporate and Other Segment of Dominion Energy Gas primarily includes specific items attributable to Dominion Energy Gas' operating segment that are not included in profit measures evaluated by executive management in assessing the segment's performance or in allocating resources and the effect of certain items recorded at Dominion Energy Gas as a result of Dominion Energy's basis in the net assets contributed. In the nine months ended September 30, 2017, Dominion Energy Gas reported after-tax net expenses of $9 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segment. In the nine months ended September 30, 2016, Dominion Energy Gas reported an after-tax net benefit of $5 million for specific items in the Corporate and Other segment, with after-tax net expense of $7 million attributable to its operating segment. The net expense for specific items in 2017 was due to a $15 million ($9 million after-tax) charge to write-off the balance of a regulatory asset no longer considered probable of recovery. The net expense for specific items in 2016 primarily related to an $8 million ($5 million after-tax) charge related to an organizational design initiative. The following table presents segment information pertaining to Dominion Energy Gas' operations: Gas Infrastructure Corporate Other Consolidated Total (millions) Three Months Ended September 30, 2017 Operating revenue $ 401 $ — $ 401 Net income (loss) 121 (4 ) 117 Three Months Ended September 30, 2016 Operating revenue $ 382 $ — $ 382 Net income 77 6 83 Nine Months Ended September 30, 2017 Operating revenue $ 1,313 $ — $ 1,313 Net income (loss) 318 (16 ) 302 Nine Months Ended September 30, 2016 Operating revenue $ 1,181 $ — $ 1,181 Net income (loss) 288 (2 ) 286 |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting | 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 the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. |
Estimates | 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. |
Consolidation | The Companies' accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. |
Consolidation, consolidated entities and noncontrolling interest | For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At September 30, 2017, Dominion Energy owns the general partner, 50.9% of the common and subordinated units and 37.5% of the convertible preferred interests in Dominion Energy Midstream. The public’s ownership interest in Dominion Energy Midstream is reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Also, at September 30, 2017, Dominion Energy owns 50% of the units in and consolidates Four Brothers and Three Cedars. NRG's ownership interest in Four Brothers and Three Cedars, as well as Terra Nova Renewable Partners' 33% interest in certain Dominion Energy merchant solar projects, is reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. |
Reclassifications | Certain amounts in the Companies' 2016 Consolidated Financial Statements and Notes have been reclassified to conform to the 2017 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. |
New Accounting Standards | New Accounting Standards In January 2017, the Financial Accounting Standards Board issued revised accounting guidance to clarify the definition of a business. The revised guidance affects the evaluation of whether a transaction should be accounted for as an acquisition or disposition of an asset or a business, which may impact goodwill and related financial statement disclosures. The Companies have adopted this guidance on a prospective basis effective October 1, 2017. The adoption of the pronouncement will result in additional transactions being accounted for as asset acquisitions or dispositions. In March 2017, the Financial Accounting Standards Board issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. The update requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement benefit costs would be classified outside of income from operations. In addition, only the service cost component will be eligible for capitalization during construction. The standard also recognized that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. The guidance is effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. The Companies are currently evaluating the impact the adoption of the standard will have on their consolidated financial statements and disclosures. The Companies are also evaluating industry issues that could potentially create a regulatory accounting difference in the event that any of our state commissions do not adopt the change in capitalization requirements for regulatory reporting. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Dominion Energy Questar Corporation | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the Dominion Energy Questar Combination had taken place on January 1, 2015. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended 2016 (1) Nine Months Ended September 30, 2016 (1) (millions, except EPS) Operating Revenue $ 3,261 $ 9,410 Net income attributable to Dominion Energy 732 1,835 Earnings Per Common Share – Basic $ 1.17 $ 2.99 Earnings Per Common Share – Diluted $ 1.17 $ 2.99 (1) Amounts include adjustments for non-recurring costs directly related to the Dominion Energy Questar Combination. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Regulated And Unregulated Operating Revenue [Abstract] | |
Operating Revenue | The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Dominion Energy Electric sales: Regulated $ 2,108 $ 2,147 $ 5,590 $ 5,707 Nonregulated 380 399 1,114 1,123 Gas sales: Regulated 97 46 696 137 Nonregulated 69 87 323 259 Gas transportation and storage 406 378 1,328 1,162 Other 119 75 325 263 Total operating revenue $ 3,179 $ 3,132 $ 9,376 $ 8,651 Virginia Power Regulated electric sales $ 2,108 $ 2,147 $ 5,590 $ 5,707 Other 46 64 142 170 Total operating revenue $ 2,154 $ 2,211 $ 5,732 $ 5,877 Dominion Energy Gas Gas sales: Regulated $ 12 $ 28 $ 59 $ 69 Nonregulated 2 1 12 8 Gas transportation and storage 324 303 1,062 955 Other 63 50 180 149 Total operating revenue $ 401 $ 382 $ 1,313 $ 1,181 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Energy Virginia Power Dominion Energy Gas Nine Months Ended September 30, 2017 2016 2017 2016 2017 2016 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.9 3.7 3.7 3.9 2.7 0.8 Investment tax credits (5.7 ) (10.4 ) (0.8 ) — — — Production tax credits (0.7 ) (0.8 ) (0.5 ) (0.5 ) — — State legislative change — (0.8 ) — — — — AFUDC - equity (1.3 ) (0.7 ) (0.6 ) (0.6 ) (0.8 ) (0.1 ) Other, net (2.6 ) (1.4 ) 0.2 0.1 (0.1 ) 0.5 Effective tax rate 27.6 % 24.6 % 37.0 % 37.9 % 36.8 % 36.2 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion Energy’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions, except EPS) Net income attributable to Dominion Energy $ 665 $ 690 $ 1,687 $ 1,666 Average shares of common stock outstanding – Basic 642.5 625.9 633.4 612.8 Net effect of dilutive securities (1) — 0.1 — 1.0 Average shares of common stock outstanding – Diluted 642.5 626.0 633.4 613.8 Earnings Per Common Share – Basic $ 1.03 $ 1.10 $ 2.66 $ 2.72 Earnings Per Common Share – Diluted $ 1.03 $ 1.10 $ 2.66 $ 2.71 (1) Dilutive securities consist primarily of the 2013 Equity Units for the nine months ended September 30, 2016. See Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Energy’s changes in AOCI by component, net of tax: Deferred 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 September 30, 2017 Beginning balance $ (250 ) $ 630 $ (1,058 ) $ (4 ) $ (682 ) Other comprehensive income before reclassifications: gains 11 48 — — 59 Amounts reclassified from AOCI (1) (15 ) (4 ) 14 — (5 ) Net current-period other comprehensive income (loss) (4 ) 44 14 — 54 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) Three Months Ended September 30, 2016 Beginning balance $ (241 ) $ 535 $ (781 ) $ (6 ) $ (493 ) Other comprehensive income before reclassifications: gains 14 31 15 — 60 Amounts reclassified from AOCI (1) (34 ) (13 ) 9 — (38 ) Net current-period other comprehensive income (loss) (20 ) 18 24 — 22 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) Nine Months Ended September 30, 2017 Beginning balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Other comprehensive income before reclassifications: gains 82 141 — 2 225 Amounts reclassified from AOCI (1) (56 ) (36 ) 38 — (54 ) Net current-period other comprehensive income 26 105 38 2 171 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) Nine Months Ended September 30, 2016 Beginning balance $ (176 ) $ 504 $ (797 ) $ (5 ) $ (474 ) Other comprehensive income before reclassifications: gains (losses) 56 72 15 (1 ) 142 Amounts reclassified from AOCI (1) (141 ) (23 ) 25 — (139 ) Net current-period other comprehensive income (loss) (85 ) 49 40 (1 ) 3 Ending balance $ (261 ) $ 553 $ (757 ) $ (6 ) $ (471 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details About AOCI Components Amounts From AOCI Affected Line Item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (32 ) Operating revenue 1 Electric fuel and other energy-related purchases Interest rate contracts 16 Interest and related charges Foreign currency contracts (10 ) Other income (25 ) Tax 10 Income tax expense $ (15 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (10 ) Other income Impairment 4 Other income (6 ) Tax 2 Income tax expense $ (4 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (5 ) Other operations and maintenance Actuarial (gains) losses 26 Other operations and maintenance 21 Tax (7 ) Income tax expense $ 14 Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (64 ) Operating revenue 1 Purchased gas 1 Electric fuel and other energy-related purchases Interest rate contracts 10 Interest and related charges Foreign currency contracts (3 ) Other income (55 ) Tax 21 Income tax expense $ (34 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (25 ) Other income Impairment 5 Other income (20 ) Tax 7 Income tax expense $ (13 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 17 Other operations and maintenance 13 Tax (4 ) Income tax expense $ 9 Nine Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (114 ) Operating revenue (1 ) Electric fuel and other energy-related purchases Interest rate contracts 39 Interest and related charges Foreign currency contracts (15 ) Other income (91 ) Tax 35 Income tax expense $ (56 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (74 ) Other income Impairment 18 Other income (56 ) Tax 20 Income tax expense $ (36 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (16 ) Other operations and maintenance Actuarial (gains) losses 79 Other operations and maintenance 63 Tax (25 ) Income tax expense $ 38 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (266 ) Operating revenue 9 Purchased gas 8 Electric fuel and other energy-related purchases Interest rate contracts 21 Interest and related charges Foreign currency contracts (1 ) Other income (229 ) Tax 88 Income tax expense $ (141 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (55 ) Other income Impairment 19 Other income (36 ) Tax 13 Income tax expense $ (23 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (11 ) Other operations and maintenance Actuarial (gains) losses 52 Other operations and maintenance 41 Tax (16 ) Income tax expense $ 25 |
Dominion Energy Gas Holdings, LLC | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Energy 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 September 30, 2017 Beginning balance $ (23 ) $ (97 ) $ (120 ) Other comprehensive income before reclassifications: gains 1 — 1 Amounts reclassified from AOCI (1) (4 ) 1 (3 ) Net current-period other comprehensive income (loss) (3 ) 1 (2 ) Ending balance $ (26 ) $ (96 ) $ (122 ) Three Months Ended September 30, 2016 Beginning balance $ (34 ) $ (81 ) $ (115 ) Other comprehensive income before reclassifications: gains 9 — 9 Amounts reclassified from AOCI (1) (1 ) 1 — Net current-period other comprehensive income 8 1 9 Ending balance $ (26 ) $ (80 ) $ (106 ) Nine Months Ended September 30, 2017 Beginning balance $ (24 ) $ (99 ) $ (123 ) Other comprehensive income before reclassifications: gains 3 — 3 Amounts reclassified from AOCI (1) (5 ) 3 (2 ) Net current-period other comprehensive income (loss) (2 ) 3 1 Ending balance $ (26 ) $ (96 ) $ (122 ) Nine Months Ended September 30, 2016 Beginning balance $ (17 ) $ (82 ) $ (99 ) Other comprehensive income before reclassifications: losses (6 ) — (6 ) Amounts reclassified from AOCI (1) (3 ) 2 (1 ) Net current-period other comprehensive income (loss) (9 ) 2 (7 ) Ending balance $ (26 ) $ (80 ) $ (106 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy Gas' 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 September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 2 Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts (10 ) Other income (7 ) Tax 3 Income tax expense $ (4 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Three Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (1 ) Operating revenue Interest rate contracts 1 Interest and related charges Foreign currency contracts (3 ) Other income (3 ) Tax 2 Income tax expense $ (1 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Nine Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 4 Operating revenue Interest rate contracts 3 Interest and related charges Foreign currency contracts (15 ) Other income (8 ) Tax 3 Income tax expense $ (5 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 5 Other operations and maintenance 5 Tax (2 ) Income tax expense $ 3 Nine Months Ended September 30, 2016 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (6 ) Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts (1 ) Other income (5 ) Tax 2 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 4 Other operations and maintenance 4 Tax (2 ) Income tax expense $ 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The following table presents Dominion Energy's quantitative information about Level 3 fair value measurements at September 30, 2017. 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) $ 91 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 19 Discounted cash flow Market price (per MWh) (3) (3) - 7 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 7 4 Price volatility (4) 24% - 46% 32 % Electricity 42 Option model Market price (per MWh) (3) 21 - 50 34 Price volatility (4) 0% - 78% 28 % Total assets $ 154 Liabilities Financial forwards: FTRs $ 1 Discounted cash flow Market price (per MWh) (3) (5) - 7 1 Total liabilities $ 1 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) 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) |
Recurring Fair Value Measurements | The following table presents Dominion Energy’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) September 30, 2017 Assets Derivatives: Commodity $ — $ 59 $ 154 $ 213 Interest rate — 11 — 11 Foreign currency — 25 — 25 Investments (1) Equity securities: U.S. 3,288 — — 3,288 Fixed income: Corporate debt instruments — 452 — 452 Government securities 475 631 — 1,106 Cash equivalents and other 7 — — 7 Total assets $ 3,770 $ 1,178 $ 154 $ 5,102 Liabilities Derivatives: Commodity $ — $ 41 $ 1 $ 42 Interest rate — 72 — 72 Foreign currency — 4 — 4 Total liabilities $ — $ 117 $ 1 $ 118 December 31, 2016 Assets Derivatives: Commodity $ — $ 115 $ 147 $ 262 Interest rate — 17 — 17 Investments (1) Equity securities: U.S. 2,913 — — 2,913 Fixed income: Corporate debt instruments — 487 — 487 Government securities 424 614 — 1,038 Cash equivalents and other 5 — — 5 Total assets $ 3,342 $ 1,233 $ 147 $ 4,722 Liabilities Derivatives: Commodity $ — $ 88 $ 8 $ 96 Interest rate — 53 — 53 Foreign currency — 6 — 6 Total liabilities $ — $ 147 $ 8 $ 155 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $92 million and $89 million of assets at September 30, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Beginning balance $ 152 $ 124 $ 139 $ 95 Total realized and unrealized gains (losses): Included in earnings (11 ) (7 ) (36 ) (23 ) Included in other comprehensive income — — — 2 Included in regulatory assets/liabilities 11 (37 ) 34 (5 ) Settlements 1 9 13 27 Transfers out of Level 3 — — 3 (7 ) Ending balance $ 153 $ 89 $ 153 $ 89 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 $ — |
Fair Value, Unobservable Inputs, Gain (Loss) Included In Earnings | The following table presents Dominion Energy’s classification of gains and losses included in earnings in the Level 3 fair value category. Operating Revenue Electric Fuel and Other Energy - Related Purchases Total (millions) Three Months Ended September 30, 2017 Total gains (losses) included in earnings $ 1 $ (12 ) $ (11 ) 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 September 30, 2016 Total gains (losses) included in earnings $ — $ (7 ) $ (7 ) Nine Months Ended September 30, 2017 Total gains (losses) included in earnings $ 1 $ (37 ) $ (36 ) 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 Nine Months Ended September 30, 2016 Total gains (losses) included in earnings $ — $ (23 ) $ (23 ) |
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: September 30, 2017 December 31, 2016 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt, including securities due within one year (2) $ 28,317 $ 30,639 $ 26,587 $ 28,273 Junior subordinated notes (3) 3,980 4,128 2,980 2,893 Remarketable subordinated notes (3) 1,377 1,421 2,373 2,418 Virginia Power Long-term debt, including securities due within one year (3) $ 11,346 $ 12,686 $ 10,530 $ 11,584 Dominion Energy Gas Long-term debt (4) $ 3,564 $ 3,705 $ 3,528 $ 3,603 (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 debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At September 30, 2017 and December 31, 2016, includes the valuation of certain fair value hedges associated with fixed rate debt of $(4) million and $(1) million, respectively. (3) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Virginia Electric and Power Company | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at September 30, 2017. 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) $ 91 Discounted cash flow Market price (per Dth) (3) (2) - 7 (1 ) FTRs 19 Discounted cash flow Market price (per MWh) (3) (1) - 7 1 Physical options: Natural gas 1 Option model Market price (per Dth) (3) 2 - 7 4 Price volatility (4) 24% - 46% 32 % Electricity 42 Option model Market price (per MWh) (3) 21 - 50 34 Price volatility (4) 0% - 78% 28 % Total assets $ 153 Liabilities Financial forwards: FTRs $ 1 Discounted cash flow Market price (per MWh) (3) (5) - 7 1 Total liabilities $ 1 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) 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) |
Recurring Fair Value Measurements | 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) September 30, 2017 Assets Derivatives: Commodity $ — $ 15 $ 153 $ 168 Investments (1) Equity securities: U.S. 1,471 — — 1,471 Fixed income: Corporate debt instruments — 234 — 234 Government securities 193 302 — 495 Total assets $ 1,664 $ 551 $ 153 $ 2,368 Liabilities Derivatives: Commodity $ — $ 5 $ 1 $ 6 Interest rate — 55 — 55 Total liabilities $ — $ 60 $ 1 $ 61 December 31, 2016 Assets Derivatives: Commodity $ — $ 43 $ 145 $ 188 Interest rate — 6 — 6 Investments (1) Equity securities: U.S. 1,302 — — 1,302 Fixed income: Corporate debt instruments — 277 — 277 Government securities 136 291 — 427 Total assets $ 1,438 $ 617 $ 145 $ 2,200 Liabilities Derivatives: Commodity $ — $ 8 $ 2 $ 10 Interest rate — 21 — 21 Total liabilities $ — $ 29 $ 2 $ 31 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $29 million and $26 million of assets at September 30, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Beginning balance $ 152 $ 125 $ 143 $ 93 Total realized and unrealized gains (losses): Included in earnings (12 ) (7 ) (37 ) (24 ) Included in regulatory assets/liabilities 11 (37 ) 34 (5 ) Settlements 1 7 12 24 Ending balance $ 152 $ 88 $ 152 $ 88 |
Dominion Energy Gas Holdings, LLC | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Recurring Fair Value Measurements | The following table presents Dominion Energy Gas' assets and liabilities for 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) September 30, 2017 Assets Commodity $ — $ 1 $ — $ 1 Foreign currency — 25 — 25 Total assets $ — $ 26 $ — $ 26 Liabilities Commodity $ — $ 6 $ — $ 6 Foreign currency — 4 — 4 Total liabilities $ — $ 10 $ — $ 10 December 31, 2016 Liabilities Commodity $ — $ 3 $ 2 $ 5 Foreign currency — 6 — 6 Total liabilities $ — $ 9 $ 2 $ 11 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category. There were no net changes in assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category for the three months ended September 30, 2017 and 2016. Nine Months Ended September 30, 2017 2016 (millions) Beginning balance $ (2 ) $ 6 Total realized and unrealized gains (losses): Included in other comprehensive income (loss) (1 ) 2 Transfers out of Level 3 3 (8 ) Ending balance $ — $ — |
Derivatives and Hedge Account35
Derivatives and Hedge Accounting Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Dominion Energy's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 186 $ — $ 186 $ 211 $ — $ 211 Exchange 24 — 24 44 — 44 Interest rate contracts: Over-the-counter 11 — 11 17 — 17 Foreign currency contracts: Over-the-counter 25 — 25 — — — Total derivatives, subject to a master netting or similar arrangement 246 — 246 272 — 272 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 7 — 7 Total $ 249 $ — $ 249 $ 279 $ — $ 279 September 30, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts Assets 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) Commodity contracts: Over-the-counter $ 186 $ 8 $ — $ 178 $ 211 $ 14 $ — $ 197 Exchange 24 21 — 3 44 44 — — Interest rate contracts: Over-the-counter 11 6 — 5 17 9 — 8 Foreign currency contracts: Over-the-counter 25 4 — 21 — — — — Total $ 246 $ 39 $ — $ 207 $ 272 $ 67 $ — $ 205 |
Offsetting Liabilities | September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 19 $ — $ 19 $ 23 $ — $ 23 Exchange 21 — 21 71 — 71 Interest rate contracts: Over-the-counter 72 — 72 53 — 53 Foreign currency contracts: Over-the-counter 4 — 4 6 — 6 Total derivatives, subject to a master netting or similar arrangement 116 — 116 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 2 — 2 2 — 2 Total $ 118 $ — $ 118 $ 155 $ — $ 155 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 19 $ 8 $ — $ 11 $ 23 $ 14 $ — $ 9 Exchange 21 21 — — 71 44 27 — Interest rate contracts: Over-the-counter 72 6 — 66 53 9 — 44 Foreign currency contracts: Over-the-counter 4 4 — — 6 — — 6 Total $ 116 $ 39 $ — $ 77 $ 153 $ 67 $ 27 $ 59 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity at September 30, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 62 17 Basis 165 612 Electricity (MWh): Fixed price 6,749,288 902,069 FTRs 72,126,361 — Liquids (Gal) (2) 36,940,288 — Interest rate (3) $ 1,100,000,000 $ 5,049,890,127 Foreign currency (3)(4) $ — $ 280,000,000 (1) Includes options. (2) Includes NGLs and oil. (3) Maturity is determined based on final settlement period. (4) Euro equivalent volumes are €250,000,000. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at September 30, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (1 ) $ (1 ) 37 months Electricity 7 7 15 months Other (4 ) (4 ) 6 months Interest rate (260 ) (11 ) 387 months Foreign currency 4 (2 ) 105 months Total $ (254 ) $ (11 ) |
Fair Value of Derivatives | The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2017 ASSETS Current Assets Commodity $ 19 $ 83 $ 102 Interest rate 9 — 9 Total current derivative assets (1) 28 83 111 Noncurrent Assets Commodity 1 110 111 Interest rate 2 — 2 Foreign currency 25 — 25 Total noncurrent derivative assets (2) 28 110 138 Total derivative assets $ 56 $ 193 $ 249 LIABILITIES Current Liabilities Commodity $ 15 $ 25 $ 40 Interest rate 21 — 21 Foreign currency 4 — 4 Total current derivative liabilities (3) 40 25 65 Noncurrent Liabilities Commodity — 2 2 Interest rate 51 — 51 Total noncurrent derivative liabilities (4) 51 2 53 Total derivative liabilities $ 91 $ 27 $ 118 December 31, 2016 ASSETS Current Assets Commodity $ 29 $ 101 $ 130 Interest rate 10 — 10 Total current derivative assets (1) 39 101 140 Noncurrent Assets Commodity — 132 132 Interest rate 7 — 7 Total noncurrent derivative assets (2) 7 132 139 Total derivative assets $ 46 $ 233 $ 279 LIABILITIES Current Liabilities Commodity $ 51 $ 41 $ 92 Interest rate 33 — 33 Foreign currency 3 — 3 Total current derivative liabilities (3) 87 41 128 Noncurrent Liabilities Commodity 1 3 4 Interest rate 20 — 20 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 24 3 27 Total derivative liabilities $ 111 $ 44 $ 155 (1) Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Dominion Energy'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 (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 32 Electric fuel and other energy-related purchases (1 ) Total commodity $ 8 $ 31 $ — Interest rate (3) (4 ) (16 ) (26 ) Foreign currency (4) 12 10 — Total $ 16 $ 25 $ (26 ) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 64 Purchased gas (1 ) Electric fuel and other energy-related purchases (1 ) Total commodity $ 7 $ 62 $ — Interest rate (3) 3 (10 ) (16 ) Foreign currency (4) 12 3 — Total $ 22 $ 55 $ (16 ) Nine Months Ended September 30, 2017 Derivative type and location of gains (losses): Commodity: Operating revenue $ 114 Electric fuel and other energy-related purchases 1 Total commodity $ 139 $ 115 $ — Interest rate (3) (18 ) (39 ) (60 ) Foreign currency (4) 10 15 — Total $ 131 $ 91 $ (60 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Commodity: Operating revenue $ 266 Purchased gas (9 ) Electric fuel and other energy-related purchases (8 ) Total commodity $ 193 $ 249 $ — Interest rate (3) (107 ) (21 ) (258 ) Foreign currency (4) 4 1 — Total $ 90 $ 229 $ (258 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’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 Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2017 2016 2017 2016 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 7 $ 25 $ 22 $ 19 Purchased gas (6 ) (21 ) 2 (14 ) Electric fuel and other energy-related purchases (19 ) (12 ) (51 ) (43 ) Other operations and maintenance 1 — (1 ) — Total $ (17 ) $ (8 ) $ (28 ) $ (38 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’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: September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 156 $ — $ 156 $ 147 $ — $ 147 Interest rate contracts: Over-the-counter — — — 6 — 6 Total derivatives, subject to a master netting or similar arrangement 156 — 156 153 — 153 Total derivatives, not subject to a master netting or similar arrangement 12 — 12 41 — 41 Total $ 168 $ — $ 168 $ 194 $ — $ 194 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 156 $ 1 $ — $ 155 $ 147 $ 2 $ — $ 145 Interest rate contracts: Over-the-counter — — — — 6 — — 6 Total $ 156 $ 1 $ — $ 155 $ 153 $ 2 $ — $ 151 |
Offsetting Liabilities | September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 1 $ — $ 1 $ 2 $ — $ 2 Interest rate contracts: Over-the-counter 55 — 55 21 — 21 Total derivatives, subject to a master netting or similar arrangement 56 — 56 23 — 23 Total derivatives, not subject to a master netting or similar arrangement 5 — 5 8 — 8 Total $ 61 $ — $ 61 $ 31 $ — $ 31 September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 1 $ 1 $ — $ — $ 2 $ 2 $ — $ — Interest rate contracts: Over-the-counter 55 — — 55 21 — — 21 Total $ 56 $ 1 $ — $ 55 $ 23 $ 2 $ — $ 21 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at September 30, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 28 6 Basis 85 562 Electricity (MWh): Fixed price (1) 1,426,093 611,629 FTRs 68,673,158 — Interest rate (2) $ 300,000,000 $ 1,150,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at September 30, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (12 ) $ (1 ) 387 months Total $ (12 ) $ (1 ) |
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 – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2017 ASSETS Current Assets Commodity $ — $ 61 $ 61 Total current derivative assets (1) — 61 61 Noncurrent Assets Commodity — 107 107 Total noncurrent derivative assets (2) — 107 107 Total derivative assets $ — $ 168 $ 168 LIABILITIES Current Liabilities Commodity $ — $ 6 $ 6 Interest rate 17 — 17 Total current derivative liabilities (3) 17 6 23 Noncurrent Liabilities Interest rate 38 — 38 Total noncurrent derivatives liabilities (4) 38 — 38 Total derivative liabilities $ 55 $ 6 $ 61 December 31, 2016 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 6 — 6 Total current derivative assets (1) 6 60 66 Noncurrent Assets Commodity — 128 128 Total noncurrent derivative assets (2) — 128 128 Total derivative assets $ 6 $ 188 $ 194 LIABILITIES Current Liabilities Commodity $ — $ 10 $ 10 Interest rate 8 — 8 Total current derivative liabilities (3) 8 10 18 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivative liabilities (4) 13 — 13 Total derivative liabilities $ 21 $ 10 $ 31 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | 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 (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (3 ) $ — $ (26 ) Total $ (3 ) $ — $ (26 ) Three Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (2 ) $ — $ (16 ) Total $ (2 ) $ — $ (16 ) Nine Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (8 ) $ (1 ) $ (60 ) Total $ (8 ) $ (1 ) $ (60 ) Nine Months Ended September 30, 2016 Derivative type and location of gains (losses): Interest rate (3) $ (26 ) $ (1 ) $ (258 ) Total $ (26 ) $ (1 ) $ (258 ) (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 Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2017 2016 2017 2016 (millions) Derivative type and location of gains (losses): Commodity (2) $ (18 ) $ (10 ) $ (42 ) $ (40 ) Total $ (18 ) $ (10 ) $ (42 ) $ (40 ) (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 Energy Gas Holdings, LLC | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Dominion Energy Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 1 $ — $ 1 $ — $ — $ — Foreign currency contracts: Over-the-counter 25 — 25 — — — Total derivatives, subject to a master netting or similar arrangement 26 — 26 — — — Total $ 26 $ — $ 26 $ — $ — $ — September 30, 2017 December 31, 2016 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 1 $ — $ — $ 1 $ — $ — $ — $ — Foreign currency contracts: Over-the-counter 25 4 — 21 — — — — Total $ 26 $ 4 $ — $ 22 $ — $ — $ — $ — |
Offsetting Liabilities | September 30, 2017 December 31, 2016 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) Commodity contracts: Over-the-counter $ 6 $ — $ 6 $ 5 $ — $ 5 Foreign currency contracts: Over-the-counter 4 — 4 6 — 6 Total derivatives, subject to a master netting or similar arrangement 10 — 10 11 — 11 Total $ 10 $ — $ 10 $ 11 $ — $ 11 September 30, 2017 December 31, 2016 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 Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts Over-the-counter $ 6 $ — $ — $ 6 $ 5 $ — $ — $ 5 Foreign currency contracts: Over-the-counter 4 4 — — 6 — — 6 Total $ 10 $ 4 $ — $ 6 $ 11 $ — $ — $ 11 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy Gas' derivative activity at September 30, 2017. These volumes are based on open derivative positions and represent the combined absolute value of its long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 2 — Basis 2 — NGLs (Gal) 30,514,288 — Foreign currency (1) $ — $ 280,000,000 (1) Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas' Consolidated Balance Sheet at September 30, 2017: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: NGLs $ (4 ) $ (4 ) 6 months Interest rate (26 ) (3 ) 327 months Foreign currency 4 (2 ) 105 months Total $ (26 ) $ (9 ) |
Fair Value of Derivatives | The following tables present the fair values of Dominion Energy Gas' derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value-Derivatives Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) September 30, 2017 ASSETS Current Assets Commodity $ — $ 1 $ 1 Total current derivative assets (1) — 1 1 Noncurrent Assets Foreign currency 25 — 25 Total noncurrent derivative assets (2) 25 — 25 Total derivative assets $ 25 $ 1 $ 26 LIABILITIES Current Liabilities Commodity $ 6 $ — $ 6 Foreign currency 4 — 4 Total current derivative liabilities (3) 10 — 10 Total derivative liabilities $ 10 $ — $ 10 December 31, 2016 LIABILITIES Current Liabilities Commodity $ 4 $ — $ 4 Foreign currency 3 — 3 Total current derivative liabilities (3) 7 — 7 Noncurrent Liabilities Commodity 1 — 1 Foreign currency 3 — 3 Total noncurrent derivative liabilities (4) 4 — 4 Total derivative liabilities $ 11 $ — $ 11 (1) Current derivative assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (2) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the gains and losses on Dominion Energy 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 Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (1) Amount of Gain (Loss) Reclassified From AOCI to Income (millions) Three Months Ended September 30, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (2 ) Total commodity $ (10 ) $ (2 ) Interest rate (2) — (1 ) Foreign currency (3) 12 10 Total $ 2 $ 7 Three Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 1 Total commodity $ — $ 1 Interest rate (2) — (1 ) Foreign currency (3) 12 3 Total $ 12 $ 3 Nine Months Ended September 30, 2017 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (4 ) Total commodity $ (5 ) $ (4 ) Interest rate (2) — (3 ) Foreign currency (3) 10 15 Total $ 5 $ 8 Nine Months Ended September 30, 2016 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ 6 Total commodity $ (7 ) $ 6 Interest rate (2) (8 ) (2 ) Foreign currency (3) 4 1 Total $ (11 ) $ 5 (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in other income. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, Derivatives Not Designated as Hedging Instruments 2017 2016 2017 2016 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ — $ 5 $ — $ 3 Total $ — $ 5 $ — $ 3 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Gain (Loss) on Investments [Line Items] | |
Available-For-Sale Securities | Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) September 30, 2017 Marketable equity securities: U.S. $ 1,562 $ 1,664 $ — $ 3,226 Fixed income: Corporate debt instruments 438 15 (1 ) 452 Government securities 1,041 28 (4 ) 1,065 Common/collective trust funds 66 — — 66 Cost method investments 67 — — 67 Cash equivalents and other (2) 5 — — 5 Total $ 3,179 $ 1,707 $ (5 ) (3) $ 4,881 December 31, 2016 Marketable equity securities: U.S. $ 1,449 $ 1,408 $ — $ 2,857 Fixed income: Corporate debt instruments 478 13 (4 ) 487 Government securities 978 22 (8 ) 992 Common/collective trust funds 67 — — 67 Cost method investments 69 — — 69 Cash equivalents and other (2) 12 — — 12 Total $ 3,053 $ 1,443 $ (12 ) (3) $ 4,484 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes net pending sales of securities of $4 million and $9 million at September 30, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $402 million |
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 183 Due after one year through five years 410 Due after five years through ten years 366 Due after ten years 624 Total $ 1,583 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Proceeds from sales $ 377 $ 300 $ 1,496 $ 1,009 Realized gains (1) 25 40 142 102 Realized losses (1) 16 9 52 43 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Other Than Temporary Impairment Losses On Investment Securities | Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Total other-than-temporary impairment losses (1) $ 7 $ 9 $ 33 $ 34 Losses recorded to the nuclear decommissioning trust regulatory liability (2 ) (4 ) (13 ) (15 ) Losses recognized in other comprehensive income (before taxes) (1 ) — (2 ) (1 ) Net impairment losses recognized in earnings $ 4 $ 5 $ 18 $ 18 |
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 Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) September 30, 2017 Marketable equity securities: U.S. $ 729 $ 741 $ — $ 1,470 Fixed income: Corporate debt instruments 226 8 — 234 Government securities 483 13 (2 ) 494 Common/collective trust funds 29 — — 29 Cost method investments 67 — — 67 Cash equivalents and other (2) (2 ) — — (2 ) Total $ 1,532 $ 762 $ (2 ) (3) $ 2,292 December 31, 2016 Marketable equity securities: U.S. $ 677 $ 624 $ — $ 1,301 Fixed income: Corporate debt instruments 274 6 (4 ) 276 Government securities 420 9 (2 ) 427 Common/collective trust funds 26 — — 26 Cost method investments 69 — — 69 Cash equivalents and other (2) 7 — — 7 Total $ 1,473 $ 639 $ (6 ) (3) $ 2,106 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending purchases of securities of $2 million and pending sales of securities of $7 million at September 30, 2017 and December 31, 2016, respectively. (3) The fair value of securities in an unrealized loss position was $165 million |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2017 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 60 Due after one year through five years 192 Due after five years through ten years 189 Due after ten years 316 Total $ 757 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Proceeds from sales $ 156 $ 131 $ 654 $ 478 Realized gains (1) 9 18 64 48 Realized losses (1) 6 4 24 21 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Regulatory Assets and Liabili37
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Regulatory Assets And Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: September 30, 2017 December 31, 2016 (millions) Dominion Energy Regulatory assets: Deferred rate adjustment clause costs (1) $ 67 $ 63 Deferred nuclear refueling outage costs (2) 67 71 Unrecovered gas costs (3) 51 19 Deferred cost of fuel used in electric generation (4) 30 — Other 96 91 Regulatory assets-current 311 244 Unrecognized pension and other postretirement benefit costs (5) 1,296 1,401 Deferred rate adjustment clause costs (1) 333 329 Derivatives (6) 230 174 PJM transmission rates (7) 215 192 Income taxes recoverable through future rates (8) 157 123 Utility reform legislation (9) 134 99 Other 138 155 Regulatory assets-noncurrent 2,503 2,473 Total regulatory assets $ 2,814 $ 2,717 Regulatory liabilities: PIPP (10) $ 20 $ 28 Deferred cost of fuel used in electric generation (4) 5 61 Other 63 74 Regulatory liabilities-current 88 163 Provision for future cost of removal and AROs (11) 1,477 1,427 Nuclear decommissioning trust (12) 1,034 902 Unrecognized pension and other postretirement benefit costs (5) 106 105 Derivatives (6) 78 69 Other 211 119 Regulatory liabilities-noncurrent 2,906 2,622 Total regulatory liabilities $ 2,994 $ 2,785 Virginia Power Regulatory assets: Deferred nuclear refueling outage costs (2) $ 67 $ 71 Deferred rate adjustment clause costs (1) 47 51 Deferred cost of fuel used in electric generation (4) 30 — Other 62 57 Regulatory assets-current (13) 206 179 Deferred rate adjustment clause costs (1) 256 246 PJM transmission rates (7) 215 192 Derivatives (6) 197 133 Income taxes recoverable through future rates (8) 67 76 Other 103 123 Regulatory assets-noncurrent 838 770 Total regulatory assets $ 1,044 $ 949 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 5 $ 61 Other 38 54 Regulatory liabilities-current (14) 43 115 Nuclear decommissioning trust (12) 1,034 902 Provision for future cost of removal (11) 985 946 Derivatives (6) 78 69 Other 105 45 Regulatory liabilities-noncurrent 2,202 1,962 Total regulatory liabilities $ 2,245 $ 2,077 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 20 $ 12 Unrecovered gas costs (3) — 12 Other 2 2 Regulatory assets-current (13) 22 26 Unrecognized pension and other postretirement benefit costs (5) 300 358 Utility reform legislation (9) 134 99 Deferred rate adjustment clause costs (1) 77 79 Income taxes recoverable through future rates (8) 32 23 Other 13 18 Regulatory assets-noncurrent (15) 556 577 Total regulatory assets $ 578 $ 603 Regulatory liabilities: PIPP (10) $ 20 $ 28 Other 19 7 Regulatory liabilities-current (14) 39 35 Provision for future cost of removal and AROs (11) 178 174 Other 74 45 Regulatory liabilities-noncurrent (16) 252 219 Total regulatory liabilities $ 291 $ 254 (1) 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 Energy Gas. See Note 12 for more information. (2) 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, not to exceed 18 months. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy's and Virginia Power's generation operations. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's and Dominion Energy Gas' rate-regulated subsidiaries. (6) 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. (7) Reflects amounts related to the PJM transmission cost allocation matter. See Note 12 for more information. (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) Ohio 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. (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 rate adjustment clause according to East Ohio tariff provisions. (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) Current regulatory assets are presented in other current assets in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. (14) Current regulatory liabilities are presented in other current liabilities in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. (15) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. (16) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas' Consolidated Balance Sheets. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: September 30, 2017 December 31, 2016 (millions) Dominion Energy Regulatory assets: Deferred rate adjustment clause costs (1) $ 67 $ 63 Deferred nuclear refueling outage costs (2) 67 71 Unrecovered gas costs (3) 51 19 Deferred cost of fuel used in electric generation (4) 30 — Other 96 91 Regulatory assets-current 311 244 Unrecognized pension and other postretirement benefit costs (5) 1,296 1,401 Deferred rate adjustment clause costs (1) 333 329 Derivatives (6) 230 174 PJM transmission rates (7) 215 192 Income taxes recoverable through future rates (8) 157 123 Utility reform legislation (9) 134 99 Other 138 155 Regulatory assets-noncurrent 2,503 2,473 Total regulatory assets $ 2,814 $ 2,717 Regulatory liabilities: PIPP (10) $ 20 $ 28 Deferred cost of fuel used in electric generation (4) 5 61 Other 63 74 Regulatory liabilities-current 88 163 Provision for future cost of removal and AROs (11) 1,477 1,427 Nuclear decommissioning trust (12) 1,034 902 Unrecognized pension and other postretirement benefit costs (5) 106 105 Derivatives (6) 78 69 Other 211 119 Regulatory liabilities-noncurrent 2,906 2,622 Total regulatory liabilities $ 2,994 $ 2,785 Virginia Power Regulatory assets: Deferred nuclear refueling outage costs (2) $ 67 $ 71 Deferred rate adjustment clause costs (1) 47 51 Deferred cost of fuel used in electric generation (4) 30 — Other 62 57 Regulatory assets-current (13) 206 179 Deferred rate adjustment clause costs (1) 256 246 PJM transmission rates (7) 215 192 Derivatives (6) 197 133 Income taxes recoverable through future rates (8) 67 76 Other 103 123 Regulatory assets-noncurrent 838 770 Total regulatory assets $ 1,044 $ 949 Regulatory liabilities: Deferred cost of fuel used in electric generation (4) $ 5 $ 61 Other 38 54 Regulatory liabilities-current (14) 43 115 Nuclear decommissioning trust (12) 1,034 902 Provision for future cost of removal (11) 985 946 Derivatives (6) 78 69 Other 105 45 Regulatory liabilities-noncurrent 2,202 1,962 Total regulatory liabilities $ 2,245 $ 2,077 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (1) $ 20 $ 12 Unrecovered gas costs (3) — 12 Other 2 2 Regulatory assets-current (13) 22 26 Unrecognized pension and other postretirement benefit costs (5) 300 358 Utility reform legislation (9) 134 99 Deferred rate adjustment clause costs (1) 77 79 Income taxes recoverable through future rates (8) 32 23 Other 13 18 Regulatory assets-noncurrent (15) 556 577 Total regulatory assets $ 578 $ 603 Regulatory liabilities: PIPP (10) $ 20 $ 28 Other 19 7 Regulatory liabilities-current (14) 39 35 Provision for future cost of removal and AROs (11) 178 174 Other 74 45 Regulatory liabilities-noncurrent (16) 252 219 Total regulatory liabilities $ 291 $ 254 (1) 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 Energy Gas. See Note 12 for more information. (2) 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, not to exceed 18 months. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (4) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy's and Virginia Power's generation operations. (5) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's and Dominion Energy Gas' rate-regulated subsidiaries. (6) 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. (7) Reflects amounts related to the PJM transmission cost allocation matter. See Note 12 for more information. (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) Ohio 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. (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 rate adjustment clause according to East Ohio tariff provisions. (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) Current regulatory assets are presented in other current assets in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. (14) Current regulatory liabilities are presented in other current liabilities in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. (15) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. (16) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas' Consolidated Balance Sheets. |
Significant Financing Transac38
Significant Financing Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2017, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 5,000 $ 3,060 $ — $ 1,940 Joint revolving credit facility (1) 500 — 73 427 Total $ 5,500 $ 3,060 $ 73 $ 2,367 (1) These credit facilities mature in April 2020 and can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2017, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Dominion Energy Gas and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 5,000 $ 320 $ — Joint revolving credit facility (1) 500 — 1 Total $ 5,500 $ 320 $ 1 (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Virginia Power was decreased from $2.0 billion to $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Dominion Energy Gas Holdings, LLC | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2017, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion Energy, Virginia Power and Questar Gas were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,000 $ 620 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 620 $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Dominion Energy Gas was increased from $500 million to $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Subsidiary Guarantees | At September 30, 2017, Dominion Energy had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $ 1,967 Nuclear obligations (2) 227 Cove Point (3) 1,900 Solar (4) 1,054 Other (5) 538 Total (6) $ 5,686 (1) Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction-related commodities and services. (2) Guarantees related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. (3) Guarantees related to Cove Point, in support of terminal services, transportation and construction. (4) Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. (5) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. Also included are guarantees related to certain DGI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of September 30, 2017, Dominion Energy's maximum remaining cumulative exposure under these equity funding agreements is $20 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. (6) Excludes Dominion Energy's guarantee for the construction of a new corporate office property as discussed in Note 22 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Virginia Electric and Power Company | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Presented below are Virginia Power's significant transactions with DES and other affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Commodity purchases from affiliates $ 170 $ 172 $ 519 $ 416 Services provided by affiliates (1) 109 105 333 347 Services provided to affiliates 5 5 17 17 (1) Includes capitalized expenditures of $33 million and $32 million for the three months ended September 30, 2017 and 2016, respectively, and $104 million and $109 million for the nine months ended September 30, 2017 and 2016, respectively. |
Dominion Energy Gas Holdings, LLC | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Dominion Energy Gas on the basis of direct and allocated methods in accordance with Dominion Energy Gas’ services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. The costs of these services follow: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 2 $ 2 $ 4 $ 7 Sales of natural gas and transportation and storage services to affiliates 15 16 51 51 Services provided by related parties (1) 36 36 106 108 Services provided to related parties (2) 37 34 113 94 (1) Includes capitalized expenditures of $13 million for both the three months ended September 30, 2017 and 2016, respectively, and $33 million and $37 million for the nine months ended September 30, 2017 and 2016, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. The following table presents affiliated and related-party activity reflected in Dominion Energy Gas' Consolidated Balance Sheets: September 30, 2017 December 31, 2016 (millions) Other receivables (1) $ 13 $ 10 Imbalances receivable from affiliates — 2 Imbalances payable to affiliates (2) 1 4 Affiliated notes receivable (3) 21 18 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion Energy's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended September 30, Service cost $ 35 $ 30 $ 7 $ 7 Interest cost 86 79 15 16 Expected return on plan assets (160 ) (141 ) (32 ) (28 ) Amortization of prior service credit — — (13 ) (9 ) Amortization of net actuarial loss 40 29 3 2 Settlements 1 — — — Net periodic benefit cost (credit) $ 2 $ (3 ) $ (20 ) $ (12 ) Nine Months Ended September 30, Service cost $ 104 $ 87 $ 20 $ 23 Interest cost 259 234 45 50 Expected return on plan assets (480 ) (419 ) (95 ) (87 ) Amortization of prior service cost (credit) 1 1 (38 ) (23 ) Amortization of net actuarial loss 121 84 9 5 Settlements 2 — — — Net periodic benefit cost (credit) $ 7 $ (13 ) $ (59 ) $ (32 ) |
Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion Energy Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 (millions) Three Months Ended September 30, Service cost $ 3 $ 3 $ 1 $ 1 Interest cost 7 7 3 3 Expected return on plan assets (34 ) (33 ) (7 ) (5 ) Amortization of prior service credit — — (1 ) — Amortization of net actuarial loss 4 3 1 — Net periodic benefit credit $ (20 ) $ (20 ) $ (3 ) $ (1 ) Nine Months Ended September 30, Service cost $ 11 $ 10 $ 3 $ 4 Interest cost 22 22 9 10 Expected return on plan assets (105 ) (100 ) (19 ) (17 ) Amortization of prior service credit — — (2 ) — Amortization of net actuarial loss 12 10 2 1 Net periodic benefit credit $ (60 ) $ (58 ) $ (7 ) $ (2 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Energy Virginia Power Dominion Energy Gas Power Delivery Regulated electric distribution X X Regulated electric transmission X X Power Generation Regulated electric fleet X X Merchant electric fleet X Gas Infrastructure Gas transmission and storage X X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X Nonregulated retail energy marketing X |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations: Power Delivery Power Generation Gas Infrastructure Corporate and Other Adjustments/ Eliminations Consolidated Total (millions) Three Months Ended September 30, 2017 Total revenue from external customers $ 580 $ 1,931 $ 459 $ 3 $ 206 $ 3,179 Intersegment revenue 4 3 204 150 (361 ) — Total operating revenue 584 1,934 663 153 (155 ) 3,179 Net income (loss) attributable to Dominion Energy 138 369 187 (29 ) — 665 Three Months Ended September 30, 2016 Total revenue from external customers $ 614 $ 1,947 $ 359 $ 2 $ 210 $ 3,132 Intersegment revenue 6 2 205 144 (357 ) — Total operating revenue 620 1,949 564 146 (147 ) 3,132 Net income (loss) attributable to Dominion Energy 139 650 135 (234 ) — 690 Nine Months Ended September 30, 2017 Total revenue from external customers $ 1,664 $ 5,091 $ 1,949 $ 12 $ 660 $ 9,376 Intersegment revenue 16 8 645 451 (1,120 ) — Total operating revenue 1,680 5,099 2,594 463 (460 ) 9,376 Net income (loss) attributable to Dominion Energy 390 870 613 (186 ) — 1,687 Nine Months Ended September 30, 2016 Total revenue from external customers $ 1,682 $ 5,204 $ 1,235 $ 8 $ 522 $ 8,651 Intersegment revenue 17 7 507 469 (1,000 ) — Total operating revenue 1,699 5,211 1,742 477 (478 ) 8,651 Net income (loss) attributable to Dominion Energy 363 1,066 483 (246 ) — 1,666 |
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: Power Delivery Power Generation Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2017 Operating revenue $ 580 $ 1,574 $ — $ 2,154 Net income 137 314 8 459 Three Months Ended September 30, 2016 Operating revenue $ 617 $ 1,594 $ — $ 2,211 Net income 140 359 4 503 Nine Months Ended September 30, 2017 Operating revenue $ 1,670 $ 4,062 $ — $ 5,732 Net income 387 735 11 1,133 Nine Months Ended September 30, 2016 Operating revenue $ 1,686 $ 4,191 $ — $ 5,877 Net income (loss) 362 699 (15 ) 1,046 |
Dominion Energy Gas Holdings, LLC | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy Gas' operations: Gas Infrastructure Corporate Other Consolidated Total (millions) Three Months Ended September 30, 2017 Operating revenue $ 401 $ — $ 401 Net income (loss) 121 (4 ) 117 Three Months Ended September 30, 2016 Operating revenue $ 382 $ — $ 382 Net income 77 6 83 Nine Months Ended September 30, 2017 Operating revenue $ 1,313 $ — $ 1,313 Net income (loss) 318 (16 ) 302 Nine Months Ended September 30, 2016 Operating revenue $ 1,181 $ — $ 1,181 Net income (loss) 288 (2 ) 286 |
Significant Accounting Polici43
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2017 | |
Change in Estimated Useful Life | Merchant generation assets | ||
Significant Accounting Policies [Line Items] | ||
Increase (decrease) in depreciation expense | $ (19) | |
Increase (decrease) in depreciation expense, after tax | $ (12) | |
Change in Estimated Useful Life | Scenario, Forecast | Merchant generation assets | ||
Significant Accounting Policies [Line Items] | ||
Increase (decrease) in depreciation expense | $ (26) | |
Increase (decrease) in depreciation expense, after tax | (16) | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Merchant Solar Projects | Terra Nova Renewable Partners | ||
Significant Accounting Policies [Line Items] | ||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | |
Four Brothers and Three Cedars | ||
Significant Accounting Policies [Line Items] | ||
Percentage ownership in total units | 50.00% | |
Dominion Energy Midstream Partners, LP | Common and Subordinated Units | ||
Significant Accounting Policies [Line Items] | ||
Ownership interest percentage of limited partner interests | 50.90% | |
Dominion Energy Midstream Partners, LP | Convertible Preferred Interests | ||
Significant Accounting Policies [Line Items] | ||
Ownership interest percentage of limited partner interests | 37.50% | |
NRG Energy, Inc | Four Brothers and Three Cedars | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||
Significant Accounting Policies [Line Items] | ||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | |
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study | ||
Significant Accounting Policies [Line Items] | ||
Increase (decrease) in depreciation expense | $ 32 | |
Increase (decrease) in depreciation expense, after tax | $ 20 | |
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study | Scenario, Forecast | ||
Significant Accounting Policies [Line Items] | ||
Increase (decrease) in depreciation expense | 40 | |
Increase (decrease) in depreciation expense, after tax | $ 25 |
Acquisitions and Dispositions44
Acquisitions and Dispositions (Acquisition of Dominion Energy Questar) (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Sep. 16, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Apr. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Business Acquisition [Line Items] | |||||||
Issuance of common stock | $ 1,232 | $ 2,079 | |||||
Borrowing under term loan | 1,200 | ||||||
Issuance of common stock | $ 1,233 | $ 2,079 | |||||
Dominion Energy Questar Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Price per share | $ 25 | ||||||
Total consideration | $ 4,400 | ||||||
Number of shares of Dominion Questar outstanding at closing | 175.5 | ||||||
August 2016 issuance of senior notes | $ 1,300 | ||||||
Increase to goodwill related modifications to valuation amounts | $ 6 | ||||||
Dominion Energy Questar Corporation | Term loan agreement | |||||||
Business Acquisition [Line Items] | |||||||
Borrowing under term loan | $ 1,200 | ||||||
Dominion Energy Questar Corporation | Underwritten Public Offering | |||||||
Business Acquisition [Line Items] | |||||||
Issuance of common stock | $ 500 | ||||||
Dominion Energy Questar Corporation | Series A RSNs | |||||||
Business Acquisition [Line Items] | |||||||
Issuance of common stock | $ 1,400 |
Acquisitions and Dispositions45
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Details) - Dominion Energy Questar Corporation - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||||
Increase in operating revenue | $ 23 | $ 23 | ||
Increase in net income | 5 | 5 | ||
Other Operations And Maintenance Expense | ||||
Business Acquisition [Line Items] | ||||
Transaction and transition costs incurred | $ 14 | 40 | $ 34 | 47 |
Interest And Related Charges | ||||
Business Acquisition [Line Items] | ||||
Transaction and transition costs incurred | $ 13 | $ 13 |
Acquisitions and Dispositions46
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Details) - Dominion Energy Questar Corporation - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | ||
Business Acquisition [Line Items] | |||
Operating Revenue | [1] | $ 3,261 | $ 9,410 |
Net income attributable to Dominion Energy | [1] | $ 732 | $ 1,835 |
Earnings Per Common Share – Basic | [1] | $ 1.17 | $ 2.99 |
Earnings Per Common Share – Diluted | [1] | $ 1.17 | $ 2.99 |
[1] | Amounts include adjustments for non-recurring costs directly related to the Dominion Energy Questar Combination. |
Acquisitions and Dispositions47
Acquisitions and Dispositions (Merchant Solar Projects) (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2017USD ($)project | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)projectMW | May 31, 2017USD ($)project | Apr. 30, 2017MW | Mar. 31, 2017USD ($)project | Feb. 28, 2017USD ($) | Aug. 31, 2016project | Dec. 31, 2015USD ($)project | Sep. 30, 2015projectMW | Dec. 31, 2017USD ($)MW | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)MW | Jan. 31, 2017 | Jan. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cost of project | $ 343 | $ 21 | ||||||||||||||
Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
MW capacity | MW | 425 | |||||||||||||||
Number of solar projects | project | 24 | |||||||||||||||
Total number of solar projects related to potential sale | project | 15 | |||||||||||||||
Amount of consideration | $ 184 | $ 117 | ||||||||||||||
Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | SunEdison, Inc | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | |||||||||||||||
Terra Nova Renewable Partners | Merchant Solar Projects | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% | ||||||||||||||
Terra Nova Renewable Partners | Call Option | Merchant Solar Projects | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage ownership in total units | 67.00% | 67.00% | ||||||||||||||
Solar Projects from Cypress Creek Renewables, LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||
Cash consideration | $ 154 | |||||||||||||||
Cost of project | $ 160 | |||||||||||||||
MW capacity | MW | 79 | |||||||||||||||
Community Energy Solar, LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||
Cash consideration | $ 29 | |||||||||||||||
Community Energy Solar, LLC | Scenario, Forecast | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cost of project | $ 205 | |||||||||||||||
MW capacity | MW | 100 | |||||||||||||||
Solar Frontier Americas Holding, LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||
Cash consideration | $ 77 | |||||||||||||||
Cost of project | $ 78 | |||||||||||||||
MW capacity | MW | 30 | |||||||||||||||
Number of projects | project | 1 | 2 | ||||||||||||||
Discontinued efforts on acquisition of additional MW capacity | MW | 20 | |||||||||||||||
Two Solar Projects from Hecate Energy Virginia C&C LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||
Number of projects | project | 2 | |||||||||||||||
Cash consideration | $ 56 | |||||||||||||||
Two Solar Projects from Hecate Energy Virginia C&C LLC | Scenario, Forecast | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cost of project | $ 60 | |||||||||||||||
MW capacity | MW | 30 | |||||||||||||||
One Solar Projects from Hecate Energy Virginia C&C LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cash consideration | $ 16 | |||||||||||||||
Number of projects | project | 1 | |||||||||||||||
Second Solar Projects from Hecate Energy Virginia C&C LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cash consideration | $ 40 | |||||||||||||||
Four Solar Projects from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||||
Cash consideration | $ 40 | |||||||||||||||
Number of projects | project | 4 | |||||||||||||||
Four Solar Projects from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC | Scenario, Forecast | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cost of project | $ 45 | |||||||||||||||
MW capacity | MW | 19 | |||||||||||||||
Two Solar Projects from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cash consideration | $ 20 | |||||||||||||||
Number of projects | project | 2 | |||||||||||||||
Final Two Solar Projects from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC | Subsequent Event | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cash consideration | $ 20 | |||||||||||||||
Number of projects | project | 2 |
Acquisitions and Dispositions48
Acquisitions and Dispositions (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($)project | Aug. 31, 2017USD ($)a | Jul. 31, 2017USD ($)a | Jul. 31, 2016USD ($)a | Apr. 30, 2016USD ($)a | Jan. 31, 2016USD ($)a | Mar. 31, 2015a | Dec. 31, 2013USD ($)afield | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2019USD ($)MW | Dec. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Nov. 30, 2014afield | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Cost of project | $ 343 | $ 21 | |||||||||||||||||
Virginia Electric and Power Company | Two Solar Development Projects | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Number of projects | project | 2 | ||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Shale development rights | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Amount of consideration | $ 5 | $ 5 | $ 5 | $ 200 | |||||||||||||||
Gain on sale of assets | 5 | 5 | 5 | ||||||||||||||||
After tax gain on sale of assets | $ 3 | $ 3 | $ 3 | ||||||||||||||||
Development rights (number of acres) | a | 2,000 | 2,000 | 2,000 | 79,000 | 24,000 | ||||||||||||||
Number of natural gas storage fields | field | 1 | 1 | |||||||||||||||||
Period for payments related to conveyance of natural gas storage fields | 9 years | ||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain on sale of assets | $ 56 | ||||||||||||||||||
After tax gain on sale of assets | 33 | ||||||||||||||||||
Development rights (number of acres) | a | 70,000 | 70,000 | |||||||||||||||||
Period for payments related to conveyance of natural gas storage fields | 2 years | ||||||||||||||||||
Development rights conveyed (number of acres) | a | 9,000 | ||||||||||||||||||
Partial interest percentage conveyed | 32.00% | ||||||||||||||||||
Gas and oil area developed net remaining interest conveyed percentage | 68.00% | ||||||||||||||||||
Total consideration | $ 130 | ||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | Other Operations And Maintenance Expense | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Revenue recognized | $ 35 | ||||||||||||||||||
Revenue recognized net of tax | $ 21 | ||||||||||||||||||
Scenario, Forecast | Virginia Electric and Power Company | Two Solar Development Projects | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
MW capacity | MW | 155 | ||||||||||||||||||
Scenario, Forecast | Virginia Electric and Power Company | First Solar Development Project | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Cost of project | $ 140 | ||||||||||||||||||
Scenario, Forecast | Virginia Electric and Power Company | Second Solar Development Project | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Cost of project | $ 140 | ||||||||||||||||||
Scenario, Forecast | Dominion Energy Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Total consideration | $ 65 | $ 65 | |||||||||||||||||
Scenario, Forecast | Dominion Energy Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | Royalty Interest | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain on sale of assets | 9 | ||||||||||||||||||
After tax gain on sale of assets | 5 | ||||||||||||||||||
Scenario, Forecast | Dominion Energy Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | Final Conveyance | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain on sale of assets | 65 | ||||||||||||||||||
After tax gain on sale of assets | 40 | ||||||||||||||||||
Retail Energy Marketing Assets | Scenario, Forecast | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Gain on sale of assets | $ 65 | 78 | |||||||||||||||||
After tax gain on sale of assets | $ 40 | $ 48 | |||||||||||||||||
Assignment of Tower Rental Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Virginia Electric and Power Company | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Amount of consideration | $ 91 | ||||||||||||||||||
Amount recognized in other income from sale | 2 | 10 | |||||||||||||||||
Amount to be recognized in other income ratably through 2023 | $ 36 | $ 36 | $ 36 | ||||||||||||||||
Subsequent Event | Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||
Amount of consideration | $ 143 | ||||||||||||||||||
Contractual term of agreement to use brand | 10 years |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Electric sales: | |||||
Regulated | $ 2,108 | $ 2,147 | $ 5,590 | $ 5,707 | |
Nonregulated | 380 | 399 | 1,114 | 1,123 | |
Gas sales: | |||||
Regulated | 97 | 46 | 696 | 137 | |
Nonregulated | 69 | 87 | 323 | 259 | |
Gas transportation and storage | 406 | 378 | 1,328 | 1,162 | |
Other | 119 | 75 | 325 | 263 | |
Total operating revenue | 3,179 | 3,132 | 9,376 | 8,651 | |
Virginia Electric and Power Company | |||||
Electric sales: | |||||
Regulated | 2,108 | 2,147 | 5,590 | 5,707 | |
Gas sales: | |||||
Other | 46 | 64 | 142 | 170 | |
Total operating revenue | [1] | 2,154 | 2,211 | 5,732 | 5,877 |
Dominion Energy Gas Holdings, LLC | |||||
Gas sales: | |||||
Regulated | 12 | 28 | 59 | 69 | |
Nonregulated | 2 | 1 | 12 | 8 | |
Gas transportation and storage | 324 | 303 | 1,062 | 955 | |
Other | 63 | 50 | 180 | 149 | |
Total operating revenue | [2] | $ 401 | $ 382 | $ 1,313 | $ 1,181 |
[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) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Taxes [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 2.90% | 3.70% |
Investment tax credits | (5.70%) | (10.40%) |
Production tax credits | (0.70%) | (0.80%) |
State legislative change | 0.00% | (0.80%) |
AFUDC - equity | (1.30%) | (0.70%) |
Other, net | (2.60%) | (1.40%) |
Effective tax rate | 27.60% | 24.60% |
Virginia Electric and Power Company | ||
Income Taxes [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 3.70% | 3.90% |
Investment tax credits | (0.80%) | (0.00%) |
Production tax credits | (0.50%) | (0.50%) |
State legislative change | 0.00% | 0.00% |
AFUDC - equity | (0.60%) | (0.60%) |
Other, net | 0.20% | 0.10% |
Effective tax rate | 37.00% | 37.90% |
Dominion Energy Gas Holdings, LLC | ||
Income Taxes [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 2.70% | 0.80% |
Investment tax credits | (0.00%) | (0.00%) |
Production tax credits | (0.00%) | (0.00%) |
State legislative change | 0.00% | 0.00% |
AFUDC - equity | (0.80%) | (0.10%) |
Other, net | (0.10%) | 0.50% |
Effective tax rate | 36.80% | 36.20% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - Virginia Electric and Power Company - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Jun. 30, 2017 | Sep. 30, 2017 | |
Operating Loss Carryforwards [Line Items] | ||
Open tax year | through 2,011 | |
Decrease in unrecognized tax benefits | $ 8 | |
Recognized state tax benefit impacted the effective tax rate | 2 | |
Realized interest income | $ 11 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Earnings Per Share [Abstract] | |||||
Net income attributable to Dominion Energy | $ 665 | $ 690 | $ 1,687 | $ 1,666 | |
Average shares of common stock outstanding – Basic | 642.5 | 625.9 | 633.4 | 612.8 | |
Net effect of dilutive securities | [1] | 0 | 0.1 | 0 | 1 |
Average shares of common stock outstanding – Diluted | 642.5 | 626 | 633.4 | 613.8 | |
Earnings Per Common Share – Basic | $ 1.03 | $ 1.10 | $ 2.66 | $ 2.72 | |
Earnings Per Common Share – Diluted | $ 1.03 | $ 1.10 | $ 2.66 | $ 2.71 | |
[1] | Dilutive securities consist primarily of the 2013 Equity Units for the nine months ended September 30, 2016. See Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016 for more information. |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [1] | $ 14,605 | |||
Total other comprehensive income | $ 54 | $ 22 | 171 | $ 3 | |
Ending balance | 16,280 | 16,280 | |||
Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total other comprehensive income | (2) | 9 | 1 | (7) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (250) | (241) | (280) | (176) | |
Other comprehensive income before reclassifications: gains (losses) | 11 | 14 | 82 | 56 | |
Amounts reclassified from AOCI: (gains) losses | [2] | (15) | (34) | (56) | (141) |
Total other comprehensive income | (4) | (20) | 26 | (85) | |
Ending balance | (254) | (261) | (254) | (261) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (23) | (34) | (24) | (17) | |
Other comprehensive income before reclassifications: gains (losses) | 1 | 9 | 3 | (6) | |
Amounts reclassified from AOCI: (gains) losses | [2] | (4) | (1) | (5) | (3) |
Total other comprehensive income | (3) | 8 | (2) | (9) | |
Ending balance | (26) | (26) | (26) | (26) | |
Unrealized Gains and Losses on Investment Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 630 | 535 | 569 | 504 | |
Other comprehensive income before reclassifications: gains (losses) | 48 | 31 | 141 | 72 | |
Amounts reclassified from AOCI: (gains) losses | [2] | (4) | (13) | (36) | (23) |
Total other comprehensive income | 44 | 18 | 105 | 49 | |
Ending balance | 674 | 553 | 674 | 553 | |
Unrecognized Pension and Other Postretirement Benefit Costs | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (1,058) | (781) | (1,082) | (797) | |
Other comprehensive income before reclassifications: gains (losses) | 0 | 15 | 0 | 15 | |
Amounts reclassified from AOCI: (gains) losses | [2] | 14 | 9 | 38 | 25 |
Total other comprehensive income | 14 | 24 | 38 | 40 | |
Ending balance | (1,044) | (757) | (1,044) | (757) | |
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (97) | (81) | (99) | (82) | |
Other comprehensive income before reclassifications: gains (losses) | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI: (gains) losses | [2] | 1 | 1 | 3 | 2 |
Total other comprehensive income | 1 | 1 | 3 | 2 | |
Ending balance | (96) | (80) | (96) | (80) | |
Other Comprehensive Income (Loss) From Equity Method Investee | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (4) | (6) | (6) | (5) | |
Other comprehensive income before reclassifications: gains (losses) | 0 | 0 | 2 | (1) | |
Amounts reclassified from AOCI: (gains) losses | [2] | 0 | 0 | 0 | 0 |
Total other comprehensive income | 0 | 0 | 2 | (1) | |
Ending balance | (4) | (6) | (4) | (6) | |
Total | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (682) | (493) | (799) | (474) | |
Other comprehensive income before reclassifications: gains (losses) | 59 | 60 | 225 | 142 | |
Amounts reclassified from AOCI: (gains) losses | [2] | (5) | (38) | (54) | (139) |
Total other comprehensive income | 54 | 22 | 171 | 3 | |
Ending balance | (628) | (471) | (628) | (471) | |
Total | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (120) | (115) | (123) | (99) | |
Other comprehensive income before reclassifications: gains (losses) | 1 | 9 | 3 | (6) | |
Amounts reclassified from AOCI: (gains) losses | [2] | (3) | 0 | (2) | (1) |
Total other comprehensive income | (2) | 9 | 1 | (7) | |
Ending balance | $ (122) | $ (106) | $ (122) | $ (106) | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[2] | See table below for details about these reclassifications. |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | $ (3,179) | $ (3,132) | $ (9,376) | $ (8,651) | |
Purchased gas | 24 | 77 | 441 | 252 | |
Electric fuel and other energy-related purchases | 638 | 606 | 1,711 | 1,791 | |
Interest and related charges | 305 | 250 | 905 | 715 | |
Other income | (73) | (63) | (249) | (189) | |
Impairment | 4 | 5 | 18 | 18 | |
Income from operations including noncontrolling interests before income tax expense | (968) | (958) | (2,470) | (2,282) | |
Income tax expense | 272 | 230 | 683 | 561 | |
Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | [1] | (401) | (382) | (1,313) | (1,181) |
Purchased gas | [1] | 19 | 21 | 100 | 71 |
Interest and related charges | [1] | 25 | 23 | 72 | 68 |
Other income | (6) | (2) | (16) | (8) | |
Income from operations including noncontrolling interests before income tax expense | (191) | (117) | (478) | (448) | |
Income tax expense | 74 | 34 | 176 | 162 | |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | (25) | (55) | (91) | (229) | |
Income tax expense | 10 | 21 | 35 | 88 | |
Income from continuing operations including noncontrolling interests | (15) | (34) | (56) | (141) | |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | (7) | (3) | (8) | (5) | |
Income tax expense | 3 | 2 | 3 | 2 | |
Income from continuing operations including noncontrolling interests | (4) | (1) | (5) | (3) | |
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | (32) | (64) | (114) | (266) | |
Purchased gas | 1 | 9 | |||
Electric fuel and other energy-related purchases | 1 | 1 | (1) | 8 | |
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | 2 | (1) | 4 | (6) | |
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | 16 | 10 | 39 | 21 | |
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | 1 | 1 | 3 | 2 | |
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | (10) | (3) | (15) | (1) | |
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | (10) | (3) | (15) | (1) | |
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Realized (gain) loss on sale of securities | (10) | (25) | (74) | (55) | |
Impairment | 4 | 5 | 18 | 19 | |
Income from operations including noncontrolling interests before income tax expense | (6) | (20) | (56) | (36) | |
Income tax expense | 2 | 7 | 20 | 13 | |
Income from continuing operations including noncontrolling interests | (4) | (13) | (36) | (23) | |
Unrecognized pension and other postretirement benefit costs: | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 21 | 13 | 63 | 41 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (7) | (4) | (25) | (16) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 14 | 9 | 38 | 25 | |
Unrecognized pension and other postretirement benefit costs: | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 2 | 2 | 5 | 4 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (1) | (1) | (2) | (2) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 1 | 1 | 3 | 2 | |
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other operations and maintenance | (5) | (4) | (16) | (11) | |
Other operations and maintenance | 26 | 17 | 79 | 52 | |
Unrecognized pension and other postretirement benefit costs: | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other operations and maintenance | $ 2 | $ 2 | $ 5 | $ 4 | |
[1] | See Note 17 for amounts attributable to related parties. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Details) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2017USD ($)$ / MMBTU$ / MWh | Dec. 31, 2016USD ($) | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | $ 249 | [1] | $ 279 | [2] | |
Fair Value of Derivative Liabilities | 118 | [3] | 155 | [4] | |
Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | [2] | 168 | 194 | ||
Fair Value of Derivative Liabilities | [4] | 61 | 31 | ||
Fair Value, Measurements, Recurring | Commodity | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | 213 | 262 | |||
Fair Value of Derivative Liabilities | 42 | 96 | |||
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | 168 | 188 | |||
Fair Value of Derivative Liabilities | 6 | 10 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | 154 | ||||
Fair Value of Derivative Liabilities | 1 | ||||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | 153 | ||||
Fair Value of Derivative Liabilities | 1 | ||||
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | 154 | 147 | |||
Fair Value of Derivative Liabilities | 1 | 8 | |||
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | 153 | 145 | |||
Fair Value of Derivative Liabilities | 1 | $ 2 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | 19 | ||||
Fair Value of Derivative Liabilities | 1 | ||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Liabilities | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Liabilities | 1 | ||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | $ 19 | ||||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Minimum | Liabilities | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | (5) | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Minimum | Liabilities | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | (5) | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Minimum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | (3) | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Minimum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [6] | (1) | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Maximum | Liabilities | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | 7 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Maximum | Liabilities | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | 7 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Maximum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | 7 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Maximum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [6] | 7 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Weighted Average | Liabilities | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5],[7] | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Weighted Average | Liabilities | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5],[8] | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Weighted Average | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5],[7] | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | FTRs | Commodity | Weighted Average | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [6],[8] | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | [9] | $ 91 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | [10] | $ 91 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | Minimum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [5],[9] | (2) | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | Minimum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [6],[10] | (2) | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | Maximum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [5],[9] | 7 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | Maximum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [6],[10] | 7 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | Weighted Average | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [5],[7],[9] | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Natural Gas | Commodity | Weighted Average | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [6],[8],[10] | (1) | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | $ 42 | ||||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | $ 42 | ||||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | Minimum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | 21 | |||
Price volatility (percentage) | [11] | 0.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | Minimum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [6] | 21 | |||
Price volatility (percentage) | [12] | 0.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | Maximum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5] | 50 | |||
Price volatility (percentage) | [11] | 78.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | Maximum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [6] | 50 | |||
Price volatility (percentage) | [12] | 78.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | Weighted Average | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [5],[7] | 34 | |||
Price volatility (percentage) | [7],[11] | 28.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Electricity | Electricity | Weighted Average | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MWh | [6],[8] | 34 | |||
Price volatility (percentage) | [8],[12] | 28.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | $ 2 | ||||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value of Derivative Assets | $ 1 | ||||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | Minimum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [5] | 2 | |||
Price volatility (percentage) | [11] | 24.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | Minimum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [6] | 2 | |||
Price volatility (percentage) | [12] | 24.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | Maximum | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [5] | 7 | |||
Price volatility (percentage) | [11] | 46.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | Maximum | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [6] | 7 | |||
Price volatility (percentage) | [12] | 46.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | Weighted Average | Assets | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [5],[7] | 4 | |||
Price volatility (percentage) | [7],[11] | 32.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Option model | Natural Gas | Physical options | Weighted Average | Assets | Virginia Electric and Power Company | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Market price (per Dth, per MWh) | $ / MMBTU | [6],[8] | 4 | |||
Price volatility (percentage) | [8],[12] | 32.00% | |||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | ||||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||||
[3] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||||
[4] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||||
[5] | Represents market prices beyond defined terms for Levels 1 and 2. | ||||
[6] | Represents market prices beyond defined terms for Levels 1 and 2 | ||||
[7] | Averages weighted by volume. | ||||
[8] | Averages weighted by volume | ||||
[9] | Includes basis | ||||
[10] | Includes basis. | ||||
[11] | Represents volatilities unrepresented in published markets. | ||||
[12] | 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 ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | $ 249 | [1] | $ 279 | [2] | |
Derivative Liabilities | 118 | [3] | 155 | [4] | |
Assets measured at fair value using NAV | 92 | 89 | |||
Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | [2] | 168 | 194 | ||
Derivative Liabilities | [4] | 61 | 31 | ||
Assets measured at fair value using NAV | 29 | 26 | |||
Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 26 | ||||
Derivative Liabilities | 10 | 11 | |||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | [5] | 5,102 | 4,722 | ||
Total liabilities | 118 | 155 | |||
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | [6] | 2,368 | 2,200 | ||
Total liabilities | 61 | 31 | |||
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 26 | ||||
Total liabilities | 10 | 11 | |||
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 3,288 | 2,913 | ||
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 1,471 | 1,302 | ||
Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 452 | 487 | ||
Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 234 | 277 | ||
Fair Value, Measurements, Recurring | Fixed income: | Government securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 1,106 | 1,038 | ||
Fair Value, Measurements, Recurring | Fixed income: | Government securities | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 495 | 427 | ||
Fair Value, Measurements, Recurring | Cash equivalents and other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 7 | 5 | ||
Fair Value, Measurements, Recurring | Commodity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 213 | 262 | |||
Derivative Liabilities | 42 | 96 | |||
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 168 | 188 | |||
Derivative Liabilities | 6 | 10 | |||
Fair Value, Measurements, Recurring | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 1 | ||||
Derivative Liabilities | 6 | 5 | |||
Fair Value, Measurements, Recurring | Interest rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 11 | 17 | |||
Derivative Liabilities | 72 | 53 | |||
Fair Value, Measurements, Recurring | Interest rate | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 6 | ||||
Derivative Liabilities | 55 | 21 | |||
Fair Value, Measurements, Recurring | Foreign currency | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 25 | ||||
Derivative Liabilities | 4 | 6 | |||
Fair Value, Measurements, Recurring | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 25 | ||||
Derivative Liabilities | 4 | 6 | |||
Fair Value, Measurements, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | [5] | 3,770 | 3,342 | ||
Total liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | [6] | 1,664 | 1,438 | ||
Total liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | ||||
Total liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 3,288 | 2,913 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 1,471 | 1,302 | ||
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 | [5] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Corporate debt instruments | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Government securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 475 | 424 | ||
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Government securities | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 193 | 136 | ||
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 7 | 5 | ||
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Commodity | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Interest rate | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | [5] | 1,178 | 1,233 | ||
Total liabilities | 117 | 147 | |||
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | [6] | 551 | 617 | ||
Total liabilities | 60 | 29 | |||
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 26 | ||||
Total liabilities | 10 | 9 | |||
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 0 | 0 | ||
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 | [5] | 452 | 487 | ||
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Corporate debt instruments | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 234 | 277 | ||
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Government securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 631 | 614 | ||
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Government securities | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 302 | 291 | ||
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 59 | 115 | |||
Derivative Liabilities | 41 | 88 | |||
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 15 | 43 | |||
Derivative Liabilities | 5 | 8 | |||
Fair Value, Measurements, Recurring | Level 2 | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 1 | ||||
Derivative Liabilities | 6 | 3 | |||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 11 | 17 | |||
Derivative Liabilities | 72 | 53 | |||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 6 | ||||
Derivative Liabilities | 55 | 21 | |||
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 25 | ||||
Derivative Liabilities | 4 | 6 | |||
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 25 | ||||
Derivative Liabilities | 4 | 6 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 154 | ||||
Total assets | [5] | 154 | 147 | ||
Derivative Liabilities | 1 | ||||
Total liabilities | 1 | 8 | |||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 153 | ||||
Total assets | [6] | 153 | 145 | ||
Derivative Liabilities | 1 | ||||
Total liabilities | 1 | 2 | |||
Fair Value, Measurements, Recurring | Level 3 | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets | 0 | ||||
Total liabilities | 0 | 2 | |||
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 0 | 0 | ||
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 | [5] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Corporate debt instruments | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Government securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Government securities | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [6] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments | [5] | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 154 | 147 | |||
Derivative Liabilities | 1 | 8 | |||
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 153 | 145 | |||
Derivative Liabilities | 1 | 2 | |||
Fair Value, Measurements, Recurring | Level 3 | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | 0 | 2 | |||
Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Interest rate | Virginia Electric and Power Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | 0 | ||||
Derivative Liabilities | $ 0 | $ 0 | |||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | ||||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||||
[3] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||||
[4] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||||
[5] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $92 million and $89 million of assets at September 30, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. | ||||
[6] | Includes investments held in the nuclear decommissioning trusts. Excludes $29 million and $26 million of assets at September 30, 2017 and December 31, 2016, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Net Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) - Commodity - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 152 | $ 124 | $ 139 | $ 95 |
Total realized and unrealized gains (losses): | ||||
Included in earnings | (11) | (7) | (36) | (23) |
Included in other comprehensive income | 0 | 0 | 0 | 2 |
Included in regulatory assets/liabilities | 11 | (37) | 34 | (5) |
Settlements | 1 | 9 | 13 | 27 |
Transfers out of Level 3 | 0 | 0 | 3 | (7) |
Ending balance | 153 | 89 | 153 | 89 |
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 |
Virginia Electric and Power Company | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 152 | 125 | 143 | 93 |
Total realized and unrealized gains (losses): | ||||
Included in earnings | (12) | (7) | (37) | (24) |
Included in regulatory assets/liabilities | 11 | (37) | 34 | (5) |
Settlements | 1 | 7 | 12 | 24 |
Ending balance | 152 | 88 | 152 | 88 |
Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | (2) | 6 | ||
Total realized and unrealized gains (losses): | ||||
Included in other comprehensive income | (1) | 2 | ||
Transfers out of Level 3 | 3 | (8) | ||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Gains and Losses Included in the Level 3 Fair Value Category) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Total gains (losses) included in earnings | $ (11) | $ (7) | $ (36) | $ (23) |
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 | ||
Operating Revenue | ||||
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 | 1 | ||
Electric Fuel and Other Energy-Related Purchases | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Total gains (losses) included in earnings | (12) | $ (7) | (37) | $ (23) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | $ 0 |
Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | 0 | 0 | $ 0 | $ 0 |
Dominion Energy Gas Holdings, LLC | Commodity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net changes in assets and liabilities for derivatives measured at fair value on recurring basis | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Valuation of certain fair value hedges associated with fixed rate debt | $ (4) | $ (1) | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [1] | 28,317 | 26,587 |
Junior subordinated notes | [2] | 3,980 | 2,980 |
Remarketable subordinated notes | [2] | 1,377 | 2,373 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [1],[3] | 30,639 | 28,273 |
Junior subordinated notes | [2],[3] | 4,128 | 2,893 |
Remarketable subordinated notes | [2],[3] | 1,421 | 2,418 |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [2] | 11,346 | 10,530 |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [2],[3] | 12,686 | 11,584 |
Dominion Energy Gas Holdings, LLC | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [4] | 3,564 | 3,528 |
Dominion Energy Gas Holdings, LLC | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total long-term debt | [3],[4] | $ 3,705 | $ 3,603 |
[1] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At September 30, 2017 and December 31, 2016, includes the valuation of certain fair value hedges associated with fixed rate debt of $(4) million and $(1) million, respectively. | ||
[2] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[3] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||
[4] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Derivatives and Hedge Account61
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | $ 246 | $ 272 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 246 | 272 | |||
Total derivatives, not subject to a master netting or similar arrangement | 3 | 7 | |||
Gross Amounts of Recognized Assets, Total | 249 | 279 | |||
Derivative Asset | 249 | [1] | 279 | [2] | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 39 | 67 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 207 | 205 | |||
Virginia Electric and Power Company | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 156 | 153 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 156 | 153 | |||
Total derivatives, not subject to a master netting or similar arrangement | 12 | 41 | |||
Gross Amounts of Recognized Assets, Total | 168 | 194 | |||
Derivative Asset | [2] | 168 | 194 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 155 | 151 | |||
Dominion Energy Gas Holdings, LLC | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 26 | 0 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 26 | 0 | |||
Gross Amounts of Recognized Assets, Total | 26 | 0 | |||
Derivative Asset | 26 | ||||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | ||||
Net Amounts | 22 | ||||
Commodity | Over-the-counter | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 186 | 211 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 186 | 211 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 8 | 14 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 178 | 197 | |||
Commodity | Over-the-counter | Virginia Electric and Power Company | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 156 | 147 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 156 | 147 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 155 | 145 | |||
Commodity | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 1 | 0 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 1 | 0 | |||
Net Amounts | 1 | ||||
Commodity | Exchange | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 24 | 44 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 24 | 44 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 21 | 44 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 3 | 0 | |||
Interest rate | Over-the-counter | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 11 | 17 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 11 | 17 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 9 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 5 | 8 | |||
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 0 | 6 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 0 | 6 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 0 | 6 | |||
Foreign currency | Over-the-counter | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 25 | 0 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 25 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |||
Net Amounts | 21 | 0 | |||
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||||
Offsetting Assets [Line Items] | |||||
Gross Amounts of Recognized Assets | 25 | 0 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 25 | $ 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | ||||
Net Amounts | $ 21 | ||||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | ||||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. |
Derivatives and Hedge Account62
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | $ 116 | $ 153 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 116 | 153 | |||
Total derivatives, not subject to a master netting or similar arrangement | 2 | 2 | |||
Gross Amounts of Recognized Liabilities, Total | 118 | 155 | |||
Derivative Liabilities | 118 | [1] | 155 | [2] | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 39 | 67 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 27 | |||
Net Amounts | 77 | 59 | |||
Virginia Electric and Power Company | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 56 | 23 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 56 | 23 | |||
Total derivatives, not subject to a master netting or similar arrangement | 5 | 8 | |||
Gross Amounts of Recognized Liabilities, Total | 61 | 31 | |||
Derivative Liabilities | [2] | 61 | 31 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 55 | 21 | |||
Dominion Energy Gas Holdings, LLC | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 10 | 11 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 10 | 11 | |||
Derivative Liabilities | 10 | 11 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 6 | 11 | |||
Commodity | Over-the-counter | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 19 | 23 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 19 | 23 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 8 | 14 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 11 | 9 | |||
Commodity | Over-the-counter | Virginia Electric and Power Company | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 1 | 2 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 1 | 2 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 2 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 0 | 0 | |||
Commodity | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 6 | 5 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 6 | 5 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 6 | 5 | |||
Commodity | Exchange | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 21 | 71 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 21 | 71 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 21 | 44 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 27 | |||
Net Amounts | 0 | 0 | |||
Interest rate | Over-the-counter | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 72 | 53 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 72 | 53 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 9 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 66 | 44 | |||
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 55 | 21 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 55 | 21 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 55 | 21 | |||
Foreign currency | Over-the-counter | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 4 | 6 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 4 | 6 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | 0 | 6 | |||
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||||
Offsetting Liabilities [Line Items] | |||||
Gross Amounts of Recognized Liabilities | 4 | 6 | |||
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 4 | 6 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 0 | |||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |||
Net Amounts | $ 0 | $ 6 | |||
[1] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||||
[2] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Derivatives and Hedge Account63
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Details) - 9 months ended Sep. 30, 2017 MMcf in Thousands | USD ($)MWhMMcfgal | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 62 | |
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 28 | |
Fixed Price - Natural Gas - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 2 | ||
Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 17 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | [1] | 6 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 0 | ||
Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 165 | ||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 85 | ||
Basis - Natural Gas - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 2 | ||
Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 612 | ||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 562 | ||
Basis - Natural Gas - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | 0 | ||
Fixed Price - Electricity - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 6,749,288 | ||
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | [1] | 1,426,093 | |
Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 902,069 | ||
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | [1] | 611,629 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 72,126,361 | ||
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 65,673,158 | ||
Financial Transmission Rights - Electricity- Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity (MWh) | MWh | 0 | ||
Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 36,940,288 | |
Liquids - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 30,514,288 | ||
Liquids - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | [2] | 0 | |
Liquids - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Volume of derivative activity (bcf, Gal) | gal | 0 | ||
Foreign currency | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | € | [3],[4] | € 250,000,000 | |
Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | € | € 250,000,000 | ||
Foreign Exchange - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [3],[4] | $ 0 | |
Foreign Exchange - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [5] | 0 | |
Foreign Exchange - Non- Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [3],[4] | 280,000,000 | |
Foreign Exchange - Non- Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [5] | 280,000,000 | |
Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [4] | 1,100,000,000 | |
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [6] | 300,000,000 | |
Interest Rate - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [4] | 5,049,890,127 | |
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [6] | $ 1,150,000,000 | |
[1] | Includes options. | ||
[2] | Includes NGLs and oil. | ||
[3] | Euro equivalent volumes are €250,000,000. | ||
[4] | Maturity is determined based on final settlement period. | ||
[5] | Maturity is determined based on final settlement period. Euro equivalent volumes are €250,000,000 | ||
[6] | Maturity is determined based on final settlement period. |
Derivatives and Hedge Account64
Derivatives and Hedge Accounting Activities (Selected Information Related to Losses on Cash Flow Hedges Included in AOCI) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (254) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (11) |
Commodity | Gas | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (1) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 37 months |
Commodity | Electricity | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 7 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 7 |
Maximum Term | 15 months |
Commodity | Other Energy Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (4) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (4) |
Maximum Term | 6 months |
Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (260) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (11) |
Maximum Term | 387 months |
Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 4 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (2) |
Maximum Term | 105 months |
Derivatives and Hedge Account65
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | $ 249 | [1] | $ 279 | [2] | |
Derivative Liabilities | 118 | [3] | 155 | [4] | |
Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [2] | 168 | 194 | ||
Derivative Liabilities | [4] | 61 | 31 | ||
Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 26 | ||||
Derivative Liabilities | 10 | 11 | |||
Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 111 | [5] | 140 | [6] | |
Current Assets | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [6] | 61 | 66 | ||
Current Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [7] | 1 | |||
Current Assets | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 102 | 130 | |||
Current Assets | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 61 | 60 | |||
Current Assets | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 1 | ||||
Current Assets | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 9 | 10 | |||
Current Assets | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 6 | ||||
Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 138 | 139 | |||
Noncurrent Assets | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 107 | 128 | |||
Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [8] | 25 | |||
Noncurrent Assets | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 111 | 132 | |||
Noncurrent Assets | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 107 | 128 | |||
Noncurrent Assets | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 2 | 7 | |||
Noncurrent Assets | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 25 | ||||
Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 25 | ||||
Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 65 | [9] | 128 | [10] | |
Current Liabilities | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [10] | 23 | 18 | ||
Current Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [7] | 10 | 7 | ||
Current Liabilities | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 40 | 92 | |||
Current Liabilities | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 6 | 10 | |||
Current Liabilities | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 6 | 4 | |||
Current Liabilities | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 21 | 33 | |||
Current Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 17 | 8 | |||
Current Liabilities | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 4 | 3 | |||
Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 4 | 3 | |||
Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 53 | 27 | |||
Noncurrent Liabilities | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 38 | 13 | |||
Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [8] | 4 | |||
Noncurrent Liabilities | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 2 | 4 | |||
Noncurrent Liabilities | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 1 | ||||
Noncurrent Liabilities | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 51 | 20 | |||
Noncurrent Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 38 | 13 | |||
Noncurrent Liabilities | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | ||||
Noncurrent Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | ||||
Fair Value – Derivatives under Hedge Accounting | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 56 | [1] | 46 | [2] | |
Derivative Liabilities | 91 | [3] | 111 | [4] | |
Fair Value – Derivatives under Hedge Accounting | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [2] | 0 | 6 | ||
Derivative Liabilities | [4] | 55 | 21 | ||
Fair Value – Derivatives under Hedge Accounting | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 25 | ||||
Derivative Liabilities | 10 | 11 | |||
Fair Value – Derivatives under Hedge Accounting | Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 28 | [5] | 39 | [6] | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [6] | 0 | 6 | ||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [7] | 0 | |||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 19 | 29 | |||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | ||||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 9 | 10 | |||
Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 6 | ||||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 28 | 7 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [8] | 25 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 1 | 0 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 2 | 7 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 25 | ||||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 25 | ||||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 40 | [9] | 87 | [10] | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [10] | 17 | 8 | ||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [7] | 10 | 7 | ||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 15 | 51 | |||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 6 | 4 | |||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 21 | 33 | |||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 17 | 8 | |||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 4 | 3 | |||
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 4 | 3 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 51 | 24 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 38 | 13 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [8] | 4 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 1 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 1 | ||||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 51 | 20 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 38 | 13 | |||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | ||||
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | ||||
Fair Value – Derivatives not under Hedge Accounting | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 193 | [1] | 233 | [2] | |
Derivative Liabilities | 27 | [3] | 44 | [4] | |
Fair Value – Derivatives not under Hedge Accounting | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [2] | 168 | 188 | ||
Derivative Liabilities | [4] | 6 | 10 | ||
Fair Value – Derivatives not under Hedge Accounting | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 1 | ||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 83 | [5] | 101 | [6] | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [6] | 61 | 60 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [7] | 1 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 83 | 101 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 61 | 60 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 1 | ||||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | ||||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 110 | 132 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 107 | 128 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | [8] | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 110 | 132 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 107 | 128 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | ||||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset | 0 | ||||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 25 | [9] | 41 | [10] | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [10] | 6 | 10 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [7] | 0 | 0 | ||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 25 | 41 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 6 | 10 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 2 | 3 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | [8] | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 2 | 3 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | ||||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | $ 0 | 0 | |||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Foreign currency | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | 0 | ||||
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liabilities | $ 0 | ||||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | ||||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||||
[3] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||||
[4] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||||
[5] | Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. | ||||
[6] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||||
[7] | Current derivative assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. | ||||
[8] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[9] | Current derivative liabilities are presented in other current liabilities in Dominion Energy's Consolidated Balance Sheets. | ||||
[10] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. |
Derivatives and Hedge Account66
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Details) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | $ 16 | $ 22 | $ 131 | $ 90 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 25 | 55 | 91 | 229 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (26) | (16) | (60) | (258) |
Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [3] | (3) | (2) | (8) | (26) |
Amount of Gain (Loss) Reclassified From AOCI to Income | 0 | 0 | (1) | (1) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | (26) | (16) | (60) | (258) |
Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | 2 | 12 | 5 | (11) |
Amount of Gain (Loss) Reclassified From AOCI to Income | 7 | 3 | 8 | 5 | |
Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | 8 | 7 | 139 | 193 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 31 | 62 | 115 | 249 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | 0 | 0 |
Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | (10) | (5) | (7) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | 1 | (4) | 6 | |
Commodity | Operating Revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 32 | 64 | 114 | 266 | |
Commodity | Operating Revenue | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | 1 | (4) | 6 | |
Commodity | Electric fuel and other energy-related purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | (1) | 1 | (8) | |
Commodity | Purchased Gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | (9) | |||
Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[6] | (4) | 3 | (18) | (107) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [6] | (16) | (10) | (39) | (21) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[6] | (26) | (16) | (60) | (258) |
Interest rate | Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [3],[7] | (3) | (2) | (8) | (26) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [7] | 0 | 0 | (1) | (1) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4],[7] | (26) | (16) | (60) | (258) |
Interest rate | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5],[8] | 0 | (8) | ||
Amount of Gain (Loss) Reclassified From AOCI to Income | [8] | (1) | (1) | (3) | (2) |
Foreign currency | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[9] | 12 | 12 | 10 | 4 |
Amount of Gain (Loss) Reclassified From AOCI to Income | [9] | 10 | 3 | 15 | 1 |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[9] | 0 | 0 | 0 | 0 |
Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5],[10] | 12 | 12 | 10 | 4 |
Amount of Gain (Loss) Reclassified From AOCI to Income | [10] | $ 10 | $ 3 | $ 15 | $ 1 |
[1] | Amounts deferred into AOCI have no associated effect in Dominion Energy’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 Energy’s Consolidated Statements of Income. | ||||
[3] | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[4] | 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. | ||||
[5] | Amounts deferred into AOCI have no associated effect in Dominion Energy Gas' Consolidated Statements of Income. | ||||
[6] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[7] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[8] | Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in interest and related charges | ||||
[9] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income. | ||||
[10] | Amounts recorded in Dominion Energy Gas' Consolidated Statements of Income are classified in other income. |
Derivatives and Hedge Account67
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (17) | $ (8) | $ (28) | $ (38) |
Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (18) | (10) | (42) | (40) |
Commodity | Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | (18) | (10) | (42) | (40) |
Commodity | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 5 | 3 | |||
Commodity | Operating Revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 7 | 25 | 22 | 19 |
Commodity | Operating Revenue | Dominion Energy Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 5 | 3 | |||
Commodity | Purchased Gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (6) | (21) | 2 | (14) |
Commodity | Electric fuel and other energy-related purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (19) | (12) | (51) | (43) |
Commodity | Other operations and maintenance | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ 1 | $ 0 | $ (1) | $ 0 |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||||
[2] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[3] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Derivatives and Hedge Account68
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (254) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (11) |
Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (260) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (11) |
Maximum Term | 387 months |
Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 4 |
Maximum Term | 105 months |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (2) |
Virginia Electric and Power Company | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (12) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (1) |
Virginia Electric and Power Company | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (12) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 387 months |
Dominion Energy Gas Holdings, LLC | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (26) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (9) |
Dominion Energy Gas Holdings, LLC | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (26) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 327 months |
Dominion Energy Gas Holdings, LLC | NGLs | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (4) |
Maximum Term | 6 months |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (4) |
Dominion Energy Gas Holdings, LLC | Foreign currency | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 4 |
Maximum Term | 105 months |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (2) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2016 | May 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | ||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Contributions to equity method affiliates | $ 343 | $ 124 | ||||||
Investment in equity method affiliates | $ 1,895 | 1,895 | $ 1,561 | [1] | ||||
Dominion Energy Gas Holdings, LLC | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity in earnings on investments | 4 | $ 5 | 15 | 14 | ||||
Atlantic Coast Pipeline | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Additional membership percentage interest purchased | 3.00% | |||||||
Contributions to equity method affiliates | $ 14 | $ 84 | $ 74 | $ 286 | 143 | |||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership interest (percentage) | 48.00% | 48.00% | ||||||
Atlantic Coast Pipeline | Pipelines | Duke Energy | Jointly Owned Natural Gas Pipeline | Distribution | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership interest (percentage) | 47.00% | 47.00% | ||||||
Iroquois | Dominion Energy Gas Holdings, LLC | Partnership Interest | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity in earnings on investments | $ 15 | 14 | ||||||
Distributions received from investment | 17 | $ 17 | ||||||
Investment in equity method affiliates | $ 96 | 96 | 98 | |||||
Carrying amount of investment that exceeded share of underlying equity | 8 | 8 | ||||||
Iroquois | Dominion Energy Gas Holdings, LLC | Partnership Interest | Other Income | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Percentage of non-controlling partnership interest sold | 0.65% | |||||||
Sales price of non-controlling partnership interest | $ 7 | |||||||
Amount of gain from sale | 5 | |||||||
Amount of after tax gain from sale | $ 3 | |||||||
Categories of Investments, Marketable Securities, Trading Securities | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Rabbi trust securities | $ 109 | $ 109 | $ 104 | |||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
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 ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Investment Holdings [Line Items] | |||
Amortized Cost, Total | $ 3,179 | $ 3,053 | |
Total Unrealized Gains | [1] | 1,707 | 1,443 |
Total Unrealized Losses | [1],[2] | (5) | (12) |
Fair Value | 4,881 | 4,484 | |
Net assets related to pending sales and purchases of securities | 4 | 9 | |
Fair value of securities in an unrealized loss position | 402 | 576 | |
Cost method investments | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Other Investments | 67 | 69 | |
Total Unrealized Gains | [1] | 0 | 0 |
Total Unrealized Losses | [1] | 0 | 0 |
Fair Value | 67 | 69 | |
Cash equivalents and other | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Other Investments | [3] | 5 | 12 |
Total Unrealized Gains | [1],[3] | 0 | 0 |
Total Unrealized Losses | [1],[3] | 0 | 0 |
Fair Value | [3] | 5 | 12 |
Common/collective trust funds | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 66 | 67 | |
Total Unrealized Gains | [1] | 0 | 0 |
Total Unrealized Losses | [1] | 0 | 0 |
Fair Value | 66 | 67 | |
Corporate debt instruments | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 438 | 478 | |
Total Unrealized Gains | [1] | 15 | 13 |
Total Unrealized Losses | [1] | (1) | (4) |
Fair Value | 452 | 487 | |
Government securities | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 1,041 | 978 | |
Total Unrealized Gains | [1] | 28 | 22 |
Total Unrealized Losses | [1] | (4) | (8) |
Fair Value | 1,065 | 992 | |
Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Total | 1,532 | 1,473 | |
Total Unrealized Gains | [1] | 762 | 639 |
Total Unrealized Losses | [1],[4] | (2) | (6) |
Fair Value | 2,292 | 2,106 | |
Net assets related to pending sales and purchases of securities | (2) | 7 | |
Fair value of securities in an unrealized loss position | 165 | 287 | |
Virginia Electric and Power Company | Cost method investments | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Other Investments | 67 | 69 | |
Total Unrealized Gains | [1] | 0 | 0 |
Total Unrealized Losses | [1] | 0 | 0 |
Fair Value | 67 | 69 | |
Virginia Electric and Power Company | Cash equivalents and other | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Other Investments | [5] | (2) | 7 |
Total Unrealized Gains | [1],[5] | 0 | 0 |
Total Unrealized Losses | [1],[5] | 0 | 0 |
Fair Value | [5] | (2) | 7 |
Virginia Electric and Power Company | Common/collective trust funds | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 29 | 26 | |
Total Unrealized Gains | [1] | 0 | 0 |
Total Unrealized Losses | [1] | 0 | 0 |
Fair Value | 29 | 26 | |
Virginia Electric and Power Company | Corporate debt instruments | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 226 | 274 | |
Total Unrealized Gains | [1] | 8 | 6 |
Total Unrealized Losses | [1] | 0 | (4) |
Fair Value | 234 | 276 | |
Virginia Electric and Power Company | Government securities | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 483 | 420 | |
Total Unrealized Gains | [1] | 13 | 9 |
Total Unrealized Losses | [1] | (2) | (2) |
Fair Value | 494 | 427 | |
U.S. | Equity securities | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 1,562 | 1,449 | |
Total Unrealized Gains | [1] | 1,664 | 1,408 |
Total Unrealized Losses | [1] | 0 | 0 |
Fair Value | 3,226 | 2,857 | |
U.S. | Virginia Electric and Power Company | Equity securities | |||
Investment Holdings [Line Items] | |||
Amortized Cost, Marketable Securities | 729 | 677 | |
Total Unrealized Gains | [1] | 741 | 624 |
Total Unrealized Losses | [1] | 0 | 0 |
Fair Value | $ 1,470 | $ 1,301 | |
[1] | Included in AOCI and the nuclear decommissioning trust regulatory liability. | ||
[2] | The fair value of securities in an unrealized loss position was $402 million and $576 million at September 30, 2017 and December 31, 2016, respectively. | ||
[3] | Includes net pending sales of securities of $4 million and $9 million at September 30, 2017 and December 31, 2016, respectively. | ||
[4] | The fair value of securities in an unrealized loss position was $165 million and $287 million at September 30, 2017 and December 31, 2016, respectively. | ||
[5] | Includes pending purchases of securities of $2 million and pending sales of securities of $7 million at September 30, 2017 and December 31, 2016, respectively. |
Investments (Fair Value of our
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) $ in Millions | Sep. 30, 2017USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 183 |
Due after one year through five years | 410 |
Due after five years through ten years | 366 |
Due after ten years | 624 |
Total | 1,583 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 60 |
Due after one year through five years | 192 |
Due after five years through ten years | 189 |
Due after ten years | 316 |
Total | $ 757 |
Investments (Selected Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Schedule Of Available For Sale Securities [Line Items] | |||||
Proceeds from sales | $ 377 | $ 300 | $ 1,496 | $ 1,009 | |
Realized gains | [1] | 25 | 40 | 142 | 102 |
Realized losses | [1] | 16 | 9 | 52 | 43 |
Virginia Electric and Power Company | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Proceeds from sales | 156 | 131 | 654 | 478 | |
Realized gains | [1] | 9 | 18 | 64 | 48 |
Realized losses | [1] | $ 6 | $ 4 | $ 24 | $ 21 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Investments (Recorded Other-Tha
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Total other-than-temporary impairment losses | [1] | $ 7,000,000 | $ 9,000,000 | $ 33,000,000 | $ 34,000,000 |
Losses recorded to the nuclear decommissioning trust regulatory liability | (2,000,000) | (4,000,000) | (13,000,000) | (15,000,000) | |
Losses recognized in other comprehensive income (before taxes) | (1,000,000) | (2,000,000) | (1,000,000) | ||
Net impairment losses recognized in earnings | 4,000,000 | 5,000,000 | 18,000,000 | 18,000,000 | |
Maximum | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Other-than-temporary impairment losses for debt securities | $ 1,000,000 | $ 1,000,000 | $ 2,000,000 | $ 2,000,000 | |
[1] | Amounts include other-than-temporary impairment losses for debt securities of less than $1 million for both the three months ended September 2017 and 2016, respectively, and $2 million for both the nine months ended September 30, 2017 and 2016, respectively. |
Regulatory Assets and Liabili74
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | |||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [1] | $ 311 | $ 244 | [2] |
Regulatory assets-noncurrent | 2,503 | 2,473 | [2] | |
Total regulatory assets | 2,814 | 2,717 | ||
Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 67 | 63 | |
Regulatory assets-noncurrent | [3] | 333 | 329 | |
Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [4] | $ 67 | 71 | |
Deferred nuclear refueling outage costs | Maximum | ||||
Regulatory Assets [Line Items] | ||||
Amortization period for deferred costs | 18 months | |||
Unrecovered gas costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [5] | $ 51 | 19 | |
Deferred cost of fuel used in electric generation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [6] | 30 | ||
Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 96 | 91 | ||
Regulatory assets-noncurrent | 138 | 155 | ||
Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [7] | 1,296 | 1,401 | |
PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [8] | 215 | 192 | |
Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [9] | 230 | 174 | |
Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [10] | 157 | 123 | |
Utility reform legislation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [11] | 134 | 99 | |
Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [1] | 206 | 179 | |
Regulatory assets-noncurrent | 838 | 770 | [12] | |
Total regulatory assets | 1,044 | 949 | ||
Virginia Electric and Power Company | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 47 | 51 | |
Regulatory assets-noncurrent | [3] | 256 | 246 | |
Virginia Electric and Power Company | Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [4] | 67 | 71 | |
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [6] | 30 | ||
Virginia Electric and Power Company | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 62 | 57 | ||
Regulatory assets-noncurrent | 103 | 123 | ||
Virginia Electric and Power Company | PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [8] | 215 | 192 | |
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [9] | 197 | 133 | |
Virginia Electric and Power Company | Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [10] | 67 | 76 | |
Dominion Energy Gas Holdings, LLC | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [1] | 22 | 26 | |
Regulatory assets-noncurrent | [13] | 556 | 577 | |
Total regulatory assets | 578 | 603 | ||
Dominion Energy Gas Holdings, LLC | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 20 | 12 | |
Regulatory assets-noncurrent | [3] | 77 | 79 | |
Dominion Energy Gas Holdings, LLC | Unrecovered gas costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [5] | 0 | 12 | |
Dominion Energy Gas Holdings, LLC | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 2 | 2 | ||
Regulatory assets-noncurrent | 13 | 18 | ||
Dominion Energy Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [7] | 300 | 358 | |
Dominion Energy Gas Holdings, LLC | Income taxes recoverable through future rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [10] | 32 | 23 | |
Dominion Energy Gas Holdings, LLC | Utility reform legislation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [11] | $ 134 | $ 99 | |
[1] | Current regulatory assets are presented in other current assets in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[2] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | 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 Energy Gas. See Note 12 for more information. | |||
[4] | 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, not to exceed 18 months. | |||
[5] | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. | |||
[6] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy's and Virginia Power's generation operations. | |||
[7] | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's and Dominion Energy Gas' rate-regulated subsidiaries. | |||
[8] | Reflects amounts related to the PJM transmission cost allocation matter. See Note 12 for more information. | |||
[9] | 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. | |||
[10] | 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. | |||
[11] | Ohio 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. | |||
[12] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[13] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. |
Regulatory Assets and Liabili75
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 88 | $ 163 | [1] | |
Regulatory liabilities-noncurrent | 2,906 | 2,622 | [1] | |
Total regulatory liabilities | 2,994 | 2,785 | ||
Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [2] | 5 | 61 | |
PIPP | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 20 | 28 | |
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 63 | 74 | ||
Regulatory liabilities-noncurrent | 211 | 119 | ||
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [4] | 1,477 | 1,427 | |
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [5] | 1,034 | 902 | |
Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [6] | 78 | 69 | |
Pension and Other Postretirement Plans Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | 106 | 105 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 43 | 115 | |
Regulatory liabilities-noncurrent | 2,202 | 1,962 | [8] | |
Total regulatory liabilities | 2,245 | 2,077 | ||
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [2] | 5 | 61 | |
Virginia Electric and Power Company | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 38 | 54 | ||
Regulatory liabilities-noncurrent | 105 | 45 | ||
Virginia Electric and Power Company | Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [5] | 1,034 | 902 | |
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [6] | 78 | 69 | |
Virginia Electric and Power Company | Provision for future cost of removal | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [4] | 985 | 946 | |
Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 39 | 35 | |
Regulatory liabilities-noncurrent | [9] | 252 | 219 | |
Total regulatory liabilities | 291 | 254 | ||
Dominion Energy Gas Holdings, LLC | PIPP | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 20 | 28 | |
Dominion Energy Gas Holdings, LLC | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 19 | 7 | ||
Regulatory liabilities-noncurrent | 74 | 45 | ||
Dominion Energy Gas Holdings, LLC | Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [4] | $ 178 | $ 174 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy's and Virginia Power's generation operations. | |||
[3] | 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 rate adjustment clause according to East Ohio tariff provisions. | |||
[4] | 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. | |||
[5] | 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. | |||
[6] | 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. | |||
[7] | Current regulatory liabilities are presented in other current liabilities in Virginia Power’s and Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[8] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[9] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas' Consolidated Balance Sheets |
Regulatory Assets and Liabili76
Regulatory Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | |||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets past expenditures not earning return | $ 323 | |||
Regulatory assets | $ 2,503 | $ 2,473 | [1] | |
Period for which expenditures are expected to be recovered | 2 years | |||
PJM transmission rates | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | [2] | $ 215 | 192 | |
Virginia Electric and Power Company | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets past expenditures not earning return | 242 | |||
Regulatory assets | 838 | 770 | [3] | |
Virginia Electric and Power Company | PJM transmission rates | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | [2] | $ 215 | $ 192 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Reflects amounts related to the PJM transmission cost allocation matter. See Note 12 for more information. | |||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | Mar. 31, 2017USD ($) | Oct. 31, 2017USD ($)program | Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($)kVmi | Dec. 31, 2016USD ($)Rate | Nov. 30, 2016USD ($)Rate | Jun. 30, 2016USD ($) | Nov. 30, 2013kVmi | Aug. 31, 2009kV | Apr. 30, 2008 | Apr. 30, 2007kV | Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2014MMBTU | |||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Regulatory assets-noncurrent | $ 2,503,000,000 | $ 2,473,000,000 | [1] | $ 2,473,000,000 | [1] | ||||||||||||||||
Regulatory asset recovered through retail rates | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Regulatory assets-noncurrent | [2] | 215,000,000 | 192,000,000 | 192,000,000 | |||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
ROE (percentage) | 11.40% | ||||||||||||||||||||
Regulatory assets-noncurrent | 838,000,000 | 770,000,000 | [3] | 770,000,000 | [3] | ||||||||||||||||
Virginia Electric and Power Company | Regulatory asset recovered through retail rates | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Regulatory assets-noncurrent | [2] | 215,000,000 | $ 192,000,000 | 192,000,000 | |||||||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Amount required to pay under settlement agreement (in excess of $200 million) | $ 200,000,000 | ||||||||||||||||||||
Duration of payment under settlement agreement | 10 years | ||||||||||||||||||||
Amount of contingent liability | 223,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | FERC Gas Regulation | Order Regarding Transmission Rate Design for Allocation of Costs among PJM Interconnect LLC Transmission Customers | Unfavorable Regulatory Action | Settled Litigation | Regulatory asset recovered through retail rates | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Regulatory assets-noncurrent | 215,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Obligated to make payments to fund improvements for historical and cultural resources | $ 90,000,000 | ||||||||||||||||||||
Payments made to fund improvement for historical and cultural resources. | 70,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Idylwood substation | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Total estimated cost of project | $ 110,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line between Remington and Gordonsville Substations | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Total estimated cost of project | $ 105,000,000 | ||||||||||||||||||||
Length of kV line (miles) | mi | 38 | ||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Length of kV line (miles) | mi | 7 | ||||||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Length of kV line (miles) | mi | 20 | ||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Payments made to fund improvement for historical and cultural resources. | $ 20,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
ROE (percentage) | 9.40% | ||||||||||||||||||||
Approved revenue required | $ 22,000,000 | ||||||||||||||||||||
Projected capital investment | 40,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Subsequent Event | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Number of existing energy efficiency programs | program | 1 | ||||||||||||||||||||
Extension period for cost cap | 5 years | ||||||||||||||||||||
Amount of cost recovery | $ 25,000,000 | ||||||||||||||||||||
Proposed revenue requirement | 31,000,000 | ||||||||||||||||||||
Increase (decrease) in revenue requirement | 3,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | Subsequent Event | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Proposed revenue requirement | 132,000,000 | ||||||||||||||||||||
Increase (decrease) in revenue requirement | 5,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider US-2 | Subsequent Event | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Proposed revenue requirement | 15,000,000 | ||||||||||||||||||||
Increase (decrease) in revenue requirement | 5,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Annual Base Fuel Revenues | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 15,000,000 | ||||||||||||||||||||
Virginia Electric and Power Company | Minimum | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Facility operating capacity (kV) | kV | 500 | 500 | |||||||||||||||||||
DETI | FERC Gas Regulation | Supply Header Project | Atlantic Coast Pipeline | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Agreement to provide Dths per day of transportation service | MMBTU | 1,500,000 | ||||||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | 39,000,000 | ||||||||||||||||||||
Annual electric power cost rate adjustment, approval amount requested to recover amount | 6,000,000 | ||||||||||||||||||||
DETI | FERC Gas Regulation | Other Operations And Maintenance Expense | Preliminary recommendation one | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Audit compliance charge recognized in connection with preliminary recommendation | $ 15,000,000 | ||||||||||||||||||||
Audit compliance after-tax charge recognized in connection with preliminary recommendation | 9,000,000 | ||||||||||||||||||||
DETI | FERC Gas Regulation | Other Operations And Maintenance Expense | Other preliminary recommendation | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Audit compliance charge recognized in connection with preliminary recommendation | 0 | ||||||||||||||||||||
Audit compliance after-tax charge recognized in connection with preliminary recommendation | $ 0 | ||||||||||||||||||||
DETI | Minimum | FERC Gas Regulation | Supply Header Project | Atlantic Coast Pipeline | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Total estimated cost of project | 550,000,000 | ||||||||||||||||||||
DETI | Maximum | FERC Gas Regulation | Supply Header Project | Atlantic Coast Pipeline | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Total estimated cost of project | $ 600,000,000 | ||||||||||||||||||||
East Ohio | Ohio Regulation | UEX Rider | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Elimination of over-recovered balance of accumulated bad debt expense | $ 12,000,000 | ||||||||||||||||||||
East Ohio | Ohio Regulation | UEX Rider | Scenario, Forecast | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Prospective bad debt expense recovered | $ 22,000,000 | ||||||||||||||||||||
Questar Gas | Utah and Wyoming Regulation | Subsequent Event | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Proposed cost increase (decrease) amount | 25,000,000 | ||||||||||||||||||||
Hope Gas, Inc. | West Virginia Regulation | PREP | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Projected capital investment | $ 21,000,000 | ||||||||||||||||||||
Hope Gas, Inc. | West Virginia Regulation | PREP | Scenario, Forecast | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Projected capital investment | $ 31,000,000 | $ 27,000,000 | |||||||||||||||||||
Hope Gas, Inc. | West Virginia Regulation | Subsequent Event | PREP | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Amount of cost recovery | $ 4,000,000 | ||||||||||||||||||||
Cove Point | FERC Gas Regulation | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Proposed revenue requirement | $ 140,000,000 | ||||||||||||||||||||
Number of proposed rates to be effective | Rate | 23 | ||||||||||||||||||||
Number of proposed rates that were suspended | Rate | 5 | ||||||||||||||||||||
Cove Point | FERC Gas Regulation | Operating Revenue | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Public utilities rate decrease amount | (18,000,000) | ||||||||||||||||||||
Cove Point | FERC Gas Regulation | Depreciation Expense | |||||||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||||||
Public utilities rate decrease amount | $ (3,000,000) | ||||||||||||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||||||
[2] | Reflects amounts related to the PJM transmission cost allocation matter. See Note 12 for more information. | ||||||||||||||||||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($)generator | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)MWgenerator | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Variable Interest Entity [Line Items] | ||||||
Securities due within one year | $ 2,788 | $ 2,788 | $ 1,709 | [1] | ||
Long term debt | 30,886 | 30,886 | 30,231 | [1] | ||
Virginia Electric and Power Company | ||||||
Variable Interest Entity [Line Items] | ||||||
Securities due within one year | 851 | 851 | 678 | [2] | ||
Long term debt | 10,495 | 10,495 | 9,852 | [2] | ||
Dominion Energy Gas Holdings, LLC | ||||||
Variable Interest Entity [Line Items] | ||||||
Long term debt | 3,564 | 3,564 | 3,528 | [3] | ||
Variable Interest Entity, Primary Beneficiary | SBL Holdco | ||||||
Variable Interest Entity [Line Items] | ||||||
Securities due within one year | $ 29 | $ 29 | ||||
Long term debt | $ 356 | |||||
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company | ||||||
Variable Interest Entity [Line Items] | ||||||
Long term capacity contract non utility generators (generators) | generator | 3 | |||||
Number of expired non-utility generators | generator | 2 | |||||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 218 | |||||
Remaining purchase commitments | $ 213 | $ 213 | ||||
Payment for electric capacity | 17 | $ 37 | 73 | $ 111 | ||
Payment for electric energy | 5 | 11 | 20 | 23 | ||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | ||||||
Variable Interest Entity [Line Items] | ||||||
Shared services purchased | 83 | 80 | 251 | 268 | ||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | ||||||
Variable Interest Entity [Line Items] | ||||||
Shared services purchased | $ 31 | $ 31 | $ 93 | $ 95 | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac79
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Details) - USD ($) | Sep. 30, 2017 | May 31, 2017 | Mar. 31, 2017 | |
Line of Credit Facility [Line Items] | ||||
Facility Limit | $ 5,500,000,000 | |||
Outstanding Commercial Paper | 3,060,000,000 | |||
Outstanding Letters of Credit | 73,000,000 | |||
Facility Capacity Available | 2,367,000,000 | |||
Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [1] | 5,500,000,000 | ||
Outstanding Commercial Paper | 320,000,000 | |||
Outstanding Letters of Credit | 1,000,000 | |||
Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [2] | 1,500,000,000 | ||
Outstanding Commercial Paper | 620,000,000 | |||
Outstanding Letters of Credit | 0 | |||
Credit Facility 5 Billion | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [3] | 5,000,000,000 | ||
Outstanding Commercial Paper | [3] | 3,060,000,000 | ||
Outstanding Letters of Credit | [3] | 0 | ||
Facility Capacity Available | [3] | 1,940,000,000 | ||
Credit Facility 5 Billion | Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [1] | 5,000,000,000 | ||
Outstanding Commercial Paper | [1] | 320,000,000 | ||
Outstanding Letters of Credit | [1] | 0 | ||
Credit Facility 500 Million | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [3] | 500,000,000 | ||
Outstanding Commercial Paper | [3] | 0 | ||
Outstanding Letters of Credit | [3] | 73,000,000 | ||
Facility Capacity Available | [3] | 427,000,000 | ||
Credit Facility 500 Million | Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [1] | 500,000,000 | ||
Outstanding Commercial Paper | [1] | 0 | ||
Outstanding Letters of Credit | [1] | 1,000,000 | ||
Credit Facility 500 Million | Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [2] | 500,000,000 | ||
Outstanding Commercial Paper | [2] | 0 | ||
Outstanding Letters of Credit | [2] | 0 | ||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | $ 1,500,000,000 | $ 2,000,000,000 | ||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | 2,000,000,000 | |||
Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | 2,000,000,000 | |||
Credit Facility 1 Billion | Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [2] | 1,000,000,000 | ||
Outstanding Commercial Paper | [2] | 620,000,000 | ||
Outstanding Letters of Credit | [2] | 0 | ||
Joint Revolving Credit Facility 1 Billion and Joint Revolving Credit Facility 500 Million | Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | 1,500,000,000 | |||
Joint Revolving Credit Facility 1 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | $ 1,500,000,000 | |||
Joint Revolving Credit Facility 1 Billion and Joint Revolving Credit Facility 500 Million | Line of Credit | Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | $ 750,000,000 | $ 500,000,000 | ||
[1] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Virginia Power was decreased from $2.0 billion to $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |||
[2] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Dominion Energy Gas was increased from $500 million to $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | |||
[3] | These credit facilities mature in April 2020 and can be used by the Companies to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Significant Financing Transac80
Significant Financing Transactions (Narrative) (Details) | Nov. 01, 2017USD ($) | Apr. 30, 2018USD ($) | Sep. 30, 2017USD ($)facility | Aug. 31, 2017USD ($) | Jul. 31, 2017shares | Jun. 30, 2017USD ($)agreement | May 31, 2017USD ($) | Mar. 31, 2017USD ($) | Jan. 31, 2017USD ($) | Sep. 30, 2017USD ($)facilityshares | Sep. 30, 2016shares | Sep. 30, 2017USD ($)facilityshares | Sep. 30, 2016USD ($)shares | Dec. 31, 2016USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||||||
Facility Limit | $ 5,500,000,000 | $ 5,500,000,000 | $ 5,500,000,000 | |||||||||||||
Short-term debt | 3,060,000,000 | 3,060,000,000 | 3,060,000,000 | $ 3,155,000,000 | [1] | |||||||||||
Issuance of common stock | 1,232,000,000 | $ 2,079,000,000 | ||||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of sales agency agreements | agreement | 3 | |||||||||||||||
Issuance of common stock | $ 0 | |||||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Sale of stock authorized amount | 500,000,000 | |||||||||||||||
2014 Equity Units | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Issuance of common stock (in shares) | shares | 12,500,000 | |||||||||||||||
Senior Notes, Due in 2019 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 500,000,000 | $ 400,000,000 | ||||||||||||||
Interest rate percentage | 1.875% | |||||||||||||||
Debt maturity year | 2,019 | 2,019 | ||||||||||||||
Senior Notes, Due in 2022 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 400,000,000 | |||||||||||||||
Interest rate percentage | 2.75% | |||||||||||||||
Debt maturity year | 2,022 | |||||||||||||||
Senior Notes, Due in 2024 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 300,000,000 | |||||||||||||||
Interest rate percentage | 3.496% | |||||||||||||||
Debt maturity year | 2,024 | |||||||||||||||
Senior Notes, Due in 2025 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 100,000,000 | |||||||||||||||
Interest rate percentage | 3.90% | |||||||||||||||
Debt maturity year | 2,025 | |||||||||||||||
Term Loan, Due in 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Borrowings under term loan agreement | $ 280,000,000 | |||||||||||||||
Term loan, period of amortization | 18 years | |||||||||||||||
Debt maturity month and year | 2024-05 | |||||||||||||||
Massachusetts Development Finance Agency Solid Waste Disposal Revenue Bonds, Series 2010B, Due in 2041 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt maturity month and year | 2041-12 | |||||||||||||||
Retirement of variable rate bonds | $ 75,000,000 | |||||||||||||||
Senior Notes Due in 2047 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | |||||||||||||
Interest rate percentage | 3.80% | 3.80% | 3.80% | |||||||||||||
Debt maturity year | 2,047 | |||||||||||||||
Senior Notes Due in 2023 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||||||||||||
Interest rate percentage | 2.75% | 2.75% | 2.75% | |||||||||||||
Debt maturity year | 2,023 | |||||||||||||||
Private Placement Senior Note Payable at 3.38% | Private Placement Senior Note Payable | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 100,000,000 | |||||||||||||||
Interest rate percentage | 3.38% | |||||||||||||||
Maturity period | 15 years | |||||||||||||||
Private Placement Senior Note Payable at 3.30% | Private Placement Senior Note Payable | Scenario, Forecast | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 50,000,000 | |||||||||||||||
Interest rate percentage | 3.30% | |||||||||||||||
Maturity period | 12 years | |||||||||||||||
Private Placement Senior Note Payable at 3.97% | Private Placement Senior Note Payable | Scenario, Forecast | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 100,000,000 | |||||||||||||||
Interest rate percentage | 3.97% | |||||||||||||||
Maturity period | 30 years | |||||||||||||||
Series A Remarketable Subordinated Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 1,000,000,000 | |||||||||||||||
Interest rate percentage | 1.50% | |||||||||||||||
Series A Remarketable Subordinated Notes | Junior Subordinated Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage | 2.579% | |||||||||||||||
Questar Gas | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of joint revolving credit facilities | facility | 2 | 2 | 2 | |||||||||||||
Facility Limit | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||||
SBL Holdco | Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Facility Limit | 30,000,000 | 30,000,000 | $ 30,000,000 | |||||||||||||
Automatic renewal period | 1 year | |||||||||||||||
SBL Holdco | Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Short-term debt | 0 | 0 | $ 0 | |||||||||||||
Dominion Solar Projects III, Inc | Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Facility Limit | 25,000,000 | 25,000,000 | $ 25,000,000 | |||||||||||||
Automatic renewal period | 1 year | |||||||||||||||
Dominion Solar Projects III, Inc | Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Short-term debt | $ 0 | $ 0 | $ 0 | |||||||||||||
Virginia Electric and Power Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of joint revolving credit facilities | facility | 2 | 2 | 2 | |||||||||||||
Facility Limit | [2] | $ 5,500,000,000 | $ 5,500,000,000 | $ 5,500,000,000 | ||||||||||||
Short-term debt | 320,000,000 | 320,000,000 | 320,000,000 | 65,000,000 | [3] | |||||||||||
Credit facility | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||
Variable rate tax-exempt financings | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||||||||||||
Issuance of common stock (in shares) | shares | 0 | 0 | 0 | 0 | ||||||||||||
Virginia Electric and Power Company | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Facility Limit | $ 1,500,000,000 | $ 2,000,000,000 | ||||||||||||||
Virginia Electric and Power Company | Senior Notes, Due in 2027 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total Long-term Debt | $ 750,000,000 | |||||||||||||||
Interest rate percentage | 3.50% | |||||||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of joint revolving credit facilities | facility | 2 | 2 | 2 | |||||||||||||
Facility Limit | [4] | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||
Short-term debt | $ 620,000,000 | $ 620,000,000 | $ 620,000,000 | $ 460,000,000 | [5] | |||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||||
[2] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Virginia Power was decreased from $2.0 billion to $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |||||||||||||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||||||
[4] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Dominion Energy Gas was increased from $500 million to $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | |||||||||||||||
[5] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Commitments and Contingencies81
Commitments and Contingencies (Narrative) (Details) gal in Millions | 1 Months Ended | 9 Months Ended | |||||||||||||||||
Sep. 30, 2017USD ($)facilitypetitionsite | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017count | Apr. 30, 2017petitionstation | Mar. 31, 2017count | Aug. 31, 2016T | Jul. 31, 2016party | Apr. 30, 2016 | Oct. 31, 2015ppb | Jun. 30, 2015party | Apr. 30, 2015facility | Oct. 31, 2014facilitygal | Jun. 30, 2014unit | Sep. 30, 2013Bcfe / d | Jul. 31, 2013unitcount | Dec. 31, 2011 | Jul. 31, 2011 | Sep. 30, 2017USD ($)facilitysiteparty | |
Ozone Standards | EPA | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Maximum period to develop plans to address new standard | 3 years | ||||||||||||||||||
CWA | Virginia Electric and Power Company | Possum Point Power Station | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Period for remedial plan | 30 days | ||||||||||||||||||
CWA | Minimum | Virginia Electric and Power Company | Possum Point Power Station | Judicial Ruling | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Additional specific sediment, water and aquatic life monitoring period | 2 years | ||||||||||||||||||
CWA | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Compliance date | 2023-12 | ||||||||||||||||||
CWA | EPA | 2015 Effluent Limitations Guidelines Rule for Steam Electric Power Generating Category | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Compliance date | 2020-11 | ||||||||||||||||||
CCR | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of petition agreed for reconsideration | petition | 2 | ||||||||||||||||||
Unfavorable Regulatory Action | Maximum | Non-FTA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Authorization export approval of natural gas per day | Bcfe / d | 0.77 | ||||||||||||||||||
Unfavorable Regulatory Action | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Significant emission rate per rear CO2 equivalent | T | 75,000 | ||||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125 | ||||||||||||||||||
Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of coal fired generating units | unit | 3 | ||||||||||||||||||
Unfavorable Regulatory Action | EPA | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Maximum period for consideration of CO2 emissions from biomass projects | 3 years | ||||||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Extension period for MATS compliance | 1 year | ||||||||||||||||||
Number of coal fired generating units | unit | 2 | ||||||||||||||||||
Requested compliance extension under EPA Administrative Order | 1 year | ||||||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of effective days to operate power station units | 90 days | ||||||||||||||||||
Period to be in service following receipt of all required permits | 23 months | ||||||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Percentage of oil-fired units annual capacity exemption limits | 8.00% | ||||||||||||||||||
Extension period for MATS compliance | 1 year | ||||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Standard emission level prior to revision | ppb | 75 | ||||||||||||||||||
Revised emission standard level | ppb | 70 | ||||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 35,000,000 | $ 35,000,000 | |||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Minimum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 25,000,000 | $ 25,000,000 | |||||||||||||||||
Unfavorable Regulatory Action | New Source Performance Standards | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of period court appeals DC vacated stay | 90 days | ||||||||||||||||||
Unfavorable Regulatory Action | New Source Performance Standards | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Requested compliance extension under EPA Administrative Order | 2 years | ||||||||||||||||||
EPA notice issued reviewing month and year | 2017-04 | ||||||||||||||||||
Number of period EPA published notice of reconsideration and partial stay | 90 days | ||||||||||||||||||
Unfavorable Regulatory Action | CWA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities that may be subject to final regulations | facility | 14 | ||||||||||||||||||
Unfavorable Regulatory Action | CWA | Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities that may be subject to final regulations | facility | 11 | ||||||||||||||||||
Unfavorable Regulatory Action | CWA | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities that maybe subject to additional wastewater treatment requirements | facility | 8 | 8 | |||||||||||||||||
Number of separate petitions for reconsideration granted | petition | 2 | ||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of former manufactured gas plant sites | site | 19 | 19 | |||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of former sites | site | 1 | ||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of former manufactured gas plant sites | site | 3 | 3 | |||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of former manufactured gas plant sites | site | 12 | 12 | |||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Maximum | Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 22,000,000 | $ 22,000,000 | |||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Minimum | Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | 1,000,000 | 1,000,000 | |||||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to CCR Final Rule | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities with CCR | facility | 8 | ||||||||||||||||||
Number of stations | station | 4 | ||||||||||||||||||
Breach of Contract Lawsuit | Dominion Energy Gas Holdings, LLC | Settled Litigation | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of claims withdrew | count | 1 | ||||||||||||||||||
Breach of Contract Lawsuit | DETI | Pending Litigation | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Total number of counts in complaint | count | 8 | ||||||||||||||||||
Accrued liability for legal matter | $ 6,000,000 | $ 6,000,000 | |||||||||||||||||
Breach of Contract Lawsuit | DETI | Judicial Ruling | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of counts dismissed | count | 3 | ||||||||||||||||||
Liquefaction Project | FERC | Cove Point | Pending Litigation | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 2 | ||||||||||||||||||
Liquefaction Project | FERC | Cove Point | Judicial Ruling | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 1 | 1 |
Commitments and Contingencies82
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2017 | Sep. 30, 2017 | ||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | [1] | $ 5,686,000,000 | |
Facility Limit | 5,500,000,000 | ||
Nuclear Obligations | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | [2] | 227,000,000 | |
Commodity Transactions | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | [3] | 1,967,000,000 | |
Cove Point | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | [4] | 1,900,000,000 | |
Virginia Electric and Power Company | |||
Guarantor Obligations [Line Items] | |||
Facility Limit | [5] | 5,500,000,000 | |
Dominion Energy Gas Holdings, LLC | |||
Guarantor Obligations [Line Items] | |||
Facility Limit | [6] | 1,500,000,000 | |
Financial Guarantee | Atlantic Coast Pipeline | Revolving Credit Facility | Subsequent Event | |||
Guarantor Obligations [Line Items] | |||
Facility Limit | $ 3,300,000,000 | ||
Revolving credit facility stated maturity date | Oct. 31, 2021 | ||
Maximum potential loss exposure, limited guarantee percentage | 48.00% | ||
Guarantee liability | $ 30,000,000 | ||
Guarantee recorded amount | $ 570,000,000 | ||
Financial Guarantee | Equity Method Investees | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | 48,000,000 | ||
Financial Guarantee | Affiliate | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | 20,000,000 | ||
Financial Guarantee | Affiliate | Minimum | |||
Guarantor Obligations [Line Items] | |||
Maximum annual future contributions | 4,000,000 | ||
Financial Guarantee | Affiliate | Maximum | |||
Guarantor Obligations [Line Items] | |||
Maximum annual future contributions | 19,000,000 | ||
Solar | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | [7] | 1,054,000,000 | |
Other | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | [8] | 538,000,000 | |
Surety Bond | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | 141,000,000 | ||
Surety Bond | Virginia Electric and Power Company | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | 63,000,000 | ||
Surety Bond | Dominion Energy Gas Holdings, LLC | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | 24,000,000 | ||
Letters of Credit by Financial Institutions | |||
Guarantor Obligations [Line Items] | |||
Maximum Exposure | $ 73,000,000 | ||
[1] | Excludes Dominion Energy's guarantee for the construction of a new corporate office property as discussed in Note 22 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2016. | ||
[2] | Guarantees related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. | ||
[3] | Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction-related commodities and services. | ||
[4] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. | ||
[5] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Virginia Power was decreased from $2.0 billion to $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||
[6] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power and Questar Gas. Sub-limits for Dominion Energy Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. In May 2017, the aggregate sub-limit for Dominion Energy Gas was increased from $500 million to $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. These credit facilities mature in April 2020 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | ||
[7] | Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | ||
[8] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. Also included are guarantees related to certain DGI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of September 30, 2017, Dominion Energy's maximum remaining cumulative exposure under these equity funding agreements is $20 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017USD ($)counterparty | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)counterparty | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Concentration Risk and Guarantor Obligations [Line Items] | |||||||
Gross credit exposure | $ 70 | ||||||
Operating Revenue | $ 3,179 | $ 3,132 | 9,376 | $ 8,651 | |||
Additional collateral to be posted if the credit related contingent features were triggered | 6 | 6 | $ 3 | ||||
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | $ 9 | $ 9 | $ 9 | ||||
Credit Concentration Risk | |||||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||||
Number of counterparties | counterparty | 0 | 0 | |||||
Amount of exposure for single counterparty | $ 7 | ||||||
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | |||||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||||
Concentration risk, percentage (percentage) | 49.00% | ||||||
Virginia Electric and Power Company | |||||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||||
Electric distribution poles renting space, settlement charge | $ 16 | ||||||
Electric distribution poles renting space, settlement charge, net of tax | $ 10 | ||||||
Operating Revenue | [1] | $ 2,154 | $ 2,211 | $ 5,732 | $ 5,877 | ||
Virginia Electric and Power Company | Credit Concentration Risk | Wholesale Customers | Sales to wholesale customers | |||||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||||
Number of counterparties | counterparty | 0 | 0 | |||||
Operating Revenue | $ 23 | ||||||
Amount of exposure related to sales to wholesale customers for single counterparty | $ 6 | ||||||
Virginia Electric and Power Company | Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | |||||||
Concentration Risk and Guarantor Obligations [Line Items] | |||||||
Concentration risk, percentage (percentage) | 52.00% | ||||||
[1] | See Note 17 for amounts attributable to affiliates. |
Related-Party Transactions (Vir
Related-Party Transactions (Virginia Power) (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |||||
Related Party Transaction [Line Items] | |||||||||
Derivative Asset | $ 249,000,000 | [1] | $ 249,000,000 | [1] | $ 279,000,000 | [2] | |||
Derivative Liabilities | 118,000,000 | [3] | 118,000,000 | [3] | 155,000,000 | [4] | |||
Virginia Electric and Power Company | |||||||||
Related Party Transaction [Line Items] | |||||||||
Derivative Asset | [2] | 168,000,000 | 168,000,000 | 194,000,000 | |||||
Derivative Liabilities | [4] | 61,000,000 | 61,000,000 | 31,000,000 | |||||
Short term demand note | 36,000,000 | 36,000,000 | 262,000,000 | [5] | |||||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | $ 0 | 0 | ||||||
Issuance of common stock (in shares) | 0 | 0 | 0 | 0 | |||||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due to Dominion | $ 478,000,000 | $ 478,000,000 | 396,000,000 | ||||||
Virginia Electric and Power Company | Dominion Retiree Health and Welfare plan | Amounts Associated with the Dominion Retiree Health and Welfare Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due to Dominion | 182,000,000 | 182,000,000 | 130,000,000 | ||||||
Virginia Electric and Power Company | Affiliate | |||||||||
Related Party Transaction [Line Items] | |||||||||
Derivative Asset | 13,000,000 | 13,000,000 | 41,000,000 | ||||||
Derivative Liabilities | 5,000,000 | 5,000,000 | 8,000,000 | ||||||
Virginia Electric and Power Company | Principal Owner | |||||||||
Related Party Transaction [Line Items] | |||||||||
Short term demand note | $ 36,000,000 | $ 36,000,000 | $ 262,000,000 | ||||||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | ||||||||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||||||||
[3] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||||||||
[4] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||||||||
[5] | Virginia Power’s Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||||
Capital expenditures | $ 4,122 | $ 4,536 | ||||
Virginia Electric and Power Company | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | $ 170 | $ 172 | 519 | 416 | ||
Services provided by affiliates | [1] | 109 | 105 | 333 | 347 | |
Services provided to affiliates | 5 | 5 | 17 | 17 | ||
Capital expenditures | 1,917 | 1,835 | ||||
Virginia Electric and Power Company | Affiliate | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Capital expenditures | 33 | 32 | 104 | 109 | ||
Dominion Energy Gas Holdings, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | 2 | 2 | 4 | 7 | ||
Services provided by affiliates | [2] | 37 | 34 | 113 | 94 | |
Services provided to affiliates | 15 | 16 | 51 | 51 | ||
Capital expenditures | 535 | 610 | ||||
Other receivables | [3] | 13 | 13 | $ 10 | ||
Affiliated notes receivable | [4] | 21 | 21 | 18 | ||
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | [5] | 36 | 36 | 106 | 108 | |
Dominion Energy Gas Holdings, LLC | Affiliate | ||||||
Related Party Transaction [Line Items] | ||||||
Imbalances receivable from affiliates | 2 | |||||
Imbalances payable to affiliates | [6] | 1 | 1 | $ 4 | ||
Dominion Energy Gas Holdings, LLC | Affiliate | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Capital expenditures | $ 13 | $ 13 | $ 33 | $ 37 | ||
[1] | Includes capitalized expenditures of $33 million and $32 million for the three months ended September 30, 2017 and 2016, respectively, and $104 million and $109 million for the nine months ended September 30, 2017 and 2016, respectively. | |||||
[2] | Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. | |||||
[3] | Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. | |||||
[4] | Amounts are presented in other deferred charges and other assets in Dominion Energy Gas' Consolidated Balance Sheets. | |||||
[5] | Includes capitalized expenditures of $13 million for both the three months ended September 30, 2017 and 2016, respectively, and $33 million and $37 million for the nine months ended September 30, 2017 and 2016, respectively. | |||||
[6] | Amounts are presented in other current liabilities in Dominion Energy Gas' Consolidated Balance Sheets. |
Related-Party Transactions (Dom
Related-Party Transactions (Dominion Energy Gas) (Narrative) (Details) - Dominion Energy Gas Holdings, LLC - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Short term demand note | $ 34 | $ 118 | [1] |
Revolving Credit Facility | IRCA | |||
Related Party Transaction [Line Items] | |||
Short term demand note | 34 | 118 | |
Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||
Related Party Transaction [Line Items] | |||
Amounts due from Dominion, noncurrent | 725 | 697 | |
Dominion Retiree Health and Welfare plan | Amounts Associated with the Dominion Retiree Health and Welfare Plan | |||
Related Party Transaction [Line Items] | |||
Amounts due from Dominion, noncurrent | $ 6 | $ 2 | |
[1] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2016 has been derived from the audited Consolidated Balance Sheet at that date. |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
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 Energy Questar Corporation | Capital Contribution to Dominion Energy Questar to Fund Pension Contributions | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to qualified pension plan | $ 75,000,000 | |||
Medical Coverage for Local 69 retirees | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Retirement age | 65 years | |||
Decrease in accumulated postretirement benefit obligation | $ 73,000,000 | |||
Discount rate percentage | 4.30% | |||
Charge recorded from plan amendment and remeasurement | 7,000,000 | |||
Charge recorded from plan amendment and remeasurement, after tax | 4,000,000 | |||
Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions to defined benefit pension plans and OPEB plans | 0 | |||
Contribution to qualified pension plan | 15,000,000 | $ 150,000,000 | ||
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | |||
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local 69 retirees | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Decrease in accumulated postretirement benefit obligation | $ 61,000,000 | |||
Charge recorded from plan amendment and remeasurement | 6,000,000 | |||
Charge recorded from plan amendment and remeasurement, after tax | $ 4,000,000 | |||
Special Termination Benefits | Organizational Design Initiative | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Organizational design initiative | 65,000,000 | |||
Organizational design initiative, after tax | 40,000,000 | |||
Special Termination Benefits | Organizational Design Initiative | Virginia Electric and Power Company | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Organizational design initiative | 33,000,000 | |||
Organizational design initiative, after tax | 20,000,000 | |||
Special Termination Benefits | Organizational Design Initiative | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Organizational design initiative | 8,000,000 | |||
Organizational design initiative, after tax | $ 5,000,000 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 35 | $ 30 | $ 104 | $ 87 |
Interest cost | 86 | 79 | 259 | 234 |
Expected return on plan assets | (160) | (141) | (480) | (419) |
Amortization of prior service cost (credit) | 0 | 0 | 1 | 1 |
Amortization of net actuarial loss | 40 | 29 | 121 | 84 |
Settlements | 1 | 0 | 2 | 0 |
Net periodic benefit cost (credit) | 2 | (3) | 7 | (13) |
Pension Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 3 | 11 | 10 |
Interest cost | 7 | 7 | 22 | 22 |
Expected return on plan assets | (34) | (33) | (105) | (100) |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 4 | 3 | 12 | 10 |
Net periodic benefit cost (credit) | (20) | (20) | (60) | (58) |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 7 | 20 | 23 |
Interest cost | 15 | 16 | 45 | 50 |
Expected return on plan assets | (32) | (28) | (95) | (87) |
Amortization of prior service cost (credit) | (13) | (9) | (38) | (23) |
Amortization of net actuarial loss | 3 | 2 | 9 | 5 |
Settlements | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (20) | (12) | (59) | (32) |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 3 | 4 |
Interest cost | 3 | 3 | 9 | 10 |
Expected return on plan assets | (7) | (5) | (19) | (17) |
Amortization of prior service cost (credit) | (1) | 0 | (2) | 0 |
Amortization of net actuarial loss | 1 | 0 | 2 | 1 |
Net periodic benefit cost (credit) | $ (3) | $ (1) | $ (7) | $ (2) |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Customer settlement | $ 16 | ||
Customer settlement, after tax | $ 10 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
After- tax net (expenses) benefit | $ (1) | $ (22) | |
Operating Segments | Dominion Energy Gas Holdings, LLC | |||
Segment Reporting Information [Line Items] | |||
After- tax net (expenses) benefit | (7) | ||
Write off of regulatory asset | 15 | ||
Write off of regulatory asset, after tax | 9 | ||
Operating Segments | Decommissioning Trust Fund | |||
Segment Reporting Information [Line Items] | |||
Net gain on investments held in nuclear decommissioning trust funds | 29 | ||
Net gain on investments held in nuclear decommissioning trust funds, after tax | 18 | ||
Operating Segments | Organizational Design Initiative | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative | 59 | ||
Organizational design initiative, after tax | 36 | ||
Operating Segments | Organizational Design Initiative | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative | 33 | ||
Organizational design initiative, after tax | 20 | ||
Operating Segments | Organizational Design Initiative | Dominion Energy Gas Holdings, LLC | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative | 8 | ||
Organizational design initiative, after tax | 5 | ||
Operating Segments | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
After- tax net (expenses) benefit | (17) | (63) | |
Operating Segments | Corporate and Other | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
After- tax net (expenses) benefit | (7) | (18) | |
Operating Segments | Corporate and Other | Dominion Energy Gas Holdings, LLC | |||
Segment Reporting Information [Line Items] | |||
After- tax net (expenses) benefit | (9) | 5 | |
Operating Segments | Power Delivery | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Customer settlement | 16 | ||
Customer settlement, after tax | $ 10 | ||
Operating Segments | Power Delivery | Organizational Design Initiative | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative, after tax | 5 | ||
Operating Segments | Power Delivery | Organizational Design Initiative | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative, after tax | 5 | ||
Operating Segments | Gas Infrastructure | Organizational Design Initiative | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative, after tax | 12 | ||
Operating Segments | Power Generation | Organizational Design Initiative | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative, after tax | 19 | ||
Operating Segments | Power Generation | Organizational Design Initiative | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Organizational design initiative, after tax | $ 15 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | $ 3,179 | $ 3,132 | $ 9,376 | $ 8,651 | |
Net income (loss) attributable to Dominion Energy | 665 | 690 | 1,687 | 1,666 | |
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 2,154 | 2,211 | 5,732 | 5,877 |
Net income (loss) attributable to Dominion Energy | 459 | 503 | 1,133 | 1,046 | |
Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [2] | 401 | 382 | 1,313 | 1,181 |
Net income (loss) attributable to Dominion Energy | 117 | 83 | 302 | 286 | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | (361) | (357) | (1,120) | (1,000) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 3,179 | 3,132 | 9,376 | 8,651 | |
Adjustments/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 206 | 210 | 660 | 522 | |
Net income (loss) attributable to Dominion Energy | 0 | 0 | 0 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | (155) | (147) | (460) | (478) | |
Power Delivery | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 580 | 614 | 1,664 | 1,682 | |
Net income (loss) attributable to Dominion Energy | 138 | 139 | 390 | 363 | |
Power Delivery | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 4 | 6 | 16 | 17 | |
Power Delivery | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 584 | 620 | 1,680 | 1,699 | |
Power Delivery | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 580 | 617 | 1,670 | 1,686 | |
Net income (loss) attributable to Dominion Energy | 137 | 140 | 387 | 362 | |
Power Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 1,931 | 1,947 | 5,091 | 5,204 | |
Net income (loss) attributable to Dominion Energy | 369 | 650 | 870 | 1,066 | |
Power Generation | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 3 | 2 | 8 | 7 | |
Power Generation | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 1,934 | 1,949 | 5,099 | 5,211 | |
Power Generation | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 1,574 | 1,594 | 4,062 | 4,191 | |
Net income (loss) attributable to Dominion Energy | 314 | 359 | 735 | 699 | |
Gas Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 459 | 359 | 1,949 | 1,235 | |
Net income (loss) attributable to Dominion Energy | 187 | 135 | 613 | 483 | |
Gas Infrastructure | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 204 | 205 | 645 | 507 | |
Gas Infrastructure | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 663 | 564 | 2,594 | 1,742 | |
Gas Infrastructure | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 401 | 382 | 1,313 | 1,181 | |
Net income (loss) attributable to Dominion Energy | 121 | 77 | 318 | 288 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 3 | 2 | 12 | 8 | |
Net income (loss) attributable to Dominion Energy | (29) | (234) | (186) | (246) | |
Corporate and Other | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 150 | 144 | 451 | 469 | |
Corporate and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 153 | 146 | 463 | 477 | |
Corporate and Other | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | 8 | 4 | 11 | (15) | |
Corporate and Other | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | $ (4) | $ 6 | $ (16) | $ (2) | |
[1] | See Note 17 for amounts attributable to affiliates. | ||||
[2] | See Note 17 for amounts attributable to related parties. |